Full text of Commercial and Financial Chronicle : May 26, 1923, Vol. 116, No. 3022

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The
tultintrtztir
Bank & Quotation Section
Railway Earnings Section
VOL. 116.

financial

roritd

INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, MAY 26 1923

Electric Railway Secqw
State and City Sectier
NO. 3022

Speaking of one bill before him for carrying the
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tracts made since Sept.271820, Governor Smith says
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Subscription includes following Supplements—
BANE AND QUOTATION (monthly) RAILWAY & INDUSTRIAL (semi-annually) good. It might equally be said that labor unions
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months, is advised; postponement of some highway
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given is also announced on the part of the State, although
on this page now appear in a subsequent part doubtless needed.
The encouraging factors of the situation include
of the paper. They will be found to-day on pages
even its menacing seriousness, since when matters
2358 and 2359.
approach the worst they must be made to mend and
excess defeats itself by inducing reaction. EmployTHE FINANCIAL SITUATION.
Neither termination nor relaxation in the hostile ers and bankers, and the thinking part of the public
alignment in the building trades and in building can also, are beginning to realize that the country cannot
be reported yet. The bricklayers' strike announced and must not lose what gain has been made—and
last week began on Monday, stopping work on nearly made painfully—towards normal conditions since
a dozen more of important business buildings and 1918; therefore, a stand against the mad struggle of
some half-dozen apartments, and bringing the re- unionized and deluded labor to start us back on the
ported estimate of the aggregate construction tempo- upward spiral must be resisted; yielding now means
rarily halted up to from 125 to 200 millions in repeated and increasing Ftresses for all concerned
amount. The demand of the men is for $12 a day on and more yieldings hereafter. Positively the only
a two-year contract, against a refused offer of $10 for safeguard against a series of downward steps, in
/
31 2 years with a bonus until Jan. 1 1924. Past every aspect and relation in human life, is to stand
experience shows that the union idea of a contract is with all possible firmness against the first bad step.
too often that it binds only the employer, and there is The next encouraging factor is that the necessity of
usually a pretext available for a demand for a "bo- positive effort to undo the long misteaching of labor
nus" or some variant in conditions, whereby the ac- unions is more and more realized; the leaders cannot
tual wage rate may be pushed up; moreover, the recant or relax, for that would be to dethrone themhigher the pay the less the effectiveness of the labor. selves by confession; they must continue as they beThe fever has spread into the kitchens of the hotels. gan, until their own downfall. The open shop, as has
The men have boldly asserted that "the public and b en and must be said over and over, is the only and
the bankers are behind us," but this is in dispute and the natural outcome. The "company union" is its
doubt. Banks and other lending institutions are preliminary step and its helper. Of course, Mr.Gomcredibly reported to be taking notice of the situation pers and his followers disapprove it, and accuse it as
and to be seriously thinking it over, the manager of meaning company domination of labor; but it is the
one of the mortgage loan companies being quoted as liberation of labor. In all the world's troubles in
saying that we are moving to a question whether less which our own share has to be borne, the best enthan 150,000 persons in the building trades shall de- couragement is the certainty that unless Creation is
cide how four millions here shall live and that since without plan and hence no improvement on the pria date early in the war almost no housing has been mal chaos those troubles are working out their own
produced here for persons earning only $3,000 or less. solution.




Thronicit.

08

THE CHRONICLE

resignation of Premier Poincare of France
is Cabinet late Thursday evening came as a
lete surprise, even to President Millerand. The
v York "Times" correspondent said that "M. Mil6401'
erand assured M. Poincare that his resignation was
not called for and refused to accept it. For threequarters of an hour the two men argued the situation, and at the end of that time M. Poincare agreed
to remain as Premier." It seems that "M. Poincare
explained that the Senate, sitting as a High Court,
has just refused to try Deputy Marcel Cachin and
his Communist lieutenants for sedition, as M. Poincare had asked it to. do, and therefore the position
of the Government was untenable." The correspondent added that "M. Poincare's offer to resign was
made less than two hours after he had scored an enormous success at the debate on the Ruhr in the Chamber, where he proclaimed that France was going to
do to Germany what Germany (lid to France in
.1871." Cabling from London, the representative of
the New York "Tribune" asserted that "the resignation of M. Poincare _and his. entire Ministry is regarded as clear indication that M. Poincare feels he
has lost control of the political situation, and now is
ready to pass on to other hands the legacy of dealing
with the consequences of his adventure in the Ruhr."
He further declared that "the opinion is strongly
held in authoritative British quarters that the upshot of the crisis will be the elevation of Henry Loucheur, the financier and industrialist, to the Premiership."
Prior to the French Cabinet incident the resignation of Andrew Bonar Law as Prime Minister of
Great Britain stood as the conspicuous event of the
week in the European political situation, although
that step had in it none of the sensational elements
possessed by the action of Premier Poincare. Bonar
Law's resignation was tendered to the King last Sunday, May 20. The action was taken because of the
serious condition of the Premier's health. At that
time it was expected in London, according to the
cable dispatches from that centre, that Lord Curzon,
Foreign Secretary, or Stanley Baldwin, Chancellor
of the Exchequer, would be asked by the King to assume the Premiership. The announcement of the resignation did not cause special surprise, either in the
capitals of Europe or in this country. Paris and
London cables late last week, as noted in the "Chronicle," indicated the seriousness of Mr. Law's ailment
and strongly intimated that a cancerous growth was
at least feared. Cable dispatches received here early
Monday forenoon stated that "a slight operation"
had been performed on the former Premier's throat,
but that "otherwise his condition is unchanged."
The early cable advices Tuesday morning reported
that, so far as known, the King had not taken any
step the day before toward selecting a successor to
Bonar Law. Before noon, however, word came from
London that the King had summoned Stanley Baldwin, Chancellor of the Exchequer, to Buckingham
Palace, and a little later that the latter had accepted,
and that at the request of the new Premier Sir Robert
Horne had consented to serve as Chancellor of the
Exchequer. Mr. Baldwin will also hold the office of
First Lord of the Treasury. He is a prominent member of the Conservative Party. It was emphasized in
the London cable advices that because of the steadily
increasing'strength of the Labor Party, and the fact
that it has no representative in the House of Lords,




[VOL. 116.

it would have been unwise for the King to select a
member of that body to head the Cabinet. Commenting on this point, the London correspondent of "The
Sun" of this city said: "At the meeting of the Tory'
caucus the objection of having a Premier in the House of Lords was voiced on all sides.'This killed
the chances of Lord Curzon. Added to the influence
that Baldwin wields in 'the City,' London's Wall
Street, this fact made the Chancellor of the Exchequer the only possible choice." He also observed
that, "on the face of it, the selection appears to be a
great victory for the 'diehards,' but it is now found,
after a canvass of Unionists, that Baldwin enjoyed
more general support than was at first imagined. In
order to maintain the unity of the party, many
Unionist stalwarts, who were hoping for Curzon's
success, had reluctantly to abandon their choice in
favor of the commoner." Regarding the probability
of other changes in the Bonar Law Cabinet, the correspondent said that "it is understood here that
there will be little change in the personnel of the
Cabinet when after the legal lapse of 24 hours they
receive their seals of office. Sir Robert Horne has
accepted the Chancellorship, rendered vacant by the
elevation of Baldwin, and it is said that Curzon has
agreed to serve under the new Premier. As Curzon
loves his post, this latter agreement was expected."
It was noted that the new Premier arrived at Buckingham Palace at 3.2.0 p. m. Monday and remained
about an hour.. Returning to his official residence
as Chancellor at No. 11 Downing Street, "The Sun"
representative cabled that "he was surrounded by a
large crowd of people. Some of those who gathered
round him asked him if they might offer him their
congratulations. He answered, think I need your
prayers rather than your congratulations.'" It was
expected in London.at that time that the new Premier "will meet Parliament next Monday with his
Ministry complete."
Word came from London Wednesday evening that
"Lord Curzon will continue to act as Secretary for
Foreign Affairs in the Cabinet of Prime Minister
Baldwin, according to unofficial predictions in Government circles to-day." The Earl of Derby announced the same day that "he had received an offer
from Prime Minister Baldwin to continue to serve
as Secretary of State for War and that he had agreed
to do so." The earlier report that Sir Robert Horne
had consented to serve as Chancellor of the Exchequer apparently was incorrect, as the cable advices as late as Thursday evening stated that he had
not reached a decision. The Cabinet situation, as
outlined in yesterday morning's press dispatches, did
not show much change, except that Lord Robert Cecil had "accepted the office of Chancellor of the
Duchy of Lancaster." The New York "Times" correspondent observed that it is "a post of curious unimportance for a statesman of his calibre. Recently
it has not carried with it a seat in the Cabinet, and
its duties are of slight importance. However,it now
makes Lord Robert a member of the Administration
and available for any duties that the Premier may
delegate to him." It was suggested that he might become Foreign Secretary if Lord Curzon should drop
out later "on account of his health." It was intimated also that Premier Baldwin might continue for
a time as Chancellor of the Exchequer."
According to an Associated Press dispatch from
London last .evening, several earlier statements relative to probable changes in the Baldwin Cabinet

MAY 26 1923.]

THE CHRONICLE

2309
I

proved to be incorrect. It was stated that "the official list of the new Cabinet of Prime Minister Stanley Baldwin, issued this afternoon, shows that Lord
Robert Cecil has been appointed Lord Privy Seal,
and that J. C. C. Davidson, who was Secretary to exPremier Bonar Law, becomes Chancellor of the
Duchy of Lancaster. Mr. Baldwin combines the
Premiership and the Chancellorship of the Exchequer. The other members of the Cabinet are
practically the same as in the Bonar Law Ministry."
The correspondent observed that "the list shows that
Prime Minister Baldwin failed to persuade Sir Robert Horne or Austen Chamberlain of the Lloyd
George Cabinet to join his Ministry." He added
that "the Prime Minister has gone to Chequers Court
to spend the week-end."
Opinion still differs widely, even among nations
friendly to France, as to the wisdom of the Ruhr invasion. Doubt has existed all along as to whether
it would accomplish the supposed purpose, and for
this reason alone the contention naturally has been
made that the great cost was not justified. Deputy
Eymond caused to be published in the "Journal Officiel" on May 20 figures which showed that the occupation from Jan. 11 to May 31 would cost 145,500,000 francs. According to the figures also, "against
that amount can be set off 102,000,000 francs realized
from profits on the sale of coke and coal seized in the
district, from fines and penalties inflicted and from
the operation of the Rhineland railroad system." In
cabling a synopsis of the report, the Paris correspondent of the New York "Times" said that "these
figures are given in a supplementary report prepared by Deputy Eymond on the eve of the Parliamentary debate on the finances of the occupation,
scheduled to begin in the Chamber on Tuesday [May
22]. According to the reporter's statement, the cost
of operation has been much below the credits demanded by the Premier for the civil missions engaged
in the Ruhr and for the exploitation of the railroads.
The same is also true of the military costs." He also
said that the report showed that "for the cost of the
civil mission and the railroads 133,000,000 francs
was asked, but only 84,500,000 has been spent. The
estimated cost of the military occupation was 141,500,000 francs, but only 99,000,000 is being spent. If
the normal costs of the maintenance of the troops engaged is deducted the actual excess costs of the military occupation amounts, says Eymond, to only 61,000,000 francs." The "Times" representativ observed, furthermore, that "the reporter's account of
the receipts from the operation comes very near justifying the Premier's claim last Thursday before a
commission of the Chamber that the occupation
would be soon self-supporting."
In another dispatch the same day, the Paris correspondent of the New York "Times" stated that "Premier Poincare has decided to answer the expected
new German note in advance by sending more troops
to the Ruhr. To the 50,000 already there it has been
decided by the Government to add another 15,000 to
20,000. These troops will be taken from the young
1922 class, which has had a year's trainini." The
correspondent even asserted that, "with the dispatch
of these new troops new measures of greater severity
will be taken. The new coke stocks will be opened
and control of all outlets from the Ruhr will be made
much more vigorous. It has been found that recently
there has been a good deal of leakage through the




military customs cordon, and Premier Poincare
determined not only to make the occupation more
productive to France but much more severe for Germany." On May 18 "the Commission on Reparations, by a majority vote, called on Germany to deliver 60,000 tons of nitrate during the year 1923.
Failure on Germany's part to deliver this will, as
usually, probably ultimately entail seizure."
Chancellor Cuno and his closest associates are reported to have been busily engaged, even over the
Whitsuntide holidays, with the consideration and
working out of a new reparations plan. Under date
of May 19 the Berlin correspondent of the Associated
Press cabled that "Germany's forthcoming repara- tions proposals will stipulate definite annuities instead of offering a fixed total, according to information emanating from political quarters. It is stated
that the German League of Industrialists is preparing a plan which will enable the Government to make
an offer based upon positive concrete guarantees, for
which the German industrial, financial and commercial interests, political parties and labor unions will
go security." The correspondent. added that, "although the details of the forthcoming offer have not
been divulged or even discussed in official circles, it appears that the powerful industrial league has succeeded in convincing Chancellor Cuno and Foreign
Minister Rosenberg of the futility of speculating
upon an international loan as a basis. for reparations." Continuing his outline of the scheme, he said
in part: "The League, instead, proposes to substitute a system of gold annuities to be guaranteed,
through the co-operation of the labor. unions in connection with the platform calling for increased production all around. The gold is to be .raised by a
process which is described as a giant hypothecation
of all the nation's productive units—mines,factories,
farms, banks, fisheries, etc." Although the Cabinet
were giving their time "to an examination of the
basic features of the scheme, they are not expected
to reach a definite conclusion before the end of next
[this] week." Regarding the supposed attitude of
the Cabinet, the "Times" representative said: "It
appears, however, that the Government has permanently jettisoned its hopes of obtaining a hearing
among the creditor Powers, especially France, for
any reparations plan based upon an intangible foreign loan, and it is believed that the proposals as
outlined above suggest a more promising solution."
A fresh obstacle to the successful and profitable
operation of some of the coal mines in the occupied
Ruhr area developed on Monday, according to an Associated Press dispatch from Essen that evening. It
was stated that "seven coal, mines in the Dortmund
district have been compelled to shut down because of
the Communist agitation for higher wages. It is estimated that 32,000 miners are striking and that 10,000 others are being prevented from working as a
consequence of the trouble. Two of the mines affected are Stinnes properties, one is a Prussian State
mine, and the remainder belong to smaller companies." The dispatch added that "at a meeting of
6,000 Communists in Dortmund last evening speakers declared the Communist organization was prepared to fight to a finish in the struggle for increased wages. They declared that although the
German Government and the German industrialists
were spending money like water in passive resistance
to the French they had refused the men's demands

.

2310

THE CHRONICLE

for increased wages to meet the recent rapid rise in
food prices." The correspondent further observed
that "the Communist members declare all the strikers are not of the Communist persuasion, and they
predict that the strike will eventually tie up all the
mines in these two districts, which contain 200,000
miners. In neutral quarters this Communistic agitation is regarded as likely to become a serious threat
to the region."
In a cablegram from Essen last evening it was asserted that "the strike in the Ruhr inaugurated by
the Communists is gaining in numbers and now includes thousands of iron and steel workers, in addition to the miners previously out. The latest to join
were 20,000 employees of the steel works at Remscheid, near Elberfeld, whose demands for a 50% in• crease in pay was refused. It is estimated that 50,000 miners are striking in the Gelsenkirchen district." From Dortmund came a report at the same
time that "the strike here continues to gain ground.
Three other mines have been compelled to shut down,
making ten thus far closed. The woodworkers and
carpenters also have joined the strike, and at three
mines in Bochum the workers have gone out."
According to a Berlin dispatch Thursday morning,
the Cuno Government will not make another offer
until Premier Baldwin makes his first speech in Parliament as head of the Cabinet. The correspondent
also said that the opinion prevailed in the German
capital that the resignation of Andrew Bonar Law
is "a boon to Germany's policy of procrastination
and offering an excuse for putting off any decision
about a new reparations offer. There is not only no
regret but considerable gratification over the delay."
The Paris correspondent of the "Times" observed
facetiously in a cablegram under date of May 23 that
"Premier Baldwin will find the Ruhr baby on the
doorstep at 10 Downing Street by the time he gets his
trunks unpacked. Premier Theunis of Belgium notified Premier Poincare this afternoon that he was
coming with Foreign Minister Jaspar to Paris on
Sunday. His primary purpose is to try to establish
the Allied front toward Germany. This means he
will try to get England, France and Belgium with
Italy into agreement on the reparations program."
The correspondent also declared that "it may be
taken for certain that following the conversations
here on Sunday and Monday the new British Prime
Minister will be immediately sounded out, for a new
German offer is expected by the 'middle or latter
part of next week, and it is Belgium's idea that the
reply should be a collective Allied note laying down
a reparations program."
The occupied Ruhr area has not been entirely free
from violence. The Associated Press correspondent at
Dortmund cabled the evening of May 23 that "five
persons were killed, including a woman and child,
and from 60 to 80 persons wounded last night in
fights between striking workmen and the police."
The dispatch further stated that "many thousands
of strikers attended mass meetings to-day in Dortmund, Bochum and other towns and passed resolutions to extend the strike throughout the Ruhr and
the Rhineland. The strikers demand a 50% pay raise.
Speakers at the meetings to-day said the men were on
a 'hunger strike.' They cited prices to show that the
cost of living had doubled in the last few days."




[Vol.. 116.

Some progress appears to have been made at the
Near East Conference at Lausanne, although it is
said to have been near a break. Cabling from that
centre on the evening of May 19 the Associated Press
correspondnt said that "the question of the status
of foreign religious, educational and charitable institutions in Turkey, which is of special importance to
the United States because of the numerous American
schools, hospitals and churches on Turkish soil, was
definitely settled by the Near East Conference today." In giving further details of the day's proceedings, the correspondent stated that"the Allies agreed
to accept separate letters from Ismet Pasha, the
Turkish Foreign Minister, to the heads of the British, French and Italian delegations recognizing such
foreign institutions and the special character of the
foreign schools. Ismet refused to insert this recognition in the treaty itself, as he deemed such a step
incompatible with Turkish national dignity. Ismet's letters will recognize the institutions founded
before October 1914 and express Turkey's intention
benevolently to examine the status of institutions established from the outbreak of the war to the signing
of the treaty here. This examination will take into
account the special conditions under which the foreign establishments are working and especially consider the practicalorganization and teaching arrangements of the foreign schools." In a cablegram Monday afternoon, the Associated Press representative
said that "preliminary, conversations between the
American and Turkish delegations are now proceeding with the object of establishing a common basis
for a revision of the antiquated Turco-American treaties that will prepare the way for formal negotiations."
Fresh trouble between the Turks and Greeks
seemed more than probable, according to the dispatches from Lausanne Tuesday morning. The Associated Press correspondent cabled under date of
the evening before that "if Turkey insists on war to
settle the question of the indemnity she claims from
Greece, Greece will accept the gage of battle. This
is what M. Alexandris, the Greek Foreign Minister,
told the foreign correspondents to-night." According to the correspondent also, "the Greek delegates,
he added, would be withdrawn from the Near Eastern
Conference this week if Turkey persisted in her reparations demands. The Turks have given no indication of an intention to recede from those demands,
and M. Alexandris's declaration that Greece Was resolVed not to pay one cent of indemnity brought increased pessimism in Conference circles."
The correspondent further observed that "the second month of the second Conference will open tomorrow [May 22] in a troubled atmosphere, with
none of the great issues settled." The already
strained relations at the Conference were not helped
by reports on Tuesday that the Greek fleet was
"cruising about the entrance to the Straits of the
Dardanelles." The Paris correspondent of the New
York "Times" sent word Wednesday evening that
"strenuous efforts are being made by the French,
British and Italian Governments to prevent a rupture at the Lausanne Conference, which has reached
a critical stage. Although the Allies have succeeded
in settling almost no main disputes with the Turks,
the issue which has brought the negotiations to all
but a break is the demand of the Turks for reparations from Greece because of the devastation in Ana-

MAY 26 1923.]

THE CHRONICLE

tolia. Foreign Minister Alexandris and ex-Premier
Venizelos, the Greek delegates at Lausanne, have received formal instructions from Athens to consent to
no recognition of Greek obligation for reparations,
and the Turks stand firm for either the fixing of the
sum due them or at least recognition of the principle
with the promise of a future conference to work out
the details." The Associated Press representative at
Lausanne said that "the Allies have postponed the
next formal session of the Near East Conference
probably until Saturday, in order to seek a settlement of its troublesome problems, avoid a rupture of
the Conference and find a solution of the Greco-Turkish differences arising over reparations. An effort
is being made to straighten out the reparations matter by inducing Greece to cede some territory to Turkey in return for renunciation of an indemnity."
Premier Mussolini of Italy, according to cablegrams from Rome, has been called upon to meet defections in the ranks of those supposedly his adherents. The correspondent at that centre of the New
York "Times," in a wireless dispatch under date of
May 21 said: "Fascismo encountered to-day its first
really serious difficulty since Mussolini's rise to
power. It came in the form of the secession of great
numbers of Fascisti in Naples and the adjacent districts, who tendered their resignations en masse."
He explained that "the present crisis had its origin
in the early days of Mussolini's success. As soon as
the Fascisti marched on Rome and Mussolini became Premier of Italy thousands of Socialists, Communists and revolutionaries of all kinds, realizing
that their game was up, made an effort to enter the
ranks of Fascismo. Mussolini, however, decided that
he had no use in his hour of victory for people who
had not been with him in his hour of danger and
slammed the doors of Fascismo in their faces." Continuing to outline the confused political situation resulting from recent events, the "Times" representative said in part: "All those who had been Communists when Communism had the upper hand and
wished to become Fascismo now that the Fascisti had
triumphed, therefore deserted their respective parties and bodily joined the Nationalists, whose aims
and methods were very similar to those of the Fascisti. In Southern Italy, however, where Nationalism had never made any headway, the former revolutionaries founded local Nationalist sections composed almost entirely of revolutionaries and run by
themselves. In Southern Italy, therefore, Fascismo
found itself in conflict with Nationalism. Later the
Fascisti and Nationalists joined forces and became a
single party. All the Nationalists, after a careful
examination of their antecedents, automatically entered the ranks of Fascismo. This change proceeded
smoothly and without incident in Northern and Central Italy, but not in the South, where the Fascisti
could not bear the thought of having to fraternize
with the men against whom they had been fighting
for the last three years." It was also stated that
"General Debono, who has the double post of Generalissimo of the Fascista militia and Director-General of Police, has been dispatched post-haste by Premier Mussolini to make a thorough inquiry and take
whatever measures he thinks best of patching up the
present difficulty. The Premier himself is deeply
grieved at the action of the Neapolitans, and is extremely anxious for the settlement of the difficulty
before•any further harm is done." The correspond-




2311

ent further asserted that"the Government is in a difficult position, as it cannot go back to its former decision without giving the impression of weakness.
Great confidence, however, is felt in General Debono's persuasive powers, so that a peaceful reunion of
the factions is expected. No untoward incidents
have occurred so far, mainly owing to Captain Padovani's action in appealing to his followers to remain
calm and obey Mussolini's orders." According to an
Associated Press dispatch from Rome under date of
May 23 the Premier felt compelled to take drastic
action relative to even Captain Padovani. It was
stated that "Premier Mussolini to-day expelled from
the Fascisti Capt. Padovani, commander of the Neapolitan Fascisti and Padovani's followers and then
left Rome by airplane for Apulita, in the Carso region, where to-morrow will be celebrated the eighth
anniversary of Italy's entrance into the World War."
The assertion was made also that "the expulsion of
Capt. Padovani and his followers is regarded in official circles as having been ordered at a critical moment, when the Premier had to choose between lack
of discipline in the Fascista ranks or striking with
an iron fist. Padovani was one of the Premier's
dearest friends, to whom the Fascismo owes its success in Southern Italy."
Apparently the negotiations between Russia and
Great Britain following the so-called "ultimatum"
delivered recently to the former by the latter have
resulted satisfactorily in spite of early reports to the
contrary. At all events, definite announcement from
London Thursday morning that "the long-awaited
reply of the Soviet Government to the British ultimatum was handed to Lord Curzon to-day at the Foreign Office by Leonid Krassin. It is of a markedly
conciliatory character, and, with certain reservations, it grants the British demands for compensation for the seizure of trawlers and for the execution
of Charles F. Davison and for the imprisonment of
Mrs. Stan Harding, and offers to withdraw the letters signed by Gregory Weinstein, written in reply to
the British protest against the prosecution of Church
officials. It suggests a conference concerning Soviet
propaganda in the Far East." According to an Associated Press dispatch that evening? "at Prime Minister Baldwin's first Cabinet meeting held at noon
that day Lord Curzon presented the latest note from
Soviet Russia for consideration by the Ministers."
The correspondent added that "there is still discussion as to whether the Soviet concessions meet all the
British demands, but it is generally thought that the
present trade relations with Russia will be continued
and the disputed questions remaining settled at the
conference table."
No change has been noted in official discount rates
at leading European centres from 18% in Berlin;
6% in Denmark and Norway;512 in Belgium and
/%
Madrid;5% in France;412 in Sweden;4% in Hol/%
land, and 3% in London and Switzerland. Open
market discounts in London remain at 2 % for
/
1
2
short bills, while three months' bills were lowered
temporarily to 1 15-16@2%, but yesterday recovered
to 2@2 1-16%, as against 21 8@2 3-16% last week.
/
Call money at the British centre continues to be
quoted at 112%. In Paris the open market discount
/
rate is still at 41 2%, and in Switzerland 78%, both
/
/
unchanged.

2312

THE CHRONICLE

The Bank of England again added to its gold holdings, there having been an increase of £1,543. Furthermore, note circulation was reduced £196,000, so
that total reserve registered an expansion of £198,000, while the proportion of reserve to liabilities advanced to 20.27%, which is not only a new high figure for the current year, but the highest reserve ratio for the corresponding week of any year since 1916.
A week ago it was 19.44%,20% in 1922 and 143
4% a
year earlier. The lowest in 1922 was 18.87% on Jan.
4. Deposits were all substantially lowered, public
deposits declining £3,083,000 and "other" deposits
£918,000. The bank's temporary loans to the Government showed a falling off of £1,555,000. Loans on
other securities were reduced £2,022,000. Threadneedle Street's stock of gold on hand totals £127,526,547, against £128,880,842 a year ago and £128,349,547 in 1921. Reserve aggregates £23,996,000,
which compares with £26,440,867 the preceding year
and £18,991,887 a year earlier. Loans amount to
£69,604,000. A year ago the total was £74,593,141
and in 1921 £89,139,884. Circulation stands at £123,280,006, in comparison with £120,889,975 and £127,807,660 one and two years ago, respectively. No
change has been made in the bank's official discount
rate, which continues at 3%. Clearings through the
London banks for the week were £577,909,000, comparing with £678,973,000 last week and £699,918,000
a year ago. 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.
1539.
May 23.
May 24.
May 25.
May 26.
May 28.
Circulation
123,280,000
12,577,000
Public deposits
105,805,000
Other deposits
Governnft securities 42,576,000
Other securities—
69,604,000
Reserve notes de coin 23,996,000
Coin and bullion_ _ _127,528,547
Proportion of reserve
to liabilities
20.27%
Bank rate
3%

120.889,975
18.582.305
113,873,788
49.187,646
74.593,141
26,440,867
128,880,842

127.807,660
16,419,417
112,060,283
38.106.122
89.139,884
18.991.887
128,349,547

111,464.320
18,603,572
101,179,934
34,356,283
81,716,098
19,440,984
112,455,304

77,181,365
21,033,711
121,583,297
52,522,633
80,473,924
27,368,839
86,1,80,204

20%
4%

14.75%
61i%

16.50%
7%

19.20%
5%

The Bank of France continues to report small gains
in its gold item, the increase this week being 135,525
francs. The Bank's gold holdings, therefore, now
aggregate 5,537,242,475 francs, comparing with
5,527,645,053 francs on the corresponding date last
year and with 5,518,503,305 francs the year previous;
of these amounts 1,864,344,927 francs were held
abroad in 1923 and 1,948,367,056 francs in both 1922
and 1921. During the week, silver increased 82,000
francs, bills discounted rose 11,040,000 francs and
general deposits were augmented by 74,133,000
francs. Advances, on the other hand, fell off
55,892,000 francs, while Treasury deposits were
reduced 24,419,000 francs. Note circulation registered the further contraction of 305,935,000 francs,
bringing the total outstanding down to 36,388,138,000
francs. This contrasts with 35,674,179,970 francs
at this time last year and with 38,233,194,370 francs
the year before. Just prior to the outbreak of war,
in 1914, 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
BMUS 03 of
for Week.
May 24 1923. May 25 1922. May 28 1921.
Francs.
Francs.
Gold Holdings-Francs.
Francs.
135,525 3.672,897,548 3,579,277,997 3,570,136,249
Inc.
In France
No change 1,884,344,927 1,948,367,056 1,948,367,056
Abroad
135,525 5,537,242.475 5,527,645,053
IncTotal
292.255,400
82,000
Inc.
283,822.122
Silver
discounted_ _ _ _Inc. 11,040.000 2,413,266.000 2,318,901,281
Bills
Dec.55.892,000 2,122,431,0002,223.652.057
Advances
Note circulation _Dec305,935,000 36,388,138,000 35,674,179.970
33,534,000
42,603,722
Treasury deposits_ _Dec.24.419.000
General deposits._ _Inc. 74,133,000 2,172,883,000 2,304,917,993




5,518,503,305
272,334,405
2,502,732,298
2,103,184.10)
38,233,194,370
2.t.802.0 0
3,018,711,000

[VOL. 116.

In its statement issued as of May 15, the Imperial
Bank of Germany indicated a continuance of the
spectacular increases that have featured nearly all
of the institution's returns for many months. Discount and Treasury bills registered the huge expansion of 580,489,542,000 marks. Deposits gained 474,151,040,000 marks, while note circulation was increased 389,679,821,000 marks. This latter brought
the already unwieldy total of outstanding obligations to over seven trillion marks. There was an addition of 185,676,605,000 marks in bills of exchange
and checks and of 86,069,202,000 marks in Treasury
and loan association notes. Other liabilities expanded 29,325,328,000 marks, other assets 20,186.858,000 marks and advances 20,376,854,000 marks.
Smaller increases were 311,961,000 marks in notes of
other banks and of 225,877,000 marks in total coin
and bullion. Investments were reduced 180,710,000
marks and gold 71,998,000 marks. The bank's gold
holdings are now reported as 841,911,000 marks. A
year ago they were 1,002,365,000 marks and in 1921
1,091,578,000 marks. Note circulation is 7,112,782,337,000 marks, which comparse with 141,522,034,000
marks in the corresponding week of 1922 and 70,834,179,000 marks a year earlier.
The Federal Reserve Bank statement,issued at the
close of business on Thursday, showed a substantial
addition to gold reserves with a reduction in the bill
holdings. Gold holdings expanded $5,400,000. Rediscounts of Governmentsecured paper increased $6,600,000, but this was offset by a contraction of $3,600,000 in "all other," and a falling off in open market purchases of $10,700,000, with the net result a decline in total bills on hand of $7,700,000. Notwithstanding this reduction, earning assets increased
$11,000,000, which is accounted for by the purchase
of $20,609,000 certificates of indebtedness by the
New York bank. Deposits declined $7,000,000, and
the volume of Federal Reserve notes in circulation
was reduced $5,000,000. The New York bank lost
gold heavily in its transactions with interior institutions, the amount of the decrease being $37,000,000. At the same time bill holdings increased $7,900,000, to $236,868,000, as against $95,028,000 last
year. Earning assets increased $26,900,000, but deposits declined $23,000,000. Notes in actual circulation decreased $2,300,000. Member bank reserve accounts were drawn down locally more than $15,000,000, but for the banks as a group there was an increase of $23,000,000. The ratio of reserve for the
System was a trifle higher,.3% to 75.6%, but at New
York there was a decline of 1.0%, to 83.1%.
The weekly statement of New York Clearing
House banks and trust companies, issued on Saturday last, showed expansion in loans, discounts, etc.,
of $37,124,000. Net demand deposits increased $5,460,000, but time deposits were reduced $12,491,000,
to $496,102,000. The total of demand deposits is
now $3,727,885,000, which is exclusive of $148,802,000 in Government deposits. This constitutes an expansion in the latter item of $67,447,000, indicating
extensive Government operations. Other lesser
changes included a decrease of $2,059,000 in cash in
own vaults of members of the Federal Reserve Bank,
to $49,448,000 (not counted as reserve); increases
of $221,000 and $665,000 in reserves of State banks
and trust companies in own vaults and in other depositories, respectively. Member banks increased

MAY 26 1923.]

2313

THE CHRONIC f,1-:

their reserve credits at the Reserve bank $2,694,000
and this, notwithstanding the addition to deposits,
brought about a gain in surplus of $3,242,490, raising the total of excess reserves to $10,720,410. The
figures here given for surplus are on the basis of reserves above legal requirements of 13% for member
banks of the Federal Reserve System, but not including cash in own vaults to the amount of $49,448,000
held by the institutions on Saturday last.

and this was also the renewal basis; the low was
still 432%. Easier conditions prevailed on Wednes4
day and renewals were negotiated at 43 %, which
was the maximum figure, with 432% again the
lowest for the day. Thursday and 'Friday there
was no range, a flat ralte of 4% prevailing, this
being the high, the low and the ruling figure on
both days. The temporary stiffening noted earlier
in the week was due to Government withdrawals
incidental to redemption of Victory notes. The
By reason of the heavy withdrawals by the Govern- figures here given are for both mixed collateral and
ment at this centre and throughout the country on all-industrials alike. For fixed-date maturities, very
Monday, the higher rates for call money on that day little change .has taken place. Sixty days continues
caused no surprise. As was expected, the trend was to be quoted at 5%, with ninety days, four and five
downward as the week progressed. While opinion in months at 5@.53-%; but six months' money has
speculative, and even in investment, circles as to the been advanced to 53@53/2%, against 5@53% a
ex tent of the liquidation in stocks has varied consid- week ago. Trading has been light, with only a
,r;, bly, it is safe to assume that this kind of selling limited demand reported. Regular mixed collateral
sufficiently large to be a factor in the downward and all-industrial money are now quoted at the
movement, and perhaps in the Money market as well. same figure without differentiation.
Mercantile paper rates have not been changed
Representatives of the more conservative speculative
whose business investment buying from 5@53i% for sixty and ninety days' endorsed
houses, and in
plays a fairly prominent part, said before the recov- bills receivable and six months' names of choice
4%,
ery in stocks began that their loans had not changed character, with names less well known at 51
Country banks continue
materially. The more highly speculative firms ad- the same as a week ago.
mitted that a contraction in their loans had taken the principal buyers, but only a moderate volume
place. There were two conspicuous announcements of business has been reported.
Banks' and bankers' acceptances have been in
having a direct bearing on the money market, and
directions in good demand and both local and out-of-town instiwhich are likely to be reflected in many
due time. The first was that the Federal Reserve tutions, as well as individual investors, have been
Board had decided that "rediscount rates shall be in the market as buyers. An easier undertone has
2
1
/
maintained at their uniform level of 4 % for the prevailed, but actual quotations have remained
present because of satisfactory business conditions without change. For call loans against bankers'
throughout the country." This announcement was acceptances the posted rate of the American Acceptmade on Tuesday at the conclusion of the meeting of ance Council remains at 4%. The Acceptance
the Advisory Council of the Board in Washington. Council makes the discount rates on prime bankers'
The second was that of J. P. Morgan on Wednesday acceptances eligible for purchase by the Federal
:
afternoon relative to the country wide participation Reserve banks 438% bid and 4% asked for bills
0
of American bankers in the offering • in the United running for 30 days, 43'7 bid and 43% asked
A
international for 60 and 90 days, 43 % bid and 43i% asked for
States of $25,000,000 of a proposed
4
loan to Austria of $130,000,000. Special significance 120 days and 43 % bid and 43'% asked for bills
statement running for 150 days. Open market quotations
was attached to that part of Mr. 11forgan's
in which he said that the American bankers who had follow:
SPOT DELIVERY.
looked into the matter are confident that the bonds
30 Days.
60 Days.
90 Days.
431Q.4%
4!‘@4%
are well secured, and particularly that in his judg- Prime eligible bills
ment American bankers should take their share of Eligible member FOR DELIVERY WITHIN THIRTY DAYS.
4% bid
banks
4% bid
Ibis the first offering of securities for a Central Eu- Eligible non-member banks
ropean Power in which all the leading nations are
There have been no changes this week in Federal
joining. The opinion seemed to prevail that if the
Reserve Bank rates. The following is the schedule
prominent bankers of this and other countries feel
classes of paper
justified in offering bonds to help a country that has of rates now in effect for the various
been in such dire financial -straits as Austria they at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
will be willing to take similar action in behalf of
MAY 25 1923.
other European countries that have not been so badly
Paper Maturitip—
off financially, but which need money nevertheless
Alter 90 After 6
but
Days, but
for rehabilitation purposes. A large offering in the
Within 6 Within 9
Within 90 Days.
Afonths. Months.
bonds in this country naturally FEDERAL RESERVE
aggregate of foreign
BANK.
Apricot.* Apricot.
Corn'rcial Recur. by
would affect both the investment and money marand
and
Apricot. U. S. Bankers Trade
A ccep- Livestock Livestock
AccepLioesrk Govt.
s. Yesterday it was reported that American banklances. Paper. Paper.
Paper, ObItga- lances.
n.s.s.
:ions.
ers were negotiating with representatives of the Irish
Boston
6
434
4%4%
New York
- 4%
3:i
.
434
Free State relative to a loan of $25,000,000. There Philadelphia
4%
5
4%
434
434
434
434
434
4%
434
434
has been no material change in the industrial de- Cleveland
434
434
Richmond
434
434
434
454
434
434
454
4%
4%
4%
434
mand in this country for funds. If anything, prob- Wants
434
4%
bleago
434
4%
434
434
434
St. Louis
454
4%
4%
454
ably it is smaller than it was a week ago.
434
Minneapolis
434
434
454
434
Kansas City
Dallas
San Francisco

434
45'

434
454
454

434
454
434

454
434
434

434
454
434

434
434
454

Dealing with specific rates for money, loans on
and secured
Including
call this week covered a range of 432@532%, as by*warehouse bankers' acceptances drawn for an agricultural purpose
receipts, dm.
against 4@06% last week. Monday the high was
The week's movements in sterling exchange have
2%, with 43/2% the low and ruling quotation.
53'
On Tuesday call funds did not get above 534%, not. been particularly significant and prices have




2314

TH:E CHRONICLE

fluctuated within narrow limits on quiet trading.
As a matter of fact the market has been more or
less in neglect much of the time, with attention
transferred to. the Continental exchanges. In the
early dealings an additional feature in the dulness
was observance of the Whitsuntide holidays abroad
and the volume of transactions was reduced to negligible proportions. With the resumption of business
on Tuesday an accumulation of orders over the weekend gave the market a false appearance of activity,
and, under better buying, demand bills sold up to
4 639, a gain of about 13's cents. However, the
activity was short-lived, and it was not long before
the market relapsed into its wonted dulness, while
operators withdrew to await developments. Speculative interests shared to a very limited extent in
the week's dealings. Just at present there is a lull
in the selling of,sterling by GreatIBritain to accumulate dollar/credits, as preparations for the next debt
payment are understood to have been practically
completed. Moreover, money in London continues
to display athardening tendency, so that foreign
buying of American securities is less in evidence.
At the extremelclose prices were under the best.
While opinion as to the probable course of sterling
exchange in the immediate future varies somewhat,
the view seems to be widely held that it is useless
to hope for any real improvement either in point of
increased activity or materially higheriprices until
the Ruhr problem has been solved. Locally the
market is at a standstill and quotations are nothing
more than a reflex of conditions in London. Cable
rates from that centre were apparently not adversely
affected by the resignation of Bonar Law, while
news of the appointment of Stanley Baldwin to the
Premiership of the British Empire exercised a
strengthening influence.
As to more detailed quotations, sterling exchange
on Saturday last was firm and fractionally higher,
with demand at 4 62 3-16@4 625 ,cable transfers at
%
4 62 7-16@4 62% and sixty days at 4 60 1-16@
4 603/2; pre-holiday conditions prevailed, owing to
the impending Whitsuntide holiday. On Monday
increased strength marked dealings, although trading
continued exceptionally quiet; demand advanced to
4 62%@4 639/g, cable transfers to 4 62%@4 63%
and sixty days to 4 603/2@4 61%. A further slight
gain was shown on Tuesday, when quotations moved
up to 4 63 1-16@4 639 for demand, 4 63 5-16@4 64
for cable transfers and 4 60 15-16@4 60% for sixty
days, on a slightly better inquiry. Wednesday's
market was reactionary and there was a decline which
carried demand to 4 623I@4 633/2, cable transfers to
4 63(4)4 63% and sixty days to 4 60%@4 613 ;trad%
ing was dull and nominal. Dulness was the chief
characteristic of Thursday's dealings; in keeping with
this, changes were small, and the range was 4 623@
4 62 11-16 for demand, 4 623'@4 62 15-16 for cable
transfersland.4 60%@4 60 9-16 for sixty days. On
Friday trading was in small volume and demand
remained practically unchanged, ruling at 4 623@
4 62 9-16, while cable transfers ranged between
4 623/@4 62 13-16 and sixty days at 4 60%@
%
4 60 7-16. Closing quotations were 4 603 for sixty
days, 4 623/i for demand and 4 623/ for cable transfers. Commercial sight bills finished at 4 623,
sixty days at 4 593/2, ninety days at 4 58%, documents for payment (sixty days) at 4 60 and seven-day
grain bills at 4 613/2. Cotton and grain for payment
closed at 4 623's.




[VOL. 116.

For the first time in many weeks gold imports were
reported. Early in the week the Aquitania brought
bar gold to the amount of $2,250,000, while on
Thursday the Homeric arrived with £5,465,000 in
gold, both shipments being from England. Gold
marks are also said to be on their way to this country.
Approximately 30,000,000 are expected on the
steamer Mount Clay from Germany, consigned to
the International Acceptance Bank to accumulate
dollar balances with which to make indemnity payments to the Belgian Government. Late arrivals
included 30,000,000 gold marks on the Reliance from
Hamburg and $5,600,000 in bar gold on the Mauretania from England. The Majestic is expected to
bring gold valued at $5,000,000 shortly.
Irregular fluctuations marked the course of Continental exchange and attention centred almost
exclusively upon the renewed break in German mark
%
quotations. Opening with a low figure of 0.00197 ,
it soon became evident that the market would not
be able to withstand the terrific selling pressure
encountered. Huge quantities of Berlin bills were
offered for sale with practically no takers. As has
been the case during recent weeks, local operators
took little or no part in the dealings and the 'selling
emanated mainly from Berlin and Other foreign
centres, where attempts were made to unload German currency at any price. For a while the Reichsbank apparently withdrew its support, adding
materially to the general confusion, and prices give
way precipitately, carrying rates down to a new low
of 0.0017, a loss of 432 points from the close of last
week. Later on the institution once more re-entered
the market with large buying orders and there was a
rally to 0.0019, although the undertone remained
weak, with sentiment against the mark, and the
%
close was 0.00185 . That very little hope is enterof pronounced recovery is shown by the
tained
fact that mark futures are being quoted at a discount of about 2 points. The collapse occasioned
no surprise, as it has been commonly understood
that the Reichsbank stabilization program was
proving entirely too expensive, especially in view
of the steadily increasing volume of German note
circulation. Outstanding Germany currency has
now crossed the seven trillion mark. Announcement
that Germany is shipping gold to this country has
aroused much discussion and there are some who
assert the metal is to be used as security against
commodity imports, although the official explanation
is that it is for settlement of Belgian indemnity
payments. Less confidence is shown of a speedy
agreement in the Franco-German dispute, for the
reason that while Germany is expected to make
another and more favorable reparations offer shortly,
the general belief is that French and German views
on reparations are still wide apart. A feature of the
week was that for the first time in history, German
marks for a brief period dropped to below Polish
currency and it took 105 Reichsmarks to purchase
100 Polish marks. In the opinion of some, it is only
a question of time when German exchange will have
fallen to the level of the Austrian krone.
French exchange gave evidence of support and
though trading was inactive, prices were firmly held
to near the close at 6.66 for checks. In the final
dealings, however, there was a loss of 5 points.
Publication of another strong Bank of France statement, showing a further contraction in note circula-

MAY 26 1923.]

tion, had a good effect and aided in sustaining values.
Belgian currency followed a parallel course. Austrian
kronen remained stationary and are apparently unaffected by passing political events. Lire were less
favorably situated and the quotation was depressed
by reports of fresh disturbances in Italy in the form
of a split in the ranks of the Fascisti. Greek drachma
not only maintained all of the gain of the previous
week, but for a time moved up to 2.08, while exchanges on the Central European countries remain without important change, with the exception
of Rumanian lei, which have been advanced lately
more than 11 points, to 0.60, chiefly, it is claimed,
by artificial restriction of supplies by Rumanian
banks in their endeavor to control exchange and
abolish speculation.
The London check rate on Paris closed at 70.00,
against 69.45 last week. In New York sight bills
on the French centre finished at 6.613, against 6.66;
cable transfers at 6.623, against 6.67; commercial
sight at 6.593, against 6.64, and commercial sixty
days at 6.563, against 6.61 a week ago. Antwerp
francs closbd at 5.693/ for checks and 5.703/2 for
cable transfers, which compares with 5.74 and 5.75
a week earlier. The closing rate for Berlin marks
A
was 0.00185 for both checks and cable transfers.
Last week the close was 0.00213/ Austrian kronen
2
.
finished at 0.00143 (unchanged). Lire closed the
week at 4.79 for bankers' sight bills and 4.80 for
cable remittances, in comparison with 4.85% and
4.864 the week preceding. Exchange on Czecho3
slovakia finished at 2.983 (unchanged); on Bucharest
at 0.60, against 0.53; on Poland at 0.00193 (a new
low record), against 0.00203/, and on Finland at
2
2.773/2, against 2.78 a week ago. Greek exchange
closed at 1.933/i for checks and 1.94 for cable transfers, as compared with 1.96 and 1.963/2 last week.
As to the neutral exchanges, formerly so-called,
trading was dull and featureless and rate variations
comparatively slight. The most noteworthy feature
of an uneventful week was renewed weakness in
Norwegian currency, which broke to another new
low of 15.99, a loss of over 30 points for the
week.
Bankers' sight on Amsterdam finished at 39.053',
against 39.06; cable transfers at 39.143/, against
2
39.15; commercial sight at 39.003/, against 39.01,
2
and commercial sixty days at 38.753/, against 38.76
2
last week. Final quotations for Swiss francs were
18.02 for bankers'sight bills and 18.03 for cable transfers, against 18.02 and 18.03 a week ago. Copenhagen
checks closed at 18.52 and cable transfers at 18.56,
against 18.56 and 18.60. Checks on Sweden finished
at 26.60 and cable remittances at 26.64, against 26.64
and 26.68, while checks on Norway closed at 16.083/2
and cable transfers at 16.123/2, against 16.30 and 16.64
a week earlier. Spanish pesetas finished the week at
15.22 for checks and 15.23 for cable transfers. Last
2
week the close was 15.213/2 and 15.223/.
With regard to South American exchange the
situation remains without appreciable change. Argentine checks were a trifle higher for a time at 36.15
and cable transfers at 36.25, but turned weak and
closed at 35.85 and 35.95, against 36.10 and 36.20
last week, while Brazil continued weak, closing at
10.30 for checks and 10.35 for cable transfers, in
comparison with 10.40 and 10.45 :the previous week.
8
Chilean exchange was steady, at 133/, unchanged,
while Peru remains at 4 29.




2315

THE CHRONICLE

Far Eastern exchange was as follows: Hong Kong,
54%@553', against 55%@55%; Shanghai, 753@
7532, against 75@753; Yokohama, 49%@)49%,
/
against493.@491 2;Manila,49/sig49%(unchanged);
Singapore,54%@54%(unchanged);Bombay,313®
31%(unchanged), and Calcutta, 31%@,31%,against
3
31%@31%.
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 countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 19 1923 TO MAY 25 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New Yin*.
Value in United Stales Money.
Couhirv and Monetary Un!t.
Way 19. Way 21. May 22 May 23. May 24. May 25.
EUROPE$
$
Austria. krone
.000014 .000014
Belgium, franc
.0574
.0574
Bulyarla, . v
.0,1785 .007832
Czechoslovakia, krone-----029819 .029825
.....euwarK. krone
.1861
.1861
.3ngland, pound sterling._ 4.6273 4.6296
Finland, markka
.027778 .027792
• rance, franc
7
.0666
.6667
..lermany. reichimark
.000020 .000020
Greece. drachma
.018677 .018789
Ffolland. guilder
.3915
.3915
Hungary, krone
000190 .000190
Italy, lire
.0486
.0486
verway, krone
.1630
.1630
Poland, mark
000021 .000021
Portugal. escudo
.0452
.0452
4.umania.leu
.005367 .005378
ipain, peseta
.1523
.1525
3weden. krona
.2668
.2669
lwitzerland, franc
1803
.1804
.010478 .010485
• ugoslavia, dinar
ASIA.7679
.7846
'hIna. Chefoo tael
.7625
.7592
- Flankow tad
.7438
.7438
Shanghai tadl
.7735
.7735
" Tientsin tael
.5475
.5471
' Hongkong dollar
.5394
.
" Mexican dollar __ _ .5399
Tientsin or Peiyang
.5396
.5396
dollar
.5438
.5438
Yuan dollar
.3098
.3102
indla. rupee
.4904
4906
Japan, yen
.5404
gingapore (8. S.) dollar_ .5404
NORTH AMERICA.979367 .979688
tlanada, dollar
1.000000 1.000000
Cuba, peso
.483958 .483958
4exico, peso
.976875 .977344
7(ewfoundLand, dollar
SOUTH AMERICA
.8174
Argentina. peso (gold)._ .8174
.1028
.1030
Brazil, milreis
.1290
.1292
Chile. peso (paper)
.8084
.8077
Uruguay. peso

$
$
$
$
.000014 .00001 .000014 .000014
.0568
.0572
.0574
.0573
.007854 .007871 .007864 .007971
.029878 .029884 .029878 .029865
.1856
.1857
.1862
.1856
4.6376 4.6305 4.6258 4.6266
.027778 .027756 .027778 .027808
.0661
.0664
.0667
.0665
.000018 .00001: .000018 .000018
.020022 .019444
.018113 .0177
.3914
.3914
.3919
.3917
.000188 .000191 .000190 .000191
.0483
.0482
.0482
.0482
.1625
.1608
.1590
.1504
.000021 .000020 .000020 .000020
.0468
.0476
.0466
.0461
.005706 .005733 .005636 .005969
.1527
.1526
.1523
.1523
.2674
.2670
.2667
.2664
.1807
.1806
.1803
.1802
.010475 .010523 .010523 .010533
.7654
.7604
.7454
.7713
.5482
.5392

.7667
.7617
.7470
.7725
.5488
.5385

.7638
.7588
.7431
.7696
.5477
.5377

.7713
.7671
.7450
.7779
.5477
.5381

.5417
.5458
.3105
.4902
.5400

.5429
.5463
.3102
.4896
.5400

.5408
.5442
.3098
.4893
.5400

.5408
.5442
.3101
.4890
.5408

.979624
.999875
.482969
.977031

.978952
.999875
.483906
.976641

.977953
.99775
.48453
.975469

.978008
.999625
.483906
.975469

.8182
.1022
.1289
.8088

.8179
.1021
.1251
.8074

.8142
.1020
.1299
.8081

.8102
.1016
.1296
.8076

The New York Clearing House banks in their
operations with interior banking institutions have
gained $4,491,569 net in cash as a result of the currency movements for the week ending May 24.
Their receipts from the interior have aggregated
$5,511,069, while the shipments have reached $1,019,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.

Week endingWay 24.
Banks' interior movement

Gain or Loss
to Banks.

Into
Banks.

Out of
Banks.

$5,511,069

$1.019,500Gain 24,491.569

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 19. May 21.

Tuesday, Wednesd'y
May 22. May 23.

Thursday, Friday.
May 24. May 25.

Aggregate
for Week.

S
66,000,000 74.000.060 45,006,000 59,060,000 70.000,000 61,000,000 Cr. 375,600.000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balance,.
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 do
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.




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arlommurto HILL

[1g6I 9AvAT

2318

THE CHRONICLE

THE DREAM OF "ABUNDANT" MONEY.
A few days ago the German paper mark reached a
new "low" at 50,000 to the dollar, and later reports
mention a further slump to 57,000 or 59,000; any person with a sufficiently daring speculative mind could
therefore invest a single $100 in them, and "when"
the mark returns to normal would find himself advanced to the class of millionaires. On May 7 the
note issue of the Reichsbank was 6,723,099,516,000
marks, against 2,909,422,000 on July 31 1914, and it is
pointed out that while the less than three billions of
pre-war marks were worth approximately 725 million dollars, the six to seven present trillions are
worth only 113 millions; still further, that the gold
reserves of the Reichsbank at home and abroad are
227 million dollars, or approximately double the real
:
value of the mass of marks A recent report from
Berlin says that tons of paper marks are crowding
attics and cellars, and that 30 printers are working
hard in printing.
Whether all these figures are precisely correct or
not, they are near enough to accuracy to point out
the grim lesson. The approximately inverse ratio
between quantity and quality appears, and we have
the apparent paradox that the greater the total of
fiat paper the less its total. The varying indications
as to the reparations problem and other political
questions naturally affect the course of the mark,
and no careful person can venture a prediction as to
what lies before Us in even• the next few years; yet
rehabilitation of the mark does not seem conceivable.
Our own country took the plunge into fiat paper,
some 60 years ago, and the paper (or what remained
of it after contraction) was rehabilitated, fourteen
years after the war, with what difficulty and against
what opposition and clamor some of the elders remember, but there was one factor which is now absent: the presses were stopped and the total mass
reached a limit.
Before specie resumption in 1879 we had the
Greenback- movement, trailing through three Presidential campaigns, and in 1896 and later the Free
Silver plague was upon us; there is always a cult
who imagine that because abundance of money seems
good for an individual it would be pro tanto good for
an entire country. Some tell us that one man is as
good as any other and all have an equal right to
credit; also, that the Government mark is not simply
a guaranty of metallic content in the gold and a notation on the paper but is what creates the value;
also,that whatever people will "take" is good money.
In full literalness, the last statement is correct, and
if all mankind would forthwith rate and accept the
German mark at its normal value that problem
would solve itself. Equally, if we were in a world
where a "thank you" was a dollar and a smile ten
dollars, or where all men loved neighbors as themselves, all problems would vanish, since Love is a
universal solvent; but we are not yet in such a world.
Many persons do not realize the existence of economic laws which are beyond the power of paper statutes, and some have great faith in the power of a "be
it enacted." Let us suppose it true that the Government stamp makes the value and that whatever will
"pass" is sufficiently good money, also, that when
something is "enacted" it,is perforce accomplished.
Put this with the other suppositions, and then suppose a law declaring that anybody's demand note or
anybody's personal check upon, say, the Bank of the




[VoL. 116.

Universe, should be legal-tender for its fade, without
demur or recourse. Not even the wildest-eyed theorist could fail to see that when he tendered one of such
notes or checks to a grocer as an equivalent for food,
the grocer would shake his head and say "Your check
is of no value to me,for I can write my own; but the
food I have here is real, and I can eat it, so I will
keep it." On a movie film such paper tokens might
exchange for substance, but they would not so exchange anywhere else.
The dream of an "energy dollar" persists, and it
had a special outbreak, a little over a year ago; even
Mr. Edison, unique and admirable within his own
field, adopted some fantastic notions of his friend
Henry Ford and could not see why paper issued
against water powers and like potentialities of energy would not be good money. The Chemical bank
of this city never suspended specie payment, partly
because its note issues were never very great. Mr.
Edison thinks we are not now on a specie basis, because not all existing paper could be simultaneously
redeemed in gold. Neither •could any bank immediately pay over, in any forms of money, its entire deposits; solvency does not demand that, any more
than to be out of debt requires that a man must not
have, at the moment, any current and accruing obligations outstanding.
The difference between paper issued against unrealized and unknowable potentialities of the future
and that issued against specie reserves can be understood by anybody who will open-mindedly take the
trouble to study; so can the characteristics which
make the "precious" metals the best for their use as
the measure of values. Even the most ordinary person could readily see that if paper notes were as
abundant as the leaves of plants, or if anybody could
have ten millions of gold coin by just shutting his
eyes and uttering a wish, the value would shrink
swiftly towards nothingness; the plain reason is that
people will not exchange material substance, which
has cost labor, for something which has not cost labor and anybody can pick off bushes, as it were.
And yet,and yet—the most pestilent notions persist,
and the clamor for a flood of money which shall give
a plenty to everybody keeps menacing us. Those who
know nothing of American history might observe the
grim lesson in Europe, but they do not. One journal
of large circulation (possibly copied by others less
influential with the uninformed) has actually told
us that Government could just as well as not print
legal tenders and have perfectly good money wherewith to pay the soldiers' bonus, thus disposing of the
subject without harming anybody or levying any tax.
The unthinking and the noisy we seem to have always with us, and therefore we must keep on the
alert to instruct them and to prevent their getting
too great a hold upon our time-serving politicians.
A GREAT ACHIEVEMENT, THE SAVING OF
AUSTRIA.
announcement made this week by J. P. MorThe
gan & Co. that $25,000,000 of the $130,000,000 foreign
loan to be raised on behalf of Austria would be offered in this country calls attention to the remarkable work of reconstruction well under way in that
country. A year ago the condition of Austria appeared hopeless. Dismembered and reduced to one
of the smaller States by the war, impoverished, with
a worthless currency and without resources of food,

MAY 26 1923.]

THE CHRONICLE

her industries destroyed and her trade cut off, she
had lost her nerve and her courage. She faced starvation and was drifting into the abyss of anarchy and
chaos.
$110,000,000 of public money had been loaned and
become an irretrievably bad debt. Some $180,000,000 had been lost by those who had invested in her
paper currency or had accepted it in payment.
Large sums had been contributed and expended in
charitable aid, and the sources from which it came
were drying up. Her available revenue amounted to
barely half her annual public expenses. Printing
more kronen was only spoiling white paper. Without strong and wise outside aid she seemed helpless
and her disintegration appeared inevitable.
Then it was that a Financial Commission created
by the Council of the League of Nations appeared
and took matters in hand. Further inflationary issue of paper money was stopped and the right of issuing notes was transferred from the Government to an
independent Bank of Issue created for the purpose,
conducted on business principles. Internal reforms
in the administration of the State were introduced
with an assured 'balancing of the national budget
cut to meet the situation and made the condition of
assistance.
To meet an inevitable deficit for the first two
years, which would be necessary for establishing the
new system, a total of some £27,000,000 would have
to be sought through loans. The first of these was
required to be raised by Austria, and as but a small
part of this was available at home she needed to look
abroad. She could offer securi'y in the form of her
customs and tobacco receipts, if these could be assured. To accomplish this a number of countries,
including Italy, Great Britain, France and Czechoslovakia, guaranteed each a portion of the loan, and
joined in a protocol assuring Austria's political and
economic independence and safety.
To make sure that funds so raised should be used
exclusively for the end of achieving Austria's permanent self-supporting independence by carrying out
drastic reforms and economy, a Commissioner-General was appointed by the Commission, with authority established by the fact that the special revenues
involved should be under his hand; and a Committee of Control was created to guard the interests of
the guaranteeing Powers.
The Austrian Government immediately enacted
the necessary legislation to put the plan into operation; and the issue of inflationary currency stopped
definitely on the 18th of November. Six months have
passed, and the results already are noteworthy. The
new Bank of Issue with capital subscribed at home
opened January 2. The kroner was made stable and
remains entirely so. The Austrian public are bringing back the foreign exchange which they• had
hoarded •or invested abroad and are asking for
kronen in exchange. On the new basis of real value
deposits in the banks increased 500% in four months.
The loans so far required have been successfully
raised. Austria herself subscribed twenty million
gold kronen for capital of the new bank, and some
fifty million more toward a national loan. She witnessed to her restored confidence by starting bravely
on her own resources. Since the new year she has
made a foreign loan of £3,500,000, which was largely
oversubscribed in the guaranteeing nations; and offers of such further loans as she may need have been
guaranteed. Meanwhile her revenues pledged in pay-




2319

ment are proving more than sufficient to provide for
final amortization of all.
So far the immediate visible results. Much of
course remains to be done. Internal reform must go
forward with the external aid. She will need steady
purpose and perhaps further help and guidance; but
the neighbor European States have proved their helpfulness and their good-will. A substantial breach
has been made in the wall of perplexity and difficulty that has for several years stood in the way of
Europe's recuperation. One swallow may not make
a spring, but the first robin is gleefully welcomed
even though the frost is not wholly out of the ground
and there may be another snow squall.
Real international co-operation, of which we have
been so shy, has, if we may trust the report of the
head of the Economic Section of the League of Nations, produced one comprehensive and successful
scheme of national reconstruction, where openhanded charity, even on a large scale, and piecemeal
assistance had hopelessly failed.
FOREIGN TRADE IN 1922.
After a delay of more than two months, and nearly
four months beyond the close of the year, the complete foreign trade statement for 1922 was issued at
Washington the beginning of May. The delay in
tabulation is said to have been occasioned by the confusion incident to the changed classifications under
the new customs duties that became effective in September. The October statement of merchandise imports was not available until late in January, more
than two months in arrears, and the succeeding
months were even more tardy in appearance. It is to
be hoped that the former promptness with which this
important and valuable information was published
will soon be restored.
Merchandise imports into the United States in
1922 were valued at $3,112,548,772. These figures
contrast with $2,509,147,570 for the preceding year,
an increase of 24.0%. In part the increase is due to
higher import prices on some articles, but only in '
part, and this condition is quite in contrast with that
existing in the preceding year, for in 1921 ,prices
were very much lower than they were in 1920, and in
many instances the difference was quite material.
The improvement in the import trade in 1922 was
progressive as the year advanced—in fact, after the
recession in the early months of 1921 in imports, a
rather moderate improvement appeared toward the
close of that year, which 1ecame quite pronounced
in the first six months of 1922, and this without any
marked change in import prices. For the month of
September 1922, in which month the new tariff law
became effective, in anticipation of which a rush of
shipments, to secure the advantage of the lower customs duties occurred, imports of merchandise increased to $298,300,000, the largest valuation for any
month since November. 1920. The growth in the
merchandise imports during the calendar year 1922
will be more clearly apparent if we give the figures
in quarterly periods as follows: First quarter, 689
million dollars; second quarter, 730 millions; third
quarter, 832 millions, and fourth quarter, 862 millions. For the first three months of 1923 the imports
are still larger, amounting to 1,026 million dollars,
nearly 49% in excess of the corresponding period of
1922.
On the other hand, merchandise exports in 1922
were 14.1% smaller in value than they were during

2320

THE CHRONICLE

[Vol,. 116.

the preceding year, the figures being: 1922, $3,831,- $291,821,259 as compared with $550,751,561 for 1921.
932,193 and 1921, $4,485,031,356, and this decrease The average export price per bushel for wheat in
has occurred notwithstanding that export prices in 1922 was $1 26; for 1921 it was $1 55. For some of
1922 of a number of the important export products the other grains in 1922 there was an increase in exwere higher than in 1921. Raw cotton was the lead- ports, notably for corn, the exports in that year
ing feature in this respect, the value of cotton sent amounting to 163,600,000 bushels, as contrasted with
abroad being more than 25% higher in 1922 than in 128,900,000 bushels during 1921. Exports of rye
1921, and raw cotton constitutes 18% of the total ex- were more than 50% greater in 1922 than for 1921 as
ports. The excess of merchandise exports in 1922 to quantity, but the value in 1922 was only slightly
over merchandise imports was $719,383,421, as higher. There was a considerable increase in shipagainst an excess of $1,975,883,786 in the preceding ments abroad of sugar in 1922 as contrasted with
year. For a number of years prior to 1921 the ex- 1921, the quantity being nearly double, but in value
cess of merchandise exports was between $3,000,000,- there was not so great a gain.
000 and $4,000,000,000, but conditions during that
Next to the group including cereals is that embracperiod were abnormal. Prior to the war, the foreign ing mineral oils, petroleum, coal and other non-metrade of the United States was at the high water tallic minerals. Coal shipments, both of anthracite
mark in 1913. Merchandise exports during that and bituminous, were but little more than one-half
year were valued at $2,484,000,000 and the imports of the exports of 1921 and values were also very midi
$1,792,000,000, the excess of exports amounting to less last year. Exports of petroleum, crude and re$691,400,000. The value of merchandise exports in fined, in 1922, also of gasoline, were somewhat larger
1922 was 54.2% greater than in 1913, while merchan- as to quantity, but there was a slight reduction in
dise imports last year were 73.7% greater than in values last year as contrasted with the preceding
1913. There is no means of knowing how much of year. The same is true as to lubricating oils.
this difference may be due to the higher prices preIn the metals class, which is part of the metal
vailing in 1922, but it is not unlikely that there is a group, exports of iron and steel in 1922 were only
difference on this account of perhaps one-third.
58.3% in value of the exports of the preceding year
Of the ten groups into which the export statistics for the same line. In steel rods there was a very
compiled by the Department at Washington are sep- large reduction both in quantity and value, the exarated there are six of major importance and four ports in this department of trade in 1922 being less
that may be considered minor. The six major groups than one-twentieth of the exports in the same line in
comprise 85% in value of the total of all merchan- 1921. There was also a very large falling off last
dise exports. The textile group, which includes raw year in iron and steel plates, but on the other hand
cotton and is one of the largest, is practically the exports of galvanized sheets were nearly double in
only one in which there was an increase in the value quantity in 1922 the exports of the preceding year.
of exports in 1922, as contrasted with 1921, this in- Black steel sheets were about the same, but exports
crease amounting to 23.7%. Exports of cotton in of tin plate for 1922 were considerably less than for
1922 were 6,113,813 bales and during the preceding the preceding year. Track materials and rails
year 6,474,105 bales, a decrease in quantity last year showed some reduction in exports last year as to
of 5.6%. But again the difference in the price of quantity and in values there was a very large decotton, particularly during the closing months of crease. In wire, plain and galvanized, exports in
1922, upsets all calculations in regard to export con- 1922 were very much larger in quantity than in 1921,
ditions. The average export price of cotton in 1922 but the value in 1922 was smaller than in the prewas 21.3 cents per pound and in 1921 it was 16 cents ceding year. Export prices of practically all classes
per pound. The value of cotton exported last year of iron and steel products in 1922 as contrasted with
was $673,249,613, and for the preceding year $534,- 1921 were decidedly lower. Exports of copper for
241,795, an increase in 1922 of 26.0%. The gyrations 1922 were somewhat higher in quantity and value
of the cotton market during the past few years have than in the preceding year, the value in 1922 being
materially affected these export figures. In 1921 the $103,865,464 compared with $97,850,744 in 1921.
,
increase in quantity of raw cotton exported, as com- There was an increase in export shipments of lead
pared with the preceding year was 5%, yet values in and a large gain reported for zinc.
1921 were considerably less than one-half of those for
Exports of locomotives were very much reduced
1920—$534,000,000 for 1921, contrasting with $1,- last year as contrasted with the previous year, the
136,000,000 in the preceding year. The export price decrease in value being from $33,696,331 in 1921 to
of cotton in 1921, as noted above, was 16 cents; in $8,663,764 in 1922. In 1921 there were large exports
1920 it was 35.7 cents per pound and in some months of locomotives to Mexico; also to China and Cuba.
it was over 40 cents. The textile group also includes Agricultural implements show quite a large reduccotton cloth, and while in quantity exports of cotton tion in exports for 1922, the figures being $23,924,805
cloth were 6.5% larger during 1922 than in the pre- as contrasted with $37,596,653 for the preceding
ceding year, in value there was an increase of nearly year. Vehicles, including automobiles, show some
20%. Yarns, wool and woolen goods are included in increase in exports for 1922, the value being $127,the textile group, and though relatively small as to 264,422 as contrasted with $123,229,551 for 1921.
Exports of passenger cars in 1922 were more than
quantity, there is an increase for 1922 over 1921.
The second largest group embraces wheat, corn double in number the exports of the preceding year,
and other cereal products, and for this group exports and the increase in value for passenger cars and
for 1929 show a loss of nearly 25% in comparison parts was very large. There were increased exports
with the preceding year. Wheat exports for 1922 in motor trucks, too, but the value in 1922 was less
were only 232,302,391 bushels, flour included than it was in the preceding year. The exports of
at 43 2 bushels to the barrel, as contrasted with automobiles were to all quarters of the globe, but nat/
355,661,224 bushels for the preceding year, and the urally larger to Canada and Mexico; they were also
export value of this important cereal for 1922 was very large to Australia. There is likewise a consid-




erable export trade each year to Belgium, United
Kingdom, Sweden, Argentina and British South
Africa.
In food products, such as meats, pork, etc., the export movement last year was somewhat less than it
was in 1921. The total value of all meats exported
last year was $134,919,343 and this contrasted with
$150,878,243 in 1921. In some measure, however, the
reduced amount for 1922 was due to a lower range of
prices for some meat products. Of hams and shoulders, exports last year increased in quantity nearly
25% but in value under 20%;for bacon there was a
decrease last year of 17% in quantity and 23% in
value. These are important items in the export
trade. For dairy products there was a large falling
off last year, both in quantity and value in exports
:is compared with the preceding year: Exports of
ikIi remained practically the same for both years,
but shipments abroad of animal and fish oils, greases
and fats were nearly 20% less in value last year than
in the preceding year, and this includes lard, which
figures quite prominently in the export trade. There
was an increase last year of 50% in the exports of
leather, but not so of boots and shoes, in which export shipments were very much less. Exports of leaf
tobacco in 1922 amounted in value to $145,984,896,
whereas in 1921 the exports were $204,743,186. There
was, however, in lumber, a somewhat larger movement to foreign ports in 1922 than in the preceding
year.
In the following table the changes from year to
year in a number of leading staple articles of export
are shown, also the relation that each of these articles bears to the total movement from this country
to foreign ports. The compilation covers five
years:
EXPORTS OF LEADING PRODUCTS FOR FIVE CALENDAR YEARS.
Exports.

1922.

2321

THE CHRONICLE

MAY 26 1923.]

1921.

1920.

1919.

1918.

$
$
$
$
$
Cotton_ ___ 673,249,613 534,241,795 1,136,408,916 1,137,371,252 674,122,790
Brew:bawls 515,913.077 758,397,520 1,079,107,701 920,301,977 801.497.716
Prov.,&c_283,956,105 345,430,403 544,073,060 1,160,643,133 941,218.524
23,184,329
40,890,268
Cot'seed of
7.287.142
34.874,790
24,361,974
Petrol., &c 330,911,586 383,680,003 549,357,212 343,673,432 344,265,500
Total__ 1,811,317,523 2,046,111,695 3,343,821,679 3,602,880,062 2,784,288,859
All other
articles. 1,020,614,670 2.438,919.661 4,884,194,628 4,317.545,928 3,364,798,686
Total.-- 3,831,932,193 4,485.031.356 8.228.016.307 7.920.425.990 6.149.087,545

The larger merchandise imports into the United
States last year were well distributed among many
products. Hides and skins show an increase in imports during 1922 of nearly 60% in quantity over
1921, while the value in 1922 was $107,044,908 as contrasted with $67,561,015 in the preceding year. In
leather manufactures,'however, there was a decrease,
the value in 1922 being $11,144,675 against $15,346,650 for the preceding year. Importations of both
coffee and tea were larger in 1922 than for the preceding year, the value of coffee received being $160,854,476 as contrasted with $142,808,719, and tea $23,825,086 against $14,233,971. While the value of coffee was higher in 1922, the quantity was nearly 100,000,000 pounds less. Crude rubber importations in
1922 were very much larger, both in quantity and in
value than in the preceding year, the value in 1922
being $101,843,188, an increase of nearly 40%. The
value of tobacco imported in 1922 was $73,810,438,
as contrasted with $60,252,756 for the preceding
year. For textiles there was a large gain last year,
the total value of dutiable goods being $336,392,851
and for 1921 $234,385,767; for free importations of
textiles last year the value was $520,743,936, against
4 1:19,154,538 for the preceding year. This betterment
'




includes cotton manufactures, cotton cloth, jute and
manufactures,flax and hemp, wool and,hair and silk
and manufactures, in all of which importations are
heavy. Wood and manufactures also figured much
larger in the imports in 1922 than in the preceding
year, and this includes wood pulp and paper base
stock, the increased imports of the latter in 1922 over
1921 being nearly two-thirds. The importation of
paper, other than printed matter, was slightly less
in value in 1922 than in the preceding year. Coal
importations were very much larger in 1922, being
4,400,000 tons, as against 1,122,000 tons in the preceding year, and petroleum increased from $66,547,379 in 1921 to $70,383,309 in 1922. The importations
of precious stones in 1922 were valued at $67,877,473
and for the preceding year $38,127,649. Imports of
sugar in 1922 were 63% greater than in the preceding year and only 5% was free of duty. The bulk of
the receipts were from Cuba, the latter constituting
93% of the whole. The value of the importation of
sugar last year was $251,904,884, which contrasts
with $235,286,011 for 1921, an increase of only 7.1%,
but while the average price per pound in 1921 was
nearly 4 cents, for 1922 it was only 2.6 cents per
pound.
MERCHANDISE EXPORTS AND IMPORTS (CALENDAR YEARS).
CalendrYear
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922

Exports.

Imparts.

1.360,685,933
1,484,753.083
1.451,318,740
1,626,990,795
1,798,243,434
1,923,426,205
1,752,835,447
1,728.198.645
1,866.258,904
2,092,526,746
2,399,217,993
2,484,018,292
2,113,624,050
3,554,670,847
5,482,641,101
6,233,512,597
6,149,087,545
7,920,425,990
8,228,016,307
4,485,031.536
3,831,932.193

969,316,870
995,494,327
1,035,909,190
1.179,144,550
1,320,501,572
1,423,169,820
1,116,374,087
1.475,520,724
1,562,904,151
1,532,359,160
1,818,073,055
1,792,596,480
1,789,276,001
1,778,596,695
2,391,635,335
2.952,467,955
3,031,212,710
3,904,364,932
5,278,481.490
2,609,147,570
3,112,548.772

Excess,

Total Trade.

2,330,002,803
Exp. 391,369,063
2,480,247,410
Exp. 489,258,756
2,487,227,930
Exp. 415,409,550
2,806,135,345
Exp. 447,846,245
3,118,745,006
Ezp. 477,741,862
3,346,596,025
Ezp. 500,256,385
2,869,209,534
Exp. 636,461,360
3,203,719,369
Exp. 252.677,921
3,429,163,055
Exp. 303,354,753
Exp. 560,167,5863,624,885,906
4,217,291,048
Exp. 581,144,938
4.276,614,772
Ezp. 691,421,812
3,902,900,051
Exp. 324,348,049
5,333,267,542
Ezp.1,776,074,152
7,874,276,436
Ern.3,091,005,766
9,185,980,552
Ezp.3,281,044,642
9,180,300,255
Ezp.3,117,874,835
Exp.4,016,061,058 11,824,790,922
Erp.2,949,534,817 13,506,497,797
6,994,179,106
Exp.1,975,883,786
6.944.480.965
Ern. 719.383.421

Imports of merchandise during 1922 were 60.1%
duty free and 39.1% dutiable.; for the preceding year
the ratios were, respectively, 62.3% and 37.7%,
whereas for 1919 the duty free imports measured
69.1% of the whole. During the last three months
of 1922, when the new customs duties law was in
operation, the ratio of duty free imports was 60.6%,
practically the same as for the preceding nine
months. Of the duty free imports 51.1% was of
crude materials for use in manufacturing; 19.7% of
manufactures for use in manufacturing, making
70.8%. Of the remaining 30% foodstuffs in crude
condition and food animals constituted 13.3% and
manufactures ready for consumption 13.1%. For
the preceding year the ratio of crude materials for
use in manufacturing to the total was 47.8% and
manufactures for further use in manufacturing,
14.1%,a total of 61.9%,as against 70.8% for 1922, as
just stated. Foodstuffs in crude condition and food
animals in the imports for 1921 constituted 16.7%
of the total and manufactures ready for consumption
17.2%. The last mentioned percentages for 1921
were somewhat larger than those for the year just
closed. The average ad valorem rate of duty for
1922 is placed at 14.7%; for the preceding year
11.9%. In the case of the exports, manufactures in
complete form constituted 34.3% of the total of all
domestic exports; manufactures for further use in
manufacturing 11.6% and foodstuffs partly or
wholly manufactured 15.6%, a total of 61.5%. These
percentages apply to the 1922 report. For 1921, the

2322.

THE CHRONICLE

[voL. 116.

SILVER.
GOLD.
corresponding ratios were 37.1% for manufactures Year
enclitic
Excess of
in complete form; 9.1%, manufactures for further Dec.31 Exports. Imports. Excess of
Exports(±)or Exports.
Imparts. Exports(+)or
Imports(—).
Imports(—).
use in manufacturing, and 15.2% for foodstuffs
$
partly or wholly manufactured, a total of 61.4%. 1902 36,030,591 44,193,317 —8,162,726 49,272,954 26,402,935 +22,870,010
44.346,834
40,610,342
The re-exports of foreign goods in 1922 com- 1903 __ 121,211,827 65,267,696 —20,920,862 50,135,245 23,974,508 +16,635,834
84.803,234 +36.408,593
1904
26,087,042 +24,048,203
1905
46,794,467 50,293,406 —3,498,938 57,513,102 35,939,135 +21,573,967
posed only 1.7% of the total of all merchandise 1906 46,709,158 155.579,380-108,870.222 60,957,091 44,227;841 +16,729,250
1907
55,215,681143,398,072 —88,122,391 61,625,866 45,912.360 +15,713,506
exports.
1908
81,215,456 50,276,293 +30,939,163 51,837,671 42,224,130 +9,613.541
1909._ 132,880,821 44,086,966 +88,793,855 57,592,309 46,187,702 +11,404,607
Imports from all the grand divisions were larger 1910 _ 58,774,822 59,222,518 —447,696 57,360,973 45,878,168 +11,482,805
1911 _ 37,183,074 57,445,184 —20,262,110 65,664,646 43,746,571 +21,918,075
last year, although some decline appeared in the im- 1912 _ 47,424,812 66,548,772 —19,123,930 71,961,755 48,401,086 +23,560,669
1913 _ 91,798,610 63,704,832 +28,093,778 62,776,631 35,867,819 +26,908.812
ports from some of the Central American countries. 1914 __ 222,616 156 57,387,741 +165,228,415 51,603,060 25,959,187 +25,643,873
1915
31,425,918451,954,590-420,528,672 53,598,884 34,483,954 +19,114,930
1916 155,792,92768.5,990,234-530,197,307 70,595,037 32,263,289 +38,331.748
Exports were reduced all along the line. Exports 1017 __ 371.883.884682,454,374-180.570,490 84,130,876 53,340,477 +30,790,399
1918 _ 41,069,818
—20,972,930252,846,464 71,375,699
to France were an exception, that being about the 1919_ 368,185,248 62,042,748 +291,651,202239,021,051 89,410,018 +181,470,765
76,534,046
+149,611,033
88,060,041 +25,556,183
only large nation which purchased more from the 1920 __ 322,091,208 17,068,273 —94,977,065113,616,224 63,242,671 —11,667,272
23.891.37791,248,297-667,356,920 51,575,399
1921
United States in 1922 than in 1921. There was a very 1922 _ 36,874,894 75,169,785-238,294,891 62,807,286 70,806,653 —7,999,367
large decline in the exports to Mexico, the value in
The silver movement last year was also without
1922 being less than one-half of that for the year special significance. Exports were valued at $62,1921, but reference might again be made to the large 807,286 and imports at $70,806,653, these amounts
shipment of locomotives to Mexico in 1921.
being within a few million dollars of those for the
There is little indication of any very extensive bet- preceding year. The exports were chiefly to China,
terment in the matter of the employment of Ameri- British India and to London, the latter possibly incan bottoms in the water-borne foreign trade of the cluding shipments for some of the other markets,
United States. One-third (33.5%) of the imports of and these shipments comprised 90% of the whole.
the United States that was water-borne was carried The imports of silver were mainly from Mexico, as
in American vessels. This relates to 1922. For the usual—nearly 70%, although there was also a conpreceding year the ratio is 35%. As to exports, siderable shipment from Peru.
there is a little improvement, 1922 claiming 38.4%
Bringing together the various balances, we give
of American bottoms and 1921 36%. The tonnage below a summary covering the past five years, and
of American vessels that entered our ports in 1922 showing net result of the foreign trade of the United
was 48.7% of the total; in 1921 it was 50.1%. There States:
seems to be an adequate supply of American tonYEARLY TRADE BALANCE.
nage. As to the vessels that cleared, 49% were of Ercess of—
1922.
re20. i.
•
1921.
189.5
1
1918.
American register in 1922 and 48.2% in 1921. Goods
$
3
$
3
8
Mdse. exp_
carried in American vessels in the import trade were Silver exp. 719,383,421 1,975,883,786 2,949,534,817 4,016,061,058 3,117,874,835
a7,999,367 al1,667,272
25,556,183 149,611,033 181,470,765
valued somewhat under those carried in British bot- Total _ _ 711,384,054 1.964,216,514 2,975,091,000 4,165,672,091 3,299,345,600
toms; on domestic exports the value of goods carried Gold imp_ _ 238,294,891 667,356,920 94,977,065 6291,651,202 20,972,960
in American bottoms exceeded a little those of the Net exp. 473.069.163 1296680 804 2 669.113.938 4.487 322.203111.27R 272 846
British shipments. Many of the European maritime a Net Imports. b Net exports.
countries contributed a small quota, both as to imU. S. SUPREME COURT DECISIONS.
ports and exports, the leading countries being
France, Norway and Holland. Japanese tonnage INCOME TAX LEVIES MUST BE PAID—REQUISITIONED FUEL TO BE
PAID FOR .IT MARKET PRICE—VALUATION OF PROPalso amounts to considerable.
ERTY IN FIXING RATES.
Imports of gold in 1922 were considerably smaller
Several recent decisions of the U. S. Supreme
than in either of the two preceding years, amounting
Court are worth noting. In one case the question
to $275,169,785, this contrasting with $691,248,297
for 1921. Gold exports last year continued very involved was the proper course for a taxpayer who
small, but were slightly larger than in the preceding has a difference with the revenue department in reyear, the figures being: 1922, $36,874,894, and 1921, spect to inclusion or non-inclusion of a certain item
$23,891,377; for 1920 the exports of gold amounted in his income-tax return. A prominent citizen of
to $322,091,208. Many countries, as in previous Delaware,in the year 1915, received a block of shares
years, contributed to our stock of gold, England as in the common stock of a reorganized company in
usual holding first place. The amounts from the which he was heavily interested, and did not include
other European countries were generally less than this in his return for the year, not deeming it taxable
for the preceding year, as was the case with the total income. After two years' delay, he was assessed over
/
1
of gold imports, although Denmark and Norway 12 millions as tax on the non-included shares, and
made a much larger contribution in 1922 than in he responded by filing a claim for abatement. When
1921. There was also a considerable shipment of this was decided adversely to him by the Internal
gold from' Sweden to the United States, but prac- Revenue Commissioner, he obtained in the Federal
tically nothing from Germany. Nearly 80% of the District Court an injunction against collecting the
gold imports of 1922 was from Europe, including assessment, and the Circuit Court of Appeals susshipments from London, the latter covering some tained this. The Supreme Court now reverses the
shipments from countries outside of Europe. The decree and directs that the injunction be dissolved,
direct importations of gold from countries outside holding that maintenance of such a suit is forbidden
of Europe were smaller than in the preceding year. by statute and that Government may rightfully make
Exports of gold last year would not have been so the conditions under which its action in collecting
large except for an unusual shipment to Canada in revenue can be reviewed judicially. In other words,
October, due to a special movement. The Canadian the taxpayer mistook his remedy and may now revert
shipments comprised about 60% of all our gold ex- to the proper course, which is to pay the tax first,
ports in 1922. Some gold was sent to Mexico, Brit- then sue for recovery, and in the suit to raise and
ish India and China, but otherwise the amounts were make good, if he can, any questions of fact or of technical procedure which may relieve him from liability.
small.




2323

THE CHRONICLE

MAY 26 1923.]

This does not pronounce upon the merits of the case,
but only upon the mode of procedure, and it seems
both good law and good sense, though it is impossible
to overlook the fact that in some cases it may involve
hardship to the taxpayer in compelling the raising of
a large sum of money for which he may not be found
liable in the end.
Another case decided arose under the Lever law of
1917. Section 10 authorizes the President to requisition fuels and other supplies needed for military use
and requires him to "ascertain and pay a just compensation therefor"; if the party in the case demurs,
he shall receive 75% of the sum offered him and may
sue for enough more to make up a just amount. A
large quantity of bituminous coal was taken from a
collieries company,and the Government fixed a price
based on the cost of mining plus what was assumed
a fair profit; but the company contended that it
should receive What the coal would have brought had
it not been requisitioned. A Federal District Court
and a Circuit Court of Appeals agreed with this
claim, and the Supreme Court now holds that full
market value at the time of taking was the just compensation.
In another action, brought to set aside the rates
determined for a telephone company by the Missouri
Public Service Commission, the Supreme Court, by
Justice McReynolds,with Justices Holmes and Brandeis in dissent, sustained the position of the company, which was that the cost of reproduction at prevailing prices must be considered in fixing rates. It
is impossible, said the majority, to determine a fair
return on the investment without considering all reproduction costs at the time; if present reproduction
cost is disregarded an intelligent forecast of probable
future values becomes impossible, for estimates for
to-morrow cannot overlook prices of to-day. "It
must not be forgotten," said the opinion,"that while
the State may regulate with a view of enforcing reasonable rates and charges it is not the owner of the

property of public utility companies and is not
clothed with the general power of management incident to ownership." In dissent, Justice Brandeis
contended that his colleagues gave heed to the opinion of experts instead of basing rates upon ascertainable facts, and held that, if the financing has been
proper, the actual investment *already made is the
just basis on which a fair earning rate is guaranteed;
under the majority view, he held, the value for ratemaking "must ever be an unstable factor," and the
companies want the courts to take as the basis of
rates either the reproduction cost or the actual investment,"whichever is the higher." The bearing of
this decision upon the problem of transportation
rates is obvious.
British Shipping Trade Greater in March 1923 Than
in 1913.
British shipping trade established a record in March 1923,
when the tonnage of vessels leaving British ports with„cargo
exceeded the tonnage for March 1913. Tonnage of shipping
arriving with cargo in March was less than 3% below, the
pre-war tonnage for that month. Official figures of the
British Board of Trade received by the Bankers Trust Co.,
of New York,from its English Information Service, gives the
comparative tonnages as follows:
Vessels departing with cargo
Vessela arriving with cargo

March 1923.
March 1913.
5,190,000 tons 6,043,000 tons
3,773,000 tons 3,682,000 tons

The trust company under date of March 19 adds:
The official figures disclose that British vessels comprised two-thirds of
the above tonnage arriving and more than half of the tonnage departing in
March 1923. A significant feature was important increases in the tonnage
of foreign vessels trading at British ports, notably American, Dutch. Japanese, Italian and French ships. These increases are indicated below:
March 1913. March 1023'
Ships arriving with cargo:
American
56.000 tons 205,000 tons
Dutch
170,000 tons 207,000 tens
Japanese
9,000 tons 58,000 tons
Italian
36,000 tons
13,000 tons
French
94.000 tons
89,000 tons
Ships departing with cargo:
American
53.000 tons 116,000 tons
Dutch
219,000 tons 373,000 tons
Japanese
62,000 tens
24,000 tons
Italian
76,000 tons 110.000 tons
French
159,000 tons 351,000 tons
The recovery of German shipping is shown by the following figures at
British ports:
March 1913. March 1922. March 1923.
Arriving with cargo
242.000 tons
55,000 tons 120,000 tons
Departing with cargo
433,000 tons 122,000 tons 347,000 tons
The general increase in tonnage of vessels departing from British ports
with cargo during March 1923 was due in part to the enlarged coal export
trade, resulting from the Ruhr situation.

The New Capital Flotations .in April and the
Four Months Since January 1
For the current month of May the total of new issues
brought out, owing to the depression in the stock market
which has operated to put a damper on new financing, is
likely to be light. For April, however, according to the analysis we present below, the aggregate of new capital flotations was of considerable proportions. And yet the amount,
while large, fell much below recent maximums, as was also
the case in March and February. Our compilations, as usual,
Include the stock, bond and note issues by corporations and
by States and municipalities, foreign and domestic, and also
Farm Loan issues. The grand aggregate for April is $458,133,469. This compares with $392,262,540 for March, with
$380,187,119 for February, but with $879,268,265 for January. The latter, of course, is to be considered as a wholly
exceptional total, the amount for that month having been
swollen to extraordinary proportions by the bringing out of
several issues of unusual size—the Anaconda Copper Mining
Co. alone by its financing having then added, as previously
explained, $150,000,000 to the total and Armour & Co. $110,000,000; January as a consequence broke all records for new
capital flotations in the United States, the total, indeed, having been of such magnitude that it could not be said to have
been even closely approached in the past, the highest previous amount for any month of any year having been $655,817,946 for April 1922.




Comparison with corresponding figures of previous years
brings out still more strongly the fact that the April issues,
while of no mean proportions, did not equal the high totals
of the recent past. At this time a year ago new financing
was proceeding on a very unusual scale and even in 1921 it
was heavier than in April of the current year. In other
words, as against $458,133,469 for April 1923, the new flotations for April 1922 were $656,157,353 and for April 1921
$527,655,718; back in 1920 and 1919, however, the amounts
were smaller than at present, having been in those years
$407,830,809 and $319,916,001, respectively. This has reference to new capital appeals of all kinds. But as is always
the ease, a portion of the new issues is for conversion or refunding and goes to take up or retire existing issues. We always carefully separate this from the rest, and the reason
lies on the surface. For obviously, security offerings made,
to provide for maturing issues, or to convert short term into
long term obligations or to replace high rate bonds with'new
bonds bearing a lower rate of interest, belong in a different
category from other offerings. Strictly speaking, they do
not constitute appeals at all for new capital. The portion
covering conversions the present year was large, having been
$103,091,400, but, as it happens, it was even larger in April
of the two preceding years. In April 1922 conversions or
refunding comprised $176,206,336 and in April 1921

2324

THE CHRONICLE

[Vox. 116.

amounted to no less than $222,808,000, this last having been offerings were only slightly smaller, reaching $161,964,000.
the time when the $230,000,000 Northern Pacific-Great The April total of industrial offerings was again the largest
Northern Joint 61 4% Convertible bonds were offered with of the corporate sub-divisions. Public utilities ranked next.
,
such tremendous success, that issue having been almost en- the volume of these being $76,135,000, a decrease of 36 millions from the March total, but an increase of 16 millions
tirely a refunding operation, its purpose being to provide for
over last year. Offerings by railroads amounted to only $37,the taking up of the $215,227,000 4Y
2% Chicago Burlington 361,000, or almost 29 millions less than in March. The total
& Quincy Collateral Trust bonds maturing July 1 1921. On of all corporate issues, as already stated, was $286,619,466.
the other hand, in 1920 and 1919 the portion represented by and of this more than 50%, or $147,821,000, represented longrefunding was very small, having been only $7,702,200 in term bonds and notes, and only $20,996,000 short-term obliApril 1920 and but $5,842,259 in April 1919
-illustrating gations, while no less than $117,802,466 consisted of stock
issues. It is worthy of note that the total of stock offerings
strikingly the importance of showing, as we do, the refundwas the largest of any April embraced in this record, which
ing part of the new financing separate from the rest.
goes back to 1919. The portion of corporate flotations used
It deserves to be pointed out that while for April the flo- for refunding purposes in April aggregated $40,757,000 and
tations fall below the highest figures of previous periods, the analysis shows that $33,340,000 of this was to refund existstory is a d:fferent one when comparison is made of the fig- ing long-term issues with new long term issues, $2,572,000
ures for the four months from January 1 to April 30. Owing existing short term issues with long term issues and $4,845.to the very heavy financing in January, to which we have 000 existing long term issues with various classes of new
stock issues.
already directed attention, the aggregate of the new flotaThe largest single new corporate issue in April was $30,tions for this period in 1923 runs ahead of that for the corre- 000,000 Illinois Power & Light Corporation 1st &
Ref. Mtge.
sponding period of any previous year. In other words, never 6s, 1953. These were offered at 98%, yielding 6.10%.
in any previous year has the amount of new issues brought Other utility issues which came on the market were $14,000,out in these four months been of such magnitude as during 000 Public Service Electric Power Co. 1st Mtge. Os, 1948.
the four months of the present year. The aggregate for 1923 placed at 97%, yielding 6.20% and $6,000,000 of 7% Cumuis $2,111,489,338, which compares with $2,013,368555 for lative Preferred stock of this same company, which was of1922, with $1,471,430,290 for 1921, with $1,545,829,609 for fered at 98%, to yield about 7.10%.
Among the industrial offerings of importance were the
1920 and with $1,034,736,416 for 1919. The amount, it will
be seen, is larger even than a year ago, when it was of huge following: $25,598,400 par value Capital stock of Standard
proportions, averaging over half a billion dollars a month. Oil Co. of California, sold to stockholders at par ($25); $14,The portion representing conversions or refunding has run 962,530 par value Common stock of Westinghouse Electric
much the same the last three years notwithstand:ng the & Manufacturing Co. (par $50), taken by stockholders at $53
sharp variations from month to month, having been $376,- per share, and $10,000,000 7% Cumulative Preferred stock
734,973 in 1923, $366,530,137 In 1922 and $358,068,175 in 1921. and 168,540 shares of no par value Common stock of Inland
But in 1920 the amount was only $145,086,516 and in 1919 Steel Co., the former offered at 104%, yielding 6.70%, and
$195,007,460. If we eliminate these from the grand totals it still the latter at $47% per share.
The leading railroad flotations were equipment issues, and
remains true that the new capital applications the present
year exceed those of any previous year, the amount on that included the following: $14,003,000 Equip. Trust 54, due
basis being $1,734,754,365 for the four months of 1923, $1,- 1928-38, of Illinois Central Railroad, sold to yield 5.20%;
646,838,418 for the four months of 1922, $1,113,362,115 for $8,550,000 Chicago Rock Island & Pacific fly. Equip. Trust
the same period of 1921, $1,400,743,093 for 1920 and only 5s, due 1923-38, offered to yield from 5.25% to 5.40%, and
$7,875,000 Chesapeake & Ohio Ry. Equip. Trust 5s "U," due
$839.728,956 for 1919.
The April total of the capital flotations the present year 1924-38, offered at prices to yield 5.30%. Of railroad offerwas swollen by the extent of the Farm Loan issues. No for- ings in April aggregating $37,361.000, all but $2,233,000 was
eign securities of any kind were sold in this country during to finance the purchase of equipment.
The following is a complete summary of the new financing
April, but offerings of Farm Loan bonds, comprising eleven
separate Issues at prices to yield from 4.45% to 4.68%, and -corporate, foreign Government and municipal, and Farm
-for April and the four months ending with
amounting in the aggregate to $87,750,000, showed an in- Loan issues
crease of $64,250,000 over March. The most distinctive fea- April, of the current year. We desire to point out that we
ture of this group was the $75,000,000 issue of Federal Land now further subdivide the figures, showing in the case of the
Bank 4%s, 1933-53, offered at 100%, yielding 4.45%. The corporate offerings both the long term • and the short term
Farm Loan issues have been conspicuous nearly all through issues for the bonds, and separating the common from the
the year, and for the four months of 1923 no less than $219,- preferred shares for the stocks.
250,000 of these have come on the market against only $109,- SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
640,006 in the four months of 1922, $40,000,000 in 1921, none
In 1920, and $3,500,000 in the four months of 1919.
New Capital
. &Mauling.
Taal.
On the other hand, State and municipal obligations, which
1923.
$
$
$
. enjoy tax exemption in the same way as the Farm Loan isAPRIL
sues, no longer come on the market in the formidable pro- Corporate-Long-term bonds and notes_ 111,909,000 36,912,000 147,821,001)
Short term
20,998,000
20,996,000
Preferred stocks
40,065,000
4,630,000
portions of recent previous periods, fortunately disappoint44,695,000
Common stocks
72,892,466
219.000
73,107,466
ing the fears that had existed that investment channels
Foreign
would be flooded with them by reason of their tax-exempt
Total
245,862,466
40,767.000 288,619,466
Foreign Government
qualities. For April 1923 the aggregate of the awards by Farm Loan Issues
32,718,000
65,032.000
87.750,000
States and municipalities throughout the United States is War Finance Corporation
1,362,400
76.481,803
Municipal
77,764,003
only $77,764,003, against $137,176,703 in April 1922, $88,104,8,000,000
Canadian
8,000,000
United Statea Possessions_
218 in April 1921, $66,194,759 in 1920 and $52,713,484 in
1919.
Grand total
356,042,089 103.091,400 458,43,469
For the four months the comparison stands much the
same, 4 MONTHS ENDED APRIL 30
the awards for 1923 footing up $321,572,054, against $429,- Corporate-Long-term bonds and DOW- 768,288,386 208,681,714 964,970,100
81,744,200
16,366,800
Short term
78,111.000
237, 993 for 1922, $232,561,134 for 1921, $240,267,877 for
163,849,247
67.234,839 231,084,088
Preferred stocks
1920
162,836,338
3,286,760 166,103.098
Common stocks
and $158,952,753 for 1919.
19,900,000
Foreign
19,900,000
The corporate issues, of course, overshadow in
1,164,618,171 296,550,113 1,480,168,284
Total
amount
69,000.000
Foreign Government
6,000,000
those of any other group, though it happens that in April
76,000,000
the Farm Loan Issues
164,218,000
55,032,000 219,260,000
amount of these falls considerably short of the
War Finance
correspond- Municipal Corporation
315.635,194
6.936,860 321,572,054
ing totals of the years immediately preceding. For April
Canadian
21,163,000
36,263,000
14,100.000
United States Fossessions._
240.000
130,000
115.000
103 the footing of this group is $286,619,466, which comGrand total
1,734,754,065 376,734,973 2,111,481,338
pares with $337,644,000 in April 1922, $393,801,500 in April
1921, $331,931,050 in April 1920 and $56,902,517 in April
In the elaborate and comprehensive tables, which cover
1919. Making a detailed analysis of the corporate flotations the whole of the two
succeeding pages, we compare the forefor April, we find that financing on behalf of industrial cor- going figures for 1923 with the corresponding figures for the
porations during the month totaled $173,123,466. This is an four years preceding, thus affording a five-year comparison.
increase of 55 m.11ions over the March total, but when com- We also furnish a detailed analysis for the five years of the
pared with the record output of $421,367,500 in January, corporate offerings, showing separately the amounts for all
shows adecline of over 248 millions. In April last year such the different classes of corporations.




Total.

Refunding.

$
111,909.000
20,996,000
40,065.000
72,892.466

$
35,912,000
4,630,000
215.000

$
147,821,000
20.996.000
44,695,000
73,107,466

Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
ions
U. S. P

245.862.466

40.757,000

286.619.466

32.718.000

55,032,000

87.750,000

76.461.603

1.302,400
6,000.000

355,042,069

103,091.400

Grand total

New Capital.

Refunding.

Total.

New Capital.

Refunding.

Total.

New Capital.

Refunding.

Total.

New Capital.

s

s

$

$

s

$

s

$

s

$

Refunding. I

$

Total.

s

190,868,300
31,956,000
9,382,000
18,410,000
21,360,000

65,667.700

256.536,000
31,956,000
9,382,000
18,410,000
21,360.000

136,872.000
2,075,000
11,027,500
21,450,000
1.000.000

219.377.000
2.000,000

356.249.000
4,075,000
11,027,500
21,450,000
1.000.000

118,975,000
146,224,000
30.261,500
27,024,550
2,000,000

1,246,000
5,360.000
840,000

120.221.000
151,584,000
31.101,500
27,024,550
2,000.000

19.335.000
5.815.000
23.104.100
4,129.417

1.119,000
2,700,000
650,000

20,454,000
8,565,000
23,754.100
4,129,417

271,976,300
43.700,000
4.950.000

65,667,700
10.000,000

337,644,000
53.700,000
4,950,000

172,424,500

221,377,000

393,801,500

324.485,050

7.446,000

331,931,050

52.383,517

4,519,000

56.902,517

77.764.003
6,000,000

136,638.067
22,436,650
250,000

538,636
100.000,000

137,176,703
122,436.650
250,000

86,673.218
3.000,000
2,750,000

1,431,000

88.104,218
3,000,000
2,750,000

65,938,559
9,705,000

256,200

66,194.759
9,705,000

200,000,000
51,390,225
300.000
10,000.000

-- -----1,323,259

200,000,000
52.713,484
300,000
10,000,000

458,133.469

479,951,017

176,206,336

656.157,353

304,847,718

222.808,000

527,655.718

400,128,609

7,702,200

407.830,809

314,073,742

5,842,259

1I'CZ6T 9

New Capital.
Corporate
Long term bonds and notes_ __
Short term
Preferred stocks
Common stocks
Foreign

1919.

1920.

1921.

1922.

1923.
MONTH OF APRIL.

x-vrE

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR FIVE YEARS.

319,916.001

40,000,000

40,000,000

CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS.

Long Term Bonds & NotesRailroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Dther industrial & manufacturing
Dil
Land, buildings, &c
Rubber
Bhippluff
[Miscellaneous

s

37.061.000
28,860.000
15,435.000
1.300,000
11,838,000
500.000
2,350.000

Total
Total
&Broads
ublic utilities
•on, steel, coal. copper 3:c
quipment manufacturers
lotors and accessories_ _ -_
ther industrial & raanufactirringIL
ana, buildings, &c
,ubber
binning
ilscellaneous

Total.

$

$

3,872.000

13,408,325
41.285.091
26,098.400
90,000
350,000

87.361.000
44.335.000
31.160.860
1,300,000
13.408,325
58.123,091
44.844.400
2.440,000
350.000
1,275,000
16,765.000

$

115,701,000
52,195,000
18,600,000

37,061,000
60,660.000
15,675,000
1,300.000

103,756,000
25,628,000
17,100,000

15,710.000
500,000
2,350,000

1.500,000
19.400,000
31.029,300
2,770,000

0
f. - o'15ó6
22,890,000
3,490.006
53,000.000
21.970.700
195,000 . 2,965,000

7.360,000
3,685.000

7,360,000
3,685,000

11,945,000
26,567,000
1,500,000

147,821,000

212,228,300
1,956,000

30,000,000

30,000,000

New Capital.

s

18,453,000
21,424,000
1,000,000
4,945,000
10,000.000
15,700,000
26,000,000
5,800,000
30,000,000

65,667,700

277,89(1,000

Refunding.

Total.

New Capital.

Refunding.

s

s

s

s

217,227,000
1,500.000

650,000

Total.

New Capital.

s

$

s

235,680,000
22,924.000
1,000,000
4.945,000
10,000,000
16,350,000
26,000,000
5,800,000
30,000,000

96,725,000

246,000

6,700,000
370,000
9,130,000

4.550,000

137,872,000

219,377,000

118,975,000

i.bbb:666

2,000.000

43,652,000
2,800,000
3,426,000
300,000
8,150,000
51,346.000
1,650,000
30,000,000

1,200,000

'

1,200,000

700,000
100,000

700,000
100,000

75.000

1,000,000
250,000

75.000
4,075,000

146,224,000

•

4,845,000
81,800,000
4,070,000
4,887.000

2,075,000

300,000
13,475,000
19,555,650

5,828,000
5,500,000

5,828,000
5,500,000

5,500.000
200,000

5,500,000
200.000

13.408,325
42,300.091
26,098,400
90,000
350,000

9,500,000
3,579,000
650,000
1,000,000
175,000

9,500,000
3,579,000
650,000
1,000,000
175,000

3.780.000
21.450.000
1,210,000

3,780,000
21,450.000
1,210,000

2,225,000

1,015,000

31,956,000

1,560,000

1,560,000

337,500

27,792.000

32,477,500

115,701,000
59,079,000
24,100.000

18.453,000
26,924,000
1,200.000
4.945,000
11.200.000
19.480.6 1 I
48,150.011
7,110,010
30,000,000

117.802,466

27,792,000

87,361,000
76.135.000
35.230,650
1200.000
13,408.325
58,010,091
44.344,400
2.440.000
350,000
1,275.000
16,765,000

103,756,000
33..00O
22,600,000
11,000,000
22.979,000
61.679,300
3,770,000
175,000
7,360,000
5,245,000
271.976.300

11.945,000
26,567,000
1,500,000
3,490,000
21,970.700
195,000

65,667.700

11,000,000
26.469.000
83.650,000
3,965.000 ,
175.000 I
7,360,000
5,245,000
337 644 000

200,000
919,000

3,400,000
1,075,000
4,500,000
(3,185,000

1,000,000

120,221,000

19,335,000

1,119,000

20,454,000

1,110,000

44.762,000
9,800,000
3,426,000
300,000
11,150,000
51.346.000
2,900,000
30,000,000

450,000
2,300,000

2,750.000

3,200,000
2,300,000

1,000,000

5,360,000

300,000
2,300,000

225,000
240,000

225,000
240,000

151,584,000

5,815,000

500.000
3,225,000

1,250,000

300,000
9,300,000

4,900,000

3,000,000

1,240,000
880.000
22,364.100
1,920,417

2,750,000

8.565,000
1,240,000
880,000
22,364,100
2,449,417

337,500

217.227,000
3,500,000

5,150,000
31,594,700
7,762,500
375,000
2,000.000
800.000
7,878.850

750.000

5,240,000
31,594,700
7.762,500
375,000
2,000,000
800.000
8,628.850

820.000

130.000

950.000

32,477.500

59,286,050

840,000

60,126,050

27,233,517

650,000

27,883.517

235.680.000
30,424.000
1.200.000
4,945,000
11.200,000
20.130.000
48.150,000
7,110,000
80,000,000

96,725.000
44,152,000
6,025,000

1.356,000

90,725.000
45.508.000
6,025,000
.346,000
,.540,0M
6 .444.1
59,478,5

2,285,111
3,299,1.0
2,600,000

2,750,060
200,000

2,285.000
8.049.101
2,700,111

3,861,000
28.789,100
8.729.417
6,185,000

,
- bilf,i536
,.
520,000

4,346.000

90,000

221 377.000

5.450,000
46.444.700
59,478,5001
11.1455.0001
az 000,000
3,790.000
14,918,850

90.000
4,000,000
---

4.962,500

- Isb;1566

4,962.500
172 424 500

7,700,000
370,000
9,130,000

2,481,000
1,075,000
4,500,000
6,185,000

s

2,285,000
1,609,000
400,000

1,246,000

500,000
3,225,000

2,000,000

31,956,000

°,285,000
1,609,000
200,000

Total.

2.990,000
2,140,000

4,900,000

20,996.000

3,830.000

1,000,000

2.990,000
2,140,000

357,249,000

96,725,000
246,000
920,000

920,000

4,550,000

1,956,000

Total corporate securities
40.757.000 286.619,466
245.862.466
Note-For figures for four months to April 80 see following page.




s

. Total.

17.746.000

2,225,000
112,957,486

$

Refunding.

2,000,000

35,912,000

20,996,000
300,000
13.475,000
15.725,650

New Capital.

275,000
14,290,000

31,800,000
240,000

275,000
14,290.000

111,909,000
Total
Short Term Bonds & Notes
Railroads
2.000,000
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
)ther industrial & manufacturing
17,746,000
)II
,and, buildings, &c
tubber
1,000,000
hipping
250,000
4iscellaneous
Total
StocksLailroads
'ublic utilities
eon, steel, coal, copper, &c
:quipment manufacturers
lotors and acces-sories
tiler industrial & manufacturing
41
and, buildings, &o
.ubber
hipping
liscellaneous

Refunding.

1920.
Refunding.

393,801.500

324.485.050

7,4.16,000

f:isb,006

750.000

12,405,® I,

32,000.000 I
3,7913,000,
15,668,8501
331.931,050

-- -- --520,000

225,000
2,060.000

130,000

i.280,i i i
2 ,739,111
.249,417
6,185,000
- ------225,000
2,190,000

52.383.517

4.519.000

56.902.517

arlDINOUHD

New Capital.

1919.

1921.

1922.

1923.
MONTH OF APRIL.

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30 FOR
FIVE YEARS..
1923.
1922.
.1921.
1990.
FOUR MONTHS ENDED
1919.
APRIL 30Total.
New Capital. Refunding.
. New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total,
Corporate3
$
3
$
S.
3
s
$
•
$
Long term bonds an
a
_r
56,288,386 208,681,714 964,970,100 540,094,146 227,919,654 768.013.800 449,156,020 339,188,980 788,345,000 312,468,245
31,301,755 343,7• 1),Q(8) 214.586800 , 34,128,000 248,714,800
7
Short term
16,366;800 - 78,111,000
92,837,000
- . - - ----------------- 61744200..,
11,050,000 104,787,000 106,692,166
14,000,000 120,692,166 290,337.752
73,867.20 swo§,uppg log.11s.,13Q1) 125,1Z8,6 0 2E Rgt 200
0
80
: :
Preferred stocks
67;234,839 231,084,086
• • ' 163,849.247
55,247,000
400,000
55.647,000
30,344,300 .
775,600
31,119.900 241,033,617
20,711,933 261./43..55U
58,501,000 .
Common stocks
3466,760 166,103,098
162,836,338
64,879,487
8,255,625
73,135,112
87,090,090
87,090,090 234,811,682
9,066,500 243.878,182
92,629,363
•
. 92,628863
Foreign
.
19,900,000
19,900,000
64,585,000
1,250,000 . 65,835,000
_ ..
15,150,000
15,150,000
21.760,000
21,760,000
Total ______ _ ____ __ _ _-__ ..":_ 1,184,618,171 . 295,550,113 1.460,168,284 817,642,633 249,775,279 1,067,417,912 688,432,576 ' 333,964, 80
5
1,042,397,156 1,100,411,296 134,947,436 1.235;358,732 467.83,5,763 160,263,600 628,099,383
Foreign Goverruneni - - - ' 6.000.000
69.000,000
75,000,000 232,400,000
10,000,000 242,400.000
79,000,000
79,000.000
50,000,000
50,000,000
28,179,000 - 28,179,000
Farm Loan issues
124,218,000
55,032,000 219,250,000 109,640,000
. 109,640.000
40,000,000
40,000,000
3,500.000
3,500,000
War Finance Coiporation
200,000;000
200,000,000
Municipal
315,635,194
5,936,860 321,572.054 424,733,135
4.504,858 429,237,993 288.457,539
4,103,595 292,561,134 237626,797
2-441,080 240.267,877 152.387.893
6,564,860 158,952,753
Canadian
21,153,000
14,100,000
35,253,000
57,172,650 102,250,000 159,422,650
14,222,000
14,222.000
12,705,000
7.498,000
20,203,000
6,005,300
6,005,300
U. S.PIon*
130,000
116,000
246,000
5.250,000
5,250,000
3,250,000
3,250,000
10,000,000
10,000,000
.
Grand total
1.734,754,365 376,734,973 2,111,489,338 1,646,838,418 366,530,137 2.013,368.555 1.113.362.115 358,068,175 1,471,430,290 1,400,743,093
145,086,516 1,545,829,609 839,728,956 195,007.460 1.034.736.416
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FOUR MONTHS
ENDED APRIL 30 FOR FIVE YEARS.
FOUR MONTHS ENDED
APRIL 30
-

1923.
New Capital.

Long Term Bonds & Notes
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous

$

Refunding,

1922.
Total.

New Capital.

206,564,300
175.218,139
7.300.000
9,390,000
78.114,447
1,500,000
51,880,000
1.335.000
575,000
67,594,000

31,728,000

$
200,620.500
299.184,600
222,025,000
7,300,000
11,250,000
89,215,000
1,500,000
51,880,000
2,000,000
575,000
99,320,000

Total
Short Term Bonds & Notes
Railroads
Public utilities
Iron, steal, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing...
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous

776,188,388

208,681,714

984,870,100

604,679,146
31,951,800
8,506,000
404,200

Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
• Shipping
Miscellaneous

61.744,200

Total
Total
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_.
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
.

New Capital.

Refunding.

$
73,771,270
63,837,000
1.750,000

S
358.861,900
159,317.400
52.550.000

3,250.000
57,076.881
40,429,300
23,650,000

18,348,119
68,220,700
195,000

3.250.000
75,425,000
108,650,000
23,845,000

7,860,000
41,041,935

3,047,565

7,860,000
44,089,500

229,169,654

833,848,800

11,950,000

31,951,800
20,456,000
404,200

10,405.000
40,000,000

16,700,000
200,000
30,000,000
1,450.000

16,700.000
200,000
30.000,000
1,450,000

3,200,000
500,000
40,700.000
3,645,000

1.000.000
550.000

125,000
3,500,000

125,000
3,500,000

150,000
9,592,166

400,000

16,366,800

78,111,000

92,837,000

11,950,000

104,787,000

108,102,166

14,000,000

10,926.000
4,896,760

300,000
101,370,086
28,626,470

675,625

44.065,775
17,906,250
2.500.000
9,500,000
21.735,577
21.379,510
3,035,000
4,175,000

1,860,000
11.100,553
665,000

6,912,800

12,565.000
1,000.000

15,046,000

9,454,000

24.500,000

38,496,000

38,496,000

1,000,000
550,000
300.000
90.444,086
23,729,710

1921.
Tctal.

285,90,630
8
95,480,40
50,800.000

5,652.200
1.000,000

1920.
Total.

New Capital.

Refunding.

Total.

17,253,755

495,000

459,431,020

312,468,245

31,301,755

343,770,000

214,586,800

34,128,000

248,714,800

1,500,000
68,117,248

17,500.000
143,768,000
6,210.000
3,426,000
7,050,000
46,745,000
109,866,000
3,655,000
30.400,000
3,935,000
7,650,000

7,100,000
30,498,600
14,600,000
525,000
2,050,000
15,680,000
2,300,000
250,000
1,000,000
225,000
27,890,000

34,750,000
70,025,600
4,000,000
16,500,000

150,000
9.992,166

16,000,000
75,650,752
6,210.000
3.426.000
7,050,000
43.745.000
109,866,000
2,405.000
30,400,000
3.935,000
7,650,000

41,850,000
100,524,200
18,600,000
525,000
2,050,000
32,180.000
2,300,000
250,000
1,000,000
225,000
27,890,000

122,192,166

306,337.752

73,867,248

380,205,000

102.118,600

125,275.600

227,394,200

10.667.490
3,125,000

10,667,490
3,125,000

14.247,940
29,225,880

350.000

2,582.000
18.637.400
77,700,000
1,510,000

525,600

2,582,000
19,163,000
77,700,000
1,510.000

13,570.650
12,372,283

4,485,000

6,587,500

250,000

6.837,500

43.904,775
224,413,746
95,332,965
10,566,047
17,275,000
8,978,500
37,660,446

339,188,980
13,600,000

798,620,000
24,005,000
40,000,000
3.200,000
500,000
40,700,000
3,645,000

1,159,000
12,394,000

3,000,000
1,250,000

24,690.325
109.692,532
45,623.263
90,000
350,000

50.919,508

35,525,000

86,444,508

4,485,000

326.685,585

70,501,599

397,187,184

120,126,487

8.655,625

128,782,112

120,809,390

775.600

121,584,990

481,605,299

29,778,433

177,017,500
302.660,586
199,947.849
7,300.000
47,791.325
170,972,830
84,634,573
51,970,000
1,685,000
1,575,000
110,063,508

23,903,000
110.459.100
51,703.621

200,920.500
413,119.686
251.651,470
7,300,000
60,440,325
198.907.532
85,619.263
51,970,000
2,350.000
1,575,000
186,314,508

317,042,430
147,376,550
69,110,450
2,500.000
29,450.000
79,012,458
83.828,810
28.135,000
4.175,000
7,985.000
49,026,935

73.771.270
76,462.625
1.750,000

390,813,700
223,839.175
70,860,450
2,500,000
29,450,000
97,360,577
160,029,510
28.330.000
4,175,000
7,985,000
52,074.500

71,649,420 283,531,580
127.005,990
29.048,500
53.852,000
6.500.000
5.495,000
17,482,000---- _ -,,,,
105.951,500
8,011,500
224.250.000
25,500.000
14,755,000
650,000
30,000,000
1,985,000
36,006.666
723,000

355,181,000
156.054,490
60,352,000
5,495,000
17.482.000
113.963,000
249,750,000
15,405,000
30,000,000
1,985.000
36,729,666

139,965,000
121,814,192
59,691,880
6.971,000
53,029,775
307,974.991
206.318.965
59,125,547
47,775,000
19,539,500
78,205.446

1,500,000
69,626,248
12,394,000

295.550,113 1.460,168.284

817.642.633

67,251,000

Refunding.

$
123965000
. ,
33 074 500
36,650.000
3,545,000
9,075,000
57,070,000
1.120,000
46.154,500
100,000
6,626,000
33,390.000

$

1,335,000
16,834,149
984,690

665,000

New Capital.

$
, ,
123965000
31 915 500
24.256.000
3,545,000
2,075,000
39,816,245
1,120,000
46.154,500
100,000
6,626,000
32,895,000

23.355.325
92,858.383
44,638,573
90,000
350.000

12.649.000
27,934,702
984.690

1919.
Total.

$
$
$
71,69420 283,531,580355.181,000
.
105933 50
15448500 121.382,000
10.727.000
6,500.000
17,227,000
5.495.000
5,495,000
11,700,000
11.700,000
86,814,100
7.485,900
94,300,000
105,850,000
25,500.000 131,350,000
9,600,000
650,000
10.250.000
30,000,000
30,000,000
1,835,000
1,835,000
19,827,000
73,000
19,900.000

43.390,150
17,906,250
2,500,000
9,500,000
21,735.577
13.399,510
3,035,000
4.175.000

Total corporate securities---- 1.164.618.171
.




$
23,903,000
92,620,300
46,806,861

Refunding.

7,980,000

18,348,119
76,200.700
195,000
3.047,565

249.775.279 1.067.417.912

688.432.576

353.964.580 1.042.397.155 1.160.411.206

$
$
, ,
553300006,070,000
73 922 000
25,750,000
27.983.000
627,000
250,000
3,481.000
919,000
17,683,000
762,000
14,500,000
9,755,000
9
,000,000
9.402,800

14,597.940
29,225,880

37,900,000
48,826,250
40,459,113
1,500,000
2,090,000

2,000,000
9,402,800

'

11,660,000
3,000,000

57.475,425
236,786,029
95,332,965
10.566.047
75,000
17.350.000
8,978,500
3,410,500
41,070,946

13,570,650
32,626,038
1,250,000
75,000
3,905,500

$176,50
61.40
0,000
99.672,000
28,610,000
250,000
4.400,000
18,725,000
14,500.000
9,755,000

11,660,000
3,000,000
520,000
7 10.000
2

37,900,000
48,826.250
40.979,113
1,500,000
2,300,000

5.695,000

130,000

5,825,000

511,383,732

151,130,363

860,000

151,990.363

141,465.000
191,440,440
72.085,880
6,971.000
66.600,425
340.601,029
206.318,965
60.375,547
47,850.000
19,539,500
82.110.946

62,430,000
40,820,000 103,250,000
116,080,600
95,775,600 211.856,200
45,583.000
4,627,000
50,210,000
775,000
775,000
43.431,000
919,000
44,350,000
82,469,250
17,262.000
99,731,250
57,259.113
520,000
57.779.113
11,505,000-- - - 11,505,000
3.090,000
210,000
3,300,000
2,225,000
2,225,000
42,987,800
130,000
43,117.800
467 SZIA 7R2 164196264141 692 200 229

134.047.436 l .2:15_:158.732

MAY 26 1923.]

THE CHRONICLE

2327

LONG TERM BONDS AND NOTES.

Amount.
1,700,00C

Purpose of Issue.

Price.

Railroads
New equipment

7,875,000 New equi ment
2,233,000 General corporate purposes
8,550,000 New equipment
14,003,000 New equipment
2,700,000 New equipment

To Yield
About.

Company and Issue, and by Whom Offered.

5%-5.60 Cambria & Indiana RR. Equip. Tr. 5345 "G," 1924-38. Offered by Brown Bros. & Co. and
W. H. Newbolds Son ,k Co., Philadelphia.
,
5.30 Chesapeake & Ohio Ry. Equip. Tr. 5s"U," 1924-38. Offered by J. P. Morgan & Co., Kuhn, Loeb
& Co., First Nat'l Bank, N. Y., Guaranty Co. and National City Co.
Co.
Placed privately Chicago & North Western RR. Gen. M.58, 1987. Placed privately by Kuhn. Loeb
514-5.40 Chicago Rock Island & Pacific Ry. Co. Equip. Tr. 58 "L," 1923-38. Offered by Freeman & Co..
Redmond & Co., Blair & Co., Inc., Kissel, Kinnicutt & Co., Ladenburg, Tbairaann & Co. and
Harrison, Smith & Co.
5.20 Illinois Central RR. Equip. Tr. 55 "3," 1928-38. Offered by Kuhn, Loeb & Co.
98%
5.45 St. Louis Southwestern Ry. Equip. Tr. 53-55"H," 1923-38. Offered by Bankers Trust Co., Brown
•
Bros. & Co., Evans, Stillman & Co. and the Union Trust Co. of Pittsburgh.

37,061,000
Public Utilities
1,000,000 Capital expenditures; refunding_
600,000 Fund current debt; gen. corp. purp

98%
96

.,800,000 Refunding; fund current debt

97%

250,000 Pay current debt: construction__
2,000,000 Capital expenditures
30,000,000 Refunding

89%
-9856

1,000,000 Improvements, extensions,
160,000 New equipment

93
100

4,000,000 Acq. Int. in subsidiary cos

100

3,850,000 Construct new power plant
2,000,000 Capital expenditures
14,000,000 New power plant

97%
94%
97%

6.10 Brooklyn Borough Gas Co. Gen.& Ref. Mtge.65 "A," 1963. Offered by Bodell & Co.. N. Y.
6% County Gas Co.(of Dallas, Texas) 1st M.68, 1941. Offered by Arthur Perry & Co., Boston, and
Paine, Webber & Co., New York.
6.22 Dallas (Tex.) Gas Co. 1st M.68, 1941. Offered by Arthur Perry & Co., Boston, Paine Webber &
Co., New York, and Cyrus Peirce & Co. San Francisco.
6.30-6.50 Flambeau Power Co.(Park Falls, Wisc.) 1st M.6s, 1925-43. Offered by Morris F. Fox & Co.,
Milwaukee.
.5.75 Houston (Tex.) Lt.& Power Co. let Lien & Ref. M.58"A," 1953. Offered by Halsey. Stuart&Co.
6.10 Illinois Pr. & Lt. Corp. 1st & Ref. M. 68 "A," 1953. Olfered by E. H. Rollins &'Sons. Harris,
Forbes & Co., Halsey. Stuart Sr Co., Spencer Trask & Co., Blyth, Witter & Co., Marshall Field.
Giore, Ward & Co., and Central Trust Co. of Illinois, Chicago.
6% Iowa Southern Utilities Co. 1st & Ref. M.6s, 1943. Offered by Hoagland, Allum & Co., Inc.
6.00 Kentucky Trac. & Term. Co. Equip. Tr. 6s "A," 1923-38. Offered by Security Trust Co., Lexington, KY.
7.00 Los Angeles Suburban Gas Corp. 1st Lien Coll. Tr, 78, 1938. Offered by Central Trust Co. of
Illinois, Chicago, H. T. Holtz & Co., Chicago, and Hambleton & Co., Baltimore.
6.75 Middle West Power Co. 1st M. 6565 "A, 1943. Offered by Halsey, Stuart & Co. and A. B.
Leach & Co., Inc.
6.45 Portland Ry., Lt. & Pr. Co. 1st Lien & Ref. M.68 "B," 1947. Offered by National City Co. and
Halsey, Stuart & Co.
6.20 Public Service Electric Power Co. 1st M.65, 1948. Offered by Drexel & Co. and Bonbright & Co.

60,660,000
Iron, Steel, Coal, Copper, &c.
10,000,000 Additions, extensions, Ac
275,000 Refunding; other corp. purposes_ _ _
2,000,000 Development
400,000 Acquisitions
3,000,000 Additions

69%
93%
100
99%

6.05 American Smelting & Refining Co. 1st M.65 "B," 1947. Offered by Kuhn, Loeb & Co., Guaranty Co. of New York and Bankers Trust Co., New York.
6.55 Indiana Coke & Gas Co. 1st M. 68, 1946. Offered by Fletcher American Co., Otto F. Haneisen
& Co. and Thos. D. Sheerin & Co., all of Indianapolis.
7.00 Industrial Coal Co. 1st M. 78, 1923-42. Offered by Peabody, Houghteling & Co.
Standard Coal Co. of Utah 1st M.65, 1924-33. Offered by Banks, Huntley & Co, M. Ii. Lewis
& Co. and Drake, Riley & Thomas, Los Angeles.
6.05 Trumbull-Cliffs Furnace Co. 1st M.65 "A," 1943. Offered by Union Trust Co.. Cleveland, and
Peoples Savings & Trust Co., Pittsburgh.

15,675,600
Equipment Manufacturers
600,000 Finance leases of equipment

100

700,000 Working capital
1,300,000
150,000
8,000,000
.5,000,000
1.000,000
350,000
560,000

Other Industrial & Mfg.
Acquire predecessor company
100
Refunding; acquisitions
100
Refunding; other corp. purposes_ _ 98
Acq. Heidenkamp Plate Glass Co_ 100
Expansion
Acquire company of same name_ _ _ 100

650,000 Extensions, improvements, &c..

99

15,710,000
Oil
500,0,00 Additions; other corp. purposes_

100

Land, Buildings.
330,000 Finance construction of apartments 100
_
450,000 Finance construction of building_
670,000 Loan on building
225,000 Finance construction of hotel

100
109

325,000 Finance construction of building
350,000 Finance construction of building

100
100

7.00 Michigan Tank Gar Co. Equip. Trust 7s, 1923-33. Offered by Porter, Skitt & Co.. Chicago, and
Woodruff Securities Co. Joliet, Ill.
'
6-6.15 North American Car Co. Coll, Car Ti'. 65, 1925-31. Offered by Central Trust Co. of Illinois and
Curtis & Sanger. Boston.
6.50 Chappell Ice Cream Co.(Chicago) 1st M.6345, 1924-30. Offered by Peabody. Houghteling A Co.
6.50 Certain-teed Products Corp. 1st M.6565, 1925-43. Offered by S. W.Straus & Co., Inc.
6.25 Federal Sugar Refining Co. 65, 1933. Offered by Equitable Trust Co., New York.
6.50 Heidenkamp Plate Glass Corp. 1st M.63.4s, 1943. Offered by Redmond & Co.
6.50 Sigmund Ullman Co.(N. Y. City) let M.68, 1924-38. Offered by Peabody, Houghteling & Co.
6.50 Warner & Childs Co., Inc.(Medford, Mass.) 1st M.634s. 1925-35. Offered by S. W. Straus is
Co., Inc.
6.65 Wheeler Osgood Co.(Tacoma, Wash.) 1st M.6%s, 1933. Offered by Geo. H. Burr 14 Co., Conrad & Broome, Inc., Blyth, Witter & Co. and Bond is Goodwin & Tucker, Inc.
7.00 Mohawk Oil Co.(San Francisco) 1st M.7s, 1924-29. Offered by Win. R. Stoats Co. and Carstens
& Earles, Inc., San Francisco.

6.50 Chestnut Hill Apartments 1st Al. 6%s, 1925-37. Offered by S. W. Straus is Co., Inc.
6.50 City National Building Co.(Long Beach, Calif.) 1st M.75, 1925-39. Offered by First Securities
Co., Los Angeles.
7.00 Cotton States Life Bldg.(Memphis,Tenn.) 1st M.75, 1925-43. Offered by Caldwell & Co., N. Y.
6.60 North American Hotel (Grand Island, Neb.) 1st M. Real Estate 6s, 1925-33. Offered by Mississippi Valley Trust Co., St. Louis.
6.50 Terminal Sales Bldg.(Seattle, Wash.) 1st M.6565, 1925-36. Offerid by S. W.Strau•A Co., Inc.
6.50 Western Auto Supply Bldg. 1st M.614s, 1925-37. Offered by S. W.Straus is Co., Inc.

2.350,000
Shipping
275,009 Corporate purposes

. Miscellaneous
3,000,000 Toll bridge across Hudson River. _
3,750,000 Additional capital
300,000 Additional capital
3,800,000 Merge properties; working capital_

100

98%
100
99

300,000 Fund current debt; working capital 100
400,000
600,000
60,000
215,006
1,000,000

Corporate requirements
Additional capital
Acquisitions
Capital expenditures
Property additions

65,00C Additions, betterments, Ac
800,000 Working capital

100
100
100
100
96.36

7.00 Rutland-Lake Michigan Transit Co. 1st M. 78, 1924-33. Offered by Wm. L. Ross & Co., Inc.,
Chicago.

7.12 Bear Mountain Hudson River Bridge Co. 1st M.7s, 1953. Offered by W.A. Harrintalt & Co..
5.29-6 Boston Store of Chicago, Inc., 65, 1924-31. Offered by Ames, Emerich is Co. and A. G. Becker is
Co., Chicago.
7.00 Delta Oaks Farm lst M.78, 1925-36. Offered by C. W.Skaggs & Co.and Bradford, Kimball is Co.,
San Francisco.
6.60 Earl Fruit Co.of California 1st M.6%s. 1938. Offered by Hunter,Dunn& Co and Boud & Goodwin is Tucker, Inc.
7.00 Iowa Packing Co.(Des Moines, Iowa) 1st M.Coll. 75,1926-28-30. Offered by Central.State Bank
of Des Moines, Iowa.
6.75 Kings County Packing Co.(California) 1st M.Otis. 1926-38. Offered by Bank of Italy, San Fran.
6.50 Kirk Co.(Akron, 0.) 1st M.610, 1924-38. Offered by S. W.Straus & Co., Inc.
I"
7.50 The Malmo & Co. Nurseries 1st M.734s, 1924-30. Offered by Seattle Title Trust Co.,SeattleWash.
6.70 Merced Orchard Co. 1st M.6%s, 1927-36. Offered by Hunter, Dunn & Co., Los Angeles.
6.00 Sheriff Street Market & Storage Co.(Cleveland) 1st M.6s, 1938. Offered by 'Union Trust Co.,
Herrick Co. and Hayden, Miller & Co., all of Cleveland.
7.00 Waco-Custer Ditch Co. 1st M.75, 1925-43. Offered by Benwell-Phillips is Co. and Jas. N. Wright
& Co., Denver, Colo.
6.50 Wheeler Timber Co.(of San Francisco, Calif.) 1st 51.68, 1933. Offered by Baker, Fe,Atress & Co.,
Chicago, and Wells-Dickey Co., Minneapolis.

14,290,000

SHORT TERM BONDS AND NOTES.

Amount,

Purpose of Issue.

Price.

Public Utilities
600,000 Fund floating debt;other corp.purp 99
1,400,000 New equipment
100
2,000,000
Oil
10,000,003 Working capital; expansion
246,000 New equipment
7,500,000 Development; working capital_ _ _
17,746,000


•


Company and Issue, and by 1Whom Offered.

6% Central Maine Power Co. 6s, April 11920. Offered by Bond & Goodwin, Inc., New York. .
6.00 Interborough Rapid Transit Co. Equip. Trust 6s. "A," 1924-28. Offered by National City Co.
New York.

.
6.60 General Petroleum Corp. 6s, April 15 1928. Offered by Blyth, Witter is Co.; Guaranty Co. of
New York; Lee, Illgginson is Co.; Continental is Commercial Trust & Savings Bank, Chicago.
White, Weld & Co.; and E. H. Rollins & Sons.
100
6.00 Sun Oil Co. Equip. Trust 6s. 1924-28. Offered by Stix & Co., St. Louis.
10036-663.1 f5.74 Union Oil Co. of California 6s, "B," 1924-25-20. Offered by Dillon, Read is Co.; Wm. R. Steals
Co.; Blair & Co., Inc.; First Securities Co., Los Angeles; and Bond is Goodwin is Tucker, Inc.
16.28
97%

Shipping
1,000,000 Acquisitions of additional steamers
Miscella neous250,000 Additions

To Yield
About.

6-6.35 Pure 011 SS. Co. 1st M. 6s, 1923-26. Offered by Central Trust Co, of Illinois, Chicago.

100

7.00 American Locker Co. Cony.Deb.7s. 1928. Offered by Pingree, Winans, Van Deusen, Inc., Boston.

2328

[Vol,. 116.

THE CHRONICLE
STOCKS.

Par or
No.ofShar

Price. To Yield
a Amount
Involved. Per Share About.

Purpose of Issue.
Railroads
New equipment

• 300
750
1,000,
5,000,000

300,000 100

Public Utilities
Capital expenditures
Additions
Additions
Working capital; other corp. purp_

1,000,000 Acq. corn. stk. Queens B. G.& E.
500.000 Mci comstk.Queens Boro.G.dr E.Co
6.000,00C Construct new power plant
500,1
Additions and extensions

Company and Issue, and by Whom Offered,

6.00 Cincinnati. Indianapolis & Western Car Enuip. Co. 1st 6% Pref. Offered by
Fletcher American Co., Indianapolis.

300.000 50 (par)
63 Brooklyn Borough Gas Co.656% Cum. Prof. Sold by company to consumers.
750,000 100Connecticut Power Co. Common. Offered by company to stockholders.
.
1.000,000 89
7.i7 Indiana Power Co. 7% Cum. Partic. Pref. Offered by W. C. Langley & Co.. N. Y.
___ International Telep. & Teleg. Corp. Capital stock. Offered by Edward B. Smith d:
3,425,000 68%
Co. and Dominick & Dominick.
7.00 Long Island Lighting Co. 7% Cum. Pref. Offered by Bonbright dr Co. and W. C.
1,000,000 100
Langley & Co.
500,000 100
___ Long Island Lighting Co. Common. Sold by company.
(1.000,000 98%
7.10 Public Service Electric Power Co. 7% Cum. Pref. Offered by Bonbright & Co.
500,000 110
7.00 West Penn Power Co. 7% Cum. Pref. Offered by Richardson dr Clark, Providence;
Parkinson & Burr and Stone dr Webster, Inc., Boston,

13,475.000
Iron, Steel, Coal, CoPPer, acc10,60.000 Refunding,add'os& improvements 10,006,000 104%
*168.5408
Refunding: addins & improvements 8,005,650 47%
*50,0005
1.550,000 31
Acquisitions

6.70 Inland Steel Co. 7% Cum. Prof. Offered by Kuhn. Loeb & Co.
Inland Steel Co. Common. Offered by Kuhn, Loeb & Co.
Warner Malleable Castings Co. Class "A" Cony. Common. Offered by Lege & Co.
and Farnum, Winter & Co., New York.

19,555,650
•140,COOs

Motors & Accessories-Acquisition of constituent c

4.200,000

*33.333 8

7,500,000
875,000

75
25

833,325

•100.000sh Fund bank loans: wkg,capital,.ire.
*35,0008hs Pay curt. debt: add. wkg.capital_ _

The Eaton Axle & Spring Co. Capital stock. Offered by Otis & Co., Cleveland;
Morgan. Livermore & Co.. New York: Howe, Snow & Berties, Inc.. Grand Rapids,
and Paul H. Davis & Co., Chicago.
Fisher Body Corp. Common. Offered by company to stockholders.
Gill Mfg. Co. of Ill. Common. Offered by Paul H. Davis & Co. and Lamson Bros.
dr Co., Chicago.
McQuay, Norris mfg. Corp. of III. Common. Offered by Farnum, Winter & Co. and
John Burnham & Co.. Inc., Chicago.

30

25

New capital

13,408,325
Other Industrial & Mfg.
Additional working capital

10,060
4.750,0
*70,000 st
'600,00

Acquisition of constituent cos

4.750,000

98

980,000
500.000

14
96

Take over co. of same name
Take over oo. of same name

1,100,000 Original capital
00,

10.000,000 100

1,100,000 100(11)

Refunding

800,000 103

Additions: working capital

•
750,000

5,000,60i Additional capital
*40,000
Worldng capital
100,111Expansion; working capital

5,000,000
600,000
500,000

750.1.

98
25 (par)
15
97%

500,000 New plant

500,000

100
200

100,000 100
200,000 100

Development of business
Pay floating debt: working capital_

.30,000

Refunding; working capital

14,962,

Working capital

96

660,000

22

15,860,091

53

7.00 American Woolen Co.7% Cum. Pref. Offered by company to Preferred and Common
stockholders: underwritten by Brown Bros. & Co., Chase Securities Corp. and
Hayden, Stone & Co.
7.14 Archer-Daniels Midland Co. 7% Cum, Pref. Offered by Goldman, Sachs & Co..
Lehman Bros. dr Co. and Lane, Piper St Jaffrey, Inc.
_7: Bridgeport Machine Co. Common. Offered by Tobey & Kirk.
50 ridgeport Machine Co. 7% Cum. Prof.Pref. Offered by Tobey & Kirk, H. P. Wright
Investment Co., Kansas City, Mo., and Guarantee Title dr Tr. Co., Wichita, Kans.
8.00 California Cyanide Co. (Del.) 8% Prel. $427,500 offered by company to California
Interests and $672,500 offered to stockholders of Air Reduction Co:
6.80 Champion Fibre Co.(Canton, N. C.) 7% Cum. 1st Pref. Offered by Durfey & Marr,
Ra.eigh, N. C.; C. P. Mlles & Co., Wilming.on, N. C.; Southern Life & Trust Co.,
Greensboro, N. C.; American Trust Co., Stoltz & Ross, Charlotte, N. C.; R. S.
Dickson dr Co., Gastonia, N. C.: First Nat, Trust Co. and E. K. Powers, Jr.,
Durham, N. C.
7.14 Crofut & Knapp Co.(So. Norwalk, Conn.) 7% Cum. Pref. Offered by Winslow DaY
& Stoddard, Inc.. New Haven.
___ Hazel-Atlas Glass Co. Capital stock. Offered by company to stockholders.
___ Patterson Bros. Tobacco Corp. Class A stock. Offered by Morris & Smith, N. Y.
7.20 Savage Arms Co. 7% Cum. 1st Prof. Offered by Aldred & Co., Curtis & Sanger and
Correll & Co.
7.30 Southern Worsted Corp.7% Cum.Pardo. Prof. Offered by Lockwood, Greene & Co.,
Inc., Boston; Alester C. Furnace Co., Greenville, S. C., and A. M. Law & Co.,
Spartanburg, S. C.
8.00 (S. S.) Stafford, Inc., 8% Cum. Prof. Offered by McGuire dr Co., N. Y.
8.00 Upson Co. (Lockport, N. Y.) 8% Cum. Pref. Offered by O'Brian. Potter & Co..
Buffalo, and Willard J. Smith & Co., Inc.. Rochester.
Waring Hat mfg. Corp. Common. Offered by Merrill. Lynch & Co. and J. S. Bache
& Company.
Westinghouse Elec. & Mfg. Co. Common. Offerod by company to Preferred and
Common stockholders underwritten by Kuhn, Loeb d: Co. and Cluoie Sec. Corp.

42,306,091
Oil
500.11 Generalcorperate purposes
25,568.I Expansion of business
_

500,000 105
25,598,400 25 (par)

7.14 Beacon Oil Co.(Boston) 7%% Pref. Offered by Kidder, Peabody & Co.. N. Y.
-- Standard 011 Co.(Calif.) Capital stock. Offered by company to stockholders.

26,098,400
Land, Buildings.
Finance construction of building__

90.000 1011

RubberIIIWorking capital

7.00+ Gates Rubber Co. (Denver, Colo.) 7% Cum. Pref. Offered by Jas. H. Cawley &
Co., Avery. Bordman dr Traylor and Edwin M. Bosworth & Co., Denver. Gob.

350,000

Miscellaneous
250,000 Acquisition of constituent corn
panics
.2.500 81111.

280,000 f100
32

.20,000ehs Working capital

570,000

375
1,000,

Additions; working capitol
Acquisitions; other corp. purposes_

28%

375,000 100
1,000,000
_
2,225.000

6.00 Massachusetts-Pratt Realty Co.6% Preferred. due 1925-35. Offered by City Trust
Co.. IndlanaPol

97%

7.00 1 Early & Daniel Co. (Cincinnati) 7% Cum. Pref. Offered by Weethelmer eit Co.'
.
Cincinnati.
Early & Daniel Co.(Cincinnati) Common. Offered by Weetheimer & Co., Cincinnati.
Greenwald Packing Corp. (Baltimore) Class ''A"capital stock. Offered by Baltimore
Trust Co. and Commerce Trust Co. of Baltimore.
•
8.00 House of A. Silz, N. Y.,8% Cum. Panic. Pref. Offered by MacartneY & McLean and
Treleaven & Co., New York.
7.20 United States Stores Corp. 7% Cony. Prior Pref. Offered by E. T. Konsberg & Co.,
Chicago.
^
FARM LOAN ISSUES.

AMovint.
2.600,
75,000,

Mane.

Price.

Chicago Joint Stock Land Bank
101%
Ws,1932-52
Federal Land Bank 4%s, 1933-63 100%

1.000,111 First Colorado-Wyoming Joint
Stock Land Bank of Cheyenne. Wyo.. Ls,.933-53
First Joint Stock Land Bank of
1,000,
Indianapolis 58, 1933-53
First Joint Stock Land Bank of
1.000.
Minneapolis 58, 1933-63
First Kansas-Oklahoma Joint
1.000.
Stock Land Bank 5s, 1932-42_
Illinois Midwest Joint Stock
750.0
Land Bank Is. 1033-53
1,000,000 Kentucky Joint Stock Land
Bank 58, 1933-53
Lincoln (Neb.) Joint Stock
1,500
*Land Bank dic 1928-43
Shenandoah Valley Joint Stock
500.
Land Bank. Stanton, Va.,
5s, 1933-43
Southern M n nesota JointStock
l 2.500.
&Land Bank 58,1933-53

To Yield
About.

Offered by

4.55 Kissel, Kinnicutt & Co.
4.45 Alex. Brown & Sons, Baltimore: Harris. Forbes & Co.. Brown Bros. & Co.. Leo. Iligginoon dr Co.,
National City Co. and Guaranty Company of New York.

102%

4.68 Barr Bros., Inc., New York, and Stroud & Co., Inc., Philadelphia.

103

4.62 Ames, Emcrich & CO.

103

4.62 Ames, Emeriti. & CO.

103

4.62 Hornbiower & Weeks.

103

4.62 Halsey, Stuart & Co.

103

4.62 Harris, Foams & Co. N. Y.. and Harris Trust & Savings Bank, Chicago.

101

4.60 Halsey Stuart & Co.. Wm.R. Compton Co. and Harris, Forbes & Co.

102%

4.67 Frederick E. Notting & Co., Richmond, Va.. and Baker, Watts & Co., Baltimore.

103

4.62 Dillon, Read & Co. and Northern Trust Co. of Chicago.

87.750,000
•Shares Of nO Par Tableis based on the Offering price.
a Preferred stbeka are taken at par, while in the case of Common stocks the amount
b With a blips; of 1 share of no par value Common stock.




•

THE CHRONICLE

MA:1 29 1923.]

I

2329

Indications of Business Activity

THE STATE OF TRADE—COMMERCIAL EPITOME. tion of Argentina and India in the wheat trade. The AmeriFriday Night, May 25 1923.
The tone in American business is somewhat more cheerful, partly owing to some improvement in the weather and
partly to an increase in retail trade here and there and a
cheerful note in the reports of the Federal Reserve Board at
Washington. It pronounces business conditions throughout
the country to be on a sound basis. There was never any
real doubt on that score. Speculation has been for the most
part conspicuously absent. Transactions have been predominantly of a legitimate kind in replenishing depleted stocks
of consumers. And even now, although there is admittedly
a decrease in business as compared with some weeks ago,
production and trade are still on a far larger scale than at
this time last year. It is a remarkable fact that despite a
falling off in the iron and steel trade, production in those
industries shows little or no abatement. And leaders in that
industry take a cheerful view of the situation. As a rule
steel prices have been steady, even though those for pig iron
have given away somewhat. It is gratifying to notice, too,
that the stock market of late has been more cheerful with
an active business at rising prices. Pessimism in certain
quarters at Washington has disappeared. It is significant
that the National Association of Manufacturers at their recent meeting adopted resolutions calling for non-interference of the Government with the business of the country,
while deploring the depressing burden of taxation which the
industries of the country are forced to endure. Whatever
opinions may be held on the subject of the best method of
taxation, it is worth recalling that this highly representative
association voted two years ago almost unanimously for the
abolition of the present system of taxation and the substitution of the sales tax, and that it now reiterates this recommendation; that is for a tax on gross final sales of all sorts
of merchandise. Whether this view is accepted or not there
can be no doubt about the vital fact that onerous taxation is
effect as the high price of any other commodity. Its use will
decrease in accordance with inexorable economic law.
But another form of taxation is the high cost of labor. It
has come to such a pass that builders here are in revolt.
They are refusing to go on. It is intimated that some of the
banks and other lenders of money are disinclined to advance
funds on the basis of the present swollen conditions of building costs. The result must be a falling off in the supply of
housing, at least for a time, to the manifest detriment of the
people at large. It is curious to observe, too, that the Department of Labor notes only the scarcity of workers
throughout the country and to all appearance sees nothing
amiss in the 3% immigration restriction law, which is largely
responsible for the artificial scarcity of labor and to what
amounts to a corner in the labor market. If capital were to
corner any of the markets there would be a public outcry
throughout the country. Nothing is said, however, about
the corner in labor or about its correlative, a restraint of
trade in direct violation, if not open defiance, of the Sherman law. High labor costs are a millstone around the neck
of the business of the country. It is useless to talk about
high cost of building materials. The high cost of such materials is traceable very largely to the high cost of labor.
Expensive labor is at the core of the whole trouble. Sooner
or later, however, the high price of labor will have the same
effect as the high price of any other commodity. tIs use will
decrease in accordance with inexorable economic law.
Meanwhile it is noticed that a dozen cotton mills or more
in New England are closing to-night for a week, as the market is poor for the moment and labor costs are high. This
amounts to a reduction in wages for the time being. New
England cotton mills are supposed to be at something of a
disadvantage in some cases in competing with Southern
mills, which have cheaper labor. Meanwhile there is less
buying of woolen goods, as well as cottons, and there are
rumors that some of the woolen mills are reducing operations. The clothing industry is less active, partly owing to
unseasonably cool weather and partly, it is believed, to high
costs. The automobile industry is slackening somewhat.
Bituminous coal has declined, but anthracite coal prices have
been maintained. The grain markets as a rule have declined, with the export business light owing to the competi-




can farmer is still at a big disadvantage in combating the
high prices levied upon him by labor costs in the big towns
and cities of the country. Town products sell for much
higher than farm products and the dislocation of American business in this respect has not been relieved. There is
no use blinking that fact. Cotton has advanced over $750 a
bale, owing to cold, wet weather at the South and fears for
the crop, which is not getting a good start. Southwestern
rains have been beneficial for winter wheat, but spring
wheat acreage is estimated at some 10 to 15% smaller than
that of last year. All the other grain crops are late, as well
as cotton and tobacco. Fruits in some parts of the West
were damaged by recent frosts.
And there is still undoubtedly a conservative note in American business. Yet it is also true that while there have been
some cancellations of contracts they are not at all general.
In the steel and iron trade there have been no cancellations
and few if any requests even for delay in shipments. The
remarkably large carloadings recently bear eloquent testimony to the fact that the consumption of goods is still large.
even if new trading has recently slowed down. But, as already intimated, there is a less apprehensive feeling throughout the country. Talk of "planing down the boom" has
ceased. It is regrettable that it was ever heard. The general condition of American business is good. And with favorable weather it would not be at all surprising to see an
Increase in business in many different lines which have heretofore been unfavorably affected by a remarkably backward
spring.
Forty-four large building operations, under way, at a cost
of approximately $125,000,000, were affected on May 21
when 1,500 bricklayers working for members of the Mason
Builders' Association went on strike for $12 a day and a
contract at this rate for two years on the basis of $150 an
hour. The strike stopped the work of the stone crafts on the
buildings, and according to Christian G. Norman, Chairman of the Board of Governors of the Building Trades Employers Association, a two weeks' stoppage will throw from
50,000 to 60,000 other employees out of work. On the 22nd
Inst. 6,000 helpers to bricklayers stopped work. They wished
to help the bricklayers in their strike. The trades which
would be deprived of employment by along-drawn-out strike
include the plumbers, painters, plasterers, sheet metal workers, carpenters and lathers. The construction concerns hit
by the strike are among the largest in the United States. On
May 22 the bricklayers' strike spread to 17 additional buildings, bringing the number affected to approximately 61.
The second day of the walkout saw 2,000 bricklayers employed by members of the Mason Builders' Association on
strike, halting masonry work on $150,000,000 worth of construction. Ten mason builders have signed contracts with
the union agreeing to pay $12 a day for two years. Five
hundred bricklayers' helpers paid $7 a day struck in sympathy with the bricklayers, demanding $8 a day and a twoyear contract. One hundred and fifty men paid $14 a day
stopped work on a $6,000,000 apartment house on East 86th
Street. Despite agreements between the bricklayers, plasterers' and masons' international unions and the large contracting firms dating back many years, the local bricklayers
disregarded the contracts, it is stated, and struck on jobs of
two contractors holding such agreements because the concerns were members of the Mason Builders' Association.
But things do not run one way forever. July 1, some builders say, will see a different state of things. Thereafter, they
say, bricklayers will have little to do on housing operations.
Employers expect the shortage of bricklayers to be over by
July 1 and they will attempt to hold out in the hope of finding the mechanics then in a more reasonable frame of mind.
Moreover, even now a two weeks 'strike of bricklayers and a
consequent period of forced inactivity on the part of 50,000
workers in other crafts will have a sobering effect, employers think, on the bricklayers and impress them with some
sense of responsibility.
It is not New York alone that groans under high building
costs. In Chicago similar complaints are made. And now
It is stated that Pennsylvania is complaining that high
wages and other costs are checking building. A Harrisburg

2330

THE CHRONICLE

[VOL. 116.

dispatch on May 22 said: "Shortage of labor which affects ports filed to-day by the carriers with the Car Service Diviseveral industries and high prices of building materials have sion, was 974,531 cars. This, it is stated, was not only the
caused a falling off in construction activities in many sec- heaviest loading for any one week since Nov. 4 1922, but was
tions of the State, the mid-month reports of State employ- approximately within 4% of the heaviest loading for any one
ment offices show. The report as forwarded to the State week in history, which was that of Oct. 14 1920, when the
Department of Labor and Industry to-day disclose a lull in total was 1,018,539 cars. Compared with the correspondbuilding operations generally and few new construction ac- ing week last year, the total for the week of May 12 was an
tivities of any consequence."
increase of 207,437 cars, and an increase of 223,345 cars over
If newspaper reports are to be believed, some 347 Scottish the corresponding week in 1921. It also showed a substanimmigrants barred by the immigration law from landing in tial increase over the corresponding weeks in 1918, 1919 and
the United States because the British quota is filled, arrived 1920. It was also an increase of 13,502 cars over the preat Halifax, N. S., on May 19 on the Cameronia and found ceding week this year. Further comparisons are furnished as
American immigration authorities ready to examine them follows:
The increase over the preceding week this year was principally due to
and pass them across the border into the country they are
heavier shipments of ore. The total for the
prevented from entering. The 3% law does not apply to was the largest for any corresponding week week was 59,619 cars, which
on record. Compared with
Canada.
the week before, this was an increase of 21,676 cars, and an increase of 45,522
last year. It also was an increase of 35,124 cars
At Fall River twelve cotton mills, it was reported, will cars over the same week
over the same week in 1921.
close to-day until June 4 and probably longer. The sales of
Shipments of forest products totaled 74,424 cars, 2,270 cars in excess of
print cloths there this week are estimated at only 20,000 the week before. This was not only an increase of 14,100 cars over the
pieces, the smallest since the week ending Aug. 27 1920. corresponding week last year, but an increase of 25,190 cars over two years
ago.
Some of the mills had already been running only four days a
Loading of merchandise and miscellaneous freight, which includes manweek. Boston wired that the Pepperell mill plans to cut ufactured products, amounted to 588,342 cars, which was a decrease under
operations on narrow looms to four days a week. At North the week before of 4,019 cars. Compared with the corresponding week
last year, this was an increase of 54,857 cars, and with the corresponding
Smithfield, R. I., it was said that the Andrews Mill in week in 1921, an increase of 137,261 cars.
A seasonal decline in the loading of both grain and grain products and live
Branch Village had closed down and that the Roscoe Mill at
and grain products for
Pascoag, R. I., will soon do so owing to dulness of trade. stock was reported. Loading of grainthe week before and 9,940the week
less than
totaled 31,997 cars, 2,100 cars less than
At Lawrence, Mass., despite the fact that employees of some the same week last year. It also was a decrease of 2,103 cars below the same
of the Pacific Mills maintain that they are week two years ago.
departments
which also was a decrease
working on short time, officials of the plant deny that there ofLivestock loading amounted to 29,689 cars, was, however, a decrease
3,819 under the preceding week. While this
is any slackening in their mills there. They say that there of eight cars below the corresponding week in 1922, it was an increase of
has been no interruption in operations. At the Arlington 4,175 cars over the corresponding week in 1921.
Coal loading totaled
708 cars less than the week before,
Mill there has been a slight let-up in work in the wool shop, due principally to the 175,158 cars, orthe miners of a church holiday on
observance by
delay in the receipt of wool in transit to the mill, May 10. especially in the anthracite fields. The total for the week was an
owing to a
but the situation is said to be clearing up rapidly. Cohoes, Increase, due to the miners' strike last year, of 96,369 cars over the same
week one year ago,and an increase of 13,879 cars over the same week in 1921.
N. Y., reports that textile mills there are as a rule running at
Coke loading totaled 15,302 cars. This was not only an increase of 202
100% of capacity, with no indications of a slackening for cars over the preceding week this year, but also was an increase of 6,537
some time to come. More operatives are at work there than cars over the same week in 1922. This also was an increase of 9,819 cars
over the corresponding week two years ago.
at any time for three years past. Five mills out of six of
Compared by districts, increases over the week before in the total loading
the Gray-Separk group in Gaston County, N. C., producing of all commodities were reported in the Alleghany, Pocahontas, Northfine combing yarns, will be closed all next week. This in- western and Southwestern districts, with decreases in the Eastern. Southern
and Central Western districts. Compared with the corresponding week
cludes the Arlington Flint, Gray, Myrtle, Parkdale and the last year, increases were reported in all districts except the Pocahontas,
New Awkray.
while all reported increases over the corresponding week in 1921 except the
district.
Brockton, Mass., shoe trade is tied up by a strike and the Southwesternfreight cars this year to date, compared with those of the two
Loading of
strikers threaten to spread it to other cities and towns. previous years, follows:
1922.
1923.
1921.
They demand a wage increase of 21% and the abrogation of
3,380,296
2,785,119
2,823,759
of January
the agreement between manufacturers and the Boot and Month of February
3,366,965
3,027,886
2,739,234
Month
Shoe Workers' Union under which disputes are referred to Month of March
4,583,162
4,088,132
3,452,941
3,763,963
2,863,416
2,822,713
of April
the State Board of Conciliation and Arbitration. They also Month
961.029
747,200
721,722
Week ended May 5
seek to break the power of the Boot and Shoe Workers' Week ended May 12
974,531
767,094
751,186
Union as the negotiating body between workers and manu17,029,946
year to date
14,278,847
13,311,555
Total for
facturers. The Manufacturers' Association at Brockton,
Mass., announces that It will hold no conferences with the
seceding Shoe Workers' Union which has called out the 8,000
April Automobile Output Shows Further Large
Increase.
workers on strike there.
Writing the opinion of the Appellate Division in an infollowing table compiled from reports received by
The
junction proceeding to restrain a union from picketing a non- the Bureau of the Census in co-operation with the National
union shop, Justice Smith said:, "Monopolies are abhorrent Automobile Chamber of Commerce gives the total autoto American ideas of government. The law condemns all mobile production for each of the last ten months, with the
combinations, whether in respect to labor or so-called capi- corresponding figures for the same months of the previous
tal, which seek to tend to become monopolies and thus op- year. With few exceptions the reports each month are
press the people." The case was that of Harris Yablenowitz, from identical firms and include approximately 90 passenger,
a butcher at 2 East 112th Street, who sought to enjoin Jacob car and 80 truck manufacturers.
Korn, as President of the Hebrew Butcher Workers' Union
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Trucks
-Passenger Cars--of Greater. New York, from picketing his shop. He Is also
1922.
1922.
1921.
1921.
suing to recover 820,090 damages. The court held there
224,770
21,837
10,766
165,574
July
was ample proof that union pickets had approached Yable- August
24,467
13,080
248,122
167,705
19,188
187,661
144,669
13,648
nowitz's customers, not only to intimidate them, but to dis- September
21,512
12,813
216,099
134,734
October
suade them from buying.
10,010
21,683
! 8
i3N64
l
106,042
9
November
20,050
8,307
70,690
The weather has been rather cool here until to-day, when December
1922.
1922.
1923.
• 1923.
it became more summer-like and the temperature at 2 p. m.
9,416
223,706
*19,398
81,693
January
was 77. It was still cool at the West. In many parts of the February
13,195
21,815
254,650
109,171
19,761
318,424
152,959
*34,603
South and the Southwest it has been cool and rainy, with March
22,342
344,379
197,216
37,366
something like cloudbursts in some sections. Kansas and April
the Southwest have had rains which were beneficial for
* Revised.
most of the crops: After being cool at the Northwest it has
latterly been warmer. The spring on the whole, however,
Structural Steel Sales Decline.
has been remarkably backward everywhere in this country.
April sales of fabricated structural steel were less than
the March record, according to figures received by the DeAnother New High Record for Railroad Freight
partment of Commerce through the Bureau of the Census,
Loading.
in co-operation with the Structural Steel Society. Sales
Loading of revenue freight for the week which ended on in April amounted to 80% of shop capacity, as against
May 12 was the highest for this time of year in history, ac- 95% in March and 88% in April 1922. Total sales of 176,954
cording to the Car Service Division of the American Rail- tons were reported for April by firms with a capacity of
way Association. The total for the week, according to re- 220,965 tons per month. Tonnage booked each month




MAY 26 1923.]

THE CHRONICLE

by 171 identical firms, with a capacity of 226,625 tons
per month, is shown below, together with the per cent of
shop capacity represented by these bookings. For comparative purposes, the figures are also pro-rated to obtain
an estimated total for the United States on a capacity of
250,000 tons per month.
ACIIlla

1922—
April
May
June
July
August
September
October
November
December
1923—
January
February
March
April

Tonnage
Booked.
199,494
183,089
167,641
155,298
154,676
145.097
131.303
110.188
136,168

•

170,190
*182,056
a216.647
b176.954

Per Cent
of
Capacity.
88
81
74
69
68
64
58
49
60
75
80
96
80

Estimated
Total
Bookings.
220,000
202,500
185,000
172,500
170,000
160,000
145,000
122,500
150,000
I
197,500
200,000
237,500
200,000

* Reported by 170 firms with a capacity of 226,425 tons.
a Reported by 167 firms with a capacity of 225.425 tons.
b Reported by 150 firms with a capacity of 220.965 tons.

Shipments of Steel Furniture Still Run Heavier Than
Last Year.
Shipments of steel-furniture stock goods in April amounted
to $1,520,286, as against $1,709,206 in March and $1,058,382
in April 1922, according to figures received from 22 manufacturers by the Bureau of the Census in co-operation with
the National Association of,Steel Furniture Manufacturers.
The following table gives comparative figures for the first
four months of 1923 and 1922:
January
February
March
April

1923.
$1,362,470
1,307,173
1,709,206
1,520,286

1922.
$983,834
967,125
1,087,228
1.058,382

Judge Gary Takes Optimistic View of Business
Conditions.
Judge Elbert H. Gary, Chairman of the United States
Steel Corporation, in addressing as President the annual
meeting in this city yesterday(May 25) of the American Iron
and Steel Institute, expressed an optimistic view of business
conditions, stating that "when one considers the wealth,
resources, increasing production and purchasing necessities
of this country, the present business outlook is good."
Judge Gary observed that "there has of late apparently been
a deliberate and persistent attempt to create an impression
that there will be in the near future a substantial recession
in business activities"; "the propaganda," he continued,
"is inspired by a few short-sighted persons who do not seem
to understand that if they could succeed in wrecking the
business structure they would themselves be buried in the
ruins." Judge Gary's remarks as to business conditions
follow:
It is not difficult to ascertain and accurately state what has happened
or is occurring in the iron and steel business of this country, or to guess
what may hereafter occur: but to state with certainty what will happen in
the future, even for a period of six months, is impossible, though many of
us in practice, from conditions as they exist, reason to a conclusion as to
what is likely to happen in the near future and act accordingly.
At present the furnaces and mills of iron and steel manufacturers are
operating nearly to full capacity, limited and modified only by a lack of
sufficient working forces. The producers find it difficult to satisfy the peremptory demands of consumers; this has been the situation for some months
past. Stocks of finished materials in our warehouses and at the mills are
very low. The unfilled orders on the books of steel manufacturers are not
loss than fifteen or sixteen million tons, and the new bookings and shipments of finished materials per day for the whole industry are eighty or
ninety thousand tons. In short, there is nothing in sight to indicate that
there will be a substantial diminution of the demand for finished steel
in this country during the next six months, to say the least.
Of course, as always, conditions may change materially and suddenly,
depending upon circumstances, but the necessities of consumers in the
United States and of those in foreign countries who are our customers
are so great, the population is increasing so rapidly, and the ability to
buy and pay for steel, as shown by financial statements, so large, there is
within view no reason to suppose there will be. certainly not in the near
future, a material slackening in demand and use. The bank deposits in
25 banks only are said to be about eight billion dollars. Much depends
upon the attitude of the business men. This includes both sellers and buyers; and it is to be remembered most of the buyers of our products are also
sellers, in some form or another, of the materials which they buy.
There has of late apparently been a deliberate and persistent attempt
to create an impression that there will be, in the near future, a substantial
recession in business activities. Business men generally understand this.
The propaganda is inspired by a few short-sighted persons who do not
seem to understand that if they could succeed in wrecking the business
structure they would themselves be buried in the ruins.
However. the postponements in some lines of business operations have
not wholly resulted from deliberate and unworthy propaganda. In the
building lines particularly, where work has not already been commenced,
projected operations more or less have been postponed by reason of the
extraordinary and inordinate prices charged by certain trades for wage
rates, and also by the numerous strikes or threatened strikes for still higher




2331

wage rates. One need only read the reports published in the daily press
to be convinced of these facts.
As often stated publicly, eighty-five per cent or more of the cost of
producing steel, from the raw products to the finished material, is paid to
the workmen. When, in order to secure sufficient workmen on buildings,
contractors are compelled to pay the carpenters, painters, bricklayers,
plasterers, plumbers and others in kindred lines, $10 and upwards per day
of eight, hours, and this to workmen who are demanding a five-day week,
with arbitrary limits of the work done, it is not surprising if the building of
costly structures is being postponed until more favorable conditions shall
obtain. The wonder is that there has been so much building during the
last eighteen months. If one will take the pains to go through the cities
and outlying territory one will at present see thousands of buildings in
process of construction.
As a matter of course, the public will soon discover, if it is not already
generally understood, that extortionate prices for materials or labor must
eventually be paid by the consumer. Every unreasonable or unfair burden
in business operations must eventually fall upon the user; and the law of
supply and demand will sooner or later bring about exposure and remedial
action which will secure fair and proper adjustments. In this connection.
it is proper, though not necessary, to suggest that the steel manufacturers.
in their own interest, must not permit prices for their commodities to go
above a point which is fair and reasonable. We were for months selling
our products at prices that were too low for a fair return on our investments;
but at present it would seem that selling prices are about right. To the
extent we believe this statement is justified we should, if possible, prevent
them from going higher, notwithstanding the demand is large and urgent.
Building operations, though important, are a small percentage of our
business. Even though there should be na more new contracts for structural steel during the next six months, apparently the steel business taken
as a whole would be satisfactory.
When one considers the wealth, resources, increasing production and
purchasing necessities of this country, the present business outlook is good.
And this is said In the face of very heavy burdens of taxation, unnecessary
and unreasonable political and social agitations precipitated by those who
have nothing financial at stake, the unfortunate troubles pending in foreign
countries, and the bugbear of politics.
It must be admitted that if one reads the "Congressional Record" when
Congress is In session and visits the rooms of the Congressional committees.
where may be found organized minority groups urging propositions that have
no merit, many of them with destructive tendencies, there is sowe ground
for discouragement; but if one will turn about face and leave these circles
of despondency and go out upon the farms, and in the manufactories, and
along the transportation arteries, and into the active mines, one is compelled to conclude that the constructive forces of the United States are so
great by comparison that the small standing army of pessimists cannot for
long or to any great extent interrupt the onward march of business activity.

Judge Gary was overcome during the reading of his address, having been affected, it is stated, by the heat of the
room in the Hotel Commodore, where the meeting was held,
and his address was concluded by Charles M. Schwab.
Judge Gary was later, however, able to preside at the executive committee luncheon. The address of Judge Gary,
while referring to business conditions, dealt largely with
his recent Mediterranean trip. He also had a word to say
regarding the Ruhr Valley, his remarks on this point being
as follows:
The Ruhr Valley.
It may not be out of place to refer to the present situation in the Ruhr.
Valley, although obviously it would be inexcusable for a private citizen of
the United States to publicly express an opinion concerning
the merits
of the existing controversy.
That it is unfortunate, deplorable, and creates a bad influence extending
far beyond the three nations particularly involved, will be generally conceded. The daily cost to the French and Belgians must be eniarmous; that
there is considerable suffering and some deaths in their ranks is probable.
On the other side there are many deaths and the daily cost and the personal
suffering are very great; and In addition their damage to property and
business Is appalling. Neither side can afford the losses which will result
from the continuance of the conflict, and the adverse effect upon the
whole world, as a final result, will be greater than la advance can be
appraised.
Recent statements made by important citizens of Germany. Belgium and
France, respectively, indicate that the peoples of all these countries generally would like to see an early and satisfactory disposition of all their international differences. What action could be taken, or when, or in what
manner, or by whom, is a problem not easy of solution. However, if each
of the nations should in due form submit every. quescon • involved to a
disinterested and impartial foreign nation to be mutually selected, agreeing
to abide by the decision, the whole matter could be disposed of with justice
to all and injustice to none; or if, for instance, the submission should be
made to such a man as Secretary of State, ex-Justice Hughes. and all the
pertinent facts furnished, there would be a prompt and early decision, fair,
intelligent and just: and It would surely command the respect of all nations.
including France, Germany and Belgium. If urged he ought to be willing
to serve, notwithstanding the heavy burdens he is carrying.
The desire and thought of every one in the whole universe should be.
not how to avoid or postpone a settlement, but rather how to find some
way for promptly bringing It about.

Bricklayers's Strike in New York Building Trades.
A strike affecting more than $100,000,000 building construction went into effect on May 21, when between 1,500 and
2,000 bricklayers quit their work. The men asked a twoyear contract with an increase in wages of $2 a day, making
their pay $12 a day. The employers had offered a contract
for three and a half years with $10 a day, the present scale,
and a continuation of the bonus.of $2 a day that is being paid
at the present time until Jan. 1 1924. The employers
offered further, as an alternative, a proposal for the creation
of a board of arbitration. Some few builders are reported
to have acceded to the demand of the workers after. the first
day of the strike, granting the $12 daily scale. The majority,
however, refused to countenance the demands. Among the

2332

THE CHRONICLE

larger buildings on which bricklayers struck were: Standard
Oil, Federal Reserve, Macy's, Times Annex, Pershing
Square, Greenwich Bank, Cotton Exchange, two telephone
company buildings in Brooklyn and one in Long Island City,
Home Insurance Company at Maiden Lane and William St.,
large apartment buildings at Madison and Sixty-ninth,
Lexington and Seventy-third, Broadway and 104th. Park
and Thirty-seventh and at 46 West Ninety-fifth and 120
East Seventy-fifth, office building at 200 Fifth Avenue, loft
at Fourteenth Street and Ninth Avenue, theatre on West
Forty-sixth Street.
Resolutions were adopted on May 22 by the executive
committee of the builders' association condemning the strike
as an act of bad faith, and re-affirming their determination
to stand their ground until the bricklayers return to work.
The resolutions adopted on May 22 by the Mason Builders'
Association's executive committee reviewed the negotiations
between the association and the bricklayers' unions on the
wage question previous to the strike and concluded as
follows:
Whereas, In disregard of the agreed plan and without notice to the
builders, a strike was ordered on all operations conducted by the members
of Mason Builders Association, excepting churches, public buildings,
schools and hospitals, and.
Whereas, The outcome of the negotiations could have nothing to do
whatever with the amount of money to be actually received by the bricklayers for the balance of the year, and,
Whereas. This unwarranted strike has been preceded by another,
namely, a "buyers' strike" against the already high cost of building,
constituting due warning that the maintenance of present costs, much
less increased costs, will not be tolerated by those who ultimately
Pay
for building:
Be it therefore resolved, That it is the sense of this meeting that the
calling of the strike was an act of bad faith and in complete disregard of
the public rights and needs in a time of emergency, and.
Be it further resolved, In view of the public necessity for peace in the
building industry, the members of the Mason Builders' Association reaffirm their position and stand ready to arbitrate the present differences
as soon as the bricklayers return to work.

//6.

The building industry this year is the leading hadnstry In the country and
is drawing men from other pursuits on account of the wages paid and the
thinking men In the industry must devise ways and means whereby a
collapse of the industry will be avoided and a reasonable steady employment made possible. It would, therefore, be very unwise for the Mason
Builders' Association and the Bricklayers' Union to agree on a high wage
for years to come, and by so doing throttle new building projects.
The present situation must be dealt with intelligently and overcome,and
by our actions we must Indicate to the building public that the sane and safe
minds of the industry are still exerting a controlling influence and will do
their best to prevent the short-sighted ones from killing the business.
The worker will charge, and rightly, that the employing side has been
offering premiums and hence there is no reason why, as in other instances.
labor should not demand the higher wage.
This relates to an existing condition In the labor market; but artificially,
by agreement, to maintain this high wage when the occasion for it has disappeated, will automatically throw us all out of work, and deservedly so.
for having committed an economic wrong against all the rest ofour citizens.
What then are we to do in this cricis7 We all admit the desirability
of an agreement. We should all realize that to create an artificial wage
standard Is a grievous mistake and a menace. Would It not,then, be wise
to recognize the period of inflation, but not attempt to extend it, and by so
doing bring about a condition in which we deliberately wrong everybody
else and thus disastrously affect all of us.

Curtailment of Loans for Building Purposes.
A curtailment by local banks and other lending institutions
of loans for building purposes as a result of rising costs of
labor and materials has, it became known durin the last
few days, occurred. Referring to the report on Wednesday that the proposed halting of loans to speculative builders
who are blamed for creating an artificial labor shortage and
an abnormal material market, the New York 'Times"
on May 24 said:
Speculative builders in the Bronx and Queens are blamed for bidding
up the price of bricklayers from $10 to $14 and $16, and they are charged
with demoralizing the material market 1y offering fantastic prices for spot
material.
A movement by New York banks to call a halt on loans to speculative
builders would spread to other cities, it was said, and would undoubtedly
tend to taper off the present building boom and spread building over a
longer period of time. Building trades factors also stated that action of
the banks would render the labor and material situation less acute.

A statement made by Frank E. Conover, President of the
Bankers Seriously Concerned.
Mason Builders' Association, on May 21 laid emphasis on
The bankers are said to be seriously concerned because they have made
the fact that the strike was called without warning, and after
large loans
Association whose projects
an agreement had been made by the unions at a meeting with are crippledto members of the Mason Builders' present time $409,000,000
by the bricklayers' strike. At the
the association on May 11 that until another meeting had worth of construction is under way in New York, and of this amount
been held the existing agreement should stand. Mr. Con- $200,000,000 is being erected by general contractors In the Mason Builders'
over declared that the real purpose of the strike is not the Association. bricklayers' strike on Monday speculative builders bad hired
Prior to the
amount of wages, but an attempt to make a peak wage all the men they could at $14 and $16 a day. Directly the strike was called
Mason Builders' Association's
permanent, and he stressed the seriousness of the situation the mechanics walked off the jobs of the speculators.
began work on the jobs of the
which might arise out of such an effort in that further members and labor is confident that speculative building will continue
Organized
increases in building costs would precipitate a buyers' strike indefinitely and that the bricklayers and other mechanics will have plenty
which, in turn, would result in a sudden stoppage of con- of work for owners not connected with the Building Trades Employers'
Association.
struction, bringing general disaster to builders, workmen
In a later item in the matter May 25 the "Times" said
and all allied trades.
in part:
Fred T. Youngs, Chairman of the Arbitration Board of
Financial institutions that have made loans aggregating hundreds ef
the Mason Builders' Association, issued a statement in millions of dollars annually for building construction have virtually withsupport of Mr. Conover's declarations, in which he said that drawn from the field, it was said yesterday by officers of companies that
making loans tor housing and building purposes.
at the last meeting held jointly by their association and have specialized in Treasurer of the Lawyers Mortgage Conrpany, yesterJames W. Phair,
the unions, it WM proposed to arbitrate the matter of the day confirmed the reports that loans for new buildings had practically
wage question, the Board of Arbitration to consist of five ceased. He declared that his company was making no building loans except for a few small housing projects, which were being put through as a
members, two to be selected by each side and these four measure of public relief. Building loans had been suspended, he said.
to select the fifth. In answer to this proposal, Mr. Youngs because of the instability of the building market. Where millions have
building loans,only thousands of dollars
said, the association was informed by the unions that it been put out onmoney-lending institutions, according toare being advanced
Mr. Phalr.
to-day by the
would be called upon at an early date to meet for the purOther important figures in the mortgage field made similar statements.
pose of coming to final conclusions but instead of this being Reports published yesterday indicating that mortgage concerns, insurance
companies and other institutions were considering the question of curtaildone the strike was called, the first knowledge of which ing building loans were described as "too conservative by far," and officiaLs
was brought to-the association by the newspapers.
reported that the policy of refusing loan, for building has been in rogue
for several weeks.
In his statement Mr. Conover said:
The Mason Builders' Association has always been in favor of agreements
which would lend harmony and peace it. the Industry,increase Is productivity
and ho of general public benefit.
It has always felt, however, that such agreements should be made under
circumstances which promised they would be faithfully carried out
by
both sides.
The important thing at the present moment in the building situation is
that the program of housing canstruction should go on. We want new
churches, new hospitals and other buildings of public character. We want
all necessary business structures. But the outstanding fact is, that the
building projects now under way or contemplated are beyond the capacity
of the industry. When too many operations are undertaken, buildings
can be only half
-manned, wages rise rapidly and prices of materials rise In
response to these same influences.
All these, however, produce no more buildings. It simply increases the
cost. To prevent an actual crisis some part of the excessive building program
mast he postponed. We want stabilized conditions, continuous employment and peace.
These are the purposes of this Association, and in our negotiations with
the unions over wages and working conditions these are the
objects we
have had in mind.
Time was when the mason's trades worked only a portion of the year.
Such a condition has not existed in the metropolitan district for some
years. New methods have been devised by which work can be carried
on in the winter months.

The position of the builders, as laid before the unions in a
written statement, was declared by Mr. Youngs to be as
follows:




Labor Is Not Blamed.
The mortgage Interests have withdrawn from the market,It was said. bpcause the supply oflabor and materials had made it impossible for any building contractor to say what a specified building may cost and when it may be
completed.
Past commitments are being carried out, but no new loans are being made.
The mortgage interests are emphatic In the assertion that their action IN not
meant as an attempt to discipline labor or anybody else. They are of the
opinion that it will take several years for the country to absorb the arrears
of building contracted for and they do not look for a stable market until that
time is In sight.
Exceptions are being made here and there for emergency buildings. No
rigid formula is being followed, and there Is no concerted plan, It was said,
but all the interests affected recognize the critical situation. There is no
disposition to blame labor for the present situation, as the officials of the
Institutions realize that labor is in a position at the present time to sell its
services in the highest market.

Retrenchment is Urged.
It was pointed out that the large banks and trust companies make building loans, but that most of the loans for houses and business construction
are made by mortgage companies, title companies and insurance companies.
These institutions, it was said, have specialized in building loans for many
years.
Fear Decreased Valuations.
As a result of inflated building costs, the amount of money advanced for
new`beedings in proportion to valuation Is now at a low point as compared
with other years. In 1914 builders had no difficulty in obtaining loans equal
to 70% of the appraised valuation of their projects. Prior to the latest
increase in wages the average percentage was 60, but few beakers are at

MAY 26 1923.]

THE CHRONICLE

present willing to advance that much. As an illustration it was pointed
out that a building which would to-day cost $1,000,000 might be replaced in
ten or fifteen years for $700,000; thus a loan of 70% on the actual present
valuation would be equivalent to a 100% loan when the long-distance
view is taken into consideration. It is this factor in the situation 'which is
bringing about curtailment of loans.

According to the Brooklyn "Eagle" of last night(May 25)
the policy of calling a halt on building loans, as. a means of
checking construction and bringing down the cost of labor
and materials, does not appeal at all to the title companies
in Brooklyn. The "Eagle" said in part:

2333

the manufacturers about 10%. The strike, whieb was called
by the union a "stoppage," was of short duration, for coming
at a time when the clothing trade was working at capacity
operations on orders for fall and with other markets making
keen efforts to obtain business, it was virtually impossible
for the New York firms to resist the demand for any length
of time without seriously handicapping themselves. Moreover, with wage increases general, the demands of the workers were niore easily supported.

The local companies have been lending largely to builders in the past two
years; they have been enjoying a good market for their mortgages, and
business is going on as usual. There is no prospect that any "no loans"
signs will be hung out.
Individually, the officers of the title companies of the borough are flatly
opposed to any such thing as discontinuing to lend. The building situation here is somewhat different from that in Manhattan, where the strike
of the bricklayers for a two-year-$12
-a-day agreement with the Mason
Builders' Association has tied up many commercial structures under way.
Brooklyn's building boom is almost exclusively in apartments and one and
two-family dwellings.
Frank Bailey, President of the Title Guarantee & Trust Company.
holds that a halt in building loans is not the way to solve the problem of
high costs.
"Chicago and San Francisco have solved the building problems," he
said, "and we could solve it if we went about it in the right way. For
one thing we should have the open shop. Again,the people should be aroused over living conditions as they now exist to a point where there would
be a genuine public sentiment against these high costs."

Employment in Selected Industries in April 1923.
Following the issuance by it last week of preliminary figures relative to the volume of employment in April 19M, the
U. S. Department of Labor,through the Bureau of Labor Statistics this week (May 21) made public Its detailed statement in the matter. As was indicated in the preliminary announcement, which we gave in these columns'a week ago.
page 2194, the reports from 5,651 representative establishments in 43 manufacturing industries covering 2,139,053 employees show an increase in April 1923 over the preceding
month of 0.5% in the number of employees, an increase of
1.4% in the total amount of wages paid and an increase of
0.9% in the average weekly earnings. The detailed statement of this week follows:
Franklin D. Roosevelt's Letter to Secretary Hoover
The U. S. Department of Labor, through the Bureau of Labor Statistics
Regarding Need of Bqilding Index-Response to
here presents reports concerning the volume of employment in April from
5,651 representative establishments in 43 manufacturing
Appeal for Slowing up of Construction.
industries, coverResponse of the country at large to the appeal of the Amer- ing 2.139,053 employees, whose total earnings during one week amounted
to $55.353,080.
ican Construction Council for a slowing up of all construcIdentical establishments in March reported 2,128,816 employees and total
tion, through its resolutions of May 16, has already been pay-rolls of$54,573,958. Therefore in April, as shown by them unweighte(t
figures for 43 industries combined, there was an increase over March of
"most gratifying," It was annunced on May 20 by Franklin 0.5% in the
number of employees, an
total amount
I). Roosevelt, President of the Council. Mr. Roosevelt made paid in wages and an increase of 0.9%increase of 1.4% in theearnings.
in the average weekly
Increases in the number ofemployees Worn as compared withomployeee
the announcement in connection with the publication of a letter he had written, at the Council's direction, to Secretary of in identical establishments in March are shown in 19 of the 43 industries
The greatest increases were 12.2% in brick and
Commerce Hoover, asking that the Department of Commerce wagons,4.9% in petroleum refining,and 4.3% in tile, 5.4% in carriages and
the automobile industry.
Fertilizers and men's and women's clothing exhibit the ending of their
publish a building index of a character said not now to be
seasons by declines in employment of 7.2%.6.7% and 3.4%, respectively.
available. In his announcement regarding the slowing up Boots and shoes, stamped ware,
cigars and °beanie-ale show decreased emof building construction, Mr. Roosevelt said:
ployment of from 2.2 to 4.2%.

Increases in the total amount of pay-rolls in April as compared
Many local building trades associations have followed the action of the
with
Cleveland body, which met and passed a resolution pledging themselves to March are shown in 29 industries, brick and tile and carriages and wagons
leading with seasonal increases of 16.7% and 11.7%, respectively, while
support the American Construction Council within a few hours of the meeting
glass, automobiles, foundry and machine shop products, lumbar lea,vrmille
here.
The President of the New York State Association of Real Estate Boards, and millwork), and pottery show increased pay-rolls offrom 5.2% to 7.4%.
The clothing industry, men's and women's, dropped off in wages
which consists of 28 affiliated real estate boards in as many cities of New
14.5%
York State, in telegraphing its intention of co-operating in this matter and 12.1%. respectively, followed by cigars with 5.1% and millinery and
lace goods with 4.6%.
called attention to their belief that the postponing of non-essential construcFor convenient reference, the latest figures aVaiLs.100 relating to all emtion by the State, municipalities and various clubs and philanthropic organizations would immediately result in a lowering of the met of home building. ployees on Class I. railroads, drawn from Inter-State Commerce reports,
At the meeting last Wednesday Mr. Donlon, President of the Building Trades are given at the foot of the first and second tables.
Department of the American Federation of Labor, made a vigorous and effec- COMPARISON OF EMPLOYMENT IN IDKNTICAL FISTABLIRIIMENTS
tive appeal for priority in home building until normal conditions were
DURING ONE WEER IN MARCH AND APRIL. 1920.
resumed, arguing that until labor could obtain homes
at reasonable costs continued demands for increased wages might be
expected. The meeting was in
No. on Pay Roll % of
Al/101412 of Patt-Roil
% of
full accord with Mr. Donlon's argument, and
No.of in One Week.
Inin suspending new operations
Itsin One Week.
it is to be hoped that such suspensions
&tabi MGM
industryKEW
will begin with euch essentially nonUsk- March April I or De- Maras
urgent projects as new Post Office buildings,
April
or Defor instance, and that the buildments 1923. 1923. crease.
1923.
1923.
crease.
ing of homes be given the right of way
over all other projected work.
The intent of the action taken by the
American Construction Council was Agricultural implets 62 22,378 22,321 -0.3 $320,308 3585,728 +1.0
to prevent a period of reaction and depression
Automobiles -------168
4
+4.3
before it is too late. There is Automobile tires_ _ __ 69 242.88 233,418 -1.3 8,157,775 8,035,745 +6.2
47,116 46,492
1,439,029 1,486,708 +3.3
nothing alarming or calamitous in the situation
at this moment, but we have Baking
187 29,387 28,937 -1.5
744,969
721,835 -2.2
readied the extreme limit of safety, and a
166 94,138 92,0.12 -23 2,178,553 2,100,954 -3.6
further continuance of the present Booteand shoes
excessive building projects without halting
278 18,900 21,211 +12.2
439,414
512,77: +16.7
to take breath for a moment can- Brick and tile
not fail, in the opinion of those present at
repairthe meeting, to result in real dis- Car bldg. and
150 112,754 111.097 -1.5 3,236,896 3,227,687 -03
ing. railroad
:utter.
23 20,374 20,298 -0.4
536,825
523,076 -2.6
Carpets
7
65799 +11.
,
5,841/2
2,827 2,979 +4.4
Tn his letter to Secretary Hoover Mr.
Carriages & wagons_ .36
Roosevelt said in Chemicals
95 20,139 19,293 -4.2
490,334
493,234 +0.6
part:
Clothing, men's_ _ _ _ _ 155 51,843 48,360 -6.7 1,468,225 1,291,218 -12.1
446,409
135 14,828 14,324 -3.4
3111,524 -14.5
Clothing. women's
We believe that the method of preventing a
recurrence of the peaks of o% er- Cotton goods
257 171,847 171,388 -0.3 2,906,076 2,996,390 +3.1
building and their corresponding valleys of
extreme depression, is the educa- Dyeing and finishing
tion of the public at large as to the economic
437,800
50 23,209 23,348 +0.6
381,565 +0.7
textiles
forces which are constantly at
Electrical machinery,
work.
appliances &suppi. 113 87,819 89,066 +1.4 2,305,912 2,400,333 +4.1
We have found that the man who chiefly controls
87
9,82'2 9,120 -7.2
164,180
the inflation and depres- Fertilizers
168,507 +2.6
sion is not the lean who does the construction,
252 13,683 13,428 -1S
341,168
334,469 -2.0
but the man who orders the Flour
Foundry & machine
work to be done for himself or his corporation. It
has therefore become apShop products__ _ 390 138,284 140,871 +1.9 3,916,940 4,128,940 +5.4
parent that it es the individual citizen who needs
the information even more Furniture
913,817
- 265 40,431 40,140 -0.7
916,931 +0.3
than the material producers, contractors and
Glasa
772,804
109 32,112 32,401 +0.9
812,907 +5.2
workers concerned.
Hardware
The executive committee of the American Construction Council,
510,753
32 21,635 21,978 +1.6
516,018 +0.8
together Hosiery A knit goods 196 62,239 62,530 +0.5
1,086,736 1,114,672 +2.6
with many others interested, have therefore
requested me to urge you, as Iron and steel
182 217,936 218,591 +0.8 6,187226 6,029 046 -2.6
Secretary of Goinnieroo, to undertake the creation of certain definite machin- Leather
131 29,937 29,486 -1.5
722,756
714,564 -1.1
ery for the purpose of accomplishing this.
Lumber,millwork_ _ _ 174 24,492 24,901. +1.7
570,052
607,391 +6.6
It is, of course, our hope that the Department of Conuneree will be able Lumber, sawmills_ 233 61,458 62,933 +2.4 1,135,188 1,200222 +5.7
Millinery & lace g'ds_ 62 11,190 11,038 -1.4
244,849
233,666 -4.6
to make this undertaking. We realize, of course, the difficulty of changing Paper and
pulp
182 55,245 56,120 +1.6 1,377,305 1,408,530 +2.3
existing machinery without the approval of the Congress.
144 14,645 14,500 -1.0
287,081
If, however, you Paper boxes
290,459 +12
Petroleum refining
are able to carry this out we shall, of course, be
40 49,91' 52,36
+4.9 1,598,146 1,666,866 +4.3
more than glad. If you Pianos and organs_
_. 26
-0,4
7,153 7,12
feel unable to do so we hope that you will approve
198,058
203,840 +2.9
our undertaking the work. Pottery
43 10,022 10,112 +0.9
245,307
263,463 +7.0
It is, of mime, our desire that this service should
not be along the lines of Printing, book &job_ 133 22,328 22,197 --0.6
743,724
737,798 -0.14
the usually moepted definition of statistics. Masses
Printing, newspapers 177 38,530 38,394 -0.4 1,414,315 1,427,318 +0.9
of figures and graphs Shipbuilding,
steel
will not he understood by the public at largo who
22 15,020
424,010
936,223 +2.9
are the principal people Shirts and collars_ _ _ 107 28,226 15,011 -0.1
28,32.5 +OA
429,155 434,652 +1.3
whom we seek to inform. What we seek is the
simple statement in plain Silk goods
165 47,417 47,539 +0.3
956,566 +0 8
949,198
.
English which Call be as easily comprehended as the
Slaughtering & meat
daily weather report.
parking
72 75,863 75,463 -0.5 1,731,68' 1,762,415 +1.8
Stamped and enamel
ware
Wage Advances in New York Clothing Market End Stoves
342,868 -2.3
351,090
37 15,51815,143 -2.4
81 16,519 16,342 -13
449,863 -1.3
455,824
Tobacco
Strike.
Chewing & smoking 27
51,802 +2.1
3,380 3,384 +0.1
50,737
Cigars & cigarettes 176 32,408 31,355 -3.3
As a result of a strike which went into effect May 14, fol552,619 -4.
582,042
1
Woolen goods
167 72,942 73,651 +1.0 1,642,858 1,670,104 +1.7
lowing the announcement of wage increases in the principal
----RallroadsaJan. 15 1923_ _
.
1,763,398
1+02J
(a) 243,226,002
clothing manufacturing centres of the country, wages have
Class I.1Feb. 15 1923___
1.767.373
i
I
I
1.1 223364.464

been increased in the New York market by practically all of




Note (a)
-Compensation is for one month

2334:

Comparative data relating to identical establishments in 13 manufacturing industries for April 1923 and April 1922 appear in the following table.
In this yearly comparison the number of employees increased in the latter
Year in all.industries but-men's clothing, Which decreased 4.3%, while total
wages increased in,every industry. •The increases in employment were
from 57% to 44% in woolen goods, cotton goods, automobiles and car building and repairing,
'while'the increases in total pay-rolls were from 87% to
44% in cotton goods, woolen goods, iron and steel, automobiles, car building and repairing, silk goods and dyeing and finishing textiles.
COMPARISON
EMPLQYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN APRIL 1922 AND APRIL 1923.

Indaary-7,

Automobiles
BoOts and shoes_ _ _ _ Car building and .reIs pairing, railroad.. _
Clothing,inen's
Cotton goods
Dyeing and finishing
textiles
Hosiery dr knit goods
Iron and steel
Leather
Paper and pulp..
Silk goods
Tobacco; cigars and
cigarettes
Woolen goods

[VoL. 116.

THE CHRONICLE

No. on Pay-Roll
No.°, in One 'Week.
EstabApril April
lish
1923.
mqtS 1922.

% of
Increase
or Decrease.

Amount of Pay-Roll
in One Week.
April
1922.

April
1923.

% of
Increase
or Decrease.

45 95,927 143,515 +49.6 $3.120,525 $4,973,041 +59.4
89 58,696 64,078 +9.2 1,258,294 1,513,175 +20.3
••. •
85 38,485 55,530 +44.3 1,017,377 1,575,713 +54.9
779,866 +23.1
633,567
43 728.231 27,012 -4.3
539,682 1,008,717 +86.9
.
58 36,324 55,398 +52.5
. 25. 12,595 15,887
80 31,342 31,655
115 119,414 145.329
40 12,193 13,934
72 22,134 26841
35 10,381 12,429
-74
22

+26.1
252,351
362,810 +43.8
+1.0
514,918
560,383 +8.8
+21.7 2,464,839 3,951,552 +60.3
+14.3
250,119
327,944 +31.1
+20.4
499,979
679,990 +36.0
+19.7
175,293
270,683 +54.4

14,457 15,349 +6.2
16,917 26,634 +57.4

1,529,886
Railroadsa Feb. 15 1922__,
1,767,373
Class I.1Feb. 15 1923_ _ _
(a) Compensation is for one month.

1+15.5 f
1

232,757
378,221

283,475 +21.8
623,142 +64.8

(a) 188,164,231
(a) 223,564,464

14-18.8

Thirty of the 43 industries show substantial gains in per capita earnings,
as compared with 40 in March, 28 in February, and only 10 in January.
The greatest leases in these earnings were in such seasonal industries as
clothing: both men's and 'women's, and millinery and lace goods.

COMPARISON OF PER CAPITA EARNINGS IN APRIL 1923 WITH THOSE
IN MARCH 1923.
Per Cent of Change
Per Cent of Change
in April as Comin April as Compared with March,
pared With March,
-1923.
Industry
Industry
-1923.
+1.1
+10.7
Furniture
Fertilizers
+6.4
Shirts and collars
+1.0
Pottery
+0.9
Carriages and wagons__ +6.0
Automobiles
Paper and pulp
+0.7
Chemicals
+5.0
+4.8
+0.7
Lumber, millwork
Woolen goods
+4.7
Silk goods
+0.5
Automobile tires
+4.2
+0.4
Glass
Leather
+4.0
Dyeing and finishing texBrick and tile
tiles
+0.1
Foundry dr machine shop
products
+3.5
Stamped and Enameled
ware
+3.4
+0.1
Cotton goods
Flour
-0.1
Pianos and organs
+3.3
Printing, book and lob__ _
+3.2
-0.2
Lumber, sawmills__
Shipbuilding, steel
+2.9
Stoves
-0.2
Baking
Electrical machinery, ap-0.6
+2.6
Petroleum refining
paratus & supplies_ _ _ _
-0.6
Hardware
Slaughtering and meat
-0.8
Boots and shoes
-1.4
packing
+2.3
Tobacco,cigars and cigarPaper boxes
+2.2
+2.1
ettes
--1.9
Hosiery and knit goods_ _
Carpets
--2.2
Tobacco, chewing and
+2.0
Iron and steel
--2.9
smoking
Millinery and lace goods.
--3.2
Printing, newspapers__ _ _
+1.3
Men's clothing
Agricultural implements_
+1.2
-5.7
Women's clothing
Car building and repair-11.5
ing,railroad
+1.2

Week-Strik
Averted.
A strike threatened for this week was avoided as a result
of an agreement between the Master Painters' Association and
the Brotherhood of Painters and Decorators, by which members of the latter secured an increase in wages from $9 to $10
and a five-day week.

Painters Obtain $10 a Day and Five-Day

Current Events and Discussions
The Week With the Federal Reserve Banks.
Increases of about $3,000,000 in discounted bills and of
$18,1'00,000 in Government securities, as against a reduction of $10,800,000in aeceptances purchased in open market,
are shown 'in the Federal Reserve Board's weekly bank
statement.issued as at close of business on May 23 1923,
and which -deals with the results for the twelve Federal Reserve Banks combined. Deposit liabilities declined $7,400,000 and Federal Reserve note circulation $5,300,000, while
cash reserves advanced $6,700,000. The reserve ratio, in
consequence of these -changes, shows a rise from 75.3 to
75.6%. Afteenoting'these facts, the Federal Reserve Board
proceeds as follows:
•
Moderate increases in the holdings of discounted paper, totaling $25,700,000, are shown for seven Reserve banks, including the New York,
Philadelphia, Atlanta and Kansas City banks, while decreases aggregating
$22,700,000 are shown for five other Reserve banks, mainly for the Boston.
Cleveland and Chicago banks. The New York bank reports holdings of
320,600,000 of Treaktry certificates, of whch $5,000,000 represent special
certificates to cover advances to the Government pending collection offunds
from depositary institutions.
Gold reserves show an increase for the week of $5,400.000 and stand at
$3,093,300,000. a new high2total for the system. Since Jan. 3 the increases
n the system's gold reserves has been about 343,800,000, compared with an
ncrease of $132,400,000 for the corresponding period in 1922. The interdistrict'movement of gold through -the settlement fund has been away
from New York City, the local Reserve bank reporting a decrease of $36,700,000 in its gold reserves. Smaller reductions in gold reserves, totaling
314.600,000, are shown for the Philadelphia, Richmond, Atlanta, Kansas
City and San Francisco banks. Chicago reports an increase in its gold
reserves of $10,500.000, Cleveland an increase of $16.800.000. Boston an
increase of $12,900,000 and the three remaining banks an aggregate increase
of $7,600.000.
Holdings of paper secured by Government obligations increased during
the week from &360,200,000 to $366,800,000. Of the total held on May 23,
$201.500,000, or 55%, were secured by 'United States bonds, $148.100,000,
or 40.4%, by Treasury notes, and about $17,000,000, or 4.6%, by Treasury certifiCates, compared with $204,800.000, $142,700,000 and $10,600,000
reported the week before.

The statement in full in comparison with preceding weeks
- vit - corresponding date last year will be found on
ai
7.77 the
subsequent pages, namely, pages 2365 and 2366. A summary of -changes in the principal assets and liabilities of the
Reserve banks, as compared with a week and a year ago,
follows:
Increase (+) or Decrease (-)
Since

May 16 1923.
Total reserves
+6,700.000
Gold reserves
+5,400,000
Total earning assets
+10,300.000
Discounted bills, total
+3.000,000
Secured by U.S. Govt.obligations _ _
.600,000
Other bills discounted
3,600,000
Purchased bills
10.800,000
+18,100.000
United States securities, total
800,000
Bonds and notes
+18,900,000
U. S. certificates of indebtedness
-7,400,000
Total deposits._
+22,600,000
Members'reserve deposits
-49.700.000
Government deposits
+19,700,000
Other deposits
-8,300.000
Federal Reserve notes in circulation
Federal Reserve bank notes in circula-200.000
tion-Netliability




May 24 1922.
+52,500,000
+85,600,000
-10,600,000
+213,100,000
+185,700,000
+27,400,000
+165,500,000
-389,300,000
-90.100,000
-299,200,000
+69,100,000
+107,800.000
-54,100,000
+15,400,000
+99,500,000
-70,000,000

Member Banks of the Federal
Reserve System.
Aggregate increases of $128,000,000 in investments in
connection with the issuance on May 15 of a new series of
Treasury notes, accompanied by an increase of $176,000,000
in Government deposits, are shown in the Federal Reserve
Board's weekly consolidated statement of condition on
May 16 of 773 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.
Total loans and discounts of the reporting banks advanced
about $16,000,000 during the week. As against a reduction
of $13,000,000 in loans secured by Government obligations
and but a nominal change in loans on other securities, all
other, i. e., largely commercial, loans and discounts show
an increase of $29,000,000. Member banks in New York
City report increases of $38,000,000 in investments and of
$9,000,000 in "all other loans and discounts," as against
reductions of $14,000,000 in loans on Government securities
and of $9,000,000 in loans on other securities. Since May
17 of last year loans and discounts of the member banks in
New York City have advanced a little over $150,000,000,
or 4.3%, while loans and advances of reporting member
banks outside of New York City show an advance for the
same period of $868,000,000, or 11.8%. Investments of
the reporting New York members increased during the year
by $112,000,000, or about 8%, while those of the "outside"
banks increased $568,000,000, or about 21.5%. Further
comment regarding the changes shown by these member
banks is as follows:
The

Week

with the

Borrowings of the reporting institutions from the Federal Reserve
banks show a decrease for the week from $449,000,000 to $445,000,000.
the ratio of these borrowings to their total loans and investments remaining unchanged at 2.7%. For member banks in New York City
a reduction from $142.000.000 to $94,000,000 in borrowings from the
local Reserve Bank and from 2.7 to 1.8% in the ratio of these borrowings
to total loans and investments is noted.
As against the increase of $176,000,000 in Government deposits other
demand deposits (net) of the reporting banks show an increase for the
week of $27.000,000 and their time deposits a reduction of $2,000,000.
Corresponding changes for the member banks in New York City comprise
increases of $51,000,000 in Government deposits and of $48,000,000 in
other demand deposits. as against a reduction of $13,000,000 in time
deposits.
Reserve balances of the reporting institutions show an advance of
$24,000,000, while their cash in vault declined by about $15,000,000.
For member banks in New York City an increase of $28,000,000 in reserve
balances and a reduction of $6,000,000 in cash are noted.

-we give the
On a subsequent page-that is, on page 2366
figures in full contained in this latest weekly -return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:

MAY 261923.]

THE CHRONICLE

Increase(±)or.Decrease(—)Since
May 17 1922.
May 9 1923.
Loans and discounts—total
+516,000,000 +51,022,000,000
—58,000.000
Secured by U. S. Govt. obligations_
—13,000,000
+415,000,000
Secured by stocks and bonds
+665,000,000
All other
@29,000,000
+680,000.000
Investments, total
+128,000,000
+241000,000
U. S. bonds
—6,000,000
notes and Treasury notes +129,000.000
+516,000,000
U.S. Victory
+6,000,000
Treasury certificates
—1,000,000
—83,000,000
Other stocks and bonds
+6,000,000
+33.000.000
Reserve balances with F. R. banks
+24.000,000
+2,000,000
Cash in vault
—15,000,000
Government deposits
+271,000,000
+176,000,000
Net demand deposits
+252,000,000
+27,000,000
Time deposits
+753,000.000
—2,000,000
Total accommodation at F. R. banks_
+294.000,000
—4,000,000

Austrian Loan and Rehabilitation of Central Europe.—
Syndicate Headed By J. P. Morgan & Co. to Float
$25,000,000 in United States.
The proposed early offering of a loan of $130,000,000
on behalf of the Austrian Government, of which $25,000,000
will be placed in the United States was made known this
week, when it was announced by J. P. Morgan that a group
of bankers headed by his firm would handle the issue to be
offered here. On the afternoon of May 23rd, Mr. Morgan
personally made on behalf of his firm the following announcement:
"We have been asked by Dr. Zimmerman of Holland, the Commissioner
General of Austria, and by the Loan Commission of Austria, if we would
be prepared to undertake the placing of$25,000,000 of bonds of the Austrian
Government in this country. After careful investigation of the present
condition of Austria, particularly the great improvement made during the
past five months, and after consultation with leading bankers in the large
centres of the United States, we have advised the Loan Commission that,
when their plan for selling this issue of bonds in the various markets of Europe is ready, we would undertake to organize a syndicate to underwrite
825,000.000 of the total issue of $130,000,000 which is to be divided up
among all the possible lending countries.
"There for the moment the matter rests, and we are awaiting advices
from Europe that final arrangements are completed with the bankers of
England, France, Holland, Denmark,Sweden,Norway,Switzerland, Spain,
Belgium, Italy and Czechoslovakia. It is expected that the details in
these different countries will be completed in time for a simultaneous issue
in all of them about the first week in June and in that issue we are ready
to take part as indicated.
"Our main reasons for undertaking this work are, first, we believe the
bond to be well secured and, second, that it is the first step toward the
economic rehabilitation of Central Europe taken by all the countries working together, and we believe that the American market should take its part
when such a concerted effort is being made to better general business conditions in the world."

