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Railway & Industrial Section
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SATURDAY, MAY 6, 1922
VOL. 114.
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•
1976, 1977 and 1978.
• THE FINANCIAL SITUATION.
The most interesting incident of the week in our
home political situation is Tuesday's primary in Indiana, from which the prophets and the anxious on
each side of the party line are trying to draw suggestive hints or encouragement. Those who desire a rap
for the Harding Administration and a promise of
Democratic victory in this year and in 1924 find an
inkling of both in former Senator Beveridge's success
by some 20,000; but a cooler judgment sees in that
contest personal success rather than partisan. When
Mr. Beveridge went to the Senate, four Senatorial
terms ago, he was rather in. the "boy orator" class;
he has probably escaped from that class now, yet the
fairies that hover over the new-born with either gifts
or drawbacks gave him a rather appealing personality, which has been and still is in good stead to him.
He has long been looking for return to the upper
chamber in Washington, and has really been seeking it; that he has won it (for so heavy a primary
vote seems to insure that) is to be taken as a personal triumph rather than a verdict against the Administration.
But if it is somewhat a rebuke of the Harding Administration, what then? To have to deal with an
Opposition Congress in the second half of his term
is no unusual task for a President, nor is it ominous
for the country; indeed, might we not all earnestly
wish a hastening of the era when our President shall
Electric Railway Section
State and City Section
NO. 2967
neither be leader of his party nor know any party,
but the main study and the one desire of at least the
overwhelming majority of the officials at Washington shall be the welfare of the entire country, and
not of any fraction of it?
And yet there are lessons which can be reasonably
seen in the Beveridge vote. His campaign is said to
have been "built around" a plea for lighter taxation,
for fewer Governmental employees and less Governmental spending, for readjustment of rates and
wages on the railroads. If these are visionary as to
early accomplishment they are practical and necessary none the less, and the Beveridge vote may be interpreted as a vote of dissatisfaction with and of
want of confidence in something. With what, and in
what? Any implied rebuke must reasonably be
taken to be of Congress rather than of the other end
of Pennsylvania Avenue. Any just indictment of
Mr. Harding must be that he has either not been able
to impress or has not sufficiently sought to impress
himself upon Congress, for that body has certainly
come short of duty both in omission and in threatened commission. Mr. Beveridge is said to want
lower taxes, sane treatment for transportation, and
an ending of the bloc menace; doubtless he wants to
regain the seat and does not lack the candidate's
deftness in promising, yet if he does really want and
means to work for those good ends that puts him high
in statesmanship only in the meaning of the saying
that with the blind the one-eyed is king.
The Republican platform of 1920 demanded tax reduction, substitution of "tax laws which do not,for
tax laws which do excessively mulct the consumer or
needlessly repress enterprise and thrift," and it
pledged the party "to a carefully-planned readjustment to a peace-time basis and a policy of rigid economy." If a beginning has been made toward this—
and a beginning has been—that is to the credit of the
President rather than of Congress, many of whose
members seem to be incapable of seeing beyond their
own seats. Instead of seriously studying the welfare
of the country—and in that study the condition of
Europe and what possible aid we may render there
must have a place—the time of Congress has been
mainly given of late to the problem of satisfying the
MacNider mercenaries who clamor for quick cash.
Instead of study to keep the pledge of reducing taxation, we get efforts to commit us to a further tax load
which nobody can do more than guess.
Yes, a decent regard for one's own "fences," even
if Congressmen make those their paramount concern, might see in Tuesday's primary a hint to go
slow and beware of mistakes.
1940
THE CHRONICLE
[VOL, 114,
ago, an increase of over 45% this year. In March the
number of commercial defaults was more than 80%
greater than in the corresponding month of 1921,
and there was an increase this year in both January
and February of more than 40% in the number of
failures, as contrasted with the corresponding
months of the preceding year. The heavy mortality
among business concerns, which has characterized
the situation for the past six or eight months, therefore continues with little evidence of abatement. The
April insolvency returns show some decrease as compared with the three preceding months this year,
when failures were very heavy, but not more than is
customary, and the figures this year are in excess of
any preceding April since monthly records were tabulated, even those for April 1915, the year following;
the beginning of the European war, when insolvencies were more numerous than ever before reported.
As to the amounts involved in these defaults, the
past month shows no diminution, the liabilities for
the 2,167 failures included for April being $73,058,637. The liabilities reported for the larger number
of such defaults in each of the three preceding
months was in excess of seventy million dollars. In
January, with about 25% more insolvencies, the aggregate of indebtedness was only slightly greater
than that reported for April, and with the exception
of January last and December 1921, the April indebtedness was the largest ever reported for any month.
There were 77 commercial failures last month where
the amount of liabilities in each case exceeded $100,000, the aggregate of such indebtedness being $42,000,000, or more than 57% of the total defaulted indebtedness for that month. The average for each of
the 77 larger failures in April was about $545,000.
In January this year there were 109 such failures,
and the aggregate of indebtednes for these defaults
was $38,133,000, an average of about $350,000 for
each failure.
The April figures include 488 defaults of manufacturing concerns, with liabilities of $20,014,796; 1,572
trading firms with liabilities of $25,927,906, and 107
classified as "agents and brokers," with liabilities of
$27,115,935. A single failure included among those
classified as "agents and brokers," reported more
than 80% of the aggregate of indebtedness of that
class. In contrast with April last year, there is a
considerable increase in the number of defaults and
in the amount of liabilities reported for all three
classes into which the April report is separated. The
increase in manufacturing defaults in April this year
contrasted with April 1921 is nearly 45%, and the
increase in the large trading class is nearly 50%.
The clothing and furnishing lines in both manufacturing and trading departments show a considerable
increase in the number of defaults, and the amount
of indebtedness is heavy. Machinery and tools, and
chemicals and drugs among manufacturers, report
considerable losses. In trading lines, the large
classes of general stores, groceries and meats and
dry goods also report a considerable increase in the
number of failures and in the amount of liabilities.
Insolvevies continue numerous, and the report for Shoe dealers, and dealers in jewelry, show some inthe past month, prepared by R. G. Dun & Co., shows crease and report a considerable amount of defaulted
that there was an unusually large number of defaults indebtedness.
of exceptional size, swelling the aggregate of defaulted indebtedness again, as in the preceding four
The two outstanding events at the Genoa Confermonths, to almost record figures. The April state- ence were the handing by the Allies to the Russians
ment shows 2,167 commercial failures. This con- of a statement stipulating what would be expected of
trasts with 1,487 such insolvencies in April a year the latter; the refusal of the French and Belgian
The pulls and counter-pulls at Genoa seem to become more rather than less severe and difficult. The
memorandum handed to th,e Russian envoys this
week sets forth that Russia must admit her war
debts, but the creditor Powers do not demand immediate payment nor do they admit responsibility for
losses caused by revolutionary attempts after the
war; but that if Russia renounces claims for such
losses the Allies will submit to their Parliaments
measures for granting time upon or partly scaling
off her obligations, and when responsibility for obligations of the Soviet or previous Governments towards foreigners has been admitted, those "will be
regulated upon a basis of private debts."
Not unnaturally, France looks at Russia with
more sternness than England; for instance, she is
said to be insistent upon full payment of Russian
war debts and restoration of private property to its
foreign owners, while England might be satisfied
with a partial payment and with granting to foreign
owners the use instead of the full re-possession of
their property. The memorandum is taken by some
as the last word of the Allies to Russia, yet the
French representative declined to sign, and the Belgian delegates were not present. So the subject was
left, with Belgium perhaps even more stern than
France, and with the latter inclined to stand by her.
Collaterally, and with no just reason for surprise,
there comes some renewal of pressure that our own
Government shall recognize the Soviet, a step which
is not at present within possibility. By custom, a
newly-constructed Government may receive de facto
recognition, which may be quite otherwise than de
jure; but a Government must exist before it can be
so niuch as perceived; it must be concrete in fact before it can be deemed de facto. Secretary Hughes
pointedly and justly says recognition requires for a
Government both willingness and competence to discharge international obligations; as he said, a year
ago, there must be "firm guarantees of private property." But miserable Russia has no guarantees of
anything earthly that is worth having. In a political
sense, Russia hardly exists at all, and in the industrial sense her condition is little better; the country
resembles a huge Inferno.
Although stability, order and protection for private persons and property are bound up with the
problem of the debts, those are perhaps the "key
log" of the whole confused jam in Europe. Nations
owe and are owed. It is conjectured that to our own
"debt-funding" commission France may intimate
that she is more than desirous of paying but she also
wants to collect, and must collect; one cannot disburse without receiving, or pay without being paid.
The insistence of France and Belgium upon reparations is intelligibly stronger than England's, for
they had the war at their own homes; nevertheless,
we must not yield to pessimism, and still less to despair, as far as the outcome at Genoa is concerned,
for sometimes the very acuteness of a situation reveals the line of relief.
MAY 6 19221
THE CHRONICLE
delegations to sign the document, and the reported
signing by the representatives of the Royal Dutch
and Shell oil interests and the Russian Soviet delegates at the Conference of a contract giving the former concessions for oil lands in Russia, said to be
highly valuable. The report, however, was denied
by both sides.
The reaching of an agreement by the Allies on a
note to the Russian delegation outlining what the
Soviet Government must agree to do if it expects to
get outside help was delayed somewhat. It was not
delivered on Saturday as had been definitely predicted in dispatches from the seat of the Conference.
Rather it was stated in Genoa that day that the leaders hoped to come together on all points not later
than last Monday. The New York "Tribune" correspondent cabled that "two plans for the rehabilitation of Russia were considered at a spirited meeting
of the political sub-commission of the Economic Conference. The first one, proposed by the British, approached the subject from an industrial point of
view. The second, advanced by the French, was
based almost wholly on the reorganization of agriculture." He was informed later that "after a meeting of the French Cabinet in Paris, Barthou got word
that his plan embodied the last word from Paris and
.the Russians would have to accept that or nothing."
Speaking of "the resources which the European
nations are prepared to spend in the development of
Russia, provided a basis for future relations can be
found," the correspondent stated that "Great Britain has a credit fund of £26,000,000, which will be extended to British development projects in Russia,
although part of this money has already been used.
France will offer only private credits. Belgium is
prepared to spend 250,000,000 francs, and Japan 6,000,000 yen. Italy will send agricultural implements." Apparently having these terms in mind the
New York "Times" correspondent the following day
asserted that "the first real progress with the Russian problem was made to-day when the Powers
agreed to a statement to the Soviet delegation of
what they could do for Russia if the Bolsheviki fulfilled conditions." While stating that the Powers
had not been able to agree upon "all conditions Moscow is to fulfill," the correspondent emphasized the
idea that "an important result was obtained in finding a formula to accommodate French demands for
the return of all property formerly owned by foreigners in Russia and the Russian refusal to admit private ownership of property!)
In a cablegram Monday morning the Genoa representative of the New York "Times" presented a new
development at the Conference. He asserted that
"Premier Lloyd George has a definite plan for a settlement of the enormously complica.td problem of
disputed boundaries of Europe, which he will place
before the Genoa Conference." According to the correspondent, "this idea has been born since the beginning of the Conference, and the British Prime Minister is now of the opinion that the non-aggression compact cannot be worth anything without a settlement
of frontier lines." The "Times" representative hastened to observe that "this intention of Mr. Lloyd
George puts a different face on the Genoa meeting
and means that it may well last another month." Re
then proceeded to outline in part as follows what
purported to be the attitude of the British Premier
and the magnitude of the task that he was said to
1941
have in mind: "The British Premier is alarmed at
the political conditions of Europe, the evil state of
which he believes is largely responsible for the economic and financial ills. No factor is more dangerous to the peace of Europe than boundary disputes.
It is doubtful if any living man could have tackled a
more difficult problem. There are border disputes
between Russia and the Baltic States, between Russia and Poland, between Russia and Rumania, between Poland and Czechoslovakia, between Austria
and Hungary, between Jugoslavia and Italy and numerous other disputes. Just to give an idea of the
job—Poland and Lithuania have been quarreling for
two years over the Vilna lines, and the best efforts
of the Supreme Council and the League of Nations
have not brought a settlment. Mr. Lloyd George
purposes to try to settle all these frontiers at Genoa.
When they are fixed, then the nations will be asked
to sign a non-aggression compact, or a promise to observe those lines."
Still another development to which much importance and significance were attached, was the issuance by Pope Pius XI of"a letter to the Governments
and peoples of the world which is described as a new
spur to universal brotherhood and a new admonition
of disasters likely to befall mankind if efforts for
true pacification should fail." The Genoa correspondent of the Associated Press declared that "this
act by the Holy See has created great interest and
has seemed already to inspire all to renewed efforts
to make the Genoa Conference of lasting good to the
world." Premier Lloyd George was quoted as saying,"I cannot say how pleased I am at this remarkable document, nor could I exaggerate the terms in
which it is couched. The Pope speaks with firsthand knowledge of conditions in Eastern Europe,
and I feel that so clear and definite a pronouncement
by the Holy See in favor of peace with Russia is of
great encouragement to the Christian Powers assembled at Genoa."
Sir George Paish, the well-known British economist, financial expert and writer, in a cablegram from
Genoa, declared that "the essential requisite for the
economic reconstruction of Europe is the adoption
of a policy in each country, with all countries acting
together, which will restore national and world confidence and thus will permit the credit which Europe
needs for the restoration of its productive and distributing power to be granted. This credit cannot
easily be secured. Bankers do not have the power to
grant it. Only the investing public of all the nations,
and more particularly the United States and Great
3ritain, can supply it, and they will supply it only after they are convinced, first, that another war is absolutely out of the question, not only because of the
world's experience during the war and the effects ef
the war in these days, but because the nations are
acting in such close friendship and co-operation that
all possibility of war has entirely disappeared; and,
second, that credit can safely be given and will surely
be repaid."
According to the Associated Press representative
at Genoa,"Foreign Minister Tchitcherin, head of the
Russian delegation at the Economic Conference, has
written a letter to Vice-Premier Barthou of France
assuring him that there were no secret military or
political clauses in the Russo-German treaty signed
1942
THE CHRONICLE
FoL. 114.
on Easter Sunday at Rapallo. He says that Russia proval and signatures of the French and Belgians—
is not hostile towards France, nothwithstanding this in spite of the fact that M. Barthou, head of the
France's unfriendly attitude towards Russia."
French delegation, had given his approval before
leaving for Paris. The French action was taken upon
Word came from Genoa Tuesday morning that a telegraphic instructions from Premier Poincare not
plan had been agreed upon by the Powers whereby to sign until the Premier had had an opportunity to
"Chief Justice Taft of the United States Supreme confer with Barthou in Paris. According to a Paris
Court will be asked to name the chairman of the dispatch, the French Cabinet objected specially to
mixed Arbitral Commission to be established for con- Article 6 of the statement. Commenting upon the
trolling the debts owed by the Russian Government situation, the New York "Times" correspondent
to foreign bondholders. Two other members of this said: "The situation is extremely delicate, if not
Commission will represent all the bondholders and critical. The statement agreed to by all the Powers
the Russian Government respectively. The Commis- except France and Belgium has now gone forward.
sion will have power to remit interest and decide all If those two countries do not finally accept the statequestions affecting foreign bondholders and Russia's ment it will be extremely difficult for the Powers to
ability to meet her obligations. A time limit will be retract the note sent to-night to make it conform to
fixed in which bondholders may make their own ar- the new French views. The Russians will surely see
rangements with the Russian Government if they their advantage and make use of it. Thus a way is
desire." It was further stated that "mixed arbitral opened to them to break off the negotiations with a
tribunals, one for every interested nation, will be set good propaganda position, being able to blame it on
up to deal with the question of the property of for- France and then offer treaties to other Powers on
eigners which has been nationalized; the chairman the terms France refuses to accept."
of each will be named by the chairman of the mixed
As for the statement itself, Genoa dispatches
Arbitral Commission. In the plan adopted practi- stated that it stipulates that the debts of the Ruscally everything which savored of capitulations or sians must be recognized, but that payment will not
infringement on Russia's sovereignty was waived. be pressed; that the Allies do not admit the losses
The French suggestion that a provisional administra- claimed by the Soviets on account of the military extion be set up pending Russia's establishment of peditions of Wrangel, Kolchak, Yudenich and Denicourts on the basis desired by Western Europe was kin; that if the Soviet Government will agree to this
not approved."
proposal the Allied Governments "will submit to
To a delegation of women who called at the State their Parliaments measures for the diminution or
Department on Monday, Secretary of State Hughes change in payments due by the Soviet Government,
reiterated the attitude of the American Government taking into account the economic and financial conon the question of recognizing the Russian Soviet ditions of Russia."
Government. He said in substance that "before any
outside Power could resume full relations with RusA second plenary session of the Economic Confersia she must herself adopt a policy of sound internal ence was held on Wednesday. Genoa dispatches
reconstruction." He added that "the American peo- stated that the question of disarmament was
ple were anxious to do all they could, but would not "brought to the fore, but was not generally disattempt to extend credit where there was no sound cussed." The reports of the financial and transport
basis for credit."
commissions were adopted. Both reports "provide
In a Genoa cablegram Tuesday evening from the for international conferences to continue the work
Associated Press correspondent, it was stated that of European reconstruction begun here" (Genoa). It
the memoranda which the Allied representatives was added that "the financial conference is to emwould hand to the Russians soon,"embodies the max- brace the banks of issue of the various nations, and
imum the Powers are willing to give the Russian Gov- the hope was expressed that the Federal Reserve
ernment and the minimum which the Powers will ac- Bank of the United States would be represented in
cept from Russia. If the Soviet delegates do not ac- it. This conference will be held in London. The
cept the general lines of this document, then it is cer- transportation conference for the rehabilitation of
tain all negotiations with Russia will be suspended the European railways will take place in Paris."
for some time,.probably until another form of Gov- The Conference adjourned at 12.30 P. M., having
ernment arises in Russia."
been in session exactly two and one-half hours.
Vice-Premier Barthou of France left Genoa that
Louis Barthou, head of the French delegation, arday for Paris "for a conference with Premier Poin- rived in Paris from Genoa at 10.30 o'clock Wednescare and his Cabinet." It was added that "he is ex- day and went into conference at once with Premier
pected.back on Sunday or Monday morning." Before Poincare at the Foreign Office. He attended a meetleaving, M. Barthou "conferred with Prime Minister ing of the Cabinet at 2 o'clock that afternoon. FolLloyd George at the Villa de Albertis for an hour. lowing the meeting announcement was made that
The meeting was said to have been most cordial." "France has definitely refused to sign the Russian
Before leaving, M. Barthou also wrote a letter to memorandum as it stands. At the Cabinet Council
George Tchitcherin, head of the Russian delegation, it was decided that France should maintain complete
expressing his satisfaction with the latter's commu- solidarity with Belgium and only accept a revised
nication, in which he "denied the existence of secret version of the memorandum that is acceptable to the
military or political clauses in the Russo-German Belgians also." It was added that "an official comtreaty." The French Vice-Premier was expected to munique states that 'agreement is complete among
return to Genoa to-morrow or the next day.
the members of the Cabinet' on this decision and that
M.Barthou will return to Genoa on Friday morning.
• On Tuesday evening the Allied note finally went The last two items dispel rumors of a threatened
forward to the Russian delegation. Genoa dispatches split between Barthou and Poincare." Referring to
the next morning stated that it was minus the ap- the attitude toward the Allied statement to the Bus-
HAY 6 1922.]
THE CHRONICLE
sians taken by the French and Belgians, the "Matin,"
a strong supporter of the policies of Premier Poincare, observed that "after M. Barthou's recital of
events at Genoa the Premier put before him information received from Brussels, which had not reached
Genoa, according to which the Soviets were negotiating to transfer to English and Germans property belonging to Belgians and Frenchmen. These agreements, which particularly concern the allocation of
oil-bearing territory, tend to destroy all individual
property rights. The addition made by Mr. Lloyd
George to the French amendment seems to facilitate
them."
11. Barthou left Paris for Genoa at 11.40 A. M. yesterday. According to the Associated Press correspondent at the French capital, "before leaving M.
Barthou had a final talk with Premier Poincare, in
the course of which the Premier urged M.Barthou to
make an effort to reach an agreement wtih the Allies
on the memorandum to Russia which will satisfy the
Belgians and not sacrifice the principle that the private property of foreigners in Russia must be respected." An official of the French Foreign Office
was quoted as saying, "the French Government has
entered into no agreement whatever concerning recognition of the Soviet Government."
Commenting upon the Allied statement, Leonid
Krassin of the Russian delegation was quoted as saying that "we shall certainly consider the note of the
Powers with all seriousness. But the document is not
approved by France or Belgium, and so we question
whether it has more than a relative value in considering the proposition of a general agreement between Russia and all the other European States." In
a Genoa dispatch Thursday evening it was said that
"Soviet Russia's delegates are expected to accept in
general the reconstruction program framed by the
Powers, although interposing protests regarding its
details."
In a cablegram yesterday morning the Paris correspondent of the New York "Herald" said that "the
note forwarded to Berlin to-night [Thursday] by the
Reparations Commission shows conclusively that the
commission's legal experts consider the Russo-German or Rapallo treaty as conflicting at various
points with the Treaty of Versailles. Its phrasing,
however,leaves the way open for Germany to declare
that she has no intention of provoking such conflicts.
The French to-night are expressing the utmost satisfaction over the Reparations Commission's views,
which they hold coincide in every point with their
initial objections to the agreement. The note lends
new force to Poincare's stand with Belgium on the
sacredness of obligations."
At its meeting Thursday afternoon the French
Cabinet "approved the text of Lloyd George's Proposed 'non-aggression' treaty to pledge the nations
against attacks for ten years, under consideration at
Genoa, with the reservation that it must not be interpreted as withdrawing from France any rights she
has under treaties." The Genoa correspondent of the
New York "Times" said yesterday morning that the
French had notified Premier Lloyd George that they
would sign the compact under the following conditions: "First, that every European nation signed;
second, that Russia agreed to recognize all her existing boundaries for ten years; third, that France surrendered none of her rights to take action to enforce
the Versailles Treaty." Lloyd George at once "sum
1944
moned Chancellor Wirth and Foreign Minister Rath- enau of Germany to his villa and asked if they would
accept the French conditions. The Germans replied
that they would not, but would accept a provision
saying the Allies acting together retained the right •
to enforce the Versailles Treaty." According to the
"Times" representative, the British Premier "inclines to the German view." Following his conference with the Germans, "Mr. Lloyd George announced he was still firm for a meeting of the signatories of the Treaty of Versailles before May 31, despite M. Poincare's unwillingness to have such a
meeting before the adjournment of the Genoa Conference."
•a
1
Next to the signing of the Russo-German treaty,
the biggest news sensation at Genoa has been the reported signing of a contract by representatives of
the Soviets there and representatives of the Royal
Dutch and Shell oil interests of a contract giving the
latter concessions in Russia said to be highly valuable. The reports relative to this deal first appeared
here in Genoa and London advices Tuesday morning.
All that day denials by both sides of the reported
transaction came to hand from the same centres, but
they were more confusing than convincing. The
clearest statement was a reported denial by Leonid
Krassin that the contract "constitutes in any way
a monopoly in oil production." On the other hand,
it was claimed that "it is a selling contract under
which the Shell group and the Soviet Government
enter into partnership for the sale of Russian oil,
each party taking half of the profits and advancing
half of the capital for tankage, transportation, and
the selling organization." The dispatches from
Genoa and London Wednesday morning did not
throw any new light on the situation. This was essentially true the rest of the week. The rumors relative to the signing of the contract, according to an
Associated Press dispatch from Genoa yesterday
morning, were causing as much excitement there as
the bringing in of a big oil well would in an important oil centre.
The Irish situation has had some new phases this
week. On Wednesday Arthur Griffith and Eamon
de Valera were reported to have "found a basis of
agreement in the policy of suppression of 'terrible
murders.'" Mr. Griffith was quoted as saying, "I
desire to express my horror at the Dunmanway murders." Proposing that "the Dail continue its meeting to discuss 'the situation which brought such
crimes,'" De Valera joined in the proposal, saying,
"The situation will require the united efforts of
every member of the Dail. In this matter there
shouldn't be two sides in the House. It is absolutely
necessary that every member should forget political
rivalries and that the leaders take a firm attitude in
dealing with the outrages. We are the Government
of the country; and it is a shame if we cannot govern." Subsequent dispatches from Dublin made it
plain that the agreement was of short duration and
did not really accomplish anything. It was stated
that "the Irish Peace Conference met to-day [a week
ago to-day] for the last time and dissolved with an
expression of regret that no basis of agreement was
found and that no useful purpose could be served by
prolonging it. Nobody expected anything else."
Apparently entertaining fresh fear over the political situation in Ireland, on Monday "six generals
1944
THE CHRONICLE
of the Irish Republican Army insurgents joined with
the commanders of the regular forces in an appeal
for army unity on the basis of the treaty setting up
the Free State." It was asserted that "their action
marks the first break in the forces of the insurgents."
The statement gave the following as a basis for
united action: "Acceptance of the fact, admitted on
all sides, that a majority of the people of Ireland are
willing to accept the peace treaty; agree to an election with a view to forming a Government which will
have the confidence of the whole country; army unification on the above basis."
[Vol,. 114.
000,000 since March 1919, he gave it as his opinion
that the turning point had come, and the taxpayer
should not be asked to redeem any debt this year."
The Chancellor further explained that "the external
debt consists almost entirely of debts to the United
States and Canada and certain Allies who owe Great
Britain much more than she owes them. The debt to
the United States was equivalent to £1,301,875,000
two years ago, when the exchange was 330, but he
pointed out, it was now reduced to £946,820,000, with
the exchange at 440, and when the exchange was re
stored to par, as he hoped, the debt would be £856,030,000." He announced that the interest of £25,000,000 for the current year on Great Britain's debt
to the United States, would be met "without question." With respect to general conditions, the Chancellor said that "there are signs of a revival of trade,
but the burden of taxation had checked enterprise."
London dispatches Tuesday evening indicated that
the leading newspapers of that centre were divided
in their opinion over the budget. The prevailing idea appeared to be that it foreshadowed borrowing by the Government during the current
fiscal year.
Stil another "peace" move was reported in Dublin
cable advices Thursday morning. It was stated that
the day before in that city,"on motion of Eamon de
Valera, the Dail Eireann adopted a resolution ordering the opposing sides in the Irish Republican Army
conflict to cease firing immediately and arrange a
truce." According to the dispatches also, "Richard
Mulcahy said his side had done all possible, and Ar-•
thur Griffith declared their men were only defending themselves. Griffith pressed de Valera for a
definite assurance,and the latter said couriers should
be sent to establish an immediate truce. Griffith
urged that de Valera should speak at the Four
No change has been noted in official discounts at
Courts in Dublin, the headquarters of the dissident leading European centres from 5% in Berlin, Belarmy faction. Richard Mulcahy seconded de Va- gium, France, Denmark and Sweden; 6% in Rome,
lera's motion for the order to cease firing and ar- Norway and Madrid; 41 % in Holland; 432% in
A
range a truce, and after its adoption the House at London, and 33'% in Switzerland. Money on call
6.05 o'clock adjourned until Friday [yesterday] in London continues its downward course, and is
.
The 'peace' committee chosen was made up as fol- now quoted at 13r%, against 13 % last week. The
4
lows: Sean Hayes,Patrick O'Malley, James Dwyer, open market discount rate in Paris is firmer at 4%,
Joseph McGuinness and Commandant Sean Mc- against 3%,
the previous quotation, but in SwitzerKeown for the Griffithites and Mrs. Tom Clarke, T. land the rate is still reported as 13 %.
4
Ruttledge, Liam Mellowes, Sean Moylan and Harry
Boland for the dissidents." Announcement was
The statement of the Bank of England for the
made in Dublin Thursday afternoon that"a truce be- week just ended showed in some respects striking
tween the rival Irish Republican Army forces has changes in the institution's general condition. The
been declared. It is operative from 4 o'clock this most noteworthy of these was a drop in the proporafternoon until 4p. m. Monday, with a view to giving tion of reserve to liabilities of 2.08% to 17.27%, as
both sections of the army an immediate opportunity against 19.35% last week and 19.08% the week
to discuss a basis for army unification."
before. This loss, however, occasioned but little
concern, since it was regarded as merely the result
In presenting the annual budget in the House of of end-of-the-month disbursements and likely to be
'Commons on Monday, Sir Robert Horne, Chancellor temporary. At this time a year ago the reserve
of the Exchequer, announced that improved condi- ratio stood at 12.27 and in 1920 at 14.60%. There
tions made, possible the following proposals: "A was a small increase in gold (E1,060), but a decline
shilling off the British income tax, which has been in total reserve of £183,000, the direct result of an
6 shillings in the pound sterling (20 shillings): A re- expansion in note circulation amounting to £784,000.
duction of the tax on tea from one shilling to 8d Public deposits declined £313,000, although other
on the pound; and a reduction of one-third in deposits registered an increase of £11,995,000, while
the tax on cocoa, coffee and chicory. Lower loans on Government securities were £16,009,000
telephone charges. Re-assessment of land for larger. Loans on other securities fell £3,493,000.
house property tax. Reduction in agricultural as- Gold holdings are now £128,873,878, as against
sessments. Payment of arrears in the excess profits £128,357,634 a year ago and £112,520,717 in 1920.
tax, in certain instances, to spread over five years. Total reserves amount to £25,232,000 in comparison
Reduction in postal charges and the resumption of with £17,279,399 in 1921 and £19,854,402 the year
Sunday collections." The budget provides for £910,- before. Note circulation is £122,090,000, against
775,000 revenue and £910,069,000 expenditures, in- £129,528,235 and £111,115,815 one and two years
cluding £25,000,000 for contingencies. The Chancel- ago, respectively, while loans aggregate £74,968,000,
lor stated also that "the revenue for the last fiscal which contrasts with £79,558,234 last year and
year, ended April 5, has been £1,124,000,000, which £79,690,577 in 1920. No change has been made in
was £91,000,000 less than estimated. The expendi- the Bank's official discount 'Fate from 4%, the preture has been £1,079,000,000, leaving £45,000,000 for vious level. Clearings through the London banks
debt reduction." The income tax collected amounted for the week amount to £803,173,000. A week ago
to £398,000,000. Special attention was called to the the total was £821,225,000 and last year £748,990,improvement in the value of the pound sterling, and 000. We append a tabular statement of compari"after showing that the external debt now standing sons of the principal items of the Bank of England's
.at nearly £11,000,000,000 had been reduced by 074,- returns:
MAY 6 1922.]
THE CHRONICLE
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1919.
1921.
1920.
1922.
May 8.
May 7.
May 5.
May 4.
May 3.
£
£
£
£
£
122,090,000 129,528,235 111,115,815 76,781.965 49,682,980
'Circulation
20,649,578 23,691,566 37,573,152
13,695,000 15,437,573
Public deposits
131,693,000 125,369,985 116,516,229 115,161,359 128,129,817
'Other deposits
63.543,000 61,667,043 55,309,021 49,452,735 55,871,732
Govt. securities
99,477,023 97,410,123
Other securities_ _ _ _ 74,968,000 79,558,234 79,690,577
27,595,430 30,132,523
'Reserve notes & coin 25,232,000 17,279,399 19,854,402
85,927,395 01,365.503
'Coin and bullion_ _128,873,878 128,357,634 112,520.717
Proportion of reserve
18.20%
19.90%
14.60%
17.27%
12.27%
to liabilities
5%
5%
7%
4%
6%
Bank rate
The Bank of France in its weekly statement
reports a further small gain of 225,000 francs in its
gold item this week. This brings the Bank's gold
'holdings up to 5,527,102,950 francs, comparing with
,517,858,305 francs on the corresponding date last
year and with 5,586,566,135 francs the year previous;
of these amounts 1,948,367,056 francs were held
abroad in both 1922 and 1921 and 1,978,278,416
francs in 1920. Silver, during the week, gained
140,000 francs, bills discounted increased 374,366,000
francs and general deposits were augmented by 75,905,000 francs. On the other hand, advances fell
off 28,060,000 francs, while Treasury deposits were
reduced 38,022,000 francs. Note circulation registered an expansion of 391,068,000 francs, bringing
the total outstanding up to 36,178,276,000 francs.
This contrasts with 38,832,838,855 francs at this
time last year and with 38,249,345,485 francs in
1920. 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 1921 and 1920 are as follows:
1945
the loan item, the result of preparations for the regular month-end disbursements. The increase amounted to $67,105,000 and carried loans up to $4,577,820,000. In net demand deposits there was an increase
of $14,240,000, to $4,028,227,000. This latter is
exclusive of $63,967,000 Government deposits, in
which item there was a decrease of $15,446,000. Net
time deposits were expanded $16,067,000, to $314,351,000. Other changes comprised a decline of cash
in own vaults of members of the Federal Reserve
Bank of $963,000,to $60,751,000(not counted as reserve); a contraction in reserves of State banks and
trust companies held in own vaults of $81,000, and
an increase in reserves of these institutions kept in
other depositories of $38,000. But member banks
again increased their reserves with the Reserve Bank,
this time $6,918,000; hence there was a further addition to surplus of $4,541,550, which brought the total
of excess reserves up to $13,411,820. The figures
here given for surplus are based on reserves above legal
requirements of 13% for member banks of the Federal Reserve System, but not including cash in vault
to the amount of $60,751,000 held by these banks on
Saturday last.
The fractionally higher rates for call money during the first half of the week were rather generally
attributed to readjustments following the customary
disbursements at the beginning of the month. On
Thursday time money displayed a firmer tone, being
I
W bid and 432 asked for all but the shortest maturity. No special explanation was given of this
I
advance of W of 1% except that ordinarily when
call money shows a tendency to advance some borBANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
rowers endeavor to meet a part of their requirements
May 4 1022. MayO 1921. May 6 1920.
for Week
Francs,
Francs.
Francs.
Francs.
through time loans for thirty days, particularly if
Gold Holdings—
Inc.
225,000 3,578,735,894 3,569,491.240 3,608,787,719
In France
call money are close
1,948,367,050 1.948,367,056 1,978,278,416 if the quotations for time and
No change
Abroad
they were this week. The transactions
Inc.
225,000 5,527.102.950 5,517,858,305 5,586,566,135 together, as
Total
282,872,495
271,639,925
242,578,775 in stocks continued in excess of 1,000,000 shares a
Inc.
140,000
Silver
4
Bills discounted_ _Inc. 374,360,000 2,954,531,000 3,0 7,970,587 2,028,180,865
It
Dec. 28,060,000 2,267,050,000 2,171,834,888 1,842,680,804 day and bond offering were still on a large scale.
Advances
Note circulation_ _Inc. 391,068,000 36,178,270,000 38,832,838,855 38,249,345,485 is estimated that brokers' loans are now considerably
15,940,000
27,569,904
59,948,472
Treasury deposlts_Dec. 38,022,000
General deposits_.Inc. 75,905,000 2,433,951,000 3,087,147,869 3,423,369,037 in. excess of $1,000,000,000. So far as announced,
Government withdrawals from local institutions were
From the statement issued by the Federal Reserve small. The reports from most sources did not indiBoard on Thursday, it will be seen that almost no cate a material increase in business activity in any of
change in gold has taken place, but that rediscounting cate important lines. In fact, in some, moderate deoperations are larger. For the whole system com- creases were shown. The most active demand
bined the decrease in gold reserves was only about with which Wall Street institutions had to do
$400,000, while bill holdings increased $34,000,000, came from Stock Exchange and investment houses.
to $616,654,000, as against $2,160,547,000 in the The latter have made such large profits in their
corresponding week of 1921. Earning assets were extensive transactions in bonds that attention
heavily increased—$76,000,000—and total deposits was called to the fact that they do not need to borshowed a gain of $59,000,000. Federal Reserve notes row as much money with which to handle their
in actual circulation were increased $16,000,000. In flotations as they did some months ago. Stock
the Federal Reserve Bank there was a decrease in Exchange houses in recent weeks have also been able
gold holdings of $24,000,000, while the bill hold- to make unusually large profits. Some of the
ings increased $41,000,000, bringing the total up most conservative firms are disposed to set these
to $113,842,000, which compares with $657,681,000 profits aside as reserve, or at least working capital,
at the .corresponding date last year. Earning 'as- and to continue their borrowings on about the same
sets and deposits recorded substantial gains, the scale as they would without these funds in their
former $66,000,000 and the latter $34,000,000, while possession. Most authorities still say that they
the volume of Federal Reserve notes in actual cir- do not look for any material change in the money
culation was $8,000,000 larger than in the week pre- market at this centre until the business of the country
ceding. Because of these changes reserve ratios is on a larger scale. They believe that Wall Street
were materially reduced—in the case of the twelve requirements can be met without disturbing present
reporting banks from 78.3% to 76.7%, and in that of rates to any extent. Call money dropped to 33/i
the local institution from 86.5% to 81.9%.
again yesterday afternoon, and the firmer tone of
the time money market of the day before seemThe feature in last Saturday's New York Clear- ingly had disappeared.
ing House bank statement was the large expansion in
1946
TH ill CHRONICLE
[VOL. 114.
Dealing with specific rates for money, loans on demand, which is about 3 cents over the close of the
call this week ranged between 31 and 5%, the same previous week and the highest level touched since
A
as in the preceding week. On .Monday the high the first week of March. This strength was regarded
was 432% and the low 4%, with renewals at the as all the more remarkable inasmuch as it developed
latter figure.' Tuesday there was a slight flurry at simultaneously with pronounced weakness in the
the close of business which carried rates as high as Continental rates and notwithstanding the fact that
5%; renewals; however, were ti1l at 4%, and this news from Genoa was still more or less unsettling
was the minimum. There was no range on Wednes- and indefinite in character. Traders, however, conday, a single rate of 432% being quoted all day. tinue to restrict their operations pending a clearing
Thursday the renewal basis continued at 432%, up of the present European political embroglio, so
r
which was the high, but the minimum declined to that the market was in neglect a large part of the
4%. Increased ease developed on Friday, so that time with quotations little better than nominal.
a low figure of 332% was quoted, with renewals put The belief persists that fundamental conditions in
through at 43%, the highest for the day. The Great Britain warrant higher price levels regardless
above figures apply to mixed collateral loans and all of passing European political difficulties. As a
industrials without differentiation. In time money matter of fact the publication of a favorable British
*the situation remains without essential change. budget statement, coupled with optimistic utterFunds were in fair supply and all maturities from ances on the part of the Chancellor of the Exchequer
sixty days to six months were again available at undoubtedly created a good impre§sion and tended
43.%, unchanged. Trading, however, was dull to confirm strongly convictions that have been made
with no important loans reported.
recently that it will not be very long before sterling
Commercial paper rates, in keeping with other is back at par. On the other hand, there were a few
sections of the money market, have been marked who intimated that the rise was due to artificial
down and sixty and ninety days' endorsed bills receiv- influences, claiming that, buying orders were being
able and six months' names of choice character are put forth by London whenever the rate receded
now 43.%, against 432%, and names not so well below a given point, for the purpose of advancing
known at 432%, against 43%% last week. Offerings prices. This explanation, however, was not widely
of the best names continue scarce, so that the trading credited, and most bankers take the view that
has been quiet, although both local and out-of-town sterling is not only worth current rates, but that
institutions were in the market as buyers.
further gains are in prospect in the absence of any
Banks' and bankers' acceptances were in good seriously retarding influences.
demand, but as the supply of offerings was not any
Still other influences which aided in the upward
larger the market was only moderately active and movement of prices were the continued ease in
the volume of transactions comparatively light, with monetary conditions both here and in London; conthe tone easier. For call loans against bankers' sistently light offerings of commercial bills and
acceptances the posted rate of the American Accep- apparently an increasing degree of certainty that
tance Council is now 4%, against 3% last week. important international banking conferences are to
The Acceptance Council still quotes the discount be' held in the very near future. Nevertheless, the
rates on prime bankers' acceptances eligible for whole attitude of the market is a waiting one, and
purchases by Federal Reserve banks at 3%% bid large financial interests are keeping close watch upon
and 33% asked for bills running for 120 days; the daily progress of the stormy and uncertain ses3%@3U% for ninety days, 3%@33i% for sixty sions at the Genoa Conference. The teeling seems to
days and 3 8@33j% for thirty days. Open market be quite general that while it is hardly likely any
quotations follow:
really tangible results in the way of ameliorating
SPOT DELIVERY.
foreign trade and credit conditions will come from
90 Days.
60 Days.
30 Days.
Prime eligible bills
334(43%
33(©354
33.10334 this gathering, it should lay the foundation for a
FOR DELIVERY WITHIN THIRTY DAYS.
better understanding later on. Not a few remain
Eligible member banks
334 bid
Eligible non-member banks
bid confident that despite the alarming reports circulated
334
Ineligible bank bills
331 bid from time to time, the great Allied
Powers will
There have been no changes this week in Federal eventually reach an amicable agreement on the
Reserve Bank rates. The following is the schedule fundamental points at issue.
of rates now in effect for the various classes of paper
Referring to quotations in greater detail, sterling
at the different Reserve Banks:
exchange on Saturday last was firmly held, at 4 42@
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT MAY 5 1922
4
4 425 for demand, 4 42%@4 423 for cable trans%
fers, and 4 40@4 40% for sixty days; trading, how3
Discounted bills maturing
within 90 days (Owl, memever, was exceptionally quiet. On Monday, in the
ber banks' 15-day collateral Bankers
Agriculnotes) secured by—
&weepTrade turaf ant
absence of definite news from abroad, little or no
Federal Reserve
lances
accep- live nod
Bank of—
Treasury Liberty
Otherdisc'ted
lances
paper
increase in activity was noted; nevertheless, the
.
notes and bonds
wise
for
maturing maturini
certificate
and
secured member within 91 to 18(
undertone was steady and demand moved up to
of indebt- Victory
and
banks 90 days
days
edness
notes unsecured
7
4 42M@4 424, cable transfers to 4 424@4 433,
7
Boston
434
434
434
434
434
434
New York
and sixty days to 4 4032@4 404. Light offerings
434
7
434
434
434
434
434
Philadelphia
434
434
434
434
434
434
Cleveland
434
and a better feeling regarding the foreign outlook
434
434
434
434
434
Richmond
434
434
434
434
434
434
Atlanta
induced a fractional advance on Tuesday, to 4 423%
434
434
431
434
434
4%
Chicago
43,
434
434
434
434
434
It. Louis
434
434
434
434
@4 433, for demand, 4 43%@4 43% for cable
434
434
Minneapolis
5
5
a
a
5
5
Kansas City
5
5
a
a
a
transfers, and 4 403%@4 413j for sixty days. Wed5
Dallas
5
5
a
a
a
6
Ian Francisco
414
434
434
434
434
434
nesday's market was a dull affair, although the
undertone was strong and demand bills moved up to
Sterling exchange tended sharply upward and the 4 43@4 43%,cable transfers to 4 43%@4 4438, and
3
feature of the week was an advance to 4 443 for sixty days to 4 41@4 413%. Dulness characterized
%
•
MAY 6 1922.]
THE CHRONICLE
=--
dealings on Thursday and quotations, which were
largely nominal, were not essentially changed; the
range was 4 43M@4 437 for demand, 4 439@
4
7
4 44 5-16 for cable transfers, and 4 414@4 414
3
for sixty days. Friday's market was quiet but firm,
3
with demand bills higher at 4 434@4 44%, cable
7
7
transfers at 4 413.@4 453 and sixty days at 4 414
3
@4 42%. Closing quotations were 4 423/ for sixty
days, 4 443/a for demand and 4 444 for cable trans7
fers. Commercial sight bills finished at 4 3732, sixty
days at 4 313/, ninety days at 4 303/2, documents
2
for payment (sixty days), 4 31%, and seven-day
3
grain bills, 4 373. Cotton and grain for payment
closed at 4 3732.
A larger inflow of gold was recorded this week
and included
a consignment of $90,000 on the Aquitania from Cherbourg
and 18 cases of gold on the Frederick VIII from Copenhagen.
From South American points the following have been
received:. 7 pkges. of gold on the Matura from Trinidad;
$100,000 on the Caracas from Venezuela; 2 cases of bar
gold and 22 bars of gold on the Alverado from Guayaquil;
11 pkges. gold and gold and silver coin, on the Essequibo
from Valparaiso; 3 cases gold on the Ulua from Port Limon;
5 cases on the Sarpfos from Tumaco, and 1 case of U. S. currency and 30 cases of silver on the Colon from South Pacific
ports.
1917
8.393' the previous week. Final quotations on
Berlin marks were 0.34% for checks and 0.353i
for cable remittances, which compares with 0.343/
and 0.35 on Friday of last week. Austrian kronen
finished at 0.0120 for checks and 0.0125 for
cable transfers, against 0.0125 and 0.0130 a week
earlier. For lire the close was 5.35 for bankers'
sight bills and 5.36 for cable tranfers. Last week
the closing figures were 5.253/ and 5.263/2. Ex2
change on Czechoslovakia finished at 1.95, against
1.94; on Bucharest at 0.693/, against 0.71; on
2
Poland at 0.0255, against 0.0265, and on Finland
at 2.10, against 2.04 a week ago. Greek drachma
closed at 4.45 for checks and 4.50 for cable remittances, as compared with 4.40 and. 4.45 a week
earlier.
In the exchange on the former neutral centres
trading continues inactive and fluctuations have
not been particularly significant; although the general tendency was toward higher levels, with guilders
as high as 38.38. Smaller advances were recorded in
Scandinavian rates. For a time Norwegian currency
was conspicuous for strength, all on light trading.
Spanish pesetas ruled slightly higher.
Bankers' sight on Amsterdam closed at 38.38,
against 38.11; cable transfers 38.43, against 38.16;
commercial sight bills 38.33, against 38.06, and commercial sixty days 37.97, against 37.70 last week.
Swiss francs finished at 19.31 for bankers' sight bills
and at 19.33 for cable transfers, against 19.433/
and 19.453/ a week ago. Copenhagen checks
closed at 21.20 and cable transfers at 21.25, against
21.10 and 21.12. Checks on Sweden finished at
25.87 and cable transfers at 25.92, against 25.88 and
25.93, while checks on Norway closed at 18.62 and
cable transfers at 18.67, against 18.68 and 18.73
the week before. Spanish pesetas finished the week
at 15.50 for checks and 15.55 for cable transfers.
Last week the close was 15.48 and 15.50.
Continental exchange presented a marked contrast
with the foregoing, and, so far from keeping pace
with the improvement in the sterling market, lost
ground following a substantial advance and registered heavy losses in a majority of the leading European currencies, though with recovery later. Nervousness and irregularity figured prominently in the
dealings, with the market evidently keenly sensitive
to "bad" news. In the early dealings the exchanges,
following advices from Genoa that the conference
was proceeding favorably, gave a good account of
themselves and fairly substantial advances were
established; but with the announcement that dissension had broken out between the delegates over
Russian oil rights, which threatened once more to FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT.
disrupt the conference movement, rates broke badly,
APRIL 29 1922 TO MAY 5 1922, INCLUSIVE.
carrying prices down in many instances as much as
Noon Buying Rate for Cable Transfers in New York.
Value in United Stat s Money.
,
12 points. A factor which attracted some attention Country and Monetary Unit.
Apr. 29. May 1. May 2. May 3. May 4. May IL
was that whereas in recent weeks wide fluctuations
EUROPE$
$
$
3
'
$
$
have frequently been reported on very light trading, Austria, krone
000127 .000125 .000125 .000124 .000125 .000124
.0846
.0844
franc
.0842
.0838
.0836
.0839
sales were made, notably in francs, Belgium, lev
this week large
.006850 .0069
Bulgaria,
.006817 .006817 .006808 .006775
.019389 .019422 .019486 .019422 .019417 .019394
Czechoslovakia,
lire and marks. Most of the selling emanated from Denmark, kronekrone
.2120
.2119
.2121
.2125
.2123
.2124
4.4255 4.4291 4.4326 4.4367 4.4399 4.4455
pound
abroad. Occasional spurts of strength were re- England,markka
Finland.
.0201
.020475 .020675 .020675 .020788 .020794
France, franc
.0918
.0920
.0917
ported as a result of intermittent domestic buying. Germany, reichsmark __ _ _ .003535 .0922 .003407 .0915 .0915 .003511
.003547
.003313 .003435
Greece, drachma
0449
.0449
.0449
.0449
.0448
.0449
French francs suffered the most severely, losing 11 Holland,florin or guilder .3816 .3822 .3834 .3835 .3834 .3837
Hungary, krone
.001296 .001297 .001296 .001276 .001288 .001278
points, to 9.113/2, while Antwerp currency declined Italy, lira
.0530
.0533
.0534
.0532
.0534
.0536
Jugoslavia, krone
.003341 .003392 .003522 .003610 .003603 .003607
.1880
from 8.47 to 8.37. Lire covered a range of 5.29 to Norway, krone
.1877
.1850
.1852
.1850
.1864
Poland, Polish mark
.00026 .000246 .000255 .000259 .000253 .000253
Portugal,
.0786
.0787
.0787
.0783
.0782
.0790
5.363/2 for checks, while Berlin marks fluctuated be- Rumania,escuda
leu
.007078 .007069 .00705 .007025 .007028 .006956
dinar
.013443 .013529 .01415 .014407 .0144
.01445
tween 0.32 and 0.353 and Austrian kronen between Serbia.peseta
Spain,
.1552
.1553
.1553
.1553
.1553
.1554
.2594
.2584
.2588
.2590
.2590
.2589
0.01173/ and 0.0125. Greek exchange was relatively Sweden,krona
Switzerland, franc
.1943
.1936
.1939
.1938
.1929
.1932
ASIA
firm, largely as a result of measures taken by both China,- tael
Chefoo
.7917
.8000
.7983
.8000
.8083
.8083
" Hankow tael
.7917
.7983
.8000
.8000
.8083
.8083
private and Government authorities to effect stabili- " Shanghai tael
.7557
.7614
.7632
.7659
.7733
.7732
.7958
.8125
zation of this currency, while exchange on the central " Tientsin taeldollar.. .5586 .8050 .8033 .8050 .5679 .8133
" Hong Kong
.5646
.5588
.5655
.5713
" Mexican dollar __ _ _
European countries ruled steady with Czecho- " Tientsin or Pelyang .5514 .5516 .5564 .5573 .5640 .5644
dollar
.5692
.5692
.5725
.5729
.5825
.5783
currency slightly under the high level estabslovakia
Yuan dollar
.5608
.5667
.5658
.5700
.5863
.5700
India, rupee
.2787
.2794
.2789
.2813
.2800
.2803
a week or so ago.
lished
Japan, yen
.4741
.4738
.4737
.4742
.4736
.4733
Singapore, dollar
.5033
.5008
.5017
.5058
.5017
.5033
The London check rate in Paris closed at 48.50, as NORTH AMERICA.984861 .984653 .984531 .983606 .983299 .983516
Canada, dollar
.998438 .998375 .999001 .998875 .998813 .998563
against 48.04 a week ago. Sight bills here on the Cuba, peso
.4924
Mexico, peso
.492525 .4924
.49295 .492275 .491025
French centre finished at 9.16, against 9.13; cable Newfoundland, dollar_ .9825 .982813 .982031 .98125 .980859 .98125
SOUTH AMERICA
.8204
.8206
transfers at 9.17, against 9.14; commercial sight Argentina, Peso (gold)__.... .8150 .8153 .8165 .8197 .1358 .1367
.1357
Brazil, milreis
.1356
.1355
.1361
.7901
.7876
.7ARR
75151A
7501
702,1.
bills at 9.14, against 9.11, and commercial sixty TIrtutunv. nivon
days at 9.08, against 9.05 last week. Antwerp
As to South American quotations, no great change
francs closed the week at 8.38 for checks and 8.39 has taken place. Argentine checks finished at 363
%
for cable transfers, in comparison with 8.383/2 and and cable transfers at 363/ against 363/i and 363,
2
,
1948
TFrE CHRONICLE
though Brazil was a trifle higher at 14 for checks and
141 for cable transfers, comparing with 13% and
%
13% last week. Chilean exchange ruled steady, and
finished at 133 , against 113, and Peru advanced
%
to 3 73, as compared with 3 56 a week ago.
Far Eastern exchange, so far as Hong Kong and
Shanghai currency are concerned, reflected the advance in the price of silver in London due to a demand for the metal incidental to the hostilities now
being waged in China. Hong Kong finished at 561
A
@,57, against 559@56, and Shanghai at 77%@78,
against 76%@77. Yokohama exchange is 4734@
5
47%, against 471 @475 , Manila 49@493, against
%
%
471 @493; Singapore 513 @52, against 513.@
A
%
513'; Bombay 289.@29, against 283@289, and
1,
Calcutta 29@29Y against 289@29.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,690,291 net in cash as a result of the currency movements for the week ending May 4.
Their receipts from the interior have aggregated
$5,717,491, while the shipments have reached $1,027,200, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
1,
Week ending May 4.
Banks' interior movement
Into
Banks.
Out of
Banks.
$5,717,491
Gain or Loss
to Banks.
$1,027,200 Gain $4,690,291
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,
April 29. May 1.
Tuesday, Wednesd'y, Thursday, Friday,
May 2.
May 3.•
May 1.
May 5.
Aggregate
or Week.
49,200,000 59,400,000 60,500,000 58,300,000 52,800,000 47,200,000 Cr. 327,400,000
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 balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
The following table indicates the amount of bullion in the principal European banks:
May 5 1921.
May 4 1922.
Banks of—
Gold.
Storer.
I
Total.
Gold,
Silver.
Total.
z
England - - 128,873,878
France a_ _ 143,149,435
Germany 49,991,480
Aus.-Hun_ 10,944,000
Spain ___ _ 100,879,000
Italy - - --- 34,387,000
Netherl 'ds 50,491,000
Nat. Belg_ 10,664,000
Switz 'land 21,723,000
Sweden..__ 15,243,000
Denmark _ 12,684,000
Norway __ 8,183,
rft
Total week 587,212,793
Prey. week 587,266,734
128,357,634
128,873,878 128,357,634
11,280,000154,429,435 142,779,650 10,840,000 153,619,650
892,700 50,884,180 54.574,900
293,450 54,868,350
2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
25,428,000 126,307,000 99,270,000 24,056,000 123,326,000
3,041,000 37,428,000 32,772,000 2,991,000 35,763,000
467,000 50,958,000 50,915,000 1,203.000 52,118,000
1.037,000 12,301,000 10,662,000 1,489,000 12,151,000
4,320,000 26,043,000 21,742,000 4,065,000 25,807,000
15,243,000 15,661,000
15,661,000
231,000 12,915,000 12,643,000
165,000 12,808,000
8,183,000 8,115,000
8,115,000
49,665,700636,878,493588,436,184 47,471,450635,907,634
49,463,7 636,730,434588,286,995 47,442,250635,729,245
a Gold holdings of the Bank of France this year are exclusive of /77,934,682
held abroad.
THE TRUE MEANING OF THE GENOA
CONFERENCE.
One unkempt beggar meeting another in a No
Man's Land far from home, and saying "I move we
cancel our mutual debts," is a cartoonist's interpretation of one phase of the secret treaty of Rapailo between Germany and Russia. And the meeting of
thirty-odd nations at Genoa which stages a King's
banquet, with Tchitcherin laying aside his tall hat in
attendance thereon, is not without its comic aspect.
[voL. 114.
But those who read Editor Garvin's masterly accounts of proceedings will not fail to sense the tremendous drama being played out on this remote
shore. We are enabled to see through his wide-visioning eyes the vast unfolding panorama, and to
hear the clash of ideas and the clang of interests, as
masterful minds, representative of untold millions,
move and countermove in behalf of a world inseparable from, and all too closely bound up in, the interests of Governments—that must dissolve much of
their power and even pride, in the one aim of universal peace.
How far, how very far, it is from the starving peasant on his barren steppe, to the assumed representative rule of these Soviet delegates at this memorable
Conference! Indeed, since the United States is concerned though not a participant, how little the prairie farmer, resting from his daily toil under the soft
light of the evening lamp, really feels the momentous
issues here at stake! Governments, not peoples, are
assembled here—and yet there is no other way, and
as commonly said, though the Conference fail, it is a
hopeful step forward. And again, though Governments thus assemble, it is men, in a strict analysis,
who measure out such destiny as lies in the conclusions and compacts reached. Is it idle, therefore, to
point out that the chief purpose, or aim, a ten-year
agreement for "no aggression," is but a solemn declaration that Governments shall cease to control and
peoples shall resume their normal vocations in the
independent ways and works necessary to life and
love? When Governments cease to meet Governments on the fields of diplomacy, when there is no
longer need for these conferences, then, peace will
ensue in the liberty of toil and aspiration interwoven
of the freedom of mankind.
We must have government and Governments, but
when all is said they are composed of arbitrary divisions of territory, for the most part products of military rule; they embody races, though often these be
mixed, which for all their nursing of pride and
power, cannot live without constant contact; and
they are founded upon theories of political rule, that,
whether imperialistic or democratic, disappear
largely in the actual life of toil and trade, indispensable factors of the universal advance toward world
unity. Again, we ask, looking upon the immediate
past, the present condition, and the future prospect,
is it idle to believe that the fundamental doctrine of
our own autonomy—"the least government is the
best government," still holds out its hope to mankind? We note that women, lately emancipated,
now meeting in political aim, have suggested the
"outlawry" of war. And when Finis is written upon
all Conferences, what more will be accomplished
than the liberation of all peoples to the common pursuits inseparable from a state of peace—a state when
Governments protect ,the natural ownership of property as the result of toil and thought exercised by
virtue of the divine command?
Man, not Government, his own redeemer! In this
broad view, how inefficient, how harmful, become the
petty restrictions Governments put upon trade, the
chief means of contact, association, and progress.
In a sense this very Conference announces the ultimate negation of governmental rule—for are not all
forms of government here to inaugurate a common
end that passes over and beyond all political differences and territorial boundaries? Yet there is not a
single autonomy of earth that is not now obsessed
4
MAY 6 1922.]
THE CHRONICLE
with the idea that in Government rests all human
destiny, all of peace, all of prosperity. Legislatures
everywhere are working overtime, not to liberate
peoples to life under natural laws, but to control,
guide and prosper them under statutory laws. Is it
to be wondered that fevered minds restive under the
increasing life-restrictions in the heat of passion
turn to anarchy, to the fatal creed of "no Government"? Is the creature to be made permanently
greater than its creator? Is liberty under law to be
transposed to law over liberty—there is a wide difference. In the one individual liberty precedes; and
in the other follows. Is man to be inextricably imprisoned in the entanglements of his own laws, stifled in the power of his own Government? Is the old
announcement of "indefeasible rights" to become a
sneer because of the temporary triumph of classes,
minorities, blocs? Is it more salutary to look upon
a peace resulting from the outlawry of war from the
consciousness and power of man, than it is to look
upon industrial peace through the negation of purely
restrictive statutes?
What is the inner meaning of Genoa at this period
of time; what prompting lies back of efforts at reconciliation and reconstruction? We turn to reports of
the attitude of the sub-committee on finance for answer. We are told there is no tendency toward revolutionary proposals. We are told that in considerations of money and exchange measures of relief
there is firm adherence to a "return" to the "gold
standard." Let this stand for an example of the
whole of our thought. This gold standard is a natural growth,is not a direct creation of Governments,
is the universal servant, not master, of trade. It is
a device, a means, by which prices are measured, exchanges effected, and values brought within a coramon denomination. And Governments—Governments that own nothing and do not trade—adopt it,
give it the sanction of service attained by universal
use. And so it is, or should be, with all the laws that
are set up above the common and primal efforts of
men and races. The principles evolve and the laws
which but declare the principles follow. And Genoa
is present affirmation that when Governments cease
from individual selfishness lasting peace obtains.
THE PROGRESS OF THE BUDGET IN
CONGRESS.
All of the appropriation bills have now passed the
House of Representatives. They are eleven in num• ber, following the eleven chapters of the budget. It
is worth noting that these bills occupied 50 days of
debate. The fact that this is a political year may
account for some of this time, but as a rule even more
time than this was consumed in pre-budget days.
The occasions for the greater part of the debate were
the appropriations for the Army,the Navy, the Shipping Board and the Veterans' Bureau.
The Senate, on the other hand, has only devoted a
part of 19 days to the budget and has passed all of
the bills except two—the War Department and the
Navy Department. These latter are still before the
Senate Committee on Appropriations. The tendency
of the Senate has been to adopt the budget as recommended.
Although the entire budget (with the above two
exceptions) has thus passed both Houses of Congress
in the first instance, only three appropriation bills
have reached the President and have been finally approved. These are the bills for the support of the
1949
Treasury Department, approved February 17; the
Legislative Establishment, March 20, and the Departments of Commerce and Labor, March 28. On
all of the other bills there are differences between the
House and the Senate, inasmuch as the Senate made
changes in passing the bills as they came from the
House. Six bills are still in conference. The Interior Department bill has been in conference since
February 27, the Independent Offices bill since
March 1, the District of Columbia bill since March 8,
the Post Office bill since March 22, and the Agricultural bill and Departments of Justice and State bill
since April 21. Conferees on some of these bills have
come back to the House several times for additional
instructions. The length of time these bills have
been in conference exceeds the combined number of
days consumed in their consideration at all of the
other stages. And the War and Navy bills, which
contain the most serious disputes between the two
Houses, have not yet reached the conference stage.
One might safely predict that the new fiscal year
will open up on July 1 with the War and Navy bills
still in conference. Even at the present writing, the
budget has been before Congress for five months.
But next year will be the short session of Congress.
There will be only 70 legislative days in the whole
session, assuming that Congress will take only a
week's recess at Christmas. How are they going to
put the budget through before March 4, on which
date the Sixty-seventh Congress expires by law? At
the present session the last bill was not reported
from the House Committee until April 8. The actual
time the bills were under consideration by this Committee before they were finally drafted, this year, exceeds the total number of days of the next session.
One of two things must be done. Congress must
either give greater weight to the budget as recommended by the President and therefore eliminate a
large part of its detailed investigation and debate on
questions of pure administration, or it must be prepared to see the appropriation bills caught in a jam
near the close of the short session with-the impossibility of passing all of them. This latter alternative
would compel the President to call an extra session
of Congress in order that the Government be provided with funds.
Procedure on the British budget stands out in
striking contrast. The House of Lords has no power
of amendment, and debate in the Commons is limited to only 20 days, at the close of which period the
question is put for all of the budget which has not already been voted on. The opposition is allowed to
choose such portions of the budget as is desired to
make the subject of debate. So far as the party in
power is concerned, the estimates as prepared by the
Government are accepted as rock bottom figures.
It was intended that the President's Bureau of the
Budget should prepare the budget in such a manner
that Congress would find it necessary to make
changes in it only in those cases where Congress disagreed on questions of policy. However, in the case
of the budget for the fiscal year 1923, the President
had to transmit it to Congress within five months
after the Budget Act went into effect. The budget
had to be prepared by the Bureau of the Budget while
the Bureau itself was in process of organization.
There was no time to find and employ the proper investigators. Only a man of General Dawes's indomitable energy and spirit could have prepared such a
budget at all in so short a time. It is evident, there-
•
1950
THE CHRONICLE
fore, that the figures in this first budget should not
be taken as representative of the work of the Bureau
of the Budget when it has become completely organized and equipped. In the future Congress will
doubtless spend much less time in the examination
of the administrative details of the budget.
COMPETITION IN WALL STREET.
the benefit of those who believe in the sinister
For
influence of a secret "money power," that holds the
credit of the country in its grasp, the recent example
of competitive bidding for an issue of $45,000,000
New York City stock or bonds, might be broadcasted
as an object lesson. A report of the transaction states
that "thirty-nine bids in all were received, representing a total of $357,855,500." Four banking syndicates
submitting offers for all, or all or none, bid as follows: 100.577; 101.252; 102.766; 101.1287. Bids by
these same syndicates for all or any part were uniformly lower. On this sale of $45,000,000, 50-year
14
4/% stock, the City will receive a "premium of $1,244,700 over the par value." A rather general statement announces: "The price received at to-day's
sales is about 3 points above the price of the United
/
States Government 414s." This, together with the
announcement by the Controller that the issue was
"oversubscribed about eight times," delivers its own
message as to the City's credit.
Our question is if "Wall Street" cannot and does
not "combine" so as to control the price of the City's
credit, how can it be believed to do so as to the credit
of the country at large? The lesson of this transaction in finance is that there is just as keen competition between the "powers" in so-called Wall Street
as there is ordinarily elsewhere. The successful bidders immediately placed this block of bonds on the
market at 104 and interest. Upon the sale in competition with all other bonds depends the profit on the
purchase. It happens that in one day,in this prolific
time of bond issues, in this same week, near to $200,000,000 ($185,000,000 in three issues) were thrown
on the market, covering, of course, other than municipals and foreign Governments. The risk of quick
sale is correspondingly large.
It is understood that behind these "syndicates"
there is a clientele builded up by long experience and
effort that is expected to absorb the allotments to
the principals. These customers or clients are in
turn backed by their own investors. So that through
the spread of the investment by means of local banks,
trust companies, etc., throughout the country, the
people in a final analysis become the absorbers of
this City credit, and by their action determine the
rate of interest at which New York City bonds can be
floated, in competition with all other bonds, including those of our national Government.
We are aware that the tax exemption which attaches to this class of bonds attracts some investors
who have large incomes. But the principle holds
good that this transaction in essence is no different
from that of a remote school or drainage district
that advertises and lets out its bond issue by means
of sealed bids. And the very fact that the bids are
open to all, as illustrated in this case, so that aside
from the bids for all or none, the issue still remains
oversubscribed, prevents any combination in the nature of collusion that•Could uccessfully operate as a
'•
bar to natural competition.
Considering the.'"gtate Of the•tiines," considering
the fact of the huge intrense in bond'isiues, and the
(VOL. 114,
widespread "education" of the people in bond investing, it ought to be apparent a "combine" in "Wall
Street" is utterly powerless to control the credit of
the country. In public utilities, industrials, railroads, municipalities, all forms of domestic bonds,
the demand originates in localities, and interests
scattered over our entire territory. This demand
cannot be controlled when the nature•of "trade in
bonds" is understood. Unless these bonds can in
turn be soon absorbed into the capital investments of
the country, and sustained by the "business conditions" in which and out of which they arise, banks
and banking syndicates,large or small, would soon
become clogged to the point of paralysis. Their widespread diffusion by those that make a business of
buying and selling becomes imperative—and this, we
repeat, prevents the sinister dictation both of rates
and amounts.
Naturally,in its hundred years of banking history,
New York City has become a central market for
credit. But it will be noted that in these present
day "syndicates" banks and bonding houses of Chicago, St. Louis and San Francisco are not infrequently included. And there is no doubt whatever
that as wealth and population congest in important
centres of the country, local and competing syndicates will increase still further, widening and diffusing the power of credit.
CREATING "PREFERRED CLASSES" FOR
MEETING EMERGENCY.
A recent decision by the Appellate Division of the
State Supreme Court upon the limits of application
of the emergency rent laws has attracted little public attention but has much significance. On October
6 of 1920 a tenant signed a lease of an apartment on
/
upper Broadway, to run 2312 months from October
15, that is, to November 1 of this present year. He
paid the stipulated rent up to July 1 of 1921 and
then sought to take refuge under the emergency
housing laws, alleging that the rent was excessive
and unreasonable and was agreed to under duress.
Judge Page wrote the opinion in favor of the landlord, with the concurrence of Judges Dowling, Smith
and Merrell, while Judge Laughlin concurred in the
result though not in the argument.
The legislative intent, said Judge Page, has been
judicially declared to be "to make a preferred class
of tenants" who were in possession of living premises prior to October 1 of 1920 and permit them to
retain possession until November 1 of this year, provided they "paid a reasonable rent, to be ascertained
in the manner provided in the statute." That this
statute cuts across ordinary contract rights he perceives, and he excused it thus:
The only justification of the exercise of the extraordinary power to take control of private property, to suspend the ordinary processes of the courts,
to impair the obligation of contracts, and to interfere with the freedom to contract, was found in the
police power of the State in dealing with a public
emergency which the Legislature declared existed.
It should be clearly noted, proceeded Judge Page,
that this emergency was not the rise in rents because
of the housing shortage produced by the war, for
other necessaries of life had similarly advanced. The
emergency was in the fact that, because of the housing shortage, "tenants were required to pay exorbitant rents under threat of dispossession, and over
100,000 such proceedings had been instituted in the
MAY 6 1922.]
THE CHRONICLE
city." Hence, the emergency was the threatened
turning out of 400,000 or 500,000 persons into the
streets, or the alternative of submitting to extortionate demands for rent; this demand "was held to have
• interfered with freedom of contract, as one of the
parties was under duress." But, proceeded Judge
Page, these considerations did not operate "in the
case of one out of possession and seeking a home."
Such a person was on equal ground with the landlord, being able to refuse to hire if the demanded sum
were excessive. Said Judge Page upon this assumed
distinction:
In the case under consideration, the tenant voluntarily signed the lease and paid the rent without
question for eight months; now, on the theory of duress, he seeks to escape from his contract and have a
jury make a contract for him that will be binding on
the landlord. If such an argument can be accepted,
why should not a man who bought a suit of clothes
from the tailor for $150 which he could have obtained
in pre-war days for $75 be allowed to refuse to pay,
on the ground that the price was unreasonable and to
ask a jury what the tailor should receive and for
what price he shall continue to furnish clothes?
But the housing laws, we are told, intended to create a preferred class of the tenants already in possession before October 1 of 1920, and the emergency
was the alternative of paying monstrous rents or being evicted. To have a large population turned into
the streets or parks would be truly serious; yet how
could that be worse in case of a tenant already in
possession than in case of another just arrived in the
city and seeking a place to live? There have been,
and there are still, exemptions and exceptions for the
farmer as being indispensable, which he truly is; but
what is the distinction, in indispensableness and
worth, between one family that has a place to stay
and another that is seeking one?
As Judge Page admits, the Legislature assumed
"an extraordinary power," which went to taking
"control of private property," to suspending ordinary court processes, to impairing the obligation and
the freedom of contracts, something the Federal constitution declares no State shall do. Ever-eruptive
Mr. Gompers reiterates that the labor of a human
being is his own property, to be held unassailable because given by the Creator, and to be used as he
pleases or be withheld from use if he pleases; if this
be granted for the moment it.seems to follow (although Mr. Gompers does not expound upon it) that
the product of the labor of a human being may justly
claim the same sanctity against interference. Admitting that the earth is the Lord's and He has given
it to His children, there have long been those who
deny that any one of them has a just claim to exclusive ownership of a single foot of it, a natural corollary being that all products of the earth and all
properties and benefits are the common possession
of mankind. This sounds pretty, and it takes at
once with the Have-Nots; but its Immovable defect
is that as protection of private property rights fails
property and production fail also, for lack of an energizing motive. For the test of this proposition,
look at Russia.
An extreme emergency such as a world war does
compel any course which may temporarily help us,
yet such short cuts across permanent principles are
full of danger. Bear after-war trials heroically and
patiently, and they gradually lighten under natural
laws; but when we rush toward those who cry loudest and try to ease them by increasing pressure on
1951
the others we not only defer the permanent relief but
tend to create new emergencies,for forcible intervention in one place seems to demand resort to it in
other places. Our housing statutes, judicially confessed to be in conflict with principles which go from
generation to generation, are of this class; they do
evil that good may come, but they beget more evil,
without assurance of even helping the immediate
trouble.
The serious truth is that for more than twenty
years we have been weakening the safeguards of private property. We do this with decreasing hesitancy,
because with decreasing notice of the fact that we
are doing it, and we do it in the delusive hope that we
are removing the evils which we perceive but do not
trace to their real cause. The grade on which we
have been moving is the more dangerous because it
more and more inclines downward. Our safe and
sane course is to brace ourselves with all our strength
against further sliding, and then to summon all our
powers for the struggle back to firm ground.
LISTINGS ON THE NEW YORK STOCK
EXCHANGE FOR THE YEAR 1921.
Thesecuritieslisted on the New York Stock Exchange
during the year ending Dec. 31 1921 disclose clearly
the extraordinary changes that have taken place in
the general financial situation throughout the United
States. These changes, brought about principally
by the economic and industrial conditions and business depression generally, are exemplified not only
by the large addition to the list of bond issues of
railroad and miscellaneous companies, but also by
the appreciable falling off of the aggregate amount
of short-term loans, such as note issues, as compared
with the year 1920.
Other features we observe for 1921 are: (1) the
large decrease in the output of . miscellaneous and
industrial stocks for new capital, the total, $368,715,110, being only about one-quarter of that for the
preceding year's total of $1,131,273,916, this being
the recor.d of any twelve months in the history of the
exchange. (2) A marked increase in the amount of
securities of public utility companies listed, thereby
showing that with the passing of the stress of war
and its consequent burdens, the investors are again
turning to this class of security as a staple investment.
(3) The almost entire absence of stock dividends
declared, compared with the previous year. (4)
The additional listings of securities of oil companies
showing the growing importance of the oil industry.
And (5) the further broadening of the New York.
market for foreign securities. The listing of foreign
government bonds include French, Belgium, Denmark, Norway, Sweden, Brazil, Chile and various
city issues.
The aggregate amount of stocks of miscellaneous and
industrial companies listed was $974,704,191, compared
with $2,044,400,673 in 1920 and $1,015,927,517 in 1919.
As in late years it must be taken into account that in many
cases the shares listed in 1921 were of no par value and were
represented by more or less nominal figures. This practice
has served to reduce the total amount of stock listed as
expressed in dollars, and thus impairs the value of comparisons with previous years.
Railroad financing during the year showed a marked
increase over the previous year. Several of the roads,
however, availed themselves of the advantages afforded
them under the Transportation Act of 1920 (V. 110, p. 715
to 723 and V.110,p.2250) thereby securing money at a low
rate ofinterestfor meeting their maturing obligations,working
capital and for securing new rolling stock. These trans(
tions do not appear in the year's listing.
1952
THE CHRONICLE
We may mention that Our compilation of new securities
listed does not include new issues traded in on a "when, as
and if issued" basis. The most important of these railroad
issues are:(a)$230,000,000 Northern Pacific-Great Northern
Joint 15-year 63-% Convertible Gold bonds (C. B. & Q.
Collateral) issued to refund $215,000,000 C. B. & Q. Collateral Joint 4% bonds due July 11921; (b) $25,000,000
Grand Trunk Ry. of Canada 15-year 6s due 1936;(c)$25,000,000 Canadian Pacific By. 4% coupon debenture stock;
(d) $12,753,000 Louisville & Nashville 1st & Ref. 532s,
Series A, due 2003.
Among the industrial issues traded in on a temporary basis
and not included in our list, are: (1) $30,000,000 American
Sugar Refining Co. 15-year 6s; (2) two issues of Goodyear
Tire & Rubber Co., viz.: $30,000,000 1st Mtge. 20-year 8s,
due 1941, and $27,500,000 10-year Sinking Fund Debenture
8s, due 1931; (3) $50,000,000 New York Telephone Co. 20
year Refunding 6s, due 1941; (4) $30,000,000 New York
Edison Co. 1st Lien & Ref. Coll. Trust 63's, Series A;
(5) $6,000,000 South Porto Rico Sugar Co.20
-year 7s, due
1941, and $12,250,000 United Drug Co. 20
-year Convertible
8s, due 1941.
If the foregoing issues, and others not mentioned here,
were included, the total amount of new securities would
be appreciably increased.
The table of note. issues not listed on the Exchange, as
compiled at the end of this article, shows a large decrease
over the figures for 1920. The total for the year just passed
was $285,530,966, as compared with $761,910,140 for 1920,
$524,763,500 for 1919, and 8515,583,900 for 1918.
Railroad bonds listed for the year total $304,912,600,as
compared with 233 millions in 1920, 205 millions in 1919 and
61 millions in 1918. Chief among the issues of this class are
the $60,000,000 Pennsylvania RR. 15-year 63/2% Secured
Gold bonds issued for the purchase of equipment and other
corporate purposes; two issues of $25,000,000, or a total of
$50,000,000 Canadian Northern By. Debentures, bearing
%and 6 M%interest respectively;$25,000,000 Grand Trunk
By. of Canada 20
-year 7% Sinking Fund Gold Debenture
bonds, and $15,000,000 Chicago & North Western 15-year
63/2% Secured Gold bonds issued for refunding purposes.
The following is our usual ten-year listing table:
LISTINGS ON NEW YORK STOCK EXCHANGE.
Bonds.
Issues for New
Capital. dcc.
Old Issues
Replacing
Now Listed. Old Securities.
Total.
$
525,652,059
388,708,500
211,074,311
100,148,400
1,349,686,350*
1,505,530.000*
451,854,514
361,770,667
447,815,200
447,676,900
$
226.202,119
45,621,906
68,132,729
93,527.800
212,702,200
300,751,000
48,798,786
122,222,333
175,250,900
207.300,850
$
795,910,078
438,894,706
321,002,540
227,634,700
1,626,853,550
1,829,186,000
541,192,300
488,993,000
648,066,100
654,977,750
368,715,110
1,131,237,916
565,615,760
160,688,267
610,957,245
479,263,618
319,506,950
130,383,000
264,714,115
463,935,140
255.R97.215
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
$
44,055,900
4,564,300
41.795.500
33,958,500
64,445,000
25,925,000
40,539.000
5,000,000
25,000,000
249,931,033
343,522,220
236,060,904
44,652,250
139,877.552
09,751,875
96,127,390
481,037,553
680.638.517
474,027.828
106,684.130
724.450,548
418,186,265
523,691,900
441,413,360
347,279,115
503,139,433
249.717.615
1,099,723,686
2,155,398,653
1,266,634,492
312,024,047
1,481,285.345
967,161,758
939,326,240
571.796,360
611,993,230
1,161,030,790
643.614.830
Stocks.
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
193,956,217
3R.000.000
Note.—Applications for the listing of trust company receipts and of securities
marked "assented" (if preparatory to reorganisation), or of securities stamped
"assumed" or "assessment paid"—the securities themselves having previously
been listed—are not included in this table.
*Government loans are included in the above.
BONDS.
STOCKS.
Year.
Railroad.
1921__
1920._
1919__
1918._
1917__
1916._
1915_
1914_
1913__
1912__
1911._
Electric Ry.
Miscell,
Railroad.
Electric R.
Miseell,
3
:
S
304,912,600 19,465,000 471,532,478 76,743,500 48,275,995 974,704,191
233,816,550
205,078,150 87,122,800 23.875,180 2,044,400,673
205,251,700
115,750,840 250,240,250
466,725 1,015,927,517
61,294,600 68,386,100 97,954,000 55,268,500
148,415 258,771,992
525,320,250 17,897,000 447,636,300 623,807,060 31,951,365 825,526,920
337,899,500 43,119,000 178,687,500 161,185,600 52,903,635 753,072,523
325,655,100 23,810,000 191,727,200 367,827,670 140,403,200 431,095,370
344,983,800 14,515,000 129,494,200 346,016,100 50,085,100 175,715,160
281,291,100 183,631,000 183,144,000 242,800,650 12,139,000 357,044,580
209,752,900 177,401,500 267,823,350 136,034,100 109,405,900 915,590,700
298,003,900 34,160,000 248,670,500 204,889,550 141,226,600 297,498,680
Other notable bond issues by railroad companies are the
following: $25,000,000 New York Central RR. 10-year 7%
Secured Gold bonds,issued for corporate purposes,refunding
'&c., $20,000,000 Pittsburgh Cincinnati Chicago & St. Louis
General Mortgage 5% Gold bonds given to minority stockholders of that company, par for par, in payment for their
stock by the Pennsylvania Co., acting in the interest of the
Pennsylvania RR. Co.; $10,000,000 Minneapolis St. Paul &
Sault Ste. Marie Ry. 10-year Collateral Trust 63's, issued
lo discharge operating indebtedness, and $8,000,000 Illinois
For,. 114.
Central 15-year 63% Secured Gold bonds, issued for
additions, &c.
The electric railway bond issues listed during the year
were $8,728,000 First Consolidated Mortgage 5s and $5,200,000 5
-year 6% Collateral Trust notes of Market St. Ry. of
San Francisco, issued under the reorganization plan of the
United Railroads of San Francisco, and $5,537,000 Portland
Railway, Light & Power Co. First Lien & Refunding 73. s,
issued for refunding, Su).
Miscellaneous bond listings for the year amounted to
$471,532,478, as compared with about 205 millions in the
preceding year. Leading the list are: $47,754,900 Sinclair
Consolidated Oil Corp. 5
-year 732% Gold notes, issued for
working capital, &c.; $31,718,500 Duquesne Light Co. First
Mortgage & Coll. Trust 30-year 6s, issued for refunding and
capital purposes; $30,000,000 American Agricultural Chemical Co. First Refunding 73's, issued for refunding and
working capital. Further examples of the large listings are
seen in the $30,000,000 Westinghouse Electric & Manufacturing Co. 7s; 830,000,000 Northwestern Bell Telephone
Co. First Mortgage 7s; $25,000,000 Standard Oil Co. of
Calif. 7s; $25,800,000 Bell Telephone Co. of Pennsylvania
20
-year 1st & Refunding 7s; $16,000,000 Chicago Union
Station First Mortgage 63/2s, and $15,000,000 Atlantic
Refining Co., 10-year 63's.
Prominent among the miscellaneous stock issues added to
the list are: (a) $105,270,400 American Telephone & Telegraph Co. Capital stock, issued for corporate purposes and
conversion of bonds; (b) $38,930,300 7% Cumulative Preferred stock and 2,169,264 Common shares without nominal
of par value of the Allied Chemical & Due Corp.,issued under
the consolidation plan (V. 111, p. 1379); (c) $34,420,900
Capital stock of the General Electric Co., issued as stock
dividends and working capital;(d) $49,683,500 Capital stook
of the United Fruit Co., issued as a 100% stock dividend
early in Jan. 1921.
Other issues well worth noting are the $14,896,650 Common stock and a like amount of 6% Preferred stock of the
par value of $50, of the North American Co., issued in
exchange for the Common stock of the par value of $100;
$11,199,400 Common stock. and $2,000,000 7% Preferred
stook of the Gulf States Steel Co., issued in exchange for
voting trust certificates; $10,000,000 8% Preferred stock of
the Fisher Body Ohio Co.,and $6,360,200 Common stock,
$4,001,200 7% Preferred stook and $7,313,900 6% Participating Preferred stock of the American Water Works &
Electric Co.
The principal stock issues without par value listed during
the year are: (a) 794,224 shares of the Tennessee Copper &
Chemical Corp.; (b) 706,643 shares of Common stock of the
Fisk Rubber Co.; (c) 268,652 shares of Common stock of
Montgomery & Co.; (d) 380,000 shares of Common stock of
the United Alloy Steel Corp.; (e) 200,000 shares of Capital
stock of the New York Shipbuilding Corp.;(f)224,390 shares
of the Capital stook of Wright Aeronautical Corp., and
(g) 324,693 shares of stock of International Cement Corp.
The principal oil issues listed during the last year are:
(1) $100,855,925 Standard Oil Co. of Calif. stock; (2)
$18,162,400 Common stock and $2,961,950 7% Preferred
stock of Producers & Refiners Corp.; (3) 797,375 shares of
Marland Oil Co. Capital stock; (4) $14,715,700 Kansas &
Gulf Co. stock; (5) 698,770 shares of Common stock and
$3,363,100 Preferred stock of Panhandle Producing &
Refining Co., and (6) 3,500,000 shares of stock of Pacific
Oil Co. The shares of the latter company were offered to
the holders of the Capital stook of the Southern Pacific Co.
at $15 per share. For the amount realized the oil company
purchased from the Southern Pacific Co. certain oil lands and
stock of the Associated Oil Co. (V. 111, p. 2230).
The notable additions to the listed oil stocks also include:
(7) $37,666,149 Texas Co. Capital stock, issued as a stock
dividend and for additional working capital; (8) $9,093,600
Tide Water Oil Co. Capital stock, issued to liquidate bank
loans and for additional working capital; (9) 105,670 shares
of Cosden & Co.; (10) 630,000 shares of Invincible Oil Co.
issued in exchange for shares of $50 par value;(11)$2,500,000
stock of Pierce Oil Corp., and (12)$2,419,950 Common stook
and $582,400 Preferred stook of Pure Oil Co.
The usual tables of securities listed are as follows:
GOVERNMENT AND MUNICIPAL ISSUES LISTED AND AUTHORIZED TO BE LISTED DURING 1921.
Belgium, Kingdom of, 25-year External gold 7s, 1945
$ 0000
38:000:0
4 0 000
0
do
20
do
-year Sinking Fund 8s, 1941
Bergen. City of(Norway), 25-year Sinking Fund bonds, 1945.... 4,000,000
Bordeaux, City of, 15
-year 6% gold bonds, due Nov. 1 1934_ _.
Brazil, U. S. of, 20
-year 8% E.cternal Gold Loan, 1941
25OOON0 0
15 W °0
0
Chile, Republic of, 20
-year 88, 1941
24.000,000
$9,500,000
Chile. Republic of, 5-year Sinking Fund 8s, 1920
10,500,000
-year Sinking Fund 8s, 1946
25
do
do
7,000,000
Loan 25-year 8s, Series A, 1946
Danish Cons. Municipal
8.000,000
do
Series B, 1946
do
do
25,000,000
-year 8s, 1945
Denmark, Kingdom of, 25
30,000,000
-year 6% External Gold Loan, 1942
20
do
do
French Republic, Govt. of., 25-year External Gold Loan 734%
100,000,000
coupon bonds, 1941
15,000,000
-year 6% gold bonds, due Nov. 1 1934
Lyons City of, 15
15,000,000
-year 6% gold bonds. due Nov. 1 1934
Marseilles, City of, 15
55,000,000
City of, Corporate Stock 434s, 1971
New York.
-year 8% Sinking Fund External Gold
Norway, Kingdom of, 20
20,000,000
bonds, due Oct. 1 1940
-year 7% Sinking Fund Ext.loan, 1941_ 12,000,000
Queensland, State of, 20
12,000,000
-year 8% Sinking Fund gold bonds, 1946
Rio de Janeiro 25
10,000,000
San Paulo, State of, 15-year 8s, External Loan, 1936
-year6% gold bonds, due June 15 1939_ 25,000,000
Sweden, Kingdom of, 20
7,500,000
Uruguay, Republic of, External Loan 25-year 8s, 1946
$507,500,000
Total
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1921.
Purpose of Issue.
Amount.
Company and Class of BondsAtchison Topeka & Santa Fe Calif.
$16,000 Exch. for sterling bonds
Ariz. 1st & Ref. 4jis
Canadian Nor. By. 20-yr. 7% debs_ 25,000,000 Refunding
Ch.& W.Ind. RR.15-yr. 73s,1935 6,957,000 Refunding
Erie RR., N.Y.& Erie RR.4th M.
2,926,000 4th M.58 of 1920 extended
5% bonds, Oct. 1 1930
Erie RR., Erie Ry.Cons.M.7s, 1930 16.891,000 7s, due Sept. 1 1920 ext.
Erie RR., N. Y. Lake Erie & West.
3,699,500 7s, due Sept. 1 1920 ext.
1st Consol. Mtge. 75, 1930
Nashville Chattanooga & St. Louis
495,000 Refunding
Ry. 1st Consol. 6s, 1928
1,013,0001Issued under reorganizaN.O.Tex.& Mex. 1st 6s, Series A
do Income 5s, Series A 3,656,0001 tion plan.
do
N.Y.Central RR. 10-yr. 7s, 1930 25,000,000 Refunding, cap'l purposes
jExch. for Providence SoN. Y. N. H. & Hartford RR. 4%1
1 1,861.0001 curities Co. debentures
gold debentures, 1957
Oregon-Washington RR. & Nay.
296,000 Exch. for sterling bonds
1st & Ref. 4s, Series
Issued under
St. Louis
-San Fr. P. L. Ser."A"4s_ 3,110,0001
reorganization
513,400
do Cum. Adj, M. Ser. "A" 6s_
plan
149,600
Ser. "A" 6s..
do Income Mtge.
Seaboard Air Line Ry. 1st Jr Consol.
27,777,500 Refunding, corp. purposes
6s, Series"A,"Sept. 1 1945
Seaboard Air Line Ry. Fla. Cent. &
83,000 1st M.5s, extended at 6%
Peninsula 1st Mtge. 6s, 1923
So. Caro.& Ga. RR.1st M.5%s,'29 5,250,000 5s, due May 1 1919 ext.
950,000 Refunding
Southern Ry. 1st Consol. 5s, 1994_ _
441,000 Add'ns, improve'ts, &c.
Union Pacific 1st & Ref. 4s, 2008...
Total
$126,085,000
RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1921.
Purpose of Issue.
Amount.
Company and Class of BondsAtchison Topeka & Santa Fe Calif.Exch. for sterling bonds
$24,000
Ariz. 1st & Ref.4;is, Series
.
Canadian Northern By.(Can. Nat
Rys.)"6 % S. F. Debs., 1946... 25,000,000 Funding, &c.
Chic. & N.W.Ry, 15-yr.6%s,1936 15,000,000 Refunding
-year
Grand Trunk Ry. of Canada 20
25,000,000 Refunding
7% Debenture bonds, 1940
Expens., Adds.,
Illinois Central 15-year 6 sis, 1936_ _ 8,000,000 Refunding, add'i &c.
mileage
M.St. P.& S. Ste. M.1st Cons. 5s_ 3,511,000
10,000,000 Discharge oper. indebt.
-year Coll. Trust 6Sis-do 10
Missouri Pacific Gen. Mtge, 4s...24,500 Issued under reorg. plan
'Exch. for Providence SeN. Y. N. H. & Hartford RR.4%1
164,0001 curitios Co. debentures
gold Debentures, 1957
Pennsylvania RR. 15-year 63-6s__-- 60,000,000 Purch. equip., corp. purp.
9.400)Issued under reorganizaPero Marquette 1st 5s, Series A,____
3,0001 tion plan
1st 4s, Series B
do
Acquisitions, corporate
P.C.C.& St. L. Gen. Mtge. Series
purposes, c.
A,5s, 1070
I 20,000,000
Issued under
785,800
St. Louis-San Fr. P. L. Ser. A 4s._
the
Series"B"5s
do
2,0001
reorganization
Oum. Adj. Series A 6s_ _ 1,030,200t
do
plan
9,100
Income Series A 6s
do
Southern By. 1st Consol. 5s, 1994_ - 5,655,000 Refunding imp., &c.
140,500 Additions,
Union Pactric 1st & Ref: 4s, 2008_ _
fOonstruction, improveWestern Pacific RR. 1st 5s, Series"
1 4,469,1001 ments, &c.
1946
A,
Total
1953
THE CHRONICLE
MAY 6 1922.]
$178,827,600
MISCELLANEOUS BONDS LISTED SECOND SIX MONTHS OF 1921.
Purpose of Issue.
Company and Class of Bonds.
Amount.
Amer. Water-Works Jr El.Co.,Inc.,
Coll. Trust 20
$16,604,900 Old bonds just listed.
-year 55, 1934
Brooklyn Edison Co. Gen,Mtge.7s,
Series "D"
3,000,000 Acquis'ns, additions, &e.
850,0001Capital expenditures.
ChicagoUnionSta.Co.lst 43.6s,Ser.A
do
1st 6s,Ser. C.. 16,000,000f
Cuba Cane Sugar Corp. cony. debs.
(stamped 8s)
17,528,300 Exch.for 7s under plan for
subordinating lien.
Detroit Edison 1st & Ref.6s, Ser. B.. 8,319,000 Extensions,improv'ts. &c.
Fisk Rubber Co. 1st 20-year 8s, 1941 10,000,000 Reduce bank loans, working capital.
Internat. Cement Corp. 5
-year 8%
convertible coupon notes, 192&..... 1,500,000 Refunding cap. expend's.
Invincible Oil Corp. 10-year 8s, 1931 2,799,000 Refunding.
Kelly-Spr. Tire 10-yr.8% note. 1931 10,000,000 Funding, working capital.
Kings Co. E.L.&P. pm'. mon.6s'97
166,000 Old bonds just listed.
Mexican Petrol'm Co., Ltd., of Del.
15
-year 8% cony. bonds. 1936._ 10,000,000 Corporate purposes.
Nor. States Pow. 1st & Ref. 58, 1941 1,499,0001Extensions and additions;
.4,492,500I
do Series B, 1941
Packard Motor Car Co. 10-yr. 8s'31 10,000,000 Reduce bank loans.
Porto Rican Amer. Tobacco Co. 10
3,000,000 Funding, working capital.
year 83, 1931
Prod. & Refin. Corp. 10-Yr. 8s, 1931 3,000,000 Retire debt, working cap'L
Sharon Steel Hoop 1st 20-yr.88,1941 5,000,000 Refunding, improv'ts, &C.
Tide Water Oil Co. 10-yr. 630,1931 12,000,000 Pay bank loans, &c.
Va.-Caro, Chem.Co. 12-yr. 73-6s,'32 12,250,000 Refunding; working ca.
22,0001Improv'ts, extensions, &c.
"West Penn Pow.Co. 1st 6s, Ser."C"
.000,000f
3
do 1st 7s, Series"D"
Total
$151,030,700
RAILROAD STOCKS LISTED
Company and Class of Stock.
Atch. Top. & Santa Fe, corn. stock..
Buff. & Susq. stock trust Ws.,com_
do
do
pref
do
Mo. Pac. stock trust ctfs.. corn.._ -do
prof
do
New Orl. Tex, Jr Mex. By,cap.stk_
Seaboard Air Line, common stock
do
preferred stock
Southern Pacific Co., capital stock_
Wabash By,, common
do
profit-sharing pref. A..- _
Western Maryland, common
do
second preferred
Total
FIRST SIX MONTHS OF 1921.
Purpose of Issue.
Amount.
$498.000 Conversion of bonds.
500,400 Old stock just listed.
1,666,700
2,172,300 Issued under reorganizaLion plan.
16,952,100
14,500.900 Exch.for voting trust ctfs.
5,884,4001Issued under financial
740,7001 plan.
28,188,500 Conversion of bonds.
590,800 Exch. for 5% Cony. pref.
590,800 "B," already listed.
440.800 Exchange for securities of
58,000 consolidated companies.
$72,784,400
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1921.
Purpose of Issue.
Amount.
Company and Class of Stock.
New York Central RR.cap'istock..- $1,013,800 Exch. N.Y.C.&H.RR.stk.
1,552,100 Iss'd under financial plan.
Seaboard Air Line preferred stock
990,900 Exch. for 5% Cony. Pref.
Wabash By., common stock
272,900 "13," already listed.
do profit-sharing pref."A"stock
112,900 Exchange for securities of
Western Maryland, common stock
16,500 consolidated companies.
do
preferred stock
Total
$3,959.100
ELECTRIC RAILWAY STOCKS LISTED FIRST SIX MONTHS OF
1921.
Purpose of Issue.
Amount.
Company and Class of StockDetroit United Ry. Capital stock_ - $320,100 Stock dividend.
Interborough Consol. Corp.
*59.2601Exch. for Interborough
Common (11,852 shares)
15.5001 Met. v. t. C.
Preferred
9,230,800 Issued under Reorganiza,Market St. By. Common
4.634,200 tion Plan of United RR.
do
do
Preferred stock_
Prior Prof. stock- 8.092,000 of San Francisco.
do
do
3,968,400
2d Pref. stock
do
do
8,235,975 Exch. for certifs. bearing
Monongahela Pr. & By. Corn. stk
3,727,200 name Motion, Valley
do 6% Cumulative Prof.stock
Traction Co.