2335

dispatches from abroad would indicate that Great Britain
is to guarantee 24% of each bond and France, Italy and
Czechoslovakia each substantially equivalent percentages.
With a large excess shown by the pledged revenues over and
above the amounts required for the service of the loan, it is
believed that these guarantees will not cost the guaranteeing
Governments anything'. The loan of their credit, however,
is a substantial element in the success of the plan, and, apart
from the addition of financial security that it gives to the
bonds, it affords a high degree of political security for the
new Austria.
The importance of the Austrian loan as a first practical
step toward the rehabilitation of Central Europe is, of course,
of the greatest importance. There has been so much talk
in the past about the old Austria having disintegrated that
very few people appreciate, it is pointed out, the substantial
position that the new Austria occupies as the great economic
centre of Central Europe, whether looked at from the natural
lines of communication which were made by the configuration
of mountain and plain, or from the existing lines of railroads.
Both nature and the works of man, it is contended, have
made the great city of Vienna the central point either for
east and west traffic between Western Europe and Asia
Minor or north and south traffic from the Mediterranean to
the Baltic. Not the least of Dr. Zimmerman's services has
been the clearness with which he has called attention to the
great future importance economically of the new Austrian
Republic.
The following bearing on the attitude of the State Department toward the loan was contained in a Washington dispatch published in the New York "Times" of May 24:
It is understood that the question of flotation of $25,000,000 of the
Austrian loan here by a syndicate of bankers headed by J• P. Morgan &
Co. was brought to the attention of the State Department and that no
objection because of political or other reasons involved was made to the
plan. There is an understanding that American bankers will consult the
State Department in matters of this kind, although not compelled to do so.
The American Government joined the European nations in advancing
the reconstruction program in Austria last summer when the Senate approved the proposal to permit Austria to delay payments on loans which
had been made by the United States for twenty years or more.

A reference to the approval of a loan to Austria by the
Council of the League of Nations was referred to in these
columns April 28 (page 1841), indications being given at
that time that the United States would participate in the
Mr. Morgan further stated that the original members of offering.
the group who would handle the loan were J. P. Morgan &
Co., Kuhn, Loeb & Co., First National Bank, National
Plans for Readjustment of Mexican Debt.
City Co., Guaranty Trust Co. and Bankers Trust Co.,
Important details of the plan for the readjustment of debt
but that many bankers in leading American cities had been of the United States of Mexico have been made public in a
consulted and expressed a desire to join in making the notice issued this week on behalf of the International Comproposed loan a success. The full significance of the fore- mittee of Bankers on Mexico to holders of the bonds, notes
going announcement can hardly be overestimated. There and other securities of the Mexican Government included in
have been many unofficial statements about the proposed the agreement of June 16 1922 between the Mexican GovernAustrian loan and its importance as the first practical ment and the International Committee. A call for deposits
step in putting Central Europe back on its feet. This of the securities will be issued shortly. This week's notice
statement of Mr. Morgan's, however, is the first definite says:
announcement that America is to participate in the loan.
Under date of June 16 1922,the International Committee of Bankers on
Mr. Morgan gave no further details than those contained in Mexico concluded an arrangement with His Excellency Adolfo de la Huerta
Minister of Finance of the Republic of Mexico. for the resumption of the
his brief announcement. From dispatches from Europe,
payment of interest on various bonds, notes and other securities.
however, the general outline of the new loan is made apFollowing the conferences with the Commission appointed by the Minister
parent. Many months ago,through the offices of the League for the purpose of agreeing upon the various details necessary to carry out
of Nations, the new Austrian Republic invited Dr. Alfred the plan, steps have been taken to prepare the receipts and other documents which will be distributed among the depositaries as promptly as
Zimmerman, former Burgomaster of Rotterdam, to act as possible in order that the necessary call for the deposit of bonds may be
Commissioner-General of Austria. Dr. Zimmerman has issued. In the meantime, the International Committee announces that
been busily at work in Vienna since his appointment. He the provisions of the plan and the application thereof to the bonds involved,
are briefly as follows:
has estimated that a loan to Austria of 650,000,000 gold
Current Interestfrom Jan.3 1923to Dec.31 1927,Inclusive.
kronen (being substantially the equivalent of $130,000,000)
• The Mexican Government during the first five years covered by the plan
will see the new Austrian Republic safely through. The undertakes to set aside certain prescribed revenues, starting the first year
proceeds of this loan will, it is expected, enable Austria with a minimum of30,000,000 pesos ($15,000,000 U. S. gold),this minimum
to balance completely its budget at the end of a period increasing by 5,000,000 Pesos ($2.500,000 U. S. gold) per annum for each
of the ensuing four years, reaching 50,000,000 pesos
U. S.
variously estimated from one year to two years. There- gold) in the fifth year. Out of this fund payments in ($25,000.000
cash as set forth in
after, Austria's receipts are expected to be in excess of her the table below are to be made to the bondholders. The difference, if any.
between the full interest on the bonds and the amounts provided to be
expenditures.
paid in cash is to be dealt
in twenty-year
As security for the loan, Austria pledges the gross receipts during the past five years,with bearing interestscrip not bearing any interest
at the rate of 3% per annum
but
the customs and the tobacco monopoly. During the for the balance of fifteen years.
from
four months ending April 30 the receipts from these two
Interest in Arrears to and Including Jan. 2 1923.
sources, it is stated, were at the rate of 149,400,000 gold
The coupons maturing on or before Jan. 2 1923 are to be lodged with a
depositary against the issue of non-interest-bearing receipts. Such receipts
kronen (the equivalent of about $30,000,000) per annum,
are to be purchased
from a fund sufficient
which is more than twice the interest and sinking fund charges to retire them in or redeemed by the Governmentbeginning Jan. 1 1928.
full during a period of forty years,
new loan. One of the unique features of the loan The receipts will be of two classes—Class"A" and Class "B"(Class"A" to
upon the
is the unanimity shown on the part of the leading European *be retired completely prior to Class "B")•
The Mexican Government, the notice to security holders
nations as evidenced by their guarantees. Great Britain,
France, Czechoslovakia, Italy, Belgium, Sweden, Norway, says, agrees to set aside annually toward the payment of inDenmark and Holland severally guarantee the loan in desig- terest on the bonds maturing Jan. 2 1923:
1. The entire proceeds of the oil export tax.
nated proportions. While an official statement has not yet
2. Ten per cent of the gross revenues of the National Railways of Mexico.
been made as to the exact proportions of these guarantees,
3. The entire net operating revenue of these railways.




2336

THE CHRONICLE

[VOL. 116.

The interest coupons maturing on or before Jan. 2 1923
with respect to the bonds affected by the readjustment, Chinese Bank for Habana—Branch of Hongkong Institution Reported to Be About to Open in Cuban
are to be attached by the respective depositaries and lodged
Capital to Finance Imports from China.
with a depositary agreed upon by the Mexican Government
The Department of Commerce at Washington issued the
and the committee, and receipts for an equal face amount
will be exchanged for them. Such receipts are to be pur- following announcement May 5:
Within a period of a few months, representatives of two separate Chinese
chased or redeemed by the Government of Mexico from a
banking institutions have visited Habana to determine the needs for a local
fund sufficient to retire them in full, extending over a period branch catering to Chinese interests. says Assistant Trade Commissioner C.
A. Livengood. These banking institutions are the Industrial and Commerof 40 years, beginning Jan. 1 1948.
The Mexican Government, it is announced, has agreed cial Bank (Ltd.), of Hogkong, and the Chinese Merchants' Bankofthesame
city.
to make prompt return of the National Railways to private
The representative of the latter bank reports that abranch of the Chinese
management and to the control of a board of directors Merchants' Bank will be established in Habana within two or three months.
Plans are under way for the
agreed upon with the committee. The Government has This bank, whose capital is carrying out of the necessary legal formalities
stated to be $5,000.000 in currency
also agreed to restore the railways, including rolling stock, 500.000 in gold, has an agency in New York. The owners of the and $2,-.
bank are
to their condition at the time the railway lines were taken reported to be heavily interested in rice. and it is expected that the Habana
branch will devote itself to financing shipments to Cuba of Chinese rice,
over. Furthermore the Government has agreed to guarantee silks, embroidery, chinaware and other
oriental products.
the payment of principal, interest and sinking fund of outstanding bonds of the National Railways System, subject
Shipment of 30,000,000 Gold Marks to United States
to certain provisions set forth as to payments during the
from Germany.
five-year period. The liens created by the existing mortA shipment of 30,000,000 gold marks from Germany
gages are not to be enforced unless the Government defaults
in its obligations under the plan; in which case such lions arrived in New York yesterday (May 25) on the United
may be enforced in favor of the respective bondholders. American liner Reliance. A statement issued in this city
Provision, it is stated, is made for taking care of 28 different on May 21 regarding the shipment said:
security issues under the plan. The matured notes of the byIt was stated on excellent authority to-day that the gold shipments made
the Reicbsbank to this country, concerning which there has been a good
National Railways of Mexico are to be extended for a period deal of discussion In the papers, have not been made for the purpose of
of ten years from Jan. 1 1923 with interest at 5% for the exchange manipulations. The gold has been shipped for the purpose of
providing cover for the maturing notes
five years and at 6% per annum thereafter. The 6% notes to the Belgian Government on accountgiven by the German Government
of tho indemnity payments under
of the Government of Mexico and the National Railway notes the arrangments made several months ago. The payments of these notes
secured by 6% Government notes arc to be extended for the have been arranged through the International Acceptance Bank, Inc.. of
New York, to which,in turn,
same period of time with interest at the rate of 6% per by the German Reichsbank.the gold now on the ocean has been addressed
annum. All sinking funds are to be postponed for a period
Referring to the shipment on May 21, the New York
not to exceed five years from Jan. 1 1923.
"Times" said:
The International Committee of Bankers on Mexico which
The mystery which has surrounded the announcement from Berlin that
has worked out the readjustment plan consists of six national the German Government has in transit to New York 60,000,000 gold marks
groups, representing holders of Mexican securities all over —the largest shipment from Germany to this country since the pre-war days
—was cleared yesterday, when it was learned that the consignment is in
the world, as follows:
connection with indemnity payments to the Belgian Government. Back
American Section.—Thomat. W. Lamont, Chairman
(J. P. Morgan &
Co., New York); Mortimer L. Schiff, Vice-Chairman
(Kuhn, Loeb & Co..
New York); George W. Davison (Central Union Trust
Co., New York):
Jesse Hirschman (Speyer & Co., New York); R. G.
Hutchins, Jr. (Hallgarten & Co.. New York): Charles E. Mitchell (National
City Bank, New
York): John J. Mitchell (Illinois Merchants Trust Co.,
Chicago);
T. Rosen (Ladenburg, Thalmann Sz Co., New York); Charles H.Walter
Sabin
(Guaranty Trust Co.. New York); Albert H. Wiggin (Chase
National Bank,
New York); Robert Winsor (Kidder, Peabody S: Co.,
Boston).
British Sedien.—Vivian H. Smith, Chairman (Morgan,
Grenfell & Co.);
Laurence Currie ((flynn, Mills, Currie, Holt & Co.); Sir
Clarendon Hyde
(S. Pearson & Son, Ltd.); E. R. Peacock (Chairman of the Bondholders'
Committee of the Mexico Tramways and the Mexican
Light & Power
group of companies): Frank C. Tiarks (J. Henry Schroder & Co.); Vincent
W. Yorke (Chairman of Mexican Railway Co.. Ltd.).
French Seclion.—G. Griolet, Chairman (Banque de Paris et
des Pays
Bas); Jules Chevalier (Banque de Paris et des Pays Bas);
Paul Cretenier
(Societe Financiere pour I'Industrie au Moxique); William D'Elchtlial
kalirabaud & (1O.); George Heine (Banque do l'Union Parisienne);
Jacques
Kulp (Banque de Paris et des Pays Bas).
The Netherlands.—C. E. Ter Meulen (Hope & Co.,
Amsterdam).
Belgium.--Auguate Dupont (Association Beige pour Is Defense des
Detenteurs de Fonds Publics, Antwerp).
Switzerland.—G. Pictet (G. Pictet & Co.. Geneva).

of the shipment lies the indisputable evidence, according to banking authorities who have studied the international situation, that Germany has come
to the end other rope In the matter of paying debts with her printing presses
and is now endeavoring to meet obligations with gold.
The payment of the present note, drawn up by the German Government
in the interest of Belgium. marks the fourth of a series which have been endorsed by five of the leading banidsg houses of Germany. The prosentshipment, which is on its way here, is consigned to the International Acceptance
Bank, Inc., of New York, and is equivalent to $14.280,000. The bank has
made arrangements to pay the fourth Oerman installment to the Belgian
Government, and payment will be madeIndollar balances acquired through
the shipment.

League of Nations Commission Approves Hungarian
Rehabilitation Plan.
Regarding the approval by the Reparations Commission
of the League of Nations of the Hungarian rehabilitation
plan, Associated Press advices from Paris May 23 said:

The Hungarian rehabilitation plan has been approved by the Reparations
commission, but only after League of Nation's supervision, as in Austria.
relief had been eliminated, and Hungary had been bluntly informed that
the Commission's final action on the detailed propsieltion fcr an international
On May 23 the following announcement was issued by loan and Governmental reform would depend on Ilungary's good behavior
in the meantime, in delivering coal and cattle and otherwise carrying out
J. P. Morgan & Co.:
the execution of the treaty with the exception of cash payments.
The certificates of deposit required to be issued in exchange for the bonds
M. Barthou had to cast his second vote. as French President of the Comare in course of preparation and as soon as these have been prepared and mission, in order to secure adoption of
the plan. M.13artheu and the deledistributed among the various depositaries here and abroad the committee gates representing the succession States first defeated the British
plans to call for the actual deposit of the bonds and announce the names of ian plan, modeled on Austrian relief, under which the League ofand ItalNations
the depositaries here and on the other side."
supervises the execution of the plan, then the revised plan was adopted
The text of the agreement providing for the adjustment of by M. Barthou's two votes and that of the succession delegates over the
the Mexican debt was given in our issue of Sept. 9 1922, British and Italian negative votes.
The new plan also provides that a committee representing the Reparations
page 1153.
Commission shall go to Hungary to investigate conditions there. Hungary must furnish guarantees that whatever loans are raised will be devoted
Reports of Loan to French Bankers Through T. W. to restoration of her finances and some reparation payments.

The appeal of Hungary to the Commission was referred to
Lamont and Mortimer Schiff to Finance Mexican
in our issue of May 12, page 2069.
Bank of Issue.
The Associated Press carried the following advices from
Mexican City May 21:
Reports of Possibility of Renewing Argentine Loan.
The newspapers have boon informed that United States
The Associated Press in a cablegram from Buenos Aires
bankers, through
Thomas W. Lamont and Mortimer Schiff, who are now in
Paris, have May 24 said:
completed arrangements for the $25,000,000

loan to the French bankers
financing the Mexican bank of issue. The Government
announces that
this institution Will open next month.
Agustin le Gorrota. Director of the National Bank of Mexico,
who participated in the Paris conferences, is expected to return to
this city soon
to complete the transfer of the funds and to arrange for the opening of the
bank.

With regard to the above the New York "Times" of May
22 said:
At J. P. Morgan & Co.'s it was said that the report was not unlike previous ones hoard a short time ago, and that so far as Mr. Lamont's reported
connection with the proposition was concerned they felt sure that the dispatch was in carer. At Kuhn, Loeb & Co.'s. of which Mr. Schiff is a partner, a statement of similar tenor was made.
The new Mexican bank of issue will be opened next month, it has been
definitely announced by the Mexican Government.




It is understood that there is a possibility of renewing the $50,000,000
loan negotiated by Argentina in 1021 through Blair S: Co. and the Chwee
National Bank of New York. The loan falls due on Oct. 1 next.
The question was discussed yesterday at a conference between Minister
of Finance Vegas and a representative of the bankers. Argentina, it Is
indicated, seeks more favorable terms than were obtained originally when
the 7';', bonds were issued at 97.
Senor Vegas said the bankers' representative called attention to the
exceptionally favorable condition in the American market for floating a
large loah.

The New York "Times" printed the following in the
matter:
Representatives of Blair & Co. and the Chase National Bank. whe
could be reached last night, said that they knew nothing of a renewal of
negotiations with representatives of the Argentine Government in CO)110611don with extending the loan which matures next October.

MAY 26 1923.1

THE CHRONICLE

2337

Heading the list of claims by individuals are those growing out of the sinking of the Lusitania by a German submarine. They total $22,606,000 and
may be disposed of first by the Commission. Germany having already admitted liability, but not in definite amount.
The stupendous total involved in the proceedings is revealed for the first
time in a report made to the State Department by Robert 0. Morris. agent
for the United States before the Commisiion. Work on determining the
amounts Germany must pay already has been begun by the Commission.
which organized last October.
The Argentine Supremo Court has just handed down a decision favoring
How soon the Commission can complete its work cannot be estimated.
the bondholders in the long litigation rising out of the demands of the but
it is to be expedited through classification by Mr. Morris of most of the
,
holders of bonds of the 4} % German loan of 1910 of the Province of
6
claims into test cases by which one den ion of the Comniiion will deBuenos Aires. This suit was brought against the Province of Buenos
termine the law and principles to be applied to claims of similar character.
Airm not because the Province in 1920 elected to pay off the entire loan
The American claims are to be disposed of without regard to the Allied
In marks, and remitted the necessary funds to Berlin to do this. but because the holders of the bonds insisted on receiving their interest in Swiss reparations claims, the report of Mr. Morris disclosing that the Commission
has entered a formal order that "the machinery provided by the Versailles
francs.
Treaty and the rules and methods of procedure thereunder governing the disThe suit was not brought against the Province until after the latter
position of claims. including reparations claims, so-called neutrality claims,
had decided to pay off the loan. Until then the entire service on this
loan had been remitted to the Dresdner Bank in Berlin, and this had claims growing out of exceptional war measures to be dealt with by mixed
arbitral tribunals, shall have no application to, and are not binding on. this
never mot any objection from the bondholders. Article 5 of the loan
Commission."
contract reads in part. "The payment of the matured coupons and bonds
Neither is the door shut against the United States or its citizens to increase
called for redemption up to the total amortization of the loan shall be
the amount of claims presented. Mr. Morris having stipulated on behalf of
effected In Europe at the Dresdner Bank, the A. Schaaffhausen'scher
the American Government and Germany having accepted a proviso permitBankverein, Berlin. the Nationalbank fur Deutschland, Berlin, the
ting the claims to be changed in amount later if circumstances and the facts
Dresdner Bank, London. the Banque J. Allard and Cie. Paris, and the
disclosed should require.
Aktiengesellschaft von Speyr & Co., Basle (Switzerland). The payment
The report of Mr. Morris also disclosed the machinery and rules set up for
will be made by Germany in marks, in Paris and Basle in francs, and in
disposal of the American claims by the Commission. Details of the ComLondon In pounds sterling, according to the wish of the holder."
mission's organization, with addresses by the American and German repreArticle 6 of the contract provides for all purchases of the bonds below
sentatives indicating a friendly spirit and desire for accord, also were made
par to be made by the Dresdner Bank,Berlin,as brokers, and that drawings
public.
of bonds for redemption shall take place at the office of the same bank.
The largest claim listed in the report is the American Government's of
A mistaken impression exists in some quarters regarding the suit that
$255,544,810 51 for cost of the army of occupation in Germany now under
has just been settled. When the Province called the loan for payment
negotiation with the Allies in Paris by Assistant Secretary Wadsworth of the
It remitted the full outstanding amount to the Dresdner Bank in Berlin,
Treasury. It is understood, however, this claim will not be pressed in the
and no suit was brought by the bondholders as regards the basis for repay- event
the Parts negotiations result in an agreement. Other Government
ment of principal. It is probable now that a suit over the payment of the claims
are for $67.266,626 23 for general damages growing out of the Gerprincipal will be brought by the bondholders as a result of their success man
submarine warfare; 237.982.000 by the Veterans' Bureau for war risks
in the suit they have just won. But it is a fact that this suit now settled
premiums: $5,380,000 by the Railroad Administration and 240,075 for
by the Argentine courts was brought solely in connection with interest war
risk premiums of the Shipping Board.
payment's made prior to the repayment of the principal.
The $1 claim is presented by Emery Roberts for loss of property while a
The service of the German loan was guaranteed by the share belonging
German prisoner of war.
to the Government of the Province of Buenos Aires in the profits of the Banc
There are a few other small claims of $1 50 and $2 for loss of parcel post
de is Provincia, and this security was always sufficient to meet all the debt
property by shippers, but most of the claims run into hundreds of thousands
payments. All during the time that the litigation was under way the
and millions. Every class of American shipping, manufacturing and busiProvince continued to set aside in a special account a reserve from its share
In the profits of the bank. At the close of 1922 this reserve amounted to ness concerns is found among the long list of claimants, all of whose names
are disclosed in the reports, although their addresses are withheld.
14,350.000 Argentine paper pesos, equal to over $5,000.000 United States
The largest individual claims are 2100,000,000 by Roger B. McMullen for
at the average rate of exchange. This reserve is almost enough to take
alleged patent infringements and one by William J. Quillion for 896.000,000
care of all payments that now become due.
It will be remembered that a decision in favor of bondholders was ren- damages from German submarine warfare. Other large Individual claims
dered just a short while ago by the Argentine courts with reference to the include: Carl Schiller, $11.362,000, entitled "consequence of war;" George
payment in gold of coupons and principal of the 4 yi% French loan of 1910 R. Mosie, $2,000,000, submarine warfare and consequence of war. and
of the Province. While details of litigation regarding the German loan Arkell & Douglas $6,550.000, consequence of war.
The largest Lusitania claim is $5.000,000 for the death of Fred S. Pearson,
and the basis for the recent court decision are not yet fully known up here,
plus $300,000 for the death of Mabel Ward Pearson. Other large Lusitania
certainly nothing could be more evident than the desire of the Province
claims include those of heirs or estates of the following: Charles Klein, New
to do all within its power to place its credit abroad on a firm basis.
York theatrical producer, $1,767,000; Justus Miles Forman. $100.0004
Charles Frohman, another former New York theatre magnate, 8250.000,
Alfred G.
Friedmann
$250,000,
American War Claims Against Germany $1,479,064,314. $342,000. Vanderbilt, Lusitania and Samuel and Solomon $100.000.
Most of the
claims range from $10,000 to
In size of claims, the principal claimants are American insurance,oil,shipThe war claims of Americans against Germany, presented
manufacturing concerns.
to the Mixed Claims Commission for settlement, amount to ping and prominent
Many
Americans are among
claimants, the list including
Wash- John Wanamaker, 297,504 for war risk the
$1,479,064,314, according to announcements made in
premiums; Thomas A. Edison,
$10.422,for property in Germany; Ford Motor Company,
ington on May 20, which states that the United States
$376,000. property
in Germany and war risk premiums: Herbert Hoover & Sons Co., $100,
Government itself is the largest claimant, asking for $366,- property in Germany;
Theodore H. Marburg, Baltimore banker, former
113,000, while the smallest of the 12,416 claims filed with the Minister to Belgium. 536.868. property in Germany; Albert W. Morris,
Commission is for $1. The signing of the agreement between $5.000,000, property in Germany; August Belmont & Co..$40,055. property
in Germany: Baruch & Co.,
the United States and Germany providing for the determina- Russell, $1.344. submarine83.566. property in Germany: Charles Edward
warfare.
tion of the amount of the claims against Germany was noted
George Sylvester Viereck, former editor of the "Fatherland" and
Promin our issue of August 19 1922, page 817, and reference to inent in pre-war agitation, has a claim filed for 213.000 for property in
Germany. Charles J. Vopicka, of Chicago,former Minister to the Balkans.
the appointment of the Mixed Claims Commission named claims $3,000 for property in occupied
territory.
Among women, the largest claim is presented by Ruth S. Magahn. of
in accordance with the agreement was made in these columns
Oct. 7 1922, page, 1579. In another item in to-day's issue $5,000,000 for war risk premiums and submarine warfare.
Thousands of
and in ocof our paper we refer to the resignation of former Associate cupied territory,individuals claims are for property in Germanyor relationnames of claimants indicating German ancestry
Justice Day as umpire of the Commission. Stating that it ship. The association of American holders of foreign securities has an omniwas indicated in high official circles in Washington that the bus claim of 821,000.000 based upon depreciation of German security values.
Manufacturers of submarine apparatus
$1,479,064,313 total of American claims filed with the alleging patent infringement,for which theare claimants for many millions,
Submarine Signal Company asks
Commission is much inflated and gives no faithful indiac- 31.899.000, together with that for 8100.000,000 by Roger B. McMullen and
for $1.112.000 by the Synthetic Patents Company. The du Pont Powder
tion of the amount that Germany will be called on to pay Interests of Delaware
have claims for more than $425.000 for war risks
by the final adjudication, special advices from Washington premiums and property in Germany, the Sperry Gyroscope Company asks
25,000.000 and the Lake Torpedo Boat Company $1,000.000 for alleged
to the "Journal of Commerce" on May 21 continued:
The State Department, It was learned, did not pass in any way upon the patent.infringement.
Probably the largest number and amount of claims is by insurance commerits of the claims or the reasonableness of the amount sought before permitting the claims to be filed. The figure, it was explained, represents the panies, for indemnities and war risk premiums. Included are: Globe Company, 27,500.000; Chubb dr Son, $5,644,000; Atlantic, $5,106,000: Federal.
aspirations rather than the expectations of the claimants.
$4,695,000; Aetna,$4,670,000; St. Paul Fire & Marine Insurance Company.
Will &ale Down Claims.
$4,154.000; Boston Insurance Company. 23.310,000; United States Lloyds.
Excepting the $255.544.000 claims filed by the United States to insure the $2,109,000; Fireman's $2,500.000, and Equitable, 23.430,000.
Shipping companies also are heavily represented among the claimants,for
payment of Army costs incurred by the occupation of the Rhine by American forces,it is believed that the claims, scaled down, will be adjudicated for damagesfrom submarine warfare, war risk premiums and other consequences
less than $200,000,000. Col. Thomas W. Miller, the Alien Property Cus- of the war. Among these are the Luckenbach Steamship Company, $25.todian. has estimated that not more than $150,000,000 will be required to 729,000; American Union Line, $2,303,000; American Transportation Company, $1,848,000; Barber Steamship Lines,
satisfy them.
$4,000,000: International
The appointment of Edwin B. Parker of Texas, now serving as American Mercantile Marine. 21.946,000. and the Housatanic Steamship Company,
member of the Comrnssion, to act as umpire to succeed former Supreme $570.000. The sinking of the steamer Housatanic was one of the acts which
Court Justice William Day means that the Commission soon will proceed to culminated in America's participation in the war.
Among oil companies, the larger claims are:. Standard of New Jowl.
the hearing of test cases to determine the validity of certain groups of claims.
The Administration considers his appointment, in which the German Gov- 313.920.000 and $7.443.000; Standard of New York.$2,818,000; Interocean.
ernment acquiceced, as a groat personal tribute as well as a testimonial to $3.000.000; Vacuum, 24,794,000; Sun, $7,109,000; Huasteca Petroleum
the fairness of this Government.
Company, $10.000,000.
The Guaranty Trust Company of New York has the largest bank claim.
Notice has been served by the German Counsellor that his Government
marine insurance claims, the right of Americans to antici- aggregating about $9,500,000, for property
will contest the
in Germany, Speyer & Co. have
profits and other principles upon which the total was swelled over the like claims of 2310,000, and the National City Bank, $410.000.
pate
Among the Packers Swift & Co. head the list with claims of $32,400,000
billion dollar mark.
F.
The Associated Press advices from Washington May 20 from submarine warfare and war risk premiums. Edward Jr., Swift has
claims for 320,500.000: L. F. Swift. $872.000; G. F. Swift,
2195.000,
in reporting the amount of the claims said:
Charles IT. Swift $313,000, and the estate of Anna Swift, $457,000. The

Decision of Argentine Supreme Court in Favor of
Holders of 43'% German Loan of 1910. of the
Province of Buenos Aires.
The following statement was given out on May 24 by
Samuel McRoberts, President of the Metropolitan Trust
Co. of New York:




2338

THE CHRONICLE

Hammond Packing Company seeks $9.176.000. Armour & Co.,
$5,775,000;
Wilson & Co., $2,609,000; Plankington Packing Company, $3,536,000.
Other claims include: International Harvest& Company, $10,572,000
and $3,465,000; American Smelting & Refining Company,
$2.755.090:
Singer Sewing Machine Company, 311.500,000; American Radiator Company, $3,350,000: United Shoe Company, $3,913.000: Southern States
Cotton Corporation, $1,000,000: Corn Products Company,
$1,890,000;
Methodist Foreign Mission Board. $1,115. for war risk premiums, and the
Russian Volunteer Fleet, $98.419 for war risk premiums.
Secretary Hoover Denies Claim.

On May 21 an Associated Press (Washington)dispatch said:
In the preparation of the voluminous detail relating to the thousands of
American claims, a typographical error in the official reports indicated that
Herbert Hoover, Secretary of Commerce, was interested. The official list
gave "Herbert Hoover and Sons Company" as a claimant of $100 for property in Germany. This caused Secretary Hoover to give our a statement
declaring that "neither I nor any connection of mine has made such a claim."
Officials explained that the incident was due to a typographical or clerical
error, the claim really being presented by Joseph Hoover and Sons Company
of Philadelphia.

[VOL. 116.

Something more than 5,000,000,000 gold marks have been divided
among the Allies, as follows:
France
1,790.801,000 Czecloslovakia
21,190.000
Belgium
1,719,996,000 Poland
14,705,000
Great Britain
1,150,524,000 Greece
11,023,000
Italy
242,794,000 Rumania
10,144,000
Serbia
150,685,000 Portugal
4,415,000
Japan
67,978,000 Total
5,184.257,000
The balance of 2,756,169,000 gold marks undivided is made up thus:
Cables
49,000,000
Property ceded by the German Government
2,085,393,000
Allocated value of the Sarre mines
100,000,000
Part value of ships
391,519.000
Miscellaneous
92.631,000
Cash on hand and recoverable credits
37,626,000
The expenses of the army of occupation and the Commission of Control
are placed at
.
France
1.261,000,000 Italy
10.583,000
Great Britain
942.086,000 Japan
269,000
Belgium
233,677.000 Total
2.447.616,000
The cost of the American Army of Occupation was 1,000,072,193 marks,
the payment of which is now being adJudicated.
Advances made to Germany under the Spa agreement, which have priority, total 392,216,000. If from the total divided the costs of the armies
of occupation and the Spa advances are deducted, it is seen that the Allies
have really pocketed for reparations about 2,300,000,000 gold marks.
Of the payment by the Reparation Commission to France of 1,790,803,000
marks, 143,649.000 marks was in cash, 1,345,112,000 in kind and the property ceded in the Sarre was 302,042,000. Deduct 1,261,001,000 marks,
the cost of the Prench army of occupation, and 238,771,000, France's part
in the Spa advances, and it is seen that France has on this showing actually
received in payments applicable to reconstruction 291,031,000 marks, or
less than $75,000,000. She has borrowed and expended for reconstruction
62,000,000,000 francs (paper), or at current exchange more than $4,000.000.000.

Resignation of Former Justice Day as Umpire of Mixed
Claims Commission—E. B. Parker Named as
Successor.
Announcement was made on May 21 of the resignation of
William R. Day, formerly Justice of the United States Supreme Court, as umpire of the Mixed Claims Commission
named to adjust the American war claims against Germany.
Edwin B Parker, of Texas, the United States representative
on the Commission, has been appointed by President Harding as umpire succeeding Mr. Day; the post of American
Commissioner becoming temporarily vacant. Regarding Mr.
As bearing on the same subject we quote the following
Day's retirement the Associated Press advices from Washfrom the "Journal of Commerce" of May 23:
said:
ington May 21
The resignation of Mr. Day, who told the President he wished to be relieved of his duties because he believed a younger and stronger man should serve
as umpire, came as the Commission was beginning to consider the 12.416
claims filed. The Commissioners representing the United States and Germany, respectively. Judge Parker and Dr. Wilhelm Kiesselbach, already
had begun hearings on the Lusitania claims. These had been presented
last week by Robert C. Morris, American agent, and Marshall Morgan,
counsel for the Commission in charge of the Lusitania claims. Their reargument after the appointment of the new American Commissioner probably
will be necessary, as the duties of Judge Parker as umpire will require him to
function only in settling disputes between the American and Gorman Commissioners.
Mr. Day's retirementfrom the Commission was a surprise. His selection
as umpire had met with widespread approval, because of his past experience
in mixed claims commission work and his reputation in long public service as
former Secretary of State and on the Supreme Court bench. Germany
asked the United States to appoint the Commission's umpire and expressly
approved the selection of Justice Day.
It was announced at the State Department to-day in connection with the
appointment of Judge Parker as umpire that the German Government was
glad to approve his selection.
Little delay in disposal of the American's claims, officials said, will result
from the Commission's personnel change. President Harding is expected
to appoint a new American Commissioner promptly and in the meantime
the American agent, Mr. Morris, and his staff will proceed with preparation
of test cases for presentation to the Commission. There has been no intimation so far of the probable choice of the President for the Commission
vacancy, but the Executive and Secretary Hughes were said to regard the
position as one of prime importance, containing great responsibilities to the
Government and to the thousands of individuals who are in the long list
of claimants.

Resignation of

Norris from Mixed Claims
Commission.
Following the resignation (referred to above) of former
Justice Day from the Mixed Claims Commission, named to
adjust the American claims against Germany, Robert C.
Morris of New York, United States Agent before the Commission, tendered his resignation to President Harding on
May 24. As to Mr. Morris's resignation press dispatches
from Washington May 24 said:
Robert C..

Announcement was made at the White House that he was retiring "at the
insistent call of his personal and prefessional affairs."
Mr. Morris, since the organization of the Commission last October, has
been engaged in preparing briefs on the claims that the American Government and its citizens have against Germany as the result of war damages
and has built up a staff to conduct the presentation of claims. The staff is
now functioning so well that Mr Morris felt he could return to his law
practice in New York. The White House announcement of his resignation
said it had been postponed "until the organization of the American agency
was fully perfected in every way."
President Harding is understood to be desirous that the work of the Commission ve expedited as much as possible and consequently it is expected
that he will soon will announce the appointment of successor to Mr. l'arker,
as American Commissioner and to Mr. Morris as American agent.

Reparations Commission Puts Reparations
Payments at Eight Billion Marks.
The following copyright cablegram from Paris, May 92,
was reported by the New York "Times":

Allied

Germany paid the Allies up to Dec. 31 1922 approximately 8,000.000.000
gold marks, including seizures. Of this amount. 5,000.000.000 gold marks
stand to Germany's credit. These facts stand out from an accounting
report made public to-day by the Reparations Commission.
marks, are:
The receipts listed, expressed in gold
13.000,000
1.878.515,0001Treasury receipts
Cash
3,495,006,0001State property ceded--2,553.905,000
Payments in kind
Total, 7,940,426,009 gold marks.




The German Industrial and Commercial Chamber has recently issued
a counter-statement to that of the International Chamber of Commerce
on the subject of reparations payments thus far made by Germany. It
is claimed that this is based upon official estimates arrived at after expert
valuation. The total obtained is 43,000,000,000 gold marks, as compared
with the 6,000.000,000 gold marks arrived at by the International Chamber
of Commerce. According to the German statement, the reparation
performances fall under the following heads:
1. Deliveries from existing stocks.
2. Deliveries from current production.
3. Deliveries in cash.
Regarded from this point of view, the following values, for the period
up to May 1 1921 come into consideration:
Million
1. Deliveries from Existing Stocks—
Gold Marks.
Property of the German State and realm, at home and abroad, excluding Alsace-Lorraine, Eupen-Malmedy and the . German
colonies
5.508
Saar Mines
1,018
Private cables
78
Non-military material abandoned by the German troops during the
evacuation of the territories of the western front
1,897
Armistice railroad material, including railway stock,
including reserve parts and motor lorries and plants in the ceded territories,
as well as railway and pontoon bridges spanning the Rhine
1,632
Mercantile fleet delivered up
5.825
Inland navigation vessels
104
German property abroad subjected to liquidation
11,740
Securities yielded up (according to Article 260 of the Treaty of
Versailles)
393
Germany's forced renunciation of her claims upon former allies
8,600
Total
36,798
2. Deliveries from Current Production—
and by-products
Coal. coke
1.681
Armistice and other reparation supplles (coal by-products, cattle,
dyes, machinery,timber, ate.)
278
Total
3. Deliveries in Cash—
Yield of the sale of destroyed war material (proceeds of scrap)
Rhineland duties and miscellaneous

1.959
26
10
-36

Total amount of the German deliveries up to May 1 1921
(sums 1 to 3)
38,793
For the period from May 1 1921 to Dec. 31 1922 the German reparations
deliveries reached the following amounts:
1. Deliveries from Current Production—
Railway parks in the ceded territories (new deliveries), excluding
the Memel district, Denmark and Eupen-Malmedy
616
Sea-going vessels
91
Inland ships
3
Coal and coke (world market price)
744
Armistice and other reparation supplies (coal by-products, cattle.
dyes, pharmaceutic products, machines, implements. timber, &c.) 340
Total
1.794
. Deliveries in Cash—
payments in foreign exchanges up to Dec. 31 1922
1,750
Foreign
174
Sale of destroyed war material (proceeds from scrap)
Rhineland duties and other reserve from economic sanctions
59
during 1921
163
English sanction levy
Miscellaneous items
48
2.194
Total
The total German reparation performances up to the end of 1922 thus
total 42.78 milliards of gold marks.
For the sake of clearness it must be remarked that the difference between
the German figures and those ot the Reparations Commission, as regards
deliveries in kind, arises chiefly from the fact that the German valuation
Is based upon world market prices, while the Reparations Commission
has only credited them at German inland rates. The profits accumulating
from this divergent estimation of values fall entirely to the recipient
countries, without In any way being credited to Germany. As regards
coal, it is a well-known fact that the profits accruing from the said divergence in value between the German domestic price and that of the world
market is utilized as a source of cheap foreign coal for the great French
industrial enterprises.
It is, moreover, misleading that the International C'oamber of Com111(TCe. in the main, merely takes count of the co-called "liquid Incomes'

the German reparafor the period up to May 1 1921. As a matter of fact,
mostly in transfers
tion deliveries and performances up to this date consisted
immediately, and these,
of capital values, which could not be realized
account of the
according to Article 235, must be credited to the capital
reparation debt.

France Assesses Ruhr Fines

2339

THE CHRONICLE

MAY 26 1923.]

in

Dollars.

We quote from the New York "Times" the following from
Duesseldorf, May 22:
military
Fines in dollars, instead of marks, are being levied by the French
the
authorities as punishment for sabotage and other offenses against
occupation forces.
telephone and
The city of Dortmund was fined $345 for destroying
marks.
telegraph wires; it refused to pay,and the French seized 15,000.000
were fired
The town of Lennep has been fined $155 because fifteen shots
into the station some nights ago, nobody being injured.

of the loan, and
allocation of $59,741 per annum during the first 2134 years
from the annual payment
of $250.000 per annum during the last 834 years.
is to be used for interest
by the United States. The income so allocated
to revert to the Republic
on, and retirement of, those bonds, any excess
annually, as provided in the trust agreement.
operative semi-annually
Sinking Fund.—A cumulative sinking fund,
issue by maturity. Sinking
commencing Sept. 11923,is to retire the entire
bonds in the open market
fund payments are to be used for purchase of
obtainable, for redemption
up to the current redemption price, or if not so
are to be canceled.
of bonds after call by lot. Bonds so acquired
Relation of Allocated Income to Loan Service.—
Average annual income from
Average annual income from
the "Constitutional Fund"
the "Constitutional Fund"
years 1916-224292,610
for the seven years 1917-224292.610 for the seven
Entire United States annual
Portion of United States anpayments to be allocated
nual payments to be altoservice of this loan during
to service of this loan durthe last 854 years thereof 250.000
ing the first 21% years
59,741
thereof
Total

Soviet Gives Germans 2,000,000-Acre Grant.
From the New York "Times" of May 19 we quote the following Associated Press cablegram from Riga, May 18:
agreeThe German Eastern Relations Society has signed a concessions
ment with the Government at Moscow, by which it receives 2,000.000
It will undertake
acres of forest land along the Moscow-Rybinsk railway.
to spend $3,500.000 to complete 200 miles of railway.
conIt is learned that another new German combination has received
siderable export and import privileges.

Prussia's "Potash Loan" Well Taken.
The New York "Times" had the following to say in a copyright cablegram from Berlin, May 20:
in terms of gold
The first annual corporation balance sheet made out
Co. Meantime, as
marks has Just been issued by the Hamburg Insurance
appears that
s,
regards the basis of calculating values in commoditie it
Prussia's 5% potash loan has been extremely successful.
announcement of a
The ready subscription to this loan has brought the
second loan for 50,000 tons of potash.

4351,351

Total

$542.610

Annual interest and sinking
Annual interest and sinking
fund requirements of this
fund requirements of this
loan during the last 835
loan during the first 2134
ti479.000
$281,000 Years
years
from an increase of the
t Increased requirement in these years results
States annual
sinking fund at the time the entire amount of the United
payments is to be allocated to service of this loan.
debt of the Republic
Debt.—Upon completion of this financing, the funded
$6,148,000 will be exwill aggregate approximately $7.000,000. of which
will be approxiternal debt. The total fixed service on such external debt
nal Fund for the
mately $471,250; whereas net income from the Cnostitutio
was $580,131.
year 1922 plus the annual payment by the United States
of carrying
The Republic is thus in the unique and advantageous position
using revenues
Is external debt wholly with external resources and without
from taxation.

Application has been made to list the bonds on the New
York Stock Exchange. It is expected that trust receipts of
the Guaranty Trust Co. will be ready for delivery about
June 7.

Offering of Bonds of Kansas City Joint Stock Land
Offering of $4,500,000 Republic of Panama Bonds.
Bank.
'W. A. Harriman & Co., Inc., and the Guaranty Trust Co.
Bonds of the Kansas City Joint Stock Land Bank, of Kan$4,500,000
of New York offered yesterday (May 25)
sas City, Mo., to the amount of $5,000,000 were offered on
Republic of Panama 30-year 5%% external secured sinking
May 8 by Blair & Co., Inc., the First National Co. of Detroit
fund gold bonds at 97% and accrued interest, to yield over
yield
2
/
11923, and Kelley, Drayton & Co., at 1021 and interest, to
5.65% to maturity. The bonds will be dated June
nearly 4.70% to the redeemable date and 5% thereafter.
Ind will maturelJune 1 1P53. They are coupon bonds in The bonds, issued under the Federal Farm Loan Act, bear
denominations of $1,000 and $500, registerable as to prin- 5% interest, are dated May 1 1923, mature May 1 1953 and
cipal only. Principal and semi-annual interest, payable
are redeemable at par and interest on May 1 1933 or any inJune 1 and Dec. 1, are exempt from any present or future
terest date thereafter. In coupon form, of $1,000 each, they
taxes of the Republic of Panama. Principal and interest are fully registerable, and the coupon and registered bonds
are payable in United States gold coin of the present standard are interchangeable. Principal and semi-annual interest are
of weight and fineness in New York City at the office of the payable at the Kansas City Joint Stock Land Bank or couGuaranty Trust Co. of New York, trustee. It is stated that pons may be presented for collection at the office of Blair &
the bonds are to be specifically'secured by allocation of net Co., Inc., New York. According to a letter from Walter
income from a "constitutional fund" of $6,000,000, which
Cravens, President of the bank, addressed on May 7 to the
is invested in first mortgages on New York City real estate
Land
due the houses offering the bonds, the Kansas City Joint Stock
and by the unassigned portion of treaty payments
outstanding on Mar. 31 1023 $23,052,000 bonds,
had
Republic of Panama from the United States. The bonds Bank
the present issue, and held $27,235,300 of mortare redeemable for the sinking fund on any interest date excluding
The paid-in capital of the bank is $1,661,200, which,
on 60 days' prior notice to and including Dec.1 1937 at 1023., gages.
double liability. It is added that the
thereafter to and including Dec. 1 1942 at 102, thereafter under the law, carries
bank has paid regular semi-annual dividends since January
to and including Dec. 1 1947 at 101 and thereafter at 100.
1922 quarterly dividends at the rate
They are redeemable as a whole at the option of the Republic 1919, and since July 1
1 1933, or on of 9% per annum have been declared. Mr. Cravens also
of Panama, on 60 days' prior notice, on June
any interest date thereafter, at the then current sinking says:
agricultural disThe policy of the bank is to limit its leans to the best
fund redemption price. According to a letter addressed to tricts of these States. At the present time it holds first mortgages on a total
the offering houses by Eusebio A. Morales, Minister of of 790,360 acres of diversified farm land having an aggregae appraised value
average about $34 per acre of land, or about 40%
Finance, Envoy Extraordinary and Minister Plenipotentiary of $67,940,000. The loansthe mortgaged land. The average size of its loans
of the appraised value of
of the Republic of Panama, the proceeds of "the loan are is about $7,500. All loans are for strictly agricultural purposes, and the
Loan
to be used chiefly for construction of modern highway , mortgages as determined by attorneys appointed by the Federal Farm lands
equity in the farm
bridges, &c., designed to develop further the resources of Board are absolutely first liens upon the land. The amortization payments
constantly increasing by reason of the semi-annual
the Republic. From the proceeds of this loan there is to be is upon the loans, and by the increase in farm values, which in the States
made
Trust Co. of New York an of Missouri and Kansas, according to United States census reports, has
deposited with Metropolitan
than 4% per annum for a period of 60 years.
amount sufficient to pay principal of, and interest on, $420,- amounted to bettercharacter of our loans is shown by the following comparaThe satisfactory
outstanding of 5% secured serial tive figures of interest in arrears. On Mar. 31 1923 interest in arrears to000 principal amount now
gold bonds of 1915, which mature Dec. 1 1923, 1924 and 1925; taled only $46,300 on loans of $27,200,000 and 90% of this amount was only
due. On Mar. 31 1922 interest in arrears amounted to
30 days or
and thereupon the lien of the trust indenture securing the $31,000 on less past of about $11,700,000.
mortgages
latter issue is to be cancelled." Other portions of the
The following condensed statement of condition of the
letter are summarized as follows in the circular:
Kansas City Joint Stock Land Bank of Kansas City, Mo., at
Relations with the United Stales.—Under the treaty between the United
States and Panama,ratified Feb. 26 1904, the United States was granted in
perpetuity the "use, occupation and control" of the Canal Zone. Article I.
of this treaty reads: "The United States guarantees and will maintain the
independence of the Republic of Panama." By Article XIV, the United
States is obligated to pay the Republic $250.000 gold per annum. Pursuant to the same article, the United States paid the Republic $10.000,000
onal
gold, from which payment the Republic established a "Constituti
Fund" of $6,000,000 which is invested in first mortgages on New York
City real estate and is to continue to be so invested so long as any of these
bonds are outstanding.
Security.—These bonds are to be a direct obligation of the Republic of
Panama. They are to be specifically secured, (a) by allocation, throughout
the term of this loan, of the net income from the Constitutional Fund
by
(which income averaged $292.610 for the seven years 1916-22); and (b)




close of business Mar. 31 1923 is furnished:
ASSETS.
First mortgage loans
Accrued interest on mortgage loans
U. S. Government bonds and securities
U. S. certificates of indebtedness
Accrued interest on bonds and securities
Farm loan bonds owned
Accounts receivable
Deposits in banks
Banking house and furniture and fixtures
Total

$27,235,300 00
481,593 18
24,228 31
1,000,000 00
33,680 65
921,000 00
183,268 17
417,951 96
89,618 51
$30,386,640 77

2340

THE CHRONICLE
LIABILITIES.

Capital stock paid in
Legal reserve
Surplus reserves and undivided profits
Deferred loans
Farm loan bonds issued
Reserve for unpaid coupons on farm loans bonds
Accrued interest on farm loan bonds
Notes payable
Amortization installments—principal
Total

$1,661,200 00
78,077 60
99,974 31
2,309,109 34
23,052,000 00
5,720 00
486,500 00
2,201,944 42
492,115 10
$30,386,640 77

• The bonds are exempt from all Federal, State, municipal
and local taxation, excepting only inheritance taxes. The
Kansas City Joint Stock Land Bank was organized under
Charter No. 5 granted by the Federal Farm Loan Board on
Jan. 8 1918 as the Lit— ty Joint Stock Land Bank of Salina,
Kans. In the early part of 1922 the main office of the bank
was moved to Kansas City, Mo., and its present name was
adopted by an amendment to the charter, approved by the
Federal Farm Loan Board, effective May 18 1922. The last
reference in these columns to an offering of bonds by this
bank appeared in our issue of Mar. 10 1923, page 1001.
Offering of $3,000,000 Bonds of Pacific Coast Joint

Stock Land Banks.
A syndicate composed of Harris, Forbes & Co., New York;
William R. Compton Co., New York; Halsey, Stuart & Co.,
Inc., New York; the First Securities Co. of Los Angeles; the
Security Co., Los Angeles, Mercantile Trust Co. of California, at San Francisco, and the Securities Savings & Trust
Co. of Portland, Ore., offered on May 21 a $3,000,000 issue of
5% bonds of the Pacific Coast Joint Stock Land Banks, as
follows:
$750,000 Pacific Coast Joint Stock Land Bank of Portland, operating In
Oregon and Washington.
$900,000 Pacific Coast Joint Stock Land Bank of Los Angeles, operating in
California and Arizona.
$750,000 Pacific Coast Joint Stock Land Bank of San Francisco, operating
in California and Nevada.
$600,000 Pacific Coast Joint Stock Land Bank of Salt
Lake City, operating
In Utah and Idaho.

The bonds were offered at 1021 and interest, to
h
yield over
4.67% to the redeemable date and 5% thereafter to
redemption or maturity. The bonds are dated Jan. 1
1923, are due
Jan. 1 1953 and are redeemable at par and accrued
interest
on any interest date on and after Jan. 1 1933. Principal
and
semi-annual interest (Jan. 1 and July 1) are payable
in New
York, Chicago, San Francisco, Los Angeles, Portland
or Salt
Lake City. The bonds are in coupon form, fully
registerable
and interchangeable; in denomination of $1,000. The Pacific
Coast Joint Stock Land Banks are owned or controlled by
the
stockholders of the following Pacific Coast banks and
trust
companies, having total resources of more than $500,000,000:

Security Trust & Savings Bank, Los Angeles; the First National
Bank, Los
Angeles; Pacific-Southwest Trust & Savings Bank, Los Angeles;
the First
National Bank, Portland; Walker Bros., bankers, Salt Lake City;
the National Copper Bank, Salt Lake City; the Utah State National
Bank, Salt
Lake City; Deseret National Bank, Salt Lake City; Mercantile
Trust Co. of
California, San Francisco.

[VOL. 116:

Banks was referred to in our issue of Aug. 26 1922, page 930;
previous offerings were referred to in our issues of Sept. 2
1922, page 1034, and March 3, page 880.
Offering of Bonds of Greenbrier (Lewisburg, W. Va.)
Joint Stock Land Bank Bonds.
On May 17 the L. R. Ballinger Co. and the Fifth-Third
National Bank of Cincinnati offered $1,000,000 5% farm loan
bonds of the Greenbrier Joint Stock Land Bank of Lewisburg, W. Va. The bonds were offered at 1021 and interest,
,
to yield approximately 4.6816% to the optional date and 5%
/
thereafter. The bonds bear date Mar. 1 1923, will mature
Mar. 1 1953 and are optional Mar. 1 1933. The coupon bonds
are in denominations of $500, $1,000, $5,000 and $10,000 and
the registered bonds in denominations of $1,000. Principal
and interest (Mar. 1 and Sept. 1) are payable at the bank of
Issue or the Fifth-Third National Bank of Cincinnati. The
Greenbrier Joint Stock Land Bank is empowered to make
loans on farm lands in Virginia and West Virginia; its loans,
it is stated, will be confined principally to the agricultural
valleys, comprising 33 counties in Virginia and 16 counties
in West Virginia, which include the Shenandoah Valley in
Virginia. It is claimed that H. W. Comstock, President of
the Greenbrier Joint Stock Land Bank has the distinction of
making the first Joint Stock Land band loan in the entire
system, having been connected with the Virginian Land
Bank, of Charleston, W. Va., the second chartered institution
In the System. The usual exemption privileges which are a
feature of bonds issued under the Federal Farm Loan Act
are held by these bonds.

Organization of Bankers' Joint Stock Land Bank of
Michigan.
The organization of the Bankers' Joint Stock Land Bank
of Michigan was completed with the election of the following officers on May 14: President, Frank W. Blair; VicePresidents, Henry H. Sanger, Edward Frensdorf, Dudley E.
Waters; Vice-President and Manager, 0. P. Gossard ; Secretary and Treasurer, John N. Stalker; Assistant Secretary,
Merrill C. Adams; Assistant Treasurer, George H. Stalker.
The directors are Frank W. Blair, Detroit; Dudley E. Waters, Grand Rapids; Henry H. Sanger, Henry M. Campbell,
Detroit; Charles J. Bender, Grand Rapids; Herbert B. Johnson, Kalamazoo; Edward Frensdorf, Hudson; Henry C.
Bulkley, Thomas J. Anketell, William C. Comstock and John
N. Stalker, Detroit. The proposed organization of the bank,
with a capital of $250,000 find surplus of $25,000, was referred to in our issue of May 5, page 1955. According to the
Detroit "Free Press" of May 15, it has already commenced
operation with offices in the Union trust building, Detroit.
It will operate in Michigan and Ohio.

Official information embodied in the offering circular Offering of Bonds of New York and Pennsylvania
says:
Joint Stock Land Bank.
Each of these Joint Stock Land banks has a paid-in capital of
Tucker, Anthony & Co. offered on May 24 a $1,000,000
$250,000
and a surplus of $25,000, and each bank is a separate unit, chartered
by the issue of 5% farm loan bonds of the
New York and PennsylFederal Farm Loan Board, and is obligated only for its own bonds.
However, the four banks are affiliated and their policies are unified by a
member- vania Joint Stock Land Bank. The bonds are dated Jan.
ship in a voluntary association which consists of a representative from
each 1 1923, are due Jan. 1 1953, and are redeemable at the
of these four Joint Stock Land banks, together with the President of the
Asso- option of the bank at 100 and
accrued interest on Jan. 1 1933
ciation, Mr. W. H. Joyce, formerly a member of the Federal Farm
Loan
Board at Washington and previously President of the Federal Land
Bank at or any interest date thereafter. They were offered at 103%
Berkeley, Calif. Mr. Joyce is also an executive officer of each of the
four and interest, to yield about 4.55% to 1933 and 5% therebanks.
after. The bonds are in coupon form of $1,000 and $10,000
The officers and directors of the banks are, for the most part,
officers of
the allied banks and trust companies, which are among the
strongest finan- denominations, and are fully registerable and interchangecial institutions of the Pacific Slope. Among the executives of
each bank able. Interest is payable Jan. 1 and July 1 and principal
are men thoroughly familiar with the farm loan business in
the States in
which the bank operates.
and interest are payable at the Chase National Bank of the
As of April 30 1923 the bank at Portland reports $2,000,000
of bonds City of New York. The New York and Pennsylvania
outstanding; the bank at Los Angeles, $2,500,000; the bank at
San Francisco Joint Stock Land Bank was organized May 2 1922 as the
$2,200,000 and the bank at Salt Lake City, $1,000,000.
First Joint Stock Land Bank of New York, and received
Statement of the Pacific Coast Joint Stock Land Banks
(As officially reported April 30 1923.)
a charter from the Federal Farm Loan Board to operate
Los
San
Salt Lake in the States of New York and Pennsylvania. The bank's
Portland.
Angeles.
Francisco.
City.
territory combines, it is pointed out, proximity to markets,
Acres of real estate security loaned upon
of products and stability of land values due to its
162,556
22,894
48,151
33,220 diversity
Total amount loaned_ __ _$2,377,550 82.296,500 $2,397,600
*1-026.400 density of population. The loans of the bank are in specially
esAppraised value of real
tate security
0,886,735 $5,434,881 $5,649,301 $2,498,220 chosen sections of the States of New York and Pennsylvania,
Average appraised value
and have been made on a basis of 33.5% of the total value
$36.21
$237.39
per acre
$117.32
$75.20 of the farms mortgaged as determined by the Government
Average amount loaned
appraisers. The bonds are exempt from all Federal, State,
$14.62
$100.31
per acre
$49.79
$30.89
municipal and local taxation to the same extent as the First
Percentage of loans to ap42.25%
praised value ofsecurity 40.37%
42.44%
41.08% Liberty Loan 33/% bonds. This exemption was confirmed
The bonds are issued under the Federal Farm Loan Act, by the United States Supreme Court in its decision of Feb.
and enjoy the tax exemption privileges accorded thereunder. 28 1921. A previous offering of $1,000,000 of bonds of
The organization of the Pacific Coast Joint Stock Land thelbank this year was referred to by us Feb. 10, page 569.




.
liA1 26 1923.]

Maryland-Virginia Joint Stock Land Bank Begins
Business.
The opening for business of the Maryland-Virginia Joint
Stock Land Bank with offices at 425 Munsey Bldg., Baltimore, Md.,is announced in the Baltimore "Sun" of May 23.
The organization of the bank, by interests identified with
the Equitable Trust Co. of Baltimore, was reported in these
columns April 28, page 1844. Elmore B. Jeffery, President
of the trust company, is President of the Maryland-Virginia
Joint Stock Land Bank; the other officers of the latter are:
Sifford Pearee and Charles H. Buck, Vice-Presidents, and
William A. Owings, Secretary.
Repayments Receive 1 by War Finance Corporation.
The War Finance Corporation announced on May 18
that from May 1 to May 15 inclusive, the repayments received by it totaled $4,330,730, as follows:
On export advances
On agricultural and live stock advances:
From banking and financing institutions
From live stock loan companies
From co-operative marketing associations
Total

nine foreclosures in six years, and with less than ono-half of 1% delinquent
payments, as on May 1, to-wit, $28,318. This record in this period of
agricultural depression, we feel, is proof of the soundness of the bank and
the ability and purpose of the farmers to protect the financial integrity of
the system which has served them so well. The record challenges the attenion, if not the admiration, of all thoughtful men.
The Federal Intermediate Credit Bank is now organized with an available capital of $5,000,000 subscribed by the United States Treasury. The
board of directors and executive committee of the Federal Land Bank are
charged with the responsibility of its administration, although its capital
assets and liabilities are entirely separate from the Federal Land Bank,
and neither is responsible for the liabilities of the other. Its scope of service
is to supply what its name would indicate, a new line of intermediate
credit for agricultural production and marketing, longer than is usually
extended by banks of deposit and shorter than farm mortgage loans. The
short-time banking needs of industrial, manufacturing and merchandising
enterprises were supplied by commercial banks, or banks of deposit, with
the Federal Reserve banks as a reservoir of flexible credit. The turnover
of the goods for which a short credit is supplied is from three to four months.
The turnover of the products of the farmer and live stock raiser is from
nine months to three years. The Federal Intermediate Credit Bank was
intended to supply this need.

$104.305
$2.788,788
902,439
535,198 4.226,425
$4.330,730

The repayments received by the Corporation from Jan. 1
1922 to May 15 1923 inclusive, on account of all loans
totaled $231,635,978.
by War Finance Corporation Account of
Agricultural and Live Stock Purposes.
On May 18 the War Finance Corporation announced
that from May 1 to May 15 inclusive, the Corporation
had approved 23 advances, aggregating $363,000, to financial institutions for agricultural and live stock purposes.
Advances

M. H. Gossett of Federal Intermediate Credit Bank of
Houston, on Functions of These Banks —Texas
Bills to Facilitate Access to New Line of Credit.
Discussing the functions of the newly created Federal
Intermediate Credit banks, M. H. Gossett, President of the
Federal Intermediate Credit Bank of Houston, Tex., in an
address before the Texas Bankers' Association at Dallas on
May 16 noted that "there appears to be much confusion in
the public mind as to the agencies through which the Intermediate Credit bank may serve." He stated that "the socalled Capper bill, creating National Agricultural Credit
corporations with a minimum capital of $250,000 has no
relation to the Federal Intermediate Credit banks. The
Capper Credit corporations," he noted,"are privately owned,
cannot rediscount with the Intermediate Credit banks and
have no limit upon the rate of interest that may be charged
except the laws of the States in which they operate." Mr.
Gossett's further remarks relative to the Intermediate banks
are contained in the following extracts which we take from
the Dallas "News":

No Direct Loans.
Like the Federal Land Bank, no loans are made on direct application
to the Federal Intermediate Credit Bank by individuals, but may be
made only through banks, incorporated co-operative marketing associations, and live stock companies for the use of their customers and
,
members. For the present the discount rate is 53 %, and no borrower
can be charred in excess of 13i% over the interest rate of the Federal
Intermediate Credit Bank. Co-operative marketing associations without
capital stock may borrow for their members on security of warehouse
receipts on grain, cotton, wool, mohair, tobacco and peanuts. These
commodities must be graded and in bonded warehouses and insured.
Loans may be made on the security of chattel mortgages on live stock
for proper purposes—buying, breeding, fattening and marketing. No
loan may be made in excess of 75% of the market price of the agricultural
products or live stock.
Fortunately, the general warehouse laws of Texas are the same as those
of the United States Government. Indeed the United States warehouse
laws passed by Congress were practically copies of the Texas statutes.
Loans may be made for not less than six months, nor more than three
years. Until the system is tried out, no loan will be made for a longer
period than nine months, but upon live stock paper;assurances of renewal
will be given if the security remains intact and meets the requirements
of the law in the matter of proper margin of security. Any safe banker
in granting a three-year cattle loan on the security of live stock would
retain the option to mature the loan, if, upon checking the security, it
was found insufficient as the result of death, strayed or stolen, or depreciation in market price below the point of safety. While no note will
have a maturity of less than six months, where it is desirable to market
the security of the note, pre-payment privilege will be allowed and interest
charged only for the time the funds were used.

The creation of Federal Land banks in 1916 and Federal Intermediate
Credit banks in 1923 was a radical departure from traditional political
theories in the matter of the legitimate powers of the Federal Government,
banking institutions and lending agencies with capital stock supplied by the
Federal Treasury. Beginning with Adam Smith's "Wealth of Nations,"
the controversy started: Too much government in business and not enough
business in government. Coming down to the inauguration of Washington
as first President of the United States, we find in his Cabinet Jefferson
and Hamilton, Jefferson contending that the Federal Government, with
Its limited powers, should do nothing which the States or the people could
do for themselves, Hamilton insisting, in the spirit of the general welfare
clause of the Constitution. that the general government should do practically all things which it could do more efficiently than the States or the
people.
As a matter of fact, for fifty years we have been talking Jeffersonian
Democracy and practicing Hamiltonian Federalism. In the passage of
these laws, no party lines were drawn and both dominant political parties
supported them.
I am not here to apologize for the Federal Intermediate Credit Bank,
but rather to explain the scope of services which may be expected of it.
When the Federal Land Bank was organized, six years ago, there were
those who denounced it as a heresy in Government and predicted failure
In operation. So there are those to-day who in advance of trial condemn
the Federal Intermediate Credit Bank and discount its usefulness.
Bank History Given.
A brief history of the Federal Land Bank of Houston may be of interest,
if not strictly germane, because of some analogy in the new legislation and
promise of service. Many doubted if the Federal Land Bank could be made
popular, and, with greater doubt,if it could be made both popular and safe.
The Federal Land Bank has loaned to 29,000 farmers in excess of $84,000,000 at an average rate of 534%. with a saving in interest alone to these borrowers of $2,500,000 per annum. Its operations have had the effect to
reduce by approximately 2% per annum the interest rate of other land mortgage agencies of this State, so that the benefit from its operations is not
limited to loans made by it.
Proof that the system is both popular and safe is found in the fact that
though many millions loaned to many thousands, there have been but




2341

TELE CHRONICLE

Much Confusion.
There appears to be much confusion in the public mind as to the agencies
through which the Intermediate Credit Bank may serve. The so-called
Capper Blll, creating national agricultural credit corporations with a
minimum capital of $250,000, has no relation to the Federal Intermediate
Credit Banks. The Capper credit corporations are privately 0%.ned, can
not rediscount with the Intermediate Credit banks, and no limit, upon
of the States in
the rate of interest that may be charged except the law
which they operate.
may issue
Federal Intermediate Credit banks, should the need arise,
times their capital stock.
and sell tax-free debentures to the amount of ten
Bank of Houston has a potential
Thus the Federal Intermediate Credit
to this new line
loaning capacity of $55,000,000. To facilitate access
purposes, the special
of credit for productive agricultural and live stock
session of the Legislature enacted yesterday three bills:
the InterPermitting banks to indorse paper discounted by them with
through
mediate Credit Bank without impairing their borrowing capacity
other sources.
members
Authorizing the creation of co-operative associations whose
which
are engaged in the breeding, fattening and marketing of live stock,
and held by the
corporations are required to have a capital stock owned
borrowing stockholding membership.
than
The incorporation of associations with capital stock of not less
providing for
$10,000, which may be subscribed by non-borrowers, and
ten, and
the automatic increase of the capital stock at the rate of one to
for
Which associations may offer paper to the Intermediate Credit Bank
live stock.
discount supported by warehouse receipts or chattel mortgages on
Lower Interest Needed.
It is believed that the basic industries of live stock and farming, which
feed and clothe the world,needs a lower interestrate for productive purposes
than heretofore available. If the banks of the country supply this need in
larger measure,then there will be lessfor the Intermediate Credit Bank to do.
Capital stock is not required of incorporated co-operative associations
which offer for discount paper secured by warehouse receipts on nonperishable agricultural products for productive purposes, or the orderly
marketing of the security pledged. Applications for loans with chattel
mortgages on live stock as security must come through banks or incorporated
associations with capital stock of not less than $10,000. Such associations
may discount eligible paper up to ten times its capital stock. The spread.
or profit, of 134% over the Intermediate Credit Bank rate to corporations
,
with less than $10,000 capital would not secure the services of a capable
manager for such loan association.
The thought should not be entertained that the funds of the Intermediate
Credit Bank is easy money, and that paper will be discounted with less
security than safe and sound banking experience would approve. It is
probable that many may be disappointed, but many others may profit by
its service. Our board of directors and responsible officers will feel that
not to handle the business of the bank with proper care and caution would
be a blunder scarcely less than a crime. To follow any other course than
safe and sound banking would be to invite disaster and destroy in the
beginning of its operation a system which promises a large and useful
service.
Applications Ready.
We are now ready to supply forms of application for discount of eligible
paper to banks, co-operative marketing associations and live stock loan
companies on request. We are preparing forms for charter and by-laws
for the organization of associations where there is a need of same in a.
community where conditions- appear to Justify such association.

2342

THE CHRONICLE

[VoL. 116.

Pennsylvania Supreme Court Concedes Right of Co., stating it was authorized by the Federal Reserve Board to transact
a fiduciary business and had complied with the law of Pennsylvania governNational Banks in State to Act in Fiduciary
ing the transaction of such business; had conformed with the Acts of
May 9 1889, P. L. 159, and May 20 1921, P. L. 991, agreeing to be subject
Capacity.
to supervision and examination by the Banking Department of PennsylThe right of National banks in Pennsylvania to act in a vania in the same manner as
corporations of Pennsylvania; and stipulated,
fiduciary capacity is conceded in an opinion handed down pursuant to requirements of the before-mentioned rule of court, that
by the State Supreme Court on April 9. The decision was "securities and other prope.ty received by the corporation both in a
fiduciary capacity and from the person or persons for
surety,
given in an appeal by the Commonwealth from the decision shall not be taken out of the jurisdiction of the court whom it isbe kept
and shall
of the Superior Court of Pennsylvania, which in upholding separate and apart from all moneys, securities and property of the said
the right of the Corn Exchange National Bank of Philadel- bank, so that the same can, at all times, be easily identified as belonging
to the estate of the person for whose account the same has been received,
phia to act as guardian in the matter of the estate of Edna and that trust funds received by said bank, whether as fiduciary or for
the person or persons for whom It is surety shall be deposited in a separate
Friable Turner, had reversed the decree of the Orphans'
another bank
Court of Philadelphia County. The findings of the account" inwas refused by or trust company of good standing. This
application
the Orphans' Court, whereupon the bank
Superior Court were referred to in these columns filed a petition, as guardian of the minors, asking that, notwithstanding
the refusal to approve its application to act as fiduciary, the funds in
December 2, page 2431. It appears that the Rittenquestion be awarded to it as guardian. This petition was
house Trust Co. of Philadelphia had been named by the and an appeal taken to the Superior Court which reversed also dismissed
the court below
Court as guardian, and that With the company's merger and from that decree we have the present appeals.
The Act of Congress, approved Dec. 13 1913 (38 Statute, 251), gave
with the Corn Exchange National, the latter had applied
the Federal Reserve Board power, inter alio, "to grant by special permit
for and secured from the State Banking Department a cer- of national banks applying therefor, when not in contravention of
State
tificate authorizing it to do a fiduciary business in Pennsyl- or local law, the right to act as'trustee, executor, administrator or registrar
vania. The Orphans' Court, however, refused the bank's ap- of stocks and bonds under such rules and regulations as the said Board
may prescribe." It was thus left to the courts to ascertain whether, in
plication to act as fiduciary and likewise dismissed the peti- any given case, the exercise of the powers granted would be in contration of the bank for the transfer to it of the funds of the vention of State or local law. Difficulties arose in the construction of the
Act,
Sept. 26 1918,
estate. Justice Frazer, in presenting the conclusions of the 867) resulting in its amendment in 1918 (Actas executor, 40 Statutes.
by permitting national banks to act
administrator.
State Supreme Court, stated that "the contention of the trustee, guardian, etc., in all cases where State banks, trust companies
Commonwealth is that to permit a Federal bank to act in a or other corporations which come into competition with national banks
the State in which the national
are permitted to
fiduciary capacity in this State . . . would amount to a bank is located,"act under the laws of
and also providing that "whenever the laws of such
ilolation of our laws." Pointing out the main points of State authorize or permit the exercise of any or all of the foregoing powers
•difference between the Federal and State acts in the grant- by State banks, trust companies or other corporations which compete
with national banks, and the granting to and exercise of such powers
ing of fiduciary powers, the opinion states that regulations by national banks shall not be deemed to be in contravention of State or
established for the government of Federal banks "are para- local law within the meaning of this Act." The statute contained
mount to State rules and the latter must yield whenever a further provision that banks exercising fiduciary powers should "segregate
all assets held in any fiduciary capacity from the general assets of the
conflict arises." Justice Frazer continues:
bank and shall keep a separate set of books and records showing in proper
It was with knowledge of this situation and the existing difference detail all transactions engaged in under authority of this section . . .
between rules governing State and Federal banks that Congress undertook to define, by the Act of 1918, what would be construed "in contravention of State law." It will be observed the definition refers to "powers"
only and not the rules governing the exercise of such powers. It is the
right itself, not the rules governing the exercise of the right, to which
reference is made. Concede the existence of the right in the State banks
and trust companies and we have the same right bestowed upon national
banks. Had Congress intended the latter to be governed by .;tato laws
in the exercise of the right given, surely expression of that intention would
be found in the statute. In the absence of such utterance, we must assume
Congress was satisfied with the rules already prescribed by the Federal
Reserve Board. If these rules happen to conflict with State regulations
on the subject, the latter must yield to the former because the right being
conceded the power to regulate the exercise of the right would follow
as a necessary incident.

The decree of the Superior Court was accordingly affirmed. Charles M. Caldwell, President of the Corn Exchange
National Bank, in terming the decision a victory for his institution, is quoted in the Philadelphia "Ledger" as saying:
We simply asked to be given the same rights as trust companies in regard
to fiduciary busiqt All we wanted was to be placed on the same basis
.
es, and this is upheld by the highest tribunal in the
AS the trust com
.State.

In a Harrisburg dispatch April 9 the "Ledger" said:
Officials of the State Banking Department to-day expressed the belief
that the opinion handed down by the Supreme Court in Philadelphia
giving national banks in Pennsylvania the right to act in a fiduciary
capacity would make trust funds held by national banks subject to the
same State taxes as similar funds held by trust companies.
"Under a Federal Reserve Board rullng," said Peter G. Cameron,
State Banking Commissioner, "national banks now have the right to
engage in fiduciary business when this does not conflict with State law
or regulations. The Supreme Court decision clarifies their status under
Pennsylvania law."

We give herewith Justice Frazer's conclusions
In the Supreme Court of Pennsylvania, Eastern District.
In the matter of the Corn Exchange National Bank of Philadelphia,
No. 272.
In the matter of the petition of Estate of Edna Frisbie Turner, deceased,
Nos. 273 and 274 January Term, 1923. Appeals of Commonwealth of
Pennsylvania.
Appeal from the decision of the Superior Court of Pennsylvania, reversing Decree of the Orphans' Court of Philadelphia County.
OPINION.
Frazer, J.:
These two appeals involve the same question, namely, whether a national
bank has the right to act as a fiduciary under the laws of the Commonwealth of Pennsylvania; they were argued together and will be decided
in a single opinion.
In settling the account of executors of the estate of Edna Friable Turner,
a fund was awarded to minor children, beneficiaries under the will of
decedent, The Court appointed the Rittenhouse Trust Co., of the City
of Philadelphia, guardian of their estate and before the account was called
for audit that company was converted into a national bank and consolidated with the Corn Exchange National Bank, with power granted
by the Federal Reserve Board to transact a fiduciary business. The
latter applied for and secured a certificate from the State Banking DePartment authorizing it to do fiduciary's business in Pennsylvania and
presented a petition asking that funds belonging to the minors be paid
to it. This the Court refused to do until the bank secured the approval
Court of Philadelphia County, under Rule 21 of that
of the Orphans'
Court relating to approval of fiduciaries. Accordingly, a petition was
presented for that purpose setting forth the fact of petitioner's incorporanational banking laws and its subsequent consolidation
tion under the
National Bank, formerly the Rittenhouse Trust
With the Rittenhouse




but nothing in this Act shall be construed as authorizing the State authorities to examine the books, records and accounts of the national bank
which are not held in trust under authority of this sub-section." It
also required that "funds deposited or held in trust by the bank awaiting
Investment shall be carried in a separate account and shall not be used
by the bank in the conduct of its business, unless it shall first set aside
in its trust department, United States bonds or other securities approved
by the Federal Reserve Board." Numerous other administrative provisions are found in the Federal Act that need not be referred to here.
The contention of the Commonwealth is that, to permit a Federal
bank to act in a fiduciary capacity in this State, under the statutory
provisions referred to, would amount to a violation of our laws. The
Act of May 21 1919, P. L. 209, provides, inter ails, that the Banking
Department shall have supervision of all corporations or persons receiving
money on deposit for safe keeping, including banks incorporated under
the laws of the United States, which shall, pursuant to Federal law or
regulations, be permitted to act in any fiduciary capacity and makes all
such corporations subject to inspection and examination by the Banking
Commissioner. By Act of May 20 1921, P. L. 991, it was provided that
no person should have the right to appoint, in a fiduciary capacity, any
corporation other than a corporation organized and doing business under
the laws of Pennsylvania and subject to the supervision and examination
of the Banking Department of the State, or a corporation organized under
the laws of the United States and doing business in Pennsylvania by
resolution of its board of directors agreeing to place itself under and subject
to the supervision and examination of the State Banking Department
"In the same manner and to the same extent as corporations organized
and existing under the laws of this State."
A comparison of the foregoing Federal and State Acts shows the main
point of difference is that the Federal statute allows inspection of the
books and records of only that part of the assets of national banks as
are received in a fiduciary capacity and requires them to segregate all
assets held in a fiduciary capacity and prohibits commingling them with
other assets in its business, unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal
Reserve Board, while on the other hand, the State Acts authorize supervision by the Banking Department of all assets of the corporation and
forbids substitution of securities for the funds but requires tho companies,
in all cases, to keep trust funds separate from its other assets and to indicate all investments made as fiduciaries, so that the trust to which the
Investment belongs shall be clearly known. It is argued this difference
in the two provisions produces a conflict, making the Federal Reserve
Act in direct violation of State law by permitting uninvested funds to be
mingled with the general assets and removing such funds from the inspection and supervision of State authorities. The Corn Eschange National
Bank has complied with every provision of the State rules, regulations
and laws, by consenting to the examination of all its assets by the State
bank examiners and agreeing to keep trust securities on deposit in a separate
bank. This voluntary compliance with State rules would, in itself, seem
to render unnecessary a further discussion of the question raised. Appellant contends, however, that the national bank cannot, validly, agree
to be bound by State law or by local rule of court, which is contrary or
Inconsistent with the Federal law and that, consequently, the question
still remains whether it was not beyond the power of the bank to agree
to comply with the State regulations where they are in conflict with Federal
practice.
The answer to this contention is that, in so far as the State law is inconsistent with the Federal Act, the former must yield to the latter, even
though the result may be to place upon Federal banks a benefit or burden
not received or assumed by the State banks and trust companies.
The definition given in the Federal Act as to what constitutes a violation
of the State law takes no cognizance of the fact that certain administrative
details in the regulations of Federal banks were different from those
governing State institutions. The existence of these difference, however,
are not sufficient to deprive a national bank of the enjoyment of its powers
under the Federal law.
The establishment of the Federal Reserve Bank was a matter within
the scope of Federal power and a State cannot, in any way, interfere
with the powers of such banks,except in so far as Congress has permitted

MAY 26 1923.]

THE CHRONICLE

them to do so. When the Federal Act was passed Congress had knowledge
of the fact that various States had adopted different laws and systems
governing persons or corporations acting in a fiduciary capacity. Having
this knowledge, they gave to the Federal Reserve Board power to prescribe regulations for the government of Federal banks. Regulations
thus established are paramount to State rules and the latter must yield
whenever a conflict arises. It was with knowledge of this situation and
the existing difference between rules governing State and Federal banks
that Congress undertook to define, by the Act of 1918, what would be
construed "in contravention of State law." It will be observed the
definition refers to "powers" only and not the rules governing the exercise
of such powers. It is the right itself, not the rules governing the exercise
of the right, to which reference is made. Concede the existence of the
right in the State banks and trust companies and we have the same right
bestowed upon national banks. Had Congress intended the latter to be
governed by State laws in the exercise of the right given, surely expression
of that intention would be found in the statute. In the absence of such
utterance, we must assume Congress was satisfied with the rules already
prescribed by the Federal Reserve Board. If these rules happen to conflict with State regulations on the subject, the latter must yield to the
former because the right being conceded the power to regulate the exercise
of the right would follow as a necessary incident. We believe this view
is fully supported by the opinion in First National Bank v. Union Trust
Co., 244 U. S. 416, and cases therein cited.
The decree of the Superior Court is affirmed.

2343

Government Withdrawals from Banks the Present
Week.
Something like $200,000,000 was withdrawn from the
banks this week by the Government, the sum withdrawn
from the Federal Reserve Bank of New York alone amounting
to over $100,000,000. Following the withdrawal of $81,000,000 on Monday from the depositary banks in the local
Reserve District, the Government yesterday (May 25)
withdrew further funds of $27,000,000, making the total
withdrawals here $108,000,000. Referring to Monday's
(May 21) withdrawals, the New York "Times" of May 19
•
said:

Hearing Before Gov. Smith on New York Legislation
Validating Tax on Bank Shares—Compromise
Agreement in New York City.
On May 23 a hearing was scheduled before Gov. Smith at
Albany on both the Walker bill and the Sheridan bill, validating the 1% tax on national and State bank shares collected in 1920, 1921 and 1922. The passage of these bills
by the New York Legislature grew out of the decision of the
U. S. Supreme Court declaring unconstitutional the 1%
bank tax law. Without the Sheridan bill the cities would
have had to return the tax collected under this law for the
past three years. Stating that in spite of protests from some
of the most prominent lawyers in the State, representing private and investment bankers, Gov.Smith will sign the Walker
bill, imposing a 1% tax on money capital in competition with
national banks as well as on national bank shares, the
"Journal of Commerce" in Albany advices May 23 added:

The Government has notified the local Reserve Bank that it will withdraw a total of $81,000,000 on Monday. This large withdrawal of funds
Is primarily for the purpose of meeting payments due on the Victory notes
which have been called for redemption on that date. Taking the country
as a whole, it is expected that the Government will withdraw upward of
$200.000.000. This, with balances on hand, is expected to take care of all
of the Government's requirements for the Victory note redemption. It
was said yesterday that a total of $774,000,000 of Victory notes have been
called for payment on Monday. Redemption of these bonds will clear the
Victory notes from the Treasury's books. In banking circles, however.
it is expected that it will be some time before the last bond is paid due to
the delinquency of investors to present bonds for payment. Of the $774,000.000 Victory notes outstanding, it is estimated that $300,000.000 were
presented in exchange for Treasury notes recently offered. In addition
It is estimated that from $100,000,000 to $150,000,000 will not be heard
from for some time to come,leaving approximately $300,000.000 to be paid
off on Monday. About a third of this total is expected to be presented
In this district.

Quarterly

Meeting of Advisory Council of Federal Re-serve Board--No Change in Discount Rates
Cuban Branch.

The regular quarterly meeting of the Federal Advisory
Council of the Federal Reserve Board was held in Washington on Monday and Tuesday of this week, May 21 and 22.
Only a very brief statement regarding its deliberations was
issued by the Council, with the conclbsion of its sessions, this
indicating that Federal Reserve rates would be maintained
at the present level of 43/i%,in view of the satisfactory business conditions. A formal statement on its deliberations
follows:

John W. Davis, Franklin B. Lord and William H.Seward told the Governor that the bill singles out private and investment bankers and imposes
A regular statutory meeting of the Federal Advisory Council was held on
an unfair and discriminatory burden on them. .They denied the assertions
that private bankers are now escaping their fair share of taxation, Mr. May 21 and 22 at which general business conditions of the country were
Davis declaring that in reality they are paying more taxes than the State reviewed, and reports from all quarters were satisfactory and indicated that
business is progressing conservatively and on a sound basis.
and national banks.
The Advisory Council discussed the matter of discount rates and was of
As to the Sheridan bill, calling for the refund of the three- the opinion that there appeared to be no reason why Federal Reserve
year tax collections, the "Journal of Commerce" in its Al- hank rates should be increased at this time.

bany dispatch said:
In New York City an agreement has been reached by which the banks
will accept a return of only 50% of this tax. The banks in all the other
cities are expected to do the same thing. The Governor postponed the
hearing of the Sheridan bill, pending the action of the other cities. If
they all accept the 50-50 agreement the Sheridan bill will be unnecessary
and the Governor will undoubtedly veto it.
Governer Smith said at the hearing to-day that he would have to sign the
Walker bill, as the cities of the State in making up their budgets had calculated on getting the money from this tax. He said that the cities have
got to got the money somewhere, and that the vhole question of bank
taxation will be studied by the Legislative Tax Committee before the convening of the next Legislature.
New Law Probable.
It is probable that the Walker bill will remain on the statute books only
during the present year. A more acceptable tax will be devised by the
Committee and recommended to the next Legislature. It is likely that it
will be along the line of the Knight bill of this year, which imposes a tax of
4H% on the net income of banks. It is understood that the banks have
no objection to this bill.
Under the Supreme Court decision States were prohibited from taxing
bank shares without taxing all moneyed capital in competition with the
national banks. That accounts for the manner in which the Walker bill
was drawn.

While other matters, including the question as to whether
the Federal Reserve Bank of Boston should be granted permission to establish an agency in Havana or whether the
privilege be conferred on the Federal Reserve Bank at
Atlanta, came before the Council for discussion, the "Journal
of Commerce" points out that only on the subject of business
conditions would the Council indicate any conclusions, the
proposal to authorize the establishment of a Cuban agency
and the program for the elimination of free services to
member banks being treated with the utmost secrecy. FrOm
the Washington dispatch to the "Journal of Commerce" we
quote the following:
In addition to discussing the business situation the members of the
Council. which is comprised of a representative from each of the twelve
Federal Reserve districts, submitted reports of conditions in their respective
sections. These reports have not yet been analyzed by the Board, but were
understood to reflect Ip general a spirit of caution which has developed in
Industry which is counted upon as a safeguard against over-expansion.
The members of the council were understood to see the present situation
In the country as a time for observation rather than action.

In its further advices from Washington May 23, the
Referring to the compromise reached with the New York same paper said:
City banks, the New York "Times" of May 23 had the
Plans of the Federal Reserve Board for the elimination of free services
performed for member banks by Reserve banks remained unsettled after
following to say:
As the result of a compromise between Comptroller Charles L. Craig and
representatives of banking interests over the levying of a State bank tax,
the city will save upward of $10,000,000. It was announced yesterday by
the Comptroller, after a resolution he had introduced at a special meeting
of the Board of Estimate had been unanimously adopted.
There have been several conferences between the Comptroller and the
banking interests looking to a compromise. This came about at a meeting
yesterday of the Comptroller and a committee representing Clearing House
banks headed by Walter E. Frew, President of the Corn Exchange Bank,
and Stephen Baker, head of the Bank of Manhattan Company.
The settlement agreed upon is on the basis of payment of 50% of the
principal of taxes for 1920, 1921 and 1922 by the national banks, and the
same percentage for the State banks for 1920 and 1921, and 100% for 1922.
Instead of the city returning $14.000,000 to the banks as it was ordered to
do by the courts It will return $3,357,000.
"It is my judgment," said the Comptroller, that it is more advantageous
to the city to settle this mattcr on this basis than risk the uncertainties of
litigation."
The Comptroller stated that in view or the agreement reached there was
no need for the Sheridan bill upon which a hearing before the Governor is
scheduled for to-day. The Comptroller was authorized by the Board to go
to Albany and recommend that the Governor veto this measure.
Herbert Bissell, President of the State Bankers' Association, has agreed to
recommend that a similar settlement be made with the various local municipalities.




an all-day conference to-day with a special committee of Governors of
Reserve banks appointed to investigate the question of effecting greater
economy in the operation of the system.
The possibility of reducing the expenses of the Reserve banks by substituting a fee system for the services performed in the collection of notes,
drafts and other facilities provided for members banks was gone over.
but the conclusion was reached that the matter would have to be submitted to the various Reserve banks for consideration and suggestion
before any concrete recommendations could be made to the Board.
Establishment of an agency of the Boston Reserve Bank in Cuba was
also taken up by the Governors, but it was stated that the proposal Is
still pending and Board members offered no indication of when action
on that proposal could be expected.

Recommendations of Secretary Hoover's Committee
on Business Cycles— Comment Anent Gold
Reserves.
The inquiry begun more than a year ago by a committee
named by Secretary of Commerce Hoover, incident to President Harding's National Conference on Unemployment in
1921, to devise means to check business depressions, resulted
In the presentation of a report last month which, according

2344

THE CHRONICLE

to Secretary Hoover,"does not suggest panaceas or economic
revolution, but seeks to drive home the facts that the enlargement of judgment in individual business men as to the
trend of businses, and consequent widened vision as to approaching dangers, will greatly contribute to stability, and
that the necessary information upon which such judgments
can be based must be systematically recruited and distributed." The report and its recommendations were made
public April I. In submitting its recommendations the committee said:
In conclusion, the committee would reiterate its conviction that unless
business men, bankers and others who are responsible for policies and
practices in industry begin without delay to.study and to act in order to
meet the problems of unemployment and business cycles, solutions which
may prove to be fundamentally unsound will be attempted without the
benefit of practical experience. No problem before the business world
to-day offers a more inspiring challenge to sound industrial leadership.

[Vol,. 116.

A questionnaire is proposed to businessmen, bankers, managers of public
utilities, wage-earners and public organizations with a view to stimulating
organized consideration and inquiry.
The committee states that there is great need also for recording data as
to the speed offreight movements so as to show whether the output of farms
and factories is being promptly distributed to the consumer.
In collecting figures on stocks and production a list of commodities has
been suggested to the committee by experts as most significant in showing
the trend of the business cycle. The list follows:
Raw wool and woolen textiles; raw cotton and textiles; hides and leather
and shoes; iron and steel and leading fabricated products,such as structural
steel and standard toels; zinc, lead, and copper and leading products of
each; bituminous coal.
Economic Research.
In connection with its recommendation for research work the committee
said:
Industries generally recognize the need of research in physical science,
Laboratories have been equipped with large staffs of trained workers. A
similar recognition of the importance of economic research and the interpretation of economic facts would be the beginning of better control of business
conditions by business men.

The committee, more familiarly known as the Committee
The Committee's recommendations as to control of credit
on Business Cycle, was composed of Chairman, Owen D.
Young of the General Electric Co.; Joseph H. Defrees, for- expansion by banks, and possible control of inflation by the
mer President of the United States Chamber of Commerce; Federal Reserve System are set out as follows in the report:
Recommendation IV.—Control of Credit Expansion by Banks.
Mary Van Kleeck of the Russell Sage Foundation; Matthew
The individual banker, like the individual business man. may properly
Woll, Vice-President of the American Federation of Labor;
responsibility. If only in his own
be asked to assume some
.Clarence M. Woolley, President of the American Radiator Interest, his policies should measure of by the general business situation
be determined
Co., and Secretary, Edward Eyre Hunt, Secretary of the as well as by the apparent soundness of the particular transactions his
Conference on Unemployment. In addition to Secretary customers ask him to finance. The solvency of his customers is inextricably
bound up with that of other
The soundness of their
Hoover's remarks above, relative to the report, Mr. Hoover transactions often depends upon business firms. the expansion of business
whether or not
also stated:
Is outrunning the purchasing power of consumers. To guide his policies
Broadly,the business cycle is a constant recurrence ofirregularly separated
booms and slumps. The general conclusion of the committee is that,
as the slumps are in the main due to the wastes, extravagance, speculation,
inflation, over-expansion and inefficiency in production developed during
the booms, the strategic point of attack, therefore, is the reduction of these
evils, mainly through the provision for such current economic Information
as win show the signs of danger and its more general understanding and
use by producers, distributers and banks, inducing more constructive
and safer policies.
Furthermore, the committee has developed some constructive suggestions as to the deferment of public work and construction work of
large public-service corporations to periods of depression and unemployment, which, while in the nature of relief from evils already created
would tend both by their subtraction from production at the peak of the
boom and addition of production in the valley of depression, toward
more even progress of business itself . . .
The whole problem belongs to a vast category of issues which we must
as a nation confront in the elimination of waste if we are to maintain and
Increase our high standards of living. No waste is greater than unemployment, no suffering is keener or more fraught with despair than that
due to inability to get jobs by those who wish to work.

The Committee in its report says:
From the Illustrations of business experience which vie have reviewed
it Is evident that knowledge of one's own business should be strengthened
by:knowledge of the conditions in the industry of which it is a part, and by
information about current and future trends in general business conditions.
The business man is placed thereby in a strong position to exercise judgment
based on facts rather than on guesses, speculations or approximations.
First, he must have available for his use current facts about general
business conditions throughout the country and knowledge of the probable
future trend of general business conditions.
Second, he must have the basic facts about his industry. Because his
particular business is influenced by conditions affecting his entire industry,
he must be in a position, with others in his industry, to study its peculiar
Industrial problems.
Third, he must secure enough facts about his own business to give him
not merely statistics but a proper basis for judgment as to his general policies.
Fourth, he must inform himself in regard to the general credit situation
and especially the attitude of his own bank toward extensions of loans.

As to its suggested remedies for controlling the extreme
fluctuations of the business cycle the Committee says:
The suggested remedies that have been Included in the analysis made
by the Committee relate both to the direct prevention of expansion or
inflation and to the prevention of unemployment. In the order of their
discussion these proposed remedies are:
Control of credit expansion by banks generally.
Possible control of inflation by the Federal Reserve System.
Control by individual business men of the expansion of their own
industries.
Control of public and private construction, including construction by
public utilities, at or near the peak of the business cycle.
Construction of public works in the depression.
Unemployment reserve funds.
Federal and State employment bureaus.

The following account of the report is taken from the
"Commercial":
For "Enlightened Conduct."
The committee considers that before banks, business men and others can
take constructive action in the enlightened conduct of business in this
relation, there must be recruited and constantly disseminated the founds
mental information on which the trends in business can be properly adjudged
by each individual business man.and it strongly recommends the recruiting
of enlarged and more systematic statistical information by the Department
of Commerce and its wider dissemination.
Attention is called to the fact that the ebb and flow in demand for consumable goods is less controllable than that of construction of buildings and
equipment, both Governmental and private: that the tendencies of boom
periods are to thrust a double burden on the community of providing for
increased consumable goods and at the same time undertaking the larger
burdens of construction; that, therefore, the construction industries are to
some extent the balance-wheel on the ebb and flow of boom and depression.
The committee points out the part the Federal Reserve banks can play in
restriction ofspeculation and at the same time in liberalizing credit in times
of depression.




the banker, like the business man, needs access to a large fund of knowledge
about the general trend of business activities, and because he is a specialist
in finance the banker has a peculiar obligation to give sound advice to his
customers. One suggestion is that when prices are rising and business is
expanding, bankers should ask borrowers to maintain an increasing ratio
of quick assets to current liabilities.
Before the establishment of the Federal Reserve System the banks often
expanded their loans until their reserves were reduced to a dangerous
point. Forced then to curtail credit drastically, their action had made
more severe the reaction following a period of prosperity. It is generally
recognized that in 1920 the resources of the Federal Reserve System enabled
the banks to carry thbir customers through a difficult period and thus very
likely prevented a panic. Much would have been gained if more of the
banks had warned their customers of the impending financial stress.
The individual banks can render another service in the depression.
Both the Reserve System and the banks protected customers to an extraordinary extent during the period of falling prices. But borrowing by
individual banks from the Federal Reserve banks during the last depression
was new to the banks of this country, and many such banks had an uncomfortable feeling of inefficiency and weakness until their loans at the
Reserve banks were reduced to small amounts or were entirely eliminated.
In many specific instances this undoubtedly resulted in their bringing
pressure on customers to liquidate loans as early in the period of recovery
as such liquidation was possible. And while in some ways liquidation was
helpful, undoubtedly it sometimes resulted in complete or practically
complete liquidation of businesses which with a little more time could have
regained their feet. Fortunately a reasonably liberal policy in the depression stage of the last cycle was the general practice on the part of banks and
of the Reserve System.

Recommendation V. Possible Control of Inflation by the Federal Reserve System.
A close parallel is usually observable between the cycle of business and
the cycle of credit. While the relationship between the volume of credit
and the volume of business and the movement of prices is not always
simple
to interpret it appears to be sufficiently close to make it a matter of first
importance that the volume and the flow of credit should at all times be
tested by the contribution which additions to the volume of credit make
to the total of economic production. Additions to credits which cannot
be economically validated by a commensurate effect In actual production
are speculative, and as such should be subjected to control,so that business
and industry can be maintained in a healthy state. Such control is primarily
the responsibility of the banker, and secondarily of our agencies of banldng
supervision.
Credit conditions are of major importance in the upward movement of
the cycle and in precipitating the decline, so that the first and most important method of controlling the cycle and preventing excessive expansion
should be found in the fundamentals of our banking situation. Control
of expansion so that production is allowed to increase and business is
actively stimulated to a proper degree, while expansion is checked at the
stage when it becomes dangerous, is a fundamental principle already
accepted by bankers.
The only automatic check upon the expansion of bank loans in a period
of prosperity is the requirement of law that the banks shall always maintain
a certain specified minimum legal reserve against their current liabilities.
But there should be an additional limitation due to the banker's own
realization of his responsibility to the community in the issuance of additional credits. This is particularly important because under the Federal
Reserve System the so-called automatic check upon the banker can be
rendered ineffective through the replenishment of his reserve by borrowing
from Federal Reserve banks.
With the Federal Reserve as the chief agency for the supply of credit
beyond the ordinary supply of the banks of the community, the problem
requires wise and sagacious administration on the part of the Federal
Reserve System, so that this most important function of the Federal
Reserve System can be effectively performed. From the point of view of
the economic welfare of the country, the Federal Reserve authorities should
be given every encouragement and support in the administration of the
credit facilities of the System.
•
The Federal Reserve banks now hold, as a result of the World War, a
amount of gold than would suffice to support all of the credit
much larger
which American.industry and agriculture can possibly need on anything like
present price levels. Much of this gold we are holding only temporarily—.
virtually as trustees for the world. With the return of more prosperous
conditions in Europe a considerable part of this gold will naturally leave us.
Meanwhile this excess gold might become the basis of a disastrous inflation of our domestic credit, which would be followed by an even more disastrous collapse when the gold goes out. It has been suggested that the
Federal Reserve System should, if possible, set aside or earmark as a special
reserve against future foreign demands that portion of their gold holding's

lay 26 1923.]

2345

THE CHRONICLE

which is considered by them now in excess of the proportion of the world's State Institutions Admitted to Federal Reserve System.
gold which this country should normally be expected to hold.
The following institutions were admitted to the Federal
Although it is important that credit should be available at the time of a
crisis, it is also important for the general public to realize that the expansion Reserve System during the two weeks ending May 18:
Total
of credit in times of "prosperity" should be guarded by the voluntary action
Resources.
Surplus.
of business men, cautioned and advised by bankers,to the end that "prosCapital.
District No. 2—
perity" may be preserved and not destroyed by inflation, which in due Importers & Traders Bank of New
course must precipitate depression and deflation with their inevitable
$1.500,000 $7,000,000 $46.773,377
York, New York, N. Y
consequences of social and economic distress.
The Amalgamated Bank, New York,
Our banking system represents a common pool of both investment and
275,000
75.000
200,000
N. Y
commercial capital, and for that reason the devices of Europeah systems
District No. 11—
to the same extent
for the control of speculation are not applicable here
31.250
6,250
25,000
First State Bank, Taft, Texas
as they are abroad. A finer distinction between the two broad groups is
desirable but is largely impracticable in the United States. The subject,
however, warrants research and study. In any event the determination
Subscriptions to United States Treasury Notes.
of the time when business passes from the area of economically legitimate
4
hazard, or when the proper
hazard to the area of economically Illegitimate
Subscriptions of $1,234,570,400 to the 43 % United States
use of capital for the expansion of production passes into the improper use Treasury Notes, Series B-1927, offered on May 6, were
for the pyramiding of prices requires a large development of economic
announced by Secretary of the Treasury Mellon on May 23.
statistical information and agencies for its interpretation.
In a Government such as ours the most difficult question to solve from The offering was referred to by us in these columns May 12
the very beginning has been how to centralize in individuals sufficient (page
2075), and as indicated by us last week (page 2200),
power to enable the Government machinery to function wisely and promptly
except that in
and at the same time to Impose such restraints and balances as to guard the subscription books were closed May 12,
against autocratic or arbitrary exercise of such power. This is the problem the case of exchanges for Victory Notes opportunity was left
which faces us in the development of the Federal Reserve System to its open
until the close of business May 16. Of the aggregate
maximum usefulness, and it is a problem worthy of most careful and
subscriptions of $1,234,570,400, $947,900,500 were cash
thorough study by bankers and associations of bankers.

4
In its recommendation for control by business men of the subscriptions and $286,669,900 were exchanges of 43 %
Victory notes. The amount of the offering was $400,000,• expansion of their own industries, the Committee said:
Planning production in advance and with a reference to the business 000, or thereabouts, with the right reserved to the Secretary
cycle, laying out extensions of plant and equipment ahead of immediate of the Treasury to allot additional notes to the extent that
requirements, with the object of carrying them out in periods of depression
4% Victory Notes were tendered in payment. Allotand carrying through such construction plans during periods of low prices,
in conformity with the long-time trend, the accumulation of financial ments on cash subscriptions amounted to $382,052,900, and
reserves in prosperity in order to mark down inventories at the peak, and allotments on exchange subscriptions to $286,669,900, makthe maintenance of a long view of business problems rather than a short
ing the total allotments for the issue $668,722,800. Exview, will enable firms to make headway toward stabilization.
In its recommendation for the control of private and change subscriptions were allotted in full in the order of
receipt of applications. Secretary Mellon's announcement
public construction at the peak, the Committee Said:
The essential steps in any general program are to plan construction work, of May 24 continues:
private or public,long in advance with reference to the cyclical movement of
business and in the case of public works to pass necessary legislative
appropriations when facts about the trend of business show that it is sound
policy to spend money for such purposes.
The Committee calls attention to the need for careful drafting of laws
to insure a policy of reserving public works projects, if this is to be done
effectively. The need for fixing the responsibility for the preparation of
such plans in advance,the importance of securing the release of the projects
at the right time by legislation, and the provisions for financing should be
considered with special relation to the obstacles, legal and others, which
the particular public authority would have to overcome. While the difficulties are great, everything which can be accomplished in this way is
valuable.

As to the Committee's recommendations respecting upemployment reserve funds we quote the following from the
report:
To provide reserve funds or savings during periods of prosperity from
which the worker may draw during periods of compulsory unemployment
is one of the important methods advocated as tending toward relieving
the fluctuations of business. Such plans of co-operative provision for
relief against unemployment are not primarily designed to decrease the rn
amount of unemployment but to alleviate its evil effects.
The idea of employer, employee, or both, contributing during periods of
employment to a reserve fund under separate or joint control to help
sustain the worker when unemployed in periods of depression and to equalize
and stabilize his purchasing capacity merits consideration. It attacks one
of the most vital of our industrial problems. The establishment of funds
by the employer or by associated workers to take care of foreseen or unforeseen contingencies has proved advantageous in the past. Neither reserves
against decline of inventory value set up by manufacturers nor unemployment benefits of trade unions are new things to American industrial life.
The principle may well be extended.

In making allotments on cash subscriptions preference was given to
small subscriptions. Subscriptions for amounts not exceeding $100,000
for any one subscriber were allotted in full in the order of receipt of applications up to one-half of the amount of the offering, and after that were
allotted 50%, with full allotments on all subscriptions up to $10,000. Subscriptions over $100,000 were allotted 10%. but not less than $50,000
on any one subscription. The allotments on cash subscriptions in amounts
not exceeding $100.000 for any one subscriber aggregated $329,314,200.
while the total allotted on cash subscriptions in larger amounts was only
$52,738,700.
The subscriptions and allotments were divided among the several Federal
Reserve Districts as follows:
Total
Exchanges (InTotal
eluded in Total
Subscriptions
Subscriptions
Federal Reserve
Subscriptions
Allotted.
Received.
District—
Allotted).
$2,804,500
Treasury
$2,804,500
$2.804,500
21,364.000
90,796,400
58,653,500
Boston
145.365,800
262,470,100
526,552,400
New York
17,867,500
104,147,100
48,314,300
Philadelphia
16.439.800
53,084,000
103,282,600
Cleveland
5.670.200
19,828,500
28.595,100
Richmond
4,950,000
18,393,600
35,370,200
Atlanta
33,360,100
88,289.900
137,664,000
Chicago
13.014,200
40,115.300
55.457.100
St. Louis
5,794,400
15.414.000
15.414.000
Minneapolis
19,751,400
7.418.000
31,661.600
Kansas City
1,919,600
7,771.900
21,901.900
Dallas
10,701,800
33.831,800
77,523,500
San Francisco
Total

$1.234,570,400

$668,722,800

$286,669.900

Stanley Baldwin Succeeds Bonar Law as Britain's
Prime Minister.
For the second time within a twelve-month a new Prime
Minister has come into power in Great Britain. Following
the resignation of Andrew Bonar Law, due to failing health,
Stanley Baldwin, Chancellor of the Exchequer, was offered
the post of Premier by the King on May 22 and he accepted.
The official list of the new Cabinet of Prime Minister Stanley Baldwin, issued on May 25, shows that Lord Robert Cecil
has been appointed Lord Privy Seal, and that J. H. C. Davidson, who was Secretary to ex-Premier Bonar Law, becomes
Chancellor of the Duchy of Lancaster. Mr. Baldwin combines the Premiership and tlie Chancellorship of the Exchequer. The other members of the Cabinet are practically
the same as in the Bonar Law Ministry. The list shows that
Board to Prime Minister Baldwin failed to persuade Sir Robert Horne
Institutions Authorized by Federal Reserve
or Austen Chamberlain of the Lloyd George Cabinet to join
Exercise Trust Powers.
his Ministry.
The Federal Reserve Board has granted permission to
Stanley Baldwin, the new British Prime Minister, played
following institutions to exercise trust powers:
the
a comparatively minor part in British politics until the adThe Old Colony National Bank of Plymouth, Mass.
The Ocean County National Bank of Point Pleasant Beach, Point Pleas- vent of the Bonar Law regime following the resignation of
ant Beach, N. J.
Premier Lloyd George and the break-up of the coalition
The First National Bank of Canonsburg, Canonsburg, Pa.
which guided British destinies during the war. Under Mr.
First National Bank of Fleetwood. Fleetwood, Pa.
The
Lloyd George he was Financial Secretary to the Treasury
The First National Bank of Bethlehem, Bethlehem, Pa.
The National Bank of Washington, D. C. (supplemental).
and later President of the Board of Trade, and it was in recThe Central National Bank of Attica, Ind.
ognition of his abilities in the field of finance that he was
National Bank of Davenport, Davenport, Ia.
The First
The American National Dank of Wausau, Wis.
named to the important position of Chancellor of the ExThe Merchants National Bank of Hampton, Va.
chequer by Bonar Law. In the United States his most wellBank, Olympia, Wash.

The investigation was undertaken with the assistance of
appropriations toward its cost from the Carnegie Foundation
and with services contributed to the Committee by the
National Bureau of Economic Research, the Russell Sage
Foundation, the Federated American Engineering Societies,
the United States Chamber of Commerce. the American
Federation of Labor, the American Statistical Association,
the American Economic Association, the Bureau of Railway
Economics and the Department of Commerce, and a number
of others. It is also stated that the vast compilation of
fact and opinion on which the Committee based its conclusions was effected under the direction of the National
Bureau of Economic Research, whose Director, Wesley C.
Mitchell, is known as an authority on the business cycle.

The Olympia National




2346

THE CHRONICLE

known achievement as Chancellor was the negotiation of
the war debt settlement with the United States, in the course
of which he visited Washington at the head of the British
Debt Mission.
Russian Reply to British "Ultimatum."
Following conferences last week in London between Leonid
Krassin and Lord Curzon, at the suggestion of the Soviet
Russian Government, a note was received by the British
Government on May 23 indicating a willingness upon the
part of Russia to make new concessions to comply with the
recent British note, which was characterized, it may be recalled, as an ultimatum. The date originally set within
which the Russian Government could make a full reply to
the British note was May 18, but this time was extended by
the British Government. The note indicated that the consequences to general peace which might arise from a break
between England and Russia were causing the Russian Goveminent serious apprehension. "Not wishing to give anybody grounds for placing, even in the smallest degree, any
responsibility for the possibility of such results," the note
continued,"even indirectly upon the Soviet Government, the
latter is willing to make new concessions." The Russian reply then goes on to describe the character of the concessions
It would make, complying with practically all the demands
set forth in the recent British note. The full text of the Russian reply, as published in the New York "Times" copyrighted cablegrams from London, follows:

riroL. 116.

by the law of supply and demand,prices have risen naturally"
and further that "sugar prices throughout the world are on
about the same relative level." While expressing the
belief "that the present agitation has not unduly interfered
with household consumption," the letter says that "it has,
however, frightened thousands of retail and wholesale
distributors of sugar into reducing their stocks." Anything
done to interfere with the normal movement and marketing
of sugar," saysithe appeal, "is against the best interests of
the country" and it is suggested that the Department of
Commerce issue a statement "bringing the sugar facts of
supply and requirements up to date, so that they may
officially give the public the benefit of their information."
The letter, which was given out at the offices of Lamborn
& Co., Inc., follows.

New York, N. Y., May 22 1923
Honorable Warren O. Harding,President of the United States of America,
Washington, D. C.
Dear Mr. President The sugar trade, an industry In which there are
hundreds of thousands engaged, has reason to feel deep indignation became
it has been held up to the country by representatives of the Government,
and by others, as using unfair methods, working against the best interests
of the general public.
We truthfully and emphatically state that we know of no conspiracy
or organized effort to advance prices, and, therefore. strongly resent those
unsubstantiated charges.
As citizens we appeal to you for the protection of our good name, in
confident anticipation that the spirit of Justice to industry which has
guided this nation since its birth will prevail.
We respectfully invite your attention to the following facts and figures:
1. The sugar supply available from Porto Rico, Hawaii, Louisiana and
Philippine Islands for the current year is substantially the same in total as
last year. However, the Cuban crop, which is our principal source of supMy Lord —I am instructed by my Government to hand you the following ply, is short about 300,000 tons from last year, and on the 1st of January
1923 there was a decrease in stocks in Cuba,compared with Jan. 1 1922, of
communication:
"The Russian Government notes with satisfaction the fact that the British about 1.200,000 tons; the beet sugar crop of the United States was short
people have clearly revealed their will for the maintenance of peace and the about 300,000 tons, making the supplies in countries from which we norprevention of a break with Russia. Thus the very fact of the extension mally draw our sugar supply 1,800.000 tons less than last year. Against
of the time limit of the ultimatum gives ground for hope that there is possi- this decrease, the increase in European production has been about 500,000
bility of reashing an agreement and of avoiding the consequences of the tons. While the signers of this article may not all reach the identical
conclusion from the same statistics, due to the fact that consumption must
break which would follow from the English memorandum.
"The consequences to general peace which might arise from a break always be estimated, even it' production be known, we all believe the above
figures to be substantially correct.
between England and Russia are causing the Russian Government serious
2. The sugar market, being governed by the law of supply and demand,
apprehensions. In that event great danger would threaten the preservation of peace, and humanity would as a result be threatened with countless prices have risen naturally.
3. That there has been no undue withholding of supplies by Cuba is
calamities. Serious damage would be done also to the equilibrium of
political relations, which are already being disturbed by a number of events, shown by the fact that Cuba has to date this year shipped 60% of her
and a basis would be created for the aggressive aims of militarist elements available supplies, compared to 55% at the same time last year.
4. The stocks of raw sugar now held by importers in New York are
in most countries, even independently of the will of the British Government.
"Not wishing to give anybody grounds for placing, even in the smallest only 17.000 tons, against 31,000 tons held by Importing interests other
than refiners last year.
degree, any responsibility for the possibility of such results, even indirectly,
5. Sugar prices throughout the world are on about the same relative
upon the Soviet Government, the latter is willing to make new concessions.
level.
"In view of this, the Russian Government is ready in the question
of
6. Our principal source of supply is Cuba. United Kingdom. Canada
fishing in northern waters to conclude a convention with the British Government granting to English citizens the right of fishing outside the three-mile and the continent of Europe are constantly competing with the United
States for Cuban sugars.
limit pending the settling of this question in the shortest possible time at
7. With reduced supplies throughout the world, curtailment of conan international conference, and to pay compensation for cases in point.
"The Russian Government is ready to pay compensation for the execution sumption along reasonable lines Is obviously necessary. We believe
of Davidson and for the arrest of the Journalist, Mrs. Stan Harding, with that the recent agitation has not unduly interfered with household consumption. It has, however, frightened thousands of retail and wholesale
the reservation, however, that this willingness in no way signifies that
the distributors of sugar into reducing their stocks. It is our
belief that
Russian Government recognizes that there was any irregularity in
the re- anything done to interfere with the normal movement and
marketing of
pressive measures it took against these spies, because their crimes have
been sugar is against the best interests of the country. This Is particularly
proved definitely and by due legal process, and repressive measures
against true at this time, when we are approaching the period of
heaviest sugar
them were taken before the conclusion of the Anglo-Russian
trade agree- consumption and the time when the fruit
crops of the country must be
ment,in view of which their claims can in no way be regarded
as a condition preserved In order to avoid various economic loss.
for maintaining the agreement.
8. We think it significant and worthy of note that the Chancellor of the
"The Russian Government is ready to take back the two
letters signed British Exchequer within the recent
past publicly recognized the statistical
by Weinstein.
position of sugar as accounting for higher values.
"As to the claims of the British Government on the
question of the
The Department of Commerce was one of the first to publicly recognise
observation of the conditions of the Anglo-Russian trade agreement
in the the acute sugar situation, and issued a
statement in early February 1923
East, the Russian Government again repels the charge of
having infringed showing respective supplies
and requirements. The tact should not be
the agreement and does not see, as far as this question is
concerned, any overlooked that sugar
is an agricultural product and that Its growth is
other possibility of settling the conflict and pres enting
future recriminations subject
to all of the vicissitudes of climate, soil, weather, labor, &c., and
and of co-ordinating the differing points of view and
the aims of England that since the last
report by the Department ot Commerce, because of a
and Russia except by detailed discussion of them
by specially delegated drought
in Cuba. the production of sugar has been further decrea.secl. We
representatives of both Governments.
respectfully suggest that the Department of Commerce now issue a further
"The Russian Government is quite ready to reiterate the
undertakings statement bringing the sugar facts of supply and requirements up to date,
given in the Anglo-Russian trade agreement of March
16 1921. or to confirm so that
they may officially give the public the benefit of their information.
them again in a special declaration, provided that
a similar declaration is
Most respectfully.
also made by Great Britain.
It is self-evident that if and when the British
Government makes to the
Russian Government friendly representations as to what
it regards as Cordell Hull on Results Incident to Lifting of Sugar
infringements of the trade agreement by any agents or officials
of the Russian Government the cases will be carefully
Tariffs in Canada—Urges President Harding to
investigated and the necessary
measures will be taken. This is, of course, on a basis of
reciprocity.
Lower Duties.
"Should the British Government really desire to
consider the prints at
issue between the two Governments.'the Russian
Cordell Hull, Chairman of the Democratic National
Government is agreeable
to delegate at once Peoples Commissary for Foreign
Affairs Tchitcherin to Committee, who in March urged that "the most immediate
meet the representatives of the British Government."
and potential single remedy for the sugar situation would
I take this opportunity of renewing to your Lordship
the assurances of
my highest consideration.
be found in the issuance by the President of a proclamation
LEONID KRASSIN.
reducing the existing sugar duties 50%," this week argued

anew his proposal for a reduction of sugar tariffs. Mr.
Sugar Trade Appeals to President Harding for
Hull, who, it is stated, visited President Harding on May 19
Protection of "Good Name."
and pointed out the results witnessed with the lifting of the
An appeal to President Harding "for the protection of tariff on raw sugar in Canada, is quoted as saying on that

our good name" was addressed this week to the head of date:
of Canada in reducing the
the Government by representatives of the sugar trades, onThe recent actionon refined sugar 50 cents tariff of raw sugar 40 cents
100 pounds and
an
therein "that we know of no conspiracy or organ- resulted in a reduction in like amount of the price 100 pounds, immediately
who state
of refined sugar to Canaized effort to advance prices and therefore strongly resent dian consumers, as reported in the press. Here is positive proof that a resugar tariffs results immediately and directly in a corresponding
duction of
these unsubstantiated charges." The letter was drawn up reduction in sugar prices to consumers.
In view of those patent trade and economic facts. I again call upon Presat a meeting in New York City on May 22, attended,
his proclamation in accordance with the terms of his
it is understood, by sugar brokers, refiners and producers. ident Harding to issue Commission
telegram to the Tariff
in March, cutting the sugar tariff rates
The letter contends that "the sugar market being governed 50%. Such action would at once reduce the price of sugar to American




MAY 26 1923.]

THE

CHRONICLE

2347

at the same time made no st tement whi2h contains any reference to probable
consumers from one to two cents a pound, and would
been built up.
carry-over of cotton ( n Jul 1 and has made no 'forecast or
destroy the basis on which wild sugar speculation has
reduced 50% by
With the world tariff rates of 2% cents a pound in effect
" that paper had the following to
large conjecture on cotton,'
and other
Presidential proclamation, Java. the British East Indies
ship and sell to say editorially in its issue of My 24:
producing sugar countries would find themselves able to
a dispatch
to a reasonable
The "Journal of Commerce" published yesterday morning
America at least until tho price of sugar is brought down
the confrom Hon. Herbert Hoover, Secretary of Commerce, relative to
profit level.
that have been in circulation
carry-over
reducing the duty on sugar, flicting figures regarding cotton
Instead of making the simple experiment of
states that he has never
desperate ex- for some time past. Mr. Hoover emphatically
and
the Harding Administration is still indulging in the most
which is named any committee to forecast the probable carry-over of cotton
pedients to divert attention away from the sugar tariff outrage,
issued any such forecast or
excessive and that the Department of Commerc has never
costing the American people around $400,000,000 a year in
this we have not the slightest
made any conjecture as to cotton. As to
extortionate prices.
complete publicity
sugar will question, and are happy to afford the fullest and most
Now that Canada has proved that a reduction of the duty on
position. We venture.
Harding that we can,supply with reference to Mr. Hoover's
corresponding reduction in the retail price, will President
bring a
is in the public service
American con- furthermore, to express the opinion that there
profit by that actual demonstration and do as much for the
with his eye single to
Canadian to-day no one who is disposed to work more faithfully
sumers of sugar as the Canadian Government has done for the
We wish him and his management
the public interest than Mr. Hoover.
consumers?
utmost success, and would do nothing
of of the Department of Commerce the
Mr. Hull's previous statement was given in our issue re- to put him or it in an erroneous light.
As to the facts in the case regarding the cotton figures we understand
31, page 1371, and on April 21, page 1720, we

March
ferred to the report of the U. S. Tariff Commission, in which
it was stated that advanced sugar prices since January have
been "due to causes not connected with the American tariff."

Harry H. Rogers at Texas Bankers' Convention, on
Possibilities of Development of Texas as
Greatest Cotton Manufacturing State.
Referring to the development of the cotton mill industry
in Texas, H. H. Rogers, of San Antonio, in an address
before the Texas Bankers' Association at Dallas on May 16,
urged a study of the situation by the financial interests, and
stated that if the intelligence of Texans can be centred upon
this problem for a reasonable time, the State can become
the greatest cotton manufacturing State in the Union. His
remarks are reported as follows in the Dallas "News":

them to be as follows:
1. Varying figures by the Department of Commerce and the Departcarryover
ment of Agriculture, one set of which shows the assumed actual
,
of cotton at 6,000,000 bales, and the other at 6.800,000 bales, respectively
as containing large
are challenged by a Department of Agriculture expert
statistics
elements of conjecture or estimate due to the lack of reliable
a
as to foreign stocks. The 6.000.000-bale estimate when reduced to
common state with the other figure, becomes 4,500,000 to 4.800,000, a

"The United States grows approximately 60% of the world's cotton and
consumes 30% of the world's cotton," Mr. Rogers said.
in
"In 1919 there were 153,505,000 spindles; of these 59,000.000 were
Great Britain and 34,000,000 in the United States. The 59.000,000 in Great
Britain consumed only about one-half as much of the cotton as our 34,000,000. In 1919, of the 34,000,000 spindles in the United States, 14,600.000 were in the South. This was increased in 1920 to 15,031,161, in 1921
to 15,476.672 and in 1922 to 15,915,104 complete, and with those building
amounted to 16,232,624.
"In 1919 there were 672,751 looms, of which 44% were in the South.
More than 60% of the increase in spindles and looms since 1880 has been in
the South.
as
'"Fhe advantages of cotton milling hi the South may be enumerated
and
follows: Proximity to the source of raw material, thereby saving freight
longer
tare; lower tax rates and valuations; abundance of cheap labor and
cheaper
working hours; cheaper and better housing and working conditions:
follows: Added
living expenses. The disadvantages may be enumerated as
to the
freight on certain classes of finished goods, especially those shipped
extreme East.
and bringing
"There is no concentration enabling the exchange of labor
Lack of
a large number of purchasers of the manufactured products.
with one exception,
proper financial Ruppert. All of the mills in Texas,
not being familiar
have been financed locally, and as bankers, as a rule, are
they are
with the manufacturing business, especially ot this character,
nt. In many
either unable or unwilling to give proper financial encourageme
account ot
places in the South the mills are unable to do Iinishing work on
believe it
unsuitable water. This does not apply to all, nor, in tact, do I
applies to many localities in Texas.
South Logical Location.
"The best thought of the country has been given to the cotton milling
business, and the 00119011SM of opinion is that the logical location tor cotton
mills is in the South, at least the advantages seem to be with her now, and
we see no reason why the situation should change in the years to come. If
mills aro to be located in the South, why not in Texas? This State offers
equal advantages to any other Southern State, and mills have been in
operation a sufficient length ot time to convince any reasonable man that
they can be operated successfully when supported financially, as other
businesses are and managed by competent leaders.
"The cotton mill industry began in Texas in 1900 and has had a slow but
steady growth until to-day there is a capitalization of over 86,000,000,
representing an investment of $10,000,000. The industry this year will
consume in excess of $12,000,000 worth of cotton to produce cloth worth
$20,000,000. It gives employment to over 4,000 people, with 845,090
weekly pay-roll.
"If the financial interests of Texas will make the proper study of the
situation and lend the proper encouragement, there is no question but that
the next few years will see the number of mills increased, the present mills
enlarged, and this will in turn benefit every other industry in the State, and
especially benefit the cotton industry as a whole.
"If the intelligence of her people be centred upon this problem for a
reasonable time Texas can become the greatest cotton-manufacturing State
in the Union. We certainly can not afford to produce one-rhird of the cotton crop of the United States and manufacture less than 3%.

discrepancy of fully 2,000.000 bales.
statis2. The 6.800,000-bale figure was prepared by a committee of
and
ticians, economists and others for the Department of Agriculture
it
has been circulated, whether with or without official authority, as
which
sanctioned by the Department of Commerce. The committee
es of the
prepared the estimate included in its number two representativ
Monrgomery, who
Department of Commerce, F. M. Surface and E. 0.
not.
at all events shared in the work, whether they "sanctioned" It or
between
3. There thus seems to be a conflict of evidence or opinion as
joined in
the two Departments, while members of both have officially
responsibility for the
making predictions. As to just where the ultimate
Injustice
various forecasts or reports Ls located, few are much concerned.
for
may have been done by correspondents in attributing responsibility
given
estimates to the Department of Commerce or in suggesting that
representative
steps were taken with its sanction. The statement by a
are
of one Department that such estimates were prepared, or that there
errors in the figures which must be allowed for by the other and by the
the
public at large, however, affords basis for doubt and tends to throw
market into confusion.
GovernNow,this is not a matter tor the display of heat or passion. The
ment is clearly responsible for the publication of erroneous and unwarranted
cotton estimates, forecasts and reports. It has been so responsible for
years past. Beginning twenty years ago with the notorious cotton scandals
in the Department of Agriculture and continuing through the early history
of the Census office as a permanent bureau of the Department of Commerce, where the incorrectness of the ginning figures fairly startled the
country, the Government has been periodically and steadily publishing
false figures. Two years ago there was an enormous error (so admitted
by the Department of Agriculture itself) in acreage and in estimated yield.
This year there comes the surprising discrepancy to which reference Is now
made. All this antedates Mr. Hoover himself by many years.
But it is a public question. As such it deserves discussion with a view
the
to correction. The "Journal of Commerce" has steadily maintained
position that the forecasting of yields, production, stocks and other ecoy and that
nomic mattees were quite outside of Government responsibilit
such action was an injury to the community and not a help. It adheres
to that position to-day. In the work of the Department of Agriculture.
for instance, the definite forecasting of crop yields is atsolutely unjustifi
able. The department perhaps is warranted in doing its utmost to get
them from as
percentage figures as to the condition of the crop, obtaining
many sources as possible and publishing them for what they are worth,
leaving the public then to draw its own conclu-sions.
the
Moreover, in so doing the utmost care should be taken to avoid
concluslightest suggestion of official forecast or responsibility for the
sions or inferences which may be drawn by the public. As for the issuance
of sheer forecasts or conjectures based on opinion and without any explanation of the basis upon which they are made. action of the sort is wholly unought to
justifiable. It cannot be defended by any use of logic and no one
statistics,
attempt it. The time has fully come to rectify our Government
conflict
eliminate all use of conjecture and forecast and prevent the turther
eubject.
of n Minn and statement between de •irtmente or bureaus on any

Conflicting Estimates of World Carry-Over of Cotton—
Doctor Meadows' Statement.
Conflicting estimates of the world carry-over of cotton,
which apparently emanated from two departments of the
Federal Government, have not only been a more or I( ss
disturbing feature but have been the subject of criticism.
The two branches of the Government from which these
differing forecasts are said to have come, are the Department
of Agriculture and the Department of Commerce. While
Secretary of Commerce Herbert Hoover has taken occasion
to declare in a letter to the "Journal of Commerce""that his
Department has sanctioned no committee on cotton," "has




In publishing Secretary Hoover's letter to it on May 23
the "Journal of Commerce" said:

was furnished
A new contribution to the discussion of recent cotton figures
telegram
yesterday by Herbert Hoover. Secretary of Commerce, who in a
newspaper with
called attention to comment recently appearing in this
figures relating to
reference to a reported discrepancy between carryover
Agriculstocks of cotton said to have been published by the Department of
reports in questure and the Department of Commerce,respectively. The
of
tion refer to the statement of Dr. W. R.Meadows of the Department
at the
Agriculture, who discussed the prospects of the probable carryover
recent convention of cotton manufacturers in Richmond.
Mr. Hoover's Telegram.
Mr. Hoover's telegram was as follows:
Washington, D. C., May 22 1923.
Editor of the "Journal of Commerce"
yesterday on "CotSir —My attention has been called to your editorial of
totally at a loss to
ton Error," the entire misrepresentation of which I am
economists and
understand. Reference is made therein to "a committee of
of Commerce
others who lately put forth under sanction of the Department
next." This Dean estimate of the probable carryover of cotton on July 1
has made no
partment has sanctioned no such committee on cotton. It
of cotton on
statement which contains any reference to probable carryover Therefore.
July 1 and has made no "forecast or conjecture on cotton." between the
bales
your conclusion that there was an error of two million
Agriculture as
estimate of this Department and that of the Department of estimates of
;Is no
to probable carryover on July 1 is a complete fabrication,
criticism is absolutely
carryover have been made by this department and the
misrepresentation
unwarranted. I must protest against the continued eetions and stateway, attributing to us
of this Department in an editorial
will be obliged if
ment which have never taken place or been made, and I presentation in
will n of yetohuer kindnesst give this telegram its proper
hav
statement.
correction
HOOVER.
(Signed) HERBERT

2348

THE CHRONICLE

[voL. 116.

Reply to Mr. Hoover.
The reply sent Mr. Hoover follows:
New York, May 22 1923.
Hon. Herbert Hoover, Secretary, Department of Commerce, Washington
D.C.:
Sir —Your wire this date. Editorial in question based on dispatches
from
Richmond and Washington appearing in this and other newspapers,
and
reporting speech of Dr. W. R. Meadows. Dispatches represented
Department of Commerce as making statement as to carryover of cotton
and Department of Agriculture as making forecast of probable carryover, circulating same under sanction of Department of Commerce.
Reported names of
economists and others who prepared estimate for Department of Agriculture include representative Department of Commerce. This
appeared to
indicate participation of your department In the statistical work. Glad
to pUblish your telegram prominently and any other statemeat
you may
choose to make. No intention here misrepresenting or misjudging
either
department of yourself in any way.
(Signed) EDITOR "JOURNAL OF COMMERCE."

In influencing markets by predictions of future conditions.
One of those
who consented to be quoted was G. D. Moulson
of the committee on statistics of the Cotton Exchange, who said:
"Any announcement that the world's indicated carryover of cotton
will
be thus and so Is simply ridiculous and might lead
to wild speculation. I
certainly would not venture to estimate the foreign carryover. On
April 1
the Department of Agriculture said the amount of
American cotton in the
world was some 6,000,000 bales, and that the consumptio
American
n of
cotton for the eight months ended April 1 was
about 9,000,000 bales,
which would mean approximately 13,500,000 bales for
the year, allowing
a consumption of 4,500,000 bales for the last four
months. This would
leave 1.500,000 bales for carryover.
Sources of Information.
"At the season of the year in which the report was put out,
in order to
estimate the carryover of American cotton in the United States
on Aug. 1,
It is necessary to base the prophecy on three hypotheses:
first, that the Census Bureau reports on the quantity of cotton grown during
the past three
As to the statement attributed to Dr. Meadows, of the years are accurate; second, that exports will reach a certain
problematical
Department of Agriculture, we take the following special figure; third, that American mills will consume a certain definite quantity
of cotton, which in the very nature of things is an unknown
factor. The
Washington advices to the "Journal of Commerce" May 18: Census Bureau reported
40,000,000 spindles operating on a single-shift
Differences In the figures showing the foreign stocks of cotton account basis in the month of March;
but no one can say what curtailment may be
for the 2,300,000 bale discrepancy in the estimated carryover
of cotton as put into effect during the remainder of the year.
Sponsored by the Department of Commerce and as circulated by
"What can be the object of dealing with future conditions in this or any
the Department of Agriculture. •
other market, unless it be to disturb the trade? In the cotton market there
Dr. W. R. Meadows, of the Department of Agriculture, whp
are three general sources of information—the various departments of
told the
the
American Cotton Manufacturers' Association Convention at Richmond Government, statistics
compiled by this and other Exchanges, and data
that he believed that there was a two-million-bale error in the
estimated collected by individuals, or private concerns. For many years the trade
carryover as put out with the sanction of the Department of Agriculture has relied upon
facts and figures from the Department of Agriculture and
on April 20. explained that the disparity in the estima es was
due to the the Census Bureau; but lately the Department of Commerce has taken to
use of different totals showing the foreign holdings of cotton.
Issuing reports and predictions.
He said that
he was familiar with the statistics used by the Department of
Commerce
Might Cause Heavy Losses.
in estimating that the world carryover as of April 1 was
approximately
"It will be recalled that on May 1 1922 that Department issued an esti4,500,000 bales, but said he did not know upon what figures the
economists. mate which placed
the carryover of American cotton on Aug. 1 1922 at
bankers and business men invited to interpret the available
crop figures in 4,291,000 bales.
In November the actual carryover was estimated as
view of the world outlook for agriculture had used in arriving
at the predic- being 5,123.000 bales,
a discrepancy of more than 800,000 bales. Where
tion of a 6,800.000 bale carryover as of July 31.
the totals are large, an error of this kind is not of such vital importance
The error in the estimate, according to Dr. Meadows, was
due to the as it would be in a season
like the present, where a few hundred thousand
Inaccuracy of the figures that the group accepted as to
the stocks abroad, bales might easily
make a difference of many cents per pound in the market
because the figures as to the domestic situation were substantiall
y the same. price of raw cotton. In
addition to routine reports of the Department of
Even In the estimates of the Department of Commerce,
Dr. Meadows Agriculture, where an
underestimate of 1.800,000 bales, such as occurred
said, there is a possibility of error, as about 2,000,000 bales
of the estimated two years ago, the cotton
trade is frequently called upon to adjust itself to
4.500,000-bale carryover on April 1 represented stocks
in foreign countries these very misleading
predictions and trade prognostigations by the Departwhich had not yet reached the market. The Department
of Commerce, ment of Commerce.
he explained, could not estimate with the same
accuracy that it figured
"As though this were not enough, we have had a report of a special comAmerican stocks, because the same reporting
machinery was not set up in mittee compiled by
economists and statisticians on the cotton situation and
India, China, Peru and Mexico.
outlook. Though the Department of Agriculture, with its staff of
There is no satisfactory way of determining the
trained
interior consumption of experts, miscalculated the
acreage planted to cotton in 1922 by several
cotton In China, India, Mexico and Peru, he
added, although it is known million acres, as of June
25, after planting was completed, this committee
that it Is rather heavy. For Instance, he
pointed out that an allowance of again attempts to forecast
the acreage of 1923 on April 12, before one
375,000 bales was made for India.
-tenth
of the cotton had been planted.
"It cannot be known whether or not perhaps
as much as two million of
"The contemplated acreage was placed by an unofficial committee
the 4,500,000 bales will ever roach the market,"
at
he said. "While I do be- 12% increase, and the statement
lieve that the Department of Commerce
was made that the cotton acreage harestimate will be found to be accu- vested in
1923 would be 36,888,000. But the Department of Agriculture
rate, there is this element of uncertainty, which
frankly ought to be ad- stated on Sept. 1 last year that the
mitted."
area under cultivation was 34,485,000
acres, which, with a 12% increase, would make over 38.600.000 acres.
When he was asked upon which figures those
who framed the Depart"Now it can readily be seen that if consumers of cotton had taken these
ment of Agriculture's estimate of carryover relied,
Dr. Meadows said that he estimates at their face value the trade
might have been shaken to its foundadid not participate in the matter in any way
and, of course, could not say. tions. Repeated errors in these
reports, however, have made the trade
Basis of Estimates.
cautious. Dependable statistics show the American visible supply to be
Officials of the Department of Agriculture have
explained In the past that 1,624,000 bales, as compared with 3,162,000 bales last year, and the general
while the statement issued on April 20,
showing that it was the intention of visible supply to be 3,327,000 bales, as against 5,256,000 bales last year.
cotton growers to plant a 12% larger acreage in
1923 than they had in 1922, which Indicates sound conditions in the market.
the interpretation of the cotton situation, In
view of the world and domestic
Estimates Premature.
market conditions, was made by a greup
of economists, business men
"Any estimates of cotton acreage before cotton planting is finished, say
and bankers who were invited to come to
Washington for this purpose.
about the middle of May or the first of June. are absolutely valueless and
In this sense it was not an official publication
. In the statement Issued on misleading, and can only be demoralizin
g in their effect. There is no way
Saturday April 21 this committee stated
that a carryover of 6,800,000 of telling with any degree of accuracy
was indicated at the end of the present
what the area of cotton planting is
cotton season, on July 31.
before June, and that is why the Government delays its report on acreage
Thus far it has not been revealed how the
group of economists estimated until July. The recent report on
the foreign stocks of cotton. It was
the intention of the farmers to plant,
stated at the Department of Agri Issued on April 12, was worse than
culture, however, shortly after the report
useless.
was put out that the officials
"The New York Cotton Exchange spends thousands of dollars yearly
of the Department had laid before this
in
committee all the data that it collecting reliable statistics. Its
figures are based on the figures of Secretary
had and had asked the members to
use their best jusgment as to how Hester of the New Orleans
Exchange, who estimates the invisible carryover
they should be interpreted, in view of world
conditions.
e
each August. and the reports of the Census Bureau on the
The committee appointed by Secretary Wallace
amount of cotton
was composed of George ginned. American consumption
each month and stocks held by mills.
E. Roberts, National City Bank; Carl Snyder,
Federal Reserve Bank, [In this reference to the New
Orleans Cotton Exchange Mr. Moulson has
New York City; Wesley C. Mitchell, National Bureau
of Economic Research, New York CPy; B. M. Anderson Jr., Chase National Bank, New obviously been misquoted, as it is well known everywhere that the New
York Cotton Exchange gathers and compiles its
York City; E. N. Wentworth, research department
own statistics.—Editor.1
, Armour & Co.,
"With this basis it Is possible for us to compile
Chicago; B. W. Snow, Bartlett-Frazier Co.. Chicago; C. Reed, George
accurate figures on visible
and invisible statistics of American cotton. No
H. McFadden & Bro., Philadelphia; Warren M.
such machinery exists for
Person, Harvard Uni- the compilation of foreign figures,
so that all we can do is to give the visible
versity: George F. Warren and F. A. Pearson, Cornell University; Thomas
supply, such as stocks at the ports and in the
S. Adams, Yale; H. A. Wallace, Secretary Corn
various European markets.
Belt Meat Producers'
Shows Foreign Conditions.
Association, Des Moines; H. W. Moorehouse, American Farm Bureau
"As regards foreign conditions, the only reliable
Federation; H. C. Moulton, Institute of Economics; Walter W. Stewart,
statistics are those of
the Master Spinners' Federation of Great
Federal Reserve Board, Washington; Frank M. Surface and
Britain, which cover the stocks
E. G. MontgomerY. Bureau of Foreign and Domestic Commerce; William T. Foster, held by European mills, visible and invisible. For the six months ended
Jan. Si 1923 the Federation reported
Pollack Foundation for Economic Research.
world consumption of 10.102.003
bales and world stocks of 4,460,933."
Purpose of Committee.
Other brokers said they would like to have
some details as to just how the
The Department said the committee had been appointed
to consider group of economists called In by the Department of Commerce
had arrived
the agricultural outlook and to prepare a statement which would
provide at the estimate of the carryover and expressed the belief that the Governa basis upon which a readjustment might be made by the farmers
to meet ment machinery was inadequate for such a task.
the situation in time to prevent reverses.
According to the Richmond "Despatch" of May 18,
The committee in arriving at an estimated carryover of
6,800,000 bales,
stated that it was "largely of foreign short staple cotton."
severe criticism of the Department of Agriculture marked
In view of the stir that Dr. Meadows's statement created, it
is believed the session of the American
Manufacturers' Association
here that some statement will be forthcoming as to the sources
from which
held the previous day. The "Despatch" said:
the Department of Agriculture produced the statistics that were
laid
before the committee.
D.M.Jones of Gastonia, No.Caro.,in a report
on the "Cotton Standards
One of the criticisms of the differing estimates—from Act," attacked the measure and placed the blame for it upon the Department.

G. D. Moulson of the Committee on Statistics of the New
York Cotton Exchange—appeared as follows in the "Journal
of Commerce" May 21:

"I want to say that if something is not done
to curb tho activities of
the Department of Agriculture, most of us will
live to see both the cotton
planter and the manufacturer go on the rocks,"
he exclaimed.
He declared that the reports Issued by the
Department relative to the
Although cotton brokers were disinclined to enter into any detailed dis- cotton
crop were grossly
cussion regarding the admission of Dr. W.R. Meadows, of the Department the speculator in bringing exaggerated, and that they only served to aid
down the price to the detriment of the farmer
of Agriculture. that there was a possible error of 2,000.000 bales in the and manufacturer.
estimate of the world carryover of cotton given out by the department
Missed Figure by Millions.
as of April 1, the opinion was expressed that the repeated errors in crop
"The latest report, which came out April 21, gave
for this year an
reports by Government departments would tend to destroy confidence increase in acreage of 12%,
which meant that there would be planted
In these reports and give rise to the fear that some persons were interested nearly 39,000,000 acres in cotton
this year," he stated. "Last year the




MAY 261923.]

THE CHRONICLE

Department made a guess on June 25 and missed it several million acres,
and at that time the planting was over, while now only 25% has been
planted."
He attacked the Department on the ground that it institutes new cotton
standards every year, to the detriment of all engaged in the cotton business,
He stated that the "Cotton Standards Act" aimed to force foreign countries
to adopt these standards. He concluded that the entire Act is "worthless
in so far as it will help the cotton planter or the cotton manufacturer."

As to overtures which have been made for a recount of
the cotton figures, we quote the following from the "Journal
of Commerce" of the 24th:
Strong interest Is being expressed by cotton planters, traders and warehousemen in the current figures of the Department of Commerce and the
Department of Agriculture with regard to carryover crops. Members of
Congress, it is understood, have communicated with the Department of
Commerce and Department of Agriculture with a view to supplying such
data for the rectification of figures as practicable. According to one wellknown member who is largely interested in cotton, it is a very important
matter to have the two facts known.

2349

of the rate of return deemed fair," he criticized his colleagues for leaving
many of the elements to be determined by the opinion of experts, instead
of making rates dependent upon ascertainable facts.
While contending that reproduction costs as an essential element in rate
making are better than the old tests—selling price or net earnings—the
minority insisted that "where the financing has been proper, the cost of
the utility of the capital required to construct, equip and operate its plant,
should measure the rate of return which the constitution guarantees opportunity to earn." Such a rule, it added, would make rates based on facts
and not on opinions.
Under the rule which the court adopted the value for rate making purposes, the minority insisted,"must ever be an unstable factor." The public
utilities, it was added, would have the courts adopt reproduction cost or
prudent investment as the measure of rates," "whichever is the higher."
Rates and charges of the Southwestern Bell Telephone Co. in Missouri.
as fixed by the Public Service Commission of Missouri, were set aside by
the Supreme Court.

We also quote from the "Wall Street Journal" of May 24,
the following relative to the Court's conclusions:

After discussing the earlier valuations placed upon the company's property
Some Neglected Points.
by the commiss on, which reached a total of $9,340,000 in September. 1916,
neglected in tile decision finds that between that date and June 30 1919, additions were
Among the important points which it is believed are being
made to the properties which added to the original valuations gave $11.making up the figures issued by the Government are the following:
First. Amount of cotton in the world.
003.898 as the base sum used by the commission for the estimates under
Second. Quantity of linters counted as cotton.
consideration.
Must Consider Price Levels
Third. Quantity of tenderable grades of cotton—and hence the quality
"Obviously," the decision says, "the commission undertook to value
of non-spinnable cotton, &c.
of
Fourth. The amount of cotton that was turned over to factors, to be property without according any weight to the greatly enhanced costs
materials,labor,supplies, &c.,over those prevailing in 1913, 1914 and 1916.
settled for at a future date.
Competent
As a matter of common knowledge these increases were large.
Fifth. Quantity of cotton burned, sunk, and otherwise destroyed.
Sixth. Quantity of rotten cotton that has been separated from the bales: witnesses estmated then at 45 to 50%•
ascertain the exact quantity on hand, and
"Witnesses for the company asserted, and there was no substantial eviand any other facts going to
business the
whether or not these deductions have already been made during the fiscal dence to the contrary, that excluding cost of establishing the
property was worth at least 25% more than the commission's estimates,
Year from time to time.
present case the
on band.
and we think the proof shows that for the purposes of the
Seventh. As to the 2,000,000 bales difference in the quantity
valuation should be at least $25,000,000.
Some Other Implrtant Points
Return Was Inadequate.
of the Cotton Warehouse Co. suggested the following
The President
"After disallowing an actual expenditure of $174,048 60 for rentals and
sources of error which further tend to vitiate Government figures:
services by the American Telephone & Telegraph Co. and some other items
"A large quantity of the stock on hand has been brought over for the last
presently important, the commission estimated the annual net profits
two or three seasons and perhaps some of it longer. Often this cotton is not
operations available for depreciation and return as $2,828.617 60.
kept in the country a long time before it is placed in warehouses, and when on
approximately 111-3% of $25,000.000. That 6% should be allowed for
so placed it is damaged and marked 'as is.' A great deal of it no doubt
depreciation appears to be accepted by the commission. Deducting this
will have to be picked or sorted, as we call it.
a possible 5 1-3% return upon the minimum value of the
"In getting up your data I beg to call your attention also to a practice would leave
character of the
which has grown up in the South during the last few years of owners of property, which is wholly inadequate considering the
and Interest rates then prevailing.
cotton turning it over to factors, to be settled for at a future date, so many investment
item of expense disallowed by the commission, $174,049, is
"Important
points on or off the future market, and these contracts have been renewed
of gross revenues paid by plaintiff in error to the Amerifrom time to time. I know ofsome that have been carried eighteen months. 55% of the 4 Ji%
time it is can Telephone & Telegraph Co. as rents for receivers, transmitters, inducI wonder when this cotton is counted as sold—whether at the
and for licenses and services under the customary forms of
turned over to the factors or whether at the time it is settled for? Possibly tion coils. &c.,
the latter company and its subsidiaries. 44% Is the
this cotton has been delivered to mills or exported and has long since been contract between
ordinary charge paid voluntarily by local companies of the general system.
consumed.
is nothing to indicate bad faith. So far as appears, plaintiff in error's
"Furthermore, it would be interesting to know the number of hales that There
board of directors has exercised a proper discretion about this matter
are tenderable on contract.
business judgment."
"Is there an accurate count of the stock of cotton on hand at the mills? requiring
How often is this made?
Stating that the above decision of the Supreme Court had
been
"I also notice in the press where a large part of cotton in storage has
been widely commented upon in Philadelphia in connection
sold but not delivered. I am sorry the information herein sought could
have regulated their with the valuation proceedings of the Philadelphia Rapid
not have been made earlier, so that our planters could
acreage. Conditions in the South arc now such that cotton cannot be Transit Co., the "Public Ledger" of that city on May 23
grown for the price quoted for the next crop."
part:

added in

Recount and Revision Needed.
A recount and revision of the cotton figures issued by the Department of
Commerce and the Department of Agriculture is now regarded as vitally
necessary in order to eliminate errors and it is stated on the authority of
experts that such a revision would show a result widely different from
that which has been published by any of the Government bureaus and
departments. There is no disposition to question the honesty of the
estimate that has been made, but it is firmly believed that inaccurate.
inadequate and insufficient information has led to blunders and discrepancies which have hurt the effect of the reports and tended to damage the
market situation.

The P. R. T. bases its final valuation estimate of $316,423,557 largely
upon the present price of labor and of materials. The city of Philadelphia
puts a much lower figure, approximately $125,000,000, based largely
upon original costs.
In the absence of the full text of the Supreme Court ruling, delivered in
the case of the Southwestern Bell Telephone Co. In Missouri, City Solicitor Smyth withheld comment yesterday upon its application to the
P. R. T.
Coleman J. Joyce, counsel for the transit company, considered the
decision a bulwark for the company's contention that reproduction cost
was a most important basis for valuation.
He said the opinion of the Missouri case,delivered by Justice McReynolds.
its own valuation case.
United States Supreme Court in Public Utility Ruling substantiated the P. R.T. procedure in
Mr. Joyce expressed particular interest in that part of the opinion
Holds Cost of Reproduction Must Be
limiting the authority of a Public Service Commission to reduce a rate
once established upon a proper basis. He referred to such action taken
Considered in Rate Making.
by the Public Service Commission in New York with respect to a telephone
A ruling to the effect that rates for public service corpo- company.
Considers It a Warning.
rations which fail to take into consideration the cost of re.
Mr. Joyce construed the following excerpt from Justice McReynoldg
production at prevailing prices will not be approved by the
against such practice:
United States Supreme Court as now constituted was ren- opinion to be a warning
"It must not be forgotten that while the State may regulate, with a
dered by that Court on May 21. Justice McReynolds view to enforcing reasonable rates and charges, it is not the owner of the
delivered the opinion of the court, which was handed down property of public utility companies, and is not clothed with the general
of management incident to ownership."
in the case brought by the Southwestern Bell Telephone Co. power the Philadelphia Rapid Transit testimony relative to present reAll
in Missouri. The court's decision to adopt a rule making placement cost of its property has been admitted in evidence by Comwho has been conducting the valuation case
missioner S.
reproduction costs an essential element in determining three years. Clement Jr.,the entire Commission will give to the alculaWhat effect
whether rates are confiscatory brought a dissenting opinion tions made upon that basis is yet to be determined. The Commission
from Justice Brandeis, in which Justice Holmes joined. will convene here for a public hearing in the rate case on June 7. and aB
From the press dispatches from Washington we give the fol- viewpoints will be heard then. of the Wharton School, of the University
Dr. Emory R. Johnson, Dean
lowing account of the court's findings:
of Pennsylvania, an expert in the transportation field, said there was
"It is impossible," the majority opinion said, "to ascertain what will nothing startling in the Supreme Court opinion making duplication costs
amount to a fair return upon properties devoted to public service without a vital factor in determining valuation.
giving consideration to the cost of labor, supplies, &c., at the time the in"I do not see how such a factor could be disregarded," he declared.
vestigation is made. An honest and intelligent forecast of probable future
values, made upon a view of all the relevant circumstances, is essential.
If the highly important element of present costs is wholly disregarded, such John H. Fahey Joins Staff of New York "Evening
a forecast becomes impossible. Estimates for to-morrow cannot ignore
Post" as Publisher.
prices of to-day."
It must not be forgotten, the court added, "that while the State may
The New York "Evening Post" made the following anregulate with aview to enforcing reasonable rates and charges, it is not
nouncement in its issue of May 24:
the owner of the property of public utility companies and is not clothedwith
New
Post" announces that Mr. John H. Fahey
the general power of management incident to ownership."
Tiv
Publisher.
Asserting that advocates of reproduction cost as an element of rate joins its taYorkBvening
Mr. Fahey is well known in business and newspaper circles as a former
making would find its application harmful to the public utilities when the
States. former
cost of material and wages were lower, Justice Brandeis suggested as a President of the Chamber of Commerce of the United
-President of the
preferable basis the money invested in the enterprise. Urging the court Publisher of the Boston "Traveler," and former Vice
to "lay down a rule which will establish such a rate basis and such a measure Associated Press. He has been active in newspaper work for many years




2350

THE CHRONICLE

[VOL. 116.

and is at pre,, nt the owner and publisher of the Worcester "Evening
e
:Post" and Manchester (N. H.) "Mirror." Mr. Fahey will take up his 1,285,636 shares. The foreign holdings of preferred now
duties as Publisher of the New York "Evening Post" on June 4.
total 119,738 shares, as contrasted with 312,311 shares
EDWIN F. GAY, President.
on March 311914.

Maintenance of Way Men Ask Wage Increases
-Some
Granted.
Fifteen thousand maintenance of way workers employed
by the Illinois Central, Yazoo & Mississippi Valley and Chicago Memphis & Gulf Railway companies recently filed requests with the United States Railroad Labor Board for
wage increases ranging from be,to 13c. an hour. This new
pay increase would entail a total additional annual expenditure of more than $5,000,000. Requests from 2,500 employees
of the same classification working along the line of the Chicago Great Western Railroad for advances ranging from
8 c. to 15e. an hour, or an approximate annual total of
/
1
2
$780,000, have also reached the Rail Board to be docketed
for an early hearing.
' Six railroads have notified the Labor Board that they
have increased the pay of 27,000 maintenance of way workers from one to three cents an hour. The roads are: Burlington, Gulf Coast, Illinois Central, Maine Central, Philadelphia & Reading and Bangor & Aroostook. Maintenance
men of the Louisville & Arkansas road filed application for
a 11 to 15 cents an hour increase.
• The Board has set June 11 for hearing petitions of maintenance nten for wage advances where agreements have not
been reached.
Signalmen

Seek

Wage Increases on Seventy-Five
Railroads.
• Wage negotiations which involve an annual expenditure of
approximately $4,500,000 and affect 15,000 men, have been
requested of 75 carriers by the Brotherhood of Railroad Signalmen of America, D. W. Helt, President of the union, announced at Chicago on May 25. The request, which went to
the railroads about May 15, is based on arguments that the
cost of living has increased since July 1 1922, the date of the
latest cut received by the union men through a Labor Board
decision, and that men engaged in similar lines of work outside the railroad have received increased pay. Should tile
carriers grant the increases ranging from 12 to 13 cents an
hour, retroactive to July 1 1923, Mr. Helt said, the war-time
wage of the men would be virtually restored.
Philadelphia & Reading RR. Telegraphers Get Wage
Increase.
The Philadelphia & Reading Railroad notified the Railroad Labor Board on May 24 that it had granted wage increases to telegraphers of from 3 to 10 cents an hour.
All Embargoes on New York New Haven & Hartford
•
Removed.
, The New York New Haven & Hartford Railroad has lifted
all embargoes on east-bound freight, including the limitation
of anthracite coal shipments to New England, which had
prevailed since the fuel shortage of last winter. The order,
which was announced May 18, removes he regulation of anthracite through the Campbell Hall Gateway, near Poughkeepsie, which limited to 100 cars a day the amount to be
accepted from connecting roads. Removal of the congestion
which afflicted all Eastern roads last winter, improvement
of equipment and the more equitable distribution of freight
along the lines made it possible to lift the embargo, said New
Haven officials. The summer demand for anthracite in New
England has already set in, they reported, dealers being unable to supply more than a portion of the coal for which they
had orders.
Foreign Holdings of United States Steel
Corporation.
The foreign holdings of both common and preferred shares
of the United States Steel Corporation have undergone
further reduction, according to the figures for March 29
1923,
recently made public. The holdings abroad of common
stock amounted to 239,310 shares on March 29 1923, as
against 261,768 shares on Dec. 31 1922. The foreign holdings of preferred shares, which on Dec. 31 1922 stood at
121,308, on March 29 1923 were but 119,738 shares. Contrasted with the period before the war, the shrinkage in
foreign holdings of common stock, which now, as stated,
amount to only 239,310 shares, on March 31 1914 aggregated




Below we furnish a detailed statement of the foreign holdings at various dates since Dec. 31 1914 to the latest period:

FOREIGN HOLDINGS OF SHARES OF U.S. STEEL CORPORATION
Common
Mar.29 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
Stock1923. 1922. 1921. 1920. 1910.
1918. 1914.
Africa
141
135
116
73
2
89
75
Algeria
340
Argentina
81
77
87
78
78
64
8
Australia
104
104
96
86
3
80
36
Austria
2,131
2.472 4.438 3,049 2,888 2,887
890
Belgium
2,116
2,214 2,279 2,264 2,689 2,629 3,509
Bermuda
190
190
124
97
84
46
107
Brazil
157
143
144
79
80
18
48
British India
---------------17
---Bulgaria
2
Canada
23,965 24.948 30,885 31,311 35.688 45.61 r 54;259
Central Amer_
70
75
56
34
36
382
15
Chile
157
187
174
145
118
80
8
China
76
76
179
119
73
28
13
Colombia
1
1
7
Denmark
16
16
ig
--ii
--ie
-iv- 6
i
-_-_---Ecuador
2
2
----------Egypt
60
60
60
60
England
136,850 160,876 167,752 159,613 166,387 172,453 710,621
France
11,489 10,499 13,210 13.939 28,607 29,700 64,537
Germany
1,301
1,281 1,395
1,015
959
891
2,664
Gibraltar
100
Greece
5
5
5
Holland
50,757 48,827 50,741 73,861 124,558 229,285 342,645
India
117
70
106
59
50
69
Ireland
353
353
356
256
160
19 2,991
Italy
273
273
274
269
281
281
146
Japan
66
62
56
55
55
45
5
Java
15
41
28
16
8
4
____
Luxembourg
1
21
1
1
Malta
40
40
40
40
46
--46
- -tis
Mexico
340
338
320
125
165
153
300
Norway
60
60
65
65
23
20
70
Peru
25
20
14
6
---Portugal
-ilia
Rumania
8
8
8
5
------Russia
8
14
8
- -16
Scotland
2,198 2.197
-io5
797
-iH
--i5 4,208
.
Serbia
8
s
8
8
Spain
90
340
-855
330
-Lio
1,225
302
Sweden
165
165
31
14
1
70
80
Switzerland
2,192
1,980 2,180 1,860
1,649 1,292 1,470
Turkey
197
197
--------16
200
200
Uruguay
_____
Venezuela
____
____
Wales
--55
--io
54
-iii
West Indles
3,342 3.367 3,502 3.590 3,228 4.049 1,872
Total
239,310 261,768 280.026 292.835 368,895 491,580 1193084
Preferred Stock
Africa
47
47
47
67
70
58
34
Algeria
75
Argentina
15
15
15
15
15
11
15
Australia
113
113
123
123
104
484
73
Austria
4.770 2,566 2.463 2,463 2,086
Azores
120
120
120
120
120
120
Belgium
292
287
287
117
314
314
697
Bermuda
430
430
430
285
343
120
21
Brazil
29
29
23
20
84
31
84
British India
-----81
Canada
27,001 27,652 29-i3 - 32,8k1 36 615 42,(a5 34,673
, -6
.
Central Amer_
140 ' 127
21
24
148
9
1
Chile
45
45
23
23
25
27
12
China
92
103
119
119
105
105
42
Colombia
5
5
16
4
55
55
Denmark
58
58
58
58
78
78
--ill
Egypt
35140
England
53:4. 5 54,i61 54 282 31 300 37.703 37.§5e 174,906
2
7
France
11,541 15,675 17,036 18,649 23,663 25,896 36,749
Germany
4,131
4,131 4.152 4,142 3,796 3,865 3,252
Greece
37
5
5
38
5
65
65
Holland
9,411
9,180
9,555 13,935 23.094 25,264 29,000
India
325
325
326
305
302
352
Ireland
949
1,049
995
505
315 4,119
318
Italy
1,794
1.811
1,791
1.867
2,087
1,678
1,979
Japan
1
1
81
1
1
1
1
Luxembourg
23
23
23
23
23
23
Malta
50
50
50
50
50
- 405
245
Mexico
96
15
96
25
235
7
7
Morocco7
Norway
12
12
12
2
28
26
27
Poland
3
----- Peru
6
6
---4
-6
---o
---6
---i
Portugal
120
Russia
15
15
-26
43
--ii
--N
--ii
Scotland
1,428
1.468
937
78
171
229 13,747
Serbia
220
Spain
1,148
1.,ii
1,itio
1- 176
.
432
1.176 1.566
Sweden
74
74
79
1,187
283
1.370
1,156
Switzerland
1,995 2,128 2,167 2,174 2,672 2,707 2,617
Turkey
115
115
115
100
100
100
100
Wales
39
33
49 1,068
West Indies_798
795
811
1.131
560 1,145
874
Total
119.738 121,308 128.818 111,436 138.566 148,225 309,457

COMMON.
PREFERRED.
Shares. Per Cent. DateShares. Per Cent.
1,285.638 25.29 Mar. 31 1914
312,311
8.67
June 30 1914
1,274,247 25.07 June 30 1914
312,832 8.68
Dec. 31 1914
1,193,064 23.47 Dec. 31 1914
309,457 8.59
Mar. 31 1915
1,130.209 22.23 Mar. 31 1915
308.00.5 8.55
957.587 18.84 June 30 1915
June 30 1915
303.070 8.41
826.833 16.27 Sept. 30 1915
Sept. 30 1915
297,691
8.26
696,631 13.70 Dee. 31 1915
Dec. 31 1915
274.588 7.62
634,469 12.48 Mar. 31 1916
Mar. 31 1916
262,091
7.27
537,809 10.58 Sept. 30 1916
Sept. 30 1916
171,096 4.75
502,632 9.89 Dec. 31 1916
Dec. 31 1916
156,412 4.34
494,338 9.72 mar. 31 1917
Mar. 31 1917
151,757 4.21
481,342 9.45 June 30 1917
June 30 1917
142,226 3.94
477,109 9.39 Sept. 30 1917
Sept. 30 1917
140.039 3.59
484,190 9.52 Dec. 31 1917
Dec. 31 1917
140,077 3.88
485,706 9.56 Mar. 31 1918
Mar. 31 1918
140.198 3.90
491,464
9.66 June 30 1918
June 30 1918
149,032 4.13
495,009 9.73 Sept. 30 1918
Sept. 30 1918
147,845 4.10
491.580 9.68 Dec. 31 1918
Dec. 31 1918
148,225 4.11
493,552 9.71 Mar. 31 1919
Mar. 31 1919
149,832 4.16
465.434 9.15 June 30 1919
June 30 1919
146,478 4.07
394,543 7.76 Sept. 30 1919
Sept. 30 1919
143,840 3.99
368.895 7.26 Dec. 31 1919
Dec. 31 1919
138,568 '3.84
348.036 6.84 Mar. 31 1920
Mar. 31 1920
127.562 3.54
342.567 6.74 June 30 1920
June 30 1920
124,346 3.46
323,438 6.36 Sept. 30 1920
Sept. 30 1920
118,212 3.28
292,835 5.76 Dec. 31 1920
Dec. 31 1920
111.436 3.09
289.444 5.69 Mar. 31 1921
Mar. 31 1921
106,781
2.96
288.749 5.68 June 30 1921
June 30 1921
105.118 2.91
285,070 5.60 Sept. 30 1921
Sept. 30 1921
103,447 2.87
280,026 5.50 Dec. 31 1921
Dec. 31 1921
128,818 .3.58
280.132 5.51 Mar. 31 1922
Mar. 31 1922
128,127
3.55
275.096 5.41 June 30 1922
June 30 1922
123,844
3.43
270,794 5.32 Sept. 30 1922
Sept. 30 1922
123,710 3.43
261,768 5.15 Dec. 30 1922
Dec. 30 1922
121,308 3.36
Mar. 29 1923
239,310 4.70 Mar. 29 1923
119.738
3.32
Date-

Mar. 31 1914

MAY 26 1923.]

THE CHRONICLE

In the following table is shown the number of shares of
the Steel Corporation distributed as between brokers and
investors on March 29 1923 and March 311922:
CommonBrokers, domestic and foreign
Investors, domestic and foreign
Preferred
Brokers, domestic and foreign
Investors, domestic and foreign

Mar. 31
Mar. 29
Ratio.
Ratio. 1922.
1923.
1,333.884 26.24 1,168,713 22.99
3.914.312 77.01
3,749,141 73.76
6.41
230,654
6.24
224,961
3,377,850 93.76 3,372,157 93.59

2351

Claims of Carriers Settled to May 1 1923.
Total claims of carriers settled [out of an estimated $1,000,$745.948.786
000,0001
Net amount paid [by U. S.) in settlements [being 23.11% of
$172,390,542
aforesaid amount originally claimed]
193.810
Mileage of roads settled [out of a total of 241.8561

The U. S. Treasury as of May 1 1923 reported:

Total Payments by U.S. Under Sections 204. 209. 210 and 212 of Transportation Act of 1920. Aggregating $795,879,580 to Apr. 30 1923.
(a) (Sec. 204, as amended by Sec. 212) For reimbursement of deficits
during Federal control:
(1) Final payments, incl. partial payments previously made_ - $5.463.285
The following is of interest as it shows the holdings of (2) Partial payments to carriers as to which a certificate for
final payment has not been received by the Treasury from the
brokers and investors in New York State:
962.438
-ion
-S.
I. 0.Commis
Mar.291923. Ratio. Mar.31 1922. Ratio.
Common(b) (Sec. 209, as amended by Sec. 212) For guaranty in respect to railway
18.09
919,526
22.69
1.153,737
Brokers
operating income for first Mx months after Federal control:
25.33
1,287.605
23.49
1,194,450
Investors
(1) Final payments, including advances and partial payments
5142,385.846
Preferred
previously made
5.41
194.974
5.30
191,080
Brokers
carriers as to which a certificate for final pay40.54 (2) Advances to
1.460,757
-S. C.
40.85
1,471,971
Investors
ment has not been received by the Treasury from the I.
203.232,422
Commission
(3) Partial payments to carriers as to which a certificate forfinal
112,535.922
payment has not been received, as stated above
Wages Increased by Pennsylvania and Other
(c) (Sec. 210) For loans from the revolving fund of1300,000.331.299,667
Railroads.
000 therein provided
which final payments have been made by the Treasury
Increases in railroad wages to employees of five railroads ofz The roads tounder Sec. 209 and the aggregate amounts severally paid
the guaranty
roads who to them on the guaranty including advances and partial payments previous
were confirmed in New York on May 22 by those
ly made are as follows:
had representatives here. Central Railroad of New Jersey Alabama Central Ry
35,246 20 Louisville & Nashville RR49,931,061 89
7,419 78
Maintenance of way Alabama missasippi RR., 16,543 61 Louisville & Wadley RR
increases were announced as follows:
10,851 76
Lufkin Hemphill& Gulf Ry.
Receiver
5,48680
3,19665 Manchester & Oneida Ry__
men, 3 cents an hour to 40 cents an hour; merchanics and Alabama Northern RY
12,883 32
315.261 85 Marion & Ry Valley Ry___
Ann Arbor RR
RR_ _ _
2,923 72
helpers, from 2 to 4 cents an hour; station foremen, $5 a Apali.chicola Northern RR- 20,802 29 Marion & Southern RR__ _
82,063 16
Maryland dr Penna.
station Asheville & Craggy Mountmonth; pier laborers of New York, 2 cents an hour;
1,22419 Maxton Alma 3c Southsin RR
7.406 04
bound RE
95
freight laboiers, 2 cents an hour. All are retroactive, some Aransas Harbor Term. By. 30,093
1,90443 Middletown & Unionville
Atlantic Northern RI'
13,803 90
RR
19,338 51
that the aggregate ad- Atlantic & Western RE___
effective on April 9. It was estimated
20,864 90
64,751 33 Middle Tennessee RR
Atlantic & Yadkin Ry___
193,167 96
vance in wages on the five roads, namely the Philadelphia & Bennettsville & Cheraw RR 16,319 94 Mineral Range RR Ry
19,13963
Minneapolis Eastern
2,961
&
Aroostook, the Central of New Jer- BloomsburgRYSullivan RR. 27,991 03 Minneapolis, St. Paul &
Reading, the Bangor &
20
Blue Ridge
5.127,46782
Sault Ste. Marie Ry
Penn- Boyne City Gaylord dr Alsey, the Lake Superior & Ishpeming Railway and the
63,871 17 Mississippi Central RR__ _ 283,581 46
pens RR
12,994 77
2,99570 Mississippi Eastern Ry
Bridgeton dr Saco River RR.
sylvania would amount to $2,250,000 a year.
6,551 27 Mississippi River dr Bonne
Brownwood No.& So. RR74,629 28
Terre RI'
With reference to the action of the Pennsylvania on wages, Buffalo Rochester & Pitts1.930,73585
1.754,86447 Mobile & Ohio FtR
b irgh Ry
press dispatches from Chicago on May 21 had the following Bullfrog Goldfield RR_
19.206 78
21,954 88 Moshavsuck valley RR- _
7,019 21
17.553 99 Montana & Western RI.
Carolina Ai Northeast. RR_
to say:
3,67581
90.81310 Mount Hope & Mineral RR
& Northwest. FtFtCarolina
Mount Jewett Xingu& &
Increases in pay amounting to about $4,000,000 a year have been granted Carolina & Tennessee South18,220 83
4.434 82
Riterville RR
ern Ry
here to-day.
to 55,000 shopmen of the Pennsylvania RR., it was learned
3.923,924 32 Nashville Chattanooga &
Central of Georgia Ity._
The raise in pay,retroactive to May 1,affects allshop employees through- Cent. N. Y. southern RR_
1,543,961 30
48.277 25 St. Louis Ry
Nevada-California-Oregon
out the Pennsylvania System, according to information here. The hourly Central West Va. & South20,719 09
8,574 89
Ry
ern RR
Increase is three cents in Chicago and two cents outside the city, the higher
1,465,148 63 New Orleans Gt. Nor.RR_ 366,555 93
rate of increase here being duo to higher living costs computed for shopmen Central Vermont RI' Co
60,351 89 New Orleans Natalbany &
Criarleston Terminal
here.
16.805 46
Natchez RI'
4,378,841 30
Caeseapeake & Ohio Ry
86,343 49
The new rates of pay will be 75 and 76 cents an hour. The Pennsylvania C iesapeake Western Ry
16.804 15 New York Dock Ry
System reached the agreement with representatives of its company organiza- Cale. & Eastern Ill. RR_- 2,223,982 56 N. Y.Ont.& Western By. 695,010 33
27,579 24
Ry
1,565,319 54 N.Y. di Penna. Ry
tion of shopmen, it having two years ago declined to allow the Railway C'leas° Junction Paul Ry-23,111.528 05 Norfolk Southern RR
1,311,700 63
Cole. Milw.& St.
Employees' Department of the American Federation of Labor to represent Cale. & Nor. Western BR_16,533,520 55 Northampton & Bath RR_
36,899 06
69,711 61
Northern Alabama Ry
its employees. This act provoked a controversy with the Railroad Labor Cakes° Peoria & St. Louis
541.372 69 Northwestern RR.of South
RR.,Receivers
Board, whose scale for shopmen at present is 70 cents.
15,186 15
Carolina_
273.076 76
Chicago R.I. & Gulf Ry
The Pennsylvania also is negotiating wages with its clerks and freight- Chicago R.I.& Pacific Ry- 7.725.578 49 Oil Fields Short Line RR
11,588 35
5,20042
Owasso River RY
handlers and recently announced an increase amounting to $300.000 a year Chicago St. Paul Minneap21,558 36
2.460,09682 Pacific Coast RY
olis & Omaha Ry
for maintenance of way employees of the Northwestern region.
32,342 79
31,31253 Pacific Coast RR__ ___ _ _
Chizago Tunnel Co
23,11100
Paris & Gt. Northern RR
Chicago Warehouse & Ter81,105 81
46,806 40 Paris & Mt.Pleasant RR
minal Co
384,329 87
United States Coal Commission to Ask Lower Railroad Chicago dr West. Ind. RR- 93,03806 Peoria & Pekin Union By
662,081 00 Philadelphia &Reading By. 9.506,060 80
On. Ind. & Western RR
Freight Rates on Hard Coal.
3,239 47
Pickens RR
Cincinnati Burnside & Cum1,956 53 Port St. Joe Dock & Terberland River Ry
1,410 22
John Hays Hammond, Chairman of the Federal Fact- Coal Belt Electric Ry
11
Ry
17,024
minal
72,226 86.
Quanah Acme & Pas. By..
Springs &Cripple
Finding Coal Commission announced on May 18 that recom- ColoradoRy., Receiver
Rapid
170,921 69 Rapld City Black Hills &
Creek
23,685 30
15,827 79
Western RR
mendations for lower railroad rates on anthracite coal will Cumberland RR
104,305 19
37,548 74 Raritan River RR _ _
Danville dr Western Ry
111,057 30
be made to the Inter-State Commerce Commission. Although Deering Southwestern Ry_
67 Ray & Gila Valley RR
7,623
121,536 24
72,392 58 Rio Grande Southern RR
the members of the Commission have not prepared their re- Delta Southern Ry Ry
58,711 94
18,040 86 Rock Island Southern Fly
Denison & Pac. Sub.
22,086 24
Salina Nor. RR., Receivers
port on the anthracite industry, Chairman Hammond indi- Denver & Rio Grande RR.,
1,415,453 32 San Antonio& Aransas Pass
Receivers
556,354 39
cated that they were nearly a unit in considering railroad Det. Bay City & West. RR 107.813 36 RI'
116,678 28 San Antonio Uvalde & Gulf
rate reductions necessary in the interest of the consumer. Detroit dr Mackinac Ry
192,718 43
RR
Dul. South Sh. & Atl. Ry_ 459,959 94
70,166 99 Sandy River & Rangeley
Durham & Southern RR
Rates on anthracite are considerably higher for equal dis- Electric Short Line Ry
36.534 07
Lakes RR
59,993 67
10,513 78
3.15856 Santa Maria Valley RR
tances, Mr. Hammond said, than the rates on bituminous Elec. Short Line Term. Co7.424 66
El Paso & Southwestern Co. 1,191,408 32 Savannah &Statesboro By.
20,374 23
coal, although railroads perform almost identical service in Emmittsburg RR
2,497 62 Sharpsville RR., Receiver21,623 22
City Terminal Ry
Sioux
transporting the two commodities. In addition, be said a Fernwood Columbia & Gulf 71.480 05 So. San Francisco Belt Ry8,286 69
RR
5,23891 Stanley Merrill & Phillips
R. & Northeast.
large part of the anthracite is sold in competition with the Flint Worth Belt Ry RR_
Ry
Fort
30,931 54
RI'70,526 97
bituminous , and, in the opinion of the Commission, the facts Ft.Worth &Rio Grande Ry 251,885 67 St. Joseph Belt & Tex.RY. 314,967 63
St.L.San Fran.
to the Inter-State Commerce Com- Ft. Smith Sublaco & Rock
justify a recommendation
5,059 23 St. Louis-San Fran. Ry__- 5,385.449 78
Island RR
79.950 81
Susquehanna & N.Y.RR..
River Valley
mission and the railroads for a general reduction in anthra- Fourche Territory Ry & 19,413 43 Sylvania Central RY
12,299 17
Indian
40,979 24
12,651 56 Tallulah Falls RI'
Frankfort & Cincinnati Ry_
rates.
cite
3,410 56 Tennessee Ala. & Georgia
Fulton Chain Ry
40.35966
RR., Receiver
170,742 96
Galveston Wharf Co
175,450 03 Term. RR.Assn. of St. L__ 1.693,96075
Georgia Fla. & Ala. Ry
Settlement of Accounts with Directcr-General of
Trans-Miselssippi Terminal
7.132 37
Georgia Northern Ry
186,950 23
496,737 96
Georgia So.& Florida Ry
R_
Railroads.
158.36754
Green Bay & Western RR_ 141,811 30 TC11311 Midland RR
Tex. & Pas. RY.. Receivers 2,043,041 77
The following shows the account of the Director-General Gulf Florida & Alabama
ort a & R,ea_ R _
eoriLineu y ._ _y_
RI'., Receiver
e
4 204 27
219:179 65
4178 92 T ledo P
of Railroads with the carriers as of May 1 1923. It will Gulf Ports Terminal Ay- 293 9401 Toxas 99 & Goldfield RR
96,683 34
Gulf & Ship Island RR_ __ _ 425,969 75 Tonopah
be observed that out of a total of $510,583,150 securities Harriman & Northeast. RR 10,58780 Ulster & Delaware RR_ __ _ 314,250 00
4,15090
6,73989 Ursine & North Fork Ry_
Hartwell Ry
acquired by the United States Government for additions Hawkinsville & Florida
Tug River & Kentucky RR.
4,754 50
8,489 94
75,000 00 vtrginia Southern Ry
Southern RI'
and improvements made during the period of Federal Hill City Ry
7,195,287 71
2.942 98 Wabash Ry
18,504 04
control of the railroads and for loans made to them, $312- Illinois Cent. RR.& subs _13,689,078 57 Union Freight RR
90,307 96 Wadley Southern Ry
57.767 15
Illinois Northern Ry
703,350 have ben sold or redeemed, leaving $197,879,800 Jefferson & North,,. RY--- 48,362 49 Washington & Choctaw Ry.
2,201 99
Wash. & Vandemere RR._
3.628 03
Clinton &
on hand May 1 1923. Details of this latter amount appear Kansas City Ry
86,228 29 Waterville Ry _
938 59
Springfield
84,226 17
of "Railway and Industrial Section" of even date. Kansas City Mexico & 554,715 19 Western Allegheny RR
on page 4
W.Virginia Northern RR
5,244 68
Orient Ry. of Texas__ _
- Kansas City Mexico &
Wheeling & Lake Erie Ry_ - 1. . 88
Definitive Railroad Securities Held by U. S. Railroad Administration
826 088
-May 1 1923.
16.011 18
Director-General of Railroads
Orient RIt., Receiver__
. 478,904 17 Winfield RR
Winston-Salem Southbound
$505,323,150 Kentwood, Greensburg &
Definitive securities on hand Nov. 1 1922
150,788 38
Ry
24,067 38
Southwestern RR
securities taken up to and including May 1 1923:
Additional
12.895 61
Wisconsin & Michigan RR_
5,260,000 Knoxville Sevierville &
Funding notes, $3,850,000; bonds, 61,410,000
73,366 57
22,280 07 Wisconsin & Northern RREastern RY., Receiver__
2.37202
---$510.583,150 Lake Erie & Western RR__ 500.918 65 Wood River Branch RR --- _ --Total-- - - ---- -- -------------------- of notes at
7.123 47
375 09 Woodstock Ry
La Salle & Bureau Co. RR----- etre. sold (incl. payment
Lehigh & Hudson River Ry. 384,750 94 Wrightsville & Tamale RR 101.079 39
$310,123.350; bonds redeemed. $155.000: paymaturity).
11,007 59
Lehigh & New England RR. 179,461 88 Yadkin RR
ment on funding note, $25,000, and receivers' ctfs. re- 312,703,350 Liberty-White RR., Refunded, $2,400.000
8,104 28
ceiver
$142,385,845 76
$197.879.800 Live Oak Perry & Gulf RR- 27,712 08 Total
Definitive securities on hand May 1 1923




2352

THE CHRONICLE

[VoL. 116..

Portland Terminal •
$350 Western Heater Despatch CO_
i00,000
Pueblo Union Depot dr RR—
7,700 West Side Belt RR
1,080,000
Pallman Co
7,250,00 . Wheeling & lake Erie By.... 440,000
,
Raleigh & Charleston RR._ _ _
50.000 Wichita Falls & Northw By...
3,500
Rapid City Black H & W RR
4,000 Wichita Union Terminal Ry
6,000
Richmond Fred & Potom RR
94,000 Wiggles terry Co
145.000
Richmond Fred & Potom RR
Wilkes-Parre Connecting RR..
27,500
(as successor of Washington
Wilmington By Bridge.
.No cash paym't
Southern Ry)
187,500 Winona Bridge RV
47,000
Richmond Terminal By
17,157 Winston-Salem Soul hbound By
72,000
Rio Grande Southern RR..- _ _
105.000 Wood River Branch RR
1
Rock Island-Frisco Terminal_
21.5es Woo'istok & Illocton Ry
19,000
Rutland RR
350,000 Wrightsville & Tenille BR......
22,500
St Johnsbury & Lake ChamYadkin Railroad
115,000
plain RR
80.000 Yazoo & M ississippi Valley RR 5,075.000
St Joseph Belt Ry
95,00.• York Harbor & Beach RR_ _ _
50.000
St Joseph & Grand Island By L000.00l,
3.000
Complete List of Railroads with Which Settlements Have Been Concluded St Joseph Terminal RR
Total (318 railroads)_ _ _ _5177,970,251
St Joseph Union Depot Co...
7,300
Snort Use Railroads
up to May 16 1923.
Si L0.113 Merch Bdge Ter By. 205,00u Bullfrog Goldfield
RR
Abilene & Southern RR Co_ $150,000 Galveston Wharf Co
512,000
$s5.000 St Louis National Stock Yards 100,00i, Cheswick & Harmer
1,000
Akron & Barberton Belt RR
70.000 Georgia Florida 8; Ala Ry
120,000 St Louts-San Francisco By
Combs Cass & Eastern RR_ _ _
1.250
Akron Union) ram Depot Co..
Georgia Southern es Fla FLY__ 14.000
50.000
and subsidiaries
550.000 Dayton cole,10 & Chicago By
AlabamaGreat Southern RR. 1,530.000 GoUdsboro Union Stan Inn Co
20,000
Ste Marie Union Depot
167
2.852 Deering Southwestern By....
Alabama & Vicksburg Ily --- 275.000 Grand Trunk By of Canada
9,000
250.000 St Paul Bridge & Terminal By
34,01• Fourche River Valley & Indian
5.679 (Treat Northern RY
Albany Passenger Terminal Co
Salina Northern RR
3,500
Territory fly
AitOn& Southern RR
20,600
385,000 Gt Northern By(exception 5)- 6.5' 1,054 Salt Lake t Ity Union Dep&RR
9 1'1)
').
1,35) Frankfort & Cincinnati Ry...
Amer Refrigerator Transit Co.. 210,000 Green Bay & Western RR__ __
1
400,000 San Antonio& Aransas PassRy 1.000,000 Gulf Molds & Alabama
29,100
Ann Arbor RR
600,000 Gulf Coast Lines (New OrSan Antonio Uvande& Gulf RR 210.0na• Gulf Ports Terminal By
1,000
Arkansas Ss Memphis By
leans Texas & Mexico Ry)
800,000 Sian Fran & Portland SS
54,00 Hardwick & Woodbury RR
0
2,500
Bridge & Terminal Co.
90.000 Gulf Mobile & Nor RR
I
Savannah River Terminal Co_
6,377 Illinois Southern Ry
50,000
Asheville & Craggy Mtn Ry
5.500 Meridian & Memphis RR
J
100,000 Savannah Union Station
i Indian Creek Valley RR
7,800
65,000 Gulf & Ship Island RR
AshlandCoal & Iron Ry
575.000 Sharpsville RR
14,403 Kent% out Greensb & 8 W RR
17,000
Gulf Terminal Co. The
Athcison Topeka & Santa Fe
9.426 Sioux City Bridge
98,547 Knoxv Sevierville & East By.
21,500,000 Gulf Texas & Western By......
2.500
Ry & subsidiaries
40 000 Sioux City Terminal By
60.000 Lawndale Ry & Industrial Co
800
Atchison Union Depot & RR _
7,5
00 Hamilton Belt RR
20 000 Southern Ill & Mo Bridge_
40.20 1 eetonia Railway
4,600
1 Hannibal Union Depot Co...._ _
Atlanta,Birm & Atlantic BY.
10,000 Southern Pacific Co & subsids. 9,250.000 Liberty-White RR
9,000
5.500.000 Harlem Transfer Co
Atlantic Coast Line RR
20,000 Southern Pacific Terminal__
412,000 Lime Rock RR
3,500
120.000 Hartwell By
Atlantic & Yadkin By
24,500 Southern Railway
6,000.000 Little Rock Maumelle & W RR
8,000
400 High Pt Randleman Ashboro
Augusta Union Station CO....
Southern Steamship
207,80)n LOCallia Ral•ronel
2,350
9,000.001
& Southern RR
Baltimore& Ohio RR
25,003 spoken. Portl & Seattle By... 1,600.000 I ufkin Flemnbill & Gulf By...
8.700
820.000 Houston Belt & Terminal By.
Baltimore Steam Packet Co
11,500 Sunset By
100,000 Marlon By. Corp
1,000
575.000 Houston & Israzos Valley Icy_
Bangor & Aroostook RI
130.000 &tone henna & N Y RR
42,000 au Milne Tennessee RI.
5,000
19,500 Hudson & Manhattan RR
& Hammondsport RR_
Bath
750.000 Sussex RR
26.000 Middletown & Unionville RR_
45,000
19.986 Illinois Central RR
Beaumont Wharf & Term Co7,750 000 Tallulah Falls Ry
3.000 Monson Railroad
800
495 Illinois Terminal RR
Belington & Northern RR._
50,000 Tampa Ss Gulf Coast RR
36,000 Montana Western By
4,000
140.000 Indiana Harbor Belt RR
Belt Ry Co of Chicago
495,000 Tampa Northern RR
126,500 Nacogdoches &Southeast RR_
3,000
29.500 Indianapolis Union By
Bennettsville & Cheraw By...
765,000 Tampa Union Station
1E500 New Castle & Ohio River By..
3,000
3,050.000 International & Oct Nor By... 100,000
Bessemer & Lake Erie RR
Tennessee Central RR- _ .
55,000 New Mesh o Central
31,395
10,000 Interstate By
Birmingham & Northwestern_
60.000
T minim RR of St Louis_
60,000 Nezperce & Idaho RR
6,000
1.825 Iowa Transfer By
Birmingham Terminal Co
7.201
Texas Midland RR
100.000 Okmndgess Northern By
1
5,500 Ithaca Traction Corp
Blue Ridge RY
8,000 Tidewater Southern RR
90,000 Owasco River RY
6,000
2,470.000 Jay Street Terminal
Boston & Maine RR
290.000 Toledo Peoria & Western Ry. 325,000 Paris & Mt Pleasant RR
100.747
05.364 Joliet Union Depot Co
Reston Terminal Co
2,307 Toledo Terminal RR
100.000 Raquette lake Ity
4.000
Satiate& Susquehanna RR... 465,000 Joplin Union Depot Co
18.000 Trans-Mississippi Term nit_
8.000
55,000 Roanoke River Ry
11.700
Kankakee & Seneca RR
Buffalo Creek RR (Erie RR
8,000 Troy Union RR
42.000 Rowlesburg Ac Southern RR__
2,000
Valley RR, as
Kansas ulty Mex & Or RR_
(
and Lehigh
250,000 Ulster & Delaware RR
390,000 San Joa RIM a Eastern RR_
10,000
185,000 Kansas Oklahoma &Gulf By.. 1,410,000 Union Depot
joint lessees)
of Columbus. 020,000 South San Francisco Belt Ry__
5,500
Buffalo Roeh & Pittsburgh RI 1.000,000 Keokuk Union Depot Co
6.300 Union Freight RR
8.750 Spokane & Brit Columbia By
7.500
Burlington Sou Chic Term RR
47,500 Lankawanna & Montrose RR_
4,110.) Union Pacific RR and subsid_ 8,000.000 Sterling Mountain
Ry_._
3.750
Calumet Western RY
7,378 Lake Erie & Eastern RR
110,000 Union Passenger Depot Co of
To cares dr Gulf It,R
8,500
220,000 Lake Sup & Ishpeming Ry...
Camas Prairie ftIt
140,0 H
Galveston
35.000 Tuscarora Valley RR
1,000
70.000 Lake Sup Term & Transfer Ry
Cambria & Indiana RR
27,600 Vicksburg Shrevep & Pac By.. 250,000 It atervi le Rahway
3,000
Cirolina Clinchtleld & Ohio By 550,000 Leavenworth Depot & RR
10,50..) Virginian Railroad
'
2.100.000 Waynesburg & Wash RR
2,300
Carolina & Northeastern RR
15,000 Leavenworth Terminal By 44
Wabash Railway
1,500,000 Whine Sulphur du Huntersv RR
Carolina & Northwestern By....
3,500
95.000
Bridge Co
2,500 Washington Southern RR.
Wisconsin & Michigan RR _
35,000
5.000 Lehigh & Hudson River By.. 225,000
& Tenn Southern By.
(See R F & P RR).
Wisconsin & Northern RR._
4,800
Central of Georgia RV
1.000.000 Lehigh & New England RR675.000 Washington Terminal CO_
1 Wyandotte Southern RR
1,700
Central N Y Southern RR
42,500 Lehigh Volley RR
4,600.000
Waupaca Green Bay By
6,383
Central Union Depot & By
Lexington Union Station Co..17.000 Weatherford Mineral Wells &
Total (45 short line railCo of Cincinnati
25,000 Little Kanawha RR
1 100
Northwestern By
34.000
roads)
$213,800
Charleston Terminal Co
90,000 Lorain & West Virginia By.....
25,000 Western Maryland By
800.000
Charleston & W Carolina By.. 1,450,000 Los Angeles & Salt Lake RR800.030
we-tern Pa-inc RR.
Grand total (363 rail4.200.000
Charlotte Monroe & Columbia
Louisiana & Arkansas RI- — - 200,000 Western Pan
RR (exception 4)
35,275
roads)
E178,184,051
15,000 La & Miss RR Transfer Co__
RR
33.231
Chattanooga Station Co
19,644 Louisiana Southern Sty
90.00a
Chesapeake Steamship Co
62.303 Lonisville Head & St L By.. 660.000
.Chesterfield & Lancaster RR
Shopmen's Wages Increased on Baltimore & Ohio.
12.000 Loulsv & Jeffersonville Bridge
Chicago Burl de Quincy RR
8,000,000
& RR Ro
The Baltimore & Ohio Railroad reached an agreement on
Chicago & Eastern Illinois RR 3.009.001) Louisviiie & Nashville RR
7,00.1,1 0
3 )
Chicago Great Western RR...-. 1,600,000 n oulsville & Wadley RR
3,175
May 18 with its employees who are members of the Shop
Chicago Heights Terminal
Macon Dublin &Savannah RR 183.000
Transfer RR Co
500 Macon Terminal Co
Crafts Union under which the men receive a flat increase of
71.3aa
150.000 Maine Central RR
Chic Ind & Louisville RI
850,000
three cents an hour. There will be no change in rules and
381).ti00 Mantstique di Lake Sup RR
Chicago Jiincilou By
50.091
200.000 Marion & Southern RR
Chicago Milw & Gary RR
17,000
working conditions. About 25,000 men on the entire system
Chicago Milwaukee & St P Ry 6,250,000 Marquette es Bess Dock & Nay
60.000
375,000 Marsh Refrigerator Service
Chic N Y& Boston RefrIg Co—
21.000 are affected, 3,000 being in Baltimore. They had been getChicago & North Western Ry 6,500.000 Mather Humane Stock Trans1
Chicago Peoria & St Louis RR
portation Co
175,000 ting from 45 to 70 cents an hour.
45,000 Maxton Alma & Southb'd RR
Chicago River es Indiana RR_
13,500
Chicago Rock 181 & Pacific By 2,500,000 Memphis Union Station
10,000
Chic St P Minn & Omaha By 1,200,000 Merchants & Miners Trans.._ 600,000 United
States Supreme Court Dismisses Injunction
35,000 Meridian Terminal
Chic Terre Haute & So E By
7)12
450,000 Midland Valley RR
Chin ee Western Indiana RR_
550.001n
Restraining Collection of du Pont Taxes.
18.000 Mineral Range RR
Cinch]Findlay & Ft Wayne By
140.000
400.000 Minneapolis Eastern By
Cinein Ind & Western By
5..000
In dissolving a temporary injunction issued by the Federal
Cincin New On & Texas Pacific 525.000 Minnesota & internal') RI
340.1810
75,000 Minneapolis & St Louis RR
Clinton & Oklahoma West fly
1,250.000 District Court for Delaware restraining the Federal GovernSteamship Co 162,224 M St P & S Ste Marie By.... 525.000
Clyde & Mallory
_
ment from collecting income taxes of $1,576,015 assessed
319.000 Mississippi Central RR
Colorado Midland RR
220,000
1,775,000 Missouri & Illinois B & B RR
Colorado & Southern RV
13.559
upon Alfred I. du Pont on stock issued to him by the Dela1 Mo & No Arkansas RR
Columbia Union Station Co
292.000
30.000 Mo Kansas & Texas Ry
Columbus & Greenville RR
ware E. I. du Pont de Nemours Co., the United States Su5,000.000
Copper Range RR
130.000 Missouri Pacific RR
9,000.000
Cumberland & Penns RR— — 550,000 Mobile & Ohio RR
700.000 preme Court on May 21 held that pending determination of
Cumberland Railroad
12,000 Morgantown & Kingwood RR_
75, 0 the validity
0
1
of the levy the Government can compel the payDanville & Western By
260.000 Munsing Marquette & SE Ry
90.000
Dayton & Union RR
1.000 Narragansett Pier RR
7,500 ment of the taxes, but that the protestant
has the right to
Dayton Union By
11 500 Nashville Chatt & St L By... 700,000
Delaware es Hudson Co
1,500,000 New England Steamship
bring suit later to recover the amount alleged to have been
100,000
Delaware Lack & West RR
5.000.000 New Orleans Great North RR 190.000
Delta Southern By
unlawfully collected. In thus deciding, the Court said that
60,000 NY Chicago & St Louis RR
3,000,000
Denison & Pacific Sub By.....
13,000 NY Connecting RR
1,395,000 "It is unnecessary for us to consider
whether Section 252 of
Denver & Rio Grande RR_
300.000 N Y Dock By
64,891
Denver Union Terminal By..
12 500 N Y Ontario dc Western
.
500,000 the Revenue Act of 1921 in connection with Section 3226,
Des Moines Terminal Co
15,500 Norfolk & Portsmouth Belt
Des Moines Union RY
330.000
Line RR
87,000 Revised Statutes, as amended by the same Revenue Act of
Detroit & Mackinac By
105.000 Norfolk Southern RR
200,000
Detroit & Toledo Shore L RR_
1921, barred complainant's right to pay the tax and sue to re65,000 Norfolk Terminal By
4,575
Direct Navigation Co
40.000 North Charleston Terminal
20.021
cover it back at the time of filing his bill, as held by the DisDuluth & Iron Range RR_ __ _ 4,866,000 Northern Alabama By
125,000
Duluth Missabe & Nor By
8,525,000 Nor Pacific RY (exception 4)_ _ 1,599,914 trict Court. It is certain that by the amendments
to Section
Duluth South Shore & At1
80,000 Northern Pacific By
9,000,000
Duluth Union Dep & Transf
21.000 Northern Pao Term of Oregon
26,500 252 and Section 3226, Revised Statutes, by the Act of Mar. 4
Durham es Southern By
75,000 Northwestern Pacific By
850.000 1923 (Public No. 527), the
Durham Union Station Co.—
complainant is given the right
2,191 Ocean Steamship of Savannah 2,275.000
East & West Coast By
51,000 Ogden Union Ry & Depot_ _ _
15,000 now to pay the tax, and sue to recover it back, and in
Eastern Steamship Linea
such a
250,000 Old Dominion Steamship (VirElgin Joliet & Eastern By... 3,700,000
ginian Nay Co included)
900.000 suit to raise the questions as to the value of the stock and the
El Paso & Southwestern
400,000 Ontonagon RR
11.937
5,666 Oregon Electric By
El Paso Union Pass Depot
90.000 amount of the resulting tax and also the bar of time against
3.300 Oregon Trunk By
Erie Terminals RR
100,000 the assessment which he
attempted to raise in the bill." The
Escanaba & Lake Sup RR- — - 140,000 Pacific Coast RR
25,000
Evansville & Indianapolis! RR 235,000 Pacific Coaist By
Circuit Court of Appeals had sustained the District Court in
10,000 Pacific Fruit Express
Fairchild & Northeastern By.
2.925.000
25,000 Peoria & Pekin Union Ry
Farmers Grain & Shipping CO
135,000 its action in temporarily restraining the Government from
31,000 Pere Marquette RR
Florida Central& Gulf Ry
750.000
750,000 Philadelphia Belt Line RR
the collection of the taxes. The conclusions of the Supreme
Florida East Coast By
2,931
Ft Dodge Des M & Sou RR- 300.000 Philadelphia & Reading By.... 8,000,000
Court were handed down by Chief Justice Taft; details of
19.000 Piedmont & Northern Ry
Fort Street Union Depot Co.._
100,000
75,000 Pittsburgh & West Va
Ft Worth Belt RY
720,000 the proceedings and the decision rendered this
week were
Ft Worth & Denver City By.. 725,000 Pittsburgh Chanters & You4,529
ghiogheny By
328.000 given as follows in a Washington dispatch to the New York
Ft Worth Union Pais Sta Co_
150,000 Port Bolivar Iron Ore Ry
35,000
Galena-Slgnal 011 Co
34,000 Port St Joe Deck es Term Ey
4,500 "Times" May 21:
GAR Houston &Rend RR__
,

Settlements with Individual Carriers.
The United States Railroad Administration reports that
up to May 16 1923 it had concluded final settlement with
a total of 363 railroads, including 41 short lines. The
payment of these claims on final settlement was largely
made up of balance of compensation due, but includes all
other disputed items as between the railroad companies and
the Administration during the 26 months of Federal control.
The list of railroads with which settlements have been
concluded is as follows. Bold-faced figures indicate payments by the carrier to the Government.




MAY 261923.]

THE CHRONICLE

2353

"Hill vs. Wallace, 259 U. S. 44, was in part a suit like the foregoing. It
Government that last March
So important was this case considered by the
a bill filed by members of the Chicago Board of Trade to prevent the
Solicitor-General, asked the Supreme Court to advance was
to have the
James M. Beck, the
in- Governing Board from applying to the Secretary of Agriculture
saying at the time that two paramount questions were
the Futures Trading
it on the calendar,
of the col- Board of Trade designated as a 'contract market' under
First, could a suit having for its purpose the restraining was Mr. Act on the ground that the Act was unconstitutional and its operation would
volved:
and second,
its members. Without such designation,
lection of a Federal tax be maintained in any court?,
erroneously or illegally impair the value of the Board to
du Pont deprived of his remedy to recover back taxes
no member could have sold grain for future delivery without paying a propaid more than five years from the date when the
collected if they were
hibitive tax, and if he sold without paying the tax, he was subjected to heavy
return was due?
criminal penalties.
Based on Income From Stock.
"To pay such a tax on each of the many thousands of transactions of the
reorganization of the
to sue to recover them back would have been utterly impractiable.
The case originally came into the courts through the
Co. of Delaware. Board, and
of the country and
du Pont Powder Co. of New Jersey into the du Pont Powder
It would have blocked the entire future grain business
75,534 shares of the comBoard but also the
In the reorganization in 1915 Mr. du Pont received
would have seriously injured not only the members of the
company, valued at $100 par. As a result of this producing and consuming public.
mon stock of the Delaware
Phelreorganization the Supreme Court determined that a stockholder named
Parallel in Hill Case Denied.
New Jersey
lis received two shares of the Delaware company for one of the
the Government in effect
past accumulation of
"This phase of the situation was so clear that
company, and that this constituted a separation of
to consented to the temporary injunction. See Hill vs. Wallace, 257 U. S. 310,
profits from the capital of the New Jersey company and a distribution
exceptional circumstances it
sc. 615. Under these extraordinary and most
stockholders. The Court held that this meant taxable income.
1915 in- was held that Section 3224 was not applicable to prevent an injunction
In March Mr. du Pont filed a return and an amended return of his
tax imposed for the purpose of regucome, but did not include the shares. In November 1917 the Government against collection of such a prohibitive the unnecessary and disastrous conDela- lating the future grain business with all
began an investigation into his liability to pay an income tax on the
was unconstitutional. Hill
sequences its enforcement would entail if the Act
ware shares, and finally ordered an assessment of $1,576,015 06.
Lipke vs. Lederer, supra, as a
Mr. du Pont, when notified of this assessment, which was made Dec. 31 vs. Wallace should, in fact, be classed with
three- penalty in the form of a tax. Certainly we have no such case here.
1919, replied that as his 1915 return was filed before Mar. 15 1916, the
consider whether Section
a hear"This conclusion renders it unnecessary for us to
year period for additional assessments had expired. On Feb. 2 1920
the 252 of the Revenue Act of 1921 in connection with Section 3226, Revised
ing was held, and on Mar. 8 Mr. du Pont filed a claim for abatement on
on Statutes, as amended by the same Revenue Act of 1921, barred complainant's
ground that the three-year period was over and "because the tax was
time of filing his bill,
right to pay the tax and sue to recover it back at the
something that was not income under the law."
one as held by the District Court. It is certain that by the amendments to Sec"Thereafter, by agreement between the stockholders similarly situated,
brought tion 252 and Section 3226, Revised Statutes, by the Act of Mar. 4 1923
stockholder, Phellis, paid the tax due under a similar assessment and
of (Public No. 527), the complainant is given the right now to pay the tai,
suit in the Court of Claims to recover it," says Justice Taft in a summary
the questions as to the
for the complainant herein took part in the argument of and sue to recover it back, and in such a suit to raise
the case. "Counsel
but value of the stock and the amount of the resulting tax and also the bar of
that case. The Court of Claims gave judgment against the United States,
to raise in the bill.
on appeal the judgment was reversed. The opinion of the Court was handed time against the assessment which he attempted reversed and the case is renot decided
"The decree of the Circuit Court of Appeals is
down Nov. 21 1921. All claims for abatement had been held and
case. manded to the District Court with directions to dissolve the temporary inby the Commissioner under an agreement with the counsel in the Phellis
the Commissioner rejected complainant's claim for abatement. junction and to dismiss the bill."
"Thereafter
granted
The bill of complainant was filed Jan. 30 1922. The District Court
affirmed
the temporary injunction. The Circuit Court of Appeals on appeal
the temporary injunction for the reason stated in the opinion of the District Income Tax-Treasury Department Revokes Ruling
.
Court."
Exempting Certain Distributions Out of Earnings
Use of Government's Powers.
21 that it
The Treasury Department announced on May
In the opinion Chief Justice Taft also says:
"Section 3224, Revised Statutes, provides that `no suit for the purpose of had revoked a ruling issued by it on May 9 under which it
maintained in
restraining the assessment or collection of any tax shall be
certain corporation distributions out of
any court.' In Cheatham vs. United States, 92 U. S. 85, 88; State Railroad had been held that
92 U. S., 575, 613, and in Snyder vs. Marks, 109 U. S. 189, 193, it earnings or profits accumulated prior to Mar. 1 1913 were
Taxes,
was said that the system prescribed by the United States in regard to both
not dividends within the meaning of the Revenue Act, and
customs duties and Internal Revenue taxes-of stringent measures, not judisuits to recover were hence exempt from tax. According to the Treasury
cial, to collect them, with appeals to specified tribunals and
back moneys illegally exacted-was a system of corrective justice intended to Departmen't announcement of this week it has been decided
be complete, and enacted under the right belonging to the Government to
the question to the Attorney-General, and pending
prescribe the conditions on which it would subject itself to the judgment of to refer
The
the courts in the collection of its revenues.
his decision the matter has been held in abeyance.
"In the exercise of that right, it declares by paragraph 3224 that its of- statement issued on May 21 says:
one corporation
ficers shall not be enjoined from collecting a tax claimed to have been unThe Treasury Department recently ruled that whenever
justly assessed, when those officers, in the course of general jurisdiction over
s out of earnings or profits
has received from another corporation distribution
the subject matter in question, have made the assessment and claim that it
1 1913, or out of inaccumulated by such other corporation prior to Mar.
is valid. This view has been approved in Shelton vs. Plate, 139 U. S. 591;
property accrued prior to Mar. 1 1913, and the receivin Pacific crease in value of its
in Pittsburgh Railways vs. Board of Public Works, 172 U. S. 32;
of its earnings or profits
ing corporation, after having first distributed all
Whaling Co. va. United States, 187 1.Y. S. 447, 451, 452; in Dodge vs. Osborn, accumulated since Feb. 28 1913, distributes to its stockholders the amount
240 U. S. 118, 121 and in Bailey, Collector, vs. George, 259 U. S. 16.
such distributions are not diviso received by it from such other corporation,
exempt from tax.
"The District Court recognized the sweep of these decisions in respect of
dends within the meaning of the Revenue Act and are
the contention of the complainant that the assessment of this tax and the
it was determined to
Due to the technical nature of the question involved,
stab
No cases were
threatened distraint to collect it were barred by limitations under the
the Attorney-General for his opinion.
a rule such attacks upon the validity of the refer the matter to
ute, and was of opinion that as
to the general imbasis of this Treasury decision. Contrary
tax could only be heard and considered after the tax had been paid in a suit closed on the
reversal of any previous
pression, this Treasury decision did not constitute a
to recover it back. In this view we fully concur.
made on the subject.
ruling of the Department. This ruling is the first one
matter has been held in
Time Limit Question Raised.
Pending the Attorney-General's opinion, the whole
"The District Court, however, thought that an exception to the operation abeyance by revoking the Treasury decision.
of Section 3224 must arise when it appeared, as it held it did appear here,
May 9, which
We give herewith the ruling as announced
that no provision of law existed by which, if the taxpayer when he filed his
bill for an injunction had paid the tax assessed, he could bring a suit to re- the above announcement revokes:
cover it back, because it would be barred by the statutory limitation of time
(T. D. 3475.)
in which such a suit could be brought.
prior to Mar. 1 1913.
Distribution out of earnings or profits accumulated
"The Court based its conclusion on Section 252 of the Revenue Act of 1918
Regulations 62 amended.
Article 1543 of
(40 Stat. 1085 ch. 18) re-enacted in the Revenue Act of 1921 (42 Stat., Pt.
TREASURY DEPARTMENT,
1, p. 268, ch. 136), which reads as follows:
Internal Revenue,
Office of Commissioner of
If upon examination of any return of income made pursuant to . . .
Washington, D. C.
the act of Oct. 3 1913. . • . it appears that an amount of income
. . . tax has been paid in excess of that properly due, then. notwith- To Collectors of Internal Revenue and Others Concerned:
read as follows (the part
staning the provision of Section 3228, It. S. the amount of the excess shall
Article 1543 of Regulations No. 62 is amended to
be credited against any income . . . taxes, or installments thereof
then due from the taxpayers under any other return, and any balance of added by the amendment is underscored [italics])
profits accumulated prior to
such excess shall be immediately refunded to the taxpayer; provided, that
"Art. 1543. Distribution out of earnings or
out of earnings or profits
no such credit or refund shall be allowed or made after 5 years from the date Mar. 1 1913.
-Any distribution by a corporation
when the return was due, unless before the expiration of such 5 years a
increases of value of property acaccumulated prior to Mar. 1913, or out of
therefor Is filed by the taxpayer.
claim
by sale or other disposicrued prior to Mar. 1 1913 (whether or not realized
Act. The provisions of the
"The return was due Mar. 15 1916. The assessment was made Dec. 31
a dividend within the meaning of the
is
might then have paid the tax and would have had tion), not
cases arising under the Reve1919. The complainant
preceding sentence shall be applied uniformly to
Revenue Act of 1918, as well
two years in which to make his claim and, if rejected, to sue to recover it nue Act
of 1916, the Revenue Act of 1917, the
has received from
back if, as he now submits, Section 252 limited his right to pay and sue to as the
Revenue Act of 1921. 1Vhenever one corporation
accumulated by
recover. Under such a construction and application of Section 252, suit
another corporation distributions out of earnings or profits
in value of its
must have been brought on or before Mar. 15 1921.
such other corporation prior to Mar. 1 1913, or out of increase
corporation, after
"This is what Phellis did (United States vs. Phellis, 257 U. S. 156) and
property accrued prior to Mar. 1 1913, and the receiving
accumulated since Feb.
there was no question raised as to his right to bring the suit in the Court of having first
distributed all of its earnings and profits
Claims to recover back the tax paid by him if it had proved to be illegally 28 1913 distributes to its stockholders the amount so received by it from
within the meanassessed and collected. Certainly complainant could not, by delaying his such other
corporation, such distributions are not dividends
payment until his right to sue to recover it back expired, make a case so ing of the Revenue Act and are exempt from tax. A corporation cannot disproperty acy anti entirely exceptional as to render Section 2224, Revised
extraordinar
tribute earnings or profits accumulated or increase in value of
accumuStatutes, inapplicable.
crued prior to Mar. 1 1913 unless and until all earnings or profits
whether a
Claim Did Not Bar Payment.
lated since Feb. 28 1913 have been distributed. In determining
Mar.
accumulated prior or subsequent to
"If it be said that he was waiting for the Commissioner to act on his claim dividend is out of earnings or profits
bookkeeping
r's 1 1913 due consideration must be given to the facts, and mere
for abatement of the assessment, it is enough to say that the Commissione
will not be conclusive.
accumudelay until after the decision of the Phellis case in November 1921 was due entries increasing or decreasing surplus
A distribution made by a corporation out of earnings or profits exempt
is
to agreement by the parties. Nor was he prevented from paying the assesslated or increase in value of property accrued prior to Mar. 1 1913 Articles
in
ment by his claim for abatement.
or other basis provided where any
"The cases complainant's counsel rely on do not apply. The cases of Lipke from tax, even if in excess of the cost
However,
1561-1563 and 1568, of the stock on which declared.
vs. Lederer, 259 U. S. 557, and Regal Drug Corporation vs. Wardell, deaccumulated or increase in
1922, were not cases of enjoining taxes at all. They were ille- tax-free distribution out of earnings or profits
the distribucided Dec. 11
value of Property accrued prior to Mar. 1 1913 has been made,the stock ungal penalties in the nature of punishment for a criminal offense. Pollock vs. tee cannot
disposition of
deduct any loss from the sale or other
Co., 240 U. S. 1, were suits by stockholders against corporations to
exceeds the sum
Railroad
less and then only to the extent that the cost, or other basis,
Farmers' Loan & Trust Co., 157 U. S. 429, and Brushaber vs. Union Pacific of
disposition of the stock,
(1) the amount realised from the sale or other
restrain the corporations from paying taxes alleged to be unconstitutional.




2354

THE CHRONICLE

and (2) the aggregate amount of such distributions received by him thereon.
Example.—A purchased certain stock subsequent to Mar. 1 1913 for $10,000 and received in 1921 a distribution thereon of $2,000, paid out of the
earnings or profits of the corporation accumulated prior to Mar. 1 1913.
This distribution does not constitute taxable income to A. If A subsequently
sells the stock for $6,000 a deductible loss of $2,000 is sustained. If he sells
the stock for $12,000, a taxable gain of $2,000 is realized. No gain or loss
is recognized if he sells the stock for an amount ranging between $8,000 and
$10,000.
D. H. BLAIR, Commissioner of Internal Revenue.
Approved: May 9 1923.
A. W. MELLON, Secretary of the Treasury.

[VoL. 116.

1. The amount sought to be recovered must be paid under duress and
protest.
2. A claim for refund or credit must be filed with the Commissioner
within 5 years after the due date of the return or
date of payment of the tax in the case of income,within 2 years after the
war-profits and
profit taxes; and in the case of any other form of internal revenue excess
tax, a
claim for refund or credit must be filed within 4 years after the payment
of the tax.
3. Six months must expire after filing the claim for refund or
before commencing an action, unless the Commissioner acts upon thecredit
Within the 6 months period. in which case suit may be commenced asclaim
soon
as the Commissioner makes his decision.
4. Conditions 1. 2 and 3 must be complied with and the claimant
commence his action within 5 years after the date of payment of themust
tax,
or within 2 years after the disallowance of the claim for refund or credit by
the Commissioner.
The Commissioner of Internal Revenue is not authorized to waive the statutory requirements which must be complied with as a condition precedent
to commencing suit for the ercovery of taxes paid.
D. H. BLAIR, Commissioner.

At the time of the issuance of the foregoing it was said
that taxes aggregating millions of dollars would have to be
refunded by the Treasury Department as a result of the decision. In stating that Treasury officials were unable to
estimate the number of claims for refund, many of which
have been pending for several years, that would be made Income Tax—Limitation Upon Credits and Refunds in
valid by the ruling, press advices from Washington May 11
Case or 1917 Returns.
added:
Regarding the limitation upon credits and refunds in the
It was said that undoubtedly some of them would result in full repaycase of income tax returns for the year 1917, David H. Blair,
ments, while the greater portion of those now on file would require refunds
Commissioner of Internal Revenue, issued the following anto be determined by re-audits of the tax returns.
Among the corporations certain to profit through refunds are some of the nouncement April 30:

larger railroad corporations which have from time to time acquired subsidiary lines. In many instances these corporations have permitted the subsidiary lines to retain their identity throughout the years.
Most of the cases affected by the ruling are believed to be protected by the
statute of limitations by claims already presented, and only the amendment
of the claim already filed was said to be necessary to make it apply to the
taxes collected under the previous bureau practice.

(T. D. 34710
LIMITATIONS UPON CREDITS AND REFUNDS.
TREASURY DEPARTMENT,
Office of Commissioner of Internal Revenue,
Washington D. C.
To Collectors of Internal Revenue and Others Concerned:
Under the provisions of Section 252 of the Revenue Act of 1921, as
Commenting on the Treasury Department's announcement amended by an Act approved Mar. 4 1923 (Public No. 527), the Commisof May 21, Washington advices to the "Journal of Com- sioner of Internal Revenue may, in those eases where the taxpayer has, within
five years from the time the return for the taxable year 1917 was due, filed
merce" said:
a waiver of his right to have the taxes due for such taxable year determined
Assertion in the statement that the Treasury decision did not constitute and assessed within five years after the return was due, allow a credit or
a reversal of any previous ruling aroused considerable question, but no clear refund of the excessive income, war profits or excess profits taxes paid for
official explanation of the point was made. It was conceded that before the such taxable year 1917 within six years from the time the return for such
decision of May 9 it had been the practice of the Revenue Bureau to collect taxable year 1917 was due, whether or not claim therefor is filed by the
Income taxes on these distributions and that the decision exempted them, but taxpayer.
It was said that there had been no previous decision on the point.
D. H. BLAIR, Commissioner of Internal Revenue.
Approved: April 30 1928.
Although officials were anxious to avoid comment upon the latest order
there was a suggestion that a slip had been made from the Government's
A. W. MELLON, Secretary of the Treasury.
point
Of view in the issuance of the decision removing the tax. There was a report
that the ruling had been made in a specific case and had not been intended
Issuance of Internal Revenue Bulletin Weekly.
to apply generally. It is recognized that the application of the decision
exempting distributions from taxation would involve enough refunds probably
In making known the intention of the Bureau of Internal
to cause a mass of litigation which might result adversely to the Government
The question at issue to be decided by the AttorneyUeneral is whether Revenue to issue weekly the "Internal Revenue Bulletin."
announcement by the Bureau on May 7 said:
these earnings accumulated prior to Mar. 1 1913 lose their identity when
they an
are distributed by the holding corporation to its stockholders. The Treasury
As a material step in promoting co-operation between the Government and
recognizes the freedom from taxation of the distributions when they are made taxpayers, Commissioner of Internal Revenue David H. Blair has inaugurated
by one corporation to another.
a new program in the issuance of the "Internal Revenue Bulletin," which
contains decisions and rulings on various tax and prohibition questions.
Beginning to-day the "Internal Revenue Bulletin" will be issued weekly.
Income Tax—Conditions Precedent to Proceedings to To assure the widest and most expeditious distribution of the service Corn.
missioner Blair has ordered that subscribers on the Pacific Coast and all points
Recover Taxes Erroneously Assessed or Collected.
west of the Mississippi River be given preference in the mailing of the
The Treasury Department at Washington, through the "Bulletin."
office of the Commissioner of Internal Revenue, made pub- licThe promptness with which tax information is made available to the pubwill greatly enhance the value of the new bulletin service, Commissioner
lic on May 9 the following with regard to the conditions Blair said.
The service will include all rulings and opinions of the Solicitor of Interprecedent to the bringing of an action to recover taxes
nal Revenue, the Attorney-General,
alleged to have been erroneously or illegally assessed or col- come, sales, capital stock, tobacco, and Treasury decisions dealing with inoleomargarine and miscellaneous
lected, or penalties alleged to have been collected without In addition there will be a great fund of general information on tax taxes.
and prohibition matters.
authority:
Supplementing the weekly bulletin, the Internal Revenue
TREASURY DEPARTMENT,
will now consist of a quarterly digest, which will contain, Bulletin Service
Office of Commissioner of Internal Revenue,
briefed, but retaining their full import, the rulings previously
published in the weekly
Washington, D. O.
bulletins, and a semi-annual cumulative bulletin
in which will appear in full
May 9 1923.
all new rulings and decisions published during
the preceding six months.
SUITS FOR RECOVERY OF INTERNAL REVENUE TAXES PAID.
The semi-annual bulletins will be issued in
July and January.
To Collectors of Internal Revenue, Internal Revenue Agents in Charge and
The Internal Revenue Bulletin Service,
which was begun in April 1919,
Others Concerned:
was originally intended for the use of the
personnel of the Bureau of Internal
Inquiries have come to the Bureau which indicate that some confusion
Revenue only. It was decided, however, in
view of
exists with respect to the limitations upon suits and proceedings for the re- of the
information set forth—covering innumerablethe interest to taxpayers
covery of taxes and penalties paid under the Internal Revenue laws.
and complex tax questions—that it should be made available to
the public. Requests for the serUnder Section 3226 of the Revised Statutes as amended by Section 1318 vice have amply
justified this decision. The
of the Revenue Act of 1921 and Public No. 527, approved Mar. 4 1923, no 20,000 subscribers
service now has more than
and under the new plan of
suit or proceedings can he maintained in any court for the recovery of any pected the
subscription list will be doubled. Commissioner Blair it is exThe entire bulletin service is
Internal Revenue tax alleged to have been erroneously or illegally assessed furnished on a
subscription basis of $2 a year,
and
or collected, or of any penalty claimed to have been collected Superintendent
of Public' Documents, Government may be obtained from the
without authority, or of any sum alleged to have been excessive
Printing Office.
or in any mannei wrongfully collected, until a claim for refund or credit has
been duly filed with the Commissioner of Internal Revenue, according to the
Theodore G. Smith on Problems
provisions of law in that regard and the regulations of the Secretary
of the
Confronting Trust
Treasury established in pursuance thereof.
Company Division of A. B.
A.—Executive ComIt is further provided by Section 3226 of the Revised Statutes, as amended.
mittee's Resolutions on Death of
that no suit or proceeding shall be begun before the expiration of six months
F. H. Goff
from the date of filing such claim, unless the Commissioner renders a deciand Edmund D. Hulbert.
sion thereon within that time, nor after the expiration of five years from the
Theodore G. Smith, in his report as
date of the payment of such tax, penalty or sum, unless such suit or proceedPresident of the Trust
ing is begun within two years after the disallowance of the part of such claim Company Division of the American Bankers
Association,
which such suit or proceeding relates.
to
presented at the meeting of the
Association's Executive
Section 252 of the Revenue Act of 1921, as amended by the Act of
Mar. Council at Rye, N. Y., on April
24, stated that "instead of
4 1923 (Public 527), authorizes the filing of a claim for credit or refund of
income, war-profits and excess profits tax at any time within five years after the number of problems which we are
required to face being
the due date of the return or within two years after the payment of the tax. on the decline, we are
confronted with a situation in many
(T. D. 3457, Mar. 17 1923.)
lines which calls for the utmost care in
Section 3228 of the Revised Statutes of the United States, as amended by
handling and the
Section 1316 of the Revenue Act of 1921 and the Act of Mar. 4 1923 (Public greatest amount of forbearance which time
alone can cor527), provides that all claims for the refunding or crediting of any Internal rect." Reference made made
by Mr. Smith to the reports
Revenue tax, other than income, war profits or excess profits taxes, must be
submittd by the officers and chairmen
presented to the Commissioner within four years next after Payment of such
at the meeting, and
in giving an outline of the outstanding
tax.
features contained
conditions precedent to the bringing of an action to recover back taxes therein, he said:
The
have been erroneously or illegally assessed or collected, or of any
alleged to
The operation of Section 226 (c) of the Federal
Revenue Act of 1921, wipenalty alleged to have been collected without authority, or of any sum al- der which the estates of decedents
are taxed on an annual basis, takes from
leged to have been excessive or in any manner wrongfully collected, may be these estates many millions of
dollars annually in unjust taxation. At a
briefly summarized as follows:
meeting of the Executive Committee of the
Division held on Dec. 7 1922,




MAY 26 1923.)

THE CHRONICLE

2355

at which all phases of this subject were considered, it was decided to seek
relief through an amendment to the law and also to conduct a test suit. A accepted, and $65.335,991 had been paid in progress payments for work
satisfactory termination of this matter will favorably affect the estate of any completed on projects which were still under construction on March 31.
, On March 31, 21.638 miles had been completed at a total
officer or member of the Council who may be so unfortunate as to pass from
cost of $378,this life during the first few months of any calendar year while this law if: 087,845 and the Federal share of the cost amounting to 3150,038,223 ha,
operation. The costs in connection with the suit are expected to be met been paid to the States.1
in
On the same date 3,413 miles additional had been completed but they had
from voluntary contributions from the members of the Trust Company Divinot been inspected for final acceptance. The total cost of these
sion.
roads
was approximately $51,500,000.
During February of the present year the twelfth annual trust companies'
On the same date there were 14.010 miles under construction and these
banquet was held in New York City, with a larger attendance than at any
roads were reported at the time as 56% complete in the aggregate.
previous banquet.
The total mileage completed or under construction on March 31 was
This was held on the evening of the day of the Fourth Mid-Winter Confer39.062 miles.
ence. Two sessions of the conference were held. The first session opened
at
While the improvement of the Federal Aid System may proceed more
9.30 a. m. and the second at 2 p. m., adjourning at 5 p. m. Ten subjects
of slowly than some would
like, and more slowly than it would under more
importance to the operation of the business of corporate fiduciarie
s were favorable economic condition neverthel
ess almost before we realize it
s,
carefully presented and discussed. The attendance
at and interest in these we shall find
that we have a Federal road system which vrill not only serve
sessions were greater than at any similar meetings held
by the Division. local needs, but
which will make it possible for the tourist to drive from
These features are now looked for annually and are counted
•upon as impor- one end of the
country to the other and from one part of any State to
tant branches of our work.
another, in the assurance of finding good roads the entire distance.
Four meetings of the Executive Committee have been held since
the New
York convention last October and these have all
Secretary Wallace also said:
been attended by the majority of the members of the committee.
The designation and approval of the Federal Aid Highway System
Many oddities and monstrosities in the form of
bills introduced in the va- under the Act of 1921 is progressing rapidly. By the end of the
summer
rious State Legislatures directly and seriously affecting
the business of trust approximately 179.000 miles will have been designated as a part of this
companies, have been carefully watched during
the recent sessions of the system. Up to May 5 all but three States had submitted tentative
systems
State Legislatures. This work is continuing during
the sessions of the for approval. The systems
of 33 States had been formally approved.
Legislatures which have not as yet adjourned
. The report of the com- including a total of 105,406
miles.
mittee handling this matter was the subject of
long and faithful consideraConsidering the approved systems in the 33 States we find that of the
tion by the Executive Committee at its meeting this week.
•Through the ex- 1.015 cities of 5,000 or more populatio in these States 959 of them lie
n
tension of inheritance taxation, it is now sought
to distribute wealth rather directly on the approved system,
and there is not one but will be connected
than to raise revenue for Governmental uses. This
subject in its many rami- with the system by a., improved
State or county road. When the system
fications is being given careful study by the Division
and• definite recom- Is completed, therefore, one will
be able to travel from any town of 5,000
mendations regarding the handling of this question
will be presented at the population or greater to any
other town of the same population without
convention in September.
leaving an improved road.
The national campaign of publicity and
advertising, so ably conducted durThe detailed study of the availabili
ing the past two years, is bach month exerting
ty of the improved roads to the total
a marked influence upon the population has not been
completed, but if we take typical States in the
thought of the public in directing them to
protect and conserve their real East, Middle West and West,
we find that the roads on the Federal Aid
and personal property through the naming of a
corporate fiduciary to handle System will give a maximum
of service. In Maryland not more than 234%
their affairs after death, and it is also
stimulating the creation of voluntary of the population lives further
than 10 miles from a Federal Aid road; in
or living trusts which are made during the
life of the donor. No more val- Indiana less than 1%;in Arizona,
where the total population is but 334.000.
uable contribution could posssibly be made
than this work which is so far- perhaps one-third will live outside
of the 10
reaching in its beneficial results.
-mile zone.
A Federal Aid road will cross the Western mountain
Co-operation with the legal profession in
s at practically every
fact as well as in name is pro- one of the important passes.
The Rockies will be crossed at Berthoud,
ceeding in a most satisfactory manner.
The discussions regarding the en- Lookout, Gibson, Targhee,
Pleasant Valley and Reynolds passes in Moncroachment of corporate fiduciaries upon
the prerogatives of the legal pro- tana and Idaho; La Veta, Wolf
Creek and Red Mountain passes in Colorado.
fession, which loomed so formidably a year
or two ago, are assuming a more and Raton pass on the Colorado
-New Mexico line. The Cascade range
normal condition. This is due in a very
large measure to the vigilance and will be crossed at Stephens
and Snoqualmle passes in Washington. and
active attention given to the situations
in all States and other concrete cases Grants Pass in Oregon; and
the Sierra Nevadas will be crossed at Truckee
by the special committee having this
matter in charge. Several bills directed and Walker passes in Californi
a.
against the so-called "practice of law"
were introduced in State Legislatures
during the present year. None of these
measures passsed. One bill in Minneffota sought to make invalid any
will not drawn by an attorney. The passage of such a measure would be
against the public interest and, therefore, Tennessee Bankers Association Protests Against 3%
we do not believe that such bills
will be enacted into law, although the most
Excise Tax.
careful attention must be given each
time they make their appearance.
Protest against newly enacted legislation in Tennessee
The unification of charges made
for trust services is being developed in a
very satisfactory manner. The
mposing a 3% excise tax on corporations, including State
iniquitous practice of price cutting and encouragement of "shopping" by customers
is gradually being eliminated.
banks, is voiced in a resolution adopted by the Tennessee
The great work started a few
years ago by Mr. Golf of Cleveland and
Bankers' Association in annual convention at Chattanooga
known as the community trust,
is also
ful lines in over fifty cities throughou being developed along the most help- on May
16. At the same time the members pledged their
t the country.
Staff relations or the development
of personnel is receiving the constant efforts toward securing the
attention of a special committee working
separation of the State Banking
upon this matter.
Department from other State departments. The resoluThrough a recent investigation made
by the special Committee on Research, many encouraging facts were revealed
in regard to the beneficent tions, presented by W. A. Sadd of Nashville, Chairman of
results of the work of corporate
fiduciaries. A detailed explanation of these the Legislative
matters will be offered in the
Committee, are given as follows in the
near future for publication and will, therefore,
be made available to the Council
Chattanooga "News":
and our membership generally.
Every activity known to the
Whereas, the late General Assembly enacted
modern trust company and all branches of
a tax law assessing a 3%
work designed to help the official
and clerical staff are given the most care- excise tax upon corporations. including State banks,and said law is inequitaful handling by the Secretary
and staff at the headquarters office. The re- ble and discriminatory in its effect:
quests for service and the
Be it resolved, That the Tennessee Bankers' Assodati
record of the performances of these services
would
on enter its protest
constitute a report of great
against this Act and that we formally
volume.
indorse the action of our executive
In conclusion, it may be
council in directing the legislative committe
e to take any steps in its power
by the trust companies of interesting to know the totals of property held
the United States in their
to safeguard our interests and to bring
banking and trust reabout a repeal of this law, or such
sources. The banking resources
amendments as will make it more uniform
of our institutions as reported
and just in its appllcation.
a year ago
were thirteen billions of dollars
Second—In the reorganization Act passed by the late General Assembly
and with the trusts variously estimated
tween forty and seventy-five
bethe State Banking Department was merged with the Insuranc Department.
billions, it can readily be
which we have in the usefulness
e
seen that the pride
In our judgment such a consolidation
of these companies is
is not for the best interest of the State
entirely justifiable.
Appropriate resolutions
or of either of the departments, and certainly
it is not to the beet interest
of F. H. Goff, President of respecting the death on March 14 of the Banking Department.
the Cleveland Trust Co. of CleveThe present administration in executing
land, and that (March 30) of
this law has wisely allowed the
Edmund D. Hulbert, President Banking Department to preserve its independence and freedom of action
of the Illinois Merchants
for all practical purposes. While
Banks of Chicago, both formerly part of
we appreciate this consideration on the
the administration,
presidents of the Trust Compan
recognize the
this
y Division, were adopted at merger sets a bad precedentwe do not fail toseeds of futurefact that if
mischief it
which holds the
the meeting of the Executive
Committee of the Trust Com- is allowed to remain.
pany Division on April 24.
Therefore, be it resolved by the Tennessee Bankers' Association that the
members of this association pledge their efforts to secure the
separation
of the State Banking Department
from all other State Departments, and
Secretary of Agriculture Wallace
on Progress of Federal the legislation committee is directed to give its attention to this matter as
Road Development—$540,0
soon as there shall be opportunity
to secure its modification or its repeal.
00,000 Appropriated or

Authorized.
According to Secretary of
Alabama Water Power First Major Project Under
since Federal aid for road Agriculture Henry C. Wallace,
building was inaugurated by the
Federal Water Power Act.
Federal Aid Road Act, approved
July 11 1916, the sum of
The Federal Power Commission at Washington had the
$540,000,000 has been appropr
iated or authorized for the following to say
under date of April 27:
fiscal years 1917 to 1925, inclusiv
e. Of the above amount,
One of the first of the major projects
says Secretary Wallace, $75,000
to be
and placed in ser,000 is authorized for the vice under the provisions of the Federal Water constructed is the COOS2 River
Power Act
fiscal year 1925 and will not be
Project of the Alabama Power
available for expenditure and April
Co. The license was issued on June 27 1921
7 1923,
until July 1 1924. Sixty-five
million dollars is authorized at Mitchell Dam. the first unit of 24,000 horsepower was put into operation
The load on the company'S system is growing so rapidly
for the fiscal year beginning
July 1 of this year, leaving that the immediate installation of two additional units is proposed. The
$400,000,000 authorized or
appropriated for expenditure up complete development of five units will have a capacity of 120,000 horsepower.
to the current fiscal year. Secreta
ry Wallace, whose remarks
In 1921 the company completed
on the subject were made before
a 110,000-volt transmission line connecting
its system with that of the
the American Automobile
Georgia Railway & Power Co., and power may
Association at New York City on
now be interchanged with companie
s operating in Georgia and the Carolinas.
May 22, went on to say:
The need for power is so
Of tho $400.000,000
company has contracted

authorized or appropria
ted up to the current fiscal
Year $226,274,214 had been paid to the
States for work completed up
March 31, of which $160,938,223
to
was paid on projects
completed and




great in the South that the
for the use of the Warrior reserve steam plant
of 45,000 horsepower capacity
and the Sheffield plant of 60,000 horsepower, which are owned by the Government and were built during the war for use in connection with the nitrate

2356

THE CHRONICLE

(VOL. 116.

Manager of the Collection Department of that institution.
William E. Woodman has been appointed Manager of the
Collection Department to succeed Mr. Rogers.
'
Walter L. Boyden, President of the Plymouth National
Bank of Plymouth, Mass., died on May 18 1923 at the age
Appointment of Committee by Internal Revenue Com- of fifty-nine years. Mr. Boyden had served the bank conmissioner to Confer With Prohibition Unit Relatinuously since 1891, in which year he was elected Cashier,
tive to Use of Industrial Alcohol.
advancing to President in 1914.
Commissioner of Internal Revenue David H. Blair announced on April 27 the appointment of a committee to conJoseph C. Allen, State Bank Commissioner of Massachufer with and advise the Prohibition Unit on questions relatsetts on May 8 petitioned the Supreme Court for authority to
ing to the use of industrial alcohol. The functions of the
assess the stockholders of the defunct Tremont Trust Co. of
committee, it is stated, will be purely advisory. Either as a Boston for an amount equal to 100% of their shareholdings,
whole, or as individual members, the Committee will offer
acting under the law fixing the liability of sharehlders In
suggestions for the consideration of the Unit on the policy
ts on this basis. Among the larger
and in the promulgation of the State of Massachuset
affecting the alcohol using trade
shareholders, it is said, are the following named persons:
regulations concerning such policy. Following are the memFormer Governor Eugene N. Foss, with 1,000 shares; Benjamin H. Swig,
bers of the committee:
Boston, 1,900; Louis Swig, Taunton, 391; Simon Swig, Boston, 523; Siplants at Muscle Shoals. Other hydroelectric developments on the Tallapoosa
and Coosa rivers are also proposed by the Alabama Power Co., which has on
file with the Commission applications aggregating 285,000 horsepower. The
company now operates more than 1,250 miles of transmission line and serves
a population estimated at 550,000.

' Dr. H. E. Howe, Washington, D. C., Editor of the "Journal of Industrial
and Engineering Chemistry," representing the American Chemical Society.
Wm. A. Sailer. Baltimore, Md., President of Sharpe & Dohme, and also
President of the American Drug Manufacturers' Association.
Wm. J. Scheiffelin, New York City, representing the National Wholesale
Druggists' Association.
Samuel C. Henry, Chicago, Ill., representing the National Association of
Retail Druggists.
Martin Ittner, Chief Chemist, Colgate & Co., Jersey City, N. J., representing the American Manufacturers of Toilet Articles.
Frank A. Blair, New York City, President of the Proprietary Association.
M. C. Whitaker, New York City, President of the U. S. Industrial Chemical Co.
R. H. Bond, Baltimore, Md., Manager of McCormick & Co., representing
the Flavoring Extract Manufacturers' Association.
Dr. Charles L. Reece, Chief Chemist, E. I. duPont de Nemoun3 & Co.,
President of the Manufacturing Chemists' Association.
Prof. J. H. Beal, Philadelphia, Pa., Chairman of the Board of TrusteeS,
United States Pharmacopoeia! Convention.

mon Swig, trustee, 200 and 193; Thomas W. Lawson, 500; Louis H. Krasno,
Boston, 500; Samuel J. Dangel, Boston, 500; Harry B. Farrell, Boston, 500;
Maurice Berenson, Detroit, 505; former Governor John L. Bates, 125; one
has paid $133 39;
time State Treasurer Fred J. Burrell, 70, on which he
John H. Broderick, Boston, 100; Daniel IL Coakley, 50; George I. Cohen,
which $1,015 48 has been paid;
Boston, 50; Peter H. Corr, Taunton, 30, on
paid; John P. FeeJames H. Doyle, Boston, 10, on which $870 81 has been
ney, 76; Asa P. French, 20, on which $778 53 has been paid; Elisha GreenBoston, 00;
hood, 50; Samuel Hinson, Boston, 100; Harry E. Levenson,
MenGrenville S. MacFarland, 40, on which $335 74 has been paid; Aaron
Herbert A. Mintz, Bosdelssohn, Boston, 125; Metropolitan Trust Co., 49;
ton, 100; Samuel C. Mintz, Boston, 600; Old South Trust Co., 133; Nathan
A. Pelonsky, Boston, 75; Joseph C. Pelletier, 10; Joseph Rittenberg, Boston,
117, and William R. Scharton, 10.

The Tremont Trust Co. was closed by the Bank Commissioner on Feb. 17 1921, as reported by us in our issue of Feb.
19 1921.

• Acceptances of the appointments have been received from
At a meeting of the directors of the Second National Bank
all of the above-named members of the committee.
of Philadelphia at Frankford on May 16, Horace M. Siner
was•appointed a director to fill the vacancy caused by the
death of John Biddle,
ITEMS ABOUT BANKS, TRUST COMPANIES. ETC.
The name of the Security Co. of Pottstown, Pa., has been
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration baing changed to the Security Trust Co. We are advised that
stated as $94,000. The last preceding sale was also at this change has been simply one of title, no change being
made in the nature of the business transacted, the institu.
$91,000.
tion having always been a chartered trust company, congeneral banking business. Under date
• .At a meeting of the directors of the United States Mort- ducting a trust and
30 last the company reported a capital of $125,000,
gage & Trust Co. of New York on Mar. 25, H. E. Willer was of Dec.
undivided profits of $289,666, deposits of
elected Vice-President in charge of the New Business and surplus and
$2,119,281 and aggregate resources of $2,736,450. The
Publicity departments. Mr. Willer, until now an Assistant
J. Elmer Porter, President; A. J. Bernhart,
Secretary of the Guaranty Trust Co., was up to 1919 for officers are:
iines as Vice-President; William M. Bunting, Secretary and Treasmany years connected with the New York Central
George M. Longaker, Assistant Secretary and
Assistant Vice-President. During the war Mr. Willer repre- urer, and
Railway Association in transportation Treasurer and Trust Officer.
sented the American
'natters connected with the army and navy, and also acted
as Manager of Bituminous Coal Distribution of the United
John N. Wright Jr., the former Cashier of the First
States Fuel Administration of New York.
National Bank of Federalsburg, Md., and Leon E. Venable,
a former insurance agent of Cambridge, Md., indicted at
The United States Mortgage & Trust Co. of New York the same time for embezzling the funds of the bank, were on
announces the appointment of Robert B. Raymond as May 21 sentenced by Judge Morris A. Soper in the Federal
Manager of its Foreign Department. Mr. Raymond had Court at Baltimore to serve two years and twenty months,
been Manager of the Foreign Department of the Chemical respectively, in the Federal Penitentiary at Atlanta. As
National Bank.
noted in these columns in our issue of May 19, Wright
pleaded "guilty" before Judge Soper on May 11. SubseThe following bankers left New York in a special car over quently Venable entered the same plea. In imposing senthe Pennsylvania Thursday evening May 24 to attend the tence Judge Soper declared, it is said, that he had given the
annual convention of Reserve City Barkers at French Lick, ex-Cashier the more severe sentence because he was an officer
Indiana:
of the bank and his degree of guilt was greater than that of
Percy H. Johnston. President, Chemical National Bank.
Venable. The Court further said:
Henry L. Servoss, Vice-President, United States Mortgage & Trust Co.
Peter S. Duryee and Charles H. Marfield, Vice-Presidents, Seaboard National Bank.
cf. F. Junod, Vice-President, and John H. Trowbridge, Assistant Cashier,
Bank of America.
George V. Drew and Joseph E. Smith, Assistant Secretaries, Equitable
Trust Company.
George M.Curran, Manager, Travelers' Checks, Bankers Trust Company.
George W. S. Soule. Assistant Cashier, National Shawmut Bank, Boston.
Thomas Hlldt, President, Merchants Bank of Baltimore.

The American Exchange National Bank of New York
announces the death of its Assistant Cashier, Alphonso K.
de Guiscard, on May 9. Associating himself with the bank
been continuously in its service
at the age of nineteen, he had
for almost sixty years.
of directors of the International
At the meeting of the board
Acceptance Bank, Inc., last week, H. J. Rogers was apMr. Rogers was formerly
pointed Assistant Secretary.




a consultation with the District
In considering this sentence I half() held
into consideration the
Attorney and counsel for the accused. I have taken
office did not think the case should be prosefact that the Comptroller's
recently, although the embezzlements
cuted and delayed taking action until
consideration the fact that both
occurred in 1920. I have also taken into
the case warrants a severe sentence.
men pleaded guilty, yet I still think

The Fletcher American National Bank of Indianapolis
will increase its capital stock from $2,000,000 to $3,000,000.
The stockholders on May 19 ratified such recommendation
by the directors to become effective on June 1 1923. At
the same time action was taken towards increasing the
common stock of the Fletcher American Co. from $500,000
to $750,000. With the outstanding $1,000,000 of preferred
stock, this will bring the capitalization of the company to
$1,750,000. The common stock of the Fletcher American
Co. is owned by the same individuals and in the same
proportion as the stook of the bank. Each share of bank

MAY 26 1923.]

THE CHRONICLE

2357

stook, par value $100, carries with it one share of company
stock, par value $25. The entire stock issue has been subscribed by the group of business men who in July 1921
acquired controlling interest in the bank from Stoughton
A. Fletcher. However, such subscription is subject to
the right of all shareholders to subscribe their pro rata
share of the stock. The stock is being offered to shareholders at $135 per share. Coincident with the meeting
of the stockholders on May 19 of the Fletcher American
National Bank and the Fletcher American Co., at which steps
were taken towards increasing the capital of the two, announcement was made that Stoughton A. Fletcher had
resigned as President and director of the Fletcher American
National Bank and Fletcher American Co. Elmer W.
Stout has been elected President of the bank and First VicePresident of the Fletcher American Co. and George C.
Forrey Jr. has been elected President of the Fletcher American Co. and First Vice-President of the bank. Thomas
Taggart has become Chairman of the board of directors
of the Fletcher American National Bank. Theodore
Stempfel, Vice-President of the bank, was elected to the
additional post of Trust Officer. Leo M. Rappaport has
been chosen a director of both the bank and the Fletcher
American Co.

The 17th annual report of the Sterling Bank of Canada
(head office, Toronto) for the fiscal year ended April 30
was submitted to the shareholders at their annual meeting
on May 15 and showed favorable results for the period. Net
earnings for the twelve months, exclusive of the usual
fixed charges, were $243,350. This, with the addition of
$38,034, representing the balance to profit and loss brought
forward from the preceding year, made the sum of $281,384
available for distribution which was appropriated as follows:
$98,656 to cover dividends at the rate of 8% per annum;
$115,000 transferred to contingent account for reduction in
bank premises account, depreciation of assets, etc., and
$31,500 to pay taxes, leaving a balance of $36,178 to be
carried forward to next year's profit and loss account.
Total assets were given" as $23,740,051; total deposits as
$17,515,859, of which $3,261,690 were non-interest-bearing
deposits, and current loans outstanding as $7,157,437.
The bank has a capital of $500,000 with a rest fund of like
amount. G. T. Somers is President and A. H. Walker
General Manager.

Thomas L. Hildebrand, former Cashier of the First National Bank of Columbia City, Ind., was arrested on May 4
on a Federal warrant and later released on a bond of $10.000.
Although the only specific charge in the warrant was alleged
forgery, it is said, the ex-Cashier would later be charged
with embezzlement of the funds of a national bank, misapplication of money and alteration of records. His peculations,
it is alleged, amount to approximately $347,000. Hildebrand.
who had been in the bank's service 32 years and was greatly
respected, was discharged about five months ago when it became known that he was under suspicion of having misappropriated the bank's money and that of depositors left in
his care. The shortage, it is said, has been made up by-contributions from the officers, S. J. Peabody, the President,
contributing $268,000 of the amount, thus keeping the condition of the institution, it is averred, unimpaired.

According to an announcement by ,J. G. Van Breda Kolff,
at 14 Wall St., representative for the United States of the
Rotterdamsche Bankvereeniging, Rotterdam, Amsterdam,
The Hague,the general meeting of shareholders of the Rotterdamsche Bankvereeniging took place in Rotterdam on May
16 when a dividend of 6% for the year 1922, payable May 17,
was proposed. Aggregate net profits for the year 1922
amount to Fl. 10,733,439.14. Buildings are written down
Fl. 268,133.79, while the reserve fund will receive Fl. 500,000
(increasing this surplus account to Fl. 36,500,000); special
reserve fund will be endowed with Fl. 4,000,000 (inasmuch
as Fl. 3,508,000 have been drawn on these reserves during
the year 1922, this fund will amount to Fl. 4,492,000); payment of 6% dividend, Fl. 4,500,000; tax on dividend,
Fl. 407,250; bonuses, Fl. 425,727.73; while Fl. 632,327.62
will be carried forward as undivided profits..

J. G. Geddes, Vice-President of the Union Trust Co. of
Cleveland and the head of its foreign department, was
elected President of the Cleveland Association of Credit
Men by the board of trustees at its meeting on May 16.
Mr. Geddes has been active in the association for some time.
For two years he was Chairman of the foreign credits committee of the association, and he has also served on the foreign credits committee of the National Association of Credit
Men. During the last year he has been Treasurer of the
Cleveland association and a member of its board of trustees.
Mr. Geddes is recognized as an authority in matters pertaining to foreign commerce and credits and has been prominent in foreign trade conventions.

An announcement of the amalgamation of the business of
Konig Brothers of London with that of Fredk. Huth & Co.
of the same city, as of Jan. 1 1923, which has just come to us,
states that the partnership existing between Edward Huth,
L. Huth Walters, L. E. Meinertzhagen and the Acorn Trust,
Limited, was dissolved as from Dec. 31 1922. The amalgamated firm under the style of Fredk. Huth & Co., and consisting of F. A. Konig, Edward Huth, L. Huth Walters,
L. E. Meinertzhagen and H. H. Konig, will meet all existing engagements of the old firms of Fredk. Huth Co. and
Konig Brothers.

The merger was effected in accordance with
the Montana State laws
on the subject by the purchase of the assets of
the Lewistown State Bank
by the Empire Bank & Trust Co. Either of
the banks could have purchased the assets of the other. The reason for the
transfer as it was effected
was this, viz., that although the Empire Bank &
Trust Co. had an authorized capital of $200.000, only $100,000 of the same
had been issued. The
respective capital of the two banks was $100,000 and the capital of the
consolidated bank is $150,000. Hence by consummating the deal in the
manner in which it was consummated it obviated
the necessity of calling
a meeting of stockholders to increase the capital
stock of the Levristown
State Bank. Inasmuch as the authorized capital of
the Empire Bank &
'Trust Company was $200,000. with only $100,000
issued, there was no
necessity for an increase of capital stock.

£50,000 for writing down bank premises—to add
£100,000 to officers pension fund, carrying forward a balance about L118.000. The bank's Investments
to stand in the books at less than market
value as at March 31st last, and
all other usual and necessary provisions
have been made."

business about June 15. The officers are: Doane Merrill,
President; Wm. R. Fee, Vice-President, and W. B. Lower,
Cashier.

The New York agency,at 67 Wall Street, of the Standard
Bank of South Africa, Ltd., announces the receipt of the
A consolidation of the Lewistown State Bank and the following cablegram from its head office in London, regardEmpire Bank & Trust Co., both of Lewistown, Mont., was ing the operations of the bank for the year ended March 31,
consummated on March 27 1923. The Lewistown State 1923:
"Subject to audit directors have resolved to recommend shareholders at
Bank, however, we are advised, did not go into voluntary general meeting
to be held on July
dividend for the half year
liquidation. Our informant, F. R. Cunningham, Cashier ended March 31st last at the rate of 25th next, a
14% per annum subject to income tax.
making a total distribution 14%
of the Lewistown State Bank, adds:
per annum for the year ended March 31st
last
-0 appropriate

Lloyd W. Smith has been elected President of the Union
National Bank of Pittsburgh, succeeding John R. McCune,
whose death on May 14 was referred to in the "Chronicle"
of last week, page 2220. Charles D. Armstrong has been
elected Chairman of the board.

The Citizens American Bank & Trust Co. of Tampa, THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Fla., announces that effective May 1 it resumed the name
The stock market the early part of the week suffered
under which it was organized in 1895, viz., Citizens Bank another bad break,but since
then has shown marked recovery.
A Trust Co. Louis A. Bize is President of the institution. On Monday the attacks
of the short interests and the lack
of adequate support forced United States Steel common to
95%, American Woolen to 86% and Studebaker to 106%.
The Comptroller of the Curiency has approved an applica- Du Pont
dropped 6 points, Kelly-Springfield 5 points,
tion to organize the Pasadena National Bank, Pasadena, Mack
Trucks 3 points, Stewart-Warner 3 points and Nash
Calif., with a capital of $100,000. The stock (par $100)
Motors 8 points. Reports of a marked decline in wholeis being disposed of at $150 per share. The bank
will begin sale business, together with a rumor of a possible hold-up




2358

in many essential industries, had a depressing effect on the
trading. Recessions were again conspicuous in the midday trading in Tuesday's market, but a sharp rally occurred
in the afternoon, and on the whole the market resisted
pressure fairly well. Tuesday's closing rally continued in
the opening session Wednesday, but in the late afternoon
a determined attack was directed against the steel stocks,
and Bethlehem Steel dropped to 52, U. S. Steel common to
953/2, Studebaker to 107% and Crucible Steel to 6634.
Other notable recessions were: Mack Trucks 733/2, KellySpringfield 433/2, Baldwin Locomotive 126 and American
Locomotive 134. A sharp rally in California Petroleum was
one of the outstanding features of the day's trading. A
strong tone developed on Thursday and many of the issues
recovered the whole of the losses of the previous days.
Noteworthy in the price advances in the day's trading were:
New York Central, which went up to 9734; American Can
from 933/2 to 97, American Woolen from 873/2 to 61%,
Baldwin Locomotive from 125% to 129%, Bethlehem Steel
from 52% to 5532, Du Pont from 1243/2 to 1293/z, Famous
Playersfrom 753/2 to 79, Kelly-Springfield from 4334 to 46%,
Mack Trucks from 7434 to 78, Studebaker from 10834 to
11234, U. S. Steel from 96 to 9834. Thursday's buoyancy
continued on Friday. The strong stocks of the day were:
California Petroleum, which opened at 1113/2 and closed
at 11434, and American Can, which advanced to 98.
THE CURB MARKET.
Prices in the Curb Market in the beginning of the week
suffered further losses and values touched new low records
for the year. Later the market developed a decidedly firmer
tone and many issues rallied sharply. The oil stocks were
again under pressure for a while, with Standard Oil issues
the most conspicuous. Buckeye Pipe Line lost five points
to 80, but moved upward again and sold to-day at 86. Ohio
Oil, alter early loss from 65 to 62, sold up to 6834. Prairie
Oil & Gas from 202 receded to 197, then advanced to 212,
the close to-day being at 211. South Penn Oil lost about
two points to 130 and recovered to 146, the final transaction
for the week being at 144. Standard Oil (Indiana) fell
3
from 573/2 to 54%,sold up to 6134 and at 61 finally. Stand4
Oil (Kentucky) was off from 89 to 8.53 ,then rose to 923/2
ard
and sold finally at 9234. Standard Oil of New York gained
over three points .to 40 and ends the week at 393/2. Gulf
Oil of Pa. advanced from 513/2 to 58 and closed to-day at
573/2. Imperial Oil of Canada after early weakness from
101 to 99, rose to 110 and reacted finally to 108. Internat.
Petroleum was conspicuous for a rise of 334 points to 18%,
the close to-day being at 1834. Maracaibo Oil Exploration
%
improved from 213 to 243/2. Among industrials, Durant
5
%
Motor broke sharply at first from 4334 to 37 and advanced
sharply to 55k,the final figure to-day being 543/2. Peeras
less Truck & Motor was off from 42% to 38%, recovered to
433/2. Checker Cab Mfg., after
433/2 and ends the week at
.
2
two points to 46,rose to 54 and closed to-day at 523/
a loss of
Elsewhere in the industrial list changes were narrow.
A complete record of Curb Market transactions for the
week will be found on page 2379.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 9 1923:
GOLD.
its note issue on the 2d inst.
The Bank of England gold reserve against
£125,692,670 on the previous Wedneswas £12.5,693,415. as compared with
day.
scale and most of the supplies will
This week's arrival was on a smaller
but a small buyer.
be shipped to America. India being
are reported this week.
No arrivals of gold in New York
1923 was 48,171 ounces,
The Southern Rhodesian gold output for March
for February 1923 and 54,643 for March
as compared with 49,424 ounces
1922.
"Economist"states under date of March
The Ottawa correspondent of the
26 as follows:
mining areas, and rich new,discov"There is tremendous activity in the
other day. Prospectors are flocking to new
eries are announced every
Mining Exchange of Toronto now claims
Rouyn goldfields and the Standard
On March 23 the record number
to be the largest of its kind in the world.
hands. In 1922 Canada's gold production
changed
of 1,298.868 shares
dollars, and the expectation is that the end of 1923
totaled about 22 million
dollar mark passed."
will see the 30 million
CURRENCY.
that the new Czechoslovakian gold ducat will be of the
It is reported
986--which exceeds that of the sovereign, the quality
ancient fineness--.
-has hitherto held the pre-eminence among those of
-3
of which-.916 2
coins.
modern minted gold
now being coined by the Czechoslovak Republic has
The ducat which Is not only as a coin but also as regards Its value.
an historical tradition,
John Luxemburg, which weighed 53.86 grains, the
Like the ducat of
not more than 53.86 grains, with about 52
Czechoslovak ducat will weigh




[VOL. 116.

THE CHRONICLE

grains of pure gold. It will be coined from a mixture of roughly 986 parts
of gold and 14 Parts of copper. The new ducat, being a continuation of
the ancient ducat. will bear on the obverse side the portrait of St. Venceslaus with the inscription "Node)zahynouti nam ni budoucim"("Let neither
-of
us nor our descendants perish"), and on the other side a small coat -arms
of the Republic, with the inscription "Ceskoslovenska Republika" (The
Czechoslovak Republic). The first thousand of the new ducats will be
numbered, the rest will bear only the year in which they are minted. The
size of the new ducat Is 19.75 millimetres. It is not intended to be a circulating medium, but a coin for commercial purposes only, and Its price
will be fixed by those by whom it will be bought and sold.
SILVER.
The market has been dull during the week under review. This week is the
last in which silver shipments can be made in time to reach Bombay for the
June settlement, but in spite of this buying orders from India have been
small.' America has been inactive and although China has both bought
and sold, it was owing to offerings to-day from this quarter that prices fel
to 32 9-154. and 32 7-164.-a drop of 5-164. for cash and lid. for forward
delivery. The tone of the market is quiet.
INDIAN CURRENCY RETURNS.
April 15. April 22. April 30.
(In Lacs of Rupees.)
17312
17416
17337
Notes in circulation
8365
8548
8446
Silver coin and bullion in India
Silver coin and bullion out of India
2432
2432
2432
Gold coin and bullion in India
--India
Gold coin and bullion out of
-5:57-5
5748
5753
Securities (Indian Government)
585
585
584
Securities (British Government)
200
200
Bills of exchange
The silver coinage during the week ending 30th ult. amounted to 7 lacs
of rupees.
The stock in Shanghai on the 5th inst, consisted of about 32,100.000
ounces in sycee, 44,000.000 dollars and 1,230 silver bars, as compared with
about 27,200,000 ounces in sycee, 41,000,000 dollars and 710 silver bars on
the 28th ult.
The Shanghai exchange is quoted at 3s. 234d the tad.
Bar Gold.
-Bar Silver, per Oz. Std.Oz. Fine.
2 Mos.
Cash.
Quotations88s. 10d.
3240.
32 13-16d.
May 3
89s. Od.
32)4d.
32 13-16d.
May 4
32 11-164.
32 15-1f3d.
May 5
89s. Id.
329-164.
32Ud.
May 7
89s. 3d.
3211-16d.
324d.
May 8
89s. 3d.
32 7-164.
329-164.
May 9
89s. Id.
32.604d.
32.791d.
Average
The silver quotations to-day for cash and forward delivery are respectively 3-16d. and 34d. below those fixed a week ago

COURSE OF BANK CLEARINGS.
clearings show an increase over last year, but the
Bank
ratio of gain is small. 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 26) 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 3.5% as compared
with the corresponding week last year. The total stands
at $7,322,787,634, against $7,075,101,194 for the same week
in 1922. At this centre there is a falling off of 3.1%. Our
comparative summary for the week is as follows:
1923.

1922.

Per
Cent,

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
Ban Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

$3.328.000.000
483,109,285
401,000,000
306,000.000
112,695.316
a
127,600,000
147,231.105
121.780,983
71.016,543
46,536,032

$3,435,976,188
440,959,316
334.000,000
248,000,000
97,090,897
a
107,600,000
.90.000,000
87,142,021
59,246,784
40,782,448

-3.1
+9.6
+20.1
+23.4
+16.1
a
+18.0
+63.6
+39.8
+19.9
+14.1

Ten cities, 5 days
Other cities. 5 days
Total all cities,5 days
All cities, 1 day

35.144,369,264
957,953,765

$4,940,797,052
955,120,010

+4.1
+0.3

$6,102.323,029
1,220,464,605

$5,895,917,662
1.179383,532

+3,5
+3.5

27 299 757 024

57 075 101 104

4-7 5

-Returns by Telegraph.
Clearings
Week ending May 28.

•Prttel oil rifina fnr wrnk

a No longer report clearings. • Estimated.

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
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, hoWever, which we
present further below, we are able to give final and complete
results for the week previous-the week ending May 19. For
that week the increase is 11.8%, the 1923 aggregate of the
clearings being $8,258,253,044 and the 1922 aggregate
$7,384,698,692. Outside of this city, however, the increase
is 23.1%. The bank exchanges at this centre for the first
time in many weeks showed an increase, but the gain is
no more than 3.8%. We group the cities now according
to the Federal Reserve Districts in which they are located,
and the noteworthy feature of the return is that every one
of these Federal Reserve Districts records an increase as
compared with the corresponding week last year. In the
Boston Reserve District the improvement is 24.4%; in the
New York Reserve District (including this city) 4.1%,

MAY 26 1923.]

THE CHRONICLE

and in the Philadelphia Reserve District 26.1%. The Cleveland Reserve District has a gain of 41.2%; the Richmond
Reserve District of 11.7%, and the Atlanta Reserve District
of 20.1%. The Chicago Reserve District registers 21%
addition, the St. Louis Reserve District 22.5% and the
Minneapolis Reserve District 20.2%. In the Kansas City
Reserve District the totals are larger by 6.4%, in the Dallas
Reserve District by 10.6% and in the San Francisco Reserve
District by 27%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS

Week eluting Mall 19 1923.

1923.

1022.

Federal Reserve Districts. .
8
$
(1st) Boston
11 cities 495,024,258 397,951,546
(2nd) New York
10 " 4,568,890,555 4,386,031,832
(3rd) Philadelphia
"
569,196,221 451,227,209
(4th) Cleveland
410,400,379 290,632,503
9"
(5th) Richmond
183,054,720 163,818,033
"
(6th) Atlanta
178,072,296 148,237,249
11 "
(7th) Chicago
896,145,402 740,843,015
19 "
(8tb) St. Louis
73,028,458 59,605,442
7 123,600,794 102,806,640
(9th) Minneapolis
7"
(10th)Kansas City
241,469,691 228,830,392
11 "
(11th) Dallas
53,441,273 48,323,505
5 "
467,928,997 368,391,326
(12th)San Francisca...16 "

__ _10
8

Inc.or .
1921.
Dec.

1920.

S
c't
5
+24.4 341,021,472 462,114,898
+4.1 3,959,424,794 4,856,992,287
+26.1 431,909,193 546,600,444
+41.2 303,431,355 416,587,461
+11.7 139,244,178 199,132,338
+20.1 139,377,702 218,482,457
+21.0 687,111,494 872,196,454
+22.5 52,084,129 74,934,235
+20.2 104,463,326 121,444,591
+6.4 235,667,384 347,505,491
+10.6 47,229,167 71,930,933
+27.0 316,986,315 384,762,893

122 cities 8,298,283,0447.384,698,692 +11.8 6,757.950,509 8,572,684,482
Grand total
3,772,361,427 3,063,498,692 + 23.1 2,857,783,521 3,785,219,219
Outside New York City

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending May 101923.
Clearings et
1923.

1922.

Inc.or
Dec.

First Federal Reserve Dist rict-Bosto n-Bangor____
Me.
715.393
824.134 --13.2
Portland
3,286.143
3,353,936 -2.0
-Boston
Mass.
444,000,000 355,000,000 +25.1
Fall River
2,570,087
2,052,058 +25.2
Holyoke
a
a
Lowell
1.490,935
1,209,636 +23.3
Lynn
a
a
New Bedford...
1.493,294
1
1,752,427 -14.8
Springfield....
5,586,639
5,157,127 +8.3
Worcester
4,132,000
3,565,000 +15.9
Conn.
-Hartford
11,078,033
9.018,313 +22.8
New Haven
7,299,734
5.763,915 +26.6
.-Providence d13,372,000
10,255,000 +30.4
Total(11) cities

495.024,258

397,951,546 +24.4

1921.

1920.

886.400
2,200,000
301,000,000
1,500,798
a
1,159.696
a
1,503,173
4,450.633
3,651,000
8,153,713
5,010,559
11.505,500

909,019
2,400,000
406,706,259
3,033,128
a
1,519,730
a
2.165,866
5.611,481
5,104.917
9,842.708
6.246.290
18.575,500

341,021,472

462.114,898

Second Feder sl Reserve D strict
-New York
-Albany_ _
N. Y.
5,373,101
4,894,517
5,038,573 +5.6
5,171,003
Binghamton e1,201,900
922.900 +30.2
1,085,000
1,395,700
liuffalo
d51.966,754
40,151,882 +29.4
45.795,619
37,460,035
Elmira
843,632
517.590 +63.0
Jamestown_ _ _ _
c1,278,497
1,228.971
+4.0
New York... 4,485,891.617 4.321,200,000 +3.8 3,900,166,988 4,787,465,263
Rochester
11,817,598
8359,077
9,660,650 +22.3
11,125,826
Syracuse
4,734,175
4,304.796 +10.0
4,563,546
5,422,640
Conn.-Stamford
c3,257,784
2,565,997
2,523.896 +29.1
N.J.-Montclair.
525,497
432,574 +21.5
616,236
429,584
Total(10 cities) 4,566,890,555 4,386,031,832

+4.1 3,959.424,794 4,856.992,287

Third Federal Reserve Dist rict-Philad elphia
Pa.
-Altoona._
1,736,743
1.048,396 +65.7
Bethlehem _ _
4.546,950
3.007,570 +51.2
Chester
1.489,214
1,038,684 +43.4
Lancaster
2,855.445
2,348,666 +21.6
Philadelphia_ 537,000,000 427.000,000 +25.8
Reading
3,836,425
2,921.766 +31.3
Scranton
6,252,648
4,631,754 +35.0
Wilkes-Barre_ d3,636,558
2,700.000 +34.7
York
1,985,605
1,243,053 +59.7
N.J.-Trenton
5,856,653
5,287,320 +10.8
Del.-Wilming'n.
a
a
a

900,837
2,679,811
987,098
2,005,234
410,463.459
2,354.063
4,751,605
2.800.000
1,254,862
3,712,224
a

1,803,840
2,390.285
522.933.290
2.913,775
5,325,628
2.916.965
1,645,180
5,535,895
a

451,227.209 +26.1

431,909.193

546,600,444

Fourth Feder al Reserve 13 Istrict-Clev eland Ohio-Akron_ _
d8.257.000
7,227,000 +14.3
Canton
5,726,858
3.555,399 +61.1
Cincinnati
72,386,802
60,449,134 +19.7
• Cleveland
e134,060,565
90,969,511 +47.4
Columbus
14,746,800
12,981,600 +13.6
Dayton
a
a
a
Lima
496,821
772,745 -35.7
Mansfield
d2,163,729
1,455,227 +48.7
Springfield_ ___
a
a
a
Toledo
a
a
Youngstown
3,221,887 +38.9
d4,476.420
Pa.
--Erie
a
a
a
Pittsburgh_
108,085,886 110,000,000 +52.8
Wheeling

6,649,000
3,900,000
53,345,275
87,950,157
11,220,600
a
758.979
1.116,442
a
a
3,270,452
a
135,220,420

12,899.000
4,950,387
72,518,862
140,382,562
13.962,400
a
922,648
1,849,043

Total(10 eltiee0

Total(9 cities).

569,196,221

410,400,379

290,632,503 +41.2

Fifth Federal Reserve Dist rict-Riches ondW.Va.-Hunt'n.
2,214,005
1,569,871 +41.0
Va -Norfolk .._
. d6,885,740
7,111,416 -3.1
Richmond
48,878,000
42.722,408 +14.4
S. C.-Charl'n_.
d2,869,288
2,893,361 -0.8
Md.-Baltimore.
97.763,735
89,226,962 +9.6
D C.-Washing'n
24.440,952
20,294,015 +20.4
Total(6 cities) _ 183,054,720 163,818,033 +11.7

1.135,586

a
3,697,343
a
165,405,216

303.431,355 416,587,461
1341,470
6,467,488
36.425.927
2.3G0.000
74,935,083
17,574,210

2.014,084
10,311.633
64.068,272
3,510,000
100.615,899
18,612,450

139,244.178 199,132,338
• Sixth Federal Reserve Dist rict-Atlant aTenn.-Chat'ga...
d6.986,234
6.065,865 +15.2
9,869,510
5.563,429
Knoxville
3,028,245
2.602,582 +16.4
3,291,896
2,719,424
Nashville
d21,533.000
17,328,000 +24.3
24,770,907
16,713,265
Ga.-Atlanta
d54,829,000
42385,285 +30.3
68.224,859
42,485.828
• Augusta
1.776,858
2,034,244 -12.7
4,499,170
1,868,956
Macon
1,867,832
1,136,575 +64.3
8,633.519
1,141358
Savannah
a
a
a
a
a
Fia.-Jacksville _
14,679,284
10,555,721 +39.1
13.137.991
10,376,287
Mobile----Miss.-Jackson_
860,659
801,593 +7.4
639.927
527,138
284,169
Vicksburg
370,003 -13.2
454,319
228,515
144 -New °Wm_
40,341,261
43,983,498 +12.2
64,351.035
40.062.271
Total(11 efiles) 178372,2961 148.237,249 +20.1 139.377,702 218,482,457




Week ending May 19 1923.
Clearings at
1923.

1922.

Inc. or
Dec.

1021.

1920.

s
3
$
%
$
Seventh Feder al Reserve D istrict-Ch I cago188,581 +25.3
Mich.
233,876
-Adrian __
195,000
263,499
488,534
Ann Arbor_
651,537 +24.7
812,724
668,472
145,124,543 114,147,000 +27.1 110,413,653 130,029,076
Detroit
6,282,254 +25.5
7,882,404
6,100,000
Grand Rapt 5_
T.651,467
1,538,000 +57.3
Lansing _ _ _ .._
2,420,000
1,621,000
2,122,112
Ind.-Ft. Wayne
1,777,720
1,897,135 +37.4
2,607,485
2,290,738
14,287,000
19,313,000 +19.3
19,136,000
Indianapolis
d23,047,000
1348,750
1,982,800 +38.0
South Bend.
1,087,071
2,735,500
Terre Haute_
5,752,834 Not included n tote
26,291,898
30,020.021 +25.6
Wis.-MIlwau .ee
35,661,883
37,704,791
1,876.784
2,016.213 +30.6
Iowa-Ced. Hali2.812,142
2,632,958
8,334,338
9,220,742 +22.0
Des Moines_
11,936,076
11,246,731
Sioux City_ __
5.131,816
9,915,597
5.566,810 +18.4
6,477,599
2,132,890
1.289,602
1.403,301 +16.9
Waterloo _ _ _
1,840,666
1,152,078
1,621,754
Ill.-Bloom'gt tit.
1,166,679 +21.0
1,411,264
Chicago __ __ 639,531,379 536,686,967 +19.2 497,819,900 632,423,573
a
a
Danville _ _ _ _
a
a
a
981,605
1,515,265
Decatur
990,230 +4.7
__
1.234.670
5.281,732
Peoria
3,517.548
3,785,192 +7.0
4,049,400
1343,481
Rockford _ _
2,769,702
2.865,265
1,822,201 +57.2
Springfield..
2,035.987
2,877,405
2,166,352 +14.8
.__
2,487,147
Total(19 citi69)

896,145,402

740,843,015 +21.0 687,111.494

Eighth Fed !ra I Reserve Dis trict-St to Ws
-Ind.-Evansvi Ile
d6,179,669
4,572,712 +35.1
Mo.-St. Loul
a
a
a
Ky.-Loulsville__
33,122.399
26,316,169 +25.9
Owensboro.. ...
290,836 +54.1
448,078
Tenn.- Mem his
17,693,313 +14.1
20,186,304
Ark-Little R,
ick
11,268,437
9,211,935 +223
1ll.-JacksonylIle
389,258
286,821 +35.7
QulncY
1,436,313
1,233,656 +16.4

872,196,454

4,288,811
a
23,765,948
353,394
13.718.133
8,482.658
283.977
1.193,208

5,270,223
a
32.147,681
531,750
22.630,522
12,149,092
567.804
1,637.163

52,084,219

74,934,235

Ninth Federd Reserve Dis trict-M inn eapolisMinn.-Dulut
5.253,961
d7,109,370
5,314.815 +33.8
Minneapolis
60,078,675
e72,501,896
59.687,736 +21.5
St. Paul_ _ . _
32,204,671
36.928,953
30,876,049 +19.6
No. Dak.-Fa trio
1,726.109
2,083,000
2,029,053 +2.7
So.Dak.Aberd ten
1.361,572
1,361,331
1,266,288 +7.5
Mont
as _
452,332
984.123
580,780 -22.1
Helena
3,163.671
2,854.458
3,051,919 +3.7

7.745,849
84,849,719
20,938,777
2.700,000
2,040,038
1,344,460
1.825.748

Total(7 chi a).

0 ei

2359

73,028,458

59,605,442 +22.5

Total(7 citi 5)_ 123,600,794 102,806340 +20.2 104,463,326 121,444.591
Tenth Federal Reserve Dist rict-Kansa a City
Neb.-FremonL..
779,798
d419,177
479,159
428,939 -23
Hastings_
777.438
532,744
481,126
575,410 -7.4
Lincoln
.__
5,472,274
4,252,461
3,260.239
4,602,809 -7.6
Omaha
43,455,749
37,348,196
39,659.047 +9.6
58.863.808_
Kan.
-Topeka .._
d3,071,306
2,438,864 +25.9
3,529,940
3.
4290
040
Wichita
d9,870,897
13,650,642
10,821,418 -8.8
10,601.942
Mo.-Kansas City d135,270,000 129,175,635 +4.7 140,037,403 228.350.463
St. Joseph_ •-a
a
a
a
a
Okla.
-M usko tee
a
•
•
a
a
Oklahoma Cfly d22,498,089
18,834,273 +19.5
22.668,002
12,386.184
Tulsa
a
a
a
a
Colo.
-Col. Sp'Pi1,272,497
998,917 +27.4
1,080,429
'
867,259
Denver
19,806,850
18,554,066 +6.7
21,723.953
15,574.610
Pueblo
e1,019,921
741,014 +37.6
1,010,562
819,508
Total(11 eities) 241.469,691 226,830,392 +6.4 235.667,384 . 247,505,491
Eleventh F de ral Reserve District-Da has
Texas- Austi
1,458,000
2,000,000
1,424,794
+23
1,142,566
Dallas
d29,384,000
24,600,000 +19.4
24,316,039
35,757.740
Fort Worth .__ d11,257,998
10,192,445 +10.4
11,217303
20.406. 31
4
Galveston__ ..._
6,801,995
8,427,482
6,613,391 +2.9
6,614,887
Houston.....
a
a
a
a
•
La.-Shreveport.
4,539,280
5,339.300
5,492,875 -17.4
3,937,872
Total(5 chi 8).
53,441,273
43,323.505
Twelfth Fe ler al Reserve D !strict -San
Wash.-Seattl 8.,.
40,132,478
31,002.076
Spokane_ _ _
10,602,000
9,758,000
Tacoma _ _ _ - - a
a
Yakima _ _ _ ._
1,163,535
1,390,200
Ore.-Portlan 1_ _
39,489,502
25,292,063
Utah-Salt Lak e C
15,020.639
12,169,173
Nev.-Reno.- -a
a
Arla.-Phoeni
a
a
Calif.-Fresno-__
03,992,268
4,041,350
Long Beach
8,602.398
4,456,516
Los Angeles
141,695,000 105,364,000
Oakland __ _
17,338,565
12,863,000
Pasadena,.
5,141,368
3,841,276
Sacramento
d7,014,645
5,983,712
San Diego.
4,319,788
2,700.19
San Francisco_ 186,700,000 144,500,000
San Jose_ _ _ -- _
2,538,309
1,780,90
Santa Barb ra_
1,288,402
939,262
Stockton... _
c2,890.100
2,309,600

47,229,167
+10.6
Franc taco
27,153,204
+29.4
8,993,914
+8.7
a
34,046
-163
1;
26.535,004
+56.1
11,830,862
+23.4
a
a
a
a
3,644374
-1.2
3,101,387
+93.0
77,990,000
+34.5
10,111,636
+34.8
2.872,276
+33.8
4,169,101
+17.2
2,474,357
+60.0
+15.4 130,300,000
1,472,914
+42.5
825.440
+37.2
4,478,100
+25.1

71,930,933
42,912,657
10,914,560
a
1,636,506
33,743,649
17,343,498
a
a
4,201,016
2,783.735
79,966,000
11,429,344
2,445,506
5.825337
2,647,189
161,207,637
1.984.759
5,719,300

Total(16 titles) 467,928,997 368,391,326 +27.0 316,986.315 384,762,893
Grand total (
122
cities)
8.258,253,044 7,384,698,692 +11.8 6,757,950.509 8,572,684.482
Outside N.Y.... - --- ___ .
Week ending May 17.

Clearings at
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine Hat_ _ _
reterborough
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston

$
117,657.699
94,026.284
43,933,651
14,046,463
9,204,145
5,789,438
2,964,443
8,328336
4,256,214
2,962,409
1,872,910
2,809,504
3,521,500
2,665,364
527,061
453,157
1,351,535
959,005
1,143.313
677.436
608,706
261,315
863,620
1. 55..695
960 574
0
4,114,554
347,568
1,554,514
628,241

1922.

Inc.Or
Dee.

1921.

1920.

%
-11.0
-7.6
-5.6
+9.1
-7.7
+6.0
-8.7
+8.6
-23.1
-31.0
-5.4
-4.9
-28.6
-0.9
-5.8
-8.0
-4.0
-2.1
--0.5
-1.7
+21.2
-20.9
+12.6
+_15.
46
.
4

$
129,789.159
103.029.530
52,440,659
13,445,304
10.992.647
5,234.159
3,310,278
6,582,566
6,608.591
3,117.285
2.404.047
3,526,898
5,843,993
3,610,112
737,034
661,974
1.840,826
1.286.611
1,249,727
804,698
645.446
448,539
918,301
I130 0 33
:0
2 3: 1

8
150,037.284
116,783.734
52,776.919
16,080.699
12,298,231
8,363.498
5,559.639
8,159,860
7.680.780
3,828,207
2,906.578
4,276,323
8,200,000
4,306.897
794,648
895.531
2,311.600
1.665. 63
7
1,721,209
841,393
723.093
508.296
1,061,438
9 279
0 11:016

4.344,562 -5.3
313,577 +10.8
1,168,959 +33.0
631,478 -0.8

3,668.008
300.000
1.128 420
.
883,852

3,436,552
427,645

$
132.194,770
101,783,406
46,553,683
12,873.794
9,970,378
5,460.050
3,248.474
5,824,677
5,537,140
4,295,617
1380,522
2,953,338
4,930,600
2,892.569
559,554
492,695
1,407,512
979.339
1,149,210
889.393
502,295
330,364
766,969
1.121. 8
818 65
. 0
27

11

327,742.354 355.775.362 -7.9 366,684,08 418.574.110
a No longer report clearings. b Do not respond to requests for figures. c Week
a
ending May 16. d Week ending May 17. e Week ending May 18.
Estimated.
Total(29 cities)

[Vol.. 116.

THE CHRONICLE

-Among other securities, the following,
Auction Sales.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
not usually dealt in at the Stock Exchange, were recently sold
The daily closing quotations for securities, &c., at London, at auction in New York, Boston and Philadelphia:
as reported by cable, have been as follows the past week:
By Messrs. Adrian H. Muller & Sons, New York:
Sat. Mon. Tues. Wed. Thurs. Fri.
London,
Price.
Price.
Week ending May 25- May 19. May 21. May 22. May 23. May 24. May 25. Shares. Stock. Inc. of Am. pf_$.5 per sis. Shares. Stock. Development Co--$13 lot
160 Durango
48 Marmite

Holiday 32!ts
d. 32%
Sliver, per os
88.11
"
89.1
Gold. per fine ounce
..
58%
Consols, 234 per cents
_- 101
"
British,5 per cents
98%
British, 43 percents
57.85
___
French Rentes (in Paris), fr_ __French War Loan (In Paris)fr ------74

323
88.11
58
101
9854
57.70
75

32%
89
58%
101
911%
57.80
75

3211s
89.1

as

101
9834
57.80
75.25

The price of silver in New York on the same day has been
Silver In N.Y., per oz.(eta.):
99%
Domestic
66%
Foreign

99%
99%
66(
663

99%
99%
66%
67%

99%
67

gominercial andMiscellaneortsgeragig
New York City Banks and Trust Companies.
All prices dollars per ekass.
Bid Ask Trust Co.'. Bid Ask
Banks
Banks
-N.7 Bid At
New York
America•__ 237 241 Rarrlmafl_,_ -I 335 350

Amer Each,, 290 293
Battery Park- 133 138
444
Bowery.
BroadwayCen 115 140
Bronx Bores_ 126
Bronx Nat__ 150
Bryant Parke 157
Butch & Drov 130 138
Cent Mecum_ 195 205
343 348
Chase
Chat & Phen_ 250 255
80
Chelsea Each
70
Chemical ____ 643 550
Coal & Iron_ 217 223
Colonial •____ 376
Colum bin ____ 235 246
Commerce. 291 295
Com'nwealtb• 235 245
Continental-- 135
Cern Each.... 425 432
Coamoplan•- 105 115
East River... 210
Fifth Aventie•1150 1250
242 252
Fifth
1195 1205
First
260 270
Garfield
I 189 195
Gotham
Greenwich..., 290
675
Hanover

a;

Imp &Trft&.l
Manhattan '.1
Mach & Met_I
Mutual*
I
Nat Americanl
National City
New Neth•__
Pacific•

Port Morris_
Public
_
Beshoard
Ssventh AveStandard •___
State*
Tradesmen's•
238 Ward'_ _
United States*
Wasia'n FRP_
Yorkville

750
144
395
310
135
350
130
300
420
150
295
350
88
170
330
200
270
163
200
600

Brooklyn
Coney Island*
First
Mechanics S.
Montauk •__.
Nassau
People's

155
320
180
170
226
160

•Banks marked w th (*) are State banks.
rights.

760 American_
148 Bank of N. Y
& Trust Co 460
400
Bankers Trust 361
145 Central Union 454
353 Commercial., 115
315
140 Empire
Equitable Tr_ 187
423 Perm L & Tr_ 521
160 Fidelity Inter 198
250
305 Fulton
uaranty Tr. 264
360
200
98 Hudson
185 Irving Bank
Columbial r 229
850
Law Tit & Tr. 190
etropolitan. 298
utual (West
chaster) - 120
N Y Trust__ 343
Title On & Tr 362
U S Mtg & Ti' 308
oiled States1210
165 Westebee. Tr. 180
Brooklyn
855
140 Brooklyn Tr. 470
-_ Rings County 800
24111 Manufacturer 260
395
People's

467
365
458
130
320
190
527
205
260
267
232
200
305
180
347
366
816
230

270
415

New stock. z Ex-dividend. I Rs-

New York City Realty and Surety Companies.
AU wtcsi dams per share.
Bid Ask
Bid Ask ealty AllsOo Red Ask
alliance R'ItY 97
Amer Surety. 95
Bond & M 0_ 265
city Investing 66
92
Preferred

102 Lawyers Mtge
97 Mtge Bond_
275 Nat Surety..
68 N Y Title &
98
Mortgage__

154
110
164

162
115
166

190

200

r

(Brooklyn).
S Casualty_
S Title Guar
estchester
Title & Tr,

163
135
130

168

200

220

138

122 Durango Central RR Co-__ _65 lot
128 Prisma Inc.7% cony.28 pi_
121 Banco Mexican's de Corner- 2.500
5834 1st to lbth Liquidation Trust,
under trust dated Dec. 23'21_8100 lot
do E. Industrie Sociedad lot
Anottima (in lig.)
Price.
Bonds.
100 Prisms 2d pref
20 Societe Financiers Franco- 1,000 $30,000 Frisco Gold Mines 10%
$10 10t
lot
notes
Americaine (in lig.)
10.000 Travel Club of America 86,
$5,000 D.K1E. Holding Corp. 55,
8100 lot
1927
1942
1,000 Clarke Bros..Ltd., 7s,'36.$7010
5,000 D. G. Dery Corp. pref _ _61 per sh.

By Messrs. R. L. Day & Co., Boston:
Price. Shares. Stock.
Shares. Stock.

Price:

By Messrs. Wise, Hobbs & Arnold, Boston:
Price. Shares. Stock. let pref._ I
Shares. Stock.
50 H. B. Claflin,
Boston

Price.

1 Webster ,k Atlas Nat.Bk.,Bos_13914
50 Mattapan Nat. Bank, Boston_ 40
140
10 Pepperell Mfg. Co
4134
8 Ipswich Mills, common
10 Peerless Knitting Mills, pref 3I lot
._14934
10 Massachusetts Cotton Mills
140
23 Newmarket Mfg. Co
5 Boston ,k Wore.Elec. Cos.,:pref 6
8 Mass. Ltg. Cos., corn., ex-div_ 1934
10 Boston Electric Associates, PI- 10
$1 lot
120 Mines Corp. of Montana

971
34 Fourth Atl. Nat. Bk.of
20 Nat. Shawmut Ilk. of Boston_ _211%
145
75 Ludlow Mfg. Associates
140
59 Newmarket Mfg. Co
5 B B.& R. Knight, Inc., pref._ 56%
57%
6 American Glue, common
100 Springfield Gas Lt.new,par 325 45
5 No. Boston Ltg. Props., pref._ 90

100 Miami Consol. Mines, par 81...$i le
20 Milted States SS., par $10_ ___$1 lot
100 LiverpoolSilver Mines, par 10e.31 lot
1
8110
100 Homa 011, par $1
50 Marion Oil, par $1
81 lot
2
100 New Eng,ttnd Oil, pref
60 Alaska Gold Mines par $10.... 10e
240 Arlpeka Saw Mills, pref
$234 lot
14 Plymouth Cordage
10634
10 Commonwlb G.& Elec., Pref. 70
973(
SW.L. Douglas Shoe, pref

50 Oregon Elec. Ky. pref.__ 1820 50 lot
50 Conn. Val. St. Ry. pref.)
'
30 New Bedford Gas ,SsEdison Lt-180
67-6734
20 Fisk Rubber lot pref
20 Worcester Gas Light common-110
2 Turners Falls Power & Electric-106
10634-34
35 Plymouth Cordage

By Messrs. Barnes & Lofland, Philadelphia:
Price.
Price. Shares. Stocks.
Shares. Stocks.
Insur6 Victory Insurance, par $50----100

10 Manufacturers Casualty
24
ance, par $10
100
20 Oxford Bank & Trust
10 Olney Bank & Trust, par $50 121
412
15 Northwestern Nat. Bank
15 Central Trust & Say., par 650_13134
19 Ninth Nat. Bank of Phila_.-425
25 Industrial Trust, Title & Sav220
ings, Par %so
10 Fire Assn. of Phila., par $50_ _333
Life Ins., par 510_ _ _615 lot
25 Capital
51 lot
200 Caldwell 011, par 55
100 Horseshoe Mining, par $5_. SI lot
2 Lumbermens loser., par $25_ 63
13034
15 Nat. Bank of Commerce
14 Philadelphia National Bank...400
225
20 Northern National Bank
27534
10 Third Nat. Bank of Ma
290
6 Market Street Nat. Bank
230
15 Union National Bank
Excnange Nat. Bank_ _ _ _420
14 Corn
20 Metropolitan Trust, par $50.. 6234
10 Bank of North Amer. Ss Trust 28434
8 Bank of North Amer. & Trust_284
16 Bank of North Amer. & Trust_28334
895
2 Girard Trust
5 Continental-Equitable Title &
190
Trust. par 850
5 North Phila. Trust, par $50_232
20 Philadelphia Life Ins.. par MO. 10

33334
6 Fire Association of Phila. '
50 Hunt's Theatres, Inc., par $10- 8
500
3 Girard National Bank
405%
3 Horn & Hardart Baking
25 United N. J. RR. as Canal_ _..196
5 Phila. Bourse, corn., par $50._ 1334
7 Phila. Bourse. pref., par $25 2434
120 Eastern Shore Gas & El., cons. 10
5 National Railway Publication_ 3534

Price:
Bonds.
$5,000 Alexandria Water 55, 1929 70
$1,000 Borough of Collingswood.
95
N. J., 4s, 1934
$500 Gloucester City, N.J.,58, 1944 99%
$1.000 City of Camden, N.J., 4344,
100
1937
62,000 City of Camden, N.J.,4s,'211 99
$2,000 Borough of Haddonfield,
101
N. J., 6s, 1926
$900 Township of Centre, N.J.,08.
100
1930
50
$200 Pomfret Club 6s, 1935
$2.000 Shade Run Coal is, 1027... 25
$15.000 Terre Haute Indianapolls&
70
Eastern Traction 55, 1945
5400 Riverside Traction 55. 1960_ 65
8034
86,000 Scranton Ry. 7s, 1925
$100 Borst of North Wales 4s, 1926- 90

DIVIDENDS.
-The following information regarding
National Banks.
are grouped in two separate tables. In the
Dividends
national banks is from the office of the Comptroller of the
first we bring together all the dividends announced the curCurrency, Treasury Department:
rent week. Then we follow with a second table, in which
APPLICATIONS TO ORGANIZE RECEIVED.
Capital, we show the dividends previously announced, but which
Wendell National Bank, Wendell. Idaho
Maw li
ureep
$25.000
have not yet been paid.
ondent, John W. Updegraff, Wendell, Idaho.
-The First National Bank of Norphlet, Ark
May 18
25,000
The dividends announced this week are:
Correspondent. H. P. Warden, Norphlet, Ark.
APPLICATIONS TO ORGANIZE APPROVED.
Per When
Books Closed.
Cent. Payable.
f
Days Inclusive.
Name o Company.
-The First National Bank of Norton, Texas
May 15
25,000
Correspondent. T. J. McCaughan, Norton. Texas.
-The Fort Scott National Bank, Fort Scott, Kan
May 16
100,000
Succeeds the Fort Scott state Bank, Fort Scott, Kan. Correspondent, Frank Cunningham. Fort Scott, Kan,
of New York, N. Y
-The Bushwick National Bank
May 18
200,000
Correspondent, Emil A. Schweiger, 1525 Broadway, Brooklyn,
N. Y.
APPLICATIONS TO CONVERT APPROVED,
May 19
-First National Bank in Drake, No. flak
25,000
Conversion of the Merchants Bank of Drake, No. Oak.
May 19
-The First National Bank of Rowena, Texas
35,000
Conversion of the First State Bnak of Rowena, Texa.s,

CHARTERS ISSUED.
May 15
-12,371-The Texas National Bank of Fort Worth,Texas 300,000
Conversion of the Texas State Bank of Fort Worth, Texas.
President, W. L. Smallwood; Cashier, A. L. Baker.
-The Tug River National Bank of Iaeger, W.Va- 50,000
May 16
-12.372
President. J. J. Huddleston: Cashier. W. E. McCoy,
-The First National Bank of Jonesboro, Ill
May 18
-12,373
50,000
Conversion of the State Bank of Jonesboro, Ill, President,
I. 0. Karraker: Cashier, Ed. L. Karraker.
-The Dakota National Bank of Webster, So.Dak. 25,000
-12,374
May 18
President, T. E. Haugen: Cashier, Jacob Boyd.
-The Jordan National Bank, Jordan, N. Y
-12,375
May 18
25,000
President, Wm. Hawley; Cashier, E. T. Delling.
-The Farmers' National Bank of Helena, Okla_ 25,000
-12.376
19
May
Conversion of the Farmers' State Bank, Helena, Okla. President, J. 0. Watkins: Cashier, O. 0. Nelson,
VOLUNTARY LIQUIDATIONS.
-8.002 The First National Bank of Livermore, Calif___ _ 50,000
May 17
Effective May 17 1923. Lig, Agent, A.H.Sheffield, Livermore,
Calif.
-The Merchants' National Bank of Raleigh, No.
-9.471
May 18
300.000
Caro __
1:141------Effective;---------Nor. Caro. Absorbed by the Wachovia Bank & Trust Co.
of Winston-Salem. No. Car.
- ------8,692 The First National Bank of Contra Costa County
May 18
50,000
at Martinez, Cal
----- -------------------Effective May 18 10g: ------ ;Cient,
Calif.
APPLICATION TO CONVERT A STATE CORPORATION INTO
AGRICULTURAL CREDIT CORPORATION.
A NATIONAL
Credit Corporation of
-The Indiana National Agricultural
May 16
-3250,000
-----------Indianapolis, Ind------------------------Co., Indianapolis,
Indianapolis Cattle Loan
Conversion of the
Ind.




Railroads (Steam)
134
Buffalo & Susquehanna. corn.(guar.)_ ' June 30 *Holders of rec. June 15
•234 June 30 *Holders of rec. June 15
Common (extra)
*2
June 30 *Holders of rec. June 15
Preferred (quar.)
1% June 15 Holders of rec. June lie
Fonda,Johnstown & Cloy,Prof.(qu.)
*2
July 1 *Holders of roe. June 8
Chesapeake & Ohio, common
*334 July 1 'Holders of rec. Juno 8
Preferred
June 30 Holders of rec. June 8a
Rock Island & Pac.,6% pref._ 3
Chicago
334 June 30 Holders of rec. Juno 8a
7% preferred
•1% June 9 *Holders of rec. May 31
Erie & Pittsburgh (guar.)
.2 June 30 *Holders of roc. June 8
Hocking Valley
•81.75 July 2 *June 8 to June 27
Mortis & Essex
134 July 2 Holders of rec. June 180
St. Louis Southwestern, pre!.(guar.)
Public Utilities
Associated Gas & Elec.. pref. (guar.)._ _ 880.
*2
Brooklyn Union Gas(guar.)
134
Columbus RY•. Pew.& Lt., com.(qua_
134
Common (guar.)
1
Common (guar.)
134
Series A (guar.)
Preferred,
134
Preferred, Series A (guar.)
134
Preferred, Series A (guar.)
134
Preferred, Series B
234
Preferred, Series B
2%
Elec. Co., corn.(guar.)
El Paso
134
Freeport Gas, pref.(guar.)
Grafton Co. El. Lt.& Pow.. Pref.(qua _ 2
*2
Telephone (quar.)
Illinois Bell
•134
Laclede Gas Light, common (quar.)
235
•
Preferred
Mackay Companies, common )quar.).. 134
1
Preferred (gnat.)
eaeatfeetus Lighting Cos.. com.(qua •35c.
mas
1
Montana Power,common (quer.)
134
Preferred (mar)
Newport News & Hampton
134
Ky., Gas & Electric, pref. (guar.)._ _ _
*I%
New York Telephone. pref.(quara
•134
Ohio Bell Telephone, pref. ((Mar.)
134
Pennsylvania Water & Power (guar.)._
•113
Worcester Electric Light
8
*
Extra

June 30 Holders of rec. June 15
July 2 *fielders of rec. June 14
June 16 Holders of rec. May 316
Sept. 1 Holders of rec. Aug. 16a
Dec. 1 Holders of rec. Nov. 15a
July 2 Holders of rec. June 15a
Oct. 1 Holders of rec. SePt. 15a
Jan2'24 Holders of rec. Dee. 16a
Aug. 1 Holders of rec. July 16a
Nov. 1 Holders of rec. Oct. 16a
June 15 Holders of rec. June la
June 1 Holders of rec. May 22a
June 1 Holders of rec. May 18
June 30 *Holders of rec. June 29
June 15 *Holders of rec. June 1
June 15 *Holders of rec. June 1
July 2 Holders of rec. June 60
July 2 Holders of rec. June 6a
June 5 *Holders of rec. May 22
July 2 Holders of rec. June 13
July 2 Holders of rec. June 13
July 2
July 16
July 1
July 2
June 30
June 30

Holders of rec. June 15a
Holders of rec. June 20
Holders of rec. June 20
Holders of rec. June 15
Holders of rec. June 20
Holders of rec. June 21)

Banks
Montauk (Brooklyn) (guar.)

134 June 1 May 29

to

June 3

Fire Insurance
North River (guar.)

75e. June 15 June 10

to

June 15

MAr 26 1923.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous.
American Art Works,corn. dr pref. Wu.)- 14 July 1 Holders of rec. June 30a
American Bakery. corn.(guar.)
1
June 15 Holders of rec. June 2
Preferred (guar.)
114 June 1 Holders of rec. May 19
Anaconda Copper Mining (guar.)
The. July 23 Holders of rec. June 16
•14.‘ July 2 *Holders or rec. June 15
Armour & Co. ol Del., pref. (quar.)
s14i July 2 *Holders of rec. June 15
Armour & Co. of Ill., pref. (guar.)
Arnold Print Works (stock dividend).- *100
*Holders of rec. May 2
Autocar Co., pref. (guar.)
*2
June 15 *Holders of rec. June 12
sh2
Brompton Pulp & Paper. pref
Bush Terminal Ridge., pref. (qturr.)._ _ _ •144 July 2 *Holders of rec. June 18
:
•$1
Calumet & Arizona Mining (guar.)
June 25 *Holders cf rec. June 8
Carter (William) Co., pref. (guar.)
134 June 15 Holders of rec. June 90
Childs Co.. common (guar.)
2
June 11 May 29 to June 11
Preferred (guar.)
114 June 11 May 29 to June 11
City Ice & Fuel (Cleveland) (quar.)
2
June 1 Holders of rec. May 200
Cleveland Stone (guar.)
114 June 1 Holders of rec. May 15
Extra
34 June 1 Holders of rec. May 15
Quarterly
114 Sept. 1 Holders of rec. Aug. 15
Extra
14 Sept. 1 Holders otter. Aug. 15
Computing-Tabulating-Record. (guar.). •1% July 10 *Holders of rec. June 22
Congoleum Company, common
st,4
July
*Holders of rec. July 7
Dalton Adding Machine, pref.(guar.)._ •111 July 16 *Holders of rec. June 20
2
Dominion Glass, corn.& pref.(guar .)114 July 3 Holders of rec. June 15
du Pont(El.) de Nem.& Co.,com.(qu.) 114 June 15 Holders of rec. June
5
Debenture stock (guar.)
114 July 25 Holders
rec. July 10
du Pont(El.)de Nem.Powd.,com.(qu.) •13. Aug. l*Holdrs of rec. July 20
6
of
F referred (guar.)
•1y,4 Aug. 1 *Holders of rec. Judy 20
Ely-Walser Dry Goods, coin.(guar.).- 2hc. June 1 Holders in rec. May 21
Federal Acceptance, corn. (guar.)
June 1 May 16 to June 1
$I
General Electric(guar.)
2
July 14 Holders of rec. June 60
Special stock (guar.)
15c. July 14 Holders of rec. June 6a
Glen Alden Coal
June 20 *Holders of rec. June 1
*52
Gold & Stock Telegraph (guar.)
8,14, July 2 *Holders ef rec. June 30
Grasselli Chemical, corn,(guar.)
*2
June 30 *Holders of rec. June 15
•13.6 June 30 *Holders of rcc. June 15
Preferred (quar.)
Great Atl. & Pacific Tea, corn.(guar.)
- 760. June 15 Holders of rec. June la
Preferred (guar.)
134 June 1 Holders of rec. May 15a
Great Western Sugar,corn.(guar.)
July 2 *Holders of sec. June 15
Preferred (guar.)
July 2 *Holders of rec. June 15
•1 July 2 *Holders of rec. June 15
Gulf States Steel, corn. (guar.)
Hamilton-Brown Shoe (monthly)
250. June I May 25 to May 31
•3ys June
Heywood-Wakelield Co., common
Higbee Co., 2d pref. (guar.)
2
June 1 Holders of rec. May 20a
Hood Ruober Products, pref.(guar.).-- 1)4 June 1 May 22 to Joel
Hudson Motor Car (guar.)
50c. July 2 Holders of rec. June 220
Extra
25c. July 2 Holders of rec. June 220
Miners Pipe Line
*8
June 30 *June 1 to June 29
InsplratIon Cons. Copper (guar.)
50c. July 2 Holders of rec. June 140
Kresge (S. S.) Co., corn. (guar.)
*2
July 2 *Holders of rec. June 15
Preferred (guar.)
•144 July 2 *Holders of rec. June 15
Lake of the Woods Milling, corn.(qu.)_ 3
June 1 Holders of rec. May 25
Preferred (guar.)
134 June 1 Holders of rec. May 25
Lawrence Manufacturing
3
June 1 Holders of rec. May 21
Lehigh Valley Coal Sales (guar.)
42
July
rec. June
McCord Radiator & Mfg., cl. A (qu.)_ 75c. July 2 *Holders of to July 14
1 June 21
2
Extra (for month of March)
250. July 1 June 21 to July 2
Metropolitan Brick, common (quar.)_
2
June 1 Holders of rec. May 15
Miller Rubber, pref. (gear.)
2
June I May 11 to June 1
Preferred (acc't accum. dividends)._ hl
June 1 May 11 to June 1
Mutual 011 (guar.)
•1214c June 15 *Holders of rec. June 1
New England Coal & Coke
*5
May 31 *Holders of rec. May 29
New England Fuel & Transportation__ *2
May
*Holders
North American Co., common (quar.).•50c. July 31 *Holders of rec. May 29
2
of rec. June 5
Preferred (guar.)
*114 July 2 *Holders of rec. June 5
Ohio 011 (guar.)
*75c. June 30 *June 2 to June 24
Pacific 011
El
July
June I50
Holders
Paige-Detroit Motor Car, corn. (guar.). .35c. July 20 *Holders of rec. June 15
1
of rec.
Preferred (guar.)
•1M July 1 *Holders of rec. June 15
Railway Steel-Spring,common (guar.)
2
June 30 Holders of rec. June 160
Preferred (guar.)
June 20 Holders of rec. June 70
Southern States Oil (monthly)
10c. June 20 Holders of rec. June 1
Stock dividend
10
July 20 Holders of rec. July 1
Texas Company (guar.)
The. June 30 Holders of rec .June 8
Tonopah Extension Mining (guar.)._ •
&
July 2 *Holders of rec. June 9
Union Carbide & Carbon (guar.)
$1 July 2 Holders cf rec. June 7a
United Drug,common
•114 Sept. 1 *Holders cf rec. Aug. 15
United Profit-Sharing Corp
150. July 2 Holders of rec. June 12a
United Shoe Mach.,corn.(In coal. stk.)_ •140 June 18 *Holders of rec. May 326
U.S. Printing & Lithograph., com.(qu.)
July 1 *Holders of rec. June 20
First preferred (guar.)
•13t July 1 *Holders of rec. June 20
Second pref.(guar.)
•134 July 1 Holders of rec. June 20
U. S. Title Guaranty (guar.)
2
June 15 Holders of rec. May 310
Van Dorn Iron Works,common
15c. May 14 Holders of rec. May 5
Virginia Iron, Coal & Coke, coin
2
July 2 fielders of roe. June 160
Preferred
214 July 2 Holders of rec. June 160
Waldorf System, corn. (guar.)
3134e July 2 Holders of rec. June 20
First and second preferred (quar.)
20c. July 2 Holders of rec. June 20
Walworth Mfg., corn.(guar.)
•35c. June 15 *Holders of rec. June 5
Preferred (guar.)
*75c. June
Warner Sugar Refining, pref. (gean).-- 134 June 30 *Holders of rec. June 20
15 Holders of rec. June 100
West Boyleston Mfg., pref
*4
June 1 *Holders or rec. May 17
Woodley Petroleum (guar.)
30c. June
Worthington Pump & Mach., pt. A (qu.) '134 July 1 Holders of roc. May 26
2 *Holders of rec. June 20
Preferred 54 99mr.1
•1 1-4 Tidy 2 *Polders of rec. June 20

Name of Company.

2361
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
Amer. Telephone & Telegraph (guar.)-- 214 July 16 Holders of tee. June 20a
Baton Rouge Elec. Co.,common
5
June 1 Holders of rec. May 18a
Preferred
June 1 Holders of toe. May I8a
3
Blackstone Valley Geed:Elec.. com.(Clu.) 31.25 June 1 Holders of rec. May 15a
Preferred
June 1 Holders of rec. May 15a
3
Brazilian Tr.,Lt.& Pr.,ordinary(qu.). 1
June 1 Holders of too. Apr. 30
Brooklyn City RR.(guar.)
20c. June 1 Holders of rec. May if)a
Brooklyn Edison Co.(guar.)
2
June 1 Hollers of rec. May 13
Cent. Arkansas Ry.& Lt., pref.(guar.)
144 June 1 Holders of rec. May 155
Central III. Pub. Sexy.. Pref. (gust.).... 114 July 14 Holders of rec. June 300
Central Indiana Power, pref. (quar.)114 June 1 Holders of rec. May 200
Central Miss. Val. Eleo. Prop., PE (g.) 114 June 1 Holders of rec. May I5a
Cleveland Elec. Illum.,8% pref.(guar.) 2
June 1 Holders of rec. may 15
Censor.Gas El.L.dc P., Bait.,com.(qu.) 2
July 2 Holders of rec. June 15a
Preferred Series A (guar.)
July 2 Holders of rec. June 15a
2
Preferred Series B (guar.)
14( July 2 Holders of rec. June 15a
Consolidated Gas of N. Y.. corn.(guar.) 81.25 June 15 Holders of rec. May 10a
Consumers Power(Mich.).7% pref.(qu.) 144 July 2 Holders of rec. June 15a
Six per cent preferred (guar.)
114 July 2 Holders of rec. June 15a
Detroit United Ry.(guar.)
14 June I Holders of rec. May la
Eastern Shore Gas & Elec., pref. (guar.) 500. June 1 Holders of rec. May 15a
Eastern Wisconsin Elec. Co., pref. (qu.) •114 June 1 *Holders of rec. May 20
Federal Light & Traction, Pref. (guar.). 14 June 1 Holders of rec. May 15
Georgia Railway & Power,common - $1
June 1 May 21 to June 1
Second preferred
June I May 21 to June 1
Hackensack Water, common
75c. June 1 Holders of rec. May 21a
Preferred
3714c June I Holders of rec. May 25a
Kansas City Pow.& Lt., 1st of. A
(gu.) 114 July 2 Holders of rec. June 16a
MascomaLt.& Pow.,corn.& pf.(guar.) 154 June 1 Holders of rec. May 18
Massachusetts Gas Companies, pref_
June 1 May 16 to May 31
2
Middle West Utilities, prior lien (guar.)
134 June 15 Holders of rec. May 31
Nebraska Power. prof. (guar.)
114 June 1 Holders of rec. May 16
New England Telep. & Teleg.
2
June 30 Holders of rec. June lie
Niagara Falls Power,common (gUar.)-. 14 June 15 Holders of rec. June 8
(guar.)_
Preferred (guar.)
114 July 16 Holders of rec. June 300
Norfolk Railway & Light
750 June 1 Holders of rec. May 15a
North Shore Gas. preferred (quar,),._
154 July 1 Holders of rec. June 20
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept.20
Northern Ohio Tr. & Lt.6% pf.(qu.)_ _
154 July 2 Holders of rec. June 15
Seven per cent pref. (guar.)
114 July 2 Holders of rec. June 15
Northern Texas Elec. Co., corn.(guar.). 2
June 1 Holders of rec. May I50
Philadelphia Electric, common (guar.)._ 50c. June 15 Holders of rec. May 18a
Preferred (guar.)
Holders of rec. May 130
500. June
Rochester Gas dr Elec., 5% pref. (guar.) 14 June 15 Holders of rec. May 160
1
Seven per cent preferred (guar.)
154 June I Holders of rec. May 16
San Joaquin L. dr P. Corp.. pref.(guar.) 114 June 15 Holders of rec. May 31
Prior preferred (guar.)
114 June
rec. May 31
Holders
Southweatern Power & Light, Of. (qu.) 154 June 15 Holders of rec. May 16
of
1
Standard Gas & Electric. corn.(NO. 1)
6214c July 25 linclere of rec. June 30
Pref (guar.)
.
2
June
may
Tennessee Electric Power.6% pref.(C1111.) 114 July 15 Holders of rec. June 31
2 Holders of rec.
9
Seven per cent preferred (guar.)
118 July 2 Holders of rec. June 9
United Gas Improvement. pref. (guar.) 87140. June
15 Holders of rec. may sta
United Light & Rallwa s
Participating preferred (extra)
M July 2 Holders of rec. June lba
Participating preferred (extra)
34 Oct. 2 Holders of rec. Sept.150
Participating preferred (extra)
54 Jan2'24 Holders of rec. Dec. 15a
Virginia Ry. & Power, preferred
3
July 20 Holders of rec. Doe. 81
Washington (D. C.) Ry.& Elec., corn_
114 June 1 Holders of rec. May 196
Preferred (guar.)
114 June 1 Holders of rec. May 196
West Penn Co.. common (guar.)
34 June 30 Holders of rec. June 150
West Penn rim. pref. (guar.)
114 June
Wisconsin-Minn. L.& Pr., pref.(cm)._ 1% June 15 Holders of rec. June 1
1 Holders of rec. May 200
Miscellaneous.

Acme Coal Mining (new $10 Par stock). 20c June 5
Holders of rec. May 26
Ahmeek Mining
$1.50 June 15 Holders of rec. May 2
Amalgamated Sugar, preferred
*S10 June 15 *Holders of rec. June 1
Amer.•Beet Sugar, pref. (quar.)
111 July 2 Holders of rec. June 90
American Fen, pref. (guar.)
14 June I Fluidise of rec. May 166
Amer. Laundry Mach'y. Coln.(War-)
33c. June I May 23 to June 1
American Locomotive. corn.(guar.). - 254 June 80 Holders of roe. June 85
Preferred (guar.)
114 June SO Holders of roe. June Si
American Machine it Foundry (guar.)._
134 July 1 Holders of tee. June la
14 Oct. 1 Holders of roe. Sept. le
Quarterly
13.4 Ian 1'24 Holders of tee. Dec. la
American Metal. common (guar.)
75c. lune I Holders of rec. May He
Preferred (guar.)
114 lune I Holders
rec. May
American Pneumatic Service, zd pref.-- 50c. lune 30 Holders of res. June lga
9
of
American Radiator, COMMOD (guar.)_._ SI
June 30 Holders of tee. June 156
Amer. Sales Book, common
81
July 3 Holders of rec. June 155
Preferred (guar.)
154 Aug. I
Amer.Smelting & Refining, pref.(guar.) 134 lune I Holders of roe. July415d
Holders of rec. May lla
American Stores (payable in stock)
8700 lune 15 oMay 29 to June 15
Amer Sugar Refining, pref. (guar.)_. 134 July 2 Holders of roe.
June la
American Tobacco, corn. & corn. B (qu) 3
June 1
tee.
American Woolen,corn,and pref.(guar.) 144 fuly 16 Holders ofto May 10a
May 15
May 13
Assozlated Dry Goods
First preferred (guar.)
134 June 1 Holders of rec. May 5
Second preferred (guar.)
1% June 1 Holders of rec. May 5
Atlantic Refining, corn.(guar.)
1
June 16 Ho.ders of rec. May 2Ia
Atlantic Terra Cotta, pref. (guar.)
1
June 15 Holders of rec. June 50
Atitni Powder,corn.(guar.)
3
June 11 Holders of rec. May 314
Auto-Knitter Hosiery (guar.)
750. June 15 June 1 to June 10
Below we give the dividends announced in previous weeks Automatic Refrigerating (guar.)
2
June 1 Holders of ten May 21
and not yet paid. This list does not include dividends an- Baldwin Locomotive Works, corn. & p1. 314 July 2 Holders of rec. June 24
Bethlehem Steel, common (guar.)
114 July 2 Holders of roe. June la
nounced this week, these being given in the preceding table.
Seven per cent cum. pref. (guar.).
- 114 July 2 Holders of tea. June lb.
Seven per cent cum. pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Seven per cent cum. pref. (gear.)
134 Jan2'24 Holders of tee. Dec. 155
Per
When
Books Cloud.
Seven per cent non-cum. pref. (guar.) 148 July 2 Holders of rec. June 155
Name of Company.
Cent. Payable.
Days Inclusive.
Seven per cent non-cum. pref. (guar.) 114 Oct. I Holders of rec. Sept. 15a
Seven per cent non-cum. pref. (guar.) 144 Jan2'24 Holders of rec. Dec. 155.
Railroads (Steam).
Eight per cent preferred (guar.)
Alabama Great Southern, ordinary
Holders of rec. June lba
354 June 28 Holders of rec. May 25
Eight per cent preferred (guar.)
Preferred
2
jLilt!
kle
Holders of rect. Sept. liks
854 Aug. 16
of
Eight per cent preferred (guar.)
Atell. Topeka & Santa Fe corn. (guar.). 134 June 1 Holders or rec. July 13
2
Jan2'24 Holders of rec. Dee. 15e
Holders
rec. May 40 Borden Co..
Atlantic Coast Line RR.,common
154 June iS Holders of tee. June la
314 July 10 Holders of rec. dune Ills Bridgeport preferred (guar.)
Machine Co. (guar.)
Canadian Pacific. common (guar.)
25c. July 1 Holders of rec. June 20a
21.4 June 30 Holders of rec. June
1
Quarterly
Chestnut Hill (guar.)
250. Oct. 1 Holders of rec. Sept.200
750. June 4 May 20 to June 3
an. N.0.& Texas Pacific, cow
250. Janl'24 Holders of rec. Dec. 20a
3
June 26 Holders of rec. June Pa
Quarterly
j erly
t
Common (extra)
25c. Aprl'24 Holders of rec. mar.zoa
314 June 26 Holders of ten. June 8a Bnil( . G )Co..
C
Prof.(guar.)
common (guar.)
114 June 1 May 25 to May 31
114 June 1 Holders of rec. May 18a Brown Shoe,
common
Cleveland & Pittsburgh, guar. (guar.)
June 1 Holders of roe. May 250
$1
114 June 1 Holders of rec. May 100 Buckeye
Pipe 1.1ne
Special guaranteed (guar.)
81.75 June 15 Holders of rec. Apr. 21
1
June 1 Holders of rec. May 100 Burroughs Adding (gust)
Cripple Creek Ceniral, pref. (guar.).--- 1
Machine (guar.).
June 30 Holders of reo. June 20
- 2
Joe 1 May 16 to May 31
California Packing Corp.(guar.)
Delaware & Hudson Co.(guar.)
81.50 June 15 Holders of rec. May 310
234 June 20 Holders of rec. May 280 Calif. Petroleum.
Illinois Central, corn.(guar.)
corn.($100 par) (qu.)_
134 June 1 Holders of rec. May 21a,
114 June 1 Holders of rec. May 40
New stock ($25 par) (guar.)
Leased lines
4318c June 1 Holders of rec. May 21a
2
July 1 June 12 to
July 4
Preferred (guar.)
Louisville & Nashville
134 July 2 Holders of rec. June 200
234 Aug. 10 Holders ot rec. July 170 Calumet
Midland Valley RR., preferred
$10 June 15 Holders of rec. Apr. 144
214 Juno 1 Holders of rec. May 250 Campbelldc Heels Mining
Mobile & Birmingham, preferred
Soup, preferred (guar.)
154 June 1 Holders of rec. May 15
2
July 2 June 2 to July 1
New Orleans Texas & Mexico (guar.).
2
July I Holders of rec. June 22
- 134 June 1 Holders of rec. May 24a Canadian Oil, preferred (guar.)
Norfolk & Western, com. (quar.)
14 July 1 Holders of rec. June lla
114 June 19 Holders of rec. May 31a Case (J. I.) Thresh. Mach. pref. (qu.)
Pennsylvania (guar.)
Century Ribbon Mills, pref.(gust.)
118 June 1 Holders of roc. May 150
73e. May 31 Holders of rec. May
la Checker Cab Mfg., Class A (guar.) --- 51.25 Aug. 1 Holders
Phila. Germantown di Norristown (qu.). 3
of rec. July 166
June 4 May 20 to June 3
Piusb. Bessemer & Lake Erie, prof
Class A (guar.)
81.50
21.25 Nov. 1 Holders of roe. Oct. 154
Pittsburgh & West Virginia, pref. (go.). 134 June 1 Holders of rec. May 15
Class A (guar.)
81.25 Febl'24 Holders of rec.Jan15'246
May
Plush. Youngs. & Aslitab., pref. (guar.) 118 June 31 Holders of rec. May 9a Chesebrough Mfg. corn. (guar.)
JuneJun 0
3144 Juno 30 Holders of rec. June 9
1 Holders of rec. May 21a
Reading Company. 1st pref.(quar.)
Preferred (guar.)
50c. June 14 Holders of rec. May 28a
Holders of rec. June 9
Second preferred (quar.)
50c. July 12 Holders of rec. June 250 Chicago Flexible Shaft. pref. (quar.)........ 33 1-3e June 1 *Holders of rec. May 21
•114
Sharon Railway (semi-annual)
Chicago Yellow Cab (monthly)
1.3734 Sept. 1 Aug. 22 to Aug. 31
s
June 301 Holder of rec. may 19
62
Southern Pacific (guar.)
Chicago Yellow Cab (monthly)
14 July 2 Holders of rec. May
'Holders of rec. June 20
•33 1-3e July
31a
Toronto Hamilton & Buffalo
Pa
June 1 Holders of rec. May 250 Chill Copper (guar.)
gm June 1 Holders of rec. June 2
Union Pacific, corn. (guar.)
Cities Service
214 July 2 Holders of rec.
June la
Common (monthly, pay. in cash scrip)
Holders of rec. May I5a
Public Utilities.
Common (payable in cora,stock scrip) 1)i June 1 Holders of rec. May lba
American Power di Light, corn.(guar.).
Prof. and pref. B (payable in cash)....
24 June
54 June I Holders of rect. may lba
Holders of rec. May 19
Common (payable in common stock)
Common (monthly, pay. in cash scrip) 1m July 1 Holders of rec. June 156
2
p34
June
Holders of rec. May 19
American Teleg. & Cable (guar.)
Common (pay. In coin. stock scrip)_ _ _ „i to 1 Holders of rec. June lba
114 June
Holders of rec. May 31a
Preferred and pref. B (monthly)
Holders of rec. June 15a




Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
2% Julyi 2 Holders of rec. June 27
City Investing,common (guar.)
1% July 2 Holders of rec. June 27
Preferred (quar.)
Connor (John T.) Co., coin.(guar-).-- 500. July 2 Holders of rec. June 19
334 July 2 Holders of rec. June 19
Preferred
Consolidated Cigar Corp., pref.(guar.). 134 June 1 Holders of reo. May 15a
500. June 15 May 26 to June 15
Continental 011 (guar.)
June 1 Holders of rec. May 156
Cosden & Co., pref. (guar.)
June 16 Holders of rec. June la
1
Crane Co., corn. (quar.)
1% June 15 Holders of rec. June la
Preferred (guar.)
37%c. June 15 May 26 to June 15
Crescent Pipe Line (guar.)
134 June 30 Holders of rec. June 15a
Crucible Steel, preferred (quar.)
1% Julyi 2 Holders of rec. June 16a
Cuban American Sugar. pref.(guar-)
June I Holders of rec. May 14a
2
Dartmouth Mfg., corn. (guar.)
June 1 Holders of rec. May 14a
1
Common (extra)
13( June 1 Holders of rec. May 14a
Preferred (quar.)
134 June 28 Holders of reo. June 9a
Davis Mills (guar.)
1% July 2 Holders of rec. June 250
David Mills (guar.)
1% June 1 Holders of rec. May 19a
Decker (Alfred) & Cohn. pref.(guar.)
750. June 1 Holders of rec. May 15a
Deere at Co., preferred (guar.)
*34 June 1 *Holders of rec. May 26
Dot. Brass & Malleable Wks.(mthly.)
1% July 2 Holders of rec. June 15
Dominion Iron & Steel. prof. (guat•)
50c. Oct., 1 Holders of rec. Sept. 1
Dominion Stores, Ltd., common
Douglas-Pectin Corp.(guar.)(No.1) . 25c. July 1 Holders of rec. June 15a
$1.25 July 2 Holders of rec. May 116
Eastman Kodak. coin. (quar.)
750. July 2 Holders of rec. May 310
Common (extra)
1% July 2 Holders of rec. May 31
(quar.)
Preferred
Elsenlohr (Otto) & Bros.. Pref.(qua:.)... 1% June 30 Holders of rec. June 20a
750. June 11 Holders of rec. June la
Elk Horn Coal Corp.. Preferred
3
June 1 Holders of rec. May 210
Essex Company
1% June 1 May 20 to May 31
Fairbanks, Morse ta Co.. pref.(guar.)
July 2 Holders of rec. June 15a
Famous Players-Lasky Corp.. corn.(gu.) 2
Federal Mining & Smelt, pref. (guar.).- 1% JuneD.5 Holders of rec. May 260
5(10. July 1 Holders of reo. June 15a
Fleishmann Co.. corn. (guar.)
*50c. July 1
Common (extra)
500. Oct. 1 Holders of rec. Sept. 15a
Common (guar-)
.50c. Oct. 1
Common (extra)
50c. Jan1'24 Holders of rec. Dec. 150
Common (guar.)
31.50 June 15 Holders of rec. June la
Foundation Co., common (guar.)
41E75 June 15 Holders of rec. June I
(quar.)
Preferred
Si
June 30 Holders of rec. May 310
Galena-Signal Oil corn. (quar.)
2
June 30 Holders of rec. May 31a
Old and new pref. (guar.)
134 June,' 1 Holders of ree. May 15a
preferred (quar.)
41eacral Asphalt,
134 June 1 Holders of rec. May 24a
General Cigar, pref. (quar.)
134 July 2 Holders of rec. June 260
Debenture preferred (guar.)
June 1 *Holders of rec. June I
Gen.Fuel Corp.,8% cum.cony. pf.(qtt.) *2
300. June 12 Holders of rec. May 210
General Motors Corp., corn.(quar.)-134 Aug. 1 Holders of rec. July 9a
cent preferred (guar.)
Six per
1% Aug. 1 Holders of ree. July 9a
Six per cent debenture stock (guar.).
Seven per cent debenture stock (guar.) 1% Aug. 1 Holders of rec. July 90
(quar.)
$.3 June 1 Holders of rec. May 1
Gillette Safety Razor
e5
June 1 Holders of roe. May 1
Stock dividend
1
June 15 June el to June 15
Globe Soma corn. (guar.)
First,second and special pref.(qua:.). 134 June 15 June dl to June 15
194 July 2 Holders of rec. June 2Ia
Goodrich (B. F.) Co., Pref.(quar.)
25c June' 1 Holders of reo. May 20
coward (H. W.) Co.. corn.(monthly)._
25e July 1 Holders of rec. June 20
Common (monthly)
25c. Aug. 1 Holders of rec. July 20
Common (monthly)
25c. Sept. 1 Holders of ree. Aug. 20
Common (monthly)
2
July 2 Holdera of rec. June 15a
Greenfield Tap & Die, pref.(qua:
.)2
Pay 2 Holders of reo. June 15a
Guantanamo Sugar, Prof. (quar.)
Gulf States Steel, let & 2d pref. (guar.) 134 July 2 Holders of rec. June 156
First and second preferred (guar.)._
194 Oct. I Holders of rec. Sept. 140
134 Jan 2'24 Holders of rec. Dec 140
First and second preferred ((Mara-134 June 1 Holders of rec. May 21a
Harbison-Walker Refract., corn.(MO
1% July 20 Holders of rec. July 10a
Preferred (guar.)
la( June 1 Holders of roe. May 180
Hartman Corporation (quiz.)
Hart,Schaffner & Marx,Ino.,00m.(qua 134 May 31 Holders of rec. May IRa
75o. June 15 Holders of me. May 310
Hayes Wheel (guar.)
50c. June 15 Holders of roe. May 15a
Heela mining (guar-)
El
011 (No. 1)
June 11 Holders of rec. May 31
Holly
780. May 31 Holders of rec. May 15a
Household Products. Ins.(No. 11)
750. June 15 Holders of rec. May 310
Humphreys 011 (guar.)
1280. June 15 Holders of rec. May 316
Extra
15750. June 1 nHolders of coup. No. 16
Imperial Oil Co., td. (guar.)
June I Holders of reo. May 12a
Ingersoll-Rand do., common (guar.)._ 2
13( July 1 Holders of roe. June I5a
Inland Steel, pref.(guar.)(No. 1)
Internat. Cement Corp.,common (guar.) 750. June 30 Holders of rec. June I5a
13( June 30 Holders of rec. June 150
Preferred (guar.)
Internat. Cotton Mills, pref.(guar.)._ 1% June 1 Holders of rec. May 19
1% Juno 1 Holders of rec. May 10a
International Harvester, pref. (quar.).
International Salt (qua:.)
134 July 1 Holders of rec. June 150
50c. June 1 Holders of rec. May 15a
International Shoe. pref
International Lamp Corp (monthly).- 250. Juno 1 Holders of rec. Mayel9a
Nov. 15 Holders of rec. Nov. la
Intertype Corp., corn. (in coin. stock) flO
50c. June 15 Holders of rec. May 9
Isle Royale Copper
75c. July 2 Holders of rec. June 8
Kennecott Copper (guar.)
Juno I Holders of rec. May 21a
Kinney (G. R.) Co., preferred (guar.)._ 2
Kuppenheimer (II.) & Co., pref.(guar.). 134 une 1 Holders of rec. May 230
2% June 1 Holders of rec. May 25
Lancaster Mills, cam.(quar.)
Lanston Moaotype Machine (quar.)...... 134 May 31 Holders of rec. May 210
Lee Rubber ,St Tire Corporation (guar.)- 500. June I Holders of rec. May 15a
May 31 Holders of rec. Apr. 300
Si
Lehigh Coal & Navigation (guar-)
Libby-Owens Sheet Glass, corn.(qua:.). .50e. June 1 *Holders of rec. May 22
la% June 1 *Holders of reo. May 22
Preferred (quar.)
Juno I Holders of rec. May 150
Liggett& MyersTob,oomak coin.B(qua 3
June 1 Holders of rec. May 15a
Lima Locomotive Works,coin.(qua:.)... $1
134 June 1 Holders of roc May 15a
Preferred (guar.)
134 Aug. 10 Holders of rec. Aug. 7a
Lindsay Light, preferred (guar-)
la( Nov. 8 Holders of rec. Nov. 60
Preferred (guar.)
134 Feble24 Hold'in of rec. Feb.7'24a
Preferred (quar.)
1% June 1 Holders of rec. May 190
Lord & Taylor.let pref.(gnat.)
$2
June 1 Holders of reo. May 2
Ludlow Mfg. Associates (guar.)
$1.50 June 1 Holders of rec. May 23
Mahoning Investment (guar.)
50c. June 1 Holders of rec. May 23
Extra
750. June 1 Holders of rec. May 15a
Manhattan Shirt. common (guar.)
760. June I Holders of reo. May 15a
Martin-Parry Corporation (guar.)
May Department Stores, corn.(qua:.).. 234 June I Holders of reo. May 15a
234 Sept. 1 Holders of rec. Aug. 156
Common (guar.)
134 July 2 Holders of rec. June 150
Preferred (guar.)
la( Oct. 1 Holders of rec. Sept. 15a
Preferred (qua:.)
Mayer (Oscar) & Co., let pre/.(qua:.)... 13( June 1 Holders of rec. May 21
2
June 1 Holders of rec. May 21
Secondpreferred (quar.)
McCahan (N.J.)Sug.Refak Molar(qua 1% June I Holders of rec. May 19a
1
June 1 Holders of rec. May 210
McCrory Stores Corp.. corn. (ga.)
2% June 30 Holders of rec. June 50
Mergenthaler Linotype (qmar.)
Merrimac Mfg Co.. common (quar.).... 131 June 1 Holders of rec. May 1
50o. June 1 Holders of rec. May 220
Mexican Seaboard 011 (quar.)
250. June I Holders of rec. May 250
Michigan Drop Forge (monthly)
13( June 30 Holders of reo. June 94
*Midwest 011, pref. (guar.)
$1
June 14 Holders of rec. May 19
Mohawk Mining
Ward & Co. pref.(guar.). 1% July 1 Holders of rec. June 20a
Montgomery.
134 June 15 Holders of rec. May 31
Montreal Cottons, com. (guar.)
1% June 15 Holders of rec. May 31
Preferred (guar-)
50c. June 30 Holders of rec. June 80
Mather Lode Coalition Mining
Motor Car Corporation. pref.(qua:.)... 1% July 1 Holders of rec. June 20a
750. July 14 Holders of rec. June 30a
National Biscuit,common(aura
134 May 31 Holders of rec. May I7a
Preferred (guar.)
- 134 June 1 Holders of rec. May 250
National Cloak & Suit, pre/.(guar.).
2 1-3 June 1 Holders of reo. May 20
Vat. Department Stores, 2d pref.
Hat. Enamel.& Stamp.. COM.(guar.)... 1% May 31 Holders of rec. May Ila
13( June 30 Holders of reo. June 90
Preferred (guar-)
13( Sept.29 Holders of rec. Sept- 150
Preferred (gear.)
" la( Doe. 31 Holders of rec. Doe. lla
Preferred (guar-)
2
June 30 Holders of rec. June 150
National Load, common (guar.)
13( Juno 15 Holders of rata May 256
Preferred (Utlar.)
1% July 2 Holders of rec. June 11
(guar.)
National Sugar Refining
23.4 July 2 Ho'ders of rec. June 200
National Surety (guar.)
50c. June 15 Holders of rec. May 316
National Transit
1% June 26 Holders of rec. June 16
New River Co., preferred class A (qua $1
July 1 Holders of rec. June 86
New York Air Brake, pref.,
July 1 Holders of rec. June 8
5
Northern PIP° Line




[VOL. 116.

THE CHRONICLE

2362

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
134 June 1 Holders of rec. May 21
Ogilvie Flour Mills, pref.(guar.)
134 June 1 Holders of roe. May 19.
Onyx Hosiery, preferred (guar-)
June 15 Holders of reo. May 9
Si
Osceola Consolidated Mining
Packard Motorcar, pref.(guar.)
• 134 June 15 Holders of rec. May 31.
*43a July 1
Pacolet Manufacturing, common
July 1
Common (payable In common stock).. sap
*334 July 1
Preferred
100. June 25 Holders of rec. June 150
Pennok Oil (guar.)
10c, June 25 71Efoldete of rec. June I50
Extra
50o. June 30 Holders of rec. June 150
Phillips Petroleum (guar.)
$1
June 30 Holders of reo. June 15a
Extra
June 30 Holders of rec. June 15a
450
Stock dividend
131 Tune 1 Holders of rec. May 170
Phoenix Hosiery, preferred (quar.)
Pittsburgh Rolls Corp.. pref. (quarj_ _ _ 1% July 1 Holders of rec. June 256
134 June 1 Holders of rec. May 15a
Pittsburgh Steel, preferred (quar.)
13( June 1 Holders of rec. May ha
Pressed Steel Car, preferred Mara
Co.6% pref. (guar.) 1% June 15 Holders of rec. May 250
Procter & Gamble
June 15 Holders of rec. June la
Producers & Refiners Corp.,corn.(quar.) $1
50c. June 1 May 11 to June 5
Pure Oil. common (guar.)
2% rApr.15 See note r
Quaker Oats, common (quer.)
134 May 31 Holders of reo. May la
Preferred ((Mara
July 16 Holders of rec. July 2.
Common (guar.)
1% Aug. 31 Holders of rec. Aug. la
Preferred (quar.)
15e. July 2 June 1 to July 1
Reo Motor Car, common (guar.)
600. July 2 June 1 to July 1
Common (extra)
July 2 June 1 to July 1
Common (payable In common stock) _ 10
1.31 July 2 Holders of roe. June 156
Republic Iron & Steel, pref.(guar.)
July 2 Holders of rec. June 15a
Pref. (acct. accumulated dividends)._ h2
June 1 Holders of rec. May 15.
Schulte Retail Stores,corn.(In pref. stk.) ma2
Sept. 1 Holders of rec. Aug. 15a
In preferred stock). tn$2
Common (payable
Dec. 1 Holders of rec. Nov. I5a
Common (payable in preferred stock). m$2
Mr.1'24 Hold. of rec. Feb.15'24a
Common (payable In preferred stock). ma2
3 1-3e June 1 Holders of rec. May 15a
Seaboard 011 & Gas(monthly)
3 1-3c July 2 Holders of rec. June 154
Monthly.
Sherwin-Williams Co., Can., corn.(qua 114 June 30 Holders of rec. June 15a
1% June 30 Holders of rec. June 15a
Preferred (guar.)
- 1% June I Holders of rec. May 15a
Sherwin-Williams Co., pref. (guar.).
June 20 June 1 to June 10
5
Solar Refining Co
June 1 Holders of rec. May 15
2
Southern Plea Line (quar.)
& Bros., 1st prof. (011.) 1% June 1 Holders of rec. May 19a
sawing (A.
June I H lidera of rec. May 19
2
Second preferred (quar.)
1% May 31 Holders of reo. May 1941
Standard Milling. common (guar.)
131 May 31 Holders of rec. May 19a
Preferred (qilar.)
50c. June 15 Holders of rec. May 21a
Standard 011 (California) (guar.)
62340. June 15 May 17 to June 14
(Indiana) (qua:.)
Standard 011
500 June 15 Holders of rec. May 31a
Standard 011 (Kansas) (guar.)
June 20 May 20 to June 20
5
Standard 011 (Nebraska)
June 15 Holders of rec. May 26a
Standard 011of N.J.,com.,$100 par(Qua 1
250. June 15 Holders of rec. May 264
Common,$25 par (guar.)
June 15 Holders of rec. May 261
Preferred Mara
350. June 15 Holders of rec. May 21
Standard 011 of New York (quar.)
Standard 011 (Ohio). common (quar.)._. 2% July 2 Holders of rec. May 25
June 1 Holders of rec. Apr. 27
Preferred (auftra
5
July I Holders of rec. June 30
Standard Steel Works
Standard Textile Prod.. pf. A & B (pa.). 134 July 1 Holders of rec. June 15a
June 1 Holders of reo. May 150
2
Stern Brothers. preferred (guar.)
13( July 2 Holders of rec. June 8
Stromberg Carburetor (guar.)
Corporation, corn.((Nara_ 234 tune 1 Holders of rec. May 10.
Studebaker
131 tune 1 Holders of rec. May 100
Preferred (guar.)
90e. Aug. 15 Holders of rec. July 160
gym,. International
11.50 Tune 15 Holders of rec. JunI la
Texas Gulf Sulnhur (quar.)
Juno. 1 Holders of reo. MayIla
rnampson (John R.) Co.'com (mthly.) 1
1% tune 1 May 22 to J;ine9 1
Timken-Detroit Axle. pref.(guar.)
750 Inn/ 5 Holders of ree. May KM
Timken Roller Bearing (guar.)
Tune 20 Holders of rec. Juntal la
Todd shipyards Corporation (guar.).- 32
13( June 1 May 22 to Junel 3
Truscon Steel, preferred (guar.)
2.
Underwood Typewriter, corn.(qua:.)... 234 filly 1 Holders of rec. Junel 2a
13( fuly 1 Holders of rec. Juries
Preferred (qua!)
50o. Tune 5 Holders of rec. dMay3la
Union Sugar Mara
13( June 1 Holders of reo. May 54
Union Tank Car.common (guar.)
134 June 1 Holders of rec. May 5a
Preferred (quar.)
la( June 15 Holders of rec. May 31a
United Cigar Storm. Preferred (guar.)._
134 June 1 Holders of rec. May 15
Drug, 2d pref. (guar.)
United
194 July 2 Holders of reo. June 150
United Dyewood, preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
1% .Jan 2'24 Holders of rec. Doe. 15.
Preferred (quar.)
July 2 Holders of rec. June 7a
6
United Paperboard, pref
rec. June la
U.S. Cast Iron Pipe & Fdy.. Pref. (au.) 13( Juqe 15 Holders of rec. Sept. la
1% Seat. 15 Holders of
Preferred (guar-)
Dec. 15 Holders of rec. Dec. la
Preferred (guar-)
*1
June 30 *Holders of rec. June 15
U. S. Gypsum.common (qua:.)
*IA June 30 *Holders of rec. June 15
Preferred (guar-)
July 1 Holders of reo. June 20
Si
Playing Card (guar.)(E20 Par)
U.S.
July 1 Holders of rec. June 20a
5
Stock ($100 par)
50c. July 1 Holders of reo. June 20
Extra (E20 par)
234 July 1 Holders of rec. June 204
(extra)
Stock (E100 par)
2
June 15 Holders cf rec. June 50
U.S. Realty & Improvement,common
194 Aug. I Holders of rec. July 200
Preferred (quar.)
United States Steel Corp., corn.(qua:.). 1% June 29 May 30 to May 31
May 1
134 May 29
Preferred (guar.)
134 June 1 Holders of rec. May 180
United States Stores. pref. (guar.)
251. June 15 Jan. 1 to June 14
Utah Apex Mining Mara
250. June 15 Juno I to June 14
Extra
Si
June 30 Holders of rec. June 80
Utah Copper (gUara
June 20 Holders of reo. May 31a
$1
Vacuum Oil
231 June 15 Holders of roc. June 120
011. common (guar.)
Valvoline
13( June 1 Holden; of rec. May 18a
Van Roane Co.. nrst prof. (quar.)
50o. June 15 Holders of reo. June la
VIvaudou (V.) (quar.)
July 3 Holders of rec. June 15
SI
Wabasso Cotton (guar.)
500. June 1 Holders of roe. May 23
Wahl Co., common (monthly)
(monthly)
500. July 1 Holders of rec. June 23
Common
134 July 1 Holders of rec. June 23
Preferred (quar.)
1% June 15 Holders of rec. May 8
Wamsutta Mills (guar.)
50e. June 29 Holders of rec. June 150
Weber & Hellbroner, common (quar.)..
June 1 Holders of reo. May 220
Pref.(guar.)
14 May 31 May 22 to May 31
Welch Grape Juice, pref. (guar.)
1% June 20 Holders of rec. May 190
Wells. Fargo & Co
. 134 June 1 Holders of rec. May 15
White (J. G.) Co.. Inn.. pref.(qua:.)..
June 1 Holders of reo. May 15
White(J.01 Engineering Corp.. pf.(qui
June 1 Holders of reo. May 15
White(J.0.) Manage't Corp., Pt.(qua _
June 30 Holders of reo. June 20.
Motor Co. (quar.)
White
June 1 Holders of ree. May 25
2
Woods Manufacturing (quar.)
Jane 1 Apr. 28 to May 16
Woolworth (F. W.) Co., corn. (qua:.).. 2
Jr. Co., coin. (monthly) 50o. June 1 May 26 to May 31
Wrigley (Wm.)
50e. July 2 Jane 26 to July 1
Common (monthly)
280. May 31 Holders of reo. May 15a
Wright Aeronautical Corp.(guar.)
June 1 Holders of roe. May 22
,
Wurlitaer(Rudolph)Co. 8% pref. (qu.) 2
June 1 Holders of rec. May 19
Yellow Cab Mtg.. clam B (monthly)._
.50c. July 1 *Holders of rec. June 20
Class B (monthly)
June I Holders of roe. May 180
4
York Manufacturing
ruled that Mock
• From unofficial aoureee. t The New York Stock Exchange has
The
will not be quoted ex-dhridend on this date and not until further notice. I
stock will not be quoted ox.
New York Curb Market Association has ruled that
date and not until further notice.
dividend on this
In stock.
a Transfer books not closed for this dividend. d Correction. e Payable
Payable in common stock. o Payable in scrip. h On account of accumulated
preferred stock.
dividends. It Subject to approval of stockholders. m Payable In
May 31, both
n Payable in Canadian funds. Transfer books closed from May 16 to
-dividend
inclusive. New York Curb Market has held that stock will not be quoted ex
until June 1.
stock shall not
o Philadelphia Stock Exchange has ruled that Amer.Stores common
sell ex the stock dividend on May 28 and not until further notice.
le Payable in Canadian funds.
as
r Quaker Oats dividend of 234% on common stock reported in these columns
payable May al was an errcr. The dividend was paid April lb.
Exchange has ruled that United Shoe Machinery corn, shall not
S Boston Stock
be quoted ex the stock dividend on May 25 and not until June 15.

134

la(
134
Si

I

-Further below we
Stock of Money in the Country.
give the customary monthly statement issued by the United
States Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in circulation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplications, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation May 1 1923 is found to be $42.04,
whereas by the old method the amount would have been
$52.61. The change dates from July 1 1922 and the notice
issued in connection with it by the Treasury Department
was given by us in publishing the statement for that date
in our issue of July 29 1922, page 515. The money and
.ireulation statement in its new form follows:
. -.
. "8888
0
.2
2 8 OOSO
1

t°
-,

.... ... =
a

.0000.
....

'2.883gr-!
-...4.
a a0 in 00 a
•

.....

•
•

•

OaNaaa
00MONN
0.0010....0.0.

0N00
aM
M

aMaNM
NNN
a
C6
000000
OaoraNa
000.a0a.
a:1. 00006
7
0.0000a

000100a
O. CO O. .-.." °
t
a
0 .000
0000
0000N
C O. C '71
I
I
aWNO
000N

1

WOOM
C/MNM
a0Ct 1
0
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' L
' .
oi
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Z
'

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at

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.
cam

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a
06
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aa

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2,259,702,906

Banks
and
Agents.

Reserve

Held for
Federal

I

All
Other
Money.

,,

0:c00.06
a01001
00
M

CO
CO
"C

0
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Average Average Average
$
$
784 6,289
63.661
126,592 2,279 14,09.
154,398 4,311 19.715
71,441 1,413 9,587
517.094 5,400 56,661
115,781 1,136 13,132
56
556
5,325
100,428 1,202 11.1.1
912 32,739
322,132
910 3.728
24,626
151,172 5,057 18,141
296 14,103
118,325
177,133 1,942 21,996
481 3,51:
35,771
807 15.751
159,314
15,142
376 1.598
518 21,799
312,041
265,916 4,633 34,717
144 1,134
7,911
327,210 4,277 39,71.
654 2.904
21,724
491 1,163
9,447
2,19
16,473
43
20,470
196 2,361
79,7461
792 9,97:
15,587
733 1,804
261,768 1,098 28,341
53,521
801 6,041
372,264 1,367 38,244
21,971
361 2,460
138,074
525 15,195
38,805
578. 4,53
128,699
495 12,944
34,497
718 3,907
192,847 1,296 21,491

Totals, actual ondition May 194.495,820 49,448-493,785c3,622.117437,74532,573
Totals, actual o nclition May 124,4412,046 51,507491,091 c3.618,222450,26332,207
Totals, actual .edition May 54,505,163 51.917493,201c3,610,597447,18031,9g.2
State Bank , Not Members of Fed'I Res've Bank.
19,718
26 __-Greenwich Ban k 1,000 2,214
19,332 1,615 2,051
250 . 883
Bowery Bank_
2,863 2,095-436
5,827
354
2,500 4.750
Sta,e Bank_
29.958 53.669
87,811 3,553 1,912
Total of aserag

3,750

7,847

5,522

112,970

52,539 55,720

4,439

N.CA1C01511ig

0

0..0 1 00
0
awNWaa.

Total of arerew o 16,000 18.163

CO
C.
..
a
0

0a .000.0
1
O °- CC CC •-• O.
!
0 co to .4 r: ,-.
0.00000N

Totals, actual co ndltion May 19
Totals, actual co ndltion Slay 12
.
Totals, actual c ndition Slay 5

a
N.
VONaMN
OaaNNO

Gr'd seer., are .. 308,425461,462 4.671,746 58,552 503,741 3.724.999496,715 32,378
Comparison w 18 prey.week. _ -1,490-3,224 +2,226 +10,813-7,311 +332

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8 8mrAg
•'1 he form of circulation statement was revised as of
July 1 1922 so as to exclude
from money in circulation all forms of money held by the
Federal Reserve banks and
Federal Reserve agents, whether as reserve against Federal Reserve notes or other
wise. This change results In showing a per capita circulation on May 1 1923 of
542 04. whereas under the form of statement heretofore used it would have been
$52 61. For the sake of comparability the figures for Mae 1 1922. Nov 1 1920.
when money In c reulation reache I the li'gh po lit, and
April 1 1917. have been
computed on this statement In the same manner as those for July 11922.
a Does not include gold bullion or foreign coin outside
of vaults of the Treasury,
Federal Reserve banks and Federal Reserve agents.
11 These amounts are not Included In the total since the money held in trust against
gold and silver certificates and Treasury notes 01 1890 is included under gold coin and
bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and
silver certificates and Treasury notes 01 1890 should be deducted from this
total before combining It with total
money outside of the Treasury to arrive at the stock of
money in the United States.
d This total Includes $16,955,642 of notes in
gold deposited for redemption of F. R. notes, process of redemption, $187,405,133 of
bank notes. $20,489 deposited for 216,585,724 deposited for redemption of
national
of May 30 1905), and 25,572.623 deposited retirement of additional circulation (Act
as reserve against postal savings deposits.
Note.
-Gold certificates are secured dollar for
dollar by gold held In the Treasury
for their redemption; silver certificates are secured
dollar for dollar by standard silver
dollars held in the Treasury for their
reserve of 5152.979.025 63 hold In the redemption; U. S. notes are secured by a gold
Treasury. This reserve fund may also be used
for the redemption of Treasury notes 01 1890.
which are also secured dollar for dollar
by standard sliver dollars, held in the Treasury. F.
U. S. and a first lien on all the assets of the Issuing R. notes are obligations of the
F. R. bank. F. R. notes are secured by the deposit with F. R. agents of a like
amount of gold or of gold and such
discounted or purchased paper as Is eligible under the
terms of the F. It. Act. F. R.
banks must maintain a gold reserve of at least
fund which must be deposited with the U.S. 40%, Including the gold redemption
Treasurer.
circulation. F. It. bank notes and national bank notes against F. R. notes in actual
ment obligations. and a 5% fund for their redemption are secured by U. S. GovernIs required to be maintained
with the Treasurer of the United States in gold or lawful
money.




Average Average Av'pe.
6
$
$
44,83- 6.97
100.461 19,174
144.444 4,001
994
69,492 2,676
•559,13r G9.669 2,144
97,061 6,553
346
17
299
3.67'
81.96' 7,983 4,848
249,07 14,787 _ __ _
1,26'
24,76
120,961 23,396 6,029
100
103.''
154,319 24,165
36
28,772
119,679 6,966 7,881
50
11.555 2,741
159,953 32,222 7,470
261,629 14,09
389
6,407
287,217 32.403 1,096
21.703
431
8,86:
1
398
15.751
246
821
4
17.504
64
75,931 1.888
413
886
13.5'
.223,322 30,41'
46,396 3.702
.357,756 54.966 -18373 1.261 ---113,404 15.066 ---34,093 3.049
.93,031 27,209 --29,435 2,543 ---*192,435 26397 ---_
Total of arerag! 258,675435,4504,477.305 50,533493,951 c3.620,493438.36632,378
Members of Fed. Res. Bank.
Bank of N Y it
$
$
Trust Co_ _ _ _ 4,000 11,813
Bk of Manhat'n 10,000 13,288
alech & Met N 1 10,000 16,894
Bank of Amer! a 5,500 4,676
Nat City Ban . 40,000 50,362
Chem Nat Ban k 4,500 16,438
Nat Butch & ir
500
j 171
t
Amer Exch N a 5.000 7,662
Nat Bk of Corn. 25,000 37,511
Pacific Bank_ _ 1,000 1,729
Chat&Phen N a 10,5
9,092
Hanover Nat 13k 5.000 21,082
Corn ExchangeC. 9.075 12,006
Imp & Trad N a 1.500 8,511
National Park_ _ 10.000 23,291
East River Na _ 1.000
843
First National_ _ 10,000 55,430
Irving 13k- Col 'r 17,500 10,550
1,000
Continental Bit _
915
Chase National _ 20,000 22,508
500 2,618
Fifth Avenue_ _ _
400
Commonwealth _
930
Garfield Nat_ _ 1.000 1,585
Fifth National_ _ 1,200
982
4,000 7,109
Seaboard Nat_
Coal & Iron N a 1,500 1,300
Bankers Trust_ _ 20,000 22,781
S Mtge & T ,_ 3,000 4,332
Guaranty Tru 0 25,000 18.289
Fidel-InterTru it 2,000 1,910
N Y Trust Co_ _ 10,000 18,062
Metropolitan 1., 2,000 3,900
Farm Loan & 'el 5,000 15,607
Columbia Ban _ 2,000 2,068
Equitable Tru a 20,000 9,190

Cl
0
a

M

q'
..-1

New i
Reserve
apital.1Profits. Loans,
Net
Time Bant
with
Discount, Cash
Week endin S
Derev,
Legal Demand
in
.
May 19 1923 Nat'l, April 3 IncestState, Mar.27 meals, Vault. Deposi- Deposits. posits. 1alion.
tortes,
&c.
(000 omitted.) Tr.Cos,Slar.27

01
0
a

,',..

a.
0

NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated in thousands of dollars-that is, three ciphers (0001 emitted.)

g
O
to 0
;

.

7
).!''

,
Weekly Return of New York City Clearinf House
Banks and Trust Companies.
The following shows the condition of the New York:City
Clearing House members for the week ending May 19.*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.

cs
gl
0
t-.
R

0
0
....

-es
E...

06060.01.6 CO
aaNCoa 0 .
..I
00
I

265,107,0121 5,793,770,425
257,888,184,5,658,057,362
350.626,5306.616.300.721
105,219,41615,053,910,830
186,273,444 3,402,015,427
, 90,817,762' 816,266,721

r.omr.

Q

C
.....

5,808,801,608 1,140,760,529

4.
.
-

MC10N0.0
0
a
00a000
CO C. 0. CO CO C
I
g
0/N0a...a .
000.00 a
C
!
:
O....

'

04000
010WW
C. C. °:-. 0.
0.0100.

.."

I

MONEY OUTSIDE OF THE TREASURY.

00aNM

.
.
momm .00m.o .
000. 0.r.o.:10 o

I And. Held in Res're Against]
!Trust Against United Stales!
GoHand Silver
Notes
ICertificales(& (and Treasury
ITreas'y Notes
Noes
1 of 1890).
of 1800).
I

MONEY HELD IN THE TREASURY.

CIRCULATION STATEMENT—MAY 1 1628.•

0
N
02

Q. iF

2363

THE CHRONICLE

MAy261M]

Totals, actual .nclition May 19 112,891 5,745 4,472
ndition May 11. 112,509 5,545 4,089
Totals, actual
Totals. ectuat 0 ndition May 5 110,883 5,596 4.403
Trust Comps n les Not!demi)._ rs of Fed '1 Rose e Bank.
10,000 13,208
Title Guar &
55,054 1.554 3,802
Lawyers Tit & 1 6.000 4.9.54
943 1349
26,417
81,471
83,061
80,093
80,424

52.061 55.834
52,996 55,756
51,776 55.656, 35,542
16,420

-

1,799
760 ----

2,497
-

5.351

51.962

2,559

2,445
2,431
2,644

5,708.
5,420
5,451

53,707
51,207
52.310

2,523
2.574
2,520

--- -

Gr'd aggr.. act'I cond'n May 194,691,772 57,638503,995 3.7278S54496.10232373
Comparison wiIi) prey.wesk _ _ +37.124-1,838 +3.359
+5,460-12,4911 +366
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd

mgr..
aggr.,
aggr.,
aggr.,
aggr.,
agar.,

ea 1 condo
act 1 cond'n
act 1 cond'n
act I cond'n
act cond'n
I
act 1.cond'n

May 124.654,648
May 54.696.470
Apr. 284.710.807
Apr. 214,874.432
Apr. 144.694.202
Am. 74.720.586

59.476 500,606
60,157503,055
58.778502.758
58,526 514,919
58,955504.870
60.413495.268

3,722,425508.59332,207
3,714,683505,356 31.982
3,726,710495.18231,726
3,769,745494,37331.863
3,721,347492.95632,000
3.727.378491.00631,816

Note.
-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total May 19, 5121,639,000; actual totals May 19;
$148,802,000: May 12, $81,355,000; May 5, $90,392,000; April 28 $95,578,000; Aprr
21, 5107,740,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week May 19, $457.910.000: May 12, $499,051,000; May 5, $520.736,000; April 28, 5477,313,000; April 21, 5485,045,000. Actual totals May 19.
$441,269,000; May 12, $473,614.000; May 5, $523,027,000; April 28, $537,199,000:
April 21, 5465,242,000.
• Includes deposits In foreign branches not included in total footings as follows:
National City Bank. 5139.508,000: I3ankers Trust Co., 513,254,000; Guaranty
Trust Co., $81,975,000; Farmers' Loan & Trust Co., $64,000; Equitable Trust Co..
$33,694,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank. $24,351,000; Bankers Trust Co., $2,007,000:
Guaranty 'Trust Co., $4,101,000; Farmers' Loan & Trust Co., 554.000; Equitable
Trust Co., $2,631,000. c Deposits in foreign branches not ineluded.
.
_

_

•
_
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:

STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
Reserre
In
1
in Vault. Depositaries
Members Federal
Reserve banks.
State banks.
Trust companies__ _ _
Total
Total
Total
Total

May 19_ _ _ _
Slay 12____
Slay 5___ _
April 2$_

5,522,000
2,497,000

Total
Reserve.

a
Reserve
Required.

Surplus
Raeroe.

$
1
$
1
$
$
493,951.000493,9.51,000 483,815.7201 10,135.280
530,980
4,439,0001 9,961,000 9.457,020
53 700
.
5,351.0001 7348,000 7,794.3001

8,019,009 5113,741,000 511,760.000 501,067,040 10,692,960
7
9,775,920
8,110.000 501,515.000 509,625,000 499,849.080 9.647.800
7,904,000 506,129,000 514,033,000 504,385.200
7,791,000 .550,498,000 508,289,000 503.200,700 5,088.300

• 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 foilowe:
Slay 19,613,150,980; May 12.513.372,950: May 5.513,351.230: Apr. 28.513.102.260.

THE CHRONICLE

2364
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks..
State banks.
'Trust companies-Total
Total
Total
• Total

May 19__
May 12____
May 5____
April 28____

Reserve
Reguired.

Total
Reserve.

Surplus
Reserve.

[VoL. 116.

Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

$

493,785,000 493,785,000 484,007,560
5,745,000 4,472,000 10,217,000 9,370,980
2,445,000 5,708,000 8,153,000 8,056.050

9,777,440
846,020
96,950

8,190,000 503,965,000 512,155,000 501,434,590 10,720,410
7,969,000500.606,000 508,575,000 501,097,080 7,477,920
8,240,000 503,055,000 511,295,000 499,959,190 11,335,810
7,886,000 502,758,000510,644,000 501,226,680 9,417,320

•Not members of Federal Reserve Bank.
b 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 19,
513,132,350; May 12, 313,507,890: May 5, $13,415,400: April 28, 313,115,460.

May 23
1923.

Changes from
previous week.

May 16
1923.

May 9
1923.

Capital
60,000,000
Unchanged 60,000,000 60,000,000
Surplus and profits
82,985,000
Unchanged 82.985,000 82,985,000
Loans, disc'ts & investments_ 859,977,000 Inc. 1,796,000 858.181,000 848,896,000
Individual deposits, Incl. U.S 618,120.000 Dec. 5.579,000 623.699,000 609.152,000
Due to banks
114,552,000 Dec. 4,213.000 118,765,000 118,403,000
Time deposits
116,560,000 Dec.
368.000 116,928.000 116,904,000
United States deposits
24,329,000 Inc. 11,325,000 13,004,000 11,076,000
Exchanges for Clearing House 23,968,000 Dec. 2,974.000 26,942,000 23,487,000
Due from other banks
72,398,000 Dec. 2,194.000 74,592,000 66,882,000
Res.in Fed. Res. Bank
69,914,000 Dec.
450.000 70,364,000 70.304,000
Cash in bank and F. R. Bank 18,804,000 Dec.
167,000 8,971,000 8,934,000
Reserve excess In bank and
Federal Reserve Bank
1,996,000 Inc.
52,000 1,944,000 2,194,000

State Banks and Trust Companies Not in Clearing
llouse.-The State Banking Department reports weekly
Philadelphia Banks.
-The
House
figures showing the condition of State banks and trust com- return for the week ending May Philadelphia Clearing figures
19, with comparative
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
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.
mav 19.
3795,849,100 Inc. $5,658,600 not members of the Federal Reserve System the reserve
'Loans and investments
3,034,500 Inc.
94,900 required is 10% on demand deposits and includes "Reserve
Gold
19,326,500 Dec.
594,500
Currency and bank notes
68,097,300 Inc.
609,900 with legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
835,225,200 Inc. 7,240,700
Total deposits
'Deposits, eliminating arnounts due from reserve depositaries and from other banks and trust companies in N. Y. City,exchanges and U.S.deposits 777,614,100 Inc. 1,101,600
123,305,100 Inc.
218,900
'
Reserve on dePosits
Percentage of reserve, 20.6%.
RESERVE.
-State Banks
--7'rust Companies
*328,708,700 16.31%
$61,749,600 14.66%
Cash in vault
banks and trust cos____ 8,505,300
24,341.500
4.83%
5.78%
Deposits in
537,214,000 21.14%

Total

386,091,100 20.44%

•Includes depestts with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on May 19 was $68,097,300.

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.
Loans and
InvestmentS.

*Total Cash
in Vaults.

Reserve in
Depositaries.

$
5,522,233,200
5,532,381.800
5,496,199,2110
5,492.303,000
5,483,962,900
5,513.445,100
5,475,408.000
5,479,843,100
5,512,494,700
5,537,333,300
5,570,520.000
5,493,107,700
5,468.632,300
5,460,114.300
5,510,009,400
5,463,426,500
5.467.595.100

Week endedJan. 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 3
May 12
maw 10

Demand
Deposits.
$
4.734,896,900
4,731.427,200
4,718,679.400
4.722.504,900
4,715,552,100
4.733,493,300
4,644,941,800
4,623,173.900
4.545.082,400
4.507,057,500
4,567.506,400
4,512,461,300
4,512,747,600
4,509.913.200
4,519,156,700
4,490,698,500
4.502 613.100

8
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
80 013 me

8
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
604685 100

New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
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.

Week ending May 19 1923.
Trust
Two ciphers (00) omitted. Members of
F.R.System Companies
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 Intl.)...
Res've with legal deposit's
Reserve with F. R. Bank__
Cash in vault.
Total reserve and cash held
Reserve required
Excess res. & cash in vault

539,125,0
104,508.0
724,924,0
31,150,0
105,397,0
118,638,0
550,383,0
47.975,0
716,996,0

$5,000,0
14,713,0
44,171,0
643.0
33.0
802,0
28,934,0
886,0
30,622,0
3,821,0

57,156,0
9,676,0
66,832,0
57,545,0
9,287,0

1,436,0
5,257,0
4,403,0
854,0

May 5
1923.

May 12
1543.
Total.
$44,125,0
119,221,0
769,095,0
31,793,0
105.430,0'
110,440,0
579,317,0
48,861,0
747,618,0
28,140,0
3,821,0
57,156,0
11,112,0
72,089,0
61,948,0
10,141.0

$44,125,0
119.187,0
767.515.0
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

344,125,0
119,187,0
771,384,0
35,424,0
101,461,0
123,249,0
594,461,0
44,470,0
762,180,0
17,548.0
3,496,0
59,029,0
10,534,0
73,059,0
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 23 1923 in
comparison with the previous week and the corresponding
date last year:
May 23 1923, May 16 1923. May 24 1922.
$
Resources180.032,326 175,995 076 216,068,000
Gold and gold certificates
Gold settlement fund-F. R. Board_ 225,513,512 265,362,476 138,019,000
Total gold held by hank
Gold with Federal Reserve Agent
Gold redemption fund

405,635.339
637,891,171
8,404.982

441,357,552
637,075.470
9317,832

354,087,000
798,983,000
10,000,000

Total gold reserves
Reserves other than gold

1,051,931,892 1,088,631,8.56 1,162,990,000
18,742,589
16,431,858
25,006,000

Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market

1,070,674,481 1,105,163,714 1,187,996,000
10,384,873
9,222,776
133,016,619
30,299,685
73,552,084

124,537,074
28,700,305
75,645,445

37,559,000
26,210,000
31,259,000

Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act).
All other

236,858,388
5,541,050

228,882,825
7,148,750

95,028,000
45,394,000

Total earning assets
Bank premises
5% redemp.fund agst. F.R.bank notes
Uncollected items
All other resources

263.018,438
12,062,145

236,031,575
11,709.027

128,945,956
1,558,372

175,130,829
1.475,485

Total resources

21,500,000
118,831,000

20,609,000

280,753,000
8,451,000
886,600
102,326,000
4,520,000

1 486,644,268 1,538,733,408 1,584,932,000

(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
Loans
I Net
Reserve Net
Net
Nat'l
Capitat.Prolits. Diewith Demand Time Bank
counts, Cash
Legal
DeDeCircuat.bks.Apr. 3 Invest- in
- tate bksMar27 ments, Vault. Depost- posits. posits. Salton.
tortes.
Tr. cos. Apr. 3 &c.

CLEARING
NON-MEMBE
Week ending
May 19 1923.

Members of
Fed. Res. Ban .
Battery Park Nat
W.R.Grace & Co
Total

Average Average Average Average Average Average
$
3
$
5
$
$
$
191 1,230
1,167 10,924
7,893
496
198
516
1,868 6,653
1,447 10,088
17

2,001

2.614 21,012

1.746

9,761

State Banks Not Membe vs of Federal Reserve Bank
318
Bank of Wash. LI
352 6,048
637
2001
8
Colonial Bank__ _
2.017 21,090 2,651 1,368

5,302
22.2871

Total

_

$
1,500
500

_

Trust Company
Mech.Tr.,Bayonn

1,000

2,370 27,138

208

7,149
1.25'

1,686

27,589

1,255

ot Me mbers of Fed Reserve Bank
500
348 10,015
390
255

4,267

390

Grand aggregate_ . 3.501 5.333 58.165
+28
Comparison with / revlous week.. _

3,886
+15

5,603
_
3,687 a41,6171 14,007
+96
+742 -520

58.137
57.702
58,656
58.157

3,871
3,798
3,788,
3.7721

3,591
3,425
3,448
3.517

Gr'd aggr., May 1 1
Gr'd aggr., May i
Gr'd aggr., Apr.2 3
Gr'd aggr.. Apr.2

29,168,950
59,799,523

29,158,850
59,799,523

27,392,000
60,197,000

875,248
707,626,404
19.767,795

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

16.395,000
750,841,000
11,704,000

728,269,448
Total
55P,8711,371
F. It. notes in actual circulation
bank notes In circle u-net liability
F. R.
105,666.749
Deferred availability items
3,853,21.6
All other liabilities

751,348,053
562,182,482

778,940,000
614,887,000
16,512,000
82,5s.5,000
4,499,000

Total liabilities

132,395,999
3,848,489

1,486,644,268 1,538,733,408 1,584,9311,000

Ratio of total reserves to deposit and
83.1%
F. It. note liabilities combined
Contingent liability on bills purchased
7,848,413
for foreign correspondents
• Not shown separately prior to January 1923.

84.1%

85.2%

7,759.123

12,701,855

5,603

3,288

348 10,01'

Total

198

Liabilities
Capital paid in
Surplus
Deposits
Government
-Reserve account_ _ _ _
Member banks
All other

500

3,500
3,500
3.500
2560

5,333
5,333
5.333
5 333

255

CURRENT NOTICES.

4,2671

a40,875
a39,48
21
239,134
a39.204

14,527
15,159
15,933
iliac

a United States deposits deducted. $561 000.
Bills payable, rediscounts, acceptances and other liabilities, $1.350,000.
Excess reserve, $4,090 increase.




_ __ _

198
---198
197
197
197

-Louis H. Delson, formerly advertising manager of the Central Trust
Co. of Illinois and More recently with CrItchfield & Co., has been appointed
Director of Business Development of the American Bond & Mortgage Co.
Paul K. Ayres, of the Banking Division of this company, and formerly with
the Chicago Trust Co., was transferred to the Business Development
Department in charge of the statistical work. This department will serve
in the same capacity as the new business department of a bank, co-ordinating the service and sales effort in order to develop and Maintain close
relations With investors.

MAY 26 1923.1

TITE CHRONICLE

2365

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 24,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
meek appears on page 2334, 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 23 1923

May 23 1923. May 16 1923. May 9 1923. May 2 1923. April 25 1923. April 181923. April 111923. April 4 1923. May 24 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R.Board

347.320.000
698,872,000

344,043,000
686.707,000

323.062.000
706,261.000

5
317,740,000
693,564,000

323,822,000
695,630.000

$
326,375,000
659,887.000

324,630.000
657,410,000

325.484,000
677.216.000

326,412,600
482,937,000

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

1,046,192,000 1,030,750,000 1,029.323,000 1,011,304.000 1,019,452.000 986.262,000 982.040.000 1.0O2.700.000 809,349,000
1,993,724.000 1,999,818,000 2.005.066.000 2,005,998,000 2,007,555,000 2,036,490.000 2.041.509.000 2,013,538,000 2,141,120,000
54,474,000
57,220,000
57.317,000
53,379,000
63,277,000
53,257,000
62,210,000
59,870,000
57,562,000

Total gold reserves
Reserves other than gold

3,093,295,000 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 3,007,6890100
92,557.000
93,168,000
94.488,000
93,809,000
98,680,000 103,522,000 127,564,0u°
94,473,000
95.920,000

Total reserves
.
1Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market

3,187,783,000 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 3,135,253,000
67.726.000
66,642,000
68,731,000
61,642,000
68,663,000
70,691.000
67.225,000
66,258,000
366,803,000 360,200,000 358,637.000 382,633,000 339,880,000 334,611.000 327.412.000 380,785.000 181,071.000
333,510,000 337,131.000 336.380.000 367,707,000 298,717,000 308.851,000 205.238.000 314,445.000 306,169,000
270 850,000 281,609,000 266.992.0130 275,429.000 274,041,000 277.447,000 274,389.000 259,879,000 105,364,000
971,163,000
150,890,000
56,069,100

978,940,000
151.663,000
37,226,000

55,000

Total bills on hand
U. S. bonds and notes
U. B. certificates of indebtedness
Other certificates
Municipal warrants

962,009.000 1,005.789,000
148,960.000 147,993.000
38,854.000
36,779.000

40,000

40.000

40.000

910,638,000
157,030,000
36,780,000

920,909,000
158.910.000
79,097.000

897.039,000
162,826.000
75,328,000

955.109.000
164,586.000
74,563,000

41,000

41,000

41,000

592,604,000
240,990,000
355,221,000

41.000

1,178,177,000 1,167,889,000 1,147,863,000 1,190,581,000 1,104,489.000 1,158,957.000 1,135,234,000 1,194.299.000 1,188,815,060
Total earning assets
50,932,000
50,155.000
50,484,000
40,650,000
50,059.000
Bank premises
48.938,000
49,945,000
49,208.000
49,692.000
191.000
191.000
7,605,000
191,000
191.000
6% redemp. fund agst. F. R. bank notes
191.000
191.000
191,000
191.000
615,373,000 734,416,000 600,831.000 640,543,000 622,644,000 723,338.000 638,391.000 621.458.000 501,733,000
Uncollected items
13.811,000
14,366,000
14,057.000
14,199,000
20,303,000
Ali other resources
14,065,000
13.434.006
13.871.000
13,627.000
5,115,553,000 5,214,710,000 5,061,997,000 5,131,603,000 5,041,067,000 5,191,814,000 5,087,348.000 5,118.000.000 4,894,359,000

Total resources
LIABILITIES.
Capital paid in
Surplus
-Government
Deposits
Member bank-reserve account
Other deposits

109.278,000 109,273.000 109.029,000 108,822.000 168,857,000 108.649,000 108,683.000 108.647.000 104,695,000
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
22,616.000
56,057.000
6,332,000
49,083.000
60,406.000
34,692,000
44.936.000
74.423.000
45.218,000
1,930,519,000 1,907,893,000 1.888,455.000 1,894,651.000 1,853,935.000 1,924,525,000 1.876,414,000 1,894.035.000 1,822,742,000
28.599,000
49,429,GC0
29,741.000
40,114,000
34,028,000
19,916,000
21.540,000
20,148,000
20.499,000

1,986,280,000 1,993,691,000 1,937,670,000 1,983,848,000 1,908.543,000 1,991,001,000 1,942.131,000 1.988.608.000 1.017,176.000
Total deposits
2,227.700,000 2,232,999,000 2,241,819,000 2,237,505.000 2,222,588,000 2.220.251,000 2.231.041,000 2,240,951.000 2,128,230,000
V. R. notes in actual circulation
2,065,000
1.653,000
1.878,000
2,299,000
2,287.000
71,702,000
2,443.000
F.R.bank notes In circulation-netliab.
2,488,000
2.472,000
554,650,000 641,510.000 536,219,000 564,78 .000 564,398,000 635,966,000 569.272.000 544,367.000 435,114,000
Deferred availability items
16.826.000
17,623,000
18,990,000
15,972.000
16,025,000
ilabilities
All other
15,135,000
22,044.000
15,380.000
14,572.000
5.115,553,000 5,214,710,000 5,061,997,000 5,131,603,000 5,041,067,000 5,191,814,000 5,087,348,000 5,118,000.000 4,894,359,000
Total liabilities
Ratio of gold reserves to deposit and
73.91%
73.4%
73.06%
72.98%
74.67%
73.2%
F. It. note liabilities combined
74.4%
73.9%
72.5%
Ratio of total reserves to deposit and
76.1%
75.3%
75.2%
75.6%
77.0%
F. R. note liabilities combined
75.5%
76.3%
77.5%
75.0%
Contingent liability on bills purchased
28,766,000
33,615,000
28,677.000
33,235,000
33,085,000
for foreign correspondents_
33,844,000
=CC

Distribution by Maturities
1-15 days bills bought in open market_
1-15 days bills discounted
indebtedness_
1-15 days U.13. certif. of
1-15 days municipal warrants
18-30 days bills bought In open market_
16-30 days bills discounted
10-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
81-60 days U. S. certif. of Indebtedness.
81-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants

$
86,329.000
472,296,000
22,129,000

80,532,000
466,104,000

65,035,000
58,737,000
2,151.000

63,199,000
61,418,000
1,987,000

83,348,000
83,542,000

95,755,000
81,841,000

40,000
27,444,000
46,941,000
15,000
8,694,000
38,797,000
31,789,000

$
62,389,000
471,516.000
403,000
40,000
.57,365,000
54.385.000

66,288.000
507,132,000
515.000
40,000
45,648,000
51,223,000

61.703.000
431,439,000
20,000
41,000
41,600,000
46,760,000

$
73.519,000
447,929,000
5,905,000
41.000
44,299.000
41.850,000

80,670,000
433.598,000
1.584.000
41.000
45.052,0110
42.008.000

92,420,000
88,544,000
427,000

98,994,000
86,441.000
213.000

96,885,000
83,264.000
670,000

79.702,000
81,027,000

67,678,000
73.744,000

41.000
61.977.000
78.906,000

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

68.5103300
50,435,000
267,000

68.045,000
52,691,000
34.000

70,003.000
55.447,000
582,000

14,762,000
46,654,000
35,959,000

9,674,000
35.691.000
35,239,000

9.277.000
31,235,000
36,024.000

9,610.000
29,179,000
36.051.000

8.848,000
24,749.000
36,090,000

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

4.854,000
49,919,000
246,917,000

60,462.000
493.438.000
1,449,000

40,518.000
262,472,000
1,463,000

53.095.000
47,394.000

22,130.000
49,036,000
68,382,000
23,100,000
79,159,000
2.500,000

Federal Reserve Notes
Outstanding
Held by banks

".607,238,000 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 2,509,652,000
379,538,000 362,926,000 357,447,000 361.935,000 379.232.000 375,181.000 382.031,000 377,748,000 381,422,000

In actual circulation

2,227,700,090 2,232,999,000 2,241,819,000 2,237,505,000 2,222,588,000 2.220,251,000 2,231,041,000 2.240,951.000 2,128.230,000

Amount chargeable to Fed. Res. Agent 3,448.275,000 3,451,253,000 3,447,299.000 3,427.903.000 3,417,345.000 3,427.962,000 3,443.457,000 3,447,496,000 3,309,981,000
CO hands of Federal Reserve Agent
841,037.000 855,328,000 848,033,000 828,463,000 815,525,000 832,530,000 830,335.000 525.797.000 800.329,000
Issued to Federal Reserve banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board

2.607,238,000 2.595,925,000 2.599.266.000 2,599.440,000 2,601,820,000 2,595,432,000 2.613,072.000 2.6 lb.6119.000 2,509,652,000
314,899,000 314,899.000 314,899.000 314.899.000 314.899.000 314,899.000 314,899.000 314.599.000 406,213,0011
613,514,000 598.107.000 594,200.000 593.442,C00 594,265.000 558.942.000 571.563,000 6(15,161.000 368,532,000
123,318,000 126,812,000 125,819,000 135.068.000 119.082.000 123,761,000 130.285.000 125.052.000 130,676,000
1,555,507,000 1,558.107,000 1,564,348,000 1,556,031,000 1,573,574,000 1,597,830.000 1,596.325,000 1.570.557,000 1,604,231,000
2,607,238,000 2,595,925,000 2,599,266,0M 2,599,440.000 2,601,820,000 2.595.432,000 2,613.072,000 2.618.699.000 2,509,652,000

Total
Eligible paper delivered to F. R. Agent-

929 895 0
. . 00
•Not Shown separately Prior to Jan. 1923.

939,942,000

927,711.000

962,877.100

877,446.000

879.878.000

861.802.000

910.978,000

575,987,060

WILEKLYSTATEMENTOF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 23 1923
Two ciphers (00) onittied.
Boston New York Phila. Cleveland Richmond Aaanla Chicago Si. Louis Minneop. Ken.Clip Dolts,' &minis
Total
Federal Reserve Bank of
RESOURCES.
$
Gold and gold certificates
17,319.0
Gold settlement fund-F.R.Wrd 69,058.0

$
5
$
s
$
$
$
s
$
$
s
180,082,0 24,800,0 12,615,0 8,610,0 5,970,0 51.826.0 3,449,0 8,025,0 3,166,0 10,656,0 20.802,0
225,554,0 31,027,0 65,847,0 24,440,0 23,873,0 133.473,0 23,540,0 15,959.0 33,687,0 8,511,0 43,903,0

Total gold held by banks
Gold with F. It. Agents
Gold redemption fund

405,636,0 55,827,0 78,462,0 33,050,0 29,843,0 135,299,0 23,989,0 23,984,0 36,853,0 19,167.0 64,705.0 1,046,192,0
637,891,0 159,303,0 211,212,0 34,918,0 90,319,0 361.869,0 58,655,0 46,789,0 32,026,0 12,391,0 171,711.0 1,993,724,0
8,405,0 7,643,0 1,513,0 4,329.0 2,663,0 5,912,0 3,413,0 1,595,0 3,411,0 1,076,0 3,939,0
53,379,0

88,377,0
176,640,0
9,480,0

Total gold reserves
Reserves other than gold

272,497,0 1,051,932,0 222,773,0 291,187,0
7,990,0
18,742,0 4,132,0 6,053,0
-Total reserves
280,487,0 1,070,674,0 226,905,0 297.240.0
Non-reserve cash
11,670,0
10,385,0 4,571,0 3,383,0
Bills discounted:
Secured by U.S.Govt.obliga'ns 21,607,0 133,017,0 42 393 0 36 050 0
Other bills discounted
10,520,0
30,300,0 24:128:0 22:048:0
Bills bought In open market
20,318,0
73,552,0 21,125,0 41,460,0
Total bills on hand
58,445,0 236,809.0 87,046,0 99 598 0
U.S. bonds and notes
5,702,0
5,541,0 24,705,0 12:304 0
'
U.8. certificates of indebtedness.
237,0
20,609,0
348.0 7.141:0
Municipal warrants
55,0
'I°tat pawning Ramolta




64.384.0

M.,()IQ (1119 'MI

Allan,' n

$
347,320,0
698.872,0

72.297,0 122.825.0 553,080,0 89,957,0 72,368,0 72.290,0 32,634,0 240,355,0 3,093,295,0
0,631,0 7.451,0 13,707,0 1."(.555.0
94,488,0
757,0 3,388,0 4,477.0 3,605,0
78,928,0 130,276,0 566,787.0 106,612.0 73,125,0 75.678,0 37,111.0 243,960,0 3,187,783,0
68.731,0
2,266,0 7,474.0 7,510,0 4.533,0 1.989,0 3.665,0 4,378,0 6,907,0
24 140 0 3 887 0 32 949 0 14 224 0 5 395 0 18 774 0 3.675,0 30.692.0
39:085:0 26:999:0 50:829:0 17:117:0 20 322:0 26:305:0 24,063,0 35,754,0
'
29,897,0
2.277,0 27,179,0 33.354,0 10,569,0
129,0 10,988,0 _
' 2.0
65 502 0 58 065 0 117 132 0 41 910 0 25 719 0 45,208,0 38,726,0 96.343.0
1 341'0
'
'556:0 7:008:0 14:878:0 14:874:0 33,029.0 3,380,0 27,572,0
24,0
188.0 6,000,0
7.0 21,444,0
16,0
' '
. 55,0
aa oA., n

co ono nlAM roA n

co 0A0n

...tartan

1 42 AOn A
,

A 51 lAA

366.803,0
333,510,0
270.850,0
971,163,0
150,890,0
56,069,0
55,0

012303001.178.177.0

(VOL. 116.

THE CHRONICLE

2366
RESOURCES (Concluded)
Two ciphers (00) omitted.
lank premises
i% redemption fund
F. R. bank notes
Incollected items
111 other resources

Boston

New

Cleveland Richmond Atlanta

Phila.

York

Total

Ran Aran.

Dallas

Chicago Si. Louis Minneap. Kan. City

3
2,303,0

$
50,932,0

26,0
100,0
65,0
128,946,0 53,790,0 67,589,0 53,877.0 23,163,0 85,482,0 36,651,0 14,549,0 38.208,0 20.302,0 37,736,0
282,0 1,686,0 1,185,0 2,234,0 4,473,0
848,0
632,0
410,0
383,0
487,0
1,559,0

191,0
615,373,0
14,366,0

3
4,434,0
against
55,030,0
137,0

$
2,617,0

$
8,455,0

3
715.0

$
12,062,0

$
2,524,0

$
8,715,0

$
055,0

S
1,270.0

$
1,942,0

$
4,935,0

133,228,0 202,106,0 114.099.0 419,876.0 5.115,553,0
Total resources
416,142,0 1.436,645.0 399,222.0 496,392,0 204,941,0 222,448.0 814,991,0 205,876,0
LIABILITIES.
7,805.0 109,278,0
29,169,0 9,762,0 12,040,0 5,720,0 4,415,0 15,014,0 4.933,0 3,561.0 4,596,0 4,197,0 15,263,0 218,369,0
3apital paid In
8,066,0
59,800,0 18,749,0 23,495,0 11.288,0 6,942.0 30,398,0 9,665,0 7,473,0 9,488,0 7.496.0
lurplus
16.312,0
6,3320
555 0
907.0 1,024 0
148,0
27,0
455,0
362,0
158,0
376,0
873,0
875,0
)eposits: Government
572.0
49.139,0 150,038,0 1,930,519.0
Member bank-reserve acc't.- 127 730 0 707 626 0 114 949,0 167,164,0 59,608,0 55,829,0 292,137.0 75,377,0 48.856,0 82.066.0
49.429,0
623,0 3,915,0
2,921,0 2,456,0 5,284,0
743,0 6,385,0
19,768,0 1,892,0 2,634,0 1,359,0
1,449,0
Other deposits
50.736,0 154,508.0 1,986,280,0
Total deposits
129,751,0 728,269,0 117,714,0 170,174,0 61,329,0 56,730,0 298.977,0 78,325,0 51,460,0 88,257,0 27,195,0 202,589,0 2,227,700,0
'.R. notes in actual circulation- 207,219,0 559,876,0 202,253,0 229,283,0 77,653,0 133,802,0 396.773,0 75,376,0 55,092,0 60,589,0
notes in circulation
'.R. bank
1,653.0
391,0
733,0
529,0
net liability
22,117,0 37.489,0 554,650,0
54,011.0 105,667,0 49,497,0 59,884,0 48,102,0 17,622,0 71,508,0 36,597,0 14,510.0 37,646.0 1,917,0 1,719,0
)eferred availability items
17,623,0
887,0
980,0 1,132,0
849,0
937,0 1,792,0
3,364,0 1,247,0 1,516,0
783,0
21 other liabilities
419.373,05,115.558,0
416,142,0 1,486,645,0 399,222,0 496.392,0 204,941,0 222,448,0 814.991,0 205,876,0 133,228,0 202,196,0 114,099,0
Tota liabilities
Memoranda.
%tie of total reserves to deposit
and F. R. note liabilities com68.3
75.6
47.6
50.8
68.6
69.4
81.5
68.4
74.4
83.1
70.9
56.8
83.2
bined, per cent
ontIngent liability on bills our'
28.766.0
976.0 1,234,0 1.033,0 2.037.0
2.468.0 3.099.0 1.492.0 1.173.0 3.988.0 1.263.0
7.848.0
tta 2.132.0
chaoprt (neti,Piffil onrragnnnr

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OH BUSINESS MAY 23 1923.
Boston. New York Phila. Clevel'd Richm'd Atlanta Chicago &Zonis Minn. K. City Dallas Ban Fr.

Federal Reserve Agent Cl-

$
(In Thousands of Dollars)
Resources87,950
Federal Reserve notes on hand
224,577
Reserve notes outstanding
Federal
Collateral security for Federal Reserve notes outstanding
25,300
Gold and gold certificates
13,340
Gold redemption fund
138,000
Gold Fund-Federal Reserve Board
47,937
paperf Amount required
Eligible
10.508
lEacess amount held

renal

s
s
$
$
$
318,340 44,600 31,700 30,030 79,673
730,259 235,571 247,529 86,587 138,665

S
$
3
3
$
$
$
108,500 25,910 10,947 27,563 19,394 56.400 841,037
447,504 94,859 58,972 68,820 30,661 243,234 2,607,233

2,400
235,531 7,000 13,275
31,360 14,914 12,937 3,123 4,019
371,000 137.389 185,000 31,795 83,000
92.368 76,268 36.317 51.669 48.346
121,455 2,203 62.907 11,756 0,590

314,806
6,461
11,880 13,052
16,225 3,275 1,737 3.666 1,930 15,892 123,318
28.360 4.000 155,819 1,555,507
345,644 43,500 32,0(10
85,635 36,204 12,183 36,794 18,270 71,523 613,514
31.491 5,183 8,068 8.400 20,407 24,113 316,381
73,603 101,123 566,981 6,371,894

547,612 1,900,313 517.945 589,665 214,960 366.593 1,034,999 221,141 136,959
'Total
Liattlitiesamount of Federal Reserve notes received from
Net
312,527 1,048,599 280.171 279,229 116,617 218,338 555,004 120,799 69,919
Comptroller of the Currency
176,640 637,891 159,303 211,212 34,918 90.319 361,869 58,655 46,789
Doll“eral received from(Gold
58,445 213.823 78,471 99,224 63,425 57,936 117,126 41,687 20,251
Reserve Bank tEligible paper
Federal

96,383 50,055 299,634 3,448,275
32,026 12,391 171,711 1,993.724
45,194 38,677 95,636 929,895

547,612 1,000,313 517.945 589,665 214,960 386.593 1,034,999 221,141 136,959 173,603 101.123 566,981 6,371,894

Total

224.577
17.358

730,259 235.571 247,529 86.587 138,665
170,383 33,318 18,246 8,934 4,863

447.504 94,859 58,972 68.820 30,661 243,234 2,607,238
50,731 19,483 3,880 8,231 3,466 40.645 379,538

207..19

Federal Reserve notes outstanding
rederai Reserve notes held by banks

559.876 202.253 224.283 77.653 133.302

326.7i 3 75.376 55.002 60.189 27.195 202 586 2 227 700

Federal Reserve notes In actual circulation

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 773 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, pace 2523. The comment of the Reserve Board upon the figures for the latest
seek appear in our Department of "Current Events and Discussions" on page 2334.
omitted.
I. Data for all reporting member banks In each Federal Reserve District at close of busInels May 16 1923. Throe c pliers (000)
Federal Reserve District.

Boston

,
New York

Phila.

Cleveland Richmond Atlanta I Chicago St. Louis Minneap. Kan. City
39

100

36

29

Dallas
52

77

San FM11.

Taal

66

773
S
$
15.121
270,982
169.715 3,826,298
811,005 7,840,497
995,841 11.937,777
35.415
280,958
100,549 1,019,468
12,301
97,551
57,353 1,022,980
12.342
138,372
155,372 2,138,343

Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt obligatkms
Secured by storks and bonds
Another loans and discounts

108

55

82

77

$
$
13,596
94,035
248,262 1.647.782
624,84f 2,487,255

$
18.064
263,554
341,709

3
32,720
401.393
688,351

$
11,005
120,861
328,307

$
$
42,236
7,814
65,739 595.354
332.667 1,176,542

3
15,018
135.563
308,225

3
8,016
51.079
183,752

$
7,763
79,543
361.173

3

Total loans and discounts
U.S. pre-war bonds
U.S. Liberty Notes
U. S. Treasury Notes
U. S. Victory notes ar Tress' notes_
U.S. CertifIcate-s of Indebtedness
Other bonds, stocks and securities

886,707 4,229,122
48,535
12,270
78,777 441,592
5.293
31.760
32.775 541,197
4,334
44,922
174,778 713,424

623,327 1.122,464
47,571
10,993
43,032 117,113
7,025
4,016
60.344
63.551
11.443
5,950
184,261 283,542

460,173
30,335
31.588
5,024
13,717
3,747
50.922

406,220 1,814,132
25,326
14,381
93,228
15,012
13.065
1,880
10.158 142,235
23,478
9,423
36.707 356,490

458,305
15,332
21,969
9.068
29,667
5,512
88,864

242,847
8,761
11,820
1.219
29,205
2,123
29,584

448,479
11.921
46,386
4.661
24,791
7,617
57,468

249,660
20,118
15,402
2.239
17,987
7,481
8,931

Total loans It Sleets & havestm'ts. 1,194,934 6,050,552
85.671 656,325
Reserve balance with F. R. Bank....
18,802
77,286
Cash in vault
817.933 4,712,605
Net demand deposits
255,366 899,248
rime deposits
32,652 161,468
Dovernmentdemposits
Bills payable and rediscounts with
Federal Reserve Bank:
7.188 105,721
Secured by U.S. Govt. obligations
In
, SOS
50 555

938,130 1,649,502
72,002 112.297
30,035
15,947
699,675 921,383
89,982 559,827
28,015
33,761

595.506
35.207
13.052
327,052
154,163
12,420

493,781 2,467,954
34.421 202,329
52,801
10,037
278,772 1.523,599
170,330 785,655
52,703
15,207

627,217
38,597
8,036
360,552
182,472
20,151

325.559
21,336
5,926
196,384
84,302
7,058

601,323
48,350
11,442
437,389
127,976
9,033

321.818 1,339.17316.835,449
96,104 1,426,167
23.528
20,832
8,884
273,080
224,990 720,035 11,220,374
75,225 581,872 3,966,448
30,441
13,456
416.368

26,702
21 502

17.385
21110

24,992
29.909

7,873
10.089

5,820
5.187

14,293
12.735

461

20,181
12052

1,775
82118

5,544
47,454
198.662

1.403
4.511

23,854
211.2114

257,187
187552

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

City of Chicago
May 9

Alt F. R. Bank Cities F.R. Branch Cities Other Selected elite
May 16 i

May 16 May 9 May 16
-258
48
48
641
6
Number of reporting banks
$
3
$
I
S
$
Loans and discounts, gross:
180,525
33,842
33,087
99,331
84,915
Govt.obligation
Secured by U.S.
1 464,085 1,472.606 457,063 453,034 2.776.145
Secured by stocks and bonds
2 171,074 2,162,578 703.331 687,760 4,869.470
All other loans and discounts
720,054 3,734,515 1,193,481 1,174,636 7,826,140
Total loans and diseounts
98,476
3,892
3.916
37,884
37,884
U. S. pre-war bonds
599,002
36,704
374.349 376.3751 36.461
U. S. Liberty bonds
50,374
5,129
5,591
22.626
22,326
bowls
11. S. Treasury
761.754
86,890 68,787
Treasury tuner 503,071 460,543
5
U..Victory notes & Indebtedness..
73.708
9,264
46,360
9,286
40,02
Certificates of
U. S.
513,453 509,007 179,2 i 1 179,160 1.146.072
.'ecqrities
Dther bonds, stocks and

May 9

May 16

May 9

May 16

May 9

Total
Way 16'23 May 9 '23May 17'22

310
775
207
206
771
258
798
$
$
S
$
$
$ 300
S
s
48.970
41.051
40.367
49.406
270,082
283,975
194,638
329,182
2,774,873 570,221 567,057 479,932 484,639 3,826,298, 3,826,559 3,411,304
4,835,167 1,576,719 1,580,8511,394,308 1,395,302 7,840,4971 7.811,320 7,175,499
---7,804,678 2,196,346 2,166,878 l,
29111,920,308 11,937.777 11.921,864 10,915,985
916,
77,087 105.60
76.882
08,568
10.1,330
230,9581 280.085
601.868 251,143 254,780 180,3231 168.767 1,019,468' 1,025,415 1.157.367
24.999
25.260
22.178
50,403
22,215
97,551
97.878
90,8891 80,137 1.022.030 893,464
665,668 170,337 147,659
507,20(1
38,150
40,425
24,2391 23,169
78,140
138,372
139,459
132,295
1,139,808 567,169 569,705 425,1021 422.483 2.138.343 2.131.996 2,220,964

511,514,825 1,477,573 10,555,526110,439,133 3,327.301 3 3 9
, 0 .519 2
5,211,160 5,187,310
,752.622 2.742.409
l6.491,06114,933,903
Total loans It disc'ts R iote8t'ts, 606,023 577,945 141,718 147,783 1.019,6331 999 347 230,748 235,466 166.786 167.166 16.635.449
.
1,426,167 1.401.979 1,393,
541
;.3ank
Reserve balance with F. R.
57,650
60,515
76.831
138,599' 147,166
271,170
69,81
80,182
28.387
273.080
29,832
287,863
63,725
7asit in vault
4,201,6974,153,791 1,037,228 1,035,246 7,606,609 7.566,031 1,929,716 1.938,873 1.684,049 1,688,769 11,220,374 11,l93,673110,988.435
Net demand deposits._
1,125,337 1,122,405 843,424 837,622 3,966,44 3,968.599 3,213,169
636,624 649,931 375,478 372,855 1,997,687 2,008,572
rime dePosits
44,690
70,981
145,095
173,095
42,210
22,364
28.428
416,36
240,149
303,177
10,506
151,977 100,847
ktvcrnment deposits. .
payable and redlit aunts with
Mils
F. R. Bank:
54,227
71,253
63,585
34,217
173.164
258.663
31,272
3,793
83,871 111,316
257,18
7,078
151,717
aLligations__
seed by U.S. Govt.
38.546
35,515
37.406
30,412
123,310
190,51
22.162
118.704
31,690
187,66
19,733
31,132
10.041
All other
latio of bills payable It redlscoun
27
R. Bank to total loans
with F.
10
3.3
2.7
2.7
2.71
2.3
2.3
2.8
2.6
1.7
1.8
1.8
• Revised Bat. so.




MAY 26 1923.]

THE CHRONICLE

The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:

*lather? Gazette,
Wall Street, Friday Night, May 25 1923.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2357.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Railroad, State, Mon.
May 25 1923.
U. S.
and Foreign
&c.,
Shares. I Par Value.
Bonds.
Bonds.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

381.500 $36,500,000
1 224,090 115,600,000
1 361,360 120,400,000
862,465 87.300.000
1,153,445 112,200,000
1,097,900 109,000.000

$3,255.000
5,860,000
6,415,000
5,706,000
7,747,500
6,543,000

$648,500 51.065,350
1,092,000 3,307,650
1,147,500 4,427.250
1.019.000 3.655.010
1,602,500 4,646,350
1,217,000 3,882,000

6.083.760 0541.000.000 535.616.500 $6.726.500 020,983,610
Week ending Muy 25.
Jan. 1 to May 25.
1923.

1922.

1922.

1923.

Stocks
-No. shares_ _ _
105,912,463
6.083,760
104,472,589
7,023,090
Par value
$581,000,000 $624,133,000 $9,632,641,500 $9,939,473,496
Bonds.
Government bonds_ _ _
842,460,875
20,983.610 34,335.175
340,392,535
State. man., &a., bds.
267,344,500
6,726,500 10,040,500
198,302,200
RR. & misc. bonds_
856,002.100
35.616.500 36.358,500
703,109,900
Total bonds

$63,326,610 080,734.175 $1,241,805,635 51,965,807.475
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
rnisaaespnta
natiiniore
Week ending
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
May 25 1923,

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

'9,575
*13,859
18,071
12,486
12,087
12,724

$12,700
20,000
36,150
22,750
26,750
12,000

6,091
10,255
15,463
9,924
9,568
9,033

$22,700
22,100
63,800
22,100
43,500
11.000

193
1,796
1,812
2,136
2,038
1,773

78.802

$130,350

60,334

$185,200

9,748

$184,300

4.301

$128,500

Prey. week revised
72,337 $409.000
33.348 5189.700
• In addition there were sales of rights Sat., 786 Mon.,200.
smug necoraW U. 0. OWN( ,IIGGi. ,auy au ,iug CI JaUg Z., Mug

$21,000
36,800
16,600
36,200
35,500
38.200

co aauy 4,2 luuy co

First Liberty Loan
High 101.00 101.00 101.00 101.00
3%% bonds of 1932-47__ Low_ 101.00 100"ar 100"ar 1007in
(First 314s)
Close 101.00 101.00 1007
'n 100,,a2
Total sales in $1.000 units _
.
21
227
436
86
Mali
4% bonds of (High
1932-47
Ciosc
Total sales in $1,000 units__
_
__
__
_
Converted 4%% bonds Mg i, 97-7in 97
- -10,1 Alias 98
- -1,sa
of 1932-47 (First 4)45) Low. 971.31 9717
972)., 9817s2
{Close 97"88 970eal 98 31
981.n
,
Total sales in $1,000 units .
22
54
77
114
Second Converted 4%%(High
____
____
____ 9874,2
bond:of 1932-47 (First Low.
------------98.00
Second 4)4s)
Total sales in $1,000 units__.
____
____
___ _54
Second Liberty Loan
High
___
____
____ 98in
4% bonds of 1927-42_
Low_
____
____
____
98in
(Second 4s)
Close
____
____
____
981aa
Total tales in $L000 units__
__ __
2
__ __
____
Converted 4)4% bonds High 97"aa
9877n
97"aa 987a:
of 1927-42 (Second
Low. 977,at 977,n 9778n 98.n
481s)
Close 9770.1 977on 985a,
98"ar
Total sales In $1,000 unds__.
255
701
642
709
Third Liberty Loan
(High 98"ar 98"n 9871ar 9872
.,
4)4% bonds of 1928
, Low_
{
98"a: 981082 98"u 98 in
,
(Third 4)4s)
[Close 9817n 98,4n 98"at 98"aa
Total sates in $1,000 units _ _.
145
678 16385 16372
fourth Liberty Loan(High
98a.
dstn
9814, 98 43
,,
4 Si% bonds of 1933-38_ _( Low. 977512 97",, 951,1
98'n
(Fourth 4)4s)
Close 98'.,
98"81
98 88
987::
,
Total sales in $umo units __ _
469 16454 16460
796
Victory Liberty Loan
High
451% notes of 1922-23._ Low_
-- -(Victory 44.18)
Total sales in $1,000 units
Treasury
{High 9 - - 9 -4, 10066 9 -7iar
- aaa
9
- ,
9 - 9
-410, 1947-52
Io3W
99",, 9914
. 99.7,2 9977,a
Clow
99"aa 99"a: 997,a3 99"ar
Total sales in $1.000 units.
100
649
173
240

101.00 101.00
100"n 10079n
1007in 1007,a1
56
191
_
_
9 -7in
8
9877,,
980 17
253

_
9 -7in
8
980,s,
987181
247

98"aa
98",
98"n

--__ _ _

9877n
9817.1
9921aa
16450
997n
98"11
99.00
16537
987ht
9874,
98"st
958

9 24,8
8
98"a:
9870n
637
99 a2
,
98"as
98"a
16602
95101,
98"at
98"82
16113

----

- ---

10 - .60
0
0.66 10 99"ar 99"sr
100.00 99"aa
152
205

Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 1st 4)ls
98",, to

3 2d 4s
51 2d 43.4s

981628 3d 4%s
98
139 401 4Xs
9777n to 982in

97",, to 99
9778n to 98"as

Foreign Exchange.
-Sterling exchange marked time
week and quotations remained stable on quiet trading. this
In
the Continental exchanges irregularitY
prevailed
newed spectacular weakness in German marks the with refeature.
To
-day's (Friday's) actual rates for

4 60 7-16 for sixty days. 4 623404 62sterling exchange were 4 60%
9-16
4 62 9-16 for cables. Commercial on banks, for cheques and 4 62%
sight, 4 6264 62 5-16, sixty
days 4 59)4@4 59 9-16. ninety days 4
58364 5811-16. and documents
for payment (sixty days) 4 5981 64 60
1-16. Cotton for payment 4 620
4 82 13-16 and grain for payment 4 6264
62
To-day's (Friday's) actual rates for Paris 13-16.
bankers'
8.5834 for long and 6.5706.5934 for short. Germany francs were 6.546
bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers'guilders were
38.75638.76 for long and 39.00639.01 for short.
Exchanges at Paris on London 70.00 francs;
week's range 69.50 francs
high and 70.00 francs low.
The range for foreign exchange for tho week
follows:
Sterling ActualSixty Days. Cheques.
Cables.
High for the week8
,
8
464
46381
Low for the week
4 60 1-16
4 62 3-16
462 7-16
Paris Bankers' Francs
High for the week
6.6181
6.66%
6.67%
Low for the week
6.54
6.59
6.60
Germany Bankers' darks
High for the week
0.0020X
0.0020X
Low for tho week
0.0017
--- 0.0017
Amsterdam Bankers' Guilders-Iligh for the Week
38.81X
3 .10
9 23L4
9
39.1131
Low for tho week
38.71
39.04%
Domestic Exchange.-Chicap. par.
discount. Boston, par. San 1 rancisco, St. Louis, 15625c. per $1,000
par. Montreal, $21 9365 per
$1.000 discount. Cincinnati, par.

Quotations for U. S. Treasury Notes and Certificates
of Indebtedness.
-See page 2380.
The Curb Market.
-The review of the Curb Market is
this week on page 2358.
.given
A complete record of Curb Market transactions for
the
week will be found on page 2379,




2367

STOCKS.
1Vcck ending May 25.

Sales
for
Week

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share. $ Per share. $ per share. $ per share.
Railroads.
Bangor & Aroost pref 100 200 91 May 22 9251May 21 90
Ma) 94% Jan
B R T warrants 1st paid. 2,900 158IMay 21 16%May 23 1534 May 15% Apr
Buffalo Roch&Pitts_100
100 61%May 21 613May 21 61% Apr 68
Jan
Canada Southern......100
A
700 52 May 21 52 May 21 50
5234 Mar
Central RR of NJ.._ _100
200 196 May 24 198 May 21 196
May231
Feb
C C C St Louis__ _100
&
300 77 May 21 82 May 24 75% Feb 92
Mar
Duluth S S & Atl_ _ _100
100 2%May 21 246MaY 21 254 Ma
3% Feb
Int & Gt No Ry(w 0_100 3,800 18 May 21 23 May 10 IS
Ma 25% Feb
Iowa Central
Ma
300 3 May 24 3%May 22 3
100
6)4 Feb
Keok & Des M pref_ _100
100 17%May 25 1734May 2' 17% Ma) 1734 May
Manh Elev Mod Gtd_100
700 41)4 May 22 423.4 May 21 3934 Ap 4514 Apr
Manh Elev scrip
47 Feb
7 ,
00 4%ma 22
7
100 9, hIs y 21 4%May 22 4% Ja
93 May 21 85
M St P & S S M pref_100
Jan 10034 Mar
Nat R) Mex lot pref 100
-s
6% Ja
9% Mar
300 7iiMay 24 7XMay 2
N Y & Harlem
May137
10 130 Ma
0
_52 3,550 171im ay 24 137 May 24 137
.
May
Rapid Transit Corp_ _
22 16 May 23 1534 May' 18% Apr
Preferred
100 1,8011 43%May 2 44%NW 2 4316 AD 49
Apr
West Penn
100 2,1011 50 May 2 5244MaY 21 3834 Ann 52% May
75% Aprl 0544 May
Preferred
83% may
1130
82tl
Industrial & Misc.300
MaY 25
Amalg Sugar lot pref_100
Apr'05
100 105 May 2 105 May 2 95
May
American Chain, CI A25 1,900 22 May 2 2341MaY
22
(
May 25% ,Mar
y
Amer-La Fr Fire Eng 7%
cum preferred
100
1k1%.11:3,1908244m
100 94 May 2 94 May 21 94
Am Teleg & Cable.. _ A00
May 58
100 51 May 2 51 May 23 51
Feb
Am Woolen ph full pd_ _ 4,490 100%May 2 10234MaY 2 100M
May
Arnold Constable
may 18% Apr
2
2
May 22 14 May 2 12
Art Metal Constr
10 1 2
* '00 15%
5
16 May 21 1581 MaY' 18
Mar
3
Y
Atlas Powder
2 57
4
2
100
0
Aig100h. Apr
77
304 193 May 22 193uhla y 2 190
1
, may 1, ,
6
6
Amer Roll Mill preL _1
Assets Realization_ _ _10
2
% Apr 1
%May 24
200
Jan
Atl Fr Col T Co ctf of den 1,901) 1%May 21 2 May 23 1)6 Jan 2% Feb
Auto Knit
* 4,800 23 May 21 25%May 2 2281 Jan 2881 Feb
Auto Saies
rreterred
Jan 4% Feb
50
300 3%May 24 3)6May 24 2
Apr14% Feb
50
300 12 May 22 12 May 22 12
Blumenthal pref
100
300 98 May 19 98 May 1 98
Masi 98
May
Burns Bros pref
100
,10836 May
3001053-4May 21 I08%May 2 105X May
Cal Petroleum new.. __25 27.700 24 May 19 281i May 2 21% May 2881 May
Century Rlb Mills
* 1,800 32%May 21 3451May 1 32
Mar 36% May
Preferred
100 96 May 22 96 May 2 96
May 98% Mar
Cluett Peabody pref _100
100 103 may 25 103 May 2I0134 MaV110
Feb
Col G(t.s & El w
• 3,100 333l May 21 3434May 25 33% May 3751 Apr
Columbian Carbon
1,300 48%May 24 49%May 2 48% May 49% May
Conley Tin Foil
100 15%May 22 15%May 22 14% Apr 22% Jan
Commercial Solvents, A' 200 27 May 24 28 May 22 25
Apr 46
Apr
400 16 May 19 17%May 25 15
API 27% Feb
Cuban Dominion Sug_ _• 1,900 651May 22 7%May 21 6% May 12% Mar
Preferred
100
400 46%May 25 47%May 2' 46
May 5815 Mar
Cuyamel Fruit
6,100 6234May 21 65%May 2 61% Mal 69
Apr
Deere & Co, pref_ _ 100
100 70 May 21 70 May 21 70
Mar 73% Jan
Detroit Edison, rights__ 5.000
)6May 21
%May 19
X Ma)
% May
Durham Hosiery hiills 50
200 17 May 24 17 May 2 17
Apr IS
Jan
Elk Horn Coal, pref _50
100 32 May 22 32 May 22 32
May 69
Apr
Emerson-Brant, pref _100
100 22%May 25 22)4MaY 25 22% May 30% Feb
Fidelity Phenix Fire
Ins of N Y
25
400114 May 21 118 May 23 102
Jan 138
Feb
Flelschmann Co
'16,400 44 May 22 45%May 2' 37% Jan 4714 May
Foundation Co
• 1,600 64%May 21 6744May 25 66
May 71% Apr
Gardner Motor
* 2,400 10 May 25 11%May 19 10
May 1451 Apr
Gen Amer Tank Car
300 98 May 21 98SiMaY 21 98
7% preferred
100
May 10334 Mar
100 10834May 22 108%MaY 2210434 Jan 110
Gen Cigar Inc, pref _ _100
Feb
Gimbel Bros, pref_ _100
400 98 May 28 9916MaY 21 98
May 102)4 Feb
Goodyear Tire, pref_100 4,400 5334May 22 57 May 19 50
Apr6134 Apr
Prior preferred...._100 1,400 9534May 24 9646May 1 95% May 99
Feb
Hartman Co
100
800 803.4May 22 8334May 1 8034 May 9534 Jan
Household Prod tern et!•14,500 3134May 21 34 May 19 3134 May 39% Mar
Hydraulic Steel, pref 100
200 10 May 19 14 May 23 10
Apr 34
Jan
Independent Oil & Gas.. 3,100 834May 22 93.lMay 2
83-4 May 1134 May
Ingersoll Rand
2512034May 22120%May 22 119)4 Apr 124% Apr
100
Inland Steel w
• 7,500 36 May 22 3881may 1 36
May 4634 Apr
Preferred w
200 1033May 24 10336May 2 10334 May 105
Apr
International Shoe_ _ _
1,000 68 May 23 693iMay 1 65% Jan 7334 Jan
1,800 6734May 22 6934May 24 66% May 7146 Apr
Inter Tel & Tel
100
Invincible Oil ctfs
• 100 13%May 23 1346May 23 13% May 1451 May
700 39 May 22 4434May 2 39
Iron Products Mrs
may 4434 May
Kelly Spring 6% pf_ _100
100 89 May 19 89 May 19 8434 Jan 9234 Mar
Kelsey Wheel, Inc. Pf100
100 98 May 22 98 May 22 98
May 10434 Apr
Kinney Co
1,800 59 May 21 61 May 19 3534 Apr 63
'
May
200 923.4May 24 95 May 2 92
Preferred
100
Mar 96
May
Loose-Wiles Biscuit
100 1093-4blay 19 10944May 1 1093-4 May117
2d preferred
100
Mar
Lorillard pref
400 113 May 21 114%May 23 112
100
Apr,119
Jan
Maillnson (H It) & Co
Preferred
100
200 82 May 22 82 May 22 82 May 90% Feb
Macy (R II) pref_ _100 400112%May 21 112%May 25 Ill% Apr 115
Feb
• 2,000 30%May 23 34 May 24 22
Magma Copper
May 36% Apr
Manila Electric
100
200 88%May 24 8834May 24 88% Mar 90 Mar
Nat Dept Stores
• 700 38 May 22 39%May 2 36% Apr 42% Apr
Preferred
100
100 95 May 24 05 May 2 93% May 9751 May
New York Canners. __• 1,200 30%May 22 31%May 21 30% May 32% May
Preferred
100 94 May 22 94 May 22 94
100
May 9434 May
N Y Shipbuilding
*
20 12 May 24 12%May 24 12 May 15% Mar
North American
10197,30 18)IMay 22 2134May 2 1834 Ma 2434 Apr
Ohio Fuel Supply_ ...._25,
3136May 22 32 May 23 3134 May 67
Mar
Onyx Hosiery
• 600 41 May 21 42%May 21 41
May 50
Apr
Preferred
100
700 94 May 22 95 May 19 94
May1 98
Apr
Orpheum Ore Inc pr..100
200 91 May 19 92 May 23 84% Jan 953.4 Apr
Otis Steel pref
joo 200 53 May 21 5334 Mar 19 47 Jan 72X Mar
Penn Coal & Coke....
2,3
39%May 22 4044May 24 3934 may, 433., Apr
Phillips Jones Corp pf100 300 90%May 22 91 May 23 89
Jan
Feb 96
Philip Morris
10 700 15 M
21 1534May 24 15
May 1984 Mar
Phoenix Hosiery
5 400 32%May 22 35 May 24 32
May 5631 Mar
Philo Co 6% pref
50100 4134May 23 41%May 23 413.4 May, 45% Feb
Pierce-Arrow prior pref •91 300 62%May 22 6434May 21
0
623.4 May 7234 Star
Porto Rican-Am Tob 1015
1
78 May 22 78 May 22 60
Mar
Feb 96
Prod & Ref Corp pref_50
500 4446May 21 45)4May 21 44
May' 49% Mar
PS Corp of NJ pref 8%
300102%May 22 103%May 25 10234
May 10834 Feb
P S of NJ new com___• 2,800 45 May 22 47 May 24
45
May 51% Apr
Reis (Robt) & Co_ _ _ ..*
100 14 May 25 14 May 25 14
May 19% Mar
First preferred_ _ ,..100
100 75%May 22 75%May 22 75% May
82
Feb
Schulte Retail Stores....' 4,500 88 May.23 91%May
25 88
May 917-4 May
ROSSill Ins tr ctfs
100 91 May 25 9444May 22 91
May 9434 May
Simms Petroleum. _ __10 .
951May 21 12 May 25 934 May' 16
Jan
Simmons Co
6,
28 May 22 30%May 25
Mar
Preferred
1001
100 99 May 23 99 May 23 24)4 Jan, 34%
8746 Apr1013.( Mar
Shell Union Oil preLlg( )
01
6L0 91%May 21 95 May 23
91
Mar 9514 AIN'
Sinclair Oil pref
1 , 600 94 May 22
May 9934 Feb
So Porto Rico Sug ph _100 100 96 May 23 95 May 21 94
06 May 23 92)4 Jan 100
Mar
Standard Milling pref100
100 89 May 21 89 May
Mar
21 89
May 97
Tobacco Prod pref _ _ 10
200 107 May 22 107 May
22104)4 Feb1134 Feb
Transue & Williams St.
• 700 35 May
Apr
Underwood Typewr_100 1,330 158%May 21 35 May 211 33% Apr 40
Jan 164% May
United Paperboard _.100' 100 16%May 21 175%May 24 136
21i 1651May 21 1634 Mar' 18% Mar
U S Tobacco
• 100
A aY
Feb
,
US Realty & Imp full pd 1,200102%May 24, 53%May 24 53% May, 69
22 10331May 10(10281 May.108% Feb
Va-Carolina Chem B...•
100 534May 211 534May 21
5% May 16% Feb
Van Raalte
100 400 39%May 21 41
Feb
May 1 3
9%
West Elee 7% cum pf 100
100 11336May 23,113%May 23 111% mMaIrj,161443i
Waldorf System
10 2,000 36%May 211 39%May 2 36% May 47
Mar
New certificates
500
West'h'se E & M rights.. 42,524 1934May 24 20 May 2 19% May 20 (May
%May 21 1-16May 134 Apr
Worthington pref 11_100 100 1-16May 211
Youngstown Sh & Tube• 400 63%May 231 63%May 2 6381 May, 7134 Mar
6734May 221 68 May 2 67% Slay! 80
Jan
•No par value.

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

2368

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

HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
May 19.

Monday,
May 21.

Tuesday,
May 22.

Wednesday i Thursday,
May 24.
May 23.

Friday,
May 25.

Sates
for
the
Week.