Virginia By. Jr Pr. Co., 6% non460.300 Stock dividend.
cum. Prof
Total
$38,749,735
ELECTRIC RAILWAY BONDS LISTED FIRST SIX MONTHS OF 1921. ELECTRIC RAILWAY STOOKS LISTED SECOND SIX MONTHS
OF 1921.
Purpose of Issue.
Amount.
Company and Class of BondsPurpose of Issue.
Amount.
Market St.Ry.lst Cons.M.5s, 1924- $8,173,000fIssued in accordance with
Company and Class of Stock1reorganization plan.
$27,100 Stock dividend.
Detroit United By. Capital stock.. _
JExch. for Interborough
Interborough Consol. Corp. stock
ELECTRIC BY. BONDS LISTED SECOND SIX MONTHS OF 1921.
*64.0851 Met. v. t. C.
(12,817 sh.)
144.300 Old stock just listed.
Purpose of Issue.
Manhattan By. Guaranteed stock
Amount.
Company and Class of Bonds
5,000,0001Exch. for Manila El. RR.
Market St. By. 1st Cons. 55, 1924_ $555,0001Imed under reorganiza- Manila Electric Corp. Coin. stock
1 Jr Light. Corp. certifs.
do 5-Yr. 6% Coll. Tr.notes, 1924 5,200,000ftion plan.
936,800 Issued under ReorganizaMarket St. Ry. Common stock
Portland Ry. Lt. & Pr. Co. 1st Lien
tion Plan of United RR.
234,200
Preferred stock.. _ _ _
5,537,000Refunding, &c.
do
do
7Ms, Series A
& Ref.
2,342,000 of San Francisco.
Prior Prof. stock
do
do
468,400
2d Pref. stock
do
do
Total-------------------------$11,292,000
309,375 Exh.for Mon.Vy. Tr.elf.
Monongahela Pr. Jr By.Prof. stock_
MISCELLANEOUS BONDS LISTED FIRST SIX MONTHS OF 1921.
$9,526,260
Total
Purpose of Issue.
Amount.
Company and Class of BondsAmerican Agricultural Chemical Co.
$30,000,000Refunding, working capital. MISCELLANEOUS STOCKS LISTED FIRST SIX MONTHS OF
1st Ref, 7%s, 1941
1921.
American Smelting & Refining Co.
283,600 Exch.for Securities Co.stk.
1st 5s, Series A, 1947
Purpose of Issue.
Amount.
Company and Class of Stock2,686,278 Divs. paid in scrip.
Amer. Tobacco Div. Ctfs. Series I
Rofining Co. 10-yr. 65is,'31 15,000,000working capital.
Chemical Jr Dye Corp. Corn.
Allied
Atlantic
ed under consolidation
*$10,782,2151Issu
-year 1st Ref
(2,156,443 shares)
Bell Tel. Co. of Pa. 25
do 7% Cumulative Prof. stock-- 38,525,4001 plan.
25,000,000 New capital, &c.
7s, Series A, 1945
Co.,
Amor. Agri. Chem. Co. Corn. stk.._ 1.342.700 Stock dim, acquisitions.
Brooklyn Edison "B. Inc., Gen.
3..000,000 Acquisitions, additions,
Mtge. 6s, Series
Amer. Chicle Co.Corn.(151,408 sh.)*10,352,945 Old stock just listed.
Own. Prof. stock.. 3,000.000
do
do
do do Gen. M.7s, Series "0".. 2,000,000 improvements, &c.
Gen. M.7s, Series"D" 5,000,000
Amer. Hide Jr Leath. Co.Prof. stk._ 1,589,600 Old stock just listed. &c.
do do
726,000 Conversion of notes,
Amer.La Fr, Fire Eng. Co.Cap.stk.
Cerro de Pasco Copper Corp. 10-yr;
American Ship Jr Commerce Corp.) *3,677,825!Acquisitions, general corp.
Convertible 8s, I9
8,000,000 Corporate purposes.
1 purposes.
Cuban-Am. Sugar Co.Ist.M.8s,'31 10,000,000 Refunding, working cap.
Capital (147,113 shares)
capital.
0
Amer. Steel Foundries Corn. stk ___ 2,185,900 Stock dividend.
Diamond Match Co.1,5-yr.7s.'35_ 6, 00.000 Working
& uoll. Tr.
Tel. & Tel. Co. Capital stock 6.855,000 Conversion of bonds.
Duquesne Lt. Co. 1st
Amer.
-year 6s, Series A, 1949
30
31,718,500 Refunding, corp. purposes American Writ,Paper Co. Pref. stk_ 2,049,000 Old stock just listed.
Granby Consol. Mining, Smelting &
Art Metal Cons. Co. Capital stock_ - 1.599,270101d stock just listed.
,Ltd.,5-year 8% Cony.
do v. t. C. for Capital stock....1,606,4301
Power Co.
1925
2,500,000 Construc'n,acquisit'ns,&c. Atlantic Petroleum Corp. Cap. stk_ 6,807.375 Exch. for $5 par shares.
119,385 Stock dividend.
Autosales Corp.6% Cum. Prof. stk.
Debs.'
4,000,000 Refunding, &c.
Mariam:I 011 Co. 10-year 8s, 1941
2,671,975 fEcxh. Bigheart Prod. &
Barnsdall Corp. Class B stock
Morris & Co. 1st Mtge.435 1939-- 7,550,000 Extensions.
Refining Co. stock.
Northwestern Bell Tel. CO. 1st M.
30,000,000 Gen. corporate purposes, Bayuk Bros. Inc., Common stock
7s, Series A, 1941
*6.3891Corporate purposes.
63,887 shares)
Pan-American Petroleum Jr Trans
969,0001
o 8% Cum. Cony. Pref. stock..
Co. 1st L. 10-yr. Marine Eq.7s,'30 9,444,500 Construction of vessels.
Beech-Nut Packing Co. 7% Cum'
Sinclair Consolidated Oil Corp. 5-yr.
1,119,500 Working capital.
Pref. stock, Class B
47,754,900 Working, capital, &c.
% Gold Notes, 1925
325,200 Stock dividends.
Bush Terminal Co. Common stock_
Standard Oil Co.,Calif.,10-yr.7s,'31 25,000,000 Gen. corporate purposes.
165,955 Exch. for v. t. C.
Butte Coppor & Zinc Capital stock..
Steel & Tube Co. of Am.Oen, Mtge.
10,000,000 Refund., working capital. Columbia Graphophone Mfg. Co.
7s, Series "0," 1951
Equip. Trust
shares)_ - *634,000 Stock dividend.
Common stock (63,400
Union Tank Car Corp.
12,262,000 Purchase of equipment.
Consolidated Distributors, Inc..) *3,020,720f Exch.for stock of Times
7% Notes, Series A, 1940
)Sq. Auto Supply Co.
Common stock (190,484 sh.)__
Westinghouse El. Jr Mfg. Co.75,'31 30,000,000 Gen. corporate purposes.
Consolidated Textile Corp. Capital
West Penn Power Co. 1st M. 68.
*2,990,910 Acquis. of coast. cos., &c.
stock (99,697 shares)
73,000}Extensions, athlltions, im Series "0," 195,S
n,
Corn Exchange Bank Capital stock._ 1,500,000 Additional capital.
do Series "D, due Mar. 1 1,946 3,000,000 _provemets &c.
298,800 Conversion of debentures.
229,000 Working capital.
Detroit Edison Co. Capital stock
Wilson Jr Co. 1st M.6s,Ser "A. '41
128,000 Acq.Dome Ext. Mines Co.
Dome Mines. Ltd., Capital stock
497,150 Working capital.
B_
$320,501,778
Durham fibs. Mills Corn,stk. cl.
Total
1954
TI-I14 CHRONICLE
Company and Class of Stock.
Amount.
Purpose of Issue.
Eastman Kodak Co. Common stk_- $250,000 New capital.
Endicott-Johnson Corp. Corn. stk-500,000 Working capital.
General Asphalt Co.,com.stock____
178,400 Old stock just listed.
General Electric Co. capital stock__ 26,397.700 Stock div., add'l w'k'g cap
Gen. Mot. Corp., corn.(569,791 sh.) *5,697,910 Exch. for old stock, &c.
Gilliland Oil Co.8% Cum.Pref.stk. 3,236,600 Corporate purposes.
Gray & Davis, Inc., capital stock
(108,904 shares)
*2,722,600 Exch. for $25 par shares.
Indian Refining Co. common stock.. 4,830,450 Acquisitions, &c.
Internat. Cement Corp. corn. stock
(268,404 shares)
*8,080,596 Old stock Just listed.
Internat. Harvester Co. corn. stock- 2,290,600 Stock dividend.
Internat. Paper Co.stmpd. pref. stk. 151,000 Exchange for plain certifs.
Invincible Oil Corp. capital stock- 3,243,350 Refunding, acquisitions.
Kelly-Springf. Tire Co. corn. stock_
491,150 Stock dividend
Liggett & Myers Tob., corn., Ser. B
442,200 Working capital.
Lima Locom. Works,Inc., corn. stk. 4,350,000101d stock Just listed.
do 7% cumulative pref. stock
2,865,0005
Loew's,Inc.,cap.stk.(137,549shs.) *3,438,725 Acq'ns, work'g cap'l, &c.
Loose-Wiles Biscuit ext. stk. tr. ctfs. 1,138,400 Exch. for stock trust ctfs.
Marland 011 Co. capital stock (757,791 shares)
*51,629,008 Exch.for share constit.cos
Martin Parry Corp.stk.
(54,595 shs.) *835,304 Old stock Just listed.
Mexican Petroleum Co., Ltd., Del.,
common stock
4,157,300 Stock dividend.
Middle States 011 Corp. cap'l stock_ 4,707,360 Acquisition of oil prop's.
Montgomery Ward & Co. common
stock (213.908 shares)
*6,417,240 Exch.for Class"B"stock.
National City Bank capital stock_ - 1,292,800 Additional working capital
National Park Bank capital stock
2,500,000 Additional capital.
N. Y. Shipbuilding Corp. capital
stock (200,000 shares)
*7,197,649 Old stock just listed.
Otis Elevator Co. common stock
4,742,700 Stock dividend.
Pacific Dev. Co. cap. stock (64,563
shares)'
*1,484.949 Working capital.
Pacific Oil Co. capital stock (3,500,000 shares)
*52,500,000 Acq'n of oil prop. & holdings of Sou. Pac. Co.
Panhandle Producing & Refining Co.
common stock (198,770 shares)_ _ *4,924,5811Acq'n ofPanhandle Refin.
do
87 Cumul. Pref. stock_ 3,363,1005 Co.and other oil prop's.
Penn Seaboard Steel Corp. Capital
stock (64,563 shares)
*322,815 Acquisition working cap'l.
Porto Rican-Amer.Tob. Co.cap.stk 1.280.600 Exchanged for scrip.
Pure 011 Co.common stock
2.419,950 Stock diva., acqius'eis, &C.
do
preferred stock
582,400 Exch.for ctn. of Ohio Cities Gas.
Remington Typewriter Co.corn. stk 10,000,000
do 7 1st cum. pref
4,000,000 Issued in exchange for votdo 7 1st cum. pref., Ser. "S." 1,217,000 ing trust certificates.
do 87 2d cum. preferred
6.000,000
Seaboar National Bank,cap'l stock 2,000,000 Additional capital.
Sinclair Consol. Oil Corp. common
stock (157,276 shares)
*786,380 Old stock Just listed.
Stand. Oil Co.(Calif.) capital stock.. 99,373,300 Old stock just listed.
Stewart-Warner Speedometer Corp.
stock (33,362 shares)
*667,240 Acquisitions.
Superior 011 Corp. capital stock
(25,000 share*
*1,000,000 Iss'd for services rendered.
Texas Co. capital stock
12,666,149 Stock dividend.
Texas Pac. Coal & Oil Co.cap.stk
165,648 Stock dividend.
Tobacco Products Co. corn. stock
1,201,300 Exch.for Corn. B.stock of
American Tobacco Co.
Union Tank Car Corp. corn. stock
12,000.000 Old stock Just listed.
do 77 cum. non-vot. pref. stock 12,000,000 Purchase of tank cars.
United Alloy Steel Corp. corn. stock
(380,000 shares)
*1,91)0.000 Acq'n of allied cos.
United Drug Co.common stock.._ _ _ 4,904,900 Exchange for 2d pref.. &c.
United Fruit Co. capital stock
49,683,500 Stock dividend.
United Paperboard Co. corn. stock918,600 Stock dividend.
U. S. Rubber 1st pref. stock
3.985,700 Old stock Just listed.
Van Raalte Co., Inc., 7% cum. 1st
pref. stock
3,250,000 Acq'n of constituent cos.
Vulcan Detinn'g Co. corn, stk. "A" 1,225,000 Issued under settlement
7% Cumul, pref. stock"A"
plan between company,
919,400
Republic Chemical and
Continental Can Co.
Westinghouse Air Brake Co.stock
4,000,000 Old stock just listed.
Wickwire Spencer Steel Corp. 8%
cum. pref. stock
225,000 Working capital.
Wilson & Co., Inc., common stock
(2,028 shares)
*202,800 Stock dividend.
Worthington Pump & Mach.Corp.
Common stock
12,992,2001 Exchange for voting trust
do Class"A"7% cum. pref.stk_ 5,592,900 certificates.
do Class"B"6% cum,pref.stk_ 10,321,700
Wright Aeronautical Corp. capital
stock (224,390 shares)
*1,913,168 Iss'd under refinanc'g plan
[VOL. 114.
Company and Class of Stock.
Amount.
Purpose of IMO.
Otis Steel Co.7% Pref. stock
$4,000,000 New constr., wkg. capital.
Owens Bottle Co.Common stock.._ _ 5,498,000 Stock dividend.
Penn Seaboard Steel Corp. v. t. c.
(235,939 shares)
*1,179,695 Exch.for v.t.c.exp'd 1921.
Pierce Oil Corp. Common stock
_ 2,500,100 Corp.purp.,11q.bankloans
Producers & Refin. Corp. Corn. stk_ 18,162,400 Exch. for stock par $10.
do
7% Preferred stock_ _
2,961,950 Exch. for stock par $10.
Remington Typewriter Co. 8% 2d
Preferred stock
267,200 Exch, for v.t. C.
Standard 011 Co. Calif. capital stock 1,482,625 Offered to employees.
Stern Bros 8% Pref. stock
3,945,800 Exch.for 7% Pt. stk. div.
.
Tennessee Copper & Chemical Corp.
capital stock (794,224 shares)_ _ _ _ *4,000,000 Exchanged for v. t. C.
Texas Co. capital stock
2
5,000,100 Corporate purposes. &c.
Texas Gulf Sulphur Co.cap.stock.... 6,350,000 Old stock just listed.
Tide Water Oil Co. capital stock_ _ _ 9,093,600 Liq. bank loans, wkg.cap.
Union Oil Co. (Delaware) capital
stock (19,704 shares)
*669,936 Acq. of Nat. Explor. Co.
Virginia Iron, Coal & Coke Co.
Common stock
10,000,000 Exchanged for old stock.
Total
$383,383,225
* Indicates shares of no par value. The amounts given represent the
declared or stated value.
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1921.
Railroads c% Electric Rys. Int.
Date.
Maturity.
Amount.
Galv.-Hous, Electric Co_ _8
Feb. 1 1921 Feb. 1 1926
$250,000
Kansas City Terminal Ry_ _6
July 1 1921 July 1 1931
2,000,000
Minn.St.P.& S. S. M.Ry.7
June 28 1921 June 28 1922 3,000,000
Monongahela Vail. Tr. 00.8
May 1 1921 May 1 1922 2,000,000
Oklahoma Ry
8
Jan. 1 1921 Jan. 1 1928
450,000
Portland R., L. & P. Co 8
Mar. 1 1921 Mar. 1 1926
1,000,000
Twin States Gas & El. Co_ _8 0 Mar. 1 1921 Mar, 1 1931
1,000,000
United Ry.&ELCo. of Balt.7
Jan. 15 1921 Jan. 15 1931
1,500,000
Wash. Bait. & Ann.E1.RR.8 o Mar. 1 1921 Mar. 1 1923
1,400,000
Total railroad and electric railway notes first six months---$12,600,000
Miscellaneous Cos.Int.
Date.
Maturity.
American Glue Co
8
April 1 1921 April 1 1931 $1,500,060
Atlantic Fruit Co
8
Feb. 1 1921 Feb. 1 1926 6,000,000
Alles & Fisher, Inc
8
July 1 1920 July 1 1925
250,000
Aluminum Goods Mfg. Co_7
Mar. 1 1921 Mar. 1 1941
3,500,000
Am: Bosch Magneto Corp_8 o Juno 1 1921 Juno 1 1936
2,500,000
Barnhardt Bros. & Spindler8% Mar. 1 1921
1923-31
600,000
Boston Consol. Gas Co_.._ -77ç Feb. 1 1921 Feb. 1 1922 5,000,000
(Chas. B.) Box
7%
1921
300,000
1921-28
Caribbean Sugar Co
87
1921
1026
1,500,000
Charleston Gas & Elec. Co_7% Feb. 1 1921 Feb. 1 1031
200,000
Copper Export Assoc., Inc_8 o Feb. 1 1921
1922-25 40,000,000
Deere & Co
7
Feb. 15 1921 May 1 1931 10,000,000
De Laval Separator Co_ _....8 0 Mar. 1 1921 Mar. 1 1931
3,000,000
Des Moines Electric Co 7
May 1 1020 May 1 1025
369,000
Elder Steel Steamship Co....8% April 1 1921 Oct. 1 1926
1,000,000
Empire Gas & Fuel Co_ _ 8% Oct. 1 1920 June 15 1924
5,000,000
Empire Oil Purchasing Co_7% Mar. 1 1921 Sept. 1 1923 10,000,000
Evans & Howard Fire B.Co.6%
1921
1921-26
500,000
Frank & Seder, Inc
8% Mar. 1 1921
1921 25
600,000
7 Feb. 15 1921 Feb. 15 1931
General Petroleum Corp__ _70
7,500,000
Grand Rapids Brass Co.._ _ _8% Jan. 1 1921 July 1 1921-31
250,000
Hercules Corporation
8
Jan. 1 1921 Jan. 1 1936
1,500,000
Humble 011 & Refining Co_7
Mar. 15 1921 Mar.15 1923 25,000,000
International Products Co_8
Jan. 15 1921 Jan. 15 1922
1,192.166
Indlahoma Refining Co_ _ _ _8
April 1 1921 April 1 1031
2,000,000
Island 011 & Transport Co_8
June 15 1021 June 15 1926 3,500,000
Kelly-Springfield Tire Co....8
May 15 1921 May 15 1931 10,000,000
Kimberly-Clark Co
7
April 1 1921 April 1 1931
3,500,000
8
Municipal Gas Co
April 1 1921 April 1 1922
1,250,000
Nat.MotorOar& Veh.Corp.8
April 1 1921 April 1 1926
1,200,000
Oklahoma Gas & Elec. Co..8% Feb. 1 1921 Feb. 1 1931
2,500,000
Oliver Typewriter Co
8
May 1 1921
1023-31
750,000
Oxford Paper Co
June 1 1921 Juno 1 1922 3,000,000
7
St. Louis Coke & Chem.Co_8
June 1 1921 June 1 1927 2,076,700
Selznick Corporation
Jan. 1 1921 Jan. 1 1931
8
2,000,000
(G. A.) Soden & Co
87 May 1 1921
250,000
1922-32
2,000,000
S.W.Power&LightCo....8% Jan. 1 1921 Jan. 1 1941
Shaffer Oil & Refining Co....8
May 1 1921
1922-24
3,500,000
United Gas Improvem't 00.8
Feb. 1 1921 Feb. 1 1923 7,500,000
U. S. Playing Card Co.... _ _8
April 1 1921
1,000,000
1922-27
Washington(D.C.)G.L.Co _7
Jan. 1 1921 Jan. 1 1926
1,200,000
Wheeler Timber Co
7
Jan. 1 1921 Jan. 1 1926
400,000
Wis.-Minn. Lt. & Pr. Co_.8% Feb. 1 1921 Feb. 1 1922
1,000,000
Total miscellaneous company notes first six months
$175,887,866
Total railroad, electric railway and misc, cos., first six mos_$138,487,866
PRINCIPAL NOTEISSUES NOT LISTED SECOND SIX MONTHS 1921
Railroad c% Electric Rys. Rate.
Maturity.
Date.
Amount.
Total
$591,320,966
Chic. No. Shore & Milwau_7% June 15 1921 June 15 1936
$500,000
MISCELLANEOUS STOCKS LISTED SECOND SIX MONTHS OF 1921 Danville Champaign &
Decatur Ry.& Light Co_734 April 1 1921 April 1 1926
233,100
Company and Class of StocksPurpose of Issue.
Amount.
El Paso Electric Co
7% July 1 1920 July 1 1925
750,000
Allied Chem.& Dye Corp. Common
Hagerstown&Frederick Ry_73. Dec. 1 1921 Dec. 1 1922
540.000
(12,821 shares)
*$64,1051Issued under consollda- Havannah Electric Railway,
do Preferred stock
404,9001 plan.
Light & Power Co
7% Sept. 1 1921 Sept. 1 1926
1,500,000
Amer. Chicle Corn. (4,550 shares)
*455,000 General corp. purposes.
Amer. Tel. & Tel. capital stock
98,415,400 Corp. purp.. bond cony. Pennsylvania-Ohio Power &
Light Co
87 Nov. 1 1920 Nov. 1 1930
750,000
American Water Works & El. Co.
Puget Sound Pr.& Lt. Co....8% Sept. 1 1021 Sept. 1 1926
1,000,000
Common stock (v. t. c.)_..__ 6,380,200)
Washington Water Pr. Co_6
Feb. 2 1922 Feb. 2 1924 2,000,000
do 7% Preferred (v. t. c.) c.)
7: : 0 1
4 001 980 1d stock Just listed.
313 2 0
do 6% Particip. Pref.(v.t.
Total railroad & electric railway notes second six months__ $7,273,100
Bush Term.Bldgs.7% Cum.Gtd,Pf_ 4,784,300 Old stock Just listed.
Carson Hill Gold Mining cap.stock..
200,009 Old stock Just listed.
Miscellaneous Companies.Rate.
Date.
Maturity.
Amount.
Chase National Bank capital stock_ 4,996,5001Acquis. of Metropolitan Arkansas Light & Pr. Co..
..8% May 1 1921 May 1 1931
$650,000
Chase Sec. Corp.stk. (49,965 sh.)
*249,8251 Nat. Bank, N. Y. City, Autocar Co
Sept. 1 1921
1921-23
6
1,500,000
Consol. Gas, El. Lt. & Pow. Co..
Bridgeport Hydraulic Co_ _5
June 1 1921 June 1 1925
1,750,000
Balto., Common stock
14,608,700 Exch.for Com.ofsame par. Chicago Mill & Lumber Co_7
Nov. 15 1921 Nov. 15 1931
2,500,000
Consol.TextileCorp.stk.(83,705sh.) *2,511,150 Acquisition of constituent Cincinnati Gas & El. Co_ _ _8
Aug. 1 1921 Dec. 1 1922 6,000,000
cos., conversion, &c.
Citizens Gas Co.ofIndian's_8
Sept.15 1921 Sept. 15 1922
250,000
Cosden & Co.Corn.stk.(105,670sh.) *2,671,338 Exch.for Atl.Petr.Co.stk. Connecticut Power Co
7
Dec. 1 1921 Dec. 1 1926
500,000
Eastman Kodak Co. capital stock
135,000 New capital.
Consolidated Gas Co., N.Y7
Dec. 1 1921 Dec. 1 1922 20,000,000
Fisher Body Ohio Co.8% Pref.stock 10,000,000 Old stock Just listed.
Dalton Adding Machine Co.8
Dec. 1 1921 Dec. 1 1931
750,000
Fisk Rubber Co. Coin.(706.643 sh.) *6,165,545 Exch. for stock (par $25), Du Bois Lumber Co
8
Oct. 1 1921 Aug. 1 1927
1,000,000
acquisitions.
Elgin Motor Car Corp
8% June 15 1921
1922-24
500,000
do
7% 2d Pref.stock
957,000 Exch. for old stk., acquis. Exchange Buffet Corp
Oct. 15 1921
300,000
1922-26
8
General Electric Co. capital stock.... 9,023,200 Stock diva., acquis., &c. General Necessities Corp_ _8 o July 1 1921
1925-31
600,000
Gen.MotorsCorp.Com.
(105,175sh.) *1,051,750 Issue under bonus plan,&c. Hood Rubber Co
7
Dec. 1 1921 Dec. 1 1936 6,000,000
do
6% Debenture stock_ _ _
117,900 Acq. constituent cos., &c. Indianapolis Abattoir Co....7
Sept. 15 1921 Sept. 15 1931
500,000
Gulf States Steel Co. Common stock 11,199.4001Exchanged for voting trust International Cement Corp.8
June 1 1921 June 1 1926
1,500,000
do
7% 1st Prof. stock_ _
2,000,0001 certificates.
(G. R.) Kinney Co
Dec. 1 1921 Dec. 1 1936
2,500,000
International Cement Corp. capital
!Exch. for old stock, acq. Middle West Utilities Co..-8 o July 1 1921 July 1 1941
1.500,000
stock (324.693 shares)
*9,710,6141 of affililated co.
Mt. Vernon-Woodberry
Internat. Harvester Co. Cora. stock 1,845,400 Stock dividend.
Mills, Inc
7% Jan. 1 1922 Jan. 1 1932 2,000,000
International Motor Truck Corp.
Orpheum Circuit Co
7
Sept. 1 1921 Sept. 1 1926
1,500,000
Common stock (121,274 sh.)_ _ _ _
Portland (Me.) Gas Lt. Co_7
*606,370 Corporate purposes.
Sept. 1 1921 Sept. 1 1931
500,000
Internat. Paper Co.stpd.Prof.stock
Potomac Light & Power Co.8
48,000 Exch. for plain certfs.
Aug. 1 1921 Aug. 1 1922
500,000
Invincible Oil Corp. capital stock
Shawsheen Mills
Oct. 1 1921 Oct. 1 1031
7
5,500,000
(630,000 shares)
*31,500,000 Exch. for $50 par shares. Swift & Co
Aug. 15 1921 Aug. 15 1931 25,000,000
Island Oil & Transp. Co.stk.(v.t.c.) 3,209,510 Iss. for services rendered, Tobacco Products Corp_ _ _
Dec. 15 1921 Dec. 15 1931
4,000,000
settlem't of claims and Utica Gas & Electric Co_ _ ..7
Nov. 1 1921 Nov. 1 1924
1,500,000
acq. of oil properties.
Washington(D.C.)GasLtCo7
Jan. 1 1921 Jan. 1 1926
370,000
Kansas & Gulf Co. capital stock
14,715,700 Old stock Just listed, acq. Western States Gas & El.Co6% Feb. 1 1917 Feb. 1 1927
600,000
Kelly Springfield Tire Co. Corn.stk_
520,450 Stock dividend.
Marland Oil Co.cap.stk.(39,584sh.) *2,364,208 Exch.for sh.ofconstit.cos.
Total miscellaneous company notes, second six months_ - __ $89,770,000
Montana Power Co. Common stock_ 3,000,000 Exch. for stock restricted
Total railroads, electric railways and miscellaneous second
as to dividends.
six months
97,043,100
Montgomery Ward & Co., Inc.,
Total railroad and electric railways for year
19,873,100
Common (54,744 shares)
*1,642,320 Exch.for Class"B"stock.
Total miscellaneous companies for year
265,657,866
Niagara Falls Pow.00.7% Pf.stock
Total railroad, electric railways and miscellaneous companies
306,400 Improvements, &c.
North American Co. Common stock 14.896,650 rxch. for old $100 par
for year 1921
285,530.966
do
6% Preferred stk
stock
Corn. stk. in 50% Corn
14,896,650
Total as reported for 1920
761,910,140
Total as reported for 1919
and 50% Pref.(par $50)
524,763,500
Old Dominion Co capital stock__ - 1,323,225 General corp. purposes.
Total as reported for 1918
515,583,900
MAY 6 19221
Current Punts and
THE CHRONICLE
gum:cams
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Substantial increases for the week in earning assets, deposits and Federal Reserve note circulation are indicated in
the Federal Reserve Board's weekly bank statement, issued
as at close of business on May 3 1922, and which deals with
the results for the twelve Federal Reserve Banks combined.
Discounted bills on hand increased by $9,300,000, acceptances bought in open market by $24,700,000, and Government securities by about $42,000,000. All classes of deposits
show larger totals than the week before: Government deposits by $27,200,000, members' reserve deposits by $26,100,000, and other deposits, composed mainly of cashiers'
checks and non-members' clearing accounts, by $5,800,000.
Considerable increases in Federal Reserve note circulation
are reported by the New York, Atlanta and San Francisco
banks, while the other Reserve banks show little change or
small decreases. The Banks report a decrease of $2,100,000
in their aggregate net liabilities on Federal Reserve bank
notes in circulation. Gold reserves show a nominal decline,
while other cash reserves, i. e., silver and legals, declined by
$5,600,000. The reserve ratio, in consequence of the above
changes, shows a decline for the week from 78.3 to 76.7%.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Gold movements in some volume from New York and Cleveland, mainly
to Atlanta and Kansas City, are shown. Gold reserves of the New York
bank show a decrease of$24,000,000, those of the Cleveland bank a decrease
of about $6,000,000, while smaller decreases aggregating about $12,100.000
are shown for the Boston. Dallas and San Francisco banks. Atlanta shows
the largest gain in gold reserves, viz., by $10,200,000, Kansas City, with
an increase of $6,600,000, following next in order, while smaller increases,
aggregating.$14,700,000, are shown for the remaining Reserve banks.
Holdings of Government paper increased from $179,000,000 to $190,500,000. Of the total held, $150,900,000, or 79.2%, were secured by Liberty and other U.S. bonds,$8,700,000,or 4.6%, by Victory notes,$18,500,000, or 9.7%, by Treasury notes, and $12,300,000, or 6.5%, by Treasury
certificates, compared with $150,000.000, $8,500,000, $13,600,00 and
$6,900,000 reported the week before.
The statement in full, in comparison with preceding weeks
and with the corresponding date last year, will be found on
subsequent pages, namely pages 1984 and 1985. A summary
of changes in the principal asset and liability items of the
Reserve banks, as compared with a week ago and a year
ago, follows:
Increase (+) or Decrease (—)
Since
April 26 1922.
May 4 1921.
Total reserves
—6,000,000
+598,900,000
reserves
Gold
—400,000
+651,400,000
Total earning assets
+76,000,000 —1,200,800,000
Discounted bills, total
+9,300,000 —1,556,900,000
Secured by U.S. Govt.obligations_ _
—701,900,000
+11,500,000
All other
—855,000,000
—2,200,000
Purchased bills
+13,000,000
+24,700,000
+343,100,000
+42,000,000
United States securities, total
Bonds and notes
+239.800,000
+15,300,000
Pittman certificates
—156,400,000
—1,500,000
Other Treasury certificates
+259,700,000
+28,200,000
+163,100,000
+59,100,000
Total deposits
Members'reserve deposits
+103,400,000
+26,100,000
Government deposits
+49,000,000
+27,200,000
+5,800,000
Other deposits
+10,700,000
Federal Reserve notes in circulation
—655,200,000
+15,900,000
P. R. bank notes in circulation, net lia--2,100,000
—76,400,000
bility
1955
deposits (net) and of $11,000,000 in time deposits. Total
borrowings of the reporting banks from the Reserve banks
declined from $210,000,000 to $159,000,000, or from 1.4 to
1.1% of the banks' combined loans and investments. For
member banks in New York City a reduction from $21,000,000 to $8,000,000 in total borrowings from the local Reserve
bank and from 0.4 to 0.2% in the ratio of their borrowings
to their loans and investments is shown.
Reserve balances of the reporting institutions declined by
$19,000,000, and cash in vault by $2,000,000. On a subsequent page, that is on page 1985, we give the 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:
Increase (+) or Decrease (—
Since
Apri119 1922. April 27 1921.
—$1,402,000,000
Loans and discounts—total
—385,000,000
Secured by U.S. Government obligations —$5,000,000
+265,000,000
+34,000,000
Secured by stocks and bonds
—29,000.000 —1,282,000.000
All other
+509,000,000
+6,000,000
Investments, total
+230.000.000
+32,000,000
United States bonds
—110,000,000
—1,000,000
Victory notes
+386,000.000
—3,000,000
United States Treasury notes
—69,000,000
—20,000,000
Treasury certificates
+72,000,000
—2,000,000
Other stocks and bonds
+80,000,000
—19,000,000
Reserve balances with F. R. Banks
—52,000,000
—2,000,000
Cash in vault
—43.000,000
—35,000,000
Government deposits
+538,000,006
+47,000.000
Net demand deposits
+246,000,000
+11,000,000
Time deposits
Total accommodation at F. R. Banks_ _.—51,000,000 —1,364,000,000
J. P. MORGAN TO SAIL FOR EUROPE MAY 13.
It was announced on Thursday the 4th inst. that J. P.
Morgan will leave for Europe next Saturday, May 13. As
indicated in these columns last week (page 1841) Mr.Morgan
has accepted the invitation of the Allied Reparations Commission to serve on the sub-finance committee which will
discuss the feasibility of raising an international loan for
Germany. Mr. Morgan will be accompanied by George
Whitney—also a partner in the Morgan firm—and an
expert on securities. The "Journal of Commerce" yesterday
said:
Mr. Morgan said that he planned to meet and confer with Mr. Lamont
while in London on his way to Paris to attend the Conference. Mr.
Lamont will return to the United States on the Olympic to attend a meeting
of the International Committee of Bankers on Mexico, at which Adolfo
de la Huerta, Finance Minister of Mexico, will be present.
Class of Security.
Mr. Morgan was asked as to how large an amount of bonds might be
floated for Germany and replied that the question was purely one regarding
the class of security which could be offered. Asked whether he was going
overseas equipped with a definite plan for the flotation of a German loan
in the world's money markets, Mr. Morgan said that he had no plan
and would feel bound to maintain silence had he evolved a concrete basis
on which German bonds might be brought out.
It is not expected in the financial district that other bankers will make
the trip to l'aris for the purpose of lending their counsel to the plan for an
international loan. Inquiry in local circles has failed to reveal the intention
of other leading banking authorities to sit in at the Conference. The
invitation which was sent to Mr. Morgan requested his personal representation on the financial sub-committee. There was no indication from
Paris that other bankers had been invited to attend.
HENRY P. DAVISON TO UNDERGO SECOND
OPERATION.
It was announced yesterday that unexpected developWEEKLY RETURN OF THE MEMBER BANKS OF
ments in the condition of Henry P. Davison of J. P. Morgan
THE FEDERAL RESERVE SYSTEM.
& Co., have made necessary a second operation which will
Aggregate increases of $34,000,000 in loans secured by be performed by Dr. Charles A. Elsberg at noon to-day.
corporate obligations, reported largely by member banks The operation will take place at Mr. Davison's country
outside of New York City, fully offset by reductions in loans residence, Peacock Point, near Glen Cove, Long Island.
on Government paper and in other loans and discounts,
largely of a commercialand Industrial character, are indicated ORGANIZATION OF KIDDER PEABODY ACCEPTANCE
in the Federal Reserve Board's weekly statement of condition
CORPORATION.
on April 26 of 801 member banks in leading cities. It should
A new corporation, namely, The Kidder Peabody Acceptbe noted that the figures of these member banks are always ance Corporation, has been organized by Kidder, Peabody
a week behind those for the Reserve banks themselves. & Co., bankers of Boston and New York. The new corUnder the general head of investments an increase of $32,- poration will have its main office in Boston, with an agenoy
000,000 in United States bonds and reductions of $20,000,000 in this city, at 52 Broadway, for which latter. the State
in Treasury certificates and of 86,000,000 in other Govern- Department at Albany has issued a license. The Kidder
ment obligations and corporate securities are noted. Since Peabody Acceptance Corporation has a paid in capital and
the beginning of the year investments of the reporting surplus of $10,026,000, and will deal in the acceptnce
member banks in United States bonds have increased by market. The new organization is a conversion of the New
about $150,000,000, investments in other Government England Investment Corporation, stock of which was listed
securities by over. $100,000,000, and those in corporate on the Boston Stock Exchange. Temporary certificates for
securities by less than $50,000,000, while their loans have 60,000 shares, par $100, class "A" Preferred capital of the
decreased by about $375,000,000.
new corporation has been substituted on the Boston Exchange
Government deposits show a reduction of $35,000,000 for for similar certificates of the New England Investment
the week,as against increases of $47,000,000 in other demand Corporation. Baring Bros. & Co., Ltd., the London
1956
THE CHRONICLE
[VoL. 114.
correspondents of Kidder, Peabody & Co., are reported to
have purchased a block of the new stock. The directors of
the Corporation are:
Referring to the reductions, the Chancellor said that his mind had not
been made up in the last few days. because for a long time it had been
decided which direction the reductions should take. The important surprise
which the Chancellor gave the House was the announcement of a temporary
change of policy regarding the payment of debts.
Frank G. Webster,
William Endicott,
Robert Winsor,
After showing that the external debt,now standing at nearly £11,000,000.Frank W. Remick,
William L. Benedict,
Charles S. Sarent Jr.
000, had been reduced by £274,000,000 since March 1919 he gave it as his
William Holway Hill.
opinion that the turning point had come, and the taxpayer should not be
The officers are:
asked to redeem any debt this year. Explaining this policy, he continued:
William Holway Hill, President;
S. Lewis Barbour, Vice-President;
" involves, firstly, the suspension of the sinking fund, and secondly,
It
George D.Hallock, Vice-President;
Alexander Winsor, Treasurer;
that we should meet our obligations toward the holders of securities by re
borrowing for the purpose. But this will not add to the general burden
Roscoe R. Storer, Secretary.
of debt."
The Chancellor explained that the external debt consisted almost entirely
SENATE PASSES BILL EXTENDING POWERS OF WAR of debts to the United States and Canada and certain allies who owed
Groat Britain much more than she ewes them. The debt to the United
FINANCE CORPORATION.
States was equivalent to £1,301,875,000 two years ago, when the exchange
The bill extending for one year, from next July 1, or until was $3 30; but he pointed out that it was now reduced to £946,820,000,
July 1 1923, the powers of the War Finance Corporation, with the exchange at $4 40, and when the exchange was restored to par,
was passed by the Senate on May 1 by unanimous vote and which he hoped would be soon, the debt would be 1856,030,000.
Incidentally Sir Robert remarked:
without a roll call.
"We are saddled in the present year with a new burden in the shape of
interest we have to pay on our debt to the United States. That we shall
meet without question."
SENATE PASSES BILL PERMITTING EDGE BANKS TO
BECOME MEMBERS OF FEDERAL
RESERVE SYSTEM.
A bill permitting corporations organized under Section 25
(a) of the Federal Reserve Act—known as Edge banks—to
become members of the Federal Reserve System, was passed
by the Senate on April 22. Senator Edge, who introduced
the bill, in stating its purpose said that at present these
banks are outside of the System, and it was thought they
would have better supervisory control over them if they
were members of the System, just as other banking institutions. The following is the bill as passed by the Senate:
AN ACT to amend section 25 (a) of the Act approved Dec. 23 1913, known
as the Federal Reserve Act.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 25 (a) of the Act
approved Dec. 23 1913, known as the Federal Reserve Act, as amended by
the Acts approved Feb. 27 1921 and June 14 1921, be further amended by
striking out that paragraph of said section which reads as follows: "Share•
holders in any corporation organized under the provisions of this section
shall be liable for the amount of their unpaid stock subscriptions. No such
corporation shall become a member of any Federal Reserve bank," and by
substituting in lieu of said paragraph the following:
"Shareholders in any corporation organized under the provisions of this
section shall be liable for the amount of their unpaid stock subscriptions.
"Any corporation engaged in business of the kinds described in section 25
of this Act, and any corporation organized under the provisions of this section, may make application to the Federal Reserve Board, under such rules
and regulations as said Board may prescribe, to subscribe to stock of the
Federal Reserve bank of the district within which the applying corporation
Is located in an amount equal to 6% of the paid-up capital and surplus of
the applying corporation. The Federal Reserve Board, subject to such conditions as it may prescribe, may, in its discretion, permit the applying corporation to become a stockholder of such Federal Reserve bank. All such
corporations becoming members of the Federal Reserve System shall be subject to the provisions of this Act which relate specifically to member banks:
Provided, That such corporations shall not be subject to examination by examiners of the Comptroller of the Currency under the provisions of the first
two paragraphs of section 5240 of the Revised Statutes as amended by section 21 of this Act, and shall not be subject to any limitations upon the exercise of the power to accept drafts and bills of exchange drawn upon them,
except such as are imposed by regulations prescribed by the Federal Reserve
Board."
Passed the Senate April 20 (calendar day, April 22) 1922.
The house cheered this statement. He also called attention to the fact
that the budget had not taken notice of any possible payments from Germany, because the Government would regard those as windfalls.
Letter postage, Sir Robert announced, would be reduced from two pence
to one and one-half pence, printed papers from one penny to one-half penny
and post cards to one penny. Certain reductions also would be made in
telephone rates, he said, adding that the total cost of those reductions would
be £6,500,000. These changes become effective at once.
Among the items of expenditure in the budget were £335,000,000 for
national debt services, £62,300,000 for the army and £64,884,000 for the
navy.
The House was crowded when Sir Robert, who had returned from Genoa
for the purpose, began making his statement on the budget for the coming
year. Among those in the galleries were Sir Eric Geddes,former Minister
of Transport, and Lord Inchape of the Geddes Committee, which made the
famous report on reduction of Government expenditures.
The past year, said Sir Robert, had been one of unexampled trial, with a
slump in the trade boom which followed the war and a coal strike. The
manufacturers could not dispose of their stocks, he pointed out, on account
of the exhausted purchasing power of their customers. That such distresses
had been met without worse calamities was an eloquent testimony to
the soundness of the country and the solidity of its financial' position.
The revenue for the last fiscal year, ended April 5, the Chancellor stated,
had been £1,124,000,000, which was £91,000,000 less than had been estimated. The expenditure had been £1,079,000,000,. leaving £45,000,000
for debt reduction.
The total debt reduction during the past year, Sir Robert said, was more
than £88,000,000 and the total for the last three years was /274,000,000.
The amount of the income tax collected, /398,000,000, was a tribute,said
the Chancellor, to the financial soundness of the country and the patriotic
character of its people.
Sir Robert estimated the revenue for the coming year, on the basis of
existing taxation, at £956,600,000, and expenditures at /910,000,000, of
which £335,000,000 would be for debt services. Interest on the American
debt, he said, would be £25,000,000, and the total debt to America was £4,166,000,000.
He proposed a reassessment for house and landed property for income tax
purposes, becoming effective for the fiscal year 1923-24. which would be a
considerable advantage to the Exchequer. The basis of assessment of farm
lands, he said, would be reduced from twice the annual rental value to the
annual rental value.
He declared that there were signs of a revival of trade, but said the burden
of taxation had checked enterprise. The policy of redemption of the debt
had been pursued with vigorous success, but after the superhuman efforts
of the last two years it would offend against no sound law offinance, he said,
to be content this year with raising sufficient revenue to meet expenditure!.
The suspension of debt paying during the year, he explained, would
involve the suspension of the sinking fund, which ho was confident the circumstances of the day justified.
When Sir Robert came to deal with the reduction of the income tax, and
the taxes, coffee, &c., he said the budget down to this point had shown a
surplus of £38,300,000. He said he estimated the reduction in the income
tax would mean a loss of £32,500,000 in revenue, and in the tea and other
taxes a loss of £5,000,000, thus nearly canceling this surplus.
It was explained that his figures fixing the debt reduction for the past
three years as £274,000,000 referred to the external debt.
NEW BRITISH BUDGET—REDUCTION IN INCOME
TAX—TO MEET INTEREST ON
UNITED STATES DEBT.
In presenting to the House of Commons on May 1 the
budget for the fiscal year 1922-23, Sir Robert Horne,
BRITONS CAMPAIGN FOR LOWER TAXES.
Chancellor of the Exchequer, referred to the fact that
Advices to the Department of Commerce at Washington
Great Britain the present year has "a new burden in the
shape of interest we have to pay on our debt to the United from Commercial Attache W. S. Tower, at London, under
States," which, he said, "we shall meet without question." date or March 23, made public April 17, state:
The vigor with which the Federation of British Industries is carrying
That there would be no debt redemption the present year
on its campaign for
taxes is indicated by the program of
was one of the outstanding features of the Chancellors' meetings which have reduction of are being held in all the important
been held and
industrial centres of the Kingdom. The idea of this campaign of propaannouncements. A reduction in the income tax to the extent
trade, industry,
of one shilling in the pound, reducing it to 5 shillings in the ganda is: First, to interest every heavy taxes; andand community in the
movement to obtain relief from
second, to strengthen
pound, and a reduction in the duty on tea, coffee, cocoa and the hands of the Federation by winning for it the whole-hearted support
of the important interests of the Kingdom.
chicory, are among the proposals embodied in the budget,
The first meeting in this program was held at Leeds in the latter part of
regarding which the Associated Press said:
February. Other meetings have been hold since then at Nottingham,
Sir Robert Stevenson Horne, Chancellor of the Exchequer, introduced in
the House of Commons to-day the budget for the fiscal year 1922-23,
embodying estimates for £910,775,000 revenue and £910,069,000 expenditures. The expenditures include £25,000,000 for contingencies.
This much-discussed budget contained only one surprise.
Reduction in taxation, for which there has been strong agitation, came
as expected. One shilling in the pound is taken off the income tax,reducing
It to 5 shillings in the pound;4 pence off the duty on tea, which reduces the
duty from 1 shilling to 8 pence on the pound, and a corresponding reduction
of one-third off the duties on coffee, cocoa and chicory. The reduction in
the income tax is a concession to the upper and middle strata of the community, while the other reductions are particularly for the large section of
the population whose incomes are below the income tax paying level.
The preferential rate on tea, coffee, cocoa and chicory will be five-sixths
of the full rate. The excise duty on sugar and molasses is repealed.
Reduction in the duties on tea, coffee, cocoa and chicory is effective May
15, and on cocoa preparations July 1.
Northampton, Leicester, Swansea, Bristol, Bradford, *Manchester, Liverpool, and Sheffield. Further meetings are scheduled for Birmingham.
Aberdeen, Dundee, Edinburgh, Glasgow and Newcastle.
If the Government does not reduce the burden of taxation, it certainly
will be through no fault or lack of effort on the part of the Federation
of British Industries.
In this connection it is interesting to note a recent statement by the Financial Secretary of the Treasury regarding the amount of taxable income in
England and Wales in the fiscal years 1919-1920 and 1920-1921, which
gives figures as follows:
1920-1921
(Estimated).
1919-1920
Gross income brought under review
£2,366,878,147 "2,500,000.000
Deductions for exemptions, repairs to property, wear and tear, &c
350,183,094
415,000,000
Actual income liable to tax before deduction
of personal allowances. Scc
2,216,695,053 2,175,000.000
MAY 6 1922.]
THE CHRONICLE
CUBAN BANKING HOUSE OF H. UPMANN & CO.
SUSPENDS.
According to press dispatches from Havana and Washington this week, the banking firm of H. Upmann & Co. of
Havana failed to open for business last Monday, May 1,
following its inability to cash checks the previous Saturday
(April 29) drawn upon the house by the Havana Electric
Railway for it weekly pay-roll. The following day (May 2)
a notice, it is said, was posted on the bank's doors announcing
that the company would resume business on Thursday
(May 4), but this notice was withdrawn on Wednesday night
and the reopening of the bank indefinitely postponed, it is
understood, pending the report of the auditors engaged in
examining its books. The Department of Commerce at
Washington made public the following in the matter on
May 2:
American and other financial interests in Havana are taking effective
measures to control the situation that has arisen in connection with the
failure yesterday of the German-Cuban banking house of H. Upmann,
according to Commercial Attache C. L. Jones, who is keeping the Department of Commerce advised by long distance telephone.
The banking community in Havana is friendly to Upmann and it is
believed that if the establishment is kept closed for about ten days the
clearing house committee, which met last night, will be able to prevent
any serious developments. There is a strong co-operative spirit among
all the bankers in dealing with the situation.
Upmann's liabilities are estimated at $9,111,000 with deposits at
$5,678,000 and loans at $3,433,000, chiefly from the United States.
Assets, after making proper discounts, are conservatively estimated by
American bank representatives at $12,110,000, including the Norman
Oil Co. of Mexico In which Upmann's interests are said to total $2,400,000.
According to information on file in the Department of Commerce, the
Norman Oil Co. has authorized capital of $15.000.000, issued $14,212,200,
par $100. Company's property consists of approximately 1,000,000 acres
of leases in various parts of Mexico. Company was organized in Delaware
in 1920, with offices in New York City and branches in Mexico.
At a creditor's meeting yesterday afternoon (Monday) creditors representing $2,400,000 agreed to hold off payments of their accounts, the
terms being 6 months' suspension followed by monthly payments of 10%.
The largest single creditor is Frank Steinhart, whose claim totals $578.000.
At a meeting of bankers representing the Havana Clearing House last
night, further steps were taken to control the situation by the appointment of inspectors. It is probable that President Zayas will be asked to
use his good offices if such an expedient should be deemed necessary.
EXPLANATION OF REPORTS OF CLOSING OF NATIONAL BANK OF GREECE.
Regarding the recent reports of the closing of the National
Bank of Greece, the Department of Commerce at Washington publishes the following in' "Commerce Reports" of
April 24:
1957
April 1 1922 and will mature April 1 1952. They are callable as a whole on Oct. 1 1932 or any interest date thereafter.
at 102 on six months' notice. Principal and interest (April 1
and Oct. 1) are payable in London in sterling and in New
York, through the office of Dillon, Read & Co., in dollars
at the exchange of the day on London, free from all present
or future Brazilian taxes. An accumulative sinking fund of
1% per annum is provided, commencing Oct. 1 1923, to
redeem bonds by purchase at or below par, exclusive of
accrued interest, if obtainable, otherwise by call at that
price. Dillon, Read & Co., in announcing the offering,
stated:
Through negotiations with British and Brazilian Government authorities
it is possible that the £2,000,000 bonds offered in this market will be
delivered without British stamps (necessary for delivery of bonds in that
market) in which case the price will be reduced 1% to 96% and accrued
interest. Payment in dollars will be based on cost of sterling exchange
at time of delivery and payment.
Further particulars regarding the loan appear in our advertising columns
SALE OF 5,000,000 KRONER KINGDOM OF NORWAY
BONDS.
Brown Brothers & Co. and Bernhard, Scholle & Co.,
have purchased and resold to investors a block of 5,000,000
kroner Kingdom of Norway fifty-year 6% national loan
bonds of 1920. The sale of the bonds was announced on
Thursday of this week. The official announcement said:
At the present rate of exchange of about $.185 to the krone, the current
yield on the investment is more than 5%. Assuming the return of the rate
of Norwegian exchange to par ($.268 to the krone) the current yield on
the investment would be increased to over 7.24%, and, on the basil of
the present quotation for the bonds on the Christiania Stock Exchange,
there would be a profit of over 30% in the principal amount of the investment.
The bonds are dated June 1 1920 and are due June 1 1970.
They are not redeemable prior to June 1 1950. Provision
is made for a semi-annual cumulative sinking fund, beginning on that date, sufficient to redeem the entire issue by
maturity, by redemption, by lot at par or by purchase. At
any time on or after June 1 1930, the loan may be redeemed
as a whole or in part or the amount of the sinking fund may
be increased. The bonds are in coupon form in denominations of 10,000 kroner, 5,000 kroner and 1,000 kroner each
(at par of exchange, $2,680, $1,340 and $268, respectively).
Principal and interest (June 1 and Dec. 1) are payable in
Norway in kroner, collectible through the offices of Brown
Bros. & Co. or Bernhard, Scholle & Co. in New York.
The bonds are exempt from all Norwegian taxes when held
by a non-resident of Norway. We quote from the prospectus the following information obtained from official and
other sources, and believed to be reliable:
The recent report that the National Bank of Greece had closed its doors
was inaccurate. Because of the obvious difficulties attending the reorganization of accounting in connection with the new internal loan decreed on
April 7 1922, all banks were closed for a short time. This should not be
construed as an announcement that the Bank of Greece Is at all in an embarrassed situation.
A telegraphic report of April 11 1922 from Commercial Attache Paul L.
Obligation.—These bonds are the direct obligation of the Kingdom of
Edwards states that until its actual promulgation on April 7 the vital fea- Norway. They are part of a total loan of 100,000,000 kroner authorized
tures of the new law were uncertain. Pre-law phenomena were the hasty in 1920 (outstanding at present about 91,000,000 kroner) to continue the
settlement of debts; the purchase of commodities, thus causing sudden in- construction work on the Norwegian railroads, hydro-electric developments
crease in prices; the disappearance of currency under 5 drachmas;and specu- and the telephone and telegraph systems, and for other purposes.
lation on the illegitimate exchange market. The operations of the consorDebt.—The total funded and floating debt of Norway as of June 30 1920
tium of banks, however, have tended toward a stabilization of exchange. amounted to $296,986,210, which was equivalent to about $108 per capita.
There was some confusion in regard to bank clearances, due to the reor- This compares with a debt of approximately $229 per capita for the United
ganization of bank accounting, which entailed momentarily suspension of States on the same date. The greater part of the outstanding funded debt
some banking operations.
of Norway was contracted for capital expenditures on railroads, telephones
The following statement is also reported to have been and telegraphs and other State property which in normal times yielded
substantial profits.
given out in Washington on April 18 by B. P. Salmon,
Wealth.—The wealth of Norway was estimated in 1920 $3,350,000,000.
President of the American Chamber of Commerce,in Greece, This amount is equivalent to more than eleven times the at amount of the
par
total funded and floating debt of Norway outstanding as of June 30 1920.
to correct misapprehension:
The nation has largo natural resources in its forests, fisheries and available
An official cable from Athens received to-day states that the National water power.
Bank of Greece, together with all other Greek banks, were closed temporarily, simply for the purpose of giving the employees of the various
QUEENSLAND'S UPPER HOUSE ABOLISHED.
banks the necessary instructions for the technical details in connection with
putting the new law into effect.
advices, appearing in the
According to Associated Press
Reference to the new loan and the reports of the temporary New York "Evening Post" April 19, and dated Sydney, New
closing of the Bourse and National Bank of Greece was made South Wales, March 16, the Queensland Legislative Council,
in these columns April 15, page 1590.
the Upper House of Parliament, has ceased to exist. These
accounts stated:
OFFERING OF £9,000,000 UNITED STATES OF BRAZIL
Premier Theodore has announced that the Governor has received advices
COFFEE SECURITY LOAN.
that royal assent has been given to the bill abolishing the Council and that
the necessary order has been passed by the Imperial authorities.
A £9,000,000 issue of United States of Brazil 732%
"This is the first occasion in the history of any State with sovereign powcoffee security loan of 1922 was offered in the United States ers where the abolition of the Upper House has taken place," Premier Theomarkets this week, the amounts offered hero dore said. "The Legislative Council, like the Upper Houses in most other
and London
reactionary interests. For many years
and abroad being immediately largely oversubscribed. countries, was the home of had become a brake on democracy." it thwarted
the will of the people and
Co., of this city, who announced the offering
Dillon, Read;
The bill abolishing the Upper House provided that Parliament should conat 97% and accrued interest, of £2,030,000 in the United sist of His Majesty, the King, and the Legislative Assembly of Queensland.
States on May 4, reported the closing of the books early
that day with the oversubscription of the issue. In London OFFERING OF LIBERTY (KANSAS CITY) JOINT
STOCK LAND BANK BONDS.
£7,000,000 was offered by Baring Brothers & Co., Ltd.,
N. M. Rothschild & Sons and J. Henry Schroder & Co. A
On Monday of this week (May 1) William It. Compton Co.
special cablegram to the "Journal of Commerce" from and Halsey, Stuart & Co., Inc., offered $700,000 Liberty Joint
London, May 4, stated that this offering was oversubscribed Stock Land Bank (Kansas City, Mo.) 5% bonds. The offerat 11:15 a, m. on the 4th inst. The bonds, in coupon form ing was at 102% and accrued interest, to yield somewhat
in denominations of £1,000, £500 and £100, are dated over 4.65% to optional maturity and 5% thereafter. The
1958
THE CHRONICLE
bank operates in Kansas and Missouri. The bonds, which
are issued under the Federal Farm Loan Act, are dated May
1 1922 and are due May 1 1952. They are optional after May
1 1932. In coupon form in denomination of $1,000, they are
fully registerable and interchangeable. Interest is payable
semi-annually, May 1 and Nov. 1, and principal and interest are payable at the Liberty Joint Stock Land Bank or
through any office of the houses making the offering. The
bonds are legal investment for all fiduciary and trust funds
under the jurisdiction of the Federal Government, are acceptable as security for postal savings and other deposits of
Government funds and are exempt from all Federal, State,
municipal and local .taxation. They are obligations of the
Liberty Joint Stock Land Bank and are collaterally secured
by either first mortgages on farm lands or United States
Government bonds or certificates of indebtedness. The liability of the bank's shareholders is double the amount of
their stock. The following is the statement of the Liberty
Joint Stock Land Bank as officially reported Jan. 1 1922:
275,046
Acres of real estate security
$9,700,000
Total amount loaned
27,150,000
Appraised value of real estate security
98 70
Appraised value per acre
Amount loaned per acre
35 00
35.40%
Percentage of loan to appraisal value
A number of the farms have been sold since the loans were made. From
official records of sales we have compiled the following summary:
Total acreage of lands sold
41,828
Total consideration
$4,660,000
Appraised value of land sold
4,019,148
Total amount loaned on land sold
1,446,480
Average sales price per acre
110 00
Appraised value per acre
98 70
Amount loaned per acre on land sold
35 00
Percentage of loans to selling price
31.80%
Percentage of loans to appraised value
36.70%
(Vol,. 114.
OFFERING OF SOUTHERN MINNESOTA JOINT STOCKLAND BANK BONDS.
At 103 and accrued interest to yield 4%% to the optional
date and 5% thereafter, Watkins & Co. of New York and
Boston, offered on May 4, $1,000,000 Southern Minnesota
Joint Stock-Land Bank (of Redwood Falls, Minn.) 5%
farm loan bonds. The issue bears date May 1 1922 and is
due May 1 1952. The bonds, which are issued under the
Federal Farm Loan Act, are redeemable at par and interest
on May 1 1932 or any interest date thereafter. They are
in coupon form, in denomination of $1,000, fully registerable, and are interchangeable. Principal and semi-annual
interest (May and November1) payable at National Bank
of Commerce, New York, or the Merchants Loan & Trust
Company, Chicago. The bonds are exempt from all Federal, State and local taxation. They are declared to be.
instrumentalities of the Government of the United States,
by an Act of Congress, which was fully sustained as to both
constitutionality and tax exemption, by a decision of the
Supreme Court of the United States rendered February 28
1921. They are Legal Investments for all Fiduciary and
Trust Funds under the Jurisdiction of the Federal Government and acceptable at par as security for Postal Savings and
other deposits of Government Funds. The Southern
Minnesota Joint Stock Land Bank was organized under a
Federal Charter dated June 25 1919 and is operated under
the supervison of the Federal Government. Other information is taken from the offering circular as follows:
Security.
Direct obligations of the Southern Minnesota Joint Stock Land Bank of
Redwood Falls, these bonds are secured by either first mortgages on farm
land, or United States Government bonds or Certificates of Indebtedness.
The mortgages upon which the bonds of this bank are secured average
$50 10 per acre, or about 40.4% of the appraised value of $124 per acre,
and are further protected by the paid-in capital stock of the bank carrying
double liability and accumulated surplus and reserves. The bank recently
Increased its capital stock from $250,000 to $300,000, practically all of the
new stock having been subscribed within a few days by local investors
at a substantial premium.
Management.
The officers of the Southern Minnesota Joint Stock Land Bank have
been in the farm loan business in the territory in which the bank is located
for thirty years. The bank itself has made a total of $3,299,850 loans
upon farms with an appraised value of $7,987,654 and the institutions
with which the officers of the bank are identified have moro than $14,000,000
of loans on their books.
Territory Served.
.
The Southern Minnesota Joint Stock Land Bank is authorized to do
business In Minnesota and adjacent territory comprising one of the great
agricultural sections of the country, Including farm property valued at
more than $6,500,000,000 in 1920. The chief agricultural products of
the territory served are: corn, hay, wheat, oats, barley, potatoes, rye, and
flaxseed.
OFFERING OF VIRGINIAN JOINT STOCK LAND BANK
BONDS.
A $500,000 issue of Virginian Joint ,Stock Land Bank
(Charleston, W. Va.) 5% farm loan bonds was offered this
week by Brooke, Stokes & Co., of Philadelphia, Washington
/
and Baltimore at 10212 and interest, yielding 4.68% to the
callable date and 5% thereafter. The bonds bear date May
1 1922, are due May 1 1952 and are callable at par on May 1
1932 or any interest date thereafter. They are in denominations of $1,000, $500 and $100. The bonds are exempt from
Federal, State, municipal and local taxation. They are issued
under the Federal Farm Loan Act. Under decision of the Supreme Court of the United States, handed down Feb. 28 1921,
the constitutionality of the Act and the tax exemption feaPrevious offerings of bonds of the Southern Minnesota
tures of these bonds were fully sustained. The firm offering Joint Stock Land Bank were noted in our issues of Oct. 1
the bonds states in its announcement that present net earn- 1921, page 1410 and Nov. 19 1922, page 2128.
ings on the capital stock of the Virginian Joint Stock Land
Bank after all deductions, are 11%. The present dividend
ADVANCES APPROVED BY WAR FINANCE
rate on the capital stock is 8%. It is also stated that:
CORPORATION.
} this bank the appraised value of lands and improvements by which
or
the mortgages are secured is on the average of 180% in excess of the mortgage loan. The bonds are also protected by the equity of the paid-in capital
stock of the bank, carrying double liability and the accumulated surplus and
reserves. The value of the land and permanent improvements is appraised by
the Federal appraiser, which means Government inspection, besides an executive commission or board of directors of the bank reviews and passes upon all
applications made for farm loans.
On April 18 last an issue of Virginian Joint Stock Land
Bank 5% bonds were offered by the same firm at 102 and interest, yielding 4.74% to the callable date and 5% thereafter.
These were likewise dated May 1 1922, with maturity date
May 1 1952. An earlier offering of bonds of this bank, dated
Nov.1 1921, was referred to in our issue of Feb. 11 1922, page
569.
NEW $20,000,000 ISSUE OF DUTCH EAST INDIES
BONDS ADMITTED - TO TRADING ON N. Y.
STOCK EXCHANGE.
It was announced on April 26 that the issue of $20,000,000
Dutch East Indies external sinking fund 6% gold bonds offered April 21 had been admitted to- trading on the New York
Stock Exchange on a when issued basis. This issue, a4 reported by us April 22, page 1720, was offered by the Guaranty Trust Company of New York on behalf of the selling
Group Managers. As heretofore stated, it completed the distribution of the $100,000,000 loan authorized in December by
the Kingdom of the Netherlands Parliament. Two offerings
of $40,000,000 were previously made, one issue being of 1947
maturity and the other 1962 maturity. Our references thereto
appeared in the "Chronicle" of Jan. 7, page 15, and March
18, page 1125.
The War Finance Corporation announced on April 27,
that from April 24 to April 26 1922 inclusive, it approved
76 advances, aggregating $3,463,000, for agricultural and
livestock purposes as follows:
$1,230,000 in Now Mexico.
Arizona.
245,000 in Now Mexico on liveArkansas.
stock in Arizona.
Colorado.
95,000 in North Carolina.
Colorado on livestock In
76,000 in North Dakota.
Oklahoma and Colorado.
19,000 in Oklahoma.
88,000 in Idaho.
.26,000 in Oregon.
12,000 in Illinois.
207,000 in South Carolina.
12,000 in Iowa.
110,000 in South Dakota.
11,000 in Kansas.
514,000 In Texas.
52,000 in Minnesota.
69,000 in Texas on livestock in
18,000 in Missouri.
New Mexico, Texas
30.000 in Missouri on livestock in
and Oklahoma.
Iowa, Kansas, Nebraska
3,000 in Washington.
and Missouri.
74,000 in Wisconsin.
74,000 in Montana.
$200,000 in
8,000 In
278,000 in
12,000 in
On May 1 the Corporation announced that on April 27
and 28 1922, it approved 48 advances, aggregating $1,188,000
for agricultural and livestock purposes as follows:
$51,000 in New. Mexico.
$38,000 in Alabama.
98,000 in California on livestock in 150,000 in North Carolina.
19,000 in North Dakota.
Arizona.
27,000 in Oklahoma.
148,000 in Georgia.
119.000 in Oregon.
4,000 in Idaho.
23,000 in South Carolina.
56,000 in Iowa.
68,000 in South Dakota.
40,000 in Kansas.
50,000 in Tennessee.
25,000 in Louisiana.
137,000 in Texas.
42,000 in Minnesota.
25,000 In Wisconsin.
15,000 in Mississippi.
15,000 In Wyoming.
29,000 in Montana.
9,000 in Nebraska.
During the week ending April 29 1922 the War Finance
Corporation approved a total of 124 advances, aggregating
$4,651,000, for agricultural and livestock purposes.
MAY 6 1922.]
THE
CHRONICLE
1959
to-be
"The malady is too deep-seated for any immediate or simple cure
ECONOMIC CONFERENCE AT GENOA—ADOPTION OF possible. These resolutions do not pretend to provide a cure: they dovno
REPORTS—FURmore than point the way for a process of gradual recuperation."
FINANCIAL AND TRANSPORT
The Chairman said that under existing currency conditions international
THER CONFERENCES OF BANKS OF ISSUE.
trade had ceased to be business and has become a gamble. The balancing
While Russia and the plans for its reconstruction have of budgets and limitation of the issue of paper money and getting back to a
gold standard wore right steps, he said, pointing out that it was not essential
been dominant features of the current and fourth week of to reduce circulation of paper where the unit equaled the old gold value,
been but a new parity with gold could be adopted.
the Economic Conference at Genoa, this subject has not
But countr'es with solid money were also suffering from economic conconsidered to the exclusion of others; among the outstanding ditions,
notably the United States and England, due to rapid changes in
developments of the week have been the adoption on the prices, in turn due to variation in the demand for gold. Therefore, said
3d inst., at the second plenary session of the Conference, the British expert, it was proposed to establish an international clearing
house to
the demand for gold. Also,said the Chairman,conditions
of the reports of the financial and transport commissions, of creditstabilizeaffected prices, as the experiences of the Bank of England
vitally
international and the American Federal Reserve System showed.
both of which, it is announced, provide for
In the hands of the great central banks lay enormous power to influence
conferences to continue the work of the Genoa sessions. The
decided to hold a conference of these
and therefore it
financial conference is to embrace the banks of issue of the prices, to effect a unity had been policy in order to stabilize the general
banks
of credit
various nations, and, it is stated, the hope was expressed level of prices in all countries.
the United
that the Federal Reserve Bank of the United States would he"An invitation has been extended to co-oicierationStates to participate,"
the proposals cannot
said.
American
be • represented. These accounts substantiate previous re- be carried"Indeed, without
the assistance of Japan and other
out. Europe. even with
ports which have been made as to an international confer- extra-European gold-using countries, cannot stabilize the purchasing power
vast a
ence of banks to which it was proposed to invite the Federal of gold if there are counteracting fluctuations arising from so half thegoldgold
using area as the United States, which contains little less than
Reserve Bank—regarding which items appeared in our issues currency of the world."
America having suffered from gold fluctuation, here was a field in which
of April 15, page 1606, and April 29, page 1841. It is ansame
nounced that the financial conference will be held in London, she could help herself and the whole world at the of thetime, he thought.
Bank of France,
M. Picard of the French delegation, Governor
while the transportation conference, for the rehabilitation said the Commission's work would be criticised because the world expected
of European railways, will take place in Paris. The essential practical solutions, but that the Commission had done its best in advocating world financial morality. He declared that financial stability rested
points of the financial commission's report, it is pointed on financial morality—the honoring of engagements, payments of debts and
out, are limitation of the issue of paper money, fixing parity avoidance of dishonest inflation of currency.
M. Picard deelared that there could be no financial stability except based
with gold, economizing in the use of gold, and co-ordination
or undertakings exchanged.
of gold. Besides the London conference of banks of issue, upon mutual respect for signatures givenof the central banks, promising
He attached great importance to the meeting
the financial report is said to recommend the holding of the best help of the Bank of France. Concluding, the distinguished
another international financial convention to study the ques- French financier said:
"If the commission has not been able to submit results which within
tion of the adoption of a gold standard. Its main purpose, twenty-four hours would terminate the present financial difficulties, it is
according to the Associated Press, would be to centralize because in truth there is no magic wand which can free mankind from the
and co-ordinate the demand for gold, so as to avoid wide necessity of labor and effort."
Signor Schanzer, Foreign Minister of Italy, lauded the work of the
fluctuations in the purchasing power of gold and to devise commission and pointed to the steps Italy had taken to follow just such a
economizing its use by maintaining reserves program.
some means of
Mynheer van harnebeek, Holland,observed that the problem of the interin tho form of foreign balances such as a gold exchange national debts which could not be paid must be tackled, and the sooner the
or an international clearing system. Last night's better.
standard
"The problem of international debts dominates the economic situation in
advices (Associated Press) from Genoa stated that the
parties
problem
Europe,"
Conference expected to conclude yesterday (the 5th inst.) its interested,he said. "So long as thinRepublic, is not solved by the will
the soundest principles
including the American
deliberations on financial, economic and transport questions. remain merely economic morality."
Ho hoped the nations would soon hold a conference on international
It was noted that this would leave the political problems to
settle; the Russian question and the proposed non-aggression debts.Schultheiss, Switzerland, also blamed the international debt situaM.
pact, it is added, "are taxing even the ingenuity of Prime tion for many of Europe's ills, and hoped for early arrangement of a definite
George, of Great Britain." The develop-. character.
Minister Lloyd
Tchitcherin Raises Objection.
ments as to Russia are dealt with more fully in another item
As usual, there was a stir of interest when M. Tchiteherin took the floor.
this issue. From the New York "Times" coypright He began by saying that voting on the report was the first formal internain
accounts from Genoa, May 3, we take the following regard- tional action of the Soviet Republic, and he therefore attached great importance to it. He said the Russians had felt that because of the exclusion
ing the work of the second plenary session:
Under the roof of St. George's Palace, which for five centuries housed the
world's first international bank, the Genoa conference adopted to-day elaborate resolutions intended to remedy the financial ills resulting from the
World War. But these resolutions contained only,advice. There was no
.pareof the nations here
definite commitment, no positive promise, onIthe:
assembled, and in many respects the resolutions were almost identical with
those adopted at Brussels two years ago, which have not been put into effect
since then.
The second plenary session, very dull compared with the first one, was
marked by emphasis upon the necessity of settling international debts
before financial stability could be re-established, by a declaration of M.
Tchitcherin, head of the Russian delegation, thatiRussia could:not approve
those undertakings to be carried out by thelLeague:of Nations,:which Moscow did not recognize, and by:an address bylDr. Rathenau of the German
delegation pleading for adjustment of the reparations problem.
It is the general impression that the conference:did thelbest lecould with
problems which cannot be solved until the political issues onjwhich they
depend and which now remain unsettled, have been adjusted.
At the opening session Signor Facta, the Italian Premier, presented the
report of the Finance Commission which "contented itself wisely with
describing measures which, if applied continuously, will gradually assure
progress, undoubtedly slow but efficacious."
Signor Facta pointed out that unsettled political issues prevented positive and definite action by either Finance or Transport Commissions. He
thought, however, the good spirit shown in reaching an agreement on the
recommendations pointed to the dawn of a better day for Europe.
The report contained nineteen articles, the main recommendations of
which are: The return of stability of currency, the freedom of banks from
political pressure, a meeting in the near future of big central banks, the
re-establishment of the gold basis,the balancing of budgets,the fixation of
a gold value of monetary units by an international convention co-ordinating the demand for gold and an effort to obtain the co-operation of the
United States.
Resolution No. 11 lays down the draft of the convention suggested for the
Central Banks' meeting, emphasizing the necessity for freedom of exchange.
Article 13 nominates tho Bank of England to call a meeting of the Central
Banks to consider an international monetary convention. The problem of
checking the flight of capital to avoid taxation is left to the League of Nations. The artificial control of exchange markets is condemned. Government loans aro advised only in exceptional cases, and advice is given to
depend on private capital for Government financing.
A plan is made for periodical forwarding to the League of Nations of
frank statements of the financial conditions of Governments and the
report ends by boosting the proposed international consortium to aid the
economically weak nations to restore international business.
Sir Laming Worthington Evans, Chairman of the Finance Commission,
said the Commission's recommendations constituted a financial code "not
less important to the world to-day than was the civil code of Justinian."
Adoption of the resolutions would not cure Europe, but observance of them
by individual nations would, he declared, adding:
of the reparation question, little could be accomplished by the Finance
Commission, in the work of which, however, the Russians had earnestly
co-operated. Then he began to play the bull in the china shop.
The recommendation that governments should not influence exchange
transactions, he said, Moscow could not accept, because it had a monopoly
of all foreign transactions. As for the execution of the resolutions left to
the League of Nations, he said Russia must make reservations because she
did not recognize the existence of the League.
The recommendation against Government loans was disapproved by the
Russian Foreign Minister, who insisted that Moscow wanted loans of
government to government.
Dr. Rathenau complained that the resolutions looked very much like the
Brussels resolutions, which had led to nothing. The German spokesman
said there were 10,000.000 of unemployed in the world and that this was due
to perturbations caused by the war debts, and by this he referred to reparations, so far as Germany was concerned.
Dr. Rathenau said the one way the nations could pay foreign debts was
by the balance of trade. For the indebted nations to pay interest and
form sinking funds all the favorable trade balances before the war would
have to be doubled, whereas they were now about half the pre-war figures.
A debtor nation like Germany forced to obtain foreign credits to pay its
debts got into bitter competition with the creditor nations in the world markets. Debtors lacking money to pay domestic costs issued paper money
which also made exports cheaper. In turn, other nations put up barriers to
protect their industry. Whereupon the debtor nations were forced to
further debase their currency. This led to new barriers. Thus were established a vicious circle and unemployment in constantly worse conditions.
As long as the international debt problem remained, Dr. Rathenau said.
the Genoa Conference would produce none of the positive results the world
expected. "We still hope," he said,"the representatives of the great nations
willfind as regards needs great urgency for a firm will to energetic efficacious
and immediate co-operation."
No. French spokesman answered the challenges of M. Tchitcherin and
Dr. Rathenau.
The finance report was then declared adopted.
Transport Report Also Adopted.
M. Jasper, Belgium, presented the transport report, which, in brief,
recommended that conditions ofinternational transport be regulated without
regard to polities, that the richer States should aid the poorer States in
restoring their railway systems, that the Barcelona resolutions for freedom
of transit be adopted by all countries, that the Porto Rosa conventions for
the apportionment of rolling stock be generally approved, and that a European transport conference be held in the near future.
With various reservations of a political nature the report was adopted.
Mr.Lloyd George took no part in the debate, probably regarding it as not
worth while. The British Prime Minister thinks the financial and economic resolutions will amount to nothing if there is no settlement of the
political problems to which he is giving his attention. Without a Russian
agreement and without a non-aggression compact he believes the rest will
not count.
1960
THE CHRONICLE
(You 114.
The Associated Press accounts contained some features Belgians. It later developed that France had aligned'itself
equally worth recording, and we hence quote therefrom with Belgium in refusing to sign. In announcing the presenthe following:
tation of the proposals to the Russian delegates, the AssociAll the leaders of delegations to the Economic Conference voiced satisfac- ated Press on the 2d inst. stated that an amendment had
tion at to-day's plenary session, believing that it embodied the inauguration been offered
by the French to the clause relating to restituof far-reaching efforts to improve the finances of Europe. The financial
code at Genoa has been written, declared Sir Laming Worthington Evans, tion of or compensation for private property nationalized
Chairman of the Finaneial Commission, and he believed it would prove as by Russia and that there had been a French reservation
important as the historic Justinian Civil Code, the basis of world jurisdeclaring that the French delegation withheld its final
prudence.
The essential points are limitation of the issue of paper money, fixing approval until further instructions were received from Paris.
parity with gold, economizing in the use of gold and co-ordination of gold. As to this amendment, copyright advices from Paris to the
The United States, said the Chairman, with almost half the world's gold, New York "Times" May 3, said:
could join in the future study of the problems
without involving itself in
political difficulties and could help Europe as well as herself.
"If the participating countries and the United States ara to use the same
monetary standard," says the financial report, "no scheme for stabilizing
the purchasing power of the monetary unit can be effective without coordination of policy between Europe and the United States, whose cooperation should be invited."
Sir Laming, speaking for the Financial Commission, said he thought it
had accomplished a great work. The problem, he said, was to find remedy
for the derangement of money and credits, to which were largely due the
Interruption of commerce, depression of trade and widespread unemployment. He said no simple cure was possible, and emphasized the necessity
for a stable currency in each country.
Sir Laming hoped that the meeting of the great central banks, called by
the Bank of England, would result in the co-ordination of credit policies
throughout the world,enabling banks to stabilize more the general level of
prices. The Commission made suggestions with a view to economizing the
use of gold as currency as welras stablizing the purchasing power of gold,.
In which the United States would be invited to assist.
"America suffered severly," he said,"through the instability of the value
of gold, and here she can give and receive invaluable assistance without
involving herself in political difficulties and without making any acrifice."
Speaking on behalf of the Financial Commission's recommendations, M.
Picard, Deputy-Governor of the Bank of France, said they were of two
kinds: First, to resume the general principles underlying national financial
systems, and, second, to inaugurate temporary measures necessitated by
the existing situation.
The general principles of the Commission's recommendations, M. Picard
said, included the adjustment of expenditures to revenue, the fulfillment
of contracts and the payment of debts in currency that was not continually
depreciating. This, he said, must be reached by the limitation of paper
money,the reduction of State expenditures and tho fixation of a new parity
more nearly approximating the present exchange value of the monetary
unit. He said the experts were agreed that one of the chief causes for
depression in trade and unemployment was the fall of prices during the last
two years.
"The currency resolutions," he said."embody the principle of preventing
undue fluctuations in the purchasing power of gold, and, therefore, equally
the purchasing power of currencies based on gold. If this policy can be
successfully operated, price changes which have so unsettled trade in America and Western Europe will be less frequent and violent."
The other speakers at the session wore Signor Schanzer, of Italy; M.
Schulthiess, of Switzerland; M. Tchitcherin, Russia, and Dr. Rathenau,
Germany. M. Tchitcherin alluded to the rights of communism and declared that it was impossible for the Russian Government to renounce its
control over exchange operations, despite the fact that the financial report
characterized this control as mischievous.
The financial report, like the memorandum of the Powers to the Russians,
emphasizes that assistance to disorganized countries should take the
form of private, not governmental credits. M. Tchitcherin insisted on
Government loans and in this indorsed the views of M. Rakovsky, who
had publicly declared that the Soviet, as the Russian Government,expected
a loan from the Powers.
In conclusion, M. Tchitcherin voiced the conviction that it was only by
economic collaboration of two worlds, whose policy is based on different
economic systems, that mankind could move toward reconstruction and
peace.
Dr. Rathenau declared that from the Genoa Conference the world not
only expected theses and theories, but hoped that the representatives of
the great nations would give evidence of energetic, efficacious and immediate co-operation with respect to economic and social needs of great
urgency. He voiced a warning that ten million people were without work
and something must be done for them.
Both the financial and transport reports, which Were adopted, provided
for international conferences to continue the work of European reconstruction begun hero. The financial conference is to embrace the banks of
issue of the various nations, and the hope was expressed that the Federal
Reserve Bank of the United States would be represented in it. This
conference will be held in London, while the transportation conference for
the rehabilitation of the European railways will take place in Paris.
To prevent the flight of capital from national boundaries in avoidance
of taxation the financial report suggests that the League of Nations study
measures for international co-operation to stop tax evasion.
Senhor Gomez, of Portugal. In alluding to the flight of capital, declared
that as it was one of the chief reasons for the world-wide speculation and
for the fall in exchange rates it would be advisable to invite the United
States to co-operate in the measures for dealing with this problem. He
held that as the United States was not a member of the League of Nations
action by the League without American co-operation would be ineffective.
The report of the Transport Commission, which was presented by
Foreign Minister Jaspar of Belgium, provides for the calling of a railway
convention in Paris to discuss the improvement of European transportation.
It urges the universal adoption of the Barcelona Convention for Railway
Regulation agreed upon at the transportation conference of a year ago.
Lithuania, Rumania, Holland, Portugal, Russia, Germany and many
other countries make reservations which are more numerous than the
articles of the report. They offer their unsettled boundaries and various
other reasons for their failure to give the report unreserved approval and
as an explanation of their inability to indorse the Barcelona resolutions.
• ECONOMIC CONFERENCE—RUSSIAN RECONSTRUCTION PROPOSALS.
The Allied proposals anent the reconstruction of Russia
have been chief among the matters at the Genoa economic
conference to claim attention this week. The draft of these
proposals was sent to the Russian delegates on May 2, and
was stated, was dispatched without the signature of the
The French Government has decided to throw a flat challenge in Lloyd
George's face, and oil, the rivalry for vast deposits of the South Russian
oil field, is the casus belli. The "Matin," whose intimate relations with
Premier Poincare are a matter of public knowledge, gives the following
account of the Cabinet meeting to-day:
"After M. Barthou's recital of events at Genoa the Premier put before
him information received from Brussels, which had not reached Genoa,
according to which the Soviets were negotiating to transfer to English and
Germans property belonging to Belgians and Frenchmen. These agreements, which particularly concern the allocation of oil-bearing territory,
tend to destroy all individual property rights. The addition made„ by
Mr. Lloyd George to the French amendment seems to facilitate them.
The real sting of the last sentence must be appreciated in light of the
"Temps's” editorial article, also a favorite medium of official expression,
as follows:
"As a precaution the French delegation proposed an amendment to the
Allied memorandum forbidding property in Russia to be allocated to
persons other than tne forme.. owners. This amendment was adopted, but
Mr. Lloyd George had added to it the following very singular rider: 'If
exploitation of property can only be carried out by its incorporation in a
general group, the preceding arrangements will not apply.' That is, that
the Soviet Government may assign property to others than its real owners.
"Why were these lines inserted? If We wished to look for arrierespensees, we migat suppose this—the British Government wished to reserve
for certain trusts, entirely or partly English, the possibility of laying hands
on certain properties owned by foreigners which might appear desirable to
them,and which would cost too much if they had to buy them in the proper
way."
The Associated Press Paris cablegrams May 3 in stating
that M. Barthou would return to France on the 5th (yesterday) having the full approval of the Government, said:
This announcement was made this afternoon at the conclusion of the
Cabinet meeting. M.Barthou made a complete statement to the Cabinet
on the actions of the French delegation at the Genoa economic conference,
and the Ministers went over the text of the memorandum to the Soviet
delegates. When the discussion was ended it was discovered that the
seeming divergence between Premier Poincare and M. Barthou had disappeared. This difference of opinion arose more from a misunderstanding
of the method of procedure than from the principle involved.
M. Barthou has behind him the full Cabinet in resisting any encroachment upon private property in Russia, and has instructions to remain
solidly in harmony with the Belgian delegation. The decision of the
Cabinet Council is interpreted in official quarters as meaning that the
provisional signature of the French delegation to the memorandum to the
Soviets is null and void, and that it will be necessary for the French and
Belgian delegations to agree on some modification concerning the article
in question which would be acceptable to the British and Italian delegations
before the French sign.
An official communique issued after the Cabinet Council
had adjourned on May 3 reads as follows:
Premier Poincare, in the name of all the Ministers, thanked M. Barthou
for the energy and authority he has shown in facilitating the work of the
Genoa Conference, and at the same time defending French interests.
After examining the situation the Government of the republic unanimously decided that France would not separate from Belgium.
M. Barthou will return to Genoa on Friday.
In reporting the receipt of the Allies'terrns by the Russians,
.
and further negotiations between Premiers Lloyd George
and Poincare, a cablegram (copyright) from Paris to the
New York "Times" May 3 said in part:
The Russians received at 3 o'clock this morning the powers' statement of
offers and conditions, not signed by France and Belgium. M. Tchitcherin
held a meeting of the Russian delegation this afternnon to peruse them, but
no reply is expected for several days and not before Premier Poincare has
decided on the French course.
While there is no official Russian statement, the Soviet delegates are coy.
M. lirassin said after the plenary session:
"We shall certainly consider the note of the powers with all seriousness.
But the document is not approved by France or Belgium and so we question
whether it has more than a relative value in considering the proposition of
a general agreement between Russia and all the other European States."
M. Tchitcherin had nothing to say, but M. Rakovsky is never silent.
He referred to M. Tchitcherin's declaration that the Russian Government
wanted a loan and repeated that 3,000,000,000 gold rubles was the figure set.
About tho Russian headquarters it was said that if France and the Allies
stood for a full return of private property, no general agreement on that
basis was possible and that Russia would make separate treaties on the best
terms she could with the individual nations. It was said there had been
tentative negotiations with several countries which would be carried to
consummation if the Genoa project failed.
Lloyd George's Offer to Poincare.
Meanwhile the negotiations between Premiers Lloyd George and Poincare are going on swiftly. It is reported that following the dramatic French
refusal at the last minute yesterday to sign the powers' note to Russia, Mr.
Lloyd George sent M. Poincare a written statement giving strong assurances to France as to reparations if the French Premier would help Mr.
Lloyd George's Genoa plans. The British Premier frankly recognizes that
France's withdrawal from the Russian negotiations would wreck the conference. M. Barthou is conferring with M. Poincaro in Paris this afternoon and instruction may come for the French delegation tomorrow.
The basis of the difference between Mr. Lloyd George and M. Poincare
goes further than the mere wording of the note. Mr. Lloyd George is willing to trust Soviet promises and the French are not. That As the truth of
the matter. The French maintain that even if the powers consent to the
Itussians giving possessive use of property instead of returning it to its former
owners,they retain the power to take It back when they like. Not trusting
Bolshevist promises, they fear Mr. Lloyd George's plan.
MAY 6 1922.1
Tkiki CHRONICLE
Reasons for Belgium Stand.
One of the Belgian spokesmen said to-day the Belgians knew that British,
American, French and Dutch interests were fighting for control of Russian
oil and that Belgian interest would have no chance if the Russians were free
to give formerly foreign owned oil property to whomever they pleased.
Belgium wants hors • back. If the Russian may compensate for the
important oil rights Belgians once possessed, the Be lgian delegates
argue that one group may get a monopoly. The French reply that their
reservation yesterday providing that if the Russians do not give back property interests to former owners they cannot give them to a third party should
meet the Belgians' plan. The Belgians retort that they do not trust Russian promises.
A report is widely circulated to-night that there have been quiet negotiations during the last three days among the Germans, Russians, Bulgarians
and Turks, the latter having agents here although not members of the conference. The report says this foreshadows a grouping of these four nations
under the leadership of Germany.
Mr. Lloyd George fears such a combination and has repeatedly warned
the French against it. It is to avoid such a political alignment that he is
trying so hard to establish what he calls Pan-Europeanism. At the present
moment his project looks doomed to go the same bad path followed by
Woodrow Wilson's plan for world brotherhood of nations. But Mr. Lloyd
George is a wonder in making the sun burst through the clouds.
1961
If these guarantees are not sufficient the Russians will pledge all the
Government revenues, including the customs, and give a lien on all exportation, which the Government holds as a monopoly. Which is to say
that if the Powers will give the Soviet money it will promise anything it
has to get it.
There is, of course, not the slightest chance of the Russians obtaining
directly a loan of any such sums of money, and they know it. But their
tactics promise a long and difficult debate if the Russian negotiations are
carried on.
In stating last night that the Conference expected to
conclude its deliberations on financial, economic and transport questions yesterday (May 5) the Associated Press
(Genoa cablegrams) added:
This will leave the political problems to settle. The Russian question
and the proposed non-aggression pact are taxing even the ingenuity of
Prime Minister Lloyd George of Great Britain. Patience is being counseled by all the leading delegations, and the Conference is apparently
facing a hard pull of at least three weeks.
SUB-COMMISSION'S REPORT ON CREDITS AT GENOA
CONFERENCE.
According to similar copyright advices ("Times") dated
The Associated Press announced on April 28, in Genoa
Lloyd George
Genoa, May 4, the French notified Premier
cablegrams, that the Sub-Commission on Credits of the
that day that they would sign the non-aggression compact Economic Conference, under the presidency of Sir Basil
that every European nation Blackett, had adopted the following resolutions:
under three conditions: First,
signed; second, that Russia agreed to recognize all her ex(1) The restoration of Europe depends largely on conditions under which
isting boundaries for ten years; third, that France surrendered private credits can flow from countries in a position to make loans to counbe made from Governnone of her rights to take action to enforce the Versailles tries having need of outside help. Such loans shouldorder to determine this
ment to Government only in exceptional cases. In
Treaty. This cablegram also said:
flow of private credits it is necessary that all countries put their public
Mr. Lloyd George summoned Chancellor Wirth and Foreign Minister
Rathenau of Germany to his villa and asked if they would accept the French
conditions. The Germans replied that they would not, but would accept
a provision saying the Allies acting together retained the right to enforce
the Versailles Treaty.
It is known that Mr. Lloyd George inclines to the German view, since he
has always opposed France acting alone on the Rhino. However, it is one
of the pot theories of M.Poincare that France has the right to act alone if
she chooses.
The British Prime Minister is very anxious to have the arrangement made
before May 31, when expires the time limit for Germany to fulfill the Reparations Commission's conditions she now refuses to meet.
After meeting with the Germans Mr. Lloyd George announced he was still
firm for a meeting of the signatories of the Treaty of Versailles before May
31, despite M. Poincare's unwillingness to have such a meeting before the
adjournment of the Genoa Conference.
With regard to the French conditions,the Russians say they will not recognize the Rumanian frontier because they hold Rumania has no right to
Bessarabia.
Conference Circles in Gloom.
Aside from this the Genoa Conference is in the dumps to-night. Here
are some of the reasons:
1. The French delegation announces instructions not to sign the statement of offers and conditions to Russia and to agree to nothing the Belgians do not accept.
2. The Belgians announce that they are as firm as ever in their belief
that Mr. Lloyd George's plan for possessive use of property in Russia is
not trustworthy.
3. The Russians demand a government loan of 3,000,000,000 gold rubles, while no one wishes to lend them a sou.
4. The Russians declare the Powers' terms unjust to Russia and say they
will not pay both pre-war debts and private property debts, as the Powers
ask.
finances and currency in order and that countries seeking loans should offer
sufficient guarantees. It is necessary to adopt a special system during the
present transitory period in order immediately to cause the flow of capital,
permitting the richer countries to co-operate in the economic resurrection
of the poorer ones.
(2) It is essential that all countries needing loans immediately put into
effect resolutions adopted relative to currency and exchange. The best
guarantee the borrower can give the lender is to prove that it has made every
effort to better its public finances. To balance their budgets, States should
only try to increase their revenue when every effort to reduce the expenses
of their budget has been exhausted, and all extraordinary expenses must be
abolished as soon as possible without trying to cover them by means of
loans. If loans must be resorted to preference should be given to shortterm loans, and under no pretext shall methods be adopted tending to inflate currency.
(3) In order to create and maintain confidence each country must give the
fullest information concerning the state of its finances. Such information
shall be published frequently and forwarded to the League of Nations, which
shall collect and publish them. The League of Nations will make every
effort to obtain such information from the greatest number possible of
States, whether they belong to the League or not.
(4) In order to facilitate co-operation of the richer countries in the resurrection of the poorer ones, either by granting private loans or Government
loans, it is advisable that as great a number as possible of the countries
represented at Genoa agree on the formation of an international consortium and also of national consortiums, the latter to be affiliated with the
former. The principal object of these institutions would be to examine
all possibilities of co-operating for the reconstruction of Europe and to help
financially all undertakings having the same object in view without trying
to create any monopoly.
This they proclaimed impossible and in a propaganda outburst they
accuse the Powers of acting in behalf of capitalistic interests against the
interest of small property holders, since they say it is obvious Russia
cannot pay her pre-war debt if she must pay private claims. In other
words, they boat the bird about the bush.
The Russians have maintained from the first of the Conference that a
loan was the Soviet's condition of any general accord. The Powers' statement made no mention of a loan because the Powers will not give it. The
Russians issued to-day a 2,000-word statement explaining their need.
The first item was for agricultural development. It would make the
Senate farm bloc blush for shame because of the things they had not asked
for. The total the Russian Government says it needs in the next three
years is 3,000,000,000 rubles gold, of which 1,000,000,000 must come from
abroad, two-thirds in machinery on credit and the rest in cash.
tr The statement sets down 600,000,000 to be used for irrigation projects.
The establishment of a communal seed system is to cost 300,000,000. The
creation of a loan fund for farmer's co-operatives requires for 600,000,000,
while 118,000,000 is wanted for colonization,
For the re-establishment of industry the Soviet wants 1,000,000,000
rubles gold to be delivered within three years. For transport 5,000,000,000
gold is lacking, of which a little over 2,000,000,000 must come from abroad.
This investment could begin by a loan of 1,000,000,000.
In addition the folk who two years ago proclaimed they were going to do
away with money now ask the capitalistic nations for a loan sufficient to
put the ruble back on a gold basis by some such system as fixing 200,000
or 300,000 paper rubles at one gold ruble. In return they are going to
stop the issue of paper money.
•
To Pay Back Out of Profits.
The most interesting part of the Russian proposal comes at the end.
It looks like the original heads I win, tails you lose proposition. For the
method by which this money* is to be paid back is simply this—it is to be
repaid out of the Russian Government's share of the profits of foreign-run
enterprises in Russia. The statement says:
"Part of the Russian Government's profits from these concessions will
constitute an ample guarantee for payment of interest and amortisement of
loans and credits given liussia."
pean country should have the advantage in every other European country
of the lowest rate of customs duty imposed by that country on similar
produce or manufactures of any other foreign country whatsoever."
The chief reason of this British move was this: Many European countries,
nearly all in fact, have established different scales of customs duties according to the exchange of the country from which imports come. Likewise
certain countries, notably Germany, have fixed export duties in accord
with the changes. The British Government itself has a defense ofindustries
act to protect against countries of low exchange.
With such a plan as that proposed in effect it is easy to see that British
exports would gain, since the high British exchange would no longer cause
high duties on British goods and these would pay the same import duties
entering Germany, for instance, as paid by goods from Czechoslovakia.
Conversely, it would mean.a great handicap on American exports, since
the arrangement would only hold as among the European nations. The
argument advanced by the British was that this would promote a PanEuropean spirit and tend to rebuild European economic machinery.
It is evident that the proposal appeals to exporting countries, the chief
of which is England. It is also evident that it would not appeal to importing
countries with relative high exchange.
There was a heated argument between the British Commission members
and the representative of France. The Frenchman based his opposition
on the ground of violation of the Versailles Treaty, which permits France
to discriminate against German goods for a given period. The Belgians
opposed on the ground also that it would be against the Treaty.
The Swiss said it would mean that their markets, where labor was paid
In high exchange money, would be flooded with German goods. The
Little Entente nations also offered objection.
England, Germany and Japan supported the proposal and Italy, while
approving of it in principle, thought the present time inopportune. A
motion was finally adopted declaring that the idea was good theoretically,
but not practicable now. The votes of France, Belgium, Italy, Switzerland and the Little Entente passed the motion against England, Germany
and Japan.
BRITISH CUSTOMS PLAN REJECTED AT GENOA.
Genoa advices (copyright) to the New York "Times"
Announcement that the Russians had issued their first
statement on the Powers' note on the 4th inst. was also May 2 said:
One of the main planks of Premier Lloyd George's platform for economic
contained in the "Times" copyright cablegram, which re- reforms in Europe fell through this afternoon when the first Sub-committee
statement as saying the Russians had been given of the Economic Commission rejected the British plan for establishing
ported the
nation customs arrangement
which
to understand that if they agreed to recompense private throughout Europe a most favored to disregard exchange valuesby fixing
in
the European nations would agree
owners of property in Russia they would be let off their import duties.
As explained by Sir Philip Lloyd Graeme, the British member of the
war debt, but that the Powers now demanded the payment
Commission, the plan means "that produce or manufactures of any Euroof both. The cablegram goes on to say:
On the same day the Associated Press advices from
Genoa stated:
1962
TUE CHRONICLE
[Vox.. 114.,
Whereas, the Russian people are in great need of large quantities of maSir Philip Lloyd Graeme, the English authority, argued before the SubCommission on Economics to-day that the produce or manufactures of chinery, clothing and other supplies which the United States and European
any,European country should have the advantage in every other European countries can furnish if normal relations between Russia and the rest of the
country of the lowest rate of customs duty imposed in that country on world are established; and,
similar goods coming from any other foreign country whatever. "Europe's
Whereas, world peace depends not only upon the terms of friendly settletrade machine," he said, "has broken down and it will never run again ment between Russia and the European States assembled at Genoa, but
until the cardinal fact is recognized that trade is mutual—that you cannot upon the attitude of the United States as well; therefore, be it
sell unless you buy."
Resolved, That the Women's International League for Peace and FreeSir Philip declared that if the delegates left Genoa determined to negotiate dom, at the seventh annual convention, urges President Harding to grant
an endless chain of special treaties differentiating country by country, without delay full and formal recognition of the Russian Soviet Republic,
Europe would remain disorganized; but if they were determined to carry the Far Eastern Republic, and the autonomous republics carved out of the
-favored former Russian Empire; and be it further
out the principle of mutuality of trade by the adoption of the most
nation treatment he was convinced thatEurope would besaved economically.
Resolved, That copies of this resolution be forwarded to the President of
the United States, to the Secretary of State and to the Committee on Foreign Affairs.
THIRTEEN NATIONS JOIN CONSORTIUM IN BEHALF
SOCIALIST PARTY URGES RECOGNITION OF SOVIET
OF RUSSIA.
RUSSIA—OTHER DECLARATIONS.
The following copyright cablegram from Genoa appeared
Recognition by the United States of Soviet Russia by the
in the New York "Times" of May 2:
It was announced to-day that thirteen countries had subscribed £20,- resumption of trade and diplomatic relations is urged in a
000,000 capital to the consortium or international corporation for under- resolution adopted on May 2 at the National Convention at
taking business in the economically crippled countries of Europe. The
Cleveland of the Socialist Party, which said:
main purpose of the consortium is business in Russia.
Under the original London plan, England, France, Italy and Germany
were each to subscribe £4,000,000, with 20% left for a United States subscription if America chose. The final announcement says the following
additional subscriptions have been made:
Canada, £1,000,000; Czechoslovakia, £500,000; Holland, £500,000 to
£1,000,000; Denmark, £1,000,000; Japan, £500,000 to £1,000,000; Norway,
£500,000; Sweden, £500,000 to £1,000,900; Switzerland, £500,000 to
£1,000,000, making £4,500,000 to £6,500,000. This means that the
subscriptions of England, France, Italy and Germany are reduced from
£4,000,000 to £3,000,000 or less, and that Belgium will take the same
share. Anything America wishes to subscribe will be added to the initial
£20,000,000 capital.
Under the plan this would be the capital of a central corDoration, each
nation forming a branch which could have as large capital as desired. The
money would be used by private firms, the Government guaranteeing
investments up to the amounts indicated. It is the theory that after
Russian trade is started on the road to re-establishment in this manner
the Government guarantees will not be needed and the consoritum will
carry itself.
The consortium feature would come under the general provisions of the
arrangements between the Powers and Russia by which the Soviet would
give guarantees for foreign investments in Russia.
Firmly convinced that order, sanity and peace cannot be brought into
the world disorganized and distracted by the devastating war without the
co-operation of the 150,000,000 human beings constituting Soviet Russia,
the convention of the Socialist Party urges the immediate and complete
resumption of trade and diplomatic relations with the Government of that
country.
On other subjects the convention, according to the Cleveland "Plain Dealer" of May 3, expressed itself as follows—
these being extracts from resolutions approved:
Amnesty.—More than three years after the end of the World War 113 men
are held in Federal prisons as political prisoners. All other nations have
released their war time prisoners. All foreign spies convicted in the United
States have been released. The Espionage Act has been repealed. Peace
with the Central Empires has long ago been declared. Trade relations with
the late enemy countries have been resumed.
Despite these facts, the Administration continues to delay the release of
prisoners whose only crime is that they expressed opposition to the war.
This policy can only be construed as one of vengeance. . . .
We appeal to all other sympathetic organizations to join with the Socialist Party in an intense campaign for the release of all political prisoners.
Haiti.—The strangling of the Republic of Haiti and rule of the Haitian
people by armed might of American forces constitute a shameless episode
in modern history . . . This ruthless invasion of other countries . .
. is carried out in behalf of the great banks and American investors .
SECRETARY HUGHES SAYS RUSSIA MUST ESTAB. . We warn the masses of the United States against this sinister policy
LISH BASIS FOR RECOGNITION BY DISCHARGING
of ruthless conquest abroad. We urge all organizations of the masses to
INTERNATIONAL OBLIGATIONS.
join with us in this protest that the disgraceful regime setablished in Haiti
brought to
Indications that the United States has not altered its views and the foreign policy which leads to it may beimperialism an end.United
Pan-American Socialist Relations.—Capitallst
of the
as to the obligations resting on Russia as a precedent to States is doing everything within its power to exploit the Central and South
American countries and enslave all the American nations south of the Mexrecognition by the United States were given by Secretary of
Mexico. . . .
States Charles E. Hughes on May 1, when he answered an ican border line and the Gulf of that our capitalistic The latest developments in Haiti are conclusive proof
cliques and our high
appeal made in behalf of the Women's International League finance are crushing the smaller nations of the West Indies and of Central
America with all the brutality that would have done honor to the most
for Peace and Freedom that "full and formal recognition of
czarish rule of ancient Russia. . . .
the Russian Soviet Republic" be granted without delay. To incoming National Executive Committee Therefore, be it resolved that the
be instructed to do all within its
the delegation representing the League, which called upon power to bring about a strong and influential Pan-American Socialist
movement.
him, Secretary Hughes pointed out that "political recogniLewis, President
Miners' Strike (expressed in a telegram
tion follows the establishment of a sound basis for inter- of CoalUnited Mine Workers of America).—Weto John L.as a result of this
hope that
the
course,"—that "political recognition is dependent upon the struggle the miners will be confirmed in their conviction of the need of
existence of a Government that is competent to discharge united political action to stay the sweep of reaction in this country.
Charles Town Treason Trial.—The economic, political, social and educaand shows a disposition to discharge its international obliga- tional institutions Lof West Virginia] have passed into the hands of an oliwhole matter is in the control of those garchy of coal masters. Human life is insecure. Governing power is
tions" and that "this
Law
mines. . •.
who dominate the affairs of Russia." Secretary Hughes the despotic instrument of capitalistic masters of the an instrument . class
of
has been no protection to the miners. It has been
declared that "we are most desirous to do what we can to rule. . . . The miners (on trial for alleged treason) have been in reaid in Russia's recuperation but they must establish the bellion against a system of private murder subsidized by the mine owners
governing tools of despotic corporate mastery of
and acquiesced
basis for such recuperation." The following is the reply the coal fields. in by the We urge all organizations of the workers to render
. . .
made by him:
all assistance possible to the miners on trial at Charles Town. Their strugIt is a great pleasure to meet you and to hear you, and I appreciate deeply gle is our struggle. Their defeat is our defeat. Their victory is our victory.
the interest that you manifest in this important problem. It is hardly
Negro Question.—The Socialist Party reaffirms its position that the internecessary to refer to the concern that we all feel with respect to the welfare ests of all workers are identical regardless of their color or nationality.
been maniof the people of Russia. Our interest in the people of Russia has
. . . We heartily approve the intent of the Dyer anti-lynching bill.
fested in the most unmistakable manner, and I do not think that it requires
Summing up the work of the convention, the "Plain
any statement at this time to indicate how anxious we are for the full restoration of the economic power of the Russian people and for their well-being Dealer" states its outstanding results are the party's decision
in every way.
to affiliate with European Socialists of non-communistic
There is no disposition to interfere with the Russian people in working out tendencies, its decision to permit State organizations of the
their own destiny. There is no desire to interfere in their internal affairs.
The principle that is involved is one that we cherish here. Its application party to co-operate with labor unions and farmers in promothas been somewhat complicated by the organized efforts on the part of the ing a labor party, and its determination to enlist the support
Soviet regime to interfere in the domestic affairs of other peoples.
of organized labor. The paper quoted also said:
With respect to intercourse, it is quite evident that you are under a serThe convention instructed the new national executive committee to
ious misapprehension. There are no legal obstacles to trade with Russia.
The obstacles that exist to trade with Russia are due to the situation in draft a fighting platform with which to go before the voters in the congressional elections next fall, and turned over to the committee the probRussia, which is in control of those who dominate the affairs of Russia.
Some time ago I pointed out the essential conditions for a return to pro- lem of raising a $3,000 campaign fund for use in twelve of the larger indusductivity in Russia. That was not a formula; that was not an artificial trial States. The committee will meet for this purpose in New York May
conception; that was simply a statment of fact. Russia needs credit, but 20.
Although the convention passed on to the national executive committee
it is idle to expect credit unless there is a basis for credit. That basis for
credit cannot be supplied from the outside. That basis for credit has got the work of framing the congressional platform, with special emphasis
upon the party's attitude on unemployment, the open shop and foreign
to be supplied inside of Russia.
Political recognition follows the establishment of a sound basis for inter- relations, it adopted resolutions setting forth the party's attitude toward
course. Political recognition is dependent upon the existence of a govern- half a dozen of the principal political problems of the day.
ment that is competent to discharge and shows a disposition to discharge its
international obligations. This whole matter is in the control of those who
APPEAL OF WILLIAM JENNINGS BRYAN TO PRESIdominate the affairs of Russia. We are most desirous to do what we can to
DENT HARDING FOR REPRESENTATION OF U. S.
aid in Russia's recuperation, but they must establish the basis for such
recuperation.
AT GENOA CONFERENCE.
The request for recognition was contained in a resolution
An appeal to President Harding that the United States
presented by the delegation which called upon Secretary be represented at the Genoa Economic Conference was
Hughes, which stated:
by William Jennings Bryan in a letter made public
Whereas, 180,000,000 Russian people are suffering from the effects of war made
at Lincoln, Neb., on April 30, in which the failure of this
and blockade, followed by a famine which is exterminating millions; and,
r,IAY 6 1922.]
THE CHAONICLE
1963
country to enter the League of Nations was described as
"a national and international calamity" and in which it
was added that "a mistake in the past should not prevent
wiser action in the present and future." Mr. Bryan's letter
in part, as given in the New York "Times", follows:
tion with the failure of Chandler Brothers & Co. of Philadelphia, by John A. Kilmore of Mechanicsburg, Pa., to recover
an alleged debt of $800. It is alleged that Clark, Childs &
Co. aided the firm of Chandler Brothers & Co. while knowing
the circumstances of the company and the character of the
It would not hurt us to have a representative there if he went empowered
to advise only and with the understanding that our nation is not bound by
any conclusions reached, except as our people, acting through Congress and
the President. or at a referendum, may expressly approve.
The failure of the United States to enter the League of Nations was a
national and international calamity,the responsibility for which was divided
between the refusal of the Republicans to ratify the convenant with reservations and the refusal of the Democrats to ratify the treaty with reservations.
The covenant was so much more important than the reservations that it was
unspeakable folly for either side to subordinate the idea of international
co-operation to the minor details about which they differed.
But a mistake in the past should not prevent wiser action in the present
and future. It matters little whether it is called a League of Nations or an
association of nations or anything else, our nation should use its influence to
aid in securing world peace. Lloyd George is right when he says: "America could exercise an influence no other country could command. She could
come here free and disentangled and with the prestige which comes from her
independent position: she would come with the voice of peace."
What excuse can this nation give before the final judgment bar for its
failure to respond to such a call of duty at such a time?
The world has been wearing the devil's yoke and the devil's burden has
become too heavy to be borne. Christ's yoke is not only easy, but his
burden is the only bearable one. The world needs an anthem in which the
world can join and there is no other than the one that startled the shepherds
at Bethlehem,"On earth peace, good will toward men."
Mr.President, you are a Christian,and your sense of responsibility to God
must soon compel you to propose an appeal to the estranged nations to forget the past and with an eye single to the world's future welfare, begin the
work of friendly co-operation in the upbuilding of Europe. You made a
splendid beginning in calling the arms conference, but what will its work
avail if Europe is to become again a slaughterhouse? And how shall we
escape, made up as our population is, the blood that will be mingled on battlefields if Europe again beats her plowshares into swords?
You are a man of prayer, Mr. President; you are the first President to
a
include the Lord's Prayer in a public address. I bog you to turn aside
moment from things exclusively national and ask for guidance in this world ,
crisis.
business alleged to have been carried on by it. The suit, it is
understood, has been filed against the members of both firms,
the names of the defendants being as follows: James F. A.
Clark, Herbert H. Childs, Charles A. Morse, Frederick Pulsifer, W. Channing Burbank, William L. Meffert, Richard
Wharton and Hans Nowa of Clark, Childs & Co., and Edward S. Little, Fred T. Chandler, Jr., and Earl Mendenhall
of Chandler Brothers & Co. Chandler Brothers & Co. failed
on July 25 1921, as reported by us in our issue of July 30,
page 474.
RAABE, GLISSMAN & CO., INC., NEW YORK,
INSOLVENT.
The foreign exchange brokerage firm of Raabe, Glissman
& Co., Inc., 20 Broad Street, this city, was placed in involuntary bankruptcy in the United States District Court
on Wednesday of this week, May 3.
JOHN W. BLODGETT RESIGNS AS DIRECTOR OF
FEDERAL RESERVE BANK OF CHICAGO.
John W. Blodgett of Grand Rapids is reported to have
tendered his resignation as director of the Seventh District
Federal Reserve Bank of Chicago. Mr. Blodgett, it is said,
resigns because of pressure of other business.
DATE FOR PURCHASE OF VICTORY NOTES BY FEDERAL RESERVE BANKS FURTHER EXTENDED
—$80,000,000 3%% NOTES REDEEMED.
Secretary Mellon announced on April 15 that the authorization given to the Federal Reserve banks to purchase Victory notes direct from holders, at par and accrued interest,
up to an aggregate amount not exceeding $100,000,000, had
been further extended from April 15 to May 15 1922. This
authorization applies to 4%% Victory notes. The Treasury
announced on Feb. 9 1922 a general offer to redeem before
June 15 1922, at the option of the holder, at par and accrued
Interest to the date of optional redemption, any of the 3%%
Victory notes which have been called for redemption on June
15 1922. Purchases of the 4%% notes up to April 15 aggregated about $3,000,000, and advance redemptions of the 3%%
notes aggregated about $80,000,000. Previous reference to the
extension of the time for the purchase of the notes was referred to in our issues of Feb. 4, page 470, Feb. 18, page 684,
WATERS & COOK, NEW YORK, FAIL.
An involuntary petition in bankruptcy was filed in the
Federal District Court on Tuesday (May 2) against the and March 18, page 1128.
brokerage firm of Waters & Cook, at 57 Fifth Avenue,.this
city. Judge Mack appointed Edward B. Geisner receiver VICTORY NOTES TOTALING 648 MILLION RETIRED
.IN MARCH.
for the failed firm under a bond of $4,000. The firm was a
member of the New York Consolidated Stock Exchange.'
Announcement that $648,498,150 of Victory notes had been
retired in March was recently made by the Treasury Depart-
RAYNOR, NICHOLAS & TRUESDELL IN BANKRUPTCY ment. This, it is said, was the largest block of Victory notes
On April 30 a petition in bankruptcy was filed in the retired in any one month since the armistice and indicates
United States District Court against the brokerage firm of that the Government is proceeding rapidly with its program
Raynor, Nicholas & Truesdell, of 41 Broadway. This to fund the short-dated debt of the country.
action followed the expulsion of Blaine .J. Nicholas from the
New York Consolidated Stock Exchange for the alleged VICTORY NOTES IN COUPON FORM ACCEPTABLE FOR
violation of a by-law of the Exchange forbidding the nullifiINCOME AND PROFITS TAX PAYMENTS.
cation of customers' orders. The failed firm, which conCommissioner of Internal Revenue David H. Blair ansisted of De Witt C. Raynor, Blaine J. Nicholas and Earl M.
nounced on April 20 that instructions had been issued to
Truesdell, maintained, in addition to a branch at 30 Eat
of internal revenue to receive at par, Victory notes
42nd Street, offices in sixteen cities, including Albany, collectors
of either the 4%% or the 3%% series, in coupon form, in
Rochester, Pittsburgh, Chicago, Wilkes-Barre, &c. On
profits taxes payable on June 15,
Monday, May 1, Judge Hand appointed Joseph M. Pros- payment of income and
1922. It was announced at the same
hauer, a lawyer, of 111 Broadway, receiver for the firm Sept. 15 and Dec. 15
notes of the 3%% series will not be acceptunder a bond of $25,000. The liabilities are said to be in time that Victory
able in payment of income and profits taxes payable Sept.
excess of $300,000.
15 or Dec. 15 1922 and registered Victory notes will not be
acceptable on any payment. The following are the instrucARTHUR J. HORNE, BOSTON, ASSIGNS.
tions of the Commissioner issued under date of April 18:
Arthur J. Horne of 8 Congress Street, Boston, has made
To Collectors of Internal Revenue and Others Concerned:
an assignment for the benefit of his creditors and has auto1. Collectors of internal revenue are authorized and directed to receive at
matically been suspended from the Boston Stock Exchange, par, Victory notes of either the 4%% or the 33'4% series, in coupon form, in
payment of income and profits taxes payable on June 15 1922 and Victory
of which he had been a member for the past three years.
4
notes of the 43/ % series, in coupon form, in payment of income and profits
taxes payable Sept. 15 and Dec. 15 1922. Victory notes of the 3%To series
de CO.,PITTSBURGH,IN BANKRUPTCY. will not be acceptable in payment of income and profits taxes payable Sept. 15
LYON,SINGER
or Dec. 15 1922 and registered Victory notes are not acceptable on any payLyon, Singer & Co., bond dealers of Pittsburgh, have been ment. Coupon Victory notes tendered in payment of income and profits taxes
inter1922 must have
placed in involuntary vankruptcy, according to a press dis- payable June 15, Sept. 15 and Dec. 15notes tendered in all unmaturedincome
payment of
attached (that is to say,
patch from that city printed in the "Wall Street Journal" est coupons taxes payable June 15 and Sept. 15 1922, coupons attached for
and profits
of May 5. Creditors' claims, it is said, aggregate $79,438.
Dec. 15 1922 and May 20 1923; notes tendered in payment of income and
profits taxes payable Dec. 15 1922, coupon attached for May 20 1923), but
all matured coupons must be detached and collected in ordinary course when
CLARK, CITILDS ct CO. INVOLVED IN FAILURE OF due The amount, at par, of the Victory notes presented by any taxpayer in
payment of income and profits taxes must not exceed the amount of the taxes
CHANDLER BROTHERS CO.
to be paid by him, and collectors shall in no case pay interest on the notes or
According to the New York daily papers of April 18, the accept them for an amount other or greater than their face value. Accrued
notes accepted in payment of income and profits taxes payNew York Stock Exchange firm of Clark, Childs & Co., 165 interest on the
able Sept. 15 1922, from June 15 1922 to Sept. 15 1022. will he remitted to
Broadway, this city, has been made a defendant in a test the taxpayet by the Federal Reserve bank with which the collector makes his
suit brought :Li ilic Nubbau County Supreme Court, in cornice- deposits, on the basis of the schedules furnished by the collector. Receipts
1964
THE CHRONICLE
given by collectors to taxpayers should show the amount of notes of each series received in payment of taxes.
2. Deposits of Victory notes received in payment of income and profits
taxes hereunder must be made by collectors, unless otherwise specifically instructed by the Secretary of the Treasury, with the Federal Reserve bank
of the district in which the collector's head office is located, or in case such
head office is located in the same city with a branch Federal Reserve bank,
with such branch Federal Reserve bank. Specific instructions may be given
to collectors by the Secretary of the Treasury in certain instances for the deposit of the notes with Federal Reserve banks of other districts and branch
Federal Reserve banks. The term "Federal Reserve Bank," where it appears
herein, unless otherwise indicated by the context„ includes branch Federal
Reserve banks. Victory ,notes may be accepted hereunder by the collector prior
to tax payment dates, arid in that case should be forwarded by the collector
to the Federal Reserve bank or branch Federal Reserve bank to be held for
account of the collector until.the tax payment date, and for deposit on such
date.
3. Victory notes accepted hereunder should in all cases be indelibly
stamped by the collector on the face thereof as follows, and when so stamped
should be delivered to. the Federal Reserve bank in person if the collector is
located in the same city, and in all other cases forwarded by registered mail
uninsured:
it
192—.
This note has been accepted in payment of income and profits taxes and
will not be redeemed by the United States except for credit of the undersigned.
, Collector of Internal Revenue
District of
For the
•
Each umnatured coupon attached to each such Victory note must be indelibly stamped across the face by the collector with the word "Paid," followed
.•
by his name and title. •
4. Collectors should make in tabular form a schedule in duplicate of the
Victory notes to be forwarded to the Federal Reserve bank, showing the face
amount transmitted, the serial number. of each note, the series, the denomination, and the name and address of' the taxpayer presenting the note. Notes
accepted prior to the tax payment date must be scheduled separately, and
Victory notes should in all eases be scheduled separately from Treasury cer,tificates of indebte,dness.• At, the bottom of each schedule there should be
.
written or stamped, "income and Profits Taxes $
," which amount
must agree with the total shown on the Schedule: One copy of this schedule
must accompany notes sent to the Federal Reserve bank, and the other be retained by the collector. The income and profits tax deposits resulting from
the deposits of such notes must in all cases be shown on the face of the certificate of deposit (National • Bank • Form 15) separate and distinct from the
item of miscellaneous internal revenue collections (formerly called Ordinary).
Until certificates of deposit are received from the Federal Reserve banks, the
amounts represented by' the Victory notes forwarded for deposit must be carried by collectors as cash in bank, and not credited as collections, as the
dates of certificates of deposit determine the dates of collections.
5. For the purpose of saving taxpayers,the expense of transmitting such
notes as are held in Federal Reserve cities or Federal Reserve branch bank
cities to the office of the collector in whose district the taxes are payable,
taxpayers desiring to pay.income and profits taxes by Victory notes should
communicate with the collector of the istrict in which the taxes are payable
and request from him authority to deposit such notes with the Federal Reserve
bank in the city in which the notes, are held. Collectors are authorized to
permit deposits of Victory notes in any Federal Reserve bank with the distinct understanding that the Federal Reserve bank is to issue a certificate of
deposit in the collector's name covering the amount of Victory notes at par
and to state on the face of the certificate of deposit that the amount represented thereby ,is in 'payment of Income and profits taxes. The Federal Reserve bank should forward the original certificate of deposit to the Treasurer
of the United States with ,its daily transcript, and transmit to the collector
the duplicate and triplicate, accompanied by a statement giving the name of
the taxpayer for whom the payment is made in order that the collector may
make the necessary record and forward the duplicate to the office of the Commissioner of Internal Revenue.
.
, 6. Victory notes in registered form are not acceptable in payment of intOrne and profits taxes nnder this decision. Holders.of registered notes, how'eM•, may exchange tHem throne] the Federal Reserve banks for coupon notes
.
in accordance with the general regulations of the Treasury Department, and
may, in accordance with this deeukieri, present the coupon notes thus received
in exchange in payment of income and profits taxes, provided, however,
that
such exchange Is completed and tender made on or before the tax payment
date.
• '
'
'
DAL,BLAIR, 'Commissioner of Internal Revenue.
Approved i April 18 1922.
A. W. MELLON, Secretary of .the Treasury.
.
.
[VOL. 114.
fiscal year 1923 had.not yet been enacted into law, and
that it was, therefore, impossible to estimate with precision
the probable expenditures for that year. He likewise
stated that there are uncertainties in the 1923 figures from
the point of view of receipts, adding that the Treasury has
not had any official notification that interest will be paid
in that year on the British obligations held by the United
States, though there have been several official announcements in Great Britain of an intention to include that item
of expenditure in the British budget for the current fiscal
year. Secretary Mellon's letter was in reply to a request
from the chairman of the Senate Finance Committee,
which has under consideration the soldiers' bonus legisation, for the latest revised estimates as to receipts and
expenditures of the Government for the fiscal years 1922
and 1923. The following is Secretary Mellon's letter to
Senator McCumber. (A similar letter was addressed to
Chairman Fordney of the House Ways and Means Committee):
April 14 1922.
Dear Mr. Chairman:
In accordance with your request I am submitting herewith statements
giving the Treasury's latest estimate of receipts and expenditures for the
fiscal year 1922 and the fiscal year 1923, with supporting schedules for
each year showing the details of the ordinary civil expenditures and fixed
debt charges. These statements give estimates revised as of about March
31 1922. For the fiscal year 1922 the estimates are based on the actual
results of the first nine months, with the Treasury's estimates, as to receipts,
for the last quarter of the year, and, as to expenditures, with the latest
figures received by the Bureau of the Budget from the several departments
and establishments as to estimated expenditures for the fiscal year. •
The estimates as to the fiscal year 1923 are based on the estimates which
appear in the budget submitted in December 1921 after taking into account.
first, an indicated shrinkage in internal rev.enue collections of about $215,000,000; second, an estimated falling off of about $25,000,000 in Federal Reserve Bank franchise fax receipts; third, estimated additional
miscellaneous revenue of about $200,000,000 on account of payment of
interest by the British Government; fourth, estimated collections by the
War Finance Corporation of about $100,000,000, and, fifth, estimated
additional expenditures on account of the railroads to the amount of about
$200,000,000.
The budget for 1923, as submitted to Congress, did not include any item
of expenditure on account of railroads, but the indications now are that
owing to delayed settlements of matters arising out of Federal control
and under the guaranty for the six months following Federal control,
there will be payments of about $100,000,000 under the Railroad Administration and about $100,000,000 under the Inter-State Commerce Commission during the fiscal year 1923.
The postponement of these payments to 1923 is, of course, reflected in a
corresponding reduction of railroad expenses for the fiscal year 1922, and
partly on this account and partly on account of the proceeds of sale of
about $230,000,000 of equipment trust notes of carriers, the item of railroad
expenditures in the enclosed statement of estimated receipts and expenditures for 1922 shows an estmated credit of about $56,000,000, as compared with estimated expenditures of about $337,000,000 when the budget
was submitted.
• This shift In the situation as to railroad expenditures is offset in part by
withdrawals of about $190,000,000 by the War Finance Corporation during the fiscal year, but the net result is an indicated surplus of receipts over
expenditures in the fiscal year 1922, with an indicated deficit in a correspondingly larger amount for the fiscal year 1923.
104)i IWO
It appears from the estimates for 1922 that there should be an excess of
receipts over expenditures of about $47,000,000, as compared with an indicated deficit when the budget was submitted of about $24,468,703. For
the fiscal year 1923 the statement submitted shows an indicated deficit of •
about $359,000,000, as compared with an indicated deficit when the budget
was submitted of'$167,571,977. The budget figures, moreover, did not take
into account $125,000,000 of accumulated interest on War Savings Certificates of the series of 1918, and, as explained in the footnote to the estimates for 1923, this item properly represents interest on the public debt
and will appear as an ordinary expenditure. If this accumulated interest
is taken into account, the indicated deficit on the basis of the figures now
available would be $484,000,000 instead of $359,000,000, and the budget
deficit would have been $292,000,000 instead of the $167,000,000 Indicated
the budget as submitted.
Many of the important appropriation bills for the fiscal year 1923 have
not yet been enacted into law and it is, therefore, impossible to estimate
with precision the probable expenditures for that year. The figures
given do, however, show the latest estimates available and, as far as possible, have been checked by the Treasury with the departments and establishments concerned.
There are also uncertainties In the 1923 figures from the point of view
of receipts. The Treasury has not, for example, had any official notification that interest will be paid in that year on the British obligations held by
the United States, though there have been several official announcements
In Great Britain of an intention to include that item of expenditure In
the British budget for the current financial year.
The estimates do not take into account any expenditureewhich may
be made during the fiscal year 1923 under the proposed ship subsidy legislation, if it should be enacted into law, nor do they allow for any expenditures on account of rivers and harbors, public buildings or good roads,
beyond what is already authorized by existing law or under the regular
annual appropriations.
Very truly yours,
A. W. MELLON, Secretary.
SECRETARY OF, TREASURY MELLON LOWERS 1922
ESTIMATE 'OF' DEFICIT AND INCREASES
.
THAT FOR 1923. '
"According to -advices conveyed by Secretary of the Treasurf Mellen,to Senator McCurnber, Chairman of the Senate
'Finance Committee, in which revised estimates of the
Government's receipts and expenditures are furnished, there
should.
'be
'excege of receipts over expenditures of about
- $47;000,0000. for the' -fiscal year. 1922, as compared with
an indicated 'deficit when the' budget was submitted, of
about $24,468,703.. For the fixcal year 1923, however,
Mr.•Mellon. submitted .a ,statement showing an estimated
, deficit of about.$459,000,000 compared with a deficit of
$167,571,000 indjeated by. the December budget. The
bwiget, he added,
.did not take into account $125,000,000 of
, accumulated .interv4t on war savings certificates of the
series of 1918 properly charged as an ordinary expenditure
From the Washington advices to the New York "Times"
representing interest on the public debt. .Secretary Mellon April 18, we take the following:
In the table of expenditures and receipts for the fiscal year 1922, Secretary
points out that •"if. this accumulated interest is taken into
Mellon places customs receipts at $330,000,000, income and profits taxes at
account, the indicated .deficit on the basis of the figures $2,088,000,000, miscellaneous internal revenue at $1,126,000,000 and other
now available would . be $484,000,000, instead of $359,- miscellaneous revenue at $450,000.000, a' tots%1 of ordinary receipts of $3,NI
000,000, and the budget deficit would have been $292,- 994.000,000.
Ordinary civil expenditures, exclusive of war
put at $345,()00.000, instead:, of' the $167,000,000 indicated in the 000.000; War Department,$389,000,000; Navyand navy, are$458,000,000;
Department,'
budget ,
debt
C .
‘477.000.000:
inetudincc interest on
:1.7:•:' -,17of P.1,1 T,( Cr ,1 it' (In rrrrl lt, 1-;
-1
_
tat t ti t 11;1•!y ,:f
ortant :;:,- .1. riati().1 bills for t
0.
. '3.090.0ne: War Finance el- num.:Won. t'0.90.1`1(•,(((
.
1
MAY 61922.]
THE CHRONICLE
1965
A White House statement issued on Mar. 31 announcing
These aro the more important expenditures. The total net expenditures
are $3,947,000,000, and the excess of receipts over expenditures, $47,- the issuance of the Executive Order removing Director Wil000.000.
in meth and the others stated that the action had been taken
For the fiscal year 1923 customs receipts are placed at $330,000,000, as
internal "for the good of the service." This statement, which also
1922; income and profit taxes, $1,500,000,000; miscellaneous
revenue, $896,000,000, and other miscellaneous revenue, including $200.- made known the designation of Louis A. Hill as Director suc000,000 interest from Great Britain, at $572,000,000, giving a total of
ceeding Mr. Wilmeth, said:
ordinary receipts of $3,298,000,000.
The President today issued an Executive Order dismissing a long list of
Ordinary civil expenditures for 1923, exclusive of War and Navy DepartNavy, executives in the Bureau of Engraving and Printing and appointing new ofments, are put at $341,000,000: War Department, $370,000,000;
railroads, $200,000,000; road
ficials to the vacancies.
$400,000,000; veterans' relief, $500,000,000;
The order, which was signed at 6.45 o'clock this afternoon, was at once
good, $125,000,000; fixed debt charges, including $975,000,000 interest on
public debt, chargeable against ordinary receipts, $1,300,000.000. These delivered to the new Director of the Bureau for execution. It became effeccredit is allowed tive from the moment of signature by the President, constituting an instant
are the principal items of expenditures for 1923. A special
for $100,000,000 to be returned by the War Finance Corporation. The severance from the service of all officers dismissed. Their successors will be
estimated net expenditures are $3,657,000,000 and the excess of expendi- appointed on the recommendation of the new Director.
The Director of the Bureau, James L. Wilmeth, is among those removed,
• tures Over receipts $359,000,000.
The budget estimates for 1922 and 1923 were referred and Louis A. Hill, heretofore Assistant Chief of the Division of Engraving, is
named to succeed him.
to in our issue of December 10 1921, page 2464.
The Bureau is one of the largest in personnel in the executive service of
the Government, numbering about 6,000 employees. It operates the greatest
engraving plant in the world in which all paper money, bonds, certificates
SECRETARY MELLON DENIES REPORTS OF FLOOD- and securities of the Government and postage stamps are made.
The President's order simply states that the action is taken "for the good
ING OF COUNTRY WITH COUNTERFEIT
of the service." The only exceptions to the rule of dismissal are in the cases
BONDS—REMOVAL OF BUREAU OF
of persons eligible for retirement for age; these are retired as of this date.
ENGRAVING HEADS.
The order involved changes in the executive heads of every Division of the
Answering published reports "to the effect that the coun- Bureau. explained that the action was taken as a preliminary to a complete
It was
try is flooded with millions of counterfeit bank notes, bonds, readjustment of the bureau to peace conditions.
Today's action was taken as the outcome of extended preliminary examinaand war stamps and couwar savings, and other stamps
tion in the conduct of the Bureau.
pons," Secretary of the Treasury Mellon on April 17 declared
The new Director, Mr. Hill, was sworn into office immediately after the
that "no such condition exists." His statement denies re- President signed the Executive Order. He went immediately to the Bureau,
Printer"—the official organ notified the Captain of the Watch and assumed responsibility.
ports published in "The Plate
The new executive personnel will be in complete charge when the Bureau
of the •Plate Printers and Die Stampers' Union of North opens tomorrow morning.
America, the membership of which comprises employees of
Six Executive Divisions, it was stated, were under the
the Bureau of Engraving and Printing, at Washington. The President's order, and the designations of others changed by
statement of Secretary Mellon April 17 said:
the new Director.
publication known as "The Plate
In view of the statements made in a
the effect that the country
On April 3, when Secretary Mellon was said to have
Printer," which are receiving wide publicity, to
bank notes, bonds, war savings and stated that the dismissals came as a result of an efficiency
is flooded with millions of counterfeit
the Secretary of the Treasury
other stamps, and war bonds and coupons,
that no such condition exists. move, he was also reported as denying reports of bond duplideems it proper to make public announcement
of any overissue or counterfeit- cation, the Associated Press in a Washington dispatch that
No information has come to the Treasury
attached to the same.
day stating:
ing of United States bonds or coupons
stamps, bank notes and other forms of
As regards war savings and other
currency, attempts are made from time to time to counterfeit the issues or
The Treasury is constantly on
raise the denominations of genuine issues.
substantially every case where efforts
the alert to stop such attempts. In
any considerable scale, the guilty parties have been aphave been made on
prehended and brought to trial, and their activities ended.
The Secretary of the Treasury desires to state in the most emphatic terms
that the public need have no apprehension as to the genuineness of the Government securities and currency now outstanding.
Members of the delegation of dismissed Engraving Bureau officials, while
at the White House today, stated that they knew of "no clique" in the Bureau "except discharged employees who have been fomenting discontent and
are now back in places of authority."
The delegation charged that the installation of a new electrolytic process
and of improved machinery met with bitter opposition from the Transferrers'
Union, and that during the war these transferrers obstructed the use of this
new process in every way possible. Installation of up-to-date machinery, they
said, brought opposition because it meant a reduction In the force, citing as
Secretary Mellon at the same time made public as follows an example the making of postage stamps, which, they said, was reduced by
also.
improved methods which meant cut in
his letter to the editor and business manager of "The Plate half through been no duplication of bonds inathe lastthat forcemonths, they
eighteen
There had
Printer" concerning an article appearing in its issue of April added, and there had been only a few petty thefts, which bad been detected
5 anent the circulation of counterfeit notes, etc., asking for and accounted for.
The reports of bond duplication were dismissed by Secretary Mellon today
any evidence upon which the article was based.
April 17 1922. . with the remark that such charges "had been thoroughly ventilated by former
and completely dispelled.
Dear Sir:—My attention has been called to a statement in the issue of Secretary Houston"
Reorganization of the Bureau heads, according to Mr. Mellon, came as a
"The Plate Printer" of April 5 1922 in substance that the country is flooded
culmination of several investigations into the operation of the plant, followwith millions of counterfeit Federal Reserve notes, United States notes, Fed- ing
complaints as to the efficiency of its operation. As to the seeming aberal Reserve currency, National Bank notes, silver certificates, War Stavings
similar sudden changes in official posistamps, postage stamps, Internal Revenue stamps and all issues of the war ruptness of the change, he recalled
tions during the McKinley Administration.
bonds and their coupons. Statements of this sort, reflecting as they do upon
Assistant Secretary of the Treasury Wadsworth, Mr. Mellon said, made sevthe Government bonds in the hands of investors are calculated to cause wideof the Bureau, as did other Treasury officials.
spread uneasiness upon the part of such holders and, at the same time, if un- eral investigations
These inquiries, Mr. Mellon continued, disclosed conditions in the Bureau
contradicted, might tend to injure the credit and standing with the public
warranting the changes. Waste was found, he said, with losses to the Govof the securities of the Government.
of paper being spoiled in
An official statement is being issued by the Treasury Department denying ernment running into large sums because of sheets
for keeping plates and other unthat a condition such as you describe as to the circulation of counterfeit the new presses, lack of up-to-date methods
satisfactory conditions.
currency and securities exists, copy of which is enclosed herewith.
Assignment of Justice Department Agents to the Bureau by Attorney GenIt has been the custom of the Treasury to circulate widely the announceMellon stated, was merely a matter of precaution in goment of every counterfeit issue when it is discovered and such circulars are eral Daugherty, Mr.
ing over the stock in the plant, as there were no specific charges of irregusent to you in each case.
against any of the dismissed employees. Treasury acI request that you immediately furnish me with any evidence, other than larity or defalcation
countants had been put to work checking up the Bureau's operations, he dethat contained in such circulars, upon which you based the statement reTreasury will be glad to receive such evidence and will clared, but such a step was always the custom when a change in the directorferred to above. The
ship took place.
at once investigate it with the greatest care.
Nothing was now pending in the Bureau, Mr. Mellon stated, involving the
Yours very truly,
honesty of any group of former employees and there was nothing pointing to
A. W. MELLON, Secretary.
", any individual. He said that while the politics of the former officials were
Coleman, Esg. Editor and Business Manager, "The plate printer
Frank J.
known in a general way, in reality most of the employees could be said to
Washington Loan and Trust Building, Washington, D. C.
have no politics as they had no vote.
Secretary Mellon had previously taken occasion to deny
reports of the duplication of Liberty bonds or other Government securities; these reports had developed after the announcement early last month that a complete inventory of
notes, bonds, plates and other stock would be taken. For
the purpose of making an inventory, all the Divisions of the
Bureau of Engraving and Printing handling the paper used
in making bank notes, stamps, and Government securities
were ordered closed on April 8 by Secretary Mellon, who in
his denial • that date of reports of the duplication of Government securities stated:
The statements appearing in the newspapers to the effect that a vast
ume of duplicate bonds and other securities have been fraudulently issued
are in circulation are wholly without foundation. There has been no
dence developed of any such situation either in the Bureau of Engraving
Printing or elsewhere in the Treasury Department.
voland
eviand
These allegations followed the dismissal by President
Harding on March 31 of James L. Wilmeth, as Director of
the Bureau of Engraving and Printing, together with 31
other Chiefs of Divisions of that Bureau.
The dismissals brought from the National Federation of
Federal Employees a protest which Presider t Harding answered by stating anew that the changes "were ordered after extended deliberation and were inspired wholly for the
good 'of the service." The Federation's protest was lodged
April 2 by its President, Luther
with President Harding
C. Stewart; it asserted that the dismissals impugned the
character and took away tbs "civil service status" of the deposed men. A separate protest from the Woman's Union of
the Bureau was made at the same time against the removal
of four women executives, whose places were filled by men.
President Harding answered both protests at the same time;
he stated that "the order in the case specifically stated that
those of the dismissed employees who were eligible to retirement would be retired as from the date of the order, which I
think you will agree is not subject to the construction that
their character were impugned in any way." The President's
letter follows:
1966
TH 14 CHRONICLE
I have before me your letter of April 1, in which you write to me in protest of the Executive action in effecting the reorganization of the Bureau of
Engraving and Printing and with which you inclose to me the letter of Gertrude M. McNally, Secretary of the Women's Union, making similar protest.
" Because you and Miss McNally speak officially for so large a part of Federal
employees, I desire personally to make courteous acknowledgment, but I must
suggest at the same time that courtesy shall not be confused with apology.
The changes made at the Bureau were ordered after extended deliberation.
and were inspired wholly for the good of the service. It was so stated at the
time. I do not understand that such a statement or such an action impugns
any one-s character or calls for charges against the employees concerned or
demands explanation by the Executive.
The order in the case specifically stated that those of the dismissed employees who were eligible to retirement would be retired as from the date of
the order, which I think you will agree js not subject to the construction that
their character were impugned in any way. Miss AfcNally's letter states that
these persons "are ineligible to reinstatement in the Government service be• cause summarily dismissed on charges, and they lose the benefit of the retirement act." This indicates a distinct misunderstanding of the action taken. There were no charges and there was a distinct assurance that the benefits of the retirement act were preserved.
In the circumstances which were presented to the Executive at the time of
taking this action it seemed apparent to me then, as it does now, that no action less sweeping than was taken could give complete assurance of the full
protection of the Government's interests.
I shall maintain every regard for the civil service law, but if a responsible
executive head may not take such action as is deemed necessary for the good
of the public service, then such an inhibition on the powers of the Executive
ought to be made very clear to Congress, to Government employees and to the
American public, to which we are all answerable. Then the responsibility
may no longer be lodged with the Executive. Until such understanding is
made clear I invite you and others who speak for Federal employees to join
me in doing the things deemed necessary to promote the highest possible degree of Federal service.
. On April 3 Mr, Wilmeth and eighteen of the other cpsmissed employees visited the White House and left a memorandum for the President, seeking the reason for their removal; this memorandum stated:
We came to the White House today for the purpose of requesting the President to see us, in order that we might inquire of him the reason for our summary dismissal from the Service. In view of the implication of the Executive
.Order and the White House statement accompanying it, and the many newspaper articles relative to our dismissal from the Bureau, which have cast a
reflection upon our characters, suggesting either gross inefficiency, or, what
is worse, corruption of some kind, we felt that(.9 American citizens we have
1
the right to know the nature of such charges and by whom they were made.
Furthermore, as civil service employees, we felt that our rights had been
violated and that the provisions of the civil service law with respect to the
.dismissal of employees was totally disregarded in our case.
We feel that we have a right to demand to be confronted with whatever
has been said against us, to the end that the opportunity may be given us to
clear our good names.
We did not come to see the President seeking reappointment, but to insist
upon justice.
[VOL. 114.
to why he dismissed some man from office. That is a matter which was once
discussed very thoroughly before Congress, and in which a Democratic President, if I remember correctly, advised the Congress that it was,none of their
business, or words to that effect.
In reply to a statement by Senator Borah that "if the
President of the United States has violated a law which we
had a right to pass," Senator King observed that "that could
be done by impeachment as they attempted to impeach Andrew Johnson for an alleged improper removal of one of his
cabinet officers." Just prior to the issuance of the order
dismissing Director Wilmeth, the New York "Times" printed
the following from Washington under date of Mar. 30 regarding a proposed reduction in the force of the Bureau by
reason of the reduced demand for Federal Reserve notes:
Reduced demand for Federal Reserve notes required for replacement of
notes worn out in circulation enables a reduction of 600 in the personnel of
the Bureau of Engraving and Printing, where all American money and stamps
are engraved. The first to be dismissed are employees who have reached the
retiring age, but who had received a two-year extension under the provisions
of the Retirement Act. These will have the benefit of a retiring allowance
from the Pension Fund.
Next in order to go are married women whose husbands have employment
and following them the selections for dismissal are being made from employees appointed under the wartime emergency without reference to the requirements of the civil service. The cut in the Bureau's personnel represents anqther step toward a return of the Government to pre-war conditions.
The maximum amount of Federal Reserve notes outstanding was $3,404,000,000 in December 1920. The notes outstanding since that time have been
reduced to approximately $2,200,000,000. As the number of notes in circulation decreases, the requirements for replacement also decrease. The Reserve
banks have, in the last few months, been building up thir stocks of notes and
have therefore called for no more notes than those actually needed for the
day-to-day replacement. These stocks are now considered as adequate. The
output of notes during 1921 was running at approximately 900,000 a day;
in January of this year it was cut to 600,000; and after April 1 will be reduced to 150,000 a day.
Mr. Wilmeth entered the service of the Bureau in 1895 and
had been Director of the Bureau since 1917.
In lending their support to Director Wilmeth and the other
dismissed officials, the National Federation of Federal Employees made public on Apr. 12 a report of a Treasury Commission, which, it is stated, was appointed as a result of protests from Bureau employees who were discharged by Director Wilmeth early last year in a general readjustment of personnel. During the investigation affidavits making charges
against the Director were, it is reported, filed with the Commission. Among the reports which have circulated among
Government employees recently, the Federatimi officials are
said to have stated, was one ascribing the Director's dismisThe reply to this was made by the President's Secretary, sal to these charges. The report was made public, it is
George B. Christian, on April 4, in a letter addressed to John stated, with a view to proving the exoneration of Mr. Wilmeth and the Bureau from charges of unfairness. The folJ. Deviny, one of the dismissed executives, Mr. Christian lowing is the report:
stating therein:
Washington, D. C., Sept. 7 1921.
I have shown to the President the statement left by you and your associates
on the occasion of your call at the White House this afternoon. He asked me
to reply and say that he would have been glad to meet your delegation had
he been present at the time of your call, though he is not yet prepared to
make his statement relative to the Executive Order which was made effective
on Friday evening, Mar. 31.
The President has had no wish to reflect upon the character of any Government employee, but he did hold that a sweeping change in the Bureau was
essential for the good of the public service. He regrets the insinuating publicity no less than those do who have been discontinued from the public ear-'
vice.-
To the Honorable, the Secretary of the Treasury.
Sir:—The undersigned, constituting the committee named by you on July
20 1921 "for the purpose of considering the protests of certain employees of
the Bureau of Engraving and Printing against their release from employment
in that Bureau," respectfully report as follows:
The committee has carefully investigated these protests to the fullest extent it deemed necessary or requisite to carry out your instructions, and finds
as follows:
1. That there was not only a legitimate reason but an urgent necessity
for reduction in the force of this Bureau to the extent to which it was actually reduced.
2. That before any employees were discharged, the Director of the Bureau
put into effect the following rules to be observed in determining what employees should be dismissed:
(1) Drop employees regardless of term of service whose records are poor,
involving inefficiency, inattention to duty, tardiness, excessive loss of time,
agitators, and trouble-makers.
(2) Drop, without prejudice, married women whose husbands are employed in the Bureau of Engraving and Printing or in other branches of the
Government service at a good salary.
(3) Drop, without prejudice, those employees recently appointed.
(4) Furlough indefinitely, but subject to recall to duty within the period
of a year, employees whose services are not now needed but whose efficiency
and attention to duty have been such as to make their services desirable.
This will enable the Bureau to draw recruits from a trained and experienced
force.
3. That making reasonable allowance for the human element in the 'relations between the employees and their next immediate superiors, these rules
were apparently so observA as to produce as little individual injustice as
could be expected in dealing with so many cases.
4. That the reduction was a real one and not a pretended one for the purpose of putting other more favored employees in the places of those released.
The committee therefore recommends that said protests, and all of them,
be disallowed, and that the application of the protestants, or any of them, for
immediate reinstatement should not receive favorable consideration.
Respectfully submitted,
D. R. CRISSINGER, Chairman.
WILLIAM T. ABBOTT.
W. G. PLATT.
S. R. JACOBS.
CHAS. STEVENSON.
J. E. HARPER, Secretary.
Approved,
A. W. MELLON, Secretary.
dn April 3 resolutions were introduced in both the House
and Senate proposing an inquiry into dismissals. In the
House, Representative R. Walton Moore (Democrat) of Virginia presented a resolution calling for a committee of five
to inquire about the Executive Order of dismissal and determine whether "the facts indicate that the Order may be regarded as a step in the direction of a return to the discredited spoils system." In the Senate, Senator Caraway (Democrat) of, Arkansas offered a resolution calling upon the
President to report to the Senate, if not incompatible with
the public good, (a) what facts warranted the dismissal of
the men mentioned from the classified service, and (b) on
what authority and .by what authority he dismissed these
employees from the service. A second resolution was introduced by Senator Caraway on the 4th inst. proposing an investigation by a Special Committee of the Senate. On the
5th inst., on motion of Senator Curtis of Kansas, acting Republican Leader, both Caraway resolutions were referred to
the Senate Committee on Civil Service.
In the case of the resolution requesting information from
the President regarding,the dismissals Senator Curtis indi.
cated that he would have no objection to it provided the preamble was stricken out. This was objected to by Senator
Caraway. During the discussion of this resolution on April
5, Senator Borah stated that "even if the public interest is
not involved, there is the legal question as to whether or not
Congress has a right to ask the President how he shall dis- SECRETARY WALLACE ON "COST OF LIVING"—THE
PART PLAYED BY WAGES.
charge his duties under his executive authority with referIn a discussion of "The Cost of Living" before the National
ence to officers." Senator Borah added:
I simply desire to say that I think the most important proposition involved League of Women Voters at Baltimore on April 24, Henry
in it is that of the right of the Congress to ask the President with reference C. Wallace. Seerptpry
of
nc7Tr4-21 that "17 wa
MAY 6 1922.]
THE CHRONICLE
accept our present system of distribution of meats and other
food products as being a sati§factory system, then any
marked reduction in cost must come first through reduction
in wages, because wages are altogether the largest item in
marketing and distributing cost? whether we consider
transportation, wholesaling or retailing." Secretary Wallace
in thus expressing his views, contended that he was not
arguing that there should be large reductions in wages, but
that he was simply pointing out that "the large increases
in wages are mainly responsible for the large increase in
cost to the consumer." The address in full, except a couple
of paragraphs at the end, is as follows:
What do we mean by the cost of living? To the individual it means
the cost of the things he buys. Those vary with individual incomes and
desires. It is necessary, therefore, to confine discussion to certain commodities necessary to every family and of which official cost records are
fuel and
kept. These necessary commodities are food, shelter, clothing,
light, and sundries. If we take these commodities as representing the total
wage-earner, it is estimated that 43.1%
needs of the average family of the
of the family budget is spent for food, 17.7% for shelter, 13.2% for clothing,
5.6% for fuel and light, and 20.4% for sundries.
What do we mean when we speak of the increased cost of living? Usually
we moan that we must Pay more in dollars and cents for these necessary
commodities than we paid at some time in the past, and just now we are
in the habit of considering that time as before the war. If we compare the
costs of these necessary commodities in July 1914 with the costa in March
1922, we find that they have increased about 54.7%. Food, the largest
item in the family budget, costs 42% more than in 1914; shelter, about
65% more; clothing, 54%;fuel and light, 77%;sundries, 74%. Thereupon
we complain bitterly and insist that the cost of living must come down.
Let us consider the matter from different angles.
Cost of Living vs. Purchasing Power.
First, are we worse off than in 1914 because these essential commodities
cost more now than then? That depends upon what lane happened to our
own incomes. When we speak of the increased cost of living, we should
consider not alone the increase in the cost of the things we need to buy, but
whether there has been a corresponding increase in our own incomes which
maketeus better able.to buy. We can not think clearly on this question
nor reason logically until we quit measuring costs aud incomes in dollars
and cents, and instead adopt purchasing power as a measuring stick. The
cost of the essential family commodities is 54.7% greater now than in 1914.
The family whose income is 54.7% greater now than then is neither better
nor worse off than in 1914. Those whose incomes have increased more
than 54.7% are better off, while those whose incomes have not increased
by so much as that figure are worse off. This affords a convenient way
of' measuring one's own status compared with 1914. No reliable statistics
are available for measuring the relative purchasing power of professional
and business incomes, as groups. Speaking generally, the people who are
under the greatest disadvantage because of the increase of the cost of living
are the preachers, teachers, untrained and unorganized laborers, and
farmers. The incomes of these groups are lower compared with the cost
of living than before the war. And, again speaking generally, the wages
of the organized labor groups have increased considerably more, relatively,
than the increase in the cost of living. Wages of railroad workmen, for
example, are still almost 100% above 1914, and New York factory wages
about 95% higher. Wages in organized industries throughout the country
still show increases greater than the increase in the cost of living, and
these higher wages in essential industries, together with the frequent striker;
in the effort to keep them up,are mainly responsible for the continued high
cost of living because labor is the largest factor in production costs. A
material decrease in the cost of living must be preceded by a decrease in the
wages in the organized industries.
Should the Cost of Living be Reduced?
Second, is it desirable that the cost of living should be reduced to the
pro-war levels? This is an economic qeustion which offers opportunity
for wide differences of opinion and in the discussion of which both natiimal
and international conditions must be considered. Those whose incomes
are derived largely from fixed investments, securities and money loaned,
naturally wish a return to the pre-war price levels because that would
enhance the value of their dollars. Those who went in debt during the
past five years and farmers and wage earners generaly would be better off
if a new general price level should be established at about 60% above the
pro-war level, provided all prices can be brought to that level. I do not
undertake`now to discuss this question in its larger aspects, but express
the opinion that if it were possible to bring up prices of everything to
about 60% above the pro-war level, that would benefit most of our people
and the nation at large.
The Disadvantage to the Farmer.
The most serious difficulty in the present situation is the plight of the
farmer. Food, as we have seen, represents almost half the cost of living
of the average wage earner's family. The increase in the cost of food to
the consumer is less than the increase in the cost of shelter, clothing, fuel
and light, or sundries. Nevertheless, the consumer is now paying for food
about 42% more than in 1914. The farmer who produces this food is
not getting this increase. It is duo to extra costs between the farm and the
retail buyer. In those States which produce the great surplus of agricultural products, farmers sold their 1921 crops at'prices no greater than
pre-war prices, and in many cases considerably below. Farm prices now
are higher than last fall and winter when the bulk of the crops were sold,
but oven now are not much above pre-war prices. In February last the
farmer sold corn for 23% below the pre-war average, oats 17% below,
wheat 9% above, eggs 22% above, butter 26% above, beef cattle 1%
below, hogs 16% above. Prices are higher now than in February, but the
bulk of these crops were sold by the farmer at prices lower than those
named for February. In the case of fruits and vegetables the increases in
wholesale and retail charges have been very largo. Take Texas cabbage,
for example. In April 1921, the producer in Texas received 167 per ton.
The cost to transport it to Chicago was $26 30 per ton. The cabbage
retailed at 7 cents per pound, or $140 per ton. Of this 7 cents which the
consumer paid, the producer received .35 of one cent, the railroad received
1.32 cents, the retailer received 5.23 cents.
The farmer, therefore, not only is not to blame for the increase cost of
food to the wage earner, but is worse off relatively than the wage earner,
because his income is down to pro-war while the cost of the things he must
buy is 50% or more above pre-war costs. This condition has caused serious trouble. About 40% of our people depend upon the soil directly
for their living. Their income consists of what they get for their crops
and live stock. With prices of crops and live stock down to the pre-war
level and prices of the things farmers must buy from 50 to 75% or more
1967
above pre-war levels, the purchasing power of the 40% who live upon the
land is so reduced that all business is affected actversely. A striking illustration of the relation between prices of'things the farmer needs to liny
and prices of farm crops is presented by the Congressional Commission
of Agricultural Inquiry. Four standard farm implements are the gang
plow, corn binder, grain binder and farm :wagon. At a certain town In
Nebraska, the cost of these four implements August 1 1914. was $485.
which was the value of 798 bushels of corn. On October151921,the tourchase
price of these same four implements was 4,214 bushels of corn, and'on
January 3 1922, 3,083 bushels of corn. This difference in purchasing
power of corn was due in part to the lower relative price of the corn and
in part to the great advance in freight rates on both corn and the implements in question.For example, the freight charge on these four implements from the place of manufacture to the farm in central Illinois and the
freight charge on the corn necessary to pay ter them was $71 60 in 1913.,
white in 1921 this freight charge was $265 26,or almost four times as much.
Many other equally forceful illustrations could be used to show that the
farmer is suffering more severelythan any other group of our people because
of the increase in the cost of living.„The relatively low prices of farm crops
present the greatest difficulty in the way of establishing a general price
level 60% above the pre-war level, because prices of farm products are
influenced mainly by world conditions. The one outstanding fact which
should ever be kept in mind by consumers in cities and industrial centers
is that the farmer is not to blame for the increase in the cost of food stuffs.
Haw Can Food Costs be Reduced?
Inasmuch as almost one-half of the cost of maintenance of the average
wage earner's family is represented by food, the desire to reduce this cost
is both natural and praiseworthy. The elements which make up the cost
of food to the consumer are the cost of production on the farm, the cost of
transportation, of wholesale marketing, of processing, and of retail distribution. Any reduction in the cost to the consumer involves a reduction
in one or more of these elements which make the total cost.
Cost of production on the farm may be reduced by a reduction in rents,
taxes, interest on borrowed money, labor if hired, cost of -things the farmer
must buy,such as implements, machinery, clothing. &c. Farm production
costs may also be reduced by increased yields due to better varieties.
improved methods of tillage, better control of destructive pests and diseases, and more complete recovery of the crop. Progress in these directions
can be made through enlarged knowledge. Yields of crops, however, are
most largely influenced by weather conditions, over which the farmer has
no control.
Transportation costs are influenced by interest charges, taxes, cost of
materials used to maintain the roadbed and rolling stock, efficiency of
management and cost of labor. The largest item in freight charges is the
cost of labor. As long as railroad workmen, and workmen in industries
which supply material needed by railroads,succeed in maintaining wages at
almost twice the pre-war normal we can not hope for reduction in freight
rates commensurate with reduction in the cost of farm products, or sufficient to very greatly reduce the cost of food to the consumer.
There is opportunity for some reduction in the cost of wholesale marketing, both of grains, live stock, fruits and vegetables. Such reductions
as may be made hero will be mainly through the efforts of producers' associations and will tend more to increase the price the producer,receives than
lower the price the consumer pays. In the case of fruits and vegetables,
however, there is room for very great improvement in the terminal handling
and storage facilities in large consuming centers, which should materially
reduce the cost to consumers. In the largest cities It is estimated that
about 25% of the fruits and vegetables are lost because of bad handling
and exposure. More than this, there is a very large charge for carting.
and storage, which could be greatly reduced by better facilities better
located. It is surprising that the people in these large cities upon whom
these losses fall directly have not long since provided means for reducing
them.It is estimated that in Chicago alone preventable expenses and losses
due to the bad arrangement and location of the South Water Street Market
amount to $5,000,000 annually.
Important reductions in wholesale marketing costs of fruits and vegetables will come through the standardization of farm products and improvement in methods of packing. Both producer and consumer will benefit
by this.With standardization and the setting up and enforcement of definite
grades the producer will know whether he is receiving just prices and will
become acquainted with the demands of the various markets and adjust his
production to them.The consumer also will learn of the different grades
and their respective values and will be assured of full measure and fair
weights.
How Can the Consumer Reduce Costs?
,
The retail costs of distribution of food stuffs have grown steadily. The
margin taken by the retailer is greater now probably than at any time in
increase in proper cost of distribution is to be expected,
the past. Some
and is duo to the congestion in distributing centres. Much of the increase
in retail cost of distribution, however, is chargeable to the consumers,
themselves, and the blame must be placed mostly upon the women who do
the buying. They demand unreasonable service. If our women folks
would plan ahead and place their orders regularly,so that distribution could
be made on one,or at most two deliveries each day,that would make possible
a tremendous reduction in distributing cost. The practice of calling up the
store and asking for immediate delivery of a small purchase makes it necessary for the storekeeper to maintain a very expensive delivery equipment.
The practice also of encouraging small stores in residence communities
tends to increase retail costs.
The Department of Agriculture has been making a systematic study of
the cost of retailing meat in a number of Eastern cities. This study
shows quite clearly that in efficiency and economy of operation the large
store is much superior to the small store, or even the chain stores. Large
stores have a lower operating cost, less waste of products, and sell meat
at from 10 to 25% lower than small stores. The most economical distribution is found when consumers go to the store themselves, pay cash, and
carry home their own packages.
•We find further that increases in cost of distributing meat in 1921, as
compared with 1913, are 83% greater. Increased wages account for
the largest increase in meat distributing cost. Taking a miscellaneous
assortment of meats in about the proportions used by the average family,
we find that in 1913 764.2 pounds of this assortment could be bought for
3100. The operating expense of the retailer in that year was $24 40 for
handling $100 worth of meat. In 1921 the same amount of meat cost, at
wholesale, $126 77. The operating cost of the retiiler in distributing it was
$44 75. Wages make up the heaviest expense of retailing meats. Wages of
moat cutters in 1921 were almost double wages in 1913. The weekly wage
in 1913 was $14 82: in 1921 it was $27 87, an advance of 88%. Rent. Ice.
wrappings, heat and miscellaneous expense all advanced during the same
period.
The conclusion of the whole matter is that if we accept our present system
of distribution of meats and other food products as being a satisfactory
system, then any marked reduction in cost must come first through reduction in wages, because wages are altogether the largest item in marketing
1968
THE CHRONICLE
and distributing cost, whether we consider transportation, wholesaling or
retailing. I am not now arguing that there should be large reductions in
wages. I simply point out the fact that the large increases in wages are
mainly responsible for the large increase in cost to the consumer.
The Present System Should Be Improved.
I do not believe that we should accept our present system of marketing
and distribution as adequate or satisfactory. I think it can be vastly
improved, but this improvement necessarily will be slow. Economies can
be made all along the line and the Department of Agriculture is now making
a systematic study with this end in view.
(V
*14
nora. It appears that these changes will facilitate export trading in Pacific
Coast wheat and that they are generally acceptable. Consequently, the necessary changes in the standards for white wheats will be made effective July
17 1922.
Red Walla Wheat.
It appears that the Soft Red Winter Wheat, known by the sub-class designation Red Walla, would be more satisfactorily designated by the term
"Western Red" and the Standards will be amended accordingly, effective
July 17 1922.
Weevily Wheat. •
In connection with the other proposed changes, there was submitted for consideration a change in the standards by which wheat which now grades sample
grade on account of being infested with live weevils or other insects injurious
to stored grain, would be designated according to the grade otherwise applicable and there would be added to and made a part of the grade designation
the word "weevily." The purpose of this change can be sufficiently accomplished by requiring the inspectors to state the grade that would be assigned
to the wheat if it were not weevily, and the inspection rules will be amended
accordingly.
Garlicky Wheat.
There was also proposed for consideration a change in the standards by
which the minimum. amount of garlic in wheat designated "garlicky" would
be increased, the standards at present providing that one or more bulblets in
one thousand grams shall cause it to be designated "garlicky," whereas it was
proposed that it should not be designated "garlicky" until there are more than
ten bulblets in one thousand grams. The purpose of this suggestion was to
secure a more equitable price for the glaricky wheats, but it appeared that it
would be a disadvantage to the producers of clean wheat of the same class and
would increase the difficulties of merchandising wheat for export. The real
object sought can b eaccomplished by changes in the inspection rules to require the inspectors in the case of garlicky wheat to show the amount of gar.
lie found, which will give basis for price information showing the cash prices
paid at the principal terminal markets for wheat containing different quantities of garlic. Accordingly, these changes in the inspection rules will be
made.
ANNOUNCEMENT BY SECRETARY OF AGRICULTURE
WALLACE REGARDING GRAIN GRADE CHANGES.
Secretary of Agriculture Wallace announced on April 17
the decision "to make certain changes in the inspection rules
for the certification of Hard Red Spring and Durum wheats,
when received at Minneapolis and Duluth and other similar
markets so as to require the inspectors to state, in addition
to the grade of the wheat, adequate information as to the
kind and quantity of foreign material other than dockage
and the amount of moisture when effective as grading factors, and as to what would be the grade of the wheat otherwise than on account of these grading factors." In announcing this the Secretary States that "with such information
made available on the inspection certificate, this Department
will promote an intensive development and dissemination of
market information as to the prices of all of the various
qualities of wheat as sold on inspection and sample at the
terminal cash markets, so that both country buyers and $T. LOUIS LIVE STOCK EXCHANGE DIRECTED TO
farmers may be placed fully in possession of reliable and deCEASE INTERFERENCE WITH FREE SELLING.
tailed information and may not fie solely dependent upon flat
An order directing the St. Louis Live Stock Exchange, and
or average grade price quotations." We give herewith the
110 order buyers, dealers and traders at the East St. fouls
announcement of Secretary Wallace making known the deNational Stock Yards to "cease and desist from the practice
cision with regard to grain grades:
of refusing to do business with the four commission comhave
Repeated requests for changes in some of the Federal wheat grades
caused an exhaustive study to be made of these grades by the Department of panies at that market which are not members of the ExAgriculture during the past year. A special committee appointed to make change" has been issued by Secretary of Agriculture WalInvestigations in the field spent some months with farmers, buyers at country lace. This was made known in the following statement
points, dealers at terminal points, and millers. Their reports and recommendations have been given thorough study in the Department and were submit- given out for publication April 18:
ted for general criticism and suggestions. Following this, several conferences were held by representatives of the Department and representatives of
the grain industry, including farmers, dealers, millers and exporters. The
fullest possible opportunity has been given for free expression of views by all
who had an interest in the matter.
As a result of this protracted and thorough study and investigation it seems
that such of the proposed changes in the grades as have been thought desirable to furnish a better basis for transactions at country buying points in the
spring wheat area of the central Northwest would create difficulties in the
storage and merchandising of wheat which could not readily be overcome and
which would probably result in undue discounts for wheat containing excess
moisture or foreign material.
Under present conditions it appears that the tendency at country buying
points in the central Northwest is to pay an average or flat price for wheat
which varies greatly in its milling values, the grade being determined primarily on test weight per bushel. It is desirable that more attention be paid
at the 'country buying points to differences in milling values such as are recognized at the terminal markets where wheat is sold on official inspection and
sample. But a change in the standards alone would not accomplish the purpose without a change in the practices at the country buying points, and the
disadvantages noted would probably much more than balance the advantages
which would result from such changes. Therefore, it seems necessary to find
some method by which the object sought by the changes could be met without
being subject to these difficulties. It is clear that the unsatisfactory condition at country buying points in the central Northwest is primarily due to
poor grading, and to inadequate information on the part of farmers as to the
grades and price distinctions at terminal markets. The farmer and the local
grain buyer need better price information than they now receive. Changes
In the inspection rules can be made to provide as adequate a basis for more
detailed price information as the changes in the standards which have been
proposed and do not involve the same storage and merchandising problems.
I have decided, therefore, to make certain changes in the inspection rules
for the certification of Hard Red Spring and Durum wheats, when received
at Minneapolis and Duluth and other similar markets, so as to require the
inspectors to state, in addition to the grade of the wheat, adequate information as to the kind and quantity of foreign material other than dockage and
the amount of moisture when effective as grading factors, and as to what
would be the grade of the wheat otherwise than on account of these grading
factors. Thus the virtues of the wheat which have not been properly recognized at country points will be pointed out as far as possible under commercial inspection.
With such information made available on the inspection certificate, this
Department will promote an intensive development and dissemination of market information as to the prices of all of the various qualities of wheat as sold
on inspection and sample at the terminal cash markets, so that both country
buyers and farmers may be placed fully in possession of reliable and detailed
information and may not be solely dependent upon flat or average grade
price quotations. In addition, it is the plan to develop a more thorough understanding on the part of farmers and country buyers of the elements and
purposes of wheat grading and the proper application of the grading rules, so
that they may co-ordinate such knowledge with the market information furnished to them and thus the producer of the better qualities of a given grade
of wheat will be placed in a position to demand recognition in price for such
qualities.
White Wheats.
When the proposed changes as to excess moisture and excess foreign material were under consideration, there was proposed also a change in the classification of white wheats so that the classes Common White and White Club
would be combined into one class designated White Wheat, this new class to
be subdivided into three sub-classes—Hard White, Soft White and Western
White—ruaking the same application of the Hard White and Soft White subclasses as at present and designating as Western White all white wheats or
mixtures of white wheats containing more than 10% of white clubs or so-
The Secretary of Agriculture has issued his first final order under the
Packers and Stockyards Act. It is directed against the St. Louis Live Stock
Exchange and the nrincipal order buyers, dealers and traders at the East St.
Louis National Stockyards, about 110 in all, and orders them to cease and
desist from the practice of refusing to do business with the four commission
companise at that market which are not members of the Exchange.
It was charged in the Secretary's complaint that the respondents had combined to put into effect a practical boycott against the independent commission companies and that their acts constituted a restraint of trade in violation of the Packers and Stockyards Act. A hearing was held at the stockyards from April 3 to April 5, and, after prolonged conferences of all parties
to the complaint a finding of fact was submitted that was accepted by the
examiner for the. Secretary. Upon this, the Secretary based his order to
cease and desist.
The commission men respondents are ordered to cease combining or agreeing among themselves to compel order buyers and dealers to refuse to buy
live stock from the independent commission companies; to cease using any
scheme or device whatever to hinder the independent'commission companies
from freely buying or selling live stock in competition with the respondent
commission men or others; to cease hindering any order buyer or dealer from
buying live stock from the independent companies, and to cease agreeing
among themselves to refuse to deal with or to threaten with loss of patronage any order buyer or dealer buying live stock from the independent companies.
The order buyer and dealer respondents are ordered to cease furthering any
policy or practice of the commission men respondents in violation of the order against them ; to cease agreeing with the respondent commission men or
others to hinder the independent commission companies from freely seeling
and buying live stock; to cease intimidating order buyers or dealers or compelling them to refuse to do business with the independent companies.
The commission men respondents, constituting the membership of the St.
Louis Live Stock Exchange, announced the revision of the section in the bylaws of the Exchange which was used to justify the practice against which
the order is directed. The order also sets out that nothing in it shall be construed as meaning that membership in the St. Louis lye Stock Exchange, the
Traders Live Stock Exchange or the Order Buyers' Association constitutes a
violation of the order.
As the result of the order and the finding of facts, the penal provisions of
the Packers and Stockyards Act can be invoked against any one of the 110
respondents who might violate any of the provisions of the order.
THE WORLD COTTON SITUATION.
The Department of Commerce, through its domestic and
foreign staff, has completed what it terms a world survey of
t'he situation in commercial cotton, covering production, consumption and stocks to April 1 and sums up the results as
follows:
The striking feature of the situation is an indicated consumption of 21,000,000 bales for the year ending July 31 1922, approximately 6,000,000
bales more than was produced for the crop year.
Cotton consumption which reached the 'high point of 22,000,000 bales in
1913-14 has shown a steady decline to 18,500,000 bales in 1917-18, and to
17,000,000 bales in 1920-21. There was also a reduction in world production
during this period, although not quite so great as the decrease in consumption. Hence, an accumulation of stocks resulting in the enormous carry-over
Aug. 1 1921 of 14,000,000 bales. Many believed that a new world consumption level had been found, some two or three million bales lower than the
pre-war level of approximately 21,000,000 bales per annum. The low consumption of less than 17,000,000 bales for 1920-21 confirmed this view, a
MAY 6 1922.]
THE CHRONICLE
1969
d
railroa
carry-over Judge Page in upholding the contentions of the
in view of the enormous
matter of great concern to cotton growers,
make what looked states that the only power given to the Labor Board under
cotton year would
consumption
and the knowledge that a single good
past eight months cotton
and decide a dispute which the
like a bad situation worse. During the
and a pros- Section 301 "was to hear
only
this time 14,400,000 bales,
year. This conferees * * * were unable to decide, and then
has shown a strong upturn, reaching
by the end of the cotton
pective consumption of 21,000,000 bales8,000,000 bales, thus getting cotton in
jointly referred the matter to
the event that the parties
would leave a carry-over of less than
pre-war normal basis.
decision, reviews the history of
consumption and carry-over back to a
be the rate the Board." The court's
the next few months will
Adamson
The important matters to watch for
to a 21,000,- the Transportation Act, Federal control•and the
world has actually returned
of consumption, to see whether the
The world crop has av- law, and upholds the constitutionality of the Transportave production.
this pe000-bale consumption; and prospecti
compulsory arbitrafive years, the highest in
wee- tion Act insofar as it attempts to impose
eraged only 18,000,000 bales for the past
Unfavorable weather and the boll
riod being 20,600,000 bales in 1920.
Barton of the Board, is said to have
tion. Judge R. M.
low crop.
vil have been the principal factors in the consumption up to April 1 1922 and
Justice
stated that he would confer with the Department of
Following are the estimates for world
the
1 1922:
Aug.
g whether to move for modification 'of
estimated consumption and carry-over for
before decidin
Hinds of Cotton for the Eight restraining order. He added:
AU
Supply and Distribution of American and 31 1922 and for the Four
involved of any raised
This case is the most important as to the matter it is the most imporMonths from Aug. 1 1921 to March
1922.
possibly
from April 1 1922 to July 31
since the passage of the transporation act and
Months
All Kinds.
l legislation in this country..
American.
oflabor disputes and industria
in
(In bales of 478 pounds lint.)
Item.
14,135,000 tant the history
as given
9,351,000
We quote herewith Judge Page's ruling in part
Stocks Aug. 1, 1921
15,197,000
7,954,000
29:
on crop of 1921
Producti
in the "Railway Age" of April
unconstitUtional if, and in
29,332,000
Two claims are urged: (1) that the act is
17,305,000
Total supply
14,429,000 so far as, it attempts to impose compulsory arbitration; (2) that the act
8,769,000
ion Aug. 1 1921 to Mar. 31 1922
Consumpt
14,903,000 gives the Board no right on ex parte submission, nor on its own motion,
8,636,000
Indicated stocks April 1 1922
6,991,000 to do any act under Section 301.
July 31 1922_ 4,245,000
(1) that the Labor Board
Probable consumption Apr. 1 to
7,912,000
4,291,000
Defendants move to dismiss the bill and urge:
the courts have no
1922 (by deduction)
Stocks July 21
is an administrative arm of the Government over which
States for the Eight Jurisdiction; 218
exercised by it under DecisUnited
an (2
9d )that the Board had the power
Consumption and Distribution in the
Cotton
Months Ending March 31.
6,534,360 ions
Federal Courts.
Stocks August 1, total
The Board is Subject to the Jurisdiction of the
1,111,147
establishments
subject to the jurisIn consuming
3,723,213
In my opinion the Labor Board is a body corporate,
sued. This does not
In public storage and at compresses
1,700,000
diction of the Federal courts, and may sue and be
Elsewhere (estimated)
312,781 mean, however,that the courts have any general authority over the exercise
Imported Aug. 1 to Mar. 31
7,977,778 of a discretion vested in an administrative body or officer.
Mar. 31
of wide discussion,
Ginned to
That law (the Adamson law) has been the subject
14,824.919 and it is not necessary to dwell upon it here, except to note that Congress
Total supply
4,297,336 there provided for an eight-hour day, and made other provisions that
Exported Aug. 1 to Mar. 31
4,002,980 resulted in the actual raising of the wages of the employees of carriers.
d Aug. 1 to Mar. 31
Consume
New, 243 U. S. 332).
The Supreme Court sustained that act (Wilson v.
8,300,316 The majority opinion was presented by the Chief Justice. Strong dissentd
Total exported and consume
the act.
ing opinions were written, denying the constitutionality of
d in the New case.
6,524,603
Not only because of the diversity of opinion expresse have had clearly
indicated stocks Mar. 31
must
but because of its wide public discussion, Congress
which it had the right, if
31:537565:689041
before it the question as to the conditions under
In consuming establishments
to compel the compulsory fixing of
at all, to establish machinery by which
In public storage and at compresses
employees.
1,204,838
wages, rules, &c., as between carriers and their
Elsewhere (by deduction)
d Parties
Disputes Jointly Submitted by Intereste
the carry-over of cotton Board has Authority Only in
adopted Section 301,
From this survey it appears that on Aug. 1 1921 commercial cotton for
I am of the opinion that when Congress framed and
production of
g, as the plain language of
was 14,135,000 bales; that the world's
supply for the season of it did so with the deliberate intention of imposin
employees and
the crop of 1921 was 15,197,000 bales; and the total
eight months from the act indicates, the duty on all carriers and their officers,
the
every available means
1921-22 was 29,332,000 bales. The consumption for bales; leaving an in00
agents, to exercise every reasonable effort and adopt
growing out of any
Aug. 1 1921 to Mar. 31 1922 is estimated at 14,429,0
probable consumption for to avoid any interruption of the business of any carrier
Congress
dicated supply on Apr. 1 of 14.903,000 bales. The
nearly 7,000,000 dispute between the carriers and their employees, and that
decided
four months from Apr. 1 to July 31 is estimated as
the
1922 will be about intended that all such disputes should be considered,and,if possible,
bales, and the probable carry-over of cotton on July 31
tatives of its employees
in conference solely between a carrier and represen
the only
7,900,000 bales.
ng cotton for some directly interested in the dispute, and that, as hereinafter noted, decide
and
It is very difficult to obtain satisfactory figures concerni
d on the data ob- power given to the Labor Board under that section wag to hear
of the items. The figures above are, therefore, predicate
were unable to decide.
instances official statis- a dispute which conferees provided for in Section 301
to the Board.
tained from a number of sources, including in some
, while in a number and then only in the event that the parties jointly referred the matter
tics, in others commercial statistics which are available
Labor Board was without
the Department in
The further conclusion is inevitable that the contemplated by Section
of instances It was necessary to have representatives of
,
in power to intervene in any way in the proceedings
foreign countries obtain the most reliable information available which
the Board
to it jointly by the parties, except that
many cases was necessarily incomplete. It is believed, however, that the fig- 301 proceeding a reference
operation of a decision by the parties
and those appearing in the several tabular statements closely ap- might on its own motion suspend the
ures above
salaries and wagies would
if it was of the opinion that such decision as to
proximate the conditions.
on
rates of any carrier necessary, and thereup
The general conclusion to be drawn from this survey is that pre-war con- make a readjustment of the
suspended decision (Secas
)
assozb. practicable affirm or modify- such
again been attained, after a five-year period of low consump- tion
sumption has
. •
tion; that the world carry-over will return to normal by Aug. 1 1922 and the
has the right to direct
It is, in a general way, claimed that the Board
outstanding point of interest now is the degree to which world production will
the representatives of the employees
return to the pre-war level, or whether it will continue on the basis of the or control the method of selecting
provisions of Section 308 (4). which is as
last five years' average of 18,000,000 bales. Much depends on weather con- under Section 301, under the
and the extent to which the boll weevil proves to be a limiting factor. follows:
ditions
necessary for the efficient
The Labor Board "may make regulations
The indications at the present moment are a 21,000,000-bale consumption,
by this title."
although more time is required to determine whether this appearance is es- execution of the functions vested in it
.conferees under Section 301
The appointment or method of election of
tablished or only a temporary advance in demand.
and therefore, it had not
not one of the functions delegated to the Board,
in Decision No. 218. I
the right to make the regulations provided for
was to leave to the carrier
am of the opinion that the purpose of Section 301
CHICAGO COURT RULES IN FAVOR OF PENNSYL- and its employees full liberty to get together in their own way.
the Labor Board in preVA.NIA RR. IN QUESTION INVOLVING JURISSection 307 (b) authorizes the intervention of
(a) for the purpose of
cisely the same manner as provided in Section 307
ON OF RAILROAD LABOR BOARD.
DICTI
salaries of ernPloYees
deciding all disputes with respect to the wages or
301.'
In the U. S. District Court at Chicago on April 22 Judge or subordinate officials of carriers, not decided as provided in Section
.
d to dismiss the temporary injuncGeorge T. Page decline
Decisions of the Labor Board are only Advisory
Labor Board's
tion restraining the U.S. Railroad Labor Board from making In considering the intent of Congress as to the force of the to them under
those jointly submitted
a decision censuring the Pennsylvania RR.for alleged decision as to other matters thanpressing upon the mind of the court for
public
two views
Section
violation of the Board's decrees. The findings of Judge consider301, there are
ation.
Labor Board merely to
Page grew out of the right of the company to deal directly
(1) Do the provisions of the act authorize the
that which in itiopinion
its employes in all matters of procedure, discipline and hear,determine and publish in an advisory decision fair and just solution of
with
a
would be a fair and just wage, or what would be
managerial character. The board, some months ago, disputes involving grievances, rules or working conditions. or:
to make such findings,
had directed the road to hold new elections among its shop
(2) does the act authorize the Labor Board
will make its determination
omployes,the road, however, declining to do so. The and to render decisions and judgments as a rule, determined to be a
craft
upon those questions final and binding so that
board then prepared to issue a decree censuring the carrier, fair and reasonable rule by the Board, shall thereafter be a governing rule
reasona
ed
but the Pennsylvania on Dec. 9 of last year, obtained a between the parties, and so that a wage determinbe to bebyfair and and
the carrier
paid
that shall
be
ary injunction restraining the Board from issuing able wage shall thereafter thethe wage e, and that may be recovered in the
tempor
employe
that shall be accepted by
the decision. This was noted in our issue of Dec. 10, page courts?
the Board shall
There is no direct provision in the act that decisions by
2469. A summary of the Pennsylvania appeal to the
of decrees to be performed. Nor is
to determine the jurisdiction of the Labor be final and have the binding forceis determined to be a just and reasonFederal Courts
there any provision that that which
Board was published in these columns Jan. 14, page 164. able wage or rule shall thereafter be the wage, or the rule, as between the
and upon which either may maintain an action
As stated therein it was contended by the railroad "that carrier and its employeesno provision for the enforcement of the terms of
in the courts. There is
while the Labor Board was created to be a board of media- the decisions, nor any penalties for their violation, except the publication
penalty.
tion and arbitration, to act in disputes arising over wages provided for in Section 313, if that may be considered adecisions are only
All those matters seem to me to indicate that the
it
and working conditions, had gone beyond that scope and
advisory.
s of the
has assumed the role of an administrative body and has
On the other hand, Section 307(d) provides that: "All decision
domain of railroad management." Labor Board * * * shall establish rates Of wages and salaries and
invaded the proper
1970
THE CHRONICLE
standards of working conditions which in the opinion of the Board are just
and reasonable."
Nevertheless, I have reached the conclusion that it was the belief of
Congress that the results desired by the legislation could be attained through
the force of public opinion and that that public opinion would follow the
publication made as provided in Sections 307 (c) and 313, and would support the decisions of a board, composed of men each of whom would have
special knowledge of the difficulties s%ithin and the necessities of the group
that he was chosen to represent. I am further of the opinion that, acting
upon that belief, Congress provided in Section 307(d)for a wide and search-.
ing investigation so that the Board would have before it all the facts necessary to enable it to reach just and reasonable decisions upon every dispute.
The Constitutionality of the Transportation Act.
The remaining and of course fundamental, question in this case is whether
or not the act is within the constitutional power of Congress to regulate
commerce.
Undoubtedly some character of intercourse by transportation is involved
in every completed commercial transaction. Boys trading upon the playground or men trading in the market places make and lay the basis for
their transactions by discussion or correspondence, but the commercial
transaction must somehow, somewhere be completed by delivery. It may
be the mere passage of the commodity involved in the trade from the pocket
of one by hand to the hand of another, or it may be the carrying across
the continent of bulky commodities involving every kind and character
of handling and transportation devices and of men engaged in many kinds
of employment, but whatever be the character of the transaction, whether
it is great or small, the instruments of intercourse and transportation
are indispensable elements in every commercial transaction.
The commerce dealt with in the act in question involves the main transportation systems both for passengers and freight for the people of the whole
United States. It reaches, touches and carries for every city, village and
town and is the instrument by which food, clothing and fuel and every
other commodity of commerce is carried for and between the people. There
is nothing in existence that could be substituted for it, and it represents the
growth of years. If its operation were to be discontinued for even a short
space of time the loss and hardships necessarily consequent thereon would
be almost incalculable; and if it were discontinued for any considerable
length of time the whole fabric of the nation's commerce and the foundations of our manufactures which are the basis of the great growth and
development of our country and of our business prosperity, would be almost
irretrievably wrecked.
Neither bigness nor emergency can bestow or add to the constitutional
power to regulate commerce and I have set out the matters immediately
foregoing fer the .sole purpose of illustrating the large place which the
agreements and disagreements between carriers and their employees occupy
in the transportaion element of inter-State commerce and how inadequate
must be the the regulation if Congress does not have the power to control
such agreements and disagreements.
It is of the fundamentals of a common carrier system that it shall be
as efficient as the conditions in business will permit, that it shall be continuous, that it shall give service to all of the people upon equal terms,
that it shall have fair and reasonable compensation for the services rendered.
I can see no difference in character between those regulatory powers
sustained and in operation under the Inter-State Commerce Act for more
than 40 years and the powers to ascertain just and reasonable wages and
working conditions as contemplated in Title HI of the Transportation Act.
If the power to regulate commerce is a power to prescribe rules by which
commerce is to be governed then Congress must have the power to prescribe every regulatory or governing measure necessary to keep the commerce
of this country alive and the common carrier going concerns.
If the common carrier system of this country may lawfully be stopped
for one hour by the carrier or by the employees, organized or unorganized,
not by reason of any necessity in the business of common carrying, but
because either party wills it, or through the disagreement of the parties,
then it may be stopped for the same reason or for no reason at all for an
Indefinite time or perpetutally, and the constitutional power of Congress
would be as impotent and useless as a dead hand upon the ship's rudder
in a stormy
In the case of Wilson v. New, the constitutionality of the Adamson Act
was challenged by some of the dissenting justices upon the ground that
It violated the Fifth Amendment,first, because an attempt to fix any wage
violation of the right of private contract, and second, that the provision
in the Adamson Act that only an eight
-hours' service by an employee should
be given for ten holm' pay was in violation of the inhibition in the constitution against taking property without due process of law. The argument there was the act, without any investigation on the part of Congress
or under its authority as to the conditions of pay and employment in
the carrying trade, wrongfully and arbitrarily gave to the employees
some $600,000,000 of the carriers' money. The method that was there
asserted to have been an arbitrary exercise of power is not present in this
case. The act here, on the contrary, makes very careful provision, as
hereinbefore shown, for the selection of a well qualified board, prescribes
a wide field of investigation and a careful consideration of every element
involved, to the end that conclusions may and shall be reached by the
Labor Board which shall be just and reasonable.
Upon the question of the right to prescribe compulsory arbitration or
to fix wages, the majority opinion of the court in the case of Wilson v. New,
determines that question, supports the power exercised by Congress and
consequently sustains the constitutionality of the act.
There is, and can be, no conflict between the Fifth Amendment and the
commerce regulation clause of the constitution because whenever men
and property enter into and become a part of an inter-State common
carrier system, they so far lose their private character that they become
wholly subject to all reasonable regulatory measures prescribed by Congress.
U. S. RAILROAD LABOR BOARD DECISIONS UPHELD
BY MISSISSIPPI SUPREME COURT.
Under a recent ruling of the Supreme Court of Mississippi
the decisions of the U. S. Railroad Labor Board are held
to be binding as law and can be enforced in the courts—
the Mississippi Court in thus deciding opposing the popular
conception that the Board's decisions can be enforced only
by public opinion. It is also pointed out that the decision
conflicts with the recent decision (referred to elsewhere in
these columns to-day) by Federal Judge Page of Chicago,
who ruled that unless the parties to the controversy agreed
to a joint submission to the Board, it had no power to rule
on a case except when commerce was likely to be hindered,
and who also ruled that the Board acted only in an advisory
[VOL. 114:
capacity in making decisions. From the "Railway Age
of April.29 we take the following regarding the conclusions
of the Mississippi Court:
Mississippi Supreme Court Upholds Labor Board.
Another important court decision bearing on the authority of the Labor
Board and the constitutionality of the labor provisions of the Transportation
Act was handed down recently by the Supreme Court of Mississippi in a
case involving a section laborer and the New Orleans Great Northern.
In this case the section laborer sued the road for the difference between his
rate of pay and the amount due him if a decision of the Labor Board had
been applied. The case was appealed to the Supreme Court of Mississippi
where it was contended that:
(1) The labor provisions of the Transportation Act, creating the Labor
Board, are unconstitutional and in violation of the Fifth Amendment of
the Constitution, in that they deprive the carrier of its property without
due process of law;
(2) That the Labor Board's order of July, 1920,fixing the wages of track
laborers, is contrary to the Fifth Amendment in that it would deprive the
carrier of its property right to contract with its employees for services; and
(3) That the Court has no jurisdiction inasmuch as the Transportation
Act does not impose any penalty upon or authorize any suit against carriers
for failure to obey or comply with any order of the Board and no jurisdiction, power or authority is conferred on any court to render judgment in
any suit to enforce any order of the Labor Board.
Referring to the last contention the Court's ruling decision said In part:
In our view the Act creates a system of compulsory arbitration with notice to the parties and a right to produce evidence, and the finding of the
Board in the cases provided for in the Act has the effect of an award. The
purpose of Congress was to prevent the possibility of tying up the transportation of the country during disputes, as has been done heretofore in
numerous cases and has been threatened in cases of such magnitude as to
seriously jeopardize the business and welfare of the country. The living
and business conditions of the great public are dependent upon the carriers
for the transportation of the necessaries of life, as well as ordinary articles
of utility. Tile legal effect of the action of the Board is to fix, for the time
being (a temporary period) the wages and salaries of the employees until
the parties can agree upon such wages or salaries, or can make other arrangements with other men for the carrying on of the business of the carrier. It has the effect, in our opinion, of giving a right of action against
the carrier by the employee or official for the salary so fixed under the
provisions of the Act if.services are performed thereunder, and the courts
are open for the enforcement of this obligation. The courts are open to
the carriers also. Of course it is within the powers of Congress to fix the
conditions upon which suits.could be brought, or the courts in which the
obligation could be enforced. But Congress having designated no tribunal
to take cognizance of the matter, any court having jurisdiction of the
parties and subject
-matter may enforce the obligation as in the case of
any other money obligation or contractual right.
After discussing the constitutionality of the labor provisions of the
Transportation Act, the Court's ruling says In part:
Congress has been given the power to regulate inter-State commerce
in broad and comprehensive terms. This power, being given by the Constitution, is only limited by other provisions of the Constitution. The
Act in question seems to us to have been drawn under the decision of Wilson vs. New (U. S. Supreme Court), in which case the Court considered the
power of Congress under the Adamson Act to legislate with reference to
a grave situation, involving, among other things, the right to fix wages.and
hours for employees, and upheld the power of Congress so to do. The
power conferred in the present Act to fix wages is not a fixing of wages permanently, but a temporary fixing of wages with full power of the Labor
Board to modify its orders as exigencies may arise.
We deem it unnecessary to go into an elaborate discussion of the subject,
but the power of Congress to regulate inter-State commerce has been upheld and applied to many situations, and must, In the nature of things,
be sufficient to meet the demands of the age and conditions with which
Congress,from time to time,is called to deal. The powers conferred must
be brought into exercise in many situations and conditions which the framers of the Constitution did not foresee. When dealing with a power of
this kind we must remember that conditions change from age to age.The
carriers of the country have been organized into huge transportation systems, employing hundreds of thousands of employees; and labor has been
organized into organizations containing many hundreds of thousands and
even millions of men. With the growth of commerce the public have become dependent in a large measure throughout the country and a strike
or tie-up of the transportation systems would result in untold suffering and
loss to the public.
The power of the Government must be capable of meeting these changed
conditions and is sufficient when called into power through appropriate
legislation to protect commerce and transportation from suspension or interruption. The means by which the object is accomplished must be left
to the judgment and discretion of the legislative branch of the Government.
The Act here under review is adapted to this purpose and logically tends to
the prevention of the suspension or interruption of inter-State commerce.
We do not think the Act here under review unconstitutionally abridges
the freedom of contract, nor that it deprives the defondant of Its property
without due process of law. As pointed out in Wilson vi New, and numerous other cases, the fact that a business is affocted with the public use
makes it different from, and its right of contract also different from, that
of ordinary business. This is pointed out clearly in the majority opinion
in Wilson vs. New; Mr. Justice McReynolds in his dissenting opinion
closes his opinion with this language:
But, considering the doctrine now affirmed by a majority of the Court
as established, it follows as of course that Congress has power to fix a minimum wage for trainmen; to require compulsory arbitration of labor disputes
which may seriously and directly jeopardize the movement of inter-State
traffic; and to take measures effectively to protect the free flow of such
commerce against any combination, whether of operatives, owners or
strangers."
BEN W. HOOPER MADE CHAIRMAN UNITED STATES
RAILROAD LABOR BOARD.
Ben W. Hooper, member of the public group of the United
States Railroad Labor Board and former Governor of Tennessee, was unanimously elected Chairman of the Board
at the annual meeting in Chicago on April 27, succeeding
R. M. Barton, who had held the Chairmanship since the
creation of the Board two years ago, April 1920, G. W. W.
Hanger, also a member of the public group, was elected
Vice-Chairman at the meeting last week. Mr. Hooper's
name was placed in namination by the retiring Chairman.
RAILWAY EMPLOYEES REJECT "ONE BIG UNION."
The proposal to amalgamate railroad workers into "one
big union" was rejected on April 18 by delegates attending
the sixth biennial convention in Chicago of the Railway
Employees' Department of the American Federation of
Labor. The proposal, it is understood, was advanced by
William S. Foster, Seeretary and Treasurer of the so-called
"Trade Union Educational League." The resolutions of
MAY 6 1922.]
THE CHRONICLE
the delegates to the convention affirmed adherence to the
craft unions, declaring that the railway workers "have
sustained the sound and proven principle of craft organization, with its democracy and complete autonomy for each
class of workers, united through affiliation of the international organization with the American Federation
of Labor."