3 per share $ per share
per share $ per share $ per share $ per share Shorts
36
100
36
39
*34
39
*34
39
*35
*35
*3412 39
39
9912 997 16.400
9734 100
9734 98
9818 9812 98 9812 9738 98
4
888 883
4 1,800
8878 89
89
*
8912 883 893
4
8 8814 8834 8814 89
2
2,400
134 178 *17
17
17
*1% 2
1% 1%
1314 178
3,600
11212 11512 113 115
113 113
11178 113
112 11212 112 112
4 4814 49 31,900
483
4712 454 4714 4634 4712 47
4714 473
4 45%
4 57
4
563 563
,
57 2 1,100
57
564 *58
5612 5612 5612 5512 56
153 134 1,400
4
4 13
13
14 17
8
17
17
4 1% *178 2
13
112 112
300
*112 2
*112 2
134 158
1% 1% *158 2
15512 19,600
15012 15114 150 15114 15012 15212 152 15334 15312 15512 15352
8514 3,600
64% 65
64
64
63
63
623 6414 82
*64% 85
4
300
*10012 101
10012 10012 *10038 10012 100% 10012 *100% 10012 *10012 101
2
2
2
1,000
2
2
2
2
2
218
*2
2
2
*353 334
334 4
600
312 313 *3% 37
3% 3% *312 4
s 3112 3112 2,300
3018 317
31
3312 .30
3114 3112 30
3112 *30
56
567
1,600
5512 5412 5412 5414 55
55
*57
58
57
57
48
5
47
518 514 2.900
47
412 434
434 43
453 5
4
1012 103 107
10
2,200
4
10
1018 10
11
11
1012 10 2 10
,
2112 16,400
8 2058 2112 21
20% 2038 19% 2012 1958 2012 2014 205
3738 3612 3712 151,100
35% 3512 3434 3514 344 3614 351y 3614 36
7912 79
7912 4,900
78% 79
761a 7712 78
7812 7812 7618 77
115 116 *114 116
300
*112 117 *112 117 *112 117 *112 116
2754 2714 29% 28% 2978 25,500
274 27
28 2812 26% 28% 26
89
1,300
4 89
89
87 88
854 8612 85% 864 8714 8712 *88
7712 77% 78
78
77
1,500
76
7612 *7514 7614 7514 7514 76
200
70 *65
69% 6934
70
70 "64
*64 65
65 65 *64
35
34
35% 35%
600
3
33 4 *3312 34
33
34
*34 3412 34
11012 11378 11378 114
2,100
11018 1104 110 11012 111 111
*110 112
2,700
4
115 11512 11414 115 113% 11414 114 11414 1144 1153 116 117
8 7,000
*1012 10% 1012 1012 104 1014 1014 1012 104 1012 1014 107
1612 1612 16% 5,800
4
1614 1512 15% 153 1614 16
8
163 1612 18
600
11% *1112 1212
4
2
4
1212 103 107 *1012 1112 *103 1212 11
*11
7012 7212 7212 72% 11.800
7012 71
6978 7052 69% 71
7034 71
2912 29
28
28 28
2914 7,900
8 2712 28
283
28
,
28 8 28
600
13 *1212 1312 134 1312 *134 1312
*1312 1412 1312 1312 13
52
52
800
52 *5112 54
52
54
52 54 *52
*
4 2,100
108 109% 105 107% 10812 10912 10912 10912 109 1093
*109 110

s
1612 16
-ia" "'Wm; -iEi
1812 19% 18':
*1932 20
52
*5212 53 *5214 53
28%
29
29
30
*29
68
*68 69
70
*68
6012 6118 60 60% 604
89
4
893 90% 89 90
*58 5812 *5411
*5412 59
127
34
*68
25
7
8312

11
127
3414 *34
67
70
24
25
614
7
63
65

1214 lizit
34
34
,
14 8 1414
3812 3612
312 312
9412 9412
9312 9414
78
*72
82
75
.
4
163 16%
*174 18
15
*13
107 10712
79
*77
7112 71%
4418
44
13
11
.
4014 4012
73
*71
6414 6414
3
43 4 4412
*88 90
72% 73
*4812 Si
52
.50
2634 28
*
2012 203
4
4
383 3834
30
*29
57 57
4 7
*63
11% 1158
8878 89 4
,
3158
31
66
66
2012 21
1412 141.
*65 66
13414 13412
74
*73
1234 1234
3714 3714
8% 834
27
2714
*1812 21
*10% 1112
*22
2314
16
16
*56
5614
7% 7%
14
*13
31
*29

4
163
1872
*51
*27
*67
61
8912
*54

-163 -1612

18
18% 194 204 193
4
52
52
52
53
29 *27
29
6912 *67
7112
61
61
6212 -a91
4
903 9212 90
59
4234 4412 *5412

2
17i120%
53

6 4
- 590
5912

1113 -iais 128 l28
3412 *33
44 '35
38 41
42 '
67
4
673 67% 6812 6812 69 69
25 *25
27
3012
30
2314 25
7
7
7
7
61a
64 7
*66
65
68
67
65 *64 65
_
1114
lit;
114
- 1- -1134 1214 12 3512
334 3412 34% 3512 35
34
33
13
13% 13% 1312 1312 1414 1415 1438
3
3914
3514 3614 35 4 3612 3618 38% 38
5
3
34 3 4 *312 4
4 *3 8 4
3% 33
9412 9434 9278 94% 94
9212 94
9514
92 94% 944 943
4 94% 97% 96% 974
*87
72
47
72
68 69 .
71
68
87
87
*75 80
82 *80
82
1738 177
17
1612 17
1712 1714 18
s
17
17
174 1718 1714 1714
16% 17
*121. 15
•1234 15 *123 1712 •1234 15
4
4
10514 106% 1074 107% 107 10812 1088 1083
79
78
*77
77
79 .
*77
79
*77
69% 7012 7018 70% 7014 7212 7212 73
4372 4418 444 444
7
43 8 4414 43% 44
*10
1012 11
11
12
11
1014 11
4214
38% 4018 40 40% 4014 4218 41
71
71
*69
71
71
*68
71
*68
64
64
64
6212 62 2 6312 6312 *63
,
4314 4514 45
4512 444 4714 4515 464
89
*88
88% 8878 *87
89
88 88
7112 73% 73 74
72% 7412 74
7412
5112 *50
52
50
*4812 50 *50
50
51
4912 50 *50 52 *50 .52 *50
*29
2712 31
28
28 *25
30
*25
22
2214
1953 2014 19% 20% 204 22
4 39% 404 3934 39% 4134 4134
4
383 383
308
30% 30
2612 28% 2712 28% 29
56% 57
57% 5812 5814 59
5512 56
64 6% *61
7
612 6% *612 7
1178 12
114 1112.
11% 11% *11% 12
8 90
9083
3
87% 88 8 8814 887
8 884 903
335
2912 30% 3034 3114 314 3314 33
6614
66
66
65
64 6412 6412 65
224 23
21% 28
2114 22
2014 2112
1412 1412
14
134 134 •13I4 1312 14
65
67
66 *88
63 65
64 .
64
134% 1363 1351 13634
4
4
133 1343 13414 136
7312 7312
4
*7312 7414 733 7414 734 74
123 1318
11% 1214 1214 1214 •1234 13
3834 3912
4
38% 3714 37 3712 *373 38
83
4 8%
8% 812
8% 918
94 9I
284
274 28% 28
2512 26% 2012 27
*1812 21
1812 1812 *1812 21
*1812 21
11
11% 1114 1112
10% 104
104 11
228 2312
2234 24
2112 234 234 24
16% 1658 1634
16
1558 16
15
15
59
554 .5812 59
554 5614 "5514 56
712 7%
83± 812
8%
8
7% 8
144 15 •1412 15
1312 14
13
13
31
4
2714 2714 294 294 2914 293 *29

11
11
3412
35
68
6312
2314
25
612
618
63 *63

1134 1253
8
325 3334
13% 1414
3518 3614
4
•312 32
9234 94%
94
924
72
70
82
*75
1614 17
1718
17
15
*13
105% 107
79
*75
8
6952 715
44%
44
13
*10
4
38% 403
72
*70
63% 6312
4
433 4512
8912
*88
71% 73
*4812 51)
50 50
*25
28
20
2012
3912
*39
2734 29
5512 5612
6% 7
11% 11%
89
88
2912 3118
4
6412 653
3
20 4 2278
1378 14
65 65
133 13414
7312 73 2
,
8
125 13
36% 3714
812 9
25% 27
1812 1812
1018 1112
2012 22
1512 15%
56
56
712 8
*13
1312
28
28

16
19
52%
2878
68
80%
8912
59

2.800
4,200
600
600
100
6,600
4,400
65
700
400
1,900
1.400
1,600
1,100
10,800
6.100
6,500
10,100
1,600
6,400
74,000
600
200
18,900
2,000
3,700
17,100
7,100
400
22,800
100
600
9,600
200
10,300
300
600
9,300
800
6,400
3,500
1,500
1,900
19.200
87.500
4,700
8,000
1,500
600
18,400
1,300
1,600
2,700
3,700
3,700
77,500
300
8,100
6,600
3,100
1,000
3,900
500
1,600

713 713
900
72
73 *71
4
7112 714 #71
*7112 74% *7112 75
1158 1212 "1214 13
13
1,500
1212 124 11% 12 *12
*1212 13
4312 4312 4312
400
43% 4312 *43
43 43
4312 43 47
4312
6512 6512 1,300
6312 61% 62
6118 6212 *624 64
634 6312 62
1012 11
1112 1112 8,200
10
,
10 4 1038 11
113± 104 11
11
14
14
14 1,000
15
14
14 .
14
14
34
*4
8
3
*14
900
118 118 "113 114 *118 114 *118 114
118 14
*118 14
3
4 67
6912 684 698k 684 70 4 70
7312 48,300
6412 68
6514 678
300
8
5
108 8 108% "10818 110 "10812 110 "10812 110 108% 10853 10834 1085
435
401 42
41
4314 44
7,500
3812 40
3914 41
4012 42
927 *9012 93
*90 92 .91
91
*90
92
*89
93
*90
19
203
4 193 204 8,500
1514 1634 1678 171
17
1514 1658 16
43 4312 3,400
4 4138 42
40 403
37 40
3914 41
40
39
81 "80
8 80
805
*77
80
100
*77 81
81
8012 *79
*78
54
52
54 *52
54 *51
52
100
.51
5
54
*51
54
*51
36 *3714 38
39
7.600
40
374 3512 3612 36
384 36
38
377 391
3712 4012 4012 41
5,200
384 3912 37 39
40
40
75
75
75
73 *74
73
1,300
7112 72
72
71
*7112 74
4
4
4
*1073 108% *1073 1083 *10734 1083 *108 10812
4
4
*1073 108% *1073 1084 9218 94 2 93 953± 9318 9714 964 99 206,500
,
8
945
9118 9312 92
108 108%
700
4
107% 1073 108 108 *107 109
*108 10912 10814 1084 165 165
167 1671 170 170 1707s 17118 2,400
*16812 17112 165 1694 121 121 *120 124 *12014 121
121 121
200
120 121
*12014 121
1.300
8
14 *84 88
8
84
*8
8
8
8
_4
*812 9
z Ex-dividend.
•Bid and asked pricee




STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 11923.
On Oasts of 100-shars lots
Lowest

Highest

PER SHARE
Ranee for Prestos,
Year 1922.
Lorsul

MOM

per shars 3 per share
27% Jan 52 Aug
91% Jan 10812 Sept
12
8
845 Jan 95 Aug
512 Apt
114 Jan
83 Jan 12478 Sept
3312 Jan 6014 Aug
5212 Jan 8614 Aug
6 Jan 29 June
1
51 Jan 2478 June
2
11918 Jan 1515 Aul
54 Jan 79 Aug
100% Dec 105% Oct
4
13 Jan 12% May
318 Jan 2072 May
124 Jan 4334 Aug
3118 Jan 644 Aug
3% Doe 1014 May
7 Dec 24's May
1714 Jar 364 Aug
29 Jar 5514 Sept
59 Jan 9512 Senn
100 Jar 125 Aug
304 Dec 50 Sept
8314 Jan 105 Sept
7014 Jan 95 Sept
51 Jan 90 Sept
38 Jan 5312 Apr
106% Jan 1414 Sept
108 Feb 143 Oct
4
7 Jan 183 Mar
Ills Jan 2812 Aug
18
7 Jan 204 May
7014 Jan 95% 001
2818 Nov 65% Apa
5 Jan 19 May
16 Jan 47 Oct
12
97 JELII 115% Bern
la Dec
5 Apt
ss Dec 12% Ara
1734 Dec 3214 Aug
4
17 Nov 801 Aril
4
521 Nov 5912 Apr
10 Feb 89% June
264 Feb 77 Sens
8
665 Jan 72 Sept
108 Jan 144% Oct
35 Jan 58 Aug
441s Aug 5512 Aug
34 Jan 11 Man
17 Jan 504 APR
35 Jan 76 Nor
5
5 2 Jan 32 Apt
6 Jan 144 Apr
55 June 75% Oct
8
3 Jan 154 Deo
74 Jan 19% Aug
2412 Jan 4834 Aug
1512 Nov 254 Atm
60 Nov 63 4 Sept
3
2% Nov
74 Mar
544 Jan 8732 Dec'
7234 Jan 10118 Oct
5118 Jan 0112 Oct
6134 Jan 93 Sept
1212 Jan 38 AMC:
181s Dee 304 Ara
854 Jan 2212 June,
964 Jan 12518 Sept
72 Jan 81 OM.
73 Dee 90% Aug
asia Jan 4934 Oct
1934 Jan 2618 Aug.
19 Jan 60% Aug.
63 Jan 82 Aug.
1
5018 Jan 74 4 Aug
23 Jan 6134 Aug•
76 Jan 95 Nov
7118 Jan 8718 Oct
43 Mar 57 May •
45 Jan 595s May.
1
174 Feb 524 June
2014D
32% Ana
3434 Nov 56 Aug
8
203 Jan 36% Nov •
7
328 Jan 59 g Nov*
24 Jan 10 Al's
8
als Jan 14 4 Apr'
7818 Jan 961.4 Oct
174 Jan 2852 Aug.
Oct
46 Jan 71
18% Nov 36 Ap/
131s Nov 255a May
34 Jan 624 Sept •
125 Jan 15434 Sept
7114 Jan 80 Aug.
712 Jan 19% Apr'
2014 Jan 3818 Apr
6 Jan 144 May
19 Jan 3512 Aug,
4
121 Jan 24% Aug.
84 Jan 1714 Aug
13 Jan 284 Dee
4
133 Jan 24% Apt
5112 Mar 6478 Sept
6 Feb 1612 June
94 Jan 2958 June
25 Jan 33',..

Railroads
Par
100
Ann Arbor preferred
Atch Topeka & Santa Fe 100
100
Do pref
Atlanta Birm & Atlantio 100
Atlantic Coast Line RR-100
100
Baltimore dc Ohio
100
Do pref
Brooklyn Rapid Transit-100
Certificates of deposit
100
Canadian Pacific
100
Chesapeake & Ohio
100
Freterred
101)
Chicago & Alton
100
Preferred
Chic & East Ill RR (Ism)
Do prof
-100
Chicago Great Western.
100
Do pref
Chicago MOW & St Paul 100
100
Do pref
Chicago & North Western_100
100
Do pref
100
Chia Rock Isi & Pao
100
7% preferred
100
6% preierred
100
Chia St P Minn & Om
100
Colorado & Southern
100
Delaware & Hudson
Delaware Lack & Western, 50
100
Erie
100
Do lst Dref
100
Do 26 pref
100
Great Nortbern pref
Iron Ore properties-No par
Gulf Mob & Nor tr etfs-100
100
Do pref
100
Illinois Central
Interboro Cons Corp -No Par
100
Do pref
Interboro Rap Tran w I...-100
Kansan City Southern,... 100
100
Do pref
100
Lake Erie & Western
100
Do prof
60
Lehigh Valley
Louisville & Nashville,..-l00
100
Manhattan 10 guar
Eq Tr Co of N Y otf dep..100
100
Market Street BY
100
Do pref
100
Do prior pref
100
Do 26 pet
Minimal) & 8t L(new)_100
100
Minn St P & 88 Marie
Missouri Katras & Texas 100
Mo Kan & Texas(new)
Do pref (n11w)
Missouri Pacsflo trust otfe_100
100
Do pun trust alls
Nat BY,of Max 2d pref-100
New On Tel & Mel v t 0.-100
100
New York Central
N Y Chicago & St Loule.....100
100
Do 2d pref
100
N Y N H & Hartford
Weetern...-100
N Y Ontario &
100
Norfolk Southern
100
Norfolk & Western
100
Do pref
100
Northern Pacific,
50
Pennsylvania
100
Peoria & Eastern
100
Marquette
Pere
100
Do prior pre!
100
Do pre!
West Va.-100
Pittsburgh &
100
Do prof
60
Reading
60
Do 1st Prof
50
Do 2d prof
100
RR pref
Rutland
St Louis-San Fran tr ctfe__100
Do pre! A trust 608_10(J
St Louie Southwestern-___100
100
Do pref
100
Seaboard Air Line
100
Do prof
100
Southern Pacific Co
100
Southern Railway
100
Go pref
100
Texas & Pacific
100
Third Avenne
Twin City Rapid Traneft..100
100
Union Pacific
100
Do prof
United Railways Invest-100
100
Do Prof
100
Wabash
100
Do pref A
100
Do pref B
Western Maryland (sew).-100
100
prof
Do 26
100
Western PacUlo
101)
Do pref
Wheeling & Lake Erie R7-100
100
Do pref
100
Wisconsin Central

8 INIT share
324 Jan 10
8May 22
973
8712 Apr 30
14 Jan 3
11014 Jan 17
40118 Jan 17
5534May 7
112 Apr 14
18 Apr 16
14014 Jan 17
62 May 22
10038May 23
2 May 21
33 Jan 12
2613 Jan 16
51 Jan 17
4 Jan 18
812 Jan 18
8May 22
195
824 Jan 13
76I8May 21
113 May 5
26 May 22
85 May 1
7514May 22
65 May 21
33 May 22
4May 22
10113
4May 22
1133
aMay 22
a Jan 17
4May 21
103
6978May 21
27I2May 22
4
123 Jan 12
,
447 Jan 2
105 May 22
4 Jan 17
14 Mar 2
15 Jan 16
1811 Jan 12
51 May 7
29 May 21
66 Jan 11
60 May 21
85I2May 7
4May 24
423
354 Jan 25
84 Jan 23
34 May 19
63I2May 22
214 Jan 31
55 Jan 8
6014 Jan 4
814 .pr 26
1114May 22
3258May 21
13 May 22
354May 21
232 Jan 17
84 Jan 16
9012May 4
68 May 22
764 Jan 2
1614May 7
16%May 22
14 Feb 1
105I4May 22
7514 Mar 10
694May 22
4378May 22
10 May 7
36 Jan 11
71 Apr 19
6212May 22
33% Jan 17
87 Apr 23
7112May 22
49 May 4
4912May 22
25 May 2
1958May 22
324 Jan 3
26I2May 22
55I2May 21
514 Jan 2
853 Jan 18
87 Jan 9
2434 Jan 6
64 May 72
195 Jan to
13I4May 22
4
581 Jan 19
132 May 4
7114 Apr 21
1184 Jan 2
2612 Jan 17
7 Mar 10
234 Jan 17
1612 Jan 18
104May 21
2012May 21
15 May 1
63 May 7
712May 7
123
4May 4
26 Jan 10

$ per shard
45 Feb 23
10518 Mar 3
9058 Mar 6
314 Feb 21
127 Feb 26
584 Mar 21
s
607 Mar 21
1614 Jan 2
13 Jan 12
160 Apr 18
76% Jan 30
104% Feb 23
3% Feb 13
658 Feb 8
38% Feb 13
6214 Mar 26
7 Feb 7
17 Feb 6
2638Mar
4512 Mar 5
88 Mar 5
11818 Mar 21
374 Mar 21
95 Feb 9
85 Mar 5
78 Mar 5
4512 Feb 13
12412 Feb 13
1304 Feb 8
1312 Feb 13
20% Mar 21,
15 Mar 6
80 Mar 5
36 Mar 19,
20 Mar 5,1
8254 Feb 21 1
1174 Feb 211
58 Jan 4'
78 Jan 5
2278 Mar 14
2414 Mar 31
4
573 Mar 5
34 Jan 2
74 Mar 20
71% Feb 7
155 Feb 26
60 A pr 17
44 Feb 13
20 Mar 10
684 Mar 12
87 Mar 12
5614 Mar 12
912 Feb 13
7312Mar
12 Feb 6
17 Feb 15
454 Feb 14
19% Feb 14
49 Feb 10
4% Feb 15
105 Mar 26
10014 Mar 5
84 Jan 29
904 Feb 17
2212 Jan 30
21% Feb 13
18% Feb 9
11752 Feb 9
78 Jan 29
814 Mar 5
8
473 Jan 29
17 Mar 21
4258 Apr 19
4Mar 5
763
7018 Jan 9
8May 10
505
93 Jan 9
8118 Feb 7
5612 Feb 7
56% Jan 30
37% Jan 10
2672 Mar 6
50 Mar 5
36% Feb 10
63% Mar 21
74 Feb 10
1318 Feb 14
954 Feb 21
354 Mar 20
70% Mar 22
29I2Mar 21
194 Feb 10
66 Apr 20
1447s Feb 26
7612 Jan 6
2178Mar 6
62 Mar 5
1112 Mar 22
344 Mar 22
2212Mar22
16 Feb 9
4Mar 22
263
2014 Mar 5
633sMar 5
1012 Feb 13
19 Feb 13
354 Feb 23

Industrial & Miscellaneous
100
Adams Express
100
Advance RumelY
100
Do pref
Reduction, Ine----No par
Air
50
Ajax Rubber, Inc
10
Alaska Gold Mines
10
Gold Min
Alaska Juneau
Allied Chem & Dye____No par
100
Do prof
100
Allis-Chalmers Mfg
100
Do pr 1
Cbem__100
Amer Agricultural
100
Do pref
50
American Bank Note
50
Am Bank Note pref
100
American Beet Sugar
Magneto__No par
Amer Bosch
Am Brake Shoe & F---No Par
100
Do pref
100
American Can
100
Do pref
Foundr7_100
American Car &
100
Do prof
No Dar
American Chicle

68 Jan 2
8May 22
115
43 May 8
5712 480 10
10 May 22
',Jan 4
1 Feb 15
6234May 18
1085
8May 19
38I2May 22
9112hlay 16
15I4May 22
37 May 22
77 Jan 6
514 Apr 24
35I2May 22
37 Jan 9
70 Jan 3
107 Apr 13
734 Jan 2
107 Apr 13
165 ,May 21
1194 Mar 22
54 Jan 30

48 Jan 83 Oct
82 Mar 8
8
107 Jan 23 Aug
1912Mar
3153 Jan 3012 Aug
5432 Jan 14
Oct
454 Jan 66
7232 Mar 19
94 July 183 Apr
4
8
147 Mar 14
78 May
4 Dec
11
, Mar 9
2 May,
134 Mar 9
sis Jan
80 Jan 2
1
/
5454 Jan 91% Sept
Jan 11512 Sept
112 Mar 2 101
4
4
373 Jan 593 Sept
514 Feb 16
974 Jan 27
864 Jan 104 Sept
i
274 Nov 427 June
36% Feb 21
6878 Feb 21
aa Jan 724 Sept
k Dee,
9112Mar 7
58 Jan
51 July 5512 Deo
55 Feb 7
4
4912 Feb 13
313 Jan 69 June
314 Jan 49 AM.
60 Mar 6
83 Mar 21
51 Jan 8812 Sept
110 Jan 14
9814 Jan 113 Oct
106 Mar 6
3214 Jan 764 Nov
115 Feb 20
9314 Jan 113% Dee
Oct
Jan 201
189 Mar 7 141
12578 Jan 18 11512 Jan 1261s Nov
5 Nov 14 May
11 Apr 25

New Yorik Stock Record-Continued-Page 2

Fos sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CEiVT.
Saturday,
Monday,
May 19. I May 21.

Tuesday, • Wednesday. Thursday,
May 22.
May 23.
May 24.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1923.
On baste of 100-share Iota

2369
PER SHARE
Range for Predate
Year 1922.

Fridag•
May 25.
Lowest
Lowest
Highest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Indus. & Miscall.(Con.) Par $ per share $ per share $ per share $ per sitar.
72
8
814 96
8
818
834 934
9
9
93
4 8,200 American Cotton 011
98
658May 18 2034 Jan
100
1514 Nov 30'i May
*1412 17
1712 1712 •113
17
17
19
18
18
1614 18
1,900
Do pref
331k Nov 61 May
100 14 May 18 3884 Jan 4
5% 55
*5
512
5
5 18
5% 512
518 518 *518 5% 2.500 Amer Druggists Syndicate_ _10
5 May 22
253 Feb 28
413 Jan
714 AIM
•11814 120
1173 1173 11614 117 *118 11812 120 120
4
4
1183 1183
2
8
700 American Express
100 11514May 2 14312Mar 2 125 June 162 001
9
9
9
9
*812 912
97
97
9
9%
*912 10
1,400 American Hide & Leather.100
4MaY 7 13 4 Mar 7
83
8
101s Dee 121 Apr
48
48
49
49
1
4818 48% 49
49 49
498 473 49
3,200
Do pref
100 48 May 19 74 4Mar 7
8
92 93
58 Jan 7484 Sept
90 928
4 90 91
93 9414 93% 96
961 98
6,500 American Ice
100 90 May 21 11012M8r 23
*82
85
78 Jan 122 SePt
*82
83
82
52 *82
843 *8218 843 *82
843
4
100
Do pref
100 82
25
72 Jan 9514 Aug
2518 2412 2518 23
2 89 Feb 21
2412 23% 2412 25
2514 253
251
4 8,400 Amer International Corp_ _100 23 May 2
May 22 32%Mar 21
*115 12
s
348 Dec MA June
2
115 1158 11% 118
12
12
*113 12
4
12
12
800 American La France F E_.10 1114 Jan 17 13 Mar 1
25% 26
912 Jan 14 Ja17
23
233
203 2212 223 231
4
4 23
4
2314 2414 2414 4.400 American Linseed
100 20 4May 22 38 Mar 5
3
43
28 Nov 42 Oct
43
/
1
4
42% 4214 41
42
43 43 *433 4418 448 443
4
8
800
Do pref
48 Nov 64 Oct
134% 135
100 41 May 22 59 Feb 15
132% 135% 1322 1353 134 13512 13434 137
/
1
4
13512 1367 26,20 American Locomotive
8
*114 116
10 12018 Jan 17 139% Mar 19 102 Jan 1368 Ott
4
116 11614 *116 117
116 116 *114 118 *115 117
30
Do prat
4514 46
100 115 May 4 122 Feb 9 112 Jan 12234 Dee
4414 4514 44% 45
45
4534 453 463
468 463
4
4 8,80 Amer Metal temp otts__No par 4418May 22 5578 Mar 5
7912 80
44 Sept534 Dec
79% 793
4 78
7814 7812 79
1
*803 81
4
*80
81
1,60 American Radiator
63
4 63
25 76 Jan 2 8812 Apr 19 82 Jan 129 Oct
4
634 7
633 67
6% 67
8
67
6% 618
718 3,70 American Safety Razor
*1434 15
612May 23
918 Feb 19
25
384 Jan
1418 1412, 14
8 Oct
/
1
4
141
1434 1434 143 147
4
4,50 Am Ship & Comm
8 147 15
557 661
No par 14 Apr 23 2138 Jan 5
5418 56% 532 56
512 Jan 2414 May
5518 57
553 573
4
4 5614 591* 28,000 Amer Smelting & Refining..100 53 Jan 17 6912 Mar 2
43 J
1a
674 MaY
97 97
97
9718 963 9
8 634 963 9718 *983 9712 96% 9634 1,200
*
4
Do prof
*140 142
100 7834 Jan 1 10238 Mar 6 1 8813 Jan 10412 Oct
140 14078 135 135
13514 13514 *13712 140 *13712 140
600 American Snuff
36% 37
35% 3614 3412 3512 351 3618 358 368
4 36% 3714 10,400 Am Steel Fdry tern otfs-33 100 135 May 22 15214 Feb 14 10912 Jan 159 Sera
*10112 105 *1011 106 *10112 105 *10112 106 *102
1-3 3412May 22 4078 Mar 21
30% Jan 938 SAe
461s
7
105 *102 105
Do pre tem We
7212 733 69
100 100 May 8
4
Feb 9
91 Feb 10814 Oct.
71
69
70
70
707
71
73
72% 75
8,500 American Sugar Refintrtg 100 69 May 21 10514 Feb 13
*10414 106 *104 106
85
5418 Jan
Aug
10414 1043
4'10312 105 *10312 105 •103 105
200
Do pref
*26
27
100 1041sMay 22 1083 Jan 3 84 Jan 142 24uit
2412 251
4
17 Au
2412 2433 2412 241
25
257 *2512 26
1,500 Amer Sumatra Tobacco
*515 59
100 2414 Feb 1 3633 Feb 14
8
*515 59 *61
2
2314 Feb
571 *5018 5712 *50% 5714 *50% 571
Do pref
122 122% 1213 122
100 5538 Jan
6534 Feb
4
5214
71
Jan.
12134 122
4
1213 122
12134 12178 12134
10,700 Amer Telephone di Teleg 100 12114 Apr 16 12542 mar 13 11418 Feb 125: Au
144 145 141 1433 1417 1455 145 14638 14412 1463 •146 122
Jan 10
5
8
3
4
ot
t
8
8
1461
4,800 American Tobacco
103 103
100 141 May 21 1613 Feb 13 1291s Jan 169% Sept
1027 1027 *102 10214 102 1023 102 102 *102 1021
4
8
8
1,600
Do prat (new)
144 145
100 101 Mar 16 10713 Feb 2
140 144
9518 Jan
14014 144
144 14412 1433 144
4
14478 1447
5,100
Do common Class B
100 140 May 20 1593 Feb 9 126 Jan 165 Sept
*394 40
37 40
4
:
93 se,s
36
373
3712 38
3818 3812 3812 4,100 Am Wat Wks & El v t o
38
*89
100 2713 Jan
9014 *8912 90
442 Apr 26
4
6 Jan 331 Nov
88 4 89% •883 9014 *8812 9014 *88 2 80
8
4
,
300
Do 1st pref(7%) v t 0_100 8538 Jan 29 93 Jan 16
*69 60
5818 59
87 Jan
3
5714 577
59
5912 •
58
591 *58 60
1,700
Do pante pf(6%)v t a 100 4812 Jan 3 6318 Apr26
.90 95 .90
95 *90 95 *90 95 *90
1714 Jan 5514 Oct
97 *90
95
Amer Wholesale. pref
8714 88 8 867 8814 8584 88
100 934 Jan 2 9814 Jan 31
5
8
86 Oct95 Jan
88 887
87
9214 91% 92 4 37,100
,
10134 102
100 853
4Nlay 22 109 Mar 21
10212 1033 10212 1027 10212 10212 1017 1024 101% 10214 2,600 Amer Woolen
7814 Jan 105 Oct
4
/
1
4
2
s
Do Orel
100 10134Nlay 19 112 mar 8 10212 Jan 18
16% 17
1718 1812 1714 1834 1834 1834
3184Jan3
an 1114 sepi
22
8 Das
1974 20 •2012 21
3,500 Amer Writing Paper pref 100 16
13
1314 10% 12
May 18
1114 1214 *1112 1214 1112 121s 12
12
2,400 Amer Zinc, Lead & Smelt___2
.
45 47 *45
1018May 21 1914 Feb 16
48
48 *45
47 •45
121s Jan 21 Sept
47
*45
46
Do pref
4412 4588 44
453 4334 443
2
4 4414 4533 443 46
36 Jan 57 Sept
8
45% 46 30,000 Anaconda Copper Mining__25 48 May 14 5814 Feb 27
713 72% 70% 7112 71
4
50 43 sMay 18 5312 Mar 6
5
72
73
74
45 Nov 57 May
73
74
73
75% 5,100 Associated Dry Goods
-10
6234 Jan 5 88 Mar 15
43 Jan 707 Dee
2
•
fal2 86 *8212 85 *821± 85 *83
84' •83
84 *82 84
Do 1st pref
*88
91
100 8212 Jan 18 89 Feb 13
*88 91
*88
91
*88 92 *89
75 Jan 86 Oct
93 *89
92
Do 20 pref
*110 112
100 884 Jan 9 9312 Feb 26
10912 110's 106 10812 109 112
/
1
9112 Oct
115 117
76 Jan
11714 11814 2,000 Aboclated Oil
*2
2
100 104 May 7 133 Jan 12
214
2.
2
2
*2
214 *2
99 Jan 135 2 May
,
214 *2
214 3,000 Atlantic+ Fruit '
1814 183
No par
4 1734 18
184 Jan
31 Fen 14
18
61 Apr
19
1918 20 8 1914 20
118 Dec
,
163 20
4
19.800 Atl Gulf & W I 8 13 Line__ _100 16 May 17
*1412 16
*14
15 *1412 16
4 3314 Mar 17
*15
16
*15
195 Dec 4314 May
16
15
151
300
Do pref
*115 119 •114 119
100 15 May 4 27 Mar 19
114 114 *116 120
16 Dee 311 May
117
4
119 1211
2,200 Atlantic Refining
*115 116 *115 116 *115 116 *115 116 3115 117
100 114 May 22 153% Jan 10 117 Dec 1675 Oct
116 •11512 116
Do pref
15% 151
15
100 115 May 2 120 Jan 18 113 Jan 11911 Dec
15
144 1434 *1412 15
*1412 15
15
16
1,000 Atlas Tack
24
24
2214 24
-No par 13 May 17
1934 2114 203 223
4
1312 Feb 22% May
4 2212 23% 23% 247
9,700 Austin Nichols & Co__-No par 1934May 22 2034 Feb 14
*82
823 *82 8314 *82
8314 *8212 831
3512 Jan 12
9 Jan 403 SeD/
1
4
8
4
Do pref
126 1271 12514 12812 12334 1265 12534 128 4 *8214 84 •8214 83
100
12534 130% 12914 1321 151,100 Baldwin Locomotive Wks-100 82 Mae 4 89% Jan 23 68 Jan 91 Sept,.
•111% 114 *112 11512 112 112 *11158 1
12338May 7 14414 Mar 19
1518 *112 115 •112 115
931kJan 142% Oct.
100
Do pref
*45
49 •__ -- 47 *46
100 112 Apr 23 116 Jan 4 104 Jan 118 Oct.
49 *46
/
1
4
49
*46
49
*42
49
Barnet Leather
*19% 20
No par 46 Apr
1912 1912 187 19
19
20
19% 201
40 Jan 67 Sent
/
1
4
2012 201
4,000 Barnsdall Corp,Class A_-_25 1878May 27 55 Feb 16
•
14
15 *14
15
14
22 35 Mar 23
14
1
.14
15
15
194 Jan 5614 Ain
151 *14
16
800
Do Class B
*3
8
25 14 May 4 22 Jan 2
12
2
1
3
8
"8
•22
12
"8
17 Nov 89 Apr12
600 Batopilas Mining
3
s
14
%
*5012 55
51
20
51
*5012 63 *51
14 Feb 20
12 Jan 2
53 *51
53 *51
1 Dee
4
182 Mar
.56%
200 Bayuk Bros
63 63
Nova? 5013 Feb 7 6214 Apr 4
6112 631* 613 64
4
647 6512 64
8
83 Ayr 65 Sept
6678 6712 7,400 Beech Nut Packing
663
I. 543
8 53
20 51 Jan 2 8414 Mar 26
5412 5234 6414 52
5434 51% 56
30
54
5512 90,900 Bethlehem Steel Corp
/
1
4
100 5158May 24 70 Mar 3 61 July 53 Dec
Jan 79 May
-- Do Clam B common-100 6014 Jan 16
'90 95 *92
9234 •90
95 *9112 7173 Mar 3
551s Jan 8214 May
924 .90 95
- -Do prat
*104 106 '10512 106 *105 106
100 93 Feb 1 9612 Jan 2
/
1
4
10612 10612 10412 107 »KATI icitz
Mar 106 Nov
901
4
100
Do cum cony 8% pref-100 10618MaY
18 111% Fob 9 104 Jan 1161 Jane
92% 92% .92
,
923
4 92 92
9112 9112 91
9112 9134 9118
800
Preferred new
.41
5
10b 9118may 22 9 14 an
4 Ma 2
*412 5
434 41
7
7
ar
*412 5
43
434
94 Nos 1011 Oct,
5
5
500 Booth 1isheries
.8
No pa
834 *8
83
2
8
8
*73
4 8
4 Nov 1012 Aug
*73
4 8
8
8
300 British Empire Steel
yis mar 23
.
66
70
100
*66
70 *66
67
9 8 MU 2
7
*66
67
812 ..an 15 Sept
*66
68 *66
69
Do let pref
*2434 25
100 6612 Feb 5 13912 Mar 13
2312 2418 *23
24
*22
24
2212 2212 *24
58 Mar 765g Apr
2512
300
Do 2d pre!
108 108
100 2018May 8 2813 Feb 20
10618 107
10414 106% 1063 10712 10612 108
4
1918
39
10812 10812 6.500 Brooklyn Edison, Inc
105 105
100 10414May 22 12188 Jan 9 100 Mar 124% Sept
104 105
104 10518 105 107
107 108
Jan
Aug
---- 1,700 Brooklyn Union Gas
.5512 5711 5614 57
100 10312May 11 128 Feb 7
57
57
5834 59
59
70 Jan 12412 Nov
5918 59
5912 2,900 Brown Shoe Inc
•112 2
100 5512alay 17 6 48 Aan 28
*112 2
1 ma 9
.112 2
278 j pr 2
5
*112 2
k
•112 2
.11: 2
42 Jan 1347 &Pk
Brunswick Term & By Sec 100
*134 136
1341 136
112
68
3612 368 361 36% 136 1367 1357 1357 136 137 137 13712 1.600 Burns Bros
100 13412May 21 14434 Mar 23 1131 June 1473 June
3412 35
34% 3434 35
351
35% 3618 6,600
, Jan
Do new Class B oom
718 718
3412May 22 43 Jan 2 28 Jan 53 Dee
7
7%
614 612
Ps 67
Oct
/
1
4
9,800 Butte Copper & Zinc v t o.6
63
4 7
612 53
*16
17
10
16
614May 22 114 Feb 14
*1514 16 .1514 16
/
1
16
*15% 16
514 Mar 10 Dec
16
/
1
4
200 Butterlck
2512 26
227 2514 2012 243
8
100
8 24% 247
15 Nov 34 Feb
2312 25% 25
25% 11,900 Butte & Superior Mining_-10 16 May 3 21% Jan 4
•412 484
312 412
2012May 22 37 Mar 1
4
414
/
1
4
4% 414
4% 41
20 1 Jan 85 4 Oct
412 412 3.800 Caddo Central 011&Ref No par
8
1
8112 82
8012 8112 80
312May 21
81
9% Feb
8112 8212 8112 821
6/14 Dec 16ls Apr
82
8218 3,800
937 9712 395 100
No per 791s Jan 24 87 Feb 16
9514 9914 99% 10434 102% 1111 10914 114% 293,500 California Packing
9
68 Jan 8612 Sept
California Petroleum
102 105
105 106
100 6614 Jan 3 11112May 24
105 10633 10612 11012 107% 1101 109 1103, 19.500
43 Jan 714 Jan
/
1
4
/
1
Do pre/
678 7
100 943481an 22 112
6
8 ,14y 2 104
633
613 63
67
4 73 13,000 Callahan Zinc
88 Jan 9811 Apr
612 7
*51
53 *5112 54
-Lead
10
*5114 5g1 .5g1 5g
4
2
21\4aY 20
Feb 23
*53
54. Feb 1133 May
66
*53% 56
Calumet Anions MinIng
*514 64 *514 614
10 52 Jan 23 66 Mar 1
5
6
50 1 Nov 65% June
1
6
*514 78
300 Carson Hill Gold
*212 3
*212 3
*212 3
1
53
8May 22
*2% 3
8 May 22
614 Deo 163 Mar
*2% 3
*212 3
8
Case (J I) Plow
*79
80
79
79
No par
*76
212May 3
80
*788 80 *76
434 Feb 21
3 Mar
912 June
78
83 *75
200 Case(J I)Thresh M,pf Ott 100 6934
25
Jan 4 8.5 Apr 9 58 Feb 931 Aug
2712 25
261
4
25% 2614 2613 271
2612 28
2812 16,500 Central Leather
28
63 4 6812 64 64% 6418 6512 67
3
100 25 May 19 4012 Mar 7
681
2982 Jan 4418 Sept
68
6814 68
42% 42% 4118 421
687k 5,600
Do pref
41% 4214 42
100
4May 19 7934 Mar 7
427
6338 Jan 82% Sept
4212 4312 432 4418 10,100 Cerro de Pasco Copper.Nopar 633
*33
38% •
32
38 *JO
38 *30
4118Nlay
40
3234 Jan 46811 Dec
*30
38
38
*30
Certain-Teed Prod,.-..No par 3214May 21 5012 Mar 28
6112 6252 5918 623
583 604 60% 6212 61
3
17 45 Mar 14
34 Feb 53% June
6212 6218 83 18, 0 Chandler Motor Car___No par 593
76
76 •
60
77
80
76
7712 78
4May 22 76 Mar 14
78% 79% 8012 7912 7912 1,800 Chicago Pneumati
4734 Jan 79 Apr
/
1
4
27 271
2634 27
c Tool...100 76 May 19 9034Mar 21
28% 27
2634 27
Jan
26%
23% 23% 2234 231
2114 22% 21% 2234 2218 27% 2714 2734 25,200 Chile Copper
26 2618MaY 1 3038Mar 1 60 Jan 89% Sept_
15%
291 Nov
4
23% 233 10,500 Chino Copper
23
65
65
64
65
64
64
65
6512 *6412 6812 *66
2214 Nov 33 JUDO,
/
1
4
600 Cluett, Peabody & Co--100 2114Nlay 22 3178 Mar 2
682
74% 753
74
7518 7312 75
64 May 21 7614 Mar 28
75
7512 74% 77
43 Jan 70 Dee,
/
1
4
11,500 Coca Cola
763 77
*2814 29
2712 2814 2712 28
No Dar 73 May 4 81 Jan 3 41 Jan 8284 Oct
2734 2812 27
4 4.600 Colorado Fuel &
27
4
273 293
1023 103
4
9914 101% 99, 10012 101 102
100 2514 Jan 17 34% Apr 26
4
24 Jan 37 May
10112 1031 10318 1033 10,600 Columbia Gas & Iron
4
*112 1%
112 112
Electric
D2 112
112 112
8
1% 11
112 112 4,900 Columbia Graphophone No 100 9914May 21 11334 Feb 15 63 4'Jan 114 Sept,
/
1
4
*68
4 712
634 63
4
612 612 *614 67
par
sMay 24
13
2% Feb 6
8 *614 61
114 Jan
584 June
*614 57
Do pref
743 743
8
4
400
4 72
7312 72% 7312 7214 7312
6%May 1 1212 Jan 15
5 Feb 21 June
7314 741
7412 3,600 Computing-Tab-RecordNo 100
74
*2612 2712 2512 2612 24
par 69 Jan 8 8312 Apr 9 5514 Jan 794
2512 24% 2612 2
5% 281
Apr
2834 2812 4.800 Consolidated Cigar
*7314 75
7314 7314 *70
78 *70
par 24 May 22 393 Jan 3
8
78 •
181, Feb 42 Oct
70
.14
78 *70
100
/
1
4
78
14
*is
Do mei
14
14
0
8
100 7314May 21 83 Feb 17
•18
•18
47 Feb 874 No.;
•%
14
Consol Distributors,Ino No par
34
/
1
4
14 Feb
214 Mar
Consolidated Gas (N Y)_100 120%Mar 7 137 Feb 20
64 lifs -6618
-. 1 114 6111 Iiti
64
Jan 2
3Jan 26
8512 Jan 14534 Sept
-623 63'4 62.700
4
When issued
10% 1018 10
No par 59%May
1018
97 1018 10
3
1014 10
52 4 Deo 62'i Dee.
7
103
4 1012 104 18,600 Consolidated Textile_...No par i978May 21 69% Feb 7
22 14 Feb 9
/
1
4
9 July 15 Apr
/
1
4
Continental Can. Inc
-raja ', li 4314 45 -451 143 s4414
E
100 115 Jan 2 1313 Jan
8
.4
4
15
44'3 458
4584 Jan 11514 Dec.
451* liti 17:560
When issued
No par 4273May 7 50% Feb 31
*94
19
97
*93 95 *94 95 *94 95 *94
95
*94
95
Continental Insurance
8% 9
25 92 Jan 6 10312 Feb 15
8s 9
3
8
9
9
66 Jan 93 Aug
8
4
9% 9%
9% 93 17,900 Continental Motors___No pa
/
1
4
129 12934 12512 12914 126 12834 126% 97
814May 4 1214 Jan 19
1114 Dec 18 Deo,
50,800 Corn Products Refining___100 12312
8
*11612 119 *117 1191 •11712 11912 118 128% 126 1293 12812 131
,
8
Jan 16 1394 Feb 6
118 *11812 11912 118 118
500
9114 Jan 134 4 Oal.
Do pref
8
453 46
,3
45
453
100 11614May 8 12238 Feb 24
44% 46
457 4714 46% 4812 4814 495 104.500 Cosden & Co
8
JEW 1228 Nov
4
65
663
4 6312 661
No par 4418May 22 63% Feb 17 111
6334 664 65
673
4 6512 683 67
/ 6912 43,100 Crucible Steel of America_100
1
4
311 Jan 54 Dea,
/
4
4
88
88
87% 871 *87
6312May 21 8438 Mar 8
89 *87
89
87
400
87
88
88
Do prof
*1.4% 1434 13% 14
100 87 May 24 9418Mar 2 623* Feb 98% Sept,
13% 14
1412 144 1412 1412 1514 7,200 Cuba Cane
%
14
80 Jan 100 Sept.
525 53
8
4812 623
Sugar
No pa
4938 51% 52
12% Jan 17 20 Feb
5212 5218 53% 631 5538 24,500
4
818 Jan 193 mar
Do prat
4
3118 313
4 3014 32
100 3718 Jan 17 6414 Mar 13
3112 31%
30
3134 32% 32% 3414 41,600 Cuban-American Sugar
*95
1514 Jan 414 July
/
1
9912 *95 9914 9514 9514 •9512 32
-10 23 Jan 16 3734 Feb 15
/
1
4
9612 *98
13
9912 *95 2 991
100
1412 Jan 28 Aug
Do pref
,
23 24% 20 8 2318 2118 23
3
100
2314 2512 24% 28
13,200 Davison Chemical v t 0-No par 9514May 22 106 Apr 5
2512 26
78 Jan 102 Des
/
1
4
/
1
4
*2534 26
2512 253 *2512 26
4
203
8May 21 38% Mar 6
2512 2512 25% 26 •25% 2614
800 De Beers Cons Mines-No par 233
23% Nov 65% Apr
*10314 104
103 10318 10112 10212 *10112 102
4 Jan 24 28 Mar 1
102 102 •103 104
151s Jan 258 SePt
700 Detroit Edison
37
3712 3434 3714 303 34% 333 3512
4
100 10112May 22 111 Mar 2
4
/
1
4
3412 3514 363 24.400 Dome Mime, Ltd
118 Aug
10033 J
10814 1088 106% 108
10612 107 108 10818 34
1
30 4May
3
16 J811 4611 NOv
/
1
4
124 128 12014 12712 11812 124% 12312 12512 108 109% 109 1O9s 3.500 Eastman Kodak CO--._No par 893 Jan 22 441s Jan 4
2 1153 Apr 3 70 July 901j Dec
124 12912 128 1303 30,000 E I du Pont de Nem &
4
s
*85
86 •84
86 *83
85 •83
Co--100 10614 Jan 17 14812 Apr 28
86 .
83
86 •83
3
105 Deo 169 4 Nov
86
6% cumul preferred_-__100 81%
597 6012 573 60
4
5818 593
4 59% 60
Apr 12 8812 Feb 28
80 June 9012 Sent
6134 61% 6214 19,000 Electric Storage BatteryN
15
*14
1414 1434 14
1414 14% 1412 80
o par 54 Jan 17 6718 Mar 21
14% 1414 •1414 15
40's June 5884 Dee
1,600 Elk Horn Coal Corp
*3
4
312 312 *3
4
50 133 Apr 23 20 Jan 2
3
% 3%
4
/
1
4
3I2 31
4
1414 Jan 244 Dec
300 Emerson-Brantingham
6912 70
6714 69
67 673 6812 6914 .3
4
100
3'zMay2l
711 Feb 20
2 Jan 111s Jane
/
1
4
6912 691
8 4,700 Endicott
703
70
*11134 115 *111 115 *111 115 •112 115
-Johnson
50 67 May 22 9416 Jan 2
*11434 115
764 Jan 94 Dec
/
1
4
/
1
115 115
100
Do oral
100 111 May 2 119 Jan 8 104 Jan 119 Dec
•Bid and asked prices; no gait* on this
day. z Ex-dividend.




-a- -6-i,
,-

2370

New York Stock Record-tontinued-Page 3

usually Inactive. see third page preceding.
For males during the week of stocks
PER SHARE
PER SHARE
Range for Prweorse
Range since Jan. 11923.
STOCKS
Sales
Year 1022.
-PER SHARE, NOT PER CENT.
-share lots
On 00313 of l00
HIGH AND LOW SALE PRICE
NEW YORK STOCK
for
11XCHANGE
the
Friday,
Hlohesi
Lowest
Tuesday, Wednesday. Thursday,
Lowest
Monday,
Highest
Saturday,
25. 'Peek.
May
May 24.
May 23.
May 22.
--May 21.
May 19.
per share $ per share
Par $ Per share S per share $
$ per share $ per share Shares Indus.& MIscell.(Con.) par 25 May 7 31 Jan 10
Nig Dec 3112 Oet
No
$ per share $ per share 3 per share $ Per share *75
Exchange Buffet
30
*25
30
30
*25
7518 Jan 107 Rent
30
27 .25
.25
30 .25
25.300 Famous Players-Lasky-No Par 731484ay 191 93 Jan 2
7653 79
79
75
4
1
/
76
914 Jan 107 Sept
3
7312 7512 7313 75 8 74
7314 75
Do preferred (8%).._ __100 90 May 211 9934 Feb 14
600
8
8 905 9212
1612 May
Jan
904 93 .9112 927
9
714M5y 41 1234 Feb 16
3
905 *9012 92 .
8 90
8
905 905
400 Federal Mining & Smelting 100
10
.7
8
.7
8
*7
374 Mar 624 Sept
44 Jan 231 6012 Feb 13
10
100
.8
8
8
10
.8
Do pref
2,900
3
4
453 2447 45
4553 45
45
4
83 Dec 1053 Dec
3
732 Jan 17: 103 Jan 2
No par
*46
4612 4513 46
47
•46
,
853
814 8 4 1,800 Fifth Avenue Bus
8 *8
Jan 218 Dee
3 83
83
75
84
8
83
8
No Par 145 May 23 21214 Jan 11
8
8
53 83
8
900 Fisher Body Corp
150 160
152 152
148
24
7612 Jan 10314 Inns
8
1497 15114 145
.160 16013 .151 158
600 Fisher Body Ohio, pref__ _100 964 Jan 2L 1014 Feb 19
98
*97
98
1913 Apr
98 .96
07
3
103 Nov
4May
164 Feb 13
98 .
93
No Par
984 98
98
98
98
4
123 13,500 Fisk Rubber
12
4
8
1212Nlay 22 22 Jan 13
1214 Jan 2714 Oat
3
97 1053 103 104 103 12
No par
93 104
4
8
4
3
107 107
144 144 143 10,200 Freeport Texas Co
14
4
4.53 Jan 80 0e1
3
,
No par 5312May 7i 717 Feb 20
4 1273 144 1212 13 4 1312 144 *5413 56
144 143
1,000 Gen Am Tank Car
5834
55
4
3714 Nov 733 July
*5212 55
54
100 37 May 22 54 Mar 7
*52
55
554 *52
•52
411* 14.700 General Asphalt
8 40
407
69 Nov 111 July
3812 3818 3958 39
100 7114May 22 83 Mar 7
8 37
384 3912 3818 393
Do pref
72
1,000
7114 7112 72
4
8
3
65 Mar 833 Dee
100 8112May 23 943 Mar 14
,
7112 7112 71 4 7114 713 7112 83
.7153 78
8414 2,400 GeneralClg
84
83
Oct
Jan 109
824 8112 8212
82
100 10411 Jan 2 10913 Feb 24. 94
84
82
84
84
Debenture prof
100
10912 105 1094
Jan 190 Deo
100 17012May 21 1901s Feb 2 136
,
*105 10714 .105 107 4 10513 10513 .105
5,500 General Electric
, 175 1754
1012 Oct 12 Sept
4
1
/
10 10 Mar 9 12 Jan 2
17314 17012 17212 172 17614 174 175 4
170 2
,
.17414 17.5
Special
800
11 11
1.514 July
1113 1118 In 11
84 Jan
11
3
3
Motors Corp_ _No par 1318 Jan 17 174 Apr 18
*10 4 1114 •10 4 1118 11
145,, 1.538 154 1538 83.700 Generalpref
8
Jan 86 GePt
4 145 15
8
100 83 May 23 89 Apr 17, 69
8 145 143
1512 154 1453 153
Do
100
84
*83
*8212 85
83
83
83
*81
86
85 .81
80
.
6734 Mar 9614 Oct
453ay 221 90 Apr 7
Do Deb etock (6%)...100 823
1,200
,
8 8314 83 4
10
8
7914 Mar 100 Sept
827 8314 .8314 837
1
/
8
0
4
4.
3
4 827 8313 823 83
83 4 833
Do Deb stoc(7%)-..10,, 964 Jan 10, 105 Apr 24
600
,
99 .9914 9912 9914 99 4
1
/
384 Oct 454 Oct
41 Jan 3, 5112 Apr
9812 9812 99
99
9912 99
•99
Gimbel Bros
100
4
4534 453
44
44
4
93 Nov 1814 June
*4213 45
313May 171 1238 Feb 9
No
44 .4213 45
47 .42
.42
500 Glidden Co
,
,
84 84
84 Oct
313 812 .813 9
8
77 Mar 9
44 Dec
4
1
/
4 Jan 21
812 84.
9
No par
812 812 *8
10,500 Goldwyn Pictures
54 514
,
54 5 2
4
518
15
2813 Nov 447 May
5
3 5
47
3 513
47
5
Co (B F)_ _ _ _No par 30 May 21, 4014 Mar 6
5
317 3212 5,400 Goodrich
3
Apr
7512 Nov 91
4
303 3112 3113 32
84 Jan 3, 9213 Mar
3014 31
100
3114
30
31
31
Da prof
300
,
22 Nov 35 May
4
33 Mar 23
8913 .8912 893 *8914 90 8 .894 90
,
.8914 90 4 *894 90 3 89
,
Granby Cons hi,Sus & Pow 100 2214May 22 154 Nlar 7
2514 2,600
3
8 Nov 197 may
1
/
91453ay 21;
2214 2314 2313 2412 2312 2512 25
24
2413 .23
No Par
.231*
3,100 Gray & Davis Inc
10
10
10
10
22 Nov 3453 May
2
453ay 22 3413 Mar 6
913 10
4
9 8 93
94 913
914 913
900 Greene Cananea Copper. 100 213 vlay 22 1412 Feb 14
1453 Mar
4
7 Feb
738
4
213 2212 2212 2212 253 254 2314 2314 2,000 Guantanamo Sugar_ __ _No par
22
,
8
223 22 8 22
8 814
75
4
1
/ Jan 947 Oct
44
.
4 *778 834
7
77434ay 211 10453 Mar 21
74 753 .7 8 83
,
3
73 8 2
8 84
.83
,
States Steel tr ctfe___100
4
1
/
3 Mar
4
3 Jan
213 Jan 12
4 7813 8212 8153 8312 31.800 Gulf
4 784 813
4
3 Mar 51
814 8212 7712 8212 7713 803
200 Flarbishaw Elea Cab_ _No par
1
1
114
114 .1
3
118 *1
14
4
100 34' May22 437 Apr 20
138 •118 1,
*118
11,700 Hayes Wheel
4
4; 2834 Sept
,
15 -.111
3
4 363 38 4 373 38
4
233 Feb 16
3512 363
May 21
4 3414 36
373
3712 384 35
2.000 Hendee Manufacturing__ _100 14
16
16
Jan 82 Noy
55
17 .1513 16
144 .15
1
/
14
,
14
15 4
100 60 May 23 794 Jan 2
•1514 16
400 Homeetake Mining
62
4
62
61
6114 Nov 913 Oot
*60
60
60
60
63
03
63
100 50 May 7 78 Feb 18
Texas
•58
,
4
553 58 2 584 6112 18,200 Hou.ton 011 of Car____No par 233
1913 Aug 263* Dec
4
8
577
8
4May 4 323 Mar 8
8 533 554 56
8 5418 547
5453 557
17,600 Hudson Motor
8
,
107 Jan 264 Dee
8 247 2553 254 26
244 253
2553 2412 2518 2414 25
Corp.... 10 2013Ma7 22 3013 Apr 2
25
5,450 Hupp Motor Car
311 Feb 141 June
8
.
224 227 23
8 22
3
64 Jan 8
3
4
/
11 Apr 14
3
207 2213 203 2112 217 223
No par
.2214 23
154 Dee
4 23
4 1,600 Hydraulic Steel
23
212 212
314 Jan
4
24 23
212 253
,
7 May 23 19 Mar 19
212 213
24 2 8
5
812 83
4 2,300 Indlahoma Refining
4
/
712 712
5 Jan 111 June
7
7
812 Apr 6
8
8
4
4
10
53 Jan 24
8 83
,
8
9
9
1,100 Indian Refining
712 *612 7
31 Nov 45 June
6
6
6
4
4 53
53
Coeper_ 20 3214May 17 434 Mar 1
3
5 4 534 *512 6
8
3414 343 3478 2,500 Inspiration Cons
4 33
8 3318 333
8
.
3312 3353 323 3312 323 327
Dec 114 May
3
55
3 May 10 11 Feb 20
100
8 578 1,300 Internat Agrleut Corp_
57
8 .553
55
4
284 Nov 434 mar
3 53
53
5
3
5
100 1212May 18 397 Feb 23
,
*4 4 6
*414 6
Do pref
3
4 1,900
8 177 183
Jan 384 Ma7
25
154 1534 1618 1618 164 177
17
Jan 2 44 Mar 19
3
167 1714 10
3812 4,600 International cement._No par 3413May 22 274 Apr 6 • 204 June 3012 Sept
3678 37
3614 36
36
No par 20
3512 3512 3453 3513 344 35
224 2212 7,100 Inter Combos Cog
2134 22
3
793 Jan 11574 Aug
21 18 2114 22
3
203 2112 20
_100 79143lay 19 9813 Feb 7
4
2112 213
7.100 Internat Harvester (nets).
4 8514 86
843
83
8
824 825 83
80
100 111 Apr 25 11814 Jan 4 10513 Feb 119 Sept
794 8134 7914 81
Do pref (new)
100
*109 110
,
4
83 Dee 2713 May
8
112 112 •1091z 112 .10912 110 2 *10913
8 May 22 115 Feb 14
I00
.1094 112
8 1,200 lot Mercantile 1.,1 sane_
s 83
83
3
,
84 8
4
/
813
411 Dec 873 May
814 814
8
,
8 4 814
100 30 May 4 47 Jan 5
814 512
Do pref
8,700
32
33
1934 Apr
8 3112 32
3014 3134 3112 327
1114 Jan
8May 22 164 Feb 16
.
307 3114 304 31
International Nickel (The) 25 133
10,400
8 1312 14
Jan
8 1334 137
8
4 135 137
Jan 85
60
7
1413 13 3 1414 134 133
100 694 Jan 4 79 May 10
14
Preferred
200
•7814 79
79
79
79
4
1
/ Oat
72
79
80 .78
4312 Mar 63
3
80 •78
100 3912May 21 583 Mar 6
•78
,
44 4 5,400 International Paper
433 *44
3
.444 4412 42
394 41
69 Mar 8013 Sept
7513 Jan 5
414 4112 3912 41
100 6512May 21
pref
Do stamped
800
6812
6812 .6712 6812 .6713 0812 .68
67
124 July 204 Apr
674 6512 67
50 13147.lay 22 1914 Mar 7
*67
8
8 135 141z 20,300 Invincible 011 Corp
4 135 137
8
8 1313 137
Jan 5313 Oct
3 1314 133
8
24
4
8 1313 137
133 137
5.600 Iron Products Corp_ _ __No par 3912M1y 22 5814 Mar 24
4214 45
43
Jan
4213 3913 4112 .4012 4212 '41
3
14 NOV
4
1
/ Feb
4312 40
42
10
14 Jan 1
vto
3
3 10,100 Island 011 & Trans()
8
3
4
8
12
3
8
3
2213 May
1
.
Jan
10
8
3
1
100 175 Jan 24 24 Mar 15
1953 2014 7.700 Jewel Tea, Inc
8 1914 20
197
8 18
183
13
3
384 Jan 768 Dee
4
9.83 1913 1813 19
1061 66 May 18 82 Feb 26
721. 1.200
Do pref
71 18 7118 72
70
68
67
66
.
63
3411 Feb 577 Sept
4'vtar 16
1
/
100 50 Jan 17 63
5614 6514 .65
58
5713 5814 5,900 Jones Bros Tea, lob
8
5712 5712 564 5714 565 5714 5612 5712 57
ler nu le 129 Veh 13 1414 Dec 109le Deal
350 Jones & Laughlin St, prIll .1
108 108
4
4
4
1073 1073 .1073 108
4
74 ;an
1.4 1.341e
4
•19734 108 *1073 108 •1073 108
...AL..* el
an.
It,
s4
4
7
1,700 Kansas & Gulf
74
7
7
1
1
3
7
8
7
3
3
7
2918May 221 457 Feb 23
4
3
34 May 4853 Aug
3314 6,000 Kayser (J) Co. (new)--No Par
3233 3112 3318 32
31
2918 31
94 May 1064 June
98 Apr
104 Mar 23
.3312 3412 2978 33
let preferred (nero)_ _No par 4214533y 20 621 Mar 22
100
98 .96 101) .98 100 .98 100 .98 100
4
98
.
3414 Jan 531 May
22
.98 100
25
8 4614 474 56,500 Kelly-Springfield Tire
4
3
4614 4734 4214 4714 4213 4553 4312 45 4 433 463
18
904 Jan 1074 May
Temporary 8% pref.__ _100 9614May 17 108 Jan
200
98 .974 105
98
11512 Dec
.98 100
Feb
98
61
98
3
100 95 May 8 1147 Feb 20
.98 100
9
400 Kelsey Wheel. Inc
*9712 0
22 •6 1025
92
95
3
96 .94
95 .94
254 Jan 393 May
95
3
1
/
No par 344May 22 443 Mar 3
.96 102
4
373 51,400 Kennecott copper
375 37
8 36
4 353 383
4
.
8
4
43 Nov 343 May
1 Mar 24
11,
6 May 4
,
10
364 37 8 3513 365, 315 353
7l
712
4 7,100 Keystone Tire & IttIbber__ 100 177 Mar 2 24812 Apr 20 110 Jan 1 894 Nov
712
713 73
718
4
612 73
612 7
718
7
5) Co
1,200 Kresge (S
219 22014 223 22314 224 230 .223 234
43 Jan 914 Aug
223 223
80 May 7 87 Feb 21
223 236
•
800
85
84
3.5000 LaMede Gas (St Louie)._._100 25 May 22 313 Mar 22
*8314 84
84
84
8 8214 83
817
2414 Nov 3518 Mar
4
83 .81
.82
Lee Rubber & Tiro_ _ __NO Par 1903
27
2738
27
8 26
2618 2578 263
Oct
25
2618 27
4
27
4May 21 2223 Feb 9 15314 Feb 235
27
Myers Tobac0o-100
700 Liggett &
19114 19114 195 195 *1914 195 .19114 195
4
1903 195
4
100 1113 Apr 4 11813 Jan 8 108 Jan 1234 Nov
.195 200
300
Do prof
114 *112 114 *112 114
4
52 Nov 1177 May
1
/
744 Mar 20
3
•113 11412 114 11414 •113 514'.'1i2
657 32.300 lima LocoteksternoctfsNo Par 583 Jan 17
8
4 645
8
8 6212 6418 624 643
4
613 633
1053 Jan 2334 Sept
1412May 21 21 Feb 15
par
4
623 6412 624 64
154 1612 1618 1673 15.200 Loow's Incorporated___No par
1513 16
1414 May
9 Jan
4
712May 22 113 Jan 5
4 1412 1614 1514 16
No
1613 163
712 712
8
712 75
74 74 2,900 Loft Incorporated
712 7:2
7
4
1
/
Jan 87 Sept
753 7 3
36
47May 22 634 Mar 2
8 773
77
100
47
4734 4712 4812 1,000 Loose-Wiles
.464 49
47 47
4712 48
4
/
151 May 21 1781 Feb 9 14714 Jan 180 Sent
49
100
.48
201,300 L
15214 15334 15312 15312
151 1514 .152 154
72 Jan 117 Dee
103 May 23 121 Feb 6
•154 156
107
.155 1054
Mackay Companies
53
103 103 .107 109
Jan 70 Nov
1
/
57
1)0
1.0
1° 664 Apr 18 7012 Fob 16
*105 112 .105 110 •103 107
300
Do pref
6713 .6612 6713
6713
3
254 Jan 617 Sept
,
6712 67 2 .6612 674 .6612 6712 .6612 7533 7414 78 .6612
No par 5818 Jan 2 9312 Apr 6
13t
k Truck'.
Mack Tru rirefine
8 7312
7113 747
4
68 Feb 9412 Dec
7712 723 77
100 911351ay 22 9914 Mar 12
76
73 9111'
92
72
Do
72
1.000
924 92
9118 914 92
92
92
Jan 874 Sept
54
92
100 82 May 22 92 Mar 5
*91
909
Do 2d pref
8614
8614 .844 86 4 .85
,
83 .84
82
83
83
6018313y 22 7113 Jan 20
69 Nov 62 Dec
No parMcy
8318 84
3 633 643
8
4 2,600
8 6018 601* 6118 6118 6112 623
par 27 May 22 40 Jan 2
1514 Jan 40 Aug
.6012 6238 604 605
8
3 2.000 MallInson(H RI & Co_ _ No
2913 2812 3018 283 3178 3112 333
4 27
271* 323
,
3014 Jan 52 Mar
100 4313 Jan 17 75 4 Mar 14
4
323 3312
58
59
62
58
58
1,400 Manati Sugar
58
58
57
80
56
734 Apr 8414 Sept
65
100 82 Feb 3 90 Feb 26
60
.
Preferred
85 .80
85
82 .81
100
82
86
86 .75
.70
86
80
.
4
par 49 May 21 06 Mar 21
41 Mar 043 Apr
51
5312 .53
53
2,700 Manhattan Elea Supply No 26
5014 51
50
5013 42
49
4
583 Oct
32 Mar
51
4
1
/
4243lay 22 47 Jan 5
50
4 5.400 Manhattan Shirt
8
424 4212 433 433
4 4234 4412 4412 453
4
12 423
3
1
/
3
224 Jan 463 June
No par 274 Jan 6 595 Apr 2
4
423 4234 42
Marland 011
8 4612 4312 48
4914 14,950
4
443 473
45
44
45
1
/
54 Mar 264 Mar
714May 22 16 Feb 28
No par
.
,
4414 45 3 44
10
200 Marlin-Rockwell
*7
714 934 .74 10
3
.7, 10
2014 Jan 3614 June
.No par 2712 Jan 31 374 Apr 17
1012 *712 1012
.8
8 314 3312 7,700 Martin-Parry Corp...
3014 313
3012 31
8 3014 31
4
22 Jan 54 Noy
8 30, 32,
Alkali Works_ 50 41 May 14 6412 Mar 14
*3218 325
4612 47
8 45
4713 2,500 Matbleson
4
4
413 4212 41 18 4234 4312 443
414 Nov 743 May
100 41 May 4 63141vIar 8
43
43
4412 46 • 464 473 11,900 Maxwell Mot Class A
4
4412 444 45
43
3
Feb 257 June
14 May 22 21 Apr 5
11
.No par
4
463 4712 4414 47
16
165 19,700 Maxwell Mot Class B.
8
s 153 16 4
4
,
1512 157
16
4
6512 Dec 1743 Dec
3
3
Stores..100 673 Jan 6 783 Jan 13
3 1514 164 14
165
164
8 7413 783 14,200 May Department
4
8
7314 735 7478 7412 745
7218 72
4
1
/ Jan 2153 Mar
10
72
163
74
4May 22 20 Mar 22
*73
18
8 18
1778 1834 10.200 McIntyre Por Mines
4
8 163 1713 1712 175
3
4
100 265 Mar 2 293 Jan 2 1063 Jan 322 Dee
Petroleum
3 167 185
3
183 183
Mexican
225 275 *225 275 *250 280 *250 280
794 Jan 108 Dec
100 10014 Feb 28 10514 Mar 16
•____ 280 •225 280
Preferred
100 105 •100 105
10012 1004 .100 105 .
15
Oct 344 July
3
.100 106 *100 105
164 1818 18,50 Mexican Seaboard 011_.No par 1412May 22 193 Mar 19
0
10
1614
15
8
Oct 3218 July
12
1812 157 21412 15
8
14May 22 193 Mar 20
•1534 16
trust otfs
Voting
4 1713 18
4 1553 173
9,500
8
153 153
14
Nov
3111 May
4
/
4 1478 x14
23
25
5 2553May 22 3013 Feb
8
147 1478 143
26
2618 264 2653 1,900 Miami Copper
26
26
8
8 255 26
16 Apr
11 Nov
10
812May 22 1214 Jan 12
.2614 264 2614 265
95 1014 10
8
4
103 50.900 Middle States Oil Corp
924 10
812 10
2613 Dec 4514 May
104
May 24 3353 Apr 18
1012 10
1014
273
4 273 2712 8,400 Midvale Steel & Ordnance. 60 26
3
2714 26
27
3
Jan 763 Sept
63
27
2713 26:2 27
27
100 6212May 23 75 Mar 8
27
66 4 664 663
8
,
4 1.400 Montana Power
6212 657 .66
8
4
10 181453ay 22 28 Feb 13
12 Feb 253 Aug
3
643 6438 637 64
66
435
214
214 26.900 Mont Ward & CoIlls Corp
3 20
8 1953 203
8 1814 197
4
/
8
13 Aug 194 Dec
497 2053 1813 203
No par 174 Jan 17 291 Mar 22
4 2 7 264 13,200 Moon Motors
253
251 3
4 25
2512 253
26
25
124 Dec
4
1
/
9 Nov
953May 16 14 Feb 20
8 2512 27
264 265
913 958
23,100 Mother Lode Coalitlon.No par 17 May 22 297 Mar 15
953 10
4
93 10
914 10
174 Dec 34 Mar
3
Po par
954 10
4
93 10
19
19
19
500 Mullins Body
18 .1713 19 .18
17
19
70 Dec 525 July
3 19
No par 754 Jan 2 11412 Jan 12
204 20,
9714 9713 9812 4,500 Nash Motors Co
93
94
93
92
8914 974 91
*9712 99
4
100 9012 .pr 23 1013 Jan 17 10113 Aug 108 Dee
Preferred A
*9712 984 •9712 98
98
300
98
98
2114 Apr
94 Nov
9812 98
50 11 Jan 30 184 Feb 19
981z *98
.98
13
13
13
700 National Acme
4 13
8
127 127
13
4
/
361 Dee 270 Dec
,
,
100 38 Jan 5 4334 Mar 19
,
13 3 13 4 13 4 1213
.13
4253 4134 423 10,200 National Biscuit
4
4 4114
413
Oct
8 41
4
8 4013 4112 403 413
4May 16 125 Feb 2 11312 Jan 120
100 1193
4
*413 423
Do prof
100
120 120 *117 120 *117 120
120
3
Jan 607 Sept
26
l00 53 May 22 6714 Feb 21
.118 120 .119 120 •119
4
*533 54
600 NatIonal Cloak dr Suit....73r
4
5414 5512
*533 54
41 Apr
,
54
53
56
1 Dec
*54
53 May 23
113 Feb 24
55
55
Conduit & Cable_ _NO
13
0
70
12
4 1 12 11,0 0 Nat
*3
8
5
1
8
5
1
304 Jan 684 Oct
4
3
4
3
1
*58
nalrg__ -100 5914May 22 73 Mar 14
4
4
1
/ 6412 9,700 Nat Enanig & Sta
5914 6114 6112 6214 613 634 63
85 Jan 12914 Dec
100 11114May 22 13614 Mar 20
6414 6414 6114 64
8
1125 1163 108 117
4 110 11212
300 National Lead
Oct
11114 113,4 1134 114
4
.
100 110 Mar 7 114 Jan 4 108 Jan 117
8
1173 1113 117
117
112 112
Do pref
4
4
4
1103 1103 *1103 112
194 June
4 112
134 Nov
3
133
8May 22 183 Mar 5
11012 11053 .1103 14
14
14
1414
34 5,300 Nevada Consol Copper_ _ _ _ 5
141 1
8 14
4
/
3
133 135
244 Nov 411 Sept
3
3
4 133
4
Brake (new)._No par 203 Jan 2 41 Apr 25
133 133
3412 3512 3513 353 3614 2,100 N Y Air
34
4
34
33
35
454 Nov 5114 Oct
No par 40 Jan 9 514 Feb 13
.354 37 2 34
,
age
48
4712 48
4814 1,400
4 474 48
474 473
48
20 Nov 40 June
4
100 1818May 24 263 Mar 16
4818 484 48
21
21
2,200 New York Dock
2012 1818 20
8 19
500
46 Nov 6812 June
2013 2013 204 223
100 4218Nlay 24 5112 Mar 15
.2014 23
4
/
Do pref
43 43
,
4253 42 3 441 4478
D
51
,
44 4 .43
4413 Jan 1064 Dec
4414
50 1001 Jill) 16 11912 Feb 24
,
,
*44 4 51
po p ner
North A irof [can Co
Jan 474 Aug
38
60 444 Jan 17 4812 Feb 14
-444 4453 -4T 15'- - i;(556
8 4453 Wiz -:15- 45
145
4
203 Feb 40 Sept
4
/
_100 201251ay 2 291 Mar 3
-5i
00
100 Nova Scotia Steel & Coal_
-iiEs 14 *2313 24 '24.24 28 .25 26 25 25 *24 25
6,2
6
8 July 124 Mar
914May 17 1018 Feb 9
2912
912 ..The)__ -_No par
Nuneally Co(
912
*8
*24
912 .918 94 .8
1414 Apr
5 Nov
,
618Nlay 11 1013 Jan 29
912 *914 9 2 .914 618 *618 612 *6
•8
613
Ohio Body & Blow___No par
618
4
1
/
4 June
7
.1.6
14 Dec
313 Feb 8
3
17 Jan 2
7
sg
213 214 1,800 Oklahoma Prod &Refof Am 5
214 214
214
214 .2
2
3
93 Mar
44 Jan
8May 4
75
5 Jan 6
4
214 2,
8
.57
Sliver Mining..._100
500
5.10 0 Ontario
24
6
214
*5
*553 6
Oct
51
.5
4
1
/ Jan 28
12
5
1 174 Jan 5 21511 Apr 26
5
Orpheum Circuit, Ino
8 187 181/41
.512 7
, 1813 1812 187
Jan 1084 Ong
100 115 May 21 153 Fob la 116
184 1713 1818 18 8 119
18
122 12478 126 12612 1.2001 Otls Elevator
11712
,
18 4 184
11514 120
124
115
.124 126
no sales this day. 7 Et-dividend.
•Bidand asked prices;




New York Stock Record-Concluded-Page 4

2371

For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
May 19.

Monday,
May 21.

Tuesday,
May 22.

Wednesday
May 23.

Thursday.
May 24.

Friday,
May 25.

cob.*
for
the
Week.

PER SHARE
Range eines Jan. 1 1923.
-share tots
On halts of100

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Highest

$ per share S Per share $ per share 3 per share 8 per share S per share Mares
914 05
912 1014 4,000
5
9
912 912
93
93
4
4
9
*912 10
414 42
4218 4212 4112 42
421g 4314 4228 4312 433 433
8
4 5,800
'a
3
4
8
4
5
8
8
4
84
8
4
5
8
5
8
3
4 4,100
*4
3
4
7612 751. 76
*77
76
79
77
7912 1,500
7714 7912 7912 79
9
8
*8
8
.8
10
858 9
400
.914 10
*94 10
35
3712 3612 38
37
3612 3512 3614 35 8 37
5
36;4 37
/ 59.500
1
4
1314 1338 123g 134 1118 1214 1154 1212 1134 13
25,70
124 13
6912 707
7118 6712 70
8 69
69
7512 104,80
703
4 6958 734 74
8 65
6514 665
6612 6312 653
4 654 664 6514 68
6814 693 129,100
4
312 412 *312 412 *312 412 *312 41
414 *31: 412
*4
012 012 •
*912 11
912 912
912
2,000
912 91
4
93 10
37
8 4
35s 4
34 414
34 32
44 514 38.440
3
34 4
3
1
9012 9112 89 91
8834 90 *893 90
6,600
4
913 921
904 911
4
4512 4512 4412 4512 4438 45
4478 454 4478 451
6,400
4512 461
*64 674 63 63
*6412 68
*64 68 *6414 68 *6412 68
100
485s 4978 463 484 4718 484 483 5012 4934 534 524 551 88,600
4
4
/
1
/
1
*1012 11
1018 1012
5,800
10
105s 1012 11
/ 11
1
4
9 4 1018 10
3
25
24
24
2414 20
22
2212 26
24
3,300
24
25
25 •
3
31
3
3
31s
318
3
33
8
3
3
/ 3
1
4
31
/ 7,300
1
4
*30
32
3014 30141'30
300
32
30
3212
301 *30
33 *31
,

Indus.& Miscall.(Con.) Par $ PO share $ per share
Otle Steel
7 2 Jan 4 1434 Mar 21
7
No Par
Owens Bottle
25 384 Jan 2 5132 Mar 28
12 Jan 2
24 Mar 5
Pacific Development
Pacific Gas & Electric
100 7434May 4 85 Jan 5
Pacific Mall 88
8 Islay 21 1212 Feb 8
6
2
Pacific 011
35 May 22 487 Jan 4
Packard Motor Car
10 1012 Jan 8 1512 Mar 22
Pan-Am Pet & Trans
50 6712May 22 934 Feb 7
Do Class B
60 6312May 22 86 Feb 7
614 Apr 5
Panhandle Prod & ReI_No par
334May 7
Parish dt Bingham
9 May 23 151:Mar 13
No :^or
Penn-Seaboard 81 1,00 No pot
6 Apr 4
,
212 Jan 2
People's G. L & C (Cblo)__100 87I2May 4 9412 Jan 30
Philadelphia Co (Pittsb)__ 50 414 Jan 2 50 Mar 15
Phillip-Jones Corp
No par 60 Apr 30 80 Apr 4
Phillips Petroleum
2
4klay 21 1393 Apr 5
No par 463
Pleree-Arrow M Car......No par
154 Jan 14
3
9 4May 2
Do prat
100 20 May 22 3532 Jan 9
Pierce OH Corporation
8 Feb 13
3 May 18
25
Do pref
100 30 May 23 95 Jan 4
Plgg Wigs Star Ins"A"No Par 554 Jan 17 124 Mar 20
62 62
-ilia 01.18
6184 -55- 6312 625* s -163 2
100 58 Jan 18 6772Mar 7
-631- - 1,555 Pittsburgh Coal of Pa
2
*9812 9912 9858 9852 *9812 9912 *9812 9912 *9834 99
loo
Do pref
*983 9912
4
100 98 Feb 7 100 Apr 5
Pond Creek Coal
6
15
1
9 Mar 1 134477s
14
-55- ió
W - -55- W - -964 W ioo io23
4 7,400 Postum Cereal
Feb
NO INV 9334May 21
*108 116 *109 113 *109 11214 *109 111 *109 111 *109 111
8% preferred
100 1104 Jan 3 1144 Jan 25
1,400 Pressed Steel Car
54
55
55
4 5212 5212 53
5
7 *5312 5612 5112 533
57
2
51I2May 22 8112iviar 2
02 5 Jan 0
88 88
*8714 90 *88 90 .88 91
100
*88
Do prei........ _ __AC* 8(t Jan 22 91134 Jan 5
91
*88
891,2
4312 44
4112 4334 4112 4312 4312 45
44
4614 4534 4714 54,700 Producers & Refines Corp.. 50 41I2May 21
9534 9534 94
9212 9412 94 94
1,600 Public Service Corp of N J_100 91 May 22 104 Mar 21
9212 93
95.
95
91
*1184 119
117 11812 11614 118 11712 1184 11812 120
11912 1204 5,400 Pullman Company
100 11512May 3 134 Mar 8
6034 6112 5858 6112 584 60
5914 603
s
613
4 60
4 613 6314 25,000 Punta Alegre Sugar
50 43 Jan 18 8914 Apr 19
2312 244 23 2338 20
4
4 213 224 2254 24
223
233 2414 42,200 Pure 011(The)
4
25 20 May 22 32 Feb 13
*94 97
93
964 *96
9412 934 9338 94 94
94
97
8% preferred
1,300
100 93 May 21 100 Mar 9
*10914 112 *109 112
110 110 *110 111
109 109 *105 112
200 Railway Steel Spring
100 109 May 7 123 Mar 17
*3012 3212 *304 3212 .30
*297g 3138
31
3138 3012 3012 31
300 Rand Mines Ltd
NO par 304 Mar 27 343 Feb 19
2
1312 1334 13
1278 13
1314 1212 13
13
6,900 Ray Consolidated Copper- 10 12I2May 22
133
8 134 131
*36
3312 35
3712 3478 36
3478 3514 3512 37
387
37
2.800 Remington Typewriter v t o100 8312 Jan 11 47 2M ar 6
1814 M 1
*____ 100 •__- 100 *____ 100
100•---- 100 *____ 100
let pre.e,red v t c
100 100 Mar
104 Feb 13
*87
9314 *87
9314 •87
9314 .90 9314 *87
9314 *87
931
2d preserred
6
911 Apb7
100 80 Jan 31, 3 4 Fe r 24
1878 1912 18
19
18
19
19
1912 1834 2012 20
10,300 Replogle Steel
20
No Par 18 May 211
4918 4978 47
47
4912 4712 504 4934 5158 31,700 Republic Iron & Steel
491. 4614 48
100 4014May 22 663
4Mar 21
*9434 95 *943 95 *943 95
95 95
4
4
95
95
95 95
Do prof
600
100 89 Jan 9 964 Mar 21
2214 224 2012 2212, 194 2112 213 2214 2112 23
8
23
23
11,000 Reynaldo Spring
No par 164 Jan 23 2812 Apr 27
6514 655* 6378 65381 6334 6414 6412 65121 65
6534 653 663 17,500 Reynolds(R J) Tob Cl B_. 25 47 Jan 10 664 Apr 16
4
8
*116 1164 *116 11612 *116 11612'11514 11612 *1154 11612 *11514 11612
7% preferred
100 1147s Jan 19 118 Feb 9
4912 4978 4914 50
4834 4978 49
4938 481. 494 48 8 494 8,600 Royal Dutch Co(N Y aurae). 4212 Jan
7
31 55 Feb 16
•1814 19 '18'418 1814 ---------1813 1812 1814 183
8 2,300 St Joseph Lead
10 18 Jan 2 224Mar 9
*258 234
2
212 212 *2
258
212 *214 212
212 212 1,600 San Cecilia Sugar v 1 0.NO par
2 Jan 17
5 Feb 14
2012 2012 2014 2118 19
/ 20
1
4
21
21
21
22
2312 1,200 Savage Arms Corp
*221
/
4
100 184 Jan 3 30 Apr 5
723 743
4
4 7212 7'
72
7334 74
747g 7412 79
763 7812 14,200 Sears, Roebuck & Co
4
100 72 May 18 92se Feb 13
•100 108 *100 108 .100 108 *100 108 *101 108 *100 106
Preferred
100 107 May 14 108 May 18
8
814
77
8 818
77
8 8
73
4 71
3,400 Seneca Copper
4
7 8 77
5
No par
8
78 8
732 Jan 17 1212Mar 3
7
*75, 734
74 738
7
7
71 714
/
4
600 Shattuck Arizona Copper__ 10
7
73* *74 712
7 May 7 4 Mar 2
mar 7
3742 3712 *374 38
3514 354 3714 3714 *3714 377 *3714 38
8
600 Shell Tramp & Trading- £2 343 Jan 31
2
17
1718 1612 1714 165e 18
18
1914
1814 184 1812 183 70,900 Shell Union 011
4
No par 1232 Jan 8 1872 Apr 9
30
3012 2914 303
8 273 294 29
4
2934 2914 30
/ 30
1
4
/ 31 123.300 Sinclair Cons 011 Corp_No par 27
1
4
/
1
4May 22 8932Mar 19
2412 2434 2378 243
4 23
2334 234 2458 2418 25
264 25,300 Skelly 011 Co
25
10
9 2 Jan 2 35 Mar 31
1
50
5038 .48
51
49
49
49
5012 4912 .5114 514 521
1,900 Sloss-Sheffield Steel & Iron 100 42 Jan 3 60 Apr 26
*77
80 *77
80 *77
80 *80
82 *80
82
Do pret
82
*80
100 88 Jan 13 90 Mar 16
*50
34
48
52
45
48 *49
52 *50
52
900 So Porto Rico Sugar
.52
52
100 40 Jan 13 64273144 FebA r 19
6
18
1812 1512 1714 16
17
9,500 Spicer Mfg Co '
1714 1818 1712 18
174 181
/
1
1512May 21
No pa
*90 94
*90 94 *90
94 *85
93 *85
93
93 •83
Preferred
100 90 Jan 3 974 Feb 2
*74
79 *73 4 80 •_ _
3
87
*75
79 *75
80 *75
80
Standard Milling
100 767
2May 4 9012 Jan 23
5178 525 2503 521s 5058 52
8
4
52
524 5212 544 5414 555 33,200 Standard 011 of Cal
8
28 494 Apr 23 12318 Jan 2
3414 3478 344 3478 334 3438 343 3478 3414 353 x3512 36531 58,300 Standard OU of N J
8
4
25 334May 22 4414 Mar 3
11678 117
11678 1164 11612 1163 1164 117
4
11714 1174 z11614 116141 3,200
Do prat non voting
/
1
100 116 Mar 24
118 Feb 21
*94
95
9414 94
/ 9312 93
1
4
/ 943 9434 95 95 *943 963
1
4
4
600 Steel & Tube of Am pref 100 85 Jan 2 10772 Jan 12
4
2
5818 59
55 5814 5412 55
s1 5,300 Sterling Products
587 587
2
5
8 58
No per 5412N1ny 21 6732 Mar 2
58
55
*108 116 *108 116 *108 116 *108 11518 *108 11518 *108 uS's1
Stern Bros pref(8%)
100 10913 Jan 2 115 Jan 5
8312 8512 825 8512 8212 85
8
8458 86
8412 88
4
8612 883 18,800 Stewart
-Warn Sp Corp-No par 794 Jan 2 12312 Mar 23
67
6912 6714 684 67 6912 69
73 13,200 Stromberg Carburetor_No par 624 Jan 10 94I4Mar 6
/ 711 72
1
4
70
/ 69
1
4
/
4
10838 1104 10638 11038 1061 1087 1074 10938 1073 11212 11132 11312 325,100 Studebaker Corp (The)......100 10612May 22
/
4
8
4
12512 Mar 19
*11214 115 .11214 115 *11214 115 *11214 114 .11214 114
114 4 114178
1
Do pref
100 112 Jan 4 114 Apr 26
10
104
834 1012
9
94 1012 104 1114
912
29,600 Submarine Boat
No par
7 Jan 3 15 Apr 6
418 413
414
*4
4
4
2,100 Superior 011
4
4
4
44
4
4
No par
4 May 2
1314 Feb 15
*29
31
*2912 3012 2912 2912 *2912 3012 *29
100 Superior Steel
1
0
31 .278a 307.
.
100 2914 Jan 3 34 Mar 22
14 14 *114 14
15* 14
6,600 Sweets Co of America
114
114
11 112
/
4
1
112May 22
272 Jan 12
10
101 10 10
/
4
94 10
9
/ 978
1
4
1014 4,800 Tenn Copp & C tr ctfe_No par
10
9
/ 10
1
4
97
2May 22 1214 Feb 21
45
4514 4434 4518 4334 4478 441 454 45
461 43,900 Texas Company (The)
4618 46
26 4334May 22 527 Mar 20
2
6118 611
5918 6138 591g 61
60 4 6138 6112 627
3
2
4
8 613 827 10,700 Texas Gull Sulphur
10
1618 164 16
/
1
1614 1512 1634 1634 1714 163 1714 163 174 11,600 Texas Pacific Coal & OIL.. 10 5712 Apr 12 65 Jan 15
4
4
1512May 22 24 Feb 17
118 118
116 116 *110 120 *117 120
700 Tidewater Oil
11934 1193 11972 120
100 116 May 21 144 Mar 2
393 40
8
364 3958 3514 3712 363 38
4
374 381
383 39 45,900 Timken Roller Bearing_No par 334 Jan 2 45 Mar 8
2
5212 535
8 4912 5214 50
5134 51
54 29,700 Tobacco Products Corp_100 4912May 21 8112 Apt
53
4
523* 503 54
803 81
4
79
8012 79
7912 7912 80
7,200
8012 81
7938 801
Do CIA (since July 15) 100 79 May 21 85 Mar 27
2
814 838
8
8 14
4
64 8
74 73
75, 81
2
812 83 30,600 Transcontinental 011___No per
634May 22 1412 Jan 5
egg
70
67 68
6812 6312 *65
68
69
71
800 Union Rag & Paper Corp__100 84 Feb 5 7712 Mar 28
7012 71
1
*18
14
4:4
4
*4
*4
141
1
*4
4
$111
Union 011
4
No vat
4 Jan 4
4 Jan 3
*86
90 *85
88
85 85
*88
88
500 Union TankCar..,
90
88
893
9
100 81 Feb 1: 9934Mar 19
*108 109 *108 109 •107 109 *107 109 •107 109 2 *10712 109 I
100 107 May 16. 112 Jan 19
35 35
35
35
35
35
35
35
2.700 Unites1 Alloy Steal
*3314 36 *3314 36
Nova? 334 Jan 5' 3912Ma5 21
7814 7912 7912 80
79
7934 7958 8038 7912 80
814 3,700 United Drug
80
100 7714 Apr 12 85 Feb 23
.46
4738 .46
4738 *46
474 4738 4738 *4614 471_ *4614 474
let preferred
100
60 4814 Feb 14 48 Mar 1
*167 170
161 168
162 165 *16414 165
2,100 United Fruit
166 166
170 170
100 16212 Jan 17 183 Mar 2
7512 7512 731s 7512 7318 7434 *74
75
75
77
7612 77
2,900 United Retail Stores
-No par 843* Feb 11 84 Mar 3
24
24
23 8 24
5
2258 2312 234 24
400
7
24
S° ra
241
2412 2512 2. 00 U D Cu:il:on Pipe & Fdy_100 224May 22 3412 Mar 2
*66
67
65 66 *60
64
*60
64
65
651 .65 67
100 65 May 7 7214 Jan 3
334 378
312 312
312
312
34 3
/
1
4
4
4 1,400 US Food Products Corp 100
314 33
34 33
312May 4
64 Mar 19
1712 1712 1712 173
1714 *17
4 17
1712 1714 171 .17
174 1.100 luilllioffmanMacbCorp No par 17 May 22 25 Jan 27
5412 5512 50
5418 4934 5134 514 53
5,514 5638 26,200 U El industrial Alcohol
524 55
100 493
4May 22 7314 Mar 16
*99 100
99
99
*9614 100 .96 99
*96
100
Do pref
--Jan
9734 3812 965s 973
4 9612 971
9818 997
99-0912 10014 6,300 US Realty & ImproveMent
9812 1001
-6
24 101 Mar 2 5
2 0 Mar
8912
5012 5134 493 52
4
4914 51
5034 511
50
5213 5214 53
18.800 United States Rubber
leatea 7
bre
100 4914May 22 6472 Mar 22
*9912 100
993 9934 9914 991 *994 100
4
9912 991 100 10014
900
Do
16 105Jan 13
2 43% mar 2
*3014 31
293 30
4
291 *28
291
29
2914 291
2 4,500 U S Smelting. Ref & 131__-_5
294 303
10
0 2 May 16
2
9
214MM:Y
4334 443 *4338 4438 4312 431 *4338 44
100
44
4332 44
Do pref
Corp_ 100 9514may 24 70858 mar 27
130 43 May 22 4912 Jan 3
962 978 9514 974 95 9
8
9534 981
4
61
971 9812 255,460 United States Steel
954 971
11712 lh77s 118 11814 11732 11734 11712 118 •164 1677 16712 1687 12
1712 15
15
1
15
4May 7 1234 Jan 15
100 1163
6334 6413 6214 6414 6114 633
: 00 Utah Copper
11
2 6314 64
400
Do
per
10 8214May 21 7612Mar 5
*174 1734 17
171
17
171 1712 177
18
1814 184 1812 3,700 Utah Securities v 1 0
100 154 Jan 26 2412 Feb 16
3084 3018 314 31
3114 315
/
4
8 301 32
30
3712 3122 323
4 9.300 Vanadium Corp
No par 30 May 22 44 Feb 16
*86
891 *86
90
*86
90
*86
891 *86
Van Raalte let pref
891 *86
,
90
98 Jan 25
818 9
8 4 105*
2
8
/ 914
1
4
988 101
8,600 Virginia-Caroline-CarolineCbens-100 20 iviay 18 264 Feb 23
12
1032 1112 11
8 Ma 1
100
255 29
2718 29
4
28
29
2912 3012 30
Do prat
3012 303 353
4 6.100
4
100 23 4N1ai 19 69 Mar 15
3
60 60
60
60
60 60
1,600 Virginia Iron,C &0
60
60
5912 5912 .60
61
100 5312 Jan 31 68 Mar 5
85 *80
85
*80
85
*80
Preferred
100 80 Jan 29 85 Apr 23
1012 193
1912 1714 18
4 18
18
1812 1858 19
1918 194 9,300 Vivaudou (V)
No par 1514 Jan 17 23 Mar 22
*1314 137
8 1314 1312 *13
1314 *13
1338 *1312 14
300 Weber & Hellbroner._-No par 1214 Jan 27 1532 Mar
*131. 14
8
*4114 45
*4114 45
411 4114 *4114 4512 *404 43
/
4
200 Wells Fargo Express
/
1
*40
/ 454
1
4
/
1
4114kti 21
4
18
•105 108 104 108
105 10812 10612 1074 *106 10714 107 107
2,000 Weatern Union Telegraph_101 104 la 21 105 Mar 2
1
11912 Feb 20
May
851 84
/
3412 83
4
85
84
*834 84
1.000 Westingliou.,e Air Brake_ _ _ 50
8314 8314 84
8
4
83 May 22 120 Feb 17
534 54
5414 5278 537
53
8 5314 54
5314 543
4 544 55 30,000 Westinghouse Eleo de Mfg_ 50 527
2May 22 674 Feb 16
2512 2512 2514 257
8 264 2514 2514 253
4 2534 254 2578 267
8 4,000 White Eagle Oil
No par 244 Jan 16 3012 Mar 20
5112 4912 5012 4012 503
314 517
8 50
4 5012 52
5112 5214 6,400 White Motor
50
12
3
278 3
24 3
3
27
2 3
2 4 278
3
4,500 White 011 Corporation_ara par 48 Jan 24 6072 Mar 19
253 23
4
23
4 23
232May
572 Feb 19
9
94
914 914
87
8 9
853 84
87
8 914
9
914 3,400 Wicks;Ire Spencer Steel
5
82
8May 23 133 Feb 17
2
678 714
718 714
612 63
4
64 Vs
658 7
Os V 13,800 Willya-Overland (Thal_ __ _ 25
612N1ay 22
814 Jan 5
6514 654 6412 6514 6218 6412 6312 6518 6414 651
65 653
7,300
Do Preferred (flew)._ 100 4212 Jan 2 6972 Apr 6
274 30
30 30
2712 283
4 2912 294 .28
2,800 Wilson & Co.Inc. v to-No par 2714M8y 21 424‘Mar 7
301
29's 29
78
78 *-- 787 *____ 785* *___- 787
*78
8
80
100
Preferred
8
100 78 May 21 87 Jan 3
787
*227 229 225 226 22014 226
22514 22812 22434 232 *---- 231
4,500 Woolworth Co (F W)
230
100
Jan 24 23912May 11
*304 3112 30
/
1
2758 291g 29
31
30
1,700 Worthington P & M v t o., _ 100 19912
31
305* 31
31
274May 22 893 Feb 17
4
1012 11
1012 1058 103 1078 1012 11
lOis 11
4
4,000 Wright Aeronautical .Are ear
11
11
814 Jan 17 11 May 17
•Bid and asked prices, no sales on this day. x Ex-dividend
.




10774

iss

PRR SHARE
Range for Previous
Year 1922.
Lowest

Highest

per share $ per share
6 Nov 1612 Apr
247 Jan 424 Sept
2
4 Dec 14 Apr
/
1
4
60 Jan 9112 Sept
Jan 19 June
11
4212 Nov 691 May
10 Dec 21 Nov
2
2
487 Jan 1007 Dec
4012 Feb 95 4 Dec
3
3 Dec 1212 Jan
712 Nov 17 Apr
24 Dec /34 May
593 Jan 99 Sept
4
3112 Jan 4532 Sera
7314 Oct 10518 Jan
4
281 Jan 5914 June
8 July 244 Apr
18 o July 49 Apr
7
372 Dec 12 Jan
32 Sept 71 Jan
39 Nov 5912 Dec
55 Nov 7212 Sept
9012 Feb 10012 Sept
144 Feb 41 Dec
6512 Apr 120 Oct
10512 Apr 11212 Oct
83 Jan 9514 Sera
91 Feb 108 Bent
2412 Jan 51 Sent
66 Jan 100 Nov
1054 Jan 1394 Sept
81 Jan 5314 Jane
264 Nov 384 Jan
94 July 10234 Apr
94 Jan 1264 Sept
194 Jan 364 Sant
19 May
124 No
24 Jan 42 Mar
55 Jan 105 Dee
5012 Feb 804 Dec
21 Nov 3812 /day
434 Nov 7312 mar
3
74 Feb 95 4 May
1214 Nov 5014 June
43 Mar 634 Nov
4
11112 Apr 1183 Oct
474 Jan 67 June
121 Jan 204 Sept
2
614 Mar
112 Jan
2
10 Aug 247 Apr
5932 Feb 9472 Aug
Jan 112 Aug
91
8 Oct 2314 Jan
84 Nov 12 JUDO
344 Dee 4£01 May
124 Dec 134 Dec
4
183 Jan 383 June
4
1172 Oct
8 No
12
344 mar 5412 MaY
86 Mar SO Aug
33 Nov 6714 Mat
15 Nov 24 June
84 Apr 96 Sept
8434 Dec 141 Sent
4
913 Jan 135 04
3812 Dec 25012 00 t
1134 Jan 1164 Nos
68 Mar 90 May
454 May 6334 Dec
Jan 109 Dec
81
2412 Jan 79 Dec
3514 Jan 71 Dec
4
794 Jan 1413 Doe
/
1
4
100 Feb 118 NOT
8 Nov
/
1
4
312 Jan
Nov 1014 Juni
26 Jan 3912 Apr
5 Mat
132 Nov
Ps Nov 124 May
42 Mar 5214
381s Jan 6715 N'.1
4
184 Nov 323 June
109 4 Ma, 154 Oct
3
2318 Sept 35 Oct
4
491 Nov 844 June
71372 Aug 8912 Sept
74 Mar 201 May
2
55 Mar 78 Sees
Dec 25 June
Dec, 1344 Dee
a I 113 Sept
102
25 Jan 414 May
8072 Mar 85 001
414 Feb 5115 Oct
119 4 Jan 162 Oct
1
4313 Feb 8712 Oct
ma Jan 39 Aug
60 Jan 78 Aug
214 Feb 104 Jan
184 Nov 257k May
37 Jan 727 Oct
2
7212 Dec 102 Oct
1
56 Jan 927 Oct
48 Nov 6712 Apr
91 Sept 107 July
83 Feb 4832 OV.
424 Feb 49 Aus
82 Jan 1114 Oct
1134 Feb 123 Sent
59 Nov 7112 Sept
2
97 Jan 2312 Sept
304 Jan 5884 Aug
92 Jan 100 008
3672 Mar
4
231 No
88 Oct
58 Jul
43 Mar 9412 Jan
66 Mar 99 oet
64 Jan 16 Dee
10 2 Oct 17 Apr
1
1
1
6814 Jan 98 4 00
89 Feb 12114 Aug
80 Mar 114 Dec
8515 Alla
494 Jan
25 May 3315 Nov
3512 Jan 64 Sept
212 Dec 12 May
54 Nov 217 Ma)
/
44 Feb 10 May
/
1
24 Feb 494 J1117
2
2714 Jan 501 Bain
66 Jan 91 BePt
137 Jan 223 Not
3
26% Nov 66 2 June
6 Jan 11 Ant

3372

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of punting hoods •ese chewed .0,4 Drien
BONDS.
N.Y.STOCK EXCHANGE
Week ending MAY 25

'el
•;LI
ee

Price
Friday
May 25

Week's
Range or
Logi S218

4;

A -'i

Range •
Since
Jan. 1

4 14
,

•--I" -noon,for tOOOM4 nois 48/not:ea 54214.

BONDS
N. Y.STOCK EXCHANGE
Week ending May 25

S
t
.41.

Weetlr
o
IrPrRticiaeg
May 25

La14 Sale

Ilm ••.. Reno •
.

1 4

Jan. 1

Bid
doe Low
High NO. Lee Moe
Ask Low
High N° Lem High
BM
G.S. Government.
1
,
Arret''
,
body Loan
1 65 6813
8
6812
%
J D 1001732 Sale 00%3 101 1017 007 10190 Atl & Birm 30.yr lot 8 48_0_1933 M S 673 6812 6812
334% 011932-1947
/
1
544 18 8084 884
/
1
-,;;3 9734t 98 90 At Knoxv & Cin Div 4s
1955 M N 83 8412 83
COMP 4 ,,,,, of 1932-1947
J D 98
/
1
3 '
1946.7 D 9834 -___ 9884 May'23 --- 9834 994
j D 98: n rX17 Vi: MtrA4 10 96141 99.10 At1Knox & Nor lit g 53
/ g " s
11o
4
e
Cony 4.4% of 1932-1947
00 1 10 88 9134
9821,2 54 97.00 99 00 AU & Marl A L 1st A 434
,_.1944 .7 j 9014 9134 8934
441 cony 411% of 1932-1947..... J D 99"22 99,322 98
99 1 11 98 100
/
1
4
18t 30
-year 5s Ser B
1944.7 J 99 Sale 98
Second .anerty Loan/
1
4
3
87a2 20 82 89
8 96044 98.70 1161 Coaat Line let gold 49_21952 IA 8 87 4 Sale 8612
M N 932132 982522 981,2 981%
4% 519274942
4 106 108
10
-year secured 7s
1931 MN 108 10654 10614 10678
MN 98i% Sale 972422 982434 4394 961,3398.88
Cony 4K% of 1827.1942
8512 12 82 894
General unified 444s
1964 .1 D 89 8Olg 864
Third Jberty Loan811 124 7612 83
/
4
99% 7019 97113199.18
L At N coll gold ils
,
a1952 M S 814 Sale 80
7.5 5 982132 Sale 981032
41 of 1928
/
4%
1 737 7712
8
7712
7712
AM & Danv lit g 4s
1948 J .1 7712 78
Fourth Liberty Loan62631
/
1
4
/
4
211 4e
1940 3 j 6514 ---- 68 May'23 ----11 611 6878
42
9624399.18
A 0 9833 Sale 97243 983322
41 111933-1938
/
4%
7718 0411'23____ 7718 7718
330
1940 A 0 76
-All Yad let g guar 4s
&
Victory Liberty Loan
8
1941 J i 9314 ---- 933 May'23 ----'i 9338 95
/
1
4
..100.32 A & NW 1st gu g 58
J 11 --------100 May'23 iLyi 992
44% Notes of 1922-1923
100
'1
981:2100.04
A 0 9923s2Sale 99"n
Treasury 41411 1947-1952
1925 j 3 9514 Sale 95
9512 445 93 974
/
1
4
10912 Mar23 ---- 10212 10212 Salt & Ohio prior 314s
41930 Q J ---- ---33 ..anoi registered
m Apfr _ i) inz 944
i
i 4 .
,5
Region/red
21928 Q J
41930 Q J ____ ____ 10314 Mar'22 --38 also/ coupon
9 4
7:
__
10212 May'23 ---- 10312 10354
.
1st 50-year gold 41
31948 A 0 ' 8 St
3
_1923 O F
44 ca
4s ..
jat,eured
21948 Q j 7318 78 74
/
1
4, 7478
6 7418 784
/
1
/
4
Registered
4
/
4
1925 Q F*1033 ____ 1031 Jan'23 --- 1031 10314
3933 de s 80 'Sale 7838
80
0 A ly 2
4
:3
133 771 8212
/
4
_6 2 0
___-_-_ _9 _1_ 19 12 Jup2 21 ____
10
-year cony 4i•is
Canal
Refund & gen 55 Series A_ _10 5 J D 1007 s l° 893
199
2
i 813 Sa e 50 4
3
4
36 QM 9312 ____ 9412 Apr'23 :::: .141; -ii"
1 M
r
19
FPanaman'maa
3* gold 23--t19,5
101781 107 9 38 185
81
00 79
9 014
10
-year els
9312 963
4
/
1
_1941(3M
Registered
P June & M DIv 1st g 3;10_1926 MN NI s: N
t1 1
4
4 4 ,11
1 21
1 1 .
7
P L E & W Va Sys ref 4s 1941 Mu
'
v.2ceiort Government.
9418 98 9112 9412
/
1
Southw Div let gold 348_1921 J J 94 Sale 93%
1927 F A 10218 Sale 10218 10213 99 1004 10318
Argentine .Govt) 75
24 6113 87
65
4
Tot & Cln Div 1s1 ref48 A__1959 J J 6 0* Sale 6314
/
1
4
7712 82
Argentine Preform' 50 of 1909___ M S 8014 Sale79
1161 9114 10258 Battle Cr & Stur 1st gu 3B__ 1998 3 D 5312 59
2
5718 Apr'23 -- 5718 80
82
Belgium 25-yr cat e f 7Ms g_ _1945 J D 10212 Safe 10014 10014
97
4
3
Beocli streek 18t gu g de
ResiCered
5193
1936.7 j 88 9114 8912 A pr 23 ---- _7 8_ _8922
Jan 19262 .7 903 -(oe 9838
5
-year A% notes
/
4
3
,
3
1936.7 j 8612 ---- 88 Feb'23 --__ 86 86
1941 F A 10012 Sale 1001 100 4 .51 93 109234
20-Mr a 1 8s
1938 j .2 9412 ---- 134 Mug°-1945 M N 10014 10958 10812 10912 A* 1071 10912
211 guar gold 53
/
4
Bergen .Norway)s f 80
17 1093 lints Beech Cr Ext lot g 3310____01951 A 0 69 ---- 60 JulY22 ---- -_-- -4
/
1
4
1945 MN 110 Sale 10934 1107
Berne City of) 8181
99: ___ 00 Oet 2
8
3
/
1
4
9112 169 89 94
dellev & Car 1s1 01/4
1923 2 D 80 8 _84 18418 A pr:22 -.:::
/
1
4
1947 Al N 90 Sale 9014
Bolivia 'Republic of) 84
-g51i "gi ,
8012 43 691 83
Big Sandy 1st 4s
/
4
1944 J D
(City of) 15-yr 63..1934 MN 801s Sale 80
Bordeaux
/
1
4
1941 .1 D 9614 Sale 96
961 2091 913 99
/
4
/
1
4
& N Y Air Line 1st 4s
A 6212 79 7512 Mar'23 --- 7512 75
0
1956 P
4
Brazil. .... S external fla
•1
411 go
Nu Bruns & W lot gu gold 43_ _1935 J J 867 ---- 89
Feb'23 --- 89 89
8
1952 3 D 8212 Sale 82
72
/
4
0 ---- 100 May'23 ---- 100 1011
1952 A 0 1001. 101 10034 10118 , 963 104
9
„,,
4
Buffalo R & P gen 8014 53----1937 MN 10
7149
52 87 92
/
1
4
90
90 Sale 8814
10018 ...., 9918 10134
Conse141
/
4
4
Domblian of) g 53_1926 A 0 100 10018 100
Canada ,
/
4
8
4 1003
8 ail 99 102
Burl C R & Nor lot 5s
56_1931 A 0 1003 10014 993
19 4 M N 97 98 9713 May'23 ...... , 9614 991
1937 A O
5
do
do
do
8
1929 F A 1015 Sale 10112 1017 63 100 10212
8
10-year 547
9778 15 94 10012
4
Canada Sou cons ett A Be__ _1962 A 0 9778 Sale 96
1952 MN 99 Sale 983
991 189 977 102
/
4
8
55
/
4
10334 1 102 1044 Canadian North deb a I 78_1940 3 D 113 114 113% 11378 40 1121 115
0
/
1
1941 P A 10312 Sale 102
%
Ohne Republic) ext a 1 8s
/
1
4
8
j 11318 Sale 11258 11312 99 1100 113
0 10212 Sale 10214 10234 63 10118 10312
1946 3
25
-year s I deb 634s
1926 A
-year a 18*
Ext real 5
102 933 90
4
4
4 Canadian Pao Ry deb 48 stock ... .1 j 7318 Sale 7838
793 271 , 7612 80
/
1
4
96
1942 M N 96 Sale 95
7s
tom MN 1037 Sale 102
,
/
4
/ 104
1
4
3 102 105
5
/
1
4
Carb & Shaw 1st gold 48
1932 1,1 8 80 2 90 921 Sept'22 ----11---.
SS-year s f 88
71
4612
711 45 5234 Caro Cent 1st con g 4s
1949 2 J 7012 7312 71 May'23 ---- ' 88
Chinese frfukuang RY) 07 of 1911.7 D 3 4612 Sale 4514
12 8814 94
4
,
1
/
1
4
94
1945 A 0 1093 11012 10934 11014 16„1012,4 11212 Car Clinch* Ohio 151 8-yr 55 liZ j D 93 9312 93
Obi -Wanks (City) 8 I 89
/
4
8
) 9758 Sum 971 983 928 89 98
i
/
1
4
0 8811 943
_9
4
68
Colombia Republic) 845.-1927 A 0 94 Sale, 9214 • 94
Cart & Ad 1st gu g 48
92• 1_. 8812 92
4
4
1981 1 D 773 8312 8112 Dee'22 ---- - _ Copenhagen 25-yearn f 1540__1944 3 i 92 Sale 91
8
/
1
4
Cent Br U P 1st g 4.
/
1
4
66 ' 4 687 66
/
1
4
1948 2 D 8614 73 66
8 901 98 9614
/
4
963
4
31, 9014 97
1944 M
Oohs 5s
lent New Eng tat gu 48
/
1
4
1 54 58
/
1
1961 g j 53 543 54
4
54 1
Eater debt of 6711914 Set A.1949 F A 904 -. . 9014 May'23 ----I 8212 9314
90 4 -_ 9334 Deo'22 -----------.
3
4
Central Ohio 4.145 1930
1949 F A 8234 85 823
8312 13 8118 89
Exteraal loan 4He
1053 3 j 9914 Sale 98 4
8
9914 42, 99 9912 (Antral of lie lit gold 55-_,19 0 M A 100 102 100 May'23 -__ 100 102
1 46 fr S
3
69-40
Conaol gold 58
95 4 1_6 77 953
3
4
96 , 13 99 984
/
1
4
1945 MN 953 9012 954
4
9
Csecho lovak (Repub of)8o-1951 A 0 9512 -tale 95
3
3
-year tempseour:Jeanne 1928- 1 D 1004 Sale 1001 100
10
/
4
/ 31 994 101
1
4
1946 F A 107 4 Sale 107 4 10812 45 107 111912
Danish Con MnniolDa1811°A°
1946 F A 1071 Sala 1071s 10818 4 107 10912
/
4
0
Chatt Div put' money g 46_1951 3 D 731* ---- 7411 May'23 --- 744 81
/
1
Be -lea B
Mao & Nor Div 1st g 58_1946 J 3 923 ---- 961 Sept'22 ---11---- .
4
/
4
3
4
Denmark external a f ins
1945 A 0 10912 Sale 10914 109 4 72 1073 110
/
1
4
/
4
Mtd Ga & All Div 50
1947 J j 92 ---- 94 May'23 --- 94 134
981* 138 del, 99
,
-year 65
1942 .1 J 981 Sale 97
20
9618 10 9514 100
Cent RR & B of Ga soil g 5s.1937 91 N
May'23
1 12
3
Dominican Rep Cons Adm of 58'58 F A 9512 97 9618
1
8714 _17, 84 90
132
Central of N J gen gold 56
/
4
1987 J J 100 108
540
1942 M S 874 871 8714
I
51987 Q j 104 10812 104
3 103 104
104 1
Registered
/
1
4
967 6471 9214 97
_
Dutch East Indies eat 6L, 3947 J ./ 97 Sale 96
87
29 794 87%
/
1
1949 F A 864 Sale 8514
40- ar tie
1982 Id S 9618 Sale 9514
961 444 924 9614 Cent Pao 1st ref gu g 4s
/
4
1953 m s 921.2 "ale 9114
May'23
9218 _
87 3 9218
0
534e trust rcte
E/ . j..,
e
03
I o oufr tgl i? !I54s ...__ 12I leo
gh rrt
French Repuolio 25-yr ext 83_1945 M S 100 Bale 9912 100 i '146 90 101
4
Charleston de Savannah 791936 J .7 152 ___
95 4 `
3 3071 84 97
_ .
20- fear external loan 75411_1941 J 13 953 Sale 947
Chee & Ohio fund & Impt 5o_ _19211 .7 J v5.3 ", 9514
1
1
Great Brit & Ireland(UK of)2 973 103
4
/
1
4
1939 IN N 1004 Sale 99% 10038
let consol gold 58
1937 F A 10378 Sale 10358 10418 289 10238 10434
20
-year gold bond 534e
871 Mar131- - 801 97
9/
3
4
84
58 977 88
/
45
4
Registered
19 9 M N 8984's
1 02 m s
3
4 11414 138 113 118
10
-year cony 5548
1929 F A 11418 Sale 1133
Sale 83',
/
4
82 1 2
46 65 82
General gold 445
1942 MN 811 Sale 8014
Greater Prague 73413
E _1140_ 86/
81
042
r98
4
'23 113-9 8685 8044
80 8 /
95
1992 M s 4 144 884a- 871 A p88 7123 --1
: 1
9694
1952 A 0 943 Sale 94
54 9312 98
Registered
slant (Republic)(is
4
-year convertible 440_1930 F A
9714 16 1 9212 9714
80
Italy (Kingdom of)Ser la 044131925 F A 953 9812 9612
8
9314 21) 92 9412
194(1 A 0
-year cony secured &
86
Japanese Govt
-5 lean 4342-1925 9 A / 931s Sale 927
8
/
1
924
1940 J j 913 93 934 Apr'23 --II 9014 95
71 99 93
/
1
4
Craig Valley lot g 53
1925 J .7 i 02% Sale 9212
Second series 4ifg
97
/
4
8112 33 80 82
/
1
4
Potta Creek Branch lot 43.1946 J J 76% 7 e 7814 May'23 ....... 7814 7814
1931 2 .73 811 Sale 8114
Sterling loan 411
/
1
923 2811 92 9313
4
3
/ /
1
4
1
4
8
It & A Div lot con a 4g.___1089 J 3 80 81 14 79 4 May'23 ....• 76 80
Oriental Development 8 ._1953 m s 9234 sale 924
/
4
2 , 7414 76
8013 78 69 83
/
1
4
7512
/
1
4
/
1
19892 J 741 751i 74',
24 consol gold gs
-year 68_1934 M N 80 Sale 804
Syocts ;City of) 10
3
1941 IR 8 90 ----I 80 . Dec 21 -.-- 1--8012 61 ' 69 83
/
1
4
Warm Springs V Ist g 5s
Mar Alm (City of) 15-yr 83_1934 MN 8012 Sale 80
41 I
6 3212 42
1943 MN 4018 47 401s
Chic & Alton RR ref a 3s _ __1949 A 0
Mexican Irrigation 434e
max an-Eata wan g 5
°14 53 521 Feb'23 ---2 50 8 502
4
8 52 504
„
5
1899 Q .1 5712 Sale 5512
6712 153 49 581
/
- 50112 531
New York Tr Co etre
/
4
46% 5112 ____ ______ ---- ---- ---1954 .1 D 38 Sale 38
/
1
4
3914 8 33 4134
2
Stamped Oct '22 lot
old debt 4.of 1904
47s8 -_-- 4638 Apr'23 ---- 455 4038
s
90% 23 85 914
1952 .1 D 90 9012 90
stamped Apr'23 lot
Mon'evideo 7s
/
4
/ 1001 82 97 10188
1
4
Railway lst'len 3398
Neth glands lis (flat price.)__ 1972 lal 13 100 Sale 99
1954j J
111
23 109 112
1940 A 0 110 Bale 110
/ Ohio Burl & Q-111 Div 348_1949 3 J
1
4
ay externals ffie
4
9812 102 97 100
11 854 901
/
1
883
/
4
1949 .1 .1 8811 89 I 870*
Illinois Division 43
1952 A 0 9812 Sale 98
ge
9612
964 17 951 97
/
1
/
4
96.
1927 MI N 06 ---- 96
3 93 9912
Nebraska Extension 4s
Porto Mem (City of) 8s____1961 J D 9912 97 9/02
1
4
/ /
1
4
7
/
1
4
7 ---- 95 8 Apr'23 ....1 95 95
Registered
1927 RI N
78_1941 A 0 10718 Sale 10718 10712 21 106 1094
Queens and (State) extol
8712 16 83 8912
1958 m s 8714 Sale I gbh
/
1
General 4s
1947 F A 1004 Sale 10012 101 i 52 100 1024
25-icar 68
100 Sale 1 99
/ 10014 76 96 1011
1
4
/
1
4
/
4
1971 F
9612 13 93 9914
1946 A 0 96 Sale 98
Ist & ref 55
Rio„Rand° Do Sul &
511 53
/
4
508
5734 48 47 .66
9312 9412 93
/
1
4
9412
18
90 97
Chic City & Conn Rys 150. _ _1927 A 0
-year of83_94 A 0
Rio le Janeiro 25
35 9014 9712 Chicago & East Illinois hot 631_1934 A 0 1044 10512 105 May'23 ---- 105 1063
1
4
95
1947 A 0 9414 Sale 933
85
/
4
MN 209 7734 811
/
1
4
9914 10, 95 4 99 4 0& E 1.11 R14 (new an gen 5a_1951 MN 79 dale 7548
1952 RI 13 399 Sale 99
8
8
San Paulo (City) s 1 811
6 87
1,
914 13 104 :
8
s
993 Sale 9914
34' 954 100
1982 M N 91 Sale 90
/
1
Cale & Erie let gold 50.
San 'subo (State) ext 5 1 Rs_ _1938 J 3 8814 Sale 8712 100
74 481 58
50
e 10318
34 48
/
4
g
8812 .90 76 90
Chicago Great West let 4s....1959 M S
1942
Seine 'France) ext 7s
45 Sale 43
33 4214 45
Sale
6512 448 5313 2%
45
With Sept 24 coupons on ______
Serbs. Croats & Slovene/8s 1962 af N
484 107
9
1097712
8134 33 6612 85
1936 11 N
Chie Ind & Louise-Ref 63_11147 5-"i 10 "
e- • ma (City) 68
J 79 864
95 2 a
9
0
' 23
y
Refunding gold 5s
1947.7 J 813 Sar 84 mat478 ....7 9411 9258
/
4
1939 D 10514 Sale 10514 10512 48 1031 106
Sweden 20-year 68
3
25 115 11914
Refunding 4s Series C_1947 J J
Swim IOntereen 20-yr a 18e__1940 m s 11512 Sale 11538 116
/
4
7612 sale 7614
77
/
1
4
80 4 15 804 84
3
9 71/4 7734
1
1986 M N 801 3034 80
General tas A
Tokyo City 5a loan 011912
98 1 12 94t8 98
10312 Sale 10312 104
/
1
4
29 11018 107
31986 .1 J 95 Sale 95
103 11378
Ind ersl fls
Gena uoti
Uruguay Republic act 85.-1946 F A
'8
4
%yrne lst gu 4s1956 J J 70 773 78 Jan'23 ----u 78 78
B
1945 A 0 1101s Sale 11018 1111:
Zurich .CIty of) s f 88
814
/
1
5 , 81 844
/
1
/
1
Chic Ind & Sou 60-year 49_1956 J J 81% 8412 814
2 R.5=8
_11
/
1
4
7 8
4
Chic L El & East 1st 4iie____1969 g El 8712 -- 86 Mar'23 ___7 e e: 63:
.42.re and City Securities.
64 1 14 6118 681
4
4
4
CM & Puget Sd 1st gu 45._ _1949 J J 6312 6412 823
Corp stock_ _ 1980 51 S 993 10014 100 May'23 11 993 101
N 'I City-432s
7278 20 70 7434
/
1
4
10018 ---- 10018 102% ch m & SIP gen g 40 See A _61989 J J 724 Sale 715s
1964 IVI 121 10014 100h 100
stock1
4 4a Corporate
631 Sale 63
:
6312
General gold 31413 Set 1:1_41989 .1 3
1966 A 0 10014 10034 10184 mar'23 --- 10134 10213
4-45 Corporate stock
8214 38 784 8378
/
1
8
Jan'23 ---- 10714 108
General 4145 Series C____41989 J J 8112 8214 81
1971 J 13 10514 1057 108
4-48 Corporate stock
8
594 99 66 6234
8
1 105 10712
Gen & ref Series A 434e-02014 A 0 598 Sale 58
4 48 Corporate stock_July 1987 J J 10518 1053 10518 10518
3
1 1051s 10718
8
6612 89 84 70
10518
Gen ref cony Set B Be__ __o2014 F A 65 4 Sale 647
1985 J D 10518 10558 10518
Corporate stock
4-48
6578 259 ea 68
19 is s 105 10512 1047
63
8 1047
8
1 10473 10718
Convertible 448
19322 D 65.2 dale 64
4 4a Corporate stock
81 , 188 76 84
/
1
4
8
9638 22 9658 10014
de
19262 D 80 Sale 7912
1959 hi N 963 Sale 9638
4 g, Corporate stock
/
1
4
61 1 43 54 83
Id N 963 9712 964 May'23 --- 9634 9978
4
/
1
1934 J J 61 Sale 5914
-year debenture 4a
25
1958
4 1, Corporate stock
97 981 97 May'23 ---- 96 97%
/
4
4
1957 eg N 963 9712 9712 May'23 -__ 9712 10014
Chic & Mo Rlv Div 5s__1926 J J
4't Corporate stock
1 9458 90
9814
/
4
4% Corporate stack reg_1958 MN 9614 97 9718 Apr'23 ---- 971 9912 Ohio& N'weet 1,111 la-1886-1926 F A 9614 ----1 9814
93 Jan'23 --re gill ,133 8
/
1
4
73
7
10412
1 10412 105
Registered ... -1886-1926 F A 95 96
1957 M N 1045e 10514 10412
4128 Corporate stock
1
74
,
1987 M N 73 75 1 73
General gold 344
/
1
4 2% Coreorate cook__ _1957 al N 10458 10514 10412 May'23 --- 10412 1074
/
4
'
Registered
91987 Q ir 66 8 ---- 781 Dee'22 ------ _ _ _
8714
lal N 8714 88 8714
3 8714 91
3 4% Corporate stock_1954
8612 12 80111 87
1987 MN 8512 8612 85
103
I 10112 1031
General 48
1961 M S --------1113
/
4
New York State-45
1987 MN 85 87 85 May'23 ---- 804 8714
/
1
. 1023 10312
_.
5
8
Stamped 48.
Canal Improvement 48____1951 J J --------10238
10334 13 101 1054
/
1
stamped
21987
MN 1° / Sale 10214
31
4
102 4
____ ____
-------- 1091 ApY21
General 58
Highway Improv't 430_1963 M 5
1879-1920 A 0 101 105 1034 Mar'23 ---- 10318 10614
Sinking fund &
cliahlvav Improv't 41 _ 1965 m 31 --------10413 Apr'22 --- ---. --/
4
8_
1091 g 2 71512 ---- 711 Oct'20 -- ---- ---.
-1879-1929 A 0 1004 ---- 101% ADr'22 ---- I-..
/
4
Registered --...
Virginia 2-3e
1370-1929 A 0 98 9914 97 Apr'23 ---- 97 1003
2
Sinking fund La
1879-1929 A 0 964 ---- 971 Mar'23 -_- 9712 97%
/
4
Registered
:
Ra
/
4
5
9 981 101
923 95 8 9212
8
1933 MN 993 100 993
8
4 100 I
deb 59
94
9 9212 96
ooa
Sinking fund
Ala Gt Sou 1st llroai40116 A 56........1943 J II 993 Sale 993
1933 142 N 994 Sale 99
9914
3 9914 99
4
4
/
1
4
99 4
3
4 9958 10138
Registered
1928 114 N
AM I'M 1st guar gold 5e
8012
81
1930 J D 107 10712 107
78
8112
1946 A 0 8014 81
10--year secured 711 g
1074 21 10 4 110
/
1
53
436 0 BUBO cone 83.45
8
4
3 106 Ill
5
1998 A 0 9712 84 83 Mar'23 --- 83 83
I5
-year secured 64s g_ _ _1930 RI8 1083 1083 10814 10812
Alleg di West let g 4e gu
/
4
80 . 30 763 82
4
/
4
/
4
1942 M S 8912 911 8912
8912
1 881 90
ChM It IA P--/Mtlway gen 421 1988 2 J 80 801 791
/
4
Meg Val gen guar g 4u
31995 Q 2 82 63 82
6313
4 61
654
/
1
3
Rentatered
5 J 7415 -- -, 7812
788
4 11 7813 80 4
g AR
Ann abor lacFe-.Gen g 48 1995 A 0 88 4 Sale 884
3
/
1
98 81
4
793s 583 765 835*
8
We
Refunding gold 40. ______ 1934 A 0 79 Sale 773
403
5 8414 884
Awn roP
4
1951 2 D 10018 10212 100 May'23-- 973 10113
1998 A 0 8214 ____
St F. & N 0 gold es
Chic
ktegletered
21995 Nov 8018 81
79
/
1
4
/
1
4
8012 10 754 8211
1 D --------99 Aug '21 _. -. 99 99
/
1
4
/
1
Registered
A Ihistment gold 48
/
1
4
1951 2 D 78 ---- 783
8112 137 7638 82
8
/
1
4
01995 Nov 81 Sale 79
784 15 781 791
/
1
Gold 3940
/ /
4
4
Stamped-9512 101 913 97
1983 J D 9518 9512 944
/
1
8
/
1
4
D 8012 Sale 81
81
6 7d
1958 .1
824
/
1
Joint 1st ref 50 Series A
33
("env cold . 1909
82
1951 3 1) 7718 61
81
15 76
81 May'23 ---- /31
833*
Mempb Div 1st 2 41
1955 2 D 8012 sale 80
1905
Cony 4s
1932 A 0 10012 ---- 10012 101)14
1 99 100%
/
1
4
1960 2 13 9914 Sale 97
/
1
9912 163 97 10414 0 St L & P 1st cons g &
Cony 4s isaue of 1910
1930 2 D 1041 106 1053
/
4
5 10414 10712
14
8 106 ,
VZ 8? 938 961s Chle St PM & 0 eon. 54
I
4
East psis Div (lit g 4s_ __1928 M 13 94,3 21114
Cone Re reduced So 3)42-1930 l D 8913 _ - -- 9213 Mar'23 _--- 9212 02%
771 93
/
4
J .1 ZSU
Rocky Mtn Div let 43.-1965 .1 J 853 87 855e
•
1930 M 8 95 96 9518
4
8552
2 82 3834
Debenture 51,1
951s
4 92 064
/
1
4
-Con Short L 1st 4.1....1958 Al 0 92
Trans
/
1
4
141411 .1 0 76
1 87 109
4
9234
%•• • II A $0PlaRi let RR
/ 77
1
4
/ 787
1
4
93 923
s
767
8
1 763 81
8
Cai-Arie 1st & ref 414s"A” 1982
latest bid and asked. a Due Jan. 11 Due April e Due May. g Due June. 74 Due July. 8 Due Aug. 0 Due Oct. 9Due Nov. q Due Dee. s Option ante.
*Fie prise Felder;

nt

1gti4

__ii

1278"

g_ _1_4' ocr11: :1. .412
' 541: 1 1) 9
8'1114,
: ii,1 „

01

i tr:gro II% az' 8 NI :"

Nor




SP

21:

--

204

gn

New York Bond Record-Continued - Page 2
BONDS
N.Y.STOCK EXCHANGE
Week ending May 25

t3

•E

Price
Friday
May 2i)

13 ears
,
flangs or
Lou Sate

i
co
E

Range
Macs
Jan, 1

Bid
Ask Low
High No. Low High
9112 Sale 853
.1
5112 17 87% 925
Chic Uu Sta'n lot gu 4.30 A 1963 .1
8
1903.2 J 9814 100 I 983
3 977 10013
4
SIB
0912
8
19632 J 114 Sale 114
Ist Ser C 6 Rs
114
18 1127 11514
8
Ohio & West Ind gen g 6s__.119321Q M 10413 ____ 105
Apr'23
10412 105
19522 J
-year 48
•
Coastal 50
44 70
737
8
1935M S 1025 Sale 1023
8
15-year s f 7155
8
1025
9 10112 10314
1952 MN 955 ____ 96
8
Oboe Okla & Gulf cone. 53
9512 97
813 May'23- Mar'17
0 Find & Ft W let gu is 4-1923 N-1
1937.2 J
8714 Apr'23
Oin 11 A D 20 Kola 431c
861s 893
3
8
CIEMLA C let g 4s
/1938 Q F 875 ____ 8712 Apr'23
8818 863
4
Registered
41936 Q F
9012 oct'22
194256 11 82
ein Lel)& Nor gu 48 if
85 4 Mar'23
3
8534 8534
953 99 99
4
1928J
Chi & ()Icons 15t g be
Aug'22 .
9013 3an'22
Clearf Er Mah 1st go g 543
1913 J
OlaveCn Cbl & St L gen 43_1993 .3 111 .9 Sale 783
3 76
8
79
82's
931: 92
1931
20-year deb 4348
923
J 92
3 13 9014 9313
Geners1 Is Series B__ .....1903 .1 D 973 983 9712
4
9712
8
5 9612 100
10012 Sale 1003
Ref &(mot 6s Series A._1929 J
8
1003
4 26 100 102
610
_1101 1s
19411 J loll10118
2 10012 191.14
Cairo Div let gold 45
844 92 85
1139 J
3 8018 88
85
Cln W & NI Div Ist g 43_19911.1 J 763 7812 77 May' ___ 7514 783
23
St L Div let coil tr g 4e
795
8
1 742 8138
793 795 78
1900 M N
8
8
ripr A Col Div 1st it 4s
8
84
Apr'23
1940 M S 815
821e 84
W W Val Dlv lot g45
8153
8153
1 805 SI%
19403 J 8213 94
8
104 ____ 105
OCC&Igeneonsg(is
105
1934.1
1 10318 10638
9714 97 May'23
Clev Lor & W con 1st g bs
97
98
19331 A 0 95
9134 __
an
CI & Mar 1st gu g 4358
Jan 23
1930 M
95
95
Cleve & Mahon Vail g 52
87 ___,. 93 Mar'23
19381.1
93 94
91 N ov'21
9514 97
Ci & P gen go 4358 Ber A
19421J
Series B
_
1942 A 0 9514 97 104 Dec'15
9612 Feb'12
Int reduced to 3351
_
I942,A 0
Series C 313s-1948,M N 7918 ____ 9018 Dec'12
76 _
67
Jan'21
Series D 31 0
,
1950 F A
Cleve ebor Line let gu 6328_1961A 0 9212 9313 92 May'23.
90
98
3
:
111.3ye Union TerM 61.58
10312 50 101 106
1972A 0 102 4 1031 10318
84
8314 Mar'23
Goal River Ry lot gu 45
83
1945 .1 D 81
85
913 Sale 91%
4
92
14 903 int:
4
Colorado A South 1st g 4s
1929 F A
8
8413 18 8134 97,
Refunding & eaten 4350
.-1935,M N 84 sale 833
8
Col& H V ist ext g 4e
1948'A 0 8014 ____ 8312 Nov'22
_ 8012
1 W1 - 1 38012
Col & Tol lst ext 43
1955IF A 1918
;
4
8312 11 82
Cuba RR lot 50-yeat 53 11-1953 2 J 83 Sale 82
95 4
3
:
4
10413 10 103 10512
11136.2 D 1031 1043 10414
let ref 71s5
91 1e May'23 __--I 91
Day & SlIcb lot COM 43s193i J J 91 __
923
4
13slaware & Hudson
875
8 12 833 90
1943 M N 87 8714 8604
let & ref tit
8
9413 55 9014 98
1935,A 0 03'4 Sale 93
30
-year cony 51
:
4
993
1937M N 995 Sale 985
4 20 98 1021
5345
,
1075
4
1930'3 D 107 2 1053 107
8 105 1118
10-year secured Is
4
LIR RR & Bdgeist gu 48 9_1938 F A &ea ____ 87 May 22 _-•-1
Den A Ft Cr-let cons g 45_1938 J J 7412 Sale 7318
741
: 69
- 4
f83Coneold gold 455
7814 7o7
g
1938,J J 77
767
8
- 767 80
8
Improvement gold as
1928.2 D 8512 8712 8512
7 82
85%
88
503
8
let & refunding 55
1955'F A
5118
do Registered
4912 Aug'20 _6- ___-__-6 4814 58
Bks Tr stmp ctfs Feb '22 lot..
---50 May'23 ____1 4.5
5413
45
Farmers I.&Tr recta Aug '55..
54
50 May'23
48
5314
50 Sale 50
Bankers Ti ctfs of deP-----50
2 50
50
do Stamped
4818
4513
8 4818 50
Am Ex Nat Bk Feb '22 etre_ ____
40 Mar'23
46
48
do Aug '22 Mrs
Oen /34 & Ft D 1st go 48
43 --13 44 .
J 43
.5 42
1935
4.5
Des Plaines Vol 1st gu 4322_1947 M 13 13614 ____ 9314 89391'22
Det & Mack -let lien it 48_1995 .1 D
7518 Feb•23
7518 7518
8018 Sale 60,
Cold 4s
8
6018
1 8013 61
1995
Dot Illy Tun 4 Rs
8714 21 85
903
4
1991 M N 87 Sale 86
Dul Nlissabe & Nor eon 513_1941
• 4 ....... 9814 Apr'23
8
9804 993
Dal & Iron Range lot Ss
4
1003
4
1 983 1003
3
1037 A 0 9812 1001, 1003
,
Registered
9813 9812
1937 A 0 - - -9812 Jan'23
75 76
75
DM Boo Shore & All it Ss__ _1937
75
80
2 75
89 Mar'23
Minn Nor Div let g 4s..
88
90
1948 A 0 84
Tenn reorg lien g be
4
9104 013
1938 M 8 9018 -9312 9112 Mar'23
E T Va & Ga Div g 58
99
97
Jan 23
1930.2 J 9813 101
99 8
,
14 99
Cone let gold 55
9714
9714
2 98'2 9913
1958
N 97
RIgIn Joliet & East let g 5s1941 M N 99 Sale 985
8
.5 9734 10014
99
103 8 104 10304
Ede let coneold gold 78 ext_1930
,
20 103 104%
104
k
56 Sale 55
let cons g 49 prior
53
65 6412 587
1996 J
Registered
57 Mar'2
1996 J
4512 &lie 4414
let consul eon lien g
453 102 4312 4912
-„Iteglstered
_ 51
Atue2'
1996
Penn coil trust gold 45_1951 F A 83 Sale 9214
8358 18 82
853
4
%
50
-year cony 48 Ser A___I953 A 0 46
48
461
461g
14 411e 52
46
00 Series B
51 4214 52
45
46
15
1953 A 0 •
Gen cony 4s Series 13........1953 A 0 478 Sale 4612
4
3
53 43 4 541:
48
8215 & Jersey 1st s f 65
861 86
85
:
1 85
897
e
1955 3 J 84
Erle & Pitts gug 31.1e B
8
8334 9384
1040 J .1 823 ____ 8334 Mar'23
Series 0
82
0040.2 J 8204 __
Apr'23
82
83 4
,
Evans 54. T H lst gen g be
88
1942 A 0
Ape2
Sul Co Branch let g 00
19:10 A 0
Fargo & Sou 68
97
)2 Itr 22
6
1
J 1924
'
e
99 :
Ala Cent & Pon 1st ext tie
985 May'23
8
i923 J J
iO6
let land grant ext g Lie.
8
8% 8 - 9312
985
.
J J
-----------1)13
4
Consol gold 53
91 Mar'23
1943 J
iii Florida E Coast 1st 4358_1959 J
8512 89
86 May'23
4 97
854
Fonda .2 & Cloy 4158
1952 M N 69 70
79
70 May'23 -__ 65
Fort St U D Co let g 4345_1941 J J
787 804 79
8
A tif'23 ---- 79
79
Ft W & Den C ist g 5 Re
1961 3 1) 9084 101 10012 Apr'23 _
998 103
4
Ft Wrath & Rio CR let g 48_1928 J J 8
5
99
8704 Feb'23 __-_ 95
875
8
Frem Elk & Nio V let 68._ _A933 A 0 1074 10912 1073 May'23 ____ 107 109
4
9714 Sale 9714
()HASA M&P let 5s1931 45 N
0714
1 9511 9934
2d exten be guar
1931.2 J 04
% 9614 9313 Apr'23 --_- 9312 98
Galv Hone & [lend let 58_.... _1933 A 0 85, 894 883 May'23 _-__ 8514 8S3
2
4
4
Oenessee River lets 168
- - 82
1957 J
813is
82
8
79
8 8212 515
82
Gs & Ala Sty let con 5s __o 1945 J J 80
80
1
8282
80
Oa Car & No let gu g 5a
,
9004
1929.2 J 90 s 91
901, 11 90
91 12
Oa Midland 1st 3s
6212 61 May'23
4
803 8473
1948 A 0 61
Gila V 0 N 1st au g 5s_ _1924 M W
99, 9934 9914 Apr'23
4
9514 991
:
Giouv & Osewgatch be
953
3
..
1942 .1 D
Or It & lox let gia g 4 Re_ _194 J
89
55
85 92
- ---Grand Trunk of Can deb 73..1940 A 0 114 Sale 11312
11 cii
.
.66.1,8_2 15
11412 85 1 12
15-year e f Se
8
02
74 1% 105
1930 56S 10334 Sale 1035
104
Grays Point Ter 68
84
10113 A1•r•07
19472
109 i9iie 108
flew Nor Uen le ser A
19311 J
109
36
let & ref 434e Salsa A___1961 J 3 9114 Sale 90
Registered
82
091 112 3° 87
°24
.1
1981
82'2
10014 Sale 99 4
5152
1005 123 06',, 102
8
0
1952
(Armin Bay & W Deb °Us "A"____ Feb 90 65 65
65
75
Apr'23
Debenture Mfg "B"
81
: 9
8
Feb
87
1
87
8 10 87 1314
Greenbrier ity let gu g 43____1940 56 N 8412 ____ 69
Apr'21
8413
Gulf & SI let ref & t g 58_61952 J j 79
3 78
7912 78
783
4
. Harlem Ft-Pr Chee lot 411._1954 M N
733 74
8
7213 784
7338 May'23
Hocking Val 1st cons 9 432e...1999 J .1 8312 8418 831
:
8414 ii 80 86
Registered
1999 .1 .1
7312 June'18
5 95
& T C ist g Saint go
9712
J 9713 98
9712
1937
°34
Cioneton Belt & Term let 50_1937 J J 90
93
4
893 92
91 May'23
9514 98
06I.
0612
1933 M N
Elous U&WT 1st g Gor
1 9514 9718
5178 98
1933 M N 979
let guar be red
5
_
9412 May'22
_
Housatonic Ry cons g 5s_.-1937 56 N
97 Mar'23 ---- 87
87
1957 F A 80 4 Sale 80
907 181 791 8474
8
Had & Manhat 5s set A
3
:
1957 A 0 5914 Sale 5718
adjust Income 58
8
5914 110 55 643
J 8614 90
Illinois Central let gold 4s... _1951
90 May'23 ---- 00
02 3
'
1951 J
Reglatered
- - - 881n 8318 Sept'2 ----------79
1951 J
8078 78 May'23 ___- 7714 83
lat gold 3341
78
1951
Registered
J
8012 80 (4,122
- - -1951 A 0 79
Extended let gold 335e
81
83
83 Feb'23 -- 93
1951 A 0 74
Registered
_
sterling
50
1951 M
let gold 3s
72
8318 Mar'22
Collateral trust gold 4s
8313 843 82
1952 M
4
8'8' 4
7
ii
85
1952 A 0
Registved
1955;M N
1s1 terunding de
i05- gtiig 8512
4
4
37 82
86
883
--

_

• No price krricla.Y: latest bid and asked this week. a Due Jan




BONDS.
N Y.STOCK EXCHANGE
.Y
Week ending May 25

2373

t3
k

BlInols Central (Concluded)
Pu lowed 11009 3)45.
3952.2
Collateral trust gold 4e. _._1953 M
riegistered
1953 M
Ref be Interim cti's
1955 M
40
-year secured She
1934 1
1.5-year secured fiRs g
1936 3
Cairo Bridge gold 43
Litchfield Div tot gold 35,1951 j
3w1953 i
1
1
"0 ll
1.3)111sv Div 54 Term a
famaha Div let gold 3e
1951 F
SitGo d Dls &'germ g 33_1951 J
Loluio3liv
195) 3
Spring( Div let g 3Re
Nestereteicries let g 4s
Regi n t i d
11/5 1 F
1 51 j
Ind B & W 1t pre! 48
s
1°51 F
940 A
.0 Ill A Iowa let g 4e
1950 3
Ind Union Ry 5s A
rit & Great Nor druetts._ 19 T j
95 J
62
let Mtge 6s ctfs
1952 J
Iowa Central let gold 58
1938 J
Refunding gold 43
1951 M

?tics
Fitday
May 25

Ea A &
R 1st gu g 53
1238 3,
Kaa & 51 let gu g 4s
1990 50
20 20
-year 5s
1027
J
K C Ft 9 &.M cons g 8s
N
11)28
81 Ft9 & 56 Ity re/ g 4s_1936 AO
CAMR&B 1st gu 5s1929 AO
raneasCity Sou lot gold 3s 1950 A 0
Ref A irupt Is
Apr 19.50 3 3
Kansas City Terni 1st 4s_ ___196 J
Kentucky Central gold (s____1987 J J
Keok 2.4 Des Moines let 5s___1923 A0
Kaogy & Ohio tat g Se
1925.5,
J
J
11
D
N

LH) Val N N' lot Cue 4%8
1940 64 NS
119581 3 ./
92 M
Registered
GebIgh Val (Pa) cone g 48_2 4 j N
100 M j
°
G•neral cons 4%s
Leh V verm Ry let 1214 g 53._2 0' M N
14A O
0
9
Registered
t.ei, al (081 10-Ft coil 118_151 92 M13
1 4 A 0
°
Leh & N Y let guar odd te,.A945 M S
ex A Fast 1st 50-yr Os gu
.965 A 0
Little Miami 48
Long Dock control g Os
Long isld let cons gold 5s_h11 9031 Q 0
103652 N N
AI J
let consol ROM 46
51931 Q J
General gold 41'
1938.2 0
1932 J D
Gorfitgl gold 4s
l7n As
1949 M S
Debenture gold 68
20-vear p m deb 5s
MM
Guar refunding gold 45
1119°9334407
ND
9
Nor Sh II lot con g gu 55_01932 Q .
1
Louisiana A Ark let g 58
1927 81 9
Lou & Jeff Bdge Co gu g 4e 1945 M 9
Louisville A' Nashville 5.4
1937 M N
Unified gold 48
11)40.2 1
Reglstered
1940 3 J
Collateral trust gold be.... _1931 81 N
10
-year secured 7e__
1930 M N
let ref SIde
2003 A 0
N 0& M It gold 63
1930 J 3
2d gold Os
_19303 3
Paducah & Meru Div 48_1948 F A
St Louts Div 20 gold 38_1980 M
8
LA NA M & NI Istg 4148_1945
M S
L & N South Joint M 4s.
1952 J J
Registered
01952 Q J
Loulev Cln & Leo gold 43.5s _1931 M N
Mahon CI RR let be
1934 33
Manila RR (Southern Lines)
MN
Manitoba Colonization 58..-1939
D
_1934
Mao()BAN W 15t 3lie_ _
1941 2 3
Mex Internal let cons g 4e_1977 MS
Mlebigan Central be
MS
Registered
1931 QM
15
. ___ 1940 3
Regartered
1940 j
I L 8 1st gold 3
1951 NI S
33e
1st gold 3Re
1952 MN
20
-year debenture 43
1929 *0
Hid of NJ let en 58
/940 * 0
8111w L S & West 0111/ g 519_1929 FA
Ashland Div 1st g 6s
1925 M
Mich Div let gold (Is
1924 3 .1
sillw & Nor lst ext 434s
1934 .313
Cons extended 434s
1934 • D
8411 Spar & N W lot gu 443
S
1947
1.111w & S L let gu 33.48
1941 3
Minn & St Louts lot 7e
1027 3D
let coneol gold 5s
1934 MN
let & refundIng gold 45
1949 MS
Ref & ext 50-yr 588er A
F
_1962
81 1
31PASS56 conggsfat gu1928
J
1st cone be
J
1938
10-year coll trust 0
1931 M S
54e
Gs A1946
J
19t Chicago Tern.) e f 4s_.194i
NI 8 51 de A 1st g 4e int gu1926 M N
J J
Miselselinli Central let 5e
1949 1 J
Id K & Okla ist guar 55_
_1942 M N
Mo Kau & Tex-Ist gold 48_1990 J D
6% cents for notes "eat"_
Mo K & T ay-Fri/5s Ser A_ _1982 --J J
40
-year 4s Series B
1962 J
113-year 8s Series C
1932 J
Coln adjust 5s Series A .._ 1967 J J
Missouri Pacific (reorg Co)
let & refunding be Sec A
1965 F A
let A refunding Ear Set C.__1926 F A
Is; & refunding 6s Bet D....1949 FA
General 43
1975 pg S
Missouri Pacific
31I 75 extended at 4%
N
1938
Mob A Bit prior lien g 58
1945 J J
Mortgage gold 441
1945 .1 .1
Vioblle A Ohio new gold 6s_ _ _1927 3 D
1st ext gold 6s
51927 Q J
General gold tis
1938 M S
Montgomery Div let g bs_ _1947 F A
St Louis Div be
1027 J 0
Mob & Ohio coil tr g 48
1938 M S
Hob & Mal let go g 48
199156 S
teat C 151, KU g Os
19373 J
Registered
1937 J .1
guar gold Is
1037.2 J

b Due Feb. C Due June. 31 Due July. n Due Sept.

1 ;3
tt
al.

Hangs
Since
Jan 1
-A skiLow
Bid
High! No Low High
781 7834 May'23 -- 77its 79
:
.1 78
N 8012 8114 79':
81
95 7734 83
11
82
Aug'22
997 292 9818 -997
8
84
N 99 Sale 99
8
8
J 101 Sale 100 4
10112 35 it.50 10234
1 10718 111
:
lOg
.1 1081 11912 IOS
831:1 8213 Mar'23
805
8
82% 87
895: 73
D 7034 7212 69 Mar'23
i
3
73
75
7612 Apr•23
7313 7928
1 68 09%
68
68
A 6734
Feb'23
71
71
J 6914 7014 71
75 May'23
7638
75
SO
J 73 4 79
3
7812 3,03'22 -84
82 May'23
80
83
A 82
8118
92 Nov'10 -O 8312 .. 8578 Mar'23
A
8
8318 8514
. 8334 857 8318 Mar'23
1 95 100
.
95 9612 951
9612
4384 3
60 404 4914
j 4184 Sale 4018
J
9134 279 8912 975e
J 9112 Sale 0013
70
2 GS
70 69
84
7318
D 69
4
35
37 33
35
40
8 333 35

iegnes Frank & Clear let 4s__1959 3D

Lake Erie& West let g 5s____1937 J
al gold to
1941 J
Lake Shore gold 3358
1997 .1
Registered
191)7 .1
Debenture gold da.
26-year gold48
1931 M

West's
Hangs or
Lass Salt

83

May'23

83

87

793
_ 75
-7f 8
396% 97
96% Feb'23
3 1004 102:
14
731 793
102
102
75%
77% 58
925 95
8
94% Mar'23
66i2
6712 87 64
887
4
841
:
865
s 68
108 8658 83%84
73
81
9
8614 Sale SO
81
10 81
83%
: 82
81 Sale 811
5 65
70
74 4 75
3
75
1003 10153
4 °2
101
101 May'23

7514 77%
95% 9914
10114 102
76% Sale
93192
667 Sale
8

931,
9 9118 97
941: 99
9434
8114 86
8212 8312 83 May'23 -7718 711
7612 20 7238 7812
76
7311 Apr'23 -- 7312 7313
73% 75
96
943 95 943
4
8
95
39 02
9214 93
30 9058 9312
93
9214
8512 July'21 -02l 97
0412 9312 May'23 -94
90
90
Jan'23
8912
90
783 Sale 78%
4
78%
9 7811 8112
8812 Sale 877
8
9214
8812 13 85
1007 1008
8
10018 1011 10112 May'23
:
10018
112 11212
112
APr'2:
1
9 10078 105
10212 Sale 1011
: 10212
78
:
8714 84
833 851
8
Apr'23
9812 100
4 9718 9913
9812
9914
SI
81
5 81
81
1045
8
10813 Nov'22
963
4
_ _ 9712
95% 98
9712
8
9214
1 905 9214
9214
83
53 85
833 May'23
4
8312 MI:
8113
811: 8112
8112 Mar•23
7714 Sale 77
7714 12 7512 81
891g 92
92 Mar'23
92
94
8414 847 843
8
2 831 8512
:
4
847
8
771 78% 77
:
7 78
77
83
92 Sale 92
1 92
92
92
9314 94
9412
93
3 93
93
793 9234 7912 May'23 ---- 77
8
80
1005 -- - - 975 May'23 ---- 975 103
8
8
8
91 Sale 90 4
3
913
4 21 9714 92
9014
9014 10 9014 9011
983 Sale 1)73
8
12 973 191
4
985s
4
10712 109 1071
: 10753
4 106 109
10312 Sale 1031
: 1035
8 19 10114 106
104 1055a 1013 Jan'23 - 11013 1013
4
8
4
985s _ _ _ 10112 Feb'23 ---- 9712 10112
817 88
/
94
84
84 Mar'23
6114 63 61 May'23
59% 6
3
90 4 -- - - 93 May 23 --__ 93
3
96
77
80 4
3
78
7612
7712 19 75
7312 7312
- 73% Apr 23
94
95 4 973 9512 May'23
3
95
4
0812 _ _ _ _ 99 4 Dec'22
3
63 6614 68
Apr'23
97 Sale 9684
14 95 8 971
3
4
9714
4 82
S2
82
82
77 Mar10
100
oet'22
1U012 Sale 100%
81 -67;mon
0
10012
3 86
863 8812 865
4
88
8
86%
86
88
7414 fiept'20
77
7912 80
Feb'23
79
80
SO
7812
02
92 Sale 9112
87', 9834
79 6
3
87
Apr'23
91
87
87
98is 7
4 87 100
100 sale PA
100
10034
10112 No,'22
7
e
199 4
s
3
- 1007 Mar'23 - jai/ 1007
8814 9212
8812
- 8914 May'23
89
50 4
3
851 907 89 May'23
:
8
84
89
a 84
86
804 84
8618 Aug 21
743 88
4
.
6f
0
Apr'23
i335 191
10018.- 101
7012 Sale 7012
71
371e
40765
8
365 Sale 36
3934
3612 378 36%
4
371
: 21 35
901
:
9012 Sale 88
98 loo
98%
- 9912 May'23
1023 10312 10014
10312
4
10114 34 .111°5s 17511:.
7 1 9 t4 °6
10114 Sale 10014
° 8438
6 9
9212 Dee'22
97
97 4 9618 Mar 23
,
-fl
8
(
s
887 May'23
8914 92
4
913 Sale 913
4
4
9134
76 Sale 7454
7°
5
141 8 14
757 10
8 -0 4
0
4
4
_- 828 Mar'23 ..__ 828 63%
4
7812 Sale 77
75
34 374 7612 835
8
(1218
643 dale
4
8518 54 623 67
4
12
9518 Sale 9414
4
951
: 191 923 96114
523 Sale 5113
4
53
760,1 5112 63
8212 Sale 9212
953 961 9512
:
94 Sale 93
5s12 Bale 5714

2 82
821
:
3 9514
9512
9434 60 9212
583 1781 58
4

8012
8012
7934 82
903 ---- 9018 Oct'22
4
7118 __-- 70
70
1023 _ _ _ _ 104
4
10414
10014 10218 1003 May'23
4
7218 75
8
725 Ma '23
9014 03
90 Nitty'23
9212 94
9412 Apr'23
:
757
8
751 755 757
523 Fell 211
8
8118 86
4
10912 1113 10912 81a8'23
------- -11104 'day"'
4
9912 111113 100 May'23

3 Due Oct. 3 Option sale.

86%
4
983
99
81
63
:

1 . 7912
5

70

738

72 10 71.
1 75_.
3
10
5
9.
0 944
04
9
7812
6 75
5258 9814
10112 1"
2 11112
99%

New York Bond Record-Continued-Page 3

2374
BONDS
N. Y. STOCK EXCHANGE
Week ending May 25
NI&Elstgu3Ns
Nadu Chatt & St L let 5s
,
N Fla & S 1st gu g 5s
Nat Ry of Mex pr lien 4,348
July coupon on
do off
General 45 (Oct on)
April coupon on
do
off

z

Price
Friday
May 25

I

Week's
Range Or
Lau Sale

I
Ask Low
Bid
77
765
8
0 7a
2000 3
1928 A 0 10014 Sale 100
98
1937F A 98
31
J
_1957J
-11 8
-3 5- Sale 3014
3112 3112
264
1977 A 0 __-2718 30

;
SI
gm

Range
Since
Jan. 1

High No.1 Low High
764
4 743 78
4
10014 10 985 101
8
Apr'23 ---- 98
98
Sept'22 _..
324 34 iiii578
Apr'23 --__ 29
35
Jan'23 ---- 2818 264

2
-261 May'23

2712 2912

3814 June'22
Nat RR Mex prior lien 4e _1926 J
11 28
2
437 Sale 41
43%
43%
July coupon on
45
do
off
Apr'23
28
27
0 ---- ---- 29
let consol 45 (Oct on)____ 1951 A
_ 26
Feb'23
2412 2614
April coupon on
28 May'23
2818 30
2812
26
do
off
6818 6818
1954 M N 6812 ---- 6818 May'23
Naugatuck RR let 48
4
9012
89
New England cone 5s
1945 3 J 80, ---- 904 Mar'23
4
8
7438 747
1945J J 7414 753 74% May'23
Conso148
82
Jan'23
4
763
82
82
N J June RR guar let 45
1086 F A
7814
-8-0-1-2
77 8112
NO&NE1stref&Imp4548A'52 J J 78 Sale 78
74%
77
77
60 7318 79 4
3
1953 J J
New Orleans Term let 48
10114
100 10112
N 0 Texas as Mexico let 88._1925 J D 10114 Sale 101
4
4 80 7711 84
783
Non-cum Income Sc A_ _1035 A 0 7812 Sale 773
-- -- 9012 May'23 --- 8914 9012
19453 J 8912
N & C Edge gen gu 4 Ne
Apr'22 ,-, 04
4
7
94
1935 A 0 913 --_ 94
N YB&MIlletcong
4
104% 626 101 1053
4
N Y Cent RR cony deb 681935 M N 10412 Sale 1023
82 Sale 80 4
3
61 7638 825
82
8
Consul 4s Series A
8714 43 8414 884
A e.
gig F 0 8614 8712 8618
Ref & 'mot 4 Ns "A"
97 Sale 95 4
494 927 983
3
9714
4
2013 A 0
s
Ref & impt 58
1
N Y Central &Hudson River
3
7.53
4 49 72
1997 J .1 75 4 Sale 7518
4
773
Mortgage 3348
7112 May'23
7112 7112
Registered
8912 Sale 8918
8912 32 8612 915
8
Debenture gold 48
- 8912 Nov'22
-- -- Registered
8618 8718 8678
86% 3 , 8412 9014
.?
-year
debenture 48
10
7312 Sale 71%
7312
gold 33e_ _1998 F A
6818 76
Lake Shore coil
70% 79
70 May'23 ---- 70
1998 F A
73
Registered
8
40 7114 77
7212
73
Mich Cent coil gold 330_1998 F A 725 74
7012 74
70
Apr'23
1998 F A
704 75
Registered
8818 i() 83% 9014
1937 A 0 8818 Sale 8714
N Y Chic & St L let g,48
864 Jan'23
1937 A 0
8612 8612
Registered
863
4
Debenture 48
1931 M N 8618 8718 8612
71 83% 888
100
1931 M N 100 Sale 9914
2466A130
76. 99 1007
8
8714
N Y Connect let gu 44s A 1953 F A 8714 877 874
1 8418 888
87 July'22
1947 MN
N Y & Erie IN ext tr Is
- --- ---95 May'23
1923M S
3rd ext gold 44e
9912
5
1
94 May'23
1930 A 0
5th ext gold 58
94 94
943 Nov'15
4
1928 J D 9114 93
5th ext gold 48
---- --- 8612 Nov'22
1946 M N
N Y & Green I- gu g 5a
734 Mar'23
2000 MN
N Y& Harlem g 3Ns
-iili "
iii8
4 993 100
9978,
4
1923? A 99% Sale 993
51 Y Lack & Westsrn 511
4
1930 IN S -___ 103 10314 Apr'23'-- _ 10314 10312
NYLE&WIst7sext
19433 3 9634____ 9612 May'23i _- 94
Dock & Imp 5s
984
N Y & Jersey let 65
1932 F A - -- - - - - - 96 May'23
4
943 9812
91 July'22
N Y et Long Br gen g 4_1941 M S
-- ---N Y NH & Hartford
48% 483 May'23
8
Non-con, deben 4.6
4734 49
1947 M S 46
47
44
Apr'23
Eon-cony deben 33.s
1947 M 13 44
4312 48
41
40 May'23'---- 40
Non-conv deben 334e
47
1954 A 0 39
8 42
44581
Non-cony deben 48
1955 J .1 42 Sale 42
5112
44121 24 43 61
Non-cony deben 48
1956 IN N 43 Sale 43
40 May'23140
Cluny debenture 3Ns
19563 J 39
39
4812
63121 144 615 734
Cony debenture as
1948 J J 6312 Sale 62%
8
31 36
38
4% debentures
4234
19571W N 38 Sale 36
65i8 188 64
Is European Loan
4
813
1925 A 0 65 Sale 64
61 I 224 60
7e France
1926 A 0 60% Sale 6012
7112
Apr'231 _--- 4014 4612
44
Cons 419 non-cony ta
1930 F A
47% 5012 Dec'221---- - - - - -- - 1954 3 3
Non-cony 4s
_
44 Mar'23
Non-cony deben 48
19553 J
44
44
_ 48
49 Dec'221---- - - -_, ---Non-conv deben 411
1958 J J
8
8
81
997
5 99, 997
N Y & Northern let g 58
1927 A 0 993 99% 997
8
s
15638; 80 64
N Y 0& W ref let g 48_41992 M El 66 Sale 6512
707
59 Nov'20 -Registered 15.000 on17-.41992 M S 56% 12 55 "ici5i
58
56
general 48
1955 J D 37
_ 83 Aug'13
N Y Prov & Beaton 4e
1942 A 0 6518
82 May'23,-- -- 804 823
N Y & Pu let cons gu g 45...1998 A 0 81% 85
4
Apr'23!__
99
95
1927 M S 97
X Y & R B let gold 68
96
95
534; 2 51
1937 J 3 534 5412 53'.i
N 1 Sum & W let ref 58
60
4214 45
45 Mar13 i1:0. 5 4842412 439 8
3(1 gold 434e
1 3842
1937 F A
m949;8
44
General gold 51)
1940 F A 42 Sale 42
_ _ 844 Mar'23
Terminal let Elld 5e
1943 M N 844
4112 Sale 40
414
N Y Prches& B ist Ser I 4318_'461.1 J
7 8112 71
6618 641
5
N Wolk Son let & ref A 5s. 1981 F A 64
4
903 904
3
90 4
2 881 934
N adolk & Sou let gold 5a
s
1941 MN 86
N of & West gen gold 6s...„1931 M N 106 10812 06 May'23 ----1 106 10812
8
- 10 Mar'23 ---- 110 110
Nnprevement & extg
1934 F A 1087
107
07
1 1063 107
N fir River let gold
1932 A 0 107 109
4
4
888 33 1 8512 9314
X & W Ry 1st coin! g 4s1996 A 0 88% Sale 873
90
,
86 2
2 85
A 0 86 Sale 8512
1998
Registered
864
10 82% 86%
DWI 1st lien & gins 48_1944 J J 86% Sale 864
10-25 year cony 4Ns
1931 M S -___ 108 107 May'23 ----1 107 1(18
110
10
23 10714 1173
4
-year cony 68
1929 M $ 110 Sale 1084
8614 27 84 8 88 a
5
3
Porab C & C joint 4s
1941 J D 8614 Sale 8514
82 83 .lan'231---- 83
83
N atle Ohio 1st guar g 6s
1945 A 0 79
N rthern Pacific prior Ben rail8512 94 813 87
4
•ay & land grant g 48
1097 Q J 8514 Sale 8412
2 81
8
833
8
833
8312
Registered_
1997 Q .1 8014 85
66 59
61
3
,
62 4
Gmeral Hen gold 38
(12047 Q F 60 4 Sale 6018
Apr'23 ----I 5502 60
3
Registered
a2047 Q F 58% 59 4 60
341' 106 109 4
109
3
8
3
Ref & Imp% es ser B
2047 3 J 108 4 Sale 1075
66 823 90
88
4
Ref & Imp 4 Net BerA
20 47 J J 85% 3812 85%
4 9212 100
0634
5e C
2047 3 J 96% Sale 96
9612 516 9212 9914
58 1)
2047 3 1 96 Sale 9518
89 Feb'23__._ 89
89
St Paul-Duluth Div g 46 1996 J D
9812 Apr'23 -- 984 9812
St Paul & Duluth let 58
1931 Q F 99%
let cotutol gold 48
8414 844
1968 J 13 8012- 8414 Jan'23 _
N in Pao Term Co 1st g 63_1933 J 3 109 10 7 109 May'23
6
. 8
108 110
Jan'23 .- 102 102
No of Cal guar g 5a
102
1938 A 0
North Wisconsin let 611
____ ---1930 3 J 10312 - - 118 Nov'16

MI il,4
S''
1..11 1

Og & L Cham let gu 48 g
19483 J 64% 67%
Ohio Conn Ry 4s
1943 M S 8814
Milo River RR 1st g 55
1936 J 14 91 _
4
,
General gold es
1937 A 0 923 95 2
Ore & Cal let guar g Si
19273 J 994 Sale
Ore RR & Nov con g 48
1946 J D 87% Sale
Ore Short Line
101%
1st consol g ge
19463
do
Guar eon de
19463 J 102 at
Guar "efund 48
1929J D 92 Sale
Oregon-Wash 1st & ref4s_1961 33 801 1 Sale

66 May'23
8614 Apr'23
9658 Mar:43,-9512 Feb'23.____
8
8
993 1
987
8714
8
873 1 18

ID 7812 79
Pacific Coast Co let g
8
Tae RR of Mo 181 ext g 4s___1938 FA 833
1938 3 .1 9312
extended gold be
zd
6(712
Palucab & Ille lets f 43e_1955 3 .1 90
3
75 4 Sale
1958 FA
-Mod RR(is
Paris-Lyons
I consylvanla RRN 8812 _
1943
Consolgold 48
N 90
9212
1948
Gomm!gold 48
May 1 1908M N
4s stamped
9634 98
1960 F A
Coneol4Ne
1985 J D 91% Sale
General 445
19683 D 101 Sale
General 55
8
1930 A 0 1095 Sale
-year secured 78
10
1936? A 107% Sale
-year /secured 63411
111

2
78121
7812
795
85 May'23
1374
9512 Mar'23
91
,
91
9 42 97
91 Mar'23
7514
76 I 227 6614 78

• No price Friday; latest bid and asked




6
7 4
8114 813
9512 9818
413 1(
1
9:9
)812
84% 8712

4
003 May'23
99 10412
011 1
102 I 1
5
2
99% 0
0058 19 78
9218! 70
918
79
8012' 104 7512 82

3
88 8
8
885 ' 1
9
90 f
89%
89 May'23
953
8
9612
5
92 1 134
913*
0014 101 I 158
0711
198581 46
074
108
87

884 9314
8714 91
90
85
88

927
8

8
9234 10136
:
98
106.8 1108
i10.,
10638

BONDS
N. Y.STOCK EXCHANGE
Week ending May 25

%15.

Price
Friday
May 25

Week'.
Range or
Last Sate

1

Ranee
-Since
Jan.'

Bid
High N o Lazo High
Paunaylvanla Co
Ask Low
Guar 3345 coil trust mg A.1937 M $ 8318 ---- 8412 Nov'22
-- Apr'23
82
Guar 334$ coil trust Ser B_1941 F A
0
8
81% 8318
3
8318 --Guar 334s trust ctfs C.......1942 J D 8318 Sale 8318
_
Ouar 334s trust ctfs D___1944 J D 81% 8278 8312 Nov'22
903 May'23
4
8
-25-year gold 48,..193l A 0 903 91
Guar 15
883
8
3
85 2
-year guar 4s ctfs Ser E__1952 MN 85 8 88
3
t0
7212
7212
Peoria & East let cone 48____1940 A 0
234 2512 2214
2
257
Income 4s
31:
2 278904132: 7 8
6 92 4 93789807
96
6
950 .1 96 Sale 9514
Pere Marquette let Ser A 5e_ _ 199 A18
73
1058 3 3 804 Sale 7814
8018
lit Series 11 43
8912 May'23
9534
1943 MN
Phila Halt et W let g 48
i51
46 --37 8475871144 48927'
4518 45% 4514
Philippine Ry let 30-yr a f 4a 1937 3 J
9418 May'23 - -1 94 9714
1940A 0
P C C& St L gu 4 3V1 A
94
9518 94
1942 A 0 94
Series B 4 li 5 guar
9414 Apr'23
94
1942 M N
Series C 43.45 guar
4
893 Feb'23
Series D 49 guar
1945 I N 90% _
F A 89% -- 8412 Apr'23
Series E 3545 guar gold_.,.._
15 89
91
11' 8894943124 911;g
8899934
Series F guar 48 gold
1953 J 0 9014 ---_ 91
8
895 Mar'23
1957 M N
Series G 48 guar
8
liln3 F A 927 95 9212 Apr'23
8 84 !
9
2 9
8
93%12 88
Series Icons guar 4 Na
9
94
9212 May'23
9214 9212
1964 M N 9212 Series .1 434s
8
9612 9712 955
96
General 58 Series A
99 Nov'22
1
Pitts et L Erie 26 g 5/1
._.._aI.P8 11
4
1932 J J 1023 -- 105 Dee'22
?Ma McK & Y let tru 68
1034 J 1 1004 ---- 9514 June'20
2d guaranteed Bs
100
100
3 9714 100
Pltts Sh & L E let g As
lot consol gold 5s
iiT3 1 :1 9612-- 100 Feb'23 ----1100 100
4
983 ---- 98 June'22
7M
Pitts Y & Asti lat cons 5s
38 May'23
38
38s
1957 M N
rrovidence Sccur deb 48
88% Feb'18
5
1956 M 8 743 Providence Term let 481
87% 1,50 "ii7; "al"
8
1997 J 1 873 Sale 8614
Reading Co gen gold 4e
86 May'23 -8012 8412
1997 3 J
Reglarered
85
4
85 Sale 833
8514
271 79
Certificates of deposit
80 86
Jersey Central coil g 4.8____1951 A 0 82 8312 8314 May'23
genes & Saratoga 20-yr 6s ___1941 MN 108 -9711
9738 W4
1927 A 0 973 9814 Rich & Dan 5s
72 Mar'23 2:1 72 72
4
673
Rich & ',reek Ist e Sa
97
97
Rich Ter 58
i 97 100
52
1 4
3 rP
97 180
8
4
95
85 8512 85 May'23 --AR) Or Juno let gu 58
1012 Dec'22
11
9
Rio Or Sou let gold 45
1018 Feb'22
1218
Guaranteed_
-"ii
Rio CR West let gold 431
1940 3 3 7514 7612 74 May'23
39
62%
8 614 68
Mtge de cell trust 48 A
1949 A 0 6212 63 6212
7714 93
R I Ark & Louis let 4 Ns
1934 ell 8 77 Sale 75%
Jan'23
7
0 0
7
73% 81
65
7312 70
19493 J
Rut-Canada let go g 48
Apr'23 ---- 90 8012
80
Rutland let con g 43-45
1941 J J 7618 78
7138 753*
& Grand 181 1st g 4a__ _1947 1 J 7212 73% 7212 May'23 St Jos
Apr'23
9212
91
9212 91
st Lawr & Adir let g 55
199e 3 3 89
9582 May'23
954 9814
2d gold Be
1996 A 0
9112 883 May'23
4
90
st.r. & Cairo guar g 4s
4
87 4 9912
- 9 8 9°
9714 4
i
6 9634 Bale 9512 July'14 --1
St L Ir NI & 8 gen con g 5a
- _ 02
1931 A 0
Gen ergl stamp gu g 5e
60 828 89e
87
s
Unified & ref gold 48
1929 J J 8612 Sale 8514
124 78
88
79
71) Sale 78
Riv & 0 Div 1st g 48
99
96
96 May'23 _ 96
99
1 0 A1 1:1
11/11 IPb1
St L M Bridge Ter gu g 68
St Louis & San Fran (reorg Co)
3087
898
69278 213 65
88
6 , 88,
83
8
6 8
707
Prior lien Ser A 43
1950 33 077 7 96,8
7
80 85 a
Prior lien Ser B Si
1950 33 82% Sale 81
89
4
68 8734 924
'3 8918 9012 883
1942
5545
97 10018
1928 33
Prior lien Ser 0 8s
148 7112 80
73
81955 A0 73 Bale 7112
Cum adjust Ser A en
6614
68
Oct
Income Series A es
_19
St Louts & San Fran gen 68_8 931 33 10212 ---_ 1034 Apr'23 ...... 1024 1034
954 99 4
3
1931 J J
General gold 58
8212 824
.1
11198
St L & El F RR cone g 4s
90 Feb'22
Southw Div let g 58_ _1947 A0
2 WI;10222
102
101 1014 102
1048
St L Peo & N W lat gu 5s
2 1
:32 6
037 ai
2
:96 : sa 8711 8 l : 8966 2 0 t'223 - 4: :
.
1931 MS :12"_--Ie_ 82611:148 NAal Y6r:2 11:- _76i39ial: 8713:424
St Louis Sou 1st go g 48
14
7714
75
1989 MN
St L S W Ist g 4s bond ctfa
8
697 May'23 - _ __
bond ctfa.p1989 33 7012 71
2d g 4s Income
7312 783
8
1932 3D 7712 Sale 75
Consol gold 48
5
8
7 51 92
5
let terminal& unifying 58 1952 33 75 8 Sale 74%
78 Sale 764
25 754 8112
78
St Paul& K C Sh L 1st4Ns 1941 FA
914
93
91
914
3 9114 93
1933
lt Paul ki & Man 48
8
108 10912 1077
108
6, 1073 10914
4
1st consol g (15
99 8014'20- I
10612 110
33
19 3
9614 Sale 9512
0614
8 -illi -17 12
3
; i1933
re
to
Reduced todgold 4 Ns
4
923 --- 97 Aug'22 --__
1933
Reglinered
'
8 231
1 -gfil; -W
.
D 9012 9112 894 May4 .- ii..81.
1037
Mont ext let gold 48
'211...3 7114 784
r4
80 Ma7
91
..
2.
D 89
1937
Registered
72
74
3
74
8 12 SaIe 8458
J
1940
Pacific ext guar 41
J
1043
88 & A PARR 1113t on o 4a
S
42 I C
9
1950 A ,
Santa Fe Frisk Pb Se
'2
82 1; 80 7
0
9
91 2
88112 Sale 8714 34117 4 -- - 9712 8914
5 9
3
Han Fran Term' let 48
-107 107
1
1934 A 0 1064 ----107 Mar'23
Say Fla & TM
3
89 4 ---- 100 Nov'22- ___ __ __
53
8
3
19 9 M ° 863 8812 8.518 May'23 ____ 854 8714
1 984 A N
del° V & N E 1st gu g 48
58
554 May'23 ____ 53
1050 A 0
Seaboard Air Line g 4s
8
2:
535: 2 06 1009;
4
5
5 5212 5
4
1950 A 0 5612 Sale
Gold 4e stamped
3
30 4 Sale 30
2
09 22114 3212
01949 F A
Adjustment 5s
48
4514 322 39
5
49
19 6 A 0 4518 Sale 44
Refunding 411
67
8
M S 667 Bale 65
1st & cons Os Series A
973
1' 93% 973
4
1926 .1 1 9714 ---- 97%
Seaboard & Roan let 58
Stier Sh & So 1st gu g 53
.2
1661& N Ala cons gu g 08
S
Igo A ce 9912 Sale 99,
2
Oen epee guar 50-yr 5a
9 7712 85
82%
8
So Pao Co-4e (Cent Pee ool) R1949 J D 823 Sale 81
8
9214 116 9014 924
cony 42
0929 IN 5, 92 Sale 915
-year
20
1934 1 D' 100 Sale
-year cony Is
20
111" _L 189,8 894
71 °
8 91
- 8918
M 3 8812
1937 .7 14 10118 _i0;7 10014 Apr23 ____ 1 3114
So Pao of Cal-Gu g Is
Jan'23
1937
So Par Coast let gu 48 g
87% 82
1955 .1 3 87% Sale 8612
8812
So Pac RR let ref 48
:
3
5 8 82 9 :44 98:4
95
2
8
7 09,4 89833
1994 J 3 9518 Sale 9412
Southern-lst cons g 58
____ 93
6912 295
2
9 14
red
ileg
11954 3 O 68 Sam 87
996 A P
Develop & gen 4s Ser A
8
1017 129 100 102
4
4
1956 A 0 1013 Bale 1003
Temporary 634s
97
1998 J .1 9238 9912 9214 May'23 ____I 90
Mew Div lat g 430-5e
7912
4 .514..
7714
. 0
7. 8 3
. . ..1
Louis div 1st g 4s
1951 J J 7712 81
St
9812 9814 May'23 --- .97_..7
54
.
1929 M N 9818
130 Car & Ga 1st ext 5)4a
,
Spokane Internal 1st g 52___ _1955 3 3 85 8612 83 May'23 --- _ 82 83 2
0 0 t, 22
92 m fty 2 -_-___
c: 0
7
946
1933 J D 72 8 :::: 8
Staten Island Ry 434s
3 3
7
__
Lew 45
Bttp b or
ei U negrY Start I. 1st as8e1939 M 8 95 --- - 95 May'18
9312
9.. 95 1 - 21
Term Assn of -t L 1 E g 430_1939 A 0 9312 9414 9312
99
96 May'23 ---- 96
8
1944 F A 963 99
112
4 77
81
1953 ,i 3 81 Sale 7912
Pg 43
tn n e
" ndid
ole reftigo s
9034
1943 3 .1 9014 95 904 May'23 - Tog & N 0 con gold a
33's Dec'22
Okla 131 gu R 5a____1943 M S 33 34
Texas &
94
6 9012 961
9312
2000 J L) 9312 114
Texas & Pa' et gold 55
58% 54 May'23 --__ 4012 54
La Dl d B r
2d goi v Income 55 ___ ._82000 Mar 54
4
8912 May'23 ____ 882 92
1st g Ss__ . ___1931 J J 8812 89
4
4
1935 J J 97 --- 9712 May'23 __- - 963 983
Tol & Ohio Cent let gu 58
1935 A 0 91 12 __ __ 9312 Apr'23 _-_ 924 961
Div let g 55
WeNern
8
873 Mar 23 ---- 874 89
1935 1 0 8712 91
General
32
Apr'23 -.-- 30
- 31
1917 J J 30 m
1141 ):
TO1
TM St L & W pr lien g 350..1925 J 3 9314 95 95 May'23 _ ._ _ 934 95
8 685 75
4
8
693
1054) A 0 6811 72 694
,
,gold 484
year& o ,
5
94
aA
1931 J J 0514 _ .-- 9518 Nov'24 -- .- - - 9618
59
To i W
1933 3 J 9514 9814 961a May'23
Series
1942 M S 8414 ---_ 86 s Nov'22
B 45i5
Sees C 4
82
-fill;.
8
3
Tor Ham & Buff 1.t g 48._ _31946 3 0 79 4 805 82 Mar'23
94 9512
!Reiter & Del 1st eons g 58.,, 11128 3 1) 944 96 944 May'23
70
66
70 Mar'23 _.
67
1952 A 0 62
g
refunding
70 8814 93 4
3
91
1947 1 J 91 Sale 894
Pnion Pacific lat g le
1
4
8
1947 3 3 855 90 8812 May'23 _ ii 4
Registered
953*
'5nv 4s1P
1927 J J 9514 Sale 95
ear emi
20veg 1co
8 53 8018 88
855
'72008 M S 8412 Sale 84
181 & refunding 411
25 100 10 3
1113
54
-year perm secured 63_1928 J J 103 Sale 10212
10
9314
19441W 8 90 ----I 90 May'23 --11 90
V N .1 RR & Can gen 4e

13

1
214 :I ';

'
MI A

mg 3F: gi4

2
20. AZN

- 5
-_37:1 t881,7 4. 1,167:::

.90

VoIt ',ris

81,

this week. aDue Jan. 9 Due Feb. g Due Jo e, h Due July. k Due Aug. 18 Due Oct. p Due Nov. g Due Dee. s Option sale.

New York Bond Record—Continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending May 25

11?

Price
Friday
May 25

Week',
Range or
Lou Sale

5.
ce pi
s

Ranee
Since
Jan. 1

BONDS.
N. Y.STOCK EXCHANGE
Week ending May 25

iU

2375
Price
Friday
May 25

Week's
Range or
Last &NI

CO 9i

Range
Since
Jan. I

High No. Low High
Ask Low
Bid
Bid
Ark Low • High NO. Low High
82
3 31 95 95
-- 8
053 94
9212 92 .May 97
1943 F A 91
9912 9978 Crown Cork Az Seal Sc
4
.1 983
• 997 Jan '23
8
1926
Utah & Nor gold 58
893 Sale
4
91
913
4 Cuba Cane Sugar cony 722_1930 J J 9438 Sale 93%
1933 J J 8838 ____ 9112 Apr'23
89
9412 90 9014 9814
let extended 45
'
3
Cony deben stamped 8%.1930
Apr'22
1955 F A 84 ____ 88
10772 20 10612 10812
Vendetta eons g 4s Ser A
10714 Sale 107
Cuban Am Sugar 1st coll Els_ _1931 M
85
87
1957 M N 84 __ 85 8323'23
13 91
Consol 49 Series B
9414
'
3 92 Sale
.._1937
34
374 May'23
374 Cumb T & T let & gen Se.
50
22
Vera Cruz & P let gu 43122_21934 J .1
97%4 June98'27
84312
9
AO
Denver Cons Tramy As
34
45
Apr'23
38
38
27 - 3- July coupon Oa
99 4 91i
8510 86
1'53
3
Dent Gas& EL let & ref g 5931 MN
7312 49 55
July coupon off
99
734 71
1942 MS 72
7e
98 Mar'23...: 9814 9814 Dery Corp D
1928M S 96
VerdiVl&Wletg6e
987
8
3 94 4 10012
3
' 98% Sale 98
3
8
981s 983
0
4 Detroit Edison let colt tr 55_1933
9818 Apr'23
1926 PA S 9818 99
4 90
8
Virginla Mid Ser E 58
104
9
612 41 101 194
10412 843le 102
96 Sale 9442
let & ref 5s ser A
k1940 M
93 97%
9718
1936 WI N 9718 Sale 9718
General 55
let & ref 68 series B
11940 MS
9412 93 Mar'23 -- 93 9314
2003 J .1 92
Vs & So'w'n 1et gu 58._
83
33 82
84
8234 Sale 8212
Jet United let cone g 4 As_ _193 .1 .1
3
8
-year 5e
1958 A 0 733 7612 78 May'23I_ _ _ 75 8 81
10618 92 105% 1084
let cone 50
106
Diamond Match a f deb 7 48_193 MN 106 Sale 5018
9514 34 904 98
8
1962 M N 954 Sale 947
5012 12 49
Virginian let 58 Series A
5014 sale
64
Distill Sec Cor cony let g 56_192 A0
9612 27 944 99
1939 M N 9612 Sale 95
Wabash 1st gold Se
5014
1 49
64
5014
50 4 51
,
Trust certificates of depoelt---8 25 83 9214
857
8
1939 F A 857 Sale 85
2d gold 58
87i2 26 84
8.3
1
44 80
8 12
9
5
3
8
Dominion Iron & Steel Ss_ _ _1943 33 823 Sale 8614
67 69
67 May'23
72
let lien 50-yr g term 48._ _ _1954 J J 67
4
863 871
J J 8614 ___
94
9612 Donner Steel 78
97
94 Mar'23 _ _
1 872 go
4
Dot & Ch Ext 1st g Se.....1941 J J 90
88
88
946
7338 Jan'23
- 7314 73 8 E I du Pont Powder 4lie_ _1932 ID 10714 Sale 1071s
3
J 6638 79
Dee Moines Div let g
10712 54 106% 10914
63 6614 du Pont de Nemours dr Co 734e'31 MN 10314 Sale 10212 103
63 May'23
Om Div let g 3;Ca
1941 A 0 6314 68
39 101 10412
8 iuquesne Lt let & coil 68_1949.2' 107 Sales 197
723 727
4
723 Apr'23
4
Tol & Ch Dly g 48
1941 M S 704 75
10714
34 10614 1081s
Debenture 7(-4s
1936 J J
7018
7412 Nov'22 _
Warren let ref gU g 350
2000 F A
10314 353 94 11314
4
10312 Sale 1013
East Cuba Sug 15-yr St g 7)461937 MS
7408 SO
8
8
2
Wash Cent let gold 422
1948 Q M 7714 787 745 May' 3
-. 86
91
86 May'23 ..
88
85
1939
'
3
2 975 975
97 8
5
8 Ed El Ill Bkn let con g 4e
975
8
8
8
1924F A 975 49
W 0 & W let oy gu 422
Apr'23 ---- 100 103
1995.2' 97 102 100
7612
1 7612 793 Ed Elec III let cons g Ea
76122 Sale 7612
8
Wash Term let gu 334e
1945 F A
Elk Horn Coal cony Se
J o
845 Nov'22
8
1945 F A 8112
let 40
-year guar 49
Sale
Empire Gas & Fuel 750—.1917 MN
92
:5
8712 Mar'23 -- 8314 89
W Min W & N W let gu Se_1930 F A 76% 85
1932 M
4
6212 19 60
5 1909977045114 199907808591;2:2
4
i
85 4 Ea G Light As
3
West .,taryla d let g422
,
1952 A 0 6154 Sale 603
975111122
995
06 M45'906;2221
0
Fisk Rubber 1st e I 8e
1941• S 19099276334 l9712 199
9512 100
West N Y & Pa 1st g be
19173 J 9552 9714 96 May'23
76 __-_ 7018 Mar'23
75
8312 12 Smith Lt & Tr 1st g 59_ _ _1936 M
11 ..as 4
Gen gold 4s
1943 A 0 731s 7618 75 May'23
Frametic Ind & Dev 20-yr 7)45'42"3
16, 784 85
79
8
Western Par let Sat A 521
1946 M S 79 Sale 785
12
2
' 1932
1901 3 ° 3
: 01
0
3
93
,
102 Sal_l_e 1911 14416093,213
9112 B_It e_ 0 :
9
16 77
1942 M
81
4
8012
83% Francisco Sugar 7%22
West Shore lot 49 guar
23813 J 803 82
Gas & El of Berg Co cons g Se .1949 3D
80
6' 75
78
753 80
4
82
Registered
2381 J J
101
78
1 9912 101
78
80
108 10012 101
70
General Baking let 25-yr 68..1936 3D
9712 May'23
99
97
1926 A 0 944 99
Wheeling & L E let 2.2 5a
Gen Electric deb g 314s
FA
Feb'23
99
9826 99
Wheeling Div let gold E28..1928 J .1
101
994 103
8
Debenture 58
1942 MS 1005 Sale 1004
92
_ 955 95%
5
Jan 22
3
8
28 97 10111
1930 F A 90 4 9718 95
15 7631 80
1
Exten & Impt gold Se
99
:
9814
GenRefr let s f g 65 Sec A_1957 P A 9814 99
49
10 49
1 42
62
1966 83 S 49 Sale 49
199 19 0 10,1774
55 9 :i 11013
Refunding 434e Series A
1
9
101
8
8
Goodrich Co 6.245
3 57
.
60
J J 1007 Sale 10614
60 Sale 591
6512
1949 M S
RR let consul 4e
117
4
117 Sale 1163
Goodyear Tire & Rub lets f 8 '41 MN
42 3
0
515
8
5314 20 50
60
19423 D 5212 53
Wilk & East let gu g Sc
195
105
4
10-year
deb g
Jan'23
101
F A 105 Sale 1043 Apr'23 --- 92
101 101
D
19383
WIll & F let gold 522
9212
____ 924
•
Apr'23
79
80
76
76
8112 Granby Cons M & P con 68 A '28 MN
WIneton-Satem ii B let 4e.._ _1960 J
8
90
4 . 92
97,1 4 Feb'23 ..2 9618 102
92,8
Stamped
1028 MN 95
7712 741 2
7, 74
763
8
82
1949 J .1 76
Wis Cent 50-yr let gen 4e
Cony deben 88
1925 MN
76
7718 763
7, 75
4
763
4
805
8
Sup & Dui div & term 181 68'36 M N
95
95 May'23 ---- 95 101
Gray & Davie 7e
1932 FA
54 4 ---- 65 May'22
3
19433 J
W & Con East let 4149"
*mat Falls Power 1st e f 5a_ _2940 Mel 9-712 984' 9718 May'23 ---- 97 100
INDUSTRIALS
2 8012 82
82
182
81
1952 33
80 Sale 80
80
2 80
80% Hackensack Water 4e
Adams Express coil tr g 45._ _1943 M
844 89 May'23,---- 87 94
9612 18 954 9912 Li3Valla Elec consol g 5s_ _ _1952 FA 84
1936.7 0 9612 Sale 96
/Mx Rubber 82
843
41 21 81% 854
Havana E Ry L & P gen Ea A'54 M S 8414 Sale I 8314
_ 618 5
20 5
8
_1925 NI
Alaska Cold M deb Be A
973
4, 35 96 100
1942 MN 9712 Sale 97
5
71
. 5 May'23
5
614 Hershey Choc let s f g 68
1926 M S
Cony deb 65 series B
88181 14 87
92
9758 Unhand-Amer Line 68 (flat)_1947 MN 5818 Sale 8711 A p99
951 2 155 95
1933 A 0 95 Sale 05
Amer Chain 6s
973
93
e22 _4 _ 974 9412
281
8 4 89 8 96,911
_
27
933 95
8
10012 Hudson Co Gas 1st g 52
1943
N
4
9814 30 96
1928 AO 97 Sale 963
Am Agri(' Chem let 55
977 Sale
8
787 993 1043
4
4 Humble Oil & Refining 5345 -1932.23
9810 Sale 98
101
1941 FA
let ref a f 7148 g
1940 AO 9212 Sale 91
10 59
8012 Minas Steel deb 4;4e
67
N 66 Sale 66
1931
Ant Cot 011 debenture 55
2M2
89911,22
78
Ind Nat G & 0 5s
8
1936 MN 75
10572 Deo'22
1938 ii 1063 _
Am Dock & Inlet gu 69
16 -93 1614
—
01c00
907
8 Indiana Steel let Se
1952 MN 100 Sale
4
901s 23 89
1937 AO 901s Sale 893
Amer Republics 68
96 Nov'22
Ingersoll Rand let gold Ss_ ._1935 32
210 8418 928
90
sgn.Sm&RlstlO-yr5sserA 1947 At) 89% Sale 89
911
5 "io
:5
/ py 21
912 1AO r 2i ____
5
---101% 159 9958 10118 4Serboro Metrop coil 4329..1956 AC)
8
6s16
1947A 0 101 Sale 1003
____
elertilicatee of deposit
SIll 10012 104
102
4
American.Sugar Refining 6a 1937 J .1 102 Sale 1013
114
67 % 490 6612 7273
1
58
13 Sale
8
15
8
Guar Tr Co ctfs 16% stamped_
4
8
924 138 9078 923
Am Telep & Teleg cell tr 40..1929 J J 92 Sale 913
8
nterboro Rap Tran let Ss__ _1966 :I-; 665 Sale 66
2 86
8714
90
Convertible 4s
1936 M El 87 Sale 87
667 Sale
8
Stamped
- _ 102 100 May'23 100 10212
20
-year cony 4165
1933 M
6
53'8
65
6
73812 116 1 63 73
99 8512 72'1
:
10
-year Be
1932 A 0 6512 Sale 6.3 2
126 95 101
973 Bale 973
98
8
8
80-year temp cell tr 512_1948 J
90 4 124 8914 94 4
3
4
3
7e
1932 NI, S 903 Sale 8912
4
11412 29, 2133 11712
-year convertible 68
7
1925 F A 114 Sale 114
7514 76; 7218 8112
75 Sale 7414
4
62 82
8614 Int Agri° Corp let 20-yr 522_ _1932 M N
8
85
Am Wilt Wks fit Elec Se
1934 A 0 843 Sale 843
8212
84
8
56 8212 90 4
3
74
98 70
8512 Inter Mercan Marine e f 68 1941 A 0 835 Sale
Am Writ Paper s f 7-6e
1939 32 7312 Sale 70
8518 86
1947.2
9878 International Paper 58
9712 388 96
Anaconda Copper 68
1953 P A 0710 Sale 9614
85
;
847 Sale 54 8
8
8 % 45 83 58 2
8
6
5
15 8 14 85314
3
let & ref 5s B
19473
473, 100 1043
8
102
4
4
722
1938 P A 1017 Sale 1003
Jeff Clear C & I Se
1926 J D 103 _ _ _ _ 95 June'17
46 84
861
90
Armour & Co let realest 4 yds 1939 3D 8512 Sale 8512
827 Sale 8212
8
827
s 16
-9378
13 29
39
8
8510
4012 Jurgena Wke 135 (fiat pricc)_1947 .1
Atlantic Fruit cony deb 78 A_1934 J o 355 40
9612 81 934 9614
1952 MS 954 Sale 95
41 29
39
39 Sale 3812
394 Kan G & El 68
Trust certificates of deposit_ _
893 191 87 90
4
4
Kansas City Pow & Lt 5s_ _..l952 M S 893 Sale 8812
24 31
44
391
355 391 1 39
8
do
stamped
8
10512 15 103% 107
8
Kayser & Co 78
1942 F A 1047 105 1047
4
98 Nov'22
Atlanta One Light 5e
1947 3D 953
3
1931 M N 10914 Sale 10812 10914 31 10712 109 4
32 97
987
994 Kelly-Springfield Tire 8s
Atlantic Refs deb Se
1937 33 98 Sale 98
9412 Julr2.1
Keystone Telco Co let 53_ _ _ _1935 J J
101
3 100 103
Baldw Loco Works let 58
1940 MN 10014 101 101
994
King!' Co El L & P g 5e
1937 A 0 9614 9712 964 May'23 _ _ _ _ - 1- 99
19 997 103
8
1001
Bernedall Corp e f cony 8% A.1931 J 3 100 1001s 100
2 10812 11312
11114
Purchase money fls
1997 A 0 11114 Sale 11114
1
Bell Teleph of Pa
4
Convertible deb Se
1925 M S 104 ____ 1051 Apr'22
973 269 9514 9914
4
19483 J 971 Sale 9614
"
3
74
64
72
70
7014
8 973 9912 Kings County E let g le__1949 F A
4
983
4
9914
Beth Steel let eat e f 58
1926 .1 J 99 Sale
1 -t1-4 76
70 4 Sale 704
3
70 4
3
Stamped guar 45
97t8
1949 F A
21, 91
95
let & ref 58 guar A
1942 M N 9412 Sale 9414
1 78
804
7414 823 7878
4
934 Kings County Lighting 53
1954 J J
14 87
89
8812
20-yr pm & impel 5a
8
19363 J 885 98
9712 97 May'23
97 101
6;fe
.
J 97
9914 129 96 100
1954
Sc A
1948 F A 9914 Bale 982,
4 9914 10112
10114
3
1936 .1 0 100 4 1014 101
8 Kinney Co 7149
92
108 8912 937
4
040
1953 F A 913 Sale 9114
89% 32 8812 9212
1950 M S 8978 Sale 8812
8 Lackawanna Steel58 A
8
2
703 703
703 Mar'23
Booth Fisheries deb e I68
1926 A 0
9214
19 921 96
9314
.
9926 35 977 1004 Lac Gas L of St L ref& ext 5e 1934 A 0 9212 9314 8812
Braden Cop M colt tr a 1138_ _1931 F A 99
*
9912 99
9112
8812
5 8812 9112
90
947
8 57 9152 984 Lehigh C & Nay f 4448 A _1954 J
3
Brier Hill Steel let 5l4e — _1942 A 0 9412 Sale 93 4
99
993 100 4 May 23
4
3
99 10021
Lehigh Valley Coal 58
19333
17 62
69
67
Wway & 7th Av let o g 5s_....1943 J ID 65
65
67
89 ____ 831e Oct'21
48
19333
8512 88
8
Brooklyn City RR 59
1941 J J 847 8514 854 May'23 _
44
___ 45
44
Feb'23
44
Lex Ay & P F let gu g 5a____1993 m
8
33 947 98
Bklyn Edison Inc gen Sc A2-1949 J .1 97 2 Sale 963
4
98
,
3 112 117
117
14
8
Liggett & Myers Tobao 78_1944 A 0 1155 117 11526
10212 10 10012 10484
General8seerleeB
19303 J 10212 Sale 10114
9712 12 93
9814
56
1951 F A 9712 Sale 9612
106% 18 105 10814
General 78series C
1930 .1 .1 106 Sale 106
4
_ _ 1117 1163
4 1143 May'23
2
8
4
Lorillard Co (P) 78
109
1944 A 0 1125 1143
108
7 106
General 7e seriee D
1940 I D 10S Sale 10772
96 . 15 931s 974
96 Sale I 9518
55
58 88
Skin Qu Co & Sub con tad 56_1941 MN -------- 66 Mar'23
1 11212 120
113
Magma Cop 10-yr cony g 7s_ _1952 F D 11412 117 113
931 J A
let 59
791z Nov'22
1941 .1 J 8012
987
8 53 9612 102
s 8
Mama Sugar 7348
1942 A 0 9818 987 9
Brooklyn Rapid 'Fran g 58-194S A 0 7514 --- 75 4
3
75 4
3
2 55
79
83
53 594 64%
4
4
%dentist Ry(NY)cone g 4a 1990 A 0 613 62I 613
79
7512 Sale 7514
2 54
Trust certificates
7514
g
557 66
8
557 Apr'23
56
2648
20133 D 52
6218
5 54
let refund cony gold 421____2002 33 62 641 621g
68
9718 9712• 9712
973
4 10 9812 9812
Manila Elec 722
1942 M N
.5 93 Sale 9158
38 87 96
S-yr 7% secured notes____k1921
93
4
8
____ 813 May'23 --- 811 8478
93 Sale 915
Certificates of deposit
8
93
47. 8512 9512 Manila Elec Ry & Lt a I 5e 1953 M S 8218
962
4
94 4 48 91
,
3
9512 Market St Ry 1st cone 53
1924 M S 93 4 Sale4 9312
88 8 Sale 87
Certfe of deposit etamped_ _
3
884 128 82
17 943 99
97
973 943
4
98
4
-year 6% notes
5
1924 A 0
9 8014 85
82
Bklyn Un El let 1 4-58
8112
82
1950 FA 81
4
14014 17.109 16134
146 1383
8212 12 8112 844 Marland Oil f 139 with war'nte '3 A 0 135 Sale 106
FA 814 8212 8112
Stamped guar 4-5e
1950
2
10612 10 1027 10712
without warrant attached._ A 0 10612
963 Sale 953
2
Bklyn Un Gas let eons g 58_1945 M
8 17, 9312 100
963
4
2 102 159
135
73422 Ser B
1931 F A 128 141 135 2
8
1095
s 22 108 116%
78
1932 MN 10912 Sale 1085
101
9 914 101%
,
1004 Sale 100
10522
do without warrants
105
10512 15 102
let lien & ref 0 Series A __ _ _1947 MN
98
0978
4
6 95
10 1,109
Merchants & Mfre Each 78._1942
D 98 Sale4 973
4
9 1073 117
110
76
1929 MN 80912 811118 10734
973 975
8
3 9712 997
8
97
%
Metr Ed IstAref g 6s Ser B-1952 1. A
Buff & Sum Iron a 1 55
1932 3D 9034 _ _ _ _ 79 Aug'21
10818 53 10611 10914
8
4
1-08 10818 10
Mexican Petroleum a f 8e
_1936 M N 992 997 99
87
8214 821 May'23 ....21 80
3
4
Bush Terminal let 42
1952 AC) 80
4
8
99 8
7
7 9926100
...l924 F A
8
8614
7 825 8912 Mich State Teleph let 55.
8
Coneol5e
1955 J J 86 Sale 855
8758 22 8612 9112
8714 Sale 8614
8
90
10 85 934 Midvale Steel & 0 cony a f 58_1936 M
Building Se guar tax ex_
1960 AC) 893 Sale 8914
87
875 87 4
8
,
8726
8 8614 90
Certificates of deposit
1938
974
9 9412 9814
Cal0& E Corp Se
1937 MN 97 Sale 9678
99
5 98
9914
99 • Elec Ry & Lt cons g 52E1926 F-A 100 ---- 99 2 May'23
99
48 94
Camaguey Sug let s I g 75 _ _ _ A942 A0 99 Sale 9812
89
90
89
,
88% 9112
Refunding & eaten 4 Xe
1931 J
943
8
944
9 9212 974
Canada SS Lines lit collo I 73 1942 MN 9418 95
92
8 887 92
8
19513 D 92 Sale 9112
Gen Se A
7, 100 10312
10118
FA 10118 Sale 10012
Canada Gen Elec Co6s1942
84
50 82
891s
lit 58 B
1981 J D 8312 Sale 834
9812 May'23 _ _ 1 97 100
Cent Diet Tel let 30-year 58_1943 3D 9812 99
4
94
4
933 9418 933
11 927 9412
e
9914 Milwaukee Gas L let 48
1931 AC) 894 9214 9214 May'23L..'
Cent Foundry let 8 f 63
964 47 93
98 4
3
N 96 Sale 95
J
985 2711 984 10018 Montana Power let As A.__
4
Cent Leather 20
-year g tie.__ _1925 AC) 983 Sale 9810
9018 89
89 4
3
7 8812 91
Montreal Tram 1st & ref 58..1941 J J 89
130 12712 150
Cerro de Pasco Cop 822
1931
3 131 Sale 1271, 133
82
83 77
87%
1931 J J 80 sale 78521
4 Morris & Co let e f 434e
94
94
ii 9514 963
3 9218 94
Ch GI L & Coke let gu I Se_._ 1937
1969 A 0 93 9312 83 Apr'14
.1 Mortgage Bond 45
28 7814 837
81
Chicago Rye let de
1927 FA 805 811 8012
92
92
2 9h1 93's
1932 A 0 9112 '93
58.
997 May'23
8
9912 10018
4
Chicago Tel 542
1923 3D 993 100
90, May'03
8
5934 95
1947 MN 9018 93
Mu Fuel Gas 1st au g 58
Chile Copper
933 ____ 1014 klept'17
8
240 96 1034 Mut On gtd bds ext 5%
Coll tr & cony Gs eer A__ 1932 AC) 100 Sale 9914
100
62 May'23
81
58
67s
1941 .1 J 60
3
8 9618 99 8 Nassau Elec guar gold 422_._1145i 61 N
Mein Gas& Elm let& ref 591956 AO 9758 Sale 97
975
8
973 ____ 97
4
Apr5
23
97 97
4
1961 10 973 Sale 983
8
9814 49 9512 984 Nat Enam & Rama let Ss_ _1929 J D
538s Ser B due Jan 1
9358 ____ 95 SeDt'22
-year deb 58
1930 J
893 May'23 - - 854 8912 Nat Starch 20
1943 FA 87
8
Colo F & 1 Co gen 8 f 58
9914 11 - -3 Riff,
9—
1952 MN 9818 Sale 9812
4 12 754 78 2 National Tube 1st Ss
,
773
Col Indus let & coil 522 gu_ ._ 1934 FA 77 Sale 77
983
8 59, 95% 100
97 2 Bale 97
,
'3 9612 Sale 9638
1927
9712 New England Tel & Tel Se __1952 J
Columbia0& E let 5e
97
43 95
_I ---- -60 Feb'21
New On l Ry & Lt gen 448..1935 J J
J 961z Sale 9618
1927
965
8 24 9518 97
Stamped
NY Air Brake lot cony 822___1928 M N 10112 1013 10112 10112 15 100 104
20
14
Col dc 9th Ay let gu g 58_1993 /22 22 - - 1712 15 May'23 _
11 7412 79
7512
7512
7514 76
1951 F A
1932 .1 J 9212
N Y Dock 50-yr 1st 4s
Columbus Gas let gold 522
92
92 93
Feb'23
1093
s 68 10614 11212
7012 7112 7012 May'23
Commercial Cable let g 4e
70
7512 NY Edison let & ref 6348 A _1941 A 0 109 Sale 109
239, Q 3
20 9512 100
99
984
983 99
4
1948
D
8914
Oemmonweatth Power 822._ 1947 Si N 87 Sale 863
4
87'4 52 84
81722 811 7918 8314
3
lrC1E
10014
Purchase money 64a
F5
1949 F A 814 Sale 80 4
1937 .1 J 100 10014 10028
5 9812 10112
Comp Azu Bars 71ie
76
76
Jan'23
76
85
_1941 .1 J 98 Sale 98
Y Willie Ry let s f Se A.1966
Computing-Tab-Roe s I
1 95
994
98
12 May'23 ____ 96
99
96
Coen By & L let & ref gtle_- 1951 J J
414e
875
2 NyQE1L&Pletg48
84
37 I 30 304 384
35
3514 37
4.4e
1951 J J :2: -iii" 115g NY: :Z3
1949 .1I .1
3
1 Y Rys let R E & ref 48_ _1 9 2 F A
775 8314
8
b.
Stamped guar
y
37 22
,
3715 126 30
37 Bale 34
Certificates of deposit
Cons Coal of Md let & ref 58_1950 J D 871 2 Sale 8614
8714 37 844 90
4 8
5 I 29 43
43
4
3
4 4 Sale
So-year adj Inc Sc
221942 A 0
92
3 8912 9512
Con G Co of Ms lot gu g 58_1936 J J 9214 93 92
77
8
4
410 41
4
4 Sale
Certificates of deposit__
1952 M N 88% Sale 874
_
,
2
Consumers Power
g;8 1? 8412 924
2
89
2 61
64
6212
1931 M IV 9812 10014 98
State Rye let cone 4%2E1962 MN 63 64
9812 9934 N
Corn Prod stoics f g 59
1934 PA N 98
6128
99
99
let 25-year n 1 Se
99
1 98 101
97 .
:2
20ptton sa1 2
2
94iDec.3 91
%
. 1) 9412
92
NI u
•No price Friday; latest bid and askN . a Due Jan. d Due April. c Due Mar. e Due May. DuT1 une. 11-Due July. k DNe Aug 09411e Oct. Due
J




_a173 r

THE CHRONICLE

New York Bond Record-Concluded-Page 5

[WEL W.

Quotations for Sundry Securities

All bond prices are "and Interest" except where marked "IL'
Standard 011 Stocks Par Bid. Ask, RR. Equipments
a:
-Per Cl. Basle
Anglo-American 011 new.
'16% 17 Atlas Coast Line Ca
5.70 5.35
Refining new -.100 122 1235
8
5.50 3.30
Equipment 694e
Preferred
100 11612 116 Baltimore it Ohio Be
Bid
High No. Low High
Ask Low
8.85 6.40
v Steam lst 25-yr 6s Ser A.194; MN 93 94 93
Borne Scrymser Co
100 120 130
94
2 93 98
560 5.35
Equip 4345 it Se
It Y Tem/ let dc ten s f 430.1939 MN 9341 Sale 9314
Buckeye Pipe Line Co
85 87 Buff Retch it Pitta equip Se
50 .
9414 110 9034 94
6.60 6.20
80
-year deben f
1949 P A 10614 Sale 1051s 10614 62 1034 108 8 Chesebrough Mfg new_100 237 243 Canadian Pacific 4.34a it (10. 5.45 6.25
8
Preferred new
100 113 118 Central RR of N Ols
20
-year refunding gold 6e 1941 AO 10412 Sale 104
10412 82 10214 10714
5.55 5.30
Continental Oil new_
Niagara Falls Power let 6a_1932• J 98 4 Sale 98
6
26 *4012 4112 Chesapeake & Ohio Os
5
22 9514 101
983
4
6.85 5.45
Crescent Pipe Line Co__ 60 •I8
Ref & gen es
1 10112 105
103
19
11932 AO 10234 103 103
6.60 5.30
Equipment 6340
Matz Lock & 0 Pow let 50..A954 MN 9878 9958 984
1 06
9878
9878 Cumberland Pipe Line new.. 103 105
5.50 6.30
Equipment 59
Eureka Pipe Line Co__ _100 102 105 Chicago Burl it
No Amer Edison 66
9314 Sale 924
9318 77 92 98
1952 M
5.55 6.30
Quincy 8s
Nor Ohio Trao & Light 68
Galena Signal 011 corn-100
93 94 92 8
84 Chicago it Eastern 1116)46
5
1947 M
9312 19 99 95
8.00 5.50
Preferred old
Nor Mates Power 25-yr 5s A_1941 40 9012 Bale 90
100 114 118 Chicago & N W 430
9012 39 87% 93
5.45 5.20
Preferred new
let & ref 25
100 108 110
28 9838 102
-year es Sec B_ _1941 *0 10012 _ - - 9912. 101
Equipment 66
6.70 5.35
IllInois Pipe Line
100 168 170
Northweet'n Bell T let 78 A_1941 P A 1075813ale 1071s 1077
s 97 10714 108
Equipment 6343
5.50 5.25
S9 4 _ - _ - 914 May'23 --- 913 9132 Indiana Pipe Line Co... 50 egg
5
NorthW T let fd g 430 gtd....1934 ii
97 Chic 11 lit PaceMs& 56
8
5.5.5 5.30
International Petrol (no par) *18
Ohio Public Service 710_ _194(3 40 103 Sale 103
1814
10312
101 108
Equipment Se
6.80 5.40
.12.50 925 2512 Colorado & Southern Ca.-- 5.80 5.40
74
5 100 10514 National Transit Co.
1947 FA 101 Sale 10012 10112
9412 Sale 9414
Ontario rower
, let 1
9 924 go% New York Transit Co_ 100 123 126 Delaware it Hudson Se
.
9414
1943 P A
5.85 5.30
Northern Pipe Lille Co. 100 104 106 Erie 410 it 5e
933 93 4 937k
7
Ontario Transmission 5s
2 93 96
9412
1942 MN
6.25 5.55
9912 43 9712 10112 Ohio 011 new
8
25 868 69
Otis Steel 8s
1941 FA 094 Sale 985
Equipment 60
6.25 5.69
25 *164 17 Great Northern '
94
50 9114 947
18125-yref g 7j4e Ser B__.1947 P A 94 Sale 9314
8 Penn Mex Fuel Co
Ca.
997
8 40 89 9314 Prairie 011 & Gas new_100 208 211 Hocking Valley 6e
Pacific0de El gen & ref 5& 1942 .13 9012 Sale 9012
5.85 5.40
0158 923 92
4
Prairie Pipe Line new __100 10512 106 Illinois Central 410 it rm.-Pao Pow & Lt let& ref 20-ir 55'30 P A
92
1 897 94
s
8
100 186 190
Pacitio Tel & Tel 1st 66
1937 .1.1 965 Sale 0614
964 12 9514 9912 Solar Refining
Equipment 68
6 0 5 26
5
1
:35
Southern Pipe Line Co-100 97 99
92
N 9114 Sale- 9112
1952
5.
47 88
9212
Equipment 75 it 630
6.50 5.25
100 143 140 Kanawha it Michigan es
Pan-Amer P & T let 10-Yr 70-1930 VA 10214 Sale 10212 102 8 17 102 105 s South Penn 011
7
5
Southwest Pa Pipe Lines.100 81
83
Pat & Passaic G & Elcona g 941949 MS 911s ---- 94 Jan'23
94 94
Equipment 4345
5..60 5 5
587 .2
Standard 011 (California) 25 *543 547 Louisville it Nashville be... 5.50 6 45
4
s
Peop Gas & C 1s1 cons g 66..1943 * 0 105 108 105 May'23
_ 105 108
6.20
Standard 011(Indiana) 25 .60 4 61
3
1947 MS 894 Sale 885s
Refunding gold 5.
894 49 87 94
Equipment Ce
5.65 5.35
5
1944 P .4 100 8 Sale 100
Philadelphia Co 69 A
10012 41 9858 1002 Standard 011 (Kan) new 25 84412 4512
Equipment 8348
5.50 5.30
- _ - 737
1943 M
8
Pierce-Arrow 8s
765 120 734 8234 Standard 011 (Kentucky) 25 *92 9212 Michigan Central 55, as
8
6.60 1120
Standard 011(Nebraska) 100 217 223 Minn SIP &SISM 410it S. 5.70 5.33
1031 S D 96 Sale 9514
96
Place 011 e I Eis
3 9412 98
38% 365
Standard 011 of New Jer_ 25 .
s
Pleasant Val Coal let g at 60-19213 J J 88'4 - --. 89 Feb'23 --- 89 90
Equipment 630 it 7e
5.85 5.50
4
Preferred
100 81153 11638 Missouri Kansas it Texas Se 6.86 6.36
Pocab Con Colliers let !I f 68_1957 J J 92 93 90
5 90 94%
90
1935 3, 9212 96 9334 Apr'23 8
81
Portland Gen Elea let 58
9312 9512 Standard Oil of New Y'k. 25 0393 39 Missouri Pacific 68 it Ms_ 5.80 5.40
4
Standard 011 (Ohio) new... 2283 288 Mobile & Ohio 4343,58
Portland fly 181 & ref 55-.1930 MN 8612 865 87 May'23 ..--- 844 88
5.76 4.30
Portland fly Lt& P let ref 941942 P A 8212 8234 82
Preferred
100 011512 11612 New York Central 4j4s. Se.,. 6.50 5.25
8258 17 82 867
8
1047 MN 94 941 1 954 May'23
100 28 32
fla B
Equipment es
5.75 5.40
94 9612 Swan it Finch
ist, & refuno / Ma der A _ 1946 MN 1034 Sale 1034 105
11 1034 10714 Union Tank Car Co_....100 89 94
5.56 5.30
Equipment 7s
1931 MN 103 104 1031a 1034
Preferred
100 10712 !MI Norfolk it Weetern 4%8
Porto Rican Am Tob 86
1 103 10512
5.35 5.00
D 126 Sale 12518 126
Prod & Ref a I 8e(with warote)'31
25 *4712 48 Northern Pulite 76
8 123 13312 Vacuum 011 new
5.50 6.26
24 20
without warrants attached.. ID 107 Sale 107
10 .
10712 21 1064 10812 Washington 011
Pacific Fruit Express 7s--- 5.65 5.26
4
Other 011 Stocks
84
Pub fiery Corp of N .1 gun 56_1959 A 0 637 Bale 8312
16 8118 86
Pennsylvania RR equip es__ 665 6.26
1151, Sale 11114
1937 J
Atlantic Lobos Oil (no par) '314 3 4 Pitta & Lake We610
Punta Alegre Sugar 78
5
1164 37 105 124
6.50 5.30
5
7312 Sale 7212 7312 618 704 74 8
Rapid Tran oee 68
Preferred
1968j
50 •12 18
5.80 5.40
Equipment66
8
Gulf 011 (new)
571 Reading Co 41511
.
25
1937:111 N 9311 9
44 9312
Itamingtan Arms ils
8 907 96
94
8.95 5.05
s
4
Repub 1 & 8 10-30-yr 56 s L.19401A 0 90 933 93
5 89 98
93
14 Humble Oil & Ref new _ 93 *32 33 St Louis it San Francisco 66. 5.86 6.35
8
1953 1 .7 905 Sale 90
25 "108 109 Seaboard Air Line 4)0& 61. 6.25 8.75
9058 31 89 94% Imperial 011
6148
9612
43 Southern Pacillo Co Cis
1952.1 D 9512 97 9134
Robbins & Myers 0 f
Magnolia Petroleum_ _100 141
7 11612. 99
5.40 5.10
7
Merritt Oil Corporation_ 10
91
9
Roch & Pitts Coal& Iron Ea...19443 M N
Jan'23
91
91
6.45 620
Equipment 76
og
Rogers-Brown Iron Co 75._ _ _1942 M N 88 89 89
Mexican Eagle 011
8 Southern RY 410 it SI
89
1 89 93
6. 6 30
. 5
65 :66
86
otjeiRy.L.E1 & P66
Salt Creek Producers_ .10 *197 20
8
77 May'23 1937 MN 7814 77 77
Equipment61
8514
At Joseph Stk Yde let g 4345.1931.
J 5312 ---- 8578 Dec'22
6.86 6.46
Toledo it Ohio Central
95 8312 May'23 ---- 82 --et L Rock Mt & P 5s amp& _1955
Public Utilities
.1
5.40 5.15
8411
Union Pacific 76
• Loub3 Transit tts
Amer Gas & Else new._(t) "378 3814
4
62 Mar'23 ..-.82 62
1924 A 0
-3;
Sake Cole
6 10012 1028
Preferred
1942 MS 161 1E- lo13. lors
50 *41 42
Tobacco Stocks
4
St Paul City Cable 5e
1 92 00
1937.1 .1 921. sale 921.
Deb 682014
4
9213.
MAN 9334 943 American Cigar common.100 79
Li
,
Ban Antonio Pub Set 13s
9134 May 23
15
1952.1 .1 93 4 99
0112 94 4 Amer Light it True,coin -100 113
Preferred
100 87 91
8
9858 Sale 9812
Sharon Steel Hone 1st 8sser A194
Preferred
100 89 91 Amer Machine it Fdry-100 126 150
984 16 97 104
Sheffield Farms 6148_
1942 A 0 101 10212 101
3 974 10012 Amer Power & Lt.com_100 44168 70 British-Amer Tobac ord. 11 *2112 22
10118
85
Sierra & San Fran Power 59_ _1949 F A 83 86 834
2 8212 87
Preferred
100 80 83 Brit-Amer Tobac, bearer El O2112 22
12
Sinclair Cone 01115
4
-year 7s-1937 NI 13 99 4 Sale 9938
9978 123' 09 10112
Deb 61 2016
M&B 92 93 Helme(Oro W)Co,new- 25 455 60
fithelair Crude 011 514e-----1921 A o 981s dale 9778
45
172 ill'. 1004 Amer Public Mil, torn 100
99
190 110 114
Preferred
se
9858 274' 973 9974
Feb 1928 F A 984 Sale 9834
6% Preferred
100 45 49 Imperial Tob of B it Irerd
..21
4
Sinclair Pipe Line 56
87 2171 83 8913 BlackstoneValG&E,com 50 "70 72 Int. Clg. Machinery-100 57 82
1942 A 0 86 Sale 8512
10054 Sale 10012 1003
South Porto Rico Sugar 78_1941 J
Carolina Pow & Lt,eom.100 63 65 Johnson Tin Foil it Met_ leo 80 90
4 20 984 102
South Yuba Water 88
112 July'04
1923 1 .1
Cities Service Co, cow_ _100 153 155 MaoAndrews& Torbee-100 13o 132
931. 48 -ids; -if South Bell Tel & T let I 68_1941 2 .1 934 Sale 9212
Preferred
100 67 671,
Preferred
100 98 101
,
7 outhern Colo Tower 66_ _1947 J
8012 Bale gg
8912
16 Mengel Co_
Cities Service BankersElhares •15
5 89 92
100 30 33
Stand(AS& El cony 1188.._1928 1 0 9812 Salo 9812
13 984 997
99
2 Colorado Power, corn...100 2112 2212 Porto Rican-Amer Tob-10078 86
Standard Milling 1,1 59
4
94
1
9734
1980 M N 1/7 975 974
Preferred
100 91
'76
Scrip
Standard Oil of Cal 76
33 Universal Leaf Tob e0M-100 108 112
1053
a19131 F A 1064 Sale 105
4 87 105 10' 4 Com'w'th Pow,Ry& Lt_100 31
96 99 .
;
Steel 4- Tnbe gen ef7prC,j951 .1 3 10112 1013 10112 1E4214 13 100 10712 Conew'th Pow.Corp.pref100 66 68
4
Preferred_
100 98 101
9912 80 98 99% Consumers Power pref. 1(10 85 ss Young (3 5) Co
Sugar Estates (Oriente 78-1942 M g OS'. dale 99
100 106 110
gyritettse Lighting let g 50_1951 J 1)
9112 Jan'23
Elec Bond & Share, pref.100 97 98
100 105 110
Preferred
Light & Power Co col tr 5 1 56'64 3 .1 8414 85 844 Apr'23
60 614
814 88
9 12 9112 Federal Light it Trao
t *
4
Tenn Coal I & RR gen Ss__ _1961 J .1 99 100 100 May'23
71
Preferred
100 67
984 101
Tennessee Cop let eonv 64._ _1925 M N 1004 101 10034 May'23
Rubber Stocks (Clew) aria jr ices)
00 10112 Lehigh Pow Sec....(no par) *221, 224
Tennessee Elro Power (15.......1947 1 D 9412 Sale 94
24 Firestone Tire& Rub.com.10 .
9412 46 92 95
Mississippi Riv Pow,corn100 22
74
75
58 Aale 574
Third Ave let ref es
1960.1
68
8 57 62
Preferred
100 80 83
99
12
6% preferred
100 97
991. 9112
Adjinoomeas
7
/1980 A Of 53 s Sale 63
5414 73 53 62 4
First Mtge 5s, 1951
93
100
7% preferred
3
ThIrd Ave Ity let a 5s
19873 J 934 Sale 93 8
5
9358
I go
f g deb 78 1935___M&N 100 02 Gen'l Tire it Rub,oom---tiO
9514
1721e
Tide Water Oil 614s
1931 F A 1034 10312 103
524
Nat Pow & L, coin_(no par) .51
1034
99
Preferred_
100
Tobacco Produete
4
1931
D 10434 1043 10412 105
76
Preferred
(no par) '8312 8512 Goodyear Tire it
1018 In
4
com.100 len! 16
Toledo Edison 7s
19614 109 10614
1941 1,1
10714 18 10516 107%
44
Inc 7s 1972
.I&J 86 8712
65
Preferred_
100 .54
Tol Trao, L & P6.
1925 F A, 9814 dale 9712
12 Goody'r TAR of Can,p1_100 0964 96
9812 10 9712 994 Northern Ohio Elea (no par) *10
Trenten & El let6 fis
19491W Si
96 Jan'23
33 Miller Rubber
Preferred
100 31
95 9
100 88 85
Undergr of London 4146
1933
9214 May'23
907 9;14 North States Pow, corn.100 94 97
101 103
s
1
Preferred
Inoome 60
.1
1948
865 May'23
6
Preferred
864 8814
100 91 94 Mohawk Rubber
100 15 18
Union Bag & Paper Oa4
9712 30 ge
1942 MN 97 Sale 968
74
Nor Texas Elise Co,corn.100 71
99
85 70
PreferredUnion Elec Lt & P 1st(54.-1937 M
9588 9614 964
72 75 Swinehart Tire& R.e0n1_100 15 21
96
Preferred
100
8 95 9714
66
9184 91
1933 M N 91
92
Pacific GM & El, let prat 100 884 8912
5 884 92
Preferred
100 40 so
Union kllev (Chic) 561945 A 0 70 74 88 Sept'22
Power(*cur. corn_(no par) 43
Union 0115.
15
1931 J J 944 96 90 Apr'23
Second prof
18
(no par) .
'66 95
Oa
1942 F A 101 Sale 10012 101
Coll trust 13t3 1949. J&D 75 so
17, 994 1024
Sugar Stocks
Union Tank Car equip 71____1930 F A 10334 104 10384 104
Incomes June 1943...F&A /46 50 Caracae Sugar
7i 10214 104
ao •11312 184
'Jolted Drug cony es
11314 25 110 11304 Puget Souud Pow fc Lt_ 100 47 49 Cent Aguirre Sugar °Om- 20 *95 97
1941.1 D 11212 Sale 11214
Coned Fuel Gas let It Se...1930 .1 .1 95 Sale 9414
6% preferred
100 80 83 Fajardo Sugar
9514 14 9414 98
17
100 115
United Rye Inv 58 Pitts Issue 1928 1W N 93 Sale 93
7% preferred
100 0100 103 Federal Sugar Ref. 0001..100 87 72
9312 55 8714 9712
United Rye St L let if 40
1934 1 1 61 Sale 60
Gen M 7%s 1941--M&N 104 10512
61
45 5812 gals
Preferred
100 90 oa
8914 90 8914
United S8 Co Int refs es
Republic fly it Light-100 1614 1612 Godchaux Hug, Ina.
1937 M N
12 8612 93
90
(Do Per) 1018 20
United Stores ea
Preferred
100 411: 434.
1942 A 0 9954 Sale 9984 100
22 984 10114
Preferred
100 as 92
13 Rollmop Mach 89
10078 Sale 007
s 102
3 1004 1031e South Calif Edison,com.100 101 102 Great Western Sug new.. 25 .75 80
E1 Rositv I cony deb g 50. 3!
113 110 Holly Sus CorP.com.(noPar)
9978 Salo 994 100
Preferred
100
1
1
99 10912
40
8 Rubber 1st& ref 5.30er A.1947 .11
Standard Gas it El (Del) 50 *2712 2812
8714 Side 87
873 126 85 flla
4
Preferred
100 so 87
10
-year 710
4
Preferred_
4
50 *488 498 Juncos Central Sugar-100 110 26
4 10712 18 1054 10912
1930 1" A 10712 Sale 068
o Semen Refit M eonv es..19211 F A 10012 1004 0014 1004 12 100 102
Tennessee Elea Pow (no par) *1414 15 4 National Sugar Relining-100 96 98
2
37 9 Steel Corpf coup
49 New Niquoro Sugar
2d preferred
(no par)
102 8 Sale 024 1028 147 100 4 104
5
98 102
41983 M
4
8
ef 10-60-yr 501reg
013
4
9 14
1018
4
100 10412 United Lt it Rye, eorn-100 146 160 SantaCecillaSugeorP.P1.100
01953 M N
Utah Light & Traction Ss
let preferred (6%) __100 86 • 87 Savannah Bug,corn.
82
30 814 914
_1944 A 0 82 Sale 8178
(no Par) 853 67
Utah Power it Lt let 5s
Western Power Corp_..100 29 33
84
8914 71 gel. gg
Preferred
1944 F A 8914 Sale 8812
100 Si
8112 Sugar Estates Oriente Med- 93 97
Preferred
100 7912
Utica Fl. eo L & Pow let a f Ls.1050
I 95 95
95
95
3
Utica Gas & Elec ref fas
9154 89 May'23
89 024 Short Term Securities-Pe Cass
W eat Inch/kilns Flo.com.100 ao 60
1957 i J 89
Am Cot Oil (is 1924„M&S2 90 92
Victor Fuel Co let f 541
Preferred
100 47 50
1953
J 62 70 66 Nov'2.2
Fa-Caro Chem let 16-yr 58_1923
5s
7 994 1001- Amer Tel dc Tel651924_F&A 1004 100 Industrfal&Miscellaneous
100 10414 00
100
4
52 64
Anaconda Cop M in fla'20J&J 10114 1015s American Hardware.--100 .
280 85 98
Te
54
88
11414 Sale 85
54
1947
103 10314 Amer Typefounders,com 100 78 181
It
71 1929 Series
J&J
-year s I 7348
733 401 7012 9412
4
12
1 73 Sale 7012
1937
4
7112
4 71
without warrants attached__3 .1 72 7312 71
9012 Anglo-Amer 01174825 A&O 1028 10314
Preferred
100 97 100
fa Iron Coal & Coke 1st g 68_1949 IN 8 92 9512 93 May'23
92 9512 Arm'r&Co6sJne15'23JecD15 100
Atlas Powder
100 163 170
p,412
Deb es J'ne 15'24..J&D15 100
8454 10 84 87
Va Ry Pow let&refSe
19343 J 84 85
23
Bliss(EW)Co,new.
(no par) *21
Beth St 7% July 15'23J&115 100 10034
9812 24 98 99
1942
Vertlentes Sugar 78
1) 98 9812 98
Preferred
50 •69 62
100 100'e Borden Company,oom-100 116 117
Canadian Pac Os 1924 M&S2
8
4 26 102 108
Warner Sugar 78
1941 .1 0 102 4 Sale 10212 1028
9,3% 9912 Federal Sug Ref es'24 _M&N 101 10114
9812 May'23
19303 .1 9812 wash Wat Power•f tie
100 102 106
9412
1 9414 9714 Hocking Valley 65 1924 M&S 10014 10012 Cel uloidC pre oirr Company
Weetches Ltg g 58 atml1d M41-1950 J D 9312 954 9412
lulteed
d
100 80 92
Interboro R T Rs 1922.131&S 99 100
4
9112 27 ggi4 95
West Penn Power Ser A 50._ _1940 M S 9112 Sale 89 4
100 106 109
102
22 100 10212 K C Term RS' Os'23 M&N15 10014 10012 Childs Co,common
1958 .1 D 10112 Sale 10054
-year es Series (J
let 40
100 137 140
8
104
31 12 10314 10712
614s July 1931
J&J 10312 10412
c1946 10 A 10412 104 4 10412
Preferred
let series I)is
100 10812 10912
9:3
94 Hercules Powder
97 4
2
5 96 994 Lehigh Pow Sec Os '27 F&A
Western Union coil tr cur 58..1938 1 3 9784 Sale 9634
100 104 108
9014
9112
Sloes!Sher & I Os'29 F&A 97
98
Preferred
100 1034 10412
Fund & real estate g 4lfs.._1950 M N 91 Sale 19402
65 106 1917
15 89 121
109
:
14 A
1936 F S 109 Sale
: U A Rubber 730 1930.FAA 10811 1074 International Salt
100 7814 95
-year OM g
15
1063 Sale 106
4
1068
4 69 10512 1084 Joint Stk Land Bk Bond.
1931
International Silver, pf_ _100 106 110
wessuurnouse E & M 76
103 Lehigh Valley Coal Sales, 50 •
s Sale
943
4
Chic Jt 8th Land Bk 68.1051 102
8 924 98
78 92
Wickwire Spun Steel let 78 1935 .1 3 943 Sale 94
102
103
OS
90
51 1952 opt 1932
58 96 102
175 185
Os 1941 *0 90
Nilson & Co lirt 25-yr
1044 1064 Ph y sB1odgg eor.com 1(1° 130 140
5145 1951 opt 1931
904 IS 9012 98
Roeial iakin e r°wp
19283 D 91 Sale 9012
00
-year cony f 89
10
10012 10112
98 Sale 97
ele 1952 opt 1932
98
61 9634 105
1931 F A '
100 97 99
Preferred
Temporary 73481
412s 1932 opt 1932
106
4
48 1004 106
1941 A 0 105 1063 05
99 10
0 Singer Manufacturtng._ 100 115 117
Winchester demi The.
•Per share. _ No par value. b Basis. d Purchmar also pays aecrusd diviApr.
der d e New stock. /Flat price. k Last sale. a Nominal. x
•No price Friday; Latest bid and asked. a Duo Jan. d DueDue 0 Oue Mar. 0
fix
Dec. s Option sale.
July. k Duo Aug. o Due Oct. p
rights. t Ex stock div. U Ex-each and stock dividends. 9 Canadian quotation.
May. g flue Juno. h
BONDS
N. Y.STOCK EXCHANGE
Week ending May 25




Priee
Fridag
Matt 25

Week's
Range or
Lan Sale

Range
Singe
Jan. 1

BOSTON STOCK EXCHANGE-Stock Record s..BriTnage
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
gisyysday,
May 19.

Monday,
May 21.

Tuesday,
May 22.

Wednesday. Thursday,
May 23.
May 24.

147 148
4
145 145 145 1451 146 146 146 146
78
79
7812, 7711 7814
784 78
/
1
78
78
78
9634
4 9612 9634 *96
4
963 9634 9634 963
*9612 97
122 122 122 122
___ •121
121 121 *121
- - 100 101
100 10012
100 100 101 101
101 101
1513
1512. *1514 1512 15
15 1512 15
15
15
'
26
*20
26 *20
20
20
*20 22
28
26
26 26
2411 25
23 25
12
23 23
34
36
34
34
34
36
34
36
*3.5
34 34
*33 - - , *33 ---- •-__ 3412 *.__ 34
851.
45 45
44
*43
4513 44
*43
.46
•_
150
*150 1568- *150_ *150 ____ *150
4
29
29
28
2812 2818 28 *2812 30
28 28
68 68 *68 69 *68 69
*68 69 *68 69
5912 •---_ 594 *--__ 5912 *__
39 •____ 59
41
*40
414 40 40
40 40
4112 4112,*
38 1 -38 38
3712 374 3734 3734 38
/
1
*3712 38
31
31
32 =
*3112 35
*3032- *3012
165 1658 1612 16
8
1758
/ 16
1
4
/ 163 *163 -- 14 1714 ---1
4
4 17
s
__ ____ ____
•____ 87
87
87
___75
7
5
7
*7314 75
71
73 4 *71 -___ :1- 3 - - - "73
,
26
26 •26 -------------27
3112
28
27

Friday,
May 25.

Sales
for
the
Week.

Shares
116
14812 14812
385
7812 7812
114
9634 964
--------35
106
101 101
1.157
16
15
2
____ -----------273
--------232
--------41
--------28
____
__ ___ ___
105
28
28 _--------15
---38
____
173
4
____

20
208
118
552
---1734
____ ______
17

- r1812

--------34,.
314 3112

152

STOOKS
BOSTON STOCK
EXCHANGE
Railroads
100
Hoe= & AlbanY
100
Boston Elevated
100
Do Drat
100
Do let pref
100
DO 2d pre!
100
Boston & Maine
Do pref
100
Do Series A lgt pref-__100
Do Sallee B let pref___100
Do Series C let pref-_100
100
Do Series D let prof
100
Boston & Providence
East Mass Street Ry Co 100
Do let pre!
100
Do pref 13
100
Do adjustment
100
East Mass St Ry (tr etts)_100
Maine Central
100
N Y N H & Hartford
100
Northern New Hampahlre_100
Norwich & Worcester pret_100
Old Colony
100
Rutland pre
100
Vermont & Massachusetts-100

2377

Range Midi Jan. 1 1928.
Gowen

MOM

143 Apr 3 149 Jan 9
7712 May24 84
Jan 5
95 May15 100 Mar 8
/
1
4
118 Jan 2 122 Mar 7
9912 Mar22 106 Mar 5
15 May19 2012 Mar 2
20 May21 27 Feb13
/
1
4
23 May19 32 Mar 1
34 May22 48 Feb 8
34 May24 42 Mar22
44 May23 59 Feb 7
150 May14 16012 Jan25
18 Feb15 35 Mar22
67 Feb24 72 Jan16
53 Feb24 65 Mar19
34 Feb13 46 Mar22
/
1
4
344 Feb15 45 Mar21
/
1
May' 43 Jan 2
30
1618 MapS 22112 Jana°
71 Apr30 84 Feb 8
87 May12 100 Jan 3
71 May21 81 Feb14
25 May14 3812 Feb20
88 Apr26 98 Janll

Range for Prestos:
Year 1922.
Lowest
13014 Jan
73 Feb
/
1
4
9414 Mar
116 June
1014 Nov
/
1
14 Jan
20 Jan
22 Jan
86 Jan
30 Jan
40 Jan
125 Jan
18 July
60 Aug
51 July
28 July
29 July
27 Jan
12
121 Jan
4
69 Jan
58 Jan
57 Jan
15 Jan
78 Jan

Highest
153 1
1411Y
8912 Sept
105 Sent
128 Sept
109 Sego
3112 Ma,
37 Apr
44 Apr
/
1
4
62 MAY
34 May
7712 MAY
163 July
263 July
8
77 July
60 Nov
47 Aug
47 Ally
88 Oct
34 May
/
1
4
96 July
1033* De"
9814 Ma,
527 June
2
100 Ant

Miscellaneous
4
14 Jan
2 Dec
/
1
4
31a Jan 9
114 May 4
25
295 Amer Pneumatio Service
*134 2
134 184
134 14 •134 2
134 2
2
2
18 Feb 204 Aug
Do pref
50 18 Mar 7 20 Jan10
306
16
16
1714 16
16 .16
1618 *16
16
16
1612 16
4
122 12214 12172 12214 12182 12212 1213 1224 12132 122
12178 12214 3,906 Amer Telephone & Tales...100 12112 May 5 1253 Mar14 11438 Jan 12814 Aug
4
No par 288 Jan 8 112 Jan 5 104 Jan 121 Dee
407 Amoskeag Mfg
8914 90
8913 90
92
/ 9234 92 9214 90 91
1
4
90 90
91 Ace
80 Nov
No par 79 May 7 88 Jan 5
--------25
Do Prig
80 80
80
*80___ 80
*80
80 80
14 Nov 2011 May
Art Metal Construe Ine__. 10 15 Mar 1 1612 Mar14
15
16 *14
*16
17 *14 -W
*14 16 .14
13 Jan 23 Mar
Atlas Tack Corp
No Dar 124 May16 2012 Feb14
15
15 *14
*15
16 315 16 .14 . 15 *14
4
106 106 106 106 107 107
107 107 107 107 --------67 Boston Cons Gas Co, pref-100 105 Jan22 10812 Feb24 1041 Aug 107 Dec
.50 May
.10 Sept
100 Boston Me:Pet Trug No par .10 Jan18 .30 Jan25
.10 .10
•.10 .20 *.10 .20 *.08 .16 *.08 .15 *.08 .15
/
1
4
1b3* Jan 30 Dee
10 20 Jan13 27 Mar19
2212 2213 2212 2222 2212 23
2234 2254 1,859 Connor (John T)
2254 2234 2234 23
41 Apr
3 Jan
4 Jan 2
318 May10
10
East Boston Land
_-__
_ _ ___ 3 4 *314 334 *314 4
3
*31
4 34 *314
*314 3
8
/
1
4
7 Dee 14 Fels
712 Jan25 1418 Mar 5
5
375 Eastern Manufacturing
101
1012 *10 1013 1012 1014 1014 *10
1012 103
11
11
3812 Jan 8912 Oct
25 8118 Jan10 12712 Mar22
1,642 Eastern 138 Lines Inn
105 106
104 106
9/3 100 100 106
984 100
99 99
100 162
klay2 172 Jan 3 156 Mar 185 Sem
491 Er' Mon Electric Ilium
164 1641
165
16312 164 164
164 16414 163 165 162 184
3 Mar 13 Ma'
31a Mar 6 1072 Jan 2
No par
7 --------470 Elder Corporation
3512 6
6
612 *6
6
6
6
6
28 Den 39 Ana
15 Galveston-Houston Elec_100 16 May21. 2912 Feb 5
___ ___
16
16 *-- 17 *____ 17
*--__ 18 *____ 16
4
9 Nov 161 Apt
--------10 Gardner Motor
5
11
8
/
1
12 *104 1112 105 1038 .10
No Par 10%Jan 23 15 8 Mar 3
*1114 13 311
4
25 1614 May25 24 Feb101 17 Dec 271 Pet
595 Greenfield Tap & Die
1612 1634 1614 164
/ 1612 1634 *1614 17
1
4
1714 17
/ 1714 17
1
4
/
1
4
580 Hood Rubber
No Par 54 Jan 8 63 Marllt 43 Mar 6412 Der
35 .37
5614 5613 .5612 5814
55 56
5712 57Is 57 57
--------230 Internat Cement Corp_No par 35 Jan 2 44 Marl9i 26 Jan 0812 MAY
36 36
361s 3614
35 2 364 *34 35
3
3512 36
20 Nov 32 Jaz
50 15 Apr12 22 Feb19
15 *13
15 *13
_i,:i_ _ - ____ _ _ Internal Cotton Mills
15
15 *13
*13
15 *13
51
60 Aug 85 Dee
100 53 May21 7912 Jan10
45
Do Prof
.5.5 'z....
53 53 *.r50
53 53
.s53
57
012 Mai
11 Den
/
4
3 Mar20
2 Jan18
International Products.No par
_
*2
3
3
*2
•214 3
*2
14 3
*214 3
512 Dec 17 Api
5 Feb27
100
8 Marl5
Do Pre'
____
_ ___
*412 7
*412 7
*413 7
.412
7
.412 7
132 AV Illa Ann
8 Apr 61
6 4pr23
10
232 Libby, McNeill & Libby
614
_-618 612
614 614 *618 613
614 612
614
6
6
8 July 13 Jam
97 May23 11 Apr26
4
25
.10
10
10 --------317 Loew's Theatree
93 10
4
10
10
19
104 10
7812 May22 8712 Jan 21 63 Jan 9012 Nos
10(
889 Massachusetts Gas Cos
79
8014 814
7812 79
7914 7884 7912 .7812 79
7812 80
67 May23 73 Jan2ZI 62 Jan 74 Oct
Do pref
101
134
/
4
68 6814 6712 671 6712 68
6712 6712
67 67's 6713 68
Ini 147 8 May14 179 Jan 0 130 Jan 181
Oct
7
180 Mergenthaler Linotype
15312 154 *154 15.5
154 155
153 155
155 155 154 155
11 Dec 27 2 June
3
7 4 Jan31 1434 Feb19
3
275 Mexican Investment Inc... 10
*8
8
/ 9
1
4
*812 10
10
10
94 912 10
/
1
*9
91
13 Jan 34 Aul
2212 2212 2312 2312 .193 Mississippi River Power-100 2212 May23 2814 Jan31
2213 23
23 23
*23 24 .23 24
100 80 Jan16 84 Feb14
Do riamped Prat
51
/
1
4
72 1 Jan 83 06
1
*80
803 *80
4
80 4 80 80 .80
3
8312. ---- - -8034 80
8 Feb13
/
1
4
Vs Apr27
10
642 Dee 1152 Jai
84 National Leather
612
3
512 512
6.8 53
5
4
3i
613 68
6
12 6
57
3 58
5
.25
Feb 3 .97 Apr16
.2s Dee
o
Jai
1
.
•.2.5 .30 •.2.5 .50 ' .25 .50 '
5.25 .50 ' 25 .50 _-__ -___ ____ „.. New England Oil Corn
1%
24,,, NA,. ....osua relephone...10. 114 May10 122 Jan 3 109 Jan 125 Sets
115 116
115 116
115 11554 115 4 11558 11572 116
116 116
3
174 Jan 6 2113 Apr261 13 Jan 23 OCA
/
1
185 Orpheum Circuit Inc
4
/ 1814 1814 1812 *1814 19
1
4
1834 183
*181 183 *18 1812 *17
4
4
90
May2 190 Jan 2 15434 Oct 192 De
983 Paciffo Mills
4
9112 92
92 92
913
91
91
9134 91
91
92
92
II
1212 Apr 16 Julj
1512 Jan 4 18 Mar14
*16
16
1612 16
*16
1612 16
1512 1612 --------63 Reece Button Hole
16
Ma
3 Mar15
/
1
4
2 Janll
11
15* Dec
100 Reece Folding Mach
*212 234 *213 234 *2
/ 214 .21y. 234
1
4
2
/ 27g ____ ____
1
4
1 May12
Magneto
I.
.50 Nov
2 Feb20
7 AP
/
1
4
*.75 114 •.75 114 *.75 114 ..7.5 114 '
5.75 11 ---- ---4
Simms
1001 102 May 7 169 Jan 6
/
1
4
482 Swift & Co
13
104
10334 104 103 104 103 104 103 104 10312 104
/
4
924 Jan 110 See
/
1
1031
/
1
4
251 48 Jan 2 50 Max 9 239 July
96 Torrington
8112 Jun,
47
4712 48 48
4712 4712 *4710 48
4734 4734 48 48
7 Janie 11 Mar 7
/
1
4
5
25 Union Twist Drill
8 Mar 1414 Pal
9
9
*8 4 10
3
812 8 2 ---- -•334 10
*8
/ 10
1
4
,
2
5012 5,944 United Shoe Mach Corp-- 25 445 Jan 2 55 4 Mar 8
37 Jan 45 Ma
3
4952 4814 49
4 4814 50
4712 48
4712 483
48
/ 47
1
4
Do pref.
2
637
25 Jan25 2814 Jana
/
1
4
2614 2614 2618 2614 261s 2618 2618 2612 2618 2614 ---- ,.
25 Jan 27 Jul:
61 2434 May22 30 Jan 2
2512 2582 2514 253
2172 Jan 3312 Jun
4 2612
4 2434 2514 25
2.514 253 -,- 4,629 Ventura Conaol Oil Fields
253
2 25
2
4 2,623 Waldorf Sys Ine.New sh.Nopar r18 Jan10 ...2214 Mar19 4134 Jan et.91 Do
01858 1858 61812 1812 01814 1834 0183 18
1
4
/ 1912 1934 1913 193
1
4
246 WslthainWatchciBcomNoparl
5 Feb15 13 MarIlI
10
95* 912
9
1014
34 Nov 1434 AP
9
9
9
912 10
10 10
Preferred trust etfs
100 1512 Mar 6 294 Marl
215
20
20
20
11 Nov49 All
20
21
21
*20
21
20
20 .19
21
75 Walworth Manufacturing_ 20 1114 Jan 5 1712 Feb17
/
4
•155* 161 1513 1534 lb
7 Feb 13 Ots
11
154 154 151g
151g 1512 *15
15
314 2,380 Warren Bros
/
1
304 31
17 Jan 304 SW
/
1
4
/
1
50 254 Jan31 3413 Mar14
30
30
293 3112 3114 32
4
3114 3134 31
Do 1st pre!
50 33 Jan17 3912 Mar14
.34
35 *3312 35 .3312 35 *3312 35
3012 Jan 384 04
35 85 --------20
Do 2d pref
.36
39 *36
31 Feb 4414 Jut
Jan25 42 Mar15
50 36
39 *36
____ ____
39 *36
40
39 *36
50 Wickwire Spencer Steel
*9
912 *9
s.ss May24 124 Feb21
9
/ 3812 9
1
4
/
1
4
5
*812 9
8 Nov 21 Mir
8
/ 8 8 ---- ---1
4
5
Mining
515 Adventure Consolidated
..35 .50
26 .25 Feb16
.40 .40 8.25 .50
1 AD
.50 Jan
1 Feb28
.30 .65
.35 .35 11.25 .40
562 Ahmeek
70
71
69 69
2E 58 Jan27 87 Mar 11 56 Nov 66 Ma:
67
7012 72
681
68 68
6812 71
*15 .25 . .10 .25 *JO .25 ..10 .25 '.10 .2
1
.60 Ap
Algomah Mining
.
25 .25 May 3 .50 Mar 2
.03 Sept
*.10 .25
22 22
1=
23
200 Allous
2418
22 22 *22 23
25 19 Feb 5 34 Mar 11 19 Dec 3212 Jai
23
23 23
2
/ 2
1
4
/ *2
1
4
335 Arcadian Consolidated.-- 35
2
23
/
1
4
2
2 2
2
2
2 Mar
4 Mar 5
/
1
4
2 May18
,111 2
/
4
Pa Ma:
1.018 1014 1018 1014
Vs 1018 10
/
1
4
6 Nov 10 Jun
6
4 1,505 Arizona Commercial
/
1
4
ra Jan 6 14 Mar 2I
10
/ 103
1
4
l0's 10
10
*1614 17 *1614 17
160 Bingham Mines
1612 164 •1612 17
/
1
3
13 Jan 18 4 SO
10 1612 May22 19 Feb 19
1612 18
--365 365 365 370 368 368 370 370 371 380 380 383
186 Calumet & Heels
25 285 Jau 9 420 Mar 11 248 Nov 301 Ad
_-- 0
6
0
6
95 Feb 13
750 Carson Hill Gold
512 6
ii
4
07a Nov 163 Ma
534 6
May14
6
/ 64
1
4
6
6
*9
11
*9
*9
11
11
Centennial
*912 11
8 Nov 1312 FS
*912 11
7 Jan18 15 Mar I
251
*912 11
3434 3512 .345* 3512 3414 :35
878 Copper Range Co
344 3642 3534 36
8
3434 35
8518 Dec 484 Ma:
/
1
25 3414 14444722 464 Mar 1
•318 312
3
338
1,820 Davls-Daly Copper
94 Jal
/
1
234 3
*2114 3
24 Nov
/
1
234 3
3 Feb23
2
/ Jan 5
1
4
10
234 234
7
/ 7
1
4
/ 2
1
4
214
74 vg
vs 72
714 714 1,245 East Butte Copper Mlliing_ 10
v. 712
7 Nov 1214 Ix
/
1
4
7 May21 1112 Mar 1
*1
.30 .90
11
/
4
11
4 *1
372 Ap
.30 .5
1 Apr
24 Mar .5
.30 May22
25
.45 .50
.50 .60 3,252 Franklin
*212 31
*212 31
*212 31
*23: 31
3 Ma
/
1
4
112 Aug
Hancock Consolidated
4 Mar 5
*212 34 *211 314
24 Jan10
/
1
25
3834 28 4 *28
281 *28
3
2834 *28
1 2434 Mar28 3012 Apr17 --- r- ---, __
2834 28
2838 291
4
680 Hard C0111 Co
28
,
•.40 .50 '
1%45 .50 *.45 .50 ..45 .50
8.45 .60 '
4 Ap
.30Dec 27 50 tialvetla
114 Feb20
.45 .45
25 .45 May25
107 107 106 1071 10412 10612 105 106 10512 10614 10514 /064 1,196 Island Creek Coal
/
1
8112 Jan 11652 Jun
1 10112 Jan 4 11512 Apr 7
•___ 99
*97 .99
*97
99 *97 99 *97
88 Feb 974 No
Do pre
6
/
1
4
1 93 Feb15 10013 Mara
98
97
99
23 23
22 23
2214 2212 23
535 Isle Royale Capper
18 Nov 261 Mil
4
23
JAW' 3314 Mar 3
25 21
23
25
25
25
*234 3
323
4 3
3 Feb
*254 3
4 All
/
1
4
75 Herr Lake
*234 3
3 8 Jan 2
5
Da May16
5
238 254
234 2
/
1
4
*11 153
/
4
118 11 __
/
4
_ __ *1
1 Feb
545 Heweenaw Copper
34 Ap
214 Mar 5
/
4
118 Jan 5
25
113 11
11
*1
112
.212 31
312 31
24 Febl 5 Ma
/
1
8 Lake Copper Co
•
:
1/2 /
1
4
312 *3
5 Mar 1
31
3 Jan 9
25
.212 4
/
1
4
*3
3
/
1
4
*us 2
*112 2
"112 2
1 NovI
3 Mar 1
/
1
4
La Salle Copper
*112 2
2 Ap
/
1
4
11 Jan29
/
4
25
*11 2
/
4
311 2
/
4
*11 2
/
4
*112 21
*11- 2
*11 2
/
4
*112 2
8
Mason Valley Mine
11 Jan
/
4
25 Mar27
311 2
/
4
15 Jan 8
8
6
2 4 Ma
3
"112 25* *113 21
414 Mar 3
Mass Consolidated
113 fleci
112 Feb 1
25
*134 2"13
- 2
4
*154 2
*134 2
4134 AD
*341 35, 3
825 Mayflower-Old Colony
32
2 334
312 318
34
314
24 Dee) 64 At:
7 Feb10
212 May15
25
3
312 312
4 Mar17
114 Apr21
Michigan
*14 21
2 *14 212 *14 312 .14 212 *13
25
.75 July
7 AD
*134 2
14
4 2
52
62
398 Mohawk
50 3014 49
25 19 May22 71 Mar 2
5012 5012 5012 50
52 Nov 08 Jus
5118 5314 5312
1718 1738 1714 1714 1714 1712 1712 1712 18
8
6 165 Jan I 2412 Mar 2
1514 D
20 Jul
/
1
4
18
18k4 1914 1,514 New Cornelia Copper
_ ____ __ ___ _ _ __ ____ _ ___ _ _ ____ _ _ ____
New Idris Quicksilver..... 8 .05 kiar23 .05 Mar23
.05 DCO
24 Mn
.32
_ in
_ .32
. •37
_ 4,37
44 .37
New River Company
100 35 A pri8 40 Anr27
87 Jan 40 Fe
Do pref
•82 -Eli *52 100 77 mar 5 84 Marie
ii 082 *80 1ii *82 ii *801: 85
73 Jan 85 Oi
1;i-12
149 Nipiseing Mines
*512 5 4
3
512 Jan 4
5
6 4 .53
4
4 *512 5114
654 Feb20
51: 51: *51: 5
5 July
7 Ja
/ *512 534
1
4
84 832
712 May24 1284 Mar 1
16
8
7
/ 734 2,685 North Butte
1
4
7
/ 712
1
4
712 8
7
/ 814
1
4
814
84 Gat 15 Ma
113 *1
112 *1
•1
113 •1
11 May15
/
4
25
011bwaY Mining
112 *1
25* Mar 5
4 Ai
/
1
4
14 Deo
112
112 *I
23
/ 2314 2312 2312 •23
1
4
*23
25
60 Old Dominion CO
26 1812 Jan 5 3212 Mar 1
2.5
/ 233
1
4
*2312 241 23
/
4
18 Nov 27 Ja
4
32
32
311 32
/
4
...r31
33
130 Osceola
315 32
25 2912 Jan27 46 Marl
8
34
34
384 All
33 33
25 Nov
*27
2 36 *24 34
1
3
3
3
200 Park city Mink Smelting.
3 Jan 9
3
334 No
218 June
4 Mar 5
/
1
4
/ 3
1
4
*Vs 318 •2
13
14
13
4,13
134:i 13
13
13
/ 13
1
4
1312 12
*13
303 Pd Creek Pocahontas Co no Par 12 May22 1614 mar23
/
1
4
32 32
33
32
34 34
32
33
32
3512 3534 36
25 82 May21 50 Mar 2
30 Nov 50 Ma
577 Quincy
37
/ 38
1
4
38
3814 38 38
38
420 St Mary's Mineral Land._ 25 3713 May22 53 Mar 1
39
4034 41
39
/ 40
1
4
37 Nov 4812 Ma
/
1
4
.71 .71 *.70 .76 '
1%70 .75 *.70 .75
.70 .70
225 Shama.
.70 .70
15 Ma
4
.25 Mar
112 Mar 5
40 Jan 9
1 .
1..
*.45 .75 ' 45 .76 ..45 .75 •.45 .75
.45 .45 *.40--,..
114 Ma
2 .45 Jan 5 .75 Feb20
.25 Dec
300 South Lake
212 *2
212 *2
*2
212 *2
212 *2
Superior
21. *2
14 Jan20
/
1
35
3 Mar a
14
2-1.5
14 Deo
433 Jul
., 13
11
4
112 112
Its 112
11 112 •11. is
/
4
395 Superior & Boston Copper_ 1
2% 03
.90 Mar
17 May22
2
*11- 13
334 Feb23
4
.80 .80
.78 .83
.75 .75
.80 .8.5 *.84 .95
.so .80
940 Trinity Copper COrp
3 All
/
1
4
119,Deo
112 Febl
6 -50 May15
.92 Ma
600 Touiumne CODPOY
.32 .35
.30 .30
40 . 0
3
40 .50
*.
30 .50 *40 45 "
.40 Nov
6 .30 May2: .65 Feb16
438
438
438 412
4
/ 4
1
4
/
1
4
413 458
458 458
a M3
458 4
/ 6,040 Utah-Apex Mahn
1
4
14 Oct
,
23 Jan 9
4
6 ADr13
11 11
/
4
/
4
11 11
/
4
/
4
15
4 15
4
2
2
611J'
.134 2
134 134
1 Feb
605 Utah Consolidated
3 Mar 5
I
112 Jan19
*.86 .90 *.80 .90
.85 .00 ' 87 .90 *.87 .90 +.87 .90
1..
212 AD
.80 Dec
80 Utah Metal & Tunnel
14 Feb27
/
1
1 .80
May2
114 sl
11
4 •1
113 11a *1
114 •I
14 944 114
3 Ja
/
1
4
.75 Nov
100 flotoria
25
23 Feb28
a
Feb 6
[Is
•
.75 1
'.75 1
..75 1
5
`,75 1
*.75 1
2 4 An
3
•
.75 1
.25 Jan
11 Mar 5
/
4
Winona
2A .65 Jan22
_ *712 6
*712 _ 8.
712 712 7
/ 712
1
4
758 7
325 Weiverhas__ _ _ _
/
1
4
714 Nov 16 Mir
71- JAA:10 13 Mar 1
2
8
814
•Bid and asked Prksax no elute on this day. a Ex-rights. S Ex-dividend
,r dividend. a Assessment iyabd. _ awe
.
us
q Ec
e Begtnntng with Thursday, May 24,trading has been in new shares, of whichand rights.
twcr new shares of no par value were given In exchange for one Aare es WOeS
par ‘11111e. 111 Ord, to mak, poEgghte comparisons with previous
quotations, we have divided all these previous quotations by two.




2378

THE CHRONICLE

Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stack Exchange May 19 to May 25, both inclusive:
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Amount

-Bonds-

All G & WI SS Lines 58'50 5031 49
5034
Chic June & U BY 48_1940
80
80
5s
1940
8811 90
E Maas St RR,see 13 58248
73
72
Hood Rubber 78
1936 10134 10134 10134
34ass Gas 4Hs
1929
92% 93
Miss River Power 58 _1957
90% 91%
New England Tel 5&i932 97
97%
97
Swift & Co 58
94
1944
9434
Warren Bros 711s__1937 108
105% 108
Western Tel 58
9531 96
1932

Range since Jan. 1
Low.

High.

15,000 49 May 62
1,000 7834 May 84
5,000 8811 May 95
May 7714
10.000 72
11,000 10011 Jan 10231
7,000 92
Apr 96%
5,000 89
Apr 95
9,000 96% Mar 9914
14,000 91
Apr 98
13,000 104 May 115
11.000 94
Mar 98

Mar
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb

-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange May 19 to May 25, both inclusive, compiled from official lists:

55,000
7,000
2,000
2,000
5,000
14,000
6,000
9,000
6,000
3,000
2,000
4.000
2,000
11,000
15,000
1,000
1,000
1.000
1,000
2,000
1,000
17,000
9,000
17,600
12,000
1,000
12,000

84
Apr
88
Apr
7014 May
9934 May
86 May
8714 Feb
97 May
106
Jan
100% Apr
8534 May
9714 Apr
90 May
94
Apr
87
Feb
4934 Apr
9231 May
80
May
7734 May
91314 Apr
9834 Mar
9814 Feb
7111 May
52 May
7314 May
9934 May
9634 May
73% May

High.

EgglIt4244t4a4424gtagrsgM44 aanttngIVIVIVAggart4N71471M4nr3V14tS4469.144g4

86
86
90
90
7034 70%
9911 100
8634 8614
91
9131
9734 9711
1063-4 107
103 103
86% 864'
9734 9734
90
DO
943.4 9434
8834 8811
50
5134
9336 9334
80
80
7734 7734
9634 9634
9834 9831
9934 9934
7236 7234
52
5234
75
7534
100 10034
9634 9611
7334 744

Low.

32 40
Jan
52 9434 Jan
4 41
Apr
10 49
Jan
40 155
Jan
8 112 May
40 32% Jan
42 2534 Jan
4,222 .24 May
88 .10814 Jan
218 48
Jan
650 25 May
280 26
Mar
Apr
187 108
78 10311 May
43 11511 Feb
187 8211 May
25
5
Jan
20 25
Jan
3 80
Jan
184 120
Jan
175 8334 May
1,200
7 May
10 52 May
30 2514 Apr
44 2334 May
149 83
Jan
Jan
6 233
25 111
May
761 18
Feb
31 10 May
Jan
81 54
133 3534 Jan
102 74 May
16 10511 Mar
728 1734 May
il4 147
Jan
47 3314 May
108 10 May
210 29
Jan

4

43
4334
98% 99
41
41
54
54
157 157
112 112
3434 3434
2514 26
.24 .28
10911 110
65% 67
25
2514
2634 2611
116 11714
104 10534
117 118
8211 8334
5
5
90
48
95
95
14214 143
8734 8711
7
7
5234 5214
2534 2534
2411 24%
8434 8514
250 250
111 11134
1834 19
10
11
5534 59
38
3834
7434
74
106 106
1734 1814
154 154
3314 3354
10
1014
2934 2934

4 X

Arundel Sand & Gravel_100
100 99
Preferred
Balt American Insurance 25
Baltimore Brick, pref_ _100
50 157
Baltimore Trust Co
Bartlett Hayw Corp Df 100
* 34%
Benesch (I), coin
25
Preferred
1 .25
Celestine 011
Ches & Po Tel of Balt_ _100 10934
25
Commercial Credit
25 2531
Preferred
25 2611
Preferred B
Consol Gas,E L & Pow_100
100 105
7% preferred
100 117%
8% Preferred
Consolidation Coal_ _ _ _100 83
5
Co9den & Co, pref
• 50
Eastern Rolling Mill
100
8% preferred
50 142%
Fidelity at Deposit
Houston 011 pf tr ctfs__ICO 8734
Indlahoma Refining Co_25
25
Mfrs Finance
25
1st preferred
25 2431
2d preferred
Maryland Casualty Co_ _25 8534
50
Mercantile Trust Co_
Mer dr Miners Transp_ _100
Monon Valley Tr, pf_ _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100 5534
New Amstererm Gas Co100
Northern Central
50
Prima Water & Power_100
50
United Ry & Electric
[IS Fidelity & Guar_
50
Va Ry & Power, corn_ _100
Wash Bait & Au op. 50
Preferred
50 2934
Bonds
Augusta Ry dr Elea 58.1940
Bait Spar Pt & C 4A 8_1953 90
Carolina Central 43_ _1949
Consolidated Gas 58 1939
1954
General 4 As
Consol Gas E I.& P 4%8'35
1952 9734
Series E 5348
1931 107
Series C 7s
1949 103
Series A 6s
Consol Coal reidg 50_ _1950 8834
Elkhorn Ccal Corp 6s 1925
Fair & Clarks Tree 58_1938
Fairmont Coals 5g..._1931
Lexington (ICy) St 58_1949
Macon Dub & Say 58_1947 5134
Yid Electric Fly lat 58_1931
Monon Vol True fa__ _1942
NN&HampG&E 581944
North Belt Tres 5s._ _1942
Potdmac Valley 59- -- 1941
Raleigh & Augusta 68_1926
United Ry & Elea 43_ _1949
Income 4s
1949
Funding 58
1936
1949 100%
59
1927 9636
68
Washllalt&AnnapSsl94l 7334

Range since Jan. 1.
I..
www
wt.*
w.
...
W.WMN0.4W.4..NCMONNO, <04 4* WW0.b2N-4.0bZW.M=4.00,
,
.0Cn4,
1
0W,
ICOWOO..0C*0.4.000 W00000-40,000aCnNOCONCal
,
r X rr XXX
=r
rr

Stocks-

00.-40,4O 0
OvW0WW 0 0 000Q00 0-4tl03
:
0,
,
00t
4.404s0.ZW.400,-.
WWWQtQW...000
XX X.XX.
rrr
r XX X

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

7714 Feb

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange May 19 to May 25, both
inclusive, compiled from official sales lists:
Stocks-

Fnaag
sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Alliance Insurance
10
American Moe Pow Co_ _ 50
Preferred
100
American Gas of N J_ _100
American Milling
10
American Ship
•
American Stores
•
American Tel & Tel_ _100
Brill(J G)Co
100
Preferred
100
Cambria Iron
50
Congoletun Co,Ise
•
ELsenlohr (Otto)
100
Preferred
100
Elec Storage Battery__ _100
100
General Asphalt
*
General Refractories
Insurance Co of N A_ _ _ _10
Keystone Telephone_ - _ _50
Lake Superior Corp._ _ _100
50
Lehigh Navigation
10
Lit Brothers
50
Midvale Steel & Ord_
Penn Cent Light & Power.*
_50
North Pennsylvania
Pennsylvania Salt Mfg_ _50
50
Pennsylvania RR
Pennsyl Seaboard Steel..'
Phila Co(Pitts) Pf(5%)-50
Preferred (cumul6%)_50
25
?Ma Electric of Pa
25
Preferred
••+• ...haw, latmodi
•No par value.




2534
83
8
195

4111
234
70
99
53
4934
631

4134
2834
30
Sic

75
3114 32
2436 26
1,543
7014
127
70
83
83
293
6
8
8
15
1411 1434
1,399
186 198
100
121% 121%
90
x70
70
95
30
95
35
4114 4111
1,330
223 235
70
70
50
10
99
99
58
6011
406
45
37
3934
51
53 ' 945
49
431
4934
7
7
29
6
6% 1,220
68
7034
744
2011 2011
95
26
26
5
57
57
60
80
80
5
89
37
88
4334 4414 5,711
40
3% 4
15
3311 3311
275
4134 42
2734 2834 7,187
2914 3031 1,177
• 244 344 24.550

Range since Jan. 1.
Low.
2714 Jan
Feb
15
Feb
63
78
Feb
8
Mar
1411 May
163
Jan
121% May
49
Jan
8814 Feb
40
Jan
143
Feb
69 May
98
Feb
54
Jan
37 May
42% Feb
4231 Jan
7
Feb
511 Jan
68 May
20
Feb
26 May
5434 Apr
7811 May
82
Jan
43% May
3% May
32
Feb
4134 May
2714 May
29% May
244 May

High.
32
30
78
8334
8
2034
198
122
91
95
45
240
85
100
66%
5314
5911
50
8%
1034
75
2211
33A
58
8114
93%
4734
534
36
4511
33%
3334
4

May
Apr
Apr
May
Mar
Feb
May
Apr
Mar
May
Jan
May
Jan
Jan
Mar
Mar
Mar
Apr
Feb
Feb
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Feb
Jan
Jan
An,'

[VOL. 116.

rmay
sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Lew. High. Shares,
PhDs Rapid Transit
_ 50
Philadelphia Traction__ _ 50
Philo,& Western
50
50
Preferred
Reading Company
50
Scott Paper Co, pref_ _ _100
Tono-Belmont Devel__ _1
1
Tonopah Mining
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
50
Preferred
Warwick Iron & Steel_ _ _10
West Jersey & Sea Shore_50
Westmoreland Coal
50
York Railways, pref_ _ _ _50
Bonds
Amer Gas & Elee 58_ _ _2007
Bell Tel, 1st ref 5s_ _ _ _1948
Elec & Peop tr etts 413_1945
Keystone Tel 1st 58_ _ _1935
Lehigh C & N cons 411s 54
Peoples Pass tr ctfs 48_1943
1951
Phila Co cons 5s
Cons & stamped__ _1951
Phila Electric 1st 58_ _ _1966
1947
5345
1941
fls
Phila & Read Term 58_1941
lead-Jer Cent coil 48_1951
leading Traction 6s..1933
rraylor Eng & Mfg 88_1936
Jolted Rys Invest 58_1926
Fork Railways let as 1937

30
3134
60
6034
10
11
35
35
7214 7234
9834 99
15-16 1
111 134
3811 3834 3834
19411 19414
50
4734 50
58
5534 56
8
8
35
35
6636 6734
35
35
3134
6014
11
35

85
91
97
98
6331 66
71
71
91
91
67
67
67
9011 9034 9034
9034 9034
9934 9634 9914
10034 102
104 10434
102 102
8314 8334
101 101
10434 104%
93
9334
8734 8734
98
6411

Range since Jan. 1.
Low.

High,

3,925 30
Jan 33
49 60 May 67
30
8
Jan 12%
5 3434 May 3611
15 7234 May 80
35 9831 May 99
1%
430 15-16 May
458
111 May
234
175 3834 May 4034
69 19414 May 200
3,694 4734 May 56
105 55 May 5634
150
8
Jan
9
30 33
Jan 43
283 6534 May 8634
25 34 May 3611
57,300
2,000
22,000
2,000
3,000
3,000
2,000
2,000
42,200
12,500
19,200
2,000
2,000
1,000
1,000
12,000
1.900

85
9631
61
70
91
67
9014
90
96
99
10211
102
83
10011
104%
88
8714

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

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

9514 APr
99
Jan
7114 Jan
80
Jan
94
Jan
73
Jan
92
Mar
9311 Mar
103
Jan
103
Feb
10634 Jan
102 May
8331 may
101
May
104% May
9814 Mar
02
_itin

-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange May 19 to May 25, both inclusive,
compiled from official sales lists: .
Stocks-

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

Range since Jan. 1.
Low.

High.

Amer Pub Ser, pref..-100 87
86
88
139 86
Mar 97
Fe
Amer Shipbuilding _ _100
63
63
20 63 May 74
Jan
Amer Tel & Tel Co
205 1213-4 May 12334 Mar
12134122
Armour & Co (Del), pf_100 91
90% 9214
660 90
Mar 100
Feb
Armour & Co, pref _ _100 81
7934 8234 3,270 7936 May 96
Jan
Armour Leather
15
8
8
8
308
8
Apr 10
Jan
100
Preferred
8214 8211
10 8211 May 8731 Mar
Bassick-Alemite Corp_ _ _ _* 34
30
34
7,530 2734 Feb 3934 Mar
Borg & Beck
* 28
2234 2811 5,320 2214 May
Mar
Bridgeport Mach, com__ • 1534 14% 1534 1,560 1334 May 3234 May
1614
Bunte Bros
i0
10
10
03.4 Apr 11
100
Mar
Central Pub Serv, pref-100 86
85
87
128 '85 May 90
Mar
Chic City & Con Rys
Part share prof
531 6
650
5
Feb 10
Mar
Chicago Elev Ry, pref _100
3
4
365 • 3 May
8% Mar
Chicago Rys part elf ser 2_
111
131 111
134 May
90
334 Mar
Chicago Title & Trust_ 100
300 300
50 250
Mar 300 May
Commonwealth Edison 100 12834 12711 12814
895 12736 May 131
Jan
53.4
Consumers Co, corn_ _ _100
511 534
200
514 May
654 Jan
Preferred
100 6115 6136 6111
30 6134 May 70
Feb
Continental Motors- _ _ _10
934
834 9% 12.485
814 May 12
Jan
Crane Co, preferred
110 110
4. 10936 Apr 115
Feb
Cudahy Pack Co eom_ _100 5411 5414 5434
20 5434 May 6454 Jan
Daniel Boone Wool M25 2531 21
2514 16.215 4934. May 6211 Jan
100 6911 6911 7034
Deere & Co, pref
152 :70
Apr 7434 Jan
300 :40 May 42 May
Derby 011 Co, pref "A"--• --- -__ 40
42
111111------112 113
Diamond Match
300 112 May 121
Jan
Earl Motors Co
•
%
34
125
% May .134 Feb
Certificates
14 Mar
11
A
14 Mar
200
_Eaton Axle & Spring Co--* 27
30
1,670 24 May 3034 May
24
.
Eddy Paper Corp (The)_ 5 29
25% 2934 15,975 2214 Apr 3434 Apr
10234 10234
1150
Fair Corp(The)
Jan
Jan 106
240 100
• 2234 2034 23
Gill Mfg Co
4,235 2034 May 2814 Apr
Godschaux Sugar, corn-,! 18
Jan 2634 Apr
300 15
1734 18
Gossard (II W), pref-11311 3034 2931 3034 1,220 2434 Feb 3511 Apr
Great Lakes D ds D_ .._ _100 83
83
85
30 8134 Feb 9411 Feb
100
Hartman Corp
81
81
May 9511 Jan
50 81
Hart Selig & NI, com__100 10814 106 10834
730 98
Jan 109
May
Hayes Wheel Co
May 4354 .Apr
3834
825 36
• 3834 36
Hibbard Spenc & Bart Co•
Jan
6511 6514
Feb 66
10 64
10 2234 2114 23
Hupp Motor
May 2934 Mar
9,755 21
Hydrox Corp. pref-_ _ _100 21
20
22
1,103 1834 Jan 3234 Apr
100 73
Illinois Brick
73
Apr 9634 Jan
73
10 .60
Illinois Nor UM, pref_ _100 8534 84
86
93 84 • Apr 8634 Mar
25 3734 36
Inland Steel
3911 1.733 38 May 5034 Mar
Internat Lamp Corp__ _25
Apr
8%
8
12
8 May 32
19,225
Libby, McNeill &Libbt 10
834
636 614
465 . 614 May
83.1 AK
Lyon dr Healy. Inc, pref__ 99
9811 99
Apr 10111 Mar
70 :95
McCord Rad Mfg
Apr
• 34
3211 3534 1,525 3214 Apr 39
31cQuar-NOrris Mfg w I- -* 23
Apr
1034 23
1,440 .1034 May 26
Kid West Mil, com_-1110 48
Feb
4534 4634
585 3534 May 53
100 8214 8134 8234
Preferred
687 81% May 8634 Jan
Prior lien pref
9914 99 100
Jan
565 90 May 104
•
Mitchell Motor Co
34
200
tl," Apr
14
214 Feb
10
National Leather
534
531 6
814 Feb
653
514 Apr
Philipsborn's, Inc., com.._5 1436 1414 1511 5,655 lb • May 38
Jan
Pick (Albert) & Co
10 2034 1931 21
636 Mar
1,185 19( May 3
Pub Sent of No III. corn...* 100
9936 10014
300 9931 May 103% Apr
100 10034 100 10036
Common
202 100 May 10334 Apr
Preferred
100
9211 93
Apr
47 9131 May 99
uttker Oats pref
100
98
99
114 9634 Jan 100
Jan
10 1834 1711 19
leo Motor
8,835 1114 Jan 20 May
Standard Gas& Electric _50 2834 27
2811 1,470 1714 Jan 3211 Mar
Preferred
50 4934 49
50
1,103 48
Mar 5134 Apr
Stewart-Warner Sp,com100 87
8134 NA 43,169 79
Jan 12414 Apr
Swift & Co
100 10331 103 10414 1,392 10214 May 10911 Jan
Swift International
15 1834 1834 19
Feb 2134 Jan
4,240 18
rhompson (J R), com_25 4514 4434 4531 1,125 4434 May 11131 Jan
Union Carbide & Carbon 10 59
5534 5934 23,210 5534 May 6734 Jan
United Iron Works v t c_ 50
7%
611 736
405
6
Jan 1334 Feb
United Lt & Rys, com_100 153
150 160
May
334 71
Jan 164
100 87
1st preferred
85
Jan 94
8814 1,992 75
Apr
Participating pref._ -100 95
94
96
May 9934 Mar
89 90
United Paper Bd, com_100
1634 1644
200 16
Jan 1834 Apr
:TS Stores Corp pref
9734 9734 1,009 9736 May 9834 May
20 65
jS Gypsum
62
65
100 60 May 7511 Mar
100
Preferred
10336 10311
Mar
20 10334 May 106
Testa Battery Corp, com_• 26
22
2611
Mar
240 22 May 36
• 4634 44
Wahl Co
May 58% Jan
4831 3,067 44
Fanner M C Mfg Co....
• 27
26
Apr
27
890 26 May 31
Vard Monte & Co pf_100
11134 11114
25 9534 Feb 11136 Mar
20 2134 1836 22
When Isstled
12,025 1836 May 2534 Feb
Class "A"
95 100 .
510 93
Jan 10411 Apr
a
Vestern Knitting Mills..'
5
531 2,955
4 May 1034 Mar
• 2434 23
Volft Mfg Corp
2536 5,520 23 May 3511 Mar
Vrigley Jr, common__ _25
10536 108
Apr
Jan 114
910 100
fellow Cab Mfg,Cl"B" 10 265
Apr
255 267
Jan 296
1,685 223
fellow Taxi Co
9234 86
9234 23,390 7014 Jan 9834 Apr
BondsThicago C & C Rys 5s_1927
57
Jan 6534 Mar
58 527,000 47
17ommonw Edison 59 1943
96 10534 13.000 9514 May 10534 May
Apr
a Sou trill 1st ref 634s 1943
93
Apr 93
93
1.000 93
ersey Central P & L 7s '48
9814 9814 5,000 9834 May 9834 May
louth Side Elev 410_1924 9234 9231 9214 1,000 sasi. Fob 1.1211 Mar
1.ifr A. rn iat ,e o An 1444 (Mu
0')14 An,' 97 V. Jan
* No par value.

2379

TriE CHRONICLE

MAY 26 1923.]

of transactions at
Pittsburgh Stock Exchange May 19 to May 25, both inclusive, compiled from official sales lists:
Pittsburgh Stock Exchange. Record

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

Range since Jan. 1.
Low.

High.

Jan
8
6
0
Lehigh Valley Coal Sales.50
Apr
Libby, McNeill& Libby_10
May
51
51
51
50
Internat. A
Clese pr_ef____30
rnat,
Jan
7% 7%
Liggerra
Lucey M
High.
Jan
Low.
Stocks16
1631
Lupton (FM)Pub CIA_•
May
175
162
8% Apr McCrory Stores Coria_100 170
Jan
Jan
7
10
7% 7%
Am Vitrified Prod, com_25
Mercer Motors
Mar
Feb 95
420 79
80
83
Am Wind Glass Mach_ _100 81
50a 500
Class A stock new-See• Note0 elow.
7 b
5
Jan
8% May 12% Jan
6 May 10
6% 4,480
6
7
Arkansas Nat Gas, com_10
8% 9% 2,100
8/5
Mesabi Iron Co
•
Feb
6
Apr 21% Apr
3% Jan
125
4
4
Carnegie Lead & Zinc _ __5
1635 15% 16% 2,500 12
Apr Midvale Co
Feb
Apr 325
10 22% Apr 27
10 325
325 325
Fidelity Title & Trust_ _100
22% 22%
*
9% Jan MississiPMRIvPowcom 100
Apr
May 42% May
200 • 6
8
8
•
2% 3,500 41
Indep Brewing, pref__ 50
434 43
1
MunsIngwear, Inc
8% Feb.
5% May
180 106% Mar 10 % mar National Leather
200
3
107% 108
Jones & Laughlin Steel, pfd
10 41%
*
Feb Nat
735 23 May 27
Lone Star Gas
25 24%
5734 6,300 5035 May 7035 Mar
Feb NewSupp Co(of Del)com 50 5734 5036 3% 6.100
4% Apr
May 60
234 Mar
284 51
52% 53%
Mfrs Light dr Heat_5_ _100 $3
3
Mexico &
33-4
Jan
835 Feb NY Tel 634% Ariz Land _ I 109% 109% 110
6% May
275 1083£ Mar 112
250
6% 734
Nat Fireproofing, com 50
Feb Nor Amer Pulppref__ 100
300 1034 May 21
Jan
1% Apr
1
100
50
1635 17%
Preferred
1
1
& Paper..'
Jan
1 May 15
991 12 May 18% Feb Oseida Corporation
1,500
12
13
Ohio Fuel Oil
1 13
*
I%
1
4
Apr
Feb 24
600 14
31% 32% 1,100 31% Apr 36% Mar Paige-Det Motor Car...._10
Ohio Fuel Supply
25 32
19%
Jan Peerless
Jan
Oklahoma Natural Gas_ _25 20
19% 20% 1,525 18% May 27
%
Truck & Motor_50 43% 3834 43% 3,600 3835 May 80
19
Mar Prima Radio
Jan
1
8
5% May
325
4,800 54c May
5% 5%
Pittsburgh Brew, prat_ _ _50
54e 57c
Corporation_l 554
Jan
Mar 11
9
Plttsb & Mt Shasta Cop _ _1 190
200
17c 20c 83,500 160 May 280 Jan Pyrene Manufacturing_ _10
9% 934
4% Mar
3% Jan
8 May 10% Feb Radio Corp of Amer,com •
340
8
8
Pittsburgh 011 & Gas_ _100
3% 3% 11,700
334
3311r Apr
9 May 17% Apr
420
21/w Jan
9%
9
Salt Creek Consol Oil
Preferred
371.
3% 37i• 5,500
5
Mar 85% Apr Rtor Car
65 73
77
7,100 1334 Feb 20% May
77
Stand San Mfg,corn
100
eo Motor
18% 17% 19
May
1
692 23% Feb 27% Mar Repettl, Inc
25%
Union Natural Gas_ _100 25% 25
1,000
5
1%
13.4
Feb Rosenb'm Gr Corp, pf__50 49% 48% 1% 1,900 4834 May 54% Mar
700 83% Mar 120
Westtouse Air Brake_ _ _50 8434 8335 85
4935
Feb
180 54 May 69% Mar Savannah Sugar pref._ _100
55%
W'house El & mfg,eem_50 55% 54
125 8035 May 104
8034 80%
Apr 86 May Southern Coal & Iron.
822 77
West Penn Rys, pret _ _100
83% 86
25c 35e 23,000 200 Mal 500 May
-....5
51% May Standard Gas & El pref_50 29e
Jan
100 30
50
50
W Penn Tr & W P,cm_100
200 48% Feb 50% Apr
49% 50
50
335 Jae
2% May
600
Standard Motor Constr_10
234
2% 2%
14% May 24% Jan
Bonds2,90
Motor
• 17
14% 17
Jan Stutz & Co Car
Feb
80% 80% 7,000 62 May 81
Pittsb Brewing 6s_ _ _ _1949
Swift
80 102 May 109
100
103H 105%
18% 18
May 91 May Swift International
Jan
2,000 91
91
Feb 21
91
West Penn Rvs 5s__ _1931
200 18
15
93£ Feb
6%
Technical Products Corp.5
6%
A 634 1,000 14% May 19 Mar
Mar
100
Curb Market. Below is a record of the Tenn Elee Power, cont.. •
14% 1435
New York
Jan 13% Apr
700
transactions in the New York Curb Market from May 19 to Timken-Detroit Axle___10 3% 10% 11% 8,600 10 May 635 Mar
4%
Tob Prod Exports Corp_'
3% 5
4935 May 5935 Mar
inclusive, as compiled from the official lists. Todd Shipyards Corp......' 52
May 25, both
825
4934 52
Sc Jan 380 Apr
1,000
As noted in our issue of July 2 1921, the New York Curb Triangle Film Corp v t e_ _5
Apr
United Bakeries Corp_
•
25a 27%
14
600 24 May 37
150
Apr
on June 27 1921 transferred its activities
Market Association
Preferred
100
460 83 MaY 93
83
86
Apr
7
4% Jan
United Profit Shar'g, new.1
2,600
Street curb to its new building on Trinity Un Retail Stores Candy--• 531, 5% 6
from the Broad
Mar
8
Jan
5
535 6
5%
Place, and the Association is now issuing an official sheet United Shoe Mach.com_25 m36 m36 4934 4.500 m36 May 56 Mar
1,200
Preferred
25 26% 2634 2634
100 26% Apr 27% Jan
which forms the basis of the compilations below.
1% Apr
Jan
U S Light & Heat,com 10
1
15.700
3% Apr
Preferred
Friday
Sales
10
21
1
231 3 % 1.700 900 Jan
1
1
Universal Pipe & Rad,w I*
May 2034 Apr
Last Week's Range for
Range since Jan. 1.
3,500 12%
129.4 15
Week ending May 25
Apr
Sale.
of Prices.
Preferred
100 6334 59% 6334 1,400 5931 May 72
Week.
High.
Wanner Malleable Cast__' 27
May 31% Apr
Low.
Par. Price. Low. High. Shares.
26
27
Stocks1,400 26
22% Apr
•
Waring Hat Mfg
18
May
18%
200 18
2% Jan
Wayne Coal
5
1%
1% 131
1% May
Indus. & Miscellaneous.
800
6 MaY West End Chemical
1
4% 5%
4% May
42c 44c
Acme Coal Mining new 10
800
2,000 30c Jan 490 Apr
6% May
10
16c 21e
3,000 15e May 35c Jan Western Feed Mfrs. Inc--6%
Apr
Acme Packing '
5
8,700
4
22% 22%
124 126
6% 6%
Adirond'k Pow &L coin 100
10 22% May 2231, May Yellow Taxi Corp, N Y. *
Feb 1523 Apr
400 100
22% 22%
Aluminum Mfrs common_•
600 2134 Feb 22% Jan
100
Feb 103% Mar
Preferred
102% 103
200 100
Former Standard 011
Amalgam Leather, corn __• 18% 17% 18% 1,300 1435 Mar 1935 Apr
Apr
Subsidiaries
100
60
60
Preferred
100 48% Jan 65
Mar
100% 101
Amer Cotton Fabric, pf.100
300 99% Mar 102
1% Apr Anglo-American OIL __£1 16% 14% 1634 8,300 1434 May 1931 Jan
1%
135 1%
600 550 Mar
Amer Drug Stores class A.1
Jan
50 86
80
86
3735 38
Am G&E,corn, new, w 1__• 38
210 80 May 94
900 3235 Feb 4635 Mar Buckeye Pipe Line
Feb
25 41
May 4635 Feb Continental 011
40
41
Preferred
$0 41% 41
41%
800 41
1,500 383£ Feb 50
25 18% 17% 19
American Hawaiian S 5_10 18
17
19
700 1534 Jan 25% Mar Crescent Pipe L
275 173.4 May 2634 Feb
Jan
Feb Cumberland Pipe Line-100 10334 100 104
Apr 140
Jan 168
Amer Lt & Trac, corn _ _100
114 114%
60 111
210 r85
Apr
100 103
100 103
Jan 117
Amer Locomotive new wl* 67% 65% 67% 1,600 65% May 6835 May Eureka Pipe Line
170 95
May Galena Signal 011, com_100 63
60
63
23% 25
1,175 5736 Jan 79% Mar
American Stores new __-• 25
3,000 23% MaY 25
100 168
167 16835 3,130 164
Mar 171
Feb
195
195 195
50 183 May 195 May BilnoLs Pipe Line
Old stock
Mar
Apr Indiana Pipe Line
4
50 96
96
96
Jan 103
4
4
3/4' Feb
American Thread pref__
100
30 95
Feb
33£ Apr National Transit_._..12.50
25% 25% 1,300 25
Mar 29
2
2
300
2 May
AmerWritingPaper,com100
100
123% 1233£
May 138 . Apr
10 116
37% 37%
400 3735 May 40% May New York Transit
Archer-Daniels-Mid Co-*
Feb
104 104
May 110
Apr 9934 Feb Northern Pipe Lint- -100
91
135 102
Armour & Co of Del. p1.100 91
91% 2,900 90
Feb 01110 Oil
25 68% 62
6834 1,800 62
7% May 19
May 8535 Feb
Armour Leather corn_ _ _ _15
200
7% 8
Feb
25 17
17
2% Feb Penn-Meg Fuel
17
'•
1% Jan
200 16
May 25
1% 2% 3,600
Atlantic Frult Co
Apt
jan
Mar Prairie Oil & Gas
100 211
197 212
323
234
1,260 197
Basslck-AlemIte Corp__ •
31
31
100 30% May
100 106
10135 106
412162%
May
Mar 122
1,170 110335 M
ryn Prairie Pipe Line
Borden Co,common__..100
115% 116
70 110
Feb
100 144
May South Penn 011
130 146
May 196
560 130
Bridgeport Machine Co_ :.• 15
14% 1635 3,500 14 May
Feb
96
May 116
98
150 96
Brit-Amer Tob ord bear_ £1
21% 2135
600 19% Jan 22% Apr Southern Pipe Line_ _ _ _100 98
80
81
30 6636 Jan '8834 Mar
Li 21% 21% 21% 1,000 19% Jan 22% Apr South West Pa Pipe L 100 81
Ordinary
54% 61% 155,100 5434 May .6935 Mar
British Int Corp "A" stk_* 16% 16% 16%
500 14% Apr 17% Feb Standard Oil (Indiana)_25 61
Feb
44% 2,400 4134 Jan 57
• 12% 12% 12%
Class B
400 11% Apr 1835 May Standard Oil (Kansas) _.25 4435 41
25 923£ 85% 9234 5,100 1480 '
Jan
'Jan 133
Brooklyn City RR
10
734 Jan 10% Mar Standard Oil(Ky)
10
10
600
24835s Feb
I% Feb Standard Oil(Neb)__ _100
205 215
30
Buddy-Buds.Int,
•
1% May
1% 1% 8,700
Jan
3535
Campbell Soup, prof_.100 106% 106% 106%
Apr 109% Feb Standard 011 01 N Y....._25 assi 35% 40
41.100 156 Mayfly
100 106
Apr
274 290
135 Jan Standard Oil(Ohio)corn 100
Jan 317
Car Lighting & Pow er_ _ _25
90 274
I
I% 1,200 750 Mar
jee
25 47% 43% 48% 38.600 43% 34 n .1 .3£ Mar
Feb Vacuum Oil
5
5
Celluloid Co, corn
Jan .8
100
91
23
91
20 81 May
10
23
25
Preferred
100
108% 108%
100110
165
b
10 106% May 11034 Mar Washington 011
2% Mar
Cent Teresa Sugar, cora _10
134 1% 1,700
134 May
Feb
Centrifugal Cast Iron Pipe* 12% 12% 12% 2.400 10
Other 011 Stocks.
Jan 15
Checker Cab Mfg,Class A• 52% 46
54
4,1.00 46 May 66% Feb
2c
70 • Feb
35% FebApr Amer Fuel 011 common.10
2c
2c May
Chic Nipple Mfg Class A.10
1,000
3% 4% 4,700
2% Jan
5% 7
Chicago Steel Wheel,com_5
2,800
Ark Natural Gas, corn.. 10 • 6%
2% 6.700
2
5% May
1% Mar
103.1 Mr
9
29%
10
Preferred
9% Feb Associated 011 new w 1._ _ 29% 28
900 28 May 27,4 MaY
5% 7% 17,700
May
53£
Jan
2% 3% 2,100
3%
147 158% 2,725 158
235 May
Feb Atlantic Lobos Oil, corn__ a
Cities Service, com____100 157
May 195
113£ 10% 113£ 5,800 10% May
MaY
Mar Barrington 011 Co class A
100 67% 66% 68% 4,400 66% May 70
Preferred
180 20c
18e
Jan
6% Mar Big Indian 011 & Gas
Preferred B
10
6% 6%
8,100 15e
200
635 May
1
it:
1
900
1
Cities Serv,tankers' sh_ ..• 15% 14% 153£ 4.300 14% May 19% Feb Boston-Wyoming Oil_ __ _1
4,500 47e May 8
5
5% 16,900
4% Mar
531
Cleve Automobile. com__• 30
28% 30% 2,000 28% May 34% Apr Carib Syndicate
Jan
65e 650
1
May Columbia Petroleum
92
Preferred
92
200 65e
30 79% Apr 92
1% MAY • 134 Feb
1% 1%
30
Colombian Emerald Syn _
4c
5,000
400
3e May 450 Jan Consolidated Royalties_
834 Apr
7%
435 534 20,200
pr
2% Jan
2134 22%
Colorado Power Corn. _1
5
Mar 25% Mar Creole Syndicate
110 21
MarJan
1
Jan
1% 134
47
200
135
‘
Columbian Carbon v t c_ •
494 1,200 40% Feb 50 May Darby Petroleum
13% 16
227 227
May Derby Oil & Ref Corp,com• 15
2,400 13% May 1
Congeseum Co, eom__ .100 227
10 114
Jan 227
• 39% 39
800 39 May
41
9% Apr
6% 6%
Cosgrave Export Brew--10
Preferred
100
Mar
5
9 11%.4.
2
8c Apr 45c
90 100 46,000
Mar Engineers Petroleum Co_.1
4% 5% 4,700
8
9e
Cog's Cash 18toree
.
5
3% Feb
7% 7%
100
Equity Petrol Corp. rweL_ , 14% 14% 14% 1,100 143£ Feb 15 7Mar
Curtiss Aerotl dr M.coma*
Jan
5
Jan
n
Jan
Mar Federal Oil
710 79c 34,500 69c
Jan
32
32
Davies(William) Co
'•
5 770
100 31
Apr 3
1
500 33% May 38%
br
87
Del Lack & West Coal_50 87
88%
9034
99 82
Jan 90% Apr General Petrol Corp com25 35% 33% 37
3
Jan
3% 4% 6,500
•
Douglas-Pectin Corp.:_ _• 13% 13% 13% 3,200 12% May 14% Apr Gilliland Oil, corn
Apr Glenrock 011
85c 940 15,200 81c May
211 :M
7%
.
9% 10% 6.500
10 94c
Dubliler Condenser & Had* 10
4% Jan
7%
13£ Jan
1.500
134
3
Granada Oil Corp, CI A_10
4% 5% 2,500
Feb
Du Pont Molors, Inc- _•
5% May 1734 A
Jan Gulf Oil Corp of Pa
22,300 51% May 68% Mar
25 57% 51% 58
% 54% 37% 55% 48,309 37% May 84
Durant Motors, Inc
Jan '18c
70 110 54,100 17c
1 110
Jan
9% 1434 4,500
Durant Motors of Ind__.10
9% May 253.4 Jae Hudson Oil
20
200 18
20
Eastern Steel, Cast,com•
Mar 20% Mar Humble Oil & Refining_ _25 32% 3095 32% 1,200 30% May 4131 Mar
500 2934 May 39% May
30
35 3134 , 29% 31%
Eaton Axle & Spring Co_ _* 27
24
14,200 24 May 3035 May Humphreys 011
3,205 99 May 123
30
Feb
99 110
Edm'ds &Jones Corp com•
30%
20 24
Mar 3035 May Imperial Oil (Can) coup_25 108
Mar International Petrofeum..• 18% 15
182 188
May 24% Feb
1835 108,300 15
Equitable Tr Coot N Y.100
105 182 May 194
jen
2
Jan
22% 22
18c 230 150,000 18e May 40e
200 22 May 2735 May Keystone Ranger Dave'.A. 22c
Fay Taxlaalf, Inc
22%
•
Kirby Petroleum
Jan
4
135 Apr
4% 4% 5,500
2% 2% 1,400
2%
Federal Tel & Tel
33£ Apr
Mar Lafayette Oil Corporation_
415 415
2% Apr
1/5 Apr
1% 23£ 1,700
Ford Motor of Canada 100
10 400
Jan 460
Lance Creek Royalties_ _ _1
93
•
4e - Feb
Foundation Co prof
93
le May
2e
2c
6,000
lc
40 91% Apr
Aa
3
1% 90c
1
Garland Steamship
1
2% Mar
90c
. Jan
2,100 750
860 95c
3,600 70c Feb 55 % Nlpr Livingston Petroleum_.....
275 278
Apr Lone Star Gas
Gillette Safety Razor- •
.24
25 24
100 22% May 26 Mar
24
520 259
Jan 292
• 70% 68% 72
6.400 56
13£ Feb
5
Glen Alden Coal
2,500 62c. Mar
Jan 75% API• Lowry 011 Corp
90e 90c
Goodyear The & R.com100 14% 13% 14% 5,300
134 Jan
1,400 750 May
800
750 800
935 Mar 16% May Lyons Petroleum
634 May Magnolia Petroleum... 100 148
Griffith (D,W),Inc. CI A-•
5% 6
600
Jan
Mar
135 148
1,14 135
3
Jan Maracaibo Oil Explor____• 24% 21% 24% 31,80
93% 94%
24
8
Hanna (let A) Co, pref-100
9
400 92% May 10
9% Jan 10 % MaY
50c 50c
100
Preferred
• 75c
200 50c May 50c May Margay 011 Corp
750 75e
1,600 75e May
3
131 Fau
jeb
•
1% 2
Hayden Chemical
1,000 1% Jan 2% Feb Marland Oil
1% Jan
2% 3
2,500
Feb
10% Nier
13
100
143£
Hudson Cos Pref
6 May 53
5
soo 13 May 17% Feb Mexican Eagle Oil
100
6
6
9%
9% 9% 1,500
Hudson & Man RR,00m 100
12% Feb Mexican Panuco Oil--_ -10 75c
2,400 640 MaY
64c 810
9% May
• 21% 20% 22
7rs m
2,700 20 Jan 25 Mar Mexico Oil Corp
Hydros Corp. corn
10 95c
82e 95e 28,300 800 Jan 23% Mar
Jan
5% 5%
Jan 30c
Imperial Tobacco of Can_5
Midwest Texas 011
Sc
so()
A May
150 220
1
7,000
of GB dr I..C1 21% 20% 21%
ir
1% Jan
Imperial Tob
6% Na
soo 17 Jan 21% May Mountain dr Gulf 011
400
1% 1%
1
155
5
5%
Industrial Fibre Corp corn*
300
Apr 1031 Jan Mountain Producers_ _10 16% 14% 16% 7,800 14% May 20ti MaymFea
5
Mar
4% 5% 2,400
5
Intercontinental Rubb-100
6% Jan Mutual 011 vot trust ctfs__
11% 1035 11% 124,000 10/4 May
43£ Jan
•
SA 7
8% 1,200
8% May New Bradford 011w I_...5
Internat Carbon
5 May
5 May
535 5% 4,000
Mar
92
MaY
92
Kup'h'mer(B)& Co pf_100
600 92
Mar 96% Jan New England Fuel Oil_.. ------ 33
100 25
33
Feb
3%
3
43£ 8.400
Leader Production
4% May New York Oil
1,000 12% May 2
1334 14
3 May
30c
22% 23
Lehigh Power Securities •
150 17c 43,200 150 May 300 Jan
500 18
Mar Noble(Chas F)Oil& Gas_l 170
Jan 25
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High Shares.




8 3i
6
0

Range since Jan. 1.

25 78
6
300
100 48
7
100
300 13
50 162
50c
2,500

May 90
8%
Jan
Apr 51
Mar 20
Jan 22
May 182
4
May

Sc

134

.T1

THE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011
of Prices.
Sale.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Omar Oil& Gas
In
Peer Oil Corporation
•
Pennok Olt
10
Pennsylvania-Beaver 011.1
Phillips Petrol new w 1____
Royal Can Oil Syndicate-Ryan Consolidated
Salt Creek Como! Oil
Salt Creek Producers-10
Santa Fe Oil& Refining_..5
Sapulpa Refining
5
Seaboard Oil & Gas
5
South Petrol & Refining_ _1
Southern States 011
10
Tidal Osage Oil non-vot-__
Turman Oil
1
Wilcox 011 & Gas
5
'Y" Oil & Gas
1

82c
434
13%
1%
36
5%
10%
19%
8
3%
2%
20
18%
900
7%
10e

730
234
1234
1%
3254
434
4
934
1854
4%
3%
2%
2c
18%
9
80c
6%
100

830
4%
1334
2
36
5%
4%
10%
20
6
354
234
30
19%
9
980
7%
10c

19,100
1,900
8.000
5,600
1,600
5,100
1,400
700
3,400
7.300
11.000
9.400
5,000
19,000
300
35,715
22,200
6.000

Range since Jan. 1.
Low.
750 May
234 May
9% Jan
134 Apr
3234 May
434 May
4
Apr
9% May
18% May
434 May
2% Jan
234 Jan
lc May
1331 Jan
9 May
80e Mar
6% May
Jan
Sc

High.
Pit
13
1434
5
41%
734
634
14
25%
6%
4%
4
13c
2654
12
1%
103(
20e

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

Mining Stocks.
Aladin% Brit Col Meta1s_.1
2.%
Amal Lead. Mae etc Sin Co
6
Arizona Globe Copper---1 470
Heaver Consolidated
Belcher Divide
100
Betcher Extension
SC
10e
Mg Ledge Copper Co___ _5
IC
Black Hawk Con Mines__1
Beaton & Montana Dev__5 15e
Boundary Red Mt Min-__ 30c
Butte & New York
Butte & West Min Co---1
Calaveras Copper
6
Canario Copper
1 134
Candalaria Silver
1 10c
Chino Extension
Oornstoek Tunnel
270
°wool 0Opper Mines----6
354
CO11801 Nevada Utah Corp
11c
ContinentalMines, Ltd..
434
CopperRange
(Metes Silver
1 68c
Crackerjack Mining
Cresson Con Gold M & M.1
331
Crown Reserve
55e
Davis
-Daly Mining
10
Divide Extension
1
713
,
Dolores Esperanza
1
1%
East Butte
Emma Silver
1
be
Eureka Crowns
1 14c
Fortuna Cons Mining
210
Gold Coln Mines
67e
Golden State Mining
44c
Goldfield Consol klinee.10
Sc
Goldfield Deep Mines Co 50 tic
Goldfield Development
Gold fled Florence
I 44c
Goldfield Jackpot
1 410
Goldfield Oro Mining
Gold Zone Divide
Sc
Hard Shell Mining
1
Handll Divide
100
50
Reels Mining
26e
834
Henrietta Silver
20e
Hilltop-Nevada Mining._ _
134
Hollinger Con Gold Mines 5 11%
ifooseatake Ext Min Co_l 65c
Howe Sound Co
1
331
Independence Lead Mln 1 36e
Iron isiosioni Cons Min I 3Ic
Jerome Verde Dovelool_ _ I
2%
Jib Cowen Mining
1
Jim Butler Tonopah
1
Kelly Extension Mining.
Kerr Lake_
Kewanaa
1
Knox Divide
10e
Lone Star Consolidated_l
3e
MacNamaraCreseentDev.1
MacNamara Mining
1
Marsh Mining
160
Mason Valley Mined
5 "
McKinley Darr-Sav Ml,
Mizpah Extension of Ton........
Mohican Copper
1 60e
MOfington Mining
National Tin Corp
170
Nevada Sliver Horn
New Cornelia
1834
New Dominion Copper---6
331
New Jersey Zinc
100
N Y Porcupine Mining__
Nlphising Mines
531
S
Nixon Nevada Mining Co
10e
Ohio Copper
1 64c
Premier Gold
3
RAY Hercules, Inc
6
134
Red HIlla Florence
20
Reorg Divide Ann
6c
Rex Consolidated MininS.1
FUelunond Cop M & Deo__
19c
St Croix Minos Corp
lto
Salida Mines
Sandstorm Kendall
Sliver King Consot
Silver King Divide Reorg_
ge
Sliver Wuxi of America
Ile
Silver Pick C011e101
SC
Mire° Queen Mining Corp_ 31c
Silversmith Mining
Simon Silver Lead
1 31c
8A0w Storm Silver Lead-- 98c
South Arner Gold & Plat-1
Spearhead
12c
Standard Saver Lead_ _I
Stewart Mining
1
Success Mining
1 47e
SuPerstitIon Consol.
Sutherland Divide_
Tok-Hughee
1
lin
Temiska ming Mining
Tonopah Belmont Dev-i 98c
Tonopah Divide
1 600
111.
/
1
4
Tonopah Extension
Tonopah Mini=
1
134
Tonopah North Star
Tuolumne Copper
United Lavern Mining_ __
Psis
United Imperial Mines__ .1 88e
United Verde Exteusion_50 33%
United Zinc Salon
19c
US Coat Mines
5
44
Unity Gold Mines
Utah A Pox
Valondana Deer. Mine..
_600_
verde Min & M11111*
1041
lgtOry Divide.
West End Consolidated...5 irle




2
534
44c
38e
2e
30
lc
15e
15e
30c
230
2
3
131
70
50c
24c
2%
100
434
35
650
20
3
55c
3
70
1Si
754
IC
100
17e
67c
41c
7c
10c
70
41e
41c
lc
4e
4c
3e
8
15c
Pit
1134
650
330
330
31e

234 8.000
634 2.800
47c 40.000
380
1.000
7c 26,000
3c 168,000
20
3,000
16c
2,000
18c
8,000
40c
8,000
25c
1,000
2% 11,500
3
100
I% 6,100
12e 322.000
70c
2.500
27c
8,000
313,,
14,400
lie
8,000
43. 1,000
35
100
age 22.800
2c
5,000
3.it

10,000

715,
6,700
3
300
80
9,000
134 2.000
7%
300
le 97,000
Ific 116.000
21e 125,500
70e
3,000
44c 22,000
Sc
7,000
12e 95,000
Sc
4,000
47c 24,000
42e
7,000
lc
1.000
50 13.000
4c
1.000
5e 20,000
834 1.200
20e 37,000
i',o 7,500
12
2,300
65e
1.500
3% 10,000
36c 41,000
32e 11,000
231 2,200
97e
134 2,400
5c
5c
1,000
30c 30e
1.000
254 234
200
Sc
3c
1,000
IC
20
4.000
Sc
4c 18.000
2c
2o
2.000
3e
Sc
1.000
14c 16c 42.000
13i 2
1.600
160 180
2,000
40
4c
1.000
51e 820 10,300
lc
lc
2.000
15c 180 32.000
lc
lc
3,000
18% 1834
100
3
334 8,800
160 162
130
55e 620 13,600
551 5% 1.700
7c 10e 33,000
46e 65e 77,300
234 334 2.700
1% 1% 12,600
lc
3c 36,000
60
60
2,000
2c
4c 14.000
13c 190 31,000
950
Pie 5,000
55e 67c
700
2c
30
4,000
90c
1
3.300
4c
90 44.000
lie 140 16.000
Sc
7,000
Sc
31e 38c 17,000
44e 44e
1,000
300 310
8,000
98e
1
1,100
234 3
400
Ilc 120 46,000
21e 21e
200
4c
50
4,000
45c 470
1,100
4e
5e
4,000
13c 16c 17,000
134 134 75,200
41e 41e
4,000
95c 98e
4,300
550 600 40.300
134 211t 12,000
1% I% 1.200
30
3e
1.000
30c 32e
5,000
1% 11h, 19,800
Mc 86c
1,400
32
34
500
134 134 2,000
16c 19e 17,000
434 454 2,900
4% 4% 2 90(
534 5%
600
60c 77o
5.000
2c
20
5.000
900 98e I 40.200

134
534
10e
36c
2c
2c
le
So
9c
30c
15e
90e
234
134
7c
50e
150
234
80
431
35
62e
2e
2
32e
234
6o

May
254 Mar
May
634 May
Feb 850 Feb
Feb 50c Apr
7c May
Feb
Mar
6c
Jan
Jan
443
Jan
Apr 16c May
Feb 23e May
May 80o May
Apr 50e Mar
Apr
Mar $3
Jan
4
Mar
May
254 Jan
Aor 38e
Jan
Mar 75c Mar
Mari 30c May
431 Mar
May
Feb 15c Jan
Jan
531 Feb
May 4334 Mar
Apr
134 Mar
Jan 15c
Jan
Air
334 Apr
Feb 72e Apr
Jan
434 Mar
May 130 Jan
134 Apr
234 Jan
754 May
934 Feb
le Apr
4o
Jan
10o Ma. 37e
,
Jan
17e May 74c
Jan
62e Feb 76e Apr
30e Feb 50e Mar
tle Apr 11c
Jan
70 Apr 240 Jan
4c
Jan 340 Jan
29e
Jan 76e Feb
36e
Jan 57o Mar
le
Jan
6c
Jan
4c May 110 Feb
30 Jan 13c Jan
4e May 100 Mar
8
Jan
934 Apr
15(3 Feb 66c Feb
114 Jan
1"s, Feb
1134 May 14
Feb
58e Feb 74c Mar
234 Jan
434 Mar
34)(3
Jan 480 Mar
28c Jan 38e
Jan
334 Feb
95e Apr
90e May
134 Apr
4e Jan
Sc Jan
30e May 700 Apr
234 May
354 Jan
2c Mar
80 Jan
to May
70 Apr
3o Mar be Jan
le Mar
60 Jan
30 Apr
Jan
7o
60 Jan 15c Jan
134 Jan
234 Mar
16c May 25e Mar
4c Feb
4c Feb
10o
Jan 93e Apr
le
Jan
4c Jan
15o Apr 32e
Jan
IC Jan
2c Jan
1634 Jan 2431 Mar
234 Jan
434 Mar
160 May 18034 Mar
3003 Jan 680 Apr
631 Mar
534 Jan
30 Jan 10o May
37e
Jan
Pis Mar
234 May
334 Apr
1
Feb
234 Mar
lc May
go Mar
Sc Apr
Apr
7c
2e May
80 Feb
100 May
29e Feb
80c May Piz May
42o May 73o Apr
le Apr
50 Jan
60o Mar
I% Apr
4o May 250 Apr
11o May 400 Feb
Jan
fio
4o May
31e May 50c Feb
430 Apr 530 Jan
210 Feb 5033 Apr
Apr
900 Apr
1
234 May
434 Jan
40 Mar 14o May
21e May 28e Feb
Jan
8c
4c May
390 Apr 680 Jan
3c Jan 160 Feb
lo
Jan 16e May
810 Jan
134 May
30e Mar 47o May
Pis Jan
94o Ma.,
52e May 89e Mar
134 May
4
Mar
294 Jan
Pis Jan
60 Apr
30 Feb
30c May 070 Feb
I% Jan
2514 Feb
60e mar 89c Apr
2634 Jan 3834 Apr
750 Feb
134 Apr
1343
Jan
Apr 23e
5% Mar
3% Jan
yy Apr
3
Feb
53.1 May
5% May
60c May 770 May
be
5o Mar
Jan
154 Jan
90e May

[VoL. 116.

Pricing
Sass
Last Week's Range for
Sale.
of Prices.
Week.
Mining (Concluded) Par. Price, Low. High. Shares.
West End Extension Mtn....
Wettlaufer Lorrain
White Knob Copper
Yukon-Alaska trust certifs.
Yukon God Co
5

1c
10c
30%
194

lc
2c 50.000
10c 10e
2,000
50e 55c 23,100
29
30%
900
1 3 :4 1% 13,000

Range since Jan. 1.
High.

Low.
le
4e
50e
1934
75c

6e
28e
75e
35
23is

MAY
Mar
May
Mat
Jan

Jan
Apr
Feb
Apr
Apr

Somas
Allied Pack conv deb 68'39
58
May 76% Jae
603.4 $20,000 58
1939
70% 72
88 Series B
7.000 70 May 84% Jan
Aluminum Mfrs 7s_ -1925
103% 103% 1,000 102% Apr 104
Jan
1933
78
105 106
26,000 105
Mar
May 107
89% 91
Amer Cotton 01168_1924 91
36.000 85
Feb 96% Jan
Amer G & E deb 6s--2014 94% 94
94% 19,000 93% Apr 9834 Mar
Amer Lt & Trac 68 without
1925
101 101
warrants
25,000 100 May 101% Feb
Amer Rolling Mill 6s__1938 98% 9834 98% 32,000 98% May 100% Jan
Amer Sumatra Tob 78-1938 9954 98% 100
30,000 953( Jan 10031 May
Amer Tel & Tel 68._ -1924 100% 100% 100% 24,000 10034 Mar 10154 Jan
Anaconda Cop MM 78.1929 103% 103 103% 15,000 10234 May 104% Jan
6% notes Series A__1929 101% 101% 101% 7.000 101
Apr 103% Feb
102% 103
Anglo-Amer 011734$_ _1925 103
34,000 102
Mar 103% Jan
90% 184,000 88% Apr 96% Jan
Arniour & Cool Del 530'43 90% 90
Atl Gulf & WI SS L 59.1959 4934 4834 4931 25,000 48% May 82
Mar
1033 7935 7834 7935 28,000 65% Feb 82% May
Beaver Board 88
79
79
79
Certificates of deposit _
1,000 68
Ja
81% Apr
9934 15,000 97 Ma 103
Beaver Products 7348_1942 99% 97
Apr
Beth Steel equip 7s....1935 102% 102% 102% 41,000 102% Jan 104
Feb
100% 100% 5.000 100% May 10534 Jan
1923
is
Canadian Nat Rya 78_1935 10634 106% 10731 12,000 1085( May 110% Jan
1925
5.9
99% 99% 3.000 98% Ma
9954 Feb
10034 10031 7,000 100
A
10134 Jan
Canadian Pacific 6s.. .1924
Feb 108% Apr
Central Steel fis
1941 107% 10734 10734 15,000 106
Jan 97
94% 94% 4,000 94
Charcoal Iron of Am 881931
Mar
2,000 99 May 99 May
99
99
Chic RI & Pac 534s._1926 99
10,000 90 May 96% Apr
Cities Service 78,set C 1966 91% 9131 92
Apr 93% Feb
2,000 90
91
78,Series D
1966 91
91
Mar 105% May
1.000 104
105 105
1966
85 Series F
Jan
3.000 18 May 30
23
Colum Graphophone 88'25
18
Jan
Certificates of deposit...... 18
18
26% 14,000 1734 May 35
Cons G,H L &P Balt613'49 102% 102 103
24,000 10034 Apr 10334 Jan
Apr 10834 Feb
1931 10:
6.014 105
78
106 107
Jan
1952 98
Apr 100
534s Series I'
6.000 07
98
97
Feb
1941
Jan 106
Consol Textile 88
98% 9834 5.000 93
Jan
107
11141 10634 105% 10634 11,000 105
Cuban Tel 7345
J
1931 101% 101% 102
Deere & Co 7348
45,000 98% Mar 10334 Feb
Detroit City Gas 68.-1947 0934 99% 9954 44.000 993
4 An 10134 Jae
Jan
Detroit Edison 6s... l952
MI
10134-102% 29,000 101.54 Ma
DunlopT&Rof Am78-1942 96% 96% 97% 30.000 95
Fe
97% Ape
Federal Land Bank 4548 _ _ 100% 100 10031 10,010 99% An 100% Jan
1941
5s
10334 10334 5.000 99% Fe 103% Feb
1924 10114 10134 10154 7,000 10054 Mar 101% Apr
Federal Sugar Gs
1933 98% 98% 98% 107,000 08% Apr 08% May
61;
Fisher Body Corp 60_1924
100% 10034 1.000 99% Ma 100% Apr
1925
614
9934 99% 18,000 08% AP 10034 Feb
1927 9654 96% 96% 11,000 116
(Is
May 993 Feb
1928 9634 9634 9634 43,000 04% Ma
ti;;
98% Feb
Calr (Robert) Co 78-1937 97
99% Jan
06% '57
8,000 96
An
Galena-Signal 011 7e 1930
104% 10434 3,000 103% Mar 105% Mar
General Petroleum 68_1928 97% 97% 97% 45,600 9734 AD
Apr
98
Grand Trunk RY 6%8-1936
103% 104
19,000 103% Ap 107
Jan
1937 9534 95
Gulf 01100 Pa re
95% 16.000 93% May 97% Jan
Hocking Vail RR 65_1924
1005( Apr
10035 10034 4.000 100
M
Hood Rubber 7% notes.'36
101 101% 7,000 100% Jan 102
Jan
Interb R TMJPM rcts 100
100 100
100 MAY
25,000 953( 1Kennecott Copper 7s_1930 10334 10334 10334 17,000 103
105% Jan
J
Libby McNeill& Libby7s'31 100% 100 100% 3,000 9934 Jan 102% Jan
Liggett-Winchester is 1942 103% 102% 10334 8,000 101% Ma 103% Jan
Louisv Gas& Elec 5s- _1952 8834
9154 Jan
8734 88% 29,000 86
Ma
Manitoba Power 78_ _ _1941 98% 9834 9834 4 000 95
Ja 10234 Feb
Maracaibo 011 Exp 78_1925 24034 215 24034 60,000 105
Ma 240% May
10231 103
1930 103
Morris & Co 7348
13,900 98
A
106% Jan
28,000 95
9734 Mar
Nat Acme Co 7358. --1931 95% 9554 96
Ap
100 10034 21,0
National Leather 88 1925 100
Ma 102
100
Jan
New ON Pub Serv 5s- _1952 8434 84
8434 26.000 82% A
89% Mar
NY Chicago at St L RR
1931 100
9934100
3,000 98
M. 10054 Feb
Series C 65
1952 87% 87% 88
Jan
Ohio Power 55
92
11.000 8434 A
.
8.8% 8734 8834 49,000 86
Apr 9054 Jan
Penns P & L 158 B......-1952
10434 104% 4,000 102% Mar 10531 Jan
1941
Fight Electric 68
1947 100% 100% 100% 6.000 9831 A
102% Jan
53411
Phillips Petrol 7348.-1931
Without warrants
99% 9934 10154 41.000 101 May 103% Feb
Public Sear Corp 78 w 11941 10234 102 102% 52.000 10134 May 10434 Jan
98
Pub Serv Elise Pow 6s-1948 98
98% MaY
9834 113.000 9734 A
Sears. Roebuck & Co 78'23 100% 10054 100% 18,000 100% Apr 101% Jan
Shawsheen Mills 7s..193I 104% 104 10434 13,000 104
Mar 105% Apr
1927
Solvay&CiCSS
10434 10434 4.000 104
M. 1053( Jan
South Calif Edison 55-1944 88% 87% 89
97% Jan
8,000 87
Stand 01101 N Y 6345.1933 10634 105% 10654 37.000 104%
10754 Jan
7% serial gold deb__1925
103 10334 14.000 102% Mar 106% Feb
7% serial gold deb...1926
104% 104% 10.000 103
Ap 105% Jan
7% serial gold deb...1927 104% 104% 10434 31,000 103
Apr 1073.1 Jan
7% serial gold deb--1929
106% 10634 12,000 104
Apr 110% Jan
7% serial gold deb-_1930 106
10534 106
22,000 101% Feb 109% Jan
7% serial gold deb__1931 106% 10634 106% 12,000 106% May 110
Feb
1931
Sun Co 7's
10254 10234 1.000 10134 F
Mar
103
Swift & Co 58.-Oct 15 1932 91% 91% 91% 47.00
Feb
89% Mar 94
01178_ _1931
Tidal Osage
102% 103
11.000 102% Mar 10334 Jan
United Oil Produc 83-1931
96% Jan 1063( Mar
101% 10231 13.
1936 106% 106% 107
Vacuum 011 7s
10654 Ma 1073( Jan
36,
Foreign Government
and Municipalities
Argentine Nation 7s 1923 100% 10034 100% 888.000 100
1945 43
Mexico 45
3634
41% 43% 288.00
-year Serlee A
61
68 10
6254 60.000 55%
Netherlands(Kinad)6fal'72 9934 99% 100% 59,000 9734
98
Peru (Republic) 88.....l932
99
3,000 97
RustJan GovtS 34s..._lPlO
10% 11% 3.000
914
_1921
954
1134 11% 1,000
ItURSian Govt 554s
Switzerland Govt 5348.1929
10054 100% 49.000 100%

Jan
Jan
M
M
Feb
la
Jan
May

10034
44%
63%
100%
100%
113%
16
104

Jae
May
May
Feb
Apr
Feb
Feb
Jan

•No par value. k Correction. m Dollars per 1,000 itre flat. I L Med on the
Stock Exchange this week, where additional transactions will be found. o New
stock. ti Ex 66 2-3% stock dividend. r Ex 1009 stock dividend. Ex 200%
stock dividend. le When issued. zEx dividend. tr ICI. rights. :Ex Mock dividend.
n Ex-stock dividend of 40%.
Note -Listing Committee of New York curb Market has declared eld contracts
In Class A stock of the Mercer Motors Co. on notice that readhlstmtalt Plan had
been abandoned.

Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturiiy.

Int.
Rate.

5%%
94
2
2
Mar.pnt 15 19 41 . 531%
ue e 5 925
454%
Mar. 15 l926.... 434%
June 15 1923._ _ 334%
Dec. 15 1925- 434%
Sept.15 1923... 334%

Bid.

Asked.

10034
101%
10051.
1003ii
99nis
99%
gosh,

10034
101%
100311
10011s
100
9931
993118

MaturUp.
Sept.15
June 15
Dec. 15
Dec. 15
Sept.15
Mu.15
Mar. 16

1926.
1025....
1927 -1923_
1921....
1F24....
1927___

Rate. I Bid.
434•1
4340
434%
4% 1
43.i'%I
4347'
434

98%
993414
9934
991-11
100
100
100%

Asked.
9934
100
9
954
100
100514
100%
100%

Inutstment mut gailroul intelligence.

2381

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

Latest Gross Earnings.
Week or
Month.

Current
Year.

Latest Gross Earnings.

Jan. 1 to Latest Date.

Precious i Current
Year.
Year.

Previous
Year.

$
$
501,501
Akron Canton & Y_ March
216,527 186.9661 $609,987
731.804
Alabama & Vicksb_ March
840,688
272,471 262.013
Amer By Express.- January
12696179 12836389 12.696.179 12.836.389
Ann Arbor
2d wk May
95.335 103,712 1,641,647 1.748,482
Atch Topeka & 8 Fe March
16551 794 14201 823 47.171.141 38.975,725
GulfColo & S Fe.. March
1.817.505 1.717,985 5.511,909 4,831,077
Panhandle S Fe.- March
652.404 629,522 1,793.444 1,688.148
Atlanta Birm & Atl_ March
886,352
421.7971 338,513, 1.199.388
Atlanta & West Pt_ March
521,047
252.3811 179.4771 716.312
Atlantic City
722.086
March
323.165 285.346, 791.894
Atlantic Coast Line- March
8,378.952 7,081.047 22.761,159 18,402.372
Baltimore & Ohio.... March
22747280 18614 749 61,996,643 47.918.181
B &0Oh Term March
678,786
Bangor & Aroostook March
668.2671 912,539 1,655,334 2.289.188
21.857
Bellefonte Central.- March
36.211
8.283
13,922
Belt By of Chicago.. March
624.679, 554,172 1,797.749 1,486.227
Bessemer & L Erie March
1,231,7921 774,971 3,333.719 1,913.491
30,663
Bingham & Garfield March
103,282
11,163
38.099
Boston & Maine._ March
7,455,326 6,902.522 19,699,485 18,610,969
Bklyn E D Term_ March
411.672
1 435.332
167,309
Buff Roch & Pittsb_ 3d wk May
219,094 7,391,073 4,823.918
169.547,3
603.027
Buffalo & Susq
974,280
64,625
189,521
April
Canadian Nat Rys 24 wk May 4,812 088 3.905 712 81.727,318 71,393,611
Canadian Pacific-- 3d wk May 3.140,000 2,997.000 59.192,000 56,323,000
802,067 679.136 2.182.435 1,861.348
Caro Clinch & Ohio.. March
2,478,682 1,982.465 6,796.167 5.136,559
Central of Georgia.- March
5,058.274 4,895,718 13.477.880 12,910.641
Central RR of N J.- March
587,282 778,805 13319.907 1,922,047
Cent New England_ March
705.062 608.4591 1.924,185 1.626.592
Central Vermont..... March
409.922 351,2271 1.027.378
Charleston & W Car March
7.979.408 7.832.296 22.441.878 20.702.483
Ches & Ohio Lines-- March
2,842,685 2,763.525 8,205.705 7.752,444
Chicago & Alton. ,March
14813534 13969630 43.123,858 37.714,246
Chic Burl & QuincyjMarch
Chicago & East III.- March
2,541,687 2,294,679 7.418,227, 6.436,232
Chicago Great West March
2,198.254 1,997,294, 6.204,4421 5.373.131
Chic Ind dr Louisv_ 1 March
1.840.998 1,397.685 4.403.909 3.748.235
14791 287 13364836 41,608.208 34,639,858
Chic Milw & St Paul March
Chic & North West- March
13453884 11698484 37.432 757 31,570,365
Chic Peoria & St L- March
612,413
107,8351 218,293
369.706
Chic River & Ind
March
672,1921
1.879.498
Chic R I & Pac- - March
10119407 9,807.090 29,049.655 26,908,041
Chic R I & Gulf_ March
432,863 464.870 1,265.823 1.371.983
Chic St P M & Om_ March
2,451,641 2,404,940 6.939.322 6,298,608
Chic Ind & Western March
417,870 355,311 1.212.710 1,024.806
Colo & Southern.. - March
1.007,339 1,076,475 3.022.175 2,956.833
Ft W & Den City. March
705.171t 776.526 2,084.642 2,128,364
Trin & Brazos Val March
125.7431 291,473
419.696 1,083,072
Wichita Valley.... March
299,458
306,806
100.647
.0
Delaware & Hudson March
3.836.136 4,120.525 10.040,306 11.338,241
Del Lack & Western April
6,922,323 5,514,320 27,360,754 24,865,396
Deny & R G West- March
2,430,435 2,468,200 7,458.001 7,014,292
Denver & Salt Lake March
441,975
425.453
122,450 192,525
Detroit & Mackinac March
338.253
409,083
161.933 143,036
Detroit Tol &'rout_ March
926,335 766,750 2.376,961 1.822,772
Det & Vol Shore 1... March
396,191 381.810 1.042.327 1,011,066
Dul & Iron Range March
317.417
586,000
211,195 124,347
• Dul Missabe & Nor- March
377,810
469.237
190.042 153.125
Dul Sou Shore & All 24 wit May 116.597
80,179 1,913,510 1,309,472
Duluth Winn & Pac March
482.329
727.392
284,035 165.902
526,448
. East St Louis Conn_ March
619,759
211.346 263.333
Elgin Joliet & East_ March
2.465.863 2,092,419 6,762.009 5.204.425
. El Paso & Sou West March
1.043.830 883.995 3.019.567 2.426,099
Erie Railroad
110571199,055,12830.026.76323,390,456
March
Chicago & Erie_ March
1,189,164 984.317 3.156.830 2,677.263
NJ&NY RR
March
354,403
377,590
135.260 125.896
Evans Ind & Veer H March
338,538
435,777
136,919 129.916
Florida East Coast_ March
2,013,106 1.749,473 5,235,496 4,402.158
Fonda Johns & Gloy March
365.388
408.520
145,405 127,542
Ft Smith & Western March
344.480
400.985
140.124 127,636
Galveston Wharf_ _ - April
497,050
453.951
109,571 125,222
Georgia Railroad.... March
532.995 416,512 1,445.023 1.096,929
Georgia & Florida- 2d wk May
469.390
632.952
30,600
23,970
Grand Trunk Syst 3d wk Mar 2,222,865 1,930,118 23,244.920 20.861.357
Atl & St Lawren March
903,916
969.627
342,951 303,666
ChDetCanOTJc March
616,070
775.747
297.355 233.765
Det G H & Milw_ March
580,737 415,640 1,443,399 1.060.923
Grand Trk West_ March
1,735,672 1,213,095 4.427.014 3.306.517
Great North System 24 wk Ma) 2,123.922 1,729.223 36,842.048 29,198.413
Green Bay & West_ March
351,312
118.786 147,814
313,988
Gulf Mobile & Nor_ March
481.341 373.336 1.386,483 1,017.301
Gulf & Ship Island. March
277.429 239.736
674.680
764,647
Hocking Valley.... March
1,257,589 1,229.335 3.689,422 3.226,572
Ill Cent(whole sys _ March
16677486 13921149 48,021.594 39,347.119
Illinois CentralOo March
14945778 12277318 42.912,254 34,992,416
Yazoo & Miss Val March
1.731,7101.643,834 5,109.339 4,354.703
Intern By Co of Me March
16,132 321.700
866,622
962,854
Internat & GA Nor. March
1.188.730 1,097.532 3,442.007 3.135.552
Kan City Mex & Or March
141,490 110,480
331.239
351.062
K Mex &0 of To March
139,278 145,981
365,699
372,312
Kansas City South_ March
1,642,123 1,594,550 4.904,694 4.310.475
221,491 134,309
Texark & Ft Sm._ March
478,141
634,085
April
Total system_
1.779.758 1,541,618 7,318,537 6,330.235
Kan Okla dc Gulf.... March
245.803 249,549
647,385
736.672
Lake Sup & Ishpem. March
3.402
10,719
6,389
29,944
89.804 103.334
Lake Term By..... March
272.704
247.622
241.227 272,785
Lehigh & Bud River March
701,687
669.943
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
1,939.672 1,573.588 5,213.624 4,414.306
Los Aug & Salt Lake March
739.331
347.613 283,391 1.012,905
Louisiana & Arkan. March
807.905
985.458
341,809 318.761
Louisiana By & Nay March
11608410 10634 319 32.423.027 28.312.387
Louisville & Nashy_ March
664,646
833,948
294,365 251.488
Louisv Fiend & St L March
Maine Central
1,819,443 1.854.309 4,742.841 4.927.755
March
163.275
134,188
368.690 382.576
April
Midland Valley
78,680
172,898
5,659
Mineral Range.... Cd wit Ma)
7,584
•

Week or
Month.

ROADS.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

3
$
1
Minneap & St Louis 24 wk May 32.697 302,639 6,212.760 5.674.309
3,814.695 3.237.696 11.207.632 8.326,944
Minn St P & S M_ March
469.293
363.438
158.752 134,584
Mississippi Central_ March
M K&T(wholeSyst) March
4,612,611 4.342.664 13.345.426 11.932.402
2,916.201 2.465.790 8.227,312 6.722.082
Missouri Kan & Tex March
1.618,419 1.752,813 4.857.258 4.846,648
Mo K & T Ry ofTex March
350.896
Mo & North Arkan_ March
134.104
9.233.402 8.651.768 25.606.872 23.562.176
Missouri Pacific.._.March
Mobile & Ohio
1st wkMay 382.910 324.616 7,457.987 5.891.872
376.293
337.033
Columbus & Or.. March
130.204 120.181
498,019
854.551
228,428 147.308
Monongahela Conn_ April .
305,986
658.790
15,652
Montour
215,158
April
Nash', Chatt & St L March
2.184.247 1,730.651 5.933.389 4.688.267
72,108
88,945
5,780
Nevada-Cal-Oregon 2d wk May
5.633
59,421
23.1511 183.142
Nevada Northern March
74.016
444.952
502.146
Newburgh & Sou Sh March
180,303 176.423
614.682
691.734
New Orb Great Nor_ March
243.484 226,198
684.600
810.486
NO Texas & Mex March
276,504 250.114
536.218
567.539
Beaum S L & W March
191,808 202.465
St L Brownsv & M March
519,476 1,253.870 1.424.599
427.749
New York Central- March
36898954 29167831 100648229 80.843.570
Ind Harbor Belt_ March
1.056.041 881.401 2.898.987 2.288.900
Michigan Central March
8.568.157 6,563.956 23.190.528 17.373.241
Clay0 & St L_ _ March
8,298,896 7.373.534 23.765,066 19.890.379
918.811
Cincinnati North_ March
489,229 371,736 1.336.030
Pitts & Lake Erie March
8.758,899 2.358.823 10.620.696 5.967.411
NY Chic & St Louis March
3.966.971 3,304.927 10,706.135 9.000,924
773.424
715.099
N Y Connecting
March
178.032 307.825
N '17 N H& Hard March
11288630 10202920 30,478.679 27.504.446
2.941.473 2.946,667
N Y Ont & Western March
1.133.505 1.180.438
N Y Susq & West March
509,192i 422,996 1.269.560 1.084.636
Norfolk Southern ,March
914,1081 793,266 2.294.396 1.933.371
Norfolk & Western. April
7,844.98917,692,924 29,112.264 27.544.115
Northern Pacific.... March
8,201,602 7.608.200 22.624.515 19.455.525
Northwestern Pac March
60'2.479 561,609 1.645,983 1.544.878
Pennsylv RR Co
March
60331 996 55623930 165457739 146815998
258.753
Bait Ches & Atl 1March
270.320
111.332 109,807
Long Island
1March
2.490.352 2,252.899 6,894,479 6.037,374
192,882
Mary Del & Pa...1March
192.925
80.509
79,248
Monongahela _ _ _.March
452.843 574.735 1,240.625 1.381.403
Tol Poor & West_ March
411.188
471.308
163.427 141.149
W Jersey & Seash March
1,042.262 988.690 2.833.508 2.503.787
Total
March
64270834 59241 863 176242743 156333034
Peoria & Pekin Un_ March
491,102
153.124 174.336
452.170
Pere Marquette.... March
3,838.932 3,362.333 10,348.036 8.434.356
Perkiomen
March
263.323
82.23891277
270.542
Phi's & Reading
9.437,962 8.450:424 26.866.527 21.494.750
March
Pittsb & Shawmut_ March
378.252
160.295 145.805
431.070
Pitts Shaw & North March
315.862
136,014 112.908
429.989
Pittsh & West Va April
961.725
327,872 175.034 1.157,493
Port Reading
March
713,209
271,753 307,738
851.636
Pullman Company. FehruatY 5.101.273 4,216.373 10.673.496 9.639.772
Quiney Om & KC..
247.962
141.157
95,067.
Rich Fred & Potom- March
1.154.636 912,709 2.995.323 2,440.297
Rutland
March
621.240 498.473 1.577,322 1.332.846
St Louis-San Fran 2d wk May 1,698,507 1,681,861 31.803.476 28.869.123
Ft W& Rio Grand March
297,695
105,393
99.4181 315,591
St L-S F & Texas_ March
382.375
114,495 124,024
355,908
St Louis Southwest_ March
1.939.911 1.567.826 5.556,461 4.123.184
St L. W of Tex_ March
627,752 557.070 1,901.875 1.707.180
Total system _ - 2d wk May 471,832 440,616 10,555.528 8.599.753
St Louis Transfer March
200.077
223,075
74.787 defl2,010
San Ant& Aran Pass March
399,052 417.6271 1.172.313 1.171,226
Ban Ant Uvalde & March
215.599
87,045
83,516' 244,309
Seaboard Air Line... March
4.886,727 4,124,559 13.916.934 11.122.374
Southern Pac Syst March
22922089 20446928 63.371.345 56,414,935
Southern Pacific Co March
16143649 13910 253 43.619.618 37.705.759
Arizona Eastern_ March
616,890
340.932 233,9381 919.599
Atlantic 13 El Lines March
1.181,936 1.018,549 3.383.599 2.906,863
Galy Harris & 8 A March
1,863,1231,855,038 5.431.438 5.140.477
Hoes & Tex Cent.. March
1.072.968 1.216.1651 3,276.162 3.720.394
Roes E & W Tex_ March
664.476
265.536 236,3691 703,352
Louisiana Western March
406.239 406,7171 1,165,742 1.125,951
Morg La & Texas March
742,168 713.5761 2.328,037 1.949.013
Texas & New Orl_ March
773.976 731,064 2,152,3692,280,703
Southern Railway... 2d wk May 3.799,109 3.212.183 72.378.702 58.638,467
Ala Great South_ March
942,537 809.539 2,653.251 2.138.939
CinN O&TexP_ March
2,087,368 1.500.868 5.703.311 4.067.427
Georgia Sou & Fla March
463,974 401,780 1.291,139 1.150.545
New Ori & Nor B. March
606,581 546,490 1.752.732 1,510.556
274,091
Northern Ala..- _ March
403.458
135,755 106,104
273.099
Spokane Internat.. March
317.859
125.322 102.133
Spelt Portl & Seattle March
665,995 582.701 1,820.839 1.601.996
734.284
Staten Island R T._ April
742.407
224,927 206,246
554,820
Tennessee Central March
739,576
264,728 218.275
, Term RR Assn ofStL March
431,667 406.869 1,198.779 1,160.800
1 St L Mar Bdge T. March
985.055
448.743 369,129 1.313.314
Texas & Pacific
_ 2d wk :Slay 538,895 514.070 11.201.051 10,456.502
Toledo St L & West_ March
1.230,430 851.164 3,292,732 2.306.632
Ulster & Delaware... March
333.952
300.102
129.819 129,193
Union Pacific
8,828.009 8,151,149 24.562.798 2 ,921,436
March
Total system...._ April
15650888 13142246 6O,790.0425.,992,442
Ormon Short ine March
3.041.93 3,148,054S.74&02: .299,554
Ore-Wash RR & N March
2.299.850 2.232.138 6,613,706 6.214.900
St Jo & Ord Isl'd_ March
286,346 276.970
749.776
792,044
Union RR (Penn).- March
898.809 713,460 2,614,884 2,020,455
Utah
120.426 135.258
March
398.374
382.694
Picks Shreve & Pac. March
361.512 310,837 1.047.685
880,589
Virginian Railroad_ March
2.087.197 1.937,194 5,207,344 4.889.487
Wabash RR
5.501,2785,163.547 14.933.010 IR.998,159
March
Western Maryland. 2d wk May 480.8601
283,214 „
,
2
Western Pacific_ _ _ _ March
909,870 784.589 2.567.542 2,312;326
Western By of Ala March
256,449 201.085
544,096
723.135
Wheel & Lake Erie_ March
1.330,759 1.304,309 3,458.619 3.336,222
Wichita Palls & NW March
77,9911 124.062
363.672
260.856
-

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

Current
Year.

I Previous
Year.

$
1st week Mar (19 roads).
- 15.904,378 14.177.334
2d week Mar (20 roads1
.-- 15,578.825 14,729.356
3d week Mar il5 roads -- 15.491.516 14.719,456
4th week Mar 16 roads -- 22,271,250 20.482.659
1st week Apr 16 roads ---- 18.152.238 15.489.168
3d week Apr (16 roads)._ lig.867 16.279.045
3d week Apr (16 roads)..264 14,746.074
4th week Apr 15 roads)._ 20,371,901 16,434,746
1st week May 16 roads).
- 17,634,648 15,408.167
2nd wosa • ay('6 rmidRI__ _ 19 506 lhe 15,90R85
•Grand ftspds & Indiana and Pitts. Oiri. Ohio. & St
V Includes Grand Trunk System.




f

Increase or
Decrease.

Atonthly Summaries.

Current
Year.

I Previous
Year.

Increase or
Decrease.

Mtteage.
Curr.Yr. Prev.Yr.
$
+1.727.044 12.18 June
2
235.310 234.568 472,313.9031460.47.081 +12.3%8.82 2.69
+849.469 5.76 July
235,082 234.556 442.736.397 462.696.986 -19.960.589 4.31
4
+772.
,16, 5.25 August
235,294 235.090472.242.501 504,154.075 -31,911.05 6.35
+1.788.591 8.73 September -.235.280 235,205 498.702.275 496.978.503 +1.723.772 0.33
-1-2.663.070 17.19 October
233.872 232.882 545.759.206 532.684.914 +13.074,292 2.45
+3.723.822 22.87 November -235,748 235.679 523.748.483 466,130.32 4-57.618.155 12.35
+3,792,19025.72 December-235.290 236.121 512,433.733 434.698.143 -1-87.735.590 20.66
+3.937,155 23.96 January -.235.678 235,827 500.816.521 395,000.157 +70.803.472 21.00
-1-2.226.481 14.45 February - - _235,399 235.528 444,891,872 400,146,341 +44.745.531 11.18
473.747.009 +59.1106.190 12.63
'4.9.795,500 17.27 Mareh
Louis ineinded in Pennsylvania RR z Lake Erie & Western Included in New York General.

2382

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 16 roads and shows 17.27%
increase over the same week last year.

Name of Road
or Company.

[Vol,. 116.
Latest Gross Earnings.
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

Edis El Ill of Boston_ March
1553.224 13(4,770 4,919,124 4,393,689
Edis El 111 of Brock'n_ March
357,124
436.911
143,721 112,572
El Paso Electric Co.... March
576,555
611.532
206,582 190,021
1922.
Second Week of May.
1923.
Eiec Lt & Pow Co of
Abington & Rockl'd March
92,245
34,610 28,149
3 93
19 :799
10 4
9
300,292
Erie Ltg Co & Subs__ March
125,581 93,915
Ann Arbor
103.712
8,377 Fall River Gas Works March
95,335
230,105
83.783 76,161
240,658
219,094 220,651
Buffalo Rochester & Pittsburgh_
439.745
Federal Lt & Trac Co March
476,521 445,690 1,474,318 1,355,564
Canadian National Railways_- 4,812,088 3,905,712 906,376
Fort Worth Pow & Lt February
412,920
249,990 200.361
5 96 9
7 43 3
0:9
9 3
Canadian Pacific
3,170,000 2,936.000 234,000
Galv-Hous Elec Co__ March
792,991
272,533 271,572
80,179
116.597
36,418
Duluth South Shore & Atlantic..
Gen G & El & Sub Cos March
1253.367 1037.022 3,779,993 3,167,904
23.970
6,630
Georgia & Florida Ry
30,600
Georgia Lt Pr & Rini_ February
282,791
154.837 138,669 4.197.542
310.711
2,123,922 1.729,223 394,699
Great Northern
Georgia Ry & Power.. March
3.744,016
1367,679 1241,883
7,584
5,659
1.925
Mineral Range
Great West Pow Syst April
565,780 583,796 7,702.090 7,244,522
302,639
324,697
22,058
Minneapolis & St. Louis RR_ --Havana Mee R.L&P_ Ma
1085.028 1079,249 3,299,279 3,297,194
390.752
336,745
54,007
Mobile & Ohio RR. Co
Haverhill Gas Light__ March
44,126 38,948
141,126
131,208
5,633
5.780
Nevada-California-Oregon
147 Helena Lt & Rys Co.. March
33,547 34,845 *413.962 *390,987
St. Louis
16,646
-San Fran. Ry. Co_.._ _ 1,698,507 1,681.861
Honolulu Rapkd Tran March
82,693 85.030
233,399
237,476
440,616
471,832
31,216
St. Louis Southwestern
Houghton Co Elec...._ March
46,778 45,377
152,300
149,606
3.799,109 3,212.183 586,926
Southern By. System
ar
Hudson & Manhattan ApriL
967,106 935,272 3,812,830 3,690,817
538.895
514,070
Texas & Pacific By.Co
24,825
Hunting'n Dev & Gas M
120,962 99,578
363,541
296,754
480,860
283,213 197,647
Western Maryland
March
Idaho Power Co
170.164 159,198
560.670
521.176
Inter Rapid Transit February 4389,479 4171,667 9,329,634 8,846,059
18,506.156 15,780,656 2.734,024
Total (16 roads)
8,524
Subway Division February 2947.812 2790,787 6.265,751 5,922,205
Netincrease(17.27%)
2.725,500
Elevated Division_ February 1441.667 1380,880 3,06.3,884 2.923,853
Kansas City Pr & Lt_ April
742,661 627,120 3.173,502 2,678.991
530,604 496.353 *5,178,731 *4.805,818
dKan Gas & Elec Co_ February
Keokuk Electric Co March
33,107 29,786
103,787
95,858
Net Earnings Monthly to Latest Dates.
-The table Kentucky Trac Term. March
128,630 120,547
383,843
348,747
Keystone
April
146,338 137,122
580,863
552,933
following shows the gross and net earnings with charges and Key West Telep Co... March
Electric
21,881 20,231
66,659
63,650
657,361
surplus of STEAM railroad and industrial companies Lake Shore Electric March
242,311 186,172
540.630
Lexing'n UtilCo&Sub March
259,803
230,452
53.546 76.369
reported this week:
Long Island Electric_ February
22,980 23,975
48,860
49,358
-Grossfrom Railway- -Net from Railway- -Net after Taxes
- Los Angeles Gas Co February 1395,572 1325,926 *11985 117'10429870
Leuisv Gas & El Co.... January
5654.1054931.795 5.654.105 4,931,795
1922.
1923.
1923.
1922.
1923.
1922.
443,293
Lowell El & Lt Corp_ March
140.690 103,189
331.165
s
s
$
$
s
$
42.987
42.850
Manhat Bdge 3c Line February
20.130 20,566
_
Buffalo & Susquehanna58,705
(Rec)
50,739
27,497 24.031
189,521
64,625
11,118 -28,015
April
1,918 -31,302 Manh & QueensCorp_ February
Manila Electric
March
287,568 284,576 *3,587,564 *3.659,574
603,027
158,232
54,187
From Jan 1. 974,280
103,931
41,150 Market Street Ry
April
3,181,478
807,039
e Metropol'n Edison.. March
604,657 507,524 1,856,729 1,540,097
Delaware Lack & Western
6,922,323 5,514,320
973,21e 1698.'255 1.973 210 1,695.255
April
632,413
584,691 Milw Klee By & Light January
718,933
693,772
From Jan 1_27,360,754 24,865,396
269,849 246,004
1,659,985 3,681,013 Miss River Power Co_ March
Mobile Electric Co_ _ _ January
830.746
771,662
830.746 771.662
Gal vaton Wharf Co
Mountain StatesPrCo January
998,044
1152.932 998.044 1.152,932
125,222
109.571
27,017
April
25,324
10.017
8,324 Munic Serv Co & Subs March
662,682
434,185 216,170
497,050
From Jan 1.. 453,951
127.809
34,787
59,741 -35,249 Nebraska Power Co__ February
567,320
335,000 285,929 1.335,64
677,815
0
Nevada-Calif Electric March
673,598
Kansas City Southern' Ry Co
369.446 266,913
943,336
1,779,758 1,541,618
270.351 320,833
451,767
April
989.029
375,568
352,187
264,059 New Bedf G & Edis Lt March
595,239 466,719 1,204,336
975,931
From Jan 1.. 7.318,537 6,330,235 1,980,180 1,602,433 1,584,355 1,156,879 New Eng Power Sys.. February
New Jersey Pow & Lt March
67,792 53.079
216,244
163,824
Midland Valley RR
Newpt News & Hamp
368,690
April
382,576
134,188
163,275
118,992
151,410
Ry, Gas & El Co__ March
168,219 154,382
484,621
500,834
From Jan 1_ 1,493,481 1,405,467
529,941
520,964
468,630
473,319 New York Dock Co.. April
277,502 329,460 1,115,953 1,298,420
NY Railways
February
Monongahela Connecting
648,466 653,534 1,396,729 1,379,487
Eighth Avenue........ February
228.428
84,897 87,747
April
183,011
186,985
147,308
54.589
24,269
52,002
21,997
Ninth Avenue
February
36,436 39.847
From Jan 1_ 854,551
84,038
79,619
498,019
127,786
122,498
119,107
113,891
N Y & Queens (Roe).. February
49,424 95,446
106,958
201,803
Montour RR
N Y & Harlem (Bee).. February
112,463 119,200
243,949
250,495
215,158
April
15,652
84,889 --35.691
70,067 -35,809 NY & Long Island.... February
31,735 35.696
69.082
77,290
From Jan 1_ 658,790
305,986
198,985
-2,941
157,456 -13,517 Nor Caro Public Serv March
116,279 101.343
348,790
308,758
895,124 748,134 3,583,677 2,954,083
Nor Ohio Elec Corp April
Norfolk ifc Western
43,557 33,272
80,778
60,805
April
7,844,989 7,692,924 2,136,143 2,515,847 1,649,493 2,065,705 Nor'west Ohio By &P March
263,075 280,684
736,229
788,555
From Jan 1.29,112,264 27,544,115 6,005,341 7,661,368 4,082,940 5,859,262 North Texas El Co.__ March
February
15,350 13,083
Ocean Electric
30,773
27,436
Pittsburgh & West Virginia
233.292 235,827
Pacific Power & Light February
484,794
490,211
327,872
April
175,934
78,410
51,646 45,600
40,218
36,352
160,186
140,018
14,550 Paducah Electric__ _ March
From Jan 1_ 1,157,493
981,725
273,070
205,766
112,050
103,407 Penn Central Lt &
271,145 209,535
Power Co & Subs March
822,405
619,690
Staten Island Rapid Transit
Pennsylvania Edison_ March
261,565 206,254
788,934
643,637
224,927
April
206,246
45,704
1.468
33,190 -16,488 Phila. Co. & Subsid'Y
From Jan 1_ 742,407
734,284 -19.97/ -70,026 -85,227 -136,230
1635,667 222,675 4,928,407 4,103,569
Natural Gas Cos._ March
42,153 70,804
Philadelphia 011 Co.._ April
Union Pacific SYstenl166,517
354,377
15,650.888 13,142,246 3,681,527 2,306,423 2,582,967 1,170,830 Philadelphia & West_ April
72,105 70,090
269,843
248,810
Anal
4a
3755,5743584,733 14,701.019 3,782,762
From Jan L60,790,042 53,992,442 14,239,170 12,419,142 9,850,306 7,881,025 Phila Rapid Transit .k prgh
62,248 58,116
Pine Bluff Co
200,874
184,915
Western Maryland
304,090 282,455
Portland Gas & Coke_ February
603,565
600,062
2,065,390 1,215,129
April
481,300
306,602
396,300
266,602 Portland By, Lt & Pr March
923,961 860,631 2.727,285 2,518,731
From Jan 1_
6920,270 6131.410 28,371,892 5,903,908
Pub Serv Corp of N J April
171.329 168,816
Puget Sound Gas Co_ January
171,329
168,816
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Puget Sound Pr & Lt.. March
1049.245 891,23031.199,312 2,726,834
274,349 237,852
Reading Transit & Lt March
769,202
700.764
834.274 661,173 2,494;271 1,993,841
Republic By & Lt Co March
56,705 52,702
Latest Gross Earnings.
122,134
111,739
Jan. 1 to Latest Date. Richm Lt & RR (Roe) February
47.542 43,734
Rutland Ry,Lt & Pr_ March
Name of Road
178,351
164,599
3756.665 3866,576 3,756.665 3,866,576
or Company.
San Diego Cons G&E1 January
Current Previous Current
Previous
Sandusky Gas & Elec March
82.745 66,694
Month.
Year.
216.406
187,779
Year.
Year.
Year.
Savannah Elec & Pow March
136.607 136,127
405,857
404,847
Sayre Electric Co........ March
17,307 15,323
49,933
55,579
Adirondack Pow dr Lt April
69,734 67,773
564.028 438,075 2,321,752 1,799,899 Second Avenue (roe).. February
140,988
149.475
Alabama Power Co__ April
2.880
2,794
629,689 417,607 2,282,803 1,639.897 17th St Incline Plane_ April
11,381
10.910
Electric March
80,529 69,898
Amer Elec Pow Co_ _ _ April
1768,231 1549,248 7,248,851 6,296,973 Sierra Pacific
221,337
250,174
1331,833 1217,561 4.038,063 3,841,164
Am Pr & Lt Co Subsid February 2684.341 2428,397 5,449.397 4.974,510 Southern Calif Edison March
South Canada Power.. Aprils
79.999 65.717. 318.850
American Tel & TeL _ January
5992.693 5134,270 5,992,693 5,134,270
276.153
1838.666 1758,603 1.838.666 1.758,603
niAm Wat Wks &.Sub March
2852,414 1704,897 8,468,002 5,091.931 South Colo Power Co January
48,491 45,386 *543.338 *528.517
Appalachian Pow Co_ April
273,765 232,712 3,111,802 2.653.886 South N Y Pr & By..- March
Utilities Co.. April
243,439 228.570 *2,510.382 *2.617,473
cArlcansas Lt & Power March
143.560 129,917 *1.958,036 *1.719,880 Southern
'AshevillePow & Light March
923,354 823,108 1,891.551 1.688,090
76,649 72,682 *915.091 *863.042 Southwestern Pr & Lt February
Gas & Fuel
455,053 577,227
Associated Gas & Elec March
577,227
455,053
241,276 141,221
520,373
314,202 TacomaElectric Co January
March.
Aug-Aiken By & Elec April
186,575 155,597
565,891
476,690
106,569 80.666 *1,198,846 *1,060,698 Tampa
Bangor Ry & Electric March
800,087
2,320,749
131.048 122,156
397.297
369,155 h Tennessee Elec Pow March
Electric By...... April
217,539 204,374
kBarcelona Tr, L & P March
856,402
828.391
329,771 3937,152 13,680,346 11.429,309 Texas
Baton Rouge Electric March
469,164 418,420
848,482
968,938
51.820 45.813
163,147
145.130 Texas Power St Light_ February
By Co_ March
1203.434 1179.273 3,400.741 3.315.039
Beaver Valley Trac__ April
60.783 53,520
239,859
208,161 Third Avenueof Bait.. March
1436,169 1345.418 4,045,237 3.804,118
Binghamton
H & P March
98,195 78.107
301,979
246.287 Un Rys & El
1174,590 1018,839 4,802,284 4,143.235
Blackstone Val G & E March
385,149 310,264 1,169.461 1.014,250 United Gas & El Corp April
UnitedLt&Rys&Subs March
Boston "L" Railway_ March
1065,502 938,422 3.179,765 2,864,165
097,259 2868,518 8.798,633 8,237,027 Utah
power & Light_ February
f Brazilian Tr Lt & Pr March 19 4750001 5238.000 55,876,000 44,743000
675.206 561,143 1,382,303 1.168,403
a,
Bklyn Rapid Transit_ February
813,933 697,426 *9,285,119 *8,440,408
173.820 2962,297 8,905,773 8,303,991 gUtah Securities Corp Aprg
Bklyn City RR (Red April
59,095 38,571
)
186,787
134,886
1031,546 1004,895 10.052,733 9,717.437 Vermont Hydro-Elec_ M
860.264 749.251 3.479,903 2,827.579
Bklyn Heights (Rec)- February
6,530
7,237
13,752
12,838 Virginia By & Pr Co_ April
Tel Co
BklynQ C&Sub(Bee) February
192,998 188,422
410.894
396,063 Western Union& Sub_ February 8366,704 7357,540 17.518,589 5,224,283
March
Coney I dc Bkha (Rec) February
1977,305 1244,531'
West Penn Co
5,864,195 3,721,008
191,432 186,778
409,683
395.453 Western Pow System.. March
Coney Island & Grave February
589,171 598,499 1.859,849 1,822,866
4,298
4,954
10,460
8,800
Nassau Electric (Bee) February
2722,134 2553.993 2,722,134 2,553,993
386,978 356,197
824,584
750,494 Western States G & El January
N Y (Jonsol (Rec)--- February 1833.358 1747,393 3,900,564 3,657,531 Winnipeg Electric By March
489,242 472,509 1,465,541 1,455,787
Co March
South Brooklyn
155,475 98,984 *1.371,076 1,122,394
February
89.276 72.736
189,790
147.448 nYadkin River Pr
CapeBretonElCo.Ltd March
77.967 72,264
195,652
53.464 46.940
213,922
169,550
143.364 York Hav Wat & Pow March
Carolina Power & Lt_ March
23,003 17.847
75,22(1
174,922 152,230 *2,064.792 *1,724.888 York Utilities Co-.... _ April
82,943
M
Cent Miss Val El Co.. March
115,310
50,472 41,284
46.294 42.850
159.341
146,567
136.437 Young & Ohio Ely RR
Cities Service Co..-- - April
1738,106 1377,836 6.517,391 5.172,814
87,324 85,251
City Gas Co. Norfolk March
255.340
266,350
CitizensTracCo&Sub March
80,754 65,562 *867,671 *756.382
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit
Cleve Painesv & East March
55,498 53,555
165.239
156,769
Colorado Power Co April
88.358 80,888 *1,049,654 *960,391 System. the receiver of the Brooklyn Heights RR. Co. having, with the
Columbia Gas & Elec April
1849,678 1504,377 7,933.063 6,824.359 approval of the Court, declined to continue payment of the rental; therefore
the Brooklyn City RR. has been operated by its owners.
March
Columbus Electric
190,522 160.691
570.808
481,911 since Oct. 18 1919
2441,943 2217,998 7,589,455 6,737.922 b The Eighth Avenue and Ninth Avenue RR. companies were formerly
Com'w'lth Pow Corp.. March
3130.927 2727,926 9,553,705 8,290,971 leased to the New York Railways Co., but these
ses were terminated
Com'w'Ith Pr. By & L March
March
167,166 141,408
Conn Power Co
513,027
418,799 on July 11 1919. since which date these roads have been operated separately.
1361,624 1123,960 4,236.485 3.481,081 c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
Consumers Power Co. March
317,858 283.681
Cumberland Co P dv L March
841,686 e Includes York Haven Water & Power Co. /'Earnings given in milreis.
962,709
2634,835 2079,769 11,091,236 8,896.501 g Subsidiary companies only. h Includes Nashville By. & Lt. Co. i InDetroit Edison Co__ _ April
1648.275 1355,475 6.735,773 5,601,860 cludes both subway and elevated lines. I Of Abington & Rockland (Mass.).
Co Subs April
Duquesne Lt
1006,553 891,337 2,874.680 2.630,386 k Given in pesetas. 1 These were the earnings from operation of the properEastern Mass St By.. _ March
218,148 173.337 *2,365,048 2,35*9.795 ties of subsidiary companies. m Includes West Penn Co. n Includes PalEastern Penn Elec Co April
42.691 38,696
131,651
120,784 metto Power & Light Co. * Earnings for 12 mos. t Three mos. ending
East Sh G&E Co&Sub March
162,576 141,034
482.698
420,113 Dec. 31. z Earnings for 10 mos. y Earnings for 11 mos. s Five mos.
East Texas Elec Co..- March
ending Nov. 30. s Four mos. n Six mos.




Increase. Decrease.

THE CHRONICLE

MAY 26 1923.]

Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.

-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

228,257
Alabama Power Co
Apr 629,689
278.633
417,607
12 mos ending Apr 30___._ 6,388.227 4,660,444 2,870.729 2,413,404
Beaver Valley Trac Co &
Beaver St Ry Co
13,730
Apr
18,383
60,783
53,520
Four mos end Apr 30--_ 239,859
47,931
69,646
208,161
Duquesne Light Co
618,097
691,447
Apr 1,648,275 1.355,475
Four mos end Apr 30_-- 6,735.773 5,601.860 2,769,858 2,491.581
c48,428
Philadelphia Oil Co
Apr
c23,725
42,153
70,804
4 mos ending Apr 30- 166,517
c86,017 c264,754
354,377
c4
17th St Incline Plane Co_Apr
c237
2,794
2.880
.4 mos ending Apr 30...._
c2,636
c228
11,381
10,910
So Can Pow Co & Subs_Apr
35,475
46,186
65,717
79,999
7 mos ending Apr 30____ 547,467
284,772
306,748
498.774
Utah Sepur Corp Subs_ _Apr 813,933
347,232
437,938
697,426
12 mos ending Apr 30-- -_ 9,285,119 8,440,408 4,713,680 4,106.804
c Net after taxes.
Gross
Earnings.

Net after
Taxes.

*27,992
Asheville Power & Mar '23
76,649
*24,895
Light Co
72,682
'22
915,091 *343,235
12 mos ending Mar 31 '23
863,042 *342,320
'22
Brooklyn City
Apr '23 1,031,546
273,230
252,344
Railroad Co
'22 1,004.895
10 mos ending Apr 30 '23 10,052,733 2,284,636
'22 9,717.437 1,913,620
Carolina Power & Mar '23
174.922 *105,429
Light Co
'22
152,230
*83,963
12 mos ending Mar 31 '23 2,064,792 *827,590
'22 1,724,888 *652,068
'Colorado Power
Apr '23
88,358
*46,823
Company
'22
80,888
*93,737
12 mos ending Apr 30 '23 1,049,654 *554.904
'22
960,391 *450,376
Detroit Edison
Apr '23 2.634,835
881,208
Company
'22 2,079,769
586,515
4 mos ending Apr 30 '23 11,091,...36 3,520,458
'22 8,896,501 2.738.361
Great Western
Apr '23
565,780
348,635
Power System
'22
583,796
356,106
12 mos end Apr 30 '23 7,702,090 4,710,193
'22 7.244,522 4,489,347
Idaho Power
Mar '23
170,164
*78,517
Company
'22
159,198
*81,619
12 mos ending Mar 31 '23 2,485,748 *1,381,266
'22 2,315,128 *1,411,832
:Market Street
Apr '23
807,039 *205,444
Railway Co
'22
4 mos ending Apr 30 '23 3,181,478 *750,157
'22
New York Dock
Apr 't.3
277,502
148,805
Company
329,460
181,052
4 mos ending Apr 30'2 1,115,953
.
598,043
1,298.420
689,240
Northern Ohio
Apr '23
895,124
249,885
Electric Corp
'22
748,134
229,283
12 mos end Apr 30 '23 10,040,045 2,508,773
'22 8.564,987 2,425,635
Philadelphia &
Apr '..3
72,105
32,849
Western Ry Co
'22
70.090
32,304
4 mos ending Apr 30 '23
269,843
111,924
'22
248.810
100,746
Philadelphia
Apr '23 3,755,574 *1,027,752
Rapid Transit Co
'22 3,584,733 *1,012,136
4 mos ending Apr 30 '23 14,701,019 *4,173,654
'22 13,782,752 *4,083,707
southern N Y Pow Mar '23
48,491
17,562
& Ry Corp
'22
45.386
14.651
12 mos ending Mar 31 '23
543,338
116,720
'22
528.517
154,110
Texas Electric
Apr '23
217,539
82,440
Railway
'22
204,374
71,604
12 mos ending Apr 30 '23 2,737,403 1,072.013
'22 2.774,942 1,099,411
United Gas&
Apr'23 1,174,590 *418.671
Electric Corp
'22 1,018,839 *356,706
12 mos end Apr 30 '23 13,135,644 *4,597,718
'22 11,751,184 *4.088,001
Virginia Railway
Apr '23
860,264 *335,133
& Power Co
'22
749,251 *273,190
4 mos ending Apr 30 '23 3,479,903 *1,392,658
'22 2.827,579 *923,576
Yadkin River
Mar '23
155.475
*73,831
Power Co
'22
98,984
*42,326
12 mos ending Mar 31 '23 1,371,076 *685,328
'22 1,122,394 *471,713

Fixed
Charges.
5,215
5,198
62,513
62,354

Balance,
Surplus.
22,777
19,697
280,722
279,966

221,514
51,716
52,866
199,478
522,624 1,762,012
582,611 1,331,009
83,374
22,055
65,932
18,031
600,475
227,115
438,588
213.480
331,650
322,296

223,254
128.080

526,797
354.411
263,934
322,581
1,419,043 2,101.415
1,326,468 1,411.893
137,439
211,196
144,604
211,502
2,555,967 2,154,226
2,476.032 2.013,315
20,156
58,361
24,513
57,106
693,691
687,575
735,720
676,112
61,553

143.891

246,171

503,986

al08,582
al19,756
033,057
a473,116

40,223
61,296
164,986
216,124

156,347
175,331
1,975,542
1,913,881
15,662
15,121
61,177
60,547

93,538
53,952
533,231
511.754
17,187
17.183
50,747
40,199

831,108
820.625
3,332.835
3,277,364

196.644
191,511
840,819
806.343

7.500
5,000
75,000
60,000
36,954
38,567
454,222
471,130

221
18:
41,720
94.110
45.486
33 037
.
617,791
628,281

274.742
143.929
211,373
145,333
1,710,787 2.886.931
1,721,059 2,366,942
112,846
222,287
56,474
216,716
502.626
890,032
874,060
49.510
39,821
34,007
27.675
14,651
443,145
242,183
294,125
177,588

* Allowing for other income. a Includes taxes.

FINANCIAL REPORTS
Annual, &c., Reports.
-The following is an index to all
:annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
April 28 1923.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."




2383

Bold face figures indicate reports published at length.
Industrial (Concl.)Page.
Page.
Steam RoadsDevoe & Reynolds Co., Inc
2135
Atchison Topeka & Santa Fe Ry__
1899
1887, 2248, 2274 Dome'Mines, Ltd
2253
2249, 2281 Durant Motors, Inc.(N. Y.)
Atlantic Coast Line RR
Chesapeake & Ohio Ry Co__ _2248, 2276 Durham (N. C.) Hosiery Mills (and
affiliated companies)
2013
Chicago Burlington & Quincy RR_
2013
2001, 2021 Eastern Steamship Co
1891
Chicago Milwaukee & St. Paul Ry_ _2122 Electric Auto-Lite Co
1899
Electric Bond & Share Co
Chicago & North Western Ry_ _2002,
2262
2119, 2141 Empire Gas & Fuel Co
2254
Federal Mining & Smelting Cq
Chicago St. Paul dz Minneapolis &
1900
Omaha
2003, 2120, 2145 Fisher Body Corp
2136
Colorado dr Southern RR
2006 Fleischmann Co
2014
Delaware Lackawanna & West. RR_I888 Ford Motor Co
1900
Hocking Valley Ay
2248, 2279 Foundation Company
2263
Lehigh Valley Railroad
2121 Freeport Texas Co
1900
Gardner Motor Co.,Inc
Minneapolis St. Paul & Sault Ste.
1890
Marie Ry
2123 General Asphalt Co
1901
Missouri Kansas & Texas Ry
2123 General Petroleum Corp
1901
Missouri Pacific RR
2001, 2026 Gibson Arts Co., Cincinnati
Nashville Chattanooga & St. L. Ry_2003 Granby Consolidated Mining, Smelt2014
New Orleans Texas dr Mexico Ry
ing & Power Co
1901
(Gull Coast Lines)
1887 (W.T.) Grant Co
New York Chicago & St. Louis RR.
Great Atlantic & Pac.Tea Co.,Inc_ -1901
2014
2120, 2147 Great Western Power Cain)
Norfolk Southern Railroad
1902
2004 Gulf States Steel Co
Pere Marquette Ry
2015
2120 Hercules Powder Co
St. Louis-San Francisco Ry_ _2120, 2149 Hershey Chocolate Co
2014
Southern Pacific Co
2136
2248, 2268 Houston Oil Co.(of Texas)
Tennessee Central Sty
2263
2251 HumphreYs 011 CO
Texas dc Pacific Ry
2263
2003 Humphreys Pure 011 Co
Toledo Peoria & Western Ry
2015
1893 Independent Oil & Gsa Co
2121
Toledo St. Louis az Western RR.
Indian Refining Co., Inc
1902
2007, 2249 Intercontinental Rubber Co
Virginian Railway Co
2002, 2249 Intercontinental Rubber Products
Western Maryland Ry. Co
1902
2002
Corn
'
Western Pacific RR. Co
2258 International Cement Corp., 2250,
2263, 2283
Electric Railways
Combustion EngineerCalifornia Ry. & Power Co
1892 International
2263
ing Corp
Capital Traction Co., Washington,
1902
International Milling Co
D.C
1892
1902
International Paper Co
Chicago Junction Rys.& Union Stock
International Tel. & Tel. Co_1889, 1909
Yards Co
2255
1903
Duluth Superior Traction Co
2007 Island Creek Coal Co
Co1903
Eastern Massachusetts Street fly.
.i892 Jefferson & Clearfield Coal ,Sz Iron
1903
Jones Bros. Tea Co., Inc
Havana Electric Ry. Lt. & Pr. Co.
2129, 2248, 2284 (Anton) Jurgens' United (Margarine)
2128, 2155
Honolulu Rapid Transit Co., Ltd _ _ _2129
Works
Interborough Rapid Transit Co_ _ _ _1893 Kellogg Switchboard & Supply Co_ A903
2015
Kansas City Railways Co
1889 Kennecott Copper Co
1903
Los Angeles Ry. Corp
2129 Keystone Tire & Rubber Co
Nashville (Tenn.) Ry.& Light Co_ _1893 Lanston Monotybe Machine Co__ -2015
2137
Nova Scotia Tramways & Power
MacAndrews & Forbes Co
Co., Ltd
9131 McIntyre Porcupine Mines, Ltd_ _ _ _1903
2016
Peoria dz Pekin Union Ry. Co
2131 Mack Truck, Inc
Richmond (N. Y.) Light & R1L_2257 Manufacturers' Light & Heat Co__.2137
1903
San Francisco-Oakland TerminalRys2257 Massachusetts Gas Companies
2016
Springfield & Xenia Ry
2131 Mathieson Alkali Works
1903
Louisville, Ky
Twin State Gas & Electric Co
2131 Mengel Co.,
United Electric Rys., Providence.
.1894 Mexican Petroleum Co., Ltd. (of
2137
United Light dz Railways Co
Delaware)
2131
2137
United Rys. Co. of St. Louis
2008 Midvale Steel & Ordnance Co
1904
West Virginia Utilities Co
1894 Mohawk Mining Co
1904
Wheeling Public Service Co
1894 Montana Power Co
Wisconsin-Minnesota Lt. & Pr. Co_2132 Mother Lode Coalition Mines Co _2265
3138
Mullins Body Corp
Industrial
2005, 2028
Mutual Oil Co
Air Reduction Co
1895 National Fuel Gas Co
1904, 2017
Alaska Juneau Gold Mining Co__..2009 New England Tel.& Tel. Co
1904
Alvarado Mining & manna Co
2009 New Jersey Zinc Co
2017
Allis-Chalmers Mfg. Co., Inc
1895 New York Dock Co
1904
Amalgamated Sugar Co
2009 New York Telephone Co
2265
American Beet Sugar Co
1891
2010 Niagara Falls Power Co
American-Bosch Magneto Corp_ _ _ _1895 (Chas. F.) Noble 011 & Gas Co.
American Cast Iron Pipe Co
1905
1895
(Tulsa, Okla.)
American Chain Co
1905
2259 North American Co. & Subsids
American Druggists Syndicate
2017
1895 Ohio Body & Blower Corp
American Electric Power Co
2017
2133 Ohio Fuel Supply Co
American Hide & Leather Co
2265
2010 Oklahoma Prod. & Ref. Corp
American-La France Fire Engine Co.,
1905, 2017
Otis Elevator Co
Inc
2138
2010 Otis Steel Co., Cleveland, Ohio
American Light & Traction Co
2010 Owens Bottle Co., Toledo, Ohio_ _ _ _2017
American Steel Foundries
2139
2010 Pacific 011 Co
American Stores Co
1905, 2251
1896 Packard Motor Car Co
American Water Works & Electric
Pan-Amer.Petroleum & Transp.Co _2124
Co., Inc
2139
2127 Panhandle Prod. & Ref. Co
Amparo Mining Co
1905
2133 Penn Seaboard Steel Corp
Anaconda Copper Mining Co_2010, 2124 Pennok Oil Co
2266
Anglo American Oil Co., Ltd
1890
1896 Phelps Dodge Corp
Arizona Commercial Mining Co_ _1897 Phillips Petroleum Co
1905, 2266
Arizona Copper Co., Ltd
2259 Pierce-Arrow Motor Car Co_ _1906, 2018
Arkansas Natural Gas Co
2018
2133 Pittsburgh Steel Co
Armour & Co. of Illinois
2139
2126 Price Bros. & Co., Ltd
Associated Oil Co
2266
1897 Producers & Refiners Corp
Atlantic Fruit Co
2266
2252 Pure Oil Co
Atlantic Gulf & West Indies SS.
2018
FYrene Mtg. Co
Lines (Including subsidiary cos.)
2266
Rand Mines, Ltd
2010, 2120, 2152 Reynolds Spring Co.,Jackson, Mich 1906
Atlantic Sugar Refineries, Ltd
2134 Rolls-Royce of America. Inc-_1906, 2140
Bayuk Brothers, Inc
2140
1897 Salt Creek Producers A891:1
Beacon Oil Co., Boston, Maas
2267
2134 Shaffer Oil &Refining Co
Bell Telephone Co. of Pa
1906
1897 Sheffield Farms Co., Inc
Bertha-Consumers Co
2252
_
2259 Shell Union Oil Corp
Billings dr Spencer Co., Hartford,
2140
Co., Kenosha, Wis
Simmons
Conn
2267
2260 Southern Cities Utilities Co
Braden Copper Co
1906
2011 Southern Colorado Power Co
Brompton Pulp & Paper Co., Ltd_ _ _1898 Southern States Oil Corp
2267
Brooklyn Edison Co.,Inc
2140
2252 Southwestern Power & Light Co_
Brooklyn Union Gas Co
2081
2253 Sperry Flour Co
Brunswick-Balks-Collender Co.,
1906
Spring Valley Water Co
2267
1898, 2011 Standard Milling Co
Butte & Superior Mining Co
1907, 2125
2260 Standard Oil Co.(Calif.)
California Packing Corp
2250
2011 Standard 011 Co.(New Jersey)
Canadian Consolidated Rubber Co.,
2140
Standard Oil Co.(New York)
Ltd
2134 Stewart-Warner Speed. Corp_2019, 2140
Central Leather Co
1898 Studebaker Corp., South Bend, Ind_2004
Cerro de Pasco Copper Corp. (and
Superior Oil Corp
2019
subsidiaries)
1898 Stromberg Carburetor Co. of AmerCharcoal Iron Co. of America_2012, 2261
2286
ica, Inc
Chile Copper Co
1907
2011 Swift International Corp
Cities Service Co
2012 Tennessee Copper &Chemical Corp_1907
Cleveland Electric Illuminating Co_.1898 Texas Gulf Sulphur Co., Inc
1907
Coast Counties Gas & Electric Co.
Tide Water 011 Co(New Jersey)_ _.._2019
(California)
2251
2261 Todd Shipyards Corp
Coca-Cola Co
1907
1898 Transcontinental Oil Co
Colorado Fuel & Iron Co
2250
1898 United Gas Improvement Co
Columbia Gas & Electric Co_ _2135, 2261 U. S. Finishing Co
2156
Columbia Textile Co
2012 U. S. Realty & Improvement Co_ 2286
Commonwealth Power Corp., 2004,
9
United States Steel Corp
1908
2012, 2029 Utah-Idaho Sugar Co
Computing-Tabulating-Record'g Co.2012 Vacuum Oil Co
2286
Congoleum Co., Inc. (incl. subsld.) _2012 Victor Talking Machine Co
2156
Consolidated Gas, Electric Light &
1908
Virginia Iron, Coal & Coke Co
Power Co. (of Baltimore)
1908
2261 Virginia Power Co
Continental Gas & Else. Co
2019
2135 (V.) Vivaudou, Inc
Copper Range Co
2250
1899 Westinghouse Elec. & Mfg. Co
Corn Products Refining Co
1908
1899 Wheeling Steel Corp
Cosden Company (Delaware)
1908
2262 White Eagle 011 & Refining Co
(Wm.) Cramp & Sons Ship & Engine
2020, 2156
White 011 Corp
Building Co
2020
1899 Wickwire-Spencer Steel Corp
Cushman Sons, Inc
2156
2135 Willys Overland Co
Cuyamel Fruit Co
1908
1899 Youngstown Sheet & Tube Co
Deere & Co
1891

2384

Philadelphia & Reading Railway Co.
(25th Annual Report
-Year ended Dec. 31 1922.)
The remarks of President Andrew T. Dice together with
comparative income account tables and balance sheet for the
fiscal year ended Dec. 31 1922 will be found under "Reports
and Documents" on subsequent pages.
The report of the Reading Company is also given in today's issue of the "Chronicle."
OPERATING STATISTICS FOR CALENDAR YEARS.
1920.
1919.
1921.
1922.
1.127
1.127
1,127
1.127
MileageAU tons, 2,000 lbs.Merchandise carried_ _ 23,999.339 18.695.337 29,716,679 26,074,519
Anthracite coal(revenue) 10.299,383 13.834.398 15,121.124 13,815,371
Bituminous coal (rev.)-- 16,279.928 17.433.809 24.875.761 23.320,574
Total tons all freight__ 50,578.650 49,963,544 69,713,564 63,210.464
7,172,042
5,092.560
6,648.922
AU freight 1 mile (000).. 5.014,030
Av.rev. per ton per mile 1.334 cts. 1.367 cts. 1.059 cts. 0.848 cts.
24,398,832 25,678,351 31,556,953 29,922,290
Passengers carried
Pass.carried one mile---395.175,735 409,500.145 500.549,221 510,774,112
2.518 cts. 2.499 cts. 2.304 cts. 2.125 cts.
Rate per pass. per mile
-V.116. p. 1760. 616.

Reading Company.
Report-Fiscal Year ended Dec. 31
(25th Annual

1922.)

President Agnew T. Dice, April 18, reports in substance:
-The accumulated surplus of Reading Co. on Dec. 31 1922
Surplus.
amounted to $38.365,139.
The directors have arranged for the following dividend payments from
the above surplus:
On the 1st Preferred stock the sum of $1,120,000 was set apart to make
sion for the payment of four quarterly dividends of 1% each upon
previ
that stock during 1923.
On the 9c1 Preferred stock, a quarterly dividend of 1% was declared,
payable Jan. 11 1923. and the sum of $1,260,000 was set apart to make
provision for three additional quarterly dividends of 1% each upon that
stock.
On the Common stock, a quarterly dividend of 2% was declared, payable
Feb.8 1923.
Divideads.-During the year ended Dec. 31 1922 the following dividends
were paid upon the shares of toe Reading Co. from the earnings of the
company for the fiscal year ended Dec. 311921: (1) 1st Preferred stock,
4% (paid 1% quarterly): (2) 2d Preferred stock, 4% (paid 1% quarterly);
(3) Common stock, 8% (paid 2% quarterly).
-Prior to the payment on Jan. 12 1922 of the
sinking Fund Payment.
dividend of 1% upon the 2d Preferred stork, Reading Co. paid to the
trustee of its general mortgage $512,303, being the amount required for
the sinking fund, which represented 5 cents per ton on all anthracite
coal mined during the calendar year 1921 from lands owned and controlled
,
by the Philadelphia & Reading Coal & Iron Cc and pledged under the
general mortgage. This sum of $512,303 was also paid out of surplus
earnings and was applied by the trustee to the purchase and cancellation
of $628.000 Gen. Mtge. bonds hereinafter referred to.
Equipment Settlement with Goreramcnt.-A settlement was made by the
Philadelphia & Reading Ry. with the Director-General on June 30 1922
on account of the allocated equipment. Under this settlement the interest
of the Philadelphia & Reading Ry. in the allocated equipment was relinquished and acquired for account of Reading Co., and the following
units of equipment were delivered by the Director-General, and placed
in an equipment trust known as Reading Co. Equipment Trust, Series "J,"
dated June 30 1922: 30 consolidation locomotives; 2,000 steel hopper
coal cars, 55 tons capacity each; 1,000 steel under framed box cars. 100,000
the, capacity each, and 500 steel lowside gondola cars, 140,000 lbs. capacity
each.
In addition to the above allocated equipment, there was also placed
in this equipment trust 100 refrigerator cars, 5 all-steel baggage cars, and
5 all-steel baggage and mail cars.
All of this equipment was lEaged to the Philadelphia & Reading Ry.
and, with the exception of the refrigerator cars and baggage and baggage
and mail cars, was in its setvire on Dec. 31 1922.
Under an equipment trust, known as Reading Co. Equipment Trust
Series "1," dated May 1 1922. the following equipment was also acquired
for use by the Philadelphia & Reading Ry.: 2,000 steel hopper coal cars,
70 tons capacity each; 45 steel passenger coaches: 45 steel passenger coaches,
suburban type; 5 steel combination passenget and baggage ears; 5 eteel
combination passenger and baggage cars. suburban typo; 5 steel baggage
carsand 25 consolidation type locomotives.
Alll of this equipment had been delivered and was in the service of the
Philadelphia & Reading Ry. on Dec. 31 1922, under lease.
The Philadelphia & Reading Ry. Co., which leases ptactically all of
the equipment owned by Reading Co. or being acquired through equipment trust, has performed all its obligations in respect to the maintenance
and replacement of the equipment on the basis of tractive power, carrying
capacity or gross registered tonnage, as provided in the several leases
from Reading Co.
-Work upon the construction of the
New Terminal at Camden. V. J.
new terminal facilities on the rivet front at ICaighn s Point, Camden, N. J.,
progressed favorably during 1922. These facilities were necessitated
through the destruction by fire of the ferry house, offices and terminal
buildings a few years ago. The temp nary structures in use at Raiglut's
Point have been inadequate to handle the traffic, and have seriously
handicapped operations at that point.
This terminal will provide ample facilities for the passenger and vehicular
traffic of the Delaware River Ferry Co. of New Jersey, and the rapidly
expanding seashore and suburban traffic of the Atlantic City RR., and
involves the erection of a commodious passenger station with waiting
rooms, restaurant, offices, and rest and recreation rooms for the use of
employees. There will also be a complete re-arrangement of tracks of
the Atlantic City RR., which will eliminate passenger train movements
from practically all the present grade crossings in the city of Camden.
No final determination has been reached as to the ultimate ownership
of the terminal property, hut, until a definite decision is reached. Reading
Co. will finance the undertaking.
Funded Indebtedncss.-The funded debt of Reading Co. was increased
81,166,728 during the year ended Dec. 311922.
$623,000 Gen. Mtge. bonds of Reading Co. were sold to the trustee of
the Gen. Mtge. Sinking Fund during 1922, while the amount of bonds
owned by Reading Co. at the close of the year 1922 was $2,164,000.
Of the authorized Issue of $135,000,000 Gen. Mtge. bonds, a total of
$106,174,000 was issued to Dec. 31 1922. The amount of bonds outstanding was reduced, however, by the $11,547,000 bonds heretofore
purehased and canceled through the operation of the Gen. Mtge, Sinking
F=d, leaving outstanding $94.827.000.
Philadelphia & Frankford RR.
-The issue of $500.000 1st Mtge. bonds
of Philadelphia & Frankford RR. dated Aug. 1 1892, heretofore guaranteed
as to principal and interest by Reading Co., matured Aug. 1 1922. With
-S. C. Conunission, this issue of bonds was extended
the approval of the I.
% per annum. The guarantee of
to Aug. 1 1952, with interest at
Reading Co. endorsed on these bonds remains unchanged.
Readino Iron Co.-ln connection with the proposed segregation of
certain of the properties owned and controlled by Reading Co.. the Reading
Iron Co. on Dec. 30 1922 declared a special dividend of $.3,000,000, payable
In securities at current market prices, all of which dividend was received
by Reading Co. as the owner of the entire capital ttock of the Reading
Iron Co.
The Reading Iron Co. on Dec. 31 1922, showed assets of the value of
$19,824,434, while Its current liabilities amounted to $3,202,887. Coatindebtedness.
nany has no funded briefly to the equity proceedings by the U.
S. Governerhe report refers
connection with the segregation plan. An outline of the proment in
110, p. 1816. 2358. 2488;
ceedings may he found in the "Chronicle" V, digest of
2538. A
the second modiV. 111. p. 1473: V. 112.?. 745, 2306,
third modified
fiedIan was given in V. 116, p. 479. The "Investment plan, which
(see
News" below)
been approved by the District Court
has
was outlined in "Chronicm" of May 19, P. 2256.1




[VOL 116.

THE CHRONICLE

INCOME ACCOUNT' FOR CALENDAR YEARS.
1019.
Receipts1920.
1922.
1921.
Int. & div. receipts
$14,303,321 $10,870,103 $11,942,639 $11,600,508
Rent of equipment
3,773,830 3,772,605
5,886,150
3,835,612
Rent of Delaware River
374,520
wharves & other prop_
349,864
393,986
589,991
Miscellaneous income_
11,285
732,334
Total income
$20.594,743 316,028,0TO $16,066,333 t15;7477633
Deductionsfrom Income
98,905
310,029
Contingent expenses__ _ 125,987
144,051
Interest on
$3.717,252 $3,731,908 $3,756,510 33,759.930
Funded debt
278,834
Unfunded debt
1,883,667
192,474
218,759
Reading-Jersey Cent.
collateral bonds_ _-920,000
920,000
920,000
920,000
Wilm. & North. RR.
51,800
51,800
51,800
stock trusts
51.800
_74,289
76,112
Real estate bonds_....
74,573
76,184
564,103
482,625
Rental of leased equipt_
374,625
442.125
1.398,479
Taxes
965,690
779,508
708,125
Amortization of discount
13.504
on funded debt
$8,933,123 $6,481,405 $6.344,589 $6,376,331
Total deductions
Surplus
811.661.620 $9.546,635 39.721.743 $9,371,301
Deduct Dividends. etc.
1,120,000
First pref.div.(4%)-- 1.120.000
1,120,000'
1,120,000
1,680,000
Second pref. env.(4%) 1,680,000
1.680,000
1,680.000
5,600,000 5,600.000 5,600.000
Common div.(8%)_ - 5.600,000
584,868
512.303
465,298
Gen. Mtge. sinking [mid
537,716
Miscellaneous adjustm't Dr.89,417 Dr.206,511
$355,256
$856.445
Balance, surplus
$2,659,900
$433,585
Total profit & loss,sur $37.012,139 $34,352,239 $33,996.983133401,150
BALANCE SHEET DEC. 31.
1922.
1921.
1921.
1922.
Liabilities
Assets$
Locom.eng.& cars_50,751,913 51,982,533 1st pref. stock_ _ _28,000,000 28,000,000
Bea tugs,barges4c 5,163,533 5,178,263 2d pref. stock_ _ _ _42,000,000 42,000,000
15,972,402 15,994,397 Common stock_ _ _70,000,000 70,000,000
Real estate
Leased equipment.40.414,871 22,461,084 Gen.M.loan_ a_ _ _94,627,000 95,255,000
757.385
225,857 Nitges.& gr'd rents 532,385
Uncompl'd equip_ 511,857
500,000
632,928 Del. Riv. Ter. bds 500,000
632,928
Ferryboats
534,000
do extens. bds. 534,000
New Camden Term 389,890
Mtgs.& ground rent 953,028 1,013,522 P. dr It. Ry. Co.
acc.imp.to equip 2.545,164 2,542,354
Bonds P.Sc 11. Ry-20,000,000 20.000,000
Bonds other cos__ _24,500,367 24,169,494 P.& R. Ry.sect
adv. to contr.
Stocks P.&E.Ry.42,481,700 42,481,700
companies - 4,904,759
Stocks of P. & It.
Coal & Iron Co. 8,000,000 8,000,000 Wiles. & No. RR.
stock trust etts_ 1,295.000 1,295,000
Other stocks (book
54,098,261 54,179,941 Reading Co.-Jersey
value)
Cent,coll. bds_23,000,000 23,000,000
Further invest. in
P.&R.0.&I.00.89,357,018 69,357,018 P.& R.Ry.deb .14d 2,019,728
59,320 Mt.eq. ctfs. "F"_ 2,400,000 3,000,000
51,300
Special deposits- _
"G". 4,050,000 4,950,000
do
Adv. to atilt cos_16,812,794 11,682,851
"H"_ 1,520,000
2,528,443 3,011,794
do
Cash
do
"I" _ 7,003,736
Central Tr. Co. of
5,849
"J". 8,310,000
4,920
do
N. Y., trustee
2,371,250
Accrued income 3,723,063 1,170,281 11.G.Lloyd eq."H"
1,398,579 Spec. acct. P. R.
U.S. RR. Admin.
C.& I. Co
634,545
Miscellaneous ___ 780,874
2,000,000 2,000,000
7,026 Mtge., new locoUnadjusted debits 294,436
motives, &c...._ 1,200.000 1,200,000
Contingent sect_ 5,190,479 5,190.479
Accr. int., taxes,
*Ire. (est.)
3,586.862 2,947,893
Sk. Fd. Gen. Mtge
275
527
Unadjust. credits- 335,811
277,085
Accounts payable.. 355.004
31,085
Bills payable
3,300,000 3,300.00(1
Res've for replace_ 9,849,188 9,416,531.
Funded debt ret.
725,000
through surplus. 1,353,000
Profit and 1039_ _ .37,012,139 34,352,234*
357.424.528 333645,834
Total
-V. 116, p. 2256. 2131.

Total

357,424,528 333845,834

Western Pacific Railroad Co.
(7th Annual Report-Year ended Dec. 31

1922.)
Pres. Charles M. Levey, San Francisco, May 1, wrote in
brief:
Dirldends.-Four dividends of 1%% each, aggregating $1,650,000, or
6% on the Preferred stock, were declared and paid during the year out
a net corporate income and surplus.
-Revenue from freight traffic was $9,476,588, an increase of
Revenue.
$502,324, or 5.60%. During the first five months of the year freight
continued to suffer from the general business depression, which
revenues
prevailed in 1921. A readjustment of rates on coal from Utah and Wyoming
In June somewhat stimulated movement of that commodity, and notwithstanding existence throughout the year of keen competition via the
Panama Canal on transcontinental business, and loss of business due to.
Interrupted service incidental to strike of the various shop crafts during
July, August and September, the ton miles of revenue freight handled
approximately
Increased 11.06%. A general reduction in freight rates, iling of
greater
10%, became effective July 1 1922, which required the ban coupled with
tonnage to produce an equal amount of revenue, this factshow
less perin commodities carrying different rates ten led to
variation
centage increase in revenues than in ton miles of traffic handled.
from passenger traffic was $2,150,177,a decrease of $174,330.
Revenue
Passenger revenues in common with freight suffered from,
or
interrupted service due to strike conditions during July, August and Sept.
Additional train service necessary to handle the increased tonnage
added to out transportation costs which were offset, however, by various
.
ti
a
itia ues- n derles
ope r tlng econom decis
ion of the United States Labor Board, effective
July I 1922, adjustments were made in the rates of pay, amounting to
8.94% of the wages of maintenance of way employees, shop-.
reauctlon of
maintenance of way
crafts, clerks, &c. The reductions pertaining to effective
Oct. 16 1922.
employees were partially restored by a later decision,
the Board, which became effective July 1, caused a strike
The decision of
of the various shop crafts, which extended over the period July 1 to Sept. 22.
This not only resulted in serious Interruption of traffic, with consequent
loss of revenue, but necessitated a large expenditure for the protection,
ty
roparso
comp
of Tare3 al6pni peri it of railway tax accruals reflects in a
marked degree
the effect upon net railway operating income, the disposition of Governbodies to increase taxes imposed upon railway corporations.
mental
In 1916 the tax accruals of this company amounted to $376,459, or
4.55% of its operating revenues, while for the current year they were
$962,894, or 7.70%. The operating revenues for 1922 increased 51.21%
over those of 1916, while the tax accruals for the same years show an increase
of 155,78% or more than 3 times the ratio of increase in revenues.
-Feb. 15 1922, $3,000.000 1st Mtge. 6% Gold bonds.
Funded Debt.
maturing March 1 1946, were issued and sold at977779 and int. the
which were applied to the redemption of $2.700.000 Equipment
proceeds of
Gold notes then outstanaing and to reimburse, in part, the company's
treasury for the payment a $300,000 of such notes which became due
and
(-92 .
a e re Equipg. 1 1 1o
wdre pald A umen . R ad and equipment charges during the year
aggregate $1,274.757.
92
GENERAL STATISTICS AND EQUIPMENT FOR CALENDAR YEARS.
19191.,041291.
1921.
1,042
1,016
1,016
Mlles of road operated__
134
139
139
Locomotives
'
54
54
Passenger train cars
5,265
5,263
5.921
Freight train cars
234,160,
300,399
:
5 145
220 912
201,623
Revenue pass. carried_ _ _
72,852.569
94,585,618
75,774,832
Passengers carried 1 mile- 79,045,908
2.63 eta.
2.72 cts.
2.85 eta.
3.07 eta.
Rev. per pass. per mile
2,697.482
2,699,572
1,706,346
2,120,297
Revenue tons carried_ _ _
tons carried 1 mile_ 910,306,786 819,658,343 1,360,561,508 1,407,260,620.
Rev,
.080 ets.
0.88 eta.
1.04 eta.1.09 cts.
Rev, per ton per mile

MAY 26 1923.]

THE CHRONICLE

INCOME ACCOUNT FOR CALENDAR YEARS.
Corporate Corporate Corporate
Combined
Federal
Year 1922. Year 1921. Year 1920. Year 1920. Year 1920.
s
Oyer. Rename$
$
$
$
9,478.588 8,974,264 10,499,725 1,529,192 12,028,917
Freight
2,150,177 2,324.507 2,365,166
Passenger
332,427 2.697,593
71,205
73,040
Mail
80,416
59,422
139,838
403.915
324.825
Express_
168,932
202,100
33,168
88,397
Mises-111moms.
97,699
116,415
125,894
9,479
311,162
1ncidental__
305,848
360,516
412,473
51,957
4,069
5,807
Joint lackities
4,819
1,408
6,027
Oper. income-12,505.348
Oper. ExpensesMaint. way &
structures 1,970,510
Maint. equip- 2,219,572
398,274
Traffic
Transportat'n 4.558,399
Miscell. oper_ 250,873
General
453,752
Transp.for Inv Cr.14,229

Combined
Year 1919.
11,227,664
1,912,823
29,224
153.447
45,140
283,086
5,932

12,104.155 13.595,790 2,017,053 15.612,843 13,657,297

2,157,574 2,232,282
2,338,689 2,073,740
378,728
308.852
4,561,023 4,974,361
255,799
283,157
718,855
446,281
Cr.17.325 Cr.7,264

373,527 2,805,808 2,524,159
509,159 2,582.900 2,256,887
153,852
37,544
3413.396
923,718 5,898,08.0 4.075,388
230,987
326,237
43,081
304,213
501,290
55,009
cr.7.264

Oper. exp
9,837,151 10,391,343 10.311,410 1,942,038 12:253.448 9,545,286
Net from ry.
operations _ 2,868,198 1,712,812 3,284,380
75.015 3,359,394 4,121,011
Ry.tax welt. 962,895 a1.230,981
712,438
743,577
870,079
42,358
Uncoil.rye. rev
842
807
1,319
1,250
815
504
Total
983,737 1,231,788
670,893
Oper. Income_ 1,704,481
481,024 2,613,487
Non-oper.Income-Equip. rentals 920,087 1,119,359
998,863
Joint fac. rent
Income
4,167
4,211
4,600
Inc.from lease
•
of road_
680 b2.816,589
317,368
MIsc.rent Inc_
63,624
185,471
105,020
Miscell. nonoder. phys.
property.._ _
9.989
11,204
3,911
Income from
funded sec.
4,948
64,992
5,824
Int.fr.unt sec.
& accounts_ 371,886
375,686
385,415
Nfiscel income
155,959
133
2

744,828
42,862
713,755
32,153 2,645,639 3,367,183
223,575 1,220,438
53,286

57,768

195,643
302,684

317,388 1,901,376
185,471
73,514
9.989

8,917

1,334

8,282

15,603

11,349

386,935
155,959

409,834
796

1,445,841 4,455,463 2,050,685
Non-oper
Gross income_ 3,150,102 4,928,487 4,664,171
Deductions-Equip. rentals 593,096
.574,987
825,731
Joint fac.rents
77,714
77,843
61,384
Rent.of leased
Ilnes
1,350
Miscell. rents_
42,166
56.784
53,344
Misc.tax accr_
78
Int. on funded
debt
1,213,048 1,225,860 1,202,755
Int.on unf.debt
2,014
17,130
447
Amort.of disc.
on fund.debt 100.927
104,727
93,620
14,236
Misc.Ine.chits.
10,751
10,679
Niaint. of inv.
organIzat'n_

289,524 2,340,209 2,908,162
321,677 4,985,848 6,275,345

Total deduct_ 2,044,757 2,087,953 2,247,960

607.481

103,130
31,821

928,881
93,006

318,725

316,725 1,900.350
53,344
52,169

1,721
154,284

249,136
218,231

1,202,755 1,213,248
2.167
10,786
93,620
164,963

95.353
11,365
124,148

2,855,440 3,874.787

2385

Contracts.
-In view of the urgent demand of industries on the company's
system, it was considered advisable to enter into contracts and supply
electric power service in anticipation of the completion of Mitchell Dam,
and for the production of this energy the steam units of the company with
other leased plants were operated at times to full capacity.
The new load so developed will be transferred to the hydro generating
units as the same are ready for service, and the operation of the reserve
steam plants will be correspondingly reduced to the ordinary requirements
of the system.
A proportion of the increased generating costa in producing this new
load has been carried to a deferred asset account, and will be written off
gradually over a period of time after the Mitchell Dam Is in service.
Construction.
-The construction of the new hydro-electric generating
station at Mitchell Dam was carried out practically in accord with schedule.
The dam was completed to the spillway on Dec. 31 1922. when the flood
control channels were closed and the reservoir basin filled. The first
generating unit was installed, and, after complete tests, placed in service
on April 8 1923. The second and third units, it is hoped, will be completed and in service before July 1 1923.
The Mitchell Dam is the first hydro-electric power development in
public utility service to be completed and in operation in the United States
under the terms and conditions of the Federal 'Water Power Act of 1920.
The completion of this dam will materially assist the company in carrying
the increasing load upon its system, and will enable it at times to dispose
of surplus power to other companies through connecting lines.
New Financing.
-To provide for capital expenditures o o edperties
ir
o
constructed or acquired during 1922, Alabama Power Co. d
of Its
holdings In United States bonds in which surplus funds carriedover from
a previous financing had been temporarily invested. It also issued and
sold $1.000,000 1st Mtge. Lien & Ref. Gold Bonds 6% Series. due 1951.
From the sale of Its Cumulative Preferred stock to its customers, employees
and investors in Alabama, Alabama Power Co. received approximately
$1,000,000. The remaining funds were provided by temporary bank
loans, which have since been liquidated from the proceeds of 1st Mtge.
Lien & Ref. bonds of a 5% series issued and sold against properties constructed or acquired in the early months of 1923.
Accumulated Preferred Dividends.
-In view of the Improved earnings of
the company throughout the year. your directors felt It opportune to
submit a plan whereby the accumulated dividend upon the Prof.stock would
be liquidated. In accord with the announcement, dividend warrants were
Issued to Prof. shareholders of record Dec. 311922. These warrants were
by their terms exchangeable for Pref. stock at par, this option to be exercised prior to Aug. I 1923. If not so exchanged the warrants mature and
are payable in cash without interest on or before Dec. 31 1925. Approximately 75% of' the warrants issued have already been exchanged under the
right of conversion into stock, and it is now expected the entire amount
will be converted prior to Aug. 1 1923.
Aceuisition.-Since the close of the year the Alabama Power Co. has
acquired from the Cities Service Co. the properties of that company, consisting of electric power and gas distribution systems and the street railway
service In the city of Montgomery.
STATISTICS FOR CALENDAR YEARS.
1922.
1921.
1920.
1919.
Energy generated, kwh-607.000,000 433,000,000 488.100,000 354,900,000
Energy sold. kwh
511.930.000 370,500,000 423,100.000 302,400,000
Maximum sta'n load, kw
153,100
115.500
97.900
83,100
INDUSTRIAL DIVERSIFICATION OF ELECTRIC SERVICE.
[Ratio of energy consumed by each industry to the total for all industries.]
1922. 1921. 1920.
1922. 1921. 1920.
Industry
Industry%
Brick plants
fl6g 20
.
°
hi) Quarries
1.45
IN1
I.
'
58
Cement plants. 6.33
7.05
4.15 Steel plants_ -- 9.73
8.60 19.11
7.10
Coal mines_ _ _ _ 6.30
5.90 Miscellaneous _ 17.68
6.45 15.20
Cotton mills__ 16.10 16.84
9.59
Ore mines_ _ _
Total
6.20
4.00
2.29
100.00 100.00 100.00
Public util's in
Alabama &
elsewhere__ 39.86 48.95 39.07

Net income_ 1,105,345 2,853,533 2,418,212 def285.804
2,130,408 2,400,558
Sinking fund_
50,000
50,000
Divs. (8%)__x1,650,000(6)1,650,000
(7)1925,000 (4)825,000 CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
(Inc. Ala. Tr., Lt. & P. Co., Ltd., and Sub. Co., with Interco. Balances Eiim.)
Bal., sur.-def594.655 1.158.533
2,005,408 1.575.558
Operating Revenue1922.
1921.
1920.
1919.
Of which 8232,900 paid out of net corporate income and $1,387,100
85.446,206 $4.174,998 $3.929.257 $2,676,998
out Light
of surplus.
Railway
258.642
228.152
314,581
150.914
a Includes 8205,173 income taxes for years 1918 and 1919 paid In 1921 on account Gas
153,176
156,968
110,208
83,696
of compensation re2eived as rental of property for 1918-1919
Miscellaneous
31,586
69,360
80.644
1,620
tion on which taxes had been paid for the years in question. in excess of compensab Rental from U. B. alt. Adm. for January and February 1920 in excess of
Total
$5,889.611 54,629.478 $4,434.691 52,913.228
the Deduct-Rebates
amount credited to income in previous reports on basis of standard return.
& disc_
64,626
60,998
53.591
43.173
Res.for doubt. accts., &c
58.026
52,560
26.670
231.867
BALA NCR SHEET DECEMBER 31.
1922.
Operating revenue
1921.
$5.766.959 $4,515,919 $4,149.233 $2,843,385
1922.
1921.
Assets
Operating Expenses
Liabilities-Road & equip._ 99,280,858 98,008,100 Preferred stock_ 27,500,000
$2,477,364 $1,760.572 $1,391,483 51,086.372
27,500,000 Light
Inv.In dill. cos- 2,000,008
1,984,506 Common stock _ 47,500,000 47,500,000 Railway
252,526
188,940
143.723
234.520
Miso.phys.prop
211,192
121,475 1st mtge. bonds_ 26,945,700 24,003,500 Gas
128,470
134,168
86.452
105.300
Mtge. prop. sold
628,738
622,428 Etil3. gold notes.
92.846
2,700,000 Coal production
278.656
Sinking fund_.
50,055
General expense
50,059
28,736
336,894
83,288
28.113
133,625
282,653
Other invest_ __ 3,400,817 3,067.090 Traffic, &c., bal
Accts. & wages_
349.269
31.344
862,134
684,433 Government rental
101,917
14,259
Special deposits_
25,582
22,328 Accrued interest
459,095
2.404
467,558 Ice
Cash
1,905,227 2,489,284 Matured Int_ _
25,582
22,328
Demand loans &
Net oper. income.._ $2.530,594 52.247.035 51.988.985 $1.374.536
Miscellaneous._
177,178
113,535
deposits
5,471,943 6,170,293 Accrued taxes__
Other income
158,733
219,470
112.777
88.692
181.773
127,950
Traffic,&o., bal.
551,077
415,819 Accred. den1,341,803
1,824,817
Miscellaneous _ 686,035
Gross income
894.891 Unita credits__
$2,689,327 52,335,727 52.101.762 $1,594.005
885,728
730,458
Db3. on fd.debt_ 2,282,927 2,388,808 Appro. sur_-__
1,279.404
1.744,562
1.471.654
1.351.121
7,609,083 7,319,331 Interest paid
marls & supp
1,474,583
1,634,803 Other def. nab__
67.442 :Less: Por. of int. charg.
23,746
Agts.Is conduct.
297,859
to capital account_
141,093 Sinking fund,&c
30.664
433,802
200,000
250,000
Unad). debits348,887
375,098 Profit and loss__ 4,491,237 5,400,861
Other def. assets
1,902
Total int. charges(net) $1,310.760 51,471,654 81,351.121 $1,_248.740
13,284
Inc. after interest
$345,265
$750.641
$864.073
81,378.5616
Amort, of bond disc.. &c
125.746
234,332
333.910
317.397
Total
118,697,699 118,377,130
Total
192.572
262.201
200,868
118,697,699 118,377,130 Depreciation reserve...
204,599
Feoeral tax reserve
-V. 116, P. 2258, 2008.
3,029
Miscellaneous
7.122
72.606
72,733
Dividends
9.664
35.136
75.926
Portland Railway, Light

& Power Co.
(Report for Year ended Dec. 31 1922.)
The remarks of President Franklin T. Griffith, together
with a comparative income account, balance sheet and other
tables and a statement of funded debt, will be found under
"Reports and Documents" on subsequent pages.
-V. 116,
p. 1761, 1533.
Alabama Traction Light & Power Co., Ltd.
(10th Annual Report-Year ended Dec. 31 1922.)
Pres. Thomas W. Martin May 1, wrote in substance:

Ranats.-Net Income before deduction of interest
$3,038,595, an increase of $600.951 over 1921. After and charges was
reserves for depreciation and other charges, including providing for int,
$349,269 paid U. S.
Government by Alabama l'ower Co.for rental of
there was carried to surplus account $708,037. steam power plants leased,
Interest on the funds sot aside for new construction of Alabama Power
Co. during the year has been added to the cost of the work, in accordance
with regulations of both the State and Federal regulatory bodies. As the
properties are completea and come Into operation, such interest as it accrues
will be provided from revenue.
-The steam plants of the Alabama Power Co.
eration of Steam Plants.
at Gorgas and Gadsden were operated throughout the year, and the U. S.
Government steam plant at Sheffield was operated during the dry season.
The Birmingham steam plant of the Birmingham By., Light & Power Co.
was also in service for a limited period.
Kilowatt Hours Generated.
-The kilowatt hours generated by the company system during the year exceeded 607.000,000 hours, with a total
coincident system peak demand of 153.100 k.w. as compared with 433,000.000 hours and a peak of 115,500 k.w. during 1921.




Selene., surplus

5244,444
816,795
8221,426
5708.037
x Portion of above interest chargeable to capital account, being interest
on amount expended in properties held for future development.
CONSOLIDATED BALANCE SHEET DEC.31 (INCLUDING SUB. COS.)
1922.
1922.
1921.
1921.
Assets
Liabilities$
Properties. rights,
Preferred stock... 1,000,000 1,000,000
branches, &c..._50,734,577 44,487,018 Common stock.. _16,995,000 18,995,000
Inv. In other cos__ 1,290,314
Ala. Pr. Co 2,114,488
722,913
996,188
Disc, on bonds, dto 4,542,970 4.529,037 Stk. In Coll.58.
1st M.
13,668,900 13,668,900
U.S. Victory Loan
1,000,715 1st M.fs A.P.Coa10,221,000 10,221,000
Funds in hands of
6% secured bonds.d9,000.000 8,000,000
employees
30,962
18,095 Selma Lighting Co 238,000
238,000
Cash In banks,&c. 500,094
580,239 Divs. payable_ _ _ _
30,812
12,604
Cash for bonds, das
63,871
454,689 Notes payable____ 1,866,756
108,452
Stock subs. rec, fr.
Accounts payable_ 704,539
419,785
enlist & cusPrs. 431,334
261,237 Customers' dep.__
138,092
169,663
Notes & accts. rec.
Wages. &e.. payle 115,131
12,310
less reserve
580,665
783,780 int., &c., accrued- 636,868
611,245
accr. receivle.
53,389
35,378 Accident, bto., res_
91,421
144,798
Materials & suppl_ 904,877
869,850 Rem.for depree'n__ 1,479,129
919,881
Oper.dc leas'd equip 115,609
86,783 Jutstanding couDeferred charges
687,146
628,832
:
534
pons,&c
543,871
147 8
c1,118,643
Surplus
Total
59,915,808 54,438,34
Total
59,915,808 64, 3 .
4 8 347
a Auth.. 5100.000.000; issued. $19 459,000,
pledged as collateral to 6%
1st M. Lien & Ref. Gold bonds, $9,000,000,
and amount reserved against
Selma Lighting Co. 1st M.5% Gold bonds, $238.000; bal., as above, $10,.
221.000. Stocks of sub, and alit. co.'s aggregating
$1,350.200 are 'imaged
as additional collateral to this issue.
I, Secured by deposit of $9.000,000 1st Mtge.
c Subject to Federal Income tax for 1922.-V.5% Gold bonds.
116, p. 175.

2386

Cosden & Co. (Del.) and Subsidiaries.
(Annual Report—Fiscal Year ended Dec. 31 1922.)
The remarks of President T. S. Cosden together with an
income account and balance sheet as of Dec. 31 1922 will be
found under "Reports and Documents" below.
The usual income account was published in V. 116, p. 2262.
Consolidated Balance Sheet Dec. 31.
1922.
1921.
1922.
7% cum. pref.stk. 6,996,710
Total net value of
oil reserves_ ___*26,923,593 27,139.050 Common stock_ _a34,107,420
Equip.& impts__. 9,425,937 8,038,465 Minor. stk. of sub.
cos.(hook val.). 107,774
Leases undevel_ _ _ 5,630.352 5,532,330
Ref., pipe Ilnes,,hc.23,161,645 20,040,763 15-yr. 6% cony.
a. f. bonds
66,212,800
Office bldg., tank
5,776,307 5,922.948 1st M.B.f.6% bds.:
cars, dre
852,568 (Cosden dr Co.,
792,568
inv. in MM. cos
c35,500
Okla.)
108.249
Cash with trustees 255.310
201,932 Cos. Oil dr Gas Co.
Deferred charges_ 223,943
6% 3-yr. mtge
Cash dep. for roy
180.770 Pur. money oblIg_ 655,115
194.636
alties in trust_ _ _
11.255.507 1,897,503 Lease purch. oblig.
Cash
pay.In cap. stk.. 1,700.000
499,262
441,952
Crude oil (cost)
Refined oil (cost). 3,076,500 2,200,141 Royalties in trust_ 194,636
acc pay.
.ts
MeV'& supplies 2,009,448 2,023.010 Notes deInt., Fed., 2,720,632
413,339 Acced
426.665
Notes receivable
State, drc.. taxes 871,989
Acer,s rec. (after
.n_14,837,334
3,875.630 2,866,879 Rai. for deprec
prov.)
40.826
24,550 Pref. diva. accr'd_
17. S. Liberty bdsCorn, diva. pay.,
Feb. 1
1,194,375
Items in suspense,
drc
82,262
Surplus—
From apprec. In
oil res. value_ 9,356,613
Arising Ir. oper's14,377,531
Leduct—Propor.
appl. to sub21,524
sid'y stock_ _ _

1921.
3,595,090
25,258,341
1,093,589
5,628,000
521,500
1,000
529,609
149.770
3,539,917
518,623
12,042,228
20.988
608,421
131,734
10.386,120
14.044,004
127,174

Total
93,469,994 77,941,758
93.469,194 77,941,758
Total
* Leaseholds developed: Oil reserves (at cost), 327,667,807, less reserve
for depletion based on cost, $10,100,828: appreciation,328,161,786, less
reserve for depletion based on appreciation, 318,805,173; total net value as
above, $26,923,593. a Common stock represented by 1,195,633 3-5
shares no par value. b Called for redemption Jan. 1 1923 at 110. c Called
for redemption April 1 1923 at 105.—V. 116, p. 1899. 1416.