SECRETARY WALLACE ARGUES FOR 'LOWER RAIL
RATES TO RIGHT AGRICULTURAL CONDITIONS.
In urging that railroad freight rates be brought down to
"a point not far, if any, above the pre-war, levels," Henry C.
Wallace, Secretary of Agriculture, in an address before the
New York Academy of Political Science in New York on Friday, April 28, said:
To discuss in detail the effects upon agriculture and industry in genera
of the advance in freight rates of the past four years would require hours
and days rather than minutes. In brief. if the present high rates are continued for any length of time their probable effect will be:
First, to favor the farmers of South America and Australia at the expense
of our own farmers, and ad the more so because of the substantial decreases
in ocean rates.
Second, to keep prices of farm products in the large surplus producing
States at figures lower than are justified by the investment in land and
equipment and cost of farm production, except during years of short crops.
Third, to prolong the period of dissatisfaction among farmers and encourage advocates of economic fallacies of all sorts.
Fourth, to improve the position of Eastern truck and fruit growers, but
add considerably to the cost of production of milk and dairy products,
because of the advanced prices of hay and coarse grains necessarily shipped
in from the West.
Fifth, to gradually shift industrial enterprises westward, nearer the surplus food producing territory. '
Sixth, tp promote sectional rather than national spirit and make more and
more difficult large national policies with respect to international affairs.
No good citizen can find comfort or satisfaction in contemplating such
results.
I am not making a special plea for the farmer as against the railroad.
The relation between agriculture and transportation is so very intimate
and dependent that neither can afford to acquiesce in a condition which
seriously affects the other. They must work together in harmony and
understanding. The important point I am trying to make is this: That this
nation has been built up by a system of low railroad rates designed to encourage the movement of our surplus agricultural crops long distances to
manufacturing, industrial and business centres, with a corresponding return
haul of manufactured products, and that a sudden reversal of this theory
of rate making results in great economic injustice and if persisted in will
keep us in a state of confusion and agricultural and business uncertainty
for a prolonged period. The need of permitting the railroads to charge
rates sufficiently high to cover reasonable costs of operation and maintenance and yieid a fair return upon the capital invested is so obvious that it
must at once be conceded. Both commerce and agriculture require efficient
transportation. But the folly of undertaking to establish such rates wholly
without consideration of their disastrous effect upon agriculture, the greatest industry of the country, is now apparent to every one.
The most hopeful sign at the present time is the apparent recognition of
the railroad management that our present high rates cannot be continued
without disaster to the railroads themselves, and that rates must come down
to a point not far, if any, above the pre-war levels, and they should have
the whole-hearted support of all right-minded and clear-thinking people
in taking the steps which will make it possible to bring about the necessary
reduction.
The remarks of Secretary Wallace were presented under
the caption "The Farmers and the Railroads," and he endeavored to make clear that "Western agriculture has been
developed on freight rates made with a view to encouraging
the movement of farm products long distances to central
processing and consuming markets, such rates, of course, being adjusted roughly to the bulk and value of the crop to be
moved." In stating this, he added:
it necessarily follows that the character of the farming and the value
of the land and improvements were determined by this policy, and that
any market change in the policy, even if adhered to for but a relatively
short time, is bound to make necessary profound changes in both agriculture and industry.
Duringthe years from 1890 to 1917 the Inter-State Commerce Commission was kept busy hearing appeals from shippers for rate changes and adjust-.
ments, and during the latter part of that period the railroads made several
appeals to the commission to permit substantial advances in rates. The
requests from shippers were mostly for a more equitable adjustment of
rates as between communities or regions and as between commodities,
in the effort to remove discriminatory rates which were the inevitable
result of the purely arbitrary and unscientific methods of rate making
which had been followed during the period of exploitation. It was during
this period that we began to form a conception of just railroad rates, based
not upon what the traffic would bear but upon a fair return to capital
actually invested, or the fair value of the property, plus a returg sufficient
to cover operating charges and adequate upkeep under competent management. As a necessary preliminary to the determination of such just rates
Congress provided for a complete physical valuation of all the railroads
of the country, and this stupendous undertaking was begun during the
period indicated.
When the railroads were taken over by the Government it was with the
understanding that they should be assured a net return equal to the average
net return of the three years just preceding, which happened to be the
most prosperous three-year period the roads had ever experienced. No
measures were taken to control wages, nor the factors which entered into
the cost of operation and maintenance. It was simply another way of
applying the utterly vicious cost-plus policy and added much to the burden
of debt under which our people will be laboring for a generation yet to come.
During this period of Government operation prices of most commodities
rose to fho highest points ever known. Intelligent railroad operation,
therefore, would have justified increases in freight charges fairly comparable with the increases in the vllues of the commodities, with a view to
holding down the amount needed to make good the Government guarantee.
Some increases in rates wore made, but not enough to meet the increase
1971
in expenses. Costs of operation were permitted to increase almost without hindrance, and in the case of wages, the largest cost item, with Government acquiescence and even encouragement. Thus when the time came
to hand the roads back to their owners they were in such condition that
they seemed to require very large increases in freight rates if they were
to be kept out of the hands of receivers. Just at the time, therefore,
when we were entering the period of severe liquidation and prices of commodities and especially agricultural products were falling with great rapidity, burdensome rate increases were put in force.
The blighting effect upon agriculture can hardly be comprehended. I
would not be understood as suggesting that the increases in freight rates
were wholly responsible for the unprecedented depression through which
our agriculture has been passing and which for a time threatened a financial
disaster of nationwide scope, but these higher rates contributed materially
to this depression, and if continued, will require changes in agriculture
and industry of national and international importance. Transportation
is an essential part of the process of production. , Transportation costs are
a part of production costs. Any material advance in the cost of production
without a corresponding advance in the price received for the product
involves important readjustments. During the past year the farmer has
been compelled to accept for his products, whether grain, live stock, cotton,
wool, fruits and vegetables, prices which are on the average no greater than
those which prevailed during the pre-war p tied, meaning by the latter
the five-year period 1910-14, inclusive. For a time the prices of some of
the coarse grains were as much as 40% below the pre-war average, and
the prices offered the farmers in some of the vegetable-growing regions
were so low that they did not cover the cost of harvesting and preparing
for shipment. During the same period freight rates on agi icultural products
have been on an average about 80% above the rates which prevailed before
the war. On illuminating illustration of just how the farmer is affected
by this condition is furnished by the investigations of the Congressional
Commission of Agricultural Inquiry. Four standard implements needed
on the western grain and stock farm are a gang plpw, a wagon. a corn
harvester and a grain binder. On Aug 1 1913 the cost of these inarlementll
at certain points in Kansas and Nebraska was $490 50, which was equivalent
to the farm price of 928 bushels of corn. The freight charge to Chicago
on the number of bushels of corn required to purchase these implements
at that time was $122 16. On Aug. 15 1920 the cost of these implements
was $944. This charge was covered by the price received for 706 bushels
of corn, but the freight charge on the corn was $179 30. On Oct. 15 the
cost of the implements had been reduced to $751, but it required the value
of no less than 4,191 bushels of corn to purchase them and the freight on
the corn was $1,051 41. Similar illustrations in unlimited number can be
furnished to show the blighting effect upon agriculture of advances in
freight rates without regard to the value of the products to be moved.
Perhaps a more understandable way to show the effect upon agriculture
of a continuance of the present freight rates is by noting the additional
charge per crop acre which they impose. Under the old rates a great fruit
industry was built up in California. It is estimated that the frci3ht charge
paid by that State in 1920 was about $64,000,000. The increase in freight
rates during the past four years imposes an additional charge per acre
on lemons of $187 67, which, capitalized at 7%, would amount to $2.681:
on oranges an additional acre tax of $192 38, which, capitalized, would
amount to $2,748 28; on apples $160 87, which, capitalized, would amount
to $2,298 14. Approximately the same burden is imposed upon the fruit
industry of the entire Northwest and the truck industry of the Southwest,
the source of a large supply of vegetables of all kinds.
In the case of the less valuable crops, such, for example, as corn, wheat,
potatoes and cotton, the increased tax per acre imposed by the present
freight rates does not seem to be so great when presented in figures, but is
in fact relatively as great. For example, the increased rate tax per acre on
corn, wheat and oats, and cotton, is greater than was the net return per
acre to the farmer during the pre-war period. In the case of potatoes the
increased rate tax per acre in Maine amoun0 to $31 80, and in Michigan
and Louisiana, both great potato-producing regions, the increased rate tax
per acre is above $15, which, because of the lower yield, is relatively as great
as the increase in Maine.
When it is remembered that prior to the war agricultural production
yielded to the average farmer nothing more than a fair living, and, indeed;
less than this had the farmer demanded a fair interest charge on his money
invested in land and farming equipment, the impossibility of maintaining
production under the imposition of a rate tax as great as has been indicated
at once becomes apparent. Either freight rates on agricultural precincts
and on the principal commodities the farmers need to buy must come down
quickly to about pre-war levels, or prices of agricultural products must
increase sufficiently to equal the increasing freight rates, or there will be
profound readjustznents in agricultural production, and these will involve
readjustments in industry as well.
C. 8. DUNCAN IN RAILROAD INQUIRY DENIES ALLEGATIONS OF F. J. TVARNE AS TO MISMANAGEMENT.
Testifying in the railroad inquiry, C. E. Duncan, economist
and statistician for the United States Shipping Board at the
Paris Peace Conference, told the Senate Interstate Commerce
Committee on April 29 that acusations recently made before
that committee by Frank J. Warne, representing the train
service employees, against the railroad executives, were not
only unfounded, but that Mr. Warne repeatedly misstated
facts and drew illogical conclusions from his own arguments.
Mr. Duncan quoted extensively from decisions of the Interstate Commerce Commission to show the falsity of certain of
Mr. Warne's statements. Mr. Duncan said:
The railway executives in asking that a reply be made to Mr. Warne's testimony have naturally felt that the charges and accusations there made are
not true, that the facts are neither fairly presented nor logically interpreted
and that the conclusions are therefore not valid. Let me say at the outset
that I agree in general with that statement, and because I agree I feel fully
justified in coming before this committee as a disinterested witness.
I am well aware that some of the problems involved are of a controversial
character, but I trust that I have been able to keep myself from partisanship.
I have confidence that can demonstrate to you that Mr. Warne is wrong in
all of his major conclusions.
Taking up the policy of the United States Railroad Administration during Federal control, Mr. Duncan said the witness misstated the facts when he said that "the Governmental policy as to revenues was not based upon economic
principles of having earnings exceed or even meet expenses
1972
THE CHRONICLE
(Vorm 114.
and that general taxation out of the United States Treasury larly maintenance accounts, and attempted to secure money
was depended upon to meet any resulting deficits." He from the Treasury in order to build up their properties, Mr.
added:
Duncan said there was absolutely no over-maintenance durThat it was the policy of the Railroad Administration under Director-Gen- ing that period, but instead, continued under-maintenance,
eral McAdoo and Dinector-General Hines until far on into 1919 to make reve- and that
increased expenditures for maintenance purposes
nues pay expenses and rentals, and that Director-General Hines relinquished
the policy with reluctance and as a matter of expediency when it became compared with previous years, was due to increased costs of
clear that the roads were going back to private control is proven by their labor, supplies and materials, as well as to the physical conown statement. - The Railroad Administration attempted to operate the roads
dition of the properties as turned over to their owners by the
on the same economic principles as private management must do. It endeav
ored to make income equal outgo with "a margin of safety." It failed because Government. "Measured by monetary units, the expendiits judgment was in error as to costs, the largest single element of which was tures in 1920 were enormously increased, but measured by
wages.
physical and service units, the real test, there was absolutely
Mr. Duncan called attention to "the apparent desire of the no over-maintenance, but rather continued under-maintewitness" in an exhibit filed with the committee "to have the nance," said Mr. Duncan. "It seems clear that the witness
observer draw the conclusion that the railroads made one has again fallen into error by comparing varying money
final grab into the Treasury bag just before the se-called costs when he should have compared physical and service
Government guarantee period ended with the month of units. He can find no corroborative evidence for his charge,
August 1920. The striking increase in operating expenses in either from the Railroad Administration or the Interstate
1920 does not represent an orgy of expenditures at Govern- Commerce Commission. The latter calls attention in its anment expense, but an avalanche of wages at the railroad's nual report for 1920 to a shortage in equipment; in its own
expense," said Mr. Duncan. He added that facts of out- words to an 'impaired transportation machine,' with which
standing importance have received no mention in the ex- to meet the abnormally heavy,traffic requirements." Mr.
hibit; namely, the increase in wages made on July 20 1920 Duncan said that the Transportation Act of 1920 contains a
and retroactive to May 1, and the increase in rates effective specific provision to protect the Federal Treasury during the
Aug. 26 1920 but not retroactive. "These things the witness six months guarantee period. Mr. Duncan in testifying also
knew perfectly well when he constructed the exhibit and said:
when he presented it for record."
The Interstate Commerce Commission is directed under that act to deterContinuing, Mr. Duncan said:
mine and has been busied at a determination of, the expenditures that in its
The railroads were not operated during Federal control on an economic ba- opinion properly belong in operating expenses. The carriers were fully cogsis. The increase in rates failed to secure sufficient operating revenues to nizant of this provision at the time expenses were being made. If there had
pay operating expenses and the rental agreed upon in the standard contract been a temptation on their part to inflate expenditures unduly, the specific
or the return provided for as to the roads not signing the contract. This def- provision in this act would have restrained them. The carriers knew that
all of their expenditures on maintenance would be fully and carefully reicit of $711.947,242 had to be paid out of the Federal Treasury.
This deficit does not include the tremendous BUM necessary to liquidate viewed. They have presented to this committee precisely the same data that
the claims of the roads under the up-keep section of the Federal control act they gave to the Commission for review.
When the roads came back they were not being run on an economic basis.
or the amount required for an adjustment with the so-called short-lines, or
the amount involved in the claims of "third persons" against the Railroad Expenditures were greater than receipts and expenditures had been much reAdministration. These sums have been estimated by Director-General Davis stricted by orders from Washington. For January and February 1920 the
net income ran below the standard return by $153,000,000. Private manageat $1,100,000,000.
The amount due the roads under the guarantee for six months, March to ment had set before it the stupendous task of restoring the economic equiAugust inclusive, 1920, now stands at $653,539,001. The total appropriation librium. The Railroad Administration and the Government virtually said:
made by Congress to the Railroad Administration to date has been $1,750.- "Here, take this impaired machine; apply it effectively to the greatest vol000,000. The return on railroad property investment account under Federal ume of traffic on record; 76% of your freight cars are on foreign roads; find
operation, disregarding the rental and guarantee, was for 1918, 3.76%; for them, repair them, but don't delay traffic; your employees are discontented,
1919, 2.75%, and for 1920, 0.32%. The percentages on return on property but we have imposed upon you expensive rules and regulations and we expect
investment actually realized from rental and guarantee was for 1918, 5.05%; to add over 618 million dollars annually to your payroll to satisfy them;
for 1919, 5.05%, and for 1920, 4.29%. The return to the roads has been there is no program for the year, make one; repair your locomotives and your
strictly limited for the period of unprecedented prosperity for industry gen- roads; haul the biggest movement of grain known in history with box cars.
erally, thus preventing the accumulation of reserves to meet the period of 50% of which are not fit for such service; get your cars on your own roads,
send empties to areas needing them; haul coal longer distances, where Indusdepression.
try needs it to forestall any possible shortage; you will pay more for your
Replying to statements made by Mr. Warne challenging own coal and it will not be of as good quality; your fuel bill will be inthe accuracy of sworn information furnished the Interstate creased above ours in 1919, which was 396 million dollars to more than 566
million dollars, an
dollars or 43%
one item;
Commerce Commission by the railroads, Mr. Duncan quoted traffic will overloadincrease of 170 million until you will be on this beyond the
the impaired machine
driven
from the Commission's decision on the 15% rate case, as well point of diminishing returns; some time along we'll set a value on your
as from other utterances of that body in which the Commis- property and attempt to increase your revenues to secure a fair return on it;
but
treasuries are
sion said that it had checked the statistical reports of the yourmeanwhile yourthe same time empty because the Government took away
ready cash at
with the control of the roads and has not
carriers and that there was no question about their accuracy. returned It; you have not been permitted to share along with other industries the prosperity of the war period; you have no reserves with which to
Despite this record, Mr. Duncan said, "the witness maintains
meet a business depression; you
face a public who will resent heavier
his charge of duplicity and deception as a deliberate policy freight and passenger rates; you must be compelled to ask higher rates and
will
of the railroads." Mr. Duncan further said that this evi- fares when the universal demand of the public is for lower rates and fares;
we'll police your accounts
dence affords to his own judgment "a valid refutation of the Go and justify yourselves." and judge your expenditures by the test period.
charges that railway accounts were manipulated, that operating expenses have run riot since 1907, that there was a
concerted action by the Eastern railroads to inflate their
operating expenses in order to force a favorable decision as
to rates in the so-called 5% rate case in 1913, all of which
charges have been made by this witness." Referring to "the
charge of inordinate expenditures for maintenance, at least
on certain roads by regional directors during Federal control" made by Mr. Warne before the Senate committee, Mr.
Duncan read fqr the purpose of disapprevinE the accusation,
statements made at various times Ey the Interstate Commerce Commission relative to maintenance. "The Commission certainly had all the data available for anyone to use,"
said Mr. Duncan, adding:
Mr. Duncan also charged that Mr. Warne, "by deceptive
charts and misleading, insinuating statements, has sought to
impute dishonesty to railroad managers."
STANDARDIZATION OF FREIGHT CARS AND CENTRALIZATION OF DISTRIBUTION RECOMMENDED BY JOINT COMMISSION OF
AGRICULTURAL INQUIRY.
Complete standardization of freight cars and central control of distribution of all classes of freight cars will be recommended to Congress in the forthcoming report of the Joint
Commission of Agricultural Inquiry as among the remedies
for the constantly recurring car shortage evil. In outlining
It had heard both sides without partisan interest. It had been made fully this part of the report on April 29, Chairman Sydney Anacquainted with the bad as well as the good in railway managements, the inderson said:
efficiency as well as the efficiency.
By a most searching investigation the Interstate Commerce Commission
found no such excessive expenditures prior to Federal control. There is nothing in the reports of the directors-general for the period of Federal control
that indicates anything in their opinion but an inadequacy of transportation
facilities when the roads were taken over.
From all these sources, certainly not biased in favor of the carriers, an analysis of the same data presented by Mr. Warne leads to the conclusion: The
roads were not over-maintained, 14 rather under-maintained to meet the
transportation needs of the country, prior to Federal control, at the time of
Federal control, during Federal control and when the reads were returned to
private control. The charge, therefore, of expenditures running riot, of excess expenditures, of maintenance will not hold against this evidence.
In reiterating before the committee his denial of charges
by Mr. Warne that the railroads during the first six months
after Federal control ended and while the Government guarantee was in effect padded their operating expenses, particu-
We have found that the number of locomotives operating and owned by
some railroads Is inadequate to meet the need during business activity
and It should be augmented; that the supply of box cars, coal cars, stock
cars, and refrigerator cars is inadequate to meet the demand during norma
periods of activity and should be rapidly augmented.
If the carriers do not supply sufficient equipment to reasonably meet
the demands, an artificial situation economically unsound is created.
Failure to supply cars in adequate numbers during any considerable period
usually results in an inflation of prices. The Commission is of the opinion
that a sufficient number of cars should be added to the supply to meet the
demand for cars wherever ordered and in whatever quantity they may
be required.
The Commission has therefore concluded to recommend to Congress
complete standardization of all freight car equipment except with respect
to cubical and weight carrying capacity in order to reduce initial cost,
reduce the number of necessary repair parts, facilitate the repair of cars,
to make possible economies In maintenance of freight equipment and to
reduce unnecessary empty car mileage.
'
MAY 6 1922.]
THE CHRONICLE
The report will show that the number of freight cars owned
and operated by the railroads has increased 6.7% over 1911.
The aggregate capacity has increased 18.2% and the net
ton mileage for 1920 showed an increase of 62.4% over 1911,
the traffic handled during 1920 being greater than any
previous year. The Commission, according to the Chairman, will recommend to Congress as a further remedy for
car shortage, prompt consideration and adoption of a comprehensive plan for central control and distribution of freight
cars: (a) To meet currently and in full the requirements of
shippers in each and every section of the country; (b)to
eliminate all empty-car mileage except that made necessary
to protect originating territory; (c) to meet demands in
originating territory currently by balancing movement of
loaded and empty cars. Chairman Anderson states:
When the volume of shipments of a commodity in strong demand is
restricted by car shortage, a stiffening of prices results, and when the
restriction is removed by an ample supply of cars the market at once
reacts. During each period of general car shortage it is found that in some
Portion of the country carriers report a surplus of equipment; conversely,
during the periods of largest car surplus a car shortage exists on lines of
certain carriers and in certain districts. More efficient handling of equipment and the construction of additional equipment to the extent required
to prevent car shortage will make action by Governmental authority
unnecessary.
It is, however, clearly apparent that with respect to freight car control
and distribution, and the co-ordination and unification of terminal facilities,
the carriers have not progressed. In fact, there is a strong tendency
toward reaction in this important matter, and unless prompt and adequate
action is taken,emergency conditions, with all of the attendant harrassments
to business will certainly result.
The Commission has convinced itself that in so far as adequate car
supply is concerned, all lines of transportation must be placed upon the
same basis. It will not do to take cars away from stronger lines and
turn them over to weaker lines, thus depriving shippers served by the
stronger lines of the service which they could reasonably expect for the
benefit of less fortunate shippers served by the weaker lines. This is a
problem which must be considered in its nation-wide application. Some plan
should be devised which will aid the weaker lines by enabling them to
purchase and properly maintain sufficient equipment to supply the present
reasonable needs of shippers, together .with a margin to meet a normal
development of business activity.
The Commission has found that the American Railway
Association, whose car service division is empowered to
order relocation of equipment between railroads, is not
fitted to prevent emergency conditions and that any plan
which may be adopted for the handling of equipment must
contemplate current relocation of empty cars. It believes
that no railroad or district should be permitted to become
short of equipment before steps are taken to meet the situation. "It might be," the Chairman said, "that the only
effective plan will be the pooling of equipment under a central
control having sufficient power to require railroads to immediately execute any orders given. We feel certain that
whatever plan is adopted, it must be based upon the premise
that each individual shipper, each group of shippers, each of
the several producing or originating districts throughout
the country must be fully supplied with freight equipment
at all times."
Discussing the dependence of shippers of fruits and vegetables and other perishables upon the refrigerator ear supply,
which has been found to be now seriously inadequate, Mr.
Anderson said that the Commission would rebommend the
following definite plan for improvement:
1973
The Commission believes tha,t the carriers should carry
out the spirit of the law and effect these consolidations
wherever possible and it will recommend that the InterState Commerce Commission investigate and point out to
the carriers such consolidations as may be feasible. Further
recommendations to Congress will be made as follows:
That the railroads and shippers co-operate to secure the full utilization
of the carrying capacity of cars wherever possible;
That permanent joint railroad and shippers' committees be organized to
carry on a nation-wide campaign to reduce loss and damage to goods in
transit;
That freight-revenue divisions should be promptly revised to the basis
of two-figure percentages;
That regional clearing houses be established for the current settlement of
debitr and credits growing out of rate divisions;
That the railroads should adopt universal through waybilling of interline
freight;
That the railroads maintain complete cost data covering each item of
expense with particular reference to the maintenance of' equipment;
That the railroads adopt better systems for checking the extent and
value of repairs to equipment when made by lines other than the line
owning the car.
The Commission has found that the number of cars in
bad order exceeds all previous records and unless bad order
cars are promptly repaired the supply will be materially impaired; also that a large proportion of the cars being used in
interline movement are box cars and should be made fit for
bulk grain loading; and all other classes of freight equipment
should be promptly made suitable for all requirements,
including general interchange throughout the country. Previous references to recommendations of the Commission will
be found in our issues of Jan. 7, page 19, and Feb. 18,
page 689.
ITEMS ABOUT BANKS, TRUST COMPANIES,ETC.
No sales of bank or trust company stocks have occurred
at the Stock Exchange or at auction this week.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $95,000, an unchanged figure from the last preceding
transaction.
A New York Curb Market membership was reported sold
this week for $6,900, a new high record. Last previous sale
was stated to be $6,500.
At a meeting of the Directors of the Hanover National
Bank of this city on May 2, recommendation was made to
increase the capital of the institution from $3,000,000 to
$5,000,000,by the payment of a 66 2-3% stock dividend out
of undivided profits. A meeting of the stockholders of the
Hanover National has been called for June 6, to vote upon
the increase. The Hanover National Bank is the first Wall
St. kstitution to take advantage of the privilege accorded
national banks tp declare stock dividends, the Comptroller
of the Currency having recently made' a ruling allowing
national banks whose capital, surplus and undivided profits
conform to a certain ratio to pay a dividend of this character,
These dividends are non-taxable. Formerly, in order to
declare a stock dividend, a national bank was forced to
(a) Extensive and prompt additions to present refrigerator car equipment declare a dividend first in cash which was 'converted into
by each carrier in accordance with its needs, or extension of the equipment
dividend was taxable. The new
and aithlties of private-line car companies handling fruits and vegetables. capital stock, and the cash
capital will become effective when ratified by the stockhold(5) A central control of refrigerator car supply.
(c) Progressive retirement of the older and inefficient equipment.
ers June 6. The institution in its last statement shows a
(d) Co-ordinated investigation by the United States Department of
Agriculture, Inter-State Commerce Commission, shippers and the carriers. surplus of $14,000,000 and undivided profits of $8,106,930,
By this plan, it is announced, it is intended to bring about totaling over $22,000,000 against a capital of $3,000,000
the following results: Improved methods of harvesting,
packing, handling, storing, and refrigeration in transit; de- ' George Leon Hamilton, Vice-President and Cashier of t
r.
velopment of a more efficient protective service against cold; Gotham National Bank of this city, died on April 30.
co-operation between shippers and carriers; reduction of peak Hamilton was formerly an examiner of the Federal ReServe
movement by adding to storage facilities when such additions Board. He began his banking career with the Farmers and
are practicable and by such other methods as may be ad- Mechanics of Jamestown, N. Y., later becoming Secretary
visable and practicable; prompt loading and unloading and of the Beaver County Trust Co., and Cashier of the Union
elimination of unnecessary delays in transportation; utiliza- National Bank, both of New Brighton, Pa. Ho was also
tion of equipment to safe carrying capacity, thereby securing one of the organizers and was Cashier of the Ambridge Nationmaximum service. It is stated that the Commission will al Bank of Ambridge, Pa.
definitely recommend to Congress the unification and joint
operation of facilities at terminals wherever such unification
Charles L. Clime has been appointed Assistant Trust Offiand joint operation will result in economy and better service. cer of the Seaboard National Bank of this city.
Since March 1 1920 these unifications of terminal facilities
and joint operation at terminals have been in large part
Hubert P. Thomas has resigned as Vice-President of the
abandoned. The • Chairman commented:
Harriman National Bank to engage in business for himself
not desire to join with other railroads in the common
Many railroads do
as financial analyst and adviser to large corporations. He
use of terminals and their joint operation, feeling that they will thereby
lose some of their competitive advantages. We have found, however, will have offices in the terminal zone. Mr. Thomas has been
that where consolidations have been made, large sums of money are saved with the bank for the past three years, previous to that time
annually in operating expenses, with the added advantage of making
Bank Examiner for this district under
possible the handling of a larger volume of traffic without additional serving as Assistant
the Comptroller of the Currency. Milton S. Billmire, for.
expenditures for new tracks and other facilities.
1974
THE CHRONICLE
merly Assistant Cashier, who has been with the bank the
past three years and was formerly Cashier of the Citizens
National Bank of Baltimore, has been elected a Vice-President of the bank. Amos Sulka, President, A. Sulka & Co.,
has been appointed a member of the Advisory Board.
Application to organize the Globe National Bank of New
York has been made to the Comptroller of the Currency.
The new institution is to have a capital of $250,000, consisting of 2,500 shares of the par value of $100 each, which are
being disposed of at $210 (with no promotion or brokerage
commission), the premium of $110 on each share representing a surplus of $250,000 and undivided profits of $25,000.
The new bank is to be located in Harlem and is being organized for the express purpose of giving the negro population
(200,000) of that section of the city a banking institution
"where they can be at home among their people and receive
financial advice and direction." A general national commercial banking business is to be conducted by the institution, including international and foreign exchange operations.
The Bigelow State Bank of this city has moved from
25 Pine Areet to larger quarters at the corner of Broad
Street and Exchange Place.
Herman Rumpen has become associated with the Securities
Division of the Irving National Banc of this city. He was
formerly a partner in the brokerage firm of Kiely & Horton.
•
The construction of the new building for the Greenwich
Savins Bank of this city was brought under way on May 1,
when the demolition of the old buildings on the site was
started. The new building for the bank will occupy the
south end of the square just north of the Herald Building,
with a frontage of 106 feet on Broadway, the whole block
front of 136 feet on 36th Street, and 100 feet on Sixth Avenue.
An official account says:
Designed exclusively for the use of the bank, the structure will be of stone
SO feet high, its three sides enriched by Corinthian columns which will form
projecting porticos on Broadway and on Sixth Avenue. The columns,
themselves, will be of solid stone nearly five feet in diameter and 40 feet
high. Entrances on Broadway and on Sixth Avenue will admit depositors
to an elliptical banking room 87 feet wide and 120 feet long. This room
will have a height to the skylight in the domed ceiling of 72 feet. The interior columns at the ends of this room will be 32 feet high. On the ground
floor, besides the working space in the centre of the banking room, which is
more than twice as large as the working space in the present buidling at
16th Street and Sixth Avenue, there is considerable other area for employees
available for such use in emergency as many banks required when the
Liberty Loan campaign was inaugurated, and there is also space for the
Comptroller and for the directors' room. Wide stairs lead down from the
vestibule of the Broadway entrance into the basement, whore provision is
made for the installation of a safe deposit company if this proves to be
desirable. The officers' platform will be on a mezzanine over the Broadway entrance. The President's room will occupy the Broadway-Thirtysixth Street corner on this floor. At the roof level will be a kitchen, diningrooms for officers and for employees, and dormitory space for men in case
It is ever considered desirable to keep them in the building over-night. A
certain amount of space will be available for exercise.
The Greenwich Savings Bank is the third oldest savings bank in Manhattan, organized in 1833, 14 years after the Bank for Savings, and six
years after the Seamen's Bank for Savings. Its trustees have always been
men identified with the large interests of the city, particularly in the old
part of New York—the Ninth Ward or Greenwich section. It opened for
business in May of that year at 10 Carmine Street. In 1839 it moved to
11 Sixth Avenue. moving in 1846 to 41 Sixth Avenue. From 1854 to 1892
it was at 71-75 Sixth Avenue, and it has occupied its building at 16th Street
and Sixth Avenue since 1892. The now building at 36th Street, therefore,
is its fifth location on Sixth Avenue, and, while the Broadway entrance
may prove to be the busiest, it is a matter of pride to the directors and
officers that this bank has been a Sixth Avenue institution continuously
since 1839.
114
and Sayer Fisher best grade of fire flash brick. The building
will be modern in every detail and strictly fireproof. One
of the features will be the safe deposit vault, which will be
the latest and finest example, we are informed, of construction, and both fireproof and burglar-proof. It is planned to
have the new building ready for occupancy by the latter
part of 1922; in the meanwhile the bank will be temporarily
located at 6004 Master Street. The Overbrook Bank was
organized in November 1919. In 1919 the deposits were
$100,000, and in January 1922 they had reached a million
dollars. L. W. Robey is President.
At a meeting of the stockholders of the South Side Bank
of Scranton, Pa., on April 25, it was voted to increase the
capital of the institution from $60,000 to $200,000. At
the same time, $60,000 in the new stock was set aside as
a dividend for present stockholders. The stock is in shares
of $50, and is being disposed of at $100 per share. The
new capital will become effective May 15. In its April
4 statement the bank reported surplus (earned) of $75,000
and undivided profits of $101,453. Its deposits on that date
were $2,310,058, while its resources were given as $2,548,369.
•
The 50th anniversary of the founding of the Third National
Bank of Scranton, Pa., was celebrated by that institution
on April 15. The growth of Scranton and that of the Third
National Bank are synonymous. In 1872 Scranton was
a small mining town of 36,000 inhabitants and the Third
National Bank opened for business as the typical small
town bank in a store on Lackawanna Avenue. To-day
Scra,ntonis a city of 140,000 people and the bank is an institution with a capital of $400,000, with surplus and undivided
profits of $1,300,000 and deposits of more than 88,500,000.
In 1918 the bank's building on Wyoming Avenue, erected
in 1877, although enlarged'at different times, had become
entirely inadequate to the needs of the institution and it
was decided to erect a new banking home on the site of the
old building enlarged by the addition of an adjoining lot.
This building is a handsome three story and basement
structure with a frontage of 67 feet on Wyoming Avenue.
Its facade is of Indiana limestone on a granite base, ornamented with four massive limestone pillars 35 feet in height,
which forms a portice in the centre over the main entrance.
The interior of the building is equipped throughout with
modern appliances to facilitate the business of the bank
and to insure the comfort and convience of its patrons and
employees. The present head of the Third National Bank
is Willaim H. Peck, who became its President in 1909
upon the death of the Hon. Willaim Connell. Mr. Peck's
connection with the Third National Bank dates back to
1882, when as a rising young banker in the employ of the
First National Bank of Scranton, he was offered and accepted
the position of Cashier. The other officers of the Third
National Bank are: Congressman Charles R. Connell,
1st Vice-President; B. B. Hicks, 2nd Vice-President and
Trust Officer; Major Ralph A. Gregory, Cashier, and J.
E. Williams, R. A. Chase, E. H. Hausser and Clara B. Whitmore, Assistant Cashiers.
Harold Chandler Avery has been elected a Vice-President of the Midland Bank of Cleveland, Ohio. He will
assume his new duties May 1. Mr.'Avery has been associated for the last 12 years iii Chicago with one of the largest
The plans of the bank to erect the proposed structure at and best known dealers in commercial and investment
36th Street were referred to by us a year ago—April 9 1921. securities in the.country.
The Oceanic National Bank of Boston went into volunAnnouncement was made recently of a proposed contary liquidation on April 1. The institution was absorbed solidation of the Dollar Savings Bank & Trust Co. of Bellby the Metropolitan Trust Co. of Boston on Feb. 18 as aire, Ohio, and the First National Bank of that place, the
reported by us in these columns in our March 4 issue.
resulting institution to be known as the First National
41
Bank. The new bank will have a capital of $300,000 and
At a meeting of the directors of the Overbrook Bank of
surplus and undivided profits of $330,000. Another bank,
Philadelphia on Jan. 311922, it was decided to increase the
to be known as the Union Savings Bank Co., is to be organcapital stock from $100,000 to $200,000 (subject to ratifi- ized with a
capital of $100,000 and surplus of $25,000 as
cation by the stockholders at a special meeting to be held on an affiliated
institution of the National Bank. It is also
April 28 1922) by the issuance of $100,000 of new stock, planned to
erect an eight-story building. The officers of
thereby giving the bank the combined capital, surplus and
the National Bank will be as follows: J. F. Mellot, Presiundivided profits of $250,000. The institution is shortly to dent; C. W. Dickens, Vice-President, and J. E.
Green,
erect a now bank building at the estimated cost of $100,000. Cashier.
The new building will occupy the site of the bank's present
home at the southeast corner of 60th and Master streets.
On April 10 the City National Bank of Canton, Ohio,
Architecturally, the building, it is stated, will be one of was placed in voluntary liquidation. As stated in our
the finest in that section of the city. It will be of steel and April 15 issue, page 1617, this institution is to be absorbed
reinforced concrete, the latest type of steel sash being used by the George D. Harter Bank of Canton.
throughout; the exterior will be of granite, Indiana limestone
tVlAy
6 1922.]
THE CHRONICLE
1975
An application to organize the Old Portage National
Bank of Chicago, has been made to the Comptroller of the
Currency. The bank will begin with a capitalization of
$200,000, consisting of 2,000 shares of the par value of
$100 each. Stock is being disposed of at the rate of $125
per share, thereby creating a 25% surplus fund.
rency. The Missouri National Bank will have a capital
of $200,000. We are advised that the new name has been
approved and reserved for 60 days and the additional capital will be paid in about June 2, when organization papers.
will be executed. The Newmarket Bank began business.
June 7 1917. It has a capital of $100,000.
According to the Chicago daily papers of April 19, a confession by Harold W. Anderson, former Cashier of the Milwaukee-Irving State Bank of Chicago alleges the looting of
the institution during last summer of $450,000 in cash by
three former officials of the bank. The loss, however, was
made good. Mr. Anderson accused, it is said, Everette
R. Peacock, the founder and former President of the bank,
and Albert H. SporIeder, a former Cashier of the bank, who
succeeded Mr. Peacock as President. Mr. Peacock, who
was also a director of the bank, has been arrested, it is said.
According to Mr. Anderson's story, the cash was procured
during four months last summer and the loss became known
to the directors of the bank on the evening of Oct. 4. The
.
money, it is said, was'withdrawn on checks on a private enterprise of Mr. Peacock's, a seed concern, which were honored by the bank notwithstanding its funds in the bank had
been exhausted. In anticipation of trouble at the bank or a
"run" by its depositors, a large supply of money was hurried
to the institution on April 18 and a score of policemen placed
on guard,but no disturbance occurred. Peter H.eleven, the
Cashier of the Milwaukee-Irving Park Bank is reported in the
Chicago "Tribune" as saying that the bank is in a perfectly
sound' condition. "There is absolutely no shortage," he
declared. "We are solvent and we can immediately pay
any depositor who wants his money. The deficit has been
made up. Every person connected with the bank before the
loss of the money has left its employ." Mr. Cloven is also
reported in the "Tribune" as saying, in explanation of why
the bank had kept the loss covered up so long after it had
been discovered, that an effort had been made to give Mr.
Peacock an opportunity to pay back the money. According to Mr. Cloven, seven of the directors of the MilwaukeeIrving State Bank made up the shortage on the night of
Oct. 4, when the directors were told by State bank examiners that they must either make good the deficit or close the
bank.
A press dispatch from Heathville, Va., under date of
April 9, printed in the Baltimore "Sun" of April 10, stated
that W. D. Evans, receiver of the defunct Commonwealth
National Bank of Readville, Va., had announced the payment of a 16 2-3% dividend to the depositors of the bank,
payable at once (April 9), making the second dividend
the bank has paid since it went into the hands of a receiver,.
over a year ago. As reported in these columns in our issue
of April 30 1921, this bank was robbed of $19,060 in cash
and $100,000 in securities and its building burned on Jam.
30 1921.
The officers and directors of the Albany National Bank
and the Exchange Bank, of Albany, Ga., announce the consolidation of the two institutions under the title of Albany
Exchange National Bank, with a capital of $150,000, surplus of $150,000, and undivided profits of $18,756. The officers of the consolidated institution are P. J. Brown, President; A. J. Lippitt and E. H. Kalmon, Vice-Presidents; HE. Davis, Vice-President and Cashier. On April 8 the Albany Exchange National reported deposits of $809,619 and
resources of $1,184,275.
A. H. Gilbert and G. H. Sessions, formerly Vice-President and Cashier, respectively, of the defunct Marietta
Trust & Banking Co. of Marietta, Ga., were on April 20
sentenced by Judge W. E. H. Searcy in the Superior Court
at Cobb, Ga., to serve from 6 to 10 years each, in the State
Penitentiary, following pleas of "guilty" to charges of
embezzlement of approximately $233,000 of the institution's
funds, according to a special press dispatch from Marietta,
to the Atlanta "Constitution" on April 20. Attorneys
for the defendants, it is said, stated that all the money had
been lost on the New York Stock Exchange. We referrpd
.1922 of the Marietta Trust & Bankto the closing on Feb. 4
ing Co., and the subsequent arrest of the two officials in
these columns in our March 4 issue.
*—
A consolidation of the Exchange Banking & Trust Co.
of Charleston, S. C., (capital $100,000) and the Charleston
Savings Institution of that city (capital $100,000) will be
consummated on May 15, under the name of the former.
The consolidated institution will have a capital of $150,000
and surplus and undivided profits of $200,000.
We learn from the Minneapolis "Journal" of April 19
that the Western State Bank, a small Minneapolis institution, was closed by the State Superintendent of Banks,
R. B. Rathbun, on that day. Mr. Rathbun is reported in
.the "Journal" as saying that the closing of the institution
was due to depletion of reserves caused by steady withdrawals
during the three days prior to the closing, which had reaehed
The Guaranty Bank & Trust Co. of Dallas, Tex., recently
the proportions of a run on the morning of April 19. The
bank had a capital of $25,000 and surplus of $6,000. Dr. announced its conversion into a national institution under
N. N. Cohen was President.
the title of "The Republic National Bank." The capital
of the institution is $1,000,000 with surplus of $125,000.
The Topeka "Capital" in its issue of April 22 states that All the old officers and directors continue in their respecthe Exchange State Bank of Wichita, Kan., failed to open tive capacities with the new bank. W. 0. Connor is Presion April 20, according to Frank H. Foster, the State Bank dent.
Commissioner. The bank is a small institution with capital
At a recent meeting of the directors of the First Savings
of $50,000 and deposits at the time of its last report of $175,000. Mr. Foster, it is said, gave "bad paper" as the reason Bank of Oakland, Cal., two new directors were elected,
of the American
for the bank's embarrassment. J. H. Sandell, Assistant namely: Russell Lowry, Vice-President
of the National Bans of San Francisco, Cal., and Edward 0.
State Bank Commissioner, it is said, was in charge
institution, and plans for its reorganization were under dis- Edgerton, President of the East Bay Water Company.
cussion. The bank did not operate under the State Bank Both were already directors of the First National Bank,
with which the First Savings Bank is affiliated.
Guaranty Law, it is said.
The California Bankers' Association will hold its twentyThe directors of the Commonwealth National Bank of
City, Mo., announce the election of Fernando P. Neal eighth annual convention on May 24-27 at the Hotel Del
Kansas
Clayton is President, and F.
and J. E. Hutt as members of the board, succeeding G. M. Monte, Del Monte, Cal. W. S.
Smith and L. C. Smith. Mr. Ne..1 becomes Chairman of the H. Colburn is Secretary of the Association.
Board of Directors. It. M. Cook is President.
Tae present year is tae Jubilee year of the Bank of Hamilrecently organized Security National Bank of East ton, Hamilton, Opt., the institution having been founded
The
business with a paid-up capital
St. Louis, Ill., was chartered by the Comptroller of the Cur- in 1872. Commencing
paid-up capital of $5,000,000, and
rency on April 20. The new bank will have a capital of of $100,000 it now has a
and surplus of $60,000. G. A. Miller has been with an initial surplus of $5,500, it now has a surplus of
$300,000
of less than $500,000 in 1872 are in
chosen President, W. E. Wheeler is Vice-President; 0. H. $5,066,590. Assets.
Assistant Cashier. The institution will begin 1922 approximately $80,000,000. In addition to its main
Hehner,
office in Hamilton the bank maintains 157 branches, reachbusiness about May 10.
ing from Montreal to Vancouver. During the 50 years
•
An application to convert the Newmarket Bank of St. of its existence the bank has never failed to pay dividends,
Louis, Mo., into the Missouri National Bank of St. Louis, ranging in amount from 7% to 12% per annum, with someMo., has been approved by the Comptroller of the Cur- times a bonus in addition. To commemorate its Jubilee
1976
THE CHRONICLE
year, the bank has put out a new issue of bills in fives, tens
and a new twenty-five dollar note of very beautiful design.
It corresponds with the five pund Bank of England note
and is the only one of its kind issued by a Canadian bank.
the corresponding week last year, the 1922 aggregate of the
clearings being $7,417,439,238 and the 1921 aggregate $6,040,997,360, giving an increase of over 22%. Outside of this city,
however, the increase is only 9.7%, the bank exchanges at
this centre recording a gain of no less than 32.5%. We group
the cities now according to the Federal Reserve districts in
which they are located, and from this arrangement it appears that in the Boston Reserve District the increase is
27.1%, in the New York Reserve District (including this
city) 32.3% and in the Philadelphia Reserve District 7.4%.
In the Richmond Reserve District the increase is 7.9% and
in the Atlanta Reserve District 1.0%. The Chicago Reserve
District and the St. Louis Reserve District also both record
improvement, the former to the extent of 14.4% and the latter 11.7%. On the other hand, the Dallas Reserve District
records a decrease of 6.6% and the Kansas City Reserve District a decrease of 2.1%. while the Cleveland Reserve District has a decrease of 3.3%. The Minneapolis Reserve District has an increase of 2.1% and the San Francisco Reserve
District enjoys a gain of 16.1%.
In the following we furnish a summary by Federal Reserve Districts:
The report in pamphlet form of the 27th ordinary general
meeting of Barclays Bank, Limited, London, held on Jan.
25th, has been received. In the statement convering the
calendar year 1921 submitted to the shareholders at the
meeting, it was shown that net earnings amounted to £2,201,651 which was allocated as follows: £866,400 to pay
a 10% dividend on the "A" shares and 14% on.the "B"
and "C" shares; £600,000 placed to the credit of contingencies account;£100,000 contributed to widows and orphans
pension fund and £100,000 written off bank premises, leaving a balance of £535,251 to be carried forward to the next
yea's profit and loss account.
COURSE OF BANK CLEARINGS.
Bank clearings continue to show increase over a year ago,
though the ratio of gain is now more moderate. 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 6) aggregate bank clearings
for all the cities in the United Stites from which it is possible to obtain weekly returns will show an increase of 14.1%
over the corresponding week last year. The total stands at
$8,083,615,336, against $7,080,810,114 for the same week in
1921. This is the seventh successive week in which our
weekly aggregates have shown an improvement as contrasted
with last year. Our comparative summary for the week is
as follows:
Clearings
-Returns by Telegraph.
Week ending May 6.
1922.
1921.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$4,093,200,000
636,303,005
370,000,000
277,000,000
101,884,604
a
130,600,000
*112,115,822
80,687,874
68,080,310
44,037,835
$3,479,081,120
516,175,303
346,853,C48
241,193,528
120,480,130
a
110,600,000
114,615,822
81,018,413
69,752,652
48,443,205
+17.6
+23.3
+6.7
+14.8
-15.4
a
+18.1
-2.2
-0.4
-2.4
-9.1
Ten cities, 5 days
Other cities, 5 days
$5,913,889,450
822,456,684
$5,128,214,121
772,460,974
+15.1
+6.5
Total all cities, 5 days
All cities, 1 day
$6,736,346,114
1,347,289,222
$5,900,675,095
1,180,135,019
+14.1
+14.1
88,083,615,336
$7,080,810,114
+14.1
Total all cities for week
[Var. 114.
SUMMARY OF BANK CLEARINGS.
Week ending April 29.
1921.
1922.
Federal Reserve Districts
(1st) Boston
12 cities 341,541,989 268,621,015
(2nd) New York
11 " 4,641,379,639 3,509,331,214
(3rd) Philadelphia
436,428,367 406,386,385
13 "
(4th) Cleveland
270,681,998 279,759,816
15 "
133,015,608 123,165,027
(5th) Richmond
•
10 "
118,444,888 117,215,437
(6th) Atlanta
15 "
736,894,723 644,138,022
(7th) Chicago
27 "
(8th) St. Louis
48,555,138 43,468,809
9 "
93,531,355 91,627,551
(9th) Minneapolis
13 "
(10th) Kansas City__ _ _13 "
216,013,813 220,607,303
41,195,278 44,112,688
(11th) Dallas
10 "
339,786,442 292,563,083
(12th) San Francisco21 "
Inc.or
Dec.
1920.
1919.
+27.1 396,519,584 336,213,702
+32.3 5,092,745,312 4,096,865,649
+7.4 479,399,002 410,867,181
-3.3 382,935,307 302,823,372
+7.9 166,478,706 147,590,693
+1.0 183,437,101 148,700,742
+14.4 841,800,047 744,776,867
+11.7 68,922,276 44,241,249
+2.1 114,814,883 68,918,918
-2.1 343,229,102 298,793,644
-6.6 70,341,997 46,546,747
+16.1 348,166,711 269,468,061
169 cities 7,417,439,238 6,040,997,350 +22.8 8,187,789,027 6,915,806,825
Grand total
2,833,822,473 2,582,678,398 +9.7 3,461,710,069 2,861,972,578
Outside New York City
28 cities 326,922,902 323,403,931
Canada
342,376,797 307,648,417
+1.1
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the four months of 1922 and 1921 are also given:
Month of April.
1922.
Four Months.
1921.
1922.
1921.
30,634,353
15,529,709
Stock!No. of shares_
83,102,019
58,165,387
tPar'value
$2,733,531,850 $1,044,593,548 $7,680,574,596 $4,346,351,221
Railroad bonds
224,910,250
74,592,500
683,195,650
297,344,500
U. S. Govt. bonds_ _ _
183,804,500
138,455,250
715,691,700
607,890,600
State,for'n, &c., bds_
62,567,500
19,904,100
221,713,500
82.683,100
Total par value_ __ 33,204,814,100 $1,277,515,398 $9,301,175,396 $5,334,269,421
*Estimated. Does not report any more.
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 on Saturday and the Saturday figures will not be available until noon
to-day, while we go to press late Friday night. 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 thie week previous
-the week ending April 29. For
that week our tabulations show very notable expansion over
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in
1922 and 1921 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1922.
No. Shares.
Month of January
February
March
1921.
Par Values.
No. Shares.
Par Values.
16,472.377 $1,494,639.000 16.144.876 $1,327,513,750
16,175,095 1,413,196,925 10,169,671
795,420,453
22,820.173 2,013,907,820 16,321,131 1,178,823,470
55,467,645 $4,921,743,745 42,635,678 $3,301,757,673
Total first quarter
Month of April
30,634,353 $2,733,531,850 15,529,709 $1,044,593,548
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 29.
April.
Four Months.
Clearings at
1922.
1921.
.
1714. of
Dec.
i
$
%
First Federal Rese rve District- Boston
3,254,838
4,009.475 -18.8
Maine-Bangor _,.___
Portland
13,015,336
11,073,956 +17.5
Mass.
-Boston
1,299,000,000 1.149,502,304 +13.0
Fall River
7,032,277
6,330,970 +11.1
Holyoke
3,853,841
4,175,825 -7.7
Lowell
4,482,257
4,391,409 +2.0
a
a
a
Lynn.•
New Bedford
5,597,547
5,254,681 +6.5
Springfield
18,729,927
20,880,718 -10.3
Worcester
16,036,000
15,545,684 +3.2
Conn.
-Hartford
43,151,456
39,748,238 +8.8
23,142,743
New Haven
23,385,140 -1.0
Waterbury
6,477,300
6,931,500 -14.6
R. I.
a
-Providence_ _..
a
a
Total(12 cities).
1,443,773,522 1,291,227,900 +11.8
Week ending April 29.
1922.
1921.
e ne.or
Dec.
$
$
%
1922.
1921.
Inc. or
Dec.
1920.
$
$
%
$
12,556,585
48,163,290
4,968,000,000
27.555,971
13,724,265
18,135,536
a
23,806,077
68,726,736
58,054,275
156,666,097
91,833,609
27,239,800
a
15,078,571 -16.7
46,608,404 +3.3
4,704,451,758 +5.6
24,846,050 +10.9
16,643,600 -17.5
18,354,581 -1.2
a
a
22,064,209 +7.9
76,057,077 -9.6
62,208,799 -6.7
155,954,031 +0.5
95,957,960 -4.3
27,547,100 -1.1
a
a
750,036
2.829,172
312,000,000
1,409,621
a
1,069,974
a
1,069,779
4,177,822
3,596,000
9,588,765
4,750,820
5,514,462,241
5,265,772,140
341.541,989
+4.7
a
889,676
2,600,000
243,041,328
1,253,036
a
• 1,014,174
a
1,123,594
3,590,852
3,129,187
7,028.401
4,950,767
a
-15.7
+8.8
+28.4
+12.5
a
+12.5
a
-4.8
+24.7
+14.9
+36.4
-4.0
a
268,621,015 +27.1
770,000
2,700.000
361,402,177
2,255,871
a
1,111.318
•a
1,984,763
5,155,293
4,146,918
9,993,244
8,000,000
a
395,519,584
1919.
$
632,081
2,532,764
302,117,553
2,412,752
a
1,040.87
a
1,690,100
3.781.754
3,095.950
9,810,868
5,299,010
a
336,213,702
Second Federal Re serve District -New YorkNow York-Albany
22,518,837
20,756,067 +8.5
.73,549,013
77,970,476 -5.7
6,500,000
5,950,000
6,361,996
5,500,000 +8.2
Binghamton
4,191.000
3,989,800 +5.0
1,177,400
16,535,500
734,700 +16.0
15,740,900 +5.1
852,000
960,300
Buffalo
158,090,252
606,874,896
153,483,394 +3.0
42,595,612
38,833,915
32,820,856 +12.2
615,179,034 -1.3
22,808,575
Elmira
2,257,974
2,249,253 +0.3
8,826,581
8,861,418 -0.4
439,937 Not included I n total
Jamestown.... _
4,693,632
4,014,307 +16.9
16,570,850
821,272 +12.7
15,059,916 +10.0
925,931
New York
18,759,044,355 15,535,815,141 +20.8 70,115,134,124 65,319,462,802 +7.3 4,583,616,765 3,458,318,952 +32.5 5,026,078,958 4,053,834,247
Niagara Falls_ _ _ _
.4,000,001
4,197,116 -4.7
15,729,615
16,575,091 -4.8
Rochester
:39,953,615
38,337,078 +4.2
10,682,748
150,587,754
7,536,753
163,902,896 -8.1
8,266,946
8,291,880
+9 7
20,481,215
Syracuse
17,297,753 +18.4
5,082,404
3,122,712 +42.2
70,392,840
4,439,800
4,188,067
69,336,031 + 1.5
Conn.
-Stamford. _
a
a
a
aa
a
a
a
a
a
5.
-Montclair.......
1,726,819
1,773,833 -28.5
628,190
6,347,762
7,226,790 -12.2
420,684
475,969 2
494,282
4.5
Oranges
4,359,431
3,843,228 +19.7
14,076,333 +19.2
16,776,745
Total(11 cities),
19,021.317,180 16,785,556,970 +13.3 71,097,325,680 66,323,390,687
+7.2 4,641,379,639 3,509,331,214 +32.3 5,092,745,312 4,098,865,649
.
•
1977
THE CHRONTGLE
MAY 6 1922.]
CLEARINGS (Continue(I).
Four Months.
April.
Clearings at
1922.
1921.
Inc. or
Dec.
%
Third Federal Res erve District -Philadelphi a
4,155,818 +3.7
4,310.626
-Altoona
Pa.
14,941,060 -18.7
12,160,570
Bethlehem
a
a
a
Chester
18,946,541 -18.0
15,538.630
Harrisburg
17,736,690 +5.8
18,764,800
Lancaster
3,845,483 -17.9
3,158,584
Lebanon
2,675,583 + 16.8
3.125.736
Norristown
1,746,000.000 1,698,017,374 +2.8
Philadelphia
12,943.918 +1.1
13.079,480
Reading
20,224,218 -3.7
19.481,217
Scranton
11,241,659 +7.7
12.106,340
Wilkes-Barre
6,898,868 +2.0
7,077,092
York
a
a
a
-Camden
N.J.
57,1.59,892 Not included In total
Newark
15,220,913 +5.8
16,108,497
Trenton
a
a
-Wilmington
a
Del.
Total(13 cities)- --
1922.
1921.
$
Week ending April 29.
Inc. or
Dec.
Inc. or
Dec.
$
15,956,297
46,578,575
a
67,434,512
50,404.217
8,918,967
11,247,707
6,813,162,000
43,418,893
77,321,056
47,262,277
21,897,179
a
15,971,626 -0.1
51,993,110 -10.4
a
a
67,358,875 +0.1
51,:349,183 -1.7
11,047,990 -19.3
10,9310,495
+3.2
6,865,290,251 -0.8
43.159,370 +0.0
80.019,132 -3.4
42,476,266 +11.3
23,341,473 -6.2
a
a
1920.
1919.
1922.
1921.
1,003,874
.,966,80?
a
970,992
3,181,487
a
+3.4
-6.7
a
1,176,140
2,423,824
2,264,455
+7.0
2,493,307
2,440,071
386,188,835 +7.7
+3.2
2,562,431
3,881,961 +12.1
2,436,932 -10.0
1,271,780 -11.7
a
a
460,451,769
2,811.546
4,526,459
2,625,178
1,600,829
a
393,966.879
2,570,228
4,217,370
2,400,000
1,437,889
a
416,000,000
2,643,977
4,352,665
b2.103,000
1,122,556
a
a
991,222
a
60,798,089
a
58,180,159
a
+4.5
3,721,662
a
3,627,512
a
+2.6
a
3,713,772
a
2,813,522
a
7,264,459,769
7,321,117,930
-.0.8
436 428,367
:
406,386,385
+7.4
479,399,000
410,867,181
93,137,000
113,203,000 -17.7
53,452,542
61,445,283 -13.0
951,022,249
977,836,923 -3.8
1,369,865,942 1, 813,056,168 -24.6
234,471,600
224,777,500 +4.3
a
a
a
12,298,760
10.123.143 +21.5
12,716.734
15,212,036 -16.4
4,577,070
5,969,665 -23.3
*21,173,430
22,114,858 -4.3
a
a
a
a
a
a
58,337,239
70.0119,090 -16.7
9,995,57.
11,932,222 -16.2
a
a
a
5,184,257
6,585,126 -21.3
C
583,716,011 -12.2 *2,078,336,000 2,561,522,600 -18.9
34,973,024
31,448.023 + 11.2
5,937,174 -2.6
75,070,541
80.458,845 -6.7
20,083,078 +6.9
6,226,000
3,284,840
53,891,282
80,880.335
12,851,000
a
6,219,000
2,863,830
47,896,687
94,433,639
11,061,500
a
+0.1
+14.7
+12.5
-14.4
+16.2
a
11,223,000
4,577,411
62,976,634
118,608,270
12,076,300
a
7,754.000
3,193,001
52,134,868
85,982,115
11,436,000
a
695,480
+0.8
1,000,000
1,050,000
1,028,047 +16.9
a
a
a
a
2,985,839 +45.6
1,592,402
a
a
3,729,460
1,180,082
a
a
4,107,172
1,870,911,572 1,827,748,155
+2.4
Fourth Federal Re serve District -ClevelandOhio-Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Hamilton
Lima
Lorain
Mansfield_ _
Springfield
Toledo
Youngstown
Pa -Beaver CountyErie
Franklin
Greensburg
Pittsburgh
Ky.-Lexington
W. Va.-Wheeling_ _ _
24,729,000
13,888,893
239,125,155
367,570,176
60,893,300
a
2,082,702
3,021,309
1,128,718
5,270,819
a
a
25,858,748
2,699,019
a
1,467,945
*512,436,000
5,784,768
21.483,581
28,163,000
13,789,195
240,373.187
449,770.919
58,320,600
a
2,082.830
3,735,557
1,446,180
5,439,268
a
a
25,276,249
2,800,074
a
1,668,862
-12.2
+0.7
0.5
-18.3
+4.4
a
0.1
-19.1
-22.0
-3.1
a
a
+2.5
-3.6
a
-12.0
701,303
1,201,893
a
a
4,317,475
a
a
b102,200,000
5,067,870
5,004,611,959
6,005,754,482 -16.7
-22.1
a
+7.9
+9.3
a
+44.5
a
-5.4
-11.6
-11.8
-19.3
-12.5
+7.7
24,095,973
a
112,244,223
672,231.992
a
25,582,014
a
40,975,645
33,789,038
1,149,241,059
6,734,627
10,363,141
305,584,792
31,213,620
a
123,997.800
719,310,248
a
19,748,369
a
48,354,369
35.008,642
1,341,304,834
9,619,963
11,614,216
279,644,973
-22.8
a
-9.5
-6.5
a
-29.9
a
-15.3
-3.5
-14.3
-30.0
-10.8
+9.3
632,803,317
-3.1
2,380,842,504
2,619,817,034
-9.1
133,015,608
Sixth Federal Rese rye District- Atlanta
a
--Chattanooga _
a
Tenn.
11,518.502
12,487,801
1 Knoxville
72,236,057
74,242,501
Nashville
155.238,031
167.992.410
Georgia-Atlanta _ _
8,019,047
7,967.770
Augusta
*3.000.000
3,113,372
Columbus
4,502,003
5,077,826
Macon
a
a
Savannah
42,393,146
45,837,984
-Jacksonville _
Fla.
10,701.623
11.068.000
Tampa
78.963,892
77,117,242
-Birmingham _
Ala.
6,728,248
6,586,129
Mobile
5.238.067
5,591,626
Montgomery
3.177,087
-Jackson._ _ _
2,534,070
Miss.
3,773,928
2,598,993
Meridian
1,345,110
1,151,419
Vicksburg
164.058,700
170,926,219
-New Orleans_
La.
a
-7.8
-2.7
-7.6
+0.6
-3.6
-11.3
a
-5.9
-3.4
+2.4
+2.2
-6.3
+25.4
+45.2
+16.8
-4,0
a
47,372,568
287,177.641
655,590,407
27,368,175
11.714.598
17,897.181
a
169,811.621
41.374.869
307.594,156
28,873,798
21,987,714
14,571.814
13,460.335
5.625,183
729,441,621
a
a
51,423,269 -7.9
301,714,987 -4.8
717.894,467 -8.7
32.979,120 -17.0
12.458,182 -6.0
*18,440,890 -3.0
a
a
190,312.739 -10.8
41.449,452 -0.2
282.125,111 +8.8
30,289,372 -4.7
23.449.034 -6.2
11,912.115 +22.3
13,444.655 +0.1
5,48.5,458 +2.5
756,340.933 -3.6
186,397
35,805,000
-3.9
2,379,861,761
2,490,219,782
-4.4
118,444,888
Seventh Federal R eserve Distrle t-Ghicago
1,001,879
908.807 + 10.2
-Adrian
Mich.
2,413,460
2,331,930 +3-5
Ann Arbor
401,135.168
364,294,979 + 10.1
Detroit
7,451,564
5,867,191 +27.0
Flint
24.429,107
23,744,789 +2.8
Grand Rapids
5,117,741
+0.5
5,094,176
Jackson
7,827,350
7,633,000 +2.5
Lansing
7,686,071
Wayne...
7,693,596 -0.1
-Fort
Ind.
9,498,000
6,141,516 +54.7
Gary
Indianapolis
000
59,741,000 + 13.7
67,896.
7.778,000
8,786,450 -11.5
South Bend
117,695,029
Wis.-Milwaukee.-_
114,801,789 +2.5
2,442,516
2,934.712 -16.8
Oshkosh
8,544,100
-Cedar Rapids
9,756,280 -12.6
Iowa
41,602.336 Not included in total
Davenport
39.799.921
40,026,314 -0.6
Des Moines
2,414,311
2,247.026 +7.4
Iowa City
2,285,195
2,270,069 +0.7
Mason City
22,986.835
26,492,302 -13.2
Sioux City
6,278.604
6,945,493 -9.6
Waterloo
4,445,592
Illinoirt-Aurora
4,256,723 +4.4
5,625,071
Bloomington
6,661,994 -15.6
2,251,742,041 2,174,144,243 -3.8
Chicago
a
a
a
Danville
4,221,151
5,113,775 -17.5
Decatur
14,775,726
15,576,781 -5.1
Peoria
8,646,569
9,820,897 -2.2
. Rockford
10,566,646
11,978,127 -11.8
Springfield
3,699,746
11,549,794
1,515,590,468
25,354,182
99,223,351
19.153,562
27,729,123
29,858.145
24,615,728
273,552.000
28.685,985
498,999,758
10,193,903
33,961,407
168,041,617
159,516.896
9,592.500
8,026,236
90,423,353
22,595,839
15,237,192
23,314,298
8,599,039,428
a
17,820,538
62,316,308
31,386,803
38,784,394
3,413,759 +8.4
9,775,812 + 18.1
1,434.442,544 +5.7
22,096,557 + 14.7
91,014.531
+9.0
21,207.811 -7.3
27,091.000 +2.5
30,327,351 -1.5
23,724,189 +3.9
240.838.000 +13.6
45,851,969 -54.4
489,489.310 +0.3
11,710,921 -13.0
39,665,291 -14.4
Not included In total
162,014,994 -1.5
9.999,294 -3.8
10,014,702 -19.9
107,979.579 -18.3
25,704,496 -12.1
15,121,286 -2.5
26,871,008 -13.2
8,849,993,873 -2.8
a
a
19.599,932 -9.1
68,801,076 -9.3
33,963,036 -7.6
46,112,935 -15.9
177,810
563,312
96,147.388
Total(15 cities)
-
2,015,879,832 1,432,602,084 +40.7
270,681,998
108,721,815
a
-6.0
a
a
161,169,191
a
a
132,310,399
3,853,979 +31.5
6.002,635
3,675,735
-3.3
382,935.307
302,823,372
1,519,015 -21.3
a
a
5,810,258 +17.1
33,012,840 +15.3
a
a
1,582,546
a
9,958,099
53,766,707
a
a
9,572,473
49,130,044
a
279,759.816
•
Fifth Federal Rase eve District- Richmond
7.315,695
5,700,383
W. Va.-Huntington _
a
a
Va.-Newport News.
28,487,372
30.756,739
Norfolk
155,156.395
169.537,390
Richmond
a
a
-Asheville.
No. Caro.
4,782,694
6,911,968
Raleigh
a
a
Wilmington
11,540,836
10,913,674
-Charleston
So. Caro.
9,051,254
8,004,649
Columbia
336,698,455
296,929.531
Maryland-Baltimore
2.726,984
2,201,400
Frederick
3,156,577
3,605,787
Hagerstdwn
73,437,845
79,109,470
-Washington
D. C.
Total(10 cities)._
Total(15 cities)____
Total(27 cities)-
613,221,781
570,893,411
594,293,362
3.044.694,647 2,925,284,049
Eighth Federal Re serve District -St. Louis
18,548,985
-Evansville
16,844,735
Ind.
529,095
541,440
Albany
New
a
a
Missouri-St. Louis. _
a
a
Springfield -------104,389,553
100,566,388
Ky.-Loulsville
1,433.051
1,772,570
Owensboro
6,820.116
8,162,380
Paducah
82,378.546
55,743,914
.
-Memphis Tenn.
33,462,812
39,105,851
-Little Rock
Ark.
1,132.627
1,482,795
Ill.-Jacksonville
5,359,574
5,768,097
Quincy
Total(9 cities)
232,054,359
229,988,170
+4.1 11,664,971,907 11,867,275,256
-1.8
-2.3
a
a
+3.8
-19.2
-16.4
+11.9
-14.5
14.6
-7.1
70,055,501
1,937,668
a
a
418,143,522
9,517.563
30.451,699
268,142,425
139,021.786
4,726,590
21,774,764
+0.9
963,777,518
1,195,500
a
6,802,581
38,049,197
a
a
69,067,012
+2.0
a
84,828,829
a
73,583,372
16,342,525
15,304.804
+7.9
166,478,706
147,590,693
a
2,302,215
15,963,697
32,040,976
1,718,117
a
a
2,934,113 -21.5
16,946,292 -5.8
+1.1
31,684,653
1,478,822 +16.2
a
2,847,790
22,842,902
57,016,927
3,378,934
a
3,107,589
14,013,005
51.858,706
4,219,788
1,027,955
a
9,699,954
1,300,000 -21.0
a
a
9,219,809 +6.4
a
11,650,436
a
9,898.708
17,720,751
1,458,146
15,993,128 +10.8
1,600,000 -8.9
•
391,227 +33.3
18,461,367
2,500.000
12,868,400
1,809,034
513.697
451.885
199,631
35,467,762
-6.3
+1.0
370,523
63,854,525
380,135
50,093,492
117,215,437
+1.0
183,437,101
148,700,742
200.000 -11.1
458,377 +22.9
80,401.118 +19.6
224,891
600.000
108,333,399
84,913
460,276
76.000.000
521,680
123,165,527
5,456.621
5,241,207
+4.1
7,048,509
5,066,100
1,624,541
1,788,463
1,582,000 +2.7
1,611,463 +11.0
1.677,433
2,080,142
950,000
1,588,937 .
16,425,000
2,075.250
25,771,047
13,849.000 +18.6
1,881,811 +11.5
23,008,041 +12.0
16,790.000
1.931,710
33,783,109
14,772.000
1,133,662
31,432,243
2,095,825
2,066,287
+1.4
2,666,725
2,431,587
8,553,204
8,110,332
+5.5
11,738,439
10,719,299
5,224,659
1,489,846
6,210,425 -15.9
1,557,432 -4.3
4.817,045
1,986,628
11,082,008
1,813,040
+19.8
+14.7
a
-22.4
+1.6
+13.7
-2.6
1,687,095
628,990,042
a
1,389,199
5,874,877
2,763,470
2.408,334
1,908,769
573,224,200
a
1.574,238
5,497,479
2,143,869
2.894,255
644,138,022 +14.4
841,800,047
744,776,867
1,385,259
560,053,504
a
1.017,197
:3,099.822
1.833,828
2,112,117
736,894,723
68.045,572 +2.9
2,051,181 -5.5
a
a
a
a
414,118,813 +0.9
9,008,102 +5.7
+8.6
28,038,869
, 256,195,148 +4.7
154,769,614 -10.2
8,449,796 -26.7
26,101,855 -16.6
3,889,738
-0.1
67,686,895
a
15,136,519 +18.3
17,901,318
-1.7
965,078,800
a
1,156,614
488,680,889
a
1,311.456
3,049.889
1,613,048
2,168,593
-0.1
.
5,333,301
4,295,590
a
a
23,292,273
271,418
a
a
a
a
20,414,469 +14.1
297,106 -8.6
a
27,247,142
618,703
a
a
16,098,888
842,819
12,601,317
7,159,353
270,555
1,070,484
11,187.489 +12.6
6,445,614 +11.1
292,275 -7.4
941,457 +13.8
22,567,845
10,943,480
723,975
1,487,830
16.671,476
4,051,491
609,940
1,671,045
48,555,138 ' 43,468,809 +11.7
68,922,276
44,241,249
3,890,399
1978
THE CHRONICLE
(You 114.
CLEARINGS (Concluded).
April.
Clearings at
1922.
1921.
Four Months.
Dec.
S
$
%
Ninth Federal Res erve District -51inneapoll sMinn.
-Duluth
17,998,635
25,620,802 -29.8
Minneapolis
241,482,479
262,925,774 -8.2
Rochester
.1,653,144
1,739,898 -5.0
St. Paul
115,984,341
137,040,687 -15.4
No. Dak.-Fargo
7,652,538
8,665,531 -11.7
Grand Forks
4,309,000
5,155,000 +16.5
Minot
1,369,196
1,131,451 +21.0
So. Dak.-Aberdeen_
5,183.861
4,709,836 + 10.0
Sioux Falls
10,902,683
9,678,519 +12.6
Mont.
-Billings
2,502,801
3,236,301 -22.7
Great Falls
3,080.740
4,262,500 -27.7
Helena
11,923,614
12,448,715 -4.2
Lewistown
1,214,148
2,750,817 -55.9
Total(13 cities)._ _ _
1,793,083,985
Week ending April 29.
Die. Or
1922.
1924.
Dec.
1922.
1921.
Dec.
1920.
$
s
%
$
$
%
$
70,010,056
980,152,913
6,158,414
474,016,582
28,693,828
18,426,000
4,265,720
17,708,377
42,780,637
10,608,270
11,936,791
47,610,704
4,960,908
98,149,512
1,072.272,501
6,865,692
565,478,984
33,654,255
20.473,000
4,417,421
20,658,611
40,723,908
13,933,251
9,763,092
43,356,648
9,145,195
-28.7
-8.6
-10.3
-16.2
-14.7
-10.0
-3.4
-14.3
+5.0
-23.9
-39.6
+9.8
-45.8
1919.
$
4,358,567
55,619,754
5,415,985 -19.5
52,877,271 +11.1
7,804,834
80,283,284
7,376,165
38,751,758
27,467,468
1,649,678
27,233,567
+0.9
2,065,649 -20.1
19,671,214
2,469,973
16,236,632
2,177,235
1,151,428
1,056,083
+9.0
1,600,643
1,472,849
458,721
678,996 -32.4
1,509,338
1,199,857
2,825,739
2,300,000 +22.8
1,475,598
1,704,424
479,365,831 -62.6
1,717,329,200
1,948,895,070 -11.9
93,531,355
91.627,551
+2.1
114,814,884
68,918,918
Tenth Federal Res erve District -Kansas Cit yNeb.-Fremont
1,444,461
2,306,409 -37.4
Hastings
2,315,772
2,798,496 -17.2
Lincoln
16,091,824
16,148,907 -0.4
Omaha
150,109.469
157,588,958 -4.7
Kan.
-Kansas City
15,886,989
15,607,335 +1.8
Lawrence
a
a
a
Pittsburgh
a
a
a
Topeka
11,578.037
11,974,713 -3.3
Wichita
44,537,145
46,115,365 -3.4
Missouri-Joplin
4,793,000
4,382,000 +9.4
Kansas City
520,771,279
631,512,458 -17.5
St. Joseph
a
a
a
Okla.
-Lawton
C
c
c
McAlester
a
a
a
Muskogee
a
a
a
Oklahoma City_
77,664,513
96,781,718 -19.8
Tulsa
a
a
a
Colo.
-Colo. Springs.
5,037,672
3,727,172 +35.2
Denver
75,238.954
116,904,169 -35.7
Pueblo
3,030,686
3,735,995 -18.9
6,182,755
9,165,574
61,911,990
609.437,401
66,759,710
a
a
45,912,377
180,192.358
19,525,000
2,174,886,724
a
c
a
a
329,853,506
a
16.895,929
399,181,756
12,265,025
9,009,548
10,007,034
64,194,795
669,256,058
71,175,338
a
a
49,174,368
177,257,098
18,560,000
2,654,405,601
a
c
a
a
407,000,456
a
16,165,635
357,887,613
15,498,889
-31.4
-8.4
-3.6
-9.0
-6.2
a
a
-6.7
+1.7
+5.2
-18.1
a
c
a
a
-19.0
a
+4.5
+11.5
-20.9
449,717
579,433
3,817,841
39,327,275
420.365 +7.0
496,719 +16.7
3,120,590 +22.3
36,464,529 +7.9
728,186
906.585
5,437,765
59,483,447
676,604
486,958
4,694,752
51,791,521
a
a
-2.1
+8.0
a
a
2,824,723
13,951,506
a
a
2,339,052
9,657,189
122,601,573
a
C
a
a
17,604,235
a
1,065,933
16,930,308
. 705,010
127,936,558 -4.2
a
a
c
c
a
a
a
a
20,621,504 -14.6
a
a
600,000 +77.6
17,958,315 -5.7
804,157 -12.3
223,445,703
a
c
a
a
13,225,525
a
635,000
21,657,338
933,324
192,961,010
a
c
a
a
9,491,124
a
452,060
25,509,760
733,614
3,932,170,105
4,519,592,433 -13.0
216,013,813
220,607,803
-2.1
343,229,102
298,793,644
1,220,360
a
23,353,340
-1.8
a
-7.6
1,600,000
a
36,610,425
3,193,767
a
21,000,000
10,768,281 -16.4
5,284,739 +1.3
a
a
20,595,107
6,749,743
a
14,798,362
4,938,133
a
Total(13 cities)-
-
928,499,801 1,109,583,695 -16.3
• Eleventh Federal Reserve Distr ict-DallasTexas-Austin
6,692,588
6,272,945
Beaumont
a
a
Dallas
92.922,796
103.295,148
El Paso
19,107,710
22,654,434
Fort Worth
42,427,134
47.562,626
Galveston
24,144,205
25,090,120
Houston
a
a
Port Arthur
1,697,994
1,857,126
Texarkana
1,668,536
1,966,705
Waco
*8,340.000
8,753,746
Wichita Falls
6,682,996
10,677,000
La.
-Shreveport
18,500,293
16,576,059
a
a
2,171,501
10,760,987
a
a
2,217,988
9,967,078
+6.7
a
-10.1
-15.7
-10.8
-3.8
a
-8.6
-15.2
-4.7
-37.4
+11.6
27,181,497
a
406,160,636
79,866,950
180,772,562
108,902,387
a
6,444,556
7,123,615
37,529,220
27.982,461
71,660,375
' 24,270,783
a
450,940,055
95,577,009
215,484,797
127,881,927
a
7,100,503
8,975,040
42,866,624
44,189,333
69,709,361
+11.9
a
-10.0
-16.4
-16.1
-14.8
a
-9.2
-20.6
-12.5
36.7
+2.9
1,198,311
a
21,572,831
4,786,722
2,616,485
-9.2
953,624,259
1,086,995,432 -12.3
41,195,278
44,112,688
-6.6
70,341,097
46,546,747
Twelfth Federal R eserve Distric t
-San Franc iscoWash.
-Bellingham __
a
a
a
Seattle
137,127,903
128,078,497 . +7.0
Spokane
a
a
a
Tacoma
a
a
a
Yakima
5,942.212
4,760,645 +24.8
Idaho-Boise.,
3,998,857
5,693,953 -29.8
Oregon-Eugene
1,268,375
1,311,679 -2.0
Portland
129.361.977
139,327,047 -7.1
Utah-Ogden
4,920.000
6,688,259 -26.4
Salt Lake City
48,903,129
51,964,954 -5.9
Nevada-Reno
a
a
a
Arizona-Phoenix
a
a
a
Calif.-Bakersfield
a
a
a
Berkeley
a
a
a
Fresno
11,898.000
15,156,573 -21.5
Long Beach
17,340,329
15,311,634 +13.3
Los Angeles
400,290,000
341,967.000 +17.1
Modesto
2.529.049
2,432,290 +3.9
Oakland
54,115,848
44,761,995 +20.9
Pasadena
16,233,547
13,997,646 +15.9
Riverside
2,662.750
2,471,141 +7.8
Sacramento
24,033.879
22,315,685 +7.7
San Diego
12,445,348
11,895,556 +4.6
San Francisco
577,200.000
536,800,000 +7.5
San Jose
8,336,117
6,741,101 +23.7
Santa Barbara
3,779.096
3,918,156
3.6
Santa Rosa
1,733,679
1,592,057 +8.9
Stockton
9,406,100
24,110,000 -61.0
a
529,742,288
a
a
23,831,438
*15,498,857
4,485,706
481,704,216
21,874,502
191,481,302
a
a
a
a
50,059,197
67,711,113
1,561,927,000
11,288,976
206,223,541
03,190.032
9,970,362
91,261,947
49,567,881
2,245,700,000
33,325,465
14,960.015
5,764,798
36,283,500
a
29,007,996
a
a
1,366,900
a
a
25,694,662 +16.4
a
a
a
a
984,782 +38.8
a
40,250,436
a
a
1,570,940
a
35,287,388
a
a
1,081,291
29,942,607
27,614,734
+8.4
32,312,538
32,105,398
10,739,457
a
a
a
a
4,857,613
4,019.372
96,173,000
10,952,418
a
a
a
a
3,275,311
3,191.059
77,487,000
-1.5
a
. a
a
a
+48.3
+26.0
+24.1
15,703,069
a
a
a
a
3.811,549
2,587,779
75,000,000
13,913,181
a
a
a
a
2,305,083
1,460,668
41,016,000
12,500,542
3,703,602
10,001,661 +25.0
2,772,644 +33.6
10,877.609
1,854,699
8,819,703
1,504,706
+38.9
+21.7
+13.1
+37.4
+25.1
5,198,232
2,777,182
150,731,407
1,896,271
3,944,118
1,883,260
123.339,708
1,207,682
4,293,300 -53.1
3,539,100
1,599,877
Total(10 cities) _
222,184,246
244,705,909
a
495,037,085
a
a
19,960,211
17,856,362
4,831,295
490,491,115
32,907,934
225,899,293
a
a
a
a
68,179,392
59,647,431
1,385,516,000
11,556,581
174,344,484
56,592,402
8,681,952
90,086,541
47,009,287
2,227,400,000
28,226,400
15,043,044
6,369,494
86,594,000
Total(21 cittes)..___ 1,473,526,195 1,381,295,868
+6.6 5,715,852,166 5,552,230,303
Grand total(169 cities) 33,230,040,481 28,934,455,310 +14.8 118,589,289,069 115,966,139,349
Outside New York_ 14,470,996,126 13,398,640,169 +8.0 48,474,154,945 50,646,676,547
a
+7.0
a
a
+19.4
-13.2
-7.2
-1.8
-33.5
-15.2
a
a
a
a
-26.6
+13.5
+12.7
2.3
+ 18.3
+11.7
+14.8
+1.3
+5.4
+0.8
+18.0
0.6
-9.5
-58.1
8,997,000
5,352,411
a
4,074,725
5,789,534
2,718.419
133.000,000
2,003,425
1,046,145
2,017,800
3,485,968 +16.9
4,168,490
2.233,060
117,600.000
1,457.697
836,265
339,786,442 292,563.083 +16.1 348,165,711 269,468,061
+2.9
+2.3 7417,439,2386,040,997,350 +22.88,487,789,0276,015,806,825
-4.3 2,833,822,473 2,582,678,398 +9.7 3,461,710,069 2,861,972,578
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 27.
Month of April.
Clearings at
1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver_
Ottawa
Quebec
Halifax
Hamilton
St. Johns
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Total
1921.
Inc. or
Dec.
$
$
%
398,976,904
491.649,265 -18.8
380,338,225
433,936,360 -12.4
159.054,750
206,396,710 -22.9
51.795.883
63,126.307 -18.0
29,416,586
34,279,406 -14.2
20.473,545
27,193,361 -24.7
12,227.984
17,331,633 -29.5
21,925.803
26,909,887 -18.5
10,723.284
12,298,510 -12.9
11,504,160
15,492,670 -25.7
20,127,932
28,807,613 -30.1
7,795,609
10,580,984 --.26.3
17,541,617
20,862.183 -15.9
12,613,358
15,777,702 -20.1
2,250,965
9,929,937 -23.2
2,106,129
2,728,601 -22.8
6,361,234
7,895,361 -19 4
4,437,545
5,428,446 -18.3
4,394,223
5,677,317 -22.6
2,515,393
3,434,932 -26.8
2,011,310
2,578,160 -22.0
1,161,572
1,765,326 -34.3
3,033,207
4,201,823 -27.8
3,280,562
5,158,671 -36.4
4,209,807
4,359,426 -3.4
13,677,515
14,407,894 -5.1
1,349,026
1,525,718 -11.6
4,912,223
4,945,821 -0.7
2,629,187 Not Included I n totals
1,210,219,351 1,471,680,024 -17.8
1922.
Week ending April 27.
1921.
Inc.07
Dec.
$
$
%
1,670,395,385 1,879,336,523 -11.1
1,614,883,339 1,660,779,322 -2.8
684,132,591
785,993.623 -12.9
211,486,313
232,336,696 -9.0
108,777,891
131.397,709 -17.2
83,763,397
102,378,968 -18.2
50,275,093
62,682,404 -19.8
84,418,241
99,914,207 -15.5
43,370,476
47,882,749 -9.4
47,554,662
55,666,044 -14,6
81,993,219
115,270,432 -28.9
33,000,024
40,464,520 -18.5
69,286,169
81,301,062 -14.8
50,238,785
62,279,586 -19.2
8,979,073
11,383,381 -21.1
9,106,890
10,691,269 -14.8
25,508,192
31,024,816 -17.8
16,936,007
21,701,572 -22.0
18,250,366
22,996,871 -20.6
12,234,091
14,873,905 -17.8
7,941,131
9,981,310 -20.5
5,327,239
7,041,695 -24.4
11,742,468
15,368,960 -23.6
13,392,844
19,071,439 -29.8
16,142,532
15,825,959 +2.0
49,554,255
50,215,399 -1.3
5,387,902
6,395,313 -15.8
16,146.477
18,936,994
14.7
11,053,030 Not included In totals
5,050,324,055
4,613,195,728
-8.9
1922.
1921.
Inc. or
Dec.
$
3
%
106,750.978 107,925,325 -1.1
109,872,735
90,506,537 -20.1
42,842,511
49,455,779 -13.3
13.381,549
15,919,459 -15.9
6,850,979
6,292,297 +8.8
6,036,133 -23.3
4,625.438
2,787,581
3.220,533 -13.4
5,683,599
6 009.009 -5.4
2.694.860 -3.1
2.778.579
2.909.956
3,123,035 -6.8
0,269,573 -18.1
5,134.036
2,002,111 -5.9
1.882,905
4,837,755 -18.7
3,930,549
3,194,237
3,461.555 -7.7
580,854 -14.1
498,675
457,055
608,797 -24.9
1,638,536
1,692.270 -3.1
1,112,191 -15.6
937,982
1,102,441 -7.1
1,107,497
656,829
839,991 -21.8
518,873
590,007 -12.2
383,333 -9.5
327,740
757.973
885,057 -11.3
1,208,266 -30.5
835.685
1,095,446
937.229 -16.8
3,213.215 +27.8
4,107.344
277,609 -18.6
329,246
1,147,770 -10.4
1,028,389
833.111 Not included intotals
326,922,902
323,403,931
+1.1
1920.
$
115.548,170
98,458,097
42,600,841
16,740.171
8, 83,554
5,936,115
4,486,461
7,273,565
3,543,578
3,552,283
7,194,550
2,714,580
6,870,254
4,313,077
665,161
842,456
2,165,984
1,255,079
1,468,296
737,209
700,720
396,726
902,827
925,009
1,134.601
3,285,000
478,623
342,376,797
1919.
$
114,213,095
78,675,667
44,757,082
11,952,310
8,269,568
5,929,757
4,239,527
5,060,705
2,673,744
3,423,654
6,594.744
2,231,053
4,256,143
4,079,136
533,278
698,444
1,947,002
915,373
1,415,763
563,477
574,715
392,486
688,568
903,616
836.153
1,363,258
399,499
307,618,417
a No longer repolt clearings or only give debits against ndIvidual accounts,
with no comparative figures for previous Years.
b Report no clearings, but give comparative figures of
debits; we apply to last year's clearings the same ratio of decrease (or increase) as shown by the debits.
c Do not respond to requests for figures.
MAY 6 1922.1
THE CHRONICLE
• THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 20 1922:
1979
The Shanghai exchange is quoted at 3s. 3d. the tael.
-Bar Silver per Oz. Std.-
Bar Gold per
QuotationsCash.
2 Mos.
Os. Fine.
March 7
43%d.
33%cl.
94s. 9d.
March 8
33%cl.
33%cl.
March 10
GOLD.
33%d.
333.cl.
938. 9d.
The Bank of England gold reserve against its note issue is £127,050,085. March 11
33%d.
33%d.
93s. 5d. .
March 12
as compared with £127,047,550 last week.
33%d.
33%d.
93s. 5d.
The small amount of gold available this week was taken for India.
March 13
33%d.
33%cl.
Gold to the value of $1,913.000 has been received in New York from Nor- Average
33.520d.
33.541d.
93s .10d.
way and $1,900,000 is said to be on the way from France.
The quotations to-day for cash and forward
delivery are each Md. beAs a result of the Rand miners' strike, the production of gold in the low those fixed a
week ago.
Transvaal during the first quarter of the year shows a considerable reduction
as compared with the production of the corresponding period of the preceding year-639,728 fine ounces as against 1,880,853 fine ounces, a loss,
ENGLISH FINANCIAL MARKET
-PER CABLE.
.therefore, of about two-thirds of the normal output.
The daily closing quotations for securities, &c., at London,
The following were the United Kingdom imports and exports of gold duras reported by cable, have been as follows the past week:
ing the month of March 1922:
Imports.
Netherlands
Belgium
Switzerland
Spain and Canaries
West Africa
United States of America
Central America and West Indies
Other countries in South America
Egypt
•
Rhodesia
Transvaal
British India
Straits Settlements
Australia
Other countries
Total
£632
68,000
120,452
58,553
3,400
678
Exports.
£4,420
29,376
1,780
19,500
149,690
503,927
1,004,038
118,888
1,163
0,373
5,672
£912,868
£1,183,674
London,
Sat.
Mon.
Week ending May 5.
Apr. 29. May 1.
Silver, per oz
d. 34%
34%
Gold, per fine ounce
93s.3d. 93s.3d.
Consols, 234 per cents
584
Holiday
British, 5 per cents
99%
Holiday
British, 434 per cents
96%
Holiday
French Rentes (in ParLs)_ _fr. 57.75
57.97
French War Loan(in Paris) Zr. 78.25
76.80
Tues.
Wed. Thurs.
Fri.
May 2. May 3. May 4. May 5.
35
35
35%
3534
938.1d. 93s.1d. 93s.26. 93s.3d
58%
58%
58%
5834
99%
98%
99
995i
96%
9634
96%
96%
57.45
57.5
57.20
57
76.60
76.50
78.10
76.25
The price of silver in New York on the same days has been::
Silver in N.Y., per oz.(eta.):
Domestic
99%
Foreign
67%
99%
68%
99%
68%
99%
68%
99%
68%
99%
70%
goinmercial anaMiscellancons4eivig
SILVER.
Pittsburgh Stock Exchange.
-Record of transactions at
Owing to a run (set in motion by the imminence of civil war in China)
some of the Chinese banks experienced, the market has been very Pittsburgh Stock Exchange Apr.29 to May 5,both
which
inclusive,
agitated during the last few days by a persistent demand from that quar- compiled from official
sales lists.
ter; the inquiry was unusually widespread. At first the impulse to rising
Friday
prices was restrained by limits, but yesterday extremely large orders were
Sales
Last Week's Range for
Range since Jan. 1.
received to be executed at best, and the quotation rose sharply 2%d. to
.
Sale.
of Prices.
Week.
Stocks%d. before the market could be satisfied. This is the highest quotation
35
Par. Price. Low. High. Shares.
Lew.
High.
for cash since Dec. 20 last, and for forward delivery since Dec. 17. The Amer
Vitrified Prod corn 50
10% 10%
65
movement, however, overshot the mark. America eagerly let out supplies Am 'Wind Glass
8
Feb 243( Apr
Mach_ _100
83
83%
70 6434 Jan 85
Arc
on the rise, and to-day a considerable amount, previously bought by China,
Preferred
100
8934 89%
201
Jan
Arkansas Nat Gas com__10 11% 11% 11% 5,549 84 Mar 90 Mar
was re-sold. The Indian bazaars and the Continent also contributed,
8%
12% Apr
Barnsdall Corp Class A.25
52% 53
150 21
while the only buying came from fortunate bears.
Feb 5534 Apr
Class B
25 35
35
38
225 20
Jan 3834 Apr
No fresh Indian currency return has yet been received.
Carnegie Lead dc Zinc_ _ _ _5
3%
3% 3%
683
234 Jan
434 Mar
The stock in Shanghai on the 13th inst. consisted of about 37,600,000 Consolidated Ice pref_ _ _50
24
24%
31 23
Jan 25
Feb
Duquesne CM
2%
ounces in sycee, 38,000,000 dollars and 350 silver bars, as compared with
2% 3
595
3% Feb
234 Jan
Exchange Nat Bank_
70
70
8 69
about 38,200,000 ounces in sycee, 36,500,000 dollars and 840 silver bars on Halt-Walk Refrac corn _50
Jan 70
Jan
100 •
100% 100%
75 91
Jan 100% May
the 8th Inst.
Indep Brewing corn
50
2%
2
2%
320
134 Jan
231 Feb
Preferred
The Shanghai exchange is quoted at 3s. 5d. the tad.
50
100
734 7%
6% Feb
8 Mar
Lone
Quotations-
-Bar Silver per Oz. Std.Cash.
2 Mos.
Bar Gold per
Oz. Fine.
April 18
33%d
33%d.
93s. 4d.
April 19
35%cl.
93s. 6d.
35%d.
April 20
34%d.
34%d.
93s. 6d.
Average
34.75d.
34.75d
93s. 5.3d
The silver quotations to-day for cash and forward delivery are each 1 y
id.
above those fixed a week ago.
We have also received this week the circular Nyritten under
date of April 13 1922:
GOLD.
The Bank of England gold reserve against its note issue ip £127,047,550,
as compared with £127,046,185 last week. The Bank of England official
rite of discount was lowered to-day to 4% from
%,at which it had stood
since Feb. 16 last.
The small amount of gold on offer was taken for India.'
The effect of the Rand strike was very drastic upon the production.
January's production was only 335,000 and that of February merely 77,000
ounces. The total for the March quarter is expected to be in the neighborhood of 600,000 ounces, less than that of one month's usual output.
Normal figures cannot be expected until July. A recent estimate for the
production is 75% for April,90% for May and June,respectively. and
100%
for July, atibjeet, of course, to any natural changes.
New York reports an import of gold, value $1,588,000,from Sweden, and
an export, value $227,000, to India. A consignment to the value of £200,000 arrived at Liverpool yesterday; we understand that the gold is only in
transit, being destined for Calcutta.
SILVER.
Business has again been far from active. America has been a sluggish
seller, and has even occasionally given the market some support by sending
orders to buy. , The Continent, India and China have each contributed a
quota to the supplies. The mainstay has been bear covering, which is
available more or less at any fall in the price. The delay of inquiry from
the Indian bazaars, which had been expected to buy for the settlement
steamer next week, is explained by sales made direct to the Inaian markets
from Japanese and other sources.
Yesterday for tho first time since Nov. 28 last the price for forward delivery was fixed at a premium on that for cash delivery.
The silver market will be closed on Saturday, April 15, besides Good
Friday and Easter Monday as usual.
Star Gas
25 25
24
25
1,957
Mfrs Light & Heat
50 50
49
50
730
Marland 011
30% 30%
• 60
Middle States 011
10
15%
1534
40
Nat Fireproofing com__ _50
9
834 9% 1,455
Preferred
50
1934 20% 2,275
Ohio Fuel 011
1 19% 18% 19%
830
Ohio Fuel Supply
25 49% 48
50
1,730
Oklahoma Natural Gas_ _25 22% 22
23% 3,060
Pittsburgh Brew pref. _50
50
534 5%
Pittsburgh Coal com_ _ _100
64% 64%
50
Preferred
100
94% 9434
50
Pittsb & Mt Shasta Cop_ _1
24c 25c
3,000
Pittsburgh Oil & Gas_ _5
9
10% 2,230
Pittsburgh Plate Glass.100
155 155
71
Salt Crees Consol
10 14
14
14% 4,710
Superior Insurance
50
94
94
12
Tidal-Okage 011
* 14
14
14% 1,280
Transcontinental Oil
•
11% 12%
80
Union Natural Gas _100 128
127 128
245
Weet'house Air Brake__ _50 95
94% 9534
530
W'house El & Mfg com_ _50 61% 61% 62%
922
West Penn Rys pref__ _100
37
7934 7934
WestPn.Tr.& W.P.pref100
8634 8634
20
BondsIntim Brewing 6s
1955
65% 65% $2.000
Pittsburgh Brew 6s_ _ _1949
75% 75% 10.000
* No par value.
25
Mar
50
Apr
30% Apr
15% Apr
9% Apr
21
Apr
20
Jan
50 May
26% Apr
6% Jan
65
Apr
94% May
31c Mar
934 Apr
155
Apr
14% May
94
May
14% Apr
13% Apr
128
Mar
100% Feb
69% Apr
80
Apr
86%,Apr
69% Apr
74
Jan
7A1.4 M.c.
75
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Apr. 29 to May 5,
both,
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Far. Price. Low. High. Shares.
American Gas of N J__ _100
American Railways
50
American Stores
*
1st preferred
100
Buff & Snag Corp v t 0.1C0
Preferred v t c
10'
Cambria Iron
50
Consol Tree of N J.---100
Klee Storage Battery._100
New when issued
Erie Lighting pref
•
General Asphalt
100
Hunt & Bd Top Mtn .50
Insurance Co of N A----10
J G Brill Co
100
Keystone Watch Case.
.100
Lake Superior Corp_ _-_100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Valley Transit- _50
Lit Brothers
10
Minehill & 8 H
50
Pennsyl Salt Mfg..
50
Pennsylvania
50
Penn Cent L & P pref._ _ _•
Philadelphia Co (Pitts) _50
Pref (cumulative 6%)-50
Phila Electric of Pa
25
Preferred
25
Phila Insul Wire
•
Philo Rapid Transit......50
Philadelphia Traction _50
PhIla dr Western, prof __ _50
Reading
50
INDIAN CURRENCY RETURNS.
(/n Lacs of RUpees.)
Mar. 22. Mar. 31. Apr. 7.
in circulation--------------------------17468
Notes
17476
17470
Silver coin and bullion in India
7686
7752
7745
Silver coin and bullion out of India
Gold coin and bullion in India
2432
.2432
2432
Gold coin and bullion out of India
Securities(Indian Government)
6566
65 --- 8
0
650--8
Securities (British Government)
584
584
585
Inland commercial bills of exchange
200
200
200
No coinage of silver is reported during the week ending 7th inst,
The stock In Shanghai on the 8th inst. consisted of about 38,200,000
ounces in sycee, 36,500.000 dollars and 840 silver bars, as compared with
about 38,900.000 ounces in sycee, 36,000,000 dollars and 1,240 silver bars
Tone-Belmont Devel_
on the 1st inst.
20
Jan
45% Jan
23% Jan
8% Feb
634 Jan
15
Jan
16
Jan
4434 Jan
19
Jan
5
Feb
60
Jan
90% Mar
25c
Jan
6
Feb
130
Jan
8% Jan
94 May
11
Jan
9% Feb
115% Jan
80% Mar
4934 Jan
69% Jan
72
Jan
_i
7034
113%
151
39
42%
26%
35
10%
74
•
50
55
38
2854
29%
33
32%
66% 72%
9
9
112% 114
149 151
85% 85%
55
55
39
39
54
54
171 171
42% 4334
26% 27
62% 65
5
5
35
3551
4534 4534
65% 6534
9% 10%
7345 7534
62% 63
9
9
29
29
50
50
73
7354
z41% 41%
55
55
3934 39%
3
8
38%
2854 2834
29% 29%
3734 3734
3234 33
66% 67%
32% 32%
7734 7734
nf
ni
Range Ones Jan. 1.
Lag.
149
47
50
4
High.
Jan 7234 May
Jan 10
Mar
Jan 116
Apr
Jan 151
Apr
Feb 86
Apr
Feb 55
Apr
Apr 39
Feb
Jan 5634 Apr
Jan 179% Apr
Mar 45% Apr
Apr 27
May
Jan 66% Apr
Mar
534 Apr
Jan 3544 Mar
Mar 47
Apr
May 73% Jan
Jan 11% Apr
Feb 7734 Apr
Jan 65
Apr
May 10% Apr
Apr 29
May
Feb 50 May
Jan 74
Apr
Jan 4334 Apr
Jan 55% Apr
Jan 3994 May
Jan 3
Mar
Feb 29% Apr
Jan 29% Apr
Mar 50% Jan
Jan 33% Apr
Jan 68% Aar
Jan 33
Apr
2,010 83
269 114
32 7434
20 4734
50 37%
100 44
55 120
550 3734
260 25%
330 55%
49
4%
100 30
20 36
.6 85%
5
1,510
6%
1,271 66%
18 57
100
9
175 27
8 48
67 69%
5,306 3334
60 48%
1,000 32%
586 38
2,892 23
1,885 27%
110 30
7.137 17%
385 58
10 29
100 42 • Jan
300
114 Mar
894
7754 May
1 tt
MA,
Stocks (Cond.)-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
50
/6
113 ( 134
1
Tonopah Mining
597
Union Trim 31734 paid .50 4134 4134 42
16
196 196
United Cos of N J-.100
50 4514 4434 45 14 2,300
United Gas ImpL
3
864
50 5334 5334 53%
Preferred
95
834 834
Warwick Iron & Steel_ _10
8
37
37
West Jersey & Sea Shore 50
35
69
69
50
Westmoreland Coal
130
5214 53
Wm Cramp & Sons_-_100
1,370
26
24
_ 50 26
York Railways
131
37
37
50 37
Preferred
Bonds
9.14 99.20 $1,500
US Lib Loan 310.1932-47
100
99.50 99.50
1932-47
lot 414s
99.40 99.66 9,200
1927-42
2d41.1s
99.60 99.96 63.500
1928
ad 494s
99.50 99.84 125,150
1933-3R
4th 4345
100.52 100.56 33.100
Victory 434e_ _1922-23
4.000
Amer Gas & Elee 58-2007 8534 8514 86
4.900
84
83
2007
.
1111 do small
108 10834 12,000
Bell Teleph of Pa 1st Ts'45
3.000
83
83
Congo!'Frac NJ lat 5s 1932 83
900
6914
69
Elec & Peoples tr etfs 4a '45 69
1,000
101 101
1928
Equit I Gas L 5s
4614 4614 10.0 0
Inter-State Rys coil 4s 1943
$000
73
72
Peoples Pass tr etre 48.1943
3.000
100 100
Philadelphia Co lot 58 1949
3.000
91
91
do stamped s f & red 1949
6,0CC
93
92
& coil tr 5s.._1951 92
Cons
Ma Electric let 59..1966 9934 9834 9914 51,000
46.000
97 100
1966
do small
33,500
1941 10394 10314 104
th3
1,000
10334 104
1941
do small
2,300
55
55
United Rys gold tr et,48'49 87
4 Ann
RR S4 87
T1.14,as1 n Aro !viva. RA 1090
Range since Jan. 1.
High.
Low.
2
Jan
Jan 4234
Jan 196
Jan 4534
Jan 5394
834
Feb
Jan 3714
Jan 70
Jan 5334
Jan 26
Jan 37
134
34
177
38
5034
734
2794
67
40
9
3134
94.32 Jan
95.84 Feb
95.70 Jan
96.94 Jan
95.92 Feb
90.90 Jan
Jan
81
Jan
82
10734 Feb
Jan
71
Jan
64
Jan
98
3714 Jan
Jan
64
9834 Mar
May
91
8634 Jan
Jan
93
Feb
94
10034 Jan
10034 Jan
Jan
55
71 V
Feb
Apr
May
Mar
Apr
May
Apr
Jan
Apr
May
Apr
99.92 Apr
99.88 Apr
100.50 Apr
100.00 Apr
100.00 Apr
100.92 Mar
Feb
86
Feb
85
Feb
109
8434 Apr
Apr
72
May
101
4614 May
Apr
73
100 May
May
91
93 May
9914 May
100 May
May
104
May
104
Feb
58
A nr
87
MAI.
-The
Breadstuffs figures brought from page 2039.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour.
Receipts at
J
1..198lbs.
I 225.000
' Chicago
Minneapolis_
Duluth
I
Milwaukee....l
I
Toledo
Detroit
I
At. Joseph_
St. Louis_ _ _.
I
• Peoria
Kansas City_
I
Omaha
Indianapolis_
'Total wk. '22
Same wk. '21
-Same wk. '2
27,0004
I
I
79,0004
35.0001
I
366,000
358.000
128,00
Wheat.
Corn.
J
Rye.
Barley.
Oats.
.
sh. 60 lb* bush. 56 lbs. bush. 32 lbs'Ibush.48 lbs bush.56 lbs
25,000
77,000
837,000 1,413,000j 1,050,000
59,000
255,000f 132.0001
1,127.0004
127.0001
4.0001 155,000
526,000
149,0004
78,000
231.000
155,0001
26,0001
354,0001
48,000
31,0001
47,0004
26,000
45,00
35,0004
33.000
252.000
228.0001
6,000
3,000
312.000
199.0001
413.0001
207.000
281.000I
14.000
48,00
422.000
1.156,00
156.00
614.000
430.000
168,00
29.000425.000
4,868,01D0
5,142.000
4,430,000
374,000
353.000
575,000
4,112.000 2,534,
2,766,000 2,603,000
2,335.000 2,514,000
-
335,000
683,000
738,000
;Since Aug. 1
.000'17,743,000
1921 22_ _ j18,775.000 286,356.000310,867,000163,999,00023,667
152.793,00022,909,000 15.430.000
1920 21._ _ 2,050,000285,067,000 170,818.000 171,653,00027,001,00029,219,000
156,035,000
1919 20_ _ 16,236,000380,507,000
Total receipts of flour and grain at the seaboard ports for
-the week ended Saturday April 29 1922, follow:
'Receipts alNew. York
Portland, Me_
PhiladelphiaBaltimore_ __
N'port News_
Norfolk
New Orleans•
3alveston
1.1ontrea1
3t. John
Boston
Flour.
Barrels.
145,1. r
15.116
44.111
15,1 it
3.001
2,0''
78,111
Bushels. I Bushels. I
620.0001
6.0004
t
491.000
916.0004
167,000
470,00
103,0001
I
I
I
115,00
140.0004
8.000
80.0004
200,0004
71.
Rye.
--Bushels. Busheh
Bushels.
17,000
796.000
199,0004
I
122,0004
5:6
2
-108.000
13,000 694,0
3,000
-- _ _
43,000
-I- _
14,000
The exports from the several seaboard ports for the week
.ending Saturday, April 29 1922, are shown in the annexed
.statement:
Exports fromNew York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News_
New Orleans
,Ilaiveston
R. John, N. B___
Total week
Barley. Peas.
Rpe.
Oats.
Flour.
-----------Barrels. Bushels. Bushels Bushels. Bushels
154.698 735.407 283,007 17,184
15.000 122,000
2.000
40.000
6.000
80,000 245,000
5.000
2,000
43.000
3.000
11,000
4,000
503.000 73,000
Corn.
Wheat.
•
Bushels. Bushels.
530.514 646.926
491,000
225.000
97,000 172.000
285.000 1,690.000
645,000
120,000
200,000
205.000 20,000
78,000
111,000
2,593.514 3,216,926 280.698 1,135,407 528.007 106,184
4 90R 37(1 2 048 240 442.188 218.000 357.999 280.626
9.600
The destination of these exports for the week and since
July 1 1921 is as below:
Flour.
Exports for Wee*.
Since
Week
and Sims
Apr. 29 July 1
July 110Barrels. Barrels.
Jolted Kingdom_ 116,639 5,184,455
137.578 5,190.637
ktntinent
534,518
2,000
lo.& Cent. Amer_
830.350
13,000
Vest Indies
6.100
kit.No.Am.Cols_
544,102
Countries._ 11,481
)ther
Wheat.
Week.
April 29
Since
July 1
I
1
Corn.
Week
April 29
Since
July 1
Bushels.
Bushels. 1 Bushels.
Bushels.
1,141,904 73,920.740 1,030.770 33.301.813
1,390.610 160,566,126 2,157,156 89.601.304
14,000 2,147,410
61,000 2,982,137
941,410
15,000
5,000
1,782,500
22,708
126014845
280.698 12.190.162 2,593,514 239,256,503 3,216,920 121313220
Total
981,375 236.773,003 3,213,459
'otal 1021-22_ 257,537 11.915.484
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, April 28, and since July 1 1921 and 1920,
are shown in the following:
Corn.
Wheat.
Exports.
1921-1922.
Since
July 1.
Week I
April 28.
1921-1922.
1920.1921.I
• Since
July 1.
TVeek i
April 28.
1920-1921.
Since
July 1.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels. I Bushels.
North Amer_ 3,705.00 354,094,0C 365,793,000 2,144,00 ?28,267.00 I 35,671,000
128,0004 12,897,001 11,005,000
200.00
8.0004 3,776,001
Russ.& Dan
664,0004 98,467,000 90,753,000
Argentina__ 4,226,0001 86,011,000 68,298.00
Australia ___ 3,216,0004 93,704,00 56,526.00
9,756,000
712,0
I
India
3,673,000
7,793,00
0th. countr'
230.0001 250.00
Total
11,155,0
538.297,00 500,803.00
3,186,00 347,424,00 111,102,090
New York City Banks and Trust Companies.
All prices dollars per share.
Ask
Banks
flanks--N.Y Bid
&merles•._ 188 193 Irving Nat of
NY
imer Each.. 250 255
210 220 Manhattan'.
itlantio
Battery Park. 134 144 Mesh & Met_
Bowery'... _ 430 450 Mutual*
152 Nat American
Broadway COD
National City
Bronx Boro•_ 125
0
-- New Neth.....
Bronx Nat., 150 16
Bryant Park* 155 170 New York...
Butch & Drov 130 135 Pacific'
Park
'ant Mercan_ 180
290 295 Public
Chat & Phen. 240 244 Seaboard _
85 Standard •__ _
'Melees Each' 70
Chemical_ _ 507 515 State*
joal & Iron.. 195 205 Tradesmen's•
23d Ward•___
3olonial•_. 300
jolumbia•-. 170 190 Union Each
258 261 United States*
l'-ommerce_
IDom'uwealth• 215 225 Wash'n Ells•
orkvIlle •___
7ontinental.. 130 145
Dorn Each'.. 365 370
losmop'tan*. 90 100
last River... 170
975
Brooklyn
?ifth Avenue. 925
170 Coney Island*
160
?BM
970 985 First
rind
. 220 230 Homestead*..
;arfleld
185 Mechanics' I.
iotham- _ -- 180
ireenwich•_. 240 260 Montauk •__.
Nassau
Jammer_ _. y515
iarriman_. 390 466" People's.....
rnp & Trad _ 520 530
ndustrials_ _ 155 165
• 13911kP marked with (.)are State banks.
--
Bid
Trust Co.'s Bid
New York
American.
.Bankers Trust 312
Central Union 375
Columbia... 300
Commercial_. 100
295
Empire
Equitable Tr. 273
Farm L & Tr. 435
Fidelity Inter. 20.5
245
412 Fulton
270 Guaranty Tr. 198
170
293Hudson__
200 Law Tit & Tr 145
290 Metropolitan 265
Mutual (West
_ 115
cheater .
270
235 N Y Life Ins
& Trust._ 815
165
N Y Trust... 323
Title Ou de Tr 338
US Mtg & Tr 300
United States 1000
Ask
191
250
360
500
150
325
125
475
300
409
260
286
230
285
200
250
225
155
325
420
194
260
365
-.
160
330
135
485
155
250
80
100
125
220
155
165
260
100
110
Brooklyn
Brooklyn Tr_
Kings County
Manufacturer
People's
415
700
225
305
Ask
325
380
305
125
305
276
443
216
255
203
180
150
275
130
630
327
344
310,
1025
425
310
165
S New stock. x Ex-dividend y Ex-rights
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
. Mance R'Ity 80
68
mer Surety
240
loud & M
lty Invading 56
90
Preferred .
Ask
90
70
245
62
95
Bid
Lawyer,. Mtg 150
Mtge Bond.. 98
Nat Surety.. 207
N Y Title &
Mortgage_ 140
Ask Realty Assoc
(Brooklyn)_
155
101 U S Casualty_
214 U 13 Title Gua
West & Bron
Title & MO
145
Bid
125
155
100
Ask
128
165
110
155
165
Parley.
Oats.
Corn.
Wheat.
18,000
12,000
I
6,111
•
78,000
111.000
205,0004
20,001
1,000
.tl.000J
18.'''
-736.0 0
309.000
1,250.00
1,712,0
346.1 t • 1,880
rotal wk. '214045.000f 3,592,000 6,128,000
3ince Jan.1'2. 8,279.111 61.816,0001 69.160.000
NI
691,00
"6d.000 553,0
930,000[
567.001 3,082.000
Week 1921.
4.785.000 9,012.000
On,',,inn,l'il 7.953.000 60.626.000 25.931.0004 8.070.000
Orleans for foreign ports
.
4 Receipts do not include grain passing through New
.on through bills of lading.
6741.u.lr 1021
[VoL. 114.
THE CHRONICLE
1980
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
i25.000
-The Citizens National Bank of Shakopee. Minn
April 24
nt: Theo. Albrecht, care Union Investment
Corresponde
Co., Minneapolis, Minn.
50,000
-The Muliens National Bank, Mulle s, W. Va
April 25
Correspondent: D. D. Moran, Mullets. W. Va.
25,000
-The Farmers National Bank of Weyerhauser, Wis
April 28
Correspondent:0. W. Malmgren, Weyerhauser. Wis.
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Bowdon, Oa
April 29
Correspondent: G. W. Burson, Bowdon, Oa.
-The First National Bank of Calumet, Okla
April 29
Succeeds the State Bank of Calumet. Okla.
Correspondent: Leslie Thompson, Calumet, Okla.
25,000
"5,000
APPLICATIONS TO CONVERT APPROVED.
25,000
-The Corrigan National Bank, Corrigan, Texas
April 26
Conversion of The Corrigan State Bank,Corrigan, Texas,
Correspondent: Corrigan State Bank, Corrigan, Texas.
CHARTERS ISSUED.
25,000
-The First National Bank of Victoria, Vs__
-12183
April 24
Conversion of The Virginian Bank of Commerce,
Victoria, Va.
President, J. W. Fowlkes: Cashier, L. D. Hatch.
50,000
-The Security National Bank of Palouse, Wash
-12184
April 28
Conversion of Security State Bank of Paslouse, Wash.
President, J. K. McCornack: Cashier, M. D. McPherson.
-The Peoples National Bank of Custer City, Okla_ 25,000
-12185
April 29
Conversion of Peoples State Bank of Custer City, Okla.
President, Ed. Evans; Cashier, E. B. Wilson.
_A11,000,04)0
April 29-12186The Republic National Bank of Dallas, Tex_
Conversion of Guaranty Bank & Trust Co., of Dallas.
President, W.0. Connor; Cashier, Rupert Eldridge.
-The Nichols National Bank of Kenedy, Texas__ 60,000
-12187
April 29
Conversion of First State Bank & Trust Co., of Kenedy.
President, J. M. Nichols: Cashier, H. W. McGoldrick.
CORPORATE EXISTENCE EXTENDED.
Until Close of Business.
April 24 1942
-First National Bank of Bristol, Vt
6252
April 24 1942
6354
-The First National Bank of Monrovia, Ind
April 27 1942
-The Rumford National Bank, Rumford, Me
6287
April 28 1942
-The First National Bank of Bartlesville, Ga
6243
April 28 1942
-The First National Bank of Bristow, Okla
6260
April 29 1942
First National Bank of St. Charles, Minn
-The
6237
April 30 1942
6251-The First National Bank of Tipton, Ind
April 30 1942
-The First National Bank of Mounds, Okla
6263
CORPORATE EXISTENCE RE-EXTENDED.
Unlit Close of Business.
April 24 1942
First National Dank of Chicago, Ill
-The
8
April 25 1942
-The Second National Bank of Beloit, Wis
2725
April 26 1942
-The Third National Bank of Dayton, 01110
2678
April 30 1942
-The First National Bank of Davenport, Iowa
15
April 30 1942
2721-The First National Bank of Stuart, Iowa
MAY 6 1922.]
THE CHRONICLE
-
VOLUNTARY LIQUIDATIONS.
DIVIDENDS.
Capital.
April
Bank of Paso
24-9844-The First National Liquidating Robles, Calif_ _ _$100,000
Effective April 12 1922.
agent: Edward 0.
Aldwell, an Francsico, Calif.
Absorbed by the Bank of Italy, San Francisco.
April
Calif.
24-10282-The Rideout Smith National Bank of Oroville,
Calif
300,000
Effective April 12 1922. Liquidating agent: E. 0.
Aldwell, San Francisco,
Calif.
Absorbed bY the Bank of Italy, San Francisco, Calif.
April
25-11325-The Collinsville National Bank,Collinsville,Tex. 25,000
Effective April 1 1922. Liquidating agent: Joe B.
Cobler, Collinsville, Texas.
To be succeeded by the Citizens State Bank of Collinsville.
-The First National Bank of Columbus, N. Mex_
Liquidating agents: First
Effective March
National Bank in Deming, N Mex.
Absorbed by the First National Bank in Deming,N.Mex.
CONSOLIDATIONS.
Capital.
-The Corn Exchange National Bank of Phila_ _$2,000,000
-The Rittenhouse National Bank of Phila., Pa_
500,000
Consolidated under the Act of Nov.
under the
charter of The Corn Exchange National Bank of
Philadelphia, and under the corporate title of"Corn
Exchange National Bank of Philadelphia," No.
with capital stock of
-The First National Bank of Lemoore, Calif.._
-The National Bank of Lemoore, Calif., with
Stratford. Calif., branch
100,000
Consolidated under the Act of Nov.
and under
the charter and corporate title of"The First National
with capital stock of..
Bank of Lemoore," No.
150.000
April 26-11449
25,000
30 1922.
542
April 25-12137
7 1918.
542,
April
7779
26-12127
2,200.000
50,000
7 1918,
7779,
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were.recently sold
1981
Dividends are grouped in two separate tables. In
the
first we bring together all the dividends announced
the current week. Then we follow with a second table,
in which
we show the dividends previously announced,
but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam). •
Canadian Pacific, corn. (guar.)
Catawissa, 1st & 2d pref
Cripple Creek Central. pref
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
234 June 30 Holders of rec. June la
*2X May 19 *Holders of rec. May 5
*1
June 1 *Holders of rec. May 15
Street and Electric Railways.
Baton Rouge Electric Co., common.... 5
Preferred
3
Central Ark. Ry. & Light, pref. (guar.) 13(
Federal Light &. Trac., pref. (quar.)
134
Preferred (guar.)
134
*3
Norfolk Ry. & Light
June
June
June
May
June
June
Trust Companies.
New York Life Insurance & Trust
June 10 Holders of rec. June 1
15
1 Holders of rec. May
1 Holders of rec. May
1 Holders of rec. May
15 Holders of rec. May
1 Holders of rec. May
1 *Holders of rec. May
15
15
1.5a
8a
15a
15
Miscellaneous.
Alaska Packers Association (guar.)
2 • May 10 Holders of rec. Apr. 29
Amer. Beet & Sugar, pref. (guar.)
134 July 1 Holders of rec. June 10
American Smelting & Refining, pref.(em) •1%. June 1 *Holders of rec. May 15
American Thread, preferred
.123ic July 1 *May 16 to May 31
Butler Mills (guar.)
May 15 Holders of rec. May 5
2
Casein Co. of America, pref. (guar.).
May 2 Holders of rec.
2
Cent. Miss. Vall, Elec. Prop., pref.(au.) '$1.50 June 1 "Holders of rec. May la
May 15
Columbia GraphoP. Factories,
May 1
0f. WO *2
ContinentalPaper & Bag Mills,com.(qu.) 13( May 15 Holders of rec. May 8
Preferred (guar.)
134 May 15 Holders of rec. May 8
Cosden & Co., preferred (guar.)
• h
1
June 1 "Holders of rec. May 15
Deere & Co., pref. (guar.)
*750. June 1 'Holders of rec. May 15
Eastern Shore Gas & Elec., pt.(quar.).. 2
June 1 Holders
Electric Investment Corp., pref. (guar.) 13( May 22 Holders of rec. May 15
of rec. May 12
Federal Utilities, preferred
134 June 1 Holders of rec. May 16
(guar-)
General Asphalt, pref. (guar.)
134 June 1 Holders of rec. May 16a
General Development
25c. May 20 Holders of rec. May 10a
Hartman Corporation (guar.)
*13( Juno 1 *Holders of rec. May 18
Hollinger Consolidated Gold Mines
•1
May 20 'Holders of rec. Apr. 22
Hornestake Mining (monthly)
250. May 25 Holders of rec. May 20
Hoosac Cotton Mills, pre !erred (quar.)... 2
May 15 Holders of rec. May 5
Lanston Monotypo Machine (quar.)___
134 May 31 Holders of rec. May
'Abbey Owens Sheet Glass, common.... *50c. May 10 *Holders of rec. May 22
6
Ludlow Manufacturing
June 1 Holders of rec. May 3
Associates 01 - 2
"
Manhattan (Shirt, common) (guar.) -.- *50c. June 1 *Holders of rec. May 16
Common) Payable in common stock).. '/234 June 1 'Holders of rec. May 16
Massachusetts Gas Cos., preferred
2
June 1 May 16 to May 31
May Department Stores, corn (quar.)...
June 1 *Holders of rec. May 15
Common (quar.)
Sept. 1 "Holders of rec. Aug. 15
Common (guar.)
"2
Dec. 1 *Holders of rec. Nov. 15
*IN July 1 *Holders of rec. June 15
Preferred (guar.)
•154 Oct. 2 *Holders of rec. Sept. 15
Preferred (quar.)
Merrimack Mfg. common guar.)
135 June 1 Holders of rec. May 2
Mexican Seaboard Oil
50c. May 15 Holders of rec. May 10
Municipal Service, preferred (guar).---- 134 May 1 Holders of rec. Apr. 27
Preferred extra)
34 May 1 Holders of rec. Apr. 27
National Tea, common
$2.50 May 1 Holders of rec. Apr. 27
Niles Bement Pond, preferred (guar.)
134 May 20 Holders of rec. May 34
Patten Typewriter (guar.)
*23i May 21 *Holders of rec. May 20
Pratt & Whitney Co., pref. (guar.)
134 May 20 Holders of rec. May 3
4i
Salmon Falls Manufacturing
$2.50 June 1 Holders of rec. May 24
Quissett MIII, common (guar.)
2
May 15 Holders ot rec. May 5
Sharp Manufacturing, common (quar.).. 2
May 22 Holders of rec. Apr. 29
Standard 011 (Calif.) (guar.)
.$1
June 15 *Holders of rec. May 20
Standard 011 of New York (guar.)
*34
June 15 'Holders of rec. May 15
Studebaker Corp., corn. & pref. (quar.)..
June 1 'Holders of rec. May 10
U.S.Steel Corp.,common (guar.)
' 1% June 29 May 30 to May 31
Preferred (quar.)
May 2
134 May 29
Welch Grape Juice Co., pref. (quar.)
13( May 31 Holders of rec. May 20
Will dr Baumer Candle,common (quar.).
268. May 15 Holders of rec. May 1
Wisconsin River Power, preferred (guar.) .1% May 20 •liorders of rec. Apr. ao
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price. Shares. Stocks.
Shares. Stocks.
Price.
51 Adelphi Hotel, Inc
100 City Investing Co_ _361 3i per sh.
$65 lot
100 Morgan Chemical, pref_35,000 lot
495 Green Island Water Supply,
$8 per sh.
100 Morgan Chemical, pref_35,000 lot
2,200 Bay State Gas,350each_ _ _ .388 lot 1,000 Tubize Artificial Silk oil
America,8% prof
450 Great Cariboo Gold Co,31eachS3 lot
)320,000
200 Tubize Artificial Silk oil
3 Andrew Watson & Sons, Inc.,
$125 per sh.
America, Clam B, corn.) lot
50 Ninth Avenue RR_ _ _ _341 X per sh.
200 Seldon Truck, pref., $100
Per cent.
Bonds.
each with shares of corn$3,000 Mobile & Ohio RR. 1st Os,
mon, no par
$210 lot
1927,$1,000 each
991
335 P-A-Y-E Car Corp., pref..$9 lot $50,000 Guantanamo & Western
113 Westminster KnittIng_31 per sb.
10
RR. Co. 6s, 1918
By Messrs. R. L. Day 8z, Co., Boston:
Shares. Stocks.
$ per sh.
$ per sh. Shares. Stocks.
80 Merchants' Nat. Bank
23234
1 Nat. Shawmut Bank
270%
2 Nashua Trust, Nashua, N.H.135 A
50 United Copper Co., pref..... .250.
50 U. S. Worsted, 1st pref
90
2 Batchelder & Snyder, pref
44
8-10 American Mfg. Co
9X
100 Mines Co. of Amer., par $101
5 Granite Mills
103( 500 Butte & Ariz. Cop. Mining
6 Whitman & Co., Inc., pref.,
Co., par $1
634
974 dr div. 500 Silver Leaf Min., Ltd., par $1.1
1 Great Falls Mfg. Co
923.
100 Foster Cobalt Min., Ltd,
5 Nashua Mfg., pref
99 & div.
par $1
3 American Mfg. Co
95
79
50 Mass. Ltg. Cos.,6% pref.
3 Whitman Mills, ex-div
190
20 Laconia Car Co.,common.._ 1034
20 U.S. Worsted, 1st pref
53, Bonds.
Per cent.
20 Back Bay Realty Assoc
65
$100 Central Vermont Ry.5s, 1930.
25 Gardner Elec. Light, Pref.-- 77X
85 & int.
15 Liggetts Internat., Ltd.,Inc.,
$1,000 Eastern Mass. St. Ry. 6s,
preferred, par $50
50
1926, Series S. C
9934 & int.
Montpelier & Barre Lt.& Pr_ 4( $400 Eastern Mass. St. By- 68,
5
41 Mont.& Barre Lt.& Pr., pref.45
1928,Series S.C '
98 & int.
182
12 Cambridge Gas Light
$19,000 South Utah Min. & Smelt.
50
50 State Street Exchange
6s, 1936
$200 lot
125 Wire Wheel Corp
434 $20,000 Majestic Copper Min. dc
1,500 Wettlaufer & Lorain Silver
Smelt. 7s, 1914
$100 lot
Mines, Ltd., par 31
.02c. 342 Eastern Mass.St.Ry.Adj.scrip 28
3,000 Western Nevada Copper Co..
$ 0.65 Eastern Mass. St. Ry. Ref.
.02c.
Dar $5
58, 1948,Ser. B scrip
71
Below we give the dividends announced in previous weeks
By Messrs. Wise, Hobbs & Arnold, Boston:
Price. Shares. Stocks.
Shares. Stocks.
Price. and not yet paid. This list does not include dividends
117
10 West,Point Mfg
5-10 American Mfg., Cora. script 93(
announced this week.
1,000 U. S. Worsted, par $10_ _ 4c.
15A. L. Bayles & Sons, Inc.
$36 E.Mass.St. Ry., tat pref.)
pref., par $50
$11 lot
Series "A"
10 G. Siegle Corp. of Amer.,
Shea
Per
Boas Closed.
$60 E. Mass. St. Ry., coin.- 1332 lot
1st pref...
85
Name of Company.
flops Inclusere.
Cent. Payable
$60E. Mass. St. ay., opt. l
10 Congoleum Co.,Inc., 1st pf. 775(
war. scrip for adj. stk j
1 Merrimac Chem., par $50._ 8434
,
Railroads (Steam).
10 Fred H. Roberta Co., pref__ 5
10 National Shawmut Bank..-232
Atch. Topeka &
48anta Fe. corn.
134 June 1 Holders of rec. May 5a
10 Shaffer Oil & Ref., pref._ __ 71
10 U. S. Worsted, let pref
434 Central RR. of N. (guar.) (qua:.). 2
4.1.
May 15 Holders of rec. May 10a
10 The Fairbanks Co., 1st prof 55
600 U. S. Worsted, corn
40. Cleveland & Pittab., reg.
8734 c June 1 Holders of rec. May 10a
guar.
13 Greenfield Tap dr Die, pref._ 92
20 West Boyleston Mfg., pref._ 94
Special guaranteed (guar)
50c. June 1 Holders of rec. May 10a
5
25 Puritan Bakeries, pref
Delaware & Hudson Co.
234 June 20 Holders of rec. May 27a
10e. Bonds,
15,000 Pacific Placer, par 100
Per Cent. Illinois Central (qua:.) (guar.)
13( June 1 Holders of rec. May 5a
3 flirts. South. N. E. Tel- _ - 3
$1,000 Mass. 011 & Ref. Cony. 78.
N. Y. Chic.& St. Louis, 1st pref.(guar.) 131 June 30 Holders of rec. June 19a
25 Montpelier & Barre Light &
Series "A," 1929
45
First preferred (guar.)
1% Sept. 30 Holders of rec. Sept. 19a
45
Power,pref
1,000 Laurentide Power 5s, 1946_ 9434
First preferred (quar.)
134 Dec. 30 Holders of rec. Doe. 19a
By Messrs. Barnes & Lofland, Philadelphia:
Norfolk & Western, common (qua:.)... 134 June 19 Holders of rec. May 31a
Norfolk & W .!rn, ad). pref. (qua:.)...
Price. Shares. Stocks.
Shares. Stocks.
May 19 Hold.rs of rec. Apr. 29a
Price.
12 Phila. National Bank...375-375X
*50c. May 31 *Holders of rec. May 1
5 Havanna Tobacco Co., pref.34 lot Pennsylvania (guar.)
Street and Electric Railways.
34934
31 Penn National Bank
2 Auburn & Syracuse Elec RR.32 lot
Pittsburgh & West Va., pref. (quar.)
55 Nat Bank of Germantown,
1% May 31 Holders of rec. May 3a
4 E. I. Du Pont de Nemours
Reading (So.,common (quar.)
Par $50
1803-i
May II Holders of rec. Apr. 18a
SI
& Co
100
First preferred (guar.)
10 Southwark National Bank.. _221
50c. June 8 Holders of rec. May 23a
2 Buffalo dr Lake Erie Trac....$2 lot
20 Kensington National Bank _118
2 Rochester & Syracuse RR...$7 lot
Elmira & Williamsport RR_ 40%
Street and Electric Railways.
50
9 Pittsburgh & Eastern RR_ _34 lot
46 Elmira & Wmsport RR. pref 5434
Columbus Ry., P. & L., pref. "A"
78 Huntington & Broad Top
134 July I Holders of rec. June 15
4134
20 Penn RR, par $50
1% May 15 Apr. 30 to May 15
Mountain RR
534 Connecticut Ry.& Ltg., corn.& pf.
Havana Elec. Ry., L.& P.. corn. & Pref. 3
1,000 Nat Battery Fan Co, par $183 lot
•
8 Du Pont Chemical Co., pref 13
May 15 Apr. 21
to May 18
Montreal Lt. Ht.& Pow.corn.(quar.)... 134 May 15 Holders of rec. Apr. 30
/0,000 Quantock M & M, par El_ _35 lot
24-40 E. I. Du Pont de Nemours
$25 lot
585 Seibel Iron Mines
234 May 15 Holders of rec. May
stock warrant
$58 lot Tampa Electric Co. (guar.)
West Penn T.& Water Pow., pf. (qu.) 1% May 15 Holders of rec. May 8a
Senn! Iron Mines, pref. _325 lot
458
$24 Va. fly. dc Pr. Co. scrip ctf_36 lot
1
1,000 Quaker City Apt. House Co.
Preferred (acct. accumulated diva.)
25 Girard Water Co
- 131 May 15 Holders of rec. May 1
$10 lot
Par $10
$100 lot
50 Kennecott Copper Corp, no
24 Finance Co. of Pa, 2d pref...109
Miscellaneous.
par
20
25 Union Transfer Co
Allis-Chalmers Mfg..com (guar.)
8 Phila. Warehousing & Cold 3334
May 16 Holders of roe. Apr. 240
1
American Bank Note, corn. (qua:.)..._. 2
2 Giant Portland Cement Co 33(
May 15 Holders of rec. Apr. 264
Cold Storage
110
9
American Brass (guar.)
22 American Rys Co
•114 May 15 *Holders of rec. Apr. 29
2 American Dredging Co_ _ - _105X
American Cyanamid, prof
200 Quesnelle Hydraulic Gold
$40 Amer Rya Co Inc script...320 lot
May 13 Holders of rec. May 34
3
.401
sin LaFrance Fire Eng..Inc.,00m.(qu.)
10 Real Estate Title Ins & Tr.
25e. May 15 Holders of roe. May Is
Mining, pref
$3 lot
400 Quesnelle Hydr. Gold Min_ _34 lot American Mtg., pref. (guar.)
15 Real Estate Title Ins & Tr_ _396
June 17 to July 1
134 July
45
Preferred (guar.)
100 Banding Machine Co., pref-111 lot
25 Mutual Trust, par $50
1% Oct. 1 Sept. 17 to Oct. 1
50
200 Banding Machine Co
Preferred (guar.)
35 Peoples Trust, par $50
g Dec. 31 Dec. 17 to Dee. 30
$1 lot Amer.
10 Citizens Passenger Ry
Radiator, common (guar.)
15 Bank of North Amer_280X-280X
at June 30 Holders of roe. June 15a
21234
924 American Pipe & Constr..... 13
Preferred (guar.)
34 Franklin National Bank...... 5288
131 May 15 Holders of rec. May la
12 Eclipse Land Co
A Franklin National Bank_..$288
$50 lot American Shipbuilding, pref. (qua:.)... 134 Aug. 1 Holders of rec. June 30a
375-376
4 Va. Ry. & Pr. Co., pref.
16 Phila National Bank
134 May 15 Holders of roe. Apr. 30
.5130 lot American Soda Fountain (quar.)
•1.
4 June 1 *Holders of rec.
8 Key West Gas Co
1 Girard National Bank
37834
May 31
$1101 Amer. Teleg. & Cable (guar.)
3 States Light (lc Power
Amer. Tobacco, corn. & corn. B (quar.
6 Natl Bank of Germantown,
3
June 1 Holders of rec. May 10
$1
2 Roanoke Gas Light Co_ _..$15 lot Amer. Water Works & Elec., pf. (qu.).
par $50
18034
13( May le Holders of rec. May la
lot Amparo
290
8 Roanoke Gas Light,
50 Fourth St Nat Bank
Mining (guar.)
3
May 10 Holders of rec. Apr.
14 Western Land Assoc pref_2170 lot Associated Dry Goods, first pref. (guar.) 134 June 1 Holders of rec. May 29
15031
25 West End Trust
96
130
120
10 Colonial Trust
Second preferred (guar.)
1 X June 1 Holders of roc. May 130
Bonds.
Beach Royalties Corp. (monthly)
5 Farmers Trust of Mt
2
May 15 Holden: of rec. Apr. 29
Per
120 $2,000 City of Scranton 1348,1943... Cent. Bethlehem Steel, common (guar.)
Holly, N J
13( July 1 Holders of rec. June 15a
9534
800 Nati Properties,4-68, 1046_33
5 Fire Asso of Phila. par $50_318
Common B (qua:.)
134 July 1 Holders of rec. June 15a
9 Tacoma Gas Co., pref
$80 lot 4,500 Eclipse Land Co. Cert. of lot
8% cum. cony. pref. (quar.)
2
July 1 Holders of rec. June 15
Dep. for Eclipse Tanning Co
1 Atlantic City Co
$2 lot
7% non-cum. pref. (guar.)
13( July 1 Holders of rec. June 15
3 Atlantic City & Shore Co..$4 lot
Deb stock
Bond & Mortgage Guarantee (gnarl..
4
May 15 Holders of rec. May 8
1
I
•
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
4 Dec. 1 Holders of rec. Nov. la
Brandram-Henderson, Ltd., common_ _ • 1
June 1 Holders of rec. May lfla
2
Brooklyn Edison Co. (guar.)
June 15 Holders of rec. Apr. 21
$2
Buckeye Pipe Line (guar.)
May 15 Holders of rec. May la
$2
Burns Bros., common (quar.)
50c. May 15 Holders of rec. May la
Common (extra)
50c. May 15 Holders of rec. May la
Common Class B (quar.)
314 May 15 Apr. 30 to May 15
Butler Brothers (quar.)
$1.50 June 15 Holders of rec. May 31a
California Packing Corp.(quar.)
May 16 Holders of rec. Apr. 30
Canada Cement, Ltd., pref. (quar.)_... 13
13 May 15 Holders of rec. Apr. 29
Canadian Converters (quar.)
2% May 15 Holders of rec. May 1
(quar.)
Casey-Hedges Co.. corn.
% May 15 Holders of rec. Apr. 30
Cedar Rapids Mfg. & Power (guar.)...
Cities Service
payable in scrip). "g14 Juno 1 'Holders of Teo .May 15
Common (monthly,
Common (payable in corn, stock scrip) "0134 Juno 1 'Holders of rec. May 15
Pref. & pref. B (mthly. pay. in scrip). "p14 Juno 1 'Holders of rec. May 15
May 15 Holders of rec. May 2a
Cincinnati Tobacco Warehouse (guar.), $I
May 25 Holders of rec. May 10a
2
Colorado Fuel & Iron, pref,(quar.)_ _ _ _
"114 May 15 'Holders of rec. May 3
Columbia Gas S. Electric guar.)
Consolidated Gas. New York (quar.)... 13 June 15 Holders of rec. May 10a
"114 June 24 'Holders of rec. June 10
Davis Cotton Mills (quar.)
*114 July 1 *Holders of rec. June 24
Davol Mills (quar.)
June 15 Holders of rec. May 31a
2
Diamond Match (quar.)
Diem & Wing Paper, preferred (quar.).. 134 May 15 Holders of rec. May 1
1
May 15 Holders of rec. Apr. 29
Bridge (quar.)
Dominion
131 May 15 Holders of rec. Ma) 1
Eisenlohr (Otto) dr Bros. corn. (quar.)..
May 15 Holders of rec. Apr. 29
Famous Players Caren Corp., pref. (qu.) 2
Firestone 'l'ire & Rubber. 7% pref. (qu.) 134 May 15 Holders of rec. May la
May 10 Holders of rec. May 1
$1
FouIds Milling, corn. (quar.)
131 June 1 Holders of rec. May 24a
General Cigar, pref.. (quar.)
134 July 1 Holders of rec. June 24a
Debenture, pref. (quar.)
Gibson Art Co.
May 15 Holders of roe. May in
10
Common,extra (1n cash)
June 1 Holders of rec. May 1
$3
Gillette Safety Razor (quar.)
Stock dividend (declared April 12).... 3234 June 1 Holders of rec. May 1
Stock dividend (declared Jan. ii).... 3234 June 1 Holders of rec. May 1
Goodrich (B. F.) Co,. preferred (quar.). 134 July 1 Holders of rec. June 21a
May 15 May 9 to May 15
2
Great Lakes Dredge & Dock (quar.)_
Harbison-Walk. Refract., corn. (quar.). 134 June 1 Holders of rec. May 20a
154 July 20 Holders of rec. July 10a
Preferred (quar.)
May 31 *Holders of rec. May 18
Hart, Schaffner St Marx, corn. (quar.).. *1
May 15 Holders of rec. Apr. 24
2
Indiana Pipe Line (quar.)
May 15 Holders of rec. Apr. 24
2
Extra
*25c. June 1 *Holders of rec. May 10
Inland Steel (quar.)
1% June 1 *Holders of rec. May 10
Internat. Harvester, pref. (quar.)
May 15 *Holders of rec. May 1
*51
Intertype Corporation (quar.)
May 15 Holders of rec. May in
2
Iron Products Corp.. pref. (quar.)
May 15 Holders of rec. Apr. 30
2
Kaministiquia Power (quar.)
May 15 Holders of rec. May in
2
Kelly-Springfield Tire, pref. (guar.)._
500. June 1 Holders of rec. May 15a
Lee Rubber dr Tire Corp.(quar.)
May 31 *Holders of rec. Apr. 29
*2
Lehigh Coal & Navigation (guar.)
15.1 June 1 Holders of rec. May 15a
Lima Locomotive Works, corn. (guar.).
June I Holders of rec. May 15
LIggett&Myers Tob., com.&com.B(qu.) 3
May 15 Holders of rec. May 1
Loew's Boston Theatres Co., corn. (qu.) I
*134 June 1 *Holders of rec. May 20
Lord & Taylor, 1st pref. (quar.)
50e. June 1 Holders of rec. May I5a
Martin-Parry Corp. (quar.)
May 10 Holders of rec. Apr. 20
3
Massachusetts Cotton Mills (quar.)_
50c
May 15 Holders of rec. May in
Miami Copper ((mar.)
May 15 Holders of rec. Apr. 30
Montreal Light, Heat & Power (quar.). 2
151 July 15 Holders of rec. June 30a
corn. (quar.)
National Biscuit,
134 May 31 Holders of rec. May 17a
Preferred (quar.)
Nat. Enameling & Stpg., pref. (quar.)_. 134 June 30 Holders of rec. June 10a
154 Sept. 30 Holders of rec. Sept. Pa
Preferred (guar.)
151 Dee. 30 Holders of rec. Dec. 9a
Preferred (quar.)
134 June 15 Holders of rec. May 28a
National Lead, preferred (quar.)
25c. May 22 Holders of rec. May 5a
New Cornelia Copper Co. (quar.)
May 10 Holders of rec. Apr. 29a
2
New Jersey Zino (quar.)
50c. June 1 Holders of rec. May 10a
New York Shipbuilding (quar.)
Ontario Steel Products. preferred (guar.) 1,1 May 15 Holders of rec. Apr. 29n
Pacific G. & E., 1st pf. & orig. pf. (qu.) 134 May 15 Holders of rec. Apr. 21hz
75e June 30 Holders of roe. June la
Peerless Truck & Motor (quar.)
75e Sept.30 Holders of tee. Sept. la
Peerless Truck & Motor (quar.)
75e Dee. 31 Holders of rec. Dec. la
& Motor (guar.)
Peerless Truck
2
May 15 Holders of rec. May 5
Penmans, Ltd.. common (quar
May 10 Holders of rec. May 6
31
Pennsylvania Coal & Coke (mar.)
June 1 *Holders of rec. May 20
A (quar.)--- "31
Piggly-Wiggly Stores, class
154 June 1 Holders of rec. May 15a
Pittsburgh Steel, pref. (quar.)
131 June 1 Holders of rec. Mayilla
Pressed Steel Car, preferred (quar.)_ _ _ _
May 15 Holders of rec. Apr. 2ba
5
Procter & Gamble Co.. corn.(quar.)_
May 15 Holders of rec. Apr. 29a
2
Pullman Company (guar.)
50c. Juno 1 May 11 to June 5
common quar.)
Pure 011,
'134 May 31 'Holders of rec. May 1
Quaker Oats. preferred (guar.)
'114 June 30 "Holders of rec. Juno 20
Shawmut Mills, corn. (guar.)
*134 June 30 *Holders of rec. June 20
Preferred (guar.)
May 31 Apr. 23 to May 17
2
Sinclair Consol. 011, pref. (quar.)
Juno 1 Holders of rec. May 15
2
Southern Pipe Line (quar.)
134 May 15 Holders of rec. May 1
Smith (A. 0.) Corp., pref. (guar.)
May 31 Holders of rec. May 20a
2
Standard Milling, common (quar.)
134 May 31 Holders of rec. May 20a
Preferred (quar.)
Apr. 21 to May 4
Standard Oil (Kentucky) (stock dly.)._ e33 1-3
134 June 1 Holders of tee. Apr. 28a
Standard 011 (Ohio). pref. (quar.)
May 15 Holders of rec. May 4
2
corn. (guar.)._
Standard Sanitary Mfg.,
134 May 15 Holders of rec. May 4
Preferred (quar.)
June 1 Holders of rec. May 15a
2
Stern Brothers, pref. (quar.)
Sept. 1 Holders of rec. Aug. I5a
2
Preferred (quar.)
May 15 *Holders of rec. Apr. 29
*2
Stewart Mfg., pref. (quar.)
75e. May 15 Holders of rec. Apr. 224
Stewart-Warner Speedometer (qua?.)...
May 15 Holders of rte. May la
2
pref. (quar.)
Superior Steel, 1st & 2d
134 May 15 Holders of rec. May la
Tobacco Products Corp., corn.
1
May 20 Holders of rec. Apr. 30
Turman Oil (monthly)
1
June 20 Holders of rec. May 30
Monthly
July 20 Holders of rec. June 30
1
Monthly
July 20 Holders of rec. June 30
2
Extra
Union Tank Car, corn. dr pref. (quar.)... 154 June 1 Holders of rec. May 50
13-4 June 1 Holders of rec. May 15
United Drug, 2d pref. (quar.)
154 July 1 Holders of tea. June 15o
United Dyewood, preferred (quar.)
154 Oct. 1 Holders of tee. Sept. 15o
Preferred (guar-)
873.4e. June 15 Holders of rec. May 31a
United Gas Impt., pref.(mar.)
534e. July 1 Holders of rec. June 7.
United Profit Sharing, (quar-)
May 25 Holders of rec. Apr. 5
3
United Royalties (monthly)
May 25 Holders of rec. Apr. 5
1
Extra
May 31 Holders of rec. May 1
3
Vacuum Oil
May 31 Holders of re*. May 1
3
Extra
in June 1 Holders of rec. May 18a
Van Raalte Co., Inc., pref. (quar.)
500. June 1 Holders of rec. May 21
Wahl Co., common (monthly)
50e. July 1 Holders of tee. June 22
Coalmen (monthly)
I 54 July 1 Holders of tee. June 22
Preferred (quar.)
30e. May 15 Apr. 30 to May 15
Warwick Iron & Steel
234 June 20 Holders of rec. May 20a
Wells. Fargo di Co
134 June 1 Holders of rec. May 15
White (J. G.)& Co., Inc., pref. (quar.)_
White (.1. G.) Engineering, pref. (quar.) 134 June 1 Holders of rec. May 15
pf. (qu.) 134 June 1 Holders of rec. May 15
White (J. G.) Manage't Corp.,
June 1 May 2 to May 17
2
Woolworth (F. W.) Co., corn. (quar.).._
June 1 May 2 to May 17
2
Common (extra)
25e. May 31 Holders of rec. May 15a
Wright Aeronautical Corp. (quar.)
*60c. June 1 'Holders of rec. May 20
Yellow Cab Mfg.(monthly)
*600. July 1 'Holders of rec. June 20
Monthly
•From unofficial sources. t The New York Stock Exchange has ruled that stool
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Less British income tax. a Correction.
e Payable in stock. I Payable in common stock. 0 Payable in scrip. h Or
account of accumulated dividends. (Payable in Liberty or Victory Loan bonds.
J Payable in New York funds. k Payable in Canadian funds.
p Cities Service will sell ex-dividend on April 13th. the 15th being Saturday and
the 14th Good Friday Holiday.
s Two stock dividends of 2%% each were declared on Gillette Safety Razor stock,
one on Jan. 11 1922 and the other on April 12, making 5% in all, and both payable June 1.
[voL. 114.
THE CHRONICLE
1982
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending April 29. The
figures for the separate banks are the averages of the daily
results. In the ease of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staged in thousands of dollars-that is, three ciphers (0001 omitted.)
Net
Reserve
Capital. Profits. Loans,
Time Bank
with
Net
Discount, Cash
Week ending
De- Cites.
in
Legal Demand
April 29 1922. Nat'l, Mar.10 InvestState, Mar.10 MET113, Vault. Deposi- Deposits, posits. laHon.
tories.
(000 omitted.) Tr.cos, Mar.10
Members of Fe d. Res. Bank. Average Average Average Average Average doge.
•
$
3
3
961 1,972'
28,738
644 4,342
37,675
2,000 7,665
102,784 13,581
5.000 17,396 121,859 1,890 14,262
138,490 3,720 996
10,000 17,401 143,967 7,326 19,560
51,193 1,214
54,322 1,364 6,798
5,500 5,755
40,000 h50419 455,230 7,579 57,703 *529,464 36,517 ITS&
346
103,457 2,745
4,500 15,903 113,605 1,119 13,795
708 I 24515,450
362 2,062
15,918
1,000 1,133
297
22
4,003
107
598
248
5,41/
500
86,407 4,298 4,950
5,000 7,846 98,699 1,062 11,358
280,463 4,969
25,000 35,824 320,941 1,069 36,356
242
23,730
22,462 1,115 3,329
1,000 1,745
115,798 17,240 5,303
10,500 9,878 139,349 5,206 16,295
___
103,113
684 13,329
3,000 21,655 116,437
161,916 18,354
8,250 10,339 172,791 6,250 22,596
0
28 39
630 3,759
131;003
1,500 8,680 35,282
42
2,375 5,450.
977 17,186
10,000 23,101 159,366
11.905 1,633
352 1,790
13,352
791
1,000
458 25,103
188,731 19,688 7,431
10,000 42,993 252,525
180,978 4,016 2,517
12,500 11,221 189,350 4,156 24,78
85 _
6,193
148
864
825
7,155
1,000
320,984 20,843 1,09420,000 21,678 330,715 6,038 42,845
20,198
707 2,655
21,506
500 2,425
493 1,218
8,600
400
869
iiir
55
: 6
4 82
19 061 473 1,946
15,470
1,000 1,584
248608
14,311
263 1,809
15,039
1,200
886
,
69
69.447 1,633
73,269 1,088 9,203
g4,000 g6,378
550 41312,028
559 1,625
1,500 1,353
14,868
342 391
17,738
16,819
624 2,333
1,000 1,484
30,295 3,025
814 4,159
33,589
1,500 2,971
844 29,633 *239,223 14,595
20,000 22,413 255,334
51,082 1,910
615 6,892
3,000 4,458 54,003
387,315 1,345 42,781 *421,988 34,912
25,000 17,4
676 ____
19,743
20,514
342 2,638
1,500 1,808
72,852 4,787
884 10,110
5,000 7,809 77,979
38,288 1,505
39,522 1,245 3,886
1,500 2,307
129,726 3,446 ____
406 17,569
10,000 16,980 139,180
084
21,011
435 2,083
21,975
2,000 1,300
30,000 1,438
466 4,375
33,042
2,000 3,711
215
13,525
356 1,398
15,349
1,000 1,542
432 13,299
*96,95 19,268
5,000 14,184 125,312
26,819 1,100
561 3,576
28,282
2,000 1,773
12,000 15,851 144,473 1,543 19,496 *183,137 8,428
- Tot,of averages_ 278,350 441,998 4,354,857 63,037 522,384 c3,914,219 252,366 34,150Totals, actual co ndition Apr. 294,390,486 60,751 531,477 c3,924,922 264,881 34,205Totals, actual co ndition Apr. 224,331,856 61,714524,559 c3,910.310 248,866 34,004
,
Totals, actual co ndition Apr. 154.308.327 62,295512,994 c3,880,221 237,125 33,954
State Banks Not Me mbers of Fedl Res've Bank.
50
Greenwich Bank 1,000 2,033
19,066
1,879 1,894
Bowery Bank_ _
5,114
307
635
:
82 1
152690
250
844
29,428 48,125
State Bank_ _ _ _ 2,500 4,586
79,669 3,227 2,081
_
Tot. of averages_ 3,750 7,465 103,580 5,541 4,282
53,608 48,175
Bk of NY,NBA
Ilk of Manhat'n
Mech& Met Nat
Bank of America
Nat City Bank_
Chemical Nat_
Atlantic Nat...
Nat Butch &Dr
Amer Exch Nat
Nat Bk of Comm
Pacific Bank__ _
Chat&Phen Nat
IIanover Nat_
Corn Exchange_
Imp & Trad Nat
National Park_
East River Nat_
First National..
Irving National
Continental_
Chase National_
Fifth Avenue__
Commonwealth
Garfield Nat__
Fifth National_
Seaboard Nat..
Coal St Iron Nat
Union Exch Nat
Bklyn Trust Co
Bankers Tr CoU S Mtge & Tr_
Guaranty Tr C
Fidelity-lot Tr_
Columbia Trust
Peoples Trust_ _
New York Trust
Lincoln Trust..
Metropolitan Tr
Nassau Nat, Bk
Farmers Ln& Tr
Columbia Bank
Equitable Trust
-•
- --
-
53,938 48,155
Totals, actual condition Apr. 29 103,863 5,528 4,248
Totals, actual condition Apr. 22 103.777 5,562 4,207
53,63 48,115
p cn nditIon
stc
Totals, actuala o les Not Apr. 15 103,007 5,996 4,013
53,217 47,982
Trust
Members of Fed 1 Res ye Ban k.
928
Title Guar & Tr 7,
31,411
500 13,234
47,852 1,221 3,403
377
Lawyers Ti& Tr 4,000 8,163
17,850
854 1,869
26,362
-,_
Totl of averages_ 11,500 19,398
40,261 1,305
74,214 2,075 5,362
- Totals, actual co ndition Apr. 29
49,367 1,315
74,471 2,021 5,438
Totals, actual co ndition Apr. 22 75,073 2,068 5,441
50,045 1,303
Totals, actual Co,ndition Apr. 15
48,387 1,295
73,251 2,007 5,316
1•
Gr'd aggr., avge. 293,600 4(38,862 4,532,651 70,653532,028 4,017,088301.846 34,150.
l: i
Gedpargr.n :
Com agifio, a t,h Pre /• week _ _ +32,639 +446-4,201 +26,247 +6,438 +171
,
I
--
cond'n Apr. 29 4,577,820 08.300541,163 4,028,227314,351 34,205
Comparison With prey. week.. +67,105-1,044 +6,956 +14,240 +16067 +201
I
Gr'd aggr., aceicond'n Apr. 224,510,715 60,344534,207 4,013,087 298.284 34.004
Gr'd aggr., acel cond'n Apr. 15 4,484,585 70,208522,323 3,981,825 286,40233,954
Gr'd aggr., eat contra Apr. 84,452,007 71,361 528,012 3,0219,309 270.184 33.916
Gr'd aggr., acel cond'n Apr. 14,460,107 66,089528,263 3,941,933 267.583 33,766
Gr'd aggr., aril cond'n Mar.254,395,635 68,987548,171 3,831,466 270.831 33,768
Note.
-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average for week April 29,$71,530,000; actual totals April 29,
863 967,000; April 22, $79,413,000; April 15, 346,756,000; April 8, $53,359,000;
April 1, $58,978,000. Bills payable, rediscounts, acceptances and other liabilitiesaverage for the week April 29, 6301,903,000; actual totals April 29, 5334,110,0001
April 22, 3291,435,600; April 15, $307,095,000; April 8, $334,726,000; April 1,
5325,570.000.
* Includes deposits In foreign branches not included in total footing as follows:
National City Bank, $102,025,000; Bankers Trust Co., $13,171,000: Guaranty
Trust Co., $99,052,000; Farmers' Loan & Trust Co., $108,000; Equitable Trust
Co., $24,765,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $30,190,000; Bankers Trust Co., 3726.000;
Guaranty Trust Co., $21,104,000; Farmers' Loan & Trust Co., $108,000; EquitableTrust Co., $4,775,000. c Deposits in foreign branches not included. g As of
April 11922. h As of March 311022.
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:
HOUSE BANKS.
STATEMENT OF RESERVE POSITION OF CLEARING
AND TRUST COMPANIES.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_
State banks"
Trust companies....
5,541,000
2,075,000
Total
Reserre.
a
Reserve
Required.
3
$
$
522,384,000 522,384,000 516,419,450
4,282,000 0,823.000 9,649,440
5,382,000 7,437,000 7,389,150
Surplus
Reserve.
5
5,964,550.
173,560.
47,850-
7,616,000 532,028,000 539,644,000 533,458,040 6,185,960.
Total April 29__ _ _
7,703,000 o36,229,000 543,932,000 529,813,500 14,118,500
Total April 22__ _ _
7.824,000 533,3o9,000 541,183,000 524,669,140 16.513,860Total April 15
7,640,600 527,504,000 535,144,000 522,921,270 12,222,730
Total April 8_ _ _
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in tho case of State banks
inand trust companies, but in the case of members of the Federal Reserve Bank
as follows:
cludes also amount in reserve required on net time deposits, which was$6,553,860.
37,570,989; April 22, 37,380,750; April 15, 36,843,270; April 8,
April 29,
MAY 6 1922.]
THE CHRONICLE
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
1983
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.
Members Federal
Reserve banks_
State banks.
Trust companies__ _ _
531,477,000 531,477,000 518,186,290 13,290,710
5,528,060 4,248,000 9,776,000 0,708,840
67,160
2,021,000 5,438,000 7,459,000 7,405,050
53,950
Total April 29____
Total April 22_ __ _
Total April 15____
Total April 8..___
7,549,000 541,163,060 548,712.000 535,300,180 13,411,820
7,630,000 534,207,000 541,837,000 532,966,730 8,870,270
8,003,000 522,323,000 530,326,000 528,379,590 1,946,410
7,643,000 528,012,000 535,655,000 520,993,050 14,661,950
• 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:
Apri129, $7,946,430; April 22, $7,465,980; April 15, $7,113,750; April 8,566,30,270.
May 3
1922.
Changes from
previous week.
April 26
1922.
April 19
1922.
$
$
$
$
Capital
59,350.000
59,350,000 59,350,000
Surplus and profits
87,518,000
87,518,000 87.517,000
Loans, ilise'ts & investments_ 786,391,000 Inc. 13,714,000 772,677.000 777,967.000
Individual deposits,incl. U.S. 586,678,000 Inc. 5,547,000 581,131,000 583,822,000
Due to banks
121,249,000 Inc. 1,365,000 119.384,000 118,060.000
Time deposits
91.538,000 Inc. 1,140.000 90.398,000 87,932.000
United States dePosIts
14,382,000 Dec. 2,549,000 16.931,000 15,356.000
Exchanges for Clearing House 26,389,000 Inc. 2,916,000 23.473.000 25.004,000
Due from other banks
66,815.000 Dec. 8,608,000 75,423,000 74,846,000
Reserve in Fed. Res. Bank_ _ _ 69,810,000 Inc.
652,000 69,158.000 67,472,000
Cash in bank and F.R. Bank 9,618,000 Dec. 430,000 10,048,000 9,798,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ _ 3.833.000 Inc. 1.406.000 2427000. 3RAR Ann
State Banks and Trust Companies Not in Clearing
-The State Banking Department repor's weekly
House.
figures showing the condition of State banks and trust corn-.
Philadelphia Banks.
-The Philadelphia Clearing House
panics in New York City not in the Clearing House as follows: return for the week ending April 29, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in
April 29.
previous week.
vaults" is not a part of legal reserve. For trust companies
$648,171,800 Inc. $6,957,700
Loans and Investments
5,614,200 Inc.
Gold
4,100 not members of the Federal Reserve System the reserve
Currency and bank notes
16,164,300 Inc.
128,200 required is 10% on demand deposits and includes "Reserve
Deposits with Federal Reserve Bank of New York
52,788,000 Dec. 953,600
Total deposits
678,510,000 Inc. 2,949,800 with legal depositaries" and "Cash in vaults."
Depositd, eliminating amounts due from reserve depositaries and from other banks and trust coinDailies ln N.Y.City exchanges and U.S.deposits_ 640,610,400 Inc. 11,590,500
Week ending April 291922.
Reserve on deposits
101,333,500 Dec. 7,488,600
Percentage of reserve, 19.3%.
Two Ciphers (00) omitted. Membersof
Trust
RESERVE.
F.R.Systcm Companies
Total,
State Banks
-Trust Companies
-Cash in vault535,175,0 $4.500.0 $39,675.0
•S27,217,800 15.84%
547,348,700 13.41% Capital
Deposits in banks and trust cos_ __ 9,104,100 05.30%
94,669,0 13,832,0 108,501,0
17,602,900 05.00% Surplus and profits
I,oans, dtsc'ts & investm'ts 605,514,0 36,744,0 642,258,0
Total
663,0 27,349,0
$36,321,900 21.14%
$65,011,600 18.41% Exchanges for Clear.House 26,686,0
Due from banks
89,745,0
26,0 89,771,0
•Includes deposits with the Federal Reserve Bank of New Y,fk , which for the Bank deposits
114,437,0
301,0 114,738,0
State banks and trust companies combined on April 29 were $52,Y88,000.
Individual deposits
486,153,0 22,599,0 508,7.52,0
Time deposits
15,363,0
446,0 15,809,0
Total deposits
615,953,0 23,346,0 639,299,0
U. S. deposits (not incl.).. _
10,193,0 10,193,0
Res've
3,074,0
Banks and Trust Companies in New York City.
-The Reservewith legal deposit's 50,729,0 3,074,0 50,729,0
with F. R.Bank
Cash
9,489,0
848,0 10,337,0
averages of the New York City Clearing House banks and Totalin vault. cash held 60,218,0 3,922,0 64,140,0
reserve and
trust companies combined with those for the State banks Reserve required
3,353,0 54,024,0
50,671,0
Excess res. & cash in vault
9.547.0
569.0 10.116.0
and trust companies in Greater New York City outside of
•Cash in vaults not counted as reserve for Federal Reserve
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week endedFeb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.26
April 1
April 8
April 15
April 22
A tirll on
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries
$
5,073.132,000
5,084.673,400
5.050,803,700
4,993,954,100
4,984,481,600
4.956.963,700
4.997.034.100
5.021.059.300
5,034,161.200
5,087,091.900
5.086,819.300
5,141,226,100
$
4.463,981,500
4,415.936,800
4,437,139,800
4,422,144,400
4,425,726,900
4.416.490.700
4,482,227,300
4.445.139.800
4,464.631,200
4,555,297,200
4.577.182,300
4,619,860,900
5 1Rfl ROO RI,
A Ilk") Roe Ann
$
91,150,400
93,782.400
93,134,900
93,603.400
92,174.900
92,371,000
90.428,300
90.739,300
91.467.800
91,810.600
94,189.300
91,853,200
09 451 Inn
592.291.600
590,816,500
599.000,500
586,490,900
598.610.500
596.530.400
(124,862.400
588.30(1,100
589,734.700
608.504.800
612,177.500
623,404,900
011,583,000
April 22
1922.
April 15
1922.
39,475,0
108,501,0
639,067,0
28,521,0
96,955,0
116,130,0
509,382,0
15,509,0
641,021,0
12,281,0
3,670.0
52,212,0
10,755,0
66,637,0
53,895,0
12.742.0
839,475,0
108.433,0
636,388,0
28.964,0
93,859,0
115,852,0
504,197,0
15,361,0
635.410,0
9,055,0
4,688,0
49.282,0
10,434,6
64.404,0
53,192,0
1.610.0
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 3 1922;in
comparison with the previous week and the corresponding
date last year:
Resources•
Gold and gold certificates
Gold settlement fund-F. R. Board_
May 3 1922. April 26 1922 May 4 1921.
$
$
$
218,213,199 218,523,943 280,197,000
82,020,796 105,573,488
64,768,000
324,097,432
799,698,578
10,000,000
344,965,000
297,514,000
36,000,000
1,109.764,574 1,133,796.010
26,723,151
29,408,008
678,479,000
106,974,000
• This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
1,136,487,726 1,163,204,018
Total reserves
Bills discounted: Secured by U. S. Gov30,932,004
48,055,185
ernment obligations-for members
For other F. It. banks
16.159,901
20,116.010
All other-For members
25,280.914
45,670,870
Bills bought in open market
323,901,000
14,857,000
275,783,000
43,140,000
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
113,842.065
Total bills on hand
U. S. bonds and notes
68,488,850
U. S. certificates of indebtedness
One-year certificates (Pittman Act).- 23,500.000
All other
118,669,500
72,372,819
58,222,750
657,681,000
1,005,000
24,000,000
103,647,500
55,276,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Total earning assets
324,500.415
Bank premises
8333,277
5% redemp. fund agst. F.R.bank notes986,060
Uncollected items
111,145,003
All other resources
5,024,793
258,243,069
7,927,338
1,011,060
111,599,294
4,003,135
713,962,000
4,918,000
1,679,000
112,636,000
3,456,000
I Net
CLEARING
Capital, Profits.
NON-MEMBERS
Nat.blui.Mar.10
Week ending State bksMar10
April 29 1922. Tr. cos. Mar.10
Members of
Fed'i Res. Bank.
Battery Park Nat
Mutual Bank
W.R.Grace & Co_
Yorkville Bank...
Loans,
Reserve Net
DisNet
Nat'l
with Demand Time Bank
counts, Cash
Invest.
Legal
Dein
De- Circumenu, Vault, Deposi- posits. posits. lation.
&c.
tories.
Average Average Average Average Average Average
3
$
1,497 9,697
7,572
160 1,129
250
199
813 11,140
274 1,592 11,266
601
1,195 6,817
377
878 3,082
20
_ --848 18,678
9,427 9,917
444 1,611
___ Total
2,400 4,354 46,332
898 4,709 29,143 13,8501
199
State Banks Not Me mbers of Fed. Res've Bank.
200
Bank of Washifts
351 4,014
246
3,070
504
3
Colonial Bank__
800 1,647 17,808 2,280 1,202 18,931
Total
$
1,500
200
500
200
1,000
1,998 21,822
2,784
1,448
Trust Companies Not Members of Fed. Res've Bank.
200
580 8,811
Mech.Tr.,13ayonne
373
128
Total
200
580
8,811
Grand aggregate-- 3,600 6,933 76,965
Comparison with previops week +1,336
Gr'd aggr. April 22
Gr'd aggr. April 15
Gr'd aggr. April 8
Or% aggr. April 1
3,600
3,600
3.600
3,600
6,933
6.933
6,933
6,933
75,629
75,416
74,407
75,165
27,901
Total gold reserves
Legal tender notes, silver, &c
3,196
5,558
5,558
---
4,055 6,285 1'55,24 19,438
-28 -163 -233 -87
199
785,453,000
1,586,277,275 1,545,987,915 1,622,104,000
Total resources
27,106.950
60,197,127
550,022
26,889,000
56,414,000
17,905,199
701,015,824
10,930,307
6,811,000
651.039,000
17,594,000
Total deposits
763,885,629
F.R. notes in actual circulation
623,900,135
F. R. bank notes in cireurn-net liability
18,490,200
Deferred availability items
88,313,740
3,998,025
All other liabilities
729,851,331
615,474,891
18,833,200
90,416,482
3,557,911
675,444,000
739,004,000
21,313,000
82,535,000
20,505,000
Total liabilities
1,586,277,275 1,545,987,915 1,622,104,000
81.9%
86.5%
55.5%
14,755,148
13,728,612
12,129,812
_
3,196
300,233,996
799,530.578
10.000,000
Liabilities
Capital paid in
27,385,550
Surplus
60,197,127
Reserved for Government Franchise Tax
106,867
Deposits:
Government
39,808,809
Member banks
-Reserve account__ _ 704,127,075
All other
19,949.743
Ratio of total reserves to deposit and
F. It. note liabilities combined
Contingent liability on bills Purchased
/or foreign correspondents
30
373
4,083
4,127
3,869
3,895
128
6,448
6,554
6,552
6,330
855,473
1155,261
•54.474
954,370
19,525
19,565
19,596
19,541
•U. S. deposits deducted. $422.000.
Bills payable, rediscounts, acceptances and other liabilities, 35276,000.
Excess reserve, $97,370 decrease.
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
199
198
108
198
CURRENT NOTICES.
-Mr. Charles L. Corbett, who is manager of the bond department of
Huth & Co., 30 Pine Street, New York City, has been appointed a member
of the Trading Regulations and Arbitration Committee of the Association
of Foreign Security Dealers of America.
-Chas. D. Barney & Co. have issued an analysis showing the factors
contributing to the success of the R. J. Reynolds Tobacco Co., copies of
which may be had upon request.
1984
[voL. 114.
THE. CHRONICLE
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon May 5, and showing the condition
of the twelve Reserve Banks at the close of business the previous day, In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents?
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 1955 being thefirst item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS MAY 3 1922
May 3 1922. Apr. 26 1922. Apri119 1922 April 12 1922 Airil 5 1922. Mar.29 1922 Mar.22 1922 Mar.151922.May 4 1921.
R/180URCES.
Gold and gold certificates
Geld settlement, F. R. Board
$
326,381,000
441,261,000
s
5
326,638,000
453,974,000
$
326,625,000
509,619,000
326.345,000
509,369,000
s
325.955.000
519,332,000
$
322,429,000
497,322,000
$
321,499.000
514,262,000
$
$
364,244,000
482,200,000
321,283.000
484,180,000
Total gold nein by oanks
Gold with Federal Reserve agents
Gold redemption fund
767,642,000 780,612,000 836,244.000 835,714.000 845.287,000 819,751.000 835,761,000 805,463,000 846,444,000•
2,169,736,000 2,154.510.000 2,094,362,000 2.091,844.000 2.048,479,000 2,065.992.000 2,061,361.000 2,090.124,000 1,326,087,000
60,317.000
60,080,000
80,435,000 170,827,000
57,398,000
68,180,000
91.435,000
89,812,000
79,581,000
Total gold reserves
Legal tender notes, sliver, dm
2,994,776,000 2,995,202,000 2,990,923.000 2.985,738,000 2.983,201,000 2,975,355,000 2,976,703,000 2,976,022,000 2,343,358,000
124,041,000 129,637,000 128,742,000 126,285,000 126,400,000 128,024,000 127.907,000 125,375,000 176,540,000
Total reserves
Bills discounted:
Secured by U.S. Govt. obligations
All other
Bills bought in open market
3,118,817,000 3,124,839,000 3,119,665.000 3,112,023,000 3.109,801,000 3,103,379,000 3,104,610,000 3.101,397,000 2,519,898,000•
190,474,000
318,902,000
107,278,000
210,858,000
362,884,000
93,611,000
240,205,000
384,889,000
98,379,000
242,797.000 227,138,000
393,155,000 388,769,000
102,691,000
87,045,000
229,068,000 892,366,000
362,662,000 1,173,879,000
87.311,000
94,302,000
616,654,000
265,483,000
582,615,000
250,185,000
640.110,000
254,079,000
667,151,000
281,585,000
723,273,000
227,064,000
738,643,000
200,325,000
079,041,000 2,160,547,000
25,708,000
215.093,000
83,000,000
280,736,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)...
AU other
Municipal warrants
178,991,000 201,257.000
321,106,000 351,526,000
87,327.000
82,518,000
86,000.000
84,500,000
232,448,000 192,057.000
102.000
102,000
87,500,000
163,876,000
102,000
87,500,000
148,196,000
102.000
89,000,000 90,500,000
92,000,000
151,535,000 143,696,000 291,274,000
102,000
102,000
102,000
702,952,000
208,968,000
239,375,000
1,009,000
1,225,873,000 ,149,850,000 1,172.348.000 1,180,214,000 1,188.135,000 1,179.605,000 1,146,218,000 1,277,510,000 2,426,639,000
Total earning assets
39.446.000
39,568,000
38,005,000
21,908,000
Bank premises
39,809,000
38,928,000
38,339,000
38,820.000
38,237,000
7,727.000
8.005,000
7.601.000
7.757,000
7,806,000
10,886,000
7,811,000
7.742.000
5% redemp. fund agst. F. R. bank notes
7,604,000
Unoollected items
510,588,000 519,827,000 598,128.000 546,351,000 507,586.000 470,449,000 521,650.000 807,795,000 524,651,000
12,720,000
17,608.000
15,306,000
15.310,000
All other resources
16,322,000
19,978,000
18.587,000
16.2A0,000
18,959,000
4,928,867,000 4,860,072,000 4,952,920,000 4,902,288,000 4,868,144,000 4,815,851,000 4,833,827,000 5,048,022,000 5,516,702,000
Total resources
LIABILITIES.
104,531,000 104,311,000 104,221.000 104,109,000 104.005.000 103,993,000 103,981,000 103,948,000 101,857,000
Capital paid in
Surplus
215,398.000 215,398,000 215,398.000 215,398,000 215,398,000 215,398,000 215,398.000 215,398,000 202,036,000
2,147,000
2,308,000
1,982,000
1,570,000
Reserved for Govt. franchise tax
2,075,000
1,829,000
1,839,000
2,213,000
16.789,000
37.833.000
23,418,000
58,031,000
Deposits—Government
35,542,000
68,359,000
45,194,000
38,634,000
72,422,000
Member banks—reserve account____ 1,774,802,000 1,748,755,000 1.760.942.000 1,726,016,000 1,729,603,000 1,708,782,000 1,867,842,000 1,845.493,000 1,671,385,000
51.181,000
34,428,000
39,299,000
40,323,000
40,382,000
39,281,000
54.085.000
38,381,000
All other
45,108,000
1,892,332,000 1,833,230,000 1,852,860.000 1,803,031,000 1.804,444,000 1,805,136,000 1,774,583,000 1,913,463,000 1,729,231,000
Total
F. R. notes In actual circulation
2,173,436,000 2,157.568,000 2,181.090.000 2,200,305,000 2,198,072,000 2,181.843,0002,183,374,000 2,188,590,0002,828,586,000
78,863,000
78.029,000 153,859,000
79,497,000
80.304.000 • 82,065,000
81,082,000 80,353,000
77,411,000
F.R.bank notes in circulation—net liab.
Deferred availability items
444,775,000 449.347.000 498,921,000 477,258,000 443,313,000 409,333,000 458,377,000 529,912,000 441,069,000
18,413,000
18,945,000
17,979.000
17,442,000
17.109,000
60,064,000
All other liabilities
17,755,000
17,813,000
17,907,000
Total liabilities
4,928,667,000 4,880,072,000 4,952,920.000 4,902,286,000 4.866,144,000 4,815,851,000 4,833,827,000 5,048,022,000 5,516,702,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
72.5%
74.1%
75.2%
51.4%
73.6%
75.1%
74.6%
74.0%
74.5%
Ratio of total reserves to deposit and
'
77.3%
F. R. note liabilities combined
78.4%
76.7%
77.8%
55.3%
75.0%
77.7%
77.7%
78.3%
Distribution by Maturittes-- •
1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
18-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif of indebtedness
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
51-90 days bills bought in open market_
51-90 days bills discounted
51-90 days U. S. certif. of indebtedness_
51-90 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
$
45,926,000
272,745,000
5,155,000
s
$
$
31,631,000
293,474,000
2,200.000
102,000
14,524.000
64,492.000
500,000
22,865,000
88,522,000
54,660,000
22,480,000
92,693,000
46,006,000
21.398.000
98,092,000
41,229,000
17,053,000
50,851,000
29,642,000
15,775,000
54,222,00
7,437,000
18,603,000
59,417,000
7.570.000
15,217,000
84,078,000
40,229,000
16,985,000
72,883,000
35,911,000
956,000
43,135,000
254,279,000
659,000
39,642,000
261,015,000
1,171,000
37,308,000
226,558,000
1,239,000
35,178.000
204,533,000
1,348.000
34,110,000
190,878,000
20,478,000
54,123,000
a
$
46,858,000
35,987,000 39,731,000
303,151.000 342,051,000 350,506,000
4.114,000
5,707,000
17,595,000
51.000
19,912,000
15,877,000
20,171,000
70,013,000
86,160.000
69,412,000
1.700,000
2,000,000
2,200.000
102.000
51.000
102.000
20,997,000
20,403,000 23,892,000
104,975.000 106,449,000 105,803,000
2,000,000
500,000
1,000,000
27,916,000
256,570,000
1,900,000
102,000
15,688,000
56,961,000
500,000
$
a
$
32,227,000
27,723,000
54,067,000
337,022,000 317.482.000 1,226,865,000
1,020,000
17,117.000 187.362.000
17,096,000
73.540,000
13,033,000
18,707,000
73,175,000
14,763,000
19,359,000
210,847,000
3,568,000
23,004,000
100,551.000
2,700,000
102,000
12,187,000
69,048,000
20,064,000
23,813.000
97,705,000
3,703,000
102,000
12,101,000
87,223,000
500,000
15,873,000
357,156,000
18,940,000
- •
5,003,000
215,658,000
12,674,000
2,531,000
4,987,000
1,865,000
35,530,000
35,748.000 36,145,000
187,455,000 181,282,000 196,949,000
55,719,000
204,182,000
14,201,000
74,299.000
31,785,000
Federal Reserve Notes—
Jutstauding
Reid by banks
2,537,262,000 2,536,895,000 2.534,997,000 2,532,853,000 2,529,602,000 2,518,516,000 2,523,374,000 2,527,772,000 3,158,636,000
363,828,000 379,327,000 353,907,000 332,548,000 331,530,000 338,673,000 340,000,000 339.179,000 330,050,000
In actual circulation
2,173,436,000 2,157,568,000 2,181,000.000 2,200,305.000 2,198,072,000 2,181,843,0002,183.374,000 2,188,593,000 2,828,586,000
Amount chargeable to Fed. Res. Agent 3,326,493,000 3,335,056,000 3,452.973.000 3,354,769,000 3,351.018,000 3.372,447.000 3,397,570,000 3,407,483,000 3,965,186,000
In hands of Federal Reserve Agent
789,231,000 798,161,000 817,976,000 821,916,000 821.416,000 853,931,000 874,198,000 879,711,000 806,550,000
2,537,262,000 2,538,895,000 2,534,997,000 2,532,853,000 2,529.602,000 2,518,516,000 2,523,374,000 2,527.772,000 3,158,636,000
Issued to Federal Reserve banks
'
404,714,000 404,714,000 404,713.000 403,713,000 403,713,000 403,713,000 403,712,000 403,713,000 233,852,000
367,526,000 382.385,000 440,635,000 441.009,000 483,123,000 452,524,000 482,013,000 437,648,000 1,832,549,000
132,924,000 133,791,000 118,381,000 127.002.000 128,603.000 126,217,000 123,271,000 118,317.000 119,127,000
1,632,098,000 1,616,005,000 1,571,288,000 1,561,129,000 1,514,163,000 1,536,082,000 1,534,378,000 1.568,094.000 973,108,000
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
2,537,262,000 2,536,895,000 2,534.997,000 2,532,853,000 2,529,602,000 2,518,518,000 2,523.374.000 2,527,772.000 3,158,636,000
Total
Eligible naner delivered to F. R. Agent
597.886.000
568.380.000
623.951.000
645.697.000
698,159.000
710.268.000
678,630,000
650,065,0002,109,070,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 3 1922
Two ciphers (00) omitted.
Federal Reserve Bank of--
RESOURCES.
$
13,554,0
3old and gold certificates
;old settlement fund—F. R. B'd 20,488,0
Phila. Cleveland Richmond Atlanta. Chicago. St. Louts Minneap. Kan.City. Dallas. San Fran.
-,-$
S
3
$
$
$
$
$
$
$
$
218,213,0 3,501,0 12,837,0 2,983,0 5,408,0 23,281,0 8,192,0 8,048,0 2,324,0 8,188,0 19,854,0
82,021,0 57,940,0 41,020,0 35,358,0 25,755,0 65,595,0 12,760,0 27,685,0 29,781,0 9,884,0 32,994,0
Total gold held by banks
1old with F. R. agents
)old redemption fund
34,042,0
138,901,0
12,183,0
300,234,0 61,441,0 53,857,0 38,341,0 31,161,0 88,876,0 20,952,0 35,733,0 32,085,0 18,072,0 52,848,0 787,042,0
799,531,0 163,461,0 190,741,0 44,029,0 98.046,0358,346,0 71,550.0 30,700,0 44,966,0 19,911,0 209,554,0 2,189,738,0
57,398,0
10,000,0 3,105,0 5,778,0 5,707,0 2,094,0 7,282,0
897.0 3,250,0 1,839,0 1,633,0 3,630,0
Total gold reserves
Agal tender notes, silver, dr,c
185,126,0 1,109,785,0 228,007,0 250,376,0 88,077,0 131,301,0 454,504,0 93,399,0 69,683,0 78,890,0 39,616,0 266,032,0 2,994,776,0
20,885,0
26,723,0 6,049,0 6,735,0 7,528,0 4,742,0 14,91.5,0 16,920,0
832,0 6,313,0 6,070,0 6,329,0 124,041,0
—
—
206,011,0 1,136,488,0 234,056,0 257,111,0 95,805,0 138,043,0 469,419,0 110,319,0 70,515,0 85,203,0 45,086,0 272,361,0 3,118,817,0
Boston.
Total reserves
311Is discounted: Secured by
U: S. Govt. obligations__
9,843,0
All other
12,532,0
3ills bought In open market
10,505,0
Total bills on hand
32,880,0
Y. S. bonds and notes
4,477,0
1. S. certificates of indebtedness
One-year Ws. (Pittman Act). 6,950,0
38,357,0
All other......,..
.15atal earning sasetm
82.664.0
New York.
Total.
$
320,381,0
441,261,0
48,055,0 36,595,0 17,558,0 19,216.0 17,058,0 25,766,0 7,855,0 2,743,0 6,756,0 2,183,0 7,847,0
20,116,0 9,889.0 24,318,0 37,751,0 30,588,0 52,507,0 14,599,0 24,404,0 23,478,0 30,790,0 37,932,0
15,0 6,838,0
39,0
45,671,0 18,275,0 3,324,0 1,741,0 2,268,0 17,431,0 1,171,0
190,474,0
318,902,0
107,278,0
113,842,0 64,759,0 45,200,0 58,708,0 39,912,0 95,704,0 23,825,0 27,147,0 29,272,0 32,988,0 52,817,0
214,0 34,423,0 11,380,0 6,737,0 30,649,0 2,810,0 54,400,0
08,489,0 23,553,0 27,112,0 1,233,0
010,854,0
265,483,0
83,000,0
4,321,0 1,900,0 6,332,0
8,842,0
250,0
277,0 260,736,0
324.500.0 97.048.0 107.051.0 63.501.n 47.358.0 190.140.0 48.593.0 41.366.0 78.084.0 37.954.0 112.628.0 1.225.873.0
23,500,0
118,869,0
8,000,0 6,000,0
730,0 28,730,0
3,560,0
7,199,0 8,667,0 3,571,0
31,0 51,348,0 10,017,0
4,000,0
3,472,0
MAY 6 1922.]
THE CHRONTGLE
RESOURCES (Concluard)Two ciphers (00) omitted.
Boston.
$
5,189,0
Bank premises
5% redemption fund against Federal Reserve bank notes
422,0
Uncollected items
52,233,0
All other resources
772,0
1985
New York.
Cleveland Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City
8,133,0
5
4,950,0
600,0
4,912,0
2,571,0
1,250,0
7,324,0
908,0
924,0
Dallas. San Fran
2,092,0
Total.
966,0
39,809.0
468,0
188.0
700,0
733.0 2,023,0
539,
986,0
916,0
204.0
146,0
279,0
111,145,0 45,765,0 49,707,0 42,233,0 19,628,0 67,089,0 29,195,0 12,585.0 32,097,0 20.844,0 34,065,0
183,0 1,480,0
346,0
5,025,0
602,0 1,250,0
531,0 1,247,0 1,039,0 2,018,0 5,485,0
7,604,0
516,586,0
19,978,0
orlOoli
Total resources
347,291,0 1,586,277,0 378,771,0 420,570,0 204,444,0 201,928,0 736,185,0 191,569,0 126,821,0 197,289,0 108,740,0 425,782,0 4,928,667,0
LIABILITIES.
Capital paid in
7,976,0
27,386,0 8,912,0 11,497,0 5,533.0 4,258,0 14,563.0 4,661,0 3,557,0 4.606,0 4,185,0 7,377.0 104,531,0
Surplus
16,483,0
00,197,0 17,945.0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 13,199,0 215,398,0.
Reserved for Govt. franchise tax_
205,0
381,0
402,0
229,0
107,0
44,0
199.0
272,0
1,839,0
Deposits: Government
2,160,0
708,0 2,946,0 5.168,0 2,678,0 3.936,0 4,711,0 1,784.0 3.817,0
39,809,0 2,791.0 1,911,0
72,422,0
Member bank-reserve acc't_ _ 119,165,0 704,127,0 108,527,0 135,041,0 55,368,0 48,430,0 253,542,0 67,830,0 43,185,0 76,047.0 44,467,0 119,073,0 1,774,802,0
All other
531,0
280,0
226,0 1,446,0
965,0
19,950,0 1,124,0
161,0 18,930,0
494,0
332,0
669,0
45,108,0
-.Total deposits
121,856,0 763,886,0 112,445,0 137,917,0 56,356.0 51,602,0 260,156,0 71,177,0 47,453,0 81,252,0 46,412,0 141,820,0 1,892,332,0
F. R. notes In actual circulation_ 152,691,0 623,900,0 185,560,0 199,018,0 89,723,0 118,037,0 366,599,0 74,350,0 51,381,0 60,357,0 27,045,01 224,745.0 2.173,436,0
F. R. bank notes in circulation
net liability
6,593,0
18,490,0 7,761,0 5,556,0 3.015,0 5,703,0 8,205,0 3,307,0 3,644,0 7,884,0 2,852.0 4,371,0
77,411,0
Deferred availability items
40,483,0
88,314,0 45,013,0 42,692,0 37,493,0 15,015,0 53,415,0 27.939,0 12,020,0 32,573,0 19,038,0 30,780,0 444,775,0
All other liabilities
1,004,0
883,0
797,0 4,222,0
3,997,0
906,0 1,351,0
772,0 1,814,0 1,490,0
703,0 1,006,0
18,945,0
----Total liabilities
347,291,0 1,586,277,0 378,771,0 420,570.0 204,444,0 204,928,0 736,185,0 191,569,0 126,821,0 197,289.0 108,740,0 425,782,0 4,928,667,0'
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
65.4
80.2
75.0
76.3
74.9
81.9
78.5
74.3
62.2
75.8
76.7
60.2
71.3
Contingent liability on bills purchased for foreign corresporurts 2.303,0
14,755,0 2,523,0 2,586,0 1,546,0 1,136,0 3,754,0 1,483,0
34,723,0'
820,0 1,451,0
852,0 1,514.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAY 3 1922.
Federal Reserve Agent al-
Boston. New York Phila. Cleve. Richm'd Atlanta Chicago. St. L. Minn. K .City. Dallas. San Fr. Total.
-------$
3
$
$
S
$
$
s
$
$
s
s
291,770 43,220 32,300 31,705 64,026
04,880 26,250 11,235 20.700 19,015 42,380 789,231
820,754 211,908 215,978 96,083 123,439 403,881 86,645 54,196 69,803 29.799 257,538 2,537,282
Resources(In Thousands of Dollars)
S
Federal Reserve notes on band
111,750
Federal Reserve notes outstanding
167,2.38
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
5,300
Gold redemption fund
13,601
Gold fund-Federal Reserve Board
120,000
Eligible paperlAmount required
28,337
!Excess amount held
4,643
13,375
2.400
12.366 4,234 4,646
165.000 39,795 91,000
25,237 52,054 25,393
18.936 5,973 14,341
5,960 13,052
404,714
7.702
15,702 4,790 1,648 2.606 2,209 15.444 132,924
342,644 60,800 16,000 42.360 10,000 194.110 1,632,098
45,535 15,095 23.496 24.837 9,888 47.984 367,526
50,136 8,530 3.163 4.435 23,100 4,182 230,360
Total
450,769 2,017,893 475,442 483,192 229,844 325,245
Mat/MitesNet amount of Federal Reserve notes received from
Comptroller of the Currency
278,988 1,112.524 255,128 248,278 127,788 187,465
Collateral received fromiGold
138.901 799.531 163.461 190,741 44.029 98,046
Federal Reserve BankiEligIble paper
32,880 105,838 56,853 44,173 58,027 39,734
952,778 208,070 122,790 164,741 101,713 561,638 6,094,111
Total
356,925
41,606 14.072
401,000 149.389
21,223 48.447
84,615 8,406
498,761 112,895 65.431 90,503 48,814 299,918 3,326,493
358,346 71.550 30,700 44.966 19.911 209,5542,169,736
95,671 23.625 26.659 29,272 32.988 52,166 597,886
450,769 2,017.893 475.442 483,192 229,844 325,245
952,778 208.070 122,790 164.741 101,713 561,638 6,094,111
167.238
14,547
820.754 211.008 215,978 96,083 123,439
196,854 26,348 16,930 6,360 5,402
-
403,881 86,645 54.196 69.803 29,799 257,538 2,537,262
37.282 12,295 2,815 9.448 2,754 32,793 363,826
1c9 001
Federal Reserve notes outstanding
Federal Reserve notes held by banks
09.3000 185.500 100 052
gate ann
20 704 110 Ass
7.4 4r4
rl ,ot
nit .21,7
47 A4A 005 IA,9 175 AAP
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 801 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 Dee.
14 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the
latest week appear in our Department of "Current Events and Discussions" on page 1955.
1. Data for all reporting member banks In each Federal Reserve District at close of business April 26 1922. Throe ciphers (000) omitted
Federal Reserve District.
Number of reporting banks
Loans and discounts, Including bills rediscounted with F. 13., bank:
LOans see. bg v. fl. :15Vt. 0iightions.
Loans secured by stocks and bonds...
All other loans and discounts
Boston. New York! Philada. CleVeland. Richm'd. Atlanta. Chicago. St. Louis. Minneap.Kan. City Dallas. San Fran.
-- 107
57
49
85
81
109
42
6:
5
37
79
35
5
$
$
S
32,399
20,714 127,965
35,640
211,701 1,499,598 210,889 326,903
553,020 2,379,379 316,813 632,402
----I-------785,435,4,006,942 560,101 994,945
Total loans and discounts
65,270' 449,927 47,593 130,413
U. S. bonds
41,818
2,804
8,855
U. S. Victory notes
6,455
10,824 246,388
15,643
U. S. Treasury notes
25,221
7,710
55,001
6,977
U.S. certificates of Indebtedness
9,778
147,228 755,343 173,494 269,626
Other bonds, stocks and securities
-------------Total loans, dlsc'ts et Investments, Incl. 1,019,2715,555,419 812,663 1,430,438
bills rediscounted with F. R. Bank
79,261 639,354 65,753 90,789
Reserve balance with F. R. Bank
17,766 89,708
Cash In vault
15,353
26,3 7
703,1554,881,158 049,894 801,881
Net demand deposits
200,442 573,154
Time deposits
49,283 470,468
17,346
79,176
14,492
Government deposits
19,757
Bills payable with Federal Reserve Bank:
1,510
13,969
Secured by U. S. Govt. obligations
9,778
5,046
All other
26
Bills rediscounted with F. It. Bank:
1,104
26
Secured by U. S. Govt. obligations _ _
250
164
AlInthor
4.934
8.392
3.807
91 775
Total.
801
51
$
$
$ •
$
$
8
S
$
1:3,919
16,73
11,7931
4,884
12,806
58,718
9,955
8,303
353,830
112,367
31,594 65,3591 43,103 141,727 3,249,810
55.846 426,514 124,209
311,249 285,450 1,049,422 279,747 196,053 346.741 188.146 704,047 7,242,469
------------437,535 351.2511,534.654 416,762 231,950 423,805, 236,133 862,506 10,846,109
56,212
102,898 1,100,461
21,6911 44,971I 32,13
24,830 97,705
26,823
1,061
933
5,564
547
8,877
1,635
3,221
82.097
327
3,649
17,550
3,6
42,286
1,626
385,779
6,123
7,3631
5,477
4,423
6.23.
6,153
6,7641
22,414
6,726
5,126
21,621
158,925
49,859
50,791
7,325 164,291 2,137,294
32,213 391,155
21,959
74,011
I
552,739 415,593 2,093,778 533,020 294,054i1 533,568 286,3841,177,742 14,710,096
-...,
32,885
17,699, 4l,765t 24,431
43,668
29,114 178,394
82.233 1,325,345
3,779
6,183' 1,21951
50,624
6,894
9,247
277,638
9.3081 20,26
203.9081 596,137 10,676,347
311,806 237,010 1,336,576 314,652 179,432. 400,61
135,674 144,172 659,041 160,195
76,769 109,00
64,021 541,521 :3,183,745
4,183i 15,470
6,316
4,15
5,077
7.366
26,963
7,366
207,665
9,073
.500
907
8,767
1,563
388
116
372
62
icons
,
A /Rd
22C9
C757
576
134
1,11
'2391
1 707
761,r.