Westinghouse Electric & Manufacturing Co.
(Report for Fiscal Year ending March 31 1923.)
The remarks of Chairman Guy E. Tripp, together with a
comparative statement of earnings for the years 1918 to 1923
and the balance sheet as of March 31 1923, are given under
"Reports and Documents" on a subs3quent page.
A comparative income account for four years past and
comparative balance sheet as at March 31 will be found in
V. 116, p. 2250.—V. 116, p. 2286, 2250.
New York Telephone Company.
(Annual Report—Fiscal Year Ended Dec. 31 1922.)
President H. F. Thurber, May 1, wrote in substance:

required, and to that end appropriate proceedings were had before the
New York Public Service Commission.
During the continuance of these proceedings certain increases in rates
were permitted and in Nov. 1922 the Commission concluded its comprehensive State-wide inquiry Into telephone rates and made final orders therein
on Jan. 25 1923. These final orders established new rates effective March 1
rates are
1923 in all of the territory of the company in N. Y. State. These the rates
now in effect and, as a whole, will produce a greater revenue than
1920.
In effect at the time of the commencement of the rate proceedings in ComThe company intends to give these new rates established by the yield
are sufficient to
mission a fair trial, but it does not believe that they
all of the operating revenue to which the company is entitled. must con3300.000,000 in Expansion in Next Five Years.—Company
stantly grow to meet the demands for new service. New capital must be
provided to build new plant. Additional capital can be raised only through
the sale of new securities which must compare favorably with other investments in the open market, both as regards rate of return and stability.
Within the next 5 years approximately $300.000,000 must be secured to
pay for new facilities. It is in the public interest, therefore,that company's
sufficient
property should be fairly valued and that its earnings should be otherwise
to enable it to attract the continued flow of new capital that
will be invested elsewhere.
Demand for Service.—In the last few years the demand for telephone
service has been constantly increasing and at the beginning of 1922 company was confronted with a serious shortage of facilities which delayed new
Installations in many parts of the territory. The number of applications
increased in unprecedented volume. The extent of this is shown by the
fact that in 1922 the number of new stations applied for was approximately
40% greater than the yearly average for the preceding 5 years,
This enormous increase in demand is the moult of several causes. There
y
has been substantial growth in population. There has been extraordinar
in districts hitherto
building activity in residential sections. particularlyhave increased much
. The average earnings per individual
undeveloped
been to
more rapidly than the rates for telephone service and the effect has did not
which in former years
extend the demand to a class of the public this last consideration has had
We believe that
ask for telephone service.
the greatest effect in increasing the demand. business purposes could not
Much of the new building for residence and completed with speed combe foreseen, came with little warning and was war. Telephone construcduring the
parable to army camp construction office buildings must not only be firetion could not keep pace. Central
the heavy weight of equipproof, but must be specially designed to carry
is also necessary to
ment. Construction peculiar to telephone buildings the large number of
the switchboards
bring into the buildings and up to
apparatus to the central office.
wires required to connect the subscribers'
longer time is required
Because of these special requirements a materially or loft building, and
office
to erect a telephone building than an ordinary
or
longer time to erect the speculative type of single family
of course far
from the purchase
apartment house. A period of 2 or 3 years must elapse the installation of
of land to the completion of a new central office and
the switchboard ready for use.
demand for service a
New Construction.—To meet the extraordinary
have been
construction program was planned and carried out that would expected
it was confidently
considered impossible a few years ago, and
would be diminished
that by the end of the year the shortage of facilities
to a considerable extent
and equipment
We have obtained the greatest amount of materials
plant as fast as the
available and have built, assembled and added to our it through and still
could rush
maximum number of workers obtainable
service. This
maintain the standard of construction necessary for good anything ever
resulted in 1922 in additions to plant that exceeded by far
accomplished by any telephone company anywhere. construction work in
The gross cost of plant added by the company and
expended in
progress in 1922 was over 363,000,000, the largest amount ever
was 152,957 but to
any one year. The gain in the number of stations and 202.22f disconthis 355.184 telephones were installed
accomplish
connections totaled 205,000.
nected. In Now York City alone the gross same area were considered a
the
In 1921 gross connections of 182,000 infor new construction in New York
We spent $45,000,000
big year's work.
the same territory in 1923.
City in 1922. We plan to spend $55.000,000 in $250,000.000 there in the
and the present program calls for an outlay of
next five years.
the last year contained
Cable installed throughout company's system In a cable containing 200
the form of
897.567 miles of wire. If this were in the Atlantic Ocean from New York
wires, it would be long enough to cross
4,400 miles. The aerial wire
and terminate at Rome, Italy, a distance of
single strand more than threestrung, 18,842 miles, would extend in a
These facts shed some light
quarters of the distance around the world.
d in a year by the 13,000
upon the tremendous amount of work accomplishe
members of our plant department.
put in service and 224
same 12 months 15 new central offices were new buildings and 11
In the
Seven
central office switchboards were enlarged.
while 2 large new buildings
major additions to existing buildings were begun,
Despite every effort, however,
and 9 building additions were completed. construction is going ahead at a
a shortage of facilities continues and new
constantly increasing rate.
offices and has 25.400
Telephone Service.—Company operates 583 central
constantly dealing
operators engaged in this work. These young women are are reflected to a
the public, and the efforts of the company
directly with
their work is done. Our operators
large extent by the manner in which
are conscientious and efficient. s vary in size from those in small comOur central office switchboard
cities which serve
munities serving 100 subscribers to those in principal
ly 125,000 calls a (lay.
10.000 subscribers' lines that originate approximatedaily in the company's
In the last year 8.265.000 calls were originated
the toll lines
system, including 440.000 toll calls which were handled over
American Telephone
of the company and the long-distance circuits of the
& Telegraph Co.
world.
The system in New York City is by far the largest of any city in the
city proper and
There were on Dec. 31 1922 1,074,000 telephones in the
There
including the suburban area approximately 1.300,000 telephones. the foltotal of
are more telephones In New York City than the combined Berlin, Vienna,
lowing important foreign cities: London, Paris, Rome,
Liverpool. Brussels, Tokio. Budapest and Amsterdam.
there
Machine Switching.—During the year, to relieve manual offices, this
offices. With
were put into service four machine switching centralcalls by means of a
connections for local
system the subscriber completes
had in service
dial on his telephone. At the end of the year tho company
37,000 stations and giving
7 machine switching boards operating a total of in 1923, 10 new machine
operation
excellent service. We expect to rout into
and having an
switching offices serving initially about 60.000 stations
ultimate capacity of 150,000 stations.
will not result in the
The introduction of machine switching equipment equipment nor will
manual
immediate displacenient of large investments in far as the operating forces
operators be thrown out of employment. As forces will not increase in
the
are concerned, the effect will simply be that
had we continued with
number as rapidly as they would have increased
the manual system exclusively.
INCOME ACCOUNT FOR CALENDAR YEARS:
1919.
1920.
1922.
Revenue—
1
125 404 $67,152,934 $25,161.974
$83,483,313 $76,92 .
Per to
°
Exchatfgingervie
7,462,038
23.177.770 19,962,846
25,836,316
Toll service
790,686
177,094
292.991
Miscellaneous

Scope of Operations.—Company provides telephone service over its own
'lines and those of its connecting companies throughout the State of New
York. in the 12 counties of northern New Jersey and in a small part of
western Connecticut. Population served approximately 15,000,000. In
this territory on Dec. 31 1922 there were 2,070,171 telephones and of these
1.838,402 were owned by company and operated directly through its 583
company's
central offices. Under contracts making them a part of the connecting
system for service purposes,231,769 telephones were operated by
companies. To carry on the work of this huge industry over 48.000 men
and women are employed by the company.
The company lathe largest ofthe 25 associated companies,which,together
with the parent company, the American Telephone & Telegraph Co.,
.comprise the Bell System.
By means of connections with the long-distance lines of the parent comTelephone
pany, the scope of the service of the New Yorkand Cuba. Co. Includes all
other parts of the United States. also Canada
It
Company operates under a license from the parent company. to is by
is enabled
make
:reason of the provisions of this license that the companyBell
System. The
telephones in the
universal connections with all other
license contract also provides for the use of the telephone instruments owned
by the parent company and for the use of all patents owned or controlled
by it. It further provides that the company shall receive the benefits of
the research and development work carried on by the parent company and
assistance and advice in financial, accounting, legal, engineering and
operating matters.
This license contract with the parent company has been of the greatest
value and benefit to all telephone users and to the entire telephone business
of the country.
Control.—The common stock is owned by the parent company. Company is, however, a separate operating unit and must of necessity earn
sufficient revenues from its individual operations to yield proper compensation for the service rendered by it. York
June 18 1896. and succeeded
Corporate History.—Incorp. in New
to all of the business, property and franchises of Metropolitan Telephone
& Telegraph Co. and the Westchester Telephone Co.ofl'he Metropolitan
its incorporation
company was incorp. in May 1880, and at the time
&
acquired the telephone business. moperty and franchises of the Gold of
Stock Telegraph Co. (incorp. 1867) and of the Bell Telephone Co.
The territory served by the above companies
New York (incorp. 1878).
Included the old City of New York and Westchester County and a part of
Rockland County. Bell telephone service in the other parts of the territory
now served by the company was furnished from the time of the commencement of commercial telephone business in or about 1879 until 1909 by
New York & New Jersey Telephone Co., Bell Telephone Co. of Buffalo,
Hudson River Telephone Co., New York & Pennsylvania Telephone & Telegraph Co.. Central New York Telephone & Telegraph Co. and Empire
State Telephone & Telegraph Co. and their precedessors. In 1909 the
business, property and franchises of the six corporations last mentioned
were consolidated with those of the New York Telephone Co., and since
that year have been operated and managed as an entirety.
Comments on the Financial Statements.—The issue of $25,000,000 6%
Prof.stock offered to the public and to employees was the only new financing
undertaken during 1922. Due to the large oversubscription it became
necessary in the final allotment to limit individual purchases to a maximum
$109,612,620
Total
of 5 shares. The $16,501,400 of Prof. stock shown in the balance sheet
Operating Expenses—
represents full paid stock for which certificates have been is.sued. In General
$3,201,233
$1,867,482 in installments on stock to
addition, company has received
52,010,102
be issued when fully
30,626,428
e
id.OP ntenance
for employees' benefit fund which was established Jan. 1 1913 Mairatiaa
pa
The reserve
2,861,732
been maintained at that figure was increased Rentals
123.906
at $2,000,000 and has sinceby transfer of 32.500,000 from unappropriated Insurance
1922 to 34,500.000
6,915.395
Dec. 31
made to maintain the reserve in proper relation Taxes
surplus. This increase was
and the pay-roll which have increased sub$13,873,822
to the size of the organization
stantially since the reserve was the conservative policy of hed.Diva, anarin agc earns_ 11,109.158
ed aiterest
N
esta
Company has always followed of plant in blis charging to Miscellaneous earnings630.026
service a sufficient amount
expense during the life
depreciation
whenever the property is retired on account of
meet the losses incurred
Total net earnings_ --425.613,006
to
obsolescence or inadequacy. Adequate provision
$88,643.174
physical deterioration,
particularly important in the telephone business because Interest
for depreciation is of the property is relatively short-lived and the constant
proportion
a
440,731
aeaivid
improvementslarge
M olerr ad das irds
equipment and methods and the rapid growth of the busi- Pri alie dividends
16,375,360
improvements in
Common
necessitate frequent replacements.
;less
expenses had increased to such an
pe
$153,741
—
'1920 orating
Balance, surplus
Rate Changes.
conditions, that additional revenue was
xtent, due to general economic




[voL. 116.

THE CHRONICLE

$99,608,268 $87.906,465 $32,624,012
$2,540,810.
49,884,659 46,970,375 13,522,921
8,964,110
27,007.158 24,945,346
2,258,033
2,261,945
2,605,147
39.212
137.233
113.823
2,112,669
5,676.334
6,052.152
$11,404,510 $5,483,026 $11,717,382
3
5
3 2.128
9.403,050 6,681,549 6, 70.825
585.467
$21;393,036 $12,164,575 318,620.336
$8,148,493 $6,094,502 $5,300,588
381.02
12,841.247

12,000.000

12.000.000

$403,296df$6,310,949 $1,319,748

MAY 26 1923.]

TUE CHRONICLE

BALANCE SHEET DEC. 31.
1921.
1921.
1922.
1922.
AssetsLiabilities
$
41,350,228 38,626,436 Preferred stock_ 16,501,400
Real estate
Telephone plant 277,403,741 236,178,103 Common stock_204,692,000 204,692,000
Constr. In prog_ 36,630,670 27,616,791 Bonded debt_ _ -138,870,840 140,322,965
Furniture, fiat.,
Real est. mtges_
151,500
126,000
8,883,801
tools,&c
7,755,176 Bills payable_ __ 7,611,554 17,479,124
Cash .4:depotitts_ 7,383,802 16,041,099 Accts. payable_ 9,314,465 13,985,407
Bills& accts. rec. 19,447,326 35,278,036 Accr. liabilities_ 6,903,947 4,348,726
Stocks & bonds,119,364,743 135,816,423 Serv. billed in
981,549
Sinking funds
255,739
254,124
1,001,105
advance
Unamort. debt,
Res. for empl.
(fleet & exp__ 4,188,986 4,353,261
4,500,000 2,000,000
benefit fund
Prepaid expenses 1,235,772 1,135,849 Deprec'n reserve 94,697,916 82,514,581
Coming. reserve 2,272,453 3,937,920
Surplus
29,653,128 32,581,493
Total
516,144.808 503,055,298
-V. 116. p. 2265. 1905.

Total _

_516,144,808 503.055,298

United Shoe Machinery Corporation.
(Report for Fiscal Year Ended March 1 1923.)
President E. P. Brown, May 18, reports in substance:

The general improvement in the shoe manufacturing industry referred to
in the 1922 report has been well maintained during the current year and
the volume of business has been increased.
Our inventories of merchandise stocks, taken at replacement values, have
been decreased nearly $2,000,000. The real estate account has been increased by the purchase or property in St. Louis, Mo..to be used for manufacturing purposes. The stocks and bonds and leased machinery account
has been increased by the transfer of certain assets from domestic subsidiary
companies entirely owned by the corporation which it is now planned to
consolidate with the parent corporation, and by a re-appraisal of stocks of
subsidiary companies owned by us. It has also been increased by additions
to machinery and other investments. Accounts payable have been reduced
to $1,632,957.
The stockholders on May 26 approved an increase in the authorized
capital stock from $50,000,000 to $75,000,000: the authorized capital after
such increase being 600,000 pref. shares and 2,400,000 corn. shares, par $25.
28,the directors declared
Following such action by the stockholders on May
a stock dividend of 40% on the common stock [see below]. The effect of
this issue and distribution of additional stock will increase the common
stock from $34,670,151 to $48,538,212, and will reduce the surplus account
from $32,649,184 to 518.781,123.
In accordance with the decision of the U. S. Supreme Court, the corporation took steps to adjust its leases so that they may be in accord with the
full spirit of the decision.
The adoption of the new lease forms to take the place of those which have
been in use for so long a time presented many difficult problems both for
the company and for the shoe manufacturers, and the company discussed
these problems very fully with its customers. A committee appointed by
the National Boot & Shoe Manufacturers Association devoted much time
and gave earnest thought to the subject.
The new forms of lease that have been adopted are individual in character,
each machine being placed upon its own basis in respect to rental, royalty
and otherwise. They have been well received by the trade and are now in
general use.
During the year under review the foreign business of the corporation has
made a gradual improvement over the preceding year. The financial and
economic conditions in the Central European countries are in such a chaotic
state that it is impossible to make any definite forecast. in regard to the
companies located in that territory. Generally speaking, however, the
foreign business of the corporation, with the exception of Russia and Central
Europe, may be considered to be in a satisfactory condition.
On March 11923 the corporation had 14,617 stockholders, of whom 9,443
were holders of common stock only, 3,333 were holders of preferred stock
only, and 1,841 holders of both pref. and common, an increase of 271 stockholders during the year.
INCOME ACCOUNT FOR FISCAL YEAR ENDING FEB. 28.
1922-23.
1919-20.
1921-22.
1920-21.
Combined earnings of
United Shoe M. Corp.
(of N. J. and Ma1ne)_$6,547,216 $4,594,147 $3.019,871 $8,018,101
xPreferred dive. (6%._
623,291
592.974
611,820
596,906
xCorninon diva
(8%)2,773,612(8)2.773,612(12)4160,140(14)4853,497
Reserve for taxes & contingent losses
1,500,000
1,500,000
1,500,000
1,500.000
Balance, sur., for year $1,650,313 def$291,285d33,237,175 $1,071,630
Previous surplus
24,142,156 24,433,441 27,670,615 26.598,985
Reval. of sub. cos. stock
owned
6,856,715
Total surplus Mar. 1_$32,649184 $24,142.156 $24,433,440 $27,670,615
x Approximate[inserted by Editor].
BALANCE SHEET MARCH 1.
1923.
1922.
1922.
1923.
Assets•
$
$
$
Liabilities$
' Real estate
2,811,833 2,648,991 Preferred stock__ _10,593,225 10,285,650
Machinery
1,699,044 1,790,423 Common stock_ _ _34,670,151 34,670,151
Patent rights
400,000
400,000 Accounts payable_ 1,632,957 5,273,941
Secure, other cos.
.
Fed'l tax & contin. and leased magent reserve__ . 5,430,414 4,290,191
.
cllinery
55,798,872 44,902,494 Other reserves__ _ _ 2,215,569 2,183,486
Cash and receivUnited Shoe Mach.
ables
'14,583,577 17,202,493
Co. stock not
Inventories
11,806,379 13,779,664
9,161
held by corp'n__
8,084
Miscellaneous_ _ _
.
99,879
130,670 Surplus
32,649,184 24,142,156
Total
87,199,584 80,854,735
-V. 116, p. 1907, 1543.

Total

87,199,584 80,854.735

Seaboard Air Line Railway Co.
(Report for Fiscal Year ended Dec. 31 1922.)
Railway operating revenues
Railway operating expenses

N.G.(+) or
1922.
Dec.(1.
1921.
$45,679,048 $42,844,933 +52,834, 15
-801,917
36,222,884 37.024,801

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."
Car Loadings.
-Car loadings for the week ended May 12 totaled 974.521
cars, the greatest loading for any week since Nov.4 1922, and within 4% of
the greatest loadings of any one week in history, according to the reports
filed with the American Railway Association.
While the total was establishing a new record for 1923. the number of
loadings in the merchandise and miscellaneous division declined 4,019
cars from the week ended May 5. This decline, the second in as many
weeks, means a reduction of freight cars loaded compared with April 28 of
9,481 cars, the total of merchandise miscellaneous cars loaded on May 12
being 588,342. This figure is an increase of 54,857 cars when compared
with the corresponding week of 1922, and an increase of 137.261 over 1921.
The total loadings showed an increase of 13,502 cars over the week ended .
May 5,and an increase of 207,437 cars over the corresponding week of 1922.
This increase in the total car loadings was due, in a large measure, to the
heavy shipments of ore, the total for the week being 59,619 cars, the largest
for any corresponding week on record. This is an increase of 21,676 cars
over the previous Week,and is 45,522 cars more than were loaded in the same
week of 1922.
The shipment offorest products totaled 74,424 cars, 2,270 in excess of the
previous week, while coal loadings were 175,158 cars. or 708 cars less than
the week before. Grains and grain products totaled 31,997 cars, 2,100 cars
less than the week before and 9,940 less than the same week last year. Live
stock loadings decreased 3.819 from the previous week to 29,689 cars. A
slight increase was shown in coke.
Reports of the car loadings for the last four weeks in comparison with the
similar period of the last three years are as follows:
•
12
May
974,581 767,064 751,186 843,185
May 5
961,029 747,200 721.722 843.025
April 28
963,694 751,111 721,997 800,997
April 21
957,743 706,127 704.632 717,527
Car Shortaoe.-Shortage In freight cars in the United States as a whole
on May 14 was 23,761, a decrease of 4,555 since May 7. Compared with
Jan. 1 1923 there was a decrease of nearly 60,000 cars and on April 1 a
decrease of nearly 45,000. The shortage in box cars on May 14 was only
5,528, a reduction of 3,641 in a week. There m as also a reduction of 1.019
in the shortage of coal cars, which reduced the total to 15,653 for the entire
country. With the reduction in car snortage there has been a gradual
increase in the total number of surplus freight cars in good repair. On
May 14 such cars totaled 18,419, an increase of 2.338 since May 7.
Car Surplus.
-Surplus box cars in good repair totaled 6,277, an increase
of 971 within a week. Surplus coal cars totaled 2,776, a reduction of 419.
within the same period. The reports furnished by the railroads also
showed 4,725 surplus stock cars, an increase of 1,334 since Max 7. Surplus
eased 102 within the same period, bringing the total
refrigeratorurplusr that class
equipment to
s T,ae Car Service Tiiovriseluil:ir
t mgican 5
T 3 7 ea i.ilway Association, in au7
thorizing the foregoing figures, calls attention to the fact that, wrtile the
number of freight cars loaded with revenue freight is now the largest for
this time of year in the history of the railroads, shortage in freight cars
virtually has disappeared. This gradual decrease in the shortage has
taken place in the face of a consistent increase In loadings.
Matters Covered in "Chronicle" May 19.-(a) Large shipments of railroad
locomotives, p. 2194. b Railroad freight traffic of unexampled dimensions,
p. 2194. c Continued record loading of revenue freight by the railroads.
n• 2194. d Charles H. Markham, in speech at U. S. Chamber of Commerce convention says railroad investors are regaining confidence. p• 2217e President Smith's letter to New York Central stockholders urg'ng them to
combat unwarranted attacks on railroads, p. 2217. f Malicious acts against
Lehigh Valley RR. during shopmen's strike, p. 2218. g John Benton's
views on forthcoming conference of Progressive-Radical group on re-valuation of railroads, p. 2218.

R

Atchison Topeka & Santa Fe Ry.-Acquisition Approved

The I.-S. C. Commission on May 16 approved the acquisition by the
Atchison of control of the railroad of the Dodge City & Cimarron Valley
ity. by lease.
By the terms of the proposed lease the Dodge City Co. demises to the
Atchison its railroad and appurtenances for the term of ten years.from
Jan. 1 1923, and thereafter from year to year, subject to the right of either
party to terminate the lease upon 90 days' written notice. The lessee agrees
to maintain and operate the demised railroad and to pay all interest, all
taxes, assessments, and governmental charges, &c. When the proposed
lease becomes effective, it will supersede the lease dated July 1 1913, and
expiring June 30 1923, under which the Atchison now operates the railroad.
The N. Y. Stock Exchange directs attention to the fact that the privilege to convert the 4% convertible bonds maturing 1960 into Common stock
expires on May 311923.-V. 116, p. 2248.

Barcelona Traction. Light & Power Co., Ltd.
-Interest.

The holders of the 7% Prior Lien "A" bonds are notified that interest
coupon No. 16, due and payable June 1 1923. will be paid on and after that
date at the Bank of Scotland, 30 Bishopsgate. London, England; and at the
agency of the Canadian Bank of Commerce, 16 Exchange Place, N. Y.°its%
Payment will be made in New York in U. S. currency at the current rate
of exchange.
-V. 115, p. 2579.

Barnegat Railroad.
-Abandonment.
-

The New Jersey P. U. Commission has approved the application of the '
company to abandon its 8 miles of road June 6. The entire $50,000 capital'
stock is owned by the Pennsylvania RR. The Commission states:
"We find and determine, therefore, that the Barnegat Railroad Co. has
since its organization been operated at a loss: that it has not been able in the
past to recoup its losses through increased business, that there is no reasonable anticipation of any substantial increase in business in the future, and
that it should not be compelled to operate its railway lines at a loss: that
there is not sufficient business, either passenger or freight, In the territory
through which it operates to produce sufficient revenue to justify the operation of a railway line, and that by reason thereof, public necessity Sand
convenience are such that an abandonment of the line will be justified."

Birmingham (Ala.) Ry., Light & Power Co.
-Ordinance.

The City Commission of Birmingham, Ala., has adopted an ordinance,
summarized briefly as follows: (1) Cash fares are reduced from 8 to 7cents.
Ticket fares are reduced from 6 2-3 cents to 6 cents, or in books of 20 tickets
for $1 20. Fares fixed are maximum, the company binding itself not to
ask an increase inside of three years, though the city is free to ask a decrease
+53,636,032 in fares should conditions warrant such action. (2) The "Jim Crow"
+262,178 ordinance recently adopted by the city will be enforced, but in modified
-32,238 form. Cars with separate entrances for white and negro passengers are
to be provided. (3) The company will install 100 street lights at once and
+53,406,092 others as ordered. A reduction of from $54 to $48 a year in the price of
+1,256,245 maintenance of arc lights is made. The contract covers a 10
-year period.
-18,350 (4) Jitneys are practically eliminated by regulation.
-V. 116,- p. 1274.
Boston Elevated Ry.-New Bond Issue.-A syndicate
+52,168,197
-2,437,895 composed of Merrill, Oldham & Co., R. L. Day

Net revenue from railway opera'ns $9,456,164 $5,820,132
Railway tax accruals
2,124,235
1,862,057
Uncollectible railway revenues
3,776
36,014
Railway operating income
$7,328,153 $3,922,061
Equipment rents
-Dr
2,991,975
1,735,730
Joint facility rents
-Dr
105,609
123,959
Net railway operating Income_ _ _ _ $4,230,569 $2,062,372
Other income
489,074 x2.926,969
Gross income
$4.719,643 54.989.340 --$266,897
Rents and other charges
+24,563
105,973
81,410
Fixed interest charges
+414,988
5,616,287 x5,201,299
Annual allotment of disc't on secur_
+16,442
155,613
139,171
Other interest charges
+208,333
xCr.208,333
Net loss
+5934,023
$1,158.230
$224.207
x Includes $1,473,279 accrued additional compensation applicable to
period of Federal control. y Includes $339,779 reversal of interest accrued
in previous year. z Reversal of Nov. and Dec. 1920 accrual of interest on
adjustment mortgage (income) bends.
-V. 116, p. 2258, 2131.

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




2387

& Co.,
Estabrook & Co. and Harris, Forbes & Co. has purchased
$3,000,000 of 6% 10-year bonds. Public offering will be
made early next week.
Governor Cox of Massachusetts has signed the bill permitting the City
of Boston to purchase the Hyde Park lines of the Eastern Massachusetts
Street Ry. and to lease them to the Boston Elevated Ry.-V. 116. p. 2255.

Brooklyn-Manhattan Transit Corp.
-Chartered.
-

See Brooklyn Rapid Transit Co. below.

Brooklyn Rapid Transit Co.
-Sale of Properties, &C.

The reorganization committee. Albert W. Wiggin, Chairman, on May 21
bid $25,000,000 for $57,735,000 New York -Municipal Railway Corp.
1st Mtge. 5% bonds offered for sale by Central Union Trust Co.. trustee.
under the decree of the Federal Court in the foreclosure proceedings.
The committee also bid 510,000,000 for the property and franchises of
Broollyn Rapid Transit Co., offered for sale by E. Henry Lacombe,special
master. The bids of the committee have been approved by the Court.
The sale of the property of New York Consolidated RR. and New York
Municipal Railway Corp. was postponed to May 29.

2388

THE CHRONICLE

Charter for New Corporations Filed at Albany.
-Directors.
-The stockholders committee on May 24 announced that the charter of
the new company to succeed Brooklyn Rapid Transit Co., had been filed
with the Secretary of State by Albert H. Wiggin, Gerhard M. Dahl and
Frederick Strauss, the purchasing committee which nought in the property
on behalf of the reorganization committee. The name of the new company
Is Brooklyn-Manhattan Transit Corporation. It is expected that the new
company will take charge of the property about June 1.
The directors named in the charter are Albert H. Wiggin, Gerhard M.
Dahl, Frederick Strauss, Alfred E. Mudge, Andrew M. Williams, Stanley
Clarke. Charles S. Martin. Robert E. J. Corcoran, Otis Everett, Jos. Kline.
James B. Lynch, S. F. Randolph, B. F. Shipman, Robert C. Brandt and
Darius A. Marsh.
A charter was also filed for Williamsburg Power Plant Corp. with an
authorized capital of $50,000. a power plant subsidiary of the reorganized
company.
Although officers will not be chosen until the reorganization plan is formally approved and the receiver discharged, William S. Menden, present
general manager, Is expected to be elected President. Albert IT. Wiggin,
Gerhard M. Dahl and Frederick Strauss, who constitute the purchasing
committee of the Reorganization Committee and are named as directors
in the articles of incorporation, will continue as directors when the permanent board of 15 members is formed. It is expected that the Transit
Commission vrill appoint 3 members of the board to represent the public,
as it did in the case of the reorganization of the Interborough Rapid Transit
Co.
-V.116, p.2128,2006.

-Wages Increased.
Buffalo & Lake Erie Traction Co.

The company has granted a wage increase of 5 cents an hour to its platform employees. About 250 men are affected. Operators of one-man
cars will now receive 60 cents an hour and trainmen on cars requiring two
-V. 116, p. 514.
men will receive a maximum of 55 cents an hour.

-2% Extra Dividend.
Buffalo & Susquehanna RR.

[VOL. 116.

Detroit Bay City & Western RR.
-May Discontinue.
-

Judge Arthur J. Tuttle has issued an order for all persons interested in the
operation of the road to appear in Federal Court at Bay City, Mich.. June 1
and show cause why the court should not order a discontinuance of operation of the road.
-V.116, p. 1275.

Dodge City & Cimarron Valley Ry.-Lease.-

See Atchison Topeka & Santa Fe Ry. above.
-V. 114, p. 1062.

El Paso (Texas) Electric Co.
-New Officer.
-

Jason C. Leighton has been elected a Vice-President, succeeling Donald
C. Jewett.
-V. 116, p. 1411.

Fresno Traction Co.
-Wage Increase.
-

Effective April 16 1923, wages of trainmen were increased 2 cents an
hour. The new scale is as follows: 1st year, 49 cents an hour; 2d year,
50 cents; 3d year. 51 cents, and 4th year,53 cents an hour. Men operating
one-man cars will receive 4 cents an hour additional.
-V. 115. P• 73.

Gulf Mobile & Northern RR.
-Control of Meridian &
Memphis Approved.
The I.
-S. C. Commission on May 9 approved the acquisition by the company of the control of the railroad and property of the Meridian & Memphis
Ry. by means of an operating contract.
The companies propose to enter into a contract, subject to the approval of
the Commission, providing that the railroads and properties of the two companies shall be operated, managed, and controlled by the Gulf Co., and all
receipts, income, disbursements, expenses, and charges shall, as of Dec. 31
in each year, be divided between the parties on the same basis, as nearly as
may be determined, as such income and expenses would have been divided
under separate operation and management. The contract would take
effect, as of Jan. 1 1923, and would continue in force until Dec. 31 1923, and
thereafter, subject to termination by either party upon 30 days' notice.
V. 116, p. 1177.

An extra dividend of 234% has been declared on the $3,600,000 Common
stock. par $100, in addition to the regular quarterly dividend of 1%%,
Illinois Central RR.
-Equipment Trusts Authorized.
both payable June 30 to holders of record June 15. Like amounts were
The L-S. C. Commission on May 16 authorized the company to assume
paid March 30 last on the Common stock. The company on Dec. 30 last
paid a special dividend of 10% on the Common stock in addition to the obligation and liability in respect of $14,003,000 5% Enuip;Trust Certificates, Series J. See offering in V. 116. p. 2007, 1893.
regular quarterly of P4% -V. 116. P. 933.

Central of Georgia Ry.-Equipment Trusts Authorized.
-

-S. C. Commission has authorized the issuance of $2,910,000 5%
The I.
Equipment trust certificates, Series "0." See offering in V.IN,p.2128.

Chesapeake & Ohio Ry.-To Move to Cleveland.
-

Illinois Power & Light Corp.
-Merger Approved.
-The
Illinois Commerce Commission has approved the merger of
the properties as outlined in V. 116, p. 1532, 2015.
Indiana Columbus & Eastern Traction Co.
-Wage Inc.

On or about June 1 the Secretary's office will be moved from New York
The company announces increases of from 3 to 5 cents an hour in pay of
to Cleveland. The transferring of stock will be turned over to J. P. all classes of labor, with the exception of transportation men, retroactive
Morgan & Co.. who now pay the coupons on the company's bonds.
- to May 11923.
V. 116, p. 2248.. .
The sale of the Lima-Defiance Division to C. G. Taylor, Norwalk, and
J. A. Murray, Kalida, for $125.000 has been confirmed by Judge Killits.
Chicago City Ry.-Resignation.Possession is to be given the new owners May 21. The Lima-Defiance By.
Harrison B. R.ley has resigned as a director.
-V. 116, p. 1409.
has been formed to take over the line. See jr, 116, p. 1893, 1760.

Chicago City & Connecting Rys. Collateral Trust.
-

Harrison B. Riley has resigned as Chairman.
-V. 116, p. 513.

Chicago Rock Island & Pacific Ry.-Notes Scld.Speyer & Co. and Dillon, Read & Co., have sold at 99 and
-Year 532% Secured Gold Notes (see
interest, $7,000,000 3
advertising pages).
Dated June 1 1923. Due June 1 1926. Interest payable J. & D.
Denom. $1,000 c. Central Union Trust Co., New York. trustee. Entire
Issue (but not a part thereof) redeemable at 101 and int, on any interest
date upon 30 days' previews notice. Principal and interest payable in
New York. without deduction for any tax, assessment or governmental
charge (other than Federal income taxes exceeding in the aggregate 2%
per annum) which the company or trustee may be required to pay, or to
retain therefrom, under any present or future law of the United States of
America, or of any State, county, municipality or other taxing authority
therein.
-Secured by deposit of $11,666,000 First & Ref. Mtge. 4%
Security.
Gold Bonds, due April 1 1934, the bonds being thus pledged at 60. as
against the present market value of approximately 78, or at a margin of
about 30%.
-Proceeds are to be used for additions and betterments, and
Purpose.
other corporate purposes.

Fi'es Suit to have Section in Mortgage Dec'ared Void.
--

Internat. Great Northern RR.
-Control by FriSCO Denied
See St. Louis-San Francisco Ry. below.
-V. 116, p. 2255, 1893.
International Ry., Buffalo.
-New Officer.
-

H. L. Mack has been elected Vice-President in charge of engineering
-V. 116, p. 2129.
and a director.

Lehigh Valley RR.
-New Terminal in Operation.
-

The company recently completed and put in operation the first unit of
Its large Claremont pier and terminal development in the Greenville section
of Jersey City, N. J. • The project will include three piers. (See article
entitled "New Deep Water Terminal Put in Operation," together with plans
and illustrations, published in the "Railway Age," May 19. pages 1195
to 1201.) See also V. 116, p. 2129, 2121.

Lima City Street Ry.-Stock Application.• The company has applied to the Ohio P. U. Commission for authority
to issue $100,000 additional Common stock, the proceeds to be used for
construction, &c.
-V. 116, p. 176.

Long Island Electric Ry.-Being Reorganized.
Commissioner Le Roy T. Harkness of the Transit Commission has
announced that plans were being formulated for the reorganization and readjustment of the Long Island Traction Co. and the Long Island Electric RA.,
both owned jointly by the Interborough Rapid Transit Co. and the Long
Island RR., and operating in Queens and Nassau Counties. Both lines
-V. 109, p. 2263.
have been in financial difficulties.

The company has filed suit against the Central Union Trust Co. of New
York, and David It. Francis, as trustees of its 1st & Ref. Mtge. of April 1
Los Angeles (Calif.) Ry.-Wage Increase.
1904. and J. L. Hecht, as a holder of the 1st & Ref. Mtge. bonds, asking
the court to declare void and uneaforcible, contrary to public policy, and
An increase in pay of 3 cents an hour was made to trainmen on April 16.
of no effect whatever, the following covenant contained in Section 3, Article The increase affects approximately 2,300 men and increases the annual
of said mortgage:
payroll $200,000. The new rates are as follows: first 3 months, 49 cents
"The Railway Company shall not and will not create or suffer to be creat- an hour; next 9 months, 50 cents; 2d year, 51 cents, and thereafter 53 cents
ed, while any of the 1st & Ref. Mtge. bonds are outstadning any mortgage, an hour. Safety operators on shuttle cars receive an extra 2 cents an hour
pledge or other lien or charge subsequent to the lien of this indenture, and safety car operators on main lines 4 cents additional an hour.
'
-V. 116.
upon the mortgaged and pledgedpresm or any part thereof."
p. 2129.
It is alleged in this bill of complaint that the above clause is of no benefit
Louisville 8c Nashville RR.
-Lease of Road-Officers.
to the 1st & Ref. bondholders; that the creation of a new mortgage, securing
a new issue of bonds, junior and subsequent in rank and lien to the 1st &
The stockholders will vote June 19 on approving a lease of the Carolina
Ref. Mtge, would in no manner interfere with, impair or affect the secur- Clinchfield & Ohio RR.for a period of 999 years.
ity, priority, rank or lien of the 1st & Ref. Mtge., and would not in any
E. S. Locke has been elected Treasurer succeeding the late J. H. Ellis.
manner affect the rights of the First and Refunding bondholders, but that, J. C. Michael has been elected Secretary succeeding Mr. Locke.
-V.
on the contrary, the expenditure of the proceeds of the new bonds upon the 116. p. 2255.
property subject to the 1st & Ref. Mtge.. would be of great benefit to the
Market Street Railway.
-New Wage Scale.
1st & Ref. bondholders, by increasing the value of the property which is
The company recently announced a wage increase for platform men
security for the let & Ref. bonds.
beginning April 29. The new scale is as follows: First 6 months. 46 cents
The case has been assigned for hearing June 12.
months, 48 cents;
an hour;
Equipment Trust, Issue of 1923 Series "L," Authorized.- 52 cents,2d 6 thereafter 54 cents3d 6 months. $50 cents: next 12 months,
and
an hour.
-V. 116. p. 2129.
'
The I.-S. C. Commission has authorized the company to assume obligaMeridian & Memphis Ry.-Control.tion and liability in respect of $8,550,000 equipment trusts, Series "L"
Gulf Mobile & Northern RR. above.
See offering in V. 116, p. 2006, 2225.
dated June 1 1923.
See
-V. 107, p. 181.

Citizens Traction Co., Oil City, Pa.
-Wage Increase.
The company has voluntarily raised the wages of all motormen and
conductors 5 cents an hour,retroactive to April 16 1923. Under the present
arrangement for the first six months of service the men will receive 403 cents
an hour; for the second six months, 48 cents, and for the third six months
and thereafter.60 cents an hour. One-man car operators will receive Scents
an hour additional. The old scale of 41, 43 and 45 cents became effective
on June 1 1921. and was a 10
-cent reduction from the schedule which went
Into force on April 26 1920.-V. 115. p. 644.

Cleveland Southwestern & Columbus Ry.-Wage Incr.

Motormen and conductors have voted to accept a wage increase of 5
cents an hour. The new wage scale provides an increase of 12% over last
year's wages. The new wage scale for the interurban gives first-year men
46 cents an hour, second-year men 50 cents an hour and third-year men 54
-V. 116, P. 2006.
cents an hour.

Columbus Ry. Power & Light Co.
-Dividends.
-The
directors have declared the following dividends:
1. On the Commom Stock: 134% each payable June 15 and Sept. 1 to
holders of record May 31 and Aug. 16, respectively, and 1% payable Dec.
to holders of record Nov. 15. These dividends together with the 2
1
distribution on Jan. 20 last, will make a total of 6% on the Common for
the year.
2. On the Pref. Stock, Series "A": Three quarterly distributions of 134%
each, payable July 2, Oct. 11923. and Jan.2 1924, to holders of record June
15. Sept. 15 and Dec. 15, respectively.
payable Aug. 1 to holders of
.
3. On the Pref. Stock, Series "13..: 134% to
holders
record July 16 and 234% payable Nov. 1 paid will of record Oct. lg.
together with those already
bring total payments
These dividends
-V. 116, p. 1759.
the year.
on this issue up to s% for

-Listing.-To Increase Capital
Cuba RR.

its Common stock
The company PM:0meg to increase a, autbor ealuee from 200,000 shares.
.
sharefis no parizvd th
h
par value $100. to 1,000,000
listing of $4,000,000
New York Stock Exchange
The
Mtge Gold bonds, Series "A," 734%, due Dec. 1 1936.
1st Lien & Ref
-V. 115, p. 1428, 1425.




Mexican Central Ry. Co., Ltd.
-Settlement of Interest.

See advertLsing pages this issue under "United States of Mexico"; also
-V. 115, p. 1210.
under "Current Events."

Mexican International RR.
-Settlement of Interest.
-

See advertising pages this issue under "United States of Mexico"; also
-V. 115, p. 1210.
under "Current Events."

Milwaukee Electric Ry. & Lt. Co.
-Operation of Busses.

The company, through its subsidiary. the Wisconsin Motor Bus Lines,
-passenger, single-deck. type "J" Fifth
placed in operation on May 2 10 25
-passenger, double-deck, type "L" Fifth Avenue
Avenue coaches and one 52
coach. Nine additional double-deck busses now on order with the Fifth
Avenue Coach Co. are expected very shortly. These latter will replace or
supplement the single-deck busses. The bus fare is 10 cents. The busses
are being operated entirely independent of the railway, and there is no
-V. 116, p. 2256.
exchange of transfers or tickets between the two.

Minneapolis St. Paul & Saulte Ste Marie Ry.-To
Appeal Dividend Decision-Dividends Will Not Be Paid Until
D nc B. p is gtch d.
Finalidee tisionenn neaon eha

s issued a statement to the stockholders in
which, after setting forth the action of the U. S. Court of Appeals upholding the action of the board of directors "in declaring equal dividends of $2
per share on the Preferred and Common stock, payable on Apil 15 1922,
out of the remaining surplus earnings of 1909 and 1919,inclusive," he says:
"Notwithstanding the unanimous approval of the action of the board
of Appeals,
of directors by theudg of the District Court and the Courtes
the two plaintiffs have announced through their counsel that they will
exercise their legal right to apply to the U. S. Supreme Court to review the
estroceeolgnos.
p raintn i grd
case by
temporar y
cer orar
ers made by the District Court forbade
the company to pay the above dividends 'pending final determination of the
respective rights of the common and preferred stockholders of the defendant company to dividends pursuant to the said resolution,' and the dividends will not be paid until the respective rights of the stockholders have
been finally determined by the decision ofthe Supreme Court."
-V.116,P.
2129, 2123.

THE CHRONICLE

MAY 26 1923.]

-Sale of Road.
Montgomery Transit Co.

2389

-Bonds Reduced.
Philadelphia Company.

The Phila. Stock Exchange on May 5 reduced the amount of 1st Mtge.&
Coll. Trust 5% bonds, due 1949, from $2,073,000 to $1,963.000-$110.000
reported purchased and canceled by operation of the sinking fund.
Higginson & Co. announce that permanent certificates are now
Nashville Chattanooga & St. Louis Ry.-Terminal, &c.
the 15
-year
P'See article entitled "New Freight and Passenger Terminal [at Hollow ready'for delivery in exchange for interim certificates ofin V. 116, p.5
936.
Junction]," together with illustrations in the "Railway Review" Cony. Debenture Gold bonds, due 1938. (See offering
Rock
-V. 116, p. 2131.
of May 5, pages 753 to 756.
The company has announced an improvement program for 1923 calling
Pittsburgh (Pa.) Rys.-Employees Accept Wage Increase.
for the expenditure of$3,750.000. of which $1,225,000 will be spent on track
Motormen and conductors of the company on May 22 voted to accept
and like improvements and $2,500,000 on cars and locomotives, ordered in
an 11 2-3% wage increase, amounting to'7 cents an hour. The new maxi-V. 116, p. 2003. 2256.
but delivered this year.
1922
mum pay will be 67 cents an hour for an 811-hour day. The new scale,
- retroactive to May 1. is as follows: First 3 months of service, 60 cents
National Rys. of Mexico.
-Settlement of Interest.
pages this issue under "United States of Mexico"; also an hour; next 9 months, 65 cents an hour, thereafter, 67 cents an hour.
See advertising
The men had asked for an increase of 20 cents.
-V. 116, p. 410.
under "Current Events."
The property has been sold to Nicholas Larzelere, Norristown, Pa.,
attorney for the bondholders, for $150,000.-V. 116, p. 1649.

Withdrawal of Deposits-Bondholders' Committee Accomplishes Main Objects.
-The bondholders' protective committee of securities included in the Pittsburgh Railways, of
New York Municipal Ry. Corp.
-Sale.
which Thomas S. Gates is Chairman, in a letter to security
See Brooklyn Rapid Transit Co. above.
-V. 116. p. 2131, 1760.
holders who deposited their holdings with the committee,
New York Rys.-Judge Mayer Decides $1,500,000 Broad- advises that the bonds may now be withdrawn, the comway-Seventh Avenue Bonds Are Enforceable.
mittee having been successful in accomplishing the main
The validity of $1,500,000 Broadway & Seventh Ave. 1st Mtge 5% bonds objects
intended. The letter states:
by the trustee of New York Railways Co.refunding mortgage has been
held
New York Consolidated RR.
-Sale.
-

See Brooklyn Rapid Transit Co. above.
-V. 116, p. 2130, 1760.

upheld in a decision handed down by Judge Mayer in the U. S. District
Court. The payment on the bonds was refused in 1919'when the New York
Railways 4% bondholders' committee ordered proceedings begun for foreclosure of the mortgage securing them the claim being set up by the Broadway and Seventh eave. that in law they mast be considered retired. The
decision of Judge Mayer declared the bonds are enforceable.
The decision removes the last of the significant legal difficulties in the
way of proceeding with the reorganization of the company, and follows
the decision handed down in April (V. 116, p. 2007) setting aside claims of
bondholders of merged lines of New York Railways system that, by virtue
of the merger. theft mortgages were extended to all property of the system.
The Circuit Court of Appeals will review both decisions on June 12, 13 and
14, as well as the decision, formerly rendered, calling for an apportionment
of equipment among lines formerly operated as part of New York Railways
system.
-V. 116, p. 2007, 2256.

New York State Rys.-Granted Bus Rights.

The City Council of Rochester. N. Y.. on May 8 granted the company
through its subsidiary, the Rochester Co-Ordinated Bus Lines, Inc., a
franchise to operate buses on Dewey Ave., as -an adjunct to the railway
service. It is expected that the line will start operations about June 1,
-"Electric
when the crosstown trackless trolley line will also lae instituted.
Railway Journal."
-V. 116, p. 1178.

-Wage Increase.
Northern Ohio Traction & Light Co.

Platform men voted on May 7 to accept an increase of 5 cents an hour,
which was recently offered by the company. The new wage scale for
trainmen, retroactive to May 1 1923, is as follows: City 1st year, 48
cents: 2d year, 50 cents; 3d year and thereafter, 53 cents. Suburban
1st year, 49 cents; 2d year, 51 cents; 3d year and thereafter, 54 cents.
Interurban
1st year, 53 cents; 2d year, 55 cents; 3d year and thereafter,
-V.116, p. 1650.
58 cents.

Pacific Electric Ry.-Subway Franchise-Wages, &c.

The company on April 20 formally filed with the City Council of Los
Angeles. Calif., an application for a 40
-year franchise for the construction
of a rapid transit subway for its interurban trains. In Sept. 1922 the company obtained a 40-year franchise to construct a rapid transit subway for
serving Glendale. Hollywood and San Fernando Valley points, but proposes.
if granted the right by the City Council. to extend this subway from its
Hill Street terminal to Pershing Square as the first unit of a $20,000,000
subway system. Other subways will radiate from Pershing Square terminal
east and west. ("Electric Ry. Journal.")
The company recently announced an increase in wages of trainmen
approximating S350,000 annually, effective April 16 1923. This increases
the present scale 3 to 6 cents an hour, according to the class of train service.
In making this announcement, Vice-Pres. D. W. Pontius states that the
new rates are partly a restoration of the rates in effect prior to Oct. 11921.
at which time a reduction was made in the wages because of economic conditions.
The company has announced that 50 new all-steel interurban passenger
cars will be purchased immediately at a total cost of $1,800,000. Bids
have been asked for the proposed new equipment and the earliest possible
date of delivery specified.
-V. 116. p. 936.

Pan-American RR.
-Settlement of Interest in Arrears, &c.

See advertising pages this issue under "United States of Mexico"; also
under "Current Events."
-V. 115, p. 1210.

Pennsylvania Co.
-Tenders.
-

The Girard Trust Co., trustee. Phila., Pa., will until May 29 receive
bids for the sale to it of 40-Year Guaranteed 3 Si% gold trust certificates,
Series "C." due 1942, to an amount sufficient to exhaust $50,000 at a
price not exceeding par and int.-V. 115, p. 2906.

Pennsylvania-Ohio Power 8c Light Co.
-Notes Offered.
-Lee, Higginson & Co., Drexel & Co., National City Co.,
Reilly, Brook & Co., Graham, Parsons & Co., Bonbnght &
Co., Inc., and Eastman, Dillon & Co.are offering, at 99
and interest, to yield over 6.35%, $2,000,000 3
-Year 6%
Secured Gold Notes.

This committee was formed Jan. 10 1918 for the protection of holders of
bonds of the various corporations included in the Pittsburgh Railways
System. At that time default had been permitted to occur in the payment
of interest due upon bonds of 15 different issues. Thereafter additional
defaults were permitted to occur so that ultimately 29 bond issues were in
default as respects one or more interest payments.
Under date of Jan. 29 1919 a supplemental deposit agreement was made
and under it large numbers of bonds were deposited with the committee
including Southern Traction bonds and Pittsburgh Railways bonds. The
objectives of the committee were principally two:
(1) To exert continuous pressure for the payment of overdue interest;
(2) To make determined opposition to all efforts to dismember the System
by foreclosure or otherwise.
The committee is happy to report that after five years of vigilant attention
to the interests of the depositing bondholders both of these objectives have
been attained.
The responsibility of the Philadelphia Co. for preserving the integrity
of the System was emphasized in an action brought at the instance of the
committee by a depositing bondholder to compel payment of interest by
the Philadelphia Co. even upon bonds which bore no formal guaranty.
Intervention was secured and defense made to foreclosure proceedings
which threatened to dismember the system and thus to impair the security
of all the deposited bonds. The Philadelphia Co. was prevented from
recouping itself out of the earnings of the receivership of the Pittsburgh
Railway for payments of interest made by the Philadelphia Co. in compliance with its guaranties. From time to time, defaults which had
occurred upon deposited bonds have been cured by payment until at
present interest upon all issues of bonds held by the committee is being
paid with regularity and promptness.
Since the original default on the bonded debt of the various railway
companies the management of the Philadelphia Co. has been changed and
A. W. Thompson has been elected President. The new management of
the Philadelphia Co. has worked diligently and succsdully for the improvement of the financial and physical condition of the properties. The committee has had good reason to hope that a comprehensive plan of reorganization for the entire System would be proposed and that the plan when
proposed would be one which the committee could commend to the bondholders as adequate and satisfactory. It appears, however, that the
management of the Philadelphia Co. Is of opinion that the proposal of such
a plan of reorganization is not expedient at the present time, although
the conditions are such that the receivership of the Pittsburgh Railways is
likely to be terminated in the near future.
The committee appreciates the considerations which have led the management thus to defer action for the present, and, having succeeded in the
main endeavors, does not feel justified in longer withholding the deposited
bonds from their several owners.
-V. 116, p. 1412, 1050.

-New Fare Tariff Filed.
Puget Sound Power & Light Co.
The company has filed with the Department of Public Works at Olympia
a new experimental tariff offour tickets for 25 cents, or a cash fare of 7 cents.
The present tariff of 20 tokens for $1, or a cash fare of 7 cents, it is stated.
has caused a loss during 19 weeks of $10,018.-V. 116, p. 1761.

-New Control
Quebec Ry. Light Heat & Power Co.
Underlying Bonds Due June 1 Provided For.
According to Montreal dispatches. control of the company has passed to
the Shawninigan Water & Power Co. The following new directors have •
been elected: Julian C. Smith, Howard Murray and Wy. S. Hart. Montreal; C. E. Taschereau. J. H. Frotier and James McCarthy, Quebec.
The board now stands composed of the above nemad together with Lorne
C. Webster, J. P. B. Casgrain, A. Turgeon, D.0. L'Esherance and Charles
G. Greenshields, K. C.
The following officers have been appointed: Julian C. Smith, Pres.:
Howard Murray, V.-Pres.; W. S. Hart, Treas.; James Wilson, Sec., and
Arthur Lemoine, Asst. Sec.
It is stated that the financing of the $2,500,000 5% Quebec, Montmorency & Charlevoix By. bonds, due on June 1,is arranged. The Shawinigan
Water & Power Co.. it is said, has purchased the $2,500,000 5% Consolidated Mtge, bonds of the Quebec Company, due 1934 and as this leaves
a balance necessary to meet the impending maturity, because the 5% are
selling so far below the market value, the Shawinigan Co.has also advanced
sufficient funds to make up the necessary principal sum of the maturities.
A further sum has also been advanced in order to meet the full interest
on the maturing bonds as well as on the outstanding 5% Consolidated
Mortgage bonds, it is said.
-V. 116, p. 1761.

Dated June 1 1923. • Due June 1 1926. interest payable J. & D. in
New York, Boston and Chicago without deduction for Federal income tax
Reading Co.
-Plan Confirmed and Approved.
up to 2%. Present Conn. and Penn. 4 mills taxes refunded. Denom.
The U. S. District Court at Philadelphia on May 22 filed an order con$1,000 and $500 0. Callable, all or part, at any time on 30 days' notice,
at 102 and int. prior to Dec. 11923.the premium thereafter decreasing % firming absolutely the third modified segregation plan and dismissed all
each six months to WOK and int. in the last six months prior to maturity. the exceptions. The Court directed counsel for the company and the other
corporations to present a final decree on or before June 20 embodying all
Union Trust Co.. Pittsburgh, trustee.
the details for the issuance of the new mortgages and the bonds thereunder.
Data from Letter of Vice-President 11. A. Clarke, May 22 1923.
The Court says that at the present time it sees no need to order a trusteeing
Company.-Incorp. in Oct. 1920 to take over the major part of the of the stock of the old coal company, pointing out that the decree of June 6
electric power and light business of Pennsylvania-Ohio Electric Co. The 1921 provides for the trusteeing of the stock of the new coal company, but
latter company owns the entire common stock of Pennsylvania-Ohio Power If there is undue delay accomplishing this the Court reserves the right to
& Light Co., except directors' and officers' qualifying shares. Pennsyl- act on the recommendation of the Attorney-General that the old stock
vania-Ohio Power & Light Co. also owns certain electric railway lines, be trusteed pending a final dissolution.
directly or through subsidiary companies, from which leas than 12% of
The bondholders protective committee for the Gen. Mtge. bonds have
gross earnings are derived. Population served is in excess of 300,000.
Issued the following notice to the bondholders:
Purpose.
-Proceeds will provide funds for retirement of all floating debt
"The committee, under deposit agreement of July I 1922, between the
and will provide capital for further additions.
committee, J. P. Morgan & Co., and Drexel & Co., as depositaries and
holders of said bonds, parties thereto, have approved of a plan for the
Capitalization Outstanding upon Completion of Present Financing.
adjustment of the affairs and properties of said companies and the modificaUnderlying Divisional 5 Bonds (closed mortgage)
$1,805,000 tion of the terms and provisions of the said bonds and security thereof.
First & Ref. Mtge. 7)i
Sinking Fund Gold Bonds, 1940_ ___x12; 0 '
"The U. S. District Court for Eastern District of Pennsylvania has also
,200
05
185
3
-Year 6% Secured GoldNotes. due June 1 1926 (this issue),_ _ _ 2,000,000 approved such plan." See plan in V. 116, p. 2256.
10
-Year 8% Secured Gold Notes, due Nov. 1 1930
y2,798.900
Preferred Stock,8 Cumulative
Rome 8c Northern RR.
-Sale.
Preferred Stock,7 Cumulative
1,000,000
This road extending from Rome. Ga., to Gore,
miles, was sold at
Common Stock
6,000,000 receiver's sale on April 10 to a syndicate headed by 19 H. Shackleton for
H.
$35,000. The Rome & Northern By. has applied to the Georgia Public
x In addition there are $2,000,000 First & Ref. Mtge.7 6% Sinking Fund
;
,
raise
Bonds. due Nov. 1 1940, pledged as collateral security for this issue of Service Commission for authority to issue $10,000 Common stock to
-V.114, p. 1288.
$2,000,000 3-Year 6% Secured Notes, and $156,800 in treasury. y Will be a portion of the purchase price of the property.
secured by $4,093,000 Gen. Mtge. Bonds, due Nov. 1 1930 (junior to the
Rutland RR.
-Abandonment of Branch Line.
First & Ref. Mtge. Bonds).
The I.
-S. C. Commission on May 15 issued a certificate authorizing the
Earnings Twelve Months Ended March 31 1923.
abandonment by the company of a portion of a line of railroad in Addison
miles.
GTOSS earnings- ------------- - -------------------------$5,061,387 County, Vt., and Essex County, N. Y., aggregating in all 1.08
116. p. 177.
Net, after operatinexpensesono -----2.355,156
Annual Interest charges on this issue. First & Ref.
Mtge. Bonds
St. Louis
-San Francisco Ry.-I.-S. C. Commission
outstanding, and underlying divisional bonds
1,170,640
-Great
Annual interest charges on (junior) 8% Secured Gold Notes_ _ _ _
223.912 Denies Application to Acquire Control of International
Northern.
-The I. C. Commission on May 18 in a decision
-S.
Balance--------------------------------------- 3
960,60
4 handed down, denied the company's application for authority
-V. 116. p: 2007, 722.




•

2390

THE CHRONICLE

to acquire the Capital stock of the International-Great
Northern RR., such acquisition being found by the.Commission "not to be in the public interest." The report of the
Commission says in substance:
The St. Louis-San Francisco By. on Dec. 26 1922 filed an application,
pursuant to paragraph (2) of Section 5 of the Inter-State Commerce Act,
for an order authoring it to acquire control of the International-Great
Northern RR. by purchase of the Capital stock of that company. The
State of Texas recommends that in the event the application be granted
the order authorizing such acquisition be so conditioned as not to create a
consolidation of the two companies. Communications have been received
from representative organizations of business men and shippers in the
Interested territory, and from public officials and individuals, all recommending that the application be granted. A hearing was held on this
application, at which an intervening petition was filed by the Missouri
Pacific RR.
In accordance with the agreement for the reorganization of the International company. dated June 11922, all the Capital stock of the new company, excepting directors' qualifying shares, was assigned to three individuals as voting trustees, subject to a trust agreement. The voting
trustees, with the consent of the holders of a majority in amount of the
trust certificates outstanding under the trust agreement present at a meeting
called for the purpose, may sell, exchange or otherwise dispose of the stock,
as a whole, for the pro rata benefit of the holders of the trust certificates,
for such price, property, or other consideration, and upon such terms, as
they, in their discretion, shall determine.
On Dec. 20 1922 the applicant made a contract with the voting trustees
to purchase all the Capital stock of the International company for $27 75
a share. It is represented that the consideration is based upon the highest
market price paid for the stock, which is stated to have been $26 75 a
share, plus a commission of $1 a share. The contract is made subject to
the approval of the holders of a majority in amount of the voting trust
certificates and to the consent of the applicant's stockholders and of any
governmental body having jurisdiction.
The stockholders of the applicant have ratified the proposed transaction
since the hearing was held. The applicant proposes to finance the purchase
by the issue of $2,000,000 of its purchase money notes, to mature 6 months
after date, and to be secured by the pledge of the International company's
stock and other collateral, with the understanding that at maturity $1,500,000 of the notes, at the applicant's option, may be extended for 6 months,
at the end of which time $1,000,000 may be extended for a further period
of 6 months, and at the expiration of the second extended period $500,000
may be extended for an additional 6 months. The notes will bear interest
at a rate to be agreed upon at the time they are executed.
It appears that the stock of the International company, if acquired by
the applicant, will be subject to the lien of the applicant's existing mortgages
in so far as such mortgages, by their terms, attach thereto. The testimony
shows that the voting trustees declined to negotiate with the applicant for
the sale of the stock until after they had been advised by representatives
of the Missouri Pacific that the latter did not desire to purchase it.
The Missouri Pacific RR., intervener, represents that the International
railroad was constructed to form a continuous line from St. Louis to Houston,
in
Laredo, and Gulf ports, In connection with the railroads of the Texas &
that for 40 years it has been preferentially
Pacific and the Missouri
used by the Missouri Pacific in transporting freight and in the operation
of through passenger trains between the points named, and because of such
long and continued use there has been created a route and channel of trade
and commerce over the lines of said carriers, in competition with the lines
of the applicant, which is 139 miles shorter from St. Louis to San Antonio
and 202 miles shorter from St. Louis to Houston than the route formed by
the lines of the applicant and the International company. The largest
interchange of traffic by the International railroad is with the Texas &
Pacific in connection with the Missouri Pacific.
In our tentative plan for the consolidation of railroads the applicant's
line is placed in System No. 18, Frisco-Katy-Cotton Belt, while the International railroad is included in System No. 19, Chicago-Missouri Pacific.
Hearings have been held by us in relation to the grouping of lines in the
above systems, but a final determination has not been made. If the
proposed acquisition be authorized the Missouri Pacific asks that the order
be so conditioned as to provide for the maintenance of the existing through
route and service, and be without prejudice to its rights in the event our
tentative plan-for the consolidation of railroads in group 19 becomes ultimately effective.
Upon the facts disclosed by the record we are unable to find that the
acquisition by the applicant of control of the International company by
purchase of the Capital stock of that company will be in the public interest.
-V. 116. p. 2257.

San Diego Electric Ry.-To Operate Bus Lines.
The company has applied to the California Railroad Commission for
authority to abandon certain of its railway lines and replace them with
motor coach service.. The new service involves the abandonment of approximately 8.64 miles of railway including the line to Old Town and portions of the Point Loma line.
-V. 115, p. 1211.

• Schenectady (N. Y.) Ry.-City Enjoined on Strike.-

• The company on May 18 obtained a temporary injunction restraining city
officials from interfering with the operation of trolley cars during the strike
now in progress. The injunction was granted by Justice Angell and is returnable at Hudson Falls on June 9, at which time the Company will seek
to have it made permanent. The trolleymen went out on strike May 17,
following a disagreement with the company over its open shop plan. The
strike ties up all lines in Schenectady and interurban lines to Albany, Troy
and Saratoga. About 600 men are affected.
-V. 116, p. 1761.

Steubenville East Liverpool & Beaver Val. Trac. Co.

Following an agreement between the employees and the company, the
City Council of East Liverpool, Ohio, on April 16 last enacted an ordinance
granting the company a 7
-cent city fare with a 1-cent transfer and a fiveyear exemption from street paving assessments. Prior to the suspension
of car service in May 1923, the fare was 5 cents, with free transfers.
-V.116,
P• 1051.

Tehuantepec National Ry.-Settlement of Interest.
See advertising pages, this issue, under "United States of Mexico"; also
under "Current Events."
-V. 115, p. 1211.

Toronto Railway.
-Arbitration.
The appeal from the arbitration award has been heard by the Ontario
Court of Appeal, presided over by Chief Justice Meredith. Argument
closed on May 5 and judgment was reserved. The city has stated its
Intention of carrying this legal battle to the Imperial Privy Council, if
necessary, to secure a verdict directing the arbitrators to reconsider their
award and it is stated that the company is willing to go as far in an effort
to have the award stand.
-V. 116, p. 722, 516.

Toronto Suburban Ry.-Bondholders Cannot Stop Sale.

The sale to the city of Toronto of the company's lines within the city.
which is now under consideration, has given re to some objections on the
part of bondholders. In reply to a question in the Canadian House of
Commons the Minister of Railways stated that:
"The Toronto Suburban Co.'s lines within the city of Toronto are governed by a franchise granted by the former town of Toronto Junction (now
Ward 7 of the city of Toronto), which expired in 1921. Under their
franchise, the former town of Toronto Junction, or the successors, had the
right, upon notice, to take within the limits of the town at a valuation to
be agreed upon and fixed by arbitration. The city of Toronto duly gave
notice in 1921 ofits intention to take over the franchise lines, and a tentative
valuation was made between the two parties which has not yet been acted
upon.
"An objection was made on behalf of the bondholders that the whole of
the lines of the Suburban Co., both inside and outside of the franchise
limits, had to be taken by the city on the expiry of the franchise, but this
objection was not maintainable. The bondholders are subject to the
franchise terms to the same extent as the railway company, and while objection may be made,the direction, bythe bondholders to tne sale of lines or
parts of lines, outsiee the franchise limits, within the franchise limits the
consummation of the sale or taking over by the city depends only upon
the fixing of the consideration to be paid.
"The representation of the bondholders claim that they must be consulted and must agree to any value fixed or to any disposal of lines outside
the franchise limits. In the correctness of this position the Railway Co.
concurs. The terms and the extent of the taking over are now under
active consideration by the parties concerned, subject to tbe rights of the
-V. 115, p. 2582.
bondholders as stated."




[vol.. 116.

Union Pacific RR.
-Plan of Employee Representation.
See "Railway Review" of May 5, pages 760 to 765.-V. 116, p. 2007.

United Light & Railways Co.
-Sub. Co. Wage Increase.
Effective May 1, a wage increase of 10 cents an hour was granted to all
employees of the Cedar Rapids (Ia.) & Marion City Ry., a subsidiary.
-V. 116, p. 2131.

. United Traction Co. of Albany.
-Offering.
-Beverley
Bogert & Co. own and offer a block of Consol. Mtge. 4
Gold bonds of 1904, due June 1 2004 (see advertising pages).
-V. 115, p. 2380.
U. S. Railroad Administration.
-Settlements.
--

The U. S. RR. Administration reports the following final settlements
for the 26 months of Federal control, and has paid out and received from
the several roads the following amounts:
Burl.So. Chicago Term. RR..$47,500 Combs Cass & Eastrn RR_ _ _31,250
1 Tuscarora Valley RR
Columbia Union Station Co_
1,000
Louisville & Jeffersonville
Illinois Southern By
50,000
Bridge & RR
3.100 Hardwick & Woodbury RR_ _ _ 2,500
The following carriers have paid the Director-General the following
amounts: Tennessee Central RR., $55.000: Kankakee & Seneca RR.,
$8.000. and the Tidewater Southern RR., 390,000.-V. 116, p. 2258.

Vera Cruz & Pacific RR.
-Settlement of Interest.
See advertising pages, this issue, under "United States of Mexico": also
under "Current Events."
-V. 115. p. 1211.

Virginia Ry. & Power Co.
-Railway and Power Departments Segregated in Portsmouth.
The company has transferred its Portsmouth holdings to its subsidiary,
the Portsmouth (Va.) Transit Co., which was organized and chartered recently, and which has just made a bid for the traction franchise of that city.
Thomas S. Wheelwright is President of both companies. W. Jennings
Crocker Jr. counsel for the Virginia company, in Portsmouth, is Secretary
of the new company. The Portsmouth Transit Co. will have nothing to
'
do with the light and power departments of the Virginia Railway & Power
Co. in Portsmouth, but will buy its current from that concern. The new
company will sell $750,000 of stock to the citizens of the community.
-"Electric By. Journal."
-V. 116, p. 1762.

-Transfer Privileges.
Washington R. & Electric Co.
The P. U. Commission recently issued an order, effective April 1. increasing transfer privileges between this company and the Capital Traction
Co. in the northwest section of Washington, D. C. The order was in the
form of an amendment to the permit under which the Washington Railway
& Electric Co. operates motor biases on Park Road-"Electric By. Journal.'
-V. 116, p. 1894.

Wheeling & Lake Erie RR.
-New Officer.
George Durham has been appointed acting general manager, succeeding
Stanton Ennis, who also is President of the road, recently resigned as
-V. 116, p. 1052.
general manager.

Windsor Essex & Lake Shore Rapid Ry.-President.T. P. Pinckard recently succeeded G. It. Cottrelle as President.
V. 109, p. 889.

Wisconsin Trac., Lt., Ht. & Power Co.
-New Control.
See North American Co. under "Industrials" below.
-V.113, p. 1055.

Youngstown (0.) & Suburban Ry.-Operates Bus Line.
The company has begun the operation of a bus line betweenYoungstown
and Salem, 0., along a route which in general parallels its own tracks,
V. 116, p. 2008.

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The "Iron Age" May 24 says:
"Consumers of steel are taking all material due them from the mills.
prices are maintained and there is little or no sign of duplicate ordering
or of cancellations. Products into which steel enters are also fully taken
and the steel trade as a whole sees that substantially the present rate of
mill operations will keep up for weeks.
"It is recognized that the test of prices is ahead, and that the falling
off in structural work as well as in oil field drilling will be factors, but
the possibility of other lines needing more steel Is not overlooked. Export
trade would come in also for more attention if later the domestic demand
should slacken.
"A notable contract just closed by the Steel Corporation is for 25,000
tons of pipe line steel for the Western Pipe & Steel Co., San Francisco.
Of this total. 17.000 tons are plates. The lpuyer is to build the final section
of the Hetch-lletchy line to bring water to San Francisco from the Sierras.
Steel deliveries begin in the fourth quarter.
"Among rail contracts lately closed are 40.000 tons for the Burlington.
50,000 tons for the Southern Pacific, and a round tonnage for the Louisville '
-ton Reading order is pending. Japan's latest
Sr Nashville. A 15,000
purchase is 6.000 tons, and her continued buying here is due to the laying
down of American rails in Japan at less than the high-production costs there.
"Inquiries for 1,250 to 1.500 hopper cars appeared,the Pennsylvania RR.
,,the
distributed orders for 15.000 tons of fabricated car
and the Western
Maryland is negotiating for 10,000 tons of such material.
"Steel castings booked in April were at no less than 94% of capacity.
.
though the average of the preceding three months was 115%•
"Though partly seasonal, the decline In fabricated steel work is shown
by awards of only 6.500 tons in projects of fair size. Of 13,000 tons of
inquiries nearly one-half is for public work and the remainder largely for
railroads. Bureau of Census figures indicate total April bookings of
200,000 tons, against 237,500 tons for March, both as good as any month
since May 1922.
"A Cleveland sheet bar mill has sold 35,000 to 40,000 tons for the third
quarter, prices to be those prevailing at delivery
"At Detroit there is some slowing in automoible production, but in the
main demand for steel for motor car and parts manufacture holds up.
Little steel has been bought for third quarter, however.
"In another very quiet week for pig iron, Bessemer and basic grades
have declined 50c. per ton in the Pittsburgh district and at Chicago Southern
Iron has sold as low as $26. Birmingham, though $27 is the prevailing price.
Deliveries keep right up and prices of Northern foundry irons are fairly
well held, especially in eastern Pennsylvania, though there is no real test
of strength yet.
"In Pittsburgh and nearby districts, there are now 126 blast furnaces
operating out of 138,the largest number active since 1918. Several furnaces
have been blown out for repairs and others are expected to be idle soon
for the same reason. Thus it may be hard to hold the very high rate of
production reached in April.
"At 5,582.000 tons, April broke all records for a month's consumption
of Lake Superior iron ore. The total of stocks in blast furnace yards and
at Lake Erie docks was 19,682,000 tons on May 1, as against 25,091,000
tons one year previous.
"The contract price for blast furnace coke for the third quarter has
settled definitely to $6 a ton at ovens, or about $1 less than was paid for
first and second quarter coke. The week's sales at the new price have been
fully 300.000 tons.
"In European markets buyers await lower prices. German prices were
marked up 8% May 21. but the advance is less than the drop in the exchange rate.
"The 'Iron Age' pig iron composite has fallen to $29 04 per gross ton,
from $29 29 last week and $30 79 for the four preceding weeks. It is
now $3 08 above the price at the first of the year.
"Finished steel remains at 2.789c. per lb.. the 'Iron Age' composite price
recording no change. One year ago it was 2.127c.; two years ago, 2.764c."

MAY 261923.]

2391

THE CHRONICLE

Coal Production, Prices, &c.
The "Coal Trade Journal" May 23, reviewed market conditions as
follows:
"Spottiness continues much in evidence in the bituminous coal markets
of the country. Production is maintained at a rate that inclines consuming interests to the belief that they are warranted in considering their
future coal requirements in a leisurely fashion. That danger lurks in
the situation the average coal man is convinced, but the average consumer
refuses to see it. The result is that, despite the large volume of tonnage
moving from the mines to the consumers and retail trade each week,
snap is lacking to open market trading, except, possible, in the case of
low volatile coals for western delivery.
"The general current of prices, both east and west, is downward. Minerun and screenings are the greatest sufferers in the decline. In the East,
the easiness of slack reflects the movement of prepared sizes for lack
loadings. Having been trained to expect lower prices on fine coal with
the opening of navigation, the Eastern industrial consumer is not disposed to upset his calculations by purchasing eagerness. In the West.
the backward spring maintained domestic demand for prepared coal
beyond the normal peak, thereby increasing the tonnage of screenings
seeking a market.
"Comparing spot quotations as a whole for the week closing last Saturday with those for the week ended May 12. changes appear in 54.5%
of these figures. Of these changes, 80.8% represent reductions ranging
from 5 cents to $1 and averaging 24.3 cents per ton. The advances range
from 10 to 45 cents and average 21.4 cents. The straight average minimum for all the bituminous coals was $2 23, a decline of 6 cents from
the preceding week. The average maximum, 62 65, was 8 cents under
the May 12 figure. The averages for the corresponding week in 1922,
when the general strike was on, were $4 05 and $4 42, respectively.
"Lake dumpino for the second week of the month totaled 594.731 tons
of cargo fuel. This was a marked falling off from the record for the preceding week, when 804,210 tons were dumped for cargo account, but the
totals for the season to date are ahead of 1920 and 1922.and less than
200,000 tons behind 1921. During the week ended May 19, there were
320.000 tons unloaded at the Head of the Lakes.
"Domestic demand for anthracite sizes holds up. If there is any sectional abatement, the slack is so quickly taken up in the increased call
from other quarters that there is no easing in the market, and independent
quotations have now touched $11 50, with pea at $8. In the steam division,
No. 1 buckwheat appears to be weaker than rice or barley. Lake shipments from Buffalo last week totaled 121,200 tons."
Estimated United States Production in Net Tons.
1922
1923
Cal. Year
Cal. Year
to Date.
Week.
to Date.
BituminousWeek.
144,529,000
179,499,000
4,175,000
10.103,000
Apr. 28
148,693,000
4,164,000
189,557.000
10.016,000
May 5
153,126,000
199,768,000
4,433,000
10,211,000
May 12
Anthracite
21,803,000
33,718,000
5,000
2,116,000
Apr. 28
21,809,000
35,615,000
6,000
2,021,000
May 5
21.816,000
37,518,000
1,903,000
7,000
May 12
Beehive Coke
2,305,000
424%000
6,419,000
Ann 28
89,000
2,400,000
407,000
6,826,000
95,000
May 5
2,493,000
403,000
May 12
7,227,000
97,000
Oil Production, Prices, &c.
The American Petroleum Institute estimates that the daily average
gross crude oil production in the United States for the week ended May 19
was 1,951,850 barrels as compared with 1,963,500 barrels for the preceding week, a decrease of 11,650 barrels. The daily average production
east of the Rocky Mountains was 1,266,850 barrels, as compared with
1,268,500 barrels, a decrease of 1,650 barrels. California production
was 685,000 barrels, as compared with 995,000 barrels, a decrease of
10,000 barrels.
The following are Estimates of daily average grass production for the
weeks ended May 19, May 12 and May 5 1923. and May 20 1922:
May 19 '23. May 12 '23. May 5 '23. May 20 '22
380,500
484,300
Oklahoma
481,500
480,700
81.800
81.800
Kansas
81.650
81,250
50,300
71,300
North Texas
71,050
73,600
146,650
127,050
Central 'Texas
129,450
127,750
92.500
69,70
North Louisiana
66,900
65.850
35,400
Arkansas
112,300
111,350
105,900
111,550
96,750
Gulf Coast
95,100
94,450
109,000
. 08
1.13:
Eastern
109,000
109,500
Wyoming and Montana_
127,000
126.300
123,100
340,000
California
710,000
685,000
695,000

913/ and int., to yield 6.80%, an additional $300,000 1st
Lien 6% Gold bonds of 1912, due Dec. 1 1942. A circular
shows:

-Controls through ownership of all the capital stocks (except
Company.
directors' qualifying shares) and all outstanding funded debt 16 public
utility operating properties, supplying without competition electric light
and power, gas, ice and street railway service. The constituent companies
serve a rapidly developing territory situated in eastern Oklahoma and central and eastern Texas, including 47 communities and having an estimated
population of 122,000.
Authorized. Outstanding.
Capitalization (After This Financing)$10,000,000 b$4.932,600
Preferred 7% Cumulative stock
c2,036,980
15,000,000
Common stock
a
d6.393.700
First Lien 6% Gold bonds due Dec. 1 1942
733,100
'
5
-Year7
0 Coll. notes, Series"A"&"B, 1925_
474.500
'
0.000
20-Yr.8 0 Coll. notes Ser."C,"due Mar.1 1941_
c713,000
Gen. Lien 6% Gold bonds,due Dec.1
1942a
a Authorized issue limited by restrictions of the respective trust indentures. b In addition to 94,932,600 shown as outstanding, company has
sold $607,400 on the deferred payment plan. c Entire General Lien bonds
and practically all Common stock owned by Middle West Utilities Co.
d Exclusive of bonds pledged as security for Collateral Gold notes.
1921.
1922.
Earnings for 12 Months ended Dec.31$2,865,221 $2.665,304
Gross earnings, including other income
1,667,503
1,676.736
Operating expenses, including taxes
$997.801
$1,188.485
Net earnings
The annual interest on all First Lien bonds and Collateral Gold notes
outstanding in the hands of the public requires $476,565.
Control.
-Company is controlled through stock ownership by the Middle
West Utilities Co.
-V. 116, p. 1764.

60

American Radiator Co.
-Acquisition.
-

The company, it is understood, is negotiating for the acquisition of the
Dominion Radiator Co.. Ltd., of Canada.
-V.116, p.1896, 1535. 1279.

American Woolen Co.
-Preferred Stock Certificates.

The company on May 23 announced that it will deliver Preferred stock
certificates with interest at the rate of 7% per annum in exchange for full
paid receipts for subscriptions to the recent issue of new Preferred stock
(V. 116. p. 1652). Receipts may be exchanged at the Old Colony Trust
-V.116. p. 2259.
Co.of Boston or the Chase National Bank of New York.

Anaconda Copper Mining Co.-Quar. Div. of 75 Cents.

The directors have declared a quarterly dividend of 75 cents per share
on the capital stock, par $50, payable July 23 to holders of record June 16.
A like amount was paid April 23 last, when dividends were resumed (see
V. 116, p. 939).-V. 116, p. 2124.

Anglo-American Oil Co., Ltd.
-Business in Ireland.

In consequence of the formation of the Irish Free State, the company has
found it necessary to form the Irish-American Oil Co., Ltd.. with an authorized capital of £250,000 754% cumul. pref. shares and £250,000 ordinarY
shares. This company will absorb the business formerly handled by the
parent(Anglo-American). The disinclination on the part of the Irish people
to do business with a company using the word Anglo is said to be responsible
for this step.
-V. 116. p. 1896. 1764.

Appalachian Corp. (of Georgia).
-New Reorganization'

Thebondholders' protective committee have adopted a new plan of reorganization, dated May 7 1923, superseding the plan dated Oct.3 1922 (V•
116, p. 2161).
The committee in a notice to the bondholders states in brief:
Under the management existing prior to the receivership the company
became badly involved and as a result of foreclosure the New Orleans warehouse (a valuable property) was sold at sheriff's sale for less than the amount
of the mortgages and lost entirely to the bondholders. The Missouri
orchards were afterwards sold at receiver's sale and only about $15.000 to
$20,000 net was realized for the receivership.
Following these disasters, some of the largest bondholders, realizing that
drastic measures were necessary if anything was to be salvaged from the
wreck, and believing that the plan of Oct. 3 1922 was very unfair to the
bondholders, arranged for a meeting of the bondholders' committee on
March 9 1923, and Increased the membership of the committee from 5 to 8
and deposed Louis B. Magid as Chairman. The first act of this reorganized
committee was to cancel the plan of Oct. 3 1922.
The committee found that practically the only assets remaining in the
hands of the receiver were the Georgia orchards and lands, and that the net
cost of the receivership will be about $50,000 to $60,000. which must be
paid from the proceeds of the sale of the property before any amount can
Ise distributed to the bondholders.
1,429,700
1,988,300
Total
These properties consist of the following: (a) 700 or 800 acres of orchard
1,951,850
1.963.500
Ga.. on which there are growing approxiMatters Covered in "Chronicle" May 19.-(a) Activities of the New York lands in Habersham County, trees of the average age of 7 to 8 years. (b)
Stock Exchange (editorial), p. 2189. (b) Supreme Court decision on the mately 30.000 to 40.000 appleunimproved lands in Habersham and Rabun
Minnesota ore tax (editorial), p. 2190. (c) Wages advanced in the Boston Between 300 and 400 acres of
Ga.
and Rochester clothing trades, p. 2196. (d) Shipping Board increases pay counties,order of the U. S. District Court, this property was advertised for
Under
of seamen, p. 2106. (e) Seamen on Great Lakes get wage increase, p. 219'7.
advanced sale for April 20. Committee succeeded in having this sale postponed until
(I) Farr Alpaca Co. advances wages 12A %,p. 2197. g Wages
on steamers sailing from Boston, p. 2197. (10 U. S. Supreme Court. in a June 5 1923, at which time the property will be sold. It will be necessary
.
New Jersey case, holds that a State can compel cities to pay for water taken for the bondholders to buy the property at that time in order to preserve their
from rivers, p. 2213. (i) Illinois Supreme Court decides against City of interests.
The outstanding bonds of the Appalachian Corp. amount to $1,234.400.
-City not to
Chicago in latter's libel suit against Cnicago "Daily Tribune"
ask rehearing, p. 2213. (j) Fraud order issued by Post Office against of which amount $1,124,900 have been deposited with the committee.
Personal investigation by several members of the committee and experts
Frederick A. Cook, of North Pole fame, and the Petroleum Producers'
Association, p. 2216. (k) The Federal Trade Commission on the Northern employed by the committee developed the fact that the property remaining
has considerable value but, due to present conditions, was apt to bring little
Hemlock and Hardwood Manufacturers' Association of Oshkosh, p. 2216.
(I) Pottery firms indicted under Sherman Law,p. 2211. m Fourteen guilty above the receivership costs at a forced sale which was to have been held on
in fish price-fixing conspiracy in Boston jailed, p. 2212. (n) All prosecu- April 20 1923. Certain members of the committee then personally arranged
tion against Herrin miners ended following acquittal of six defendants in to temporarily finance the operations of the property, and the committee
then arranged for a postponement of the sale of the property until June 5
second trial, p. 2212.
(o) E. D. Dier & Co. must surrender books, p. 2199. (p) E. M. Fuller 1923. This property is worth saving for the bondholders.
Present Protective Committee.
-F. P. Breckenridge, Chairman, Wil H.
and W. F. McGee, of bankrupt firm of E. M. Fuller & Co., imprisoned,
Douglas, A.T.Prescott, Noah W.Jordan, Harold Almert.Julius Wyler Jr.,
p. 2200. (q) Keveney Bros., Boston, stock brokers, fail, p. 2200.
A. W. Norman.
Digest of Reorganization Plan, Dated May 7 1923.
Alabama Power Co.
-Definitive Bonds Ready.
New Corporation.
-A new corporation will be formed in Georgia.
The U. S. Mtge. & Trust Co., trustee, 55 Cedar St., N. Y. City, is preCapitalization.
-New company will have: (a) $400,000 8% cumul. pref.
pared to deliver definitive 1st Mtge. Lien & Ref. gold bonds. 5% series,
due 1951, in exchange for temporary bonds. (See offering in V. 116, P. stock (in which all voting rights will be vested until it is retired):(b) $1.500.'
000 common stock (non-voting until all pref.stock is retired):(c)in addition.
517.)-V. 116, P. 2259.
new corporation will authorize the issuance of $200,0008% first mtge. bonds
-Acquisition, dcc. due in 10 years, but callable at 105.
Allenby Copper Co., Ltd. (N. P. L.).
Subscription to New Bonds.
-All bondholders of the present Appalachian
See Granby Consadated Mining, Smelting & Power Co., Ltd., below
Corp. will be permitted to subscribe for such portion of the $200,000 of
-V 119, p 2133
first mtge. bonds as will be presently sold, each in the proportion of 15%
of their present holdings, with the condition, however, that the minimum
American Beet Sugar Co.
-New Director.
Charles C. Duprat, Secretary and Treasurer, has been elected a director subscription will be $50. All amounts subscribed are to be paid to the
.
committee in cash upon demand.
to succeed the late Henry T. Oxnard.
-V. 116, p. 2010.
Bondholders (or others) subscribing to the new issue of bonds, will receive
from the Committee the following securities: (a) Bonds of the new issue
American Cotton Oil Co.
-New President.
George K. Morrow has been elected President. succeeding Lyman N. equal to the amount subscribed for; (b) Pref. stock in an amount equal to
Hine, who will hereafter be a Vice-President. Mr. Morrow has also been twice the par value of the bonds of the new issue received; (c) Common
stock of the par value equal to the par value of a bondholder's present bond
-V. 116, p. 2259.
elected a director.
holdings in the Appalachian Corp., provided that third persons, who are
bondholders, shall
American Fuel Oil & Transportation Co., Inc.
- notPreferred stock receive one share of Common stock with each share
of
issued to them.
Protective Committee.
Non-Subscribing Bondholders.
-To those bondholders who advance no .
The following committee has been appointed to protect the interests of new money the committee will deliver Common stock equal to the par
the 6-Year 8% Series "A" Convertible Collateral Trust Sinking Fund Gold value of the bondholders' present bond holdings in the Appalachian Corp.
bonds: John A. Miller (Chairman), Percy N. Furber, C. A. Landgren, as deposited with the depositories.
Purchase of Property.
John!!. Miller, Newton W.Gilbert, Andrew Teller, with Henry F. Whitney,
-The committee will purchase the properties at the
Sec., 120 Broadway, New York, and Hunt, Hill & Betts, attorneys, 120 receiver's sale. The committee will transfer all the properties to the new
Broadway, New York.
corporation and will receive as the purchase price therefor the following:
Empire Trust Co., 120 Broadway, N. Y.. depositary.
(a) First Mtge. bonds equal to the amount of cash subscribed for and paid
-V.116, p. 1896.
in by the bondholders: (b) Preferred stock in an amount of par value equal
American Investment & Realty Co. of Calif.
-Bonds to twice the amount of the bonds received; (c) Common stock in an amount
Sold.-Blyth, Witter & Co. have underwritten and sold to sufficient to give to all bondholders(and others) the common stock duo them
or
as pro
investors 81,000,000 1st Mtge. 6% Serial bonds.
Re gid .
vanizalion Managers.
-F. P. Breckinridge, Wil H. Douglas and
The bonds are secured by valuable real estate in San Francisco, owner- Harold Almert.
of the committee
Expenses of Committee.
-To take care of the expenses amounts and any
ship of which is held by the Zellerbach Paper Co.
the depositors will be charged with the payment of such
deposit with the comAmerican Public Service Co.
vtishing to withdraw their bonds must
-Bonds Offered.
-Halsey, bondholders h3
the bonds deposited.
itt
Stuart & Co., Inc., and A. B. Leach & Co. are offering at v. 116. P. 2133.° f h amount f the principal of




80

2392

THE CHRONICLE

Armour & Co. (Ill.).-Extension of Time, &c.
The company has been granted an extension until Nov. 17 1923 in which
to dispose of the remaining stocks of canned goods, groceries and other
merchandise, not a specific product of the meat
-packing industry, under the
agreement entered into with the Government. The company in a petition
said the delay in disposal of the stocks was due in part to the "glutting of
the market" by the Government in selling surplus war goods. The total
value of the stocks which the company was directed to sell was given as in
excess of 120,000,000, of which $2,000,000 still remains in its branches
throughout the country, it is said.
It is stated that hearings on Armour-Morris merger before representatives of the Packers' and Stockyards' Administration of the Department of
Agriculture have been indefinitely postponed.
-V. 116. p. 2126, 2010,
1897, 939.

Arnold Print Works, No. Adams. Mass.
-Stock Div.
The company has filed a certificate with the Massachusetts Commissioner
of Corporations showing an Increase in capital stock from 11,500,000 (all
outstanding) to $3,000,000 by the issue of 15,000 shares of Common stock,
par $100, which will be distributed as a 100% stock dividend to holders
of record May 2.
The balance sheet at April 1 1923 shows a surplus of $2.974,775, compared with 11,849,426 on Dec. 31 1921.-V. 91, p. 1387.

-Preferred Dividend:
Associated Gas 8c Electric Co.
-

A dividend of 88 cents per share has been declared on the Pref. stock,
payable June 30 to holders of record June 15. On March 31 last, a dividend of 87 cents a share was ytaid, as compared with 88 cents a share in
Dec. 1922, 87 cents in Sept. 1922 and 88 cents a share in July 1922, when
dividends were resumed.
-V. 116, n• 939.

[VoL. 116.

fund gold bonds, due June 1 1944, to an amount sufficient to exhaust
175,363.-V. 92, p. 325.

Bethlehem Steel Corporation.
-Claim Rejected.
-

According to Washington dispatches. May 23. the claim of the corporation for $8,500,000, allegui to be due under wartime contracts, has
been tentatively disapproved by the Shipping Board's claim committee in
a decision which was said to have the approval of a majority of the board.
The decLsion, it. is stated, was based on a formal legal opinion setting forth
a new and sweeping interpretation of Government contracts which, if sustained by the courts, will result in the recovery by the Government of
hundred of millions of dollars paid out in settlement of emergency construe
tion.
In brief, the opinion held that, a contract to the contrary notwithstanding,
a contractor cannot codect from the Government under the so-called
"savings clause " The Bethlehem contract, like scores of other important
war-time industrial agreements, provided that the company should receive
a fixed fee plus a stipulated percentage of any economies it might effect
which would bring the cost of the work below a set figure. In the opinion
of counsel consulted by the committee and affirmed by the Department of
Justice. a contractor is bound in honor and at law to give the best possible
results in performing the u-ork he undertakes, and to effect without extra
compensation all passible economies.
Under this interpretation the 820,000,000 already paid the Bethlehem
Corporation as fees under its contract would he regarded as closing that
contract, and the large sums claimed as "savings" would have no standing
-V 116. p. 2260. 1897.

British Controlled Oilfields, Ltd.
-Oil Concession.
-

See Standard 011 Co. of New Jersey below.
-V. 116. p. 180.

Brunswick Kroeschell Co. of New Jersey.
-Bonds

-To Increase Capital.
Associated Oil Co.
-

The stockholders will vote July 19 on authorizing an increase in the Offered.
-Lackner, Butz Sr Co., Chicago, are offering, at par
capital stock from 840.000,000 to 860,000,000. and on reducing the par and
interest, $450,000 First Mtge. Serial 63.% Gold Bonds.
value from $100 to $25
President Paul Shoup in a letter to the shareholders says: "The stock A circular shows:
increase is for the purpose of having stock available to offer to owners of
Dated May 11923: due annually Nov. 1 1925 to 1933. Denom. 81,000.
stock of subsidiary companies in which Associated Oil Co. has large interests, $500 and 1100 c*. Int. M.& N.at Chicago Title & Trust Co., trustee and
in exchange for their stock, and it is deemed wise at the same time to pro- registrar, without deduction for normal Federal income tax not in excess
vide for additional stock for such purposes as might subsequently be de- of 2%. Redeemable (all or part) on any interest date at 101 and Interest..
veloped. The change in par value will facilitate the exchanges.
Company.
-V. 116.
-Is the result of a merger of the Kroeschell Bros. Co. and the
P. 1897, 1181.
Kroeschell Bros. Ice Machine Co.. both of Chicago, and the Brunswick
Refrigerator Co. of New Brunswick, N. J. The company manufactures
Atlantic Gulf & West Indies SS. Lines.
-New Director. refrigerating machinery, heating and power boilers, separators, chain
Andrew Fletcher. President of the American Locomotive Co., has been wrenches, &c. Net sales for 1922 were 82,130,268.
elected a director to fill a vacancy.
-V. 116. p. 2120.
Earnings.
-Combined net earnings, after depreciation and maintenance,
but before Federal taxes, have averaged for the past five years in excess of
Atlas Portland Cement Co.
1444,000 per annum,or approximately 15.2 times the greatest annual inter-Acquisition.
It is stated that the company is negotiating for the acquisition of the est requirements of this issue.
Purpose.
-Proceeds will be used to retire a small mortgage debt, now less
plants of the Western States Portland Cement Co. at Independence, Kan.,
tsan 650J)00, and to erect new factory buildings.
and Davenport, Iowa.
-V. 116. p. 1054.

Atlas Powder Co.
-Sales
-Change in Stock Assured.
-

Quarter ended March 311922.
1923.
Sales
14.901.751 $3.570,833
The proposal to change the capital stock from $10,000,000 Common
(par $100) to 500,000 shares of stock of no par value, is assured of ratification, as the proxy committee has received proxies representing 83% of
the voting Common stock. Stockholders vote June 13 on approving the
change. See V. 116. p. 1897, 1758.

Burns Bros.
-Merger Plan-Existing Prior Preference and
Preferred Stock to be Paid Off
-Class "A" and "B" Stocks to
Receive 8% Cumulative Stock in New Cornpany.-The stockholders will vote June 14 on approving the merger of the
Burns Bros. into National Coal Corp.

Under the plan the present Prior Preference stock will be paid off at
1120 per share and the Preferred stock will be paid off at $110 and diva
The Common stockholders will receive 8% Preferred stock in the new
company as stated below.
Digest of Plan as Outlined in Letter to Stockholders May 15.
Merger.
-The stockholders will vote June 14 on an agreement
Dated June 1 1923. Due June 1 1926. Denom. $3500 and /1,000. with the National Coal Corp. In the event that this agreement isof merger
approved
Interest payable Q,
-M. Callable on any interest day on four weeks' and the merger is consummated, the National Coal Corp. will forthwith
notice up to June
1924 at 102 and interest; to June 1 1925. 101 and assume the name of Burns Bros. insuring to the present company the
interest: after June 1 1925 to March 11926, 100% and interest. Company benefit of the continuance of
'
reserves the right to buy In the open market or call notes by lot. First with the name of Burns Bros. the good will associated for so many years
National Bank, Cincinnati, trustee. Free of 2% normal Federal income
Present Capitalization of Burns Bros.
tax.
Capitalization After Present FinancingAuthorized.
Outstanding
Authorized. Outstanding.
3
-Year 6% notes due June 1 1926
$1,292,100
11,800,000
81,800,000 Prior Pref. 7% Cumul. stock (par $100)_ _$1.292.100
Cumul. & Deb. Cumul. Pref. stock
3.000.000
2.933.000
4,000,000
2,453,000 7% Cumul. Pref. stock (par :1100)
Common stock
80,944 shs.
4,000,000
2,000,000 Cumul. Class"A" Common stock (no par) 100,000 slut.
Purpose.-lssued in part to redeem the original issue of $2,500,000 Class "II" Common stock (no par)
100.000 shs.
80,940 shs.
5
-Year 8% Cony. Gold notes due September 1925, which have been called Terms of Retirement of Preferred Stocks and Exchange of Common Stocks.
and redeemed.
The proposed conditions of the merger in respect of exchange of stock
-In the 10 years ended Dec. 31 1919 company earned annually
Earnings.
follows:
an average of 1475.304, and during the past 3 years from Jan. 1 1920 to are as The new company will pay to
the holders of the Prior Preference
(a)
Jan. 1 1923, including the period of business depression of 1920-1921,
Burns
share and all
the company earned an average of $671.830, which was available for stock ofand an Bros. $120 perto a dividend cumulative and unpaid divs.
amount
at the rate of 7% per annum
interest on these notes. The total maximum charges of this issue will be thereon last dividend equal
date to
$108,000. The average earnings over the past 3 years are more than from the new company will the date set for the surrender thereof.
pay to the holders of the Preferred stock of
(b) The
6 times the interest requirements.
Organization.-Company owns the entire capital stock of Baldwin Burns Bros. $110 per share and all cumulative and unpaid divs. thereon
Piano Co., Baldwin Piano Mfg. Co., Ellington Piano Co., Howard Piano and an amount equal to a dividend thereon at the rate of 7% per annum
date
Co.. Hamilton Piano Co. and Monarch Piano Co. Also owns the con- from the last dividendthe to the date set for the surrender thereof.
Class "A" Common stock of Burns Bros. will
(c) The nolders of
trolling interest in Baldwin Plano Co. of Indiana.
receive in exchange for each share of such stock one share of 8% Cumul.
Consolidated Balance Sheet Dec. 31 1922 (After New Financing).
Preferred stock of the new company (par 1100) and one share of the
AssetsCommon stock of the new company.
Liabilities
Real estate & buildlng _ _ 11,253,667 6% Preferred stock
(d) The holders of the Class "B" Common stock of Burns Bros. will
1239,900
Machinery & equipment_
726,635 7% Preferred stock
receive in exchano for each share of such Common stock one share of the
560,100
879,437 8% Preferred stock
Cash & securities
1.653.000 Common stock of the new company.
Capitalization of New Company.
Notes & accounts rec_ __ 5,659,377 Common stock
-The new company will be eapitalizaed
2.000,000
Inventories
2,987,487 3-yr.6% gold notes, 1926 1.800,000 with an authorized par value of Preferred stock of $10,000,000 and an
176.885 Accounts payable
Investment
474,358 authorized issue of 500,000 shares of Common stock (no par value). Of
58,859 Accrued liabilities
Deferred assets
51,815 such Common stock 25,000 shares have already been issued at a nominal
Res. for depreciation_ _
719,812 price to be distributed among managers of this company and parties
Res. for Federal taxes_ _
109,667 to be interested in the underwriting of the new stocks and will remain
Other reserves
1,608,837 outstanding.
Upon the consummation of the merger and the contemplated new
111.742,348 Surplu•
Total (each side)
2,524,859 financing, there would,
-V. 116, p. 61S.
therefore, be outstanding approximately 80,944
,
shares of Preferred stock (issued in exchange for the present Class "A"
-Capital Increased-Acguisition. stock) and approximately 348,776 shares of Common stock without nominal
Bay Sulphite Co., Ltd.
•
The company recently increased its authorized and outstanding Common or par value (consisting of 80.944 shares issued in exchange for the present
stock from 8500,000 to $5,000,000, par 8100. The authorized $1,500,000 Class"A"stock. 80.940 shares issued in exchange for the present Class"B"
• 6% Preferred stock ($1,342,615 outstanding) and 11,500,0008% Preferred stock, 25.000 shares already issued to the present stockholders of National
stock ($1,300.000 outstanding) remain unchanged.
Coal Corp., as above, and 161.884 shares to be issued for cash as aforesaid.)
National Coal Corp. To Proride Necessary Funds.
The company also recently acquired by stock ownership and lease the
-The agreement of
St. Lawrence Pulp & Lumber Corp. Ltd. See also offering of /3,000,000 merger requires the National Coal Corp. to provide the funds necessary
1st Mtge. 20
-Year 61.6% Sinking Fund Gold bonds, in V. 116. p. 1536. 1764. to pay off the present Prior Preference and Preferred stocks of Burns
Bros. and it is contemplated that to accomplish this the National Coal
Beech Nut Packing Co.
-Earnings.
Corp. will issue for cash shares of its Common stock substantially equivalent
in amount to the aggregate shares to be issued in exchange for the outThree Months ended March 311923.
1922.
standing Class "A" and Class "B" stock of this company. There will be
Net profits (before Federal tax provision)
1595,737
1392,291 submitted to the meeting detailed information relative to financial arrangeDividends
169.670
48.441 ments and relative to rights which may be offered to stockholders to
subscribe for the new Common stock.
Balance,surplus
8426,067
1343,850
-The present annual dividend and sinking fund reDividend Outlook.
Balance Sheet March 31.
quirement of Burns Bros. for all classes of stock at the current rate of
1922.
1923.
dividends, is approximately $1,404,577. If there were to be available
1923.
1922.
AssetsLiabilities$
s
$
for disbursement as dividends practically the same amount, to wit, 11,519,Land, bldgs., maPref.stock "A" _ _
5,000 422, each holder of the new Common stock could receive dividends at the
ebinery, dic _ _ ..x2,998,508 3,625,497 Pref.stock "B":_ _ 1,11i1.
420 1.119,500 annual rate of $2 50 per share instead of $2 as at present, this being made
Common stock__ _ 5,000,000 5,000.000 apparent by the fact that the new 8% Preferred stock would have a dividend
49,509
Real est. mtges__ _
1
Short term notes
Patents
requirement of 1647,552 and to pay the 12 50 per snare on the Conunon
called for redem_
746,542 1,032,657
Cash
stock would require the sum of $871,920. making the
65,020
Notes payable_ __ _ 500,000 1,341,500 11.519.422, so that with a continuance of the present total aforestated
Gash for note red_ 65,020
net earnings, an
Accts. payable_ _ _
56,670
Bk.& tr. co. stks_
90,185
12,680 additional income to the present stockholders of Class "A" Common
612,608 Reserve for taxes,
Accts.receivable__ 872,795
stock and Class "B" Common stock could reasonably be assured.
358,121
empl. & misc___ 384,276
advances
Special
The remainder of the stock provided for in the capitalization will remain
343,598
109,684 Deprec. reserve_
Bills receivable_
unissued until such time as it can be used for the acquisition of such
Securities owned__ 1,541,692 1.553,131 Divs. payable_ _ __ 169,874
additional properties as might be for the best interest of the company
2,982.067 Sales tax, accrued
4,215,789
Inventory
and would substantially add to the profits thereof.
expenses, &c.__
46,014
79,675
Deterred charges
60,556
Carl J. Schmidiapp, Vice-President of the Chase National Bank and
Prem. on cap. stk_ 106,225
George Haring have been elected directors. succeeding Gerhard Dahl and
3,126,074 1.685,806 S. M. Wertheim.
-V. 116, p. 1653.
Tot.(each alde)_10,626.211 10,319.779 Surplus
x Lands, buildings, machinery and equipment, 33.954.129, less 8965621
Calumet & Arizona Mining Co.
-V. 116. p. 2134. 1054.
-Dividend of $1.
for depreciation reserve.
The directors have declared a dividend of 10% (11 a share) on the out--Tenders.
standing 16,425,210 capital stock, par 110. payable June 25 to holders of
Beech Creek Coal & Coke Co.
The Irving Bank-Columbia Trust Co., 60 Broadway, N. Y. City, will record June 8. A like amount was paid March 26 last. This compares
-year sinking with quarterly diva, of5 each paid during 1921 and 1922.-V . 116, 1).2134
until May 28 receive bids for the sale to it of 1st Mtge.5% 40

Baldwin & Co., Cincinnati.
-Notes Sold.
-W. E. Hutton & Co. have sold at par and int. $1,800,000 3
-Year 6%
Gold notes.




T:212

California Packing Corp.-Bal. Sheet Feb. 28 (Including
Owned Companies)
1923.
Assets
Lands. buildings,
mach.& eq,.&e.:14,954,031
Inv. In other cos__ 8,548,889
12,546,404
Inventories
Adv. to growers 1,427,200
Notes& acetsrec_ 5,262,111
2,051,241
Cash
Deferred charges 1,083,531

2393

THE CHRONICLE

MAY 26 1923.]

1922.
13,285,627
8.022,033
8,677,221
1,167,414
5,289,215
2,222,672
970,287

1923.
LtabtlitiesCapital stock__y20,569,485
Notes payable_ _ _ _ 3,775,000
Accounts payable_ 3,161,125
Dividends declared 707,562
Federal tax provi850,000
sion
16,810,235
Surplus

1922.
20.569,485
2,675,000
1,710,321
707,562
500,000
13,472,100

-Plant Leased.
Cleveland (0.) Tractor Co.

The stockholders, it is reported, have authorized the lease of its plant
and equipment to the Rollin Motor Co.. a new corporation organized to
-V. 112.
produce a four cylinder passenger car to be known as the Rollin.
P. 165.

-Listing.
Columbian Carbon Co.
The New York Stock Exchange has author.zed the Lsting of voting trust
certificates for 402,131 shares of capital stock of no par value. Voting
Bubb, Edwin Binney and

•

trustees are: F. F.Curtze, F. M. Knapp. N. B.
C. Harold Smith-V. 116, p. 1272.

-Declares $4 Dividend.
Congoleum Co., Inc.

The company has declared a dividend of $4 a share on the outstanding
100,000 shares of no par value Common stock, payable July 16 to stock of
record July 7. Three months ago a dividend of $2 a share was declared.
x Land and buildings, machinery, equipment, and ranches. $19,850.170: the rate having been increased last December from a quarterly rate of $I
less reserve for depreciation, $4,896,139. y Represented by 471,708 shares a share. The $4 dividend just declared is not announced as a quarterly
cf stock of no par value.
payment, but recent reports have been to the effect the company would
-V. 116, p. 2012.
-The usual comparative income account was published in V. 116, place its shares on a $16 per annum basis.
Note.
p.2011.
Total

45,873,407 39.634,469

Total

45,873,407 39,634,469

-Bond Issue A athorized.Detroit Edison Co.

California Petroleum Corp.
-Quarterly Earnings.
The company has been granted permission by the Michigan P. U. Com1920.
March 31 Quarters1921.
1922.
mission to issue $8,000.000 5.4% bonds and $11,000,000 capital stock.
1923.
Gross earnings
$5,290,020 $2,017.385 $1,872,896 $1,336,137 -V.116, p. 2262, 520.513.
469,463
Operating expenses
686,762
920,177
1,993,494
-Carstens
-Bonds Offered.
219,353
252,392
Deprec'n, depletion, &c
Dollar Portland Lumber Co.
429,340
676.060
28,804
12,681
Interest on bonds
12,786
11.867
at 100 and int.,
91,820 & Earles, Inc., San Francisco, are offering
184,339
Res've for Fed'I taxes,&c. 316,238
83,512
198,503 $1,325,000 7% 1st Mtge. Serial Gold Bonds (see adv. pages).
Preferred diva. S7%)---- 220,175
182,079
177,475
Common diva.(i%)
304,098
Dated May 1 1923; due semi-annually May 1 1927 to Nov. 1 1940.
44,228 Interest payable M. & N. at Anglo California Trust Co., San Francisco,
46.892
Pref. stock & bond red'n_
56,360
172,391
trustee, without deduction of normal Federal income tax up to 2%.
$283,943 Denom. $1,000 and $500c5 Callable on any interest data on 30 days'
$507,752
Balance, surplus
$337.735
$1,595 698
.
926,493 notice at 1023 and interest.
1,034,359
3,371,657
Unapprop. bal. Jan. I__ _ 6,277,101
Company.-A Delaware corporation. Is successor to the timber and
$1,542,110 31.210,435 lumber manufacturing business of the Portland Lumber Co. and its predeTotal surplus
$7,872,799 $3,709,392
-V. 116, p. 2260. 2134.
cessors. The Robert Dollar Co., in acquiring 51% of the Common stock
of the Dollar Portland Lumber Co., brings under its control two splendidly
-Quarterly Report.
Zinc-Lead Co.
Callahan
located tracts of timber containing 1,406.984,000 ft., and a modern elecResults for Quarter Ended March 311923.
trically driven mill located on 12 acres of fee simple owned water front
Net value ofshipments,$347.436: miscellaneous income,$15,672_ _$363.108 property in the city of Portland, ore.,together with other substantial assets.
Security.
-Bonds will be secured,lathe opinion of counsel,by an absolute
309.916
development. &c
Production costs, expenses,
first mortgage on the hereinafter described properties Conservatively
$.53.192 appraised at $3,212,222: (1) Approximately 24,000 acres of standing
Operating profits
4,853 timber in Linn and Lane Counties, Ore., cruised in December 1922 by
Improvements and new equipment
James D. Lacey & Co., timber appraisers, who estimated the merchantable
$48,339 timber thereon at 1,406.984,000ft.(90%)Douglas fir, valued at $2,462,222.
period
Surplus for the
(2) Real estate consisting of 12 acres in the city of Portland. Ore, fee
-V. 116, p. 2134. 1765.
simple owned, with water frontage of approximately 600 ft. on the WillaCopper Coro., Ltd.
-Sale, &c.
mette River. and appraised at approximately $250,000.
Canada
(3) Modern individual unit drive, electrically operated saw-mill,located
See Granby Consolidated AlAinng, Smelt.ng & Power Co., Ltd., oelow.
on the tract last above described, including machinery and equipment,
--V. 116, p. 2134.
valued at $500,000. $416,000 fire insurance is carried thereon, with loss
payable clauses in favor of the trustee for additional protection of the
Canadian Cottons, Ltd.
-Earnings.
bondholders.
1919-20.
March 31 Years1922-23.
1920-21.
1921-22.
Earnings.
-In the acquisition of 51% of the capital stock of the Dollar
Total sales
$10,233,942 38,233.278 $11.231,103 $11,148,439
xTotal income
$703,193
$867,805 $1,838,443 Portland Lumber Co. by the Robert Dollar Co.. careful investigation
3668.571
Bond interest, &c
177.660 was made by the latter of future operating profits. With its ownership
162,046
188,607
176,934
Preferred divs. (6%)_
219,690 of a modern electrically driven mill strategically situated in one of the
219,690
219,690
219,690
(8)217,240(634)176,508 largest log producing areas on the Pacific Coast, Dollar Portland Lumber
Common dividendfi- - - -(8%)217,240 (8)217.240
Depreciation
400,000 Co. can operate profitably either through the purchase of logs in the open
See x
200,000
See x
Res. for spec. replace't_
400.000 market or by cutting its own timber. Operating the Portland mill, by
Other reserves
10,000 purchase of logs and based on a lumber output of over 100,000,000 ft. per
41.362
5,674
30,490
year, with adequate provision for administrative and operating expenses.
$454,586 taxes, depreciation, &c., the Robert Dollar Co. estimate net profits exBalance, surplus
$36,595
$62,854
$24,218
ceeding $200,000 annually. The maximum interest charges on the 1st
x After expenses of operation, administration expenses, Government Mtge. immds amount to $92.750.
Management.
-R. Stanley Dollar, Pres.: L. J. Wentworth, vice-Pres.:
taxes, Sce., and In 1922-23 and 1921-22 after depreciation.
-V.114, p. 2828.
H. M. Lorber, Treas.; Robert Treat Platt, Sec.; Capt. Robert Dollar
Casein Co. of America (N. J.).
-Annual Report.
(Director).
1919.
Calendar Years1920.
1921.
1922.
Dort Motor Car Co.
-Sale of Plant.
$393.773
Earns. & inc. sub. cos__
$572,840
$73,592 $1,103,033
141,310
See Checker Cab Mfg. Co. above.
Dep. & accts. written off
184,831
-V. 115, p. 2384.
170,916
160,961
$252,463
Net earnings
$401.924 def$87.369 def$81,798
Divs. rec. on Casein Co.
$5,180
$5.194
(Delaware)
$5 236
Less-Divs.on pf.stock_(8%)80.000 (8%)80,000 (8%)80,000 (8 36)85.000
2,079
2.079
Divs.on Dry M.Co.stk.
2,079
2.079
$165,384
Balance
$325,081 def$164,254 def$158,697
Surplus of previous year
$777,727
$941,982 $1.127,953 $1.022,787
60.217
Fed, taxes for prey. year Not shown Not shown
27,274
Surplus
-V. 114, p. 2363.

$1.102,808

$777,728

$941,981

31,127,953

Celluloid Co.
-New President, &c.-

Henry Rawl°, who has been Vice-President since 1912 has been elected
President succeeding Marshall C. Lefferts who has been elected Chairman,
a new office recently created -V. 114, p. 2583.

Checker Cab Mfg. Co.
-Acquisitions.
-

The company, it is stated, has acquired the main factory unit and equipment of the Handley Motors Corp and the body plant of the Dort Motor
Car Co., both at Kalamazoo, Mich. and will move its headquarters to
that city. The Handley property includes a factory, a heating plant
and 38 acres. The Dort property is a 4-story building with 200,000 sq. ft.
of floor space. The transaction is said to involve between 32.000,000 and
33,000,000.-V. 116. 3). 1765.

• (E. L) du Pont de Nemours & Co.
-New Director.

Alfred B. Sloan, President of the General Motors Corp., has been elected
a director, to succeed Frank Connable.-V. 116, p. 1537.

Eagle Oil Transport Co., Ltd.
-Annual Report.
1922.
1921.
x£1,412.202 £1,064.687
1,726
90,047
27
113

1920.
£530,805
39

1919.
£334,333
15,160
29

Total income
£1,502,363 LI ,066,440
Salaries, rent & general
office expenses
£45,443
£51,459
Directors' fees, &c
3,931
3,627
Interest
72,750
210,000
Tr. to depr. & s. f. res.. _
425,000
617.837
Divs,on pref.shs.(6%)120,000
120,000

£530,843

£349,522

£35,830
3.918
17.894
155,244
.120,000

124,068
1,862

£197,957

£90,359.

Calendar YearsTrading profit
Interest received
Transfer fees

Balance, surplus
x Includes estimated

£499,440

£399,315

113,232
120,000

-V.113. p. 540.
profits of uncompleted voyages.

-Preferred Stock Offered.
Eastern Connecticut Power Co.
-Putnam & Co., Hartford, and Chas. W. Scranton & Co.,
New Haven,are offering, at 100 and div.,$1,500,000 Cumul.
pages.)
Chemical Paper Mfg Co., Holyoke, Mass.
-Cap.Inc.- 7% First Preferred (a. & d.) Stock. (See adv.$120 and diva.
Dividends payable Q.
-F. Redeemable, all or part, at

The company hasincreas•ed ftsauthorized capital stock from $2,000,000 to
$2,500,000 by the issue of5,000 additional shares of 1st Pref.stock. par $166.
The authorized capital stock, after the increase, is represented by 10.000
shares of 1st Pref., 5,000 shares of 2nd Pref. and 10.000 shares of Common
stock, par $100.-V. 97, p. 447.

Chicago Steamship Lines, Inc.
-Receiver.
,
Frank N. Gates has been appointed receiver on petition by three creditor:
with claims aggregating :527.O00.
-V. 115, p. 1946.

-New Director.
Chile Copper Co.

C. W. Welch has been elected a director, succeeding E. Cappelen Smith
-V.116, p.2011 .

-Acquires Interest in Central.
Cleveland Cliffs Iron Co.

President W. G. Mather is credited with stating that the company has
Purchased a substantial interest in the stock of the Central Steel Co. The
Central Steel Co. 18 a consolidation of the Central Steel Co.. Massillon Rolling Mill Co. and the Pressed Steel Co., all of Ma.s.sillon.-V. 116, p. 1537.
1280.

Cleveland Discount Building Co.
-Receiver.
-

George W. Cottrell, Cleveland, has been named receiver. Receivership
proceedings were precipitated by applications of the Prudential Insurance
Co. to foreclose a mortgage of $1,500,000 on the building on which $45,000
interest was duo Feb. 23 and a payment of $50,000 principal at the same
time. The petition states neither of these payments have been made.
The building is the property of the Cleveland Discount Co., whose affairs
:deo are in receivership.

Cleveland Electric Illuminating Co.
-Earnings.
Earnings Statementfor Tice re Months Ending April 30.
1922.
1923.
1923.

1922.

1,343.961 1,529,017
Gross earnings_ _ _ A6,282,306 13,394,996 Interest
1,690,500 1,648,000
Operating expenses 9,307,189 8,014.065 Taxes
124,775
Amort.of debt disc 543,159
252,917
Net oper.rev_ _ _ 6,975,116 5,380,931 Sink,fund requiets 213,333
158,469 Dividends
Non-oper. revenue 278,402
1,668,774 1,181,273
Gross Income- 7,253.519 5.539,399
-V. 116, p. 1898, 415.




Surplus

1,793,791

803,418

Transfer agent. Hartford-Connecticut Trust Co., Hartford,
First xi
ofPresent Financing,
Capitalization 0utstad
5aliz
i
stng upon Corn
d
SI:005400J
Gold Bonds,
First Preferred 7% Cumulative (this issue)
2,500,000
Second Preferred 6% Cumulative
___________________ - 3,000,000
Common stock ___ __
Data from Letter of R. W. Perkins. President of the Company.
Company.
-Is engaged directly and through subsidiaries in the generation
of electricity and its distribution, at wholesale and retail, to the whole
eastern section of the State of Connecticut and a part of Rhode Island,
having a population of about 165,000. The industrial development of the
territory nas been steady during a period of 30 years. Properties include
steam and water generating stations with a capacity upon completion of
extensions now under construction, of about 36,000 k. w. and about 135
miles of transmission and distributing lines.
Purpose.
-Proceeds of this 61,500,000 First Pref. Stock and $3,000,000
bonds recently sold (V. 116, p. 1417) will provide for extension of the steam
plant at Montville now under construction. and for the purchase of the
securities of Lyme Electric Power Co. and Danielson & Plainfield Gas &
se
o ltric Vo.; and
Eec p itnani
the retirement. floating debt caused by the purchase
& p
eno of
ct
of the
Financial
Earnings (Including Earnings of Subsidiaries) Adjusted to Present
Set Up.
1920.
1921.
1922.
Gross operating revenue
$1.432.757 $1,326,749 $1.253.311
997,573
Operating expenses
923,166
958.657
3255,738
Operating income
$403,583
8474,100
26,886
Other income
11,838
7,317
3282,624
$415,421
Gross income
$481.417
150.000
Present annual fixed charges
150,000
150,000_
$132,624
$265,421
Net income
5331,417
Annual diva. First Pref. Stock requires 105,000
-V. 116, p. 1417.
Eastern TransmissionT"Co.-ifergt r.
It is announced that the stockholders of 18 power companies operating in
several counties near Philadlphia, voted May 21 to consolidate under the

2394

THE CHRONICLE

above name. The companies bear the following names: Granvills, South
Woodbury, Bratton, Fannett, Tod, Letterkenny, Springfield, Cromwell,
Tuscarora, Milford, Clay, Dublin. Tell, Lack, Beale, Lurgan and Metal.
Day & Zimmerman, engineers and public utility company operators,
are the principal interests in the companies merged as part of extensive
program outlined for union of many electric light and power companies
now operating throughout central Pennsylvania. Eventually the companies, it is stated, will become a part of the Penn Central Light & Power
Company.

Eaton, Crane & Pike Co.-Pref. Stock Offered.
-F. S.
Moseley &. Co., Boston, and Tifft Brothers, Springfield, are
offering at 100 and div. $350,000 7% Cumul. Pref. (a. & d.)
stock, Series "A," par $100. A circular shows:
Dividends payable Q.
-J. Callable on any dividend date on 60 days'
notice at 110 and div. Transfer agent. Old Colony Trust Co.. Boston.
Authorized, $1.500,000; outstanding. $350,000 7% Series"A" and $843,000
8% Series "B."
Company.-Incorp. in Mass. in 1922. successor to the Maine corporation
of the same name. Business originally founded in 1893. lathe sole manufacturing agent for Z. & W. M. Crane and for Crane & Co., paper manufacturers at Dalton. Mass. Chief output consists of high-grade correspondence paper sold directly through its own sales organization under the
trade names' Eaton's Highland Linen," "Crane's Linen Lawn," &c. Main
plant at Pittsfield. Mass. Company also has a branch factory at Toronto,
OM.
-Gross sales have been as follows: 1900, $294,044; 1910, $1,684,Sales.
263: 1.920, $6.327,626.
For the last 7 years and 11 months to April 30 1923, net earnings, after
Interest charges and Federal taxes, have averaged over 4 times the dividend
requirements on the entire amount of Preferred stock Including this issue.
and in no year during this period has the company failed to earn a profit.
For the 11 months ending April 30 1923 net earnings, after interest
charges and taxes, were over 4 times the requirements for dividends on
the preferred stock, both series.
-Additional working capital to take care of increasing business,
Purpose.

Edison Electric Illuminating Co. of Boston.
-Notes.
Curtis & Sanger, Boston, it is announced, have purchased
and resold an issue of $1,000,000 5% 9
-month notes.
E-minas Three Months ended March 31Electric revenue
Operating expenses
Taxes
Balance
116. p. 1418, 520.

1923.
1922.
$4,919,124 $4,393,689
2,343,112
2,054,113
630,000
529.500
$1,946.012 $1,810,076

Edmonds Oil & Refining Corp.
-Issues Order to Cease.
-

The Federal Trade Commission nas ordered Melhuish & Co., New York,
and the Edmonds On t Refining Corp., of Fort Worth. Texas,to discontinue
publishing, circulating or distributing any printed or written matter whatsoever,.in connection with the sale or offering for sale in inter-State commerce of stock or securities wherein is printed or set forth any false or misleading statement or. representation to the effect that the property or
operation of any corporation, association or partnership is near, or surrounded by. producing oil wells, or any other false or misleading statement
or representation concerning the promotion, organization, character, history, resources and assets, oil production, earnings, income, dividends,
progress or prospect of any corporation, association or partnership.
Individuals who are named with the two companies in the Commission's
order are Willlam:F. Melhuisn Jr., Henry Clay Silver, T. A. Edmonds.
Y. E. Hildreth. W. E. Weathers and J. W. Mastin.-V. 114, p. 2122.

[voL. 116.

receive the sum of $30 per share plus all cumulative dividends before
anything is paid on Class "B.' It is the intention of the management to
inaugurate dividends on Class "A" stock immediately.
Data from Letter of Pres. Powell Evans, Philadelphia, May 16.
Company.
-Is about to be incorporated in New Jersey for the purpose
of acquiring the properties and assets, good-will, &c.,or all or substantially
all of the Common stock, of the Globe Automatic Sprinkler Co. of Pa.
Tile original Globe Automatic Sprinkler Co. was incorporated 18 years
ago with a capital stock of $100.000. The business is one of the best
known concerns of its kind in the United States. The automatic sprinkler
system consists of the scientific distribution of water at the point and
moment of fire, and is now universally conceded to be the sole reliable
agent of first importance in fire prevention and control. The installation
of automatic sprinkler systems is constantly increasing. Practically every
new commercial or public building of any importance installs automatic
sprinkler systems. There is also an increasing demand for the installation
of sprinkler systems in old buildings of every description. The sprinkler
system not only affects a material saving in insurance premiums, but
minimizes fire hazards as well.
Company maintains two plants,one at Warwood,W.Va.(near Wheeling)
and another at Philadelphia. At the Philadelphia plant special valves
and similar devices used in the "Globe" systems are manufactured. At
the Warvrood plant are fabricated the complete automatic sprinkler systems.
Net Earnings Available for Dividends-Calendar Years.
1917
$345.20211919
$151,89411921
$287,490
1918
590,73411920
171.16511922
308,882
These earnings are after depreciation. Federal taxes and dividends on the
Preferred stock, but before amortization of patents and good-will.
Consolidated Balance Sheet. Dec. 31 1922 (After Proposed Financing).
AssetsLiabilities
Cash
$73,006 Accounts payable
$59,758
Cash for common cliv.- _
171.508 Divs, pay, on corn. stock.. 171,508
U. S. Treas. 534% notes,
Accr. taxes. wages. &c_ _ _
54.326
1924
380.857 Federal taxes
69,437
Notes & accts. rec.
491,664 Res.for def. credits to Inc_
67,139
Inventories
325,438 Contingencies reserve- _ -12.000
Claim for credit. on Fed.
Divs. on 7% pref. stock_ _5,768
taxes paid
69,437 Reserve for claims. &c...._
10,000
Stocks and bonds
4.976 7% preferred stock
494,400
Claim for recovery of loss
No par value shares
x1.409.362
on U.S. Navy contract_
30,000
Plant property
396,199
Pats. (unamort. portion)_
248,565
Good-will
152,000
License contracts (unamortized portion)_ _ _ _
5.854
Deferred charges
Total (each side)
4.195
$2.353,699
x Representinf equity in 40,000 shares Class "A" (Cumul.) and 60.000
shares Class "B' (Non-cumul) stock.
Capitalization (No Funded Debt)Authorized.
Outstanding.
7% Cumul. Pref. stock (par $100)
$725,000
$494,400
Class "A" stock cumulative (no par)
40,000 shs.
40,000 shs.
Class"B" stock, Non-cumul.(no par)
60,000 shs.
60,000 shs.

Gorton Pew Fisheries Co.
-Reorganization Plan.
-

William L. Putnam, 60 State St., Boston, one of the largest stockholders
in the company acting individually but as he believes in
stockholders, proposes to organize a corporation which the interest of the
he hopes
able to purchase the property of the company as a going concern will be
and to
carry on its business.

A circular to the stockholders says in substance:

The exact price at which this can be done cannot be determined without
some negotiation and some legal formalities, but it is believed that the purchase will be greatly facilitated if the new corporation can be organized
Fay Taxicabs, Inc.
-To Redeem Notes.
The Gompany has called for redemption on June 19 at par and interest and its capital subscribed immediately.
The plan has the approval of the directors and the preferred stockholders'
to that date the first maturity,$50,000, due Sept. 21 1923. of its outstanding
6% notes- Payment will be made June 22 at the office of the company, committee (Fred D. Jordan, Chairman).
If the purchase goes through as planned, Messrs. Carroll, Gorton and
1540 Broadway, Now York City.
-V. 116, p. 1654.
Putnam and their associates will continue in the management.
Company's operating earnings during the
Federal Power & Light Co.
-Sub. Company Acquired.
- sufficient to have paid all the interest and year ending March 31 1923 were
sinking fund on the notes or bonds
See Ohio Power Co. below.
-V. 110, p. 2571.
and dividends on the preferred stock contemplated by the plan after setting
apart adequate reserves for depreciation on what IS believed to be the fair
Fleischmann Co.
-Extra Dividends, &c.
An extra dividend of 50 cents per'share has been declared payable July 1 value of all the company'.3 property. It if3 believed that the company will
and Oct. 1 to holders of record June 15 and Sept. 15, this being in addition do better after the termination of the receivership and that the net earnings
to the regular dividend of $2 per share declared at the January meeting for the year ending March 31 1924 will be larger than those of the preceding
(V. 116, p. 1183) payable in equal quarterly installments of 50 cents per year.
The amount of the claims of the banks is about $1,350,000, therefore it is
share on April 1, July 1. Oct. 1 1923 and Jan. 1 1924 to holders of record
believed that the purchase price will not greatly exceed this figure. There is
March 15, June 15, Sept. 15 and Dec. 15 1923.-V. 116. P. 2263.
a certain amount of cash now available in the hands of the company and
Frisbie & Stansfield Knitting Co., Utica, N. Y.
- that cash together with the amount that can be raised by this plan from
The Bankers Trust Co., trustee, 10 Wall St.. N. Y. City, will tint! stockholders and about $600,000 to be raised by notes or bonds should be
June 15 receive bids for, the sale to it of 1st Mtge. 20
-Year Sinking Fund amply sufficient to carry out the plan and leave the company with adequate
6% Gold bonds dated July 1 1914 to an amount sufficient to exhaust $25,- working capital.
at prices not exceeding 105 and int.-V. 101, p. 1467.
037
Digest of Proposed Plan of Reorganization.
Proposed Capital of the New Corporation.
GallaUdet Aircraft Corp.
-Bond Issue.
Bonds or notes estimated
$600,000
The Empire Trust Co. has been appointed trustee for $500,000 15
-Year 7% Cumul.Preferred stock (par $25),callable
at 27;§
20,000 shares
7% Sinking Fund Gold'bonds dated March 1 1923; due March 11938.
Common stock (no par value)
26,000 shares
Proposed Disposition of the Securities.
General Motors Corporation.
-Balance Sheet as of
Each Preferred
of the old
-Due to a typographical error in the balance on(1) the enterprisestockholderto subscribecorporation who desires to go
Dec. 31 1922.
with
is invited
at par ($25) for one share of
the Preferred stock of the new
sheet as of Dec. 311922, published in our issue of March 24 in the old corporation, and corporation for each share of Preferred stock
upon payment in cash of his subscription, will
last, the same is reprinted under "Reports and Documents" also receive one share of common stock.
(2)Each Common stockholder of the old corporation Is invited to subscribe
below so as to correct our records.
-V. 116, p. 2136, 2014.
at $10 per share for one share of the common stock of the new corporation.
for each 10 shares of common stock held and upon payment in cash of his
Gill Manufacturing Co. of III.-Contract.
The company has contracted for the entire output of the Willis Piston subscription.
(3) Each Preferred stockholder of the old corporation who does not care
Co. of Detroit. Net revenue from this source alone, it is said, will be
almost sufficient to meet Gill Co.'s dividend requirements for this year. to subscribe for stock will receive one share of common stock in the new
corporation for each five shares of the old preferred stock surrendered.
See also V. 116, P. 1767.
(4) Each Common stockholder of the old corporation who does not care
to subscribe for stock in the new corporation will receive one share of comGilliland Oil Ca.
-Receivers File Report.
mon stock in the new corporation for each 50 shares of old common stock
John J. Satterthwait and P. J. Hurley, receivers, have filed their final
account with Judge Morris in U. S. District Court at Wilmington, Del. surrendered.
This plan, if carried out completely, will result in the issue of:(a) 19,000
The report was referred to Herbert H. Ward, of Wilmington, special
master. The receivers filed a claim of $175,000 as additional compensation shares of Preferred stock to Preferred stockholders subscribing; (b) 19,000
to themselves as receivers and $125,000 as additional compensation to shares of Common stock to Preferred stockholders subscribing: and (c)
6,800 shares of Common stock to Common stockholders subscribing.
their counsel.
-V. 116. p. 2014, 1767.
Preferred Stock.-Callable, all or part, at $27 50 and diva. May have
such sinking fund and other appropriate provisions as provided. Shall
Gimbel Brothers, Inc.
-Listing, &c.have one vote per share.
The New York Stock Exchange has authorized the listing on and after
Common Stock.
-Common stock will have no par value and will have no
May 25 of $3,000,000 additional 7% Cumulative Pref. stock, par $100 each,
and 100.000 shares additional of its Common stock of no par value, on voting rights except upon the question of calling the preferred stock while
ri nilns mu,,en
seri ied
official notice of issuance, in exchange for outstanding Common stock of anKul,referronsstockocega d outstanding.
must
t subscriptions to Old Colony Trust
Saks & Co.. making the total amount applied for $18,000,000 Pref. stock
Co., 17 8ourt St., on or before May 26 1923, together with 20% of the
and 600.000 shares of Common stock.
The estimated amount of sales of Gimbel Bros.for the current year ending amount of subscription.
Stockholders not desiring to subscribe but to exchange their old securities
Jan. 31 1924 is $77,500,000, against $72,664,768 for 1923. Compare
for new ones must send the same with their certificates to Old Colony Trust
V. 116, p. 1901, 2136.
Co. on or before May 26 1923.-V. 116, p. 2263.

Glen Alden Coal Co., Scranton, Pa.
-Dividend No.2.-

A dividend of $2 per share has been declared on the outstanding Capital
stock, no par value, payable June 20 to holders of record June 1. An initial
dividend of $1 50 per share was paid Dec. 20 last.
-V. 116, p. 2136.

Granby Consolidated Mining, Smelting & Power Co.,
Ltd.
-Listing--Acquisition of Stock of Allenby Copper Co., Ltd.

The New York Stock Exchange has authorized the listing of $15,500,000
additional capital stock, par $100. on official notice of issuance, in exchange
for outstanding capital stock of Allenby Copper Co. Ltd. (N. P. L.
making the total amount applied for $34,499,420, of which $18,999,420 is
now outstanding.
The purpose of the issue is to acquire the entire 82,790.000 outstanding
capital stock, or at least 85% of the Allenby Copper Co., Ltd.(N.P L.).
Transfer agent, Mechanics & Metals National Bank. New York. RegisThe Allenby Copper Co., Ltd.(N. P.
Co., New York. Application will be made to British Columbia May 15 1923. with aL.) was formed under the laws of
trar, Metropolitan Trust
capital of $3,500.000 (par $5).
list Class A" stock on Philadelphia and Chicago Stock Exchanges. Class Company 1.s to acquire through the issuance of the 83.500,000 capital stock
"A" stock is entitled to receive cumulative dividends at rate of $2 50 per the properties and assets formerly owned by the Canada Copper Corp., Ltd..
share per annum, payable quarterly, after provision for Preferred stock which were sold on judicial sale May 7 1923 and purchased on behalf of the
dividends, before any dividends are paid on Class "B". Class "B" stock reorganization committee under a plan of reorganization dated Aug. 1
.
may then receive non-cumulative dividends of $2 50 per share. In any 1922 (V. 115, p. 763) Company will in addition have in its treasury
further distribution of dividends, Class "A" and Class "B' share alike. $800,00 in cash. Canada Copper Corp., Ltd., the predecessor of the
In the event of dissolution or liquidation. Class "A" shall be entitled to Allenby company, was formed pursuant to a plan of readjustment of Canada

Globe Automatic Sprinkler Co. of the U. S.
-Stock
-Merrill, Lynch & Co., New York, are offering at
Offered.
share, 40,000 shares Cumul. Partic. Class 'A"
$28 50 per
stock of no par value.




MAY 26 1923.]

THE CHRONICLE

2395

-Bonds Offered.
Copper Corp.(N.P. L.), a Virginia company, dated July 1 1920 'V. 111,
Jersey Central Power & Light Corp.
The Dominion company acquired all of the properties and assets
A. C. Allyn & Co., nc. are
of the Virginia company and assumed all of the Vaginia company's debts A. B. Leach & Co., Inc., and
and offering at 97 and int., to yield about 64%, $3,500,000
Including the obligation to pay the Virginia company's 1st Mtge. bonds
debentures, which said 1st Mtge. was foreclosed and the properties acquired
1st Lien Sinking Fund, Series A 6%s (see advertising pages).
by the Allenby company as above.
Dated May 1 1923, due May 1 1948. Int. payable M. dz N. without
Col. J. T. Crabbs lia.s been elected President, succeeding William H.
deduction for normal Federal income tax not to exceed 2% at New York
Nichols.
D. C. Jackling. August Hecicscher. W.H. Coverdale and H. G. Moulton Trust Co., New York, trustee, or Central Trust Co. of Ill., Chcago. Penna.
have been elected directors. The foregoing, together with R. P. Buchan, 4 mill tax, Conn. 4 mill tax, Maryland 454 mills tax and Mass 654%
J. T. Crahbs, E. P. Earle. Charles Hayden, B. Hochschild, C. V. Jenkins, income tax refundable. Denom. $1,000, $500 and $100 c5 Red. all or
H. S. Munroe, William H. Nichols, W. H. Robinson and Edwin Thorne, part upon 30 days' notice on any int, date to and incl. May 1 1928 at 110
-V. 116, p. 2014.
and int.; thereafter to and incl. May 1 1933 at 10734 and mt.; thereafter
constitute the board of directors.
1938 at 105 and int.; thereafter to and incl. ilay 1 1947
-Dividend Increased. to and incl. May 1and on Nov. 1 1947 at 100 and int.
Great Atlantic & Pacific Tea Co.
at 10234 and int.,
A quarterly dividend of 75 cents per share has been declared on the outData from Letter of V.-Pres. T. R. Crumley New York May 14.
standing 250,000 shares of Common stock, no par value, payable June 15
Supplies electric light and power
-A
Company.
to holders ofrecord June I. This is an increase of 25 cents over the distribu- service to some Virginia corporation.central New Jersey, through local
40 communities in
tion made March 15 last. The regular quarterly dividend of 114% has operating
the stocks and bonds of which are owned by it.
companies, all of
been declared on the Preferred stock, payable June 1 to holders of record
Present population of territory served, which includes Morristown, Summit
May 15. See also V. 116, p. 1901.
Lakewood, Spring Lake and Toms River, and some 35 other communities,
-Acquisition. is in excess of 100,000.
Greenfield (Mass.) Electric Lt. & Pr. Co.
The electric system of the Jersey Central Power & Light Corp. includes
The company has petitioned the Massachusetts Department of Public
generating capacity of
Utilities for permission to consolidate with the Franklin Electric Light Co. 4 steam generating stations having a total Summit, Lakewood and18,483
Toms
Morristown,
and to issue for that purpose 750 shares of Capital stock, par $100.- h.p. Its plants are located at to be constructed to connect the Toms River
River. Transmission lines are
V. 116, p. 2263.
properties with those of the Lakewood & Coast Electric Co. Current is
delivered to 13,376 customers over approximately 53 miles of transmission
Gunns, Ltd.
-New Board of Directors.
President John A. Gunn recently announced that negotiations have been lines and 671 miles of distribution lines.(1) Central Jersey Power & Light
The constituent companies include:
completed whereby Armour & Co. becomes financially interested in Gunns, Co., which is a consolidation of Morris & Somerset Electric Co and ComLtd. As a result of the negotiations certain changes have taken place on monwealth Electric Co.. and which supplies electric light and power service
the board of the latter company, which is now composed of the following to 20 communities in the northern part of the territory served, including
members: John A. Gunn, Douglas W. Gunn, Andrew Gunn, John Taylor,
Lakewood & Coast Electric Co. which
N. L. C. Mather, Russell D. Bell, Harold A. Green. Frank Waddell, Vice- Morristown and Summit: (2)
Central
to 19 communities in'
President of Armour & Co.; E. S. Waterbury, M. M.Scribner, Sec.-Treas. supplies electric light and power service
New Jersey, chiefly in the territory extending along the Atlantic Coast
-V.111, p. 1954.
Lake southward. Among the communities served in this
from Spring
Pleasant. (3)
- section are Lakewood, Spring Lake and Pointpower service in Toms River
-Sale.
Handley Motors Corp., Kalamazoo, Mich.
Toms River
Electric Co., which supplies electric light and
See Checker Cab Mfg. Co. above.
which supplies water to Lakeand vicinity, and (4) Lakewood Water Co..
wood and the immediate vicinity.
-Par Value Changed.
' Haverhill (Mass.) Electric Co.
Capitalization Outstanding Upon Completion of Present Financing.
The company has filed a certificate with the Massachusetts Commissioner
of Corporations stating that the par value of its stock has been reduced 1st Lien 654% Sinking Fund Gold Bonds, Series A (this issue)_- $3,500,000
1,250,000
from $100 to $25, increasing the number of shares from 12,558 to 50,232. 7% gold debentures
1,142,000
-V. 116, p. 1538.
7% Cumulative Preferred stock
120,000 abs.
Common stock (no par value)
-Contract.Hayes Wheel Co. Jackson, Mich.
Sectirity.-A first lien on all the properties of the above mentioned comThe company has closed contract iwth the Ford Motor Co.for handling panies through pledge of all outstanding securities of such companies,
the completion of wheels for the Ford automobile output. The value of including all of their bonds and stocks (except that in the case of Toms River
12.500,000. The Ford Co., it is reported, ha.s Electric Co. no bonds are outstanding or pledged).
the contract is placed at
-V. 116. p. 2136.
adopted the Ilayes basic patent for its rims.
Combined Earnings of the Constituent Companies for the 12 Mos. ended
March 31 1923.
-Merger.
Haynes Automobile Co., Kokomo, Ind.
$1,196,662
Gross earnings
It was reported this week that the stockholders are to vote shortly in Operating exp. (incl. current maint. & taxes other than Federal
effecting a merger of the company with the Winton Co. of Cleveland and
727,788
income taxes)
the Dorris Motor Car Co. of St.•Louis. Nothing definite regarding the
-V.110, p. 1977.
financial plan has as yet been given out.
$468,874
Net earnings
$227,500
Annual interest requirements on 1st Lien bonds, Series A
Hudson Motor Car Co.
-Extra Dividend.
-A sinking fund is provided in the amount of $35,000 in
Sinking Fund.
An extra dividend of 25 cents per share has been declared in addition to
inclusive, and of 152.500 in each
the regular quarterly dividend of 50 cents per share, both payable July 2 each of the three years 1925 to 1927,
fund is payable
to holders of record June 22. Like amounts were paid Jan. 2 and April 2 of the years 1928 to 1947. inclusive. Sinking of bonds of thissemi-annually
series a.i•
in cash or may be satisfied by the surrender
-V. 116, p. 2263.
last.
All moneys in the sinking fund are to be used exclusively for the purchase
-V. 116, p. 2263.
or redemption of bonds.
-Earnings.
Hydraulic Steel Co.
The company,reports for the quarter ended March 31 1923 a deficit of
-Negotiations.
Jones Bros. Tea Co., Inc.
$53.585. after fixed charges and depreciation. Sales amounted to $1.The company is reported to be negotiating for the purchase of a chain
375,885.-V. 116. p. 1768, 1655.
of 50 additional stores in Westchester County, N. Y. Last month this
- company closed a deal whereby it acquired 62 stores and 1 warehouse
Imperial Tobacco Co. of Great Britain & Ireland.
The company will distribute 7,490,886 El shares from reserves to stock- operated by the Progressive Grocery Stores, Inc., in that district. The
present purchase, it is stated, will be financed entirely out of earnings.
holders registered June 19.-V. 116, 1). 829, 417.
(See also V. 116, p. 1903.)-V. 116, p. 2263.
-Earnings.
Ingersoll-Rand Co.

1919.
1920.
1922.
Calendar Years
1921.
Total income
$4,982,949 $3,062,824 $5,841,191 $8,116,551
Depreciation
11,071,091 $1,041.659 $1,184,199 11,156,726
1,892.918
721.063
Reserve for Federal taxes
263,595 Not shown
50,000
50,000
Interest on
_ -50.000
50.000
151,518
151,518
Div. on pref. stock(6%)
bonds_.
151.518
151.518
$4,865,389
Balance, surplus
$3,426,744 $1,819,646 $3,734,410
Previous surplus
17.308,429 18,075.826 14,716.913 10,941.120
Adjustments
Dr.40.306 Dr.108.459 Dr.714,132
Total surplus
$20.694,867 $19,787,013 $19,165,456 $15,806,509
Inventory adjustment
1,388,924
Common dividends:
Old stock(17
1.089,595
1,089.630
1.089,700
1,089.660
New stock (10 JO
2,179,440
In stock (100 0
)
10.900.000
Profit&loss.surplus_ _ $6.525,727 $17,308.429 $18.075.826 114,716.914
-V. 116, p. 943. 622.

-Bonds Offered.
-Dillon,
Kansas Gas & Electric Co.
Read & Co. are offering, at 953 and interest, to yield about
6.35%, an additional $3,500,000 First Mtge. Sinking Fund
6% Gold Bonds, Series A of 1922, due March 1 1952, being
the total Series A bonds issued up to $13,500,000 (see advertising pages). For description of bonds; &c., see V. 114, p.
953.

Company.
-Controls and operates without competition, the entire commercial electric power and light and gas business in the cities of Wichita.
Pittsburg and Newtown, Kan.. and the entire commercial electric power
and light business in Arkansas City, Independence, El Dorado, Clurryvale
and 20 other cities in Kansas. Population served estimated at over 225,000.
-For the 12 months ended March 31 1923, net revenues were
Earnings.
11.776,556 after deducting taxes and maintenance. Annual interest requirements on the First Mortgage bonds, including the present issue, are
only $810,000 Net revenues during the five years ended March 31 1923
Dividend. were over twice interest paid on all funded debt outstanding during this
Inspiration Consolidated Copper Co.The directors have declared a quarterly dividend of c. per share, pay- period.
Control.
-The entire common stock is owned by the American Power &
able July 2 to holders of record June 14. A like amount was paid April 2
Light Co., which is closely affiliated with the Electric Bond & Share Co.
sat (compare V. 116. p. 943).-V. 116, p. 1902.
Compare also V. 114, p. 953: V. 115. p 1436, 2800.

q%

Institution for Encouragement of Irrigation Works
-Bonds
La Habra Heights Co., Los Angeles, Calif.
& Development of Agriculture (S. A.).
-Settlement of Offered.
-William R. Staats Co., Los Angeles, are offering
Interest in Arrears, &c.
at 100 and int. $350,000 63/2% 1st Mtge. Sinking Fund Gold
See advertising pages this issue under "United States of Mexico," also
bonds. A circular shows:
under "Current Events."
-V. 115. p. 1216.
Dated July 1 1923, due July 11933. Denom. $1,000. $500 and $100 c.
International Shoe Co. St. Louis.
-Complaint.Red. on any int. date at 101 and int. Int. payable J & J., without deducThe company Is charged by the Federal Trade Commission with violating
that section of the Clayton Act which prohibits the acquisition of the capital
stock of a competing concern when the effect may be to substantially lessen
competition. The Commission's complaint states that the company has
factories in Illinois, Missouri and Kentucky, as well as branch establishments in other States. The company, it is alleged. acquired substantially
all of the stock or other share capital of the W. II. McElwain Co., Boston,
a competing shoe concern. The effect of such acquisition. the Commission
alleges, is (1) to substantially lessen competition between the W. H. McElwain Co. and the International; (2) to restrain commerce in the shoe
business in the several sections and communities of the United States in
which the respondent and the W. H.McElwain Co.are engaged in business;
(3) to tend to create in the respondent a monopoly in inter-State commerce
in the shoe business. The respondent is allowed 30 days in which to answer
the charges.
-V.116, p. 2263.

tion for normal Federal income tax up to 2%, at Pacific-Southwest Trust
& Savings Bank, trustee. Los Angeles, and at Crocker National Bank,
San Francisco,
CapitalizationAuthorized.
Issued.
Capital stock
$450,000
$450,000
First Mortgage OM bonds (this issue)
350,000
350,000
Company.-Incorp. in California. Originally owned 3,653 acres, of
which there have been sold and deeded 175 acres, and sold under contract
874 acres, all being fertile valley and hill land lying along the north edge
of La Habra Valley.
-Secured by first closed mortgage, subject only to the exclusion
Security.
of mineral rights, on the 3,478 acres vested in the company,together with
15,267 shares of stock of La Habra Heights Mutual Water Co., from which
system the lands of the company are irrigated; further secured by deposit
with the trustee of contracts of sale on approximately 874 acres of land
of the 3,478 acres above mentioned,
International Telephone & Telegraph Co.
- contract for a total of $526,365, on the said 874 acres were sold under
-Earns.
which contracts there still remains
The company reports consolidated net earnings applicable to Common due $.350,000.
stock of $377.525 for the quarter ended March 31 1923, which, after allow-To pay in full bonded and other debt
Purpose.
maturing: W
ing for Federal taxes and all other deductions, is at the annual rate of 9.7% to reimburse the company for improvements to the shortlyalready made,
property
on the total stock outstanding on that date, and approximately 9% on the and to provide funds for carrying on the
development program, &c•
total stock outstanding after recent financing completed during April 1923.
-V. 118. p. 1902, 1889, 1655.
Lake of the Woods Milling Co., Ltd.
-To Pay Bonds.
The 1900,000 1st Mtge. 20
-Year 6% Gold bonds due June 11923. will
Invincible Oil Corp.
-Earnings.
be paid off at maturity at the office of Bank of Montreal, 205 St. James
3 Months Ended March 31
St., Montreal, Que.-V. 115, p. 1728.
1922.
1923.
Earnings from operations
$849,688 $1.516,237
Other income
Langton Monotype Machine Co.
-New Director.
88,808
58.077
J. Tillman Hendrick, of Washington, D. C.. was recently elected a direcTotal income
$907.765 $1,605.045 tor, succeeding J. G.Clemmer, Treasurer of the company, who retired from
Interest and discount paid
37,558
-y. 116. p. 2015.
149,721 the board.
Development. Including drilling expense, &c.,
lawfully deductible for taxation purposes

Net income, before depletion, depreciation, &c..
-V. 116. P. 1903, 1768.




$870,207 $1,455,324
159,628

377,190

$710,579 $1,078,134

Lee Rubber & Tire Corp.
-To Increase Capital
Acquires Republic Rubber Co. at Receivers' Sale.

The stockholders will vote June 6 on increasing the authorized Capital
stock from 150,000 shares, without nominal or par value. to 300,000 shares
without nominal or par value.

2396

THE CHRONICLE

The Republic Rubber Co. of Youngstown. Ohio. has been purchased
by John J. Watson. Jr.. and his associates. Mr. Watson is Chairman of
the Board of the Lee Rubber & Tire Co. An official announcement says:
• The sale of Republic marks the passing into new hands of one of the
oldest rubber companies, whose products, including pneumatic tires, truck
tires, tubes and mechanical goods have always been noted for their fine
quality. Like many other rubber companies, Republic had large commitments for fabric and rubber in 1918. which it was unable to liquidate in a
declining market. 0. H. Booth, of Youngstown, was appointed receiver
and during his administration he effected a complete reorganization in the
company's personnel and methods of manufacture and distribution. As a
result the company prospered. Sales for March 1923 were 52% over
Feb. 1923 and were the largest in any month in net sales since Oct. 1920.
"It is understood that a new Ohio corporation will be formed, the stock
of which will be owned by the Lee Rubber & Tire Co. The transaction,
rill further strengthen the position of the Lee Rubber & Tire Co., which
already occupies one of the strongest financial positions of any of the
rubber companies. Lee Rubber has no bonded debt nor Preferred stock.
The company's Capital stock is its only security now outstanding.
"It is understood that the new company will continue to manufacture
the old Republic products, including Republic Grande Cord Tires with
the Staggard Tread. Republic Solid Pneumatic Truck tires and its other
products. including Republic belting, hose, packing and heels.
"The sale of the Republic Rubber Co. was consummated between the
bank and merchandise creditors and Mr. Watson after the creditors' committees had offered the properties to the stockholders with a plan of reorganization [V. 116, p. 14221 which the stockholders were unable to accept.
Announcement of the details and the formation of the new company will
be made shortly."
-V. 116. p. 1058.

[Vol.. 116.

should immediately sendln their bonds, with all unpaid and umnatured
coupons attached, as above stated, so that they will be iecoived at the bank
not later than said date.
"If the above offer is accepted by the holders of the requisite amount
of bonds, the committee will forthwithterminate the bondholders protective
agreement,dated April 1 1921, and will fix a sum to cover its expenses which
will be approximately-, but not exceeding $10 for each bond which has been
deposited, but in order that the above offer may afford a net price to the
depositing bondholders who accept it. the committee has arranged to
collect from the purchaser a sum which will be sufficient to cover their
proportion of such expenses.
"The committee has made diligmt efforts to find a responsible purchaser
for the property of the company at a satisfactory price, but ne such purchaser has appeared, and the attempted sale of the sheet mill or north plant
under the order of the Court resulted in no bid. In preference to the
uncertainties and delays of reorganization or liquidation, the committee
recommends to all bondholders the acceptance of the above cash offer for
their bonds. The committee has already received assurances from holders
of more than a majority in the amount of the bonds that they will accept
the offer."
-V. 116, p. 2265, 1187.

National Oil Co.
-Plan Operative.
-

The reorganization plan (V.116, n.83) having received favorable response
from the security holders was declared effective as of March 2 1923, and
a new corhpany, styled the New National Oil Co., was organized in April
1923 in Delaware with an authorized capitalization of $16.000,000, of
which 96,000.000 Preferred (par $10) and $10,000.000 Common stock
•(par $10) each and en authorized bond issue of $2.500,000 1st Lien 7%
Serial Gold bonds.
These bonds will be secured by the pledge as collateral to all of the
Loew's Boston Theatres Co.
-Special Dividend.
securities acquired by the bondholders committee at the foreclosure sale of
The stockholders have authorized a special dividend of 49 in Preferred the old bonds and comprise all of the Capital stocks of the operating sub7
stock of the State Theatres Co. ot Common stockholders. The directors sidiaries. The company is proceeding immediately with a resumption of
will meet next week to take action on the matter.
-V. 116. p. 303.
regular business.
-V. 116, p. 83.
McCord Radiator 8t Mfg. Co.
-Initial Dividend.
-55th Quar. Report.
Nevada Consolidated Copper Co.
An initial dividend of $1 per share has been declared on the Class A ComThe report covering the first quarter of 1923 shows:
mon stock, no par value. payable July 1 to holders of record June 20. This
Production.
-Production of copper for the quarter was 11.780.815 lbs..
dividend represents 25 cents for the month of March and 75 cents
as compared with 7,448,465 lbs. for the preceding quarterly period. The
quarter ending June 1923. Compare offering in V. 116, p. 1058. for the following table shows the net production in pounds by months for the
current quarter:
McCrory Stores Corp.
-Plan Approved.
Malty. Arge.
Total.
January.
February.
March.
The stockholders on May 21 approved the recapitalization plan as out- 3,795.340
3,926,93S
11.780.815
3.730.692
4,254.783
lined in V. 116, P. 2264A total of 372.779 tons dry weight of Nevada Consolidated ore, averaging 1.36% copper, was milled. and 29.561 dry tons of Ruth Mine direct
(H. R.) Mallinson & Co. Inc.
-Earnings.smelting ore, averaging 6.69% copper, was received at the smelter. In
For the six months ended April 30 1923, net earnings amounted to addition to the company
receivered there were milled 858 tons of
$1,005,540 after depreciation but before Federal taxes. Preferred divi- customs ores. There wasores purchased and received at the smelter
also
dends of 390.545 were paid, leaving surplus of $914,995.-V. 116. p. 830. 4,044 dry tons of direct smelting customs ore, and 22 tons of customs
292.
concentrates.
The cost of production per pound of copper including all fixed and
Massachusetts Lighting Co.
-Dividend Increased.
general charges, but excluding plant and equipment depreciation and
The directors have declared a quarterly dividend of 35c. per share on the before crediting precious metal values and miscellaneous earnings. was 11.86
Common stock, payable June 5 to holders of record May 22. This increase; cts. After giving credit for gold and silver and miscellaneous earnings, the
the rate from 91 to 31 40 per annum.
-V. 115, p. 2165.
net cost was 11.03 cts. per pound of copper produced.
Financial Results by Quarters.
Massachusetts Oil Refining Co.
-Sale Confirmed.
1923.
1922
The foreclosure sale of the property, consummated on May
2d Quar.
1st Quar.
.
3d gym4th Ouar.
confirmed by the Superior Court at Boston. The special 12. has been
master
$446,929 loss.3164,764 loss$1.1.083 lossS103.309
been ordered to prepare and tender forthwith a deed of conveyancehas Operating gain
to Snut doWn expense
130,910
A. B. Leach & Co.. the purchaser, or their assignee, upon which tender
the purchaser has to pay the balance of the purchase price. or S2.450.000, Value gold & sliver and
miscellaneous earnings
89.803
97.293
581.846
46.804
wild& was exclusive of the $50,000 deposit made at time of sale.
-V. 116.
p. 2264.
Total income
$544.223
$417.082 loss$124.278 loss$144,415
The average carrying price of copper for first quarter was 15.65 cents
Middle States Oil Corp.
-Effect of Price Cuts.
per pound.
Chairman C. N. Haskell, when asked what
the recent price
Reconstruction of the concentrator and the installation of machinery
for crude oil would mean to earnings, declaredeffect although it is a cuts
that,
that recent reductions in the basic price of oil have almost wiped outfact and equipment is progressing satisfactorily. The mill is now treating
the
6,500 tons of
increases in such basic price of oil made in the early part of 1923. yet. on approximately of copper per ore daily, with an output averaging over
month, which will be increased as rapidly as
account of the oil being now paid for on a gravity basis, corporations whose 5,000,000 lbs.
production, like ours, averages on a high gravity basis, are receiving on an new sections of the plant can be completed and turned over for operation.
- 116, p. 1770, 1060.
V.
average 75% more in price than before the gravity classification became
effective, when oil was paid for at a flat rate. Our corporations, judging
-Dividend of 5%.
New England Coal & Coke Co.
from the results of5 months of this year,therefore,said he,in my estimation
The company has declared a dividend of 5%. payable May 31 to holders
will show greater earnings this year than they did last year.
29.-V. 113,p. 1367.
The Middle States-Western States Oil interests report that their Com- of record May
-Div. of 2%.
munity Well No. 5, Huntington Beach field, Calif.. has been completed.
New England Fuel & Transportation Co.
its estimated output being 12.500 bbls. of oil and 3.000.000 ft. of gas
The company has declared a dividend of 2%. payable May 31 to holders
daily. The companies have six additional wells drilling in this vicinity. of record May 29.-V. 116, p. 2138.
-V. 116, p. 2264.
-Bonds Offered.
New England Power Co.
• Montana Power Co.
The company Invites proposals for the purchsae of $1,800.000 First Mtge.
-Dividend Increased.
The directors have declared a quarterly dividend of 1% on the Common 5% Sinking Fund gold bonds. Sealed bids will be received at the office
stock, par $100. payable July 2 to holders of record June 13. This com- of the President. 50 Congress St., Boston, and will be opened May 29 1923.
pares with % of 1% paid quarterly on the Common stock from Oct. 1919 - 116, p. 2138.
V.
to April 1923,
.116. p. 1904.
Newmarket Manufacturing Co. (of
-Stock

Mother Lode Coalition Mines Co.
-New Treasurer.
-

James Dean was elected Treasurer succeeding F. W.Hills.-V.116,p.2263.

Mullins Body Corp.
-Balance Sheet.-

Mass.).
Of-Curtis & Sanger and White, Weld & Co. are offering
fered.
at $140 per share 4,000 shares capital stock (par $100). A
circular shows:

Capitalization. Capital stock (all one class), $2,700.000. Company has
LiabilitiesMar .31'23. Dec.31'22
funded debt.
8% Cumul. pt. stk $970,000 $970,000 noCompany.
-Incorporated in Massachusetts In
succeeding a New
Common stock _ _ _ x500,000
500,000 Hampshire corporation of same name established 1910,
Manufactures
in
Notes payable_ _ __ 900,000
550,000 the cheaper and more staple lines of silk and silk and1823. goods for lincotton
Accts. pay.& accr. 256,001
158,174 ings and for medium-priced dress goods; also cotton yarns and fancy cotton
Accrued taxes. _ _ _
11,248
768 goods, and mixtures of cotton with artificial silk for draperies and dress
Due to off. of corp. 112,990
1,264 materials. Plants at Newmarket. N. H., are equipped with 65,000 spinRes. for disc. on
cotton looms and 1.500 silk looms. Company also owns dwelling
Pref.stk. purch_
3,155
3,155 dles. 500
houses occupied by employees. New plant at Lowell [recently' acquired
Other assets
3,903
Bigelow-Hartford Carpet
Surplus
2.071,634 ,1,976,808 from to shareholders at par toCo.: company recently sold $900,000 capital
stock
provide funds for new plant and the necessary additional working capital] is to be equipped with an initial installation of 500 silk looms with the necessary preliminary machinery.
-Rate Paid in Cash and Stock on Outstanding Capital.
Dividend Record
Total (ea. side)_34,825,030 $4,1647037
'13. '14. '15. 1916. '17. '18. '19. 1920. '21. • 1922.
outstand'g -$600.000-Capital
$1,200,000- $1,800,000
:Common stock, no par value, 100,000 shares declared in accordance Divs.(cash)(%)- - 6 6 7 12%
10
9 10 05.4 1814 10%
with the laws of New York State.
-V. 116. p. 2138. 1904.
1007
do (stock) _- -- - - _ _
- -50%
After epreciation-Calendar Years.
Net Earnings Before Federal Taxes but°
Mutual Oil Co.
-Acquisitions.
$61,370 1916
$523.975 1920
$309,112
Effective May 1. the company took over the operation of the Boston- 1912
133.960 1917
357.745 1921
353,612
Wyoming leases in the Salt Creek field. It also was reported that the com- 1913________
58,189 1918
622,776 1922
22,114
pany recently acquired an interest in the Hogan holdings in Montana
1914
206,109 1919
1,011,964
116. p. 2005.
1915
Net earnings before Federal taxes for the 6 months ending Mar. 31 1923
National Coal Corp.
-Burns Bros. Merger.
have amounted to $349,000. Present indications are that the earnings of
See Burns Bros. above.
,
the plant at Newmarket will be sufficient to continue the present 8c/
dividend rate on the increased capital until the new plant at Lowell Is in
National Conduit & Cable Co., Inc.
-Offer to Bond- full operation.
Balance Sheet as of Dec. 31 1922 (Before Giving Effect to $900,000 New Stock)
holders to Purchase Bonds at 70.
Liabilities
The protective committee, consisting of Charles E. Mitchell, James H.
Assets$1,800,000
$3,389,810 Capital stock
Perkins and W. 0. Gay, representing the 1st Mtge 6% 10-Year Sinking Real estate, ,te
670,000
1,267,891 Notes payable
Fund Gold bonds,has issued a notice to the holders of these bonds announc- Raw materials
490.738
456,051 Accpetances payable
ing the receipt of an offer from a responsible party to buy all of the bonds Manufactured goods
172,367
129,781 Accounts payable
of this issue deposited with the National City Bank, New 'York, at $700 net Mill supplies
2,946
11,731 Reserve for taxes
Deferred charges
cash for each $1.000 bond. The committee says:
968,487
646.833 Reserve for depreciation
The committee has received an offer from a responsible party to buy all Bills & acc'ts receivable_ _
1.974696
-Year Sinking Fund Gold bonds, which are deposited with Cash
177.136 Surplus
'
1st Mtge.6% 10
the National City Bank, 55 Wall st., New York, on or before June 5 at
$6,079,234
$6.079,234
Total
Total
70c. on the dollar of principal, without interest, that is, at $700 net cash
for each $1,000 bond, with the coupon due Oct. 1 1921, and all subsequent -V. 116, p. 1770.
coupons attached, payable at said bank, in New York funds, on or before
-Organized.
New National Oil Co.
June 20; provided that if less than 70% of the total issue of bonds should
Soo National Oil Co. above and V. 116. p. 83.
be deposited with the bank on or before June 5 the party making the offer
-Production.
New River Co.
will have the right either to purchase at saidtice the amount of bonds
er and refuse to take any
deposited or to withdraw the
which has been
The company in April last produced 154,000 tons of coal, a decrease
bonds.
of about 20,000 tons as compared with March 1923.-V. 116. 0.2017. 1187.
"To avail themselves of this offer, holders of certificates of deposit for
-Action on Pref. Div. Deferred.
New York Dock Co.
bondholders
bonds deposited with the committee under the send in their protective
certificates
The directors on May 22 deferred action on the 2,1% semi-annual Pref,
ent, dated April 1 1921. should immediately not
later than June 6, dividend until the June meeting of the board. (See also V. 115. p. 2486.)
bank, so that they will be received
osit to the
o a
a
r n
V.
and holders of bonds which have not been deposited under the agreement - 116. p. 1904.
Assetsmar .31'23. Dec.31'22.
Real est.,plant.dm_82,477,956 $2,507,326
Plant betterments
in process
227,689
132,446
Pref.stk.skg.fund
4,200
4,200
Pats. Sr good-will_
85,210
85,210
Cash
401,140
212,055
Accts.receivable
454,214
490,472
Notes receivable_
129,316
Mdse. inventory
793,79'
548,302
Invesets(at cost)_ 125,015
52,600
Accts. rec. from
officers & empl.
on stk.subscrip.,
149,511
&c
Deferred chargea
2,154
15,997




MAY 261923.]

-Common Dividendrof
North American Co.

The directors have declared a quarterly dividend of 5% on the new
common stock, par $10, payable July 2 to holders of record June 5. This
Is. in effect, the same rate as the last quarterly dividend on the old Common
stock, par $50, which was at the rate of 20% per annum.

Acquires Control of Wisconsin Traction.
The company has acquired practically all of the stock of the Wisconsin
Traction, Light, Heat & Power Co., which does the electric light, gas and
power business in Appleton and Neenah, and the adjoining territory in the
lower Fox River Valley. Wisconsin. The stock, it is understood, was purchased from a group of stockholders headed by John I. Beggs, formerly
Pres. and Gen. Mgr. of the company.
-V. 116, p. 1905.

-Bonds
Northern Illinois Supply Co., Rockford, 111.
Offered.
-Dangler, Lapham & Co., Chicago, are offering at
prices to yield from 7% to 7.10%, according to maturity,
$250,000 1st Mtge.7% Serial Gold bonds. A circular shows:

Dated April 15 1923, due serially May 1 1924 to 1933, both inclusive.
Denom. $1,000, $500 and $100 c*. Red. all or part at 107 up to and incl.
1928 and thereafter at 105, on 30 days notice. Int. payable M. & N. at
Northern Trust Co., Chicago, trustee, without deduction for normal
Federal income tax not to exceed 2%.
Capitalization
Authorized. Outstanding.
1st Mtge.7% Serial Gold bonds (this issue)
$250,000
$300,000
Capital stock
600,000 • 470,000
Security.
-These bonds are secured. in the opinion of counsel, by a 1st
Mtge. on all lands owned in fee, buildings, machinery and equipment of
the Northern Illinois Supply Co., an Illinois corporation. The company's
fixed assets, including value of deposits, as shown by appraisal, amount to
$628.055 and net current assets $113,302, or a total of $741,358 without
any allowance for going value or good will, against which there is outstanding only these $250,000 first,mortgage bonds.
Company.
-Organized in Illinois. Consolidation of Carrico Stone &
Lumber Co., established in 1860, Hart & Page established in 1890 and the
Rockford Sand & Gravel Co., established in 1909. Furnishes a high
quality of sand, gravel and crushed stone for road building and general
construction throughout the Northern portion of the State, including
Chicago, and also constructs cross country roads and city pavements.
Earnings.
-Net earnings of the consolidated companies, after taxes, but
before depreciation, have averaged for the past 6 years about 3)i times,
for the past 3 years 4 times and for 1922 were over 5 times maximum
Interest requirements.
Sinking Fund.
-Sinking fund payments will meet all interest and maturing
bonds and it is estimated should retire the entire issue before maturity.

Ohio Power Co.
-To Acquire North Western Ohio Light Co.
The company recently announced that negotiations for the purchase by it
of all holdings in Ohio of the North Western Ohio Light Co.have practically
been completed and that the merger will take place about July 1. The
purchase, it is stated, will involve approximately $2.000,000, and the stock
In the Northwestern company will be exchanged for stock of the Ohio Power
Co. The Northwestern serves 40 towns and cities in this section of the
State.
-V. 116, p. 186.

Ontario Silver Mining Co.
-Earnings.
-

The company reports receipts of $340,566 for year ended Dec. 311922,
and expenditures of $399.246, leaving net loss of $58,680.-V. 108, p. 1169,

Ontario Steel Products Co., Ltd.
-New Director.

M. Jaquays, Montreal, has been elected a director to succeed the late
W. M. Byers.
-V. 115, p. 654.

Pacific Gas & Electric Co.
-Earnings.
-

Quarter ended March 31
Gress earnings
Net after taxes
Bond interest and discount
Depreciation reserve
•
Preferred dividends

2397

THE CHRONICLE

1922.
1923.
$10,153,260 $9.872,883
3,858,915
4,468,606
1,391,715
1,594,755
895,460
847.351
616,997
764,437

Balance,surplus
-V. 116, p. 2139, 1905.

$1.262,063

$954,743

Pacific Oil Co.
-Dividend Decreased-New Director.

The directors have declared a dividend of $1 per share on the Capita
stock, no par value, payable July 20 to holders of record June 15. Dividends of $1 50 per share were paid semi-annually from July 20 1921 to
Jan. 20 1923, inclusive.
Charles B. &war has been elected a director to succeed the late Burns D.
Caldwell.
-V. 116, P• 2139.

Paige-Detroit Motor Car Co.
-33'% Common Div.

A dividend of 3% has been declared on the outstanding $4,000,000
Common stock, par $10, payable July 1 to holders of record June 20.
This compares with a quarterly dividend of 2Y2% paid on the Common
stock on April 2 last. (Compare V. 116. p. 1061.)-V. 116, p. 2139.

Pennsylvania Coal & Coke Corporation.
-Earnings.
-

Four Months Ended April 30Gross earnings
Interest, depreciation. &c
Income from subsidiary companies
Net income
-V. 116, p. 1905, 1770.

1922.
1923.
$509,494 $47.559
33,625
68,179
Cr.28,297 Cr.29,242
$469,612 $43,176

Pennsylvania Salt Mfg. Co.
-New

Director.
John M. Scott has been elected a director to succeed the late John S.
Jenks.
-V. 116, p. 1285.
People's Gas Light & Coke Co.
-Bonds, &c., Authorized.

The Illinois Commerce Commission has authorized the company to issue
$5,495,000 Gen. & Ref. bonds and $2,432,000 of additional Capital stock.
No financing is contemplated in the immediate future.
-V.116, p. 1770.

Philipsborn's, Inc., Chicago.
-Sales.
-

Sales for the first two weeks in May amounted to over $1,400,000, a substantial increase over the similar period a year ago. It is announced that,
due to the fact that this company handles only wearing apparrel and accessories, its sales during April felt the effects of the unseasonable weather
and the early Easter,and registered a slight reduction In volume as
comparedwth
April 1922. In the first quarter of 1923 up to Mar. 24, the company's
sales were substantially in excess of the 1922 record, though for the six
months ended Dec. 1922 there was a slight depreciation from the volume of
business in the same period of 1921.-V. 115, P. 2055.

Pilgrim Oil Co.
-Fraud Complaint.
-

Collecting nearly $1,000,000 in 3 months from investors and being credited with only $8,877 in assets at the end ofthat period, is the record of the
above company against whom a fraud order was issued May 9 by Postmaster-General Harry S. New. W. H. Hollister, G. M. Richardson and
'
H.E. Robinson,trustees of the company, were also cited in the fraud order.
These men, evidence discloses, were previously connected with other concerns, and one of them launder criminal indictment with Dr, Frederick A.
Cook, of North Pole fame.
The Pilgrim Company arranged with the officers of oil companies on the
point of dissolution to merge into the Pilgrim corporation. The stockholders of the merged companies were advised by their officers in letters written,
it is said, by the Pilgrim company, to transfer their stock. Common stock
was transferred at par upon the payment of a transfer fee of $1. However,
Investors were especially urged to buy Preferred stock in the Pilgrim company, which was offered upon the payment of50% cash. In addition to the
Common stock, Preferred stock was supposed to receive 100% dividends
before dividends were paid upon Common stock.

Postum Cereal Co., Inc.
-To Increase Capital
-100%
Stock Dividend Probable.

-Bonds Offered.
Power Corporation of New York.
E. H. Rollins & Sons and F.L. Carlisle & Co., Inc., are offering at 943/ and int., to yield about 634%, $1,000,000 1st
Mtge. Sinking Fund 6% Gold bonds (Series "B"). The
bankers state:
Dated May 1 1923. Due Nov. 1 1942. Int. payable M.& N.in New
York or Watertown, N. Y. without deduction for any normal Federal in•
come tax not exceeding 2%. Red. as a whole on 60 day's' notice at 110
and int. less7 for each full year of expired term, or in part for sinking
%
fund at 105 and°
int. Denom. $500 and $1,000 c* & r. Equitable Trust
Co., New York, trustee. Company agrees to refund present Penna.,
-mills taxes.
Maryland, Conn. and District of Columbia 4
Company.-Incorp. in 1922 in New York to own, operate and develop
water powers. Has acquired developed and undeveloped water powers
In St. Lawrence. Lewis and Jefferson counties. in New York State. Properties consist of water powers on the Black River and Raquette River. in
northern New York, estimated at over 100,000 h. p. upon completion of
proposed storage. Of these water powers, 37,500 h. p., on which these
bonds are a direct first mortgage, are at present developed and incomeproducing and have been appraised by the J. G. White Engineering Corp.
at $10,358,400. or over 172% of the bonded debt.
Outstanding.
Authorized.
Capitalization After This Financing
Indeterminate $5.000,000
1st Mtge. 64s, Series "A"
1 1,000,000
1st Mtge. 6s, Series "B" (this issue)
1,250,000
Preferred stock, 7% Cumulative
$10,000,000
300,000 abs.
400,000 shs.
Common stock (no par value)
Purpose.
-Proceeds will be used for the construction of a new modern
hydro-electric power plant at Herrings of 6.500 h. p., replacing the 3,838
h. p. mechanical plant now in operation. Balance of proceeds will be used
for electrification of the Norwood plant.
Earnings.
-Company has sold the entire output of its developed water
powers under a joint and several contract extending beyond the life of these
bonds to the St. Regis Paper Co. and Hanna Paper Corp., and the entire
output of the Herrings and Norwood hydro-electric plants when completed
will be purchased under a long-term contract by the Northern New 'York
Utilities, Inc.
The net earnings of the Power Corp.from these contracts alone are computed to exceed double the maximum interest charge on the bonds without
regard to earnings that in the future may accrue to the company from its
present undeveloped water powers.
For the 6 months ended April 30 1923 (being the first six months of operation) net earnings front the contracts with the paper companies were $367.877, and the proportion of interest on the bonds outstanding, for that same
period $162.500. These net earnings were at the rate of $735,000 per year.
Upon the completion of the electrification of the Herrings and Norwood
plants the revenue therefrom on the basis of the above contracts is computed to increase these net earnings for a like 6 months' period to $418,000.
against which the proportion of total bond interest will be $192.500. See
V. 116, p. 305; V. 115, p. 2055.

1

Pueblo Gas & Fuel Co.
-Plan Operative.
-

The holders of certificates of deposit for 1st Mtge.5% Gold bonds, 5%
Sinking Fund Gold bonds, and the notes of the company, are notified
that the plan for rearranging the finances of the company has been declared
operative. Holders of certificates of deposit will be notified when the
securities to be issued in accordance with the plan will be ready for delivery.
Compare V. 115, p. 1107, 1217.

Pullman Company.
-ListingThe London Stock Exchange in April fast granted an official quotation to
$15,000,000 additional capital stock, making total listed $135,000,000. V.
116, p. 1771.
Ray Consolidated Copper Co.
-47th Quarterly Report.
The report covering the first quarter of 1923 shows:
Production.
-The total net production of copper from all sources was
14.009.441 lbs., compared with a total of 12.249.695 lbs. for the preceding
quarter.
Monthly Aege.
Total.
January.
February.
March.
914
14,009.441
4,382.657
4.253,056
5.373.728
There were milled 582,600 tons, dry weight, of ore averaging
copper, an average daily tonnage of 6,473 tons as compared with an average
of 5,399 tons per day for the previous quarter. The mill recovery was
78.26% of the total copper contained in concentrating ores, as compared
with 79.53% for the previous quarter. The underground development
was advanced 6,961 ft., making the total development to date 801,115 ft.
The average cost per net pound of copper produced was 11.99 cents, as
compared with 11.30 cents for the previous quarter. Both figures include
all general expenses other than depreciation and Federal tax reserves, and
also take into account miscellaneous income and the value of gold and
silver recovered. The increase in costs for this quarter as compared to
those of the previous one was due in large part to an increase in wages, which
became effective in the latter part of the quarter, coupled with a considerable amount of extraordinary expense incurred in reopening and resuming
operations at the No. 1 Mine and charged to operations.
Financial Results by Quarters.
1923.
2d Quar.
2
1st Quar. 4th Quar.
3d 19 ar.
Qu2
$22,095 loss$312,069
Operating profit
$ 2 :8
$165.539
45 43
89 6
9 9
64,201
Miseinc.& gold & silver
35.704
36,365
357,8001°84247,867
Total income
$488.424
$201.903
The average carrying price of copper for the quarter was 15.476 cents.
-V.116, p. 1771, 1062.

Republic Iron & Steel Co.
-Listing-Balance Sheet.

The New York Stock Exchange has authorized the listing of $10,000,000
Ref. & Gen. Mtge. 30
-Year Sinking Fund 534% Gold bonds, Series "A,'
due Jan. 1 1953.
Consolidated Balance Sheet.
Mar.31'23. Dec. 31'22
Mar.31'23. Dec.31'22.
$
$
Assets
LiabilitiesProperty account_99.213,722 99,024,812 Pr. stk.. 7% cum_25.000.000 25,000,000
Investments
1.876,509 1,859,272 Common stock_ _30.000.000 30,000,000
Cash depos. with
Ref. & gen. mtge.
trustee for res.f.bds.,set."A" 9.895.000
5% s. f. mtg. bds. 11,956,000 12,452,000
demptionofbds.,
10,000
10,000 1st mtg. bonds of
Bessemer mine_ 600,000
Cash
3,528,327 1,760.440
600,000
Inventories
73,500
12,829,152 13,831,185 Potter Ore Co.bds.
73,500
Acc'ts & bills pay. 2,816,418 8,140,360
Ore contracts pay656,052
ments
2,156,284 2,412,479 Taxes
696,130
Acer'd bond Int.__ 443,956
197,694
Notes dr accounts .
Dividend provision 437,500
receivable (less
14,434
reserves)
14,439
7,737,676 7,201,291 Unclaimed dive
U. S. Treas. elfs 3,969,688
Reserve for depre_13,911,316 13,594,518
Deterred charges 2,748,958 1,608,187 lies, for exhausVn
of minerals
4,563,549 4,460,588
Res. for cooling.,
2,611,606 2,483,794
&c
Surplus
31,090,984 29,994,641
Total
134,070,316 127707,665
-V. 116, p. 2266, 1771.

Total

134,070,316 127707,665

Republic Rubber Co., Youngstown, 0.
-Sale to Lee
Rubber & Tire Interests-Reorganization Plan Abandoned.

See Lee Rubber & Tire Corp. above.
The sale of the company by creditors to help satisfy their claims, it
is stated, will net them about 50 cents on the dollar and means that the
Investment of stockholders aggregating about $15,000,000 has been entirely wiped out.
-V.116, p. 2267, 1906.

St. Lawrence Pulp & Lumber Corp., Ltd.-Acguired.

See Bay Sulphite Co., Ltd., above.
-V.102, p. 527.
The stockholders will vote June 6 on increasing the authorized Common
stock from 200,000 shares (all outstanding) to 400,000 shares, no par value.
Saks & Co.
-Acquisition.
It is understood that if the increase is authorized the directors will declare
It is announced that this company has acquired the old National Demoa 100% stock dividend on the present outstanding Common stock and that cratic Club property at 617 Fifth Ave., N. Y. City, and would include it in
the increased capitalization will be placed on a $3 annual dividend basis. - . 11,1o
the block-long
yblock. p
they are building in Fifth Ave.from 49th to 50th streets.
-V. 116, p. 2266.
281W4Ore.




[voL. 116.

THE CHRONICLE

2398

of experts, instead of making rates dependent upon ascertainable facts.
-New Manager.
Salina Light, Power & Gas Co.
(Further data on the case should be found under "Current Events" above.)
Harry Warner, General Manager of the Spokane Gas & Fuel Co., has -V. 116, p. 1542.
-V. 116. p. 1280.
been appointed Manager of this company.
-Par Value.
Springfield (Mass.) Gas Light Co.
The company proposes to change the par value of its capital stock from
-Dividend Omitted.
Salmon Falls Mfg. Co.
The directors have !voted to omit payment of the quarterly dividend $100 to $25.-V. 115. p. 2487; V. 111, p. 2236, 2226.
nsaully paid at this time. Three months ago a dividend of $1 50 per share
-Earnings.
Springfield Light, Heat & Power Co.
was declared.
-V. 115, p. 1217.
1919.
1922.
1920.
1921.
Calendar Years$765,563
$999,169
$1,076,317 $1,096,582
Gross earnings
-Notes Called.
Co.
Sandusky (0.) Cement
$442,684
$704,215
$542,904
$546,544
Sixty 6% Collateral Trust gold notes. numbered 241 to 300, inclusive, Operating expenses
52,344
48.500
78,300
83,143
dated June 2 1919, have been called for payment June 2 at 101 and interest Taxes
84,000
84,000
108,000
Depreciation
104,000
at the Union Trust Co., Cleveland, Ohio -V. 114. p. 1543.

-Acquires Control of
Shawiningan Water 8c Power Co.
Quebec Ry., Lt. Heat & Power Co.
-V. 116, p. 928.
See that company under "Railroads" above.

$347.112
Gross income
Int. on funded debt &
98.148
other fixed charges- _
42,909
Divs. on Pref. stock..

*362.895

$162.454

$186.534

100,323
34,395

69,959
30,034

73,737
29,622

-Annual Report.
Sheridan-Wyoming Coal Co., Inc.

$83,175
$62,461
$206,055
*228,177
Balance
1921.
1920. -v. 116, 13• 1286.
$273,591 *1,467.283
575.684
606.301
-Oil Concession.
Standard Oil Co. of New Jersey.
37,482
The company has notified the British Controlled Oilfields, Ltd., of its
200,000 Intention to proceed with the development of the Eastern division of the
Buehivacoa concession. The agreement provides that the Standard 011
$302.093sur.$623,500 Co. acquire the sole right to develop what is known as the Eastern division
*107.639
Balance, deficit
of the Buchivacoa oil fields of Venezuela. This contract provides that upon
-V. 111, p.2431.
exercising its rights, the Standard Oil Co. will arrange for the formation of
-Preferred Stock a company with a capital of $5.000.000. In the event of any further capital
Sherman, Clay & Co., San Francisco.
the right of
application
being issued,
-Cyrus Peirce & Co. and the Crocker National on like terms British Controlled Oilfields haveoil obtaineda 50%this specific
Offered.
from
to any other subscribers. The
Bank,San Francisco, are offering, at 99 and div., $3,000,000 area will be controlled by the Standard 011 Co. A royalty will be payable
to this company of 12%%, or one-eighth of the total production, either in
7% Cumin. Prior Pref. (a. & d.) stock, par $100.
cash or in oil -V. 116, p. 2267. 2250.
Redeemable, all or part, on any dividend date at 110. Dividends pay-J. Crocker National Bank of San Francisco, registrar and transfer
able Q.
-Warner Speedometer Corp.-Bal. Sheet (Incl.
Stewart
agent.
Subsidiaries).Data from Letter of President P. T. Clay, San Francisco. May 7.
.
Mar.31'23. Dee.31'22
1!ar.31'23 Dec.31'22.
-Is one of the largest wholesale and retail musical merchanCompany.
And3dising houses in the United States. Established as a partnership in 1879.
Capital stock_ _ y12,463,204 12,461,506
as the outgrowth of a retail musical merchandise business, begun in 1870. 1.4113d,b1dgS,MaCh•
& equipment._ .x5,698.769 5,634,207 Stewart Mfg.Corp.
Authorized. aulstand'g.
Capitalization After Present Financingz256.300
8% preferred_
$3.000,000 *3.000.000 Pats.,good-will,&c10.781,250 10,778.794 Accts. et vouchers
7°7 Cumulative Prior Preferred Stock
1,378,920 1,011,290
Stock
2,000,000
1.739.000 Cull
434,482
631.887
6% Cumulative Preferred
payable
U.S.Govt.secure. 2,154,176 2,304,364
2,000,000
2,000,000
Common Stock
Taxes, royalties,
Inv. in marketable
Gross Sales, Calendar Years.
520,231
&c., accrue_ _ _ 344,002
81,642
81.597
securities
1908__$1,965,48211915 - _$2.898,25211918 --*4,758,31511921 --*7,446.558 Acc'ts & notes rec_ 3,119,584 2.688.043 Provision for Fed'l
725,750
income taxes_ .._ 790,177
7,695.098 Inventories
3,167,831 2,909,700
1913 _ _ 3,190.693 1916 __ 3,840.916 1919 _ - 6,855,274 1922
12,305,189 11,098,312
152,285
88,585 Surplus
Deferred charges
1914._ 2,807,601 1917 _ _ 4.652,924 1920 -- 8,328,617
-For the past nine years the earnings of the business before
Earnings.
26,534,459 25,496,580
Total
26,534,459 25,496,580
Total
Federal taxes have averaged over $490,000 per annum, and
interest and
during the past five years the earnings before interest and Federal taxes
x Land, buildings, machinery and equipment balance at Dec. 31 1922,
have averaged *640,1300 per annum. The dividends on this issue of stock $8,279,692; additions, since (net), $195,478; total, $8,475,170; deduct,
amount to $210,000 per annum.
-Warner Speedometer
reserve for depreciation, $2,776.401. y Stewart
Balance Sheet as of Dec. 31 1922 (After This Financing).
Corp. issued 474.850 shares Capital stock, no par value. z Stewart Mfg.
Liabilities
Assets
8% Cum.Pref. stock called for payment April 1 at 110 and dividends.
Corp.
*162.979 Trade due bills & comm'ns. 860.532
Cash
A comparative income account for the quarter ended March 31 1923 was
Accounts payable
449.190 published in V. 116. p. 2140.
Accounts and contracts re35.000
ceivable (less reserves)- _ 3,613,339 Provision for Federal taxes
3,000,000
2,962,757 Prior Preferred stock
Inventories
-Report.
Stromberg Carburetor Co. of America, Inc.
1,739,000
Investments
551.858 Preferred stock
1919.
1920.
1922.
1921.
Calendar Years2,000,000
207,342 Common stock
Capital assets
$858,972
$787.443
sales__ __ 131.217,474
$422,236
345.788 Gross profit on
Deferred assets
131,235 Surplus
319,238
356,452
302,253
446,891
Selling & admin. exps-15,889
86,320
28,312
$7,629,509 Oth. dedue.,less oth.inc.
Total
$7.629,509 Total
11.594
Miscellaneous credits_
Calendar Years
Gross profit
Bond Let., discount, expenses, &c__
Other charges
Dividends paid

1922.
$431.639
539,277

-Wages.
Sioux City (Ia.) Gas & Electric Co.

$415.101
$551,329
$91,670
$690,263
Profits for year
Effective May 1, wages of employees were increased approximately 7%.
150,000
75,000
10,000
86,000
Under the new agreement, 1st-year men receive 45 cents an hour, 2d-year Federal taxes (est.)
4330262500($4) 225.000
($230168.750
Is an Dividends
men 47 cents an hour, and 3d-year men and over, 50 cents. This
_
increase from the former scale of 42. 44 and 48 cents an hour. The men
$176,329
$77,601
$81,670
$435,513
Balance, surplus
had demanded a 20% kncrease.-V. 115. p. 2278.
The income account for the first quarter of 1922 was given in V. 116, p.
.
2286.
-Contract.
Southern Coal & Iron Corp.
See Virginia Iron. Coal & Coke Co. below.
-V. 116. p. 731.
-Operations, &c.
Studebaker Corporation.
President A. R. Erskine is quoted in substance as follows: "All plants are
Southern States Oil Co.
-10% Stock Dividend.
at capacity and the demand for Studebaker cars is considerably
The company has declared Its regular monthly cash dividend of 1%. operating of production, which is being distributed among dealers on an
payable June 20 to holders of record June 1, and a 10% stock allotment in excess percentage basis. Sales for the second quarter will exceed 40,000
equitable
for the current quarter to be delivered on July 20 to stockholders of record cars and net profits after taxes are expected to be from 10% to 12% on
July 1. On Jan. 20 last the company made a stock distribution of 8%. Common stock."
-V. 116, p. 2004.
2267.
last.
-V. 116, p.
A 10% stock dividend was also paid April 20

Southwest Metals Co.
-Reportfor Calendar Year 1922.
$483,479
Receipts
Costa. $500,651; interest, &c., $63,276; reserve for depreciation,
685,122
depletion, &c., $121,195; total
Deficit for year
-V. 115. p. 83.

$201,644

-Earnings.
(A. G.) Spalding & Bros.
Consolidated Income Account for Quarter Ending March 31 1923.
(Subject to adjustment at close of fiscal year.)
Sales, net of discount, returns and allowances. $4,809,673: manufacturing cost of sales, $3.122,560: gross operating profit__ _31,687,113
Deduct: Admin., adv. and selling expenses. $1,128,441; deprec'n,
1,248.911
plant and equipment,$109,169; royalties. $11,302; total
Net operating profit
Other income

$438,202
39,964

-Annual Report.
Stutz Motor Car Co. of America, Inc.

1919.
1921.
1920.
1922.
Calendar Years$2,737,218 33.071,411 $8,168,356 $7,274,249
Net sales
5,570,099
2,742.396
6,564,344
.2,724,836
Cost of manufacture
212,130
297,348
302,718
356,078
Selling & general expense_
def$284,966 def$27,063 $1.301,294 $1,492,020
Net earnings
6,002
105,128
56,091
1.057
Int. and discount earned_
def$278.964 def$26,006 *1,357,385 $1,597,148
Net profit
5600.000
$330,000
Federal taxes (estimated)
606,365
Inv.losses,bad debts, &c.. 383,415
375,000
900,000
Dividends
Balance, surplus
Previous surplus

def$662,378 def$632,376
4,777,704
5,404,414

$127.385
5,772.858

$622.148
3,049,266

$4,115,326 $4,772,043 $5.900.243 $3,671,414
Total
Cr.7,069
0%4,071 Deb.273,456
Adjustments
Cr.5,661
500.000
Stock dividend
2,375,000
Surplus paid during 1919-

$478.166
Total income
92,973
Interest paid. $27,973; reserve for Fed'l income taxes. $65,000Dividends paid; Gen'l(Com.)stock. $70,693; 1st Pref. 7% stock,
Profit and loss surplus44,122,395 $4,777.704 $5.404,314 $5,772,958
172,088 -V. 116, p. 306, 188.
$81,395; 2d Pref.8% stock, $20.000; total
37,500
Provision for sinking fund, First Prof. stock
Surplus for quarter
116. P. 1272.

$175,605

-Supreme Court
Southwestern Bell Telephone Co.
Holds Slate, in Making Rates, Must Consider Present Cost of
Reproducing Property.
The U. S. Supreme Court on May 21 reversed the decision of the Missouri
State Supreme Court in the case of the above company against the Missouri
P. S. Commission involving the valuation for rate-making purposes. The
State Supreme Court held with the P. S. Commission that the valuation
figures need not be present reproduction costs but the costs at time of construction. The U. S. Supreme Court. however, held that the present reproduction cost of properties must be considered in valuations for ratemaking purposes. The majority opinion rendered by Justice McReynolds
said in part:
"It is impossible to ascertain what will amount to a fair return upon
properties devoted to public service without giving consideration to the cost
of labor, supplies, &c., at tlae time the investigation is made. An honest
values,
and intelligent forecast of probable futureIf the made upon a view of all
highly important element
the relevant circumstances, is essential.
forecast becomes impossible.
of present costs is wholly disregarded, such aof to-day. It
must never be
Estimates for tomorrow cannot ignore prices
forgotten that while the State may regulate with a view to enforcing reasonof the property of
able rates and charges, it is not the owner general power of public utility
management
companies and is not clothed with the
incident to ownership.'
Asserting that advocates of reproduction cost as an element of rate making
public utilities
would find its application harmful to theBrandeis in a when the cost of
material and wages were lower, Justice invested in the dissenting opinion
enterprise. Urging
preferable basis the money
suggested as a
which will establish such a rate basis and
the Court to "lay down a rule return deemed fair, he criticized
his colmeasure of the rate of
such a
leagues for leaving many of the elements to be determined by the opinion




Submarine Boat Corporation.
-Charters Ten Vessels.
The corporation has signed a contract chartering ton of its fleet of vessels
for the balance of season for service in the lumber trade between Port
-ton vessels in
Newark and Seattle. This places 18 of the fleet of 32 5.000
commission, eight being already In coastwise carrying trade plying from Port
-V.116. p. 1907.
Newark to Pensacola and Port Arthur.

-Notes Offered.-Anglo-ParisSugar Pine Lumber Co.
London Co., First Securities Co., San Francisco, and Security Co.. Los Angeles, are offering at 99.33 and int. for 1926
maturities, 99.13 and int. for 1927 maturities and 98.94 for
1928 maturities, to yield about 63.4%, $2,500,000 6%
Serial Coupon Guaranteed Gold notes. A circular shows:
Dated May 1 1923. Due *750.000 each on May I 1926 and 1027 and
upon

$1,000.000 May 1 1928. Int. payable M.& N. Red. at any int. date
30 days' notice at 101. 10134 and 102, respectively. Denom. $1.000 and
$10.0® c*. Payable at Anglo-California. Trust Co., San Francisco. Norseo
mal Federal income tax paid, not in excess of 2%.
Guaraniee.-These notes are collectively and individually guaranteed
and interest by Arthur H. Fleming and R. C. Gillis, by a
as to principal
written agreement deposited with the Anglo-California Trust Co., and
payment of principal and interest of the notes Is equally secured by the
pledge of the entire iS.91.10 of $2,500,000 1st Mtge. 6% Serial Gold bonds
of the Minarets & Western Ky. of California.
Arthur H. Fleming, President, is also President of Madera Sugar Pine
Co., the Santa Monica Park Co.and director in Southern California Edison
Co. It. C. Gillis, Vice-President, is President of Santa Monica Land &
Water Co., President of Los Angeles Union Terminal Co., Vice-President
of San Diego & Arizona Ky., and director of Pacific Electric By. Co. NW*
-The timber reserves controlled by this company consist of
Property.
approximately 58,880 acres of timber lands in Madera County part held
on purchase agreement and the remainder under long-term contract with

MAY 26 1923.]

2399

THE CHRONICLE

the Federal Government. This includes the widely-known White & Friant
tract, which is estimated to contain 60% sugar pine. 12% white pine
20% fir and 8% cedar. The entire property will furnish the company's
mill a supply of timber for more than 30 years. Other property includes
a well-equipped logging camp and a four-band saw mill with a capacity of
600,000 ft. a day at Pinedale.

-Acquisition.
Scale & Supply Corp.

Standard
Former employees of the Standard Scale & Supply Co. of Beaver Falls,
Pa., have taken over the control of the company, which was declared a
voluntary bankrupt. Representatives of each department of the company
formed the above corporation and elected the following officers: Pres.,
W. N. Haines; V.-Pres., J. Gamble; V.-Pres., D. L. Daly; Sec.-Treas.,
R. H. Chappel. These, with S. H. Martin, Max Rosenkeimer and W. P.
McJunkin, compose the board of directors.
The new company is capitalized at 5600,000. A bonded indebtedness of
$209.000 was assumed by the new corporation in taking over the assets of
the old company.
-V. 115. P. 317.

-Rights----Balance Sheet.
SuperheaterCo., New York.
to subscribe on

public through a well-established chain of retail stores operated by the
company.
-After absorbing inventory loss of more than $75,000 in 1921,
Earnings.
div. on S50,000 Pref. stock (retired) depreciation and Federal taxes, the
average annual earnings for the 63 .years ending June 1922, equaled about
20% on the issue price of the Class "A" stock and more than 8% on both
the "A" and "B" stocks.
-To provide adequate capital for capacity operations of the
Purpose.
factory and extension of the retail stores sufficient to consume 30% to 40%
of the annual production.

Tuckett Tobacco Co., Ltd., Hamilton, Ont.-Earnings.
1920-21.
1921-22.
1922-23.
March 31 Years5255,753
$249,934
Net profits aft. taxes,&c. $250,314
140,000
140,000
140,000
Pref. dividends (7%)___
Common dividends_ _(4%)100,000 (4)100,000 14)100.000

1910-20.
$333.131
140,000
(2)50.000

$143,131
515.753
59.934
$10,314
Balance, surplus_ _
Since March 31 1923 all the capital stock of Tobacco Products Corp.
.
Ltd., has been acquired, and it is considered this acquisition
of Canada,
of an established cigarette business with the Canadian rights to many
brands will prove advantageous to the company. The Tobacco Products
Corp. of New York have secured by private purchase a substantial interest
-See V. 116, p. 2140.
in the Tuckett Tobacco Co.. Ltd.

The stockholders of record May 10 are given the right
or before May 31 to the extent of 20% of their holdings at $75 per share
for 19,636 shares of stock. Subscriptions are payable in full in New York
funds on May 31 at Seaboard National Bank, 115 Broadway, N. Y. City.
President George L. Bourne in a letter to the stockholders May 9 says:
-Par Value Increased.
Turman Oil Co.
On Jan. 10 1921 the company purchased from the U. S. RR. Administration certain shares of the company's stock and on Mar. 1 1921 all of the
The stockholders have approved an increase in the par value of the
said shares were offered to the stockholders at $.49 60 a share-the same rate capital stock from $1 to $10 and a reduction in the number of shares from
at which the company had purchased them. There remain in the treasury 6,000,000 to 600,000.-V. 116, p. 1660.
26.199 of the shares, which shareholders did not purchase in 1921. The
-Rumored Recapitalization.
Underwood Typewriter Co.
directors believe it to be desirable that the treasury be reimbursed for the
The directors are contemplating a readjustment of the capital structure,
expenditures made in the acquisition of the stock and therefore it has been
stockholders according to reports in the financial district this week. The Street heard
decided to offer 19,636 of the shares for sale to the Present
that the company was contemplating the declaration of a stock dividend
at $75 per share.
and the splitting up of the stock into smaller units. The present capital
Balance Sheet Dec. 31.
1921.
1922.
stock is of $100 a share par value, and it is understood that after the stock
1921.
1922.
S
dividend each holder of a share of stock of $100 par value will receive
Assets$
y2,487,500 2,487,500 four shares of new stock of $25 a share par value. (N. Y. "Times.")
Capitalstock
Steal eat., bidgs.,
V.
- 116, p. 611.
477,331 Book bal Arising fr.
plant,equip.,&e. 482,749
705,514 revs]. of patents 2,085,526 2,085,526
Patents
310,950
an Francisco.-Dividenc4, &c.Union Sugar
Treasury stock11,299,470 1,894,670 Acets payable and
388,345
Co.,Of 50 cents per share has been declared on the
A quarterly dividend
401,464
accruals
748,844
Cash
833,001
outstanding Common stock, par $25, payable June 5 to holders of record
Dividends payable 441,792
4,808,477 4,309.491
Investments
June 1. A dividend of 35 cents per share was paid on the Common stock
351,815 Fed, tax coining.
Invest.in affil.cos_ 351,815
635,043 in January 1921; none since.
736,097
859,885 reserves
Notes & aec'ts ree_ .2,199,933
The stockholders on April 27 increased the capital stock from 53,000.000
Front & loss ace't,
Royalties & invest.
(all Common) to $5,000,000 (to consist of 54,000.000 Common and 51.000.inel. undivided
79,168
income accrued_ 108,773
000 Preferred stock), par $25. The stockholders also authorized the
earns, less dim
373,182
757,081
Inventories
-See
sale or $506,000 Preferred stock offered to Common stockholders.
paid & declared
Unpaid balance of
to Dec.31 1922_ 5,011,136 4,233,871 V. 110, p. 1543.
neck subscrip's_ 400,493
10,585
12.772
Deferred charges_ _
-Earnings.
United Alloy Steel Corp.
1922.
1923.
11,183,515 9,808,285
3 Months ended March 31Total
11,183,515 9,808,285
Total
512,677,123 $5,360,498
shares Gross earnings
x 26.199 shares of no par value (at cost). y Authorized 125,000
540.898
1,385,678
Net earnings
of no par value, issued 124,375 shares of no par value.
Depreciation
5
7
12 : 37
3 63007
Superior California Orchard & Vineyard Corp.-Bunds. Taxes
are
Bradford, Kimball & Co. and Shingle, Brown & Co.. San Francisco
$884.334
offering at 100 and interest $250,000 -First (closed) Mtge. 7% Serial Gold
Net profits
Bonds. Dated April 1 1923. Due April 1 1927 to 1938,inclusive. Denorn. - 11.6. p. 1543. 526.
V.
$1,000 and 5.500 cs. Interest payable A.& 0. Normal Federal income tax
-Dividends Resumed on Common Stock.
up to V% paid by Corporation. Callable, all or part, on 30 days' notice at
United Drug Co.
103 for first 5 years, 102 for second 5 years, and 1.01 and interest for the last
A dividend of 1 %% has been declared on the Common stock, par $100.
five years, one-half of the called bonds to be last maturities and one-half payable Sept. 1 to holders of record Aug. 15. Dividends of 2% each were
first maturities. California Trust & Savings Bank, Sacramento, Calif., paid quarterly on the Common stock from April 1920 to July 1921.inclusive:
trustee.
-V.116, p. 1661,931.
none since.
Bonds are secured by a closed first mortgage on 3 425 acres of land in
-Tenders.
United Oil Producers Corp.
Yuba County, Calif., appraised at $538,050. Land is peculiar.y adapted
to the raising of large tonnages of peaches, prunes, pears, figs, olives, grapes
The Coal & Iron National Bank, trustee of the 8% Guaranteed and
and other fruits and berries. The entire acreage is already under cultiva- Participating production bonds, has asked for tenders of sufficient bonds
tion to orchard, vineyard or grain.
up to and incl. June 21 to exhaust $37.110 in the sinking fund. This
-Bonds redemption will bring the amountso far retired to 5677,000.-V. 116. p.1907
Butte Canal Co., San Francisco.

Sutter
-Issue of $500,000 PreUnited Profit Sharing Corp.
-Cyrus Peirce & Co. and Bank of Italy, San FranOffered.
cisco, are offering, at 100 and intereit, $8,50,000 First Mtge. ferred Stock Created-Regular Dividend Declared.
The stockholders on May 21 created an issue of $500.000 Cum. Prof.
63/2% Gold Bonds, Series "A."
stock, par $10. It is the purpose of the directors to utilize this Pref. stock
Dated March 11923. Due March 11943. Redeemable on any interest
date at 105 and interest. Interest payable M.& S. without deduction for
Federal normal income tax not exceeding 2%. Bank of Italy, San Francisco, trustee. Denom. $1,_000 and $500 c*.
Authorized. Outstanding.
Capitalization After This Financing-$850,000
$2.000,000
First Mortgage Bonds (this issue)
200,000
1,000,000
7% Cumulative Preferred Stock
1,219,800
1,250,000
Common stock
Julian, Managing Director, San Francisco.
Data from Letter of E. A.
-With its predecessors, has been engaged in the diversion and
Company.
distribution of water for agricultural purposes for the past 20 years. Now
serves approximately 75,000 acres of land in Sutter and Butte counties.
Its canals are so located that with reasonable extensions it can ultimately
give service to an area in excess of 200,000 acres, comprising the better
portion of the irrigable lands of Butte and Sutter counties. Company has
diversion rights to the flow of the Feather River amounting to 2.500 second
feet of water which it distributes for irrigation use through 235 miles of
owned canals. Company's water rights are among the most valuable in
California.
Earnings As Reported to California Railroad Commission, Calendar Years.
Interest
Net
Oper.Maint.
Gross
Earnings- and Taxes. Earnings. Charges.
$32.638
$63,707
$112,626
5176,333
1918
29,525
93,735
103,369
197,104
1919
40,509
53,221
18,5,038
238,259
1920
59,254
77.479
169,936
247,415
1921
70.726
115.712
170,804
286,516
1922
-Company has a limited number of stockholders,
Stock Equity Ownership.
by whom, up to the present time, the capital required by the company has
been largely supplied. The principal stockholders (who own control) are
George Wingfield, Reno, Nev..• David B. Jones and Holmes Forsyth,
Chicago, and Gordon Hall and F. W. Wickett, San Francisco.
-V.111.
Purpose.
-Proceeds will be used to refund existing indebtedness.
P. 196.

-To Increase Capital.
Lighting Co.

Syracuse
The stockholders of this company (a subsidiary of United Gas Improvement Co. of Phila.) will vote June 4 on increasing the authorized capital
from 30,000 shams Prof. (par $100) and 30,000 shares Common (par $100)
to 100,000 shares Prof. and 100,000 shares Common, par of both $100.
All the present Common is outstanding and $1,500,000 Pref. Only $1.500.-V. 115. p. 2391.
000 proposed new stock will be offered to the public.

for the payment of an extra dividend or extra dividends from time to time
upon the Common stock. The present authorized $500.000 Common stock.
par $1, remains unchanged. Each Pref. and Common share shall have
equal voting power. Prof. stock shall receive from surplus and net profits
dividends at the rate of, but not exceeding, 10% per annum. Prof. stock
shall be redeemable at $15 and dividends.
The regular quarterly cash dividend of 15% has been declared on the
Common stock, payable July 2 to holders ofrecord June 12.-V.116, p.1907.