35
1
1
Seed
4,421
242
57,197
1,002
27
3.006
11 11
08.249
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
City of Chicago. All F. R. Bank Cities. F. It. Branch Cities. A:JO:her Report.Bks,
Total.
Apr11 26 April 10-1pril 26. April 19. April 26. April 10. April 26.1i1pri/ 19. April 26. April 19. April 26. April 19. Apr.27'21
-66
66
Number of reporting banks
50
50
273
273
211
801
211
317
80
821
317
Loans and discounts, incl. bills redis5
$
counted with F. It. Bank:
$
S
$
8
$
$
$
$
$
5
$
Loans see. by U. S. Govt. oblig'ns 115,510 111,703
47,811
50,147
250,086
250,317
54,055
358.925
738,864
56,879 49,689 51,729 353,83
Loans secured by stocks & bonds_ 1,316,687 1,311,088 310,389 303,697 2,346,315 2,324,651 468,909 461,596 434,586 429,441 3,249,81 3,215,685 2,984,671
2,098,753 2,096,191 668,433 676,385 4,570.249 4,590,998
All other loans and discounts
1,391,944 1,402,230 1,280,276 1,278,018 7,242,469 7,271,246 8,524,957
----3,530,9503,518,982 1,026,633 1,030,229 7,166,650 7,165,966 1,914,908 1,020,705 1,764,5511,759,188 10,846,109 10.845,859,12,248,492
Total loans and discounts
403,150 393,387
(J. S. bonds
38,892
36,170 623,604
602,655 239,498 231,998 237,363 233,4751 1,100.465 1,068,121 870,337
36,416
36,012
U. S. Victory notes
4,046
3,378
57,855
56,513
12,032
12,127
,
12,115
82,097
14,308
192,006
82,853
236,320 234,970
U. S. Treasury notes
22,088
24,504
300,496
303,838
53,624
389,30r
30,8751 385,779
31,659
54,592
48,756
54,018
certificates of indebtedness
U. S.
14,652
13,185
101,464
111,672 38,809
18,652 20,542
46,939
158,925
227,739
179,153
565,106 568,871 177,728 177,144 1,165,538 1,170,351 590.439
Other bonds, stocks and securities
591,463 381,317
2.138,777 2,064,512
--Total loans dr disels AL invest'ts.-370.9631..,37.294
incl. bills redisc'ted with F. It. Bk. 1,820,698 4,806,240 1,284,039 1,284,610 9,415,607 9,410.995 2,849,393 2,860,005 2,445,669 2,433.075 14.710,669 14.704,075 15,603,086
595,347 598,512 124,446 125,954
Reserve balance with F. It. Bank
976,339
989,815 199,461 202,389 149,546 151,379 1,325,346 1,343,583 1,245,389
77,440 75.824
'Josh In vault
29,112
29,422
152,323
151,572
72,527
70.894
55,796
54,331
330,015
277,638
279,895
1,383,286 4,371,220 916,070 905.060 7,494,066 7,463,844 1,662,282 1,666,3211,519,999 1,498,832
Net demand deposits
10,676,3.17 10,628,997 10,138,258
379,448 375,79
Time deposits
310,959 311,943 1,494, 67 1,486,903 974,151 973,216 715,427 712,467 3,183,745 3,172,586 2,938,468
87,618
74,257
Government deposits
19,413
22,388
151,433
177,841
38,977
20,382 207,665 243,260
17,255
45,037
251,073
Bills payable with F. It. Bank:
4,550
17,255
Seed by U. S. Govt. obligations
1,325
2,550
23,584
17,723
36,922
15,890
24,546
15,566
57,197
77,034 488,834
All other
342
141
347
1,
1,506
660
488
Bills rediscounted with F. R. Bank:
1,052
Sec'd by U. S. Govt. obligations
510
300
1,784
411
1,633
694
527
794
188,325
CI
3,03,037
2,466
All other
2,844
1,835
30,34
7,011
41,420
62,151
32,214
24,615
30,611
129,icr2 844,315
98,249
Ratio of bills payable & redleconotel
with le It. Batik to total loans
.
.4
.2
and Investments. ner cent
.3
.8
1.1
.7
1.5
2.0
2.2
1.44
9.8
2.0
1.
Three ciphers (000) omitted.
[Vol,. 114.
THE CHRONICLE
1986
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
a ettt
3Gantlets'
Wall Street, Friday Night, May 5 1922.
-There has been
Railroad and Miscellaneous Stocks.
been little change in the influences affecting the security
markets and therefore no important change in the latter.
Stocks were decidedly strong on Monday when an advance
of from 2 to 3 points was shown in a considerable list of
active shares, including rails. The transactions averaged
over 1,250,000 shares per day and although there has been
a general reaction from Monday's highest quotations almost
every stock closes higher than last week.
One of the important events of the week has been an
5
advance in sterling exchange to $4 44% to-day, the highest
'quotation recorded since 1919. Cotton has made a similar
record, selling in this market at 20 cents per pound and
wheat for May delivery reached 146. The latest report
of car loadings shows an increase of 7,375 over the preceding week, a fact due in part to a freer movement of coal.
The output of iron on May 1st is 37% above the average
-all of which
in January and 160% more than in July last,
is unmistakable evidence of steadily increasing activity
in various departments of industry.
As has been heretofore reported the Genoa Conference,
although the most important event in the world's history
thus far this year, seems to have no influence in Wall Street
affairs.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
IETTOCKS.
Week ending May 5.
Range since Jan. 1.
Range for Week.
Sales
for
Week
Lowest.
Highest.
Lowest.
Highest.
,
Par Share $ per share. • $ per share. $ per shore 13 per shore.
Jan 114
May 5 107
341 112
May 1 114
All America Cables_ _10
May
Mar
Jan 70
20 6034 May 3 6134 May 5 54
Amer Tel dr Cable__ _10
% Jan 234 Apr
Assets Realization_ _ _ _1
134 May 4 134 May 3
1::
Apr
Apr 29 120
Apr 29 120
1 120
Apr 120
10
Atlas Powder
!
2, I 1834 May 1 2234 May 4 1334 Feb 2234 May
Atlas Tack
Apr 3534 Apr
May 4 3534 May 5 33
20' 35
Bayuk Bros
234 Apr 29 234 May 5
% Apr 234 May
Bkin Edison Elec rights_ 9.94
Feb 9234 Apr
40 90 May 1 9034 Apr 29 90
Brown Shoe prof_.._10
1(1
May 5 9834 May 3 94
Feb 9934 Apr
80 96
Burns Bros pref
Jan
Feb 53
2 52 May 4 52 May 4 51
Canada Southern_ _ _ _10
10 9834 May 5 9834. May 5 83
Feb 9834 May
Chic St P M &0 pref 10
May 3 10134 Apr 106
May 3 106
10 106
May
Colo Fuel & Iron prof 10
may 5 61
1
Feb 75 May
2
Deere & Co prof
7234 May 4 75
May 2 26
May
May 2 20
46 20
Mar 26
Durham Hoe Mills el B
-Brant pref_l
Feb 3334 Mar
2
Emerson
2834 May 1 2834 May 5 23
11
May 5 106
May 5 10034 Jan 106 May
1 106
Fisher Body pref_
May 4 1434 May 16
1,3
May
1434 May 5 16
Glidden Company
% May 3
% Apr
33
% Apr
% May 3
Granby Copper rights_
1
May 5 35
35
May 5 30
Apr 35 May
Hydraulic Steel pref_l
Inter Combust Engine_ 7,2
2534 Apr 29 2734 May 3 2234 Mar 2834 Apr
Mar
May 3 9434 May 100
40 9434 May 2 95
Internat Paper pref _ _1
Apr
2,00 10
Feb 11
1
May 1 11
Apr 29 6
Iowa Central
Julius Kayser & Co news 6,20 34 May 1 4134 May 5 34 May 4134 May
94 May 1 10134 May 5 94 May 10134 May
1st preferred new_ _ _ _ 5,5
Apr
Apr 29 5
2
Jan 9
734 May 5 9
Keokuk &DesMolneal It
Mar
May 4 100
30 163
Jan 170
May 3165
Liggett& Myers cl B _ 1
Apr 29 7334 Apr 80
3
Mar
ManatI Sugar met__ _1
74 Apr 29 74
Mar 6934 Apr
Manhattan Elec Supp_ 6,10 5834 May 2 6534 Apr 29 41
• 4,9
Marlin-Ror/kwell
2034 Apr 29 24
May 5 534 Mar 2634 Mar
Mar 7134 May
Maxwell Motors elA 100 28,8
6734 Apr 29 7134 May 5 48
80 2034 May 5 2234 May 1 1034 Jan 2234 Apr
M K & T warr 1st asst p
May 1 21
21
May 1 1334 Feb 21
May
1
Preferred._
Apr
5 148
Feb 148
May 3148
Michigan Central_ _ _10
May 3 120
Apr
2
Mar 16
Nat Rys Mex, 1st pf_ 10
1234 May 5 1234 May r/ 7
Jan 50 May
May 5 47
40 4334 May 3 50
Ohio Fuel Supply_ _ _ _2
May 1 9034 Jan 99 May
May 1 99
20 99
Penney (.1 G). Dref___
Pitts C C&St L_ _ 10
10 7334 May 1 7334 May 1 7334 May 7334 May
14 90 71
Postum Cereal
Apr 29 7734 May 5 6534 Apr 7734 May
Apr
1
4,50 10534 Apr 29 10634 May 3 10534 Apr
Preferred
Jan 4534 May
20 45
Prod& Refill, prof__ _ _5
May 3 4534 May :3 39
yi may 1
% Apr
Pub Sent(N .1) rights__ _ 6,40
% Apr
J4Mayl
Mar 10234 Apr
1
Pure 011, pref
60 10134 May 3102 May 1 99
Jan
Apr 71
May 3 67
May 3 61
1 67
RR Sec In Cent ctfs_10
Apr
May 2 1934 May 3 834 Jan 21
Robert Reis & Co
80 19
% May 1% Apr
% Apr 21/
% May 4
Replogle Steel, rights_ _ 21,30
May 5 70 May 70 May
May 5 70
10 70
Reynolds Tobacco Co_2
Mar 4834 Apr
2 12,
Class B
4534 May 2 4634 May 5 43
May 211134 Apr 11334 Mar
3 11234 May 2 113
Preferred
2
Rutland RR. prof__ 1
39% Apr 29 3954 Apr 29, 1734 Feb 4134 Apr
Apr
Apr 19
22,2
Spicer Mfg Co
17% May 4 1834 Apr 29 17
Apr 00 May
1
90 May 4 84
40 89
Preferred
May
Apr
May 3 90
May 3 8334 Jan 91
10 90
Standard Milling, pf_l
11
Sterling Products
45% May 4 4734 May 4 4534 May 4734 MAY
Mar
Sweets Co of Amer__ _1 7,80
3% May 4 334 Apr 29 334 May 5
May 5, 10734 Jan 145 May
142% May 1 145
Underwood Typewr_10
20.
2,50 1634 May 1 193-4 May 3 1434 Apr 1934 May
United Paperboard_1
Mar
20 45% May 5 4534 May 2 4534 May 46
U S Tobacco
Westinghouse E 8c M
It 73
Jan 73 May
May 1 65
73
May
hit preferred
May
white Eagle 011
12,7
27
25% may
MayC 25% May 27
% Apr
% May •.! .01 Mar
% May
2,2
White 011 rights
Mar 7234 Apr
5 72
Va Iron Coal & C,pf_ 1
May 372 May 3 66
• No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, MEEKLY AND YEARLY.
Week ending
May 5, 1922.
Saturday
Monday
Tuesday
Wednesday..___,Thursday
Friday r
Total
Railroad,
Stocks.
Shares.
•
Par Value.
703,361 $64,108,800
1,104,443 90,693,500
1.047,367 92,027,200
1,400.754 131,413,200
1,387,379 120,958,500
1,149,400 96,817,500
Bonds.
State. Mom.
and Foreign
Bonds.
U.S.
Bonds.
$4,696,000 $1,011,500 $2,385,500
8,496,000 2,079,000 3,360,200
8,296,500 2,888,000 4,459,000
7,993,000 2,550,500 3,638,500
9,826,000 3,182,000 4,797,000
12,698,000 1,760,000 3,139,000
6.792.704 $596.028,700 $52.005.000 $13,471,000 $21,779,000
Sales at
New York Stock
Exchange.
Week ending Apr. 28.
1922.
1921.
Jan. 1 to Apr. 28.
1922.
1921.
89,191,392
64,354,278
5,770,781
-No. shares_ _ _
6,792,704
Stocks
Par value
$596,028,700 $393,450,600 $8,212,503,296 $4,714,037,621
Bonds.
$735,805,400
$642,062,800
Government bonds._ $21,779,200 $36,549,000
234,120,000
89,633,100
7,283,500
13,471.000
State, rnun.,&c., bond
317,220,500
729,505.100
52,005.500 23,045.000
RR.and misc. bonds
Total bonds
$87.255.700 $66.877.500 $1.698,710.500 $1.048.916.400
• Includes 134.000 State and municipal bonds.
Philadelphia.
Boston.
Week ending
May 5 1922,
Baltimore.
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
Total
14,162
23,437
26,918
23.107
28,448
21,350
$36,900
97,530
92,650
168,950
209,450
68,000
3,863
6,819
5,770
6,720
10,188
5,774
$8,250
28,700
42,650
171.550
103,800
45,500
7,842
5,061
4,586
4,126
2,290
2,044
$53,000
53,600
80,100
70,700
77,000
120,500
137,422
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
673,300
39,143
400,450
25,949
454,900
Daily Record of Liberty Loan Pr-ices. Apr. 29 May 1. May 2. May 3. May 4. May 5.
lEIgh 99.50 99.48 99.46 99.34 09.58 99.52
First Liberty Loan
334% bonds of 1932-47_ Low. 99.40 99.22 99.16 99.08 99.20 99.36
Close 99.40 99.22 99.20 99.34 99.32 99.36
(First 334s)
443
801
284
601
296
51
Total sales in $1,000 unUs__.
_
___ 99.56
99.56
____
Converted 4% bonds of IHigh 99.34 99.62
____ 99.56
___„. 99.56
1932,47 (First 40_ _ _ _ Low_ 99.34 99.62
____ 99.56
____ 99.56
Close 99.34 99.62
1
1
Total sales in $1,000 units....
4%s)I
Converted 434% bonds High 99.70 99.74 09.76 99.90 99.90 99.84
Low. 99.62 99.62 99.62 99.66 99.70 99.70
of 1932-47 (First
Close 99.64 99.74 99.70 99.74 99.70 99.70
157
67
189
205
149
47
Total sales in $1,000 units...
__ _
____
____
____
___
____
Second Converted 4%%1High
bonds of 1932-47 (First Low.__
____
____
____
____
Second 434s).. _____ _ Cs
___
____
_ __
____
___
..
_ ___
Total sales in SLOW units ..
99.40 99.48
High 99.52 99.40
_ __
Second Liberty Loan
____ 99.34 99.48
4% bonds of 1927-42.... Low_ 99.40 99.40
_2._ 99.34 99.48
Close 99.52 99.40
(Second 4s)
3
7
Total sales in $1,000 units....
Converted 4%% bonds Hlgh 99.60 99.58 99.52 99.50 99.56 99.64
jLow. 99.50 99.48 99.44 99.42 99.46 99.44
01 1927-42 (Second
Close 99.50 99.50 99.46 99.48 99.50 99.46
434s)
402
666
443
604 1,014
162
Total sales in 51.000 units..,
1111gb 99.86 99.86 99.84 99.84 99.86 99.84
Third Liberty Loan
11Mw. 99.76 99.80 99.72 99.78 99.80 99.76
434% bonds of 1928
Close 99.76 99.80 99.80 99.80 99.82 99.80
(Third 43-4s)
625
811
603
337
559
591
Total sales in $1,000 units...
1High 99.90 99.88 99.84 99.86 99.90 99.88
Fourth Liberty Loan
434% bonds of 1933-38 Low. 99.80 99.70 99.76 99.76 • 99.80 99.82
Close 99.82 99.86 99.80 99.84 99.84 99.82
(Fourth 434s)....
981 1,261 1,055
601
962 1,351
Total sales in $1,000 units...
High 100.64 100.62 100.60 100.60 100.60 100.60
Victory Liberty Loan
454% notes 01 1922-23 ILow. 100.60 100.54 100.52 100.54 100.56 100.54
Close 100.62 100.56 100.56 100.56 100.56 100.56
(Victory 4348)
421
757
827
747
525
652
Total sales in $1.000 units...
354% notes 01 1922-23 High 100.04 100.02 100.02 100.06 100.02 100.02
ILow. 100.02 100.02 100.02 100.02 100.02 100.02
(Victory 3348)
Close 100.04 100.02 100.02 100.02 100.02 100.02
2
198
26
30
20
42
Total sales in 11.000 units_ _ _
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
193
13
1
88
98.92 to 99.30 162 3d 41-4s
99.30 to 99.42 284 4th 434s
114 Victory 434*
99.00
99.30 to 99.50 20 Victory 33-45
1st 3%s
•
1st 434s
1st 2d 434s
2d 434s
99.64 to
99.64 to
100.34 to
99.80 to
99.70
99.72
100.56
99.90
Quotations for U. S. Treas. Ctfs. of Indebtedness. Etc.
Maturity.
Juno
Aug.
Sept.
Sept.
June
15
1
15
15
15
1922._
1922____
1922_-..
1922._
1924--
Int.
Rate.
Bid.
Asked.
534%
534%
534%
4%%
534%
4
1005
10034
%
.
100'
100.,(e
10334
100,( Sept.
10034 Dec.
10031 June
,
1007 0 Mar.
4
1035 Mar.
Mar.
Maturity.
151924........
15 1922_
15 1922._
15 1925-15 1926-15 1923____
Int.
Rate. I Bid.
Asked.
534% 103
434% 10041
434% 100
434% 1013-4
1%1101%
,
43
2,1
4,1 0 100%
I on%
10011‘
1003s
4
1017
102154
,
10011 4
-Sterling exchange ruled strong.
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4 4134
44234 for sixty days, 4 4334 Q4 4434 for cheques and 4 4434 @44534 for
cables.
To-day's (Friday's) actual rates for Paris bankers' francs wore 9.0534
9.09 for long and 9.1134.g9.15 for short.
Exchange at Paris on London, 48.50 francs: week's range, 48.13 francs
high and 48.64 francs low.
The range for foreign exchange for the week follows:
Cheques. Cables.
Sixty Days.
Sterling. Actual4.45X
4.44X
High lot' the week
4.4234
4.42X
4.42
Low for the week
4.40
Paris Bankers' Francs
9.23
9.22
9.14
High for the week
Low for the week
9.1134
9.0334
9.1234
Germany Bankers' Marks
0.35%
0.35%
High f.)r the week
0.32A
Low for the week
0.32
Amsterdam Bankers' Guilders
38.43
37.97
38.38
High for the week
38.20
38.25
37.79
Low for the week
-Chicago. par. St. Louis, 15625c. per $1,000
Domestic Exchange.
discount. Boston, par. San Francisco. par. Montreal, $18.0625 per
$1,000 premium. Cincinnati, par.
-Speculation was again active in the
The Curb Market.
Curb Market this week, with the oil issues absorbing most
of the attention. Prices moved upward, many now high
records being established, though the improvement was
modified somewhat by profit-taking. Standard Oil shares
were particularly prominent. Standard Oil (Indiana) advanced from 1003/ to 10934, reacting finally to 1063/2•
Standard Oil of N. Y. rose from 397 to 426 and finished today at 416. Prairie Oil & Gas sold up from 615 to .633 and
at 615 finally. Vacuum Oil gained 23 points to 435 and
ends the week at 430. Ohio Oil was off at first from 320 to
317, recovered to 332, and sold finally at 330. Among the
4
other oil stocks Carib Syndicate advanced from 51 to 8%
and reacted to 7%. Imperial Oil of Canada improved from
109 to 120 and closed to-day at 118. Internat. Petroleum
%
rose from 203 to 233-i, the final figure to-day being 223 .
Merritt Oil moved up from 123- to 143-' and ends the week
at 14. Mexican Seaboard continues actively dealt in,
registering at one time an advance of over five points to
49%, though to-day it sold back to 45. Salt Creek Producers, from 163/2 advanced to 19% and closed to-day at
193'g. Cities Service coin. gained over 17 points to 242,
the final figure to-day being 237. Industrials were irregular.
Cleveland Automobile sold up from 28 to 313' and closed
to-day at 30%. Durant Motors dropped from 37% to 34
and ends the week at 35. Gillette Safety Razor lost over
eleven points to 205 and sold finally at 207. Glen Alden
Coal was conspicuous for an advance of over 432 points to
5134, the.close to-day being at 51%.
New York Stock Exchange-Stock Record, Daily, Weekly arid Year!'
OCCUPYING FOUR PAGES
fro, sales during the week of sto tre urnalily Inactive, see preceding page
,
1987
PER SHARE
PER SHARE
-PER SHARE, NOV PER CENT.
HIGH AND LOW SALE PRICE
Sales
STOCKS
Range since Jars. 11922.
Range for Previous
for
NEW YORK STOCK
On basis of 100
-Mare tots
year 1921
Saturday,
Friday,
Monday, 1 Tuesday, Wednesday. Thursday.
the
EXCHANGE
April 29.
May 1.
May 2.
WeM.
May 3.
May 5.
May 4.
Lowest
Highest
Lowest
MOM
-,-$ per share $ per share $ per share $ per share $ per share s per share Shares
Railroads
Par $ per share
$ per share $ per share $ per Oars
*1412 20
*15
1912 *15
16
Ann Arbor
*15
*17
20
19
1913 . *17
100 10 Jan 3 207 Mar 6
,,
8 Mar 12% Feb
47
47
47
47 *4612 47
1,700
45
Preferred
/
4
47
4
463 4718 *461 47
100 281 Jan 26 511 Mar 24
*
/
4
20 Apr 3214 Dee
101 10114 1007 10112 101 10112 z9914 100% 12,000 Atch Topeka & Santa Fe 100 914 Jan 3 102 Apr 20
/
4
100 4 1011 10012 101
3
8
/
1
77% June 94 Dec
90
90
90
903
Do pref.
4 01
90
90
9112 9112 2,100
91
907 91
8
100 84 8 Jan 3 913 Apr 22
5
4
75 Jan 88 Nov
/
1
4
37
33 33
333 33
38 37
8
4
4
3% 312 2,600 Atlanta !Wm & Atiantic....100
333 33
4
4
3 Jan 14
4
512 Apr 17
1 Dec
74 Jan
10138 1017 *10012 102 *10012 101
2,800 Atlantic Coast Line RR 100 83 Jan 9 103 Apr 20
8
100 101
101 103
101 101
77 Apr 91 Nov
4714 4712 47
473
4 47% 478 47
100 3312 Jan 27 494 Apr 18
4733 47 478 4718 473 27,200 Baltimore & Ohio
/
1
8
30% Mar 423 May
6034 6118 61
61
01
6114 607 607
Do pref
605 608 '1,200
8
8 61
61
100 524 Jan 11 6112 Apr 17
/
1
47 Mar 564 Noe
/
1
*5912 6012 *5912 62
61
59
59
130 Buffalo Roch & Pitts
1-9
61
59% *5912 62
100 50 Jan 4 61 May 5
4912 Dec 72 Mar
/
1
4
22
221 213 224 22
/
2258 22
4
4
2212 225 26% 25% 2714 66,600 Brooklyn Rapid Transit.._100
8
6 Jan 4 2714May 5
6 Dec 14
/ Jan
1
4
20
2018 19
Certificates of deposit
1912 193 193
4
4 197 197
8 198 228 2112 23 22,900
Os Jan 11 231 Apr 7
Jan.
3% Sept 10
14134 14178 1413 142% 14134 1423 142 14212 14118 142% 1413 1427
4
8
9.800 Canadian Pacific
4
100 1191 Jan 6 145 Apr 17 101 June 123 Not
/
4
/
1
4
*180 194 *180 194 *180 194 *180 194 *180 194 *180 190
Central RR of N J
100 184 Mar 31 192 Feb 17 186
Oct 209 Mar
6514 653
5,700 Chesapeake & Ohio
647 05
8 647 65
65
6414 6514
658 6412 65
100 54 Jan 10 6618 Apr 10
66 June 6512 May
9
014
918 914
/
4
81 84 5,500 Chicago & Alton
83
8%
84 913
8% 84
100
15 Jan 24
914 Apr 10
4 Nov
8 4 Jan
3
1712 173
18
1712 18
4 13
Preferred
1712 173
1712 1712 3,400
173 173
100
3% Jan 25 193 Apr 10
4
64 Dec 12 Apr.
13 3514 374 3
14 355 3714 3714 3914 05,600 Chic & East Ill RR (new)____
34
353
4 3213 34
1233 Jan 26 3914May 5
64 37
134 Dec 18 Nov
/
1
4
5712 583
16,700
4
4 557 571/4 573 58% 5612 57
Do met
4
57% 573 59
55
32 Jan 30 59 Apr 28
334 Dec 37 Nov
95 Apr 29
85g 958
9
918 13,800 Chicago Great Western_100
/
1
938 95
56 Jan 11
912 95
8
918 94
918 938
8
614 Dec
94 May
22
2312 223 233
224 2212 9,800
Do pref
225 2314 2212 23
4
2212 223
8
4
100 1412 Jan 31 2312 Apr 12
14 June 207 May
8
11,000 Chicago Milw & St Paul100 17 Jan 9 293 Apr 18
27
27
2712 27
28
27
278 263 273
4
4 267 2714 26
4
/
1
4
1714 Dec 31
Jan
44 • 443
18,300
44
4512 4312 4438 43
Do pref
4318 44
4433 4312 44
47 Apr 13
100 29 Jan 10
294 Dec 464 Jan
/
1
7434 7512 7434 751
7478 7538 6,300 Chicago & North Western_100 59 Jan 9 767 Apr 20
7412 7512 7433 7533 743 7514
4
8
6018 Apr 71
Jan
109 109
700
Do pref
109 109 *108 110 *108 110
1094 10934 *108 110
100 100 Jan 9 11212 Apr 17
95 July 110 Jan
4512 4614 4532 4618 458 464 45
4434 453 37,900 Cblo Rock Id & Tao
4
46
4434 46
100 3034 Jan 11 4814 Apr 20
225 Mae 35 Sept
3
97
9512 96
97
000
7% preferred
955 9612 9512 9512 9534 9534 *9412 9512
100 83 Jan 10 97 Apr 28
/
1
4
6834 Mar 895* Dee
83 83
6% preferred
82
8212 82
4 8112 8112 2,100
82
81
817
8 8112 813
/
1
100 704 Jan 9 838 Apr 26
5612 June 77 Dee
62
02
4,900 Chic St P Minn & Om
82
6778 68 68
02
62
62
65
07
07
100 51 Jan 10 68 May 5
60 June 63 Jan
*6312 65 . 65
65
6412 6412 *6412 6514 6412 6514 6512 664 1,700 Clay CM Chic & St Louts 100 54 Jan 4 6614May 5
32 June 574 Dee
*8612 90 *8612 8812 *8712 884 *8712 89
Do pref
*8712 89 *8712 89
100 72% Jan 3 90 Apr 18
80 Feb 75 Dee
50
2,488 Coi;,
5034 SO
50
494 "49
504 4912 4912 50
50
49
o
radi, t rerthern
a ti3
100 38 Jan 10 5312 Apr 24
/
1
4
27 Jan 46 Nov
*61
0112 *61
6112 6112 617 *01
03
6112 6112 *61
63
100 55 Jan 16 66 Mar 23
49 Jan 69 Dec
*56
58
*55
58
58
Do
*55
*55
58 "55
58
*55
58
100 49 Jan 3 57 Apr 17
42 Jan 554 Nov
•121 122
300
12134 1213 12012 12012 121 121 *12012 1213 *121 122
4
o re jriudson
wa2d
4
100 1063 Jan 4 12212 Apr 8
4
90 Apr 11012 Nov
116 116
116 116
115 11512 11514 11533 115 11514 2,500 Delaware Lack
116 116
Western.. 50 103 Feb 14 11934 Jan 5 93
Aug 249 May
*414 5
*434 514
5
5
5
ns Duluth S
5%
4 53
4
53
4 53
4 *43
6 Apr 25
100
233 Jan 27
11 Mar
412 Jan
/
4
97 10
10
*9
10
*914 93
*933 .10
*914
9% 9%
100
33 Jan 7 1012 Apr 18
4
7 Jan
/
1
4
353 Nov
14
14
d 2
135s 1414 137 1414 1333 14
3
1312 138 1333 1 378 1m83 Erie
100
4
7 Jan 9 143 Apr 26
10 Dec 15 May
/
1
4
234 2312 2233 2333 23
/
1
2312 24
235 24
Do 1st prof
234 2314 231
100 1118 Jan 9 25 Apr 26 154 Dee 221 May
/
4
*1514 16
1512 2,900
8 1534 157
4
153 157
1518 1533 1514 15%, 15
Do 26 pref
718 Jan 10 167 Apr 26
100
10 Dec 15
/ Jan
1
4
8,200 Great Northern prat
747 75% 7433 7512 7433 7514 75
41 7518 76
753
4 751 753
/
4
100 7014 Jan 10 8033 Mar 14
60 June 7914 Dee
395 397
3938 398 3914 40
2 3933 40
Iron Ore properties_No par 3138 Jan 6 455 Apr 13
4 3912 3958 11,400
394 393
2
255 June 3412 Nov
/
4,000 Gulf Mob & Nor tr ctfs___100
*164 17
17
1812 175 183
8
1712 17
1714 168 17
4 16
5 Jan 4 1834May 2
4 Dec 1112 May
/
1
4
38
38
39
39
*3812 39
Do pref
38
383 *35
3712 3712 3712 1,500
4
100 16 Jan 5 39% Apr 26
15 Dec 26 Feb
10612 107
107 1073 107 10712 10612 1067 107 10733 z104 10512 3,400 Illinois Central
4
8
/
1
4
100 97 Jan 3 109% Apr 18
8512 Mar 1004 Nov
33
212 23 31,600 Interboro Cons corp._No par
312 333
4
212 278
8
3
212 27
23
4 318
5 Apr 8
118 Dec
1 Jan 10
5 Jan
/
1
4
9
9 14
533 614 60,000
633 • 7
Do pref
63
4 812
534 67
63
4 712
100
3 Jan 5 1234 Apr 8
/
1
4
/
1
4
3 Dec 16 Jan
2812 28'e 2814 2834 284 2833 28
8 277 284 8,000 Kansas City Southern
2812 2818 285
100 2218 Jan 11 3014 Apr 25
1812 Feb 28 May
/
1
4
500
"58
*5768 58
585
8 5812 5812 5818 5818 58
5814 58 58
Do pref
100 5234 Jan 3 5912 Apr 26
4512 Jan 55 Nov
2,200 Lake Erie & Western
4
17
173
4 1614 17
4
1712 163 164 *163 173
178 1712 17
4
100 10 Feb 2 203 Apr 27
10 Mar 144 Jan
35
353
4 34
Do pref
3414 337 343
3512 *34
348 3414 3412 2,400
4 34
100 28% Feb 8 39 Apr 27
17 8 Aug 30 Dee
5
6212 634 12,600 Lehigh valley
6212 6234 6212 6318 6212 63
6214 6314 6212 627
ao 56% Jan 3 0532 Apr 10 471 June 601 Dee
/
4
/
4
400 Louisville & Nashville.
119 119 "118 120 *118 120 *118 120 "118 120
119 119
.__100 108 Jan 9 I2153 Apr 25
97 Apr 118 July
55 40,500 Manhattan By guar
51
5038 5012 50
5212 523 5514 5378 5578 5212 5412
4
7
100 35 Jan 6 55 8May 3
32 Dec 5812 Jan
800 Market Street By
*8
9
8
4
8
4 73
73
4
4 71
73
812
*812 914 *8
100
34 Jan 28 11 Mar 14
7 May
2% Dec
3912
IOC
"36
39 .38
43
39
*38
43
*39
41
43
*38
Preferred
100 17 Jan 9 5014 Apr 11
12 Aug 181* May
63
63 63
2,400
63 644 63
633 6412 64
4
Prior preferred
043
4 64 64
100 3512 Jan 7 87 Mar 14
27 Aug 4512 may
/
1
4
8
*27
30
500
*27
29
28 2812 "2712 2812 2812 2812 277 27
2d preferred
100
414 Aug
5 Jan 9 32 Apr 10
/
1
4
8 May
/
1
4
1312 14
1333 1412
8 1318 1314 12,000 Minneap & St L (neto)
/
4
1312 137
/
4
131 1338 131 133
512 Dec 148 May
5 Jan 8 1412 Apr 29
100
4
*60
62
604 604
*60
400 Minn St P & S S Marie.
6112 60 60
62
*60 62
*60
..100 5912 Apr 20 713 Feb 27
4
63 Aug 7412 Nov
"75
85
*75
85
*75
85
85
*75
*75
85
85
*75
Do pref
100 82 Apr 10 90 Jan 17
83 Aug 93% Nov
4
1212 1212 1212 1112 1112 1112 1112 114 113
4 103 1114 3,200 Missouri Kansas & Texas_100
1233
35 Jan 18 1212 Apr 29
I Dec
3% Nov
15
*12
*13
15
*1214 15
15
*12
15
"12
15
*12
Do pref
9 Apr 20
Jan
100
2 Dec
5% Jan
4 1733 183
4 173 18
1833 183
173 56,700 Mo Kan & Texas (new)
4
4
1733 1818 174 1818 17
4
111 Ja
:Jan
8 Dec
9 Dee
/
1
4
7 j n 6 183 Apr 28
4112 42
4234 4338 4114 43
4118 4218 404 4114 4033 4112 5,800
Preferred (new)
2412 Jan 27 435 Apr 28! 2234 Dee 26% Dec
2412 2434 24
4
243 247
9,500 Missouri Pacific trust etfs-100 18 Jan 10 25 Apr 18
2433 2312 2414 2333 2414 2333 24
/
1
4
16 Mar 281 May
4
5712 57
57
/ 67
1
4
4
57
5712 563 5714 10,400
5714 57
5712 57
Do pref trust ode
33 Mar 694 Not
/
1
4
100 44 Jan 10 5934 Apr 17
53
57
5% 612
58 53
7
7
6
4 1,400 Nat Rye of Mex 2d pref..-100 547, Jan 2
53
• % 57
*534 57
6% Apr 21
18
0
2 4 Dec
3
ISos Feb
3
68 68
*66
6612 67
*6612 68
68
68
*66
*66
68
800 New On Tex & Mex v t a...100
69 Apr 20
48 June 77 Feb
12
91
8912 9033 8914 90
89
9012 91
90 4 893 9012 90
3
15,800 New York Central
64% June 76 Dec
/
1
4
100 72 Jan 4 92% Apr 17
69
4 69
4
69
673 6878 2,200 N Y Chicago dr St Louis_ -100 511 Jan 5 693
693 *68 69
6714 6712 68 693
4May 1
/
4
39 June 611 Sept
/
4
80
*79
83
*79
83
80
83
*79
83
.
78
*79
83
100
First preferred
100 72 Jan 6 80 Feb 28
58 July 71 Dee
75
75
70
4
733 733 *7518 76
4
75
75
*74
7512 75
500
Second preferred
/
4
100 611 Jan 5 76 May 3
54 June 6812 Sept
2738 2812 278 284 2714 2812 2714 2812 274 2912 81,700 N Y N H & Hartford
/
1
/
4
281 29
12 Nov 234 Jan
100 1212 Jan 5 2912May 5
4
4
8
277 278 273 2812 273 2814 2712 28
273 28 8 28 2812 6,300 N Y Ontario & Western_ _.100 19 Jan 9 2912 Apr 10
8
,
16 Mar 23 Sept
/
1
4
/
1
4
*1834 19
4
*1834 1912 1912 1912 *183 19
187 1914 *183 19
3
4
300 Norfolk flouthern
814 Sept 13 May
/
1
4
100
8 Jan 3 2012 Apr 3
/
1
4
/ 10712 107 10712 10612 10714 10(312 10714 10612 107
1
4
107
10634 107
4,100 Norfolk & Western
88 June 104 Feb
/
1
4
/
1
4
100 9614 Jan 9 108 Apr 25
80
*76
*76
79
80
*76
80
80
*76
*74
80 .76
Preferred
62 June 743 Dec
4
100 72 Jan 9 76 Apr 20
7612 7718 7612 77
77
7612 7718 7,500 Northern Pacific
/ 7614 7618 7612 70
1
4
75
6114 June 88 Jan
/
1
100 744 Jan 10 8212 Mar 15
4 4114 4133 4133 4112 4112 42
4112 415g 4133 413
417 42
8
21,900 Pennsylvania
ao 3314 Jan 3 43 Apr 7 321 June 41/ Jan
/
4
1
4
*1412 1512 *14
16
*15
1512 *14
*14
16
*15
15
15
Peoria & Eastern
100 10 4 Jan 14 193 Mar 9
a
8 Nov 12 Jan
3
293 3012 30
4
3113 3114 3213 21,400 Pere Marquette v t o
8
307 3114 3012 3138 3014 31
15 Mar 23 May
/
1
4
/
1
4
100 19 Jan 10 3212May 5
7512 7512 7412 75
76
*75
7414 7414
74
7412 743
4 74
900
Do prior prof v t o
4
50 Apr 65 Dee
/
1
4
100 83 Jan 17 763 Apr 20
68
6712 6734 6778 68
68
68 68
67 68
678 68
*
1,700
6 02 Apr 25
,
Do pref v t c
100 504 Jan 6
35 . Jan 6634 Dee
337
333 338 3318 34
5 341 3312 34
3
33
33
/
4
33
3412 12,200 Pittsburgh & West Va
23 Oct 32 Jan
100 23 Jan 27 3512 Apr 25
898 90
*8612 90
90
*87
90
*86
90
90
88
88
400
Do Drat
70 Mar 80 Dec
100 76 Jan 13 9012 Apr 25
778 77
4 77
773
7858 77
777
3 778 78% 19,700 Reading
7612 7714 77
ao 71% Jan 3 80% Apr 10 804 Jun 8914 Jan
4414 444 4414 4414 *44
/
1
*4414 45
45
45
45
*44
45
300
Do 1st prof
ao 43 Mar 27 4814 Jan 18 364 June 55 Feb
*46
47 "46
4612 4612 *4012 47
47
*4612 49
467 4712
8
900
Do 2d pref
50 45 Jan 27 5138 Jan 20
884 Aug 57 4 Jan
5
3014 307
3112 3034 3133 3038 31
31
,, 3038 3118 3038 303 14,000 St Louis-San Fran tr ctfs 100 20% Jan 15 3112 Apr 29
4
19 Mar 2584 Aug
/
1
4
*5112 52
5134 52
5113 52
5112 52
*51
52
52
*51
1,000
Preferred A trust ctis___100 2088 Fan 3 52 Apr 22
36 jeb 1
27 June 8912 Nov
/
1
4
8 3033 3033 30
307 307
8
/
1
3012 3018 3012 3,200 St Lolls Southweetern____100
31
3133 304 31
3214 Apr 21
1912 June 304 May
4
4814 4753 473
473 4814 473 4812 48
4
4734 48
4 473 4814 5,100
4
Do pref
100 32% Jan 10 5034 Mar 3 28 June 61
Jan
714 712
712 758
r8 8
712 714 4,800 Seaboard Air Line
812
838 *8
8
4
100
7 May
is Jan 13 10 Apr 15
/
1
4
• Oct
113 12
1112 12
4
/
4
1314 *121 13
4 12
113 113
13
4
12
Do prof
3,900
4
143 Apr 15
100
3 Dec 121 May
/
4
807 9014 863 9 8
8
90
4 90
8
4 0
897
9114 903 9214 53,315 Southern Pacific Co
894 90
8
100 784 Jan 10 92143.1ay 5
Jan
674 June 101
2412 2514 23% 2414 243 25
4
4
243 2533 243 2514 2434 25
4
17,140 Southern Railway
100 1714 Jan 10 2534 Apr 26
Ire June 247 Jan
2
8 5714 577
57
571/4 5733 573
57% 5812 5712 583
5714 575
4,300
Do pref
100 48 Jan 10 5938 Apr 24
42 June 60 Jan
333 3412 335g 3458 34
4
3414
3538 344 343 14,300 Texas & Pacific
3312 3433 34
/
1
4
100 24 Jan 5 36 Apr 21
/
1
4
16% Jan 2784 Dec
234 2314 2314 2312 2318 2384 23
23% 24
243
4 5,600 Third Avenue
2433 23
124 Aug 2033 Mar
100 14 Jan 5 2538 Apr 25
as
13 Jan 20 1812 Feb 3
8 Apr 17 Nov
3j3
i 4 jfs 5134 3183 -52- ---- -55- --312 -51 - - - -1,565 Tol St LB West tr recta
33
-51i4
3
Series
3i
14 Jan 24 331sMay 4
16 Aug WI; Nov
23 Jan 18 3113 Feb 3
--i1- .15- IC -i8i4 -- - -i51-2 '44 -4W2 45b- - -2-,550 Preferred tr recta
4 2 7
453;
-8
224 Jan 20 46 Apr 2'J
49
49
4914 49
4812 50 *484 4912 49
.
4918 488 487
700 Twin City B
8
S"iea Rapid Transit__100 34 Jan 12 5012 Apr 18
814 Dec
ei;
4
1371p 1377 1373 138
1373 13834 13714 13812 8,000 Union Pacific
13712 1384 1374 138
4
100 125 Jan 10 14014 Apr 18 111 June 1814 Nov
/
1
76
7414 75
*74
76
*74
76
*74
7438 747 747
748
600
Do prat
100 7114 Jan 7 76% Apr 21
8214 July 7412 Dee
1512 16
1612 *1512 16
16
157 1634 1614 1718 3,400 United Railways Invest
8
1614 1614
• Aug 1214 Mar
100
712 Jan 6 19% Apr 11
3118 *314 3112 3112 3212 32
31
32
32
3212 32
3212 2,300
Do pref
100 2014 Jan 9 3612 Apr 11
17 Aug 28 Mar
114 1118 1133 1118 1153 1118 1112 10
1114 11
11
/ 1112 21,800 Wabash
1
4
sMay 3
6 Jan 30 113
6 Dec
/
1
4
100
9 Ma,'
3234 3112 32
3113 32
8 32
311 3134 313 32
323
32
16,988
Bo si;et ft
o
ef
100 19 Jan 25 3458 Apr 17' 18 Mar 2412 May
213
4 2114 2114 2112 2112
2112 2112 21
2112 *2114 22
*21
100 123 Jan 25 22 Apr 24
4
12 Mar 15 Nov
/
1
4
6
/
1
4
1112 1158 1118 1112 1118 1133 1118
1112 12
1158 12
1133 6,400 Western Maryland (new) 100 1814 Jan 30 12 Apr 29
3 un17
838 Dec 114 May
s 197 203
8
1933 195
8 2018 2058 2018 203
/ 21
1
4
20
2012 21
8 3,700
Do 2d prof
21 Apr 29
100
1414 Dec 21 May
2212 22 ' 22
224 2233 2212 2233 2212 22
22
*20
22
2,400 Western Pacific
/
4
100 141 Jan 30 24% Apr 24
15 Dec 1107 May
2
61
624 6314 61
83
6212 63
63
6112 62
63
63
1,500
Do prof
8
914 jan 1
100 515 Feb 4 6412 Apr 21
5112 Dec 704 Jan
8
1112 1233 117 123
4 12
1232 1218 1234 22,100 Wheeling & Lake Erie Ry_100
1278 1238 13
12
8 Feb 2 13 May 1
814 Dec 114 May
221 2312 223 2314 23
/
4
4
23
233
4 2212 23
2312 24
2312 0,400
Do pref
24 Apr 29
100
1212 Dec 1912 May
*29
31
31
29
29
*2912 3012 *29
*29
31
*29
31
200 Wiconsin Central
100 25 Jan 10 3314 Mar 13
23 Oct 37 May
12
p
Industrial & Miscellaneous
*64
653 *64
4
66
_412 *04
65
_ _12 6
64
6414 0434
,14
400 Adams Express
100 48 Jan 12 69 Mar 20
264 Jan 53$4 Dee
1811 1812 17
/
4
1813 18% 1653 1853 19
2,300 Advance Rumely
19% Apr 24
1012 Dec 193 Jan
4
4833 4833 4812 4812 :4634 4812 *• 634 •j14g1s
11
)
17
484 484 484
300
Do prat
Ln 2 50 Apr 12
an
MI
314 Dec 524 Feb
56
*54
56
*55
56
6338 55
17% 1778 5718 5578 *5514 5734 13,20 lr Red ubtlon. Ino----No par 4512 Jan 3 5714 Mar 28
1438 17
17
16
50 A ax Ru a ber lnc
0
30 June 60 Dec
173 17%
8
1713 1714 18
15 Dec 8912 Jan
10
/
4
/
1
4
60 131 Jan 16 18% Apr 25
173852
52
5
523
8
5
152
8
*hi
3
4
5
8 58
1,800 Alaaka Gold Mines
3
112 Feb
5534 Jan 13
14
14 Dec
3 Mar 15
4
112 112
112 112 *111.
112 112
112 112
2 114 4,300 Alaska Juneau Gold Min'g
1
3
2
Jan 24
153 112
11 Apr 29
/
4
12 Oct
13 Feb
4
4 67
673
8 663 67% 6718 08% 18,100 Allied Chem & Dye--No par
8
6612 6614 6034 6612 673
66%
69% Apr 6
/
1
4
34 Aug 59 Dee
*1061 10714 10718 10718 *107 108 *107 10712 1073 10733 10712 10712
/
4
300
Do pref
/
4
100 101 Jan 3 1091 Mar 24
3
83 June 103 4 Dee
5032 4912 50
4
4814 49
4
13,100 Allis-Chalmers Mfg
18% 81 12 2 23 *21 180% 50
1
37% Jan 4 52 Apr 22
100
2814 Aug 39 4 Dee
8
0
9914 9914 99
99
98
99
1,150
6713 Aug 90 Dee
Do prof
100 8612 Jan 5 100 Apr 21
3914 3934 3958 4038 3912 4038 393 4034 6,100 Amer Agricultural Chew. 100 293 Jan 3 417 Mar 10
4
3938 40
38% 39
/
1
284 Aug 65 Jan
4
/
1
4
8
•Bid and asked prices; no sales on this day. 2 Ex-rights. I Less than 100 shares. a Ex-dividend and rights. z Ex-dividend. b Er-rights (June 15) to subscribe
share for share to stock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% In stock (Aug. 22).
64
*18
*4712
*55
4
11°7
1988
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually inactive,see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT
-.
-.
Friday.
Monday,
Tuesday, Wednesday. Thursday,
Saturday,
May 5.
May 4.
April 29.
May 1.
Map 2.
May 3.
-,
-1 per share $ per share i Per share $ per share $ per share $ per share
*6714 68
6734 68 8 6814 6812 68 087
7
* 68 684 68 68
72
*88
*88
72
no
7314 71
*68
71
*68
72
71
*51
55
*51
55
55
'212 5412 .5113 54
*51
55
*51
4014 3912 40%
4
4012 4012 4018 41
4012 4013 *4012 403 *40
81
8212 *72
*72
*70
73
*72
74
*72
74 .72
82
4434 4513 4514 4612 4518 4534 4612 484 474 4812 464 4712
611
6113 8214 *60 6213
60
*8014 62
6012 *61
61
62
105 105 *103 106 *103 108
*102 105 *102 105 *103 105
48
4734 48
4713 4914 4814 495
8 483 4912 483 49
4
484
4
4
*104 105 *104 105
104 4 1043 *104 1043 1044 1043 *104 .1043
4
3
4
4
161 16114 16012 16113 160 8 16112 162 16278 18218 16212 1613 162
7
4
4
*11812 ____ 120 120 .11813 ____ *118 1193 *11912 1193 11912 11912
14
7
.124 1214 1214 1213 1212 1318 1316 14
1312 13 8 13
2478 26
28
267
2814 27
24 4 247
3
8 245 2512 2434 25
8
58 *55
58
57
56
.5i
58
57 *55
50 5514 *55
57
6
6
6
6
6
6
6
8
6
*6
618
•13713 139
1381 14013 *138 140 *13713 14012 *13712 140 *138 140
1434 1518 143 15
4
1514 151
15% 15 4 1512 1512 1514 153
3
4
6712 6814 663 6713
6912 691
6912 6913 69% 695 *68 69
8
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range sines Jan. 1 1922
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
per share
per shard
i per share
Jan
69 Mar 10
51 Aug 90
464 Jan 564 Dee
7712 Apr 7
434 Jan 504 Dee
54 Mar 3
4313 Mar 15
244 Oct 51 Feb
54% Dec 747 Jan
3
72 Mar 10
49 Apr 11
294 Aug 6514 May
Jan 5058 Dec
638 Apr 22
42
10612 Mar 17
4
883 Jan 100 Dec
5014 Apr 11
234 June 354 Dec
8
1057 Apr 22
763 June 97 Dec
4
164 Apr 15 11514 June 15114 Deo
12018 Feb 23 108 May 1164 Dee
14 May 5
64 Nov 29 Jan
15% June 24 4 Nov
,
274 Mar 17
Apr
354 July 67
58 May 4
613 Jan 23
4 June
8 4 Jan
,
14312 Apr 22 114 July 187 Dee
173 Apr 13
8 Apr 16 Dec
404 Feb 62% Deo
7212 Apr 13
11412 Mar 22
42 Jan 8315 Dec
8214 Feb 14
57 Jan 7314 Nov
48 Apr 17
2114 Aug 533 May
8
8
1213 Apr 18
7% Aug 111 Apr
364 Apr 6
1714 Aug 624 Jan
3
594 Jan 17
397 Aug 93 Jan
8May 2
1173
734 June 110 Dec
118 Mar 13
984 June 115 Dee
9912 Apr 28
6638 Jan 91 Nov
313 Aug . 10 Jan
8%
6
Jan
414 Aug 14
5 j n 31 1812 Al;26
3 Ja an 3
%
8
295 Aug 4714 Dee
4318 Jan 8 5912 Apr 17
6314 Aug 90 Dee
864 Jan 4 984 Mar 21
63 Jan 88 Dec
87 Feb 8 93 Apr 12
95
Jan 114% Dec
10913 Jan 3 138 Feb 16
18 Aug 35 Dec
30 4 Jan 26 4018 Apr 24
3
78 Aug 9514 Dec
91 Feb 8 100 Apr 24
Jan
76% Apr 21
47% Oct 90
544 Jan
6713 Oct 10714 Jan
84 Jan 3 10214May 5
2314 Feb 14 3613 Apr 18
2813 Dec 88 Max
6434 Nov 91% Feb
524 Jan 27 71 Jan 16
953 Jan 1194 Nov
4
1144 Jan 4i 12412 Mar 14
12918 Jan 51 14312MaY 5 11113 June 136% Deb
86 Aug 9913 Dec
100 9813 Jan 3 10214 Mar 1
Do pref (new)
8
*10114 10133 10114 10133 10138 10133 10134 10133 *1013 10112 10114 10134 1,500
Jan 1311i Dec
Do common Class B___100 126 Jan 3 139 May 5 110
9,200
1363 13712 137 13738 13713 139
4
4
4
1353 13633 1353 13614 13613 137
64 Oct
4 Sept
0 Jan 7 14 Apr 17
1238 1,600 Am Wat Wks dt El v t c_-100
12
13 13
13
13
1314 1312 1314 1314 1112 13
48 Sept 66:3 Dec
100 67 Jan 4 84 Apr 13
let prat(7%) v t c
8412
*80
85
*80
85
*82
85 *80
85
*813 8412 *82
4
84 Sept 20 Dec
100 1714 Jan 4 32% Apr 12
Panic pref (6%) v t o
3018 1,700
*3134 3212 2933 3112 30
33
8
317 3214 32% 327 *30
9013 Jan 9614 June
Am Wholesale Corp, pref..100 89 Feb 21 95 Jan 21
*90
93
93
*90
93
*90
93
*90
93
*90
93
*90
8
57 Feb 834 Dee
100 784 Jan 10 953 Apr 17
9313 923 94% 23,300 Amer Woolen
4
4
913 9214 91% 9214 913 92% 9153 9212 92
4
93 Feb 1044 Dec
100 10212 Jan 11 1084 Mar .8
Do pref
540
4
1063 10638 *105 10712 10638 1063 *106 10612 10618 10618 10612 1063
8
8
2011 Aug 3913 Jan
333
4 1,900 Amer Writing Paper pref. 100 2213 Jan 13 3718 Apr 15
35
347 347
3
8 333 333
4
4 33
33
34
33
323 33
4
1334 Sept 14% Dee
194 1814 1814 4,800 Aner Zinc, Lead & Smelt_ 25 121a Jan 3 198 Apr 24
18
19
19
1933 1918 1938 19
1934 19
8
2278 Aug 4078 Dec
25 36 Jan 18 447 Apr 24
Do pref
900
43113 4313 4312 4358
4434 434 44
4134 413 *40
4212 *44
4
4
813 Aug 5038 Dee
3
53
533
4 523* 5314 39.300 Anaconda Copper Mining_ 50 47 Jan 31 5412 Apr 17
1 533
53 533
4 527 54
54
3 53
52
24 Jan 504 Dee
4 5,000 Associated Dry Goods_ _ _ _100 43 Jan 5 574 Mar 17
4
5712 57 5714 55% 57
553 567
4
3 553 553
,
5 12 56 3 57
55% Jan 7634 Dec
100 75 Jan 8 8312 Apr 19
Do 1st preferred
8
3
2
*82
84
84 .82 83 ;012 84
84
*82
83 *82
*82
45 Jan 78 Dec
100 76 Jan 17 84 May 3
Do 2d preferred
100
*84
84
*84
*82
84
84
84
*82
84
*82
91 Sept 1074 Mat
100 99 Jan 81 13512May 3
-1ii- 128 12li - 9,000 Associated 011
128 13512
118 11814 119 11984 11812 126
134 Oct
9 Jan
512 Apr 17
24 Jan 3
No par
4% 412
414 4%
4
4%
418 453
414 438 19,900 Atlantic Fruit
4
414
8May 3
18 June 76
Jan
4
353
8 353 3814 374 3833 3638 3712 3618 3612 40,700 Ati Gulf & W I SS Line...100 2312 Mar 2 385
3212 3414 34
15 4 June 6413 Jan
,
100 1813 Mar 6 277 May 3
Do pref
26
10,800
2612 *25
2312 2312 2438 2413 2712 2612 2773 26
23
10 Aug 25% Dee
25 21 Jan 10 234 Feb 9
Atlantic Petroleum
100 900 Mar 7 1145 May 1 a820 June a1125 May
56
-Ii1145 140 1100 nig' ii§1000 Iiiii *Ha' Ilia- '1050 iioo .ioio ilia ----.ii Atlantic Refining
100 113 Jan 9 117 Feb 28 103% July 11313 Nov
Preferred
400
11514 1154 11514 11514 *114 11512 11514 11514 *114 11514 *114 115 I
813 June 1314 Jan
.No par
94 Jan 5 28 Mar 25
2512 2638 9,700 Austin Nichols & Co..
2514 2612 2512 25% 2512 26
24 4 2434 2414 25
3
50% Aug 70 Jan
100 68 Jan 9 85 Mar 16
Preferred
84
300
84
*84
85
85
85
84 84 .82
85
*8413 8512
314 Dee
24 Sept
7 Mar 17
41$ 412 *4
Jan 3
312
50
*4
5
600 Auto Sales Corp
5
418
418
4 434
5
43
*4
Jan
10 Apr 15
10 12 May 3 1512 Mar 16
Preferred.
14
800
15
14
1412 12
13 .12
13
14
14
14
*12
6214 June 100% Dee
8
118% 120
1173 11914 11718 1184 117 1187 74,800 Baldwin Locomotive Wks..100 9312 Jan 13 120 May 2
4
8
4
1153 11634 1157 1183
4
95 June 2105 Dec
4MaY 5
100 104 Jan 13 1123
Do pref
400
4
4
.11218 113 .112 113 *112 113 *112 11213 1124 11212 1123 1123
29 Jan 41 Aug
No par 40 Jan 19 52 Apr 22
*50
52
500 Barnet Leather
52
5012 52
51
50
50
52
*513 52
4
*51
70 Jan 86 Dec
Preferred
100 89 Apr 12 00 Mar 16
*88
96
*84
94
*88 94
*88 91
*8.5
96
.88
94
20 Dec 27 May
5213 533* 29,700 Barnsdall Corp. Class A...25 1933 Jan 16 5014 Apr 28
5212 54
4 5214 5414 5214 54
5418 5512 534 543
Jan
141 JE10 35
4
25 1914 Jan 9 39 Apr 27
5,900
Class B
35
3812 3612 3512 358 34
3534 37
4 363* 38
37 383
13
Jan
1
158 Mar 23
13 Aug
20
4 Jan 14
1
113 1,300 Batopilas Mining
113
118 lig *1
1
Ps
118 *1
118
*1
3913 June 8213 May
75 • 1,200 Bethlehem Steel Corp....100 81 Jan 10 'M4 Apr 11
7412 *74
7512 74
7414 7414 744 7418 74
*74 4 75
3
4114 June 05 May
4
Do Class B Common...100 5513 Jan 3 803 Apr 10
773 788 77% 7812 28,300
4
7818 79
79
78
7812 7912 78 79
87 June 9314 Jan
8
100 907 Mar 7 101 Apr 15
Do prat
1,000
997 997
100 100
4
8
4 993 100
9912 99 8 *995 993
7
.99 100
90 June 112 Sops
200
Do cum cony 8% pref_100 104 Jan 4 11312Nlay 2
11212 11212 *11212 113
8
11312 11312 *1127 113
•112 114 *112 114
713 Dec
3 Aug
9 8 Feb 10
3
No par
43 Jan 10
4
Booth Fisheries
7
7
5,000
73
8
67
612 712
6
64
6
6 8 638 *8
3
814 Dee
9 Dec
813 Jan 9 13 Apr 15
British Empire Steel
100
12
*10
*10
12
*10
12
12
*10
*10
12
•____ 12
55 Dec 58% Deo
4
100 58 Mar 2 763 Apr 15
1st preferred
75
75
300
76
7512 7512 *75
*74
78
7512 7511 7512
*73
22 Dec 23% Dec
2d preferred
100 1913 Mar 17 2914 Apr 12
*26
27
*2513 27
*26
27
*2513 27
*2513 27
.2512 27
88 Jan 101 Dee
100 100 Jan 3 110 May 5
1,500 Brooklyn Edison, Inc
4
1073 110
10618 107
107 107
107 107
105 105 *105 107
Jan 7613 Nov
51
4May 5
100 70 Jan 31 1033
10512 1044 10634 3,400 Brooklyn Union Gas
104
100 10012 10012 10112 10013 10012 100 105
8
83 Feb 463 Nov
100 42 Jan 16 51 Mar 20
Brown Shoe Inc
4812 *46
48
*47
483 *47
4
.4713 48
47
484 *4712 49
24 Aug
478May 1.
54 Jan
24 Mar 3
*4
513
900 Brunswick Term & Ry Sec 100
*413 518 *412 5
5
43
4 4 3 *4
7
414 4%
8114 Jan 1224 Dee
100 1131s Jan 10 138 May 4
1363 13712 30,500 Burns Bros
4
3
133 134 x1313 1334 133% 13414 134 1373 13314 138
4
314 Deo 333 Dee
4
5
28% Jan 19 43 sMay 3
New class B corn
4353 4134 435
8 4214 423 14,800
4
1
4053 4053 *3912 403
4 4014 40 3 41
sMaY 1 28734 Deo 90 Nov
1,100 Bush Term Bldgs, pref._ - _100 8714 Jan 3 975
4
97 9712 973* 975* *99 100 *961 9713 9633 983* 963 97
614 Dee
7% Apr 34
34 Aug
514 Mar 1
Butte Copper & Zino v t o. 5
7
Vs
7
7 1s
713
7
74
6 2 74 4.300
7
634 6 4
3
7
1412 Jan 3334 Dee
100 2712 Apr 19 34 Feb 3
4 1,400 Butterick
4
4
4 28% 2812 .2814 2812 273 2812 273 278
287 28% 2813 283
8
1014 June 22 Dee
10 20 8 Jan 4 317 Apr 22
3
307 11,700 Butte & Superior Mining
8
3012 3133 303* 3012 30
4
29 293
4 293 313* 3033 31
784 Aug 1933 Apr
1334 1333 14
1314 1414 1353 1355 7,200 Caddo Central 011.1tRef No par 1014 Jan 11 1518 Apr 15
1312
1314 1373 1313 14
5354 July 74 Nov
4 5,800 California Packing_.,..No par 68 Jan 11 8078 Apr 25
7812 784 793
80
7838 7912 78
7912 78
8012 79
'80
25 Jan 505 Dee
100 4318 Jan 10 593*NlaY 3
5814 27,600 California Petroleum
5612 57
57 593
573 5912 57
4
553 5612 0358 571
4
684 Jan 88 Dee
100 83 Jan 3 9813 Apr 17
Do pref
1,600
97
95
9512 96
96
9133 *96
4
95
95
'9514 9512 95
734 Apr 24
711 Jan
514 Feb 14
10
33* Aug
712 734
73* 73 22,700 Callahan Zino-Lead
73* 73
718 712
714 712
7
718
*59 60
1,100 Calumet Arizona Mining-10 5734 Apr 5 624 Apr 17 ,4112 Jan 60 Dec
6014 598 60
4 60
6012 5933 593
59
59
59
11 Deo 154 Nov
1 11 Jan 3 1638 Mar 29
1,400 Carson Hill Gold
*1412 143
4
4
.13
133
1414 154 143 154 *143 15
4
135* *13
612 Apr 20
3 Mar 8
8 Nov 1014 Apr
No par
57
57
500 Case (J 1) Plow
514 514
3
*514 5 4 *514 5 4 *514 512
3
6
6
63 Dec 853 Feb
8
300 Case (JI) Thresh M,pf ott_100 68 Feb 21 88 May 1
*80
85
83 83
89 .83 89
88 88 *86
85
85
2218 Aug 4314 Jan
7 3812 10,800 Central Leather
8
100 293 Jan 10 4033 Apr 12
4
4
38 8 3813 38% 373 383* 373 384 37
7
3912 38
38
Jan
57% Aug 96
8
100 833 Jan 8 74 Mar 17
Do pref
7112 3,400
714 7118 71
7314 714 72
7212 73 .72
7118 73
23 Mar 364 Dee
4
3718 3712 7,300 Cerro de Pasco Copper_No Par 323 Jan 4 377 Apr 24
8 3714 377
37 3714 363 3733 •37% 3734 373* 377
4
4May 2
22 Aug 44 Jan
47
47
*4612 4712 2,000 Certain-Teed Prod__...No par 34 Feb 14 493
4934 4812 49
46
47
4,1
45
.44
70 June 85 Dee
100 85 Jan 13 895 Feb 2
1st preferred
91
*95 ____ *95 ____ *85
.90 98
*90 95% *95_
8814 Oct 88 Apr
4
7614 7512 7653 7413 764 743 757 18,100 Chandler Motor Car_ __No par 478 Jan 5 7914 Apr 6
4 7414 7513 7433 74% 743
47 Aug 7014 Jan
1,900 Chicago Pneumatic Tool. 100 60 Jan 14 71 Apr 6
6718 6734 663 6712 *6813 68
67
4
6834 6812 67 674 *66
8
9 Mar 167 Deo
25 1818 Jan 5 2014NIay 3
4
1913 2014 193 2018 1912 2018 52,900 Chile Copper
1912 187 20
3
1834 1914 19
294 Dee
1912 M
5 2513 Feb 21 2912 Apr 17
8 283* 28% 6,600 Chino Copper
8
285 2918 2812 287
28 * 294 29 2912 2813 29
4
861 June 0211 Jan
11 '6012 Feb 8
100 43 Jan
8,800 Matt,Peabody & Co
5814 *5714 58
575 5913 5714 5712 57
54
58
53
53
794 Apr 89 Dec
100 85 Jan 3 9213 Apr 7
Preferred
95
*95
96
*943 957 *94
4
*90 90
96
*92
.923 96
8
4
19 Feb 634 Dee
No par 41 Jan 5 583 Apr 24
16,025 Coca Cola
563* 55% 563* 551 56
5312 56
4
553
4 554 5613 56
55
22 July 3234May
100 24 Jan 10 3312MaY 5
3312 11,700 Colorado Fuel & Iron
4
4 32
3114 30 8 3114 313 323
7
3113 3214 31
32
31
52 June 673* Dec
4
88
89
88
8918 31,000 Columbia Gas & Electric_ _100 643 Jan 4 898 Apr 26
875* 883 *87 89
4
873* 884 873* 884
/ Jan
1
4
512 Apr 26
238 Aug 12
114 Jan 26
45
433 48 30,400 Columbia Graphophone No par
5
4
434 5
4% 5
44 5
3
433 43
sta Dec 624 Feb
6 Feb 9 201$ Apr 25
100
Do pref
*173 1812 2,200
4
1912 1734 1878 18
18
1812 19
4 18
*1714 183
s
4
283 June 587 Dec
11,700 Computing-Tab-Record No par 5514 Jan 3 79% Apr 20
4
7818 763 77
79
77
4
7658 773* 763 783* 772 784 78
1311 Dec 594 Jan
8
500 Consolidated Cigar__ __No par 1833 Feb 10 307 Apr 11
28
*27
2914 2818 2918 283 2818 288 287
*26
*2412 30
559 62
53 Dec 80 Feb
100 47 Feb 27 64 Jan 9
Do prof
100
*58
62
62
64
*55
6212 62
*55 '65 .55
41 Sept 10 Mar
214 Mar 16
14 Feb 17
312
300 Consol Distributors, IncNo par
14
1
4
1
4
5
8
5
8
"a
7
8
%
7
s
%
*3
4
774 Jan 95 Nov
12033May 5
4
118 11614 11512 11612 1153 1164 11514 11734 11718 11812 11778 12033 39,100 Consolidated Gas (N Y).._100 8513 Jan 30
1211 Aug 2173 Jan
4
7
133 39,300 Consolidated Textile.... No par 12 Feb 16 153* Apr 19
4
1314 1353 13
1312 1418 1314 13
3
4
134 13 4 133 14%
Jan
s
343 Aug 66
3
100 45 4 Jan 4 69 May 2
8612 5,000 Continental Can, Inc
6712 86
6814 6812 67
6712 6714 69
6514 654 68
824 Aug 100% Dec
100 10013 Jan 14 104 Mar 16
Do prat
100
4
4
•10312 ____ *10312 ___ *10313 _--- *10312 ---- 1033 1033
58% Aug 73 Dec
25 60 Jan 20 72 Apr 15
*71
72
72 *10312- --- 1,400 Continental Insurance
*71
*71
72
*71
72
72
*70
72
72
59 June 9914 Dee
25,600 Corn Products Refining...100 9114 Jan 4 10814MM 31
1024 10278 101% 103
103 1044 102131013* 10212 103
10378 105
96 June 112 Dec
100 111 Jan 10 11614 Apr 22
Do prat
300
.116 118 *115 116 .115 118 *115 11614 116 11618 116 116
2215 Aug 4334 Apr
8
No par 313 Jan 10 4514May 4
4514 437 445 121,300 Cosden & Co
3
8
443
4 44
4253 4314 4213 43% 4233 4334 43
49 Aug 1071s Jan
3
647 667 30,700 Crucible Steel of Amerloa-100 52 4 Feb 27 6714 Jan 3
8 647 657
8412 6613 6512 6718 6512 6435
64
65
Jan
77 June 91
100 80 Jan 17 95 May 2
Do prat
4 923 9312 1,300
924 923
4
92
95
95
9133
8912 91
9114 92
58 Oct 26 Feb
5
1934 Mar 15
No par
8% Jan 11
1614 1512 1618 1512 1614 1512 1512 1518 1512 5,600 Cuba Ca136 Sugar
16
157 16
8
100. 134 Jan 3 403 Mar 15 684 Dec 134 Feb
4
Do °ref
7,800
3 3333 34
8 3314 3:33
34
3514 3312 345
3414 3413 3413 347
Shares Indus. & Miscall.(Con.) Par
2,100 Am Agrioul Chem pref____100
200 American Bank Note
50
Preferred
50
100
2,000 American Beet Sugar
Do pref
100
9,700 Amer Bosch Magneto_No par
1,200 Am Brake Shoe & F.....No par
100
Preferred
1,000
100
30,300 American Can
100
Do pref
200
2,100 American Car & Foundry.100
100
200
Do pref
4,500 American Chicle
No par
100
8,900 American Cotton 011
Do pref
800
100
7,300 Amer Druggists Syndicate_ 10
100
300 American Express
3,300 American Hide & Leathez 100
Do pref
100
1,200
100
106 1063
4 2,600 American Ice
107 107
106 • 10758 108 10812 106 107 *106 107
Do pref
100
7
8014 8018 80 8 1,300
*8012 81
8014 8014 8012 8012 80 8012 *80
18,000 Amer International Corp...100
46% 48% 46
4534 47
463
4 4512 46
8 4513 4614
4518 453
1218 12
12
12
1214 10,400 American La France F. E.._ 10
12
1173 1213 12
1214 x12
12
100
8
4 335 6414 4,300 American Linseed
3258 33
3312 348 3312 343
3 33
3312 333 333
4
Do pref
100
4
5712 *5512 56
557 56% 1,800
3
5514 5514 56
563
4 563 5634 .56
100
116 11738 11614 117
115 11612 20,200 American Locomotive
115 116
1143 11514 115 116
4
100
400
Do pref
•116 1168 116 116 *11512 11612 11614 11614 .116 117 *116 117
4
25
97
3,700 American Radiator
97
98
96
96
97
9612 9912 97 983
96
4 96
712 712
712 7%
738 712
714 712
712 5,800 American Safety Razor__ 25
74
74 74
No par
18,500 Am Ship &
8 18
4
181g Comm
1838 1778 183
8 1734 1812 1818 183
1834 173 18
13,200 Amer Smelting - Refining-100
• 584 587
4
5718 5812 5814 914 5814 59
8 573 5812 5714 58
100
900
Do prat
9812 9812 98 9818
9813 9812 98 98
97 97
98 98
300 Am Smelt Secur pref ser A.100
*9212 93
9212 9212 *9214 93
*9214 9314 92% 9218 *9214 93
100
300 American Snuff
4
13234 1323 *132 1343 133 133 *132 1343 *132 13434 *132 134
4
4
39% 12,700 Am Steel Fdry tem 001_33 1-3
383 3914 394 39 4 39% 3934 38% 39% 3812 3914 39
4
3
100
Pref tern °Us
300
100 100
*993 100
4
*98 100 100 100
*997 100
*98 100
7614 20,900 American Sugar Refining_100
4
4 75
7514 758 75
76
7514 7614 754 76% 743 753
100
Do pref
400
102 102
10214 10214
101 101
.100 101
101 101 *101 102
8 348 3538 6,200 Amer Sumatra Tobacco-100
355
3434 35 8 35% 353
3
4 35
343* 3412 3434 35
100
Preferred
100
*573 6212 *58 62
4
*60
64
60 60 .55 62 *58 62
8
3
4
122 12214 122 12212 1213 12238 1217 12218 1215 12214 122 12214 6,800 Amer Telephone & Teleg_100
100
4
140 4 1413 141 14312 11,100 American Tobacco
3
140 141
140 1408 140 14118 14018 142
$ per share
56 Jan 16
584 Jan 7
52 Jan 12
318 Jan 3
4
61 Jan 11
3114 Jan 31
51 Jan 4
9814 Jan 18
3214 Jan 5
934 Jan 3
141 Jan 10
11513 Jan 0
7 Jan 27
1914 Jan 10
41 Jan 11
44 Jan 13
1273 Feb 1
4
12 Jan 18
58 Jan 3
78 Jan 12
72 Jan 13
3818 Jan 5
918 Jan 16
2938 Jan 10
5412 Mar 11
102 Jan 5
112 Jan 12
82 Jan 30
# Bid and asked prices. d Ex-dividend and rights, e Assessment paid. z Ex-rights. 3 Ex-dividend, f Par Value 410 per share.
New York Stock Record-Continued-Page 3
1989
Foe sales during the week of stocks usually Inactive see third page preceding
PER SHARE
Sales
STOCKS
Range tines Jan. 1 1922
NEW YORK STOCK
for
On basis of 100
-share lots
she
EXCHANGE
1Veek.
Lowest
Highest
$ Per share $ Per share $ Per share
per share $ per share $ per share Shares Indus.& Miscall.(Con.) Par $ per share
$ per share
2234 224 2212 22
2212 2212 22
223
215 22
2114 22
10,400 Cuban-American Sugar_ _ 10 1412 Jan 3 263 Mar 15
4
9414 *94
9414 *94
*94
9412 *94
9414 *94
9412 *94
9412
Preferred
100 7818 Jan 17 9412 Apr 18
8 6012 6134 60
603 623
4
80 4 6112 6034 61
3
81
60 6114 9,900 Davison Chemical v t c.no par 483 Jan 10 655k Apr 8
4
2112 2112 22
2078 2153 2012 2112 21
218 217
21
215s 21,600 De Beers Cons Mines....No par 154 Jan 3 2838May 2
*10612 1074 10612 10612 10738 10712 107 1073 1073 1073 1073 1073
4
4
4
4
4 1,000 Detroit Edison
100 100 8 Jan 11 1087 Mar 21
8
3
2712 2734 274 283 *2712 28
27
26
2712 2712 273 273
4
4 9,800 Dome Mines, Ltd
8May 2
10 184 Jan 4 283
765 765 1770 775 177412 77412 1762 762 *770 775
1760 760
78 Eastman 'Kodak
100 600 Jan 9 800 Apr 15
*16912 17012 169 171 *16914 170
17014 17012 170 170
17012 17314 2,100 Electric Stor Battery
100 125 Jan 18 1794 Apr 15
21% 213
*2012 2112
2012 2012 2012 21
.21
22
1,100 Elk Horn Coal Corp
21
21
50 1414 Jan 25 2212 Apr 25
*612 8
7
712 712 *612 8
7
7
7
400 Emerson-Brantinghan
.012 8
100
9 Mar 8
258 Jan 4
843
8412 8412 84
8 84 8412 834 84
8412 85
84
8412 3,100 Endicott-Johnson
100 7614 Jan 10 874 Apr 19
50
*111
____ *11112 115 *11218 115
•111
11234 11234 112 112
300
Do prof
81
8212 81
8(153 82
8112 81
814 82
8112 8114 824 11,700 Famous Players-Lasky_No par 174 j n 15 18 3 M aY 13
2"
°$4 Ja 0 15 / ia r 4
947 947
943 95
95
4
*9414 95
95
9438 943
500
95
95
Do preferred (8%)
100 914 Jan 28 99 Jan 14
1312 1314 1314 .12
.10 4 1312 *11
3
1312 *1114 312 *1112 13
400 Federal Mining & Smelting 100
9 Jan 3 14 Apr 24
*4412 45
4514 45
45
4514 45
45 I 445 448 4412 4412 1,100
8
Do pref
100 3712 Mar 14 467 Apr 28
8
1153 11612 116 1194 120 12112 12112 122
4
121 12112 120 12012 2,300 Fisher Body Corp -__No par 75 Jan 5 12712 Apr 20
97
97 97
*96
97
*95
97 97
97
99
98
*96
1,100 Fisher Body Ohio, pref__ 100 7612 Jan 5 997 Apr 25
187 1912 19
183 1853 103 19
&
8
1912 19
8
183 193 32,200 Fisk Rubber
4
8
193
25 1132 Jan 10 1912 Apr 25
1818 1712 173
17
174 17
4 184 193
4 194 19% 183 198 130,900 Freeport Texas Co__No par 1214 Jan 24 19% Mar 8
8
3453
4
68
3
4
3
1
3
6
8
8
3
5
2
8
12
5
8 2,200 Gaston. W & W,Ino___No par
112 Mar 16
Is Jan 20
61
*60
6112 60
604 6018 61
60
6112 64
83
6578 4,800 Gen Am 'Tank Car___No par 4534 Jan 14 6578May 5
6312 6212 6314 62 6414 6212 64
62
63 6538 6212 037 26,300 General Asphalt
8
100 551s Jan 26 67 Apr 7
98 *93
*9212 98 *93
98
*95 100
700
978 978 98 100
Do prat
100 90 Jan 1 1034 Apr 7
72
72
7212 72
71
72
72
72
71
7112 72
723
4 3,500 General Cigar,Inc
100 85 Mar 3 76% Apr 20
4
4
993 993 *98 100 *98 100
*993 100
4
*98 100
*98 100
Debenture pref
100 94 Jan 4 1024 Jan 18
162 1623 16312 16414 164 164
183 16378 1624 16314 16212 163
4
2,800 General Electric
100 136 Jan 9 166 Apr 24
1314 1234 1318 1234 13
4
1218 1278 123 1338 13
1253 128 71,500 General Motors Corp_No par
84 Jan 5 13% Apr 6
80
7834 783
4 7914 7912 .79
81
81
793 793 *80
4
1,600
81
4
Do pref
100 69 Jan 24 81 Apr 10
7938 7912 7934 7934 8012 8014 8012 804 81
79
783 79
4
3,050
Do Deb stock (6%). _100 673 Mar 6 81 Apr 6
4
9314 9314 *93
*9312 94
*9314 94
9312 93
935
8 93
1,100
93%
Do Deb stock (7%)..J00 794 Mar 8 944 Apr 6
8 417 4214 4134 4218 4114 4214 41
4114 418 4112 423
4153 9,700 Goodrich Co B F)__No par 341* Jan 4 423sMay 1
90
*89
9018 897 90
9014 90
9012 89
.
89
90
90
1,200
Do pref
106 804 Jan 7 91 Apr 22
4
2514 253 *25
26
26
*25
2512 267
2753 6,900 Granby Cons M.Sm & Pow100 26 Apr 3 30% Jan 25
8 2618 27
27
1712 .17
174 1734 1818 1712 177
•17
171 s *17
8 1753 1818 1,500 Gray & Davis Inc
'
No par 12 Jan 3 1912 Apr 8
3112 3212 *31
313
4 3134 317
3012 32
8 2,700 Greene Cananea Copper_ _100 25 4 Feb 27 3212May 1
3212 3114 317
8 32
3
4
8 1112 117
1112 1112 113 117
8 114 117
8 1138 1153 1112 1178 1,700 Guantanamo Sugar__ _No par
7 Feb 16 14% Mar 15
Rights
ss Jan 26
Is Feb 10
8
58,700 Gulf States Steel tr etts.....100 447 Jan 9 9012 Jan 20
"iii2 1E18
k
238 212 212 258 258 212 218 238 212 234 212 234 11,400 Harbishaw Elea Cab _No par
34 Jan 20
372 Mar 16
_
Haskell
par
5 8434 Jan
/17
-8 22
2 .7- 8
2
-5;56o Hendee & Barker Car._No_100 7614 Jan 12 2278May 18
1934 2114 2
Manufacturing_ _
15 Jan
2
7118 713
4 724 73
73
*71
73
7212 724
600 Homestake Mining
73
*7212 73
75 Apr 11
100 55 Jan 14
784 79
78
4
78
783 79
7814 81
4
4
80 8353 813 833 40,300 Houston 011 of Texas
100 70 Jan 9 833
4M8Y 5
1914 19
8
*1812 188 185 1918 19
1853 184 6,400 Hupp Motor Car
1912 19
19
0 10 * Jan 6 194 Apr 25
7
*712 73
4 *74 73
4
4
500 Hydraulic Steel Corp....l par
74 73
4 *74 73
73
4
4 73
712 73
4
312 Feb 9
o
934 Mar 17
438 434
412 434
412 412
412 458 11,100 Indiahoma Refining
453 434
453 434
5
4 4May 1
3
3 Jan 27
14
4 718
678 67
63
8
634 63
4
83
63
4 84 7,000 Indian Refining
4 Z
4 7
63
10
9 Feb 20
5 Jan 20
40
4114 4114 42
41
4112 41
4138 404 41
4112 41
5,900 Inspiration Cons Copper_ 20 374 Feb 11 4253 Apr 17
107 107
4
4
*103 11
8
8 10 s 107
7
4
8 107 1133 113 113 *113 12
8
700 Internat Agricul Corp_ _.100
4
2
73 Jan 6 1134May 4
3912 3933 3933 398 397
*39
8
8 1,800
397 42
8 407 407
4212 425
8
Do pref_
100 33 Jan 16 43 Niar 15
3514 37
3514 36
37
351z 3614 36
11,600 International Cement__No par 26 Jan 23 37 May 1
3615 358 3631 36
*9512 9612 *9512 904 9554 9638 963 963
4
4 984 964 9612 9612 1,000 Internat H
o preitler (nero) 100 793* Jan 3 98 Apr 3
*112
1123 1123 *112
100
4
4
_ *112 _-_ *1123
D
4 __ *11212
100 1054 Feb 14 I124May 1
5
23 1i8 234 24% 243 1718 264 274 26 2 2
64
274 '2412 --1 63,700 Int Mercantile Marine__ _.100 1314 Jan 4 2712May 3
4
84 843
4 8353 8512 844 8653 8614 8738 8434 8714 8312 843 56,200
Do pref
8May 3
100 6214 Jan 4 873
1838 1834 185 187
8
8
20,100 International Nickel (The) 25 114 Jan 9 193 Apr 24
8
1812 183
8
4 177 1853 177 18
s 185 187
4
8018 804 *8012 833 *8012 8312 *8012 834 8012 8012
84
*78
8
200
Preferred
100 60 Jan 4 85 Jan 20
7 5331 525* 5414 503 523
48
51% 5214 45,400 International Paper
50
503 513
4
4 51
4
4
100 4312 Mar 8 544MaY 3
6712 68
68 68
673 683
4
3,000
8 68 683
4 67 8 6812 67% 68
7
Do stamped pref
100 59 Mar 9 71 Jan 5
17% 1712 36,600 Invincible Oil Corp
18
1812 1712 1812 17% 1814 173 18
8
173* 18
50 127k Jan 5 2014 Apr 17
30% 3218 305* 32
3114 10,600 Iron Products Corp__ .
314 324 313 32
3114 3112 30
8
No par 24 Jan 19 35 Feb 17
7
8 1
3
4
8
3
7
4
8
27,500 Island Oil& 'Franey it a_ 10
5
7
4
4
3
4
8
7
8 I
3 Apr 6
3
3 Jan 25
8 207 2212 213 2238 217 217
4
193 2012 2011 218
8 2114 217 12,200 Jewel Tea, Inc
8
4
100 10 Jan 4 2212May 2
73
697 704 2,900
8712 6712 685* 685* 69
7114 72
7012 71
Do pref
100 384 Jan 4. 73 May 2
4158 42
4134 4234 4112 4112 41
415* 4,500 Jones Bros Tea, Ino
413 4214 4114 42
4
100 344 Feb 11 4312 Apr 24
53
518 55*
53
518 512
5
5
512 68,200 Kansas & Gulf
5 12
5
5
712 Jan 3
47 NIar 21
s
10
*90 105
105 105 *105
.90 105
300 Kayser (Julius) & Co
100 81 Jan 17 110 May 5
5012 5112 51
4912 51
5218 50% - -- *1,1.71,113%
533 62,600 Kelly-Springfield Tire
4
/i2
9,711 Jjan 34
3
25 34 Janan 6 53 4May 5
*99 101 *100 101
102 105
*10112 102
107 10714 107 10714 1,700
Temporary 8% pref
10714May 4
100
85
*82
85
85 *82
89
89 *85
*83
85 85
*85
100
6% preferred
85 May 3
1014 10112 1014 1013 *10112 103 *10112 102
10314 1034 103 103
4
1,200 Kelsey Wheel Inc
100 61 Feb 9 111 Apr 6
3418 3388 3414 3312 3414 3388 337
8
327 .33
8 3312 34
31
67,100 Kennecott Copper____No par 2512 Jan 4 344MaY 2
2453 2353 2438 50,600 Keystone Tire & Rubber- 10 154 Jan 3 2438May 4
8
213 2134 2188 2234 2218 235* 23
235
8 23
14112 14112 .140 14134 14112 14112 14112 14112 14112 142
142 142
1,200 Kresge (9 5) Co
100 110 Jan 10 174 Jan 3
7 61
58 605
8 59
5812 59% 25,100 Lackawanna Steel
58
57
5912 6012 58 60
100 444 Jan 4 61 May 2
8514 6514 66
64
66
64
674 6718 6712 7112 704 7014 2,000 Laclede Gas (St Louls)____10e 43 Jan 13 7112May 4
4
337 3438 333 3414 344 344 3414 3412 3338 343
8
8 3312 34
7,300 Lee Rubber & Tire__ __No par 26% Jan 6 354 Mar 16
171 171
•165 169 *165 16912 *185 16912 16914 16912 *168 171
400 Liggett & Myers Tobacco-100 15314 Feb 18 171 Apr 20
*114 115 *114 115 *114 115 .114 115 *113 115
11214 11214
300
Do pref
100 108 Jan 10 116 Mar 7
11112 11112 5,600 Lima Locom Wks Inc
1093 11012 1101 11212 11214 11212 112 11314 111 112
4
100 91 Jan 3 115 Apr 13
1114 11114 113 113 *113 11412 *11212 11412 *10912 114
11012 11012
300
Preferred
100 93 Jan 30 211512 Apr 13
1718 1712 174 1753 1714 1712 1714 1714 1718 1712 1718 1712 9,500 Loew's Incorporated___No par 1114 Jan 28 18% Apr 17
13
4 1234 13
1334 133 1414 135* 14
137 14
8
8
125 123
4
8,800 Loft Incorporated
9 „Tan 9 1414May 3
No Dar
5084 50
50
4912 49
*48
50
493 50
4914 4914 *48
4
1,800 Loose-Wiles Biscuit tr otts_100 36 Jan 7 5114 Apr 15
*99 103
*99 103 .99 103 • *90 103
*99 103 *99 103
ist preferred
100 97 Jan 3 99 Feb 4
11612 *110 116 *110 116 .110 110 *110 116 '110 114
*110
Do 2d preferred
100 1474 Feb 6 115 Apr 24
00 jan 4
150 150
150 15212 2,200 Lorillard (P)
*148 150 *149 150
150 15012 149 149
1533 Mar 8
2
100
*110 113 *111 113 *110 113 *110 113 *110 113 *110 113
2d preferred
109 Jan 13 115 Mar 16
100
9114 92
9012 91
913
9114 9114 *91
4 914 913
4 1,000 Mackay Companies
'9112
100 72 Jan 5 9212 Apr 27
•
6412 6412 644 *6412 86
6912 *84
65 65 .64
694
300
Do pref.
Jan
/ May 3
4612 4734 47
46
493 5114 41,500 Mack Trucks, Inc
4712 4534 477
4
5034 53
51
Npar57 Jan 13 53 May 4
l°
254
3
86
87
863 867
4
86
8712 8733 8712 8712 3,700
85
863 87
4
Do 1st prof
7
___100 6812 Feb 27 87 May 4
7814 7814 785* 79
78
7914 7914 78
7912 7912 7014 7914 1,200
Do 26 Vet
7912Niay 4
Jan
2014 2114 207 21
194 20
214 21
193 19
4
21
21
2,000 Mallinson(H R)& Co_No rcir 54 Jan 16 2234 Mar 17
0 154
5
•46
47
46
46 .46
47
46
4612 464 46
*
47
4614
300 Manati Sugar
100 3014 Jan 3 52 Mar 13
41912 39% 3934 39% 39% 404 40
41
40
4012 395 4012 4,300 Manhattan Shirt
8
25 32 Mar 6 424 Feb 6
3012 31
29% 31% 3012 317
3012 31
3012 3114 30% 311 22,300 Marland 011
p, 0
4 3172May 1
%
4
314 30 4 31
3953 3112 31
3
313
8 3138 3288 3112 3214 14,500 Martin-Parry Corp___Nnt var 22 Jan 6 34 Feb 7
31
*28 30
*28
30
29
*28
27
5
29
8
30
297 30
29
200 Mathieson Alkali Work*. .60 22 Jan 11 3414 Mar 22
197 197
4
4 103 20
1912 193
4 195 2133 10,700 Maxwell Mot, class B__No par 11 Feb 15 213 Apr 6
8
4
1953 20
193 193
s
119 1214 12012 12212 12112 12278 12072 12212 11914 120
119 110
6,700 M
May Department Stores_100 101 Jan 3 12272May 3
*1124 --- *113 _.__'113 ..-. *113 _
*113 - -- - '118
Do pref
100 10712 Jan 3 115 Apr 22
184 1918 1814 185
8 1834 187
8 1812 183
183 19
4
4 184 - . - 0
11
12 1- ,200 McIntyre Per Mines
sMar 23
10% Jan 10 215
131% 132% 13153 13212 131 1334 1314 13312 1313 13412 13012 1334 108,000 Mexican Petroleum
4
1354 Apr 15
12 1706%94 Jan
1
*84
89
88
887 88 s 87
89 80
7
88 88
88
800
Preferred
92 Apr 18
Jan 12*84
8 294 2914 2918 2912 2918 2988 29
295
29
294 2914
2938 8,100 Miami Copper
5 25 4 Feb 15
1
*
143 1514 1433 1514 147 154 1434 1514 148 1514 1434 154 87,400 Middle States 011 Corp__ 10 113* Jan 11 2
4
16 AP;17
934 A
373 39
3828 383
4
4 3712 3814 367 3712 37
3712 38
3712 53,500 Midvale Steel & Ordnance 50 264 Jan 6 39 May 1
8
74
7012 7212 72
723 7312 73
7012 70%
4
4
7318 723 723
4 7,000 Montana Power
100 03 Jan 4 74 May 2
*106 --- "106 ---- "106
*106
_ _ __ .10512 _ _ __ *10512 --- -----Do prof
100 1004 Jan 6 108 Apr 28
2178 2214 22
223
8 2153 2214 2112 224 2112 217 30,500 MontWard&ColllsCorpNopar 12 Feb 11 2234 Apr 26
2212 223
8
3124 3112 3112 32
31
.3114 32
31
*305* 31
*3114 32
800 Mullins Body
No par 1912 Jan 7 34 Mar 31
2012 20
2053 20 4 203
3
2012 20
20
4 204 2014 2018 2014 2,100 National Acme
50 10% Jan 9 2114 Apr 25
155 155
150 150 .151 154
153 157
151 153
151 151
1,500 National Biscuit
100 12314 Jan 4 157 May 1
*11912 121 *11912 12012 *11912 121 *1194 121 *11912 121 *11912 121
Do pref_
_100 1134 Jan 4 12114 Apr 26
*39
4112 *39
41
*38
41
40 .39
.38
41
*3914 41
1,000 National Cloak & Sun....100 26 Jan 17 4412 Mar 1
89 *86
90 *86
88 *87
89
88
*86
89 .86
89
100
Do pref..
.100 69 Jan 5 884 Mar W
13
4
314 314
3
314
3
3
*23
4 314
3
3
233 28 1,200 Nat Conduit & Cable_.No par
Apr
14 Jan le
4134 423
4 403 4114 *47 8912 *47 8912 9,500 Nat Enam'g
4
4114 42
4112 42
8
0
411 8 8
0 40
& Stamp'g___100 3034 Jan 11 4334 Feb 16
*87 894 *88 89 *87 8912
90
*87
Do Prof
100 81 Mar 7 91 Jan 5
1758100 85 Jan 12 9434 Apr 19
4 93
4
923 923
193% 4,700 National Lead
1,
9378
8 9378 93
10
458 12
•110% Ill *1103 111 *1104 1114 19103'2 19 4 *19 12 19378 *19
0
15
10
3
500
Do pref
108 Jan 10 11314
1714
1612 1714 1634 1714 8,400 Navada Consol Copper.__ 100 1314 Feb 16 1853 Feb 23
174 17. 17
... %
8
8 17
1113 165
Apr 17
5
7912 7912 79
0
80
7912 8
79
79
80
79
7834 79
2,600 New York Air Brake
100 58 Jan 3 80 A pr 27
4
4 3312 3458 3312 34
334 3412 Ws 3415 333 333
4
333 347
2,700 New York Dock
4
100 28 Mar 10 353 Apr 21
*55
80
*57 60
59
5
9
ose 60
*56
60 .57
80
100
Do prof
100 5314 Jan 17 61 Apr 24
*17
19
19
*17
20
*16
*1614 19
*16
19
*16
19
N Y Shipbuilding
No par 13 Jan 3 25 Feb 28
5912 60
594 eo
5918 5978 5912 7.975 58% 5912 5812 587g 8,800 North American Co
3
60 441s Jan 4 60 s Apr 22
4212 43
43
42
4214 424 4278 42% 43
4312 4212 4338 4,500
Do prof
60 38 Jan 7 4312 Mar 14
7% 814
73
4 84
712 ' 8
-:::.i -i,4
712 7%
712 7% 6,400
Rights
314 Jan 13
3 Jan 23
4
2
89
30% 304 .3012 32
3014 3012
•27
33
30
31
700 Nova Scotia Steel & Coal_100 20 4 Feb 28 383 Apr 12
3
4
114 1134 12
*1114 12
•1112 1134 *1112 118
4 11
11
91 mar 8 1234 Mar 30
4
0 Nunnally Co. (The)___N9 yin,
2 12% 123
4 1214 Ill$ 119 Ohio Body & Blow
4
123 1234 *1212 1278 1212 12% 1212 127
00
No par 11 Jan 10 1414 Apr 17
......* Bid and asked WW1 as OW On this We i WO ibiln IOU 90arso, 9 Bx.dIvIdend and rights, z 4841,1dend. • ics-furnte.
%
•
-PER SHARE. NOT PER CENT.
MOB AND LOW BALI PRICE
Saturday,
Apri4 29.
Monday,
May 1.
Tuesday,
May 2.
Wednesday] Thursday,
May 3.
May 4.
Friday,
May 5.
no 110
521,
PER SHAMS
Range for precious
year 1921
Lowest
HIghest
8 per share $ Per attri
107 Oct 83 4 Feb
3
68
Oct 95 Feb
23 Mar 595 Nov
133* June 21
Jan
934 Nov 100
Oct
1012 Jan 21% Apt
a596 Nov a690 Feb
1244 Dec 1243* Dee
16
Jan 253 May
4
97g May
211 Dec
52 Jan 81 Dec
87 Jan 10612 Dee
445 July 8212 Apr
743 July 97 Dee
4
54 June 188 Dee
4
21 Sept 434 Dee
75 June 90
Jan
57 Sept 84 Dee
8 4 Aug 195 May
3
*
912 Aug 2012 Jan
Oct
54 Jan
397s Oct 594 Dee
394 Aug Me May
77 Aug 11712 May
54
Jan 7031 Dee
80Is Apr 9512 Dee
10912 Aug 1433* Dee
918 Aug 161 Jan
4
63 June 75 Dee
60 Aug 73% Dee
69 Aug 85 Dee
263* June 441 Jan
6212 June 86 Dee
3413 Nov
15 Aug
94 Jan
1634 Mai
19 July 2912 Dee
53e Dec 165 Jan
*
25 June 607 -gee
s
4 Nov
1353 Jan
8818 June 82 Nov
13 June 251s Apr
4912 Mar 61 May
4012 Aug 86 May
104 June 163 May
4
6 Dec 203* Jan
71 Jan
2 June
64 Dec 1534 Jan
295* Mar 4214 Dee
6 Aug 133 Jan
4
.31 Dec 57
Jan
21 June 29 Nov
0738 Aug 10011 Feb
994 June 110
Jan
74 Aug 174 Jan
36 Aug 673 Dee
4
2112 Aug 17 May
60 Dec 85 May
385s Aug 733* May
67 Aug 7515 Nov
54 Aug 26
Jan
224 Sept 40 Jan
2 Sept
43 Jan
4
4 Jan 1218 Dec
4
812 Jan 463 Nos
144 Jan 3834 Dee
64 Oct
9 Nov
88 Mar
324 Aug
704 May
70 May
35 Mar
16 Mar
814 Jan
130
Jan
32 June
40 Jan
174 Jan
13814 Jan
975* Jan
64 Aug
874 Aug
10 June
734 Aug
30 Aug
9314 Jan
9412 June
136 Feb
100 Jan
594 Jan
55 June
2512 Oct
634 Oct
84 Oct
10 Jan
21
Oct
18 June
124 Aug
13 Sept
114 Aug
8 June
6512 Jan
95 Mar
85 Dee
547 May
1
94
Jan
80 Juno
69 Nov
37% Dee
17 2 May
7
177 Dee
5812 Jan
574 May
30 Dee
164 Dee
110 Nov
102 Dee
10014 Dee
2112 Mar
123 Jan
4
42
Jan
9872 Apr
100 Mar
1641s Feb
111 Dee
72 Dee
92 Dec
42 May
76
Jan
6413 Apr
18 Sept
894 Feb
3634 Dec
30% Nov
22 Dec
24 Nov
1538 Dec
114 Dee
109 Dec
841, Aug 16753 Jan.
:
153* Jan 28 Wee
10 July 1612 Nov
22 June 3312 Jan
43 Aug 6433 Dec
924 Oct 101 Dec
12% Dec 25 May
173* July 287s Jan
104 Dec 30
Jan
102 Jan 12812 Dec
Jan
105 Aug 120
15 Sept 355* Jan
44 1 Oct 794 May
7
5 Jan
Is Sept
26 Aug 65 Feb
89 June 95 Mar
WM July 87 Dec
100 June 108 May
9 Mar 153* Dee
An Aug 89 Feb
2052Fe39 May
18
45 Jan 574 May
13 Dec 33 Feb
3214 Aug 46 Dee
317s Aug 4112 Nov
Is Dec
Dec8
201s Nov 39 Mar
812 Mar 12% Jan
74 Nov
115*
New York Stock Record-Concluded-Page 4
1990
.1.8 during the w
Fee •
,
receding*
of eto^k4 usually Inactive. see fourth node'
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
fiaturdau.
April 29.
Moudar.
May 1.
Tuesday.
May 2.
Wednesday. Thursday,
May 4.
May 3.
Pridatt,
May 5.
Sales
for
She
Week.
ran HAAB
Range since Jan. 1 1922
-shwa lots
On basis of 100
STOCKS
NEW YORK STOOK
EXCHANGE
Lowest
Highest
elan dtiARB
Lange for previous
gear 1921
LOW681
Highest
$ per share $ per share $ per share
$ per share $ per share Shares 0 Indus. & Miscall. (Con.) Par $ per share
114 May
4 Jan
338 Apr 29
214 Feb 24
34 314 42,500 Oklahoma Prod & Ref of Am 5
34 318
6 May
8
93 Mar 25
34 Aug
412 Jan 6
Silver Mining
100
*814 812 *812 8 4 4,300 Ontario
3
4
1
/
14 Dec 30 Apt
1 1238 Jan 6 2112May 4
8
205 2112 '2014 2058 13,700 Orpheum Circuit, Inc
87 Aug 148 May
100 116 Jan 4 14334 Mar 30
2,100 Otis Elevator
141 143
140 140
7934 June 96 Nov '
100 93 Jan 7 984 Mar 22
Preferred
*96%
6
*9
Jan
8 Nov
18
8
93 Jan 7 1612 Apr 11
No par
1414 14 4 *143 103- 1
4 -3:655 Otis Steel
4
2484 Nov 54% Jan
25 24% Jan 27 38 Apr 17
2,400 Owens Bottle
3518 3512 357 37
4 Dec 1984 Jan
812 Feb 21 144 Apr 27
1014 1112
912 103 25,800 Pacific, Development
4
4614 Jan 68 Dec
100 80 Jan 30 7318 Apr 21
• 3,100 Pacific Gas & Electric
7112 7012 71
71
8
8 Aug 1714 Jan
5 11 Jan 18 15 4 Feb 20
300 Pacific Mall SS
*1312 15
*1314 15
4
1
/
4
1
/
27 Mar 50 Dee
44% Jan 10 6938May 4
4
6538 6938 6512 673 301,700 Pacific Oil
100 57 May 4 62 Mar 22
384 Jan 58 Nov •
100 Pacific Tel & Tel
60
*56
57
57
2
3818 Aug 798 Feb
4
50 4878 Jan 11 663 Apr 17
8
i
4
6514 -6. 12 TiVit 643 6614 84
657 38,400 Pan-Am Pet de Trans
4
-633 6413 64
- 4
-631 53
1
/
8
3413 Aug 714 Jan
50 44 Jan 10 595 Apr 17
Do Class B
8
3 5712 5914 5712 587 10,800
587
8
8
573 5738 5712 58
573 5812 58
6 Aug 1312 Dee
6,100 Panhandle Prod & Ref__no par
714 Apr 3 1211 Jan 4
8
8
8
85
8
714 8
8
714 75
714 74
4
8 73
73
68 Aug 7812 Dee
100 69 Jan 17 73 Jan 10
Preferred
79
*61
79
*60
79
*60
*60
*60
79
79
*80
79
97g June 1512 Apr
No par 114 Jan 3 17 Apr 12
700 Parish & Bingham
4 1314 1314 *1318 1312
*1312 14
4
133 133
14
14
3
137 14
678 June 17' Jan
s
63 Feb 27 1153 Apr 11.
111.j 42,900 Penn-Seaboard St'l v t c No par
103 1012 1033 11
4
1034 1138 103 1114 1034 1118 104
8
3358 Jan 648s Des
4
900 People's 0 L & C (Chic)__100 593 Jan 4 88 Apr 26
8712 8712 3712 874 873
87
4
*863 87 *8612 87
4
4
863 87
2612 Aug 354 Jan
4
8
4
8
*385 383
8
4 385 3878 3838 3812 383 3912 387 3914 383 4018 11,700 Philadelphia Co (Pittab).... 50 314 Jan 4 4018M8y 6
3718 Apr 10518 Dec
No par 83 Jan 28 10518 Jan 3
Phillip-Jones Corp
93
*90
*90
93
9312 *90
94
*90
*9234 94
*9234 94
67 Mar 901k Dec
100 8813 Mar 15 9312 Apr 19
Preferrtd
92
*90
92
*90
95
*90
95
95
*90
*90
93
*90
1
/
16 June 344 Dee
4418 44,600 Phillips Petroleum____No par 2814 Jan 11 4512Nlay 1
43% 4414 4318 44% 43
4314 4434 44
4512 4312 45
6
12 2
914 Aug 4 14 M
8
21% 227 13,500 Pierce-Arrow M Car.._No par 1318 Jan 5 2458 Apr 25
8
217 2212 203 2212 2114 22% 2114 21% 215 22
4
Oct 88 Mar
21
100 27% Feb 8 49 Apr 15
Do pref
4318 4312 4414 44% 4434 46% 7,500
44
4438 423 4514 43 43
4
514 Aug 1418 Nov
7 Feb 23 12 Jan 13
25
934 1014 10
9% 10% 1018 103 52,800 Pierce 011 Corporation
4
1014
1018 1038 1014 1012
304 Aug 78 Jan
100 39 Mar 2 71 Jan 3
Do pref
5714 57% 6012 4,100
5812 57
59
59
59
5912 5712 5812 58
52 July 66 Dee
100 58% Jan 30 65% Apr 26
8
6318 64
6312 63
8 64. 6478 635 6458 6358 64% 16,600 Pittsburgh Coal of Pa
63
647
8278 Jan 93 DecDee
100 904 Feb 3 95 Mar 27
Do prat
*9414 943
9412 • 9412 9412 *9412 95
4 1,100
94
*93
9312 9312 94
12% Mar
10 144 Feb 2 2314 Apr 25
4 4,900 Pond Creek Coal
4 21% 213
4 2112 213
2214 2212 213 2218 2112 2214 2112 213
Jan
48 Aug 96
4
100 63 Jan 12 833 Apr 22
8212 *7912 8014 7912 80
700 Pressed Steel Car
*80
80
80
808 8078 8012 81
Jan
83 June 104
100 91 Feb 16 98 May 3
Do pref
200
98
98
*98 10014
98
*97
98 .98
*97
98
*97
98
2082 Oct 3412 Dec
8May 4
Corp_ 50 2418 Jan 10 397
4
353 3612 353 3634 3614 3714 3714 3912 3814 39% 3714 3914 90,500 Producers & Refiners
4
64 Jan 70'i May
4 88% 91
903
89
89
89% 8,500 Public Service Corp of N J_100 66 Jan 7 91 May 4
89
8 89
88 89
89 895
8918 Aug 11414 Nov
100 1054 Jan 6 12918 Apr 24
7,800 Pullman Company
4
12412 12478 124 124% 123 1243 123% 124
12412 125
124 125
2454 Oct 5112 Jan
50 31 Jan 4 4318 Mar 18
8 7,800 Punta Alegre Sugar
407
3
40 4 3912 40% 40
4012 40
3912 4012 39
4014 40
2118 Aug 4033 Dee
25 29% Mar 9 3853 Jan 3
3
3412 333 3418 31,700 Pure 011 (The)
4
4
338 3412 333 3412 333 3414 3312 3438 34
67 July 9918 Dec
100 94 Jan 10 10313 Apr 21
10112 10112 1,500 Railway Steel Spring
101% 10214
4
1023 103
g
10112 10112 10218 1027 10212 103
98 Apr 109 Mar
100 10814 Jan 23 11514 Mar 17
•
Do pref
100
110% 11018 *110 114 *110 114
*110 114 *110 114 *110 115
4
19 Apr 263 Sept
No par 1913 Jan 28 2712May 5
2712 2,000 Rand Mines Ltd
*2418 243
4
*233 2412 *2318 2412 2412 2412 20
4 2312 25
11 Mar 16 May
4
1618 1614 1612 1614 1612 1612 163,1 16% 1612 16% 16% 8,100 Ray Consolidated Copper_ 10 133 Feb 11 17 Apr 17
16
8
1
/
174 June 88 4 May
42 Mar 14
35
3414 3512 5,800 Remington Typewriter v t 0100 24 Jan 8
4
353 *32
35
4
34
34
333 36
3314 34
4714 Nov 80
100 55 Jan 12 73 Mar 14
1st preferred v t c
200
75
*65
75
*65
75
*65
75
*65
75
*70
73
72
4734 Nov 75 May
100 5013 Feb 23 63 Mar 14
2d preferred
63
*55
63 ----.*55
63
*60
*60 63
*62
63
63 *60
18 June 3912 Jan
No par 2513 Jan 3 3634 Apr 6
3114 6,800 Replogle Steel
3114 31
3114 3158 3114 313
4 3114 3112 3114 3112 31
4
/
411June 7314 Jan
100 4614 Feb 25 6612may 2
6433 57,200 Republic Iron & Steel
4 64
653
6638 64
6812 65
65
6112 62
66
62
7514 Oct 9614 Mu
100 74 Feb 24 94 May 2
Do pref
3,400
904 8912 8912
9112 90
91
91
91
9112 927
8 9118 94
5 Deo 2418 Jan
914 Apr 24
412 Mar 2
814 812 3,900 Republic Motor Truck_No par
818 83
818 812
8
8
88 8111
8
8
8
8
4012 Oct 697 May
8May 3
7
617 63
4
8 633 6458 6358 6658 6453 6614 63 8 6514 85,600 Royal Dutch Co(N Y shares). 4713 Feb 1 663
63 635
1018 Aug 144 Dee
8May 4
10 1258 Jan 9 157
5,500 St Joseph Lead
15
8 15
*148 147
8
8 145 1478 148 154 158 157
8 1458 145
54 Feb
114 Oct
614 Mar 21
113 Jan 10
1,100 San Cecilia Sugar v t o_No par
4,
414 414
414 414 *414 433
4 43
43
414 458
4
8% Oct 2333 Jan
100 114 Jan 4 2478 Apr 1
800 Savage Arms Corp
8
4'8 203
*2034 2134 *2038 21 18 2012 2118 203 207 *2058 207 *20
8
4
4
1j
634 Apt
218 Oct
48 Apr 11
14 Feb 23
312 312
312 312 1,900 Saxon Motor Car Corp-No par
333 35
8
5
5
38 33
312 333
3
*313 3 4
644 Dec 984 Jan •
100 6058 Jan 27 775 Apr 25
4
7518 76
7518 7533 7518 7.378 7514 753 11,400 Sears, Roebuck St Co
7512 76
7514 76
85 Nov 104 June
300
100 91 Jan 5 10512May 4
Preferred
'1054 *10212 10512
*10212 105
105
*10212 105 *10212 105 *10212 105
4
1
/
1233Mar 25 Nov
1338 4,400 Seneca Copper
No par 10% Feb 20 2314 Jan 3
8
1312 138 1358 1333 135 133
4 1338 1358 13
1333 14
41 Jan
933 Dec
914 Apr 21
7% Feb 28
700 Shattuck Arizona Copper___10
8 88
83
8 9
*87
7
9
9
*834 914
4 9
*83
853 9
3078 Oct 49 May
4712 4812 4634 4718 4,960 Shell Transp ,k Trading.... £2 35% Jan 30 4812May 3
4512 4614 4612 4678 4714 4812
4512 48
8
1618 Aug 283s Mar
8
3112 3212 3112 3218 3133 3212 3218 3312 3212 333 158,800 Sinclair Cons Oil Corp_No par 1834 Jan 10 347 Apr 17
3133 32
3218June 56 Jan
44
44
2,100 Sloss-Sheffield Steel & Iron 100 3412Mar 7 464 Apr 10
4538 44 44
4458 4512 45% 4512 45
4412 45
13814June 75 Nov
4
100 66 Mar 21 753 Feb 24
100
Do prof
*754 76
*7513 76
90
*74
85
74
*75
74
*7612 80
26 Oct 103 Jan
100 43 Jan 9 5714 Mar 3
200 So Porto Rico Sugar
47
*43
47
*42
47
*45
48
*45
*45
4812 47 47
88 Aug 119 Dee
100 11018 Jan 26 12534 Apr 27
Standard Milling
*120 127 *122 127 *122 126 *122 126 *122 127 *122 126
8714June 9818 Dec
4
25 91% Jan 10 121 May 3
4
11712 12012 1133 1173 80,900 Standard Oil of Cal
4
11118 11333 112 1154 113 1143 11412 121
25 16914 Jan 5 196 May 4 12412June 19214 Dee
8
4
18412 189
1873 1904 1883 1893 187 1917 190 196 1 18914 19412 60,800 Standard 011 of N J
4
4
4
1
/
4
1
/
Do pref non voting___100 11388 Jan 7 11614May 4 105 Jan 114 Dee
8
1157 11614 116 11014 6,900
11578 116
*11434 11518 115 1153 11534 116
4
68 Sept 8514 Dee
1,100 Steel & Tube of Am pref__100 68 Mar 10 8412 Apr 24
85
*81
85
*81
88 *81
8312 8312 8414 8412
81
81
Oct 119 Aug
81
100 81 Jan 3 106 May 4
500 Stern Bros pref (8%)
106 106 *105 108
105 105 *103 105
105 105
*103 105
21 June 37 Jan
3,200 Stewart-Warn Sp Corp-No par 244 Jan 5 4233 Apr 18
41
4014 *40
40
4 3912 40
4
3912 3912 393 3912 393 393
8
2514 Aug 46 Apr
5534 5612 5512 5618 5413 5533 5,400 Stromberg Carburetor_No par 3514 Jan 5 595 Apr 12
5512 5434 555
54
548 54
8
423 Jan 9314 Apt
4
11814 12014 11833 12058 12033 1223 12112 12358 11958 12214 11953 12114 181,900 Studebaker Corp (The).....100 794 Jan 5 12412 Apr 22
4
1
/
83 Jan 103 Dee
100 100 Feb 17 112 May 5
1,000 Do prat
112 112
10012 10912 110 111
10912 110 *10912 110
*109 110
3 Oct 1082 Jan
7 Mar 13
34 Jan 31
No par
54t 6
5
4 5,300 Submarine Boat
53
8
4 57
53
533 612
512 614
58 68
8
3 4 Aug 1314 Jan
812May 6
6 Feb 20
No par
612 714
8 812 35,700 Superior 011
67
612 634
638 612
838 812
833 612
26 June 48 Jan
100 26 Jan 3 394 Apr 7
100 Superior Steel
36
4
*343 3614
3614 *3414 3614 36
8
367 *34
*35
37
*34
8
2 Dec 25 4 Jan
514 Feb 1
253 258 1,100 Temtor C & ki P.ol A_No par
133 Feb 11
8 25
25
8
233 25
258 233
212 212
233 233
4
1
/
6 Aug 11 Dec
933 Jan 13 1212 Apr 17
8
3 6,900 Tenn Copp & C tr ctfs_No par
3
8
8
1114 12
117 1218 113 1178 115 1173 1111 1134 1134 117
29 June 48 Dec
25 4214 Jan 10 5012MaY 4
4812 5012 488 4912 298,100 Texas Company (The)
4714 48
498 50
4612 4712 4712 48
4
1
/
433 438 16,500 Texas Gulf Sulphur
4
10 3818 Jan 4 x 463 Mar 1 x32 Dec 421s Dec
4312 4334 4312 4414 4338 4418 4358 4438 4318 44
2
8M11y 4
1584 Aug 367 Jan
2934 3133 149,700 Texas Pacific Coal & Oil__ 10 23 Jan 9 • 31.7
8
4
4 287 29 8 2938 3012 293 3118 305 317
2738 293
8
5
100 1094 Mar 17 13714May 4 119 Sept 175 Map
1,200 Tidewater 011
13614 13714 *136 139
13518 138
*134 136
13514 13514 135 135
45 Mar 72 Sept
4
8
4
6838 6914 665 6712 671 68
6758 6812 673 683 *683 6912 11,100 Tobacco Products Corp-100 5714 Mar 2 7114 Apr 17
8
Jan
7612 June 91
94
100 88 Mar 2 95 Feb 10
*92
200
Do prof
94
*92
94
93% 937 *92
94
*93
94
*93
6 Aug 13 Au
718 Mar 3 137 Apr 17
8
4 1134 123 63,100 Transcontinental Oil._ _No vas
123
12
1112 12
1114 117
1133 1218 1112 12
28 June 4412 Apt
800 Transue & Williams St_No par 33 Jan 16 4518 Apr 4
4214
40
41
*40
40 4014 *4012 41
42
*40
42
*40
57 Sept 75 Jan
6812 6714 6714 2,200 Union Bag & Paper Corp_ _100 55 Mar 25 7158 Jan 5
6612 6612 8612 66 684 *6612 6812 *67
66
4
1
/
1518 Aug 25 May
8May 5
No par 1714 Mar 4 237
4
4 223 238 98,500, Union 011
4 2212 223
223
,, 22
8 2214 227
2214 2212 2214 '227
4
1
/
87 Sept 107 Map
96 Jan 13 103 Apr 24
01
50& Union Tank Car
s
1011210112 10112 102 *100 103 z102 1027
*10112 103 *103 -92 Oct 104 Nov
8May 2
914
100 102 Feb 9 1073
Preferred
10612 10733 1061 10612 107 10718 £10514 10514
10614 10614 *105 107
19 June 34 Jan
.No par 25 Jan 11 35 Apr 26
1,500 United Alloy Steel...
3412 35
341 35
347
34
4
4
4 348 347
343 343 '343 343
4
1
/
8
United Cigar Stores pref__ _100 x1045 Feb 28 11012 Feb 20 100 July 1064 Nov
*10612 109 *10612 110 *10612 110 *108 110 *108 110 *108 110
Jan
46 Sept 106
100 60% Mar 3 7314May 1
7
4 2,800 United Drug
4 703
703
71
8
4 7114 713 *70
4
7112 71
4
713 7314 713 713
3853 July 47 Feb
50 4118 Feb 18 4614 Jan 16
1st preferred
4512 *45
4512 *45
4512
4512 *45
4618 *45
*45
4533 *45
4
100 11934 Jan 4 148 Apr 4 x955 June 207 Jan
1,900 United Fruit
141 14-3 142 142
4
142 14312 1434 144
14238 14233 *140 145
4
1
/
46 Aug 6214 May
8
33,200 United Retail Stores_ No par 4318 Feb 28 563 Jan 20
4 517 5313 5218 53
5078 5114 5033 513
4 5158 5212 5178 523
111, Jan 19 map
*3412 3514 4,150 U S Cast Iron Pipe &Fdy_100 1618 Jan 13 384 Mar 15
4
3 343 35
4
3418 3414 357
3412 3518 343 363
34
88 Aug 5718 Nov
100 50 Jan 11 72 Apr 16
Do pref
6812 6812 6914 *6812 6912 *684 6912 1,100
4
673 6812 *68
*6612 88
7 Jan
612 Mar 3
553 June
5 Feb 1
100
U S Express
*814 7
*614 7
*614 7
*614 7
*638 7
*6% 7
818 Sept 274 Jan
8
2 4 Feb 8 1018 Jan 3
51,1 512
8
514 53 10,100 U S Food Products Corp 100
4
518 53
614 512
5
614 5 8
58 58
3514 Nov 7418 May
8 4934 50 20,200 U 14 Industrial Alcohol.......100 37 Jan 6 5178May 1
8 4913 503
3
3
50 4 518 5014 5114 493 507
5118 517
84 July 102 Mai
100 90 Jan 9 9612 Mar 1
Do pref
100
95
*92
93
93
95
*92
95
*92
95
*92
95
*92
4118 Mar 6318 Dee
8May 5
6738 86,000 U S Realty & Improvement100 56 Jan 3 673
65
4
8
4 847 6518 6512 8612 643 66
64 643
7
63 8 64
404 Aug 7933 Ap2
100 5133 Jan 9 6712 Apr 17
3
4 6513 6633 653 6612 32,800 United States Rubber
663
6613 6714 65
6458 6512 6412 6618
74 Aug 103
7
, Jan
100 99 Feb 7 106 Apr 12
Do 1st pref
800
3
3
10414 10414 10412 10412 1047 10538 *1043 1054 1054 10514 105 10512
26 Apr 384 Dee
50 33 Feb 27 42 Apr 24
1,600 U S Smelting. Ref & M
40
41
4112 401 4112 41
40
4153 4138 40
*3912 40
37 Aug 4418 Jan
455 *4512 48
60 4214 Feb 9 47 Apr 5
500
Do prof
48
4614 *4512
*45
46
8 46
458
457
*45
Apr
7014 June 864 Map
8
4
973 9814 9714 9833 975 9818 9758 9838 9714 9818 9714 977 59,900 United States Steel Corp 100 82 Jan 6 10018 Apr 20
28 105 June 115 Dee
100 11414 Jan 3 120
Do prof
3,100
8
1183 1183 1185 119
4
4
4
8
4
11814 1183 1185 11853 1183 119
11914 120
8
4
/
611 Aug 668 Dec
8
10 605 Jan 5 68 Apr 17
20,700 Utah Copper
86
65
4
653
7
4
65 6614 653 6714 85 8 6634 6513 6612 65
4
1
/
97 Jan 18 1978May 4
7 Aug 12 Mat
100
17,000 Utah Securities v t c
4
3 183 19
197
4 1712 1753 1738 1814 1814 1958 19
1712 173
Jan
4
1
/
25 June 41
No par 804 Jan 10 45 Apr 6
13,900 Vanadium Corp
4
8 413 4212 4153 44
424 425
4214 427
4214 427
4218 43
1
/
72 Mar 884 Dec
100 92 Jan 17 96 Apr 15
300 Van Raalte 1st pref
*9213 93
*9212 93
9213 93
*9212 93
9234 9234
1
/
2084 July 424 Jan
387s Mar 13
4
344 3412 343 3518 3513 3538 5,100 Virginia-Carolina Chem...100 2718 Jan 16
3414 35
4 3384 347
333
33
4
8 13 ja
6733 July 1025 Jan
100 67 Jan 31 92 Apr 10
Do pref
3 1,100
3
8 793 793
3
8
8 7912 814 7912 7912 797 797
*7812 7912 785 785
9 J
55953 MarAug 9514 51a
8
100 43 Mar 27 1378may 15
544 1,200 Virginia Iron. C & C
5534 554 554 54
54
54
53
50
50
53
*50
618 Jan 6
No par
3
1214 13 • 12% 1212 1238 1212 124 1233 1218 1313 1318 137 19,300 Vivadou (V)
818 Jan 134 Oct
1034 Jan 16 17 Apr 24
1514 5,500 Weber at Hellbroner......No par
1512 15
1514 15
8 15
157
1558 1638 1534
15% 16
4
1
/
49 Jan 72 Jan
s
100 Wells Fargo Express
100 6614 Jan 4 857 Feb 15
78
78
79
*75
79
80 *75
80 *78
80 *77
*78
76 Aug 94 Apr
600 Western Union Telegraph-100 89 Feb 8 9012 Apr 10
982 9812 9812 984 984
9814 *98
983
4 98
9812 *98
*98
8118 Sept 96% Jan
1,600 Westinghouse Air Brake... 50 80 Mar 18 100 Feb 21
96
9518 95
9518 958 *9518 9512 95
05
95
9418 95
Mg Aug
524 Dec
6112 624 6112 617 12,500 Westinghouse Elea & Mfg_ 50 494 Jan 4 64 Apr 10
3
3 6133 62
8 6213 625
825
4 82
6114 613
2914 June 44 May
3518 Jan 6 50 may 4
4 8,400 White Motor
484 493
4812 50
49
4913 49
8
4878 4712 473 4814 48
7 July 1733 Jan
74 Jan 30 12 May 5
40,200 White 011 Corporation-No Paz
8
8
1038 1018 1038 101 1114 107 1138 103 12
1012 10
10
4
1
/
8 Nov 1833 Deo
4
26,300 Wickwire Spencer Steel- 5 1338 Mar 22 183 Apr 29
4
8 1618 188 1612 1714 163 1714 1658 17
184 18% 1712 185
914 mar 22
458 Nov 104 Map
412 Fob 17
25
9,400 Willys-Overland (The)
4 8
73
4 8
73
4 8
73
8 8
77
8
7% 83
74 8
23 Aug 42 Map
24 Feb 17 4412 Mar 21
Do Preferred (new).---100
700
3812 3812 3812 3812 3812 3812 *3812 40
40
39
*3812 40
2718 Nov 47 Jan
14
46
46
7,900 Wilson & Co. Inc. V t o_No par 27 Jan 4 4938A pr 26
46
4 46
463
4818 46% 473
4 461 4714 46
46
7
65 Oct 89 8 Feb
100 66 Jan 10 85 Apr 24
Preferred
90
*83
90
*83
90
*83
90
*83
86
90
*83
*83
4
1
/
100 137 Jan 6 16784 Mar 27 105 Aug 139 Dec
800 Woolworth Co (F W)
16018 16018 16014 16012
180 160
*16214 183 2160 16014 180 160
4
100 117 Jan 31 119 Feb 9 106 June 1138 Nov
Do prat
120 *117 122 *118 122 *118 122 *118 122
*118 120 *118
301g Aug 5514 May
2,100 Worthington P& M v t a--100 43% Jan 4 5438 Apr 3
8 521 534 5214 5314 5212 5212 5212 527
4
523 523
4 5218 527
4
1
/
70 Aug 85 Dee
100 83 Mar 31 94 May 4
200
Do pref A
94
*92
94
94
93
93
93
*92
93
*9112 93
*92
64 Aug 70 Nov
4
100 643 Jan 9 7778May 4
Do prof B
7312 74% 7478 7512 7533 7634 7712 7712 7712 7778 7712 7712 1,600
4
1
/
9 Nov
4
1
/
6 June
6 Jan 27
912 Mar 17
812 87
9
9
9
9
913
3 2,500 Wright Aeronautical.. No par
9
918
9
9%
9
$ Per share
314 338
*75
84
1878 1912
139 140
_
*951
1114
14 43514 3534
1218 1212
72
72
*1312 15
5833 608
$ per share $ per share
34 33
34 338
818 812
812 94
8
1918 1912 1912 195
14112 14212 *140 142
*9512 ____ *95
9512
1412
1312 1418 14
3512 36
3534 36
4
1112 1234 11 18 113
8
705 71
4
713 72
15
*1312 1512 15
6014 6214 6158 8212
$ per share
314 338
814 812
1912 2138
4
4
1393 1393
*9512 ---14
14
3512 3512
1158
11
7112 713
4
8
147
*14
6214 6612
Jan
ao
• Bid and asked prices; no sales on this day. • Lem than 100 shares.
Ex-rights. a Ex-div. and rights. z Ex-dIvIdond. e Reduced to basis of $25 par.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange methoa of quoting bonds was changed and priceslare notr-"ana int.rest--escept
for tncome and defaulted bolas.
BONDS
EXCHANGE
Week ending May 5
N. Y. STOCK
Price
F Way
May 5
Week's
Range or
Last Sale
Bid
Ask Low
U. S. Government.
31'iret Liberty Loan
J D 99.36 Sale_ 99.08
3j% of 1932-1047_
99.34
J o
Cony 4% of 1932-1947
J I) 66.r70 Wtfo 99.62
.
Cony 41(% of 1932-1947
J I)
100.00
211 cony 44% of 1932-1047
Second Liberty Loan
MN
99.34
1.% of 1927-1942
MN 99-16 Sale 99.42
Cony 44% of 1927-1942
Third Liberty Loan
MS 99.80 Sale 99.72
451% of 1928
Fourth Liberty Loan
AO 99.82 Sale 99.70
4131% of 1933-1938
Victory Liberty Loan
J D 100.56 Sale 100.52
43 % Notes of 1922-1923
(
,
J D 100 02 Sale 100.02
351% Notes of 1922-1023
d1930 Q J
aa consol registered
---- 10212
10314
d1930 Q J ---- 30 consol coupon
10513
1925 Q F
4s registered
10518
1925 Q F
43 coupon.
Panama Canal 10-30-yr 2o ..k1936 Q F
-- 100
1981 QM 80 ---- 83
Panama Canal 35 g
1961 QM ____
79
Registered
Range
Since
Jan. 1
High No. tow
99.58 2476
99 62
6
99 90 814
Apr'22
High
94.84 100 06
95 70 99 70
96.04 10003
96-82 101 00
99.52
13 95.76 99 66
99.60 3291 95 32 99 84
99.86 3526 96.74 10006
99.90 6211 05.86 10000
100.64 3129
100 04 318
Apr'22 ---Mar'22 ---Mar'22 ---Feb'22 ---July'21
Dec'21
Feb'22 ----
100.02 10100
99 96 100.30
10214 1033
4
10314 10314
105 105
104 10512
_
79
79 18
BONDS
N. Y. STOCK EXCHANGE
Week ending May 5
E
P fce
,
Eriday
May 5
Week's
Range or
Last Sale
1991
co ax
laws
Since
Ian. 1
ma
sk Low
High No Low High
Canada Sou cons gu A 5s____1962 40 98
4 93
9818 981 4
9858
9858
Canadian North deb e f 7s_ __1940
114 Sale 11312
11412 55 10812 115
25-years f deb 856a
1940 J J 11212 Sale 112
1125 109 10712 114
8
Canadian )'ac fly deb 4s stock_
1 .1
8 3 s le 885
79 4 Sale 79 8
8
8014 249 7733 81
Car Clinch A Ohio lot 30-yr 531930
4, 83
13
94
94
Central of Ga 1st gold So.. _9194: FA 10212 ____ 10218
1 9513 9812
1024
Consol gold Sc
1945
N 98
36 89
9818 9714
98
53 98
10
-year temp secur es _June 1929
9912 Sale 9912
993
4 68 94 100
Chatt Div pur money g 40_1051 J D 80
3 7912 815
8153
815s
8
Mac & Nor Div 1st g 5s
194t • J 917 ___. 9612 Mar'22
93
9612
7g
Mid Ga & Atl Div 53
1947 J J 94
8334 Dec'21
Mobile Div lot g 5s
1941 J J 9178
83 Apr'21
Cent RR & B of Ga coil g 53_1937
N 94
-g8-12 941 2
Central of N J gen gold 5s__ _1987 J J 10734 1.( 4% 97
9 10 13
18
4
190; 12 1037 11012
14311
8
Registered
0
h1987 J J 10612 10712 105
6 ____
Apr'22
105 107
Am Dock & Impt gu So.__ _1921 J J
107 Mar'22
107 107
N Y & Long Br gen g 4s_ __1941 II S 91 ____ 80 Aug'21 --.Ches & Ohio fund & impt 53..1929 • J
9512 ____ 955
5 9012 98
96
8
N 100 101 100
1st consol gold 53
1939
101
9412 1015
8
Registered
1939 MN
783 June'203
8
.- 2 e.
General gold 4Hs
1992 ISIS 88 5. 1- 8712
8858 103 823 S853
8
Registered
1992 MS
8634 Nov'21 -- -89 Sale 8813
20-year convertible 456a...1931) FA
8914' 73 8212 91
92
30
-year cony secured 53_1946 40 9178 Sale 9112
146 8414 9212
Big Sandy lot 4s
1944 J D 804 -__- 77 Mar'22 -- 751 77
,
8
82
Coal River fly 1st gu 4s
1945 J o 823 88
Apr'22
- 78
82
-. 80 Nov'21
Craig Valley lot g 5s
1940 J J 885g
Potts Creek Branch lot 43_1946 J J 7714 ____ 78
Apr'22 -- -if- -78
.8314 8312 834
J J
R& A Div 1st con g 4s___ _1989
8314
3 8214 8314
81
7712 Apr'22 -- 755 791s
2d consol gold 4s1989 J J 79
8
7814
- - 69
Apr'21 -Greenbrier fly 1st gu g 45..1940 MN
- 3
_
8034 Dec'21
Warm Springs V 1st g 5s
1911 MS 877
607 6012
8
61
Chic & Alton RR ref g 35
13 5218 61,
1949 A0 60
1
4914 228 374 507
J J 4812 Sale 4612
Railway lot lien 356s
1950
8
8 0
0
8
0
8318
Chic Burl & Q-Ill Div 310_1949 J J 8318 S44118 0318
2 7714 S5
,
Illinois Division 45
90 1
5 8712 91 3
1949 J J
,
8
1
6 93
957
MN 957 96
9,1
Nebraska Extension 4s
1927
9612
_
907 Oct'19
8
Registered
1927 MN - 8914 8812
General 45
8813 32 8618 91
1958 MS 88
8
9914 517 963 9914
Temporary 5s
1971 FA - - - - 985
8
Chic & E [Bret & imp 4s g__ _1955 J J
3414 Dec'21
---- 3318 Jan'22
S Mtge & Tr Co ctfs of dep. _
3318 -8312
438
3
A 6 1043 ____ 104
lot consol gold es
1934 - - 102 105
Dec'21 - -..!
General consol 1st 5s
1937 MN
1034 Jan'22 1033
4
U S Mtge & Tr Co etfs of dep
.
163" 10334
84
Jan'22
Stamped
81
8134
105
_
Feb'22
Guar Tr Co etfs of deposit._ _
10434 10434
4
833 1153 68
4
ar E Ill RR (new co) gen 53_1951 MN 833 Sale 8114
833
4
6212 ____ 6212
62, 123 59
Chicago Great West 1st 4s___1959 51
6413
8
Chic Ind & LouLav-Ref es_ _1947 J J 101 1065s 1065 Apr'22
101 107
9512 96
6 8713 96
9512
9/1
Refunding gold 5s
1917 J
83
7512 Jan'12
Refunding 45 Series C
1946 J J 78
75
8112
Jan'22
Ind & Lonisv 1st gu 4s_ _1956 J J 8112 --__ 75
76
75
Chic Ind & Sou 50
-year 4s
1956 J J 834 ----8P2 Apr'22
8112 85
7912 Nov'21
Chic L S & East let 456s. _..19130 J D 8614
7 7712
7738 77
78
371 7113 7834
Ch M & St P gen g 4s Ser A.e1089 J
68 Sale 68_ 693
4
General gold 356s Set B__e1989 J
91 64
693
4
80
87
867
8
5, 79
86
General 4%s Series C.,....e1089 J
88
8
673 214 5413 68
Gen & ref Series A 4 Hs___a2014 A 0 6612 Sale 6614
76 Sale 733
185 62
A
76
4
Gen ref cony Ser B 5s. .a2014 F
76
72 Sale I 711
725 242 60
8
Convertible 4Hs
1932,
73
81
233 6918 813
Permanent 4s
1925 J I) 8014 Sale 1 804
4
643 65
4
65
25
-year debenture 43
1934J
67
64
97
9712 9718 A94' 3 __1 92
85 2 311
28
Chic & Mo Riv Div 5s._ 1926 J
9718
75
70
75
C M & Puget ad lot gu 4s_ _1940 J
634 77
80
_-- 8412 Mar'22 29 8412 8412
2 Milw & Nor lot ext 4 Hs_ _ _1934 J
875 8 94
857
857
8
Cons extended 43.4s
1934 -1
85
85%
954 Apr'22
Chic & N'west Ext 43 _ _1886-1926 F A 9314 96
9214 9518
9314 Apr'22
1886-1926 F A 921
Registered
9314 9314
9 72
General -gold 3Hs
1987 M
81
Dec'2
Registered
91987 Q
17-5 2 705
: 6
-71
1987 M'N -81 8 -86-7! 87705
General 4s
•3344
4
-g.63
7 1 38
5 1'623
84
84
8314 84
3 8112 8413
Stamped 4s
1987 M N
8
10412 30 997 105
General 5s stamped
1987 M N 10112 1015 104
8
103
103
Sinking fund (Ss
1879-1929 A 0
31 102 103
3
1879-1929 A 0 10138 ____ 1017 Apr'22 •--I 101 1017
Registered
s
9612 Apr'22 ---- 1 9612 9612
Sinking fund 5s
1879-1929 A 0 9714 100
97
1b0
2 9
0
'
1879-1929 A 0 0013 1_0_0_1_ 1044 Fe0 20
Registered
10- Sinking fund'deb 58
1933 M N
0
2 96
95 Novaal
95
Registered
..1933 01 N
10712 20 165 fai,;
710
-year secured 7s g
1930 J D 107 107% 107
1095
10912 1095 109
8 12108 1093
8
-year secured 8%s g
15
1936 M
8
4---- 10112 Oct'19
Des Plaines Val lot gu 4%s 1947 hi S 863
Frem Elk & Me V lot es_ _1933 A 0 1(1812 .___ 10734 Mar'22
1(1:i78 1073
4
72 ---- 70 Mar'2I
Man GB& N W 1st 314s_ _1911 J J
Milw & S I. lot gu 356s_ ...1941 J J 7258 --_- 6618 Aug'21
8
Milw L S & West imp g 53_1929 F A 991. ____ 985 Apr'22 --, 685; .. 8156 1
10138
99 Mar'21
Ashland Div lot g es_
1925 M
_
3
Mich Div lot gold (Ss_ ...1924 J J 1013 -___ 10114 Mar'22 -- • 101 101
14
14
87
8734..... 87
Mil Spar & N W 1st gu 43_ _ 1947 M S
8 854 88
1004
St L Peo & NW 1st gu 5s1948 J J 10078 10212 100
2 95 1023
4
83
84
8214
83
Chic R I & P-Railway gen 43.1988
J
63 79
8312 •
7914 8212 804 Apr'22 -s-, 78 813
Registered
1988 J J
4
8212 255 7512 84
Refunding gold 4:3
1934 A 0 8218 Sale 82
82 Sale 82
82 5
8 62 7614 825
R I Ark & Louis lot 456e..l934 M
8
9712 10 90
Burl C R & Nor lot 53_ _ _ _1934 A 0 98 ---_ 9712
98
9714 Feb'lio
CRIFANWlstgu5s 1921 A 0
s
Chia Okla & Gulf cons 5s.1'352 01 N 92 __ 917 Apr'22 - 90
Kook & Des Moines 1st 5s-1923 A 0 8S1
1 ' 72
91
817:Sa9
9le 99 8
817
8212 50 76
85
St Paul & K C Sh L 1st 4Hs1941 F A
10714 38 10412 10714
Chic St P MAO cons 8&...1930 J D 107 10712 107
87
Apr'22
Cons 5s reduced to 3Hs
1930 J D 90 - _
87
9013
9512 9513
954
Debenture 5s
1930 51 S 95
• 9114 9612
North Wisconsin 1st 6s_ __ _1930 J J 10514 ---- 118 Novle
- _, 95 May'18 2:711Superior Short L lot 5s g_ _e1930 M S 9412
85
8412 85
86
2 738 8613
4
Chic T
& So East 1st 5s_ _1960 J
10412 Apr'22 ---- 103 10412
Chic dr West Ind gen g 8s__ _e1932 Q M 1041
7514 27 6812 76
7412 743 75
44
Consol 50- ear 43
1952.0 J
0m. 151
1
187,s 8 0
02
81e4,1888
4
187
,2
0
15
-year at 7558
13 997 1027g
1935 M S
Ur)II & D 26 gold 4%s
1937 J J
2d 85
8912
C Find & Ft W lot gu to g_1023 M N
913
8
9014 Mar'22 ----211-661Day & Mich 1st eons 4 Hs..1931 J J
8112
83
• 764 6614
Cleve Cin Ch & St L gen 443 1993 J 1:1 8012 82
8 3
89, 89%
4
897
8
20
-year deb 4%s
91
1931 J J 89
1 , 85
9812 ____ 9812 Apr'22
General 5s Series B
1993 J
' 8614 9812
9934 100 10,
10012 101 95 10078
Ref & impt (Ss Series A_
1929
4
8614
Cairo Div 1st gold 41
1939 J J 853 ---- 8614
5 7934 8614
7913
7913
Cm W & M Div 1st g 45_1991 J J 7912 80
5 76
7912
8114 82 I 8114
8214
10 7712 8214
St L Div lot coil tr g 4s
11190 M N
1940 M S 8512 __--: 77 June'21
Spr & Col Div 1st g 4a
_
818 8512 78 Nov'21
W W Val Div 1st g 4s
1941: J
_
865 Apr'22
8
*19360 F 8658
C I St L & C 1st g 4s
865 865
8
8
8612 8214 Sept'19
Registered
41936 Q F
9412 ____ 9412 Apr'22
OnS & Cl cons lot g So...1928 .1 J
-611;
10512
1. 104 1054
J 10518 _110518
CCC& I gen con.s g ds____1934
1940 A 0 8214 .-. 75 Nov'21
Ind 11 & W 1st pref 4s
8618
0 Ind & W let pref 5s_ _ _ _d1938 Q J
7912,-79 - 0 8
- 54
f(211;
Peorla & East 1st cons 4s 1940 A 0 79
31 18 313
4
313
Income 43
4
1 2278 35
1990 Apr 30
94
94
Apr'22 ____' 90
9412
Cleve Short Line 1st gu 4 He_1961 A 0 93
4
9214 923 97
92 • 7 8414 93
Colorado & South lot g to. _1929 F A
8714 8734 88
4
8818 54 8l 10 893
Refunding & exten 456s...1935 hi N
---- 105
Apr'22
Ft, W &. Den C bit g 512s _1961 J 0
10118 105
84
85
85
84
23 77
85
1952 J
-year 55 g
Cuba RR lot 50
1930 J
102 Sale 102
10313 50 100 11)313
1st ref 754a
2 777 8013
D L & W-M & E 1st gu 3Hs 2000 J D 8012 ___- 80
8
8013
994 Mar'22
'
Lark & Western 5e _1923 11 A
993
N Y
4
9812 9913
n•rnonni A Irn,rnrn't to 1011 II.
9912 Apr'22
9,84 09
07
0912
Foreign Government.
8
F
1927 m A 1017 Sale 101
Argentine (Govt) 7s
10214 475 99 10214
S 80 Sale 85
Argentine Internal fis of 1909_ _ _ _
8714 121 77
871.4
Belgium 25-yr ext a f 7Hs g_ A945 J la 10912 Sale 10812
10914 184 10334 10912
Jan 1925 .1 J 103 Sale 103
5
-year 65' notes
221 9412 10438
101
4
1941 F A 1063 Sale 10612
83
-year s f
20
1075s 132 1044 10838
1045 M N 3110 111 110
Bergen (Norway) a f 85
22 105 11114
111
1945 M N 11212 Sale 112
Berne (City °Os 8s
11314 62 106 114
8712 Sale 8714
MN
Bordeaux (City of) 15-yr 65_1934
87 4 144 8012 90
,
Brasil, U S external 83
1941 J 0 10612 Sale 10518
10714 400 103 108
Canada (Dominion of) g 55..1926 A 0 99 Sale 9918
9914 73 96 101
8
do
do
do 5s_ _ 1931 A 0 987 99
9814
9914 77 9434 10018
10
-year 5H3
1929 F A 100% 8111 1007
8
8
10138 141 953 1013
.
4
Chile (Republic) ext s f 85
1941 F A 10558 Sale 1054
106
93 10018 106
-year s f 88
External 5
1926 A 0 10212 Sale 10214
1025
8 73 9812 1037
8
25
-year a f 8s
1945 M N 105% Sale 10512 106
13 100 100
Chinese (Hultuang fly) Sc of 1911 J D 15212 Sale 52
75 44
54
57
ChM:di:mill (City) s f 83
40 108 11212
1945 A 0 11012 Sale 10912
111
Copenhagen 25
-year of 530_1944 J J 93 Salo 923
4
9314 237 8512 9312
Cuba-External debt Is of 1904_ . 11 S 9014 - - -- 90
8 8412 9012
/1
90
Eater debt of 5s 1914 tier A _1949 F A
89 Sale 89
77
89
9034
External loan 4 Hs
5 70
1949 F A 80 - 79
s
80
807
Czechoslovak (Rep of) Ss_ _ _ _1951 A 0 9714 Sale 9772
4
983 405 97 1003
4
Danish Con Municipal/is "A"1946 F A HI 112 110
11112 15 10512 1 14
Series B
Sale 110
11112 14 105 113
1949 F A 110
Denmark external a / 8s
1113 Sale 111
11134 78 10712 11212
8
20
-year es
216 9014 997
99
4
2 2. ( 983 Sale 9813
8
;1k .
f 1 )
1
Dominican Rep Cone Adm s f 53'58 F A
4
923 93
1 8512 93
92
93
9612 Sale 9612
Dutch East Indies ext So.__ _1947 1 J
500 94
97
97
40-year es
9612 Salo 96
067 697 9414 97
3
_1992 M 8
French Republic 25-yr ext 83_1945 1,1 S 10514 1,11/16 1(14
10612 336 9914 1083
4
20
-year external loan 75s.1941 J D 1013 Salo 101%
4
10212 364 94 106
Great Brit & Ireland (U K of)
10:112 352 96 10312
20
-year gold bond 554s.._.1937 F A 103 Sale 1025a
10
490 9834 108
-year cone 553s
108
.
1929 r A 10734 Sale 1074
3
-year cony 5H.e
10734 Salo 10714
108 1047 100 108
96
Italy (kingdom of) Ser A 61431
9614 96
4 9212 0812
9614
9 11T1 •F
91 Sale 9012
Japanese Govt--£ loan 4Hs_1925 F A
9118 175 8658 91%
Second series 44a
9018 123 863$ 91
8
1025 1 J
8934 Sale 895
764 Salo 768
Sterling loan 43
771.2 305 7258 7812
1931 J J
8714 Sale 874
Lyons (City of) I5-year 65_..1934 M N
8,3 101 8012 90
4
Marseilles (City of) 15-yr 613_1934 M N 87 Sale 8714
873 155 8012 90
4
Mexico-Exter loan £ Sc of 1899 0 J 6687 Bait673 67
4
6814 124 54
7012
Gold debt 4s of 1904
125 .393 62
1
1972. 0
54 51 8
58
4
9612 Sale 9514
Netherlands a f ee
9712 1151 94
9712
Norway external a f 8s
115
1 1 Sa
1940 A 0 1 1172le 11114
45 10734 11.1
porta Alegre (City of) 8s
1961 J D •103 163'4 103
105
73 10214 105
Queensland (State) ext of 75_1941 A 0 1 0 4 Sale
110% 67 1057 111
8
II° 4
-year 6s
10212 Sale !1013
25
103
137,: 99 103
104 Sale :1035
Rio Grande Do Sul 85
10414 221 99 10514
8
4
-year a f 8s_ _1940 A 0 101 Sale :103'
Rio de Janeiro 25
1043 1311 9918 10512
4
San Paulo (City) a f 83
10512 56 101 1065
1952 ra 8 10414 dale 10412
8
San Paulo (State) ext a f 8s_ A936 J J 10414 10512 104
10i12 50 10018 106
95 Sale 90
Seine(France) ext 73
96
1942 J J
337 004 98
102 Sale 102
-year Os
Sweden 20
1939 .1 0
140 94 103
103
Swiss Confeder'n 20-yr a f 83_1940 J J 118 Sale 116
118
269 11212 12012
Tokyo City Is loan of 1912____ . M S
73
73
13 67
7612
e
Sale 106
Uruguay Republic ext al.__ _1946 F A 10:314
6
3
16 10212'108
107
Enrich (City of) 5 f 85
1945 A 0
114
11214
86 106 1143
4
(These are prices on the haste of $5 to g)
State and City Securities.
N Y City-451s Corp stock..1961) M fl 10034 Sala 1003
4
10114 48, 98 103
&Us Corporate stock
1964 hi F1 10212 10313 10212 10212
4; 9712 1024
1966 A 0 10212 10313 9912 Mar'22 ----I 99
1515 Corporate stook
994
____ 10712 10712
4H3 Corporate stock
1971
10712 32 1035 1033.4
8
43 Corporate stock_July 11)67 ji--.1
-is
107 107
Apr'22
10312 1074
107 1065s
448 Corporate stock
1965 J D
10658;
5 103 1074
44a Corporate stock
107 1107
1983 M S
107 I
2 103 10712
A% Corporate stock
1959 M N 99 ----1 9812
9812,
2 934 9812
A% Corporate stook1958M N 99 --- 96
Apr'22 __-_ 933 96
4
4% Corporate stock
1957 51 N 99 -96 Mar'22 -_-- 9312 963
4% Corporate stook mg_ ..1.958 M N .9834 ---- 9514 Feb'22 ____ 94 96 4
New 4568
1957 M N *____ 1074 10612
107 I
5 10312 107 4
,
4;6% Corporate stock
10712 10712 Apr'22 -___ 10314
19571 M N
356% Corporate stook.. 1954M N 89 ---- 8818 Apr'22 ---- 8434 10712
S914
N Y State-to
1961 M S
---- 90 Dec'20
- Canal Improvement 4s__1961 1 J
89 Sept'20
Highway Improv't 456s...1963 M S
10912 Apr'22 -- 10913 110
Highway Improv't 4510....-1965 hi S
10412 Apr'22
10413 10412
Railroad.
73
Ann Arbor lot g .16
41995 Q J 70
70
72
6 5814 80
Fe
-Gen g 48_1995 A o 8834 Sale 8812
Atoh Top AS
89
227 85
90
Registered
1995 A 0 8512 - 8714 Feb'22 ..-- 874 8714
Adjustment gold 4s
41995 Nov
8212 83
83
Apr'22 ___- 7712 837
Stamped
41995 Nov 83 Sale 83
8312 24 784 84
Cony gold 4s
1955 .1 I)
83
A pr'.42 ____ 70
83
Cony 4a issue of 1910
1960 .1 D 9818 195 10012 Apr'22 __
9114 101
8 933
East Okla Div lot g 4s_ _1928 m
4 ,- 9334 Apr'22 ____ 9114 933
4
Rocky Mtn Div lot 45_ _1965 J J 8234 83
8214
8214
10 78
8314
Trans-Con Short L lot 43_ _ 1958 1 J 8418 85 2 8418
,
8418
4 793 8678
4
Cal-Aria ist & ref 4 H3"A" 1962 M S 9112 Salo 9112
92
25 864 9212
AU Coast Line let gold 43_41952 M S 8612 897 8812
89
22 85
90
1930 hi N 10538 106 1053
-year secured 73
10
4
10614
7110412 107
1964 J D 863 8712 874
General unified 045
4
88
8 834 883
4
Ala Mid lot guar gold 55_1928 M N 9834 -,,- IGO
100
6' 983 1 0
4
Bruns & W lot gu fold to. _1938 J J 885 91 1 885 Apr'22 --__ 86 8853
8
8
al952 M N
L & N coil gold 4s
8213 83
82
82
23 78 83
1925 J J 9312 Sulu 93
Bait & Ohio prior 3348
91_
__ 924 91
41925 Q J
Registered
Jan'22 66 88
9 22
3
9154 94
41948 A 0 82
1st 50
8218 82
-year gold 48
83
62 704 83
41948Q J -„- 7914 75
Registered
Jan'22
75
75
8812 Salo 1 8114
10
-year cony 456s
837 102 74
8
84
Refund & gen 55 Series A 1995 J D 8512 Hale 8512
8612 51 77
88
1929 J J 100 Sale 9934
-year (is
Temporary 10
100 I 318 9413 100
P Juno & M Div lat g 3He- 1925 MN 92
9214 92
9214
18 87
935s
P L E & W Va Syr( ref 48-1941 NI N 8034 Salo 8018
803
4' 85 723 8214
4
8
Southw Div let gold 3563..1925 J J 905 Sale 1 903
4
91,
21 31 86
92
8
Cloy Lor & W Con lot g 58.1933 A 0 965 9 9 ' 9 /
99 1
l', 92
09
Ohio River RR 1st g Is.-- - 1936 J D 9718 9712 965
8
965
8
1' 98
08
8
1937 A 0 935 98 1 93
General gold 5s
Apr'22 ____I 90
954
Tol & Cin div 1st ref 4s A__1950 J J 688 69 1 683
4
69 I 26, 627 70
2
1937 MS 9918 Sale 10012 Apr'22 ---I 955a 10012
Buffalo R & P gen g 5s
1957 M N 91 Sale 901
Coneol Cis
.
91 1 49 884 91
A Pat West lot g 4s gu----1998 A 0 84 ---- 8218 Mar'22 - 8218 8218
4 ___ . 904 Jan'22
Clear A Mah lot go g 55
1943 J J
..-- 70 112 10 0
9
,
0
0,
01
;
1,.. a A I'll t... .., ', e .,
, , .7 n I(S)), ____ 100 4 Apr'22 -.1....
,
._
• No price Friday; latest bid and asked. «Due Jan. aDue April. ellue
May. aDuo Juno. /Due July. )(Due Aug. oDue Oct. ODue Nov. eDue Dec, s Option sale.
Ng,
K ,
'1
1992
BONDS
N. Y. STOCK EXCHANGE
Week ending May 5
New York Bond Record-Continued-Page 2
Price
Week's
Range or
Last Sale
°
1.
re'
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending May 5
•
Price
Friday
May 11
Range
Since
Jan. 1
Pleare
Bowe or
Lass Bale
May 5
Hoe
Low High,
Ask Low
Bid
High No Low High
Ask Low
Bid
Del Lack & Western (Concl.)90% Apr'22
90% 98
7
,
7414 7414
J 100 -_
Leh Val Coal Co 1st gu 611-1933
Warren 1st ref gu g 350-2000 F, A 7514 7712 7414 Apr'22
Oot'13
105
1933 .1 J
Registered
Delaware & Hudson
_ 8318 Oct'21
61518
1933 j J 9778 9934
let lot reduced to 4s
4
993 Apr'22
4
4
92m N
1923 jj 993
let lien equip g 4%s
FS1838 - 8%
1945 MS 8238 8312 8313 Apr'22
6 8318 9112
Leh & N Y let gu- 4e
9012 7i91
1st & ref 4s
9512 98
12 893 99
4
97
Long Isld 1st cons go., 58_01931 Q j 97 9812 97 Apr'22
1935 A 0 10714 2_
94
% .
63
!
30
-year cony 58
_ 8214 June'21
,
61931 Q J 89
6 107 ,te
1st consol gold 43
10812 109
1930 J D
10
-year secured 7s
"
ff 83
1938 J D 8312 ---- 8214 Apr'22
MA 80
Jeneral ouia 45
1946 A 0 7932 ____ 80 Ar'22
Mb & Susq cony 350
09% 9914,
4
1922 al s ---- 993 Feb'22
Ferry gold 450
Benne & Saratoga 20-yr 88-1941 m N 107% -------------- 73 8153
9914 Oot'06
1932 J D 82
1
- .)
817 3
Gold 48
81 Sale 80 4
Den & R Or-tat cons g 48-1936
_ 78 • Apr'22
ill; 78
8
1949 m s 763 _
20 7612 81
•4
Unified gold 4s
8312 Sale 8312
J
1936 j
Jj
Consol gold 450
88 91%
9112 Apr'22
1934 j D 92 95
2 7412 85
83
Debenture gold 511
82 8112
1928.3 D 81
48 75% 81
83
Improvement gold 5s
8
817 83 8012
1937 MN
,013 348 42 5212
-year p m deb 5s
8
20
49 Sale 477
1955 F
7 72
let & refunding 58
7912
8
791s--1f101-47 Apr'22 - _.- 4014 47
Guar refunding gold 4e_. 1949 m s 79 79% 783 July'21
Trust Co certife of deposit....
87
NYB&MBletoong 56_1935 A 0 91
2 W. Apr'22 -- 8012 86
-"Ei gi
1939 j ARio Or Juno 1st gu 58
83
Apr'21
95
N Y&RB 1st gold 5s__ _1927 M S
1940 i i ____ 1478 6114 Apr'll ---Rio Or Sou let gold 4s
_
Jan'22
8911 891g.
1018 Feb'22- 101s 101
Nor Sh B let con g gu 511-a1932 Q J 91785 78 90
1940 j j - .. it,
90
Guaranteed
36 73 4 7912
3
1927 M S 89 91 90
81
Sale 7914
Louisiana & Ark let g 15a
994
Rio Or West let gold 48-1939 J 1 fi 69 68 8
6934 19 8218 70
7
Louisville & Mew gen 68._1930 .1 D for 10153 99% Nov'20
6812
-oil; '46'7;
Apr'22
Mtge.& coil trust 4s A 1949 A 0
1937 51 N
---Gold 58
77 6212 Oct'21
1995 .1 D 71
913
4 82 8712 92
90%
901390 91
Oct & Mack-let lien g 4s
12
1940.3
__ 60 May'21
Unified gold 48
1995.3 D
8118 Oct'21
Gold 4s
1940 j .1
3
893 ---5 82 -g63
2
4
4
Registered
8
895 893
66- - 883
198, M N
9078 Mar'22
9553 9653.
Del Ely Ter Tun 4348
1931 m N 07 ___
8
958 100
_ 100 Mar 22
Collateral trust gold 5a
1084 30 1064 109
Dui Misaabe & Nor gen 53_1941 J J 100 j .
4
1930 a1 N 107 1073 1J7
6
10
-year secured 7s
1937 A 0 9812 - 618 9912 Apr'82 ---- 954 10014
8
Dui & Iron Range let 56
- - -- 19212 1033 186 101 104 2003 A 0
10512 Mar'08 .-.
lat ref 5 Hs
--9712
1937 A 0
Registered
4
933 9713
1931 M N 9713 Sale 9712
- 87 L Cm & Lox gold 4%s
i
3 4 ii 86 Apr'22 --4
1937 J J - - 3- 5
102 * 1033
Dul Sou Shore & At! gils
4.
4
993i
WS
1930.3 .1 1043 107 1033 Apr'22
-___ 98 Apr'22
N 0 & M 1st gold 65
9812 Apr'32
9812 984
Elgin Joliet & East 1st g 58_1941 M N 99 Sale 10418
3
1930j J 99 4 102
8
--10518 -104 1005 107
2d gold 63
105
81
_
Feb'22
80 82
3
Erie let consol gold 7s ext_1930 M S
1946 F A 84 8
-_- 8038 8212
Mem Div 4s
3
80 8 Apr'22
Paducah dr
2 68
8112
82
Ill's 617 6112
N Y & Erie 1st ext g 48._....1947 M N 8212 ..--- 9712 Jan'22
s
4
963 9712
St Louis Div 2d gold 38_1980 m
8534 14 79% 88
3
1943 M S 9812 ____
8584 Sale 85 4
3rd ext gold 4548
Atl Knoxv & On Div 43_ _1955 51 N 99 -- 983 Apr'22 -- 983 983
---4
1930 A 0 924 ---- 9012 Mar'22 -- 9012 9012
4
4th ext gold 5s
4,
D
4
AU Knox & Nor 1st g 158..-1946 J
1928 .1 D 8012 --__ 943 Nov'15 .."
10112 -- 100 Sept'21
6th ext gold 45
i9
__ 9812 Aug,
Bender Bdge let s I g 6s__ _1931 M S 823
795 4171.
N Y L E & W let 7s ext 1930 M S 102 Sale 8414
s_ 8212 Apr'22
5414 6512
Central gold 48_1987 j J
6478
Kentucky
1 93 100
9818
984
8
973 i154
Erie let cons g 48 prior __1996 J .1
57
57 Mar'22 _ ___ 57
6
96
Lex & East let 50-yr 58 gu_1985 A 0 92 __
8414 Nov'21
1996 J J
Registered
208 3914 5812
55
- Illile- 53%
L&N,tmeim1etg4518-1945 M S 7918 ---- 80 Apr'22 -- "fi 80
let consol gen lien g 46..1998 J J 755
jount 4s._-1952 j J
39 Aug'21 .
L & N South M
95 e'eb 06 -.
1996 J J
Registered
8752 10 79 86
61952 Q J -8
g-le 875
Registered
9112 Oct'21
Penn call trust gold 42_1951 F A Tic Sale 4812
1937 F A 9912 10012 89 Apr'22
153 3414 52
50
N Fla & S let gu gl5e
- 80 89
1953 A 0 4834
2
873
-year cony 4s Ser A
60
51
112 32
3
48 4
50
N & C Bdge gen gu 450-1945 J J 1013 102 1J13
3 96 102
4 102
1953 A 0 4878 49
4
do Berke B
1938 F A
3
51
5234 60 34 4 54
& N Ala cons gu g ds
9734 18
9714
1953 A 0 5134 Sale 94
4.
4
978
Gen cony 4e Series D
7 80 94
94
9414
cons gu 50-yr 53.-1983 A 0 983 9912 82 Ape= ---- 9512 82
9238
Gen
77
Chic & Erie let gold 58_ _1982 M N
8
904 903
1945 M S 8112 8212 77
9053 Jan'22
La & Jet Bdge Co gu g 4s
92
Mar'10
30
Cleve & Mahon Vail g 58 1938 j j 955 ..-- 95
784 9612
96
96
Met Internal let cons g 4e..-1977 M S
75 Nov'10
Erie & Jersey 1st s f 6s........1955 .1 J
1977 M S
8
18 793 97
97
Stamped guaranteed
9712 9512
99 Jule'20
Genesee° River lets I Os. 1957.3 J 9512 --- 97 June'21
Midland Term-let e f g 55_1925 .1 D 163 2 1043 10312 Apr'22
5
101 10353•
4
Long Dock consol g 68-1935 A 0 10 4 -- 100 Apr'22
1927 J D . -1100 fob
St Louis 1st 7s
99
Minn
23 69% 82
82
8
1922 M N
Coal & RR 1st cur gu 68
1934 M N 8012 807 8012
9112 - 8312 Deo'21
let consol gold 5s
159 31
60
50
4918 dale 4812
Dock & Impt 1st ext 54._j943 .1 J 8812 -- -- 88 Feb'22
88 88
1st & refunding gold 48.-1949 N S 40 4912 4812
6014 16 30 5012
1946 M N
N Y & Green L gu g 5s
7014
.
23
55 Ser A.-1962 Q F
70 - - 64
69 Sale 68
Ref & ext 60-yr
4 36
56
4
553
5882
4
553 56
N Y Susq & W let red 158_....1937 J a 52 65
Des m sr Ft D let gu 4s_ __1935 .1 J 81 Sale 81
60 Apr'22 ---, 4712 50
8112 10 70 82
1937 F A
2d gold 451s
8 3812 60
6912
Iowa Central let gold 68_1938 J D 487 Sale 47g
69 32 5082.
49
1940 F A 5918 60- 59
8
General gold 58
1951 WI S
8312 8312
4s
Refunding gold
4 85% 90
90
MN 88 _- 834 Feb'2.1943
89 139711 89
Terminal let gold Se..
_
MStP&SSMoong4sintgu-'38 J J 100
- 99 Apr'22 -- -- 9814 104
1940 A o 85 - - 72 Nov'19 -- 'El 73
Mid of N J 1st ext 5e
73
1938 _
73
73 74
1st cons 55
8 68 10012 103
10214 Sale 10214 1023
East 1st gu g 58--_1942 J D 10512 -- 88 Apr'21 ---..
1931 M
Wilk &
-1
-year coil tr 6513
10
85 Deo'21 -8
Evans & T H 1st gen g 56_1942 A o
1941 M N 867
Apr'21
let Chic Term a f 4s
8
9812
1923 A 0 ---Mt Vernon 1st gold 1514
J 9612 if 9612
__.
1
69
---- 89:
MSEIM&Alstg4sintgu-'26
r2Sul
4
1930 A 0
8512 -- 823 Feb'22 -- 8234 8234.
Co Branch 1st g 51
1 801 WI;
,
8612
Mississippi Central let 58...1949.3 J 8114 813- 8112
g1 2 -::.7 8812
8214 68 73 8318
4
1959.3 D - 1- Florida E Coast 1st 4)48
Apr'21
Mo Kan & Tex-let gold 45_1990 .1 D 66
7712 --- 66
6684
6,4 18 4838 6814
Fort St U D Co 1st g 4)0_1941 J J 8312 91990 F A
3
84 4 Apr'22 --..7 "'hi" "i"E
85
2d gold 4s
6714 10 4812 68
id 6714
Ft Worth & Rio Or 1st g 4s 1928 J J 8818 90 895
_ . 88
8958
8
6 83 893
8
Trust Co ctfe of deposit
2
477 Apr'22 -- 3612 49
87
1933 A o
53
Galv Hone & Heed 1st 158._
N
1944 M11438 32 10812 11472
11312 Sale 11314
let ext gold 5a
8614 Apr'22
73 8814
Grand Trunk of Can deb 7s 1940 A o 10434 Sale 104
S 85 89
2004
110 100 105
105
let & refunding 4s
7
73 8 Feb'22 ---- 7212 75
-year a 1Oss 109 Sale 109
15
4
4
1093 237 10718 1093
Trust Co certfs of deposit_
l'.1
1936 J j
6412 Apr'22
5214 6412
1936
Great Nor Gen 78 ser A
9114 35 88 9114
4
9014 903 9014
Gen sinking fund 451s__ A938
7
1961.3 J
88 ....-- 62 5 Apr'22.- 5214 62'glat & ret 4%a &ries A
824 Oct'21
Trust Co certfs of deposit_
2913 Jan'22
27
294
1961 J
Regtetered
66 96'2 100
J- 65 gill 9914 100
St Louis Dlv 1st ref 45__2001 A 0 - -- 77 Apr'22
5813 77
J 6; "
Temporary 5%s
9114 94 91
-- 904 91
5% secured notes "ext"__ -1916 .
6 80 901s,
9018
igl
g .1 J 10914 ____ 10912 Mar'22
St Paul M & Man 4e
1940 M N 9018 ---- 904
10518 10912
Apr'22
Dail & Waco let gu g 5&,
7512
7112 Jan'22.- 704 71%,
1933 J J
let ccinsol g Se
99 Sept'20 -Kan City & Pao 1st g 48_ 1990 F A
83 Mar'22
77 83
4
Registered
1942 A 0
9i
1933 J J ---------95 2 6 1 959614
-.- 9314 953
Mo K & E 1st gu g 5s
- 811s Mar'22 -- 7814 81%
8818
Seduced to gold 4%8_1933 J J
95 95
_
M K & Okla 1st guar 5s.„1942 M N
8413 Mar'22 .--- 77 841,-1933 J J ------ 9118 Mar'22 -1 88 9118
Itegiatered
)4 K &T of T let gu g 58_1942 M S 81. -- 82 May'21 -9118
1937 .1 D
16 _
Mont ext let gold 4s
3 mar' 1
0 Mar.20-- ---8
2
0
-Sher Sh & So let gu g 5a.-1942 J D 34
7 9-- 8
Si 2812 Mar'22.- 73g -1IG
1937 J D a...
Registered
Texas & Okla let gu g 58_1943 M S 8314 54 83
---14
8412 238 76% 8612
J 1940 J ' Pacific, ext guar 48
88 8958
92 8912 Apr'22
T Ry-p 1 5s Ser A _1962 J J 0912 Sale 6013
00
Mo K &
6 62 707e,
7012
A
E Minn Nor Div 1st g 48_1948 j 0 9912 ____ 99 Mar'22 -............
.1 J
1962
j
1922
-year 43 Series B
40
219 89 9713
07
0614 dale 984
Minn Union let g 13e
1932.3 J
10913 109's
-year 13a Series C
10
1937 j j 109 ---5838 724 4384 594
57
Mont C 1st gu g 138
Series A,.,...J967 .1 J 6714 Sale
____ 1k
Cum adjust 58
.t ------136
Registered
- -11.61 2 ---- 99 Feb'22 ---- "ski" 99
Missouri Pacific (reorif Co)
93
1937 jj
7 841a 89%
8814
8814 8814
88
let guar gold 5s
4
4
993 ____ 9913 Apr'22 ---- 9918 1003
1st & refunding 50 Ser A__1985 F A 100 10018 100
33 974 100
100
WIII & S F let gold 5s_ 1938 J D 70 75
6712 7012
701s Apr'22
1st & refunding Se Ser B..a1923 F A 96
20 904 9714
97
97 , 9653
Deb otfs "A".... Feb 7
Green Bay & W
4
10;
1012
-58_01952i j 112 ..1._1__ 771 Apr 22 1-1 612 113
let & refunding 68 Ser C-1928 F A 1004 Sale 10013 10012 375 10013 10053Feb
B
Debenture ctfs""
1949 F A
79
68, ser D
---., 72
6714 460 6954 8714
3
64
4
Gulf & S I let ref & t g
1975 111 8 643 Sale 534 o
7 814 8711
8653
8612
General 43
J J *____ Sale 8612
Hooking Val let cons g 4%e__1999
1945 ___.
8658 7312 June'18
j
Missouri Pao 40 years 45
ftir4
133- 7914 Mar'22 -- 7053 "
1999.3
Registered
1938 51 N
78 78
77984
7
k
3d 75 extended at 4%
0s
5 74
74%
747
A A
4s---- no, 791,
1948 F O 8 3 I:::
8
1948.3 D 747 76 I 74
Col & II V let eat g 4s
Mar'22
Cent Br U P 1st g 411
Ap2
8312 86
6 Mar'22
1955
6 4 80 8
853 971; 0
Col & Tol 1st ext
4
893 93
89
92
of Mo ist ext g 48.-1938 F A 9
Pao R
92 9712
J j 91%
Houston Belt & Term 1st M.1937 j .; 80 -_-_-_-.
J J
89
1938
Apr'22Ap22 --_ 8318
2d extended gold 5s
63 9411085308
1951
Illinois Central let gold 4s
St L Ir M & S gen con g 521_1931 A 0
9734
102 July87
1951 j j --- --- 834 Sept'21
'8
9 14
7914
Registered
Gen con stamp gu g 58_1931 A 0 872 88
80 -..-- 7914 Mar'22 -...---..: -f111-2
4
1951 j j 874
884 36 787
.-W J
let gold 3%s
1929 J
Unified & ref gold 4s
84 Nov'16
,
8 22
893.
8214 8_2_7
1951
Registered
1933 M N 9334 . ! 23s mar412 192 W2 8412
Oct'21
Ely & G Div let g 4s
8
907 93
8
1951 A 0 797 ---- 72
Extended 1st gold 34e
W lst g 5a_ _1928 M S
Verdi V I &
101is 10312
1031s
518
,
9 , 19083182a
0
1951
Registered
1927 J D 19312 10
Mob & Ohio new gold 85
-- Juliao T.;
977 984
8
Apr'22
1951 id s :.
01927 Q J
let gold 3s sterling
8312 ix
1st ext gold (is
3
Sale 83 3
8
87% 78
Collateral trust gold 4a--1952 M S 833
1938 M S 914 76
953 Bept'19 -General gold 4s
5
9.112
Apr'22
8612 8912
1952
Registered
19 82's 89
Montgomery Div lat g 58_1947 F A 9112 9412 88 Feb'22
8814
8712 87
87112 891
4
19551 M N 86
1st refunding is
1927.3 D
76% 7814
St Louis Div 58
8914 15 81 8914
87
Purchased lines 350
19311 J J 87 Sale 9953 Apr'22
_
St L catro guar g 48
% 2 Apr'22 ___ 2 7818 8312
6 72 76
97 103%
100 10214
953 M j 7
19 2 j N 82% 88 8 58 Dec'20
gold de
L N 0 & Texas
68
Nashv Chatt & St L let 53-1928 A 0 100,
0 A pb 2
0
12912 F0r::2-- 100 100
02
2 18
1953 M N
Registered
idi '102
Jasper Branch let g ea.__ _19231 J J 4012 ____ 40
1,1 j j Mil; Lir 100
4012 13 2118 42
15-year secured 5518
21 994, ill
11/
Nat Rye of Mex pr lien 4%8.1957 J J
2912 83
J J 11018 Sale 11/
-year secured 651e g__1938
15
4
4
818 813
Guaranteed general 4a........1977 A 0
8
32
28
43 38 313 Mar'22
1950.3 D 8278 ........ 88713412 Apr'22Feb 22 _- 835 6712
Cairo Bridge gold 48
8
Mex prior lien 4Ai-1926 J J
_-_
Nat of
2112 21%
21% Mar'22
Litchfield Div 1st gold It._1951 J j 69 ____ 744 Feb'22 _-.-.---- 73% 748
A 0
1951
4
let consol 4s
(13 79
86
86
4
837 Salo 833
s
Louisv Div & Term g 345_1953 J J 77 ---- 66 Feb'22
66
86
NO & N'E letref&impt43.4eA'52J J 7814 7812 783
4
6 7012 7812
7812
3
1951 F A 673
Omaha Div let gold 35_
14
2
674 Apr'22 -- 838 67
New Orleans Term 1st 48.._1953 J J 8912 9912 993
8
4' 954 101
9912
8
Louis Div & Term g 38_1951 J .1 673 ---- 784 Mar'22 St
- 7612 77
N 0Tex & Mexico ist 8e_1925 J D 605 Sale 6953
7012 132 62 72
8
1951 „I j 7618 _-__
Gold 3s
1935 A 0
Non-corn income 55 A
3
103 Salo 192 4 10312 258' 98 10413
4
52
gi1- 595 Apr'22..- 82 83's
N Y Cent RR cony deb Se_ -1935 N N 1063 Salo 106
94- 105 108
107
951 F A 77
195 jj 8218 --2 82 N
4
t
l
1930 M S
r
8Destea Ulls letg
W ringf Div e elg 3
-year coil tr 78
10
8 88, 787 847
847
2
s
1951 F A --------92 4
9934 -g3-4
Registered
1998 F A 83s 8414 84
Consol 43 Series A
.
73 Apr'22
32 8514 8912
88
1923 J D 99 ---- 993 mar 19 --- -_-_
Bellev & Car let Os
0 88 Sale 874
2013A
Ref & impt 4%14"A"
9812 1739, 9413 9612
3
.
3
Carb & Shaw 1st gold 4s_1932 M 8 8514 --- - 100% Apr'22 7_7_ 99 10038
2013 A 0 95 4 Sale 95 4.
Ref & impt 58
1005 __-_
Mc St L & N 0 gold 58-19151 J D
-New York Cent & Bud River
4 24/ 7412 78
773
4
1951.3 D ---- ---- 99 Aug'21 __
7714 773 7715
Registered
1997J
3
Mortgage 3545
75 784
7612 Apr'22
1961.3 D 78---- 65 4 Deo'21
Gold 3He
1997 J .1 117612 77
97
-ai 9Oii 97
Registered
97
4
3
90 8 103 54 903
Joint 1st ref Es Series A-1963 J 0 9614 f
1934 N N 8912 Sale 8912
80
7
Debenture gold 48
7
664 June'20 20 72 74 3
40-....1951 J D 8014 --- 79 8 Apr'22 __ 78%
Memph Div let g
1934 111 N
Registered
65 Nov'17
50 88 90
891961.3 D
Registered
1942 J J 81) - _ - 89
deb 4s
-year
30
.
Ili W - 80 Sept'21 ....-7312 28 6914 76
St Louis Sou 1st gu g 44-1931 M S '
1998 F A 7318 7418 73
Lake Shore coil g 3540
747
1950 ,7 j 8578 -- -- 8512 Mar'22 - 86 - 86
7472.
72
3
2
;
5
% 5
0 7
ad Ill & Iowa 1st g 4s
1998 F A 7312 ---- 7
8
Registered
9914 997 9914 Apr'22 __- 97 9912
7114 74
Int & Great Nor 1st g ext 7s_ _1922 M N
gold 350_1998 F A
Mich Cent coil
- 84 Apr'22 ____ 8012 85
7412 Jan'22 -- 74% 7412
72 74
Frank dr Clear 1st 4a 1959 J D
James
1998 F A
Registered
8712 24 83 6712
846714 69 67
1 60 62
62
02
02
Kansas City Sou 1st gold 3s 1950,
Battle Cr & Slur let gu 30_1989 J D 881,
Oot'09 -84% 88
1950;A 0 --------78
88 Apr'22
' Registered
89
Beech Creek let su g 48......1936 J
42 -£1.1 "E7613 July'21
Apr 19501.1 J s 8712 Sale 8712
Ref St !rept 58
1936 J J
Registered
83 4 35 TA 84
3
834
Kansas City Term let 4s___19601 J J 8318 Sale 913
1936 J J 8018 ____ 104 May'16
5s
92
3 86
2d guar gold
92
4
7
. 59 June'21
0952
Lake Erie & West let g6s...._-1937 .1 J 92 8 10214 86
4
3 77 863
Beech Cr Ext let g 3518_01951 A 0 8038 8412 824 Mar'22
88
8812
125; 90
1941 J J 86
2d gold 56
1981 J D
68 68%
Cart & Ad 1st gu g is
s
90 883 Feb'22
North Ohio let guar g 158_1945,A 0 71
g 58_1935 J .1 9514 ___R lat gu
9218 9413
Ka A &
Apr'22
8
id%
fiti "
1- 12 1;62N Y let gu g 4348_19401 J J 9212 943 92 July'21
Leh Val
1997.3 D 8014
Lake Shore gold 33.45
80
2
3 747 7912
7912
8
19401.1 .1
8
Registered
1997 J D 747 Sale 747
Registered
8312 12 -H 4 - 8- 96
-a-1 - . 83
8 ; g4
9434 48 89% 9512
Lehigh Val (Pa) cons g 4s......2003 M N - 1-2 92
1928 M S 9414 0412 0412
Debenture gold 4s
4 85. 9214
92
12
12
3
92 4 40 88 93
4
2003 M N 92 ---3
General cons 4%s
1931 M N 02 4 0314 923
-year gold 48
25
4
4
981s 1003
101 ____ 1003 Apr'22
Leh V Term By 1st gu g6s.._19411 A 0 .9918 ____ 113 Mar'12 ..
1931 M N
Registered
WI; 85
19411 A 0
Registered
M S 7S1;
Mob & Mal lst gu g 42____1991
32 1004 10312
103
Leb Vs RR .10.yr eoll 150._a1928 ____ 10234 103 10253
Oct-, tOptIon eale.
a Due Jan. S Due Feb. g Due June. 6 Due July. n Due Sept. o Due
• No price Friday; latest bid and asked this weak.
Vi
•^
2
IC: Jan'22 7_ :
te._
-------80
46
012
--
:II:
112 illg:11
Nevi York Bond Record—Continued—Page 3
1993
'4 4-1
rZ
.C3,1
Week's
Range
gz
BONDS
Price
Week's
Range
r
Range or
Since
N. Y. STOCK EXCHANGE
;14
Friday
4'''
Range or
Mau
k
Last Sale
Jan. 1
Week ending May 5
May 5
Lail Sale
1
Jas. 1
--- —
•
Bid
N Y Cent & H R RR (C011)—
Ask Low
High No Low High
Bid
Ask Low
High No, Low MO
Mahon C'I RR 1st 6s._.._ 1934 J J 9753
96 Mar'22 ---- 96
96
Pitt Sh & L E let g 55
1940 A 0 973
8
100 Mar'22
958 100
4
1931 M S 973 --_ 9012 June'21 -. Michigan Central be
4
—_
let consol gold be
9614
1943 J J
9714 Dec'17
1931 Q M
Registered
984 Nov'18 -- -/
1
Reading Co gen gold 4s
1997 J J
8513 Salo 85
_id_86
8712 Apr'22 ---J
1940
Registered
- 8Ola 82 Apr'22 --.,' 32
81I
1
82
1940 J J
Registered
---- 7414 Sept'20 —2-, .i214 .. ..
-4 -------8 34_ 87-1-2
(i.
Jersey Central coil g 45
6
Sale 87
1957 1 0
991 A 1
88
3 8112 88
1961 M S 75 ___. 661 Mar'20 ---J L & 13 let gold 3341
/
4
Atlantic City guar 4e g
8
1951 1 J 787 ____
1942 M N let gold 311s
_ 78
Apr'22
St Jos & Grand Isl let g 4s_ _ _1947 1 J 7412
657 74
8
1929 A 0 8812 9114 91
20
-year debenture 4s
91 -• — 86313 91
St Louis & San Fran (reorg Co)—
N J Juno RR guar let 4s
1936 F A
7614 - - 7034 Apr'21 ---- -------Prior lien Ser A 4s
1950 J I 7313 Sale 7312
4
7454
743 131 68
& Harlem g 3348
2000 M N
773 80
NY
4
68 June'21 ---- -------Prior lien Ser B 5s
1950 J J 88 Sale 8933
07
8844 3 7 92
96 8 123 8 88
3
4
_ 95 Dec'21---/
1
N Y & Northern let g be_ A923 A 0 974
Prior lien Ser C Cs
9912 Sale
18812
00
/
1
N Y & Pu let cons gu g 40_1993 A 0 834 8412 84
_ _ 1 -i'i1- -iii .
2
Cum adjust Ber A 6s
4
824
61925 'I 0 813 Sale 8113
4
1 58 A 1
8212 222 71
7
0
_ 113 May4
Pine Creek reg guar fis..__.1932 J D 107 _
8 15
'
Income Series A 6e
6912 Male
292
8
W &0con let ext be_ _ ..1992:A 0 997 --- 99
/
1
4
991
/
4
St Louis Sc San Fran gen 63-61960 J
7r12
-1 9 1 Oc11 10314 108 1603918 Apr'22 ----1 0114 10
3
54
7834 Apr'22 -- -li -71-2 -8-3
Rutland let con g 434tj_ _1941 J J 80
83
86'72General gold 5s
9712 983 98
3
0812 13 95
9812
70 __ _ _ 70 Apr'22 ---- 66
Og & L Clam let gu 48E1_1948 J J
7112
St L & .13 F RR eons R 43_ _1991 .1 .1 80
/
193 J 1
674 Oct,'20
6
-Canada let gu g 413.19491J J
Rut
75
72
50
Feb'211---- -------Southw Div let g 53....„1947 A 0 8718
_ 90
Feb'22 ---- 90
90
& Adir let g 50_19964 J
Mt Lawr
92'8 --__ 854 Dec'21 ---- -------K C Ft 13 & M cons g (4
104
1928 M N 10112 102 104
1 101 104
4
28 gold 6s
19961A 0 91,
103 Nov'16 -- -KC Ft S & M Ry ref g 4s_ _1936 A 0 7914 793 7912
4
307
3 72, 7234 80 8
7
Utica & 131k Riv gu g 4e
091 Apr'22 ---- 994 9912
/
4
1922 J J 99 2
,
K C & 13,1 R & B let gu 5s_ _1929 A 0 9114
92
Apr'22 ----i 8814 92
Pitts & L Erie 28 g be____a1928 A 0 97's 9812 97 Apr'22 -- 97
97
St L S W Ist g 45 bond etts
7814 80 78
1989 MN
79
9. 7234 79
13018 Jan'09 -Pitts MoR & Y let gu 68_1932 j j 10514
28 g 48 income bond ctfs_p1989 J J
6712 63 6652
2 6413 671:
665
2
28 guaranteed 6e
1934 J j 0914 - - — 9514 June'20 ---- -------Consol gold 4s
8
1932 .1 I) 767 Sale 763
4
774 74- 6812 7738.
/
1
2361;.1 J 824 83
83 1 19 781 83
82
West Shore let 4e guar
,
/
4
let terminal & unifying 58_1952 .1 J
82 Sale 81 3
,
82
/ 43 '71
1
4
84
Registered
____ 80
4 7658 80
2361L1 J _8081
80
Gray's Pt Ter lot gu g 5s 1947 J ID
773
4
_ 9812 Jan'13
n12
71
09
/ Feb'19 ------1
4
Y C Lines eq tr 5s___1920-22 M N
8 A & A Pass 1st gu g 4s
19431 J 78 Sale 78
791
70
Equip trust 434e_ _ _1920-1025 J J
6712 June'20 ---------------Seaboard Air Line g 45
61
63
1950 A 0
6118
6118
11 50
63
845 Apr'22 ---- 823 88
4
N V Chic & St L let g Ag_ _ _ _10371 A 0 861t 88
8
Gold 4s stamped
8
60 619 48
8
1950 A 0 597 Sale 5913
1
63
61,4
____ __ _ _
Registeren
1.837 1 A 0 -------- 56 Nov'17 ---Adjustment 55
25 Sale 25
01949 F A
2
42 1312 30
27
Debenture 49
86
8512
86
1931 M N
86
15 80
8
,!
itetuuding Os
1 3 13 75
4618
73
1959 A 0 42 Sale 62
43274 126 5118 4612
76 118
9
89
N Y Connect let all 43i13 A....1953 F A
/
4
11 811 89
8912 89
8u
1st & cons 6s Series A
1945 M S 57 Sale
NYNH& Hartford—
1
Atl 3t Birm 30-yr let g 43_81933 M 8 73
74
62
Non-cony deben 45
1947 M 8 6318 6578 6013
Caro Cent 1st con g 4s
1949 .1 J 6634 0014 63 Feb'22 ---- 83
63
,44 4412 (018
3
9 0 .6
.1 5 62
27
54
5218
Non-cony deben 334s
1947 M
,
1
5,5,
Fla Cent & Pen 1st ext 6s_ _1923 J J 9713 09
96
Jan'22
96
96
52
5512 44 3814 5512
Non-cony deben 334e
1954 A 0 52414
15t land grant ext g 5E5_1930 .1 J
88
89
Apr'22 - 89
89
59
1955 J
5713 683 5712
Non-cony deben 4s
4
Consol gold 5e
1943 .1 J 89 ____ 8913 Apr'22
8212 891g593
4
8 41
593 Sale 58
4
60
1956 ii N
Non-cony deben 48
Qa & Ala fly 1st eon be.....o1945 J J
_ 75
Apr'22
71
75
5112
5178 10 373, 5212
Cony debenture 3348
1956 J J 50
51
80" 1.
oo
Oa Car & No 1st gu g 53
- 90
91
- 91 I
91
192 .
84
8
84
56 67
Cony debenture 66
85
834 817
/
1
1948 .1 ,T 80
Seaboard & Roan let 53
1926 J J 8912 ___ 95
95
871 95
4
Oct'17 -- -- ---- ---60
non-cony 4s
Cons Ry
1930 F A
Southern Pacific Co—
1
60 July'18 ---- ---Non-cony deben
Gold 4s (Cent Pao coll)___11949 J D 3312 83
/ 8253
1
4
82 3 92 78
7
83
3812 Mar'22 --, 3812 ---Non-cony debon 4s
3812
Registered
---- 72 Nov'21 -k1949 .1 D
55 1 33, 31
_
Salo 5212
57
4% debentures
1967 M N
23_
20
91% 240 86
-year cony 48
01929 M 8 9113 Sale 91
6115791s Apr'22 ---,1 71
Harlem R-Pt Chea let 4e 1954
7918
N
„/41°4 416
20
-year cony 5r3
1934 J D 10112 Sale 102
/ 10212 14, 9512 102
1
4
69 I
1 59
/
1
4
70
B & N Y Air Line let 4e
1955 F A " 75 69
8712 Sale 8612
Cent Pac let ref gu g 45-1949 F A
871 5
/
4
52 6114 68
0 814 8772
68
Cent New Eng let gu 49_1961 j j 6612 6714 6718
Registered
8212 Sept'16
Housatonic Ry cone g 6s 1937 MN
8212 ---- 80 Dec'21 ---"
Mort guar gold 3 As__ _k1949 I D "0 8-9.4 883 Apr'22 ---- 88
192 F A
4
88 4
87 July'14 ---3
Naugatuck RR 1st 4s
1054 M N 6513
84
Through St L 1st gu 413_1954 A 0 83
8212
86
29 78 874
83 Aug'13 -,,,- ---- ---/
1
4
N Y Prov & Boston 4s__ _1942 A 0 74
9712 99
,
4,:;
(31 II & S A M &P lst 51931 M N
9714
9714
.2 9414 98
57 1 zo9 -ii- -,
Y W'ehee& B let Ser I 4%6'46 J J
44410 5412
28 exten 58 guar
95
1931 J J 94
0514
0514
92
98
---- -__ New England cone Se
1946 J J 8258
9718 --__ 9712 Apr'22
Gila V 0 & N let gu g bs_1924 al N
07
9718
68 ____ 70 Sept 17 -Congo! 4e
_
1945 J
Hous E & W T let g bs
_ 94
1933 M N 94
Apr'22 ---- 94
4558 ____ 45 Apr'22 --__ 26
94
Providence &cur deb 4s
45
1957 M N
let guar be red
96
99
86 Mar'21
_ .
8853 Feb'18 -- _66_ _66_
Providence Term let
M 8
A
K:N C lttggbsg 6s
4
T vvIse u int gu
1
97
4
19331.1 N 963 _--- 933 Apr'22 ---- 9334 933
11 96348 M J
_ 60 Mar'22 ---4
W & Con East let 434 e
1943 1 J 5912 _
J J 9034 _ - -- 86 4 Feb'22 - - I 8634 86 4
3
7 69
77 I
8
767
f(
74
3
77
N Y 0 & W ref let g 43_41992 M
No of Cal guar g bs
AG 0918 ---- 101
Apr'22 -.-- 06 10312
6912 Nov'20
Registered $5,000 only.
M
4
6gli -ivOre & Cal let guar g 5s
3
8
1927 J J 983 085 983
93 8 14, 9514 100
5
70 1 ii 6812
1955 .1 D
General 4s
9953 1004 10114 Apr'22 ---- 10114 10114
/
1
So Pao of Cal—Gu g 5s .1937 MN
16 50
69
673
8
Norfolk Sou let & ref A le—r61 F A 674 68
70
91
92
So Pao Coast let gu 45 g.1937 I
92
Apr'22 ---- 8812 9218
8718
2 794
1941 M N 8718 8814 8718
Norfolk & Sou 1st gold be._
/ 8878
1
92 ---- 9014 Jan'22 ---. 89 9014
Tex & N 0 con gold 5s
1943
4
1931 M N 1073 10812 10612 Apr.22 -- 10553 10778
Non & West gen gold 6;
4
8714
88
So Pac RR 1st ref 4e
1955 J J 871/ 88
121, 8358 8878
Jan'21 ---—1934 F A 10814 ---- 105
Improvement & ext r
1950 A 0 8312 Sale 823
San Fran Terml let 4s
4
,
4
844 69 80
1932 A 0 1075s 10812 1043 Mar'22 -- 16,F, iiiEr
8418
New River let gold
8
Southern let cons g be
4
1994 J J 957 Sale 9514
9612 81, 874 964
89 I 21
1996 A 0 8812 8834 8734
/
1
N & W Ry let WM+ g 4s
-_-- 90
Registered
Apr'22 ----I 8814 90
74
1096 A 0 8112 _
Registered
Oot'20 ---4
:
8: 89 .
68 .
4: 6
Develop & gen 45 Ser A
88
321
86
1954 J CI 673 Sale 6712
96 A I
Apr'22 ---- -8-3 - - -:
let ii & gen g 68_1944 J J 86
8
1956 A 0 993 Sale 99
Temporary 6345
80 Feb'22 ---- 80
993 325 94 4 109 4
4
1932 J D _
6 1114 681
10-25-y. cony 48
80
3
8
Mob & Ohio coil tr g 4s
1938 M S 73 4 747 75
923 Apr'21 -4
1932 M S _-10-20-; ar cony 48
/
4
i i
;
933a
Mem Div let g 4y4e-5s
1661 1 j 931
1996 3 .I
106
9514 13 8814 95
74
, 9
2
714
4
ear cony 434e.. 1938 M S 1004
Apr'22 ---- -ii i6i78
70
St Louis div 1st g la
801s
___803
8
1029M S 107 10834 10812
4 73 80 8
58 10314 110
109
10 y .r cony (is
5
3
9112 Apr'22
Ale Gt. Sou 1st cons A be_ _1943 J D 945 98
863 863
4
044 94 2
4
8634
/
1
2 84
Pocah C & C joint 4s__ _1941 .1 D 85
,
8634
9018 9114 90
,
..