-40% Stock Dividend
United Shoe Machinery Corp.
-The directors have declared a 40% stock
Stock Increased.
dividend on the outstanding Common stock, par $25, payable June 18 to holders of record May 26.
The stockholders on May 19 increased the authorized
Common stock from $35,000,000 to $60,000,000, par $25.
Compare V. 116, p. 1907, 1543.
-Annual Report.
United States Distributing Corp.

-Belmont Development Co.
-New Directors.
Henry C. Gibson, of Philadelphia, and former Senator Charles B. Henderlate 11. C.
son, of Nevada. have been elected directors to succeed the
-V. 116. p. 1772.
Brougher and Joseph C. Fraley.

1921.
$391.106
157.567
8,910

$umo

Net profit
-V. 116. p. 306.

$215,913 5224,629

158.892
5,814

-Div. Resumed.
U. S. Printing & Lithographing Co.

A quarterly dividend or 1 34% has been declared on the outstanding
$4,049.893 Common stock, par $100, payable July 1 to holders of record
June 20. This is the first dividend on the Common stock since 1913, when
-V.116, p. 731.
a distribution of 30% was made.

-Annual Report.
United States Trucking Corp.
Calendar YearsNet operating revenue
Operating expense

1921.
1922.
1920.
53.652.186 $3,095,044 $5.157,572
3,444,058
3,352,065
5,696,188

Operating income
Non-operating income

$208,129 def$257,021 def$538,616
4,085
9,324
7,601

Gross income
-Capital Increase, &c.
Textile Factors Co., Boston.
Interest and taxes
The company has increased its authorized and outstanding capital stock Depreciation on equipment retired_
from 51,200,000 to 51,800,000 by the authorization of 6,000 additional Preferred dividends
shares of 7% Preferred stock. Par $100, to be issued as a 100% stock dividend to holders of Common stock of record April 30. The capital stock
Balance, surplus
will now consist of 12,000 shares of 7% Preferred and 6,000 shares of Comp. 1287.
V.
mon, par $100. The balance sheet as of Dec. 31 1922 showed a surplus of - 116,
51,283.782.
United States Window

Tonopah

1922.

Calendar YearsGross income
Operating expenses
Federal taxes, $2,501; State taxes, $3,313

$212,214 def$249,420 def$529.292
84,103
93,135
380,395
591,352
73.400
$128,111 def$933,907 def$983,087

Glass Co., Morgantown, W.
Va.-Bonds Offered.-Th3 George W. Stone Co., Cleveland,
are offering at par and int. $350,000 1st. (Closed) Mtge.
Sinking Fund 7% gold bonds.
and

Dated April 1 1923. Due April 1 1933. Denom. $1,000, $500 tax
Travers Co., Cincinnati.
-Stock Offered.Int. payable A. & 0., without deduction for Federal income
Channer & Sawyer, Cincinnati, are offering at $20 per share 15,000 $100c5
-mill tax. Guardian Savings & Trust Co..
not exceeding 4% and Penn. 4
sharesof Class "A' stock of no par value. A circular shows:
Cleveland, trustee, Red., all or in part. on any int. date upon 30 days
Transfer agent & registrar: Citizens Nat. Bank & Trust Co.. Cincinnati. notice at 105 and int. on or before April 1 1926, and thereafter at ji% less
Class "A" stock is preferred as to dive. up to $1 60 per annum (8% on for each succeeding year to maturity at which time they are due and payable
issue price). No divs. can be declared on the Class "B" stock in any at par and accrued int.
year until ill 60 has been declared on the Class "A" shares. After $1 60
Company.
Data from Letter of Walter A. Jones, President of the
has been paid on the "B" stock then both Class "A" and "B" stock share
by pur-Incorporated 1913 in West Virginia. Acquired Marina
Company.
alike in any extra distribution.
Glass Co. and
Capital.-Auth. and outstanding: Class "A", 15,000 shares no par value; chase the plants and property of the W. R. Jones
and certain patents
Class "13," 25,000 shares no par value. Company has no bonded debt.
Window Glass Co., both of Morgantown. W. Va., Glass Co.of ColumCompany.
-Organized in Cincinnati in 1904. Business consists in and patent rights which belong to the Jones Machine &
Deckers Creek
manufacturing of women's shoes, sold direct to the retail trade and the bus, 0. Owns approximately 95% of the stock of the




THE CHRONICLE

2400

Sand & Stone Co., Morgantown, W. Va., from which it obtains its silica
sand. Has 2 window glass plants at Morgantown. W. Va., engaged in
-making machinery
the manufacture of window glass, using special glass
fully covered by patents in this and foreign countries.
Purpose.
-Proceeds are to reimburse company for capital expenditures
already made, to provide for the installation of gas producers and other
improvements and extensions.
Earnings.
-For the past 8 years average net earnings have been in excess
of $120,000 per year, approximately 5 times the largest interest requirements on the bond issue. With the improvements and increased capacity,
earnings should average $200,000 per year after depreciation and taxes.
Sinking Fund.
-Mortgage requires company to maintain a sinking fund
for the reduction of the bond issue. On April 1 1926, bonds will be reduced
by $45,000 and thereafter, a like amount will be retired each year up to and
incl. April 1 1932. On April 1 1933 the remaining bonds outstanding.
-V.108. p.985.
amounting to $35,000. will be due.

Utah Copper Co.
-60th Quarterly Report.

[VOL. 116.

Nov. 1920 a 10% stock dividend was paid. On Feb. 15 1922 the company
distributed a 50% dividend in Preferred stock to Common shareholders.
The company has signed a contract with the Southern Coal & Iron Corp.,
carrying an option for a 10
-year lea.se of the 7,600 acres Catawba iron propr
erty and the 10K miles of railroad owned by the Southern corporation fleaRoanoke, Va. The contract gives the Virginia Iron, Coal & Coke Co.
the right to operate the mines and railroad under a royalty basis to the South
ern Coal & Iron Corp.
-V. 116. p. 1908.

(V.) Vivaudou, Inc.
-Balance Sheet Dec. 31.1922.
1921.
Assets1921.
1922.
LiabilitiesMach. & equitet,
Capital stock _ _ .... y89,000.000 89,000,000
autos, improve't
Accounts payable_ 300,388. 261,067
furniture, &c_ _ _ x$218.482 3225,428 Notes payable
546,667
Goodwill, tr. mks.,
Trade acceptances.
78,787
6,772,975 6,772,975 Due officers & em&c
501,425
341,300
Cash
15,244
7.828
ployees
652,431 Provision for taxes
Acc'ts receivable__ 739,549
40,837
80,000
Mdse. Inventories_ 1,125,564 1,200,801 Accr. & def'd Habil
31,901
294,190 Prov. for commis293,334
Investments
29,258
69,300 sion, bonuses,&c
Other assets
15,074
56,002
64.901 Surplus
33,770
Deferred charges_
224,864 def332,775

The report covering the first quarter of 1923 shows:
Production.
-The copper contained in concentrates for the first quarter
of 1923 follows (in lbs.):
Monthly Ao'ge.
Total.
March.
January
February,
11.496,357
34,489,073
12,630,955
.
11.697,822
10,160,296
The net production of marketable copper derived from this gross output
89,714,357 39.621,327
Total
Total
89,714,357 89,621,327
after allowing for smelter deductions, was 33,103,190 lbs., compared with
x Machinery, equipment, automob lee, furniture and fixtures, improve31.495,654 lbs. for the previous quarter.
treated 1,380,400 dry tons and the ments,&c..$201,277,less depreciation allowance,$87,794,leaving $113,482
During the quarter the Arthur plant
Magna plant 394,300 dry tons, a total for both plants of 1.774,700 dry tons. plus Bronx real estate, $105,000. y Common stock represented by 300,000
or an increase of 126.100 tons compared with the previous quarter. The shares of no par value.
average grade of ore treated at the mills was 1.17% copper and the average
The usual income account was published in V. 116, p. 2019.
E. Clarence Jones has been elected a director, succeeding W. H. Woodrecovery 83%. as compared with 1.25% and 79.27%, respectively, for the
previous quarter.
-V. 116, p. 2019.
ward.
The average cost per net pound of copper produced, including all fixed
-Consolidation.
Wabash Valley Electric Co.
and general charges except depreciation and Federal tax reserves, and
after crediting gold, silver and miscellaneous earnings, was 8.825 cents.
The company has 'Petitioned the Indiana P. S. Commission for authority
Gold and silver and miscellaneous earnings amounted to 1.34 cents per to buy the Putnam Electric Co., Cayuga Electric Co., Martinsville Gas
pound of copper.
& Electric Co.Spencer Light, Power & Water Co., Gosport Electric Co.,
Financial Results by Quarters.
,
'
Morgan Count' Light & Power Co. and Roachdale Electric Co. and to
issue $1.561,700 of new securities to finance the deal, to refund certain
1922
1923.
outstanding securities of the Wabash company and otherwise to refinance
2d Quar.
3d Quar.
4th Quar.
1st Quar.
the companies.
Net copper from copper
The petition says the properties are worth at least $2,073,000 and that
$323,294
production only
$1,797,521 $1,346,287 $1,278,505
380,865 the deal will mean a total of $1.811,700 securities against the properties.
417.157
393,962
443,590
Miscinc.,incl.gold&silver
which owns all the Common stock of
The Central Indiana Power
Co..
$704,159 the Indiana Electric Corp., owns the Wabash, Putnam and Cayuga comTotal income
$2.241,112 $1,740,249 $1,695,662
Earnings for the first quarter are computed on the basis of 15.595 cents panies.
The company petitions the Commission for authority to issue the folper pound for copper.
A quarterly distribution to stockholders of $1 per share was made on lowing securities: (1) To pay for the Putnam and C. yuga companies,
$65,000 of bonds and $65,000 of' Common stock: (2) to pay for the MarMarch 31 1923 and amounted to $1.624,490.
The total capping removed during the quarter was 505,986 cubic yards, tinsville, Spencer, Roachdale. Gosport and Morgan County companies,
an average of 168.662 cubic yards per month, as compared with 416,896 $390.000 of bonds. $100,000 of7% Preferred stock, and $75,000 of Common
cubic yards and 138.965 cubic yards. respectively, for the previous quarter. stock; (3) for the consolidated corporation. $512,300 of 6% 1st Mtge.
The ore delivery department transported a total of 1,945,668 tons of ore. bonds to refund and discharge an equal amount of bonds now out in the
being an average of 21.619 tons per diem, as compared with 1,766,838 tons name of the Wabash company, $129.900 of 7% Preferred stock to be
sold at par for cash to retire and cancel an equal amount of 6% bonds
and 19.205 tons, respectively, for the previous quarter.
The Bingham & Garfield Railway transported a total of 260,395 tons of now out, $34,900 of 7% Preferred stock to be sold at par for cash to retire
and cancel an equal amount of 7% Preferred stock now out. $38,100 of
-V.116, p. 2019, 1661.
freight, or an average of 2.893 tons per diem.
6% 1st Mtge. bonds at 90 and $16,600 7% Preferred stock at par to
- reimburse the Wabash company for recent extensions and betterments
Offered.
-Preferred Stock
Utica Gas & Electric Co.
amounting to $50,807:
stock and $110,000 Common
Mohawk Valley Investment Corp. is offering at 102 and div. stock at 90 to provide$25,000 7% preferredthe consolidated corporation.
working capital for
-V. 115, p. 1219.
$500,000 7% Cumul. Pref. (a. & d.) stock (par $100).
-F. Transfer agents,
Callable at 105 and city. Dividends payable Q.
Waldorf System.
-Dividend-Listing.
Empire Trust Co., New York, and Oneida County Trust Co., Utica, N. Y.
The company has declared a quarterly dividend
share on the
Rwistrars, Central Union Trust Co., New York, and Citizens Trust Co., new no par value Common stock, payable July of 31 gc. a
2 to holders of record
Utica. N. Y.
June 20, thus establishing an annual dividend rate of $I 25 on the new stock.
Issuance -Authorized by New York P. S. Commission.
This is equivalent to $2 50 a share on the old ($10 par value) stock, which
Data from Letter of F. B. Steele, V.-Pres, of the Company, May 10. has heretofore been receiving a $2 annual disbursement. The regular
Company.-Clonducts all the commercial electric light and power business quarterly dividends of 20c. on the 1st and 2d Pref. stocks have also been
and the entire gas business in Utica, Little Falls and numerous other declared payable on the above dates.
The New York Stock Exchange has authorized the listing of 441,610
communities located in the Mohawk Valley. Population served estimated
to exceed 200,000. Also supplies electric light and power for the entire shares of its Common stock of no par value on official notice of issuance in
city of Rome, N. Y. Power plants now operated have an installed capacity exchange for 220.805 shares of Common stock, par $10.-V. 116. P. 2019.
of approximately 50,000 k.w„, of which 39,500 k.w. is hydro-electric. 1908, 1773, 1544, 1063.
Company's water power sites and water power rights are owned in fee, and
Walworth Mfg. Co. Boston.
-Dividends.by development as needed at sites now owned, the present hydro-electric
The directors have declared a dividend of 35c. per share on Common
capacity of the company's generating plants can be greatly increased.
-To obtain funds needed for the extenstons and additions to stock, payable June 15 to holders of record June 5, and the regular quarPurpose.
terly dividend of 1 34% on the Preferred stock. payable June 30 to holders
plant and distributing system.
-V.116.
of record June 20. Like amounts were declared three months ago.
Capitalization Outstanding Upon Completion of Present Financing.
P. 1192.
Annual
Interest.
BondsWells, Fargo & Co.
-Balance Sheet December 31.$104,800
$2,096,000
Underlying divisional 5s (three issues)
1922.
1921.
1922.
1921.
230,500
4,610,000
Ref. & Ext. Mtge. 58, 1957
Assets$
Liabilities
5
150,000
Gold bonds, 1925_ 2,000,000
731% 5-Year Cony. Gen. Mtge.
Capital stock_ _ _ _ _23,967,400 23,967,400
105.000 Real est., prop. &
1,500,000
-Year 7% Gold notes
3
39,634
281,806
equipment
750,788 Accounts payable_ 340,500
1.500
30,000
Real estate mortgages
Am.Ry.ExP stock.10,466,700 10,466,700 Claims and tax reCapital Stock
507,103
1,137.943 1,237,943
17,035
Other stocks
serve
1,720,000
7% Cumulative Preferred stock (incl. this issue)
10,918,229 11,945,723 Securities depreciaBonds
4,000.000
Common stock
4,501,959 2,989,760
Notes
tion reserve__ .._ 1,762.597 2,346,986
89,661
259,908
Earnings 12 Months Ended March 31 1923.
Cash
13,042
319,493 Unadjusted credits
$3,673,530 Unadjusted debits.
452
77,061 Profit and loss balearnings
Gross
1.433.055 Acc'ts receivable
294,136 a1,421,977
1.518,380 2,016,489
ance
Net operating income (after $2,240,475 oper. exp.)
13,727
Non-operating income
27,618,961 29,209,444
Total
27,618,981 29,209,444
Total
$1,446,781
Total netincome
a Represents the difference between book value and market value as of
-Bond disct. & exp., $71,546; int. deduction, $598,Deductions
705.566 Dec. 31 1922 of the company's securities other than American Railway Ex021: other deductions, $36.000
press Co. stock, which is carried on books and shown on balance sheet at par.
$741,215
A comparative income account for four years past was published in
Net earnings
120,400 V. 116, p. 949.-V. 116, p. 1908.
Dividend on Preferred stock (1 year), incl. this issue
$620,815
Available for dividends on Common stock
Balance Sheet as of Dec.. 31 1922.
Liabilities
Assets$1,149,800
$15,838,113 Preferred stock
Plant account
4,000,000
340.729 Common stock
Materials and supplies_ _
10.253.000
648,873 Bonds and notes
Cash
156.827
331,861 Accounts payable
Accounts receivable
26,975
597,559 Installm. on stk. subscr
Unamort.debt,disct.& exp
116,232 Accrued accounts
117,677
Investments
rs
58,383
65,636 Custom' deposits .k adv
Miscell. suspense accts__
1,105,124
17,770 Retirement reserve
Treasury securities held_
98,642
30.346 Special reserves
Miscellaneous assets_ ___
Surplus
1,020,691
$17,987.119
Total (each side)
The company announces a reduction of about 10% in rates for electricity
used for lighting and power, to become operative by Oct. 1 1923.-V. 115,
p. 2058.

Vertientes Sugar Co. (Compania Azucarera Vertientes).-Listing-Earnings.-

The New York Stock Exchange has authorized the listing of $10,000,000
1st Mtge. Sinking Fund 7% Gold bonds due Dec. 1 1942. Crop.
Results of Operations to April 30 1923-1919-1923
Sugar produced. $6.223,009; molasses produced, $20,941: other
$6.277,319
Income. $33,370; total income
-Cost of cane, $2,580,181: manufacturing expenses,
Deduct
$725,461; shipping exp.. $251,131: other exp.. $173,061_ _ _ _ 3.729,834
959.722
Interest, $586,059; depreciation, $373,663
April 30 1923. before provision
1 1922
Net profit from Julytaxes to
$1,587,763
for Cuban income
-17. 115, p. 2697.

-Dividend Resumed.
Iron, Coal & Coke Co.

Virginia
declared a dividend of 2% on the outstanding $10,The directors have
$100, payable July 2 to holders of record
000,000 Common stock, par
declared on the Common stock
This is the first cash dividend An initial cash dividend of 6%
June 16.
Dividend record follows:
since Jan. 1922.
to Jan. 1922. inclusive, semi-annual
1919
.was paid Dec. 6 1918; from July in cash on the Common stock, while in
dividends of 3% each were paid




Weyenberg Shoe Mfg. Co., Milwaukee, Wis.-Pref.
-Second Ward Securities Co. and Morris P.
Stock Offered.
Fox & Co., Milwaukee,are offering at 98% and div.$702,800
7% Sinking Fund Cumul. Pref. (a. & d.) stock, par $100.

-M. Beginning June 15 1926 and annually thereDividends payable Q.
after a sinking fund will be provided to purchase in the market or call by
lot at the then current call price 4% of the maximum amount of Preferred
stock at any time outstanding, sub.sequant to June 15 1922. Callable at
110 and diva. on or prior to june 1.5 1923, thereafter decreasing 3, of I%
each year to Juno 15 1942, and thereafter at par.
Data From Letter of Frank L. Weyenberg, Pres., Milwaukee, Feb. IR
Capitalization Outstanding.
$702,800
7% Cumulative Preferred stock (authorized $2.250,000)
2,139,334
Common stock (100,000 shares, no par A'alue)
1.500.000
-Year 7% Convertible notes (V. 115, p. 318)
15
186.500
Real Estate Mortgage bonds
Company. Owns and operates 2 modern and up-to-date shoe factories
Milwaukee and one in Beaver Dam. making a complete line of men's
In
and boy's work and dress shoes. The growth of the company may be judged
by its steadily increased production-from 767,718 pairs of shoes in 1913 to
2.1)41.215 pairs in 1922.
-Earnings before income taxes, and available for dividends on
Earnings.
Preferred stock, in addition to meeting the present funded debt requirements, during the 5 year period 1916-1920, inclusive, have averaged over
6 times the Preferred dividend requirements. Net earnings last year were
$288,455.
Balance Sheet Dec. 31 1922 (After Present Financing).
Liabilities
Assets$225,000
$340,151 Bank loans
Cash
_ 11323,414
Acc'ts receiv., less reserve 1,214,978 Accounts payable_ _ _
44,300
lee
1,844,345 Accruals & reserves
186,500
,377 Real estate mortgage._ _ Life insurance
227.858 7% Convertible notes_ _ - 1,500,000
Deferred charges
702,800
Investments
192,979 7% Pref. stock
1,245,662 Common stock (100,000
Land, bldgs.. &c
shs., declared value)--- 2.000,000
$5,121,349
Total (each side)
139,334
Surplus
-V. 115, p. 318.
For other Investment News, see page 2409.

26 1923.]

THE CHRONICLE

tp.Ort5 Ant1.

2401

gimutants.

PHILADELPHIA AND READING RAILWAY COMPANY
TWENTY-F1FT11 ANNUAL REPORT FOR FISCAL YEAR ENDED DECEMBER 31, 1922.

Philadelphia and Reading Railway Company, General Office,
ADDITIONS AND BETTERMENTS.
Philadelphia, April 18 1923. ' During the fiscal year ended December 31 1922 the sum
The Board of Directors of the Philadelphia and Reading of $1,845,449 64 (of which $1,811,977 75 was charged to
Railway Company submits herewith its report for the fiscal income) was expended by the Philadelphia and Reading
Railway Company in additions and betterments to its
year ended December 31, 1922.
Attention is invited to the gratifying showing made by the property, as compared with $3,084,584 69 in the previous
Philadelphia and Reading Railway Company during the year fiscal year, a decrease of $1,239,135 05.
The expenditures in 1922, as classified by the Interstate
1922, notwithstanding the many adverse conditions under
which the railroad properties in the United States were Commerce Commission, were on the following principal
accounts:
compelled to operate during that period.
$84,273 58
The year opened with an exceedingly pessimistic outlook. Engineering ____ _ ___ --------------Land for transportation purposes
39,535 93
Grading_
203,488 48
The business situation showed much unsettlement every- Tunnels and subways
8,315 39
where, and the threat of strikes in industries was heard on Bridges, trestles and culverts
642,616 96
Ties
12.276 79
all sides. On April 1st there was a complete cessation of Rails
109,364 44
track mathrinl
188.720 25
mining in the anthracite region, which lasted until Sep- Other
18,937 42
27,929 98
tember 11th. A somewhat similar situation existed in the Track lying and surfacing
Right-of-way fences ____________________________________
911 34
____________
209.645 94
great bituminous producing sections. There was a conse- Crossings and signs__ __
Station and office buildings
244.176 20
quent slowing up in general business. The various shop Roadway buildings
726 91
Water stations
' 12,296 18
crafts on some of the principal railroads of the country Fuel stations
Cr.34,444 95
Cr.61,548 67
were in a state of unrest, which finally/resulted in strikes Shops and enginehouses
Wharves and docks
52,633 43
Cr.149,724 33
and the deferring of much needed repairs to railroad equip- Coal and ore wharves lines
Telegraph and telephone
114.35872
Signals and
55,242 77
ment which were required to bring the equipment back Power plantinterlockers
buildings
16,851 71
Power substation buildings
to the pre-war standard.,
Cr.12.747 67
Power transmission systems
8,821 96
Through the cordial relations which existed between the Power distribution systems
Cr.3,396 47
Power line poles and fixtures
cr.311 61
management and its great body of loyal and contented Underground conduits
10,590 77
Miscellaneous structures
Cr.4,295 90
employes, and a clear understanding of their mutual obliga- Paving
1.232 42
Roadway machines
tions, this Company was spared the disastrous results Roadway small tools
389 90
17 47
attendant upon a railroad strike and -was enabled to place Assessments for public improvements
15,01580
Other expenditures—road
5020
its equipment in such good repair during this period that it Shop machinery
27,733 67
Power plant machinery
Cr.77,586 31
was prepared to handle, without delay or embargo, the Power substation apparatus
9,412 23
73,942 71
great volume of traffic which developed increasingly in the Interest during construction
11.845.449 64
late Summer and Fall upon the resumption of anthracite
The east bound track on the new double track concrete
and bituminous mining.
The gratifying results achieved by this Company clearly bridge over the Susquehanna River at Harrisburg was
indicate that. if the rail properties generally could be assured placed in service on July 11 1922. Work is progressing
of a period of undisturbed conditions, they could quickly satisfactorily on the west bound track, which it is expected
recuperate from the severe strain under which they have been will be completed during the year 1923.
Work is also progressing on the overhead bridges on the
• compelled to operate the past several years, and be in a
position to serve the public more advantageously and line of the approaches to the new concrete bridge over the
Susquehanna River at Harrisburg.
economically.
Expenditures were also made during the year 1922 upon
INCOME FOR YEAR ENDING DECEMBER 31. 1922, IN COM- the following
improvements:
PARISON WITII SIMILAR PERIOD OF PREVIOUS YEAR.
Change of alignment of Catawissa, Railroad at Ringtown.
1921.
1922.
Railway Operating Revenues
New Hill-to-Hill Bridge, Bethlehem.
581,934,750 78 r84,924.227 70
Railway Operating Expenses
62,055.321 80 68,361.308 12
Replacing Bridges Nos. 82 and 83 near Harrisburg.
Net Revenue from Railway Operations__ _$19,879,428 98 $16,562,919 58
Erection of building at 9th and Master Streets Yard,
Railway Tax Accruals
53.243.76595 51,728.27025 Philadelphia, for American Railway Express Company.
Uncollectible Railway Revenues
14,34698
13,412 42
Replacing Bridges Nos. 7 and 8 over Valley Creek and
Total Taxes and L7ncollectible Railway
Pennypaek Creek west of Bethayres.
Revenues
53.257.17837 51,742.617 23
Replacing drawbridge over Darby Creek.
Railway. Operating Income
516.622,250 61 514.820.302 35
Building additional track over Schuylkill River at Swedes
Non-Operating Income
853.537 40
434,245 54
Ford Bridge, below Norristown.
Gross Income
817,056,496 15 815,673.839 75
Deductions from Gross Income
Elimination of grade crossing at Swatara.
9.177,45620
9,159,943 71
Filling Fisher's Viaduct on Catawissa Railroad at McAuley.
Net Income
57.896,552 44' 56,496,383 55
Additional track work between Belle Mead and Manville.
Income Appropriated for Investment in
Physical Property
New oil house at Spring Street east of 6th Street, Reading.
51,811,977175 $.3,055,961 49
Income Appropriated for Sinking and ReInstalling telephone dispatching system on Catawissa
serve Funds
53.789 55
51 48,673 64
Railroad.
Total Appropriations of Income
51,860,651 39 53,109,751 04
Constructing overhead bridge on line of State Highway
Income Balance transferred to Profit and
11$111111
Loss
$3,386,632 51 south of Douglassville.
56.035,901 05
Additional tracks and freight yard facilities from FrankThe accumulated surplus of the Philadelphia and Reading
Railway Company on December 31, 1922, as shown by the ford Avenue to Aramingo Avenue, Philadelphia.
New wye and additional tracks at Trenton.
Balance Sheet, was as follows: .
Surplus, December :31, 1921
Concrete arch bridge north of Mill Creek Junction.
$4.628,046 89
Less:
Reconstruction of Front Street Bridge at Fairhill Junction,
Dividends paid during the year
56,372.255 00
Philadelphia.
Miscellaneous Profit and Loss adjustments
Installing telephone train dispatching system on Mainnoy
(see page 13 [pamphlet report])
Cr. 3,112.195 77
3,260,059 23
81.367,987 66 & Shamokin Branch.
Profit and Loss year ended December 31, 1922
6,035,901 05
New float bridge, racks and track connection at Pier "H,"
Surplus December 31. 1922
57,403.888 71 Port Richmond, Philadelphia.




(Vol,. 116.

THE CHRONICLE
Driving sheet piling at elevator wharf Pier "B," Port
Richmond.
Replacing five stationary boilers at Mahanoy Plane.
The Company lost its valuable Pier No. 18, at the Port
Richmond terminal, Philadelphia, through fire on November
24 1922. This pier was used for the transfer of coal from cars
to vessels for trans-shipment principally to New England
ports.

Plans were immediately prepared for its reconstruction
and the erection thereon of a modern car dumping plant,
which it is expected will be placed in service in 1923.
EQUIPMENT.

The rolling stock and floating equipment leased from
Reading Company in service on December 31 1922, as
compared with December 31 1921, was as follows:
December 31 1921.

December 31 1922.
.
No
Locomotive Engines and Tenders
Revenue, Freight Cars
Passenger Cars
Work Cars

1,107
41,920
1,056
517

Capacity
Lbs.
42,299,216
3.884.460,000

No.

$22,603,136 00
58,580,120 00
9,283,449 00
700,079 37

1.063
38,235
972
547

39,059,647
3,324,826,000

Gross Registered
Tonnage.
7.454.03
20
81,721.25
109

Total Montilla Eauinment

89.175.28

I

Valuation.
320.103,798 65
46,096,143 00
7,564,170 00
682,485 00
374.446,596 65

391.166,784 37

Total Rolling Equipment

Sea Tugs, etc
Sea Barges. etc

Capacity

Valuation.

31,532,134 70
3,629,597 86

Gross Registered
Tonnage.
20
7,454.03
109
82,175.29

31,532,135 00
3,641,327 70

35.161.732 56

129

35.173.462 70

89.629.32

FUNDED INDEBTEDNESS.
monthly, in addition to the -regular monthly contributions
The funded indebtedness of the Philadelphia and Reading previously made by them. The maximum amount of death
Railway Company was decreased $51,416 67 during the year benefits which individual members may now carry through
this new regulation is increased from $2,500 to $5,000.
1922 as follows:
37.916 67 This regulation should prove of inestimable value to the famMortgages and Ground Rents on Real Estate cancelled
43,500 00
City of Philadelphia Subway Loan bonds cancelled
ilies of members, as it permits the carrying of a reasonable
351,416 67
amount of insurance at a very low cost.
The entire $2,782,000 Subway Mortgage bonds of 1907INSURANCE FUND.
1957 heretofore issued by the Philadelphia and Reading The balance to the credit of this fund on Dec.31 1921 was_ _
3963,828 57
60.000 00
Appropriations from income
Railway Company, are in its treasury.
48,673 64
Income from Investments during year 1922

SETTLEMENTS ACCOUNT FEDERAL CONTROL AND
GUARANTY PERIODS.

Settlement was made with the U. S. Government on May
29 1922 in connection with the six months' Guaranty Period
ended September 1 1920, and on June 30 1922 settlement
was also concluded with the U. S. Railroad Administration
for the period of Federal Control ended March 1 1920.
Under the settlement with the Director-General of Railroads, all interest in approximately $12,000,000 of equipment which had been allocated to the Philadelphia and
Reading Railroad in 1918 was relinquished by this Company,
and acquired on behalf of Reading Company through the
creation of an equipment trust, and the Philadelphia and
Reading Railway Company thereupon released by the Director-General of Railroads from all obligations in connection
therewith.

$1,072,502 21
Total
Payments made account fire and marine losses $57,059 27
104.572 95
47,513 68
Reinsurance premiums
8967.929 26
Balance to credit of fund Dec. 31 1922

The Insurance Fund now consists of cash on deposit
amounting to $14,952 80 and marketable securities valued
at $1,037,962 35.
There is a balance of $84,985 89 due the Philadelphia and
Reading Railway Company, representing fire and marine
losses charged the Insurance Fund but not yet reimbursed.
TAXES.

The Philadelphia and Reading Railway Company is called
upon to pay an increased amount of taxes each year. In
1914 it paid taxes amounting to $1,267,503 48, while in 1922
this item had risen to $2,895,357 01, an increase of 128%.
The average annual taxes paid by the Company during
PENSION SYSTEM.
the period from July 1 1913 to December 31 1917 was $1,512,The sum of $244,102 48 was paid out in pensions during 672 32, while for the period from January 1 1918 to Decemthe year ended December 31 1922 under the Company's ber 31 1922 the average was $2,709,730 42, an increase of
pension system.
79%.
FEDERAL VALUATION OF RAILROADS.
The number of pensioners on the roll on December 31
1922 was as follows:
Under the Act of Congress approved March 1 1913, the
-year service employees)_ _
1 physical valuation of the Philadelphia and Reading Railway
Retired under resolution of Dec. 11 1901 (50
Retired at age 70 upon completion of 30 or more years' cqntinuous
401 Company by the Inter-State Commerce Commission was
service
Retired at age 65 to 69 years, upon incapacity after 30 or more years'
111 continued during the year 1922, at a cost to the Company of
continuous service
Retired (irrespective of age and length of service) account incapacity
34 $111,939 88.
resulting from injuries, &c., received while in performance of duty
The total expenditure incurred by the Company on ac547
count of the Federal Valuation was $656,546 30 to December
The number of pensioners who died between January 1
31 1922. These expenditures have been included in oper1922 and December 31 1922 was 52.
ating expenses. The valuation of this Company's property
PHILADELPHIA AND READING RELIEF ASSOCIATION.
has not been completed, nor has the usual tentative valuaThe sum of $47,831 34 was contributed towards the sup- tion report been received from the Federal authorities.
Attention is called to the appended financial report coverport and maintenance of the Philadelphia and Reading Relief Association, the membership of which is composed of ing the details of the Company's operation for the year 1922.
The Board of Directors tenders its thanks to the officers
employees of the Philadelphia and Reading Railway Company and associated companies.
and employees of the Company who have so faithfully and
Under a recent change in the regulations of the Relief efficiently performed their duties during the past year.
Association, the members thereof were extended the privBy order of the Board,
AGNEW T. DICE,
ilege of increasing materially the maximum amount of death
President.
benefits carried by them through the payment of a small sum
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DECEMBER 31 1922.
Cr.
Dr.
34,628,04689
December 31 1921Balance
---6,035.901 05
-- from Income----------------------------------------------------------------- --------------------------------Credit Balance December 3f 1922. transferred- ------------------------------------------ ---- -- ------------------------ ----- -7,96558
-- - Profit on Road and Equipment Sold------ --44.676 99
----------------------------------------------Unrefunciable Overcharges
33.471 89
---------------------------------- -- --Donations
---------------------------------3.622,682 54
Miscellaneous Credits
s
3 5 0
3 .4 5 8
----- --- - 36372 27 i 09
Dividend Appropriation of Yu
Appropriated for Investment--------------------------------------------------------------------------Surplus
---------------------------------506,.93i 82
Loss on Retired Road and Equipment
52
Miscellaneous Debits- _ _ --------------------------------------------------------------------------------- 7,481,888
1922
Balance December 31
814.372.744 94 814,372,744 94
Balance forward to January 1 1923




37.403,888 71

MAY

2403

THE CHRONICLE

26 1923.1

INCOME STATEMENT.

1921.

1922.
Railway Operating Revenue:
-Coal
Freight
-Merchandise
Freight
Passenger
Excess Baggage
Parlor and Chair Car
Mail
Express
Other Passenger Train
Milk
Switching
Special Service
All Other Transportation
Incidental

*40.621.09923
$30,260,680 95
30.555.269 23
37,202,329 81
10,233.085 82
9,950.155 03
18,212 68
19,366 22
4,16800
5,117 74
324,556 26
407,571 88
719,551 28
1,399,202 03
146.669 71
180.976 75
512,976 14
502.078 08
313,583 54
569,759 85
25.055 43
149,448 65
5,747 11
21.963 56
1,444.253 23
1.266.10022
$84.04.227,70
$81,934.750 78

Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General Expenses
Transportation for Investment

$9,770.589 27
20,815.779 46
704.780 74
35.118,614 99
289.135 81
1,886.356 94
223,949 09

$8.679,41701
19,591.116 62
743.529 91
31.113.63732
246.597 39
1,743.020 53
Credit,
61,996 98
62,055,321 80

68,381.308 12

$19,879,428 98

Net Revenue from Railway Operations

$48.582.919 52
,

83,243,765 95

Uncollectible Railway Revenues

$1.728.r7025

13,412 42

Railway Tax Accruals

14,346 98

3,257.178 37
$16,622,250 61

Railway Operating Income
Non-Operating Income:
Rent from Equipment other than Freight Cars
Joint Facility Rent Income
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Income from Sinking and Other Reserve Funds
Miscellaneous Income

$707.226 33
280,169 46
52.884 30
172.894 29
64.033 16
27,879 80
246 80
203.181 08
48.673 64
Dr.1.122.943 32

1,742.617 28
*14,820.30235
$742.861 50
312.145 26
Dr.15 77s 60
Dr.32.274 93
52,420 84
17.117 80
Dr.R34 34
52,232 09
53,789 55
Dr.328,14I 77

434,245 54

853.537 46

$17,056,496 15

Gross Income
Deductions from Gross Income :
llire of Freight Cars (Dr. Balance)
Rent for Equipment other than Freight Cars
Rent for Leased Roads
Joint Facility Rents
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Charges

$15.673.839 75

$969,047 37
2,106.520 87
3,463.107 12
205.364 47
224.175 58
32.736 17
1,944.063 94
16.053 87
198.874 32

$1.018.051 13
1,898,519 55
3,481.502 79
153.071 19
589.393 85
33.168 77
1,953.571 33
13.069 48
37,108 11
9,159.943 71

9.177.456 20

$7,896.552 44

Net Income
Disposition of Net Income:
Income Applied to Sinking and Other Reserve Funds
Income Appropriated for Investment in Physical Property

$8,496.383 55

$48,673 64
1.811.977 75

*53.78955
3.055.961 49
1,860,651 39

3,109.751 04

36.035.901 05

Income Balance Transferred to Profit and Loss

*3.386.63251

BALANCE SHEET DECEMBER 31 1922.
LIABILITIES.
Amount.
Total.
$42.481.700 00
Capital Stock
Funded Debt:
$2,696,000 00
Prior mortgage loan, 1868-1893-1933_
Improvement mortgage loan. 1873-18979.328,000 00
1947
Consolidated mortgage loan. 1882-19225,766.717 00
1937. 1st series
Consolidated mortgage loan, 1883-1933,
535 00
2nd series
8.500,000 00
Debenture loan. 1891-1941
20,000,000 00
Purchase money mortgage 1897-1997
Bonds and mortgages on real estate un57,041 93
matured
P. Sr R. Ry. Co. subway mortgage loan,
2.782.000 00
1907-1957
$159,122,51074

ASSETS.
Investments:
Amount.
Road to June 30 1907
$102.728.454 43
Road since June 30 1907
26.889.668 39
Improvements on leased railway property 23,296,383 46
Deposits in lieu of mortgaged property
sold
274 50
Miscellaneous physical property
1,570,940 97
Investments in affiliated companies:
Stocks
170.200 00
Bonds
2,019,728 12
Advances
2.045.188 88
Other investments:
Stocks
146.483 89
Advances
255,188 10
Total investments
Current Assets:
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and
conductors
Miscellaneous accounts receivable
Materials and supplies
Rents receivable
Other current assets

Total.

Less funded debt held in the treasury.__
3,679.900 94
815 00
15.156 30
1.939,865 27

46.348.293 93
Non-negotiable debt to affiliated companies

3.047.054 76
1(1.519.785 40
7.660.226 44
16.178 87
17.011 04

Total current assets
Deferred Assets:
Working fund advances
Insurance fund
U. 8. Government deferred assets

26,895,994 02

41,506 51
1,052.915 15
451 04

Total deferred assets
Unadjusted Debits:
Insurance premiums paid in advance__
Other unadjusted debits
Total unadjusted debits




49.130.293 93
2.782.000 00

1,094,872 70

451.953 49

Total long-term debt outstanding
Current Liabilities:
Traffic and car service balances payable_
Audited accounts and wages payable___
Miscellaneous accounts payable
Interest matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities

3.715.877 98
7.448.143 71
426.935 04
3.92000
24,500 00
204.876 37
357.423 38
479.128 66

Total current liabilities
Deferred Liabilities:
U. S. Government deferred liabilities_ _
Other deferred liabilities

23.24839
T63,700 01

Total deferred liabilities
Unadjusted Credits:
Tax liability
Insurance reserve
Other unadjusted credits

1.905 43
880.923 96

40.800.242 42

12.800.905 17

186.948 40
2,890.153 07
967,929 20
14.960.282 88

882,829 39

18.8111.385 21
Total unadjusted credits
Corporate Surplus:
Additions to property through income
59.644.251 99
and surplus
7,403.88871
Profit and loss, credit balance
07,048.140 70
Total corporate surplus

$187.996.20685

5187.996.206 85
Correct: ALBERT B. MERCK, Comptroller.

2404

THE CHRONICLE

.{VOL. 116.

WESTINGHOUSE ELECTRIC & MANUFACTURING COMPANY
ANNUAL REPORT—FOR YEAR ENDED MARCH 31 1923

Pittsburgh, Pa., May 19 1923.
To the Stockholders of
Westinghouse Electric & Manufacturing Company:
The Board of Directors submits the following report of the operations of your Company and proprietary companies for
the fiscal year ended March 31 1923, together with the usual financial and other statements as of that date.
INCOME ACCOUNT FOR THE YEAR.
Gross Earnings:
Sales Billed
3125,166,11518
Cost of Sales:
Factory Cost, including all Expenditures for Patterns, Dies and New Small Tools and Sundry Other
Betterments and Extensions; also Depreciation of Property and Plant, Inventory Adjustments and
Depreciation; and all Selling, Administration, General and Development Expenses; and all Taxes_ _ 111,694,831 69
Net Manufacturing Profit
Other Income:
Interest, Discount, Royalties, etc
Dividends and Interest on Sundry Stocks and Bonds Owned

$13,471.283 49
$645,935 95
650,664 85
1,296,600 80

Gross Income from All Sources
Deductions from Income:
Interest on Bonds and Notes Payable

$14,767,884 29
2,504,398 .50

Net Income Available for Dividends and Other Purposes
$12,263,485 79
The bookings of new business steadily increased during the year and the value of unfilled orders at the close of the year
was $61,914,237 as compared with $50,740,696 at the close of the previous year.
Following is a condensed comparative statement of operations for the past six years:
Year Ended March 31.
1923.

Gross Earnings—Sales Billed
Cost of Sales
Net Manufacturing Profit
Other Income

I

1922.

1921.

1920.

I

1919.

I

1918.
—
$125,166,115 $99,722,026$150,980,106$136,052,092;160,379,9431 $95,735,407
111,694,832 93,461,846 138,774,084 120,972,2621 144,667,4021 80,225,937
$13,471,283
1,296,601

$6,260,180 $12,206,022 $15,079,830 $15,712,5411 $15,509,470
3,679,464
1,721,334' 1,623,262
2,673,809
1,325,263

Gross Income from All Sources
Interest Charges, etc

$14,767,8841 $8,933,989 $15,885,486 $16,801,164 $17,335,8031 $16,834,733
3,267,950
3,096,600
1,594,823 . 2,276,795
2,504,398 1
1,429,052
_._
Net Income Available for Dividends and
I
Other Purposes
$12,263,4861 $5.837.389 $12,617,536 $15,206,341 $15.059.008 $15.405.681
STATEMENT OF PROFIT AND LOSS ACCOUNT.

Surplus as of March 31 1922
Net Income for the year

$42,324,084 87
12,263,485 79

Total
$54,587,570 66
Deductions:
Dividends:
On Preferred Stock ____________
_____________
___
i-;19,896 00
On Common Stock ___________________________________________________________5.665,003 00
Miscellaneus—Net______________________________________
___
_____
48,529 29
Total

6,033,428 29

Surplus March 31 1923___________________________________________________________________________$48,554,142 37
The Consolidated General Balance Sheet appears on the next page.
The increase in Property and Plant account is chiefly due to the acquisition of a plant located at Sharon, near Pittsburgh, Pa., in which it is planned to concentrate the manufacture of transformers, and the purchase from the Emergency
Fleet Corporation, of approximately two hundred dwelling houses located near your works at South Philadelphia, Pa.
These houses are now being offered for sale to employees in the South Philadelphia Works. No important additions to the
present manufacturing facilities are at present contemplated.
You were notified by circular letter dated April 5 1923 of an offering of $14,962,530 common stock to provide additional working capital. The payments for this stock are due on or before May 21 1923, and will place the Company in a
strong cash position.
The relations between the Company and its employees are satisfactory. Under the Company's Insurance and Savings
Plan 66% of the number of employees on March 31 1923 owned insurance of $500 or more each. Since the inauguration
of the plan, death benefits aggregating $524,500 have been paid to the beneficiaries of 574 employees. The deposits by the
employees in the "Savings Fund" are accumulating at a rate in excess of $100,000 a month and the total savings at this date
are in excess of $2,000,000. The savings are invested for the benefit of the employees under the direction of your Board
-of Directors and are not used in any way in the Company's operations.
The Krantz Manufacturing Company, Inc., which has heretofore appeared in the annual report as one of the proprietary companies, has merged its business with the Parent Company.




2405

THE CHRONICLE

MAY 26 1923.]

were audited by Messrs. Haskins & Sells,
y
The books and accounts of the Company and the proprietar companies
reproduced below.
Certified Public Accountants, and their certificate is
its appreciation of the general devotion to the Company's
The Board of Directors has pleasure in hereby expressing
the officers and employees.
interest evidenced throughout the year on the part of
By.order of the Board of Directors.
GUY E. TRIPP, Chairman.

Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Dallas

Denver
Detroit
Kansas City
Los Angeles
Minneapolis
Newark
New Orleans

Tulsa
Watertown

New York
Philadelphia
Pittsburgh
Portland
Saint Louis
Salt Lake City
San Francisco
Seattle

HASKINS & SELLS
Certified Public Accountants
Farmers Bank Building
Pittsburgh.

Havana
London
Paris
Shanghai

May 10 1923.

To the Board of Directors,
Westinghouse Electric & Manufacturing Company,
New York.
the Westinghouse Electric &
We have made an audit for the year ended March 31 1923 of the books and accounts of nal Company, Westinghouse
companies,. viz.: Westinghouse Electric Internatio
Manufacturing Company and its proprietary
Company, Westinghouse High Voltage
Lamp Company, The Bryant Electric Company,,Westnghouse Electric ProductsManufacturing Company,Incorporated,
Pittsburgh Meter Company, Krantz
Insulator Company R. D. Nuttall Company,
Westinghouse Company.
and New England'
or by proper certificates from
We have verified the stocks and bonds owned and the cash and notes receivable by count
records for accounts receivable.
depositaries, and have examined the detailed
to cover any probable losses
We consider the reserves created for notes receivable and accounts seceivable to be sufficient
therein.
work in progress were taken
The inventories of raw materials and supplies, finished parts, completed apparatus, and
or less.
under our general supervision and are valued at cost
ted General Balance Sheet of March 31 1923 and
We hereby certify that, in our opinion, the accompanying Consolida are correct; and we further certify that the books
for the year so ended
Consolidated Statement of Income and Profit and Loss
of the companies are in agreement therewith.
HASKINS & SELLS,
Certified Public Accountants.
COMPANIES.
WESTINGHOUSE ELECTRIC & MANUFACTURING COMPANY AND PROPRIETARY
CONSOLIDATED GENERAL BALANCE SHEET MARCH 31 1923
ASSETS.
Property and Plant:
Factory Plants—Real Estate, Buildings, Equipment. &c_ $50,055,472 58
Investments:
Stocks Bonds. Debentures. ate., of other Companies, including those of European and Canadian Companies__ $16,174,468 32
Current Assets:
37,797,890 51
Cash
50,800 00
United States Bonds
Cash on deposit for Matured Bonds, Coupons and Divi60,632 88
dends
6,808,497 05
Notes Receivable
23,204,842 95
Accounts Receivable
Finished
Inventories—Raw Materials and Supplies.
Parts and Machines, Work In Progress, Goods on Consignment and Apparatus with Customers—valued at 68,971,104 42
cost or market values
3106.893.767 81
Total Current Assets
Other Assets:
Patents, Charters and Franchises
Insurance, Taxes, &c., paid In advance
•
Total Other Assets

LIABILITIES.
Capital Stock:
Preferred
Common

¶74,812,650 00

Total Capital Stock

Funded Debt: 330.000.000 00
Seven Per Cent Gold Bonds due May 1 1931
•
Westinghouse Machine Co. Issues:
First and Refunding Mortgage Bonds, due Nov. 1 1940 6,179,000 00
68,000 00
Five Per Cent Bonds, due May 1 1926
136.247,000 00
Total Funded Debt
Current Liabilities:
Accounts Payable
Interest, Taxes, Royalties, &c.. Accrued, not due
Dividend on Preferred Stock, payable April 16
Dividend on Common Stock. payable April 30
Advance Payments on Contracts •
Subscriptions to Securities
Matured Bonds, Coupons and Dividends

$4,494.401 90
1,080.443 55
.35,574.84545

33.998.700 00.
70.813.950 00

$16,607,025 25

Total Current Liabilities

32.477.73654

Reserves

348.554,142 37

Profit and Loss—Surplus
Total

$178.698,554 16

•

88.221,043 59
4,518.762 66
79.974 00
1,416,279 00
2,160.333 12
150.000 00
60,632 88

3178.698.554 16

Total

MARCH 51 1923.
C.ONSOLIDATED STATEMENT OF INCOME AND PROFIT & LOSS FOR THE YEAR ENDED
Gross Earnings:
$125,166,115 18
Sales Billed_ _ _ _ _______________________________________________________________ _ ____________
Cost of Sales:
Factory Cost, including all Expenditures for Patterns, Dies and New Small Tools and Sundry Other
ts and
Betterments and Extensions; also depreciation of Property and Plant, Inventory Adjustmen
_ 111,694,831 69
Depreciation; and all Selling, Administration, General and Development Expenses; and all Taxes_
_______________ $13,471,283 49
Net Manufacturing Profit ______________________________________________________
Other Income:
$645,935 95
Interest, Discount, Royalties, etc ________________________________________________
650,664 85
Stocks and Bonds Owned
Dividends and Interest on Sundry
1,296,600 80
Gross Income from All Sources _________________
Deductions from Income:
Interest on Bonds and Notes Payable

__

Net Income Available for Dividends and Other Purposes
Profit 8c Loss Credits:
Profit & Loss—Surplus, March 31, 1922
Gross Surplus
Profit & Loss Charges:
Dividends on Preferred capital Stock _ _ ________________________ - _________________ 8319,896 00
Dividends on Common Capital Stock ____________________________________________ 5,665,003 00
48,529 29
Miscellaneous (Net) ____________________________________________________________
Surplus per Balande Sheet




$14,767,884 29
2,504,398 50
12,263,485 79
42,324,084 87
$54,587,570 66

6,033,428 29
$48,554,142 37

2406

THE CHRONICLE

[VOL. 116.

PORTLAND RAILWAY LIGHT AND POWER COMPANY
ANNUAL REPORT TO THE (STOCKHOLDERS—FOR THE YEAR ENDED
DECEMBER 31 1922.
Portland, Oregon, March 28 1923.
To the Stockholders of the Portland Railway, Light & Power
Company:
Herewith we submit the Annual Report of this Company
for the calendar year 1922.

The groseearnings of the Company increased $198,656 00.
Operating expenses increased $4,968 00 and net surplus
increased $133,181 00. We believe it reasonable to assume
that railway earnings during 1923 will be at least as high as
in 1922, and there is every indication that the earnings of
the Light and Power Department, both gross and net, will
in 1923 materially exceed the results for 1922.

COMPARATIVE EARNINGS STATEMENT.
1922.
1921.
Increase, %
Gross Earnings
810,120,898 $9.922,242 $198,656 2.00
RAILWAY DEPARTMENT.
(This was the total earnings from
all public service operations. InThere were no changes in rates of fare on the railway
chiding net e arnings from property
systems of the Company during the year and there were
not used in public service.)
Operating Expenses
5,330,261 5,325,293
4,968 .01 no changes in the wage schedule of the employees of this
(This wasthe cost of wagesand materials used in operating and maindepartment. The railway system was well maintained and
taining the Company's property,
the policy of improvement of tracks and equipment was
Insurance premiums.damages,&c.)
Taxes
881,757
831,9710 49,787 5.98 continued throughout the year. During the year we con(This was the amount set aside for
national, State, city and county
cluded the purchase of twenty-five one-man Birney cars
taxes.)
from the United States Shipping Board, which were leased
Bridge Rentals
109,238
117,677
*8,439 *7.17
(This was the amount payable to
to us during the war period. The equipment of the city
cities and counties for franchise
lines is now adequate for present traffic requirements, and
fees and for the privilege of operating cars over the Willamette River
it is anticipated that improvements in this branch of our
and Columbia River Bridges.)
Total Operating Expenses. Taxes
operations will during 1923 be confined to reconstruction of
and Bridge Rentals
$6.321.256 16.274.940 $46,316 .07
tracks where necessary. No extensions of city lines are at
Net Earnings
13.799,642 13.647.302 1152.340 4.18
(This was the amount left for inthis time in contemplation. We are maintaining an adeterest on Indebtednes. depreciation, dividends and surplus.)
quate service and the city street railway department during
Interest on Bonds
1,895,576 1.740,291 155,285 8.92 the year earned more than sufficient to pay
its proportion
(Interest on Company's bonds in
hands of investors.)
of fixed charges. Because of the greatly increased cost of
Balance over Interest on Bonds__ -- $1,904,066 $1,907,011 *$2.945
*.15 operating the Railway Department is still providing an
Other Deductions
231,318
367,442 *136,126'37.00
(This was the amount of interest
inadequate return on the equity of the stockholders in the
on unfunded debt and street improvementassessmentsless interest
railway property, and improvement in this department may
charged toconstruction,proportion
be expected to result from a continuance of the policy of
of bond discount applicable to the
year, and Federal and State taxes
building up traffic density along existing lines of street railon bonds refunded to holders.)
Balance over Interest and Other
way. Extensions of the street railway system cannot reasonDeductions
$1.672.750 $1,539.569 $133.181 8.66 able be expected until the lands
adjacent to existing lines
x Depreciation
717,386
(This was the amount set aside for 717,386
become more fully occupied. The average hourly wage
the year to cover wear and tear on
plants. mach'y & other property.)
scale of employees of the Railway Department is still more
Balance
$955.364 $622.183 $133.181 16.20 than 100% higher than the wage scale in force January 1st
Less Dividends:
1922.
1921.
1917. Street and interurban railway systems throughout
On Prior Preference Stock_ 232.543
the country have been struggling against popular opposition
On First Pre
,
.
ferred Stock_ 375.000 1318,750
in the matter of rates of fares, but your directors believe that
407.543
318,750 88,793 27.86
with the increasing knowledge of the facts public opposition
Net Balance to Surplus
$547,821 $503,433 $44,388 8.82 to fair treatment of railway
systems is gradually being
* Decrease.
eliminated. In Portland much of this change of sentiment
x There was expended for renewals and replacements (not
Included In may be attributed to the increasing interest of investors in
maintenance charges) and charged to Depreciation
Reserve 8471,637 91
the Company's securities and to the efforts of Company
In 1922 and $369.758 71 in 1921.

General business conditions in and about Portland have
been steadily improving since the spring of 1922, which
improvement has resulted in materially increasing the
demand for the service furnished by your Company. During
the year the number of consumers of electric energy served
by your Company increased 5,277 and on December 31st
the electric consumers had reached a total of 62,754. A
similar rate of increase for the past six years is shown by
the following chart:
65.000
LIGHT

1917

AND POWER CONSUMERS

1918

9'9

1920

1921

1922

employees at all times to give competent and courteous
service.

1918.
Kilowatt hours sold
139.860,803
Connected load in kilowatts December 31 (exclusive of Company
railroad load)
105.766
Number of Light and Power customers December 31
44.974
Earnings of Light and Power Department
Gross
$2,397.553 90
Generation for all purposes (including Company Railway),
Total
In kilowatt hours
258,424,940




LIGHT AND POWER DEPARTMENT.

The growth of this department has been very gratifying.
The year did not bring any new consumers of magnitude,
but there were added to the service of the Company a large
number of small industrial loads and the greatest number
of new residences ever connected to the Company's lines in
a single year. Increased output of electric energy for power
purposes was largely due to increased consumption by existing industrial concerns. There are in prospect for 1923
several large installations, but it is apparent that the growth
60.000 of this department for 1923 will, to a great extent, reflect
enlargements and additional requirements of a considerable
number of existing industrial consumers as well as a con55.000
tinuation of the increase in residence load.
One of the most interesting developments of light and
50.000 power service has been the increase in consumption of energy
in the average residence in Portland, which, during the last
years, has more than doubled. The efficiency and
f5.000 five
utility of electrical appliances now being manufactured,
coupled with the convenience and cheapness of the service,
.10.000 may be counted upon for a steadily increasing average
residence consumption of electric energy.
The growth of the light and power department is indicated
.35.000
by the following comparative table:
1919.
153,841.376

1920.
167.374,143

1921.
173,018,239

112,979
48.361
$2.931,520 99

125.877
53.285
$3,268,769 23

133,826
57,477
$3,478,834 47

143.218
62.754
118.790.103 00

271.600,300

292.023,900

297.950,100

123.645.100

1922.
188,333,469

MAY 26 1923.]

2407

THE CHRONTCLE

Work on the installation of the Oak Grove hydro-electric
development of the Company progressed steadily throughout
the year and is being pushed vigorously with the expectation
of completion of the first unit in the summer of 1924. During
the year a new 5,250-k.v.a. unit was installed in the Bull
Run hydro-electric plant of the Company, bringing the
installed capacity of that station to a total of 21,000 kilowatts. The steam generating plant, located at North Port
land and formerly known as Station N, was during the year
moved to Salem and installed at that point to aid in caring
for the increasing load in the Willamette Valley district,
and to supplement the two transmission lines of the Company connecting Salem with the other plants operated.
Many other improvements in the substations, transmission and distribution systems of the Company were made
to care for increasing business and to maintain depend-

Street paving assessments against the Company are paid
in the same manner as assessments for street paving against
private property, in annual installments.
Deposits in Sinking Funds to retire bonds amounted to
$847,900 00. In addition there was added $190,972 50 as
interest earned on bonds held uncanceled in the Sinking
Funds. Purchase of Company bonds for Sinking Funds,
computed at par value, were as follows:
Portland General Electric Company 1st Mortgage 5% Bonds,
*75,00000
due 1935
Portland Railway Company 1st and Refunding Mortgage 5%
168,000 00
Bonds, due 1930
Portland Railway, Light & Power Company 1st Lad Refunding
411 700 00
Mortgage 5% Bonds, due 1942
Portland Railway, Light & Power Company 1st Lien and Re416.50000
funding Mortgage 7%% Bonds, due 1946

The Portland General Electric Company Bonds and First
Lien and Refunding Bonds were canceled while the othel
bonds purchased are held alive in the Sinking Funds, the
income from them being used to acquire additional bonds.
able service.
Because of the rapidly increasing load in this department On December 31st, 1922, there were held in Sinking Fund
your directors have authorized a further increase in the Investments:
51,492.000 00
capacity of Station L steam station in Portland, and there Portland Railway Bonds of 1930
Portland Railway, Light & Power Company Bonds of 1942 2.720.300 00
will be added to that station, prior to the low water season
During the year, in accordance with the provisions of the
of 1923, an additional 6,000 kilowatt turbo-generator with
First Lien and Refunding Mortgage, $670,000 in par amount
its operation.
the additional boiler capacity required for
of First Lien and Refunding Bonds were issued in lieu of
The improvements made in existing hydro-electric stations
a like amount of underlying bonds purchased for the Sinking
and the increases made in steam generating stations during
Funds.
1922 and now in contemplation for 1923, your directors beThe following is a comparison of the outstanding funded
lieve, will provide for all demands upon the Company until
31st, 1921,
hydro- and floating debt of the Company on December
the completion of the first unit of the Oak Grove
and December 31st, 1922.
electric plant in 1924.
ADDITIONS TO PLANT AND PROPERTY ACCOUNT.
Expenditures for betterments during the year 1922 were
the heaviest in recent years, aggregating $3,525,832 04,
divided as follows:
Gross
Net
Sates and
Additions.
Expenditures. Retirements.
Railway Extensions and Improvements
$112,425 75
2204.237 05 $91,811 30
Cars
155.171 52
153,013 49
2,15803
Power Plants, Substations, &c- 2.088.815 64 388,640 24 1,700,175 40
Wire Lines and Service
566.809 71
631,878 51
65.068 80
Transformers and Meters
199.379 61
214,342 24
14,962 63
Salem Gas Plant
3.234 37
3,992 37
758 00
Real Estate, Buildings and
Miscellaneous
179,642 04
227,394 71
47,752 67
$3,525,832 04 $611,151 67 $2,914,680 37
It will be noted that practically 90% of the construction
expenditures made in 1922 were for the benefit of the Light
and Power Department and were occasioned and justified
by the steady growth of that department.
Your directors have authorized construction expenditures
in 1923 of more than $5,000,000 00, which will be expended
in practically the same ratio as between Railway and Light
and Power as in 1922.
GENERAL AND FINANCIAL.
The new financing of your Company during 1922 consisted
of the sale of $1,101,900 00 of 7% Prior Preference Stock
and the sale, in September, 1922, of $2,500,000 00 of First
Lien and Refunding 6% Bonds. All proceeds of new financing were expended for betterments and additions to the
Company's property.
On December 31st, 1922, the Company had 1181 stockholders of its Prior Preference Stock, of whom 996 were
residents of Oregon. In addition 1,244 purchasers were at
that date paying for the stock on installments. The sale
of this security, through the Investment Department
maintained by the Company, is continuing, and the distribution of this stock in Oregon is increasing daily. In
addition to the distribution of Prior Preference Stock through
the Investment Department of the Company, the Company has, this month, sold $1,000,000 00 of Prior Preference
Stock to The National City Company of New York City
and your directors are advised that in the resale of this stock
by the National City Company it has been largely placed
on the Pacific Coast. The growing interest and confidence
of investors in the securities of the Company is certain to
produce satisfactory results to both the investors and the
communities served. The Prior Preference stock was offered first on January 23rd, 1922, at $96 00 per share and
on October 1st, 1922, the price was increased to $98 00
per share, at which price the stock is now being sold. The
requirements of the Company for the construction program
of 1923 will be provided through the continued sale of Prior
Preference Stock and by the issuance of further First Lien
and Refunding Bonds.
During 1922, there was an increase in street paving assessments of $59,310 39 and a payment during the same period
of $98,090 56, a net reduction of $38,780 27.




OUTSTANDING IN HANDS OF PUBLIC.
Dec. 31 1922.
Dec. 31 1921.
Portland Railway,Light & Power Company
1st and Refunding'Bonds. 1942
613,990,400 00 $13.578,700 GO
Portland Railway Company 1st and Re7.031,00000
funding Bonds. 1930
7.180,00000
City & Suburban Railway Company Bonds,
1,290.000 00
1930
1.290.000 00
Portland General Electric Company let
7,363,000 00
Mortgage Bonds, 1935
7.438,000 00
16,107 46
Bills Payable
110.6on 00
268,577 34
Paving Assessments
307.357 61
First Lien and Refunding Mortgage Bonds,
7.620,500 00
1946 and 1947
5,537.000 00
Portland Railway. Light & Power Compgry
1,116,980 00
Notes, due March 1st 1926
1,104.82500
$36.958.082 61 $38.284,864 80
During the year dividends at the rate of 7% per annum
were paid on all fully-paid Prior Preference Stock issued,
the amount of the dividends being $32,543. There was
also paid during the year dividends at the rate of 6% per
annum on $6,250,000 00 of First Preferred Stock of the
Company, amounting to $375,000 00.
On December 31st, 1922, the authorized and issued stock
of the various classes was as follows:
Authorized.
Prior Preference Stock
310,000,00000
First Preferred Stock
7.500,000 00
Second Preferred
5.000,000 00
Common Stock
20.000,00000

Issued.
$1,101,900 00
6.250.000 00
5,000,000 00
11.250.00000

642,500,000 00 $23,601,900 00
Comparative Balance Sheet as of December 31st, 1921
and 1922 is appended.
By Order of the Board of Directors.
Respectfully submitted,
FRANKLIN T. GRIFFITH,
President.
BALANCE SHEET AS OF DECEMBER 31 1921-1922.
DEBITS.
1922.
1921.
Plant, Property and Equipment
3
$59,590.516 54 $62, 2,A 91
Securities Owned
02
405.082 25
U. S. Government 45.1% Treasury Bonds,
300,000 00
1947-52
Bonds in Treasury Deposited as Collateral
Under 1st Lien and Refunding Mortgage 7,512.000 00
9,380.000 00
Supplies
695.232 88
565,630 30
Bond and Note Discount being Amortized 1,900.404 86
2,016.010 16
Deferred and Suspense Items
89.235 66
150.437 97
Cash
405.722 60
472,071 58
Bond Sinking Fund Investment
8,692.737 79 4,282.735 07
Bills and Accounts Receivable
617,479 30
710.635 09
Subscriptions to Prior Preference Stock payable monthly by Employees and others_
99,476 34
Deposits with Trustee account Mortgage
Property Bold
30,141 40
5,613 37
Total

$74,838.553 28 $80,876,099 81

CREDITS.
Prior Preference Stock
First Preferred Stock
$6.227.400 00
Second Preferred Stock
5,000.000 00
Common Stock
33 000 00
0 :825 00
5
0
Funded Debt ($7,512.000 in Treasury).- 41
17
Funded Debt ($9,380,000 in Treasury).
Bills Payable
110,500 00
Accounts Payable
508.230 84
Paving Assessments Payable in Yearly
Installments
307,357 61
Renewal and Maintenance Fund
Accrued Accounts
7
7A
Suspense Accounts
324,378 72
Surplus
139.998 62

1:231:3?

Total

$1,101,900 00
6,250.000 00
5,000.000 00
11.250.000 00
61,592.480 00
16.107 46
466.540 80
268.577 34

1:3g1:2,12 8S'
687.601 34
567.488 14

$74.838.553 28 $80.876.099 81

2408

THE CHRONICLE

[VOL. 116.

COSDEN AND COMPANY
(DELAWARE)
AND SUBSIDIARY COMPANIES
ANNUAL REPORT 1922.
To the Stockholders, Cosden tic Cotnpany:
LIABILITIES.
Appended hereto is Consolidated Balance Sheet of your Reserve for Depreciation of Refineries, Pipe Lines, Office
Buildings, Gasoline Plants, Tank Cars, Scc
$14.837.334 06
Company and Subsidiaries as of December 31 1922, together
with details of Surplus Account and operations for the Capital Stock
7% Cumulative Convertible Preferred Stock (Par Value
of Shares $100 00 Each)
year 1922.
Authorized
Through sale of 187,406 shares of common stock to its
$7,000,000 00
Unissued
1,29000
stockholders in October 1922 the Company provided for the
Issued
redemption of its entire bonded indebtedness. It has long
$6,998,710 00
Converted into Common Stock
2,000 GO
been the desire of your Directors to eliminate the Company's
Outstanding
funded debt and the management is gratified that this has
6,996,710 00
Common Stock Without Par Value—
now been accomplished,leaving the earnings of the Company,
Authorized
1,400.000 Shares
stock dividend requirements, available
except for Preferred
Unissued
95,137 2-5 "
for the Common shares without the burden of heavy sinking
Issued
1,304,862 3-5 "
charges as in the past.
fund and interest
Held for Conversion of
Bonds
It will be observed from the Balance Sheet that after
108,258 Shares
Reserved for Undeposited
providing for redemption of the Fifteen-Year Six Per Cent
Shares of Atlantic PeBonds of the Company called January 1
Sinking Fund Gold
troleum Corporation_
971
109,229
1923 the Company shows Current Assets of $14,872,901 35,
Outstanding
1,195,633 3-5 "
Liabilities of $4,827,821 35, which Liabilities
against Current
included the dividend payable February 1 1923 on the Minority Shares of Subsidiary Companies at Book Value 34.107,420 38
(Held by Public)
107,774 08
Common Stock.
Lease Purchase Obligation Payable in Capital Stock
1,700,000 00
The operations of your Company show Net Income after Royalties Held in Trust
194,636 47
Taxes but before Depreciation, Depletion and Leasehold Current Liabilities—
Cosden & Company (Delaware) 15-Year 6% Convertible
Development Cost of $12,403,900 84. After payment of
Sinking Fund Gold Bonds called for Redemption
dividends on the Preferred and Common stocks aggregating
January 1 1923 at 110.
Face Amount
$3,860,496 72 there was, in accordance with the usual liberal
$5,648,000 00
Premium
564,800 00
policies of the Company respecting conservative book values,
charged off a total of $6,928,872 13 for Depreciation,
$6,212,800 00
Notes Payable to Bankers (Unsecured)_ __ _
750,000 00
Depletion and Development Cost.
Accounts Payable
Accrued Interest, State. Local and Federal 1,970,631 78
The large appreciation in value of properties discovered
Income Taxes
871,988 67
and developed during the year has not been reflected on
Preferred Dividends Accrued
40,825 70
Common Stock Dividend Payable Febthe books of the Company and it is the view of the manageruary 1 1923
ment that the value of the properties is largely in excess of
1,194,375 20
11,040,621 35
the figures at which carried on the books.
Bonded Indebtedness—
The Company has begun the year 1923 under the most
Cosden & Co. (Oklahoma) First Mortgage ciinking Fund
Convertible 6% Gold Bonds called for Redemption
favorable conditions. Its Financial Statement discloses an
April 1 1923 at 105.
exceptionally strong situation without bonded indebtedness,
Face Amount Outstanding in Hands of Public
35,500 00
its production is the largest An its history, conditions and Purchase Money Obligations—
operations are satisfactory and the outlook for the year 1923
Car Trust Equipment Notes
$8,61342
Lease Purchase Obligations
646,501 67
is favorable.
655.115 09
At a meeting of the Board of Directors of your Company Items in Suspense and Deferred Credits—
held March 23 1923 a resolution was adopted recommending
Items in Suspense—Net (Subsidiary
Companies)
$80,529 51
to the shareholders an increase in the Common Capital
Deferred Credits
1,732 15
stock of the Company from 1,400,000 shares without par
82,261 66
value to 3,000,000 shares without par value.
Surplus—
Unrealized Portion of Surplus Arising from
The Board of Directors regard this increase in the authorAppreciation in Value of Oil Reserves_ _ _ $9,356,613 41
ized Common shares advisable as only a small amount of
Surplus Arising from Operations
stock remains available for issue. While no sale of this
Deduct—Proportion Appli-$14,377,531 39
stock is contemplated,it is desired to have the stock available
cable to Stock of Subsidifor corporate purposes as occasion for its issue may arise.
ary Companies Held by
Public
21,524 08
As the proposed increase will require the affirmative vote
14.356,007 31
of a majority of the stock outstanding and entitled to vote,
23,712,62072
the Stockholders are requested promptly to sign and return
$93,469,993 81
the enclosed, proxy without delay.
By order of the Board of Directors,
COSDEN & COMPANY (DELAWARE) AND SUBSIDIARY COMJ. S. COSDEN, President.
PANIES—CONSOLIDATED OPERATING SURPLUS
New York City, May 14 1923.
ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1922.
Consolidated Operating Surplus December 31 1921
814.044,004 15
COSDEN & COMPANY(DELAWARE)& SUBSIDIARY COMPANIES Additions for the Year 1922—
CONSOLIDATED BALANCE SHEET AS OF DEC. 31 1922.
Income:
Income from Refining,
ASSETS. •
Production and TransCapital Assets:
portation
Leaseholds Developed:
Interest on Bonds of and$42,732,077 89
$27.667,807 31
Oil Reserves (at cost)
Loans to Subsidiary
Less Reserve for Depletion
Companies
948.64347
10,100,827 56
Based on Cost
Miscellaneous Income_ _ _ _
755.669 26
Remainder
S17,566,979 75
$44,436,390 62
28,161,786 15
Appreciation
Expenditures:
Less Reserve for Depletion
Cost of Refining, ProducBased on Appreciation__ 18,805,172 74
and Transportation$28,411,112 47
tion
Remainder
9,356,613 41
General and Administrative Expense
1.842.477 41
Total Net Value of Oil Reserves
26,923,593 16
Interest and Discount_
499,802 86
Equipment and Improvements
9,425,937 02
Interest on Bonds owned
and loans from Cosby
Total T •aseholds Developed
den & Co. (Delaware). 948,643 47
36,349,530 18
Leaseholds Undeveloped
Federal Income Tax
330,453 57
Refineries, Pipe Lines and Miscellaneous 5.630.352 43
32,032,489 78
Equipment
23,161,644 70
Office building
971.368 89
Income after Taxes, but before DepreNet
Gasoline Plants
1,151,611 46
ciation, Depletion and Leasehold DevelTank Cars
3,653,327 45
opment Cost
812.403,900 84
Deductions:
$70,917,835 11
Investments in Affiliated Companies
Dividends on Preferred
792,567 75
Cash in Hands of Sinking Fund Trustees
255,310 23
Stock
Dividends on Common $393,337 26
Deferred Charges:
Stock
Prepaid Insurance and Deferred Expense
223,942 90
Depreciation, Depletion of 3,467.159 46
Cash Deposit for Royalties Held in Trust
194.636 47
Oil Reserves (based on
Current Assets:
cost) and Leasehold DeCash in Banks and on Hand
11,255,507 16
velopment Cost
6,928,872 13
Crude Oil (at cost)
441,951 83
10.789,368 85
Refined Oil (at cost)
3,076,500 33
$1,614,531 99
Material and Supplies (at cost)
2,009.447 61
426,664 67
Notes Receivable
$15,658,536 14
Receivable (after providing for
Accounts
Deduct:
doubtful items)
3,875.629 75
Commission on Capital Stock Sold and Premium on
Redemption of Bonds
21,085,701 35
1,281.004 75
$93,469.993 81 Consolidated Operating Surplus as per Balance Sheet
$14,377.531 39




2409

THE CHRONICLE

MAY 26 19231

GENERAL MOTORS CORPORATION
REPORT TO THE STOCKHOLDERS FOR THE CALENDAR YEAR ENDED DECEMBER 31 1922.
Due to a typographical error in the balance sheet as published in our issue of March 24 1923, we again print the same
so as to correct our records.
GENERAL MOTORS CORPORATION AND SUBSIDIARY COMPANIES CONDENSED COMPARATIVE CONSOLIDATED
BALANCE SHEET AS OF DECEMBER 31 1922 AND 1921.
ASSETS.
Dec. 311921.
Dec. 31 1922.
Current and Working Assets$27.872,722 92 $40,057,401 53
Cash in banks and on hand
5.22804
3,95000
United States Government Bonds
27,009 31
29,618 10
Marketable securities
Sight drafts against B IL attached and
4.677,241 39
13,179,664 05
C.0. D
4,794,978 99
4,455,042 33
Notes receivable
Accounts receivable and trade acceptances,
less reserve for doubtful accounts (in
1922, $1,431,143 55; in 1921. $1,078.17,866,071 83
15,921.934 93
772 26)
Inventories at cost or market, whichever
*117,417,823 05 108,762,625 35
is lower
1,944,988 35
1,358,404 98
Prepaid expenses
Total Current and Working Assets---$180,239,160 36 $178,135,544 79
Fixed Assets
Investments in allied and accessory com$57,293,864 72 $56,377.031 68
panies, etc
General Motors Corporation common and
3,889.799 51
3,275,432 65
in treasury
debenture stock held
255,207,970 82 248,593,751 60
Real estate, plants and equipment
4.609,677 87
3,947,794 49
Deferred expenses
22,370,811 06 22,438,401 22
Goodwill, patents, copyrights. etc
Total Fixed Assets

$342,095,873 74 $335,908,661 88

Total Assets

$522,335,034 10 $514,044,206 67

-down for taking
*At some plants demand for product precluded shut
physical inventory. At such points book values are used, careful scrutiny
having led to the conclusion that these values are conservative.

LIABILITIES. RESERVES AND CAPITAL.
Dec. 31 1921.
Dec. 31 1922.
Current Mobilities,
$34,812,441 20 315.640,429 41
Accounts payable
48,974,996 29
Notes payable
Taxes, payrolls and sundries accrued net
15,894,778 40
16,166,563 70
due
1,650,821 93
Federal taxes
Accrued dividends on preferred and deben1,043,763 07
1,133,096 23
ture stock, payable Feb. 1
$53,762,923 06 $81,553,967 17
Total Current Liabilities
Purchase money mortgages ($100,602 12
$1,279,750 12 $1,475,592 82
due in 1923)
Purchase money notes. account Fisher
Body Comoration stock purchase ($1.4.000,000.00
1.000.00000
000.00000 due Aug. 1)
$2,279.750 12 35,475.592 82
Reserves
For depreciation of real estate, plants and
$50.827,907 11 $37,527,774 94
equipment
2.171,88500
1,143,962 50
For employees' investment fund
3,139.579 72
7,016,667 35
For sundry contingencies
17,630 87
1,344,098 70
For bonus to employees
.
For anticipated losses and unforeseen con14,000.000 00
tingencies of prier years
2,499,261 00
For completion of office building
Total Reserves
$60,332,635 66 359,356,131 53
Capital Stock
332,181,600 00 $26,931,600 00
Debenture stock 7
60,801,000 00 60,801,000 00
Debenture stock 6%
16,183.400 00
16,183,400 00
Preferred stock 6%
Common stock, no par value:
20.557,750 shares issued and outstand205.577.500 00 206,456,575 25
ing at $10 00 per share
7,400 00
700 00
Common stock ($100 par value)
Total Capital Stock
$314,744,200 00 3310.379,975 25
Interest of minority stockholders in subsidiary companies with respect to capital
1,464,379 44
1,278,662 18
and surplus
Surplus over and above $10 00 per share of
55,814,160 46
no par value common stock
89.936,863 08
Total Capital Stock and Surplus
$405,959,725 26 $367,658,515 15
Total Liabilities, Reserves and Capital_41522,335,034 10 8514,044,206 67

-New Directors, &c.
Wright Aeronautical Corp.

-Listing.
Westinghouse Air Brake Co.
The Pittsburgh Stock Exchange has authorized the listing of 204,161
additional shares of capital stock, par $50.-V. 116, p. 1908.

Westinghouse Elec. & Mfg. Co.
-Contracts-Bookings.

W. A. Harriman and Charles L. Lawrence have been elected directors.
This addition to the board follows the recently announced acquisition by
Wright Aeronautical of the assets and business of the Lawrance Aero
Engine Corp.. manufacturers of air cooled motors. The absorption of
the Lawrence Co. gives the Wright Aeronautical Corp. a broadened market
for its products, which will now comprise a full line both of water cooled
and air cooled airplane motors. Mr. Lawrance has also been elected Vice-V. 116, p. 2286.
President of the Wright Aeronautical Corp.

The City Council in Detroit has approved contracts for $1,254,000, with
the Westinghouse Electric & Mfg. Co., for four 20,000 k. w. power units
for the new $12,000.000 power plant to be constructed by the city. The
West Penn Power Co.recently placed an order with the company amounting
to over $1.000,000.
-on-Hudson, N. Y.
Bookings In April, not Including the Virginian By. electrification conZinsser & Co., Inc., Hastings
tract (V. 116, p. 2008) were $17,741,000, against $17,828,000 in March. Bonds Offered.
-Stanley & Bissel, Chicago, are offering at
(See also V. 116, p. 1773.)
Kuhn, Loeb & Co. and the Chase Securities Corp., syndicate managers par and int. $500,000 1st (Closed) Mtge. 7% Serial Gold
of the offering of $14,962,530 Common stock to shareholders, confirm bonds.
that all of this stock not taken by the shareholders has been disposed of.
Dated April 1 1923, due semi-annually Oct. 1 1923 to April 1 1938 inch
V. 116, p. 2286, 2250.
Int. payable A. & 0. at Union Trust Co., Cleveland, without deduction of
-mill tax refunded. Denemnormal Federal income tax of 2%. Penn. 4
Wickwire Spencer Steel Corp.-Bal. Sheet Mar.31 1923.
$1,000. $500, $100 c*. Callable all or part on Oct. 1 1923 at 10736 and
[Including American Wire Fabrics Corp.]
int, and thereafter on any Int, date at a price decreasing at the rate of
Liabilities
Assets$7,681,700 of 1% each year plus int. Wilbur M. Baldwin, trustee.
RI. est., &c.,less deprec_$23.419,828 1st Preferred stock
Data from Letter of President F. G. Zinsser April 6 1923.
Surplus assets rep, by
Organ. exp., pats., bond
Company.-Organtzed in 1897 in New York. Business is the manufacture
434,800 shares of no
discount, &c
2.389,439
6.491,149 and sale of chemicals used in the photographic industry, for medicinal
par value
997.006
(lash
1,775.000 purposes, cotton dyeing, calico printing, for the dyeing of woolen and
-'Year 73.i% notes.._ _
10
Customers' notes & trade
12,831,160 worsted goods and for wood preservatives.
65,961 1st Mtge bonds
acceptances rec
-Proceeds are for the purpose of furnishing additional working
Purpose.
3.161,563 Amer. Wire Fab. Corp.
Accounts receivable
1,500,000 capital and for reducing current liabilities.
bonds
Merchandise inventories_ 6,803,688
4,200,000
-Average annual net earnings for the 7 years ending Dec. 31
Earnings.
147,867 Notes payable
U. S. Govt. securities....
1,306,888 1922, but excluding 1921, which showed a loss due to inventory readjust251,774 Accounts payable
Misc. notes & accts. rec..
597,781 ment, available for Federal taxes, depreciation and interest charges, are
441,832 Other current liabilities_ Advances to mining cos_ _
432,473 $129,793, or about 354 times the maximum annual interest charges upon
Stock in mining cos
559,166 Ore contracts payable_ _ _
72,575 this issue of bonds. Net earnings for the 2 months of Jan. and Feb. 1923.
Miscel. investments_ _ _ _
35,616 Accrued accounts
34,500 are $35,038, or at the rate of $210,231 for 1923. With the present ceders
Deferred charges
403.767 Real estate mortgages_ _ _
1,700,000 on hand, however, company estimates that its earnings will be in excess of
Deferred liability
54,283 this amount, or between $250.000 and $300,000.
Total (each side)
$38,677,508 Res.
-contingencies, &c..
Capitaiization.-First Mortgage bonds, $500,000; Common stock.
'rhe income account for the three months ended March 31 1923 was given
(authorized. $925.000). $900.000; Preferred stock, issued and outstanding,
in V. 116, p. 2020.
5100.000.

-Chartered.
Williamsburgh (N. Y.) Power Plant Corp.

See Brooklyn Rapid Transit Co. above.

CURRENT NOTICES.

-Assistant to President.
Willys-Overland Co.
William If. Kilpatrick. former Manager of Manufacturing, was recently
appointed Assistant to the President, John N. Wlllys.-V. 116, p. 2156.

-To Close Plant.
Winchester Repeating Arms Co.

The company, it is stated, will close the plant of its subsidiary, Barney St
Berry, Inc., Springfield, Mass., manufacturer of ice skates, about June 1,
and will discontinue operations there. The machinery will be removed to
-V.115. p. 1109,998; V. 114, p.862.
the main works at New Haven,Conn.

-Reported Merger.
Winton Co., Cleveland.

-V. 114, p.746.
See Haynes Automobile Co. above.

-Extra Dividend of 8%.
Worcester Electric Light Co.

An extra dividend of8% has been declared on the outstanding 2 400.000
capital stock, par $100, in addition to the regular quarterly of 3%, both
payable June 30 to holders of record June 20. An extra dividend of like
amount was paid Aug. 10 1922.-V. 115. p. 1106.

-Annual Report.Yukon Gold Co.
Calendar l'earsDawson-dredges
Dawson-hydraulics
California-dredging _
Murray-dredge
Miscellaneous operations
Non-operating Income_
Total
Calendar YearsTotal operating gains__ _
Royalties paid
Interest charges
General exp. & exams_ _
Depletion
Depreciation
Written off
Balance, deficit

Production-- --O erating Gains
1921.
19 2.
1921.
1922.
548.770
def$16.492
5222,813
5166.639
97.128
53,359
269,633
177,616
32,790
109,401
311,787
236,101
59,135
16.482
124,028
149,821
75,447
129.801
16,869 def35.847
70,769
161,135
1834,185
1922.
$289,038
34,749
267,2531
53.3831
129,837
314,978

$970,923
1921.
$324,905
35.193
271,665

$511,162

$346,875

158,770
206,152

$289.038
1920.
$511,079
15,603
191,089 ,

3324.905
1919.
$511,157
38,058
137,769

306,900
373,923
116,787

303,963
x486,896
653,156

$393,223 $1,108.684

x In addition to general depreciation, here stated, there were charges of
$80,000, depreciation of Dawson power plant included directly as part of
the working costs at various properties.
-V. 114, p. 2588.




-Announcement was made to-day of the dissolution on May 31 of the
old established firm of H. P. Goldschmidt St. Co. H.P. Goldschmidt died
last Mardi in his eightieth year, and A. L. Scheuer, one of the partners.
who for many years was Chairman of the board of directors of the KellySpringfield Tire Ce., has also become President of that company, to which
ho will devote his entire time after June 1.
-Paul V. Shields, formerly a partner of Merrill, Lynch & Co., and
Frederick F. Bach, a member of the New York Stock Exchange, have
formed a partnership under the firm name of Shields & Co. at 27 Pine St.,
New York, to conduct a general investment business in stocks and bonds.
Special attention will be given to underwriting and distributing industrial
issues.
-Harvey B. Parsons, who has had an extended experience covering a
period of fifteen years in Chicago. Philadelphia and New York. has been
made Sales Manager of the Investment Department of Shonnard & Co.,
members of the New York Stock Exchange, 920 Broadway, New York.
-Nickerson, Obermann & Robinson. Inc., correspondents of Samuel
Uneerleider & Co., members of the New York Stock Exchange, will open
an office on June 1 1923 at 35 Twelfth St., Wheeling, W. Va., to transact
a general stock and bond brokerage business.
-Guaranty Trust Company of New York has been appointed registrar
for the stock of the California Cyanide Co.. Inc., consisting of 11,000 shares
of preferred stock, par value $100, and 43.000 shares of common stock,
without nominal or par value.
-Peabody, Houghtellng & Co. are distributing two interesting circulars
-one is entitled "How to Select Bonds" and the ether "Fourteen Ques
tions," which are intended to safeguard the investor.
The Metropolitan Trust Co. has been appointed trustee to secure an
issue of first mortgage series A 5% gold bonds of the Pueblo Gas & Fuel
Co., maturing Sept. 1 1912.
The Seaboard National Bank of the City of New York has been appointed registrar for the capital stock of Ressia lnsuranc Co. of America.

t410

THE CHRONICLE

[vol.. 116.

The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM

RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.

COMMERCIAL EPITOME

last year and 209,967 two years ago. To-day Cuba was
63/2o. c.&f., with reported sales of three cargoes at that price.
A better demand is expected shortly. About 15,000 tons
sold for May-June at 63/343. Refined sells more readily at
COFFEE on the spot quiet; No. 7 Rio, 11%@11%c.; 9.75e. to 9.900. Futures to-day advanced 12 to 16 points,
closing 30
No. 4 Santos, 15 to 153/2o.; fair to good Cucuta, 153 to az follows:points higher for the week on July. Prices closed
153c. Futures have been irregular, May declining latterly Spot(unofficial).--634 IJuly
6.80@ 6.511December _ 6.04@ 6.05
and July advancing some 20 points. Washington issued
1September 6.5754 6.581March ____ 4.8254 4.84
some stimulating figures, the Department of Commerce
LARD quiet; prime Western, 11.85 to 11.950.; refined to
showing that the supply of all kinds of coffee available for Continent, 12.75c.; South America, 130.; Brazil, in
kegs, 14c.
consumption in the United States is only 979,585 bags, or Futures fluctuated but little in the early
business. The
not more than five weeks' consumption, based on an average relative smallness of offerings offset big receipts and some
monthly total of about 840,000 bags. Of course, this was decline in hogs. Besides packers gave support. So that a
nothing new. Official statistics of the Exchange had already decline at the outset on the 21st inst. was followed by a rally.
made that plain. Yet it had a stimulating effect. It had There was no export demand but domestic cash trade was
the cachet of the Government. July responded, if May good. The exports of lard last week reached 18,041,000 lbs.;
remained inert, being practically a thing of the past. Dis- of bacon, 23,330,000 lbs. To-day prices declined 5 to 7
tant months were braced up, too, by Wall Street and foreign points, closing, however, 8 to 15 points higher than a week
buying attributed to either Europe or Brazil. May trading ago, the latter on May.
ceased to-day. The quantity of Brazil in sight for the DAILY CLOSING PRICES
OF LARD FUTURES IN CHICAGO.
United States is now 570,068 bags, against 581,486 on the
Sat.
Tues.
Alan.
Wed. Thurs. Fri.
May
cts-11.02
11.05
11.20
23d inst. and 1,070,008 bags a year ago. New York has July delivery
11.22
11.15
11.17
delivery
11.20
11.17
11.27 11.22
11.32 11.25
actually only 317,895 bags on hand, against 634,662 bags a September delivery--_11.42 11.42 1140 11.47 11.57 11.47
year ago. And Brazilian cables have latterly been higher.
PORK quiet; mess, $27; family, $30
$32;
There was a report that the Brazilian Government had $23 50 to $27. Beef dull; mess, $15 50to $16 short clear,
to
50; packet,
been a large buyer of futures in Brazil for the coming six $16 to $16 50; family, $18 50 to $20; extra India mess, $32
months. If that is so, some think that probably it was to $35; No. 1 canned roast beef, $2 35; No. 2, $4 05; 6 lbs.,
mostly for July, August and September deliveries. If, $15; sweet pickled tongues, $55 to
$65 mon.
again, that is true, it would naturally rift a considerable meats dull; pickled hams, 10 to 20 lbs., per bbl Cut
14% to 173o.;
weight from the market and with small existing stocks in pickled bellies, 6 to 12 lbs. 14c.
Butter, creamery, seeconsuming markets might strengthen prices noticeably, ends to high scoring,38% to
4243.
especially if receipts continue to be restricted by the Brazilian Eggs, fresh gathered, trade eggs Cheese,flats, 24 to 29%o.
to extra, 24 to 320.
Government. There is said to be no little uneasiness among
OILS.
-Linseed rather quiet and easier, owing treireina
exporters in Rio and Santos who, it is said, hesitate to sell offerings
of foreign oil. Spot carloads $1 13; tanks $1 09
for forward shipment,even though they may have contracted
for the coffee in the interior, because there is so much un- less than carloads $1 17; less than 5 barrels $1 20; boiled
tanks $1
-barrel lots $1 19; less than 5
certainty as to time of arrival in Santos and therefore as to barrels 11; carloads $1 16; 5
$1 22; refined barrels carlots $1 18. Cocoanut oil,
the ability of anybody to deliver in specified periods. Today prices advanced 20 points on July, with Rio up 750 to Ceylon, barrels 93%c.; Cochin 1040.; Corn, crude, tanks,
800 reis and better buying, mostly: of September. For the mills, 9H@,9Mo.. spot New York,. 123/2@123c.; refined,
week there is a rise here of 40 points on July. May went 100-barrel lots, 13% to 133/20. Olive,$1 15. Lard,strained
%
out at 9.75c.; July ended at 9.800. Prices closed as follows: winter, New York, 123c.; extra, 123/2o. Cod, domestic,
68 to 70c. Newfoundland, 71 to 74c. Spirits of turpentine,
Spot (unofficial)._ _11%
9.82 jDecember _ 8.38@ 8.40
9.80
$1 13. Rosin,$5 85 to $7 75. Stocks of rosin decline. .On
[September 8.83( 8.841Marcb - - 8.330 --SUGAR.-Cuban raws were quiet early in the week at April 1 they were 334,706 barrels, against 416,759 at the same
634c., but there was an impression that bids of %c. less time last year. Turpentine stooks, on the other hand, show
would have been successful. Refiners, however, held aloof. an increase. They were 36,798 casks, against 34,869 on the
Their product sold but slowly at 9.50 to 9.90c. The only same date last year. Cottonseed oil sales to-day, 6,200, inbright feature for them was what looked like the virtual cluding switches. Crude S. E., 10.00o. Prices closed as
disappearance of second-hand stocks on the market. It was follows:
July
said that though some resale sugar was still obtainable at Spot
11.41 ®11.4510ctober_ _10.07 ®10.08
May
11.75 ®12.251August___11.32011.35[November_ 9.1454 9.15
9.40c., the quantity was small. On May 21 trade interests June
11.405411.60 September.11.15 ®11.17 1 December_ 8.98 ® 8.99
were the principal buyers of futures, but the total business
PETROLEUM.
-Gasoline is
was small. A New Orleans refiner paid 6.30c. f. o. b. for would not be surprised to see still relatively quiet Many
a
3,000 tons of Cuba, and it was reported that a prominent New Jersey very soon Weather reduction in the price in
refining company was bidding 63 c. c. & f. Cubans still up to expectations, and stocks areconditions have not been
%
very large. And export
held at 63c. They are said to be confident that the world demand has been disappointing. On the
will pay this and more for the limited balance of their crop. in the Mid-Continent field was advanced22d inst. gasoline
Latterly Europe has shown rather more disposition to buy. quiet and tending lower. Bunker oil rather 1%c. Kerosene
quiet
Forth thousand bags of Cuba, it is said, have been taken at to $1 72c. per bbl. for grade C at local refineries at $1 70 to
However,
6.35c. f. o. b. Cuba. This was doubted in usually well- a fair amount of this oil is going abroad, and the outlook
informed quarters. On Wednesday 1,000 tons sold to is considered favorable New York prices:. Gasoline, cases,
Europe. Here 654c. c. & f. continued to be quoted, though cases, cargo lots, 28.25c.; U. S. Navy specifications, bulk,
trade was quiet. Porto Rico acted steadier. London,.too, per gal., 150.- export
htha,
63-66
was firmer. On the remainder of a cargo 31s. 6d. c. i. f., 19.50c.; 66-68 deg., 20.50o.; cargo lots, 17.50o.;lots, deg.,
'
kerosene, cargo
equal to 6.35c. f. o. b. Cuba, was bid. Also it seems that 153/204 motor gasoline, garages (steel bbls), 21%o. cases,
Crude
Batavia shippers were to buy back Java white. European output is smaller For the week ending
buying, some think, will be the next feature of outstanding 1,951,850 bbls., as against 1,963,500 in the May 19 it was
preceding week,
interest.
a decrease of 11,650 bbls. The
The Punta Alegre Sugar Co.'s San Juan mill has finished east of the Rooky Mountains wasdaily average production
its crop with an outturn of 400,000 bags, the same as had a small decrease. California had 1,266,850 bbls., showing
685,000 bls., a drop of
been estimated. The Punta Alegre's Baragan mill made 10,000 bbls. from the previous week.
440,904 bags, the Florida 266,660 bags and the Trinidad Penn...
83 25 Ragland
SI 05 mum
51 97
95,189,a total this season for the Punta Alegre Co. of 1,202,- Corning
1 85 Wooster
2 05 CIlebton
1 85
2 16 Lima
2 8 Currie
2 10
753 bags, as against the previous estimate of 1,200,000 bags. Oabell
lomerset
1 80 Indiana
1 98 Plymouth
1 35
The "La Planter" says: "Field work was interrupted by Somerset light
2 25 Prirceton
1 97 Mafia
1 00
heavy rains throughout the sugar belt Monday night and
RUBBER higher early in the week on a stronger London
Tuesday, followed by clear weather. Toward the end of market. Business was quiet.
speculative
the week the ground had dried out sufficiently to resume buying interest was reported at aConsiderable the market,
little undor
operations. The weather continues unseasonable, the cool but sellers were not inclined to make any recessions. First
days and nights not being conduoive to rapid growth. The latex crepe and smoked ribbed sheets, spot, 283/2c.; May and
condition of the crop, while retarded by an unusually cool June, 27%c.; July-September, 28%c.; October-December,
spring, is generally good. With warm weather the crop will 285 c. Paras in Brazil of late have been reported firmer on
4
grow rapidly and soon overcome the effects of the late and buying by Great Britain. Later in the week spot here was
Atlantic port receipts were 75,939 tons, 283/2c.; May, 2 / June, 28%c.; July-September, 290.;
cool spring."
8 8c.;
against 61,371 last week, 62,804 in the same week last year October-December, 26%c. Speculation dominates the marand 57,755 two years ago; meltings, 72,000 tons, against ket at the moment and prices swing quickly one way or the
80,000 last week, 90,000 last year and 60,000 two years ago; other. A Washington dispatch said that the Department of
total stook, 205,570 tons, against 201,631 last week, 215,744 Commerce inquiry into foreign monopolies of crude rubber
[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. ]




MAY 26 1923.]

THE CHRONICLE

2411

mestic business small, but foreign orders were very scarce.
Later prices declined with London. Spot New York 6.85e.
to 6.90c.; East St. Louis, 6.50c. to 6.55c.
STEEL has been quiet and in most cases steady. And
there have been no cancellations of orders or requests for a
suspension of shipments. Consumers take shipments readily
even if they send few new orders. Production continues
with little lessening. Recent big buying was legitimate.
Speculation cut scarcely any figure in it. That is naturally
regarded as an encouraging feature. The underpinning of
the market is considered sound. The continuance of
output on a very large scale also argues confidence in the
future. The country needs steel. New orders may slacken.
from time to time but not the actual needs of the American
consumer. These are times of construction. The days of
war destruction are happily past. It is true that sheets have
weakened somewhat. They are one of the exceptions that
prove the rule of predominant steadiness. In black sheets
two independent makers quoted $2 under the Steel Corporation price. Other independents have lowered their prices
to those of the principal manufacturer. Full finished sheets
have been rising of late, it is said, at Youngstown. They
are quoted at 5.35c. for 22 gauge auto body stock beyond
July. There has been business of importance, it is said, in
sheet bars, billets and slabs beyond July delivery. Wire
rods from independent rollers are $53 to $55. Orders for
steel rails have increased. The Chicago Burlington & Quincy
has just ordered 45,000 tons of rails from the Illinois Steel
Co.; the Southern Pacific has ordered 50,000 tons; the Louisville & Nashville has also ordered a certain quantity; the
Philadelphia & Reading is inquiring for 15,100 tons. Japan
recently took 6,000 tons of rails.
-making grades
PIG IRON has been quiet and lower. Steel
Coal fixtures constituted the bulk of the transactions, although several of pig iron, it is stated, have dropped 500. per ton to $27 50
reported were done previously, and details withheld until this week. The
Bessemer
French-Atlantic ports took up half a dozen boats for May or late May- valley furnace, in the case of basic, and $29 50 for
early June loading, rates scaling down successively from $2 75 to $2 50 pig iron. Birmingham iron has been sold, it is said, in the
fixtures being at the last-named figure. but carrying
and $2 25,the last two
the option of Antwerp discharge. Nothing in the way of di finite business Chicago district at $26 furnace, though the nominal price
showed up for Antwerp-Hamburg range. In grain a general state of stag- is $27. Lower prices have been quoted in Virginia and
nation prevailed, the demand being limited to one or two orders from
weak
Montreal to Mediterranean not east of western coast of Italy or the same Buffalo, as well as in Central Pennsylvania. The
destination with Greek options. The rate on this has declined to 20c. to feature is that with trade dull 126 blast furnaces out of a
Mediterranean and 22c. for Greece, at which figure a limited business was
closed; 17c. was done from the Range to west coast of ltaly and shippers total of 138 are in operation, the highest rate in 5 years.
are not showing much interest even at this figure, some talking 16c. Con- Steel-making grades the past fortnight 'have been weaker
tinental ports disclosed no demand. In sugar one fixture appears to have than foundry grades. Basic iron has fallen $7 in a month
been closed at 20s. 6d. from Cuba to United Kingdom for May loading,
option three ports loading at 21s. Lumber is about the same as last and a half, and heavy melting scrap has recently had a
reported; tonnage is offering freely for all workable orders, particularly for conspicuous decline. Yet of cancellations of pig iron orders
Gulf cargoes to the River Plate. Chartering slow. Time charters fell off
In every trade and rates are weak, barely maintaining the basis of previous there are none. That fact attracts attention, as well it
fixtures.
may. Nor are there any requests for delay in shipments,
CHARTERS included grain from Montreal to Mediterranean at 20c.,
May-June;coal from Atlantic range to a French Atlantic port,$2 25 prompt; despite the'recent downward drift of prices. That is also
deals from Miramichi to Glasgow 67s. 6d., June; timber from Gulf to suggestive. Production keeps up if new buying flags. Of
Rotterdam and Greenock, 1258., June-July; coal from Atlantic range to
French Atlantic port, $2 25 prempt; one trip across In transatlantic trade, course there are two ways of looking at that fact. It may
$1 35. May; deals from Miramichi to Glasgow, 67s. 6d., June; coal from be the herald of still lower prices. It may mean confidence
Hampton Roads to Three Rivers, $1 35, May; one round trip in West that later on the product will all be wanted.
Indian trade, 2,618
-ton steamer, 90c., May; coal from Atlantic range to
Antwerp-Hamburg range,$2 25, May-June;from Philadelphia to Dunkirk,
WOOL has been quiet here and more or less irregular.
$2 25 prompt; 9 to 12 months time charter in general trades, 2,821-ton Ohio and Pennsylvania unwashed fine delaine 57 to 60c.;
steamer, 48. prompt; three months time charter, 2,172-ton steamer, in
West India trade, 95c. prompt; coal from Philadelphia to Rio Janeiro. XX, 52 to Mc.; M blood, 55 to 560.; % blood, 52 to 53c.;
$3 15. May-June' linseed oil from Rosario to New York,$6 50. early June; 54 blood, 50 to 510. Territory clean basis fine medium stapit props from Newfoundland to Bristol Channel, 40s.; option Carston at
42s. 60.; free loading discharging and expenses at loading port prompt, ple, $1 45 to $1 50; clothing, $1 35 to $1 40; 3 blood, staple,
wet pulp from Port Alfred to Queensborough, 19s., Juno 10; salt from $1 32 to $1 35; % blood, $1 05 to $1 10; % blood, 96c. to
Cadiz to St. Johns, N. F., 128. 6d., early June.
00. Texas clean basis, fine, 12 months, $1 45 to $1 50.
COAL has been in moderate demand and at Hampton 81
Pulled, scoured basis, A-super, $1 20 to $1 24; B, $1 02 to
Roads rather weak, with less inquiry. Later in the week $1 07; C, 80c. to 86c. Domestic mohair, best combing,
bituminous here also sold less readily. Pool No. 1 was 78c. to 830. In the East, Ohio and Pennsylvania delaine,
$6 75; No. 2,$6 50 or less. Trade feels the absence of really 57c. to 58c.; fine, 51c. to 52c.
good trade. Shipments have increased to tidewater. ExAt Bradford, the woolen market was poor and the bids
port demand has fallen off. New England buying has prac- were below replacement costs in all departments.
tically ceased in the spot market.
No further large exports are expected at this time. The
TOBACCO has been in only moderate demand. The sales Western markets show little change on a clean landed basis.
were mostly in small lots. Buyers are operating cautiously, Of recent exports the greater part was low-grade wools, it
pending further developments. It is true that as a rule sup- appears, apparently Lincolns. Foreign wool brokersestimate
plies are reported to be unusually small and sales of cigars, the shipment of these wools from the three principal ports
it is said, have recently increased, whatever may have been at something like 2,000,000 lbs. Lincoln wool exported was
the case six to eight weeks ago. The feeling is therefore not sold, it is said, at around 188% to 19c. f.o.b. Boston. Fine
unhopeful. Just at the moment, however, in homely par- noils, 82 to 83c. for single combed clear lots. It is said 12
lance, it is in a sense between hay and grass in the tobacco months' clip in Texas from the Del Rio section has been sold,
business. Everybody is awaiting the advent of the new being of very light shrinkage, and the clean landed basis cost
crop and keeping close to shore in the meantime.
in Boston not more than $1 40, although the price in the
COPPER, though steady, has been quiet. Electrolytic, country was 578%c. grease basis. Some other clips, it is
15Y to 15%o. There was quite a little trading done early said, sold at $I 50 for good 12 months' wool. In Montana
3
in the week, but it was confined largely to small tonnages. and Wyoming there has been some trading at prices which
Consumers, it is believed, are covered for 30 to 60 days, and show no great change, if any. The season is late in the
are therefore not inclined to purchase freely for the present. bright wool States, as it is everywhere in this country.
The copper labor problem is becoming more acute. OrganAt Wellington, New Zealand, on May 24 17,500 bales
ized mine workers of Butte, Mont., have, it is said, appealed were offered and 13,000 sold. Selection all crossbreds and
to employers for recognition of the union, an increase in no merinos. Demand fair from Yorkshire and the Contiwages and a change in working conditions. Thirty-five per nent. The close was firm with prices of average to super
cent of the underground workers in this section, it is claimed, crossbreds, 46-48s, 11d. to 158%cl.; 44 1.6s, 10d. to 143/id.;
are members of the union.
40-44s, 9d. to 118%d.; 36-40s, 8d. to 83 d. Lambs, good
4
TIN firmer; spot 423/2e. On the 23d inst. there was some qualities, were %d.to ld. higher. The Boston "Commercial
buying interest shown, but business was not active. Earlier Bulletin" in its issue of Saturday, May 26, will say:
The wool market is still drifting more or less, except for the finer grades
in the week prices were easier in sympathy with London.
easier.
LEAD early in the week was quiet. Later there was a of worsted wools, which are steady. Carded woolen descriptions areregards
The manufacturing situation, however, seems to be clearing a bit as
made.
better inquiry and prices were firmer. Spot New York cancellations. Further exports, chiefly of low wools, are being available
7.26c. to 7.3504 East St. Louis, 7.10c. to 7.15o. Receipts in The foreign markets are generally steady with hardly anything
the primary markets.
at East St. Louis for the week were 59,095 pigs, against
Buying in the West has been somewhat Irregular this week. It is estimated that fully
49,640 pigs in the previous week; since Jan. 1 they were three-quarters ofhalf of the territory wools have been sold and that easily
tho fine wools have been moved.
1,197,020 pigs, against 1,617,820 last year. Shipments were
Mohair has been fairly well disposed of in Texas. In this market there
26,800 pigs, against 18,200 last week; shipments since Jan. 1, has been little business in the staple, although prices axe firm. 1 1923
The rail and water shipments of wool from Boston from Jan.
600,720, against 713,530 in the same time last year.
to May 24 1923 inclusive were 64,806.000 pounds, against 33 798.°C*
.
ZINC early in the week was stronger. There was a better pounds for the same 'period last year.
The receipts from Jan. 1 1923 to May 24 1923 Inclusive were 257,995.50(e
inquiry, but actual business was small. Not only was do- pounds, against 155,294.750 pounds for the same period last year.

production is to be begun shortly. Plans for the investigation for which Congress appropriated $500,000 have been
practically completed, it was understood, and only await
the final approval of Secretary Hoover. The Department
plans to set to work a special staff of rubber experts, some
of whom will be sent to foreign rubber centres, to study both
the possibilities of the development of American controlled
sources of crude rubber supply and the best methods of
production. Meanwhile studies will be made in this country
of market conditions, means of avoiding high prices and
the control of production in British colonies. In London on
the 24th inst. prices advanced 34E1., reaching 143/5d. after
a decline early in the week.
HIDES were quiet in the forepart of the week and rather
weak. In foreign hides there was little business. Sales of
frigorifico steer hides were made at $43 25. Later reports
from the River Plate section stated that 4,000 Anglo South
/
American'frigorifico steers recently sold at 1738c. and 2,000
Smithfield cows at 143/5c. Here common dry hides were in
fair demand and some 1,200 Orinocos sold at 183/2c., it is
stated. Bogotas met with rather more inquiry around 21%c.
for the good descriptions. On the 22d inst. frigorifico hides
were reported slighly higher. There were reports of two
lots of Artiga frigorifico steer hides sold to large European
buyers at $44. There was said to be a better inquiry in the
River Plate section. But here trade was still dull. In
Chicago it appears kipskins sold to the extent of 10,000
April slaughter packer skins at 16c. Country hides were
weak there with local dealers offering extremes at 133/ic.,
running one-fourth grubby and buyers holding aloof.
OCEAN FREIGHTS have been quiet and more or less
weak with tonnage plentiful. In a review, Finch, Edye &
Co. said:




2412

[vol.. 116.

THE CHRONICLE

On Shipboard. Not Cleared for
-

COTTON.
Friday Night, May 25 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
36,894 bales, against 26,647 bales last week and 35,332 bales
the previous week, making the total receipts since the 1st
of August 1922, 5,493,416 bales, against 5,493,815 bales for
the same period of 1921-22, showing a decrease since Aug. 1
1922 of 399 bales.

Great
I GerOther CoastMay 25 at
- Britain. France. many. ConCnt wise.
Galveston
New Orleans_ _
Savannah
Charleston
Mobile
Norfolk
Other ports *--

600
282

2,200
2,091

2,500
4,018

8.776
8,300

2,000

3.0001

3.000

158
4,000

20

Total 1923-- 5.040 6,291 9,5181 20,096
Total 1922.... 29,195 23,215 20.276 38,986
Total1921-.. 77,782 5.606 16,0921 41.200

Total.

3,500 17,576
338 15,029
500
500
200
427

378
427
12,000

Leacinej
Stock.
55,413
84,345
29,671
36,391
1,350
41,900
104,531

4,965 45,910 353,691
4,445 116.117 783,652
5,391 146,071 1.430,657

Speculation in cotton thr future delivery has been active
at rapidly rising prices, mainly owing to cold, wet weather
Thurs.' Fri. I Total.
Mon.
Sat.
over large tracts of the South. There has been a chorus of
7461 10,097 complaints of heavy rains and low temperatures from both
1,631 1,812 2,705 1,528 1,675
Galveston
1 7,200 8,349 east and west of the Mississippi River. Latterly there has
1,149
Houston
New Orleans..--9231 8,610 been a low barometer over Texas and
519 1,016 1,996, 2,951 1,205
Oklahoma. Heavy
250
50
I
883
583
Mobile
83
10
908 1.251
225 3,177 rains have fallen in Oklahoma and also in Arkansas, Ten700
Savannah
849
25
-_ __ I
518
205: 1,619 nessee and Mississippi and various parts of the Mississippi
22
Charleston
41,
37
16
23
441
212
51
Wilmington
294
5
33
4()
90
5971 1,059 Valley. And the Government figures on tile "par" yield per
Norfolk
New York
for May averaging about 208 lbs., as against 221.5 for
37,
219
921
158
100
8851 2,320 acre
Boston
this month last year had a very striking effect. It caused a
Baltimore
be scaled down about 700,000
3.696 4.935 7.173 6.949 3.1611 10_9801 96 WM number of crop estimates to
Tntala thla %rook
bales. That is to say, one of 11,650,000 bales was tentatively
The following tables shows the week's total receipts, the changed to 10,950,000 bales. Another of 12,580,000 bales was
total since Aug. 1 1922 and stock to-night, compared with reduced to 11,890,000 bales. Another estimate made before
the par figures were published was 11,250,000 bales. In
the last year:
other words, all the estimates thus far are under the indicated world's consumption of American cotton of 13,500,000
1922-23.
1921-22.
Stec::.
Receipts to
bales this year, on the basis of the consumption for many
This Since Aug This Since Aug
25.
May
months, that is to say of 1,125.000 bales. Moreover, the conWeek. 1 1922. Week. 1 1921.
1923.
1922.
dition in private reports has thus far been nowhere openly
10.097 2,279.299 39,481 2,332,790
Galveston
72,989 206,002 given as above 72%, while one report was as low as 69, as
69,790
929
Texas city
29,079
141
4,681
8,349 716.909 6,307 427,694
Houston
against 69.6 a year ago, and a 10-year average of 73.6 for
Pore Arthur, &c
10,305
25. All this has given rise to a fear that the Govern8,610 1.310,594 25,602 1.115,545
New Orleans
99,374 210,706 May
Gulfport
ment report on June 1, the data for which it is well known
8,123
883
Mobile
85,891 2,247 141,477
1,728
2,783 comes down no later than May 25, may be unfavorable. MorePensacola
8,820
205
3,350
Jacicsonville
9,149
1
3,446
2,738
1,426 over it is pointed out that very often. if not invariably, if the
3,177 412,496 13,331 679,229
Savannah
30,171
85,613 season starts with a condition below the 10-year aVerage, it
Brunswick
28.020
800
260
26,463
3,399
Charleston
1,619 117,951 9,487 132,465
36,391
71,290 is apt to be the forerunner of an unsatisfactory yield. And
Georgetown
certainly all the estimates thus far have been under the 10212
Wilmington
90,133 2,226
11,282
95,670
23,592 year average. Whether this
actually prefigures a poor crop
Norfolk
1,059 265,132 5,532 330,698
42,417
67,043
N'port News, Ste_
583
remains to be seen. Of course there are exceptions to all
413
New York
7,522 1,189
29,790
85,795 207,180 rules. Very favorable weather from now on may change the
Boston
2,320
69,541
554
9,534
40,529
8,083
Baltimore
155
17,227 1,332
57.203
2,139
2,845 outlook for the yield. But there is a very general opinion
Philadelphia
4,942
4,642
29.376
50
5,126 that it must be very favorable to bring about such a result.
Totals
36.894 5.493.416 Ina 972640g Alg 5006011 000 790
There is universal complaint, as already intimated, of
In order that comparison may be made with other years, the prolonged wet weather with cold nights and, it may be
added, of grassy fields in sonic parts of the belt. In other
we give below the totals at leading ports for six seasons:
words, the month of May has been disappointing. There is a
very general agreement that May ought to be dry and warm.
Receipts at1923.
1922.
1921.
1920.
1919.
1918.
with merely occasional showers to help germination. The
Galveston_ ___
10,097
39,481
42,753
10,443
62,898
12,802 month of May 1923 has been quite the reverse. Cold nights
Houston, &c_
8,349
'929
1,486
3,966
4,682
4,465
New Orleans..
8,610
25,602
22,937
21.065 and undesired rains have been the rule. And now there are
30,924
15,396
Mobile
883
2,247
703
406
340 reports that the weevil is appearing in Texas. Georgia and
595
Savannah_ _ _ _
3,177
13,331
3,068
19,249
4.732
14,592
Brunswick
___
800
2,000
3,000 some other parts of the belt. Moreover, much replanting
4,000
Charleston__ _
1,619
9,487
2,753
141 must be done. Some call it simply *a waste of time to plant
5,838
726
Wilmington
212
2,226
2,129
1,090
6,296
134
at this time of the year. They believe that an early
Norfolk
1,059
5,532
7,113
2,856
6,661
1,925 again
N'port N.,&c.
start is absolutely essential to escape the worst ravages of
38
31
Al. others- _- _
2,888
9,638
5,952
3,314 the weevil. The successive broods of the pest which come
4,719
903
Tot. this week
36,894 109,273 119,852
46,422 121,610
51,750 later on, it is feared, will get the late planted cotton. It is
Since Aug. 1_ _ 5,493.416 5.493.815 5.747.648 6.523.138 4.911.175 5.428.394 all very unfortunate. The world needs a good crop in this
country. It needs 13,000,000 bales and 14,000,000 bales would
The exports for the week ending this evening reach a total be all the better in bringing back normal conditions to the
of 32,522 bales, of which 1,485 were to Great Britain, cotton business of the world. And yet not only is there a
9,338 to France and 21,699 to other destinations. Below dubious outlook for the crop but it seems that there is a conare the exports for the week and since Aug. 1 1922:
flict of opinion between the Census Bureau and the Department of Agriculture as to the size of the stocks held by conWeek ending May 25 1923.
From Aug. 1 1922 to May 25 1923.
suming establishments and warehouses and compresses in
Exported toExported to
this country. There is a difference between the totals of
Exports
fromGreat
Great
some 264,000 bales. Naturally this is very much regretted.
Britain France. Other. Total. Britain. France. other.
Total.
But practical cotton men try to dismiss the subject with the
Galveston
13,703 13,70 417,0
300,12 1,009,776 1,816,976 thought that in any case the statistical position is strong.
Houston ---------6,590 1.759 8,349 234,833 150,82 328,672 714,134 Meanwhile spot
markets at the South have been a little
Texas City..
3,785
,
New Ones
4,40: 7,158 192,572 72.6801 464,704 729,956 more active at rising prices with the basis also advancing.
2,74
Mobile
23,79
4,745 29,009 57,553 England, Japan and Germany and other
Continental counJacksonville
7
600
675
Pensacola
127,71:
7,961
880
8,820 tries are said to have been buying rather more freely in
Savannah
4,41
113,858 245,986 different parts of the South. And on the 24th inst. there
Brunswick
21,257
6,6501 27,907
Charleston.
30,428
1,094 29,676 61,198 was a report that Japanese buyers had taken all the remainWilmington.
11.6
70.800 82,400 ing holdings of the Texas Farm Bureau. This report is menNorfolk -__
97.604
200
923 37,891 136,418
New York__ 1,186
2,361
55,637 41,902 137,737 235,276 tioned here merely for what it is worth. The vital point is
1,17
Boston
3.499
9
753
654
4,747
8,246 that the demand has increased, that the South is far more
Baltimore
1,47
187
1,646
that there is some renewal of the talk of 30-cent
Philadelp
215
1,604
1,819 hopeful and
Los Angeles.
12,997
1,977
3,925 16.899 cotton as possible some time before the end of this season.
San Fran
200 68,337 68,537
On the other hand, some think that the big advance of late
Seattle
8,882
8,882
amounting to some 450 points on July and 300 on October has
Total _ __ _ 1,4851 9,338 21,69 32,522 1,238,338 579.0952,4l1,6604,229,093
discounted, for the time being at any rate, anything at all
-Tot.'21-'22. 46,304 10,088 41,51 97,9051,473.584 651,5503,005,573 5,130,707 bullish in the situation, not excepting the probability of a
'20-'21. 69.137 11,871 72.298 153,306 1,470,762 488.588 2.502,0904,461,449
Tot.
very unfavorable Government report on June 1. And there
NOTE -Exports to Canada.
-It has never been our practice to include in the can be no doubt that the short interest has been greatly reabove table exports of cotton to Canada, the reason being that virtually all the
since the great advance began on May 12. Also that
cotton destined to the Dominion comes overland and it is impossible to get returns duced
concerning the same from week to week, while reports from the customs districts cotton goods are quiet at home and abroad. A number of
on the Canadian border are always very slow in coming to hand. In view, however, mills in New England are reducing their output. Some, Inof the numerous inquiries we are receiving regarding the matter, we will say that for
the crop year from Aug. 1 to Apr. 30(no later returns are as yet available) the exports deed, are closing. Eight or ten mills in Fall River, it is unto the Dominion the present season have been 169,614 bales. In the corresponding derstood, are running on a four-day week. Worth Street has
period cf the preceding season the exports were about 155,000 bales
been quiet and at Fall River the sales have been small, even
In addition to above exports, our telegrams to-night also though of late there have been reports of a rather better
give us the following amounts of cotton on shipboard, not inquiry. Manchester has been practically closed much of the
week for the Whitsuntide holidays. But before that its trade
cleared, at the ports named.




Tues. I Wed.

'was anything but satisfactory. Liverpool's spot sales of
late have been down to 4,000 bales. That may have been
due to the fact that Manchester's trade was taking a holiday. But even before the holidays it was noticed that American cotton formed only a smaller percentage of the spot
business in Liverpool. Liverpool has been using Peruvian
and other growths to tile exclusion of American on a larger
wale than for years past. And as for the American crop,
the month of June is apt to be favorable. A change in the
weather, even a pronounced change for the better, would
not be at all surprising after so prolonged a period of unfavorable conditions. The weather seems to have its reactions like everything else. And after all, the actual spot
sales at the South day by day do not always chime with the
reports of a big demand; far from it. It is also true that
the rise here has been very largely due to covering of shorts
rather than to any new outside bull speculation. The
changes in cotton prices during the last couple of months
have been so violent as to frighten the outsiders. To-day
prices reacted on week-end liquidation after the recent great
rise. Also, weekly statistics were less favorable. Cloths
were dull. Some Fall River mills are closing for a week.
Spot markets were dull. Liverpool, Wall Street and scattered interests sold. Final prices, however, show a net rise
for the week of 148 to 173 points, the latter on July. with
the tone steady. Spot cotton ended at 28.55c. for middling,
a rise for the week of 155 points.

of 3,605,133 bales from 1921 and a falling off of 2,858,361
bales over 1920.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:

The official quotation for.Middling upland cotton in the
New York market each day for the past week has been:

Sat. Mon. Tues. Wed. Thurs. Fri.
27.00 27.35 28.65 28.40 28.55 28.55

May 19 to May 25Middling uplands

NEW YORK QUOTATIONS FOR 32 YEARS.
1923
1922
1921
1920
1919
1918
1917
1916

28.55c.
21.50c.
13.05c.
40.00c.
34.00c.
27.300.
21.95c.
12.900.

9.65c.
14.10c.
12.10c.
11.60c.
15.90c.
15.30c.
11.65c.
11.50c.

1915
1914
1913
1912
1911
1910
1909
1908

1907
1906
1905
1904
1903
1902
1901
1900

12.35c. 1899
11.90c. 1898
8.50c. 1897
13.20c. 1896
11.90c. 1895
9.56c. 1894
8.25c. 1893
9.31c. 1892

6.25c.
6.44c.
7.75c.
8.12c.
7.38c.
7.25c.
7.69c.
7.31c.

MARKET AND SALES AT NEW YORK.
Spot.
Market
Closed.

Futures
Market
Closed.

SALES.
Spot.

Saturday_ _ _ Steady, 15 pts. adv_ Steady
_ Steady, 20 pts. adv_ Steady
Monday
Tuesday --- Steady, 130 pts. adv Strong
Wednesday. Quiet,25 pts. dec.-- Steady
Thursday _ _ Steady, 15 pts. adv_ Steady
Quiet. unchanged - Steady
Friday

Ship- Stocks
Receipts.
Ship- Stocks.
1 Receipts.
Towns.
mean. May
steals May
Week. I Season. Week. 28.
25.
1Week. Season.
6901, 31,462 1,514 6,047
61 4,551
124 41,233
a.,B wa
AlEufairraing'm
2,620
5,967
____I
3,300
8,307 .
---223 47,581, "iLti 17,819
121 7,822
51 59,970
Montgomery.
5,316
6
206 39,799'
86 1,475
11 54,283
Selma
104 31,229 1,550 10,475
406 8,802
1 34,471
Ark.. Helena....
64 170,290 1,497 21,511 1,786 178,745 6,058 41.952
Little Rock
84 131,345 1,827 30,518 2,393 123,391 3,672 45,766
Bluff_
Pine
196 1,702
6,036
2,
6,251 __ 2,109
Ga., Albany
3,100, 26,370
850 16,464 1,427' 92,95
--i1 44,906
Athens
3,178 36,525 2,453 222,976 5,1841 26,875
464 270,670
Atlanta
809 285,438 1,675 21,508 6,538 357,589 11,459 96,066
Augusta
396 53,1651 1,546 6,189
676 5,999
300 123,236
Columbus...
1,657 8,583
248 35,
465 10,535
33 55,401
Macon
!
6
1.134)i
584 44,709
375 5,385
Rome
3:0g0
9
2:
4:
7
300
73,600 1,600
La., Shreveport 1,000
511 1,900
514, 20,352
94 1,165
24,676
Mies.,Columbus ---_
24,293
150, 130,708 3,
180 128,153 1,333 27,248
Clarkedale_
182 90,475 2.961 20,673
650 23,708
26 106,266
Greenwood. _
8,365
32,720i __.._ _
4
228 2,768
..4 34,029
..
'Meridian..
742 5:4
833 6 82
3 32,422
Natchez
9
1 50 1
6,568
2
8
48 9
168 3
2
---- 23,111 --ii 3, 47
Vicksburg534 9,551
2 28,112
Yazoo City
3 51 ,583
786 8
46 3 0 1 2,510 4 851
Mo., St. Louis_ 5.612 684,49 6,48 12,541 8,812 759741 9, 3 14,082
282 104,94
1,714 22,333 1,01, 56.
N.C.,Gre nsboro
205
250
182, 11,801
32 11.148
205
25
Raleigh
163
.
15 81 72
__ .._ 4,481
Okla., Altus.__ - 102:37
684 3.870
1:0n
2
4
,830 3,88 39 022
.
544 5 854
391 1 89,42
Chickasha
61,630 1,075 10,802
28
3,454
8,09
6911
6
-1- 7
Oklahoma_ 1;1-6 16
i 8 1
2 127 12 083
157.:30
81,8 592 23:,i8 13 ,.683
8.C.,Greenville
541
Greenwood. _
8 1°
: 60
7 77 144:,r10!
,Memphis 7,i0o 1,070:621 8,iii 70 2
Tenn.
291
21
4
Nashville
__
45,797
Texas, Abilene_
2
336
210
-1201
196
13 160
21 779
1"Iii 87,:3041 -6-0 3, 79
6
Brenham.... --64 18,458 --i8 3,883
Austin
-iii. 83,543 867 4,059
388
439
35'589
Dallas
Honey Grove
8
09 6
Z
:
4",aiii ,653,364 19,932 49,153 3277-,2,49 : 921 42, 12: 7
119 1- - 1 167 07 1 3 3 15. n
2935
196,
Houston__
7861 3,242
352
38
71,639
---1751 51,768
Paris
41,144
32
San Antonio.
520
6
844}
9 53:9051
88
6411 0 187 1.667; 4. 13
194 2,676
--ii 63,376
Fort Worth

9.500
1,500
2,800
3.700

_ 17 500 17.500

THE VISIBLE SUPPLY OF COTTON to-n ght, 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.
1920.
1921.
1922.
1923.
may 251,001,000 1.171,000
bales_ 611,000
1,000
58,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam, itc
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
Total European stocks
India cotton afloat for Europe
American cotton afloat for Europe
,afloat for Eur'e
Egypt. Brazil, &c.
Stock in Alexandria, Egypt
Stock in Bombay,India
Stock in U. S. ports
Stock in U. S. interior towns.
U.S. exports to-day

670,000
76,000
95,000
13,000
99,000
17,000
10,000
2,000
312,000

892,000
1,000
55.000

2,000
95,000

g1:81;

Total, 41 towns' 22,8417,107,417 57,7621471,972 85,6806,721,8541 141.8441782,196

The above total shows that the interior stocks have decreased during the week 34,911 bales and are to-night 310,224
bales less than at the same time last year. The receipts at
all towns have been 62,839 bales less than the same week
last year.
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:

11,000
189.000

948.000 1,098,000 1,371,000
35,000
33,000
74.000
261,000 191,000
169,000 169,000 330.000
11,000
9,000
84,000
97.000 109,000
23,000 144,000
29,000
31.000
12,000
2.000
603,000

982.000 1,551,000
96,000
85,000
86.000 313,000
69,000
70,000
221,000 277,000
766.000 1.173,000
399,601
899,769
471,972 782,196
11,107

569,000

632,000

1,667,000 2,003,000
96,000
48.000
262,372 269,774
57,000
84,000
275.000 108.000
1,286,000 1,274.000
1.576,728 1,063.289
1,496,657 1,066,410
12.461
949

3,091,573 5,162.072 6,696.706 5,949,934
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Amerit an
bales_ 302,000 523,000 619,000 889,000
Liverpool stock
76,000 169,000
36,000
40,000
Manchester stock
240,000 523,000 480,000 532,000
Continental stock
262,372 269.774
86,000 313,000
American afloat for Europe
U. S. port stocks
399.601 899.769 1.576,728 1.063,289
471,972 782,196 1,496,657 1,066,410
U. S. interior stocks
12,461
949
11,107
U. S. exports to-day
Total American
East Indian, Brazil,
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, &c
Total American

Movement to May 26 1922.

Movement to May 25 1923.

Corttr't. Total.
9.500
1.500
2.800
3,700

Total

,
Stock at Liverpoo
Stock at London
Stock at Manchester

2413

THE CHRONICLE

MAY 26 1923.]

Saturday, Monday.' Tuesday. Wed'day, Thursd'y, Friday.
May 19. May 21. i May 22. May 23. May 24. May 25.

Week.

I
May26.68-93 28.90-P27 27.20-145 28.00-.85 27.70-467---26.68-185
Range
Closing.... 26.93-.95 27.14-.15 28.45 -28.20
June-I
26.10-135
27.35
26.10-.12
Range
- Closing__ 26.18 -26.10 -,27.50 -27.45 -27.25 -27.25 JulyI
25.15-.50 25.40-.88 25.70-08 26.60-147 26.85131 26.86-117 25.18-147
Range
25.43-.45 25.64-.67126.91-.98 26.73-.75 27.05-.10 27.00-.03--Closing
August
26.40 -24.95-60
125.20-e15
-- -24.95 Range
Cloning...... 24.35 -24.95 -26.11 -26.00 -28.20 -26.10 -- September
24.62 - - -25.05 -24.62401:
Range
23.60 --2o.58 -24.38 -24.38 -25.33 -- 25.15 ---- -- eh:wing
October
22.18-114 22.92-130 23.08-1023.85-447 24.13-.86 24.48-.88 22.15-48f
Range
23.10-.12 23.03-.04 24.00-.02 23.99-102 24.78-83 24.50-.56- Closing
Norember23.28401
23.28 -23.90-100
Range
Closing__ 22.90 -22.82 -23.75 -23.74 -24.55 -24.28 ---December
22.50-.74 22.52-.86 22.68-160 23.43-.98 23.73-138 24.02-.37 22.50-131
Range
Closing.... 22.70 -22.62-.69 23.55-.60 23.53-.60 24.30-.35 24.06 - -January
22.27-.60 22.43-140 23.29-.72 23.48-115 23.79-409 22.24-111
22.24-.45
Flange
Closing__ 22.42 -22.35 -23.35-.40 23.25-.30 23.96-.98 23.80 -- February
Range
Cloning... 22.42 -22.35 -123.35 -23.27 -23.90 -23.75 -- March22.25-.40 22.38-.66 22.43-115 23.25-.70 23.41-400 23.70-.99 22.25401
Range
2242 -22.25 -.21 25 -22.25 -23.85-.88 23.70-.75-- (lino/Ina
I 23c. 1270 t 28e. e 26c. 124c. s 25e.

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:
-1922-23-1921-22Since
Since
May 25Week. Aug. 1.
Week. Aug. 1.
4,511,706 4.001,934 Shipped1,535.573 3,092,072
6.485 676,187
9,385 743.718
Via St. Louis
_ 1.500 228,188
6,305 339,386
Via Mounds, dm
309.000 369,000 382,000 282,000
7,668
11,000
222
7,918
2,000
Via Rock Island
1,000
1,000
297
20,000
75.362
54,041
-ge'I
Via Louisville
19,000
22,000
15,000
3,155 157,956
5,020 227.776
Via Virginia points
89,000 100,000
72,000
80.000
96,000
9.463 406,301
8.736 370,720
96,000
Via other routes, &c
48,000
85,000
57,000
84,000
69.000
70,000
21,122 1,530,341
30,313 1.764.380
221,000 277,000 275.000 108.000
Total gross overland
766,000 1.173,000 1,286,000 1.274.000 Deduct Shipments
3,125 161,878
0,888
99,652
Overland to N. Y., Boston, &c
25,089
546
521
1,556,000 2,070.000 2,185,000 1.948,000
24,510
Between interior towns
4,592 344,457
9.614 456,781
1.535,573 3,092,072 4,511,706 4,001.934
Inland, Sm.,from South

3,091.573 5,162,072 6,696,706 5,949,934
Total visible supply
7.62d. 26.106.
15.506. 11.696.
Middling uplands. Liverpool
40.000.
13.15c.
Middling uplands. New York_ _ _ - 28.55c.
21.50c.
18.506. 78.006.
Egypt. good sakel, Liverpool.--- 17.50d. 20.75d.
Peruvian. rough good, Liverpool_ 18.75d.
13.001.
. .
11.506. 50 006
7.556. 21.356.
12.256. 10.55d.
Broach fine, Liverpool
8.056. 22.356.
13.?0d.
11.598.
Tinnevelly. good. Liverpool

13,023

580,943

8,099
Leaving total net overland *
•Including movement by rail to Canada.

949,398

Total to be deducted

8,263

531.424

22,050 1.233,456

The foregoing shows the week's net overland movement
this year has been 8,099 bales, against 22,050 bales for the
aggregate
Continental imports for past week have been 65,000 bales. week last year, and that for the season to date the 284.05S
net overland exhibits a decrease from a year ago of
The above figures for 1923 show a decrease from last week
of 110,980 bales, a loss of 2,070 499 from 1922, a decline bales.




2414

THE CHRONICLE

-1922-23
1921 22
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
36.894 5,493,416 109,273 5,493,815
Receipts at ports to May 25
949,398
Net overland to May 25
8,099
22,050 1,233,456
Southern consumption to May 25a 95,000 3,551,000
72,000 2,986,000
139,993 9,993,814 203.323 9,713,271
113.587 *56,164 *334,164
.34.911

Total marketed
Interior stocks In ORCet9S
Came into sight during week
Total In sight May 25

105,082
10.107,401

147,159
9,379,107

Nor, spinners' takings to May 25___ 16,988 2,179,882
24,663 1,960.834
* Decrease during week and season. a These figures are consumption;
takings not available.

Movement into sight in previous years:
Since Aug. 1Bales.
-21-May 27
197,765 1920
139,781 1919 -May 28
-20
177.072 1918 -May 29
-19

Week1921-May 27
1920
-May 28
1919
-May 30

Bales.
9.978.273
11.249,039
10,136,783

QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week endi
May 2.1.
Galveston
New Orlerans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Wm.I. Wnrth

Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. wecrday. Thursd'y. Friday.
26.60
26.25
26.00
26.25
26.00

20.80
26.25
26.00
26.57
26.25
26.50
26.88
26.00
26.70
25.75
25.85
25.85

28.05
27.00
26.75
27.95
27.30
26.75
28.38
27.00
28.00
26.50
27.20
27.15

27.85
27.50
27.00
27.75
27.25
27.75
28.25
27.00
27.75
26.75
27.05
26 00

28.20
27.75
27.00
28.06
27.50
27.75
28.50
27.75
28.00
27.00
27.40
97 95

28.10
28.00
27.50
28.00
27.50
28.00
28.50
27.75
28 00
27.00
27.30
9.795

[VOL. 116.
may 25 1923.

New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above zero
Above zero
Above zero
Above zero
Above zero

of gauge_
of gauge_
of gauge..
of gauge_
of gauge..

Feet.
12.6
26.3
12.3
21.2
37.3

May 26 1922.
Feet.
19.9
I9.9
10.8
20.8
49.4

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
ending

Receipts at Ports
1923

Mar.
9.16.
23_
30...
April.
6....
I3_
20_ _
27.. _
May

1922

83 369 84.833
82.005 123.593
68.647 102.691
2.63 90,932

1921

Stocks at Interior Towns.
1923.

1922.

1921.

92.890 835.175 1,047.1428 1.702.642
75,364 1,800.678 1.261.521 1.697.139
742.2981
72.898 775,517 1.230,152 1.668.593
92.968
1.203.182 1,663.79

63.854 115,100 103.288
34.990 114.1011 95.437
34,681 01,999 99,803
35,743 86.760 117,984

22.589 94,458 133,247
11_ 31.3 2 124.013 138,041
18_ 26,147 101,558 131,551
25_ 36,494 101,273 119.852

Receiptsfrom Plantations
1923

1922

1921

41,596
47.508
43.543
30.115

44 416
65.467
71.259
63,962

79,51b
69.858
42,352
90.169

690.825 1.145.068 1.646.686
56.986 86,080
665 834 1.096.517 1.623.685 10.192 65.555 72,636
631 756 1,043.049 1.609.714
, 7 48.571 85,832
604 345 1.008.857 1.568.716 10,436 52,528 76,986
572.680
5 0.812
508.435
471.972

965.883 1.545,200
898,218 1.543.401
838,3601,519.729
782,196 1.491,657

51,484 109,731
5,420 56.348136.247
47,588 107,874
1.983 53.109 96.780

The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 5,101,586 bales;
in 1922 were 5,062,527 bales, and in 1921 were 6,384,364
bales. (2) That although the receipts at the outports the
past week were 36,894 bales, the actual movement from
NEW ORLEANS CONTRACT MARKET.
-The closing plantations was 1,9 -.3 bales, stocks at interior towns haxing
quotations for leading contracts in the New Orleans cotton di creased 34 911 bales dur ng the woek. Last year receipts
from the plantations for the week were 53,100 bales and
markets for the past week have been as follows:
for 1921 they were 96,780 bales.
Saturday, Monday, Tuesday, Wednesday, Thursday, Fr day,
May 19.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
May 21.
May 22.
May 23.
May 24.
Mc y 25.
The following brief but comprehensive statement indicates
May
26.05
25.98 bid 27.57 bid 27.53 bld
at a glance the world's supply of cotton for the week and
June
27.5027.57
July
25.52-25.55 25.56-25.59 26.92-26.95 26.75-26.77 27.10-27.15 27.11 27.21 since Aug. for the last two seasons, from all sources from
.1
October _ _ 22.53-22.55 22.45-22.49 23.40-23.43 23.43-23.48 24.20-24.24 24.0( 24.03
which statistics are obtainable; also the takings, or amounts
December 21.1822.07-22.12 23.03-23.05 23.02-21.05 23.78-23.80 23.61
January - - 22.06 bid 21.95 bid 22.89 bid 22.90 bid 23.68 bld 23.41 -23.50 gone out of sight, for the like period.
March _ _ _ 22.01 bid 21.83 bid 22.79-22.81 22.78 bid

Tone
Spot
Options

26.69
26.00
26.50
25.75
25.65

23.56

Quiet

Steady
Steady

Steady
Steady

Firm
Steady

bid 23.31-23.39

Firm
Steady

WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that the
weather has been somewhat warmer and temperatures have
averaged about normal. There have, however, been frequent rains in almost all sections of the cotton belt except
in parts of Texas and in many instances these rains have
been excessive.
Mobile.
-Poor progress has been made in farm work, and
cultivation of low lands is at a standstill due to the heavy
rains. Condition of cotton in the uplands is fairly good,
but some of the fields are grassy.
-Condition and stands of cotton fairly good except
Texas.
in the drier sections where the condition is rather poor, but
with the crop clean. Fairly good progress has been made in
chopping. The boll weevil is appearing in the lower Rio
Grande Valley where cotton is blooming.
Galveston, Texas
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
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,cla
Athens
Augusta
Columbus
Charleston, S.C
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Dyersburg, Tenn
emphis

1922-23.
Week.

Season.

1921-22.
Week.

Season.

Visible supply May IS
3,202,553
5,239,322
Visible supply Aug. 1
3,780,450
6,111,250
American in night to May 25
105,082 10,107,401 147.159 9.379,107
67.000 3,215.000
Bombay receipts to May 24
65.000 2,973,000
7,000
Other India shIpin'ts to May 24
293,550
17,000
197,000
Alexandria receipts to May 23
3,000 1,325,800
666,000
6,000
6,000
329,000
Other supply to May 23.5.b
5,000
323.000
Total supply
Deduct
Visible supply May 25

3,390,635 19,031,201 5.479,481 19.649,357
3,091,573

3,091,573 5,162.072 5.162,072

299,062 15,939,628 317.409 14,487,285
Total takings to May 25_a
181,062 10,536,078 205,409 10,361,275
Of which American
118,000 5.401,550 112,000 4,128,020
Of which other
*Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
a This total embraces since Aug. 1 tho total estimated consumption by
Southern mills, 3.551.000 bales .n 1922-23 and 2,986.000 bales in 1921-22
takings not being available-and the aggregate. amounts taken by Northern
and foreign spinners. 12,388,628 bales in 1922-23 and 11.501,285 bales_in
1921-22, of which 6,985,078 bales and 7,375,265 bales American.
b Estimated.

Rain. Rainfall.
Thermometer
-INDIA COTTON MOVEMENT FROM ALL PORTS.
2 days 1.18 in. high 82 low 74 mean 78
1 day 0.02 in. high 96 low 60 mean 78 The receipts of India cotton at Bombay
and the shipments
2 days 0.07 in. high 90 low 'i0 mean 80
from all India ports for the week and for the season from
dry
high 90 low 74 mean
2 days 0.02 in. high 90 low 71 mean 82 Aug. 1, as cabled, for three years, have been as follows:
81
2 days 0.52 in. high 90 low 64 mean 77
1 day 0.05 in. high 97 low 58 mean 78
3 days 0.60 In. high 94 low 57 mean 76
1922-23.
1921-22.
1920-21.
May 24.
1 day 0.04 in. high 98 low 51 mean 75
2 days 0.38 in. high 90 low 65 mean 78
Receipts al
Since
Since
Since
Week, Aug. 1. Week. Aug. 1. Week, Aug. 1
3 days 0.03 in. high 98 low 60 mean 79
2 days 2.14 in. high 86 low 60 mean 73
67,000 3,215.000 65,000 2,973,000 54,000 2,244,000
2 days 0.02 in. high 88 low 68 mean 78 Bombay
5 days 0.68 in. high 91 low 57 mean 75
2 days 0.24 in. high 94 low 72 mean 83
For the Week.
Since August 1.
2 days 0.07 in
high _
low 66 mean
2 days 0.60 in. high 90 low 58 mean 74
Great Conti- Japan&
Exports.
Great
Conti- Japan &
4 days 2.62 in. high 89 low 55 mean 7
Retrain. neat. China. Total. Ratan. nest.
9
China.
Total.
3 days 0.31 in. high 92 low 59 mean 76
4 days 2.77 In. high 87 low 59 mean 73 Bombay
I
3 days 2.35 in. high 85 low 57 mean 71
6,000
1922-23..
6,111 114,000 562,5001,782.5002,459,000
2 days 1.32 in. high 91 low 59 mean 75
1921-22.... ------ 9,000 19,000 28,000 30,000 411,0001,509.0001.950,000
1 day 0.50 In. high 90 low 61 mean
1920-21
70,000 70,000 22,111 434,000k 932,0001,388,000
3 days 1.66 in. high 87 low 60 mean 76 Other India71
2 days 1.75 in. high 92 low 60 mean 76
1,000 6,000
1922-23_
7,000 65,000 228,550,
293,550
2 days 2.02 In. high 92 low 65 mean 79
1,000 16,000
1921-22
17,000 10,000 169.000 18,000 197,000
2 days 0.65 in. high 88 low 60 mean 74
1920-21
21,000 174,000; 27,000 222,000
4 days 3.05 in. high 92 low 58 mean 73
2 days 0.31 in. high 93 low 58 mean 75 Total all
3 days 0.83 In. high 91 low 58 mean 75
1,000 12.0
-23.
13,000 179,000 791,0501,782,500 2,752,550
1922
2 days 1.98 In. high 91 low 59 mean 75
1921-22._ 1,000 25,000 19,000 45,000
40.000 580,000 1,527,000 2,147,000
3 days 2.3e In. high 87 low 65 mean 76
1920-21
7.000 70.000 43,000 608.000 959,000 1,610,000
6 days 3.42 In. high 92 low 64 mean 77
3 days 0.86 in. high 84 low 57 mean 71
According to the foregoing, Bombay appears to show an
3 days 0.34 In. high 89 low 60 mean 75
4 days 2.90 in. high 90 low 62 mean 74 increase compared with last year in the week's receipts of
4 days 0.88 In. high 87 low 65 mean 76 2,000 bales. Exports from all India ports record a decrease
4 days 1.69 in. high 85 low 64 mean
2 days 0.32 in. high 81 low 65 mean 75 of 32,000 bales during the week, and since Aug. 1 show an
2 days 0.29 in. high 89 low 53 mean 74 increase of 605,55) bales.
71
9 days 0.26 in. high 86 low 58 mean 72
1 day 0.03 In. high 89 low 59 mean 74
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
4 days 0.59 in. high 79 low 65 mean 72
2 days 1.49 in. high 80 low 56 mean 68 now receive a weekly cable of the movements of cotton at
1 day
0.32 in. high __ low 58 mean _ _ Alexandria, Egypt. The following are the receipts and
3 days 1.43 In. high 8.5 low 54 mean 70 shipments for the past week
and for the corresponding week
3 days 1.82 in. high 87 low 52 mean 69
2 days 0.54 in. high 87 low 54 mean 71 of the previous two years.
2 days 1.00 in. high 87 low 51 mean 69
4 days 0.89 in. high 81 low 56 mean 69
Alexandria. Egypt.
1920-21.
1922-23.
1921-22.
2 days 1.63 in. high 85 low 60 mean 73
May 24.

.
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:




Cotton Takings.
Week and Season.

Steady
dy
Steady

Receipts (cantars)This week_

qi--

12,000
6.512.7.15

45,000
5.0614 316

115,000
4:274,077

2415

THE CHRONICLE

MAY 26 1923.]

Since
Since
Since
Week. Aug. 1. Week Aug. 1. Week. Aug. 1.
219,363 -_-_ 147.377 -__- 99,847
To Liverpool
---- 161.696 6,500 125,666 4.000 79.397
To Manchester, &c_ To Continent and India_ 6,000 288.237 4,750 195,405 6,250 125,583
_ -- -1157.952 -_- - 44.313
205.199
To America

BREADSTUFFS

Exports (bales)-




0

0

Friday Night, May 25 1923.
quiet and fairly steady. For stocks, though
Flour has been
large here, are decreas:ng, showing the effects of recent big
•
•
.
Otal expo
exports, not to mention the withdrawals for home consump-A cantar is 99 lbs. Egyptian ha es weigh about 750 lbs. were tion. But the fact remains that they are still unusually '
Note.
ending May 24
This statement shows that the receipts for the week
large. To make matters worse, flour is being offered freely
12,000 cantars and the foreign shipments 6,000 bales.
Philadelphia. It is true that
-Our report received by from nearby points, including
MANCHESTER MARKET.
not a little flour
-night from Manchester states that the market in of late the receipts have been moderate, but
cable to
cloths and yarns is quiet on account of the holidays. is in transit to New York. The movement from the Lakes by
both
We give prices to-day below and leave those for previous water and rail is believed to be extensive. So that before
weeks of this and last year for comparison:
long the receipts here could conceivably increase quite noticeably. Meanwhile export business is dull. European
1921-22.
1922-23.
Greece now forbids the imporCot's buyers profess indifference.
.834 ihd. Sh57584 lbs. Skirt- Cot's
[nos. Common
32s Cop
tation of flour, supposedly because of a recent advance in
ings. Common Mtd.
32s Cop
.
U01 8
to Finest.
Twist.
to Finest.
.
.
Up'
Twist.
exchange and the decline in wheat, which opens the way for
s d.
d. s. d.
.
d
d.
s. d.
d.
d.
the United States
Mar. d.
75 more advantageous buying abroad than in
1814 15 5%016 3 10
0 24 17 1 017 6 16.55 17
16 23
18% 15 44016 3 10 69 or even Canada. At Kansas City trade has been slow. Car
23 234 0 24% 17 1 (417 6 16.08 17
18% 15 4%016 3 10.69 lots of flour quoted per bbl., as follows; Bulk basis, hard
29 23% 0 24 17 1 017 6 14.80 17%
Apr.
18% 15 4%016 3 10.45 wheat, short patent, $6 25 to $6 40; long patent, $570 to $6;
0 017 6 15.88 17%
244 17
6 234
18% IS 4%016 3 10.23 straight, $550 to $50; first clear, $4 35 to $460; second
24% 17 0 417 4 15.95 17%
13 234
18% 15 4%416 04 10.11
23% 17 0 017 4 15.18 17%
20 224
wheat,
184 15 44016 0 10.21 clear, $335 to $3 75; low grade, $3 25 to $3 40. Soft
244 17 0 @l7 4 15.46 17%
57 224
May
fancy patent, $13 10 to $7; standard patent, $645 to $060;
1934 15 74016 3 11.00
4 224
23% 11 11 017 2 14.76 174
grade, $360
19% 1510%4196 11.58 straight, $580 to $6 30; clear, $490 to $5 40; low
22% 16 0 016 4 14.08 18%
11 2114
20% 16 1%016 9 11.98 to $3 85. At Minneapolis trade has been dull with jobbers
• 18 21%
2241 16 0 a16 4 14.74 19%
2034 16 1%016 9 11.69
1934
22% 16 0 016 4 15.50
25 21%
and bakers stocked up, especially at the East. Prices show
little change. The "Northwestern Miller" says: "The flour
-As shown on a previous page, the situation in some of the larger Eastern markets is distressSHIPPING NEWS.
the United States the past week have ing. Stocks of flour in
exports of cotton from
New York City last week were estireached ;12,522 bales. The shipments in detail, as made mated to be approximately 625,000 bbls., compared with 400,telegraphic returns, are as follows:
up from mail and
Bales. 600 normally. Philadelphia warehouses are represented to
-May IS-Celtic, 429; May 18-To Liverpool
be filled with flour, a lot of which is consigned and resellers
NEW YORK
1,186
Carman's., 757
are peddling this out at unheard of prices. Eastern markets
-George Washington, 125; May 22To Bremen-May 18
325 generally are said to be in a demoralized condition on acYorik, 200
200
-Dante Alighieri, 200
-May 18
To Genoa
644 count of consigned or distressed shipments."
-City of Dunkirk, 644
To Japan-M ty 18
6
-May 22-Polonta, 6
Wheat declined at first and then rallied. But the price
To Danzig
1,423 swings were within a rather small space. This in spite of
-West Chetar, 1,423
GALVESTON-To Barcelona-May 20
100
To Antwerp-May 21-Sldpton Castle, 100
1.899 the fact that the American visible supply decreased last
-May 21-Sicipton Castle, 1.899
To Ghent
6,000 week to the rather remarkable extent of 4,110,000 bushels,
To Japan-May 21-Jadden, 6,000
150
-May 2I-Jadden, 150
To Manila
200 against only 1,576,000 in the same week last year. The total
-May 21-Jadden, 200
To China
1,600 is now 31,109,000 bushels, against 26,410,000 a year ago.
-Louisiana, 1.600
To Gothenburg-May 22
150
To Christiania-May 22
-Louisiana, 150
1.931 Some unfavorable crop reports were received on the 21st inst.
To Bremen-May 22
-Mel, 1,931
250 It is said that in parts of Kansas the yield per acre is not
-Mel, 250
-May 22
To Hamburg
100 much over 10 bushels. Estimates were circulated indicat-May 19-Cardonia, 100
NEW ORLEANS
-To Oporto
866
To Japan
-May 10- exlco Maru,866
650 ing that on the basis of present outlook Kansas may raise
-Louisiana, _650
To Gothenburg
-May 19
To Havre
-Missouri, 1,806; May 24-Coldbrook,942_ 2,748 a crop of 90,000,000 bushels. This kind of talk, and also
-May 19
2,657
To Bremen-May 21-Janelew, 2,657
some unfavorable ideas as to the appearance of the crop in
To Antwerp
-May 24-Coldbrook,135
99 parts of Indiana and Illinois and Ohio, caused a certain
-May 12-Dakarlan, 99
BOSTON-To Manchester
654 amount of covering at one time. But in general the weather
-May 10-Huronian, 654
To Antwerp
1.149
HOUSTON-To Genoa-May 22-Jolee, 1.149
of
6.590 early in the week was favorable and there was an absence
-City of Fairbury, 6.590
-May 24
To Havre
60 foreign buying. More favorable crop developments in EuTo Antwerp
-City of Fairbury. 60
-May 24
550 rope were reported; also, it was said that Russia was offer-City of Fairbury, 550
-May 24
To Ghent
200 ing
-West Lake, 200
-To Liverpool
-May 23
NORFOLK
wheat to Germany. Yet the decrease of 4,110,000 bush32,522 els in the American visible supply as well as a decrease of
Total
2,034,000 bushels in bonded stocks more than offset an in-By cable from Liverpool we have the fol- crease of 1,169,000 bushels in the Canad.an "visible" and
LIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port: caused a spurt of buying for a moment. But it was only
May 4. May 11. May 18. May 25. for a moment. Europe did nothing. The Whitsuntide holi14.000
25.000
Sales of the week
35.000
33.000
5.000 days were on early in the week. Foreign exchange is so irOf which American
11.000
15,000
17.000
3,000
Actual export
2 000
4.000
5,000
27,000 regular as to hurt foreign business for forward delivery.
Forwarded
38,000
47.000
50.000
Total stock
688 000 649.000 632,000 611.000 This factor alone, it is feared, may keep export business
Of which American
356,000 332.000 314,000 302.000 down, for a Line at least, to a minimum. Speculation was
Total imports
31.000
27,000
4.000
.
6 000
5,000 becalmed. The outside public largely ignored it. Bad crop
Of which American
2.000
4,000
2.000
92.000 reports for the most part fell flat. Later the tone was on the
Amount afloat
68.000
86,000
76,000
10,000
Of which American
11,000
12.000
11.000
whole steady; the fluctuations were not remarkable. But
The tone of the Liverpool market for spots and futures with stocks rallying, cotton up, and the Federal Reserve
each day of the past week and the daily closing prices of Board at Washington talking more cheerfully about the
financial and general business outlook, the tone was not despot cotton have been as follows:
pressed, despite better weather at the Southwest, where
Monday. Tuesday. Wednesday. Thursday. Friday.
Saturday.
Spot.
recent rains nave been beneficial. The Kansas crop was estimated by some at as high as 110,000,000 bushels. Still, exA lair
Market, I
12:15
Quiet.
business
port demand was 1.ght. In two days the export sales were
Quiet.
doing.
P. M.
only 450,000 bushels. London had sold one or more cargoes
of Gulf wheat for future shipment at prices equivalent to
14.84
MId.Upl
15.42
15.50
about de. over Chicago July as a hedge against purchases of
4,000
1101.1HOL18,000
4,000 HOLIDAY
Sales
similar quantities in India at relatively lower prices. LivDAY.
DAY.
Firm.
St•y, 3 pts
Quiet but
Futures. I
erpool cables were disappointing. India, it was repeatedly
adv. to 9 29 to 49 st'dy, 2 to
Market
sa.d, was offering wheat at below American prices. ArgenPt.. dec. pts. adv. 4 pta. adv.
opened
tina is offering wheat to Liverpool more freely with cheap
Sty, 14 pta Barely st'y Barely st'Y
Market. I
freights. Can surplus American stocks be easily sold? That
adv. to 1 33 to 57 7 to 8 pta.
4
pt. dec. pta• adv. de,41ne.
P. as. I
is a question which some are considering with no small inPrices of futures at Liverpool for each day are given below: terest, even, it is intimated, with a certain anxiety. Meantime, too, the technical position is regarded as weaker. Flour
is dull, with sharp competition for business. Yet wheat has
Frt.
Mon.
Set.
Tues.
Thurs.
Wed.
acted better than might have been expected. There are perMay 19
to
1234112% 1234 4:00 12341 4:11 1234 4:00 12341 480 1234 400
p. m.p. m.p. m.p. m.P.m.p.m.p.m.p.m.p.m.p. m p. m.P. In. sistent reports of a decrease in the acreage at the NorthMay 25.
west and of recent crop deterioration in the Southwest. The
d. d. d. d. d.
d. d.
d. a.
season is said to be about two weeks late. Special reports
14.14 14.2. 14.72 14.7 14.80 14.7
May
to the Chicago "Price Current Grain Reporter" to May 19
13.82 13.9314.4214.5014.5214.4'
Juno
•
. 4.36 14.4/114.44 14.3
July
Indicate the season is uniformly ten days to two weeks late,
13.5313.6314.0: 14.1* 14.15 14.0
August
but favorable weather and soil conditions will give rapid
HOL1- 13.09 13.20* . 13.6 10.69 13.67 HOLI'
September- HOL1DAY. 12.5812.68 13.08 13.1 13.17 13.14 DAY.
DAY.
October
growth. let on the other hand wheat was powerless to ad12.34 12.44 12.80 12.8 12.89 12.M
November .._-.
vance much. Kansas has had rains of one to two inches.
12.23 12.32 12.66 12.74 12.77 12.76
December
12.13 12.2212.55 12.61 12.6512.64
January
The soil there is in much better condition. Chicago opera12.04 12.12 12.4512.49 12.52 12.54
February
tors took the ground that any unfavorable crop news has
11.96 12.04 12.3512.3 12.42 12.46
March
AprIl
lost its effect as a trade stimulant, the heaviness at Minne11.9111.9912.2812.32112.3512.40

rl

2416

THE CHRONICLE

apolis, despite indicated large decreases in seeded area,
having a more or less depressing influence. The apparent
indifference of outsiders has led some of the traders in Chicago to sell. To-day prices, after an early advance of % to
%c., reacted and closed slightly lower, but % to 1c. higher
than last Friday.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_14831 147
14931 14831 14831 14831
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Mon. Tues. Wed. Thurs. Fri.
Sat.
May delivery
ets_11731 11731 11931 11831 11831 1183(
July delivery
11531 11631 11831 11731 11731 117
11431 11631 11531 11531 11531
September delivery
114

Indian corn, like other grain, kept its price movements
within very small limits early in the week. But did decline
half a cent with the cash demand much smaller. Southwestern cash markets were weak, with wheat none too
steady. Yet receipts have been small. Last week at primary
points they were only 1,325,000 bushels. But the demand
being small also and with the weather more favorable for
planting the tone became more or less depressed. Speculation for a rise was less aggressive, less confident. With a
lull in both speculation and cash trade, the comparative indifference of the market, even to such a decrease in the
American visible supply last week as 2,872,000 against only
1,
941,000 last year, is not very difficult to understand. To
be sure, the total is now down to 12,427,000 bushels, against
30.660,000 a year ago, but on the 21st inst. May corn was
80c. against 61 last year, July 79% against 64%c. last year.
It is said that corn is now being hauled to some extent in
parts of Central Illinois to interior elevators, but offerings
at Chicago to arrive were small. Outside markets were overbidding Chicago. Meantime it is asserted that 25% of the
central Illinois corn acreage will have to be re-planted and
further rains were reported in Iowa and Nebraska. Later
:300,000 bushels were taken for export. But domestic cash
business was small. The price is too high, say feeders. They
are comparing corn with hogs. And there are predictions of
larger receipts at primary points. Seeding, too, it seems,
has made greater progress. Talk of considerable re-seeding
of wheat being necessary tended to steady corn prices. At
one time, indeed, they rallied sharply on covering. But fluctuations in the main during the week have been anything
but striking and the drift was downward in the main. Kansas reported planting still in progress in the western half of
the State. To-day prices advanced slightly and then reacted.
ending % to 14c. lower for the week.

[VoL. 116.

The following are closing quotations:
GRAIN
Oats
$1 4831
No.2 white
1 3631
No.3 white
Barley
100
Feeding
87
Malting
FLOUR

Wheat
No. 2 red
No. 2 hard winter.-Corn
No. 2 yellow
Rye
-No.2
Spring

.16
5431
Nom.
82083

22 "5 22 BairZ,!'1! 1-0, 2-0
_.
625
Nos. 2.3and

=ft , soft _ _ $
1
ggts
i
2
Hard winter straights-- 5 9°@
First spring clears
5 50
Ryeflour
4 50
Corn goods, 100 lbs.:
Yellow meal
2 1014
Corn flour
2i54

$575
4Pearl- 650
Nos. 3-0
5 90
Nos. 4-0 and 5-O....- 600
Oats goods
-carload:
220
Spot delivery
277314285
220
6 00
500

The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts alChicago
Minneapolis..
Duluth
Milwaukee.
Toledo
Detroit
Indianapolis_
St. Louis_ _ _
Peoria
Kansas City_
Omaha
St. Joseph_ _
Total wk. '23
Same wit. '22
Same wk. '21

Flour. , Wheat.
Corn.
Oats
Barley. I Rye.
elds.1961bs. bush.60105. bush. 56 lbs. bush. 32 lbs. ush.481bs.Ibu5h.56Ibs.
200,000
255,000
463,000 1,152,000 107.000
22,000
1,106,000
49,000
189,000 150.000
95,090
617,000
2,
2,000
11,000 228,000
23,000
53,000
57,000
291,000 106,000
10,000
255,000
46,000
55,000
1,000
24,000
31,
52,000
17,000
170,000
178,000
91,000
520,000
159,000
490,000
5,000
28.000
38,000
5,000
233,000
187,000
11.000
548,000
128,
134,000
135,
95.000
94,000
81,
48,000
20,000
352,000
352,000
293,000

3,616,000
6,450,000
4.556,000

1,481,000
4,755,000
2,533,000

2,844,000
5,033,000
2,574,000

390,000
844.000J
490,000j

384,000
570,000
464.000

Since Aug.11922-23.
-20.093,000369,834.000 260,808,000193.8l5.000133.926,000145,985.000
1921-22..
17,778,000104,227,000327,848,000176.575,000 25,529,000 19,972,000
1920-21..... _ 23,022,000300,050,000 187,019,000190,934,
24,568,000 17,018,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday May 17 1923 follow:
Receipts atNew York .. _ ..
PhiladelphiaBaltimore...-.
N'port News.
Norfolk
New Orleans"
Galveston...
Montreal __ ..Boston

Flour.

Wheat.

Corn.

Oats.

Barrels.
Bushels.
Bushels.
112,000 1,765,411
69,000
36,000
255,001
43,000
22,000 . 343.000
15,
2,000
41,0:1
293,001
78.000
97,000
146,
250011
65,000 2,410 1 0 i
447,000
17,000
1,000

Batley.

Bushels.
60,0001
96,0001
7

Rye.

Bushels. Bushels.
73,000
72,000
6,000
78.000

31.00
519,000
34,000

105,000
154,000
1.000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
wk. '23 332,000 5,413,000
Total
762,000
747,000 179.000 310,000
Sat. Mon. Tues. Wed. Thurs, PM. Since Jan.1'23 10,052.000 82,434 111 28,424,000 13,658.000 3.970.00015,377,000
No. 2 yellow
cts_10031 10031 101
10031 10031 100
491,000 5,302,8 i I
1922.. _
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Week.1,o,1'22 0_502.000 64 WW1 MA 2,512,000 3,688.000 450.000 1,261,000
1nr•r•
70 019 11(10 211744 ma .412 0011 R071 Mil
Sat. Mon. Tues. Wed. Thurs. Fri.
"Receipts do not Include grain passing through New Orleans for foreign port.
May delivery
cts_ 80
7931 8031 7931 79% 7931
through hills of lading.
delivery
July
7931 7931 8031 7931 7931 7931 on
September delivery
7831 7831 79
78
The exports from the several seaboard ports for the week
7831 7831

Oats kept within narrow bounds early in the week, but ending Saturday, May 19 1923, are shown in the annexed
there was a slight decline. The American visible simply, it statement:
is true, decreased last week 1,935,000 bushels, against a deWheat,
Corn, Flour,
Oats,
Rye,
Barley, Peas.
crease in the same week last year of 1,417,000. This leaves
-1 Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Exportsfrom
it only 16,133,000 bushels against no less than 51.509,000
1,483,602 177,191 142,565 235,549 145,456 105,847
bushels a year ago. But statistics do not seem to help oats New York
11,000 3,000
Boston
much, if at all. Trade has been too dull. The weather has PldladelPhla
334,000
43,000 19,000 70,000
43,000
504,000
26,000 17.000
51,000 701,000
been better and the crop reports more cheerful. May oats Baltimore
293,000
were 42%c. against 37%c. a year ago. Later May was at a Norfolk News_
41,000 2,000
Newport
small premium over July. It was also said that a better cash New Orleans.... 336,000 96,000 37.000
1,000 115,000
80.000
from the South had appeared with some business for Galveston
demand
1,802,000
Montreal
86,000 113,000 141,000
33,000
shipment from Chicago and Iowa points. Still later 30,000
week
480,191 333,565 498,549
bushels were sold for export. Of course this was nothing at Total 1922 1923.. 4,832,602 1.829.564 265,251 1,916.285 1,004.456 138,847
2,939,090
Week
444.267458.703
all important unless it may. perchance, be the forerunner of
The destination of these exnorts for the week and since
larger European buying. Time will show. The depression
July 1 1922 is as below:
at times in other grains, to go no further, was a drawback to
oats. Trading as a rule has been small. Nothing seems to
Flour.
Wheat.
Corn.
be able to stir it into new life. To-day prices advanced a Exports for Week Week
and Since
Since
Week
Since
Week
Since
fraction, then receded and closed %tr. lower than a week ago.
May 19 July 1
July 1 toMay 19
July 1
May 19
July 1

1923.
1922.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Barrels. Barrels.
eta.. 55R 5531 56
!
.
No. 2 white
56
5531 56
United Kingdom_ 95,814 4,871,541
191,651 6,457,350
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Continent
Sal. Mon. Tues. Wed. Thurs. Fri. So.lc Cent. Amer. 6,000 440,332
17,000 1,225,800
cts_ 4231 4231 4231 4231 423i 4231 West Indies
May delivery
4,000
42
July delivery
42
4214 4231 4231 4231 Brit.No.Am.Cols_
Other Countries.. 23,100 868,700
4031 40
September delivery
4031 40)1 40
40
333,565 13,867,623
Total 1923
Rye declined with little demand, either home or foreign.
265,251 12,875,953
Total 1922

Liquidation set in and its effects were plain enough, especially on May rye. Yet some of the crop reports from the
Northwest were not favorable. They failed to move the
market, however, in the existing dulness. The American
visible supply decreased last week 382,000 bushels, against
an increase in the same week last year of 146,000. The total
is now 19,087,000, against 6,354,000 last year. May rye on
May 21 was 764c.. against 1.05% on the same day last year.
Later on. the weather at the Northwest was better and
prices fell some 1 to 2 cents, with big liquidation. It was
followed by a further decline in the May delivery of 1%c.
with the technical position weaker. So many shorts had
covered. Later months acted better than May, though unable to advance. There were sales to Germany estimated at
*)00,000 bushels. To-day prices advanced % to %c., thew
reacted and ended 3 to 4c. lower than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN
Sat. Mon. Tues. Wed.
cts_ 7631 76% 77
7631
May delivery
7831 7831 7931 7731
July delivery
79% 7931 SO%
September delivery




CHICAGO.
Thurs. Fri.
7431 7431
7731 7631
7831 7831.

1923.

1922.

1923.

1922.

Bushels. Bushels. Bushels.
Bushels.
1,986,523 86,287,372 272.03428,505,151
2,846,079 193,521,293 174,157 51.130,312
399,000
41,000
23,000 1,627,700
32,000
11.000
48,700
2,765.830
18,000
4,832,602 283,005,495 480,191 81,370,765
2.939.090 245,928,106 1,829,564 131090270

The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, May 18, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
Exports.

1922-23.
Week
May 18.

Since
July 1.

Corn.
1921-22.
Since
July 1.

1922-23.
Week
May 18.

Since
July 1.

1921-22.
Since
July 1.

Bushels.
Bushels.
Bushels. Bushels.
Bushels. Bushels.
North Amer. 7.540.000394,570.111 367,121,111
439.0001 84,985.SI 140,513.000
224,000 6,819,111 4,384,000 212.0001 5.767,II 13.284.000
Russ.de Dan
Argentina- _ 3,416,000 123,081,111 03,933.111 2,476,000103,324.I 103,921,000
Australia.-- - 1.040,000 42,748,111 101,504,000
432,000 10,956,III
India
712,000
Oth. countr's
4,751.000 12,028,000
Total.,.... _ 12,652.000 578.174.111 367.654,000 3,127,000198.827,000 69,746,000

The visible supply of grain, comprising the stocks in gran-.
ary at principal points of accumulation at lake and seaboard
ports Saturday, 11ilay 19, was as follows:

THE CHRONICLE

MAy 21; 1923.]

GRAIN STOCKS.
Rye,
Corn,
Oats,
Wheat,
bush.
bush,
bush.
bush.
165,000
681,000
503,000
291.000
2.000
34,000
2,000
23,000
257,000 1,071,000
81,000
131,000 642,000
125,000
267,000
166,000
217,000
316,000
711.000
79.000
967,000
801,000
393,000
1,683,000 2,044,000
12,000
278,000
86,000
561,000
12,000
57,000
43,000
24,000
2,564,000 7,210,000 3.687,000 1,048.000
39,000
281,000
102,000
387,000
73,000
411,000
109,000
113,000
584,000 10,614,000
9,164,000
288,000
3,000
122,000
97,000
692,000
29,000 6,530,000 3,855,000
12.726,000
240,000
318,000
301.000
549,000
145,000
480,000
399,000
3,613.000
64,000
7,000
1,000
103,000
191,000
416,000
67,000
725,000
165,000
1,363,000
788,000
104,000
164,000

Barley,
bush.
320,000

2417

THE DRY GOODS TRADE

Friday Night, May 25 1923.
Quietness has continued to prevail in markets for textiles
3,000
the general undertone
40.000 during the past week, and
8,000 has been easier.
Goods have been offered at lower
of the primary markets, and
90.000 prices in different quarters
1,000 while the weather has been unfavorable for the sale of goods
more than the weather affect191,000 there appears to be something
the
13,000 ing prices. Trade banking factors have been watching
131,000
their clients closely, and where novel467.000 merchandise stocks of
not moved satis3,000 ties and seasonably high-styled goods have
430,000 factorily, suggestions-have been made that have resulted in
8,000
stock reductions at liquidation prices. This development.
however, has been confined largely to the smaller converters
limited. That the season11.000 or concerns whose resources are
able quiet has been extended beyond expectations is admitted
in many places, and factors responsible for this include less
of strikes in buildTotal May 19 1923._ _ _37,109.000 12,427,000 16,133,000 17,987,000 1,716,000 buoyant trade in general, and the reports
Total May 12 1923... _41,219,000 15,299,000 18,068,000 18,369.000 1,988,000 ing circles which have been mentioned in conjunction with
6,354,000 1,433,000
Total May 20 1922._ _ _26,410,000 30,660,000 51,509,000
under way to restrict investment in
-Bonded grain not included above: Oats, New York,99,000 bushels; Boston. the movement that is
Note.
high. All of these
37,000; Baltimore, 59,000; Buffalo, 243,000: Duluth, 41,000; total, 479,000 bushels. new enterprises while costs continue so
against 978,000 bushels in 1922. Barley, New York. 220,000 bushels; Buffalo. 113. developments are no doubt having their effect in reducing 637,000 bushels in 1922. Wheat.
000; Duluth, 70,000: total, 403,000 bushels, against
There has already
New York, 526,000 bushels; Boston, 18,000; Philadelphia, 453,000: Baltimore, the purchasing power at retail centres.
120,000; Buffalo, 435,000; Duluth, 312,000; Toledo, 209,000; Chicago, 259,000; On been considerable talk of consumer resistance manifesting
bushels in 1922.
Lakes, 222,000; total, 2,554,000 bushels, against .5,099,000
itself, and while the average dry goods trader is as yet unCanadian
370,000
524,000
558,000
753,000
2,894,000
Montreal
not exnand when the weather
3,955,000 convinced that business will
5,453,000
Ft. William & Pt. Artnur_30,894.000
dis380,000 becomes more seasonable, it is felt that so much of the
763,000
2,783,000
Other Canadian
likely
tribution has been delayed that a great deal of it will
524,000 4,705,000
753,000 6,774,000
Total May 19 1923.-36,571,000
hastened by price
563,000 4.580,000 be deferred permanently, or at least only
395,000 6,485,000
Total May 12 1023._ _35,402,000
160,000 2,278,000 concessions at retail. On the other hand, the opinion is exTotal May 20 1922.._27,368,000 1.674.000 6,588,000
Summary
merchants, that if the
37,109,000 12,427,000 16,133,000 17,987,000 1,716.000 pressed among many of the local
American
524,000 4,705,000 weather turns hot and remains so for a reasonable period
753,000 6.774,000
36,571.000
Canadian
of the immediate difficulties in the way of more active
Total May 19 1923._ _ _73,680,000 13,180,000 22,907,000 18,511,000 6,421.000 many
•
•
Total May 12 1923____76,621,000 15,694,000 24,553,000 18,932,000 6,568,000 business will be solved.
Total May 20 1922..._53,778,000 32.334,000 58.097,000 6,520,000 3,711.000
DOMESTIC COTTON GOODS: There has been no urgent
WEATHER BULLETIN FOR THE WEEK ENDING demand for domestic cottons during the past week; in fact,
-The general summary of the weather bulletin the buying has been of limited proportions, and in some cases
MAY 22.
issued by the Department of Agriculture, indicating the at easier prices. The general movement throughout the
influence of the weather for the week ending May 22, is as country against high prices has encouraged many buyers to
follows:
confine purchases for the most part to current needs. The
In most of the country the week ended May 22 was decidedly unfavorable
raw material has
for warm weather crops. Generally cool weather continued throughout the unsettlement prevailing in the markets for
Interior States with too much soil moisture in many localities which retarded also had a tendency to check activity, while the unseasongermination and field work. Gene:ous rains were very beneficial in the
adverse factor. Furtherwestern Lake region while additional needed moisture was received in the able weather has likewise been an
Central Rocky Mountain States, the western plateau area and in much more, merchants are inclined to view more soberly the posof the Far Northwest. No extensive areas were needing moisture at the sible diminution in the purchasing power of consumers inclose of the week, although rain was needed in Southern Texas, much of
Arizona and New Mexico, Eastern Montana and in some sections of the volved in the intentions of capitalists and others to refrain
Far Northwest. The soil was generally too wet in the East Gulf States. from further expansion in building construction, and in the
Arkansas and much of Oklahoma. while field work was delayed in confor
siderable portions of the Ohio Valley area, principally from soil wetness popular desire that strikes among the building trades
due to preceding rains.
still higher wages shall be fought to a finish. In an effort
The weather was mostly favorable for farming interests in the Atlantic
many of the
States, except too wet in some northern sections and good growing weather to keep up sales or reduce burdensome stocks,
was the rule west of the Rocky Mountains. There was rather severe hail jobbers have been offering several lines of cotton goods very
damage in the Arkansas Valley and Colorado and heavy rains washed fields
that sales will
badly in parts of the Southeast. Agitation continued from ten days to two cheap. It is not generally believed, however,
weeks backward in most sections of the country.
amount to anything more than a cleaning up before inven--The first half of the week was generally cool in the cottonCOTTON.
there are some houses who appear to be insisgrowing States, but the latter half was somewhat warmer; the temperatures tory. While
for the week as a whole averaged 2 or 3 degrees below normal, except in tent about driving for business when customers are indifmuch of Texas, where the weekly means were normal or slightly above. ferent, most of the conservative merchants are content to sit
Rainfall was frequent in nearly all sections of the belt, except in most of
back until some new development may occur to lead to reTexas. and amounts were heavy in many localities.
The week was decidedly unfavorable for cotton because of wet weather newed activity. It is generally predicted that a period of
and cool nights, except that fairly favorable conditions prevailed in most of
hot
Texas and in the Carolinas. Fields were clean in Texas and chopping good retail trade would follow a sustained spell of
progressed favorably with the condition and stands mostly fair; weevils weather. It is also hoped that when the June Government
were appearing in the lower Rio Grande Valley. where cotton was blooming.
concerning
It was too cool and wet in Oklahoma, however and cotton made poor report on cotton is issued, many uncertainties
progress, while heavy rain caused much washing a fields. Cotton needed the start of the new crop will be cleared up and result in
cultivation badly in Arkansas and very poor growth was reported from that
more settled views of crop prospects which at the present
State with plants dying in some localities and much replanting being done.
Growth was slow in Louisiana and Mississippi, espiecially on the low time are very much mixed and give just cause for nneerlands, and fields were becoming grassy in Tennessee. Cotton plants showed
cloths have
fairly good growth in Alabama, but much of the week was rainy and field tainty of opinion concerning cloth values. Print
work needed, especially in the South. Deficient sunshine, cool nights and ruled very quiet during the week, 28-inch, 64 x 64's construcwere
heavy rains were decidedly unfavorable in Georgia. where weevil
64 x 60's. at Me.
reported as appearing generally. The crop showed some improvement in tion are quoted at 7%c.. and the 27-inch,
North Carolina, while progress and condition were fair in South Carolina Gray goods in the 39-inch. 68 x 72's, are quoted at 11%e., and
in the latter part of the week, being more favorable in that State.
WHEAT -The week was generally cool throughout the principal winter the 39-inch. 80 x 80's. at 13c.
wheat belt and moisture was ample in all sections. Wheat continued to
WOOLEN GOODS: There has been no activity in marmake satisfactory progress in nearly all districts between the Mississippi
fact the quiet in some deRiver and the Rocky Mountains, although there was complaint of thin kets for woolens and worsteds. in
stand in Nebraska and the crop continued very late and threatened with partments has gone beyond a seasonable falling off. Some
weeds in Western Kansas.
closing, and. according to
Good growth continued in the eastern two-thirds of Kansas and the of the mills in Rhode Island are
plants were heading out in the southeastern portion.
reports, there have been many revisions of orders for fall
Winter wheat continued to show improvement since the rain in the Ohio
considered cancellations. The clothing
Valley States, but there was much flooding and washing of fields in Indiana that are virtually
. and the general condition of the crop continued very poor to poor in many trade, as well as the cloak and suit business at retail has
Coast fallen off, and is dull in some sections. Where goods are
places in Ohio. The crop improved generally in the Middle Atlantic
area and rainfall in many wheat districts from the Rocky Mountains westward was beneficial, although more rain was needed In portions of Washing- overdue on delivery a general desire to cancel has been maniton.
fested. It is claimed. nevertheless, that there is still a good,
Spring wheat made good progress under generally favorable weather conbooks of mills and little likenditions for that crop. The coolness favored stooling of the early sown volume of firm orders on the
and seeding was practically finished in all sections. The crop was generally hoow of a slump that will amount to much before July at
up to a good stand in North Dakota, although some fields were reported
hoped that general business will
thin because of freezing temperatures at germination. Much spring wheat least, and by that time it is
was up to a good color and growing well in Montana.
have improved suffieiently to remove the present uncertainStates by
OATS.
-Oats harvest was interrupted in the Southeastern
•
frequent rain, but this work progressed favorably in the West Gulf artki. ties.
Other cereals made fair progress in the Southwest, while spring oats grew
FOREIGN DRY GOODS: Markets for linens appear to
well throughout most interior sections of the country. Some oats seeding
was yet to be done in New York whore the.soil was generally too wet to have settled down awaiting a revival of buying. Aside from
work. Rice seeding was completed in California. but the early sown grew dress linens. which are selling fairly well, the market in genslowly because of cool weather. The rice crop continued backward in
are
Louisiana. Flax seeding was well advanced in Minnesota, and seeding eral has ruled quiet, and many salesmen on the road who
progressed in North Dakota.
not justifying their trips out of town are being recalled.
-Corn needed warmth and more sunshine throughout the prinCORN.
buying. sellers have disnlayed -more willcipal planting area. Planting was delayed by wet soil in many Ohio ()wing to the lack of
Valley localities and there was much planting still to do, especially in Ohio, ingness to offer price concessions below the regular list Ili.
while the cool weather prevented satisfactory germination. Planting was order to move goods. No
cancellations have developed, howwell along in Iowa, but not much corn was up and there was some complaint
of rotting seed. The condition of the crop was fair in Miwouri, but warmth ever. although importers have been prepared for such a deand sunshine were needed for rapid growth. The crop came to a good
for some weeks back. The market for burlaps
stand in Eastern Kansas, where the fields were being cultivated, but velopment
has been dominated by speculative interests during the Week.
planting was still in progress in the western portion of the State.
Seeding was well along in Southern Nebraska and was making good Consumers have purchased sparingly. and the market in
progress In the North, but much corn was still to be planted in South
demand. tile
Dakota Conditions were mostly unfavorable for corn in the Southern general has been dull. Owing to the absence of
;
States although the crop made fairly good progress in Texas and rains were undertone has been easy. Light weights are quoted at 5.25
beneficial in Florida. Cultivation was badly needed in Arkansas and
to 5.35e.. and hen vies at 6.90 to 7.00e.
Tennessee and most of the Central and Eat char localities.

United StatesNew York
Beaton
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Sioux City
Milwaukee
Duluth
St.Joseph, Mo
MinnealiOlis
St. Louis
Kansas
Peoria
Indianapolis
Omaha
On Lakes
On Canal'and River




2418

THE CHRONICLE

ffitate and Tity pepartment
NEWS ITEMS

[VOL. 116.

sufficient additional bonds and appropriating balances from funds not
otherwise set aside to cover all the contracts let.
"The findings that the school district had not recklessly, arbitrarily on
extravagantly used its powers in the erection of school buildings involved
is sustained.
"It is also held that the evidence sustains the finding that plaintiffs had
been guilty ofsucn laches in beginning the suit that, as a matter of law, they
should now be estopped from questioning contracts under which the district
has acquired valuable structures which it now retains and uses for a proper
purpose,"
e decision is of vital importance to Minnesota school bondholders,
se
Arthur J. Edwards, Vice-President of Wells-Dickey Co. said.
"This decision is of extreme importance to holders of Minnesota school
bonds in holdings that when bonds have been issued pursuant to vote by
the people," he said. "the school board must levy a tax sufficient to meet
interest and principal as they mature. Many school bonds are outstanding
held by the trust funds of the State of Minnesota and by private investors,
for the payment of which the limited 8
-mill tax contended for by the mining
companies would have been insufficient. That the voice of the people in
voting bonds carries with it the necessity of levying sufficient taxes to pay
same when due has been generally considered to be the law in Minnesota
until recently questioned In this case, and we are pleased to see the Supreme
Court so vigorously reaffirm this principle."

California (State of).—Legislature Adjourns.—The 1923
Legislature adjourned sine die on the evening of May 18.
Minnesota (State of).—Small Independent School Districts May Issue Bonds in Unlimited Amount, According to
State Supreme Court Decision.—The State Supreme Court of
Minnesota on May 18, hearing an appeal brought from the
District Court of Hibbing by the Oliver Mining Co. in a suit
brought by that company and others against the St. Louis
County Independent School District No. 35 to prevent the
issuance of $1,750,000 school construction bonds, decided
in favor of the district. The appellants contended that the
bond issue was illegal because it necessitated increasing the
New York City, N. Y.—Mayor's, Controller's and Borough
tax levy to a figure above the 8 mills per dollar limit placed Presidents' Salary Increase Bill Approved by Mayor Hylan
on school taxes by statute. This the Supreme Court and Governor Smith.—Other Salary Increases Vetoed by Mayor—
-mill limitation was to be construed A bill increasing the Mayor's and Controller's salaries from
denied, holding that the 8
as meaning that no greater levy than 8 mills was to be levied $15,000 to $25,000 and the Borough Presidents' salaries
in any one year for the purchase of school sites and erection from $10,000 to $15,000, was signed by Mayor Hylan on
of school houses, and then added: "But it is not a limitation May 23 and by Governor Smith on the 24th. At the same
upon the power of the electors of such a district to issue bonds time that he signed the measure increasing his own salary,
for the same and other purposes and when such bonds are Mayor Hylan vetoed several bills increasing city employees'
issued the school board must levy a sufficient tax to meet salaries and pensions. The Mayor's reason for vetoing the
interest and bonds as they mature unaffected by the section pension bills was that the city was not financially able to
-mill limitation." The court, in sup- pay the increases.
which provides the 8
porting its holding, also stated that there is no provision in
New York State.—Hospital Bond Bill Signed—Income
the statutes relating to the issue.of bonds by districts in the Tax Law Amended.—The $50,000,000 hospital bond bill was
class of St. Louis County Independent District No.35(which signed by the Governor on May 23. The measure spehas a population, of not quite 5,000, according to estimates) cifically authorizes the State Comptroller to issue bonds at
that places any limit upon indebtedness that may be cre- not less than par in an amount not to exceed $50,000,000.
ated. The following is taken from the Minneapolis "Jour- The bonds are to be free of taxation and are to bear interest
nal" of May 18:
at a rate not to exceed 5%, payable semi-annually in New
In a decision involving $2,300,000 in the specific case affected and the
probable expenditure of many millions more the Minnesota Supreme Court York, and are to mature in 25 equal annual installments,
held to-day that independent school districts legally may spend any amount the first one year from date of issue. The bill carries a
their voters authorize in purchasing sites and erecting and equipping school
referendum clause, placing the bond issue before the voters
buildings.
A limitation in the statutes of mills on the dollar as the maximum tax at the election this fall.
levy that may be imposed by a school board in such a district does not apply
On May 22 a bill amending the income tax law by making
when the electors vote bond issues, the court, held.
The far-reaching decision is of particular importance in northern Minne- more liberal exemptions for married men or heads of families
sota, where Hibbing with its $2,000,000 high school has set the pace, and
where mining companies have protested what were termed excessive and was signed by Governor Smith. The bill increases from
extravagant tax burdens for construction of public buildings
$2,000 to $2,500 the amount of personal exemption granted
To-day's decision was in the case of the Oliver Mining Co. and others
against Independent School District No. 35. The plaintiffs in the action to married men or heads of families in cases where the income
protested a bond issue of $1,750.000 voted by the people for the construction is less than $5,000. The amount of exemption that may be
and equipment of schools at Buhl and Kinney, and revived an old statute claimed on incomes of over $5,000
remains at the old figure
which provides that "in independent districts no tax in excess of 8 mills
on the dollar shall be levied for the purpose of school sites and erection of of $2,000. The exemption allowed for a dependent is
school buildings."
from $200 to $400 by the bill. The text of the
After contracts had been let and work on $2.300.000 school construction increased
was 75 to 80% complete, the mining companies sought and obtained a tem- bill follows, the new matter being in italics and the old matter
porary restraining order against the district and the contractors on the to be omitted in bold face brackets:
ground that the contracts were illegal and that

the bond issue was not
The People of the State of New York. represented in Senate and Assembly,
authorized by law because it entailed expenditure in excess of the 8
-mill
do enact as l'ollows
limitation on the school board.
Section 1. Section three hundred and sixty-two of chapter sixty-two
Many Twin City contractors, Including the National Contracting Co.,
were engaged in the work with large sums invested when the restraining of the laws of nineteen hundred and nine. entitled "An Act in relation to
order became effective in October 1921. Since then no work has been done. taxation, constituting chapter sixty of the consolidated laws," as added
J. D. Shearer, attorney for some of the contractors, estimated to-day that by chapter six hundred and twenty-seven of the laws of nineteen hundred
and nineteen, and last amended by chapter one hundred and ninety-one
$500,000 of Twin City contractors' money had been tied up.
The Supreme Court in its decision to-day held that the bond issue was of the laws of nineteen hundred and twenty, is hereby amended to read
legal and reaffirmed the principle that when the electors vote bonds the levy as follows: Exemptions. The
following exemptions shall be allowed
Sec. 362.
must be made to meet interest on and maturity of the bonds.
The bond sale was authorized by the voters in 1919 and work was begun to any taxpayer: of a single person, a
personal exemption of ono thousand
1. In the case
on an enlargement of the Buhl high school and the construction of an eleof
Buhl school pecifications called for one dollars, or in the case a the head of a family or a married person living
mentary school at Kinney. Thes
personal
of the most magnificent educational institutions of the State—a competitor with hutband or wife,income is inexemption of two thousand five hundred
excess of five thousand antlers. in which
of the $2.000.000 high school at Hibbing. In October the mining companies dollars. unless the net
went into District Court of St. Louis County and obtained a temporary case the personal exemption shall be two thousand dollars. A husband and
restraining order, stopping all work. The litigation attracted State-wide wile living together shall receive but one personal exemption (of two
thousand dollars against their aggregate net Income; and in case they
interest, involving not only the contractors but bondholders as well.
The case went to trial before District Judge Martin Hughes at Hibbing. make separate returns, the personal exemption of two thousand dollars
divided between them]. The amount of such personal
Attorneys for the plaintiff set up the old statute which made specific limi- shall be equallybe two
thousand five hundred dollars, unless the aggregate
tations, and they held that, regardless of action by electors, 8 mills on the exemption shall
such husband
dollar represented the maximum levy that could be Imposed on taxpayers. net intone of the amount of and wife is in excess of five thousand dollars,
such personal exemption shall be two thousand
in which case
They called the expenditures excessive and extravagant, and a plain impo- dmlars.
and wife wake
sition on the mining companies. The defense was that there had been no exemptionIf such husband divided betto-en separate returns, the personal
shalt be equalty
them. In no case shall the rediscretion by the voters of the district and that the schools were
abuse of
Iversonal exemption from
needed for the proper training of children and adults in the iron range duction of the dollars operate to increasetwo thousand five hundred dollars to
the tax, which would be payable if
two thousand
district.
were two thousand rive hundred dollars, by more than the amount
Judge Hughes denied the injunction and held that, while the expenditure the exemption
seemed large, the evidence of school authorities showed it was warranted. of net income in excess offire thousand dollars.
,
2. (Two] Pour hundred dollar; f r each per;on (other than husband
This evidence showed that at Buhl 435 children had been given virtually no
dependent upon and receiving his chief support from the taxaccommodations. Classes were conducted in basements, store buildings or wife) such dependent person is
under
payer,
and the public hall. The court in its findings emphasized that 500 adults capableIf self-support because mentally eighteen years of age or is inof
or physically defective.
had been taught in these unsatisfactory places, whereas Americanization
Sec. 2. This Act shall take effeot Immediately. but It shall not apply
work was held vitally important. It held that the amount of the bonds to
to any return rendered for the taxable year ended prior to the date of
be issued was a matter for determination by the voters and not the court.
effect.
Attorneys for the contractors and the school district charged the mining this taking
company had led the contractors into a trap In permitting them to proceed
Panama (Republic of).—Bonds Floated fa U. S. Market.—
for 18 months and then stopping the work.
Although the district court by its findings automatically dismissed the The Republic of Panama, through W. A. Harriman & Co.,
temporary Injunction, it remained in effect when appeal was taken to the Inc. and the Guaranty Co. of N. Y. has placed on
the
Supreme Court by the mining companies.
In arguments before the Supreme Court. as well as in District Court, American market, an issue of $4,500,000 53-i% external
counsel for the contractors and the school district set up that the charge secured sinking fund gold 30-year bonds, issued to
raise
that the heavy expenditures for school construction were an imposition on
the mining companies was ridiculous, since the man with a real estate funds for the construction of highways. The price at which
valuation of $1,000 paid the same proportionate tax as the mining compa- the offering to investors is being made is 9734, to yield
nies. The "widow's mite" was held more difficult to pay than the large
6.65% to maturity. The bonds are coupon in form, regissums turned into tax revenue by the heaviest taxpayers.
School needs of the territory were cited again before the Supreme Court. terable as to principal only, in denominations of $1,000
The Kinney school, according to the arguments, would serve a territory of
and $500. Pnn. and semi-ann. int. (J. & D.), exempt
5,000 persons with 1.500 school children.
"This pmylsion- 'In Independent districts no tax in excess of 8 mills on from any,present or future taxes of the Republic of Panama,
the dollar shall be levied for the purchase of school sites and the erection of
school houses,' is construed as a lin Ration on the school board, so that the payable in U. S. gold of the present standard of weight
board may not in any one year levy a greater tax for the purpose stated." and fineness in New York, at the office of the Guaranty
the syllabus of the Supreme Court decision read* "but it is not a limitation
is the trustee for the loan. The bonds are
upon the power of the electors of such a district to issue bonds for the same Trust Co., which
and other purposes and when such bonds are issued the school board must dated June 1 1923 and mature June 1 1953, and are redeemsufficient tax to meet interest and bonds as they mature unaffected by
levy
able for the sinking fund before maturity, under the followlimitation.
the section which provides the
deb
"That such is the proper construction is indicated by sections 5 and 6, ing conditions:
article 8. of the constitution and by the bonding statute.
Redeemable for the sinking fund on any interest date, on an days' notice.
"No provision in the statutes relating to the issue of bonds by independent to and including Dec. 1 1937 at 102 J4: thereafter to and including Dec. 1
school districts. In the class of the defendant district, for the purposes men- 1942 at 102; thereafter to and including Dec. 1 1947 at 101: and thereafter
tioned in said subdivision 4, section 1855, places a limit upon the indebted- at 100. Redeemable as a whole at the option of the Republic of Panama,
ness that may be thus created. Hence, the contracts, for the construction on 60 days' prior notice. on June 11933 or on any interest date thereafter
of the school buildings involved, entered when the issue of sufficient bonds at the then current sinking fund redemption price.
'
had been authorized to meet the amounts of the contracts are not in violation
-mill tax levied under section
ofsection 20B8. G.S., 1913,even though the 8
For further details, see our department of "Current
917 is not sufficient to care for the interest and maturing bonds.
9
Events & Discussions," and an advertisement of the offer- "Contracts made when not sufficient bonds had been authorized to meet
a preceding page.
g cppern. g
the obligations Incurred may be validated by the electors voting to issue




MAY 26 1923.]

THE CHRONICLE

2419 7f,

Philadelphia & Reading System.
Northern Pacific Ry. System.
Schnectady, N. Y.—Woodlawn Votes Annexation to Nor.Pac.Ry.ref..kinap.454e,45s&fis,2047 Philadelphia ez Reading RR.55. 1933
May 21 voted in
prior lien 48, 1997
Schnectady.—The residents of Woodlawn on
Southern Pacific System.
gen. lien 3s, 2047
favor of annexation to the City of Schnectady. The vote
St. -Duluth Div.4s, 1996 South. Pac. RR. 1st ref. 45, 1955
181 cons. 5s, 1937
"against." See V. St.Paul& DuluthP. cons.4s, 1968
RR.
on the question was 552 "for" to 351
Northern Ry. 1st 55, 1938
1st 55, 1931
116, p. 2298.
Ry.6s, 1925 Northern Calif. Ry. 1st 58. 1929
St. Paul & Northern Pacific
Texas (State of).—Special Legislative Session Adjourns.— Wash.& Columbia Ills'. Ry. 1st 4s, 1933 Southern Pacific: Br. Ry. let 68. 1937
Union Pacific System.
On the evening of May 15 the second special session of the 1923 Phil. Bait. & Washington System.
1st
Legislature, which convened April 16 at the call of Governor Phila.Bait.& Wash.RR. let 45, 1943 Union Pacific RR. 1st 4s, 1947 .4s. 2008
Ben dr ref
RR. 4s, 1926
Phila. Wilm.& Bait.
Neff (V. 116, P. 1682) came to an end.
4s, 1932
Miscellaneous New England Railroads
Phila. Bait.& Wash.RR..gen.68. 1960 New London Northern RR.CCM.48. 1940
Vermont (State of).—Railroad Bonds Considered Legal
ser .45 ,'23-'24
Burlington Traction Co.
Investments for State and Savings Banks.—Complying with Col.& Port Deposit Ry. 1st 4s, 1940
Trae.Co. 1et&refund.58. 1942
Section 5363 of the General Laws as amended by the Legis- Phila.& Ball. Central RR. let 45, 1951 Burlington
lature of 1919, the Bank Commissioner on Mar.1 1923 issued
BOND PROPOSALS AND NEGOTIATIONS
a list of the railroad securities considered legal investments
for State and savings banks. The list for March 1 1923 was this week have been as follows:
published in full in the "Chronicle" of July 1 1922, page
ABINGTON SCHOOL DISTRICT (P. 0. Abington), Montgomery
be received by Chas.
100. The list for March 1 1923 we give herewith, indicating County, Pa.—BOND OFFERING.—Sealed bids willp. m.(Eastern StandDirectors, until 7
M.
)
by means of an asterisk (4 the securities added since 192,2 ard Doll, Secretary' of the Board of434% coupon school bonds. Denom.
Time) June 4 for $350.000
June 1 as follows: 350,000, 1933:
and enclosing in full-face brackets those securities which 31.000. Date June 1 1924. Due on 1948, and $90,000, 1953. All bids
$60.000, 1938; $70,000. 1943; $80,000,
have been eliminated during the year.
must be accompanied by a certified check for 2% of the amount bid for,

Illinois Central System.
Atchison Topeka &Santa Fe System.
payable to the School District. Legality approved by Townsend, Elliott
111. Cent. RR. refunding mtge. 48, 1955
Ateh. Top. az S. F. Ry. gen. 45. 1995
& Munson of Philadelphia.
Sterling extended 45, 1951
E.Okla. 410928
Gold extended 3345. 1950
ADAMS COUNTY (P.O. Decatur),Ind.—BOND SALE.—The 4 issues
Transc.Short L
Sterling 39, 1951
"
of 415% road bonds offered on May 22 (V. 116, p.2298) were awarded as
1st 45. 1958
gold 45, 1951
follows:
•
Rocky Mountain Div. 4s, 1965
gold 334s. 1951
$5,600 Ross Hardin macadam road in Union Township bonds awarded to
▪
Chicago Santa Fe & Cal. RY. 1st 55. 1937
the Bank of Geneva at par plus a ps'emium of $9, equal to 100.17, a
gold extended 3349, 1951
"
Hutchinson Bo. Ry. 1st 55. 1928
basis of about 4.46%. Denom.$280.
Springf. Div. 1st :Ms.'51
▪
an Fr.& San Joan Val. Ry. 15155, 1940
Cairo Bridge 1st 48. 1950
5360 DIman-Case macadam road in Union Township bonds awarded to
"
Atlantic Coast Line System.
the Old Adams Co. Bank at par and hit. Denom.$268.
St. Louis Div. 1St 38, 1951
'52
Atlantic Coast Line RR.1st cons. 4s,
••
••
••
•
" 3118. 1951
6,000 Phil Sauer macadam road in Union and Root Townships bonds
Rich.& Petersburg RR.cons.4345, 1940
Punts. Lines 1st 31133,'52
awarded to the Peoples' Loan & Trust Co.at par and int. Denom.
Petersburg RR. 5s Az 68, 1926
Collat. Tr. let 3115. 1950
•
$300.
Norfolk & Caro. RR. 1st 55, 1939
6,240 A. N. Springer macadam road in Monroe Township bonds awarded
Lehigh Valley System.
2d 5s, 1946
to the Peoples' State Bank at par plus a premium of $11. equal to
Wilm.& Weldon RR.gen.49 & 55, 1935 *Pa.dr N.Y.Canal. RR.cons. 55, 1939
100.17, a basis of about 4.46%. Denom. $3312.
Wilmington & New Berne RR.48, 1947
" cons. 411s, 1939
Date May 15 1923. Interest May 15 and Nov. 15. Due one bond of
"
AU.Coast Line RR.of So. Caro. 42,'48 •
" cons. 45, 1939
each issue 6 months from May 15 1924 to Nov. 15 1933, inclusive.
Northeastern RR. cons. 68, 1933
Lehigh Valley RR.1st 45. 1948
ADAMS AND ARAPAHOE COUNTIES JOINT SCHOOL DISTRICT
Alabama Midland Ry. 55. 1928
VOTED.—At the election held on May 17 $8,000
Louisville & Nashville System.
NO. Si, CPI
Brunswick & Western RR. 48, 1938
53,% 15-30-year (opt.) school bldg. bonds were voted. These bonds had
Charleston & Savannah Ry. 78, 1936
Loulsv. & Nasbv. RR. Unified 49. 1940
been sold to Benwell, Phillips & Co. of Denver, subject to being voted at
Fla. & West. Ry.58 & 68,'34
1st 5s, 1937
Savannah
said election. Notice of the election and sale was given in V.116,p.2039.
Trust 59, 1931
Sanford & St. Petersburg RR.1st 48,'24
Florida Southern RR. 1st 48, 1945
•
Loulsv. CM.& Lex. Ry. gen. 4118. 1931
ADRIAN, Tenawee County, Mich.—BOND OFFERING.—Sealed bids
Southeast & St. L. Div. 1st 6s, 1971
Boston & Maine System.
will be received by G.Percy Love, City Clerk, until 3 p. m.(Central StandConn.& Passumpsic River RR. 45, 1943 Mobile & Montgomery 4118. 1945
ard Time) May 28 for the purchase of the following two issues of 434%
$5.000.000 151 68,'30 bonds issued under Section 983 of the Compiled Laws of the State:
Central of New Jersey System. N.0.& Mob. Div.
Ry. 1st 55, 1937 $45, 0 paving bonds. Due $5,000 yearly on June 1 from 937 to 1945, incl.
00
Jersey gen. 55, 1987 Mashy. Fior.& Sheffield
Central RR.of New
South & North Ala.RR.ldt cons. 55.1936
13,500 Armory site bonds. Due $2,000 on June 1 In each year from 1924
Chicago & North Western System. *Lexington & Eastern Ry. 1st 55, 1965
to 1930 incl., excepting the year 1926 and $1.500 June 1 1931.
Chic.& N.W.Ry.gen.5.3, 4s& 3Ms,1987
Principal and semi-ann. Int. (J. & D.) payable at the City Treasurer's
Michigan Central System
" exten. 4s. 1926
office or at any bank in Adrian. Legality approved by Miller, Canfield.
Michigan Central RR. 1st 3048. 1952
first & ref. 68, 2037
-Mich. Air L. RR 1st 43.'40 Paddock & Perry of Detroit. The assessed valuation of the city is about
Mich Cent.
" debenture 5s, 1933
BayCityRR.lst5s.'31
$14,500,000. All bids must be accompanied by a certified check for 10%
MILL.S.& W.Ry. Mich Div. let 6s,'24 Mich. Cent.-Det•dz
of the amount bid for.
-Jack. Lan.& Sag. RR 1st 334s.'61
M.C.
Ashland Div. 151 68. 1925
ext. az Imp. mtge.5s, 1929
.
.—F A. ParAKRON, Summit County, Ohio.—BOND OFFERING
Maine Central System
(Wisconsin Northern RR 1st 45, 1931]
melee, Director of Finance, will receive sealed proposals until 12 m.(EastSomerset Ry. refunding 4s, 1955]
Minnesota & Iowa Ry. 1st 334s, 1924
" Con.(now 1st) 4s, 1950
3
ern time) June 25 for the purchase at not less than par and accrued int.
Princeton & Northw. Ry. 1st 3345. 1926
of coupon (with privilege of registration as to principal or interest or both)
Maine Cent. RR. 1st & ref. 434s,'35]
Frem. Elkh.& Mo. Val. RR. cons.6s.'33
bonds, which are described below:
1st & ref. 5s, 1935]
Iowa Minn.& Northw. Ry. lst 3Ms.1935
4
coll. trust 53, 1923]
3
9500,000 4. % water works bonds. Denom. 31.000. Date July 1 1923.
Sioux City & Pacific RR. 1st 334,. 1936
Due yearly on Oct. 1 as follows: $20.000 1924 to 1927 incl.
Maine Shore Line RR. 68, 1923]
Manitow.G.B.&N.W.Ry.Ist3 Ms,1941 Port.& Ogdensburg RY. 43-4s. 1928
and $21.000 1928 to 1947 incl.
]
Milw. Sparta & N. W.Ry. 1st 4s, 1947
300.000 434% grade crossing elimination bonds. Denom. $1,000. Date
Wash. County Ry. 1st 334s, 1954]
St. Louis Peo.& N.W.Ry. let 58, 1948
July 11923. Due yearly on Oct. 1 as follows: $10,000 1924
Portland Term.Co. 1st 48, 1961]
1st 55, 1961]
to 1942 incl. and $11,000 1943 to 1952 incl.
Boyer Valley Ry. 1st 3345, 1923
Des Plaines Valley Ry. brt 404s, 1947
275,000434% public hall bonds. Denom. $1,000. Date July 1 1923.
Minneapolis St. Paul & S S M. SYst
Due yearly on Oct. 1 as follows: $11,000 1924 to 1936 incl.
(Mankato & New Ulm Ry. 1st 3348.'293
Milw. & State Line Ry. let 3345, 1941 Minn. St. P.& 8,8. M. Ry. 1st cons. 51
and $12,000 1937 to 1947 incl.
The following are special,
Minn. & So. Dakota Ily. 1st 334s, 1935
..s.snssment bonds:
and 45, 1938
Peoria & Northw. Ry. 1st 3048, 1926
$336,300 5% bonds. Denom. $1,000, except one for $300. Date June 1
Minn.8.5. M.& Atl. Ry. 1st 4s,1926
St.Paul East. Gr. Trk. Ry.1st 4149,'47
1923. Due yearly on Oct. 1 as follows: $4,300 1924 and
Mobile & Ohio System.
$4.000 1925 to 1932.
Chicago Burlington & Quincy System
C. B.& Q. RR. general 48. 1958
Mobile & Ohio ER.. 1st 68, 1927
36.0005% bonds. Denom. $1,000. Due 33,000 in the even years and
$4.000 in the odd years on Oct. 1 from 1924 to 1932 incl.
III. Div. mtg.3Ms,1949
80,200 5% bonds. Denom. $1.000. except one for $200. Date June 1
4s. 1949 Mashy. Chatt. & St. LOUle System.
1923. Due $8,200 1924 and $9,000 1925 to 1932 incl.
Neb. Ext. mtg. 43, 1927 N.C.& St. L. Ry. lit Cons. 55. 1928
22,3005% bonds. Denom. $1,000, except one for $300. Date July 1
Chic.St.Paul Minn.& Omaha System
1923. Due yearly on Oct. 1 as follows: $2,300 1924 and
New York Central System.
Ch.St.P.M. & 0.Ry.cons. 3 I-2s,'30
$2.000 in the odd years and $3.000 in the even years from
68. 1930 N.Y.C&H.R.RR.ref & Imp. 414s, *53
1925 to 1932 incl.
&6S 2013
North Wisconsin Ry. lst 6s, 1930
▪
00
••
4.9005% bonds. Denom. $1,000. except one for $900. Date June 1
1st 3348. 19
97
Delaware & Hudson System.
••
Oa
1923. Due yearly on Oct. 1 as follows: $900 1924 and
Lake Shore coll.
Del. & Bud. Co. 151 refunding 45, 1943
31,000 1925 to 1928 incl.
3118. 1998
Adirondack Ry. 1st 4345. 1942
Date June 1
7.8005% bonds. Denom. $1.000, except one for $800.
Mich. Cent. Co.
Schenec. & Duanesburg RR. let es, 1924
1923. Due yearly on Oct. 1 as follows: $1.800 1924:
3341, 1998
Albany & Susq. RR.cony. 3 Ms. 194e
$1.000 1925; $2,000 1926; $1,000 1927 and $2,000 1928.
deben. 4s, 1934
Prin. and semi-ann. int. (A. & 0.) payable at the National Park Bank.
Delaware Lack. & Western System.
deben. 4s. 1942
••
New York. The first three issues are issued under authority of Section
Morris Si Essex RR. 1st 3345, 2000
consolid. 1017 4e.
3939 of the General Code; the remaining bonds under authority of Section
Great Northern System.
1998
3914 of the General Code. Cert. check for 2% of tho amount bid for,
Great Northern Ry. 1st & ref. 4341, 1961 Mohawk & Mal. Ry. let 48. 1991
payable to the above official. required. All bids must be made for "all or
oonso1.8348, 2002
St, P.M.& M. Sly. consol. 4s. 1933
"
" "
none," and subject to approval of bidders' attorneys as to legality of issue,
consol. 4345, 1933 Boston & Albany RR. 3148. 1952
approving opinion to be paid for by the purchaser.
consol. 69, 1933
3349, 1951
••
" 4s, 1933
Mont. ext. 4s, 1937
ALABAMA (State of).—BONDS SOLD DURING 1922.—The following.
Pacific Ext. 4s,1940
" 48. 1934
••
all of which have been previously reported, is a list of sales made by the
•s,
" 434 1936
▪
East. Ry.of Minn. Nor. Div.4 1948
06
State during 1922:
" 434s, 1937
Montana Central Ry. 1st 59, 1937
Dale of
Date
Price
••
lst 139 1937
" 55, 1938
Due.
Award.
04.
6
Amount. Paid.
Name of Purchaser—
" 5s. 1942
Willmar & Sioux Falls Ry. 1st 58, 1938
Ward,Sterne & Co
3500,000 100.01 June 1 1930
" 55. 1963
Spokane Falls & North. Ry. 1st 6s, 1939
Ward, Sterne & Co
500,000 100.00 June 1 1931
Carthage & Adirondack Ry.let 48. 1981
Pennsylvania System.
Ward, Sterne & Co
500.000 100.00 June 1 1932 July 1922
Carthage Watertown& Sacketts Harbor
Pennsylvania RR. gen. 4118, 1965
Ward, Sterne & Co
500,000 100.00 June 1 1933
RR cons 58 1931
'"• " gen. 5s, 1968
Ward, Sterne 6z Co
500,000 100.00 June 1 1934
Chicago Incl. &South.RR.48.1956
gen. 6s, 1970
Ward, Sterne &Co.01 June 1 1935J
Clev. Short Line Ry. 1s14 Hs. 19
61
" consol. 45, 1943
All these bonds were issued for ioad work, are dated June 1 1922 and
Gouverneur & Oswegat. RR.lit 86.1042
•"' " consol. 3M s. 1945
bear 434% interest.
Indiana
& Iowa RR. 1st 45. 1950
" consol. 45. 1948
James. Frank.& Clear. RR.1st 45. 1959
ALBANY, N. Y.—BONDS SOLD IN 1922.—We give below a list of
" consol. 434s. 1960
bond sales made by the city during the year 1922, all of which have been
Kalamazoo &Wh.Pig. RR.let 5s. 1940
Allegheny Valley Ry. gen. 4s, 1949
Lake Sh.& Mich.Sou. RV. let 3%4 1997 previously reported in our columns:
.
Cambria & Clearfield RR.1st 5s. 1941
deb. 48.1928
Sold.
"
Ry. gen. 4s. 1955
Due.
Dale.
Purpose.
Purchaser—
Amount,
deb. 48.1931
Oct. 1 1942
Clearfield & Jefferson Ry. let 6s, 1927
$160,000_Water
Oct. 1 1942
Hollidaysburg Bedford di Cumberland Lit. Falls & Dolgev. RR. let 38. 1932
100,000_Water
N.Y.& Northern Ry. let be. 1927
Oct. 1 1932
Barr Bros. & Co., 50,000_Street
Ry. 1st 48. 1951
N.Y.& Putnam RR.consol. 4e. 1993
Oct. 1 1937
Inc., & Remick, 150,000 _Impt.& Central Ave.
Junction RR. gen. 334s, 1930
Pine Creek Ry. 1st 68, 1932
Oct. 1 Oct. 1 1932 Oct. 19
Penn. dr Northwestern RR.gen.58.1930
HodgesCo.Jointly. 120,000.Public schools
Spuy. Duy.&Pt. Mor. RR. let 311s.'59
Oct. 1 1937
Pitts. Va.& Charles. RY. let 4s. 1943
45,000_ Impt.& Second Ave.
Sturgis Goshen & St. L. Ry.
ls. 1989
a1942
Sunbury & Lewistown Ry. 1.1 41. 1936
40,000_Public park
942
-B.Ry. 151 68. 1928
Sunb. Has. dr W.
40.000_LIncolnPark1
••
44
New York New Haven & Hartf. Spit
44
46
2d 66. 1938
30,000_Impt. dr Clinton Ave.
Old Colony RR,45, 1938
1 19371927 Oct. 19
Gen.Debt Sink .Fd., 26 700_Street
Western Penn. RR.eonsol 45. 1928
lOct. 1 Oct.et
in. N..7. RE.& Canal Co. gen. 43, 1923 "
t
" " 4s. 1924
Oct. 1 1927
Albany, N. Y__
'
20.000-Public Improvement_f
•6
86
64
.0
gen. 4s, 1929 " " " 43. 1925
Water Debt Sinking
tt
tt
gen. 4s, 1941 " " " 3119 1932
Fund, Albany,N.Y. 10.000_Publle improvement_ Dec.15 Dec. 15 1927 Dec.15
.
••
"
gen. 4s, 1940
All of these bonds bear 4 Yi% interest. The price paid by Barr Bros.
Norfolk & Western Systems
••
▪
" gen 34s, 1951
& Co. and Remick, Hodges & Co.for the bonds taken by them was 101.31:
Clev. & Pitts. RR. gen. 414s &314e.'42 Norfolk & western Ry. 000901. 4e, 1996 the sales to the sinking funds were at par.
" general 3Ms,1948
Norf.& West. RR.gen. (Is, 1931
ALEXANDRIA, Thayer County, Nebr.—BOND ELECTION.—An
,
" general 3345 1950
New River es. 1932
issue 912,000
191$4
Imp. & ext. 6s. ;election has been called for June 12 to vote on a proposition to
Harrisburg Portsmouth Mt. Joy & Lan"
electric transmission line bonds.
Scioto Vail.& New Eng. RR. 151 4s,19
let 4s, 1943
caster




Oct.e: 1

2420

THE CHRONICLE

[VOL. 116.

ALLENTOWN, Lehigh County, Pa.
-BONDS SOLD IN 1922.
-The
city of Allentown sold only one issue of bonds during 1922. That was the and.35,000, 1934 to 1943. Other bidders were: National City Co., 100.067
block of $100.000 434% street improvement bonds dated June 1 1922 and and a 350.25 premium; Estaorook & Co., 100.011 on a 414% basis and
102.39 on a 434% basis: Merrill, Oldham & Co., 98.89 on a 4
maturing serially from 1927 to 1952, which on July 18 was awarded
34'% basis and
,
Redmond & Co. of Philadelphia. at 103.167, as stated in our issue to 101.38 at 434%; R. L. Day & Co.,98.299 at 434% and 100.569 at 434%.
of
July 29.
BAYONNE, Hudson County, N. J.-ROND SALE.
-On July 1 of
ALTON HIGH SCHOOL DISTRICT(P.O. Alton), Madison County last year the city awarded an issue of $100.000 4% water bonds to the
Sinking Fund Commission at par. Date July 1 1922. Due serially on
VOTED.
-On May 18 $250,000 high-school bonds were July
1 from 1923 to 1927 inclusive.
voted by 1.633 to 497.
BEAUMONT Riverside County, Calif.
AMADOR VALLEY JOINT UNION HIGH SCHOOL DISTRICT
-The 352,000
(P. 534% street paving bonds offered on May -BOND SALE.
0. Oakland), Alameda County, Calif.
4-V.116. p. 1923
-were awarded
-BOND OFFERING.-Geo
Gross. County Clerk, will receive sealed bids until 10 a. m. May 28 for . E. to Freemen, Smith & Camp Co. of Los Angeles. Date April 11923. Due
$110.- on April 1 as follows: $1,500, 1924 to 1928. Incl.: 32.000,
0005% school bonds. Denom. 31.000. Date May 1 1923. Int. M.& N.
1929 to 1933.incl.:
Due on May 1 as follows: 33.000. 1929 to 1958. Incl., and $4.000, 1959 to $2,500, 1934 to 1038, incl.; $3,000, 1939: 33.500, 1940:34,000, 1941: 35,500,
1942. and 36.000. 1943.
1963.incl. A cert. check for 2% ofissue, payable to the Chairman of
Board
of Supervisors. required.
BEAUMONT, Jefferson County, Texas.
-BONDS SOLD DURING
1922.
-The following sale, which has already been
AMERICAN FALLS RESERVOIR DISTRICT (P. 0.
American icle," is the only one made by Beaumont during reported in the "ChronFalls), Power County, Ida.
-BONDS VOTED.
1922:
-At the election held on
Name of Purchaseron May 12 (V. 116. p. 2039) the proposition to issue 32,700.000
Amount.
Purpcse.
mice.
Due.
bonds C. W. MeNear & Co..
carried.
Chicago_31,975.000 Oen. mute.Impt. 101.70 Serial 1-40 yrs.
This sale was made on Oct. 11, the bonds bear 5% interest,
P• ARCANUM, Darke County, Ohio.
-BOND SALE.-Tne
and are
water works and electric light bonds offered on April 7-V. $5,000 534% dated Oct. 1 1922.
116. p. 1569
were awarded at par to Lewis L. Rosenthal(lo. of Cincinnati.
BELLEVUE, Huron County, Ohio.
-BOND OFFERING.
Date Feb. 1
-Sealed bids
1923. Due $100 yearly on Sept. 1 from 1924 to 1933 inclusive.
will be received by Victor F. Greenslade. City Auditor. until 12 tn.
May 28
for $2,200 534% "city's 'portion" Broad Street paving bonds issued
Pr ARIZONA (State of).
-TEMPORARY LOANS
under
ING 1922.
-During the year ending Dec. 31 1922NEGOTIATED DUR- the authority of Sec. 3939 of the Gen. Code. Date June 11923. Int. J. &
the
negotiated the following tax anticipation temporary loans, State of Arizona J. Due yearly on June 1 as follows: $200. 1925 to 1929, incl.. and $300.
with the Bankers 1930 to 1933, incl. All bids to be accompanied with a
Trust Co. of New York, both of which have been previously
cert. check, payable
reported:
to the Treasurer of the city for 5% of the amount of bonds bid for,
Amount.
Dale.
Price.
upon
Int.
condition that if the bid is accepted the bidder will receive and pay
$1.500,000 May 6 1922 Par, accrued int. & $100_ 43( JulyDue.
for
5 1921 bonds within 10 days from the time of award.
11,250.000 Sept.5 1922 Par, interest and $350-.... 4%
Dec. 20 1922
BENT COUNTY SCHOOL DISTRICT NO. 6 (P.O. Los Animas R.
IARKANSAS (State of).
-NO BONDS SOLD DURING 1922.
-There R.), Colo.
-BOND ELECTION
-POND SALE.
were no bonds sold by the State of Arkansas during the year
-Subject to
ending Dec. at an election to be held soon. $5.000 534% 11-20-yearschoolbeing voted
31 1922.
bonds have
been awarded to Benwell, Phillips & Co. of Denver.
"ARVADA,Jefferson County,Colo.-BONDISALE.-The
International
BERTRAM, Burnet County, Tex.
-BOND ELECTION.
Trust Co. of Denver, has purchased $20,000 5% 15
-An election
-year sewer bonds at will be held on June 9 to vote on the question of issuing $20,000 school
100.28. Date June 1 1923.
building bonds.
r ASHE COUNTY (P. 0. Jefferson), No. Caro.
-BOND SALE.
-The
BESSEMER CITY, Gaston County, No, Caro.
-BOND SALE.
3310.000 registerable as to principal road bonds offered on May 21 (V.
-The
116, following 2 issues of6% coupon registerable as to prin. and int. bonds offered
p. 2169) were awarded to Stacy & Braun of Toledo. as
of 34.039. equal to 104.67, a basis of about 4.89%. 534s. at a premium on May 16 (V. 116, p. 2040) were awarded to Caldwell, Messer & WilliDate Feb. 1 1923. man. Inc., of Chicago, at a premium of 31,425, equal to 102.37, a
Due on Feb. 1 as follows: 39.000. 1933 to 1937,incl.: 313.000.
basis of
1938 to 1942, about 5.70%:
incl.: 316.000. 1943 to 1947. incl., and 320.000. 1948 to 1953. Inclusvie.
835.000 street impt. bonds. Due on May 1 as follows: $1,000. 1926, and •
ASHLAND CITY SCHOOL DISTRICT (P. 0. Ashland),
$2,000. 1927 to 1943. inclusive.
Ashland
-BOND ELECTION.
County, Ohio.
26.000 water bonds. Due $1,000 yearly on May 1 from 1926 to 1950, incl.
-A special election will be held
June 1 to vote on the question of issuing $4450,000 grade school erection on
Date May 15 1923.
and
Improvement bonds.
BETHLEHEM, Northampton County, Pa.
-BOND SALES IN
ASHTABULA, Ashtabula County, Ohio.
1922.
-BOND OFFERING.
- 1922 -The only disposal of bonds made by the city of Bethlehem during
Sealed bids will be received by M. A. Taylor, City Auditor, until
was that of the following two issue.; of -I l4s, awarded to Biddle &
12 m. Henry
June 6 for the purchase at not less than par and accrued interest
on April 10, as stated in our issue of April 15:
of $125
5% coupon main sanitary sewer-construction bonds. Denom. $1 000 Amount.
Purpose
Dote.
Price,
000.
Date April 1 1923. Interest A. St 0. Due 35.000 yearly on
Bridges
Jan. 11022
103.188
Oct. 1 from $500,000
1924 to 1948. inclusive. All bids to be accompanied with a certified check
Refunding
450.000
Jan. I 1922
102.688
payable to the Treasurer of the City, for 2% of the amount
of
BEVIER SPECIAL SCHOOL DISTRICT (P. 0. Baylor), Macon
for, upon condition that if the bid is accepted the bidder will bonds bid
receive and County Mo.-BOND OFFERING.
-Bids will be received by D. M.
pay for bonds within ten days from the time of award.
liams, District Secretary, until 7:30 p. m. June 15 for $18,000 5% Wilschool
bonds. Date July 11923. Due 31,000
ATHENS COUNTY (P. 0. Athens), Ohio.
-BOND OFFERING.
- incl.; subject to call Feb. 1 1929, or anyyearly on Feb. 1 from 1926 to 1943,
Sealed bids will be received by Elizabeth McGrath. Clerk of
int, paying date thereafter. Int.
County Comm's, until 12 v. May 29 for the purchase at not the Board of F. & A.
less than par
and accrued int. of $47.000 534% Marshfield-Carbondale road improvement
BIRMINGHAM,Oakland County, Mich.
-BONDS AUTHORIZED.In Waterloo Township bonds issued under the authority of Sec. 6929
of the The $40.325 trunk sewer bonds, defeated at an election held on March 12
General Code. Denom. $1,000. Date Mir. 11923. Int.
M.& S. Due (V. 116, p. 1327) were voted at an election held OD May 15 by a count of 110
$5,000 yearly on Sept. 1 from 1924 to 1931, incl.. and 37.000.
to 36.
k
1932.
bid is to be accompanied by a cert. check for 2% of the amount bid for, Each
upon
BLOUNT COUNTY (P.O. Marysville), Tenn.
the condition that if this bid be accepted the bidder will pay for the bonds
-BOND ELECTION.
An election will be held on May 26 to vote on the question of issuing $75,000
within 10 days after the notice of the sale.
Elizabeth McGrath, Clerk of the Board of County Com.missloners, coupon school bonds.
will receive sealed bids until 12 m. May 29 for $53.000 I %
BOONTON SCHOOL DISTRICT (P. 0. Boonton), Morris County,
Gap impt. bonds issued under Section 6929 of the General Code. Carthage N. J.
-BOND OFFERING.
-Sealed bids
Denom.
Frank E. Stew$1,000. Date March 1 1923. Principal and semi-ann. Int. (M. & S.) art, District Clerk, until 8 p. m. June 8will be received byat
for the purchase
not less than
payable at the County Treasurer's office. Due yearly on Sept. 1 as follows: par and accrued Interest of an issue of 5% coupon (with
privilege of
$5.000, 1924. and $6,000, 1925 to 1932 incl. Each bid must be accompanied tration as to principal only, or as to both principal and interest) regisschool
by a certified check for 2% of the amount bid.
bonds, not to exceed 370.000, no more bonds to be awarded than will
premium of 51.000 over the amount of the issue. Denom.
produce
fc ATLANTA, Fulton County, Ga.-1922 BOND SALES.
-The city of 31.000. a
Date June 1 1923. Principal and semi-annual interest (J. & J.)
Atlanta disposed of the following bonds during the year ending Dec.311922.
The sales marked (9 have been previously reported in the columns of payable in lawful money of the United States at the Boonton Trust Co.
Due yearly on June 1 as follows: 32.000. 1924 to 1937,inclusive, and 33.000,
the "Chronicle":
1938 to 1951. inclusive. All bidders are required to deposit a certified
PurchaserAmount. Purpose.
Dale.
Price.
Int. Due.
the order of
•S1,5e0,000 Schools__ _ _ Jan. 1 '21 fi,540,65e.00 5% '25 51 check, payable to for 2% of the the Custodian of School Moneys of the
, Town of Boonton,
amount of bonds bid for, drawn upon an
First Trust Si Savings
.400.000 Sewer
Jan. 1 '21
410,840.005% '25-'51 Incorporated bank or trust company. The successful bidders will be furits Co., Atlanta
.400.000 Water
Jan. 1 '21
410,840.00 57: '25 51 nished with the opinion of Hawkins, Delafield & Longfellow, of New York,
,
WM.
.500,000 Bridge
Jan. 1 '21
513,550.00 5% '25-51 that the bonds are binding and legal obligations of said board.
The bonds
H.H.Harris,Atlanta.
.76,000 Street impt. Jan. 1 '22
80,000.006% '22-'31 will be prepared under the supervision of the U. S. Mtge. & Trust
Nat. City Co., N.Y
61,000 Street inlet. Feb. 1 '22
63.301,986% '22-'31 which will certify as to the genuineness of the signatures of the officialsCo.,
Co.of Georgla,i .120,000 Street impt. May 1 '22
and
Trust
123,761.11 514 '22-'31 the seal impressed thereon.
hp Atlanta
*80,000 Street 'mot. July 1 '22
82,267005% '22-31
Financial Statement.
.142,500 Street impt. Oct. 1 '22
145,706 33 5% '22 31 Assessed valuation, real property
,
Silas W. Davis Co.,
35.036,254 00
Assessed valuation, personal property
Atlanta
$510,420 00
41,000 Street impt. Dec. 1 '22
42,094.705% '22-'31
Population. 6.000.
AUGUSTA, Ga.-1922 BOND SALE-The following is the only (a)School District.
-Outstanding school bonds(excluding pressale made by the City of Augusta during 1922. This sale has previously
ent issue)
$200,000 00
been reported in the columns of the "Chronicle."
(h) Town-Outstanding bonded debt
$379,779 57
Amount
PurchaserPurpose
Less water debt
Date
Interest
When Due
263.000 00
Sinking Fund of
Augusta, Oa_ _3116.000 Refunding Dec. 1 1922 435% Dec. 1 1952
Net debt
$116,779 57
BALTIMORE, Md.-BONDS SOLD IN 1922 -During the year
BOSTON,Mass.
-BOND OFFERING.
-John J. Curley, City Treasurer,
1922
the city sold the bonds listed below, those bearing the mark () having will receive sealed proposals until 12 m. May 28 for the following 4%
5
been previously mentioned in our columns.
registered bonds:
3853,000 East Boston Tunnel alteration bonds. Due June 1 1968.
PurchaserAmount.
Purpose.
Price. Int. Due.
360,000 Police Station 2 bldg. bonds. Due $18,000 yearly on June 1
Alex. Brown & Sons: Harris.
from 1924 to 1043. inclusive.
Forbes & Co.: Guaranty Co.
115,000 Elks Parker Hill Hospital site and bldg. bonds. Duo on June 1
of N. Y.; Brown Bros. & Co.: .82,858,000 Water
107.8051
.5%
as follows: 36,000, 1924 to 1938, incl., and 35,060, 1929 to
Wm.R.Compton & Co.: Stacy .5,474,000 Gen. lmpt. 107.8051 _ _ -(1917-1952
,1930-1935
1043. inclusive.
& Braun: Eldredge & Co., and
60,000 playground impt. bonds. Due 33,000, yearly on June 1 from
Curtis Si Sanger
1924 to 1943, inclusive.
Commissioners of Finance tori 2,477,000 Water
100.000 5% 1928-1955
260,000 city hospital impt. bonds. Due $13,000 yearly on June 1 from
sinking fund purposes
221,000 Annex'met. 100.600 4% 1645-1947
1924 to 1943. inclusive.
331.000 Hospital
100.000 5% 1023-1921
75,000 Memorial Park, bath house, &c., bonds. Due on June 1 as folBANGOR, Penobscot County Me.
-RECORD OF 1922 BOND SALES
lows: 34,000. 1924 to 1938, incl., and 33,000, 1939 to 1943, incl.
& TEMPORARY LOANS -On July 1 1922 an Issue of $60,000 4% high350.000 Columbus Park impt. bonds. Due on June 1 as follows: 318,000
way bonds was sold to the Eastern Trust & Banking Co of Bangor
1924 to 1933, incl., and 317.000. 1934 to 1943. inclusive.
at
The bonds are dated July 1 1922 and mature serially from
99.21
870,000 sewerage worms bonds. Due 329.000 yearly on Jtme 1 from 1924
1927
to 1932. In the "Chronicle" of Aug. 12 the amount of this sale was given
to 1953, inclusive.
$40.000
as
100,000 highway bonds. Due $5,000 yearly on June 1 from 1924 to
During the year the city also negotiated temporary loans as
1943, inclusive.
those that have already been reported being indicated by the mark.follows:
200,000 Stuart Street bonds. Act of 1920. Due 510,000 yearly on June 1
(r):
Amount
from 1924 to 1943, inclusive.
Date of
Disc't
• Purchaser of Notesof Loan
30,000 Congress Street bridge bonds. Due on June 1 as follows: $2,000
Notes
Rates.
3 50,000
* Merrill Trust Co.. Bangor
)
1924 to 1933, had., and $1.000, 1934 to 1943. Inclusive.
Feb. 17
4.1915%
•First National Bank. Bangor
150,000
65,000 Thorndlke Memorial, labratory. furnishing and equipping bonds.
May 24
3.415 ,)
Eastern Trust & Banking Co., Bangor_ - 100,000
Due on June 1 as follows: $4,000, 1924 to 1928. incl., and $3,000,
July 18
3.23
1929 to 1943, inclusive.
BARR CIVIL & SCHOOL TOWNSHIP, Davies' County, Ind.
Denom.31.000, or multiples. Prin. and semi-ann. mast (J. & D.), pay-Sealed bids will be received by Geo. E.
BOND OFFERING.
Township Trustee. until 10 a. m. June 23 for the purchase at notWilliams, able at tlis City Treasurer's office. Date June 11023. A cert. chock on a
less than BOFtoll national bank or trust company (or cash) for 10%, of amount bid for,
Dar of the following two issues of 5% school bonds:
S,38,000 school township bonds. Due yearly on July 15 as follows: $1.000, payable to the above official, required. Delivery of bonds on Juno 19.
1925 to 1931, inclusive: $2,000, 1932 to 1935, inclusive: $3.000. The official circular offering these bonds states that these bonds are free
from taxation in Massachusetts and from the Federal Income tax.
1936 and 1937. and 34.000. 1938 to 1941. inclusive.
BOULDER COUNTY SCHOOL DISTRICT NO. 46, Colo.
-BOND
civil township bonds. Due yearly on Jan. 15 as follows: $1.000.
35,000
-Subject to being voted at an election to be
1926 to 1930. Inclusive: 32.000. 1931 to 1935, inclusive: 33.000, ELECTION BOND SALE.
11.31d shortly. $15,000 534% serial school bonds have been sold to the Inter1936 to 1939. inclusive, and $4,000, 1940 and 1941.
Denom.31.000. Date June 23 1923, Int. J. & J. Principal payable at national Trust Co. of Denver.
BRADLEY BEACH SCHOOL DISTRICT (P. 0. Bradley Beach),
the Farmers & Merchants Bank, of Montgomery.
Monmouth County, N. J.
-NO BIDS.
-The 3125.000 6% school house
-BOND SALE.
BATH,Sagadahoc County, Me.
-Barris, Forbes & Co. bonds offered on May 17 (V. 116. p. 2169) were not sold as no bids were
of Boston. have purchased $75,000 434% bonds at 100.33, a basis cf about eeceived. Edw. Yarnell, District Clerk, says: "New bids will be asked
June 1 1923. Due on June 1 as follows: 325,000. 1933, ;for on Jono 7."
4.22%. Date




MAY 2811)23.1

2421

THE CHRONICLE

-Harris,
CHARLESTON, Kanawha County. W. Va.-1922 BOND SALE-BOND SALE.
BRANDFORD, New Haven County, Conn.
in the "Chronicle." is
Forbes & Co. of Nevr York, have purchased $130,000 411% coupon refund- The following, which has been previously reported
Date June 30 1923. Prin. and semi-ann. the only sale made by Charleston during 1922: $490,000 5% street exing bonds. Denom. 51.000.
July
int.(J.& D.30). payable at the Second National Bank, New Haven. Due tension and garbage Incinerator bonds dated Due 1 1922, purchased by the
serially, beginning 1932
$8.000 on June 30 in each even year from 1934 to 1962. Incl. and 510.000 State of West Virginia ata price of 101.75.
'
June 30 1964. These bonds were issued to take up $130.000 of an issue of
-BOND OFFERCHARLOTTE COUNTY (P. 0.Punta Gorda), Fla.
.1160,0006% road bonds of 1921.
be received by R. 0. Blount. Clerk. Board of
ING.
-Sealed bids will
-BONDS REGISTER- County Commissioners, until 5 p. m. June 26 for $200.000 coupon (with
BRAZORIA COUNTY ROAD DISTRICT,Tex.
only) highway bonds to bear hat. at a
-On May 9 the State Comptroller of Texas registered $50,000 District privilege of registration as to
ED.
prin*
rate not to exceed 6%. Denom. $1,000. Date Jan. 1 1923. Prin. and
10, 5160.000 District No. 16 and $30.000 District No. 5 51i% bonds.
semi-ann. hit. (J. & J.), payable In gold in New York. Due Jan. 1 1953;
-R. M. redeemable $8.000 yearly on Jan. 1 from 1929 to 1952. Incl. A cert, check
-BOND SALE.
BRIDGEPORT, Fairfield County, Conn.
Grant & Co., Inc.. of New York. have purchased 5600.000 414% coupon, for 54,000, upon a bank or trust company in Florida, or a national bank
with privilege of registration, school and sewer bonds at 101.92. Denim. anywhere; payable to the Board of County Commissioners, required. De51,000. Date May 1 1923. Prin. and semi-ann. int (M. & N.), payable livery at place of purchaser's choice on or about July 2. Bonds will not be
in gold at the City Treasurer's office. Due serially on May 1 from 1924 sold for less than 95. The bonds are to be prepared under the supervision
to 1953, incl. Other bidders were Harris. Forbes & Co.. 101.41; R. L. of the United States Mortgage & Trust Co. of New York City, which will
Day & Co., 101.3-19, and the Bridgeport Trust Co.. 100897.
certify as to the genuineness of the signatures of the County officials and the
-On May 17 seal impressed thereon. Legality will be approved by Cluster B. Mass
-BOND SALE.
BROCKTON,Plymouth County, Mass.
of Tampa. Florida, whose
the following six issues of coupon (with privilege of registration) bonds Itch of New York City, and Hilton S. Hamptonpurchaser without charge.
were awarded to the Brockton National Bank of Brockton at 100.09, approving opinions will be furnished to the
Bids to be made on blank forms to be furnished by above Clerk or said
taking $75,000 as 4s and tho remaining $145.000 as 414s:
540.000 Water Loan Acts of 1922. dated March 1 1923. and payable trust company.
semi-ann. M.& S.
mom)March 1 1924 to 1933. Int.
SALE.
-The
CHEROKEE COUNTY (P. 0. Center), Ala.
25,000 Surface Drainage Loan Acts of 1921, dated May 1 1923. and 5100.000 514% funding bonds offered on May 21-V. 116. a. 2041-were
payable $2.500 May 1 1924 to 1933. Int. semi-ann. M.& N.
rded to Otto Marx & Co. of Birmingham at a premium of 53.000, equal
52.500 May aw103. a basis of about 5.30%. Date May 1 1923. Due May 1 1953.
50,000 sewer loan. 1923. dated May 1 1923. and payable
to
1 1924 to 1943. Int. semi-ann. M.& N.
-We have obtained
CHICAGO, 111.
-RECORD OF 1922 BOND SALES.
75,000 macadam pavement loan. 1923. dated May 1 1923. and payable
from the city a list of the bonds sold during the year 1922. We are pub$15.000 May 1 1924 to 1928. Int. semi-ann. M.8z N.
5
25,000 street construction loan. 1923. dated May 1 1923. and payable lishing it herewith. The sales of the issues marked () were reported
by us at the time they occurred.
55.000 May 1 1924 to 1928. Int. semi-ann. M.& N.
Date of Award.
.Date.
5.000 sidewalk loan, 1923, dated May 1 1923. and payable $1,000
PurposeAmount.
May 1 1924 to 1928. Int. semi-ann. M.& N.
Julyl1921 Jan. 1 1923 & 1924
(1) $800,000 General corporate
(2) *3.400.000 Midge Az viaduct constr July 1 1922 Jan. 1924 to 1941
Financial Statement April 30 1923.
00 (2) 42.6o5,000 Ogden Ave. street impt_Dec.16 Ole Jan. 192O to 1939
$63.915.910
Valuation for year, less abatements
4.775.500 00 (2) *2.000,000 Street lighting system__ _July 1 1922 Jan. 1924 to 1941
Total debt (present loans included)
Bonds marked (1) purchased by R. M. Grant & Co. and City Treasurer.
1,601.000 00
Water debt
603,215 08 account aggregate funds. Those marked (2) by Hornblower & Weeks.
Sinking fund (water)
The 5800.000 issue bears 5% int, and was sold at par; the others bear
(estimated).
Population. 67.643
4% and were sold at 98.639.
-We
-NO BONDS ISSUED DURING 1922.
CALIFORNIA (State of).
CHICAGO RIDGE AVENUE PARK DISTRICT (P. 0. Chicago),
are advised by E. M.Lynch, State Bond Officer, that no bonds were issued 111.
-On June 26 of last year the district sold 515,000 59
SALE
by the State of California during 1922.
park purchase and improvement bonds to the Merchants Loan & Trust
-Henry Co. of Chicago for 546,381 85. equal to 103.033. Date July 1 1922. Due
-BOND OFFERING.
County,Mass.
CAMBRIDGE,Middlesex
F. Lehan, City Treasurer, will receive sealed bids until 12 m. May 28 for serially from 1924 to 1942. Inclusive.
the purchase of the following issues of4x% tax-exempt serial coupon bonds:
-BON-DS
CHICAGO SANITARY DISTRICT (P. 0. Chicago), Ill.
$35,000 street loan. Denom. $1.000, payable $7.000 on June 1 from 1924 SOLD IN 1922.
-The two tomes of bonds listed below are the securities
to 1928. inclusive.
information furnished
the year 1922. according
departmental equipment loan. Denom. $1.000. payable $17,000 sold by the district duringBoth sales were reportedto us when they took
85,000
by
us by district officials.
on June 1 from 1924 to 1928, inclusive.
56,000 street loan. Denom. $1,000, payable 56.000 on June 1 from 1924 place.
Date of
1933.inclusive
to 1929. Inclusive, and $5.000 on June 1 from 1930to
Award.
Due.
Date.
Amount.
Purchaser18,000 building loan. Denom. $1,000, payable $1,000 on June 1 from
Mitchell, Hutchings & Co
1924 to 1941. Inclusive.
$5,000,000 Jan. '1 July 1 Jan. 19
on Foreman Bros. Banking Co
26,000 First Street bridge loan. Denom. $1.000. payable $2,000
1922
1922. 1923-41
June 1 from 1924 to 1929, inclusive, and $1.000 on June 1 from Chase Securities Co
Kidder, Peabody & Co
1930 to 1943. inclusive.
Emerich & Co
45.000 separate system ofsewers loan. Denom.51,000 and $500, payable Ames,
Guaranty Co. of New York
SI.500 on June 1 from 1924 to 1953, inclusive.
Date Juno 11923. The official circular offering these bonds states that Stacy & Braun
1 July 1 Julv 6
the above bonds are exempt from all Federal income and Massachusetts Marshall Field,(More. Ward & Co. $3.000.000 July
1922
1922 1923-42
,
State income taxes: are issued under the supervision of the National Snaw- First National Co. of Detroit_
The $5,000.000 issue bears 5% Interest and was sold at 103.17; the $3.mut Bank, of Boston. and their legallty approved by Ropes. Gray, Boyden
& Perkins, whose opinion will be furnished the purchaser. Bids for the 000,000 issue bears 4% and was sold at 97.1994.
-BOND
entire lot only will be censidered.
CHICAGO SOUTH PARK DISTRICT (P. 0. Chicago), 111.
-year
-The following two issues of 4% 20 ar serial
SALE RECORD FOR 1922.
Financial Statement April 1 1923.
55.976,700 00 bonds are the securities sold by the district during 1922. Both of these
Funded city debt
3,421.720 75 sales were reported in our columns when they took place.
fund
Sinking fund for funded city debt
Dale of
Award.
Price.
$2.554,979 25
Date.
Amount.
PurchaserNet funded city debt
2.945,75000 Lee. Higginson & Co.,et al$1,500,000 Apr. 1 1922 96.27446 Mar. 15 922
Serial city debt
Mitchell. Hutchins & Co.,
June 21 1922
53.500,72925
et al
1,500,000 June 1 1922 98.15
Net city debt
773.500 00
Funded water debt
-The
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
655.708 88
Sinking fund for funded water debt
temporary loan of $200,000 in anticipation of revenue, offered on May 21
12 (V. 116. p. 2300). were awarded to the Union Trust Co. of Springfield on a
$117.791
Net funded water debt
726,000 00 4.24% discount basis. Due Nov. 20 1923.
Serial water debt
-We
-1922 BOND SALES.
CHICOPEE, Hampden County, Mass.
$843.791 12 publish below a list of the loans negotiated by the City of Chicopee during
Net water debt
Population, 1920 Census, 109.456; estimated population 1923, 111.444. the year ending Dec. 31 1922:
.
Long Term.
Assessed valuation. 5147.393,615 20.
Price. Due.
Date.
PurchaserAmount. Purpose.
-In addiCANTON. Starke County, Ohlo.-BONDS SOLD IN 1922.
Jan. 1 1922 100.25 1923-27
tion to those already reported by us, the city during the year 1922 issued the Old Colony Trust Co_ _ _ $9,000 Sewer
E. H.Rollins 8z Son_ _ _ _•125,000 Perm. pave Apr.15 1922 101.39 1923-32
interest:
Following general bonds to the Sinking Fund Trustees at par and
Harris, Forbes & Co ___ *57,590 School_ _ _ June 1 1922 101.08 1923-42
Awarded.
Due.
Date.
Int.
PurposeAmount.
June 1 1922 101.08 1923-32
Harris. Forbes & Co_ _ _ *13.000 Sewer
$185,000 00 Street improvements Dec. 1 1920 534% 1924-34 June 1 1922 Old Colony Trust
June 1 1922 100.03 1923-27
_ 17.000 Water _
9,000 00 Fire engine
Mar. 1 1922 6% 1924-27 April 3 1922
Co_The $9,000 issue bears 416% interest; the others, 4li%•
April 3 1922
3,400 00 Street improvements Mar. 1 1922 6% 1924-28
Loan.
Temporary
1924 April 3 1922
416 04 Street improvements Sept. 1 1921 6%
Date Award.
Due.
Amount. Discount.
Mar. 1 1922 6% 1924-34 April 3 1922
Purchaser24,500 00 Main sewer
November Jan. 9 1922
*300,000 4.28%
5,400 00 Street Improvements Mar. 1 1922 6% 1924-29 April 3 1922 Old Colony Trust Co
2,626 00 Street improvements Mar 1 1922 6% 1924-25 April 3 1922 Chicopee National Bank_ _ noomoo 4.195% November Mar.6 1922
November Apr.24 1922
200,000 3.80%
Sept. 1 1922 6% 1924-34 April 3 1922 Old Colony Trust Co
2,200 66 Storm Fewer
November Aug. 3 1922
•100.000 3.41%
Mar. 1 1922 6% 1924-44 April 1 1922 F. S. Moseley Co
26.00000 Water works
*Previously reported in our columns.
In addition to those already reported, special assessment bonds, all bcaring 6% interest, wore sold during the year as follows.
-RECORD OF BONDS ISSUED IN 1922.
CINCINNATI, Ohio.
Amount.
Purpose.
Price. Due.
PurchaserDate.
During the year ending Dec.31 1922 the city issued the general bongs listed
Sink. Fund Trustees.. 53.407 00 San. sewer Sept. 1 1921 Par 1924-34 below:
do , 104,967 30 Street Impts. Mar. 1 1922 Par 1924-34
do
Due.
Int.
Dale.
Amount. Purpose. Purchaser.
71,711 59 Street impts. Mar. 1 1922 Par 1924-34 41.000,000JCinc. 1Richards, Parish
do
do
do
25,701 16 Street!mins. Mar. 1 1922 Par 1924-34
do
Jan. 2 1965
Jan. 2 1922 5%
1 So.Ry.f & Lamson
2.15417 San.sewer
Mar. 1 1922 Par 1924-25
do
do
1.518 Street Sinking Fund,...,,.. June 1 1922 41(% Sept. 1 '23-'28
1924
do
1,124 37 San.sewer
Mar. 1 1922 Par
do
July 1 1922 41(
Sept. 1 '23-'46
7,650 Sewer Sinking Fund
do
69,678 52 Street impts. Mar. 1 1922 Par 1924-34
do
Sept. 1 '23-'31
July 1 1922 41(
4,536 Street Sinking Fund
00 Sewers
1294-27
2,680
Mar. 1 1922 Par
do
do
Sept. 1 '23-'51
60.900 Street Sinking Fund---- June 20 1922 4 X
do
12.780 71 Street impts. Mar. 1 1922 Par 1924-34
do
Oct. 2 1922 411% Sept. 2 '24-32
7.920 Street Sinking Fund
1924
1,127 00 San.sewer
Mar. 1 1922 Par
do
do
Oct. 2 1922 4j% Sept. 2 '24-'32
239,760 Street Sinking Fund
Mar. 1 1922 Par 1924-25
1.21524 San.sewer
do
Nov.! 1922 43
de
4% Sept. 1 '24-'32
14.976 Street Sinking Fund
W L Slayton & Co__ 27.000 00 Street impts Sept. 1 1922 104% 1924-34
In addition to these general bonds, the city issued special assessment
-Improvement bonds, in the amount of 5310.025 45, all of which were
-The three street
-BOND SALE.
COUNTY (P. 0. Logansport), Ind.
CASS
issues of 5% road bonds, aggregating $100,400. offered on May 8 (V. 116, taken by the Sinking Fund. reported in the "Chronicle" of
was
•
Jan. 28 1922
sale of this
p. 1684) were sold to J. F. Wild & Co.State Bank of Indianapolis as follows: See The our issue ofissue 15 last year.
July
also
$9,400 Henry Jasorka Road, Eel Twp., bonds for $9,463, equal to 100.67,
a basis of about 4.8657°. Denom. $470. Due $470 each 6 months
SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.
-NO
CINCINNATI
from May 15 1924 to Nov. 15 1933 inclusive.
-We are advised by R. W. Shafer, Clerk of the
BONDS SOLD IN 1922.
83,000 Joseph 0. Fretting Road, Eel Tarp., bonds for 583.515. equal to Board of Education, that the district sold no bonds or notes during the
100.62, a basis of about 4.875%. Denom. $2,075. Due $2.075 year ending Dec. 31 1922.
each 6 months from May 15 1924 to Nov. 15 1933 inclusive.
-BONDS VOTED.
CLARE,Clare County, Mich.
-At a special election
8.000 John E. Burris Road, Jackson Tarn., bonds for 58,001, equal to
100.76, a basis of about 4.845%. Denom. $400. Due $400 each held on April 30, the question of issuing $41.000 bonds, for the improvement of the city water mains, the building of sewers and paving McEwan
6 months from May 15 1924 to Nov. 15 1933 inclusive.
St., met with approval. In the city the total vote cast was 341, of which
Date May 15 1923. Int. M. & N. 15.
292 were in favor of the proposition and 49 against.
CANTON SCHOOL DISTRICT (P. 0. Canton), Blaine County,
5 to 1 majority a $10,000 bond issue
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-By a
-BOND OFFERING.
Olda.-BONDS VOTED.
election held May 17. Sealed bids will be received by 0. B. Fifer, County Treasurer, until 10 a. in.
for an addition to the school building was voted at an
June 1 for the purchase at not less than par and accrued int, of the following
OFFERING.
-Seale 1
CASS COUNTY (P.0. Fargo), No. Dak.-BOND
County Auditor, 2 issues of 414% coupon road bonds:
bids will be received until 2 p. in.June 6 by F. F. Doherty,
Date July 11923. Int. $18,000 Harry H. Bean road construction in Silver Creek Township bonds.
for $69,081 (or less) Elliot Drain No. 42 bonds. required.
Denom. $900. Due $900 each 6 months from May 15 1924 to
A.& 0. 15. A cert, check for 1%of amount bid,
Nov. 15 1933, inclusive.
CELINA VILLAGE SCHOOL DISTRICT (P. 0. Celina), Mercer
10,000 James Belzer road in Oregon Township bonds. Denom. $500.
-Sealed bids will be received by
-BOND OFFERING.
County, Ohio.
Due $500 each 6 months from May 15 1924 to Nov. 15 1933,incl.
of Education, until 1 p. m.
Blanche F,. Raudabaugh. Clerk of the Board
Date May 7 1923. Int, M. & N. 15.
$17.000
May 28 for the purchase at not less than par and accrued interest of
(P. 0. Cleveland), CuyaCLEVELAND CITY
51(% coupon school bonds, issued under the authority of Section 7630-1 hoga County, Ohio. SCHOOL DISTRICT
-Sealed bids will be received
1923. Prin. and
-BOND OFFERING.
Clerk
of the General Code. Denom. $500. Date March 1
until 3 p. m. (Central Standard Time) June 18 by Sarah E. FlYre. .
Co.
semi-ann. jot. (M. & S.) payable at the Citizens Banking 1941 of Celina. of Board of Education, for the purchase at not less than par and interest
inclusive.
Duo $500 each six months from Sept. 1 1924 to March 1 payable to the of $500,000 4 Si% school bonds issued under authority of
•
•
•
Prin.
Certified chock for 3% of the amount of bonds bid for,
7627 and 7628. Gen. Code. Denom. $1,000. Date July 1 1923.
order of the Board of Education of the Celina Village School District, and semi-ann. int.(M.& S.), payable at the Union Trust Co.of Cleveland,
must accompany each bid.




-BOND

-BOND

2422

THE CHRONICLE

[VOL. 116.

or at the First National Bank of N. Y. Due $25,000 yearly on Sept. 1 at the County Treasurer's
office. All bids must be accompanied by a
from 1924 to 1943, incl. Cert. check on a solvent bank or trust company, certified check for 1% of
for 5% of amount of bonds bid for, payable to the Board of Education, than the one making the the amount bid for, on some solvent bank other
bid.
required. Bids must be on blanks obtained from the Clerk of the Board.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
CLEVELAND, Ohio.
-BONDS SOLD IN 1922.
-In Addition to those The $280,000 5% coupon
assessment Sewer District No. 1 Series
already reported in our columns the city, during the year 1922 issued the "A" bonds offered on May speulal 116,
19(V.
bonds listed below, all of which were taken by the Sinking Fund Commission & Co., Hannahs, Ballins & Lee, Curtis p. 2041) were awarded to Estabrook
& Sanger, all of New York, and Otis
at par.
& Co. of Cleveland. Denom. $1,000. Date June 1 1923. Due $14.000
Int.
yearly on Oct. 1 from 1925 to 1944 incl.
Amount.
Purpose.
Rate. Maturity.
Date.
Date Sold.
DAVENPORT,Scott County,Iowa.
$76,600 Public hall
A 1. 1 1922 434
1923-1946 Apl. 28 1922
-REPORT OF 1922 BOND SALE.
27,000 Final judgment
May 1 1922 434%1923-1927 June 12 1922 -During 1922 the city disposed of the following 2 issues of bonds, the sale
11,800 Final judgment
July 1 1922 434%1923-1926 July 22 1922 of the issue marked with an asterisk having been previously reported
17,300 Final judgment
July 1 1922 434
1923-1926 Aug. 9 1922 In the "Chronicle":
Name of Purchaser- Amount.
61,200 Garbage disposal May!1922 434 o 1923-1935 July 19 1922
Purpose. Date of Bonds. Maturity.
310,000 Hospital
Sept.! 1922 434%1924-1947 Dec.30 1922 Geo. M.Bechtel & Co_ -*340,000 Natatorium Feb. 1 1922
1942
180,000 Library
62,500 Fire Dept.
Oct. 2 1922 4% o 1924-1946 Dec.30 1922 Stacy & Braun
Oct. 1 1922 1925-1942
The $40,000 issue bears 4li% interest: the $180,000 issue 4)4 %•
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Ohio.
DAYTON, Montgomery County, Ohio.
BONDS SOLD IN 1922.
-The only issue of bonds placed by the district
-BONDS SOLD IN 1922.
during the year ending Dec. 31 1922, was the 35.000.000 block of 4345 The following is a list of the bonds, both general and special assessment,
awarded to a syndicate headed by the Bankers Trust Co.of N.Y.,at 100.08. issued by the city during 1922. The Sinking Fund Trustees purchased
as stated in V. 115, pp. 209, 672 and 1353. Date July 1 1922. Due the entire lot at par.
$250.000 yearly on Sept. 1 from 1923 to 1942. inclusive.
General Bonds, Sr. Dated Oct. 1 1922.
Purpose.
CLEVES, Hamilton County, Ohio.
-BOND OFFERING.
Due.
-Sealed bids Amount.
Park
will be received by R. R. Robinson. Village Clerk, until 12 m. June 11 for
1924-1943
13,000
Parkpate.
the purchase at not less than par and accrued interest of $3,510 5% fire 3500
1924-1933
apparatus bonds Issued under the authority of Section 3939 of the General
Special Assessment Bonds.
Code. Denoms. $400 and one for $310. Date April 1 1923. Principal Amount.
Purpose.
.n/I Rate.
Due.
and interest payable at the Hamilton County National Bank of Cleves. 310;2 0
0
5
May 1
17 0
Oiling
5
1923
Due yearly on Oct. 1 as follows: $400. 1924 to 1931, and $310 in 1932. All
Sidewalk
June 1
6
bids must be accompanied by a certified check for 2% of the amount bid
2,360
June 1
5
1923
1925
25
for, payable to the Village Treasurer.
1,400Street impt.
Paving
June 1
1,400
6
1924-1928
June 1
Paving
COLFAX COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Raton), N•
28,800
5
1923-1932
Paving
Mex.-BOND SALE.
j ly 1
irully
Juu
820
6
-The $20,000 6% 10 -year (opt.) school bldg'
-30
1925
3,240
Paving
bonds offered on May 14(V. 116, p. 1804) were awarded to the International
6
1924-1928
PavPaving
Trust Co. of Denver, at a premium of $242. equal to 101.21.
July 1
18.900
5
19291933
1 -5
42
4,760
6
Grading
COLFAX COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Raton),
1,100
Sewer
July 1
5
1927
N. Mex.-BOND ELECTION.
-An election will be held on June 14 to vote
5
Flushing
July 1
1,700
on the question of issuing $50,000 school building bonds.
4,630
5
Paving
Aug. 1
1923-1932
LightingPavingAug. 1
12,100
5
COLORADO (State of).
-BOND OFFERING.
-H. E. Mulnix, State
Sept.1
2,200
5
1923
Treasurer (P. 0. Denver), will receive sealed bids until 10 a. m. June 14
4,200
6
Water
Sept.1
1923
for $1,500,000 5% coupon series "A," "B" and "C" highway bonds.
GradingOct.
3,670
6
1925
Denom. $1,000. Date June 11923. Prin, and semi-ann. int. (J. & D.)
5
1924-1933
Oct. 1
Paving103,
Paving
48,370
Dec. 1
1924-1933
5,0
payable at the State Treasurer's office or at such banking house in N. Y.
DELAWARE (State of).
City as the Treasurer may designate. Due $500,000 on June 1 from 1934
-There was a
-BONDS SOLD IN 1922.
to 1936 incl.: optional June 1 1924. A certified check on a Denver bank total of 31.400,000 bonds sold by the State during 1922. These were issued
for 2% of bid required. These bonds are part of the $6,000,000 issue for highway purposes, bore date of Jan. 1 1922 and mature Jan. 1 1962.
The issues were made as follows:
authorized by the Legislature as stated in V. 116, p. 2038.
PurchaserAmount. Price. Interest. Aware d
The official advertisement of the offering of these bonds may be found on a Eldredge & Co
*3500.000 103.72 434% Mar. 15
Eldredge & Co
500.000 103.82 434% Juli It
subsequent page.
Hamilton A. Gill & Co
x200,000
99.27 4
Oct.
COLORADO SPRINGS,El Paso County, Colo.
x200.000
-BONDS SOLD DUR- Sinking Fund of Delaware
99.27 4%
Oct. 11
ING 1922.
-The following 2 issues are the only ones disposed of by the city
during the year 1922:
* Previously reported by us. x This corrects the report in our issue of
*$390,000 5% municipal auditorium. dated Mar. 1 1922.
Oct. 14 to the effect that the entire 3400,000 block went to Hamilton A.
498,000 5% general obligation paving bonds dated April 1 1921.
Gill & Co.
*Previously reported in the "Chronicle."
There were no temporary loans negotiated by the State during the year.
COLUMBUS SCHOOL DISTRICT (P. 0. Columbus), Franklin
DENVER (City and County of), Colo.
-RESULT OF BOND ELECCounty, Ohio.
-NO BONDS SOLD IN 1922.
-The result of the election held on May 15 (V. 116, p.
TION.
-The Board
informs as that no bonds were issued during the year 1922. of Education which time propositions to issue 36,500.000 water, 3500.000 city 1570) at
hall and
bldg. bonds were submitted to a vote of the people was as
$200,000 fire
CONNECTICUT (State of).
-NO LOANS IN
-The State made follows:
no loans, either permanent or temporary, during 1922.
the year 1922. we are
"For." "Against."
advised by F. H. Judd,
.Deputy State Treasurer.
$6.500,000 water bonds
12,521
9.175
CONRAD SCHOOL DISTRICT (P. 0. Conrad), Grundy County,
500,000 city hall bonds
11,128
10,414
lowa.-BOND OFFERING.
-Sealed bids will be received until 8 p. m
200.000 fire bldg. bonds
9.126
10,634
June 11 for 3150.000434% coupon school bonds by the Secretary
In last week's issue, page 2300, we reported the voting of the $6.500,000
of Education. Denom. $1,000. Date June 11923. Prin. and of Board water bonds.
int. (J. & D.) payable at the office of the Treasurer of Board of semi-ann.
Education.
-NO SALES DURING 1922.
DENVER, Colo.
-We are advised that
Due as follows: $4.000. 1928 to 1931, incl.: $5,000. 1932 to
1935. incl.;
$6,000. 1936 to 1939. hid.: 37.000. 1940 to 1942, and $69,000, 1943. A the City of Denver made no loans, either long or short-term, during the
year ending Dec. 31 1922.
certified check for $1.000 required. Legality approved by
Chapman.
Cutler & Parker of Chicago.
DES MOINES, Polk County, lowa.-BOND OFFERING.
-Emmett
C.Powers, City Treasurer, will receive sealed bids until 3 p. m. May 29 for
CONVERSE COUNTY SCHOOL DISTRICT NO. 15 (P. 0.
Glen. $450.000
% water works system bonds. Date April 1 1923. Due
rock'), Wyo.-BOND SALE.
-The $45,000 school building bonds offered
$45,000 yearly on June 1 from 1934 to 1943, incl. Legality approved by
on May 25-V. 116, p. 1924
-were awarded as 6s to Geo. N.
VallecY & Chapman, Cutler & Parker of Chicago. A cert. check for $10,000 required.
Co. of Denver at a premium of $1,440, equal to 103.20.
-1922 BOND SALE.
-During the
DES MOINES, Polk County, Iowa.
CORONA, Roberts County, So. Dalc.-BOND SALE.
-The $8,000 year ending Dec. 31 1922 the city sold an issue of $252,000 4)47o funding
6% electric light bonds offered on May 17(V. 116, p.2169) were
awarded
$3,300. equal
the Drake, Jones Co. at a premium of $250, equal to 103.12, a basis to bonds at a premium ofNov. 1922. to 101.30, to Hamilton A. Gill & Co.
Due serially on Nov. 1 from 1927 to
1
ot of N. Y. City. Date
about 5.70%. Date May 1 1923. Due May 1 1948.
1942 incl. This sale was reported in the "Chronicle" at the time.
CORSICANA, Navarro County, Texas.
-BOND OFFERING.
-TEMPORARY LOAN.
DETROIT, Mich.
-The city has borrowed
Sealed bids will be received until 3 p. m. June 15 by J. A.
•
Secretary, for $600,000 5% school bonds. Denom. $1,000. Harper, City 3500.000 from Henry Ford. who, in securing the award, asked but 4% for
Date
1923. Prin. and semi-ann. hit, payable at the Seaboard National Feb. 1 his money. underbidding the New York bankers, who asked 434%. It
Bank, is expected that next week the city will borrow an additional $1,500,000
N. Y. City. Due as follows: $25,000. Feb. 1 1928. and from
$50.000 being due each year thereafter until 1963. Legality $6,000 to from the automobile manufacturer.
approved
by John C. Thomson, N. Y. City. A certified check for 310.000,
-RECORD OF 1922 BOND SALES.
DETROIT, Mich.
-The city has
payable
to J. Eubank. Mayor, required.
furnished us with the following list of the bonds sold during the year 1922:
Amount.
PurchaserPurpose.
Int.
COSTILLA COUNTY SCHOOL DISTRICT NO. 9 (P. 0.
Due.
San
31,000.000 Street railway 434% Jan. 15 1932
-BONDS VOTED.
-At the election held on May 7
Acacio), Colo.
35,500
*6,000,000 Public school
Jan. 15 1935-42
-20
04% 10 -year (opt.) funding bonds were voted. These bonds were Kuhn,Loeb & Co
*2,500,000 Park & playg'd4
Hallgarten & Co
Jan. 15 1935-42
sold, subject to being voted at said election. to Benwell, Phillips & Co. of
Kidder, Peabody & Co. *1,000,000 Police hdqrs. 4)4 0 Jan. 151935-42
Denver. Notice of said election and sale was given in V. 116, p. 1684.
*4.000,000 Public sewer
all of New York.
5 q Jan. 151935-42
COSTILLA COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Meseta),
x600,000 Public bldg. 434% June 11932-37
-BONDS VOTED.
-At the election held on May 734,200 11-20
Colo.
-year Various purchasers---- z5,335.000 Public sewer 434%Serially
(opt.) school building and $7,000 15 -year (opt.) funding 5%% bonds
-30
x4.000,000 Water supply 434
Serially.
were voted. These bonds had been sold, subject to being
x2,670.000 Street railway 43443
n
Serially•
at said
election, to Benwell, Phillips & Co. of Denver. Notice ofvoted election
said
The issues sold to the Kuhn, Loeb & Co. syndicate are dated Jan. 15 1922
and sale was given in V. 116. p. 1684.
and went at 102.777:the others were dated June 1922 and were sold at par.
4, The sale of these was reported in the "Chronicle" of Mar. 111922.
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND OFFERING.
Sealed ids will be received by J. S. Melton, Town Treasurer, until
s These are part of the five issues, aggregating 320,550,000, bids for which
1 p. m. were rejected on June 6, as stated in our issue of June 10 1922. The $5,June 2 for the purchase at not less than par and accrued int. of
park purchase and impt. bonds. Denom. $200. Date May 1 $44,000 5% 009,000 434% bonds reported sold In the "Chronicle" of Sept. 23 were a
1923. Int. portion of these bonds.
J.&.I. Due $200 each 6 months from July! 1924 to Jan. 11934,
inclusive.
DEXTER SCHOOL DISTRICT (P. 0. Dexter), Stoddard County,
CRESCENTA SCHOOL DISTRICT, Los Angeles County, Calif.-At a special election held recently $62,500 high
BOND SALE.
-The $45,000 5% school bonds offered on May 14 (V. 116, Mo.-BONDS VOTED. voted.
At the same time bonds amounting to
school bldg. bonds were
p. 2169) were awarded to the Montrose State Bank at a premium
equal to 100.50. a basis of about 4.93%. Date June 11923. Due of $229, $2,500 for the purchase of land adjoining the school grounds were voted.
1 as follows: 32.000. 1924 to 1943, incl., and 31,000. 1944 to 1948, on June
DIXON COUNTY SCHOOL DISTRICT NO. 70(P. 0. Allen), Nebr.
hid.
-PURCHASER--DESCRIPTION.-The purchaser of the 323,800 514%
CROTON-ON-HUDSON, Westchester County, N. Y.
-Ls the Peters Trust Co.
-BOND school bonds awarded as stated in V. 116. p. 1570
-The $15,000 434% registered highway improvement bonds
SALE.
of Omaha. The bonds are described as follows: Denom. $1,000 and $800.
-were awarded to Farson, Son & offered Date May 1 1923. Prin. and semi-ann. int. (M. & N.), payable at the
on May 18-V. 116. p. 2170
Co. of
New York at 100.533, a bads of about 4.43%. Date June 1 1923.
Treasurer's office. Due on
$1,000 yearly on July 1 from 1925 to 1939 incl. Other bidders were: Due County 1933 to 1943. inclusive. May 1 as follows: $1,800, 1932, and
$2,000.
Name
-RECORD OF 1922 BOND SALES.
DULUTH, Minn.
Geo. B. Gibbons & Co
100.4i) Union National Corp
-We present
Sherwood & Merrifield
100.36 First National Bank, Croton-100.19
herewith a record'of the bond sales made by the City of Duluth during the
Bid.
O'Brian, Potter & Co
100.229
on-Hudson
year ending Dec. 311922, the sales that have already been reported being
100.00
indicated by an asterisk (*):
CROW CREEK IRRIGATION DISTRICT (P. 0.
Amount. Purpose.
Radersbur ),
Date. Price Pd. Int.
Due.
Broadwater County, Mont.
-BOND OFFERING.
-R. E. Flynn. Sect*375,000 Park
Nov. 1 376,14000 434%
Serially.
1)
tary, Board of Directors, will receive bids until June 2 for 348,000
*250.000 Water and gas July 1 253,362 50 415%
Serially
refunding bonds. Denom. $1,000. A cert, check for 2% required. 67 12)
°
*150,000 Improvem'ts July 1
Serially
Par
5%
3)
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
190,000
Par
5% Oct. 1 1926
-BOND OFFERING
. 4) Purchased by Street impts. Oct. 1
Hamilton A. Gill & Co., N. Y.: (2) Stacy & Braun,
-Sealed bids will be received by A.J. Hieber, Clerk of the Board of County
(1)
Commissioners, until 11 a. m. June 2 for the purchase of the following
Chicago; (3) Duluth Bank;(4) Sinking Fund a City of Duluth.
issues of 5% coupon bonds, issued under virtue of Section 6929 of two
the
DOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Toms River),
General Code:
-BOND OFFERING.
Ocean County, N. J.
-Sealed bids will be received
$23,972 40 Snow road in Parma Township bonds. Due yearly on Oct. 1 as by Theodore Fischer, District Clerk, for the purchase of an issue of 434%
follows: 31.972 40. 1924: 32.000. 1925: 33,000, 1926 to 1930, coupon school bonds in an amount not to
exceed $155,000, no more bonds
Inclusive; $2.000. 1931. and 33,000. 1932.
to be awarded than will produce a premium of $1,000 over the amount.
71,917 17 Snow road in Parma Township bonds. Due yearly on Oct. 1 Denom. $1,000. Date July 1 1923. Prin. and semi-ann. int. (J. & J.)
as follows: $7,917 17. 1924; and $8,000, 1925 to 1932, inclusive. payable at the Ocean County Trust Co. of Toms River. Due yearly on
and semi-annual interest(A.& 0.) payable July 1 as follows: $4,000 1924 to 1937„incl., $5,000
Date June 1 1923. Principal
1938 to 1951 Incl., $6,000




MAY 26 1923.]

THE CHRONICLE

2423

-at a premium of$95250
1952 to 1955 and $5,000 1956. All bids must be accompanied by a certi- ment bonds offered on May 23-V.116, p. 2300
Date June
Due on Dec.
fied check for 2% of the amount bid, payable to the custodian of school equal to 103.81,a basis of about5.20%. and $3,000,1 1923. 1932, incl. 1
1928 to
as follows: $2,000, 1923 to 1927, incl.,
moneys. Legality approved by Harry E. Newman of Lakewood.
-BOND SALE.
-On May 10
FRANKFORT, Benzie County, Mich.
EAGLE COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Minturn),
-DESCRIPTION.
-The $10,000 school bonds awarded as stated in the State Savings Bank of Frankfort was awarded an issue of $47,000 59'
Colo.
-are described as follows: Denom. $500. Date April 15 paying bonds. These bonds were offered with $48,000 6% paving certifiV. 116, p 1924
1 1923. Due yearly as follows: $4,000
1923. Prin. and semi-ann. int. (A. & 0. 15.) payable at the County cates (V. 116, p. 2041). Date June $8,000 1933 to 1935 incl.
Treasurer's office or at Kountze Bros.. N. Y. City, at option of holder. 1928 to 1931 incl.. $7,000 1932 and
Due April 15 1943; optional April 15 1933.
-BOND SALE.
-The $10.000
FRANKLIN, Warren County, Ohio.
bonds offered on May 7 (V. 116, p. 1925), were
•
$344,333 534% coupon refunding Mayer,of Cincinnati, at par and accrued interest
Assessed valuation, 1922
awarded to Seasongood &
10.000 plus $119 99 premium, equal to 101.199-a basis of about 5.23%. Date
Total bonded debt, this issue only
Population, estimated, 600.
June 18 1923. Due $2,000 in 1925 and $1,000 yearly thereafter from 1926
- to 1933. inclusive.
EAST ORANGE, Essex County, N. J.
-BONDS SOLD IN 1922.
-BOND SALE.
There was only one offering of bonds by the City of East Orange during
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
1922. That was on Jan. 23, when the two issues of 5% bonds given below The following two issues of 597 bonds offered on May 21-V.116,P.2171
were disposed of, as reported in the "Chronicle" of Jan. 28:
were sold to Harris, Forbes & Co. and National City Co.. both of New
Price.
PurchaserAmount.
Date.
Purpose.
York, and Hayden, Miller & Co. pf Cleveland for $75,638 (100.18) and
Essex County Trust Co_ -$476,000 Gen'!impts. Dec. 1 1921 $500,133 33 Interest, a basis of about 4.9697:
Corn Exchange Bank_ _ _ - 394,000 Schools
Jan. 1 1922 413,000 00 $14,500 Harrison Road impt. bonds. Due yearly on Nov. 15 as follows:
$2,000. 1924 to 1928,incl.; $1,500, 1929, and $1,000. 1930 to 1932,
ELECTRA INDEPENDENT SCHOOL DISTRICT, Wichita County,
inclusive.
Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas regis61,000 Hard Road impt. bonds. Due yearly on Nov. 15 as follows:
tered $196,000 5% serial school bonds on May 11.
$7,000. 1924 to 1930, incl., and 36,000. 1931 and 1932.
ELGIN, Bastrop County,Texas.
-BONDS REGISTERED -The State
Date May 15 1923. There were no other bidders.
Comptroller of Texas registered $40,000 534% water-works extension bonds
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND OFFERING.
on May 7.
-Bids will be received until 12 m. June 15 by the Board of County Com-Sealed bids will missioners for $62,000 434% tax free lateral road bonds. Date July 1 1923.
ELIDA, Allen County, Ohio.
-BOND OFFERING.
be received by R. R. Baxter, Village Clerk, until 12 m. June 11 for the Interest J.
-J. Due on July 1 as follows: 34.000 1939. 38.000 1940 to
purchase at not less than par and accrued interest of $3,200 534% Main 1946, incl., and $2,000 1947. A certified check for 2% of bid, payable to
A.
Street pavement bonds. Denom.$400. Date April 1 1923. Int..A & 0. above Board, required. Bonds will be delivered and must be paid for
Due $400 yearly on Oct. 1 from 1924 to 1931. inclusive. Each bond must on July 1.
be accompanied by a certified check payable to the Village Treasurer, in
-By a vote of
FULTON, Callaway County, Mo.-BONDS VOTED.
the amount of 10% of the amount of bonds bid for, upon condition that if
serial water and light
$50,000 59' 15
the bid is accepted, the bidder will receive and pay for bonds within ten 347 "for" to 24 "against" theelection held on -year 8.-V. 116. p. 1925.
May
plant bond issue carried at the
days from the time of award.
-BOND OFFERING.
FULTON COUNTY (P. 0. Rochester) Ind.
-BOND SALE.
-The $808.000
ELIZABETH, Union County, N. J.
Treasurer, will receive sealed bids until 10 a. m.
436% (coupon or registered) temporary loan bonds offered on May 24- H. B. Kumler, County at not less than par of the following three issues of
Freeman & Co. of Philadelphia June 1 for the purchase
-were awarded to M. M.
V. 116. p. 2170
for $809,333 33, equal to 100.16, a basis of about 4.47%. Date May 1 4%% road bonds:
$9,000 John M.Long road bonds. Denom.$450.
1923. Due May 1 1929.
5,100 Nichols-Peterson et al. road bonds. Denom. $256.
-During
8,800 Merritt-Cole-Dolbee et al. road bonds. Denom. $440.
ELIZABETH, Union County, N. J.-1922 BOND SALES.
Date Feb. 15 1923. Int. M.& N. 15. Due one bond of each issue each
1922 the city disposed of the two issues of 434% improvement bonds
six months from May 15 1924 to Nov. 15 1933, incl.
listed below, the reports of both having been previously reported by us.
Date of
Due.
Amount.
Date.
Price.
PurchaserFURNAS COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Arapahoe),
Award.
-An issue of $13,000 school bonds has been disposed
Nebr.-BOND SALE.
Union County Trust
of at par and interest.
Co., Elizabeth, N.J_$92,000 Apr. 1 1922 $93,350 Apr.1 '23-'58 Mar.27
Ohio.
GARFIELD HEIGHTS (P. 0. Cleveland), Cuyahoga County,assessUnion County T.Co_358.000 June 1 1922 359.800 June 1 1928 June 12
-The following four issues of 534% coupon special
-The six -BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
-NO BIDS.
ment paving bonds, offered on May 15 and May 23(V. 116, p. 2041. 2171)
Issues of434% coupon road bonds, aggregating $173.000,offered on May 18 were, together with $34,272 33 Horton Road bonds, making an aggregate
(V. 116. p. 2170) were not sold as no bids were received.
Guardian Savings &
of $194.408 87, awarded to Tillotson & Wolcott
Co..
- Trust Co. and the Milliken & York Co.for $195.062 87 (100.33) and int_...
EL. MONTE SCHOOL DISTRICT, Los Angeles County, Calif.
Denoms. 31,000 and $464 37. Due
BOND SALE.
-The 365,000 5% school bonds offered on May 14 (V. 116, $36.464 37 Burleigh Road bonds.
yearly on Nov. 1 as follows: $4,464 37 1924 and $4,000 1925
p. 2170) were awarded to the William R. Staats Co. of Los Angeles, at a
to 1932 incl.
premium of 1737. equal to 101.11, a basis of about 4.88%. Date June 1
15,985 00 South Highland Ave. bonds: Denoms. $1,000 and 31.985.
1923. Due on June 1 as follows: 33,000. 1924 to 1928, incl., and 32,000,
Due yearly on Nov. 1 as follows: $1.985 1924, $2,000 1925 and
1929 to 1953. incl. The following bids were received:
1926. $1.000 1927. 32,000 1928 and 1929, 31,000 1930 and
California Securities Co
$257[Drake. Riley & Thomas
$2,000 1931 and 1932.
Security Company
35IWm. R. Staats Co
Park Heights Ave. bonds. Denoms.$1,000 and $483 46. Due
70,483 46
EMERSON, Mills County, Iowa.
-BONDS DEFEATED.
-By a$75369
v0te
yearly on Nov. 1 as follows: $6,483 46 1924 and $8,000 1925 to
of 105 "for" to 110 "against," the voters turned down a proposition to issue
1932 incl.
$30.000 water works bonds.
37.203 71 Blythe Road bonds. Denom. 31,000. Due yearly on Nov. 1
as follows:$3,203 71 1924.$4,000 1925 to 1927 incl.,$5,000 1928.
ERIE, Erie County, Pa.
-BOND SALES IN 1922.
the
-During 1922
$4.000 1929 to 1931 incl., and $500 1932.
city disposed of the three is.sues of bonds listed below. All these sales
Date May 1 1923.
have been previously reported in the "Chronicle."
-BOND SALE.
-The $150,000 park bonds
Mellon Nat. Bank, Pittsburgh_865,0001Storm sewer & Apr. 1 '22 Serial 2-23 yrs.
GARY,Lake County, Ind.
1 Subway
offered on May 12(V. 116, p. 2042) were awarded as 434s to the FletcherLewis & Snyder, Philadelphia_ 105,000 RR.grade cross- July 1 '22 Serial 2-27 Yrs. American Co. of Indianapolis for $152,475, equal to 101.65-a basis of
1 ing elimination
about 4.82%. Date June 1 1923. Due $10,000 on June 1 in each of the
Biddle & Henry, Philadelphia__ 55,000 Municipal !mut. Sept.1'22 Serial 2-28 yrs. years 1928,1931, 1932. 1934,1935,1937, 1939, 1940,and 1941,and $20,000
The $65,000 issue bears 434% interest; the other two, 43j%.
on June 1 in 1930. 1936 and 1938. Other bidders were: Premium.int.Rate
NameFALL RIVER, Bristol County, Mass.
-An
-TEMPORARY LOAN.
31.050 00 4%
Issue of $260.000 school notes was awarded as 43,Is to Blodget & Co., of Si. H. Rollins & Sons
2,433 00 5
Paine, Webber & Co
Boston. at 100.271. Other bids and bidders were as follows:
16,406 00 5
NameRate. Stacy & Braun
2,02500 4 %
Metacomet National Bank, Fall River
101.25 4%
2.475 00 4 A%
Fletcher-American Co
Estabrook & Co., Boston.
100.27 4%
5.89500 5%
R.L. Day & Co., Boston
101.199 4%
1,523 00 5%
Fletcher Savings & Trust Co
Blake Bros., Boston
4%
100
587 50 434%
Bonbright & Co
FALL RIVER, Bristol County, Mass.
3,970 50 597
-BONDS SOLD IN 1922.
- National Bank of America
We have obtained a complete list of the bond disposals made by Fall Caldwell. Mosser & Willaman
1.64900 5%
River during the year ending Dec. 31 1922, and print it below. All the
.-The
-BOND SALE
different sales were reported by us separately when they occurred.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
PurchaserAmount.
360,400 534% Section "A" Painesville-Ravenna Road I. C. H. No. 324
Due.
Purpose.
Date. Price. Int.
F. S. Moseley & Co.S125,000 Sehools____11 Apr. 1 100.06 43.1% Apr. 1'23-'42 bonds offered on May 21 (V. 116, p. 2042) were awarded to Spitzer, Rorick
Curtis & Sanger_ _ _ _ 300,000
May 1 100.041 4% May 1'23-'42 & Co.of Toledo for $61,306 50.equal to 101.50, plus cost of printing bonds.
F. S. Mcseley & Co_ 175,000 Sewer
Apr. 1 100.06 4% Apr. 1'23-'52 Date May 11923. Due on Oct. 1 as follows:$6,500.1924.1925.1927.1928.
F. S. Moseley & Co_ 300.000 Public impts_ Apr. 1 100.06 434% Apr. 1'23-'32 1930, 1931:37,000. 1926 and 1929,and $7.400 in 1932. Other bidders were:
Name
Private parties
Premium.
Name50,000 Public impts_ Sept. 1 100.00 4% Sept.1'23-'32
$688 5d
F. S. Moseley & Co_ 340,000 Highways__ Apr. 1 100.06 434% Apr. 1'23-'27 Sidney Spitzer & Co
5930 00 Ryan,Bowman & Co
676 00
Private parties
rovident S. Bk. & Tr. Co__ 845 60 well, Roth & Irving
P
50,000 Highways_
Oct. 1 '23-'27
Oct. 1 100.02 4%
508 00
Estabrook & Co
90,000 Equipment__ July 1 100.03 434% MY 1 21227 Seasongood & Mayer
703 30 W.L. Slayton & Co
'
Estabrook & Co
100,000 Public bldg.._ July 1 100.03 4% July 1 '23-'42
GENEROSTEE CREEK DRAINAGE DISTRICT,Anderson County,
FALLS COUNTY ROAD DISTRICTS, Texas.
-BONDS REGIS- So. Caro.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
TERED.
-The State Comptroller of Texas registered $30,000 534% serial June 23 at the offices of Bonham & Allen, attorneys. at Anderson, by the
District No. 5 bonds on May 7, and $60.000 5% District No. 4 bonds on Drainage Commissioners for 333.000 67 drainage bonds. Date Jan. 1
o
May 10.
-J. Due Jan. 1 1940.
1920. Denom. $1,000. Interest J.
FAYETTE SCHOOL DISTRICT (P. 0. Fayette), Howard County,
GENEVA HIGH SCHOOL DISTRICT (P. 0. Geneva), Ontario
Mo.-BONDS VOTED.
-At an election held on May 8 a school bond issue County, N. Y.
-Sealed bids will be received by
-BOND OFFERING.
of $100,000 was voted.
A. J. Merrell, Clerk of the Board of Education, until 8 p. m. (Eastern
434% cou_pon school
FERTILE INDEPENDENT SCHOOL DISTRICT NO. 3 (P. 0. Fer- standard time) June 8 for the purchase of 3480.000F. & A.
Due yearly
1923. Int.
tile), Worth County, Iowa.
-BOND ELECTION.
-A special election will bonds. Denom. $1.000. Date June 1
be held on June 8 to vote on the question of issuing $1,000 school house on Feb. 1 as follows: $10,000, 1926 to 1933, incl.; $12,000, 1934 to 1943.
incl.: $13,000, 1944 to 1953. and $15,000. 1954 to 1963. incl. Each bid
repairing bonds. Henry Bang, Secretary, Board of Directors.
must be accompanied with a certified check drawn upon an incorporated
FINDLAY, Hancock County, Ohio.
-BID REJECTED.
-The $59,500 bank or trust company and payable to the order of Francis W.
5% (city's portion) street impt. bonds offered on May 8 (V. 116, p. 1925) Treasurer, for 325,000. The approving opinion of Clay & Dillon, atwere not sold as the lone bid submitted by Bonbright & Co. of Chicago, torneys, of N. Y.City, will be furnished to the purchaser without charge.
was rejected.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
We are unofficially informed thatthe above issue together with the$48,393
M.
5% special assessment bonds, which were also offered on May 8(V. 116. P. Sealed bids will be received by Earl less Miller, County Treausrer. until 10
than par and accrued int. of $2,100
a. m. May 29 for the purchase at not
1925 were sold later to a local bank at a premium of $200.
5% coupon Clark Read et al., road bonds. Denom. $105. Date May 15
-The 1923. Int. M.& N. 15. Due $105 each 6 months from May 15 1924 to
FLINT, Genesee County, Mich.
-BONDS SOLD IN 1922.
following is a list of the bonds sold by the city during 1922, furnished by Nov. 15 1933, inclusive.
Carl H. Chatters, City Auditor:
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND OFFERING.
PurchaserAmount. Purpose.
Due.
Dale.
Price.
Sealed bids will be received by Earl M. Miller, County Treasurer. until
National Bank of Flint_ 810,000 Water May 1522 109.55 May 15'46
10 a. m.June 2 for the purchase at not less than par of $16,000 5% coupon
Seasongood & Mayer__ .25,000 Water Sept. 1'22 102.88 Sept. 1 47
J. E. Joyce et al. road in Pagola Township bonds.
$300. Date
Detroit Trust Co
30,000 Flre__ Oct. 1 '21 104.17 Oct. 1 '33, '34,'35 May 15 1923. Int. M.& N. 15. Due $800 each six Denom.
months from May 15
L. F. Rothschild
'115,000 Water Dec. 15'22 107.108 f$73,000 Dec. 15'47 1924 to Nov. 15 1933, inclusive.
1 40,000 Dec.15'48
GONZALES COUNTY COMMON SCHOOL DISTRICT NO. 51, Tex.
-BONDS REGISTERED.
*Previously reported in our columns.
-The State Comptroller of Texas registered
No mention is made of the $25,000 Issue of 5% paving bonds reported $6,000 6% 20 -year school bonds on May 7.
-40
sold in V. 115, p. 2073. Apparently this sale was never made, or was
GRAND FORKS, Grand Forks County, No. Dak.-BOND OFFERnot completed. The $115,000 issue bears 434%; the others, 5%.
/NO.
-Bids will be received until 1 p. m. May 31 by Chas. J. Evanson,
FOND DU LAC COUNTY(P.O. Fond du Lac), Wisc.-BOND SALE. City Auditor, for less than $105,000 no more than $125.000 refunding
-A syndicate composed of A. B. Leach & Co. Inc.. Second Ward Securi- bonds. Denom. 61,000. Prin. and int. payable in Grand Forks. A
ties Co. both of Chicago, and the First Wisconsin
Co. of Milwaukee, has certified check for $500. payable to Henry O'Keefe, Jr.. President Board
purchased $600,000 5% coupon bonds. Denom. $1,000. Date April 1 of City Commissioners, required.
Prin.and semi-ann. int(A.& 0.). payable at the County Treasurer's
1923.
-BOND OFFERING.
GREENE COUNTY (P. 0. Bloomfield), Ind.
office. Due on April 1 as follows: U25,000. 1928 and 1932: 360,000,
Sealed bids will be received by W.L.Herrington,County Auditor. untilJune9
1935, and $90,000. 1942.
for the purchase of $13,500 5% coupon Ben H. Sink et al.. road in Wright
P FORT MILL, York County, So. Caro.
-The First Township bonds. Denom. $675. Date Mar. 15 1923. Int. M.& N. 15.
-BOND SALE.
National Bank of Fort Mill has purchased the $25,000 6% paving assess- Due $675 each 6 months from May 15 1924 to Nov. 15 1933, inclusive.




2424

THE CHRONTCLE

[VOL. 116.

GREENVILLE, Hunt County, Tex.
-BONDS REGISTERED.
-On
HOLYOKE,Hampden County, Mass.
-RECORD OF
May 9 the State Comptroller of Texas, registered $5,000 54%
-A
fire deprt. list of the bond disposals made by the city of Holyoke1922 LOANS.
and $20,000 sewer and $65,000 water extension 5% bonds.
during the year
1922 is given below. All the different sales were reported in our columns
GUNNISON COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Crested as they occurred:
Butte), Colo.
-BONDS VOTED.
-At the election held recently $10.000 FurchaserAmount.
Due. Awarded.
Dale.
Purpose.
54% 10
-year serial refunding bonds were voted. These bonds had been Old Colony Trust Co_$200.000 Highways _
Apr. 1 1922 1932
Apr. 12
sold to Este & 430. of Denver subject to being voted at said election. Notice
15,000 Sidewalks _ June 1 1922 1927
July 7
of the election and sale was given In V. 116. p. 1328.
Paine, Webber & Co_ { 20,000 Sewers_ _ _ June 1 1922 1932
July 7
34,000 Playground June 1 1922 1939
July 7
HADDONFIELD SCHOOL DISTRICT (P. 0. Haddonfield), CamR. M. Grant & Co___ 24,000 School.,. __ June 1 1922 1934
den County, N. J.
Aug. 17
-BOND OFFERING.
-Until 8 p. m. May 29
All these bonds bear 434% Interest.
M. Wilson, District Clerk, will receive sealed proposals for 44%Bertha
bonds
not to exceed the amounts given below:
The following is a list of the short term loans negotiated during the year.
$4.700 school bonds. Denoms. 9 for $500 and 2 for $100. Due yvarly
Amount
Disct.
Date
on June 15 as follows: $500 1924 to 1931 incl., and $700 1932.
Old Colora Trust Co
.$200,000 Jan. 18 1922 4.13%
20,000 school bonds. Denom. $1,000. Due $1.000 yearly on June 15 Holyoke ater Power Co
50,000
Jan. 21 1922
4.13
Mechanics Savings Bank
from 1924 to 1943 incl.
50,000
Fob. 9 1922
4.25
Int. semi-ann. Cert. check on an incorporated bank or trust company Solomon Bros. & Co
200,000
Feb. 9 1922
4.25
fo 12% of the amount of bonds bid for required.
First National Bank
*200,000
Fob. 10 1922
4.25
Mechanics Savings Bank
50,000
Feb. 17 1022
4.16
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-NOTE SALE.
- Blake Bros
150,000
Mar. 18 1922
4.15
S. Moseley & Co. of Boston. have been awarded the *500.000
5%
1 200.000
Mar. 16 1922
3.53
registered notes, dated June 1 1923. and maturing June 1 1924, offered on First National Bank
4 *200,000
Am.. 27 1922
3.45
May 22-V. 116, p. 2171-at 100.257 a basis of about 4.75%.
• 200,000
May 25 1922
3.58
• 100.000
HANCOCK COUNTY(P.O. areenfield), Ind.
1June 20 19221
-BOND OFFERING
3.44
.Sealed bids will be received by James L. Allen. County Treasurer, unt'l
1July 20 19221
10 a. m. May 31 for the purchase of S13,860 44% coupon Clarence Mil- Old Colony Trust Co
x125.000
Sept. 20 1922
3.39
bourne et al. road In Brandywine Two. bonds. Denom. $693. Date First National Bank
100,000
Oct. 12 1922
3.50
May 15 1923. Int. M.& N. 15. Due $693 each 6 months from May 15
* Previously reportel. x Reported in "Chronicle"of Sept. 16 as*100.000
1921 to Nov. 15 1933 inclusive.
HORNELL CITY SCHOOL DISTFUCT (P. 0. Hornell), Steuben
HARDING COUNTY SCHOOL DISTRICT NO. 2, N. Mex.-BOND
-Crosby, McConnell & Co. of Denver have County, N. Y.
-BOND SALE.
ELECTION
-The 310.000 school bonds offered on
-BOND SALE.
.
purchased $40 000 mewl bldg. bonds subject to being voted at an election May 21 (V. 116. p. 2171) were awarded to Sherwood & Merrifield, of New
to be held to-day (May 26)•
York. as 4.4s et 101.33-a basis of about 4.31%. Date July 1 1923. Due
$5 000 yearly on July 1 from 1928 to 1935, inclusive. Other bidders were:
HARRISBURG,Dauphin County,Pa.
-BOND SALE.
-The $800.000
NamePrice Bid.
NamePrice Bid.
I% coupon city bonds offered on May 22-V. 116. p. 2301-were awarded
N. Y_ - _101.166 Union
to Battles & Co.of Philadelphia, who are now offering the issue to investors Parson, Son & Co.,Co.,N.Y_101.01 ClintonNatl. Corp., N. Y.._ _ _100.63
Goo. B. Gibbons &
11.
at prices to yield 3.95%. Date May 15 1923. Due yearly on May 15 as O'Brien. Potter & Co.,Buff_ _100.686 First Natl.Brown & Co..N.Y_100.02
Bank. Hornell_ ---101.50
follows: $25,000, 1924 and 1925; $30.000. 1926; $25,000, 1927 and 1928:
All the above
$30.000. 1929; $25,000, 1930 and 1931: $30,000, 1932; $25.006, 1933 end last bidder, who bidders submitted bids at 434% with tile exception of the
bid for 534%.
1934: $30.000. 1935: $25,000. 1936 and 1937; $30,000, 1938; $25.000. 1939
and 1940: $30.000. 1941; 325,000. 1942 and 1943: $30.000, 1944; $25.000.
HOUSTON,Harris County,Tex.
-1922BOND SALES.
-The following
1945 and 1946; $30.000, 1947; 32.5.000. 1948 and 1949; 330,000. 1950; Is a list of the sales made by the city of Houston during the year ending
425.000. 1951 and 1952, and 330,000, 1953.
Dec. 31 1922. All of the sales have been previously reported in the
"Chronicle":
HARRISBURG, Dauphin County, Pa.
-NO BONDS ISSUED IN
PurchaserAmount.
Price. let
Date.
Purpose.
-We are advised by the city officials that no bonds were sold by
1922.
Halsey, Stuart & Co.1$1.00.099 raving
Dec. 15 1921 102 5
Harrisburg during the year 1922.
and A. B. Leach) 100,090 meets*
,
Jan. 15 1922 102 5
HARRIS COUNTY DRAINAGE DISTRICT NO. 12, Tex.
& Co
1 200,009 Bridge
Jan. 15 1922 102 5
-BONDS
REGISTERED.
-The State Comptroller of Texas registered
i 100,00(1 Fare 8c pollee sta'n July 11922 --- 414
$450.000 6% Sinking blind
serial drainage bonds on May 10.
1 250.000 Paving
July 1 1922 ___ 5
250,000 Sanitary
July 1 1922 103.7 5
HARRIS COUNTY NAVIGATION DISTRICT (P. 0. Houston),
Eldredge St Co. and 250,900 Draihrige
July 1 1922 103.7 5
-BOND SALE.
-The 34.000,0005% coupon bonds offered on May
Tex.
Ouarantyoo.,N.YI 200,000 lirldso3
July 1 1922 103.7 5
-wore awarded to the National Bank of Commerce 21
-V. 116, p. 1925
of
200.000 Library
July 1 1922 103.7 5
Houston at a premium of $30,000, equal to 100.75. Due $130,000 for the
Sinking Fund
100,000 City & Co. hospital July 1 1922 --- 5
first 5 years and $134.000 for the next 25 years.
All these bonds mature serlally.
HARTFORD, Hartford County, Conn.
-TEMPORARY LOANS.
-In
HOWARD COUNTY (P. 0. Cresco), Iowa.
-BOND SALE.
addition to those already reported by us the city negotiated the
-The
following Cresco Union Savings Bank of Cresco has purchased 312.000 34% fairtemporary loans during the year ending Dec. 31 1922:
ground bonds at par.
PurchaserAmount,Purpose.
Date.
Int.
Due.
Phoenix National Bank_$88,940 School_Feb, 1 1922 44% Aug. 1 1922
HOWARD COUNTY(P.O. Ellicott City), Md.-BOND OFFERING.
Aetna Life Ins. Co_ ___ 340,000 Street -Dec. 29 1922 434% Dec. 29
1923 Sealed proposals will be received until 10 a m. (Eastern Standard Time)
HARTFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Hart- June 29 by Michael J. Sullivan, Secretary Board of County(Jommissioners,
for *240,000 4 y % coupon tax free series "11" public road bonds. Denom.
ford), Minnehaha County, So. Dak.-BONDS OFFERED.
-Until
2 p. in. yesterday (May 25) J. D. Love, Clerk Board of Eeducation. re- $1,000. Date July 11923. Duo July 1 1953. A certified check for 2%
ceived Wits for the purchase of $45,000 54% school bldg. bonds. Date of amount bid for required. Legality has been approved by Niles, Wolff.
May 1 1923. Prin. and semi-ann. Int. payable at the First Nat. Bank Barton & Morrow of Baltimore, and Joseph L. Donovan. a Ellicott City.
Financial Statement of Howard County 1922.
of Minneapolis. Due $15,000 on May 1 in 1933, 1938 and 1913.
Assessable basis at county rate of 111 51)
$13,524,088
HASTINGS SPECIAL SCHOOL DISTRICT NO.95(P.0. Hastings), Bank and trust company stock at I% rate
1,125,981
Barnes County, No. Dak.-BONDS OFFERED.
-C.F. Norberg, district Foreign stocks and bonds at rate of 30 cents on $100
2,612,639
Clerk, received bids until 1 p. in. yesterday (May 25) for the purchase
45,000
of Floating debt
1110,000 5% school bonds. Denom. $1,000. Int. semi-ann. Due in Bonded indebtedness, road bonds, series "A," issued 1922
300,000
20 years.
HUDSON, Summit County, Ohio.
-BOND OFFERING.
-Sealed bids
HAVERHILL, Essex County, Mass.
-1922 LOANS.
-During the year will be received by B. S. Sanford, Village Clerk, until 12 m. June 5 for the
1922 the city sold only one issue of long term bonds. That was the issue purchase at not less than par and accrued int. of $1.600 534' Pumping
of $150,000 44% bonds awarded on April 27 to Watkins & Co. at 100.63, equipment bonds issued under the cuthority of Soc. 3939 of the Gen. Code.
as reported In the "Chronicle" of April 29 1922.
Denom. $200. Date Feb. 11923. Int. A.&0. Due $200 yearly on Oct.
A list of temporary loans negotiated during the year follows:
1 from 1924 to 1931, incl. All bids to be accompanied with a cert. check.
PurchaserAmount.
Date,
payable to the Treasurer of the Village, for 10% of the amount of bonds
Disct.
Due.
S. N. Bond & Co
.$200,000 Jan. 16 1922 4.24% Oct. 6 1922 bid for, upon condition that if the bid is accepted the bidder will receive
First Nat. Bank, Boston
*100.000 Feb. 20 1922 4.16
Oct. 6 1922 and pay for bonds within 10 daysfrom time of award.
Blake Bros. & Co., Boston
25,000 Feb. 21 1922 4.15
Sept. 13 1922
HUMBOLDT COUNTY (P. 0. Winnemucca), Nev.-BOND OFFERComm. Trust Co., Boston... *150,000 Mar. 14 1922 4.18
Oct. 18 1922 INti.-Bids will be received until May 26 for the purchase of $30,000
S. Moseley & Co., Boston. 150,000 Mar.20 1922 4.13
6%
F.
Nov. 1 1922 highway bonds. Denom. $500.
First National Bank,Boston. 200,000 Apr. 14 1922 3.95
Oct. 16 1922
First National Bank.Boston.
75.000 June 23 1922 3.50
HURON COUNTY (P. 0. Bad Axe), Mich.
-Sept. 25 1922
-BOND OFFERING
C. L. Edwards, Boston
25.000 July 28 1922 3.64
Oct. 6 1922 Bids will be received until 1 p.in.(Central Standard Time)June 1 by Clarke
First National Bank,Boston. 100,000 Nov. 16 1922 4.25
Jan. 18 1923 Mtmford, Clerk of Board of Road Commissioners, for the purchase at not
First National Bank,Boston.
50.000 Dec. 26 1922 4.30
Mar.27 1923 less than par of $199,400 535% coupon Covert Act road bonds, issued for
* Previously reported in our columns.
the following roads: Assessment Dist. Road No.179. Chandler & McKinley
Twps, $74,000; Assessment Dist. Road No. 42. Chandler, Oliver, McHEATH SPRINGS, Lancaster County, So. Caro.
-BOND OFFER-E. C. Bridges, Mayor, will receive sealed bids until June 5 for Kinley & Winsor Twps., $28.000: Assessment Dist. Road No. 40, McING.
$25,000 water and $10,000 light6% bonds. Date June 11923. Due 1943. Kinley & Winsor Twps., 55,400: Assessment Dist. Road No. 30. Bloomfield 8z Lincoln Twps., $42,000. and Assessment Dist. Road No. 141.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-BOND OFFER- Bloomfield & Lincoln Twps., $50,000. Denom. to suit purchaser. Date
-Sealed bids will be received until 11 a. in. June 4 by Al P. Erickson, May 1 1923. Int. M. & N. Due one-tenth yearly for 10 years. Cert.
ING.
County Auditor, for 32,000.00043'S or 44% road bonds. Denom. $1,000. check for $2,500, payable to the Board of County Road Commissioners.
Date June! 1923. Prin. and semi-ann. int.(J. St D.), payable at the First
ILLINOIS (State of).
-$10.000.000 SOLDIERS' BONUS BONDS
National Bank of Minneapolis, or at the National Park Bank, N. Y. City;
-The $10.000,00041% soldiers' bonus bonds
at option of holder. A cert. check for 5% of bid. payable to Henry Voegill, SOLD AT AUCTION.
(the first portion of a total issue of $55,000„ open competitive bids for
County Treasurer, required.
which were asked at 9 a. in. yesterday (May 5)-V. 116, p. 2301-were
HERKIMER, Herkimer County, N. Y.
-BOND OFFERING.
-Madge sold at 100.08, a basis of about 4.492%. to a syndicate headed by the
B. Whitehead Village Treasurer, will sell two issues of 5% coupon bonds Guaranty Co. of N. Y. and including Equitable Trust Co., Bankers Trust
at public auction at 1:30 p. in. (daylight saving time) June 1 as follows:
Co., Estabrook & Co., Remick, Hodges & Co., all of New York, R. L.
$16.000 storm water drainage bonds. Due 31.000 yearly on June 1 from Day & Co. Boston; Ames, Emerich & Co., Chicago; Stacy & Braun.
Eldredge & Co. Kountze Bros., Lehman Br)s., all of New York; First
1924 to 1939 inclusive.
'
20.000 sanitary sewer extension bonds. Due $1,000 yearly on June 1 National Co., De ro
Detroit; Northern Trust Co., A. G. Becker & Co. both of
from 1924 to 1943 Inclusive.
Chicago: Keane, Higble & Co., Detroit' National Bank of Commerce.
Denom. $1,000. Date June 11923. Principal and semi-annual interest St. Louis; Hannahs, Bailin & Lee. 1.E. Calkin & Co., both of New York:
4
(J. & D.) payable at the First Nat. Bank of Herkimer. All bids must be Detroit Trust Co.. Detroit' Kaufmann-Smith-Emert & Co.,Inc.,St. Louis
accompanied by a certified check for 5% of the amount bid for. Bidders Minton. Lampert & Co. Union Trust Co. and the National Bank of the
to satisfy themselves as to the legality of these Issues.
Republic, all of Chicago. Bonds are in coupon form, reglstevable as to
'
H1GHTSTOWN, Mercer County, N. J.
-BOND SALE.
-The $88,500 principal. Date June 2 1923. Principal and annual interest (Aug. 1)
44% coupon (with privilege of registration as to Principal only or as to payable at the office of the State Treasurer, Chicago or New York. Due
,
both principal and interest) water bonds offered on May 22-V.116, p. 2171 yearly on Aug. 1 as follows: $320,000, 1924;$330,000. 1925;*350.000,1926;
were awarded at par to Graham Parsons & Co. of Philadelphia. Date $360.000. 1927: 5380.000, 1928: *400,000. 1929; $420.000, 1930; *430,000.
May! 1923. Due on May 1 as follows: $2,500, 1925: $3,000, 1926 to 1931 1931: $450,000, 1932: *470.000, 1933,• 3500.000. 1934; $520,000, 1935;
8540.000, 1936: 8560,000. 1937; $590.000, 1938; *620,000 1939; *650,000.
incl., and 34.000. 1932 to 1948 incl.
1940: $670,000. 1941; 8700,000, 1942, and 8740.000, 1943.
HILLSBORO, Orange County, No. Caro.
-BOND SALE.
-The
$7,000,000 ROAD BONDS ALSO SOLD AT AUCTION TO SAME
coupon street impt. bonds offered on May 22-V.116,ei. 2171
360.0006%
-The above syndicate was also successful in acquiring the
were awarded to Spitzer, Rorick & Co. of Toledo at a premium 013382 50, SYNDICATE.
equal to 100.63, a basis of about 5.92%. Date April! 1923. Due $3,000 $7.000.000 4% coupon (with privilege of registration as to principal) road
-on
bonds offered at 10 a. m. the same day (May 25)-V. 116, p. 2302
yearly on April 1 from 1924 to 1943 inclusive.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT Its auction bid of 97. a basis of about 4.41%. Denom. $311. Date
Due yearly on May 1 asfollows: $500,000, 1926 to 1935 Incl.,
-BOND OFFERING.
NO. 50 (P. 0. Tampa), Fla.
-Sealed bids will be May 11923.
received until 11 a. m. June 4 by J. E. Knight, Supt. Board of Public In- and $1,000,000. 19.36 and 1937.
struction for 310,0006% school bonds. Denom.$400. Date June! 1923.
ILLINOIS (State of).
-1922 LOANS.
-During the year ending Dec. 31
-D.) payable at the Bank of Plant City, Plant 1922 the State sold the two issues of4% highway bonds listed below. The
Prin. and semi-ann. int. (J.
City. A certified check for 5% required.
sale of each of these issues was reported in the "Chronicle" at the time it
occurred.
HOLMES COUNTY (P. 0. Millersburg), Ohlo.-BOND SALE.
-The
PurchaserPrice.
Amount.
Maturity.
May 17 (V. 116. p. 2171) were
2 issues of 54% coupon bonds offered on Hallmrten & Co.. New York
$6.000,000 May 1 '29-'40 $5.932,500
follows:
awarded as
5,981.000
W. R. Compton Co.. Chicago
6.000,000 May 1 '29-'40
$25,000 funding bonds to The Farmers' & Merchants' Bank at par. Due
-NO BOND SALES.
IOWA (State of).
-We are advised by N. J. Bur$5,000 SePt. 11924,and $2,500 each 6 months from March 1 1923
bank, State Treasurer, that the State of Iowa made no loans, either long
to Bent. 1 1928, inclusive.
.vecial assessment bonds to Durfee. Niles & Co. of Toledo, for or short term, during the year ending Dec. 31 1922.
34,400
JACKSON, Jackson County, Mich.
-We
-BONDS SOLD IN 1922.
11%4.552 80, equal to 100.44. a basis of about 5.36%. Due each
6 months as follows: $6,880 Sept. 1 1924, and $3,440 March! have obtained from the city a list of bonds sold during 1922, and are pubSept. 1 1928, Inclusive.
lishing it below. The sales of the bonds marked () were reported by us
1925 to
4
at the time they took place.
Date May 1 1911.




MAY 26 1923.]

THE CHRONTOLE

2425

Price Paid. semi-annual interest (A. & 0.) payable in gold in New York. Due $1,000
Amount.
Purpose.
Date.
Purchaseryearly on April 1 from 1926 to 1950. inclusive. Bidder to name rate of
Paine, Webber & Co.,
*$200.000 Replacement __ Feb. 1 1923 $199,000 00 Interest not to exceed 6%. Certification and preparation of bonds under
Chicago
28.503 00 the supervision of the U. S. Mtge.& Trust Co. New York City. Legality
Detroit Tr. Co., Det_ *28.500 Paving (taseas July 15 1922
18,002 50 approved by Chester B. Masslich, New York City, and J. L. Murehead, of
Detroit Tr. Co., Det_ 18,000 Paving (assess. Aug. 15 1922
11,003 00 Durham. Delivery on or about June 28.
Detroit Tr. Co.. Det_ 11,000 Paving (assess.) Oct. 15 1922
pe. The $200000 issue bears 4K% interest and matures serially from 1927 to
-At the offering
KIEF, McHenry County, No. Dak.-BOND SALE.
1944, inclusive: the others bear 43(% and mature from 1923 to 1931. incl.
of the $14.000(more or less) 5% funding bonds on May 11(V. 116, p. 2170)
OFFERING. $15,000 were sold to Magraw, Kerfoot & Co.of St.Paul,at par lass expenses.
JEFFERSON COUNTY (P.O. Jefferson), Wisc.-BOND
-Sealed proposals will be received until 2:30 p. m. June 6 by Wm. A. Denom. $1,000. Int.
& J. Date May 1 1923. Due in 20 years.
Much, County Clerk, for $600,000 5% highway construction bonds. DeDISTRICT UNION "R"(P. 0. Seattle),
KING
nom.3500. Due 3100,000 on April 1 in each ot the years 1933. 1935, 1936, Wash. COUNTY SCHOOL
-Sealed bids will be received until 11 a. m.
-BOND OFFERING.
1937. 1938 and 1939. A certified check for 5% of bid required. County June 5 by N. N. Shields, County Treasurer, for $53.000 coupon school
furnish blank bonds free of charge.
will
bonds to bear int. at a rate not to exceed 6%. Denom. $500. Int. ann- ually. Due as follows: $3,000, 1928 to 1942, 'nal., and $8.000. 1943.
JEFFERSON SCHOOL DISTRICT, Los Angeles County, Calif.
BOND SALE.
-The $31,000 51 school bonds offered on May 14 (V. 116, payable at the County Treasurer's office. District reserves the right to
p. 2172) were awarded to the Wm. R. Staats Co. of Los Angeles, at a pre- redeem any or all of bonds on or after 5 years from date. Bonds will be ready
mium of $78, equal to 100.25, a basis of about 4.98%. Date June 1 1923. for delivery on August 1. A cert. check (or draft) for 1% of issue, payable
Due June 1 as follows: $2,000, 1924 to 1929, incl., and $1,000. 1930 to to above official. required.
1948, inclusive.
•
FinanciaI
•
32,655,250 00
Assessed valuation
JENNINGS COUNTY (P. 0. Vernon). Ind.
-BOND OFFERING3,527 34
Sealed bids will be received by Harry Y. Whitcomb, County Treasurer, Cash on hand, general fund
7,39001
m. June 5 for the purchase of the following four..s•ues of 5% Uncollected taxes
until 2 p.
8 00
Warrants outstanding
coupon road construction bonds:
None
Bonds ______________________________________________
$11,800 Wm. Austin et al. road in Vernon Twp. bonds. Denom. $590.
-BONDS REGISTERED 0n
6,400 Herman Otto et al. road in Center Twp. bonds. Denom. $320.
KINGSVILLE, Kleberg County, Tex.
19,600 John B. Haley et al. road in Snencer Twp. bonds. Denom. $980. May 10 the State Comptroller of Texas registered $15,000.5% serial water
9,400 James H. Bland et al. road in Bigger Twp. bonds. Denom. $470. works bonds.
Date May 15 1923. Interest M. & N. 15. Due one bond of each issue
KIT CARSON COUNTY SCHOOL DISTRICT NO.29 (P. 0. Strateach six months from May 15 1924 to Nov. 15 1933 inclusive.
-BOND SALE.-Benwell. Phillips
ton R. R. Colo.
-BOND ELECTION
BOND SALE.
-The six issues of 5% road bonds offered on May 15- & Co., of Denver, have purchased $21,000 6% school-building bonds, subV. 116, D. 2043
-were awarded as follows:
iect to being voted at an election to be held soon.
$16,200 . F. Meek et al, road in Lovett Township bonds to Thos. D.
-BOND SALE.
LACKAWANNA COUNTY (P. 0. Scranton), Pa.
Sheerin & Co. of Indianapolis for $16,331, equal to 100.808, a
basis of about 4.83%. Denom. $810. Due $810 each six months The $175,000 4Ri% house of detention, road, bridge and viaduct bonds
offered on May 21 (V. 116, p. 2043) were awarded to Graham, Parsons &
from May 15 1924 to Nov. 15 1933. inclusive.
of about
7,200 James Gault et al. road, in Campbell Township, bonds, to First Co. of Philadelphia for 3180,792 50, equal to 103.310, a basiswere:
National Bank of No. Vernon for $7,250, equal to 100.694, a 4.04%. Date June 1 1923. Due June 11948. Other bidden
565 00
$180,
basis of about 4.86%. Denom. $360. Due $360 each six months Janney & Co., Philadelphia
17 812 .50
Battles & Co.. Philadelp a
from May 15 1924 to Nov. 15 1933, inclusive.
178,634 75
18,600 Albert Wilds et al. road in Geneva Township bonds to Gavin L. Brown Bros. & Co., Philadelphia
180,407 50
Payne & Co. of Indianapolis for $18,732, equal to 100.709. a basis E. Lowber Stokes Co., Philadelphia
177,728 25
of about 4.86%. Denom. $930. Due $930 each six months M. M. Freeman & Co., Philadelphia
179.100 00
Lewis & Snyder, Philadelphia
from May 15 1924 to Nov. 15 1933, inclusive.
177.747
Philip Hein et al. road in Lovett Township bonds to J. F. Wild & Biddle & Henry, Philadelphia
0.200
180.509 00
Co. of Indianapolis for $6,240, equal to 100.645, a basis of about Stroud & Co., Philadelphia _ _ __ _
177,940 40
4.87%. Denom. $310. Due $310 each six months from May 15 Harris, Forbes & Co., New York
1924 to Nov. 15 1933. inclusive.
LAGFtANGE INDEPENDENT SCHOOL DISTRICT (P. 0. La7,600 H. A. Hopkins et al. road in Lovett Township bonds to J. F. Wild grange), Fayette County, Texas.
-At the election
VOTED.
-BONDS
& Co. of Indianapolis for $7,649. equal to 100.644, a basis of about held on May 15(V. 116, p.
school-building bonds
4.87%. Denom. $380. Due $380 each six months from May 15 carried by a vote of 489 to 1927). the $115,000 53 %
156.
1924 to Nov. 15 1933, inclusive.
al. road in Geneva Township bonds to J. F. Wild
PORTE COUNTY (P. 0. La Porte), Ind.
6,800 D. A. O'Mara et
LA
-BOND OFFERING.
& Co. of Indianapolis for $6,843, equal to 100.632, a basis of about Sealed bids will be received by John Line, County Treasurer, until 10 a. m.
'
4.87%. Denom. $340. Due $340 each six months from May 15 May 31 for the purchase at not less than par and accrued interest of $3,300
551 Edgar Eariston et a. road construction and impt. bonds. Denom.,
1924 to Nov. 15 1933, inclusive.
Date May 15 1923. Interest M. & N. 15.
$165. Date May 15 1923. Interest M. & N. 15. Due $165 each six
JOHNSON COUNTY (P. 0. Franklin), Ind.
-The months from May 15 1924 to Nov. 15 1933 inclusive.
-NO BIDS.
,
BOND OFFERING.
-Sealed bids will also be received by John Line.
$11,5004% road bonds offered on May17(V.116, p. 2172) were not sold
County Treasurer, at the same time for $82,000 5% Jacob Wozinak et al.
as no bids were received.
road bonds. Denom. $410. Date May 15 1923. Interest M. & N. 15."
JOHNSTOWN, Cambria County, Pa.
-During the Due $410 each six months from May 15 1924 to Nov. 15 1933 incl.
-BOND SALES.
year 1922 the city disposed of the two issues of 4%% bonds listed below.
-The $144,000 5% coupon Fred G. Hupp et al. gravel
BOND SALE.
These sales have been previously reported in our columns from time to time
road bonds offered on April 28 (V. 116. p. 1687) were awarded to A. P.
as they occurred.
Flynn of Logansport at par plus a premium of $1,260, equal to 100.87.
Purchaser
Amount. Purpose. Price Paid. Awarded a basis of about 4.82%. Date April 28 1923. Due $7,800 on May 15
J. H. Holmes & Co
$366,618 May 5 1924 and $7,800 each six months thereafter until all are paid.
$350,000 Parks
Redmond & Co
733.040 July 7
700,000 Sewers
The $350,000 issue is dated May 1 1922 and matures 1952. being subject
-BOND SALE.
LA PORTE COUNTY (P. 0. La Porte County), Ind.
to call in 1942: the $700.000 issue is dated July 1 1922 and matures 1952.
-The First National Bank of La Porte was the successful bidder on May 9
- for the four issues of 5% bonds, offered on that date (V. 116, p. 1927). as
JONES COUNTY (P. 0. Murdo), So. Dak.-BOND OFFERING.
A. P. Whitney, County Auditor, will receive sealed bids until 2 p• m. follows: Henry F. Carpenter
June 5 for 310,000 5%% negotiable coupon bridge bonds. Denom. $500. $18,000 for $18,103, equal to et al gravel road in Noble Township bonds
100.56-a basis of about 4.885%. Denom.
Date July 1 1923. Due July 11933: optional July 1 1928.
$900. Due 3900 May 15 1924 and $900 each six months thereafter
until all are paid.
KALAMAZOO, Kalamazoo County, Mich.
-BONDS SOLD IN 1922.
-During the year 1922 the city sold the 5% bonds listed below. The sale
15,800 H. A. Boehlke et al gravel road in Cass Township bonds for
315,893. equal to 100.58-a basis of about 4.885%. Denom.
of each of the DISUOS marked( )was reported in out columns as it took place..
5
$790. Due $790 May 15 1924 and $790 each six months thereDue.
PurchaserAmount.
Date.
Purpose
after until all are paid.
Wm. R. Compton &
17,600 Emil Kalwith gravel road in Cass Township bonds for $17,703.
Co. Chicago
*$100,000 Sewer exten. April 1 1922 19234932
equal to 100.58-a basis of about 4.885%. Denom. $SW. Due
City
easurer
p40.000 Sewer exten. April 1 1922 19231932
$880 May 15 1924 and $880 each six months until all are paid.
Detroit Trust Co
120,000 Street impt. April 1 1922 1923-1932
6,800 Clarence E. Osborn ot al gravel road in Cass Township bonds for
City Treasurer
20,000 San'y sewer April 1 1922 19234927
$6,821. equal to 100.30-a basis of about 4.94%. Denom. $340.
Detroit Trust Co
*110,000 Street impt. June 15 1922 19234932
Due $3340 on May 15 1924 and $340 each six months thereafter
City Treas.. Pat. Slcg_
5,000 Street impt. Aug. 15 1922 1923-1932
until all are paid.
KALAMAZOO SCHOOL DISTRICT (P. 0.Kalamazoo), Kalamazoo
LARIMER COUNTY SCHOOL DISTRICT NO. 34 (P. 0. WellingCounty, Mich.
is
-BONDS VOTED.
-At an election held May 10, it
-At the election held on May 7 the $7.000
-BONDS VOTED.
stated, the voters approved of the issuance of $659,000 school ground and ton), Colo.
5%% school-site bonds were voted by a count of 62 to 15. These bonds
building bonds.
were sold, subject to being voted at said election, to Boettcher, Porter &
KANSAS (State of).
-NO SALES MADE DURING 1922.
-In answer Co.,of Denver. Notice of this sale and election was given in V. 116, p.2043.
to our inquiry for a detailed list of both the long and short term bonds
LA SALLE COUNTY COMMON SCHOOL DISTRICT NO. 2 Tex.
sold by the State of Kansas during 1922. N. A. Turner, State Treasurer,
-On May 7 the State Comptroller of Texas regissays: l'Replying to your inquiry of Dec. 12. will say that the State of Kansas BONDS REGISTERED.
has no outstanding bonds or floating indebtedness of any kind. Neither tered $15,000 5% serial school bendshas it any temporary loans negotiated during the calendar Year enalnil
-BOND OFFERING.
-W. Ellis
LATTA, Dillon County, So. Caro.
Dec. 31 1922.
Beshea, Town Clerk, will sell at public auction at 12 m. June 15,$33.000
5% bonds. Denom. $1,000. Date
KANSAS CITY, Mo.-1922 BOND SALE.
-The Guaranty Trust Co. water-works and 327,000 sewerage payable at place of purchaser's choice.
of Kansas City purchased $250,000 4%% signal-system bonds at a premium May 11923. Principal and interest
of $5,692 50. equal to 102.77. Date July 1 1920. Due July 1 1940. Due $2,000 on May 1 from 1925 to 1054, inclusive. A certified check for
$1.000 required.
KANSAS CITY, Wyandotte County, Kan.
-RECORD OF BOND
LE MARS INDEPENDENT SCHOOL DISTRICT (P. 0. Le Mars),
SALES MADE DURING 1922.
-The following is a record of sales of bonds
-The $150.000 high-school
-BOND SALE.
made by the city during 1922. the sale of the issues marked( )having pre- Plymouth County, Iowa.
5
2043) went jointly to the First
building bonds recently offered (V. 116,
viously been reported in our columns.
p'
National Bank and the American Trust & Savings Bank, both of Le Mars,
Purchaser.
Amount.
Due.
Purpose.
Pate. Price. Rate,
Citizens
$72,660 Street
1922-1931 each bank taking $75,000. The bonds were sold for par and accrued interJan. 1 Par
a%
Citizens
1023-1932 est, the'purchasers paying for the bonds,legal opinion and all other expenses.
11.800 Street
.5
MaY 1 Par
Citizens
19234932 Date IVray 1 1923. Due on May 1 as follows: $3.000, 1925 to 1928, inclus104,2
Street
Aug. 1 Par
5
Citizens
46,
Bridges
Nov. 1 Par
5 Nov. 1 1932 ive: $4,000. 1929 to 1932, inclusive: $5,000, 1933 to 1937, inclusive: and
Citizens
1923-1932 $6,000, 1938 to 1942, inclusive.
91,180 Park impt. Apr. 1 Par
5
Citizens
1923-1932
34,990 -Blvd. inter. Dec. 1 Par
5
-BOND OFFERING.
-Sealed
LE ROY, Genesee County, N. Y.
Citizens
19334942 proposals will be received until 7 p.m. May 29 by Carlos A. Chapman.
19,200 Park acq'n. Dec. I Par
5
City Sink. Funds_
Mar. 1 1923 Village Clerk, for $10,000 5Si% (with privilege of registration) fire truck
4,233 Sts. & alleys Mar. 1 Par
5
Stern Bros. & Co.. 100,000 Water-wks. Sept. 1 101.787 4% Sept. 1 1942 purchase bonds. Denom. $1,000. Date June 1 1922. Interest J.
-D.
Stern Bros. & Co_*150,000 Electric light Feb. 1 103.19 5
Feb. 1 1942 Due 32,000 yearly on June 1 from 1924 to 1938,inclusive. , A certified check
National City Co, 100,000 Electric light June 1 Par
4% June 1 1942 for $500, payable to the Village Treasurer, required.
Special Assessment Bonds.
LEVY COUNTY
AND BRIDGE DISTRICT NO. 1
Citizens
$177,250 Curbing
1922-1931 (P. 0. Inglis), Fla.SPECIAL ROAD
Jan. 1 Par
53and bridge
-BOND
-The
Stern Bros. & Co_ 126,690 Paving
1922-1931 bonds offered on May 17 (V.SALE. 1927)$100,000 6% road
Feb. 1 Par
53-i
were awarded to the Bank of
116, p.
Citizens and SinkWilliston at 96.10, a basis of about 6.30%. Date July 1 1920. Due
ing Funds
105,680 Sewers
Mar. I Par
July 1 1950.
City Sink. Funds6,870 Orn'l lighting Mar. 1 Par
LIBERTY SCHOOL TOWNSHIP (P. 0. R. F. D. No. 5, Liberty),
Citizens
10,930 Orri'l lighting May 1 Par
1923-1932
Union
A.H.Gillis Co_ -- 119,750 G.0. P.'Sr S June 1 Par
-BOND SALE.
-The 328,500 5% school funding
.
5
103114
% bonds County, Ind.
offered on May 21 (V. 116. p. 2302) were awarded to W.P. Kennedy
Citizens
63.730 0 C &P 111 J
Brown Crummerl 281,190 G.C.P.& S. Oct. 1 101.18 5
92 19 2 & Co. of Liberty at a premium of $744, equal to 102.59-a basis of about
3 32
1923 93
4.61%. Due each six months as follows: $1,000. July 1 1924 to July 1
Sinking Funds_ _ f
State Sch. Comm-*246,120 G.C.P.& S. Nov. I Par
1923-1932 1937. and 31,500. Jan. 1 1938.
5
Citizens
33,700 G.C.& Pay. Nov. 1 Par
1923-1932
5
-BOND
LINDER SCHOOL DISTRICT, Tulare County, Calif.
21,170 Orn'l lighting Dec. 1 Par
Citizens
1932-1932
5
-The 36,500 6% school bonds offered on May 8 (V. 116, P- 2043
)
G. G.Roudebush. 118,630 O.C.P.& S. Dec. 1 Par
1923-1932 SALE.
5
were awarded to Tanner'Stephenson Co. at a premium of $110.60. equal to
-G.0.P.& S. means grading, curbing and paving streets and alleys
Note.
yearly on
and constructing sowers. Citizens means citizens and banks in Kansas 101.70, a basis of about 5.74%. Date April 19 1923. Due $500
April 19 from 1925 to 1937. inclusive.
City, Kan.
-NO BONDS
LITTLE ROCK, Ark.
-1922 TEMPORARY LOANS
KENTUCKY (SW° Of).
-NO BONDS ISSUED DURING 1922.
-No SOLD.
-A list of the temporary loans made by the city follows. The loan
bonds Were issued by the State of Kentucky during the year 1922.
marked()was reported in the "Chronicle" at the time.
5
- Purchaser.
KERNSVILLE, Forsyth County, No, Caro.
Amount.
-BOND OFFERING.
Purpose.
Due 1923
. 5
J. W. Woollen, Town Secretary, will receive sealed bids until 2 p. m.June 7 J.L.Arlitt.1*$1,125.000 Debt renew. Sept 2 e1922
Paar '6;1* Sept 2 .
Pke 1
Da5
. t
_ Sent.25 1923
for $25,000 ,oupon (with privilege of registration as to principal only)
75,000 Hospital
Austin -J
mprovement bonds. Denom. $1.000. Date April 11923. Principal and
______________
Tnere were no bonds sold by Little___




1$111313

2426

THE CHRONICLE

For.. 116.

Date June 1 1923. Prin. and semi-ann. int. payable at the County
LITTLE ROCK, Pulaski County, Ark.
-BOND SALE.-Stirel, Nicolaus& Co.,Inc.,rof St. Louis,have pourchased $85,000 536% street impt.Dis
- Treasurer's office. Certified check on a Toledo bank (or cash) for $500,
trict No.325 bonds. Denom.$1,000 and $500. Date May 1 1923. Prin
,
required with each issue. Bonds to be delivered and paid for in Toledo
and semi-ann. int (M. & S.), payable at the Mississippi Valley Trust Co
on June 25.
of St. Louis. Due serially 1924 to 1937.inclusive.
LUMBERTON GRADED SCHOOL DISTRICT (P. 0. Lumberton),
LITTLE ROCK SPECIAL SCHOOL DISTRICT (P.O. Little Rock), Robeson County, No. Caro.
-Kinsey & McMahon of
-BOND SALE.
-Bids will be received until Toledo have purchased the $160.000 534% coupon or registered school
Pulaski County, Ark.
-BOND OFFERING.
June 11 by Lillian D. McDermott, District Secretary, for $120,000 4%, bonds offered on May 22-V. 116, p. 2302
-at par plus a premium of
4.36% or 5% bonds. A certified check for $1,000 required. Due serially $6,332, equal to 103.95, a basis of about 5.25%. Date May 1 1923. Due
on Nov. 1 from 1924 to 1943, inclusive.
May 1 1953.
-At the election
-BONDS VOTED.
LOGAN, Cache County, Utah.
LYCOMING COUNTY(P.O. Williamsport),Pa.
-BOND OFFERING.
held on May 15-V. 116. p. 1807
-the proposition to issue $300.000 5% -Sealed bids will be received until 10 a. m. June 12 by L.0. Bower, Clerk
serial electric plant rebuilding bonds carried by a vote of 977 to 216.
Board of County Commissioners,for $400,000 434% coupon gold road and
J. & J. Due
bridge bonds.
LORAINE INDEPENDENT SCHOOL DISTRICT (P. 0. Loraine), $100.000 in eachDenom. $1,000. Date June 1 1923. Int.certified check
of the years 1938. 1943, 1948 and 1953. A
-The purchaser of the $40.000
-PURCHASER.
Mitchell County, Tex.
bid, payable to the County Commissioners, required. Bonded
5% school bonds awarded, as stated in V. 116. p. 1687. was the State for 2% of 1923, $816,100; sinking fund, $14,539; assessed valuation, 1922,
debt May
Board of Education.
$31,321,829; State and county tax rate (per 51.000). 1922, $9 50.
-A syndiLOS ANGELES, Calif.
-BONDS OFFERED BY BANKERS.
County, Mass.
LYNN,
SALES.
-During 1922 the
cate composed of Blair & Co., Inc.; Hallgarten & Co. and the Equitable city made Essexone bond sale. -1922 BOND several issues, aggregating
That was of
only
Trust Co., all of New York, is offering to investors, in an advertisement $384,000, which on July 26 were awarded to Blodget & Co., of Boston. at
appearing on a previous page of this issue, at prices to yield from 4.35% to 100.27, as stated in the "Chronicle" of July 29 1922. The bonds, details
4.40% (according to maturities) the $4,500,000 434% bonds (composed Of of which were not available at the time of the sale, answer to the following
description:
52.000.000 sewage disposal and $2,500,000 fire protection) awarded to it Amount.
Int.Rate.
Due.
Purpose.
as stated in V.116, p. 1927. Bonds are coupon in form, registerable as to $95,000
4
Sewers
30-year serial
4
10-year serial
Bridge
38,000
principal and int. Denom. $1,000. Date April 1 1923. Prin. and semi434
10-year serial
Street paving
51,000
ann.int.(A.& 0).Payable in New York or Los Angeles, at option of holder.
5
-year serial
Water equipment
equip
55.000
Due on April 1 as follows: $115,000, 1924 to 1927,incl.; $114,000, 1928 to
Pavement
5
-year serial
4
5
-year
Side. pavement
43i
1962, incl., and $50,000, 1963.
55.000
19-year serial
Cemetery
431 g
serial20,
-An election will be held on June 5 to vote on the
BOND ELECTION.
following propositions:
-BOND SALE.
-The $175,000
LYNBROOK, Nassau County, N. Y.
-Bond issue for $5,000,000 for new city hall and paving bonds offered on May 18 (V. 116, p. 2043) were awarded as 434s
Proposition No. 1.
$2,500,000 for site of the building.
and 436s to Stacy & Braun of New York. Denom. $1,000. Date May 1
-Bond issue of $500.000 to purchase land for Flower 1923. Due $7,000 yearly on Nov. 1 from 1924 to 1948. inclusive.
Proposition No. 2.
St. frontage for Normal Hill central public library and for additional
Financial Statement.
library.
equipment for the
$15,000,000
-Bond issue of $15.000,000 for additional wharves, Actual value (estimated)
Proposition No. 3.
3,454,028
Assessed valuation
docks, belt line railroad, and other facilities and for dredging at Los Angeles Total bonded debt (incl. this issue)
325.000
Harbor.
Population (1920 Census) 4.275. Population (present estimated) 7,000.
-Bond issue of $2.000.000 for the city's share of the
Proposition No. 4.
-A $375,-BONDS VOTED.
McALESTER, Pittsburg County, Okla.
viaducts over the Los Angeles River to eliminate grade crossing
cost of six
000 bond issue for water works extension carried at an election held on May
delays and hazards and to replace existing outworn, inadequate bridges.
-Bond issue of $1,500,000 for playgrounds in various 15 by a majority of 41 votes.
Proposition No. 5.
parts of the city.
McLENNAN COUNTY COMMON SCHOOL DISTRICT NO. 15, Tex.
-Bond issue of $35,000,000 for the Power Bureau, of
Proposition No. 6.
REGISTERED.
-On May 8 $6,000 6% 20-40-year school bonds
which $25,000,000 is for Boulder Canyon power development and $10,000,- -BONDS
were registered by the State Comptroller of Texas.
000 for extensions to present system..
MACON, Bibb County, Ga.-NO BONDS SOLD DURING 1922.
-In answer to our
-1922 BOND SALES.
LOUISIANA (State of).
sold
request for a list of bonds issued by the State during 1922, Howell Morgan. Osgood Clark, City Clerk. in answer to our request for a list of bonds
State Treasurer, says: "The only bonds issued last year by the State of by Macon during 1922, says: "None issued."
Louisiana were those of the State penitentiary,amountingto $1,000,000."
MAD RIVER TOWNSHIP RURAL SCHOOL,DISTRICT (P. O. DayNotice ofthis sale was reported in the "Chronicle" at the time ofissuance.
-BOND OFFERING.ton R. R. No. 17), Montgomery County, Ohio.
-BOND OFFERING.
LOVELAND, Larimee County., Colo.
-Until Bids will be received by Adam Clingman, Clerk of the Board of Education.
be received by J. B. Sella, City Clerk,for $60,000 until 1 p. m. June 2 for the purchase at not less than par and accrued int.
7:30 p.in. June 5 bids will
of the
534% Paving District No. 2 bonds. Legal opinion of Pershing, Nye. Fry of $8,000 534% school bonds issued under the authority of Sec. 7630-1yearly
Gen. Code. Denom. $1,000. Date June 1 1923. Due $1,000
& Tallmadge of Denver.
accompanied by a cert.
LOWELL,Middlesex County, Mass.
-The City Treas- on Oct.1 from 1924to 1931. incl. Each bid Is to be
-1922 LOANS.
Education.
urer has furnished us with a list of loans, both long and short term, nego- check for 5% on some solvent bank, payable to the Board of
tiated by the city during the year ending Dec. 31 1922. We are publishing
MAJOR COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
Ringwood), Okla.
-BONDS VOTED.
-An issue of $25,000 school
it herewith:
(P. 0.
PurchaserAmount. Purpose.
Date. Price. Int. Matur. building bonds has been voted.
Apr. 1 101.945 43t,
R.M.Grant& Co_ _*$50.000 Sewers
1923-47
MANCHESTER, Hillsborough County.
-BOND SALEH.
Harris,Forbes & Co. *mow Sidewalk
Apr. 1 100.78 4g
1923-27 The 5100,000 4% sewer bonds offered on May N. V. 116. p. 2303) were
Harris,Forbes & Co. *50.000 Perm. pave. Apr. 1 100.78 43/
1923-32 awarded to Harris, Forbes & Co. of New York 21 96.83, a basis of about
at
Harris,Forbes & Co. *70,000 First St.
Apr. 1 100.78 4
1923-32
Denom. $1,000. Date Apr. 1 1923. Interest A. & 0. Due
Harris,Forbes & Co. *70,000 Mem.Aud. Apr. 1 100.78 4
1923-42 $5, %. D
a1
m0O a
0A N annually.
Harris,Forbes & Co. 20.000 First St.Oval May 1 100.06 4
1923-42
Harris,Forbes & Co. 10.000 Anne.St.pky May 1 100.06 4
SPECIAL SCHOOL DISTRICT, Morton County, No.
ly.
1923-27
Harris,Forbes& Co. 25,000 Mac. pave May 1 100.06 0
Dak.-BOND SALE.
-During the month of April the State of NorthilDa.
1
1923-27
Edmunds Bros
25,000 Mac. pave. June 1 100.048 4
1923-27 kota purchased $50,000 4% school bonds at par. Date July 1 1922. Due
E.H.Rollins Se Son- *25.000 First St.park Aug. 1 101.347 4
July 1 1942. Bonds are not subject to call but may be redeemed;21years
1923-47
4,000 Wash. Park. Aug. 1 101.3474
E.H.Rollins& Son_
1923-30 from date of issue.
E.H.Rollins & Son- 15.000 Highl. Park. Aug. 1 101.347434% 1923-52
I
-The Internationc
MANITOU,El Paso County,Colo.
-BOND SALE.
E.H.Rollins & Son_ 10,000 Playground Aug. 1 101.347 434
1923-42
E.H.Rollins & Son.. 3,500 Playground Aug. 1 101.347 434% 1923-29 Trust Co. and Bosworth, Chanute & Co. of Denver have jointly purchased
E.H.Rollins& Son_ 25,000 Mac Add'n. Aug. 1 100.66 43i
1923-27 $440,000 5% water extension bonds at 101.70 a basis of about 4.84%.
E.H.Rollins & Son.. 50,000 Perm. pave. Aug. 1 100.66 434
1923-32 Date June 1 1923. Due June 1 1938.
E H.Rollins& Son_ 40,000 Bridge Add. Aug. 1 100.66 4
1923-42
-At a recent
MEGARGEL, Archer County, Tex.
-BONDS VOTED.
E H.Rollins & Son_ 30,000 Sewers Add. Aug. 1 100.66 4
1923-52 election an issue of $10,000 school building bonds was voted by a count
Harris,Forbes& Co.*100,000 Pam. pave. Nov. 1 100.57 4
1923-32 of 6 to 1.
Harris,Forbes& Co. *20,000 Bridge
Nov. 1 100.57 4M fi 1923-42
,
r
-According to
Temporary Loans.
MEMPHIS, Shelby County, Tenn.
-BONDS VOTED.
PurchaserAmount. Date.
Price,
the Memphis "Appeal" of May 16 all of the following propositions submitMaturity.
Salomon Bros. &
ted to a vote of the people at the election held on May 10(V. 116, p. 1808)
Hutzler
*5300.000 Jan. 24 100 plus $11, 434s
Nov.24 1922 were carried easily:
Grafton Co
*150,000 Feb. 13 4.378% discount
Nov. 13 1922 $1,500,000 water bonds. bonds.
Salomon Bros &
100,000 Cossitt library
150,000 general hospital bonds.
Hutzler
550.000 Mar. 13 100 plus $170, 436s
Mar. 13 1923
Blake Bros.& Co--x500,000 Apr. 12 3.97% plus 58
100.000 tuberculosis hospital bonds.
Nov. 12 1922
100,000 fire station and equipment bonds.
Tucker, Anthony &
250,000 viaduct bonds.
Co
*300,000 June 8 3.50% disc. plus $5
Dec. 12 1922
1,250,000 Board of Education bonds.
Blake Bros.& Co--*200,000 July 3 3.44% disc. plus $1 75 Dec. 22 1922
750,000 street construction and sewer bonds.
FirstNat'l Bank,
Boston
*500.000 July 6 3.70 int. plus$7 00 July 6 1923
MIAMI COUNTY (P. 0. Troy), Ohio.
-Sealed
-BOND OFFERING.
Old Colony Tr. Co_ 300,000 Aug. 31 3.37 disc. plus$2 50 Dec. 8 1922
Old Colony Tr. Co.,*200,000 Sept.22 3.45 disc. plus $1.50 Nov. 13 1922 bids will be received by T. B. Radabough. County Auditor, until 10 a. in.
Bond & Goodwin
300,000 Dec. 8 4.24 discount
June 10 1923 May 28 for the purchase at not less than par and accrued int. of $18,500
ground
of Sec.
Bond & Goodwin
300,000 Dec. 12 4.24% discount
May 10 1923 534% coupon fair Code. impt. bonds issued under the authority A.& 0.
Denom.$500. Date April 1 1923. Int.
9887-1 of the Gen.
* Previously reported in our columns.
Due $3,500 yearly on Oct. 1 from 1924 to 1928,inclusive. All bids must be
x Reported in "Chronicle" of April 15 1922 as 1150.000.
accompanied by a certified check for 5% of the amount bid for, on some
LUCAS COUNTY(P.O. Toledo), Ohio.
-BOND OFFERING.
-Sealed
payable
the
the above official. Bonds
bids will be received until 10 a. in. (Eastern Standard Time) June 7 for solvent bank, paid for to the order ofTreasurer's office within tento be
at
dap:
County
delivered and
the following ten issues of 5% road improvement bonds, which are issued
date of award.
from
under authority of Sec. 6929 Gen. Code:
Monclava, Springfield and Waterville townships stone road
5106,329 11
MICHIGAN (State of).
-Frank F. Rogers, State
-BOND OFFERING.
Improvement No. 192 bonds. Denom. $1.329 11 and $1,000. Highway Commissioner (P. 0. Lansing) ,will receive bids until 1.30 p. m.
Due yearly on Sept. 1 as follows: $11,329 11 1924, 511,000 May 29 for the purchase of $13,500 Road Assessment District No. 431
1925 and $12,000 1926 to 1932. inclusive.
bonds, obligations of Lebanon and Dallas Townships in Clinton County
34.734 17 Washington Township stone road improvement No.201 bonds. and Lyons and North Plains Townships in Ionia County, the two countlee
Denom.$734 17 and $1,000. Due yearly on Sept. 1 as follows: and the assessment district. Interest not to exceed 6%. Int. M. & N.
$3,734 17 1924, $4,000 1925 to 1928, incl., and 85.000 1929 due serially two to five years. Certified check for 2% of amount of bonds
to 1931. inclusive.
payable to the above Commissioner, required.
34.430 37 Adams Township stone road improvement No. 208 bonds. bid for,
Denom. $1,430 37 and $1,000. Due yearly on Sept. 1 as
MIDDLETOWN, Butler County, Ohio.
-BOND OFFERING.
-Sealed
follows: $3.430 37 1924, $4.000 1925 to 1928, incl.. and bids will be received by Albert Brenner, City Auditor, until 12 m.(Standard
$5,000 1929 to 1931, inclusive.
Time) June!for the purchase at not less than par and accrued int. of $124.71.291 14 Washington Township stone road improvement No.207 bonds. 632 5% special assessment bonds issued for the purpose of paying the
Denom. $1,291 14 and $1,000. Due yearly on Sept. 1 as "Property Owners' Portion" of improving various streets in the city, under
follows: $7,291 14 1924 and $8,000 1925 to 1932. inclusive.
Secs. 3812, 3814 and 3914 of the Gen. Code. Denom. 243 for $500 each.
69.873 41 Washington Township stone road improvement No. 206 and 9 for $348 each. Date May 1 1923. Prin. and semi-ann. int.(M. &
bonds. Denom. $873 41 and $1.000. Due yearly on Sept. 1 S.), payable at the National Park Bank of New York. Due $13,848 yearly
as follows: $5.873 41 1924 and $8,000 1925 to 1932,
on Sept. 1 from 1924 to 1932. incl. All blds must be accompanied by a cert.
8,607 57 Washington Township stone road improvement No. 210 incl.
the sum of $1,000, iaayable to the City Treasurer, on condition
bonds. check
Denom. $607 57 and 81.000. Due yearly- on Sept. 1 as that ifin
the bid is accepted, the bidder will receive and pay for said bonds
follows: $1,607 57 1924. $1,000 1925. $2,000 1926 to 1928, within 10 days from the time of award: said check to be retained by the
inclusive.
city if said condition is not fulfilled. The proceedings leading up to the
20,455 65 Adams Township stone road improvement No. 204 bonds. Issuing of these bonds have been under the supervision of Peck, Schaffer &
Denom. $1,455 65 and $1,000. Due yearly on Sept. 1 as Williams, Attorneys. Cincinnati, whose opinion as to the validity will be
follows: $2,455 1924 and $3,000 1925 to 1930, incl.
furnished to the purchaser without charge. l'urchasers are requried to
6,987 33 Washington Township stone road improvement No. 193 bonds. satisfy themselves as to the validity of these bonds prior to the bidding
Denom.$987 33 and $1,000. Due yearly on Sept. 1 as follows: therefor, and only unconditional bids will be considered.
5987 33 1924. 81,000 1925 and 1926 and $2,000 1927 and 1928.
MIDDLETOWN, Butler County, Ohio.
-Sealed
-BOND OFFERING.
26,531 66 Adams Township stone road improvement No. 183 bonds.
Denom. $531 66 and 51.000. Due yearly on Sept. 1 as bids will be received until 12 m. June 15 by Alberta Brenner, City Auditor.
follows: 32.531 66 1924,83,000 1925 to 1928,incl.. and $4,000 for the purchase at not less than par and accrued interest of the following
1929 to 1931. inclusive.
two issues of 5% bonds, issued under authority of Sec. 3939 Gen. Code:
73.417 72 Washington Township stone road improvement No.211 bonds 510,000 water works improvement bonds. Due $1,000 yearly on Sept. 1
from 1924 to 1933, inclusive.
Denom. $1,417 72 and $1,000. Due yearly on Sept. 1 as
follows: $7,417 72 1924, $8,000 1925 to 1930, incl.. and
18,000 bridge construction bonds. Due $1,000 yearly on Sept. 1 from
1924 to 1941, inclusive.
1931 and 1932.
$9,000




MAY 26 1923.]

THE CHRONICLE

Denom. $500. Date May 1 1923. Prin. and semi-ann. int.(M.& S.),
payable at the National Park Bank, N. Y. Certified checks on a solvent
bank, payable to the City Treasurer, for $300 and $400, required with
$10,000 issue and $18,000 issue, respectively. Bonds to be delivered
and paid for within ten days from date of award. Legality approved by
Peck, Schaffer & Williams. of Cincinnati.
MILLER, Hand County, So, Dak.-BOND SALE.
-The $25.000
10 -year (opt.) bonds offered on May 14-V. 116. p. 1928
-20
-were awarded
to the Minnesota Loan & Trust Co. of Minneapolis.
MOBILE, Mobile County, Ala.
-R. V. Taylor,
-BOND OFFERING.
Mayor, will receive sealed bids until 12 m. May 29 for 275,000 5% coupon
impt. bonds. Denom. $1,000. Date June 1 1923. Prin. and semi-ann.
int. payable at the American Exchange Bank, N. Y. City. Due June 1
1933,subject to be retired and paid off at a premium of 14% in their numerical order at the expiration of each yearly period from the,date of bonds,
provided that not more than eight of said bonds shall be so retired at the
expiration of each yearly period. A certified check for 1% of bonds bid
for, payable to the city, required.
MONESSEN, Westmoreland County, Pa.
-BOND OFFERING.
Sealed bids will be received by Vincent R. Smith. City Solicitor, until
10 a. m. June 6 for the purchase at not less than par and accrued interest
of $85,000 4% coupon bonds. Denom. 21.000. Date Jan. 1 1923.
Interest J. dr J. Due on Jan. 1 as follows: $10.000. 1928, 1930. 1932, 1934
and 1935, and $35,000, 1937. The above official will also receive bids
at the same time for $150,000 4%% coupon bonds. Denom.$1,000. Date
April 1 1923. Interest A. & 0. Due on April 1 as follows: $5,000, 1928.
1930, 1932, 1933 and 1935; $15,000. 1938: $5,000. 1939; $10,000 1941,
1942. 1943, 1945, 1947 and 1948, and $15,000, 1949, 1951 and 1952.
bids must be accompanied by a certified check for $3,000 payable to Lorrin
Culler, City Treasurer. Legality approved by Moorehead & Knox of Pittsburgh.
MONROE COUNTY CONE ROAD DISTRICT NO. 29 (P. 0. Monroe), Mich.
-BOND OFFERING.
-Sealed bids will be received by the
County Conunissioners until 10 a. m. (Eastern standard time) May 31
for the purchase of approximately $90,000 road bonds.
MONROEVILLE, Allen County, Ind.
-Bids
-BOND OFFERING.
will be received by John M. Jackson, Town Clerk, until 10 a. m. May
28 for the purchase at not less than par and accrued interest of $17,500
5% coupon street paving Indebtedness bonds. Denom. $500. Interest
J. & J. Due 21.000 each six months from Jan. 1 1924 to Jan. 1 1932,
and $500 July 1 1932.
MONTCLAIR, Essex County, N. J.
-BOND SALE.
-The 4%
coupon or registered Passaic Valley sewer bonds offered on May 22V. 116, p. 2173
-and issued in an amount not to exceed $121,670, were
awarded to J. S. Rippel & Co. of Newark for $122,359. equal to 101.39,
a basis of abour 4.39%. Date June 1 1923. Due on June 1 as follows:
$3.670, 1924: $3.000, 1925 to 1950 incl., and 24,000, 1951 to 1960 Incl.
MONTE VISTA, Rio Grande County, Colo.
-BOND SALE
-The
International Trust Co. of Denver has purchased approximately $25,000
5% funding bonds at 100.37.
MONTGOMERY (P. 0, Walden), Orange County, N. Y.
-BOND
OFFERING.
-At 10 a. m. (standard time) May 31 Thomas B. Gibson,
Town Supervisor, will sell $8,400 5% coupon road bonds at public auction.
They will be sold under the authority of Section 142 of the Highway Law.
Denom. $1,000 and one for $400. Date May 15 1923. Interest M.& S.
Due yearly on March 1 as follows: 21,400, 1924, and $1,000, 1925 to 1931
incl.
bids must be accompanied by a certified check for 2% of the
amount of bonds bid for.
MONTICELLO, Jones County, Iowa.
-BOND ELECTION.
-On June
12 an election will be held to vote on the question of issuing $18.000 city
hall bonds.

All

All

MONTPELIER INDEPENDENT SCHOOL DISTRICT (P. 0. Montpelier), Bear Lake County, Ida.
-BONDS VOTED.
-At a recent election
$11.500 school gymnasium bonds were voted by a count of 170 "for" to
37 "against."
MONTVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Montville), Geauga County, Ohio,
-BOND SALE.
-The 550.000 5l%
coupon school bonds offered on May 19 (V. 116, p. 2303) were awarded to
Sidney Spitzer & Co. of Toledo. for 551.065. equal to 102.13, a basis of
about 5.27%. Date May 1 1923. Due $2,000 yearly on Oct. 1 from 1924
to 1946, Inclusive.
MOOREFIELD SCHOOL TOWNSHIP (P. 0. Moorefield), Harrison County, Ohio.
-BOND OFFERING.
-Sealed bids will be received
by Geo. H. Wood, Clerk of the Board of Education, until 12 m. June
9 for the purchase of $2,500 5% school bonds issued under the authority
of Section 7629 of the General Code. Denom. $500. Dated the day of
sale. Interest May 15 and Nov. 15.%Due $500 yearly on Sent. 15 from
1924 to 1928 incl. Certified check on some bank in Ohio,for 5% of amount
bid, payable to the Clerk of the Board of Education, required. Bonds
to be delivered and paid for at Moorefield.
MORIAH (TOWN) UNION FREE SCHOOL DISTRICT NO,5(P.O.
Port Henry), Essex County, N. Y.
-R. A. Hall.
-BOND OFFERING.
Clerk of Board of Education, will receive bids until 1 p. m.to-day(May 26)
for the purchase at not less than par and interest of $75,000 5% registered
school-building bonds. Denom. $2.500. Date June 1 1923. Principal
and annual interest (June 1) payable at the Citizens National Bank. of
Port Henry. in New York exchange. Duo $2,500 yearly on June 6 from
1924 to 1953, inclusive. Certified check or bank draft, for 10% of bid,
payable to the Board of Education, required.
MT. AIRY, Surrey County, No, Caro.
-The $60,000
-BOND SALE.
54% coupon school bonds offered on May 18(V. 116. p. 1928) were awarded to Stacy & Braun of Toledo, at a premium of $2,630 and cost of bonds
and attorney's fees. Date May 1 1923. Due May 1 1953.
MOUNT PLEASANT (P. 0. Pleasantville), Westchester County,
N. Y.
-The $22,000.4%% fire district bonds offered on
-BOND SALE.
May 17(V. 116, p.2173) were awarded at par to the Mount Pleasant Bank,
NASSAU COUNTY (P. 0. Mineola), N. Y.
-BOND AND CERTIFICATE OFFERING.
-Sealed bids will be received by Philip F. Wiedersum.
County Comptroller, until 12:30 p. m. (daylight saving time) June 4 for
the purchase of the following two issues of 434% certificates of indebtedness
and road improvement(coupon or registered) bonds,agip eating 51. . :
000 000
3700.000 road improvement bonds. Due yearly on June 1 as follows:
$50,000, 1925 and 1926; 525,000, 1927; $100.000. 1928; $50.000.
1929: $250,000. 1930: 575.000. 1931. and $100,000, 1932.
300,000 certificates of indebtedness. Due Sept. 1 1923.
Denom. $1,000. Date June 11923. Prin. and semi-ann. int. (J. & D.)
Payable at the County Treasurer's office. All bids must be accompanied
by a certified check for 2% of the amount bid for, payable to the County
Treasurer. The bonds and certificates will be prepared under the supervision of the United States Mortgage & Trust Co. of New York City.
NEWPORT,Newport County, R. I.
-Sealed bids
-BOND OFFERING.
will be received by John M. Taylor, City Treasurer, until 5p. m.(Standard
Time) May 31 for $50,000
% coupon "Broadway and Bellevue Ave.
Permanent Payment Series A' bonds. Denom. 81,000. Date June 1
1923. Prin. and semi-ann. int. (J. & D.), payable in gold coin of U. S.
of the present standard weight and fineness at the above official office, or.
at the holder's option, at the First National Bank of Boston. Due yearly
on June 1 as follows: $3,000, 1924 to 1933, incl.. and $4,000, 1934 to 1938,
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 Ropes, Gray,Boyden & Perldns, whose opinion will be furnished
the purchaser. 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 June 1, at the First National Bank of Boston.
Financial Statement, May 16, 192S.
Valuation 1922
582,923,600 00
Sinking fund bonds
$616,000 00
Less sinking funds
270,126 21
'345,873 79
Serial bonds, (including issued advertised)

1.505,50000

Total net debt
$1,775,626 21
Population, 1920, 30.255.
NOBLE COUNTY (P. 0. Perry), Okla.
-On
-BOND ELECTION.
June 12 an election will be held to vote on the question of issuing 8625,000
road bon4s.




2427

NORWALK SCHOOL DISTRICT (P. 0. Norwalk), Huron County,
Ohio.
-Sealed bids will be received by John
-BOND OFFERING.
Strut
ton until 12 m. June 1 for the purchase at not less than par and accrued
interest of $18,000 5% school bonds issued under Sections 5656 and 5658 of
the Gen. Code. Denom. $500. Date May 1 1923. Prin. and semi-ann.
Int.(A.& 0.), payable at the District Treasurer's office at Norwalk. Due
$1,000 each 6 months from Oct. 1 1924 to Oct. 1 1932, Incl. A cert, check
for 10% of the amount of bonds bid for, payable to the Board of Education,
muct accompany each bid.
Apparently this is the same issue which was scheduled to be sold, together
with the issue of $3,000, on May 18.-V. 116. p.2173.
-BOND OFFERING:
OAKLAND COUNTY (P. 0. Pontiac), Mich.
Bids will be received until 2 /3. m. June 1 by Cassius J. Crawford, County
Drain Commissioner, for the purchase of an issue of West End Drain
Assessment District bonds, not to exceed $200,000. Bidders to state
rate of interest. Denom. $1,000. Int. semi-ann. Due in from 2 to 10
Years. Payable in lawful money of the United States at a place to be
designated by the purchaser. Certified check for $500, payable to the
County Drain Commissioner, required. Purchaser to pay accrued interest
and furnish blank bonds.
OAKLYN SCHOOL DISTRICT (P.O. Oaklyn), Camden County, N.
J.
-BOND OFFERING.
-Sealed bids will be received by William C. Link,
District Clerk, for the purchase at not less than par and accrued int, of an
issue of 44% school bonds in an amount not to exceed $15,000. no more
bonds to be awarded than will produce a premium of$1,000 over the $15.000.
Denom. $700 and $800. Prin. and semi-ann. list (F. & A.), payable at
the Audubon National Bank of Audubon. $700 due yearly for a period of
10 years and then $800 yearly thereafter until the entire amount is paid.
All bids must be accompanied by a cert, check for 2% of the amount bid.
OHIO COUNTY (P. 0. Rising Sun), Ind.
-BOND OFFERING.
Sealed bids will be received by Bradley C. Bedford, County Treasurer.
until 10 a. m. June 4 for the purchase at not less than par and accrued
Interest of $30.000 5% Geo. W. Hanna et al, road in Cass and Union
Townships bonds. Denom. $750. Date May 7 1923. Interest M.& N.
Due $750 each six months from May 15 1924 to Nov. 15 1933 inclusive.
OMAHA,Neb.-BOND SALE.
-B,J. Van Ingen & Co.and P. F.Cusick
& Co., both of New York, have jointly purchased 5600,000 434% coupon
street-improvement bonds at 100.17-a basis of about 4.49%. Denom.
$1,000. Date May 1 1923. Principal and semi-annual interest(M.& N.)
payable at the County Treasurer's office. Due May 1 1943.
ORANGE COUNTY CFI. 0. Paolil, Ind.
-Sealed
-BOND OFFERING.
bids will be received by William B. Lashbrooke, County Treasurer, until
2 p. m. June 4 for the purchase at not less than par and accrued interest
of $5,800 434% coupon N. S. Hayes at al. French Lick and Hillham Road
in French Lick Township bonds. Denom. $290. Date June 4 1923. Interest May 15 and Nov. 15. Due $290 each six months from May 15 1924
to Nov. 15 1933 inclusive.
OWEN COUNTY (P. 0. Spencer), Ind.
-Breed.
-BOND SALE.
Elliott & Harrison,ofIndianapolis, have purchased the following two issues
of5% coupon road bonds offered on May 21 (V. 116, p.2303) at a premium
of $106, equal to 100.40-a basis of about 4.91%:
$15,250 Wm.Grant at 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 at 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.
PALMER, Hampden County, Mass.
-A tem-TEMPORARY LOAN.
porary loan of $50,000 has been awarded to Grafton & Co.. of Boston, on a
4.34% discount basis. Date May 16 1923. Due Nov. 15 1923.
PARK COUNTY SCHOOL DISTRICT NO,22, Colo.
-BOND SALE.
-Antonides & Co. of Dnver, have purchased $12,000 school bonds.
zz
SCHOOL DISTRICT
PARKER
ngt
(6.Geenvilye
secre. l.
r
GreenviIle)
-BOND OFFERING.
County, So. Caro.
-11. W.
Board of School Trustees, will receive sealed bids until 4 p. m. May 28 for
5300,000 5% school bonds. Denom. $1,000. Date July 1 1923. Due
July 11943. A cert,check for2% of issue, payable to T.M.Bennett, Chairman, required. Legality to be approved by Storey, Thorndike, PaLmer&
Dodge of Boston.
PARKRIVER SCHOOL DISTRICT (P. 0. Park River), Walsh
County, No. Dalc.-BOND SALE.
-The $65,000 5% funding bonds
offered on May 1 (V. 116, p. 1809) were awarded to the 'Wells-Dickey Co.
of Minneapolis at par less a commission of $1,900. equal to 97.07-a basis
of about 5.28%. Date Jan. 1 1923. Due $6,500 yearly on Jan. 1 from
1934 to 1943. inclusive.

A

(Pilo
.

PELHAM UNION FREE SCHOOL DISTRICT N0:1(P.0.Pelham),
Westchester County, N. Y.
-BOND OFFERING.
-Sealed bids will be
received by Kneeland L. Durham, District Clerk. until 8:30 p. m.(daylight
saving time) June 5 for the purchase of $7,000 5% coupon school bonds.
Denom. $1,000. Date June 1 1923. Due 21,000 yearly on June 1 from
1928 to 1934, incl. Each bid must be accompanied by a cert. check drawn
upon an incorporated bank or trust company, payable to the order of
Joseph W. Stone, School Treasurer, for $500. Legality approved by Clay
& Dillon, attorneys, of New York.
PIERCE COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Tacoma),
-The State of Washington has purchased the
Wash.
-BOND SALE.
following two issues of school bonds, as 448, at par, offered on May 10
(V. 116, 13. 2045):
$40,000 bonds maturing $2,000, 1925 to 1944, inclusive, optional 1925.
20,000 bonds maturing $1,000, 1925 to 1944, inclusive, optional 1925.
PIKETON, Pike County, Ohio.
-BOND SALE.
-The $5.500 6%
electric light bonds offered on May 14 (V. 116, p. 2045) were awarded to
Tucker. Robison & Co. of Toledo for $5,660, equal to 102.909, a basis of
about 5.50%. Date Apr. 1 1923. Due $550 yearly on Apr. 1 from 1925
to 1934 incl.
PIRU SCHOOL DISTRICT,Ventura County, Calif
.-BOND OFFERING.
-L. E. Hallowell, County Clerk (P. 0. Ventura), will receive sealed
bids until 11 a. m. June 6 for $2.000 54% school bonds. Denom. $1.000.
Date June 1 1923. Prin. and semi-ann. int. payable at the County Treasurer's office. Due $1,000 on June tin 1924 and 1925. A cert, or cashier's
check for 2% of bid, payable to the above official. required. The official
circular offering these bonds states that there has been no default in payment of any obligations of this district, and there is no controversy or litigation pending concerning the validity of this issue. The estimated value
of taxable property is $1,500,000; assessed valuation. $510.230, and the total
bonded indebtedness, including this issue, is $16,000. The present rate of
taxation per $100 is $3 50.
PLANO, Collin County, Tex.
-BOND ELECTION CANCELED.
The election which is scheduled to take place on May 28 (V. 116, p. 2173)
has been canceled.
PLATTE CITY, Platte County, Mo.-BONDS DEFEATED.
-At a
recent election an issue of $47,000 water works bonds were defeated by
a vote of 2 to 1.
PLEASANT HILL SCHOOL DISTRICT (P. 0. Santa Rosa), Solano
County, Calif.
-BOND SALE.-Tne 310.000 5%7 school bonds offered
0
on May 15(V. 116, p.2045) were awarded to the Petaluma Savings Bank at
102.35, a basis of about 5.01%. Date June 1 1923. Due $1,000 yearly
on June 1 from 1924 to 1933,inclusive.
PLEASANT VALLEY SCHOOL DISTRICT, Texas.
-BONDS
VOTED.
-At an election held on May 12 an issue of $3,000 school-building
bonds carried by a vote of 26 to ?????.
POLK COUNTY (P. 0. Des Moines), Iowa.
-Ames.
-BOND SALE.
Emerich & Co. of New York, have purchased 8600.000 5% road bonds
Denom. $1,000. Date May 1 1923. Prin. and annual int.(May 1). payable at the County Treasurer's office or at the offices of Ames. Emerich &
Co.in Chicago, New York and Milwaukee. Due 1100.000 yearly on May 1
from 1931 to 1936,incl.; optional May 1 1928.
PORT GIBSON SEPARATE SCHOOL DISTRICT (P. 0. Port
-Sealed bids
GIBSON), Claiborne County, Miss.
-BOND OFFERING.
will be received by the Clerk Board of Education until 8 P. m. June 4 for
$50,000 coupon school bonds. Denom. $500. Date July 1 1923. Int,
J.
-J. Interest rate not to exceed 6%. Due as follows: $1,030 1 to 5

2428

[VOL. 116.

THE CHRONTCILE

SANFORD SPECIAL SCHOOL DISTRICT FOR THE COLORED
years. 32.000 6 to 15 years and $2.500 16 to 25 years. A certified check
for $500 required.
RACE (P. 0. Sanford), Lee County, No. Caro.
-BOND OFFERING.
Sealed proposals will be received by A. L. Boykin, Chairman of the District
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
June 4
The $300,000 anticipation of taxes notes offered on May 21 (V. 116. p.2304) Committeemen. until 8 p. m.bonds. for $12,500 6% coupon (registerable
as to prin. and int.) school
Date
were awarded to Arthur Perry & Co. of Boston on a 4.20% discount basis. Prin. and semi-ann. int.(M. & N.) Denom. $500. at the May 1 1923.
payable in gold
National Park
Date May 25 1923. Due Oct. 4 1923. Other bidders were:
from 1930 to
NameDiscount.
Premium. Bank, N. Y. City. Due $500 yearly on May 1 trust company 1954 incl.
A certified check upon an incorporated bank or
(or cash)
4.30%
Old Colony Trust Co., Boston
$3 for 2% of amount of bonds bid for. payable to the School Committeemen,
4.30
United States Trust Co., Portland
5
Purchaser to pay accrued int. from
of bonds to
Hutzler, Boston
4.394
3 required. A like amount of bonds was offered on date 21-V. 116. date of
Salomon Bros. &
delivery.
May
p.2174.
-The $500,000 4% water bonds
r PORTLAND, Ore.
-BOND SALE.
SANTA ANA SCHOOL DISTRICT, Orange County,Calif.
-BOND
offered on May 22(V. 116, p. 2173) were awarded Jointly to W. A. Harri- SALE.
-The California Company and the
man & Co., Inc., and Barr Bros.& Co., Inc., both of New York,at 93.779- Angeles. jointly, purchased 5150.000 43% Security Company, both of Los
school bonds.
a basis of about 4.58%. Date March 1 1923. Due $25,000 yearly on Date June 1 1923. Prin. and semi-ann. int. (J. & D.),Denom.$1,000.
payable at the
March 1 from 1934 to 1953. inclusive.
County Treasurer's office. Due $6.000 yearly on June 1 from 1924 to 1948,
-BOND SALE.
-The inclusive.
POTTSTOWN, Montgomery County, Pa.
$200,000 43‘% coupon (registerable as to both prin. and Int. or as to
SAYREVILLE SCHOOL DISTRICT (P. 0. Sayreville), Middlesex
prin. only) sewerage bonds were awarded to the National Bank ofPottstown County, N. J.
-BOND OFFERING.
-Sealed bids will be received by Fred
for $205.158, equal to 102 579, a basis of about 4.07%. Due on May 1 S. Davis. District Clerk. until 8 p. m. June 7 for the purchase of an issue of
as follows: $24,500, 1933; 339,500. 1938; 540,000, 1943 and 1948. and 5% coupon (with privilege of registration as to principal and interest)
556,000, 1953.
school building bonds not to ex7eed $23,000, no more bonds to be awarded
PROVIDENCE TOWNSHIP (P. 0. Providence), Lucas County, than will produce a premium of $1.000 over 323.000. Denom. $1,000.
-The $3,798 61 6% macadam road bonds offered on Date May 11923. Prin. and semi-ann. int.(M.& N.) payable at the South
-BOND SALE.
Ohio.
-were awarded to the Whitehouse State Savings River Trust Co. of South River. Due yearly on May 1 as follows; $2,000
May 12-V. 116. p. 2045
Bank of Whitehouse for $33,899 61, equal to 102.65, a basis of about 5.39%. 1925 to 1933 incl. and 51.000 1934 to 1938 incl. All bids must be accomDate March 11923. Due $298 61 Sept. 1 1924 and $500 yearly on Sept.1 panied by a certified check for 2% of the amount bid for, drawn upon an
incorporated bank or trust company.
from 1925 to 1931, incl.
SCARSDALE UNION FREE SCHOOL DISTRICT (P.O. Scarsdale),
RANGER INDEPENDENT SCHOOL DISTRICT (P. 0. Ranger),
-BOND OFFERING.
-BOND SALE.
-The State Board of Education Westchester County, N. Y.
-Sealed bids will be
Eastland County, Tex.
received until 12 m. June 4 by Alexander M. Crane: District Clerk, at the
purchased 540.000 5% school building bonds.
has
office of Philip W. Russell, 14 Wall St. New York, for the purchase at
-BOND SALE.
COUNTY (P. 0. Versailles), Ind.
RIPLEY
-The two not less than par and accrued interest of
following four issues of 434%,
-were awarded coupon (with privilege of registration as to principal only or as to both
issues of 414% bonds offered on May 9-V. 116. p. 2304
at par as follows:
bonds:
al. road in Delaware Township bonds to Versailles principal and interest) bonds, series A, of the denomination of $1,000 each,
$7.200 Bernard Keen et
$75,000 school district
Bank of Versailles. Due $360 each six months from May 15 1924
maturing $3,000 May 1 in each of the years 1925 to 1949, incl.
to Nov. 15 1933, incl.
18.000 school district bonds, series B, of the denomination of $1,000 each,
9.800 Henry H. Gooldns et al. road in Delaware Township bonds to the
maturing $1,000 May 1 in each of the years 1925 to 1942. incl.
•
Milan Bank of Milan. Due $490 each six months from May 15 126,500 school district bonds, series C. of the denomination of $1,000 each,
1924 to Nov. 15 1933, incl.
except one bond of the denomination of $500, maturing $3,000
Date May 19 1923.
May 1 in each of the years 1925 to 1965, incl., and $3.500 May 1
In 1966.
RITTMAN SCHOOL DISTRICT (P. 0. Rittman), Wayne County,
SALE.
-The $50, 00 5% coupon school bonds offered on
30,000 school district bonds, series D. of the denomination of 31.000 each,
-BOND
Ohio.
maturing $2.000 May 1 in each of the years 1925 to 1939, incl.
May 15 V. 116. p 2173) were awarded to the Detroit Trust Co.for $50.280,
Date May 1 1923. Principal and semi-annual interest (M. & N.),
equal to 100.S6 a basis of about 4.94%. Date April 11923. Due yearly
.
on Oct. I as follows 52.000, 1924 to 1934, inclusive: $3,000 1935: $2,000, payable in lawful money of the United States at the U. S. Mtge. & Trust
Co. of New York. All bidders are required to deposit a certified check
1936 to 1946, inclusive, and $3.000, 1947.
payable to the order of the School Treasurer for 2% of the amount of
ROCK COUNTY (P. 0. Janesville), Wis.-BOND OFFERING.
- bonds bid for, drawn upon an incorporated bank or trust company. The
will be received until 10 a. in. May 31 by Howard N. successful bidder will be furnished with the opinion of Hawkins, Delafield
sealed proposals
Lee, County Clerk, for 5200.000 5% highway bonds. Denom. $500. & Longfellow of New York. that the bonds are binding and legal obligations
-D.). payable at the County
Date June 1 1919. Prin. and semi-ann.in (J.
Board. The bonds will be prepared under the supervision of the
Treasurer's office. Due $100,000 on June 1 in 1932 and 1933. A certified of theMtge. & Trust Co.. New York, which will certify as to the genuineU. S.
check for $2.000 required.
ness of signatures and seal thereon. Bonded debt (excluding this issue).
ROCK RIVER, Albany County, Wyo.-BOND ELECTION DATE. $545,000; assessed valuation, $19.854,804.
-The date on which the voters will decide whether or not $30.000 6%
SHARON SPECIAL SCHOOL DISTRICT (P. 0. Sharon), Weakley
water and electric light bonds will be issued is June 12. These bonds County, Tenn.
-BONDS VOTED.
-At an election held on May 12 the
have been sold to the International Trust Co. of Denver subject to being voters authorized the issuance of $10,000 school-building bonds by a count
voted on said date. Notice of the election and sale was given in V. 116, of 87 "for" to 49 "against."
p. 1332.
SIBLEY SCHOOL DISTRICT (P. 0. Sibley), Osceloa County,
ROUTT COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Hayden), Iowa.
-BOND ELECTION.
-An election will be held on June 11 to vote
-BOND OFFERING.
Colo.
-Leslie Kimsey, Secretary Board of Directors,
35.000 school building bonds.
will receive sealed bids until 2 p. m. June 2 for $27,000 534% negotiable on the question of issuing
VALLEY UNION HIGH SCHOOL DISTRICT, Ventura
SIMI
coupon school bonds. Date June 11923. Due June 1 1943.optional June 1
.BOND OFFERING.
-Sealed bids will be received until 11
1933. A certified check for $1.000, payable to the District Treasurer, County, Calif
required. Bids to be made with the understanding that the issuance of a. m. June 6 by L. E. Hallowell, County Clerk,(P.0. Ventura) for $20,000
bonds is subject to a vote of the electors of this district and that all legal 5% school bonds. Date June 1 1923. Denom. $1,000. Prin. and semiproceedings and bonds are to be prepared and paid for by the purchaser.
ann. int. (J. & D.), payable in gold at the County Treasurer's office. A
cert. or cashier's check for 2% of bid, payable to the above official, required.
ROUTT COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Hayden), The official circular offering these bonds states that there has been no de-BOND OFFERING.
Colo.
-Sealed bids will be received by (Mrs.) C. L. default in payment of any obligations of this district and there Is no controFulton, Secretary Board of Directors, until 2 p. m. June 2 for 55.000 5)4% versy or litigation pending concerning the validity of these bonds. The
negotiable coupon school bonds. Date June I 1923. Due June I 1943. total bonded indebtedness, Including this issue, is 385.000. The rate of
optional June 1 1933. Bids to be submitted with the understanding that taxation Is $2 78 per $100. The assessed valuation of the property within
the bonds will be issued subject to the approval of the voters and that all this district, is 32,211,170, and the estimated valuation of the property is
legal proceedings and bonds are to be prepared by the purchaser at his 56.625.000.
own expense.
-BONDS
SLAYTON SCHOOL DISTRICT, Murray County, Minn.
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND SALE.
-The three VOTED.
-By a vote of3 to 1. the voters authorized the issuance of$125,000
issues of5% road bonds offered on May 21-V. 116, p. 2304
-were awarded high school erection bonds at the election held on May 7.-V.116, p. 1930.
to G. L. Payne & Co. of Indianapolis as follows:
-BOND OFFERSOUTH PASADENA, Los Angeles County, Calif.
$15,600 Joseph C. Sullivan et al. Posey Township bonds for $15,730, equal
-Nettle A. Hewitt, City Clerk, will receive sealed bids until May 28
ING.
to 100.833. a basis of about 4.83%. Denom. $390.
Wm.'P. Moore et al. Richland Township bonds for $16,953, equal for 515.000 5% impt. bonds. Int. J. & J.
16.800
to 100.99. a basis of about 4.80%. Denom. $420.
SOUTH PASADENA CITY SCHOOL DISTRICT, Los Angeles
16.800 Morrison Beaver et al. Noble Township bonds at par. Denom. County, Calif.
-BOND SALE.
-The $85.000 5% school bonds offered on
8420.
-were awarded to Wm. R. Stoats Co. of Los
May 14-V. 116, p. 2I74
Date April 15 1923. Due two bonds of each issue each six months from Angeles, at a premium of $1.717, equal to 102.02, a basis of about 4.80%.
May 15 1924 to Nov. 15 1933. incl.
nate June 11923. Due $5.000 yearly on June 1 from 1929 to 1945, incl.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. The following bids were received:
12 (F_. 0. Ely), Minn.
-BOND SALE.
-The $400,000 school bonds offered National City Co. and California Securities Co
$ 17
354
8
on May 17 (V. 116, p. 2174). were awarded to the Wells-Dickey Co. of
1.816135
Minneapolis as 53.is at a premium of 53,685, equal to 100.921. Date SE utery DCo
Hllrit, ulin & Co. and Cyrus Peirce dr Co
June I 1923.
R. H. Moulton and Blyth,'Witter & Co
111:506
2
. 17
766
-BOND SALE.
-The 6 issues Drake, Riley & Thomas; M.H. Lewis; Banks, Huntley & Co
ST. MARYS, Anglaize County, Ohio.
of 534% special assessment street impt. bonds offered on May 16 (V. 116, California Co Co
Bowman & Co.. of Toledo for $42,767, Wm. R. Staats
p. 1930) were awarded to Ryan,
1,591
Harris Trust & Savings Bank
equal to 100.02, a basis of about 5.49%. They are described as follows:
113,268 bonds. Denoms. $500 and $268. Due yearly on Sept. 21 as
1
SOUTH PASADENA CITY HIGH SCHOOL DISTRICT, Los
follows: 51.000, 1924. 1925 and 1926; $1,268, 1927, and $1,500, Angeles County, Calif.
-BOND SALE.
-The Wm. R. Staats Co. of
1928 to 1933. inclusive.
Los Angeles, has purchased the $110.000 5% school bonds offered on May
7,418 bonds Denoms. $500 and $418. Due yearly on Sept. 1 as fol- 14-V. 116,p. 2174 -at a premium of $2.227, equal to 102.02, a basis of
lows: $418, 1924; $500, 1925 to 1928, incl., and $1,000. 1929 about 4.79%. Date June 1 1923. Due on June 1 as follows: $7.000
to 1932, inclusive.
1929 to 1938, incl.: 56,000 1939 to 1943, incl., and 55,000 1944 and 1945.
6,980 bonds. Denoms. $500 and $480. Due yearly on Sept. 1 as The following bids were received:
follows: $480. 1924: $500. 1925 to 1929, incl., and $1,000, 1930 National City Co., California Securities Co
to 1933, Inclusive.
$1,16
1 912
7
6,470 bonds. Denoms. $500 and $470. Due yearly on Sept. 1 as fol407
lows:4470. 1924: $500, 1925 to 1930. incl., and $1,000, 1931 to (yrus P irc le8 Coter, Dulin & Co
8•
ri ;
1,265
rs St
1 ecutri ecYeuee Hun
7
1933. inclusive.
Moulton; Blyth, Witter & Co
1.135
4,878 bonds. Denoms.$500 and $378. Due yearly on Sept. 1 as follows: R. H. Riley & Thomas; M. H. Lewis: Banks, Huntley & Co
1,562
Drake,
$378, 1924, and $500, 1925 to 1933, inclusive.
2,131
W m rnIs
3,740 bonds. Denoms. $240. $300 and $500. Due yearly on Sept. 1 ealifo rt ataats Co
2,227
Co
as follows: $240, 1924:$300. 1925 to 1929, incl., and $500, 1930, Harris Trust & Savings Bank
1.734
to 1933. inclusive.
-BONDS REGISTERED.
SPEARMAN Hansford County, Tex.
-On
Date April 11923.
State! Comptroller of Texas registered $43,000 water works
SALEM TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Lower May 7 the electric light 6% serial bonds.
5120.000
-BOND SALE.
Salem), Washington County, Ohio.
-The $30,000 534% and
SPRING LAKE (P. 0. Spring Lake Beach), Monmouth County,
school building bonds offered on Apr. 28(V. 116. p. 1689) were awarded to
-Sealed bids will be received by P. S. Brown,
-BOND OFFERING.
N. J.
Sidney Spitzer & Co. of Toledo for $30.810. equal to 102.70, a basis of
about 5.17%. Date Apr. 1 1923. Due 51.500 yearly on Sept. 1 from 1924 Borough Clerk, until 8 p. in. June 4 for the purchase of an issue of 5%
(coupon or registered) street impt. bonds not to exceed 380,000, no more
to 1943 incl.
to be awarded than will produce a premium of $1,000 over the $80,SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San bonds Denom. 51,000. Date Feb. 1 1923. Int. F. & A. Due $4,000
-BOND OFFERINO.-Sealed bids will 000. on Feb. 1 from 1924 to 1943 incl. All bids must be accompanied by
Antonio), Bexar County, Tex.
yearly
be received until 2 p. in. :June 2 by N. H. Hargis, President Board of a certified check for 2% of the amount bid for.
Education, for $1.000.000 5% coupon school bonds. Denom. $1,000
SPRING VALLEY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Prin. and semi-ann. Int., payable in gold at the Seaboard National Bank,
Valley), Green County, Ohio.
-The $65,000
-BOND SALE.
N. Y. City. Due $25.000 from 1924 to 1961, inclusive, and $50,000 1962. Spring
534% school site bonds offered on April 19 (V. 116, p. 1456) were awarded
check for 510.000 required.
A certified
.
Detroit firm during the early part of the month of May , for a premium
SAN BUENAVENTURA SCHOOL DISTRICT, Ventura County, to a
Duo Sept. 1 as
of over $3.000. Denom. $1,000.
-BOND OFFERINO.-L. E. Hallowell, County Clerk, (P. O. follows: $3.000, 1924 to 1938. Incl..Date Mar. 1 1923. 1943, inclusive.
Calif.
and $4,000. 1939 to
Ventura) will receive sealed bids until 11 a. m.June 6 for 525.0005% school
SPRINGVILLE, Utah County, Utah.
-At
-BONDS DEFEATED.
51.000. Date June I 1923. Prin. and semi-ann. int.
bonds. Denom.
-year serial water bonds were defeated.
Treasurer's office. Due 51,000 recent election $140,000 534% 20-80
(J. & D.), payable in gold at the County A
cert. or cashier's check for 2% These bonds had been sold to the Hanchett Bond Co., Inc., of Chicago
June 1 from 1924 to 1948, incl.
yearly on
to being voted. Notice of the sale was given in V. 116. la• 1575.
of bid. payable to the above official, required. The official circular states subject
STAMFORD, Fairfield County, Conn.-BO/VD SALE.
-The $71,that there has been no default in payment of any of the obligations of this
controversy or litigation pending concerning the 888 20 434% coupon (with privilege of registration) refunding bonds 'of
district and there is no
validity of these bonds. The estimated valuation of the property of this Belletown School District bonds offered on May 23 (V. 116, p. 2305) were
district is 311,800.000. The Inside tax rate per $100 is $2 99, and the awarded to Thompson, Senn & Co., of Hartford ,at 101.62-a basis of
4.26%. Date June 15 1923. Due on June 15 as follows: 56.888 20.
outside rate per $100 is $3 29. The total bonded indebtedness, including about and
$5,000 ,1926ito 1938 inclusive
1925,
this issue is 115.000. The estimated population is 8.000.




•

•

MAY

26 1923.]

THE CHRONICLE

STILLWATER SCHOOL DISTRICT (P. 0. Stillwater), Payne
-BONDS VOTED.
-By a ^ote of 1,471 "ter" to 186
County, Okla.
"against' an issue of $110,000 school bond carried at an election held on
May 15.
STOCKTON UNION FREE SCHOOL DISTRICT NO.7(P.O.Cassadaga), Chautauqua County, N. Y.
-BOND OFFERING.
-W.L. Bulger,
Clerk, Board of Education, will receive sealed bids for $28,000 5% coupon
bonds of the district until 2 p. m. June Sat the school house in Cassadaga.
Bonds mature 31.000 a year from 1933 , 1942,incl., and $2,000 a year from
f
1943 to 1951. incl. Denom. $1,000. Date June 1 1923. Int. semi-ann.
payable at Dunkirk Trust Co. Cr'. t.check for 10% required. Opinion
of John 0. Thomson will be furniqued.
STRINGER CONSOLIDATED SCHOOL DISTRICT (P. 0. Bay
Springs), Jasper County, Miss.-BOND OFFERING.
-Sealed bidswill
be received until 12 m.June 4 by T 0.Brame, Clerk,Board of Supervisors,
for $6.500 school bonds. Da t July 2 1923. A cert. check for 10%
required.
SUDAN INDEPENDENT SCHOOL DISTRICT, Lamb County, Tex.
-BONDS REGISTERED.- On May 7 the State Comptroller of Texas
registered 540.000 6% 40
-year schoo )bonds,
SUSSEX COUNTY (P 0. Georgetown), Del.
-BOND SALE.
-The
$300,000 5% highway bonds offered on May 22 (V 116. p. 2046) were
awarded to the Farmers'Bank of Georgetown at 103.05, a basis of about
4.80%. Date Jan. 11923. Due yearly on Jan. 1 as follows: $7,000 1931
to 1950 incl. and $8,000 1951 to 1970 incl.
SWITZERLAND COUNTY (P. 0. Vevey), Ind.
-BOND OFFERING.
-Sealed bids wit I b e received by Edwin R. Ferguson, County Treasurer,
until 1 p. m. June 4 for the purchase at not less than par of 69,100 434%
coupon Wm. Vnndorin et al., road in Posey to
- hip bonds. Denom.
3455. Date June 4 1923. Interest M. & N. 1
Due $455 each six
months from May 15 1924 to Nov. 15 1933, inclusive.
TAUNT° .Bristol County, Mass.
-BOND SALE.
-R. M. Grant &
Co. and f S. Moseley & Co. have jointly purchased and are now offering
to investors at prices ranging from 4.10% to 3.90% (according to mattuatl I) 3555.000 4% coupon bonds maturing serially from 1924 to 1934,
mv u.sive
TENNESSEE (State of).
-BIDS.
-The following is a list of the bids
rnceived for the $617.000 coupon or registered refunding bonds on May 16:
Name
Rate.
Prem.
C. W. McNear & Co., Chicago
434% 33.775 00
Harris Trust & Savings Bank. Chicago
f4Ti% 16,245 00
433 00
1434%
National City Co., Chicago
2.091 63
434%
Eldredge & Co. and Kissel'. Kinnicutt & Co., New York_434%
3.924 12
Redmond & Co.. B. J. Van Ingen & Co. and R. W.
Pressprich & Co., New York
2,406 30
414%
A. B. Leach & Co. and Barr Bros. & Co., Inc., N. Y
1,17300
43i%
Geo. B. Gibbons & 00., Inc., New York
6,500 00
4%%
Guaranty Trust Co., New York
2,029 93
434%
Bankers Trust Co. and Tillotson & Wolcott Co., CIeve..414%
7,157 20
Keano, Higbie & Co. and F. E. Calkins &f$350,000 for 4% 1.
*8750
.
Co., New York
1 267,000 for 414%J
J. W. Jakes & Co.. H. L. Allen & Co. and Seasongood &
Mayor. Nashville
1,111 00
434%
Stacy & Braun, New York
43-% 11,168 00
Caldwell & Co. and American National Co.. Nashville_ -4Ti
1,050 00
Trust Co.,Nashvile
Nashville
3,665 00
W. A. Harriman & Co., New York, and G. H. Walker4"
& Co.. St. Louis
4.807 00
434%
* For previous reference to same, see V. 116, p. 2305.
TERRE HAUTE, Vigo County, Ind.
-BOND SALE.
-The $80.000
5% swimming pool bonds offered on May 19-V. 116, p. 2305
-were
awarded to Harris Trust & Savings Bank of Indianapolis. which submitted
the lone bid for the issue at par plus a $4.270 premium, equal to 105.34a basis of about 4.61%. Date Jan. 1 1923. Due $2,000 yearly on Jan. 1
from 1926 to 1965. inclusive.
TEXAS(State of).
-BONDS REGISTERED.
-The following bonds have
been registered by the State Comptroller of Texas:
Amount.
Place.
Due. Int.Rale. Date Reg
$2,000 Smith Co. Common S. D.No.71
-20-year 6% May 7
2
2,000 Smith Co. Common S. D. No. 70
-20
2 -year 6" May 7
2,000 Bowie Co. Common S. D. No. 15
May 7
10-20-year 6
3,000 Lynn & Dawson Co. Corn. S. D. No,3
6
May 7
Serial
2,500 Parker Co. Common S. D. No. 63
May 7
10-20-year 5
2,000 Mitchell Co. Common S. D. No. 28
20 years
6% May 7
2,000 Grimes Co. Common S. 0. No. 16
6% May 7
20 years
1,500 Henderson Co. Common S. D. No. 3534-20 years
5% May 7
THOMASVILLE,Davidson County, No.Caro.
-BOND OFFERING.
B. H. Harrls, Town Clerk, will receive sealed bids until 8 p. m. June 18
for $150.000 6% public impt. bonds. Denom. $1.000. Date June 11923.
Prin. and int, payable in New York. Due $4.000, 1926 to 1932, incl.;
$6.000. 1933 to 1939, Incl., and $10.000. 1940 to 1947, incl. A cert. check
for 2% ofamount of bonds bid for, payable to the Town Treasurer,required.
Legal proceedingsand preparation and sale of bonds under the supervision
of Bruce Craven of Trinity.
TIPPECANOE COUNTY (P. 0. La Fayette), Ind.
-BOND SALE.
The $9,000 5% Allen Yost et al road in Perry Township bonds offered on
May 21 (V. 116. p. 2305) were awarded to Breed, Elliott & Harrison. of
Indianapolis, at a premuim of $72,equal to 100.80--a basis of about 4.82%.
Date April 14 1923. Due $450 each six months from May 15 1924 to Nov.
15 1933, inclusive.
-TONAWANDA,Erie County, N. Y.
-BOND OFFERING.-Edward F.
Fries. City Treasurer, will receive bids until 8 p. m.June 6 for the following
two NqUeS of 414% bonds:
$24,000 water bonds. Due $1,000 yearly on July 1 from 1924 to 1947, incl.
21.000 sewer bonds. Due $1.000 yearly on July 1 from 1924 to 1944, incl.
Denom. $1,000. Date July 1 1923. Principal and interest payable at
the Chase National Bank, of New York. Certified check, or draft, for
$,50' 0, payable to the City Treasurer, required. Bonds to be
and
paid for on July 2. Legality approved by John C. Thomson, of New York.
TORRANCE COUNTY SCHOOL DISTRICT NO.(?)(P.O. Mountaineer), N. Mex.-BONDS VOTED.
-At the election held on May 25
(v. 116, p. 2046) the $30,000 school bldg. bonds were voted.
•• TRAFFORD, Westmoreland County, PZ-BOND OFFERING.Sealed bids will be received by R. A. McCall, Borough Secretary, until
orchase of $110,000 434%, tax-free
7 p. m.(Standard time) June 4 for the ro
bon. Date July 1 1923. Denom. 1,000. Due yearly on July 1 as
ds
1948. All bids must be accomfollows: $30.000 1933 and 1941 and 350.
panied by a certified check for $300. Bonds will be printed by Borough.
-BOND ELECTION.
TULARE, Tulare County, Calif.
-An election
will be held on June 12 to vote on the question of issuing $50,000 fire bonds.
This is the second issue of fire bonds to be voted upon; the first issue for
-V. 116, p. 542.
$50,000 was voted at an election held during January.
VACA VALLEY UNION SCHOOL DISTRICT, Solano County.
Calif.
-BOND SALE.
-The $25.000 6% school bonds offered en May 7V. 116, p. 1931-were awarded to Blyth, Witter & Co. of San Francisco,
at par, plus a premium of $1.831, equal to 107.32. Date May 7 1923.
Due serially 1924 to 1948. inclusive.
MI
VAN BUREN COUNTY (P.O.Paw Paw), Mich.
-BOND OFFERING.
-Sealed bids will be received by the County Road Commissioners until
2 p. m.May 31 for the purchase of 520,8006% "Special Assessment No.42"
bonds. Denom.$800 and 31.000. Int. M.&N. Due yearly on May 1 as
follows: $2,000, 1924 to 1932 incl., and 52,800. 1933. Payable at the
Paw Paw Savings Bank. The successful bidder shall pay for the printing
'
of bonds,including coupons and all attorney's fees. A cert. check for $1,000
payable to the Van Buren County Road Commission, must accompany
each proposal. Accrued int. must be paid from date of said bonds to the
date of delivery of the same. A cert. copy of the manuscripts will be furnished to the successful bidder.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
-The 37.340 434% Fred Butsch et al. Steinmetz Road in Center Twp.
bonds offered on May 19-V. 116. p. 1931-were awarded to local contractors at par and accrued interest. Denom. $367. Due $367 each six
mouths from May 15 1924 to Nov. 15 1933, Inclusive.




2429

-BOND SALE.
-The
VIGO COUNTY (P. 0. Terre Haute), Ind.
two issues of 5% road bonds offered on May 22 (V. 116. p. 2305) were
awarded to J. F. Wild & Co.of Indianapolis at par plus premiums as follows:
34.600 M.0. Hamill et al. road in Honey Creek Two. bonds for 34.624,
equal to 100.52, a basis of about 4.89%. Denom. $230. Due
$230 each 6 months from May 15 1924 to Nov. 15 1933 incl.
2,200 Oliver Little et al. road in Honey Creek Twp. bonds for 32.201,
equal to 100.04. a basis of about 4.09%. Denom. $110. Due
.onths from May 15 1924 to Nov. 15 1933 incl.
1923
six m
Date$M11a0yea1c5h
VOLGA SCHOOL DISTRICT (P. 0. Volga), Clinton County,
Iowa.
-The 540,000414% school bonds offered on May le
-BOND SALE.
V. 116, p. 2046
-were awarded as Sc to Geo. M.Bechtel & 0o.of Davenport, at 99.18. Denom. $1,000. Int. J. & J. Due serially.
-BOND OFFERING.
WABASH COUNTY (P. 0. Wabash), Ind.
Irvin Dealauter, County Treasurer, will receive bids until 2 p. m. May 30
s2 $19 57D5te 5 Eilt 19 ipper at al. drainage ditch bonds. Denom.
for 4.. 4a 6 ay 5 Sch3
71 3
2
WALWORTH COUNTY(P.O. Selby), So. Dak.-130ND OFFERING.
-Sealed bids will be received until to-day (May 26) by Geo. L. Baumgarten. County Auditpr, for $55,000 negotiable coupon 514% bonds.
Date May 11922. Denom. 3500. Interest semi-annually.
WANWATOSA, Milwaukee County Wisc.-BOND OFFERING.Sealed bids will be received until June 5 by the City Clerk for 330.000 5%
coupon sewer bonds. Denom.31.000. Date June 15 1923. Principal and
semi-annual interest(M.& S.) payable at the First National Bank. Wauwa5 7 0, ine 4 toMan, inclas follows: $1,000, 1924 to 1933. Inclusive. and
t2 00 D 9 on nrch l5 usive
0 .
3
-Sealed
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
bids will be received by Geo. T. Hecklinger. City Auditor, until 12 m.
not loss than par
(Central Standard Time) June 23 for the purchase at
and accrued interest of the following issues of 554% coupon bonds:
589.500 city's share, So. Main and Hoyt streets paving and Riverside Ave.
and Albert St. sewer construction bonds. Demons. $500 and
$1.000. 193 e ii
192 to Du, $8,500 Sept. 1 1924 and $9,000 on Sept. 1 from
5
3
oas iss ne. D
z
s
45.0007 nytnIt rive. Trumbull Parkway' and Butler Road special
l
to19 Deno usive .000. Due $55.000 yearly
froin
psvis42bonds. 32 inelm t.
4,305 Crescent Drive, Trumbull Parkway and Butler Road special
.
assessment sidewalk bonds. Denom.$500. Due yearly on Nov. 1
as follows: 3305 1924 and $500 1925 to 1932.
Date June 1 1923. Int. semi-ann. Prin. and int, payable at the City
Treasurer's office. A certified check for $500 required upon the condition
that if his bid be accepted the purchaser will pay for bends within 5 days
after the award.
WASHINGTON COUNTY(P.O.Salem),Ind.
-BOND OFFERING.
W.L. Taylor, County Treasurer, will receive bids until 1. p. m• May 28
30
for the purchase at not less than par and interest of the following 5% road
improvement bonds:
512.300 Jas. W. Davis et al. county unit bonds. Denom. $615.
12,200 Wilbur Harmon et al. county unit bonds. Denom. $610.
5.000 Carl M. Motsinger et al. county unit bonds. Denom. $250.
27.000 Price G. Huston et al. county unit bonds. Denom. $1.350.
4,600 Wm. B. Cauble at al. Posey Twp. bonds. Denom. $230.
2,600 Stephen P. Mantooth et al. Franklin Twp. bonds. Denom.$130.
4.200 John 0. Farr et al. Madison Twp. bonds. Denom. $210.
10.800 Barnett Christian et al. Vernon Tarp. bonds. Denom. $540.
Date May 7 1923. Int. M.& N. 15. Due one bonds of each issue each
six months from May 15 1924 to Nov. 15 1933 inclusive.
WASHINGTON SCHOOL TOWNSHIP(P.O. Pie
ton), Kosciusko
County, Ind.
-BOND SALE.
-The $89,500
% school building bonds
offered on May 18-V. 116. p. 1811-were awarded to the Harris Trust
& Savings Bank of Chicago. for $93.090, equal to 104.905, a basis of about
4.76%. Date May 15 1923. Due each six months as follows: 33.000
July! 1924 to July 1 1935, incl.; $4,000 Jan. 1 1936 to July 1 1937. incl.,
and 34,500 Jan. 11938.
WATERBURY, New Haven County Conn.
-BOND OFFERING.Sealed bids will be received by Thomas P. Kelly, City Clerk, until 7 p.
(Standard Time) May 31 for the purchase of $350,000 434% coupon (regiaterable) water bonds. Denom. $1,000. Date Jan. 1 1923. Principal and
interest will be payable in lawful money of the United States at the First
National Bank of Boston. Due $10.000 yearly on Jan. I from 1924 to
1958, incl. Each bid must be accompanied by a certified check for 1% of
the amount bid for. The bonds will be engraved under the supervision
of and certified as to genuineness by the First National Bank of Boston.
and their legality approved by Storey, Thorndike. Palmer & Dodge, of
Boston, whose legal opinion will be furnished the purchaser. 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
June 12 at the First National Bank of Boston.
WENDELL GRADED SCHOOL DISTRICT (P. 0. Raleigh), Wake
County, No. Caro.
-BOND OFFERING.
-Bids will be received until
3 p. m.June 4 by Lottle E.Lewis. Treasurer,of the School Fund,for $25,000
6% school bonds. Denom. 31.000. Date July 1 1923. Prin. and semiann.int. payable at the Hanover Nat. Bank, N.
'Y. City. Due July 1 1953.
A certified check for $500, payable to above official required.
-A
WEYMOUTH, Norfolk County., Mass.
-TEMPORARY LOAN.
temporary loan of $100,000, dated May 21 and maturing Nov. 29 1923.
was awarded to the Old Colony Trust Co. of Boston, on a 4.33% discount
basis, plus a 81 75 premium. Other bidders were:
Premium.
Rate.
C.D.Parker, Inc
3.10
4.33%
_
Merchants National, Boston
4.33
First National Corporation
1.25
4.35
Shawmut Corporation
4.51
4.37
F. S. Moseley & Co
4.37
_ _ 3.00
WHITNEY IRRIGATION DISTRICT, Dawes County, Neb.BOND SALE.
-J. R. Mason & Co., C. N. Skaggs & Co. and A. H. Frank
& Co., all of San Francisco, have jointly purchased 5390.870 6% coupon
bonds. Denom.$500. Date July 11922. Prin. and semi-ann.Int.(.1.-.T.).
payable at the County Treasurer's office. Due on July 1 as follows:
320,000 1933. 323.500 1934. 527.500 1935. 531.500 1936. 335.500 1937.
$39,500 1938, 843,000 1939. 551,000 1940. 359,000 1941 and 560,370 1942.
WILMINGTON, Del.
-BONDS SOLD "OVER THE COUNTER."
The $150,000 434% water, sewage, street, curb, sidewalk and fire hydrant
bonds offered "over the counter" on May 21-V. 116, p. 2305
-were sold
to the Wilmington Trust Co. at par.
WINCHESTER, Frederick County, Va.-BIDS REJECTED.
-All
bids received for the 5200.000 434% (registerable as to principal) water
and sewer bonds offered on May 21-V. 116. p. 2174
-were rejected.
WINCHESTER, Randolph County, Ind.
-NO BIDS.
-The 325.000
434% coupon bonds offered on May 18--V. 116. p. 2047
-were not sold
as no bids were received.
WINYAH-INDIGO SCHOOL DISTRICT NO.5(P.O. Georgetown),
Georgetown County, So. Caro.
-BOND OFFERING.
-C. W. Rosa.
Chairman, Board of School Trustees, will receive sealed bids until 12 in.
June 1 for 350.000 5% coupon school bonds. Due in 20 years. A cert.
check for 31.000 required'
WOLFE CITY, Hunt
-BONDS VOTED.
-At the elec
tion held on May 12-V.County, Tex.
116, p. 2306
-the proposition to issue $50.000
school and $50.000 water works bonds carried. The vote being 9 to 1
for the school bonds and 6 to 1 for the water bonds.
WORTHINGTON FIRE DISTRICT (P. 0. Berlin), Hartford
County, Conn.
-BOND SALE.
-The $70,000 434% coupon water bonds
offered on May 21-V. 116, p. 2306
M. Grant & Co.
-were awarded to
of New York, at 101.734.a basis of about 4 T•i %. DateR.
May 1 1923. Due
$2,000 yearly on May 1 from 1928 to 1962, inclusive.
YUBA CITY,Yuba County, Calif.
-At the election
-BONDS VOTED.
held on'May 12-V. 116. p. 2175
-the $40,000 bond issue to pay for the
extension of the municipal water system and the purchase of street cleaning
apparatus carried. Of the $40,000 voted. 332.000 is to be used for the
water system and the remainder for the street cleaning apparatus.
-BOND SALE.YUBA SCHOOL DISTRICT,Sutter County,Calif.
Blyth, Witter & Co. of San Francisco. have purchased the 310,000 6%

2430

THE CHRONICLE

school bonds offered on May 7-V. 116, p. 1933
-at par, plus a premium
of $369, equal to 103.69, a basis of about 5.14%. Date May 1 1923.
Due on May 1 as follows: $1,000 1924 to 1929 and $2.000 1930 and 1931
ZANESVILLE SCHOOL DISTRICT (P. 0. Zanesville), Muskingum
County, Ohio.
-BOND SALE.
-A syndicate composed of the Bankers
Trust Co., W. A. Harriman & Co., Inc.. both of New York, and Tillotson
& Wolcott Co.of Toledo, has purchased the following 2issues of5% coupon
school bonds at 101.53, a basis of about 482%.
$715,000 bonds. Denom. $1,000. Due on Oct. 1 as follows: $35,000,
1924; $36,000, 1925 and 1926; $335,000. 1927: $36.000, 1928 and
1929; $35,000, 1930: $36.000, 1931 and 1932; $35,000, 1933;
$36.000, 1934 and 1935; $35,000, 1936; $36,000, 1937 and 1938,
and $36,000, 1939 to 1943 inclusive.
13.000 bonds. Denom. $500. Due on Oct. 1 as follows: $1,000, 1942:
$1,500. 1943; $1,000, 1944 and 1945; $1,500, 1946; $1,000, 1947
and 1948; $1,500. 1949: $1,000, 1950: $1,500, 1951, and $1,000,
1952.
Date May 1 1923. Prin. and semi-ann. int. (A.-0.) payable at the District Treasurer's office. The New York interests are now offering to investors at prices to yield from 4.70% to 4.60% (according to maturities)
$715,000 of the $728,000.
Financial Statement (School District).
Assessed valuation of taxable property
$36,319,620
Total bonded debt
1,129,500
Sinking fund
112,000
Net bonded debt
Population (1920)

$1,017,500
29,569

CANADA, its Provinces and Municipalities.
CAMPBELLFORD, Ont.-DEBENTURES
AUTHORIZED.
-The
Council has authorized the issuance of $68,000 debentures for school
purposes.
CAMPBELLTOWN, Ont.-DEBENTURE SALE.
-The Royal Securi;
ties Corporation and R. A. Daly & Co.. jointly, were awarded an issue o'
$115,000 534% 25
-year bonds at 102.179. or approximately 5.35%•
DESERONTO, Ont.-DEBENTURE SALE.
-Bell, Gouinlock & Co.
have purchased $12,000 6% 20
-installment debentures.
GALT, Ont.-DEBENTURE SALE.-Gairdner7Clarke & Co. of Toronto have purchased $244.550 534% and 6% 15 anc1,20 annual installment
debentures at 104.072, a basis of about 5.39%•
GREENFIELD PARK, Que.-DEBENTURE OFFERING.
-Tenders
will be received by E. J. Allwright, Secretary-Treasurer, until 5 p. m. May
31 for $70,000 534% bonds. Denoms.of$500 and $100. Date may 1 1023.
HERBETVILLE STATION, Que.-DEBENTURE OFFERINQ.-Tenders will be received by T. Gagnon, Secretary-Treasurer, until 7 p.m May
28 for the purchase of $21,600 534% bonds, redeemable from 1924 to 1933.
inclusive.
HUNTSVILLE, Ont.-BONDS VOTED.
-The ratepayers, it is stated,
have passed $27,000, 20
-year school debenture by-law.

NEW LOANS

We Specialize in
City of Philadelphia
3s
/
31 2s
4s
41 45
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Philadelphia
Private Wire to New York
Call Canal 8437

[Vol,. 116.

KINGSTON, Ont.-DEBENTURE SALE.
-According to the Toronto
"Globe" of May 23, the Bank of Nova Scotia has purchased two issues of
bonds, one amounting to $40,000, due Jan. 11943. and the other for $50,000
maturing Jan. 1 1933. both issues bearing 534% interest, at a price of 102.29,
equal to a basis of about 5.26%. Other tenders received were:
102.11 Dominion Securities Corp_- _101.11
Wood, Gundy & Co
R. A. Daly & Co
102.02 Murray & Co
101.053
Harris, Forbes & Co
101.82 Macneill, Graham & Co
101.03
Canadian Bank of Commerce 101.64 Gairdner, Clarke & Co
101.023
C. H. Burgess & Co
101.56 McLeod, Young, Weir & Co_101.02
Dyment, Anderson & Co_ ---101.549 A. Jarvis & Co
100.96
Matthews & Co
101.565 A. D. Morrow & Co
100.789
A.E. Ames & Co
101.19 W.C. Brent & Co
100.71
Richardson, Singer & Co..___101.19 Roussel', Wood & Co
100.39
LEASIDE, Ont.-DEBENTURE OFFERING.
-Tenders will be received
by A. T. Lawson, Clerk-Treasurer, until 5 p. m. May 30 for the purchase
of $25,000 534% water works and sewer, and $68,000 534% school deben-annual installments.
tures, payable in 30
NIAGARA FALLS, Ont.-DEBENTURE SALE.
-A. E. Ames & Co.
Toronto, have been awarded an issue of $541,756 5% and 534% debentures
at 97.89, a basis of about 5.49%. They are repayable in 10. 20 and 30
installments. Other bids were: Nesbitt, Thomson & Co. and Gairdner,
Clarke & Co.. 97.763: MacLeod, Young, Weir, & Co.and Matthews & Co.,
97.301; Wood, Gundy & Co., 97.20: Murray & Co. and Laird, Macleod &
Co., 97.03, and Municipal Bankers Corporation, 94.02.
-DEBENTURES SOLD IN NEW
ONTARIO (Province of), Canada.
-According to the Toronto "Globe" of May 22, the Province of
YORK.
Ontario has disposed of $10,000,000 5% 6 months' treasury bills in N. Y.
-Tenders are inST. LAMBERT, Que.-DEBENTURE OFFERING.
vited up to 5 p. m. May 29 for the purchase of $115.000 534% 5
-installment
school debentures in denom. of $500 and $1,000. Bonds are dated May 1
1923, and are payable semi-annually. Edmond Desaulniers, Secretary
Treasurer.
-BOND OFFERING.
(Province of).
-According to
SASKATCHEWAN
the "Toronto Globe" of May 24, the Province of Saskatchewan is calling for
alternative bids up to June Son a $3.000,000 issue of bonds bearing interest
at 5% and repayable in 20 years, for payment in the United States or Canada. The proceeds of the issue will be used for refunding purposes.
-On May 1 the Protestant
SHERBROOKE, Que.-BONDS VOTED.
school board decided to issue $100,000 bonds for a new school.
THREE RIVERS SCHOOL COMMISSION, Que.-DEBENTURE
SALE.
-The $60.000 debentures offered on May 21-V. 116_, p. 2175were awarded to M. Victor Abram, notary, as 55 at 96.265. Date May 1
-N.
1923. Due May 1 1953. Interest M.
-Tenders will be received
-DEBENTURE OFFERING.
VERNON,B. C.
-year water
by J. E. Edwards June 2 for the purchase of $30,000 534% 15
works debentures. Denominations of $500 or $1,000 and are payable at
any branch of the Bank of Montreal in Canada or London, England.
-An issue of $49,000
WOODLAWN,S. D.,Man.
-DEBENTURE SALE.
-Installment debentures has been sold to Bond & Debenture Corp.
7% 20
at a price of 102.75: the money costing the school district approximately
6.63%. Gairdner, Clarke & Co. bid 101.19.

NEW LOANS

S1,500,000
STATE OF COLORADO

FINANCIAL
Chartered 1836

HIGHWAY BONDS
Sealed bids will be received by the undersigned
at his office until 10 A. M. THURSDAY, JUNE
14TH, 1923, for the purchase of $1,500.000 5%
Colorado Highway Bonds at not less than par and
interest. Dated June 1. 1923. Optional June 1,
1924. Due serially Series A, $500,000 June 1,
1934; Series B, 5500,000 June 1. 1935; and
Series C, $500.000 June 1 1936. Denomination
$1,000. Interest payable semi-annually (June
and December) at the State's fiscal agency in
Denver, or in New York City at option of holder.
Bids received for full amount, or for Series A,
B and C separately. Certified check upon a
Denver bank for 2% of bid must accompany all
bids. Right reserved to reject all bids.
HARRY MULNIX,
State Treasurer, Denver.

United States and Canadian
Municipal Bonds

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serving many clients in other cities.
The continued growth of this

HARTFORD

Company, without consolidation,
since its establishment under per-

Connecticut Securities

petual charter in 1836, is evidence
of the satisfactory service rendered.
Capital and Surplus. . $10,000,000
Resources
55,000,000
Individual Trust Funds.
285,1100,000

THE

UNITED STATES LIFE
INSURANCE CO.
IN THE CITY OF NEW YORK
organized 1850. Non-Participating Policies Only
Over 70 Years of Service to Policyholders
Good territory for personal
Brea contract.

producers. tinder

HONE OFFICE
New York City
136-107 Fifth Avenue




When Purchasing
Bonds
Find out first if they are fundamentally sound. For $2 50
we will send you an up to date
unbiased Opinion on the security of any bond issue, with
Report of earnings and the
Security Data.

Investment Registry of America,Inc.
ESTABLISHED 1910.

608 Chestnut Street,

Philadelphia

Corporate Trust Funds$1,386,000,000

GIRARD
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
Montgomery, Ala.