4
Atl & Cheri A L 1st A 44E1_1944 J .1
Apr'22
87
J _iii, __ 7 7, 99 Dec'21
9018
C & T Ist guar gold bs 1922
9012 96
let 30-year 6s Ser B
1944 J .1 92
9614
871 87
1 91 100
Solo V & N E let gu g 4s_ _1989 M N
87
;
5 -3i1 -13i 7714 Apr'22 ---- 79
Atl & Deny let g 413
' 1948 J .1 7512 78
Northern Pacific prior lien rail
7714
1943 J .3
60 Apr'22
2d 48
1997 Q J 8612 Sale 8638
87
60 60
59 84
way & land grant g 48
89
4 7634 82
79
All & Yad 1st R guar 4s.....1949 A 0 80
82
1997 Q .1
-6d3 8
Regletered
8 4
Jan'22
84
84
97
63
9712 971s
E T Vs & Oa Div g 5s
1930 J
a2047 Q F
9718 ---- 933 97
4
General lien gold 38
/
1
4
60 64
1956 M N 97 ---- 9713
Cone let gold be
a2047 Q F
9718
6312 1' 312 - :137 60
8
0
Registered
1 93
973
01' 2
4
2
601/4
9712 9412 Apr'22
1938 NI 8 97
E Tenn reorg lien g be
2047 J J Mil; 531e- 106
9358 941
Ref & irnpt iis Fier 13
/
4
8
1067 320 105 110
/
1
4
Oa Midland let 3s
1946 A 0 62 ---- 63
/
4
Apr'22 -- -. 58
2047J J 861 8838 88
Ref & Imp 44e Ser A
63
Apr'22 -- 86
9014
1925 .1 .3 9958 10114 0914
Knoxv & Ohio 1st g 6s
---- 9878 9914
7914 Mar'22 --- 7914 7914
St Paul-Duluth Div g 48..A996 J D 8412
10612 Sale IOWA
8
Mob & fir prior lien g 5s_ _1945 J .3 7312 745 755 Aug'21
8
__
917 10412 109
109
N P-Gt Nor joint 6348...1936 J
- - 9382 Apr'22 ---- 73
Mortgage gold 48
612 7 :
1945 .1 .1
1923 F A
/ 75
1
4
---- 101
A pr'22 -- -- 100 4 101
St P & N P gen gold 63_
,
Rich & Dan deb 65 stmrx1_1927 A 0
Registered certificates...1923 Q A ---- -- 100 May'21
.._ __ _ .
3
Rich & Meek 1st g be
1948 M N 647 68 Dec2
Apr'21
99,
-Eit Paul & Duluth 1st Ss__ _1931 Q F 9934
2
So Car & Gs 1st ext 548-1929 M N 974 99
1068 J D 8212
983
4
9834
"
5
91
823 Apr'22
4
let eonsol gold 48
- 993 99112
821 82'4
:
1
8412
_
Virginia Mid Ser E be
9
M S
1948 Q
98
24 82
Wash Cent let gold 4e
85,4
96 ---- 9 8 Dec'21
8 ___- 07
Series F bs
1926 111 13 8
8
1933 J J 10753
10814 A p8512
8
4
Nor Pao Term Co let g 13s
97 -- 98
r 21
'
107 10814
General 5s
1936 M N
989
8
1961 J JI 82 Kale
- - - 9S 9512
8
90
82
Oregon-Wash 1st & ref 4s
00 Apr'22---- 80
2003 J J ills
Va & So'w'n let gu 55
90
Pacille Coast Co let g 58. .1946 J DI 7914
75
7
7
880218
8314 81,
2
-year be
1958 A 0 82
82
1st cons 50
5 74
1955 J J 90 ___ 9
7
0 Apr'22
8
83
Paducah & Ills let s I 434e
90
90
1924 F A 9514 9614 9412 Apr'22
W 0 & W let cy gu 4s
1958
parts-Lyons-Med RR 6s
9412 9412
8312
8412 ,156 83
85
Spokane Internet 1st g be_._.1955 J J 774 ---- 7713 Mar'22
982 9 7- 983 Apr'22
8
.
PenDuivania KR let g 48.-1923
7712 7712
s
963 99
4
934 021 Apr'22 ---- 92
Term Assn 01St L let g 448-1939 A 0 92
_
/
4
1943 M N 8818
89
89
Consol gold 48
96
871 897s
,
957 ---- 96
3
1984-1944 F A
1st eons gold 5e
1948 M N 98
9
113
Apr'22,---,- 8838 96
9 12
2
Coneol gold 48
911. 46 851 9112
/
4
go
8212 82 2
,
1953 .1 J
Gen refund s I g 48
Sale 9658
83121 40 7612 8312
1950 F A
Consol 434e
98
921 3103
/
4
8
/
1
4
St L M Bridge Ter gu g 59_1930 A 0 937 ---- 931 Apr'22 ---- 9312 9313
/
4
1966 .1 D 90 Sale 9012
General 448
91
993 Sale 99,
2000 .1 D 9512 9712 96
4
Texas Sc Pac let gold bs
1968 J
Apr'22
General be
8712 2100
2
100
02000 Mar 56 --- 50
4
2d gold Income be
1930 A 0 1083 Sale 1073
Feb'22---- 50
-year secured 711
10
50
4
1083
4
1931 .1 .1 8553 ---- 83 Mar'22 ---- 7918 89
La Div B L let g be
1936 F A 10912 Sale 108
_.0561_ 195313
2948 3 091 8 1809
1
.
-year secured 6348
15
110 : 03:12 1 10
09111
74--. 88
W Min W & N W 1st gu bs.1930 F A
Apr'22
All Val gen guar g 48_ -...1942 14 8 8818 ---- 87
88
88
Apr'22 —_- ex .
9712 95
... '
8
, 734
Tol & Ohio Cent let gu 5s-1935 1 1 95
DRnn&B'geletguSeg.I936 F A 867 ____ 83 Feb'20
/ Apr'22 ---- 91
1
4
95
/
1
4
3
1935 A 0 923 95
Western Div let g be
---- ---90
Penn8ylvanfa Co—
Jan'22 ---- 90
90
1935 J D 8612 ---- 82 2 Apr'22 ---- 8138 85
General gold 5e
,
Guar 334e toll trust reg A.1937 M 5 7738
72 Nov'21
_iii4 _.i6,8
... ._ _
4
763
_
8
6
Kan & M let gu g 4s
1990 A 0 614 5 ;_ 80 Apr'22 ---- 7513 78
Guar 34e coil trust Ser 13_1941 F A
763 Apr'22
3
1942 J D 7678
,
-year 5s
28 20
1927 J J 9518 95 2 9518
951
/
4
2 91
Guar 11348 trust ate C
951s
7613 Apr'22
7612 7612
Tol P & W 1st gold 4e
19441 D 7578 ____ 70
1917 J .1
2312 Dec'21
Guar 84e trust otfe D
Apr'21
..tii5; _g.1_02..
.
_ _ _ _ 8814 Apr'22
Tol St L & W pr lien g 330_1925 J .1
90 Apr'22
-25
Guard 15 -year gold 4s...1931 A 0
84
91
60-year gold 4s
/
1
4
1950 A 0 6838 684 684
69
-year guar 48 etre fler E 1952 M N 833 85
8314 Apr'22 —__ 80
40
44 56
69
8314
8678
1942 M N
Coll trust 4e g Ser A
'
15'4 June'21
8
867,
867
5 8018 8678
Cm Lob & Nor gu 4s g
Trust co etre of deposit__________
3153 Feb'22 ---- 24
let gu g 43.4t...1935 MN 9053
8812 Dec'21 --Cl & Mar
311
/
4
Tor Ham & Buff let g 4&.. k1946 i
- ; 85
_ 91 Nov'21 ---- ---- ---7i
7712 Jan'22 -7
Cl & P gen pi 4Me Ser A 1942 J J 9418
1942 A 0 94,
Ulster & Del 1st cons g 5s
8
1928 J D 903 ____ 90 Apr'22
8
Series 13
104
8713 9912
79
7
0
Dee'16 __ ---- --- ---- ---1st refunding g 4s
1942 A 0 781,
34s
1952 A 0 6212 70 65
Apr'22
Int reduced to
65
65
964 Feb 12 ---.
---- - --7818
Union Pacific 1st g 413
1948 M N
1947 J J 9134 924 9118
92
80 86
Series C 34e
901 Dec'12
/
4
92
_ 67
7938
Registered
1950 F A
1947 .1 .1 8112
- 8953 Feb'22 ----, 88
Series D 334s
89%
Jan'21 -------12 ---_ 85
20 year cony 4s
94 Sale 935
1927 J J
8
941 „
/ 34 89
4
Erie & Pitts gu g 34313—.1940 J J 81
95
A pr'20 ---____
let di refundlng 4e
8
1940 J J 793 _ .
02008 M 8 8614 863 8614
4
8712 2 8112 891
,
0
Series C
/
4
7914 May'19
10
-year perm secured 6s__1928 J J 103 104 103
i
104 "
102 104
0iK & I ex let gu g 4A8.._1941 J J 883 91
86
Jan'22 1.-- -88 —88 Ore ItR & Nay con g 48_1946 J D 861389
1943 M S 82 _ _
8712 Apr'22 17 834 871
Ohio Connect let gu 4s_
80 Sept'20
/
4
Ore Short Line 1st g Els_ _ __1922 F A
997a Apr'22 ---- 98 100 4
Pitts Y & Ash let cons be_ _1927 M N 9312 9958 93 Meet° __ ---- ---,
let consol g 5s
1946 .1 .1 10113
101
101
Tol W V & 0 gu 44s A__ _1931 J .1 9253..,,... 925 Apr'22
8
, 9612 3103
,
6
- ;"sii61
5
Temporary Is
1946 J J 10112 102 101
94
1933 J J 92
10312
82 Dee'20
97 1031
Series B 44s
:
Guar refund 48
1929 J D 9112 Sale 9114
921/4 109 8612 92
Series C 4s_1942 M S 7918 ___ 77 Sept'21 _—.
/
1
4
Utah & Nor gold Is
1940,A
19213 J .1 9812 ---- 98 Mar'22
P C C & St L gu 4l4e A
91
964 98
Apr'22 ---- 8812 94 1st extended 4s
1933 J 1 364 ---- 8612 Feb'22
1942IA 0 9312
9312
3 883 9312
5312
Series 13 434e guar
8612 88
8
8514 874 86
Vandalla cons g 4s Ser A
1955 F A
1942IM N 9312 _
Apr'22 ---- 784 861
Series C 434s guar
91 8 Apr'22 _— 8918
,
/
4
915s
Console 411 Series 13
_ 8813 Apr'22
8
1957 M N
19461M N 873
8514 --_. 7212 Jan'21
Seriee D 48 guar
844 9112
Vera Cruz & P let gu 44s
1934 J J 4212
- 34
833
8
Apr'22 ---- 26
Series E 334s guar gold 1949 F A
34
88 Nov'21 _-.-.--.:
-- - - --Virginian 1st Se series A
1962 M N 95 8 '353 95
D 8914 _ _ _ _ 84
195313
4
5
97
Series F guar 4s gold
3
2 8814 9752
Jan'22 _— 84
84
Wabash let gold be
1939 M N 9712 ---- 9714
1057 M N 87 4 -,
98
Series 0 48 guar
51 93
/ 98
1
4
80 May'21 --_
88/, 18 8112 8812
2d gold Se
1939 F A
86
9314
Series I cons guar 4%0..1963 F A
89 2 Feb'22 --- 891 89
,
;
Debenture series B es
1939 J J
1070 .1 D 971 973 063
90 Aug'18
/
4
General be Series A
4
4
__
9712 13 90 98
1st lien 50-yr g term 4s___ _1954 1 J - 5 ----- -- 62
66 8
St L & P 1st cons g 5e.. 1032 A 0 90 100 100
Feb'21
_
_
12 .9
10018
6_1_ 1_9:8_
7
Det & Ch Ext let g as
1941 J J 96 ____ 91
9112 93
Jan'22 ---•
Phila Bait & W let g 4s_ _1943 M N
92
1
91
2
92
Des Moines Div let R 43— -1:39 A a 74 ____ 74
3 74
41 J l
74
E3 8818 - -- 80 June'21 __-U N J RR & Can gen 4e_
74
/
1
4
Om Div 1st R 348
663 69 607 Dec'21
8
98
8
Pere Marquette let Ser A be_ _1958,4 J 97
97
__
43 8812 98
98
Tol Sc Ch Div g 4s
1941 IA A
7614 791 76
/
4
Apr'22,--.. 69
80 Sale 807
/
1
4
19561.1 J
let &dee 13 45
78
8
807
8
807
8
c.r?,y
mi„ Sale 5412
Wash Terml let gu 3Ari
1945 p A
7012 794 80 Apr'22 ---- 725 80
/
1
6614 31 76
8
4118 50
let 40-yr guar 4s _____ . _1946 F
A
847 _-- -1 86 Feb'22 ---- 85
8
._
8.5
BONDS
N. Y. STOCK EXCHANGE
Week ending May 5
Prize
Fridvj
Mc?'5
"iri
Ng?,
=
-g- -.1(1
--
1613;
,,,."
•ir
'nee clef.
V
Dip
, flV.
N
ree.
41..5tnn onto
1994
BONDS
N. Y.STOCK EXHCNAGE
Week ending May 5
New York Bond Record—Concluded—Page 4
Price
Friday
May 5
Week's
Range or
Last Ms
BONDS
N. Y. STOCK EXCHANGE
Week ending May 5
Range
Since
Jan, 1
A** Low
High No. Low High
Bid
66% 94 5811 671.4
3
4
1952 A 0 653 66 65 4
West Maryland let g 4s
95 9812
1937 .1 J 9714 9812 9812 Apr'22
West N Y & Pa let g 5s
5 72% 8018
8018
4
7614 923 8018
1943 A 0
Gen gold 4a
Oct'17
p1943 Nov 23'2._, 36
Income 58
8812 iii 84's 8812
_1946 M S 8734 8734 8712
Western Pao let ser A 5s
8
965 Apr'22
9212 96%
1926 A 0 0634 97
Wheeling & L G let g 553
9114 Jan'22
9114 9114
1928 J J 93.8
Wheel Div let gold 5s
3
F ' A 86% __-- 90 4 Mar17
1930
Eaten & Impt gold 5s
8
8812 69 52 687
Refunding 434s series A.._ _1966 M S 6812 Sale 68
4 62 76
74
74
75
1949 M $ 73
' RR let consol 4s
30 77 80
80
80 ____ 80
Winston-Salem S B let 48_1960 J J
8112 42 7412 8112
8 793
4
Wls Cent 50-Yr let gen 48
1949 J J 8112 837 793
10 7518 80
4
80
Sup & Dul div & term let 4s 36 is N 8018 81
Street Railway ,
63
6212 121 31
Brooklyn Rapid Tran g 55.-1945 A 0 64 Sale 62
2 6512 60
60
60
let refund cony gold 4s_ _ 2002 J J
32 58 8512
82
4
8 8-yr 7% secured notes_ __ _k1921 3 j - -i3 Sale- 8134
137 5812 86
86
4
___ ___ 843 Sale 8312
Certificates of deposit
8212 213 54 8212
8112 Sale 788
Certfs of deposit stamped__
8612
2 75
86
86% 8514
Bklyn Un El let g 4-555_ __ _1950 F A 86
8 75% 86
86
85 8514
1956 F A 82
Stamped guar 4-5e
3 64
71%
4
7158 763 71%
75
A
Kings County E let g 4e_ 194F_
7158
66
1949 F . A 7112 74 1 7158 Apr'22
Stamped guar ha
30 27
48
4812 4 ,58
51
Nassau Elec guar gold 4s_ _1051 .1 J 43
8412 188 67 85
1927 F A 838 8414 8312
Chicago Rye let 50
75
75
75
Conn Ry & L 1st & ref g 430 1951.9 J
-Ipr
Apr 22 ---- 7014 73
1951 .1 J
Stamped guar 4Hs
733
82 4
8314 131 6312 85
4
1932.J J -tii3Del United let eons g 430
_
Ft Smith Lt & Tr let g 59._.._1936M 13 56 _ __ 58 Jan'20
4
7
62 4
6
85 38 75 8614
19571F A 8414 Sale 8414
Hud & Manhat baser A
4712 6612
1957 ___ _ 63 Sale 63
Adjust income Is
3 92 96
95
9412
1932 F A
N Y & Jersey 1st 5s_ _
714
20
934 21
1nterboro Metrop coil 430_1956 A 0 1812 Sale 1712
18% 1195
17 Sale 1512
4
4
73 183
Certificates of deposit
7
27
75
73
693413543 54
let 553___1966 J J 73 Sale 698
Interboro Rap Tran
8
5712 70
Manhat Ry (N Y)cons g 4E5_1990 A 0 693 Sale 68
8
-__ 597 Apr'22-57% 65%
1990 A 0 ...
Stamped tax exempt
go
i 4834 57
55 I
20133 D - % -_ _ 65
2d 45
.
- 7712 Apr'22 -- 6412 77%
g4
Manila Elec Ry & Lt 1 1 Cia.._1953 11 S 80
914
91% 48 81 92
1924 M S 9412 95
Market St Ily let cons 5s
35 90% 97
95
19241A 0 9414 9514 9418
-year 6% notes_
5
Metropolitan Street Ry—
68 67 Apr'22
50 67
5s_1943IJ D 66
B'way & 7th Av let a g
22
13 17% 25
25
Col & 9th Ay let gu g 5s...1992,M S 22 2/
.
-..— 39 50
964 __ _ 75
Lox Av de P F let gu g 53-19 31 M S 50 _5234 484 Apr'22.
9
_
Sept'21
1111w Elm Ry & Lt cone g tis_1926 F A
-1, 7914 86
86
Refunding & exten 430_ 1931 J J 80 ___ 8,1
,
,
7I 83 88
88 4
Tram let & tel 58_19411J ,1 88 Sale 87 2
Montreal
New On Ry & Lt gen 43-0_1935!J J 58 --- 50 Feb'21 ---I
.-- 34 Deo'21
X Y Municip Ry lets I 56 A_1966J J 64
403 100 2b1- 4413
. 2
4
X Y Rye 1st R E & ref 40_1942 J J 433 Sale 401
41
428 24
4214 Sale 38
44
Certificates of deposit
9
15 438 612 15
cd942 A. 0 14% sale
80
-year adj Inc 5s
13
4
83
448 434 13
Certificates of deposit_______ ---- 1212 Sale
72% 12 6112 72%
71
N Y State Rye let cons 40_1962 M N, 70 71
87
88
3 81 88
1930 M N
Portland Ry let & ref 50
8934
90
22 78% 93
Portland Ry Lt & P let ref Is 1942 F A 89 - - 85
105
6 102 105 2
,
1940 M N 105 ---- 105
let & refund 730 Ser A
4
Portland Gen Elec lot 50_1935 J J' 8812._ - _ 903 Feb'17 — -II ___ _
4 34 1 5618 68
673
1960 J J 6712 Sale 6614
Third Ave let ref 40
62
340 4418 6258
8
al960 A 0, 613 Sale 60
Adj income 50
96
2 . 88 96
96 96
1937J J 93
Third Ave Ry let g 5e
100% 19 96 1003
4
1923 A 0 100 10314 100
Tit Clty Ry & Lt 1st e 1 5s
1933 J J 76 ---- 73 Jan'22 ----1 73 73
Undergr of London 430
1948 ---- 6018 ---- 60% Apr'22 --__ 60 64%
Income 6s
,
87 I 79 75 8812
17nited Rye Inv 5e Pitts Mane 1920 M N 87 Sale 86 2
4
,
19,34 J J 60 62 593 Apr'22 ____1 5112 60 2
United Rye St L let g 4s
56
56
St Louis Transit gu 5s......1924 A 0 6412 58 56 Mar'22 ._
2 72 79%
7912
7912 7912
19343 J 79
Va Ry Pow ist & tells
1
Gas and Electric Light
9412 13 8972 9458
94
Bklyn Edison Inc gen 5s A...1949 -J J 94 96
10218
6 100 1027
8
1930 3 3 100 10312 102
General Os series B
10514 10 102 10874
6
1930 3 3 '103 10514 10514
'General 7s aeries C
1940 J D 107 Sale 1061z 10714 41 106%
General 79 eerie() D
95 I 15 87% 9638
Bklyn Un Gas let cons g 5a_ _1945,M N 9412 9514 95
4
9612 973 Apr'22 - __ _ 92 973
4
Mein Gaa& Elea let & re/ 5o 1950 A 0 95
2
le 9 1
93
3341 3 8814 9 14
7
12
2
8
9 34 ,
9
4
3
1927J J 92 4 Sa312 9 3
Columbia 0& B lat 5s
1927..1 .1
Stamped
--1 75 Sept'211—__
8212
1932 3 3
Columbus Gas let gold 5s
s
1925 Q F 11512 Sale 11154 1177 359 103 11812
Consol Gas 5-yr cone 7s
99 I
1 93 9914
Detroit City Gas gold 58—.1923 I 3 9812 9912 99 4
991
9914 11 8914 99%
20 93
7
Detroit Edison let coil It 5e._1933 J J 9614 99
,02
9
1st & ref 5s ser A
k1940 M 81 9514 9512 9514
4 10312 62 9912 104
k1940 M El; 103 Sale 1023
let & ref 6s series B
8
Duqueene Lt let & con 6s____1949:3 3; 1033 Sale 10314 104 I 115 100 104
10612 107
39 104 4 107
3
1936 3 eij
Debenture 73-45(
2 7714 8918
88
1952 F A 86 88
Havana Elea consol g 58
1949 MN, 88 ---- 87 Feb'22!___ 1 8512 87
Hudson Co Gas let g Is
Kan City (Mo)Gas let g 5s 1922 A 0 ___ ____ 9712 Sept'21 - — . - - . - - 4
4
1937 A 0 98% ___ 913 Apr'22 ___- 913 913
4
Kings Co El L & P g 50
2 106%110
151 I
,25 A O
1997 ms 11118 -_-- 111
Purchase money 6s
,
10512 10612 105 4 Apr'22 ____ 1 98 107
Convertible deb (3s
8
82 I 28 8118 8312
Ed El 111 Bkn 1st con g 40_1939 I Ji 837 ____ 82
9178 92
9314! 6 874 923
8 86 9314
4
Lae Oaa L of St L ref & ext be 1934 A 0. 91
3
92 4
1927 M NI 9238 Sale 9214
Milwaukee Gas L lst 4s
8 110
8
95 1053 1103
4
4
NY Edison let & ref()Hs A_194I A 0, 1093 Sale 1093
9712 10 : 925 9712
8
1948J 1:51 9714 9712 9712
NYGEL&Pg 5s
3
83
4 76
8211 Sale 82 4
8312
Purchase money g 4s
8 1007
1 1007 100%
8
Ed Elea Ill let cons g 15s_...1995 3 lit 10018 ___ 1007
F949
I
Pacific0& E Co—Cal0& E—
2 93 953
9512
4
Corp unifying & ref 50
1937 M N ____ 9534 9512
9214 101 8 84 94 4
12 7
9,
2
Pacific G & E gen & ref Is._ _1942 I J 9218 Sale 9134
9134
Pao Pow & Lt lst & ref 20-yr 59'30 F A 9114 ___ 914
Poop Gas & C tat cone g 68_1043 A 0 10312 106 10314 Apr'22 ____I 10114 10314
91 I
8 85 91
8912 9014 91
Refunding gold Is
.. 91 Mar'22, —_ 89 9112
C CI L & Coke lst gu g 58_1947 3M S
1937
'hJ 96
Con 0Co of Cn 1st gu g 50_1936 3 1 91 Sale 92 Apr'22 ___ 92 92
,
Mu Fuel Gas let gu g 50_1947 M NI 90 ---- 78 2 Jan'22 ---- 7812 7812
9978 Apr'22 ..- __ 99 8 100
7
Philadelphia Co cony g 553.....1922 M N 99%
96 I
5 92% 96%
Stand Gas & El cony s f 651_ _1926 J D 9534 9612 96
Syracuse Lighting let g 5s......1951 .1 D 8912 --- 85 Mar'22 — --I 85 86
,
Syracuse Light & Power 50_1954 J J 83 __ 79 Dec'211—...1 --- .. ___
Trenton 0& El let g 5s
1949 M 1•1 8514 —. 73 June'211-- •1 _, !
9212
5 -11912 -9219212'
2
Union Else Lt & P 1st g 50_1932 M S
947 Apr'22 __ __I 931k 97
8
1936 J J 9434 96
United Fuel Gas lets I 6e
9312 55 8718 9312
4
11144 F A 923 Sale 92
Utah Power & Lt 1st 551
4
4
Utica Gas &.Elec ref 5s
1957 J I 8618 ____ 844 Feb'22 -___1 843 843
•
Miscellaneous
76
75
2 76 78
Adams Ex con tr g 4s
1948 M 8 75 76
11
1 9
1212
1925 M 8 11 Sale 11
Alaska Gold M deb 6s A.
8
8
2 6
8 Sale
1078
1926 M 8
Cony deb (3s series B
7912 21 70 80
Am Wat Wke & Elec 5s
1934 A 0 7814 80 79
92
51 8612 94
92 91
Armour & Co let real est 430 1930 J D 91
98 2312 50%
47
Atlantic Fruit cony deb 7s A..1934 J D 45% Sale 45
1931 M S 104 Sale 1034 10414 40 10278 105
Atlantic Reg deb 8 Hs*
6712 Oct'21
. 1.... _ - - Booth Fisheries deb s I 85.__1926 A 0
9812 15, 93 9912
4
Braden Cop M con tr a f Ss__ 1931 F A 983 Sale 9812
82 Feb'22 _.- -', 80
Bush Terminal 1st 4s
851s
1952 A 0 7514 85
91
10 8214 91
1955 1 J 9012 Sale 9012
Consol 5s
8912
9212 29 804 9212
,
1960 A 0 0014 95
Building Is guar tax ex
4
11612 180 110 11612
1931 J J 116 Sale 1143
•
Cerro de Pasco Cop 8s
9212 Apr'22 __ .- 8712 93
93
Ohio Un Sta'n let gu 434s A_ .1963 1 J. 92
4 19 11158 115
3
1963 J J 1,1247344 SaleSl 11014258
1st Bev C 630 (etre)
10
314 85 99 10312
14
Chile Copper 10-yr cone 75 1923 M N
913 481 84 913
4
Coll Sr & cony 6s ser A ... _1932 A 0 9012 Sale 1 9014
4
97 9514
97 I 19 89 97
Computing-Tab-Rec a I 655_ _ _1941 J J 90
Granby Cons m S & P con 6s A '28 MN' 8512 ---- 88 Mar'22 --- 87 88
88
1928 NI N 8012 88
88 I
8 87 88
Stamped
08
.1025 NI v 9512 97 9712 Apr'22 .... go
Cone deben Is
-iir
Price
?may
May 5
week's
Range sr
Last Bahl
Act Low
Bid
Great Falls Pow lets I 5s_.....1940 MN 9112 ...... 97
Inter Meroan Marine s I 6s__1941 A0 99 Sale 98
1931 MS 95% Sale 9578
Invincible Oil 8s
Marland Oile I 8s with war'ts 1931 AO 103 Sale 105
N 10512 Sale 105
1936
Mexican Petroleum 8 f 8s
8
4
1943 J J 963 9812 953
Montana Power let 5s A
8718 8714
1939 33 87
Morris & Co lets I 430
1951 A 7812 7934 7812
N Y Dock 50-yr let g 4s
Niagara Falls Power let 5s 1932 ▪ J 9912 ___ 9834
al932 A0 10212 10314 10212
Ref dr gen 6s
4
Niag Lock & 0 Pow let 55_1954 MN 95% __ 953
9212
Nor States Power 25-yr 5s A-1941 * 0 9212 03
Ontario Power N F let 5s____1943 FA 9314 0612 9614
79
Ontario Transmission 5s____1945 MN 9514
10018 ____ 100
Pan-Amer P & T let 10-yr 79 1930
9914 9312 99
1931
Pierce Oil a I 855
4
1931 J D 10734 108 1063
Prod & Refining sr 88
Pub Serv Corp of N J gen 50_1959 A0 8434 Sale 844
Sinclair Con 011 cony 730 _1925 MN 10412 dale 10434
100 Sale 9912
1937 M
15-year 7s
a1931 A 10612 107 10612
Standard()Hof Cal 7s
9712 987
Tennessee Cop let cony 6s___1925 MN 97
4
1931 FA 103 Sale 1023
Tide Water 011 830
90
1 31
Union Tank Car equip 7s.... _1939 A 10334 Sale 10334
_ 9518
J J 9514
Wash Wat Power a I IM
3
89
West Penn Power ser A 58..-1946 MS
4
e1946 A 10314 1031 103 18
let series D 7s
9
1 28
s I 6s__1941 * 0 99 Sale 98%
Wilson dc Co let 25-yr
4
J O 913 92 9112
73.s
rrconysifes
1931 FA 10514 Sale 10412
Temporary
,
"
4
Range
Since
Jan. 1
High NO. Low MN
Apr'22
9413 97%
9912 338 89 9912
24 8434 9812
987
32 90 106
106
50 99 108
106
9612 13 93 9612
4
8712 11 78 873
7912 12 76
7912
9834 :2 94
3
98 4
103 ---- 10012 103
4
Apr'22 -- 96 953
11 88% 93
93
3 90 99
9634
79
Jan'22
79
100% 139 9418 10015
41 94151 00
100
10814 70 99
8518 30 73 8518
8
1063 297 98 106%
10012 987 98 100%
94 10514 10712
107
12
Mar'22
92 99
10318 67 100 103%
40 10154 105
104
Apr'22
95 95
Mar'22
89 89%
Apr'22 -- 10318 104
9912 41 93 100
8
9212 50 84 925
10512 340 9412 10712
Manufacturing and Industrial
100% 56 9914 101
1936 J o 10014 10034 10014
Ajax Rubber 8s
15 81% 9812
06
96% 95
1928 A0 95
Am Agric Chem 1st o 56
70 190 105
105
1941 FA 10418 10112 10414
1st ref s f 730 g
81 ' 89
5s_ __ _1931 MN 8814 Sale 1 87
Am Cot 011 debenture
5
3
89
9212 138 8612 ,9213
Am Sm & R let 30-yr 5s ser A 1947 AO 02 Sale 9112
10012 420 9788 10012
.1937 J J 10014 Sale 100
American Sugar Refining Os.
8634 234 807 863
4
8
1939 1 J 8612 Sale 85
Am Writ Papers 17-88
5 102 10714
10714
107
Atlas Powder conv 730 g__1936 F A
6 99% 10114
N 10114 iiii" 10114 10114
Loco Works let
Baldw
84
84 1 31 76
84
1031;F A
Cent Foundry 1st a f es
8 9314 98
98
1925 A 0 9712 Sale 9712
-year glis
Cent Leather 20
98
MN 95 ____ 95 Apr'22 —__ 96
50
1931
Corn Prod Refg s f g
993
1 96 100
99
4
1934 ID N 983 99
-year s 1 5s
let 25
85 I 27 60 87
s
Cuba Cane Sugar cone 7s-19301J J 8312 837 84
8512 77 5412 8914
85 Sale 83
Cony deben stamped 8%
4
1054 14 10112 105%
Cuban Am Sugar 1st coil 88_1931 M 8 1043 Sale 105%
10814 23 107 11012
108 10812 1074
f deb 730_19361Diamond Match s
53%
3 as
45 I
4314 4312
Distill Sec Con cony 1st 11 50-1927, A° 42
..
1 8712 8712
8712
8712
85 90
E I du Pont Powder 430_ _1938 I D 10
.
10712
8310 0
6
MN 97 . . 19712 Apr22 _15_4 10318 108
du Pont de Nemours & Co 730'31
8
4 50 997 107%
1083
1941 M S 10612 dale 105
Fisk Rubber late f 55
100 Sale 100
10014 158 99 10214
Frameric Ind & Dec 20-yr 710'42
9312 97
J D
-year 601936
General Baking let 25
77 1 . 1 7034 79%
7834
1942 F A 77 993 77
Gen Electric deb g 334s
998 100 I 73 96 100
1952 M S 9912
Debenture 5s
10612 24 193 108
A 10614 Sale 10614
Feb 1940 F
-year deb 65
20
11614
116% 240 11014 1163
4
8
Goodyear Tire & Rub late f 8s'41 M N 10278 Sale 1153
471 9734 103
Sale 1023
4 103
.1931 F A
10
-years f deb g 8s
82
100 7212 82
81
lot Agile Corp 1st 20-yr 50_1932 M N 108 Sale 80
109
10912 109
5' 102 109
Internet Cement cony 855-1926 J D
88
20 86 8812
8
1947 3 J 86 Salo 865
International Paper 5s
8618 85%
8612 217 8314 87%
3 86
1947
1st & ref 58 B
72 101% 10913
109
1931 M N 10878 Sale 1108
Kelly-Springfield Tire 8s
11434 191 112 115 4
,
1944 A 0 114 11412 114
Liggett & Myers Tobac 7s
9134 97
1951 F A
58
8 29
1618 1438
9152 36 112 116
116'
4
1944 A 0 11512 19432 195'4
Lorillard Co (P) 78
9434
4
9534 21 92% 97
i961 F A 9.53 95
58
10018 51 100 10018
1942 A 0 100 Sale 100
Menet! Sugar 710
Apr'22 .... 9212 95
J D 96 ___ 97
Nat Enam & Stampg let 551_1929
88 — -- 88 Feb'21 .._
-year deb 50.-1930
Nat Starch 20
.99% 23 . 5g
141952 M N 9912 9934 9,58
National Tube let 5s
8
10012 Apr'22 -- 97 10012
N 1005
N Y Air Brake let cony (is_ 1928 1W
107% 114 98 10718
-year 881931 A 0 10718 Sale 106
Packard Motor Car 10
4 99 10312
101
1931 Al N 101 102 10018
Porto Rican Am Tob 138
9912 41' 9312 100
9812 Sale 9812
Sharon Steel Hoop 1st 88 ser A1941 01
7 9812 1003 108 94 100%
8
993
4
South Porto Rico Sugar 7s_ _ _1941 J D 9012 99
7; 96 9712
97 i
8
97 007
1930 M
Standard Milling let 58
102 I 58 97 102
Sale
Steel de Tube gen t User 0-1951 I .1 10114 Sale 10112
4
10012 10112 82 973 10112
1931 J D 1002
s I 7s
Tobacco Products
4
104% 1043 10414 10414
5 8812 104%
Union Bag & Paper let 55.-1930 3
8 33 104 109
1087
1941 1 D 108 10814 108
United Drug cony 80
9512 14 02 95%
I 9538 Sale 1 95
17 S Realty & I cony deb g 50_1924
32 10012 10412
102
102 ..--- 1014
1923 J
-year see 75
II S Rubber 5
90 I 128 88 89
19473 3 894 Sale 84
lst & ref 15s seem A
109 , 29 104
4
10734 1073 10712
1930 F A
-year 730
10
4
10014
U S Smelt Ref & M cony 655_1926 F Al 10014 101 1 993
99
14 93 9912
4
• 983 Sole ' 99
Va-Caro Chem 1st 15-yr 5s 1923 J
6 92 99
0612
9812 9512
.1924 A 0 96
Cony deb 6s
9914 241. 9012 99%
1932 M N 99% Salo 9814
-year s I ?Hs
12
8
1922 J J 10014 1003 10014 10014 29 99 10012
West Electric lst Its____Deo
108
82 ,105 108
1931 M N 10712 sale 107
Westinghouse E & M 78
7 9513 0014
9912 251 97 11% 4
9914 98%
Wickwire Spen Steel 1st 7s 1935 - — 99
II
I
I
Coal, Iron and Steel
9858 16' 951g 100
99 Sale 1 9814
1926
Beth Steel let int s I 5s
9714 38 8912 9814
1942 MN 964 Sale 9113
33 guar A
1st & ref
4
933 93
19363 J 93
20-yr p m & imps 58
2
93 1 0_1
!
1932 J D 88 _— 78 Aug' 34 -.-8 86_ 944
Buff & Susq Iron s f 55
8414 .___ 100 Apr'22 —_- 100 100
a1926 M
Debenture 58
91 1 12 82 91
934
1943 F A 90 Sale
Colo F & I Co gen s f be
78
78
50 71
77
Col Indus tat & coll 5s gu__..1934 F A 7714 78
4
883
,
Cons Coal of Md 1st & ref 50_1950 J D 95% dale 88 2 Feb37 ...7..I 10614 1021
9
0
0
'2
8
8 2s . 82 18 :4
_ _ - - 10214
19254 D
Elk Horn Coal cony 6s
92 I 17 8612 93
1940 A 0 9114 9112 904
Illinois Steel deb 4 Hs
8
993 9912
99% 72 9614
N 99
1952 M
Indiana Steel 1st 53
k
15 933 997
997
4
4
Lackawanna Steel 1st g 58.,...1923 A 0 9934 100 993
9014 Sale88
0014 90, 82 9014
1950 M
t cone 5s eerlesA
J J 9212 ---- 90 Mar'22 ...,--1 90 0012
Lehigh C & Nav s f 430 A_ 1954
9012 172 83 90
8914
Midvale Steel &0cony s f 5s 1936 M S 00 Sale 102
7, 9634 103
10212
1941 F A 10214 10212
Otis Steel 8s
8
923 ---- 01 Mar'22 — 7-1 89 91
Pocah Con Colliers let s f 50_1957 J J 95% ___ 9312
95 I 11 90 9513
Repub I & S 10-30-yr See 1. _1940 A 0 8418 88
877
3 78
847
8418
St L Rock Mt & P 5s strapd 1955 J J 961 99 9612
1 9612 99
9612
1951 J
Tenn Coal I & RR gen 5s
103 1 257 9912 104,
4
61963 MN 10212 Sale 10234
Corplcoup
II S Steel
10212 --,..-I 99 10212
1012
619113 M N
e 10-60-yr 5alreg
Id" 92 92
92 1 151 87 92
Va Iron Coal & Coke 1st g 50_1949 M 13
I
Telegraph and Telephone
Am Telep & Teleg coil tr 4s....1929 II
1936 M
Convertible Cs
1933 M
-year cony 43is
20
..,.1946 J
temp coil tr Is.
-year
30
1925 FA
-year convertible Os
7
1946 A0
Bell Teleph of Pa s f 7s A_
5a....1943 Jo
-year
Cent Dist Tel let 30
Commercial Cable let g 40_2397 Q J
J
Comb T & T let & gen &L....1937
1924 A
Mich State Teleph let 5e_
N Y Telep let & gen s I 4Hs.1939 MN
-year deben s f 6s.....Feb 1049 A
30
-year refunding gold 68-1941 A0
20
Northwest'n Bell T let 7s A.1941 A
1937 J J
Pacific Tel & Tel 1st 5s
J
South Bell Tel & T 1st s f 58.1941
Western Union con tr our 541-1938 ii
N
Fund & real estate g 4 He--1950
_
1936
-year 614s g
15
8
9138 915
--- - - -- 10018 102
84 t
79: 3 Elai e
9,312 S7a,le
415 riele
8
1082 Sale
9114
8612
10158
8%14
738
9
0
11412
108
94 9412 94
9834 99
9834
93 sale 9.8
4
10434 Sale 105
101
.
10612 Sale 10614
97% Sale 9612
943 Sale 937
8
5
98
11471
'9134 128 8614 913
4
8612 11 8034 8812
3
8 95 4 103
102 I
78
' 927
79918 116 7
94914 1087 . 911 9913
:9
1151i 36 108 116%
4 64 107% 112
1083
4 8812 9414
9414
4
5 943 '99
4
983
9318 71 8814 93%
4
s 50 1013 106
1067
205 1017 105
105
107
141 107 1083
4
31 911, 98 .
98
95
59 93 9512
3
9911 11 90 4 0212
94% 12 8812 94%
1 i 018 56 1061 11018
,
4 4 93
8 8 Sale 1087a
*No price Friday; lateet bid aud asked. 14Dae Jan_ dDue April. eDue Mar. eDue May. gDue Julie. hDue July. *Due Au. °Due Oct. gDue Dec. e.OptIon sale.
.1
BOSTON STOCK EXCHANGE-Stock Record See next
-PM SHASH, NOT PBS CRNT
HIGH AND LOW SASH PRIOR
OM,
Monday.
Sattsrdap.
May 1.
Aprli 29.
-
Tuesday.
May 2.
Wednesday. Thursday.
May 4.
May 3.
!Friday.
May 5.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
1995
Range since Jas. 1.
Rasps for promos
year 1921
Lowest
Lomat
Highest
Highest
Shares
Railro*
28 Boston dc Albany---------100 13014 Jan 4 149 Apr 27 119 Apr 133 Nov
146 146t
146 146
149 149 41149 149
.149 150
149 149 4
3,825 Boston Elevated
100 73 Feb 20 3152Nlay 2
83 845
814 8314 82 83
61 Jan 79 Nov
/
1
4
8 83 84
8014 8112 8113 84
Do pref
38
98 98
78 Jan 100 Dee
100 9414 Mar 1 99 Apr 28
99 99 *9812 100 *9814 100 *99 100
99 99
2,094 Boston & Maine
2813 29
13 Deo 2538 Feb
/
1
4
100 14 Jan 10 30 Apr 25
28 29
28 284 28 29
28 284 2814 29
Do pref
56
100 20 Jan 9 37 Apr 8
33 33
1612 Nov 30
.33
Jan
*33 37 *33 38 4
Do Series A let pref_ 100 22 Jan 5 4113 Apr 26
631
19 Aug 33
471
40 4214 40 - - -16- 16- 7
43
Jan
41
15- 16Do Series B let pref_100 36 Jan 17 60 Apr 26
90
27 Nov 47 Feb
58____ 5912 60 *5713 60
'
4 574 58
.
57 5712 -Do Series 0 let pref_100 30 Jan 9 5113 Apr 26
256
24 Nov 40
40 47
48 48
49 49
50 50
Jan
4612 4613
Do Series D let pref_ 100 40 Jan 12 7712Ma.y 1
30
36 Nov 58
76
•
7513 7512 7413 7412
77 7712 76
77
Jan
---5 Boston & Providence
Jan
100 125 Jan 12 153 May 1 110 June 133
•184 ____ 153 153 *153 ___ *153 ____ +153 __ *153 -Bost dc Wore Elea pref_No par
Mar'22
4
3 Jan
/
1
4
12
*7
4
314 Jan 26 33 Jan 27
.7
334 Feb
12
12
Last Sale 6
*7
12
4
'6
2 Ohio June Ry & us Y
41130 ___ 130 130 *130 --- *130 --- *130 ____ *130
100 130 Jan 19 130 MaY 19 130 Feb 130 Feb
Do pref
49
/
1
4
9118 9112
4
.91 ____ 9112 9112 92 92
____ *91
100 804 Jan 9 92 Apr 4 63 Jane 8212 Dee
50 Maine Central
30 Deo 43 Feb
43 43
45 45
/
1
4
46
43 43 4
.43 44
100 2718 Jan 30 45 Apr 15
12 Dec 23
/ Jan
1
4
8 2712 293
27 3 28
2712 283
"
i
8 1,910 N Y N It & Hartford
5
2712 28
8 2713 275
100 1214 Jan 3 2033\11Y 5
16 Northern Now Hamp3tilre_100 69 Jan 10 83 MW 5
60 Apr 75 Feb
.82__ 83 83
*82
*82
*81 __ *81
- Norwich & Worcester pref_100 58 Jan 17 8014 Mar 20
51 Nov 78
Jan
*82 -__ *82 _-__ *82 _
Last Sale80 Apr'22
*82
39 Old Colony
50 Oct 75
Jan
95 95
*94 9512 *93 9512 95 9512 *93 96 *___ 96
100 57 Jan 6 96 Apr 25
417 Rutland prat
Jan
15 Apr 21
38
38 38 +___ 38 +____ 38
3812 3812 38 3812 38
100 15 Jan 20 93 May 1
25 Vermont & Massachusetts_100 78 Jan 23 9112 Feb 27
69 Nov 78 Dee
93 93
_ *93 93 93
*90 95
*93 98 *93
1,924 West End Street
51
40 • Jan 51 Dee
/
1
4
5113 51
4912 51
5113 51
5112 5112 52
51
51
/
1
4
50 48 Jan 5 52 Mar 16
548
Do pref
40 Jan 01 Dee
6218 6218
60 61
6014 62
62 62
60 61
6114 62
50 87 Mar 1 6218MaY 5
Miscellaneous
Amer 011 Engineering
.04 Aug
3 Jan
Last Sale .05 Apr'22
.05 Jan 25
.02 Feb 8
10
250 Amer Pneumatic Service_ 25
5 4 De0
3
2 Jan
414 Jan 27
312 313
2 4 Feb 4
3
1-12 - 4 -314-;514 313 *314 34
51
60
Do prof
811 Jan Ws Nov
-12
*1312 14
133 133
4
50 13 Feb 20 17 Jan 16
4
4 133 133 *1312 1413 •1313 1413 -i51 13 2
4
954 Jan 11912 Nov
/
1
122 12212 12218 12258 122 1223 122 12288 12112 1224 12114 12214 1,596 Amer Telephone & Teleg 100 11438 Jan 3 12434Mar 14
4
464 Amoskeag Mfg
74 Jan 109 Dee
100 10612 106 106
4
No par 104 Jan 10 117 Jan 24
1053 106
106 106
105 10512 10414 105
15
Do pref
78 Feb 8414 Dee
*83 ____ 8314 834 *8314
No par *8012 Jan 17 85 Jan 16
- 8312 8312
-- *831
40 Art Metal Construe Inc__ 10 141 Feb 20 18 Mar 10
11*1612 18
16
12 Jan 16 Sent
165 1653 15
15 4-- - *15
8
15
15
/
4
485 Atlas Tack Corporation No par 13 Jan 7 22 May 4
22 22
*1812 19
*1813 194 20 22
4
123 Dec 20 Apy
18
4
.18
19
19
Beacon Chocolate
4 Jan
.15 Dec
Last Sale .30 Mar'22
10 .25 Jan 20 .75 Feb 21
.95 Jan
.45 .45 5,360 Boston MexPetTruateesNopar .15 Apt 27 .50 May 4
-715 -Tio
.15 July
.35 .50
-750 '.20 - T50
Century Steel of Amer Inc_ 10
118 Jan
Last Sale .15 Apr'22
..09 .10
.*09 .15 .
..09 .15 4
0.09 .15 4
.15 Apr 27 .0812 Oct
.05 Jan 20
643 Connor(Jan T)
21
2112 *2114 213
4
.21
4 21
213
9 July 1772 Dec
/
1
4
4 213 213
4 2112 211
4
4
10 153 Jan 4 234 Mar 3
4 21
3 Oct
412 Feb
965 East Boston Land
534
518
5 • *5
5
5
5
5
5
5
413 5
6 Apr 21
3 Jan 4
10
11
113
12
4 1178 1218 11
s
5
91 Oct 23 Jan
914 Jan 19 1414 Feb 10
111.3 1114 1138 1118 1112 1,225 Eastern Manufacturing
11
4,230 Eastern SS Lines Inc
6412 6513 65 67
6612 6813 67 6712 66 67
6512 66
.
16 Jan 42 Dee
684M3y 3
25 384 Jan 4
/
1
Do prof
*4512 47
*4512 47 *4512 47 *4512 47
Last Sale 4713 Apr'22
42 Nov 45 Dec
50 42 Jan 7 4713 Apr IS
430 Edison Electric Ilium
8
169 170
1697 170
/
1
4
169 169
16913 1593 169 170
4
169 170
/
1
4
100 158 Mar 2 175 Apr 10 142 Oct 165 Dee
345 Elder Corporation
it
11
1114 1114 1114 113
4 103 101
4
4 1112 1112 *1034 1114
No par
3 Mar 14 1238 Apr 12
3 Nov 17 Jan
470 Gardner Motor
14
1412 1413 *137 14
4
.138 14
1438 14
8
1312 1334
14
9 2 Sept 2314 Ape
No par 10 Jan 12 1614 Apr 6
3
200 Gorton-Pew Fisheries
.50 .50 _8 Jan
1 Deo
1 Jan 19
50 .30 Mar 21
910 Greenfield Tap ac Die
233 233
4
4 2314 233
8 23 234 23 2314 2213 2314 2112 2258
1914 Dec 29 Nov
4
25 19 Jan 26 271 Feb 27
365
8 1,841 Internat Cement Corp..No par 26 Jan 20 3034 Apr 4
36
3618 3613 36
3512 30
3612 36
365
8 3512 36
19 July 287s Dec
Internat Cotton Mills
__
4
'30
- *30
Last Sale 30 Apr'22
4
'30 ____ *30
32 Dec 4112 Feb
50 28 Mar 25 32 Jan 27
Do pre
5
*67 694 4
68
'67 -- -1- 68 -- - *67 -69 2
6912 +67 69'2 *V
74 Deo 88 Mar
6912
100 644 Apr 4 7812 Jan 6
Apr'22
Internat Products
Last Sale 5
64 .5
*5
812 *5
612 *5
613 Mar 25
6
2 Sept 13 Jan
84 Jan 9
No par
10
Do pre'
1512 *12
•12
1512 *12
.12
1512 4
1512 *12
1
13 Apr 24
7
1512 13
5 Nov 32 Jan
13
1,175 Island Oil dc Tramp Corp_106 .62 la r 16
.88 1
.75 .75 +.75 *87
4
..75 .87
2 Sept
.75 .75
4 Mar
.75 .75
/
1
4
7 A pn 5
10
L ibb . Th Nei ea
2,283 Loev , Moeatrll & Libb
i
s
23
8 3
4 3
3
213 27
273 3
2511 3
27
3
54 Deo 13 Jan
4 3
7 8 Mar 2
15 Apt 24
8
23
10
229
934. 1012
1014 1014 x1012 1012 10
1018
1012 +10
1014 10
984 Dec 18 June
/
1
812 Jan 3 13 Jan 16
25
10 McElwain (W H) let pref_100 81 Jan 24 9712May 1
*954 ---- 9712 971: *0512 ---- *95
/
1
4
73 June 92 Feb
145 MDa chref
i2
ama p usetts Gas Cos
7
2
72
71
72
8 72
72
717 --- -i1- ---- -ii- - -7118 72
100 63 Jan 3 7312 Mut 2 53 4 Sept 85 Jan
3
104
6812 69
67 68
6714 68
6812 69 *6812 69
6712 68
5812 Oct 64 May
3 63 la r 4
Jan 8 18912NA py 8
Mergenthaler Linotype...
*152 183 153 153 *15212 ____ *15313 __ 15312 15312 15312 15312
117 Sept 138 Nov
16302
16
26
25 26113 2,900 Mexican Investment Inc_ 10 20 Mar 27 264 Apr 12
23
23
2414 *224 24
23
-2312 2312 24
13 Sept 35 Apr
/
1
4
/
1
4
451 Mississippi River rofwer _100 13 Jan 8 251zMay 5
25 2513
8
224 224 2234 2312 24
pPo
am er
25
11 Sept 1412 mar
2412 2412 247 25
148
81
81
stamped
8013 8012 82
82
3
80 4 80 4 80 4 80 4 80 4 81
3
3
3
3
80 June 84 Apr
100 7212 Jan 9 82 Feb 25
829
issl l Leather
913 914
na
912 10
4
94 Jan
912 93
95 10
8
912 978
2 Dec
913 93
14
8 Jan 4 1158 Jan 21
10
4
520 New England Oil Corp
4 4
*33
4
6 Aug
4
4 4 4
.33
4
4
4 Aug
4
33
4 4
4
190 New England Telephone 100 109 Jan 15 115 jan 23
115 11514
115 116
116 110
116 116
116 116115 116
8 A pr 13
9512 Jan 1123 Dea
234Mar 4
4
Ohio Body & Blower__ No par 1114 Jan 11 14 Mar 16
Last Sale 14 Mar'22
*12
*1212 14
*1214 13
13
•12
13
7 July 1134 Dee
3 3,687 Orpheum Circuit Inc
1912 193 1912
1912 1912 195 2134 20 8 2138 204 207
5
8
19
8
14 ,
44 Dec 20 AD
/
1
4
1 13 Jan 10 2INMay 3
53 Pacific Mills
162 162
163 163
*160 163
163
163 163
:
x162 Apr 26 1741Mar 11 145 Jan 171 Dec
122
Plant (Thos 0) prof
Last Sale 85---AI;r
__ _
78 Nov 87 Feb
/
1
4
---- ---- ---- ---- 163_ ___ *80 _ _ _ _
100 78 Feb 21 80 Jan 4
Sale 14 Apr'22
Reece Button Hole
.14 ___ 4
Last
12 Apr 14 Jan
/
1
4
*14 _ _ _ _ 1 I. ---- 4
.14 .. __
,
10 1212 Apr 18 1412 Feb 21
27
0
452 452 2.183 Simms Magneto
434 434
414
414 453 45
8 *413 43
9 May
/
1
4
45
8 Dec
3 43
4
7
718 Apr 5
3 Feb 20
5
Swift & Co
10112 10312
10112 102
10112 102
8812 July 1053 Jan
10112 102
1014 102
10112 102
4
s
100 9214 Jan 3 1087 Feb 23
177 Torrington
6812 6878 69 69
4
.6713 683 69 69 .
4
06712 69 *6712 69
47 June 81 Feb
25 60 Jan 3 70 Apr 21
360 Union Twist Drill
1112 11
11
11
11
11
*11
10 Dec 22 Jan
11
11
Mar 29 1414 Feb 3
3
11---- --1 1,017 United Shoo Mach Corp.._ 2
4134 4112 42
4138 4141 2
4112 41
4112 4178 41
33 Sept 3914 Jan
41
45 Mar 24
8 Mar
4
6 3 M
5
26
437
2612 26
Do pref
*26
264 2614 2614 26
26
224 Apr 2512 Dec
26
26
26
27 J an 21
Jan
8 28 283
4 29
4
164 July 241s Dee
30' 2912 3012 294 30 15,885 Ventura Consol Oil Fields_ 25 217 Jan 27 3012May 4
263 275
2612 27
3
6 26 2
588 Waldorf System Inc
2914 *283 2914 28 29
4
2
2813 2812 2812 29
167 Jan 297s Dec
2834 294 29
10 2612 Jan 4 31 Jan 25
665 Waltham Watch
4
123 13
14
14
13
*13
13
8 Dec 17 Jan
14
1414 144 1334 14
7
1 3 Ap 6
4
14.78 A pr 2
775 virr rthr Manufacturing_121
1112 114 1114
.11
1112 1114 1112 4
Waalweon
8 Sept 17 Feb
.11
1134 4
11
*1034 11
s
jan 73
eb
4
7 F
29 30
873
294 293
4 2912 3012
11 Apr 2211 Ape
Bros
2913 294 2912 *2912 30
29
8
50 1712 Jan 3 327 Mar 21
*35
3512 35
35
8
17 Aug 3312 Dec
3512 3512 355 3553
Do let pref
192
3412 3412 35
35
50 3012 Jan 4 37 Mar 20
*3912 40 .3912 40 *3913 40
Last Sale 39 Apr'22
Do 2d prof
*3913 40
18 Oct 3634 Dec
50 334 Feb 18 4112 Mar 20
25 Wo kwtoe Spencer Steel..... 6 133 Mar 27 1714May 4
w iliatiir n
*1634 1712 1714 1714
4
8 July 1814 Jan
*1712 18 *1714 173 *161z 17
-:::
4
_
'22
114 *_
Last Sale 114 Mar
,-134 Dee
•____
114 s-..-114
.35 Oct
Land
13 Jan 4
1 Jan 9
4
6
Mining
..60 1
4
..60 1
330 ldvent
4
Last Sale .75 Apr'22
+.60 1
.75 Mu
eeire Consolidated-- 25 .60 Jan 31
.4 Mar
+.60 1
1 Apr 15
62
*61
6212 61
61
61
61
61
62 62
+60 62
25 60 Jan 6 65 Jan 25 40 Aug 63 Dee
..25 .50 4
..25 .50
Last Sale .40 A pr'22
.50 Ape
.15 July
1
.
Algomah Mining
*.25 .50 . .25 .50 4
.50 Apr 17
.20 Jan 13
25
2613 27
495 Alloua
*2612 27 *2513 2612
16 Apr 2412 Nov
2612 2612 2612 27
27
*25
25 22 Jan 9 3212 Jan 25
314 31,
318 314
314 1,075 Arcadlan Consoliciard
3
314 314
312 318
314
3
izana com mer d a
11 Sept
/
4
334 Jan
2 Mar 10
25
9
9
9
9
912
9
912 9'2 1.185
9,
5 2 Jan 10 Apr
7
9
*834 9
8 Feb 20
14
5
4 2 Mar 113
9 APr
7
1512 .15
1612 •15
1513
103 Binghama Ree a
8
0
'15
1512 .15
.i,.. 1512 15
1518 4
8 Mar 14 Oct
, inel
M
Calumet
273 275 274 275 273 275 *273 275 273 273 270 270
.
an
12 2,12 L 2 2i3 2 .11:1,13 210 Apr 280 Deo
8
154 1412 1518 1412 1478 145 143
4 8,380 Carson Hill Gold
1338 13N 133 1414 14
4
11 Dec 164 Jan
/
1
1 10.,
*1012 12
*1014 12
Last Sale 10 Apr'22
a ?
,
,
Centennial
*1018 1012 *1014 12
7 Jan 10 Jan
a
912 Jan1g ir.;Ve r 2
25
4
4212 43
413 4212 1,401 Copper Range Co
425 43
8
43
42
27 Jan 4014 Dec
43 4312
42 43
28 3712 Jan 3 4514 Jan 25
A 82
2
*2
Last Sale 2 8I8 pr' 1
3
.214 23
/
1
4
4 *214 3
4
.2
4 Jan
138 Nov
212 4
2,990 Davis-Daly Copper
71 Jan
814 814
8
84 85
.2;
514 Mar
84 814
-Weet
21
li.,.
' 3
"z
814 812
13
73
4 814
8 1114 11.5 1118 1114 *Ills 1114
710 East Butte Copper Mining 10 10 Mar 27 1214 Jan 26
7 Aug 113 Dee
4
.1118 113
107 11
4
8
8 1113 115
214 212
213 212
978 Franklin
24 213
Apr
214 24
212 212
314 Jan
214 2s
138 Apr
314
3
312 *3
50 Hancock Consolidated_. 2
313
337182 Mar 16
318 •3
14 Sept
/
1
312 *3
*23
4 34 *3
338 Jan
1 1112 11
6
5
114 114
134
112 112
113 112
860 Helvetia
1 June
27a Nov
112 ii2 *112
4
134 IN
214 1r 17
111 11212
2 Ialpo Creek Coal
7
48 Jan 38 Dee
1 13Y
and
2t 4 an 10 114 Apr 20
/
1
4
10912 11012 110 111N 110 11112 1094 10134 110 112
927 93
8
*90 92
10
3.38
92 92
78 Jan 9012 Deo
*90 ____ +90 92 *90 92
1 88 Feb 14 9411 Mar 15
2412 *24
2413 235 2338 2314 2312
379 Isle Royale Copper
8
2412 *24
164 Jan 24 Dee
/
1
/
1
4
2312 2312 24
4
25 2213 Feb 28 2612 Jan 2
313 312 *313 4
26 Kerr Lake
312 312
238 Mar
312 4
4
4 Sept
Feb
*312 334 *312 33
4 3
2,219 Keweenaw Conner
23
23
4 3
4 3
23
4 3
23
.98 Sent
2 Dec
212 23
4 3
4
175
23
g713
8
1
I. Yet 2,6
2g
4
412
414
4
418 412
644 Lake Copper Co
45
8
4
412 412 414 43
11
2 Jan
5 Dee
/
1
4
T14,
4
11 ei) 1
f14 Feb 11
N
13
4 134 •178 2
8 17
3
17
*13
4 2
300 La Salle Copper
Apr 17
*134 2
114 Jan
.13
214 Feb
4 2
.258 212
212 *2
212 4
212 *2
1344 Apr 11
1
*2
2
2
214
*2
114 Jan
ason V
caaller MIna
2 Sent
ida
4
34 4
8
1,02g N
3X. 33
3
312 37
4
312 372
4
.55 Apr
33s Jan
3.2 33
an 4
rLar 24
2g
7
54 5 3
644 Mayflower-Old Colony
518 5ifs
54
5
54
514 Jan
23 Aug
8
8
5
514
55 Apr 5
5
5
5
214 Jan 20
25
3
3
3
318 34
3
994 Michigan
28 3
7
314
3
11 Aug
/
4
314
31: May
3
7 Apr 13
14 Jan 16
25
88 59
5712
56
57 58
174 Mohawk
43 Jan 69 Dec
/
1
4
584 5812 5712 5914 88 58
25 53 Jan 7 6013 Mar 17
/
1
4
18
181, 18
18
4 18
1818 1818 1818 1814 1812 184 183
1,275 New Cornelia Copper
1214 Sept 183 Deo
4
5 17 Feb 21 19 Jan 23
112 +1
112 +1
4
13
112
3 13
300 New Idria Quicksilver
4
.1
112 *1
112 .1
2 Dee
.40 Nov
*37
- *37
*37
3713 38 38
37
40 Feb 57 Ma/
7
6
74 - a +3714 ? 3
5
7638 77 *75 -54
7
It New pref Company
fil*75 - -- 4 75 77
il
/63 '
. a
DoRiver
8 p
8
74 Dec 95 Mar
iar
O8
°
IC0 11 N an 7 11 1Ae
612
46
,
6
6
578 6
618
6
233 Nipisaing Mines
6
57
6
8 6
July
8 Jan
/
1
4
5
538
1214 13
8
4
123 13 *125 13
4
1,350 North Butte
1233 123
J
4 123 1314 123 13
8 Mar 1414 Dee
15 11 Feb' i 12 IL, jan 21
23
4 3
3
3
760 Ojibway Mining
212 Dee
3
27
23
3
3 3
4 3
418 Apr 15
1 Aug
218 Jan 20
4 3
23
28
.28
2512 *2412 28
2313 2412
2512 2512 ,4
22 Old Dominion Co
9
0
26
•
25
14
25
1538 Jan 25 Nov
2
25 23 Jan 4 27 Jan 25
36
35
35
35
35
*344 3512 *35
36 *3514 36 *35
21 Aug 864 Dee
25
44
4312 4312 *4313 44
4312 4312 44
140 Quincy
*43 4412 44
44
j 334 Aug 66 Dee
L
52 ta 6 3713111ar
25 F2 'l 20 : .1 a
je 0
4513 46
*4514 453
4 4514 4514 *454 453
4
759100 Shannon8tMary's Mineral Land__ 25
*434 4512 45
46
28 Jan 45 Dee
.85 .90
.80 .80 4
..90 1
*.90 1
112 Apr 13
.85 .95 +.90 1
.75 Jan 1% Dee
10 .28 Mar 10
..75 .90 4
..80 .90
.90 .90 *.80 .90 4
2 Jan
416000
+.95 1
.35 Nov
4
..95 1
hiar ake
25 50 Jan 31 .90 Apr 17
L
sh Feb
/ 34 *312 33i
1
4
4 3
3
14 3 4 *312 33
3
3
3
53 35
37 Apr 15
313 313
8
Superior
2 Sept
2 Mar 29
25
158 134
14 134 1% 13
4
4 2,178 Superior & Boston Copper.. 10
14 13
21 Feb
4
June
158 158
Mar 31
2 Apr 15
1% 13
1
4
.90
218 214 *2
2
ill Nov
2
214 1,215 Trinity Copper Corn
2
2
s
184 Mar 6
s
5
W 2if
is4 July
214
318 Apr 3
2
.65 .66 *.65 .70 2,30 Toulumne Copper
.65 .65
.85 Dee
.65 .69
.67 .68 .705
.34 Aug
*.135
.49 Mar 7 .84 Jan 3
31, 314
312 Oct
318 314
3
3
318
3
*3
318 1,330 Utah•Apex Mining
34 314
184 Aug
4 Mar 22
2 Jan 19
/
1
4
5
5 Jan
214
*2
2
2
its Nov
212
2
2
212
212 212
600 Utah Consolidated
212 24
314 Apr 17
1 Feb 21
1
114 1%
114 138 1,610 Utah Metal & Tunnel
1'A 1%
14 1 ifs
.95 Jan 2iis Jan
112 118
212 Apr 13
'W. 14
1
1 Feb 15
s IN *114 214
2 Feb
/
8 218
1
4
17
218 218 *17
.40 May
178 17
8 4 3 214
21Ik Victoria
.17
25
11 Jan 5
4
24 Jan 30
.80 Mar
.35 Jan
13
8 112
25
4
23 Apr 15
.25 Jan 16
812 July 14 Feb
. 1112 115$ 1 1
4
1 4 1178 1 1 1 2111 Zroilvoerine
2
Vs I's
14
+12
*124 13 4 113
13
14
25 10 Feb 10 1314 Apr 6
•Bid and asked pricee; no saes on his day. a Ex-rights. 0 Ex-dividend and rights. z Ex-dividend.
-7,54
Outside Stock Exchanges
Stocks (Concl.)-
-Transactions in bonds at Boston' I
Boston Bond Record.
Stock Exchange Apr. 29 to May 5, both inclusive:
' Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
•
Bonds-
U S Lib Loan 3348_1932-47
1st Lib Loan 4s_ _1932-47
2d Lib Loan 4s_ _1927-42
1st Lib Loan 4345193247
2d Lib L'n 434s_ _192742
3d Lib Loan 434s_...1928
4th Llb L'n 4348_1933-38
Victory 454s_ _ _ _1922-23
Am Tel & Tel cony 4)68'33
Atl0& W 185 L 5s.1959 6334
Chic Jct Ry & U S Y 48'40 .
1940 9334
N Se
1936 9854
Hood River 78
1926 109
Internat Cement 8s
Miss Riv Power 5s...1951
M K & T Adj 58 Ser A_1967
N E Telephone 58_ __ _1932 9734
1944 9634
Swift & Co 58
Warren Bros 7348
1932 10834
Range since Jan. 1.
Low.
High.
Apr
99.04 99.40 81,950 94.64 Jan 100
99.44 99.44 2,050 95.94 Feb 99.74 Apr
100 95.26 Jan 99.64 Apr
98.34 98.34
99.44 99.54 3,950 95.94 Jan 99.74 Apr
99.32 99.58 165,050 95.26 Jan 99.90 Apr
99.54 99.86 10,500 96.24 Jan 100.10 Apr
Apr
99.54 99.98 34,300 95.64 Jan 100
Mar
99.54100.64 8,100 99.54May 101
10134 10134 2,000 1013.4 May 10134 May
Mar 65 May
5734 65 286,000 47
2,000 7434 Feb 8034 Apr
80
80
Apr
9334 9334 6,000 8934 Jan 94
25,000 959-4 Jan 9934 Apr
9834 99
Jan 10934 Mar
108 10934 43,500 101
Jan 9334 Apr
9134 9334 9,000 88
10,000 58 May 68 May
58
58
Jan 9834 Apr
27,000 93
9634 98
Jan 9634 Apr
9634 9734 24,000 91
Apr
10754 10834 36,000 9794 Feb 109
AA IL (1K l, 1II 11AA
on
'Inn
0g le
A nr
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Apr. 29 to May 5, both inclusive,
compiled from official sales lists.
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
100 83 L Jan
97
97
25 97
American Radiator
Jan
480 91
Armour & Co pref._ _ _100 9651 9634 97
Feb
260 12
15 1234 1234 1234
Armour Leather
. 7
Mar
255
4
6
Beaver Board
7
Jan
300
7
5
Booth Fisheries new
*
734
35
Mar
540 34
100 3434 34
lir Preferred
3
534
Jan
75
5
*
Case J I)
Chic City & Con Ry•
56 Jan
*
Part sh common
134 134 3,645
2,915
8
9
*
434 Jan
Preferred
834
9,490
134 Jan
534 12
Chicago Elev Ry, pref_100 11
825
au 5
Chic Rys part ctf Ser 2_ _
5
134 Jan
603 11434 Feb
Commonwealth Edison 100 13034 13034 131
531 534
5
Feb
114
Consumers Co,common100
Feb
4,730
834 9
5
Continental Motors_ _ _10
.
83.4
65
Cudahy Packing,corn.
65
Jan
65 55
.100
Decker (Alf) dr Cohn,Inc
'
80
Feb
130 71
80
Preferred
*
234 Jan
334 4,000
3
Earl Motors
•
334
72
Feb
105 60
72
Deere & Co, pref
100
1334 15
Feb
315 10
Godschaux Sugar, corn.. *
27
Coward, H. W, pref._ _100 27
2834 1,635 27 May
285 81341 Jan
94
Great Lakes D & D____100 94
94
Jan
25 81
93
Hartman Corporation__100
93
Hupp Motor
10 1834 1834 1934 4,225 1034 Jan
Feb
71
Illinois Brick
71
225 56
100 71
Inland Steel
56
260 4834 Mar
55
25 56
Libby. McNeill & Libby 10
9,200
234
29-4 3
25-4 Apr
5
Lindsay Light
190
10
59-4
39-4 Mar
Middle West Util,com_100 40
Jan
1,174 27
37
40
Jan
460 53
Preferred
100 7454 7234 7454
Jan
Prior preferred
9834 9834 9834
543 82
Mitchell Motor Co
•
6
534 634 1,585
334 Feb
I% Jan
403
254 234
National Leather
10
990
934 934
new
934
834 Jan
350 1234 Jan
Orpheum Circuit, Inc_ _1
2034 21
50 6234 Jan
87
Peoples' Gas L dc Coke..100 87
87
• 28
Pick (Albert) & Co
Jan
2634 2834 7,380 19
Pig Wig Stone Inc "A" • 5134 44
5234 109,604 2334 Mar
175 8034 Jan
99 100
Pub Serv of Nor Ill, com100 99
25 8834 Jan
93
93
100 93
Preferred
50 143
180 180
100
Jan
Quaker Oats Co
54 9354 Mar
95
100
96
Preferred
360 1334 Jan
10 2434 2434 2434
Reo Motor
39
Reynolds Spring Co
* 40
4134 2,610 3454 Apr
315 13
18
Jan
17
Standard Gas & Elec.-50 17
520 42
Jan
* Preferred
50 4634 4634 4634
Jan
Stew War Speed, com__100 4034 3934 4034 4,515 24
Swift & Co
100 10234 1013410334 2,360 9134 Jan
Apr
Swift International
15 2034 1934 2154 14,515 17
400
2
Feb
29-4
Temtor Prod C & F "A"_*
234 234
1,755 40
Jan
Thompson, J R. corn..-25 4934 4834 50
Jan
6,010 43
58
Union Carb dc Carbon...* 579-4 57
Jan
6
550
731
734 734
United Iron Works v t o_50
Jan
5,300 29
64
55
United Lt & Rys
100 64 ;
Mar
975 70
7434 79
100 79
, Preferred
I
425 1334 Feb
United Paper 13'd. com_100
1634 1834
Mar
90 27
35
*
Vesta Battery
3634
Jan
* 6634 6634 6834 3,215 50
Wahl Co
Jan
60 76
91
91
Ward, Mont'y,& Co,pf 100
When issued
20 2134 2134 2234 5,675 1234 Jan
Jan
734 834 2,350
5
Western Knitting Mills...*
734
Feb
100 28
4634 4634
Wilson & Co, corn
•
102 103
Mar
750 97
Wrigley Jr. common____25 103
Mar
5,075 x125
198 209
Yellow Mfg
10 200
7834 5,135 5734 Jan
Yellow Taxi
7534 75
Bonds
83
84
Chicago City Ry 5s__ _1927
Chic C & Con Rys 53_1927 5234 5234 53
Chicago Rys 5s
1927 8234 8234 8334
1927 78
58, Series "A"
7534 76
52
1927 52
533-4
4s, Series "B"
Chicago Telephone 58_1923
9934 999-4
Commonw Edison 5s._ 1943 9734 979-4 9834
8854 8854
Cudahy Pack 1st g 58_1946
51
51
Lake Street El 1st 58..1928
Met W Side El 1st 48_1938 6434 6234 6434
57
5834
Extension gold 48_1938
Rogers-Brown Iron 78 1942 9834 9734 9834
9634 9634
Swift & Co 1st s f g 58_1944
100 100
W Va Wat & Elea 6%81942 100
• No par value.
$11,000 67
178,000 49
2,000 67
12,000 4954
24,000 33
5,000 9834
2,000 9334
5,000 8734
1,000 51
46,000 52
10,000 50
29,000 9734
2,000 9034
8,000 100
High.
99
9834
1234
1234
734
3634
6
Apr
Mar
Feb
Mar
Jan
Mar
Mar
234
934
12
6
13234
6
.9
68
Feb
Feb
May
Mar
Apr
Mar
Apr
Feb
80 May
Jan
6
7234 Apr
18
Mar
2834 May
Feb
106
Mar
103
1934 Apr
Mar
75
Apr
56
734 Feb
Mar
6
40 May
Apr
76
Apr
99
634 Mar
234 Jan
1134 Jan
May
21
87 May
2834 Apr
5231 May
101
Mar
95
Mar
Apr
180
96
Apr
2d34 Apr
4134 May
1934 Apr
47
Apr
4234 Apr
10834 Feb
2334 Feb
536 Feb
5134 Apr
5934 Mar
074 Feb
64 May
79 May
1834 May
Apr
40
7134 Apr
May
91
2234 Apr
834 Apr
463-4 May
11034 Feb
246
Feb
8234 Mar
Jan 84
Apr 5334
Jan 8434
Fob 76
Jan 5254
Jan 9954
Jan 9834
Mar 8834
May 51
Jan 6434
Jan 5834
Apr 9834
Feb 9634
May 100
Apr
Apr
Apr
May
May
May
Apr
Feb
May
May
May
May
Apr
May
-Record of transactions at
Baltimore Stock Exchange.
- Baltimore Stook Exchange, Apr. 29 to May 5, both inelusive, compiled from official sales lists:
r may
Stocks-
[Vol.. 114.
THE CHRONICLE
1996
Jain
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel_100 399-4
Baltimore Brick
100
Baltimore Tube
100
Preferred
100
I Benesch
•
Preferred
25
1 t .65
Celestine 011
35
234
19
46
3434
2534
.50
40
234
19
46
35
2534
.74
Range since Jan. 1.
Low.
1,858 26
65
234
25 19
5 '48
384 25
385 24
9,125 .35
Jan
Apr
May
May
Mar
Jan
Jan
High.
40
234
25
573.4
35
2534
.74
May
Apr
Jan
Feb
May
Apr
May
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Cent Teresa Sugar pref__10
3% 4
Chalmers Oil & Gas prof_ _5
3
3
Commercial Credit
25
51% 51%
Preferred
25 2534 25% 2534
Preferred B
25 28% 26% 26%
Consol Gas E L & Pow_100 108
107 108
Preferred
100 115
113% 115
Consolidation Coal_
100 84% 84
85
Cosden & Co preferred _5
4% 4%
Houston Oil pref tr ctfs_100 85
85%
84
Manufacturers Finance_25 45
4534
44
2d preferred
25
23
23
Mt V-Woodb Mills v t r 100 13
13%
13
Preferred v t r
100 50
4731 50
Northern Central
50
75
75
Pennsyl Vial & Power.
.100 107% 10634 107%
United Ry & Elec
50 14% 14
1454
Wash Ball & Annap_ _50 18
17% 18
Preferred
50 33
32)4 33%
Bonds
Alabama Co gen 6s___1938
Aug Ry & Elea 5s_ _1940
Bait Elec stamped 58_1947
City&Sub(Wash)lst5s '48
Cons Gas E L & P 430-'35
7% notes
1922
7)4% notes
1945
6% notes
7s
1031
Consol Coal ref 434s_ _1934
Refunding Ss
1950
Cosden dc Co (is
Davidson Sulphur 68_ _1927
Elkhorn Coal Corp 68.1925
Fair & Clarks Trac 58_1938
Fairmont Coal 58
1931
Fla Cent & Penin 68..1923
Georgia dc Ala cons 58_1945
Macon Dub & Say 58_1947
Md Electric Ry let 58_1931
Metropolitan Street bs 1925
Monon V Trac 78
1923
Norfolk St Ry 58
1944
Pennsy W P 58
1940
Saab & Roan 55
1926
United Ry & Elec 413._1949
Income 4s
1949
Funding 58
1936
1949
ea w I
5% notes
Va Mid 5th series 58..1926
Wash Ball dc Ann 58..1941
* No par value.
83
94)i
90%
10054
10934
10551
89
101
98
94
81
91%
9754
56
77
99
99%
83
83
82
82
94% 94%
82
82
90% 90)4
10054 100%
109% 109%
100% 100%
105 106
89
89
8834 89
100)1 101
98
98
9731 98
90
90
94
94
98% 98%
81
81
51
51
94
94
95
95
98% 99
9131 91%
9734 97%
91% 9134
72% 73
56
55
77
78
9854 99
99% 9954
98
98
82
823-4
Range since Jan. 1.
Low.
110
2%
100
3
45 49
640 25
145 25%
337 91
325 105
366 80
4%
6,855
264 78
115 41
100 23
25 10
132 44
50 72
113 92%
9
1,395
535 149-4
260 29
1,000 80
1,000 82
2,000 88
2,00C 78
7,000 8234
1,000 99%
4,000 106
2,000 9914
6,000 101%
2,000 85%
21.000 86
02,000 98%
2,000 96%
27,000 94%
1.000 87
6,000 92
3,000 96)4
1,000 7031
1,000 38)1
1,000 86
1,000 95
13,000 95
2,000 87
19,000 92
1,000 91%
25,000 66%
19,000 48
16,500 66
63.000 98%
4,000 98%
1,000 94
67.000 78%
High.
4
Jan
May
3
Mar 5134
Jan 26%
Jan 28
Jan 109
Jan 115
Jan 85
4%
Jan
Feb 8534
Jan 45%
May 23
Jan 17)6
Jan 5594
Jan 75%
Jan 107%
15
Jan
Jan 19
Jan 3434
May
Jan
Feb
Apr
Apr
May
,Apr
Apr
May
May
May
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar 85)4 Apr
May 82 May
Jan 94% Apr
Apr
Feb 82
Jan 90% Apr
Jan 10054 Feb
Jan 109% Apr
Feb 100% Jan
Jan 106 May
Jan 89% Mar
Feb 8954 Jan
May
Mar 101
Feb
Jan 104
Mar 98 May
Jan
Jan 91
Apr
Jan , 94
Feb 98% Apr
May
Feb 81
Apr
Feb 51
Apr
Jan 94
May 95 May
Jan 99 May
Jan
Jan 92
Jan 97% Apr
May 91% May
Mar
Jan 74
Apr
Jan 57
Mar 78 May
Apr
Apr 99
Mar 99% Apr
Jan 9834 Apr
Mar 82)4 Apr
Pittsburgh and Philadelphia Stock Exchanges.
-This
week's record on the Pittsburgh and Philadelphia Stock Exchange will be found on page 1979.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Apri129to
May 5, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week ending May 5Stocks-
Par.
Industrial & Miscell.
1
tome Coal Mining
10
Acme Packing
Aetna Explosives
Allied Packers,Inc, prior pf
Aluminum Mfrs, corn..„.
Amalgam Leath. corn...._*
.10
Amer Hawaiian 8(3
Amer Lt & Trac. com__100
100
Preferred
5
Amer Thread, prof
Amer Writ Pap, corn...100
100
Beechnut Packing
Blynn & Sons, Inc
Bradley Fireproof Prod_ _1
Brit-Amer Tob ord bear.£1
£1
Ordinary
10
Brooklyn City RR
*
Buddy-Buds, Inc
Car Lighting & Power-25
Carlisle Tire
•
100
Celluloid Co, corn
Preferred
100
Cent Teresa Sug corn _10
Chicago Nipple Mfg eiA10
10
Class B
100
Cities Service corn
100
Preferred
10
Preferred B
Cities Serv Bankers' sh__*
Cleveland Automobile___'
Colombia Emerald Syndi
Conley Tin Foil
-10
Continental Motors..
Curtiss Aeropl & M col:1-*
Del Lack & West Coal-50
Deny & Rio Grande pf-100
•
Dort Motor Car
Dublier Condenser&Radio*
•
Durant Motors Inc
Durant Motors of Ind___10
•
'Earl Motors, Inc
EastMAD Kodak. new corn*
•
Elea !Roe Bat new w 1
a
Federal Tel & Tel
Frontenac Motor w 1
*
Gardner Motor Co
Gillette Safety Rasor..-.•
•
Glen Alden Coal
•
Goldwyn Pictures
Goodyear T & R oom_100
Preened
100
Prior preferred
100
10
Grant Motor Car
Griffith(D W)Class A...'
Havanna Tobacco,corn 100
Preferred
100
•
Hayden Chem
Hocking Val Products-10
.44
t• riaay
Awes
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
154 154
480
60c
133-4 1354
33
33
16
16
1634
12
1134 1234
21
2194
145
143 145
9634 9834
4,4
44
S 434 434
3734 3734 3974
3074 3034 303-4
30c
300
1754 1634 1731
1734
1751 17
83.4
8
831
134 134
131
154
134 154
134 154
107 107
11074 109 111
154 2
154
254
134 3
234 314
237
226 242
6651 6534 6794
6
654
24
2334 2454
3094 28
3134
700
700
85c
1334 15
85e
854' 9%
6
8
0
9136 0154
74c
68c
740
2034 2054 2031
9
83.4
8
3751
35
34
1474 1434 164
351
354 334
771-4 7654 7734
4334 4254 4334
654 634
1034 1034
1334 1331
205 21634
207
5154 4634 513-1
834
83-1 934
133-4 133.6 1334
3734 3754 38
72
7154 72
1
154
434
454 451
10e
10c
1
1
1
134
13-4
3
33-1
334
10
14
Intl
134
510
1334
Range since Jan. 1.
Low.
80,600
32,600
100
100
200
1,100
300
420
120
400
300
4,000
300
700
13,800
500
1,100
4,100
2,900
200
20
150
500
8,400
13,300
1,650
1,400
500
5,200
7,800
10,400
700
'8,500
200
10
1,200
1,200
28,000
9,900
9,200
100
7,700
4,000
100
800
100
1,035
6,900
41,000
1,200
700
200
1,100
400
1,000
300
7,900
1,500
90o
200
1254
28
15
734
1934
11334
05
4
3
373-4
27
300
1234
1294
434
458
55e
lft
100
104
134
134
2
158
51
434
17
20
500
10
63-1
254
86
38e
20
734
2274
831
2
66
35
554
1034
11
169
42
4
954
24
67
50e
434
10o
20e
800
234
Mar
Mar
Mar
Apr
Jan
Feb
Jan
Feb
Mar
Mar
Feb
May
Apr
May
Feb
Jan
Jan
Jan
Feb
Apr
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Feb
Jan
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Feb
Feb
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Feb
Apr
0 4011
711
1,11,
High.
154 Apr
734 Mar
1334 May
Jan
42
1734 Mar
133-4 Apr
24
Mar
14734 Apr
9834 May
434 Mar
534 Apr
4134 Apr
303-4 May
134 Jan
1731 May
1734 May
854 Apr
WA Apr
11 May
4
234 Jan
107 May
May
111
354 Feb
334 Jan
314 May
242 May
6734 May
6
Apr
2434 Apr
33
Mai
Max
$1
15
Mar
931 May
7
Ape
9134 May
75c Apr
2034 Mar
9 May
3834 Ape
1654 Apr
654 Jar
79
Ape
45
Apr
734 Ape
1154 Ape
1654 Ape
223
Ara
5154 May
934 May
14
Api
3834 Api
7254 Ape
134 Mai
754 Jar
25o Mai
154 Api
154 Jan
33.4 May
1071
A...
MAY 6 1922.]
Stocks (Concluded)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
3% Feb 13% Apr
Hudson & Man RR com100 12% 12
1331 5,900
Mar
Jan 45
100
Preferred
40
100 25
40
Hudson Mot Car of Michwi 20% 2031 223% 51,800 20% Apr 22% May
Apr
Imperial Tob of G B & I.£1
200 1051 Jan 13
13
13
May
50 107% May 108
Ill Cent RR con ser A w 1_ 108
10731 108
Mar 55% May
25
100 49
Inland Steel
553-1 5551
8
8% ?,300
Intercontinental Rubb-100
Jan 11% Feb
6
8%
Jan
15
Jan
InternatProprietaries v t Cs
10
100 10
10
/Kayser(J ulimrs)& Co w
323% 3331 2,300 2031 Feb 33% Apr
May
Lehigh Power Securities_
1,200 17% May 18
18
173% 183-1
Feb 76% Apr
305 66
Lehigh Valley Coal Sales 50 76% 73% 7631
2% Apr
7% Mar
5,300
Libby, McNeill & Libby-10
2% 3
25'
8% Jan
Lincoln Motor Class A__50
900 750 Fell
1% 2
2
May
10 33 May 33
100
Mengel Co
33
33
*
Apr
4
1% Apr
MercerMotors
22,400
331 4
33
Feb
Apr
4
2
Voting trust ctfs
3
3%
331 42,000
5% Jan 18% Apr
Morris(Philip) Co., Ltd_10 17
163% 173% 18,720
8% Jan 11% Jan
400
National Leather, new_ _10
9% 9%
Jan
3
1% Jan
100
Unstamped
2
2
1)1 Feb
2% May
New Mex & Ariz Land__ _1
231
13% 23% 1,300
Mar 25% Apr
200 19
N Y Transportation__ _ _10 2531 2531 253%
Jan
3% Jan
2
400
North Amer Pulp & Paper*
2%
2
Apr
5% Feb
12
3,200
Packard Motor Car corn -10 1134 113- 12
Apr
106 33% Fob 42
40
40
Peerless Trk & Mot Corp 50
2% Jan
4% Mar
300
Perfection Tire & Rubber.
3% 3%
Mar 51
100 35
May
51
51
Piggly-W1ggly Stores A stk * 51
Mar 101% May
300 99
Pub Sent Corp of NJ pf 100 10131 101 10151
93.1 Feb 11
Mar
MO
9% 10
Pyrene Manufacturing_ _10 10
2% Jan
631 Apr
431 6 215.700
531
Radio Corp of Amer
•
Jan
2
3% Apr
331 33,320
3
Preferred
3
6
Reo Motor Car
10 2431 2431 24% 6,0C° 183% Jan 25% Apr
77c Apr
70c 2,300 20c Feb
650
* 100
Republic Rubber
530 75% May 84% Apr
Rotterdam Bank
7651 7531 773-1
2% Feb
351 Mar
100
2% 2%
Saguenay Pulp & P. pf _6
Apr
3
411 Apr
200
3)1 4
4
Snows Fount Hold Corp_10
2% Jan
4
11 5 66,200 750 Jan
90c
Southern Coal & Iron_ _ _ _ 5 920
3% Jan
300
8
Apr
5
5
Standard Moto
str _1
• 34 314
Mar
2
200
3% May
Standard Parts
700 3851 Mar 45% Apr
4331 4431
Sterling Products w 1
1,300 17% Apr 23% Feb
15 2031 2031 21
Swift International
Feb
1
331 Mar
1,700
231
2% 3
Tenn Ry, L & P,com__100
Jan 17% Apr
100 10
16
16
100
Preferred
7% Feb
Jan
3
731
631 731 10,300
Tob Prod Exports Corp..'
735 69% Apr 80% Feb
69% 72
Todd Shipyards Corp_ _• 72
Torbenson Axle Co corn__• 263-1 253-1 2831 3,303 2412 Apr 28% May
Apr
1
1% Feb
100
1
1
UnItedCigarStores ofCan 5 --Mar
5
8% Feb
1,300
6% 7
United Prof Sharing new 1 __---8% Apr
4% Jan
8,500
6
Un Retail Stores Candy_
53% 631
7,100 20)1 Apr 22% Apr
US Hoffman M corn v t c • 22% 203-1 223%
2% Apr
Jan
13-1
131 211 15,400 75c
8 Light & Heat oom_ _10
1% Apr
800 060 Feb
I% I%
Preferred
1:1
10
110
Jan
4c Mar
Sc 1,000
90
cr El Ship Corp
10
150
Jan
Jan
8,000 10c
lie
10c
U S Steamship
10
Jan 61
3
Mar
Van Raalte Co,Inc
59% 1,700 40
57
•
1% Apr
6
11 16 131 3,100 850 Mar
/
Wayne Coal
Jan
82c 0,000 880 Feb 87o
800
West End Chemical. _ _1 80e
Apr 110
Apr
100 109
Western Electric, pref
10914 10931
6% Apr
Apr
8
7% 7%
200
Western Knitting Mills__•
Mar 20% Apr
6
700
18% 20
Willys Corp 1st pref__ _100
15
Apr
500 14% Apr
Certificates of deposit_ _ _
13
15
15
Rights.
76c
Illinois Central RR _____ _
00e 8,800 75c May 90c May
750
Former Standard Oil
Subsidiaries
Anglo-American 011_ ___CI
Buckeye Flue Line
50
Continental Oil
100
Crescent Pipe Line
50
Eureka Pipe Line
100
Galena-Signal Oil corn 100
Illinois Pipe Line
100
Indiana Pipe Lino
50
Northern Pipe Line_ ,..100
26
Ohio 011
Prairie Oil& Gas
100
100
Prairie Pipe Line
Southern l'ipe Line_ _ _ _100
100
South Penn 011
Standard 011 (Ind) _ _ _ 25
Standard 011 (Kansas) _100
Stand Oil(Ky) new w 1.100
Blair & Co Interim rects_
Standard 011 (Nebr)- - -100
100
Standard 011 of N Y
100
Vacuum Oil
17,200 16%
20
22
70 84%
07% 98
40 125
148 149
3' 28
34
35
40 70%
103 103%
1,106 40
54
60
61
120 161
190 198
196
40 84
101 101
20 90
110 110
550 257
317 332
330
120 520
615 635
615
231
340 224
231 237
102
102 104
135 77
234
217 234
330 173
10631 101% 109% 163,800 83%
574 574
10 574
12,400 76
82% 81% 83
1,400 7631
8231 82% 82%
45 170
200 210
397 427
416
040 841
412 435
430
370 299
2131
149
Other 011 Stocks
131
1% 1% 12,600
Aetna Cons Oil
3
9,600
5
I% 3
Aicon Oil Corp
35c
46c 8,000
I
Allen Oil
3e 5,000
2c
1
Allied 011
400
10
1% 2
Amer Fuel 011, pref
% 11
11% 5,000
Arkansas Nat Gas, com-10 111
8,000
10% 12
Atlantic Lobos Oil, corn_ _• 11
8c
6 120
Mc 827,000
Boono 011
Plc 152,900
83c
Boston-Wyoming Oil..._1 35c
•
200
1% 1%
13razos Oil Corp
25 32% 31
600
32%
Brit-Amer Oil Ltd
7%
531 8% 118,900
Carib Syndicate
1% 11%, 7,900
Columbia Potroieum
3%
5,000
3% 4
Continental Refining-5
4% 5
Cosden & Co, prof
23,600
100
New preferred w 1__ _100
99)1 99%
351
5
3% 14,000
3
Creole Syndicate
10
Dominion 011
10% 1,000
1 560
59c 108,200
52c
Engineers Petrol Co
Sc
5
40
Ertel 011
(lc 8,000
1
lo
Fay Petroleum
lc 6,000
5
17 r 1154, 81,10
/6
1%
Federal Oil
• 13
Fensiami 011
5,800
14
13
6%
Gilliland Oil, corn
6% 811 9,000
156
/
10
Gienrock 011
111
Iff, 60,400
3
.
Granada Oil Corp cl A _10
600
3%
3
-1
2e
Harvey Crude 011
2c 1,000
1 25c
380 153,300
23o
Hudson Oil
109 120
Imperial Oil (Canada) coup 118
0,24'
• 22% 205.4 23% 187,200
Internat Petrol
470
Keystone Ranger Devel.._1 570
60c 13,100
• 1151
1151 12% 5,900
Kirby Petroleum
Sc
1
4c
10c 136,800
Lance Creek Royaltlea
I
14c
Livingston Oil Corp
14c 1,000
•
1%
I% 1% 48,700
Livingston Petrol
25
24
24
200
Lone Star Gas
05c 23,800
90c
92 c
Lyons Petroleum
• 23% 23% 26% 12,100
Maracaibo Oil Explor___4%
3% 4% 14,500
•
Marland 011
5
2% 4
2,900
Marland Refining
8c
Sc
Sc 19,500
Meridian Petroleum._.10
12% 14% 15,000
10 14
Merritt 011 Coro
2%
10
214
I%
1,500
Mexican Panuco 011
44
49)1 120,150
Mexican Seaboard Oil. -• 43
4% 52,300
3
331
10
Corp
Mexico Oil
3
3
200
Mid Colombian 0 & D__ _
3y, 3y, 100
_1
Midwest Oil common
11 (
/6
400
Mountain & Gulf Oil__. _1
1534 16% 37,200
10 16N
Mountain Produters
7% 8% 71,000
834
Mutual 011
1
700
2,600
10 700
Nat Oil of N J corn
4351 15,500
New England Fuel Oil-- 4451 40
451 4%
500
New England Oil
1%
2%
30c
2c
1%
8%
8
80
570
1)1
29
ag
1%
I%
4
99,1
1%
8
500
20
lc
1
0
4
830
2%
20
70
97%
14
47c
10%
4c
140
1%
21
580
1851
1
2
So
8%
1%
28%
1%6
2%
231
700
9%
5%
70o
40
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
May
Apr
Apr
Feb
Jan
Jan
22
100
149
35
103%
61
108
106
110
332
635
245
104
234
109%
674
84
83
210
427
435
May
Apr
May
Feb
May
May
Apr
Mar
May
May
May
Feb
May
May
May
May
Apr
Apr
May
May
May
Apr
1% May
Apr
3% Apr
Feb 00c Mar
Jan
40
Jan
Apr
3
Jan
Feb 13
Apr
Jan 12
May
May 290
Jan
Mar 910 Apr
Jan
25i Feb
Jan 32% May
Jan
8% May
Mar
2
Mar
Feb
Mar
4
Mar
5
Feb
May 99% May
Jan
3% 'Apr
Feb 11
Apr
Jan 72e
Jan
Jan
7c
Jan
May
20
Jan
Jan
05 feMay
/
Mar 14% Apr
Jan
9)1 Apr
Feb
I% Jan
Jan
3% Apr
Jan
00
Jan
Jan 60e Mai
Mar 120
May
Mar 23% may
May
11
4 Jan
Apr 28% Feb
Mar 10c
Jan
Apr 27c Mar
IN Mar
Jan
Apr 24% Apr
1.4 Mat
Jan
Jan 27% Mai
Jan
4% Apr
4 May
Jan
Apr 200 Mar
Jan 14% May
2% May
Feb
Feb 49% May
41 Mai
4
Jan
3
May
I. eh
3% May
Feb
We May
Jan
ION May
Jan
8% May
Jan
Feb
3
Apr
May 45% May
411 Jan
Mar
1997
Friday
Sales
Last Week's Range for
Other Oil
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
New York 011
Noble 011 & Gas
1
Noco Petrol, corn
North American 011
5
Northwest Oil
1
Ohio Ranger
1
Omar Oil& Gas
10
Pennok 011
10
Premier Ref & Mfg
Producers & Refiners_ _10
Red Bank 011
Red Rock Oil & Gas
1
Ryan Consol
•
Salt Creek Consol Oil
Salt Creek Producers___10
Sapulpa Refining
5
Seaboard Oil & Gas
5
Simms Petroleum
•
Sinclair Con Oil, pref_ 100
Skelly 011
10
Southern 011 & Trans__ _10
South Petrol & RefIn
Spencer Petrol Corp_
10
Stanton Oil
5
Texon Oil & Land
1
Tidal Osage 011
•
Non-voting stock
Turman 011
1
Ventura Cons Oil Fields_ _ 5
Victoria 011
1
Western States Oil & Gas_l
Whelan 011
1
White Eagle Oil & Ref_ •
Wilcox 011 & Gas
5
Woodburn Oil Corp
•
Woodly Petrol
"Y" 011 de Gas
2231
200
3
11
11
24c
70
1134'e
53-1
33-1
7%
2Cc
700
59-1
14
1634
3%
1%
103%
98
8
28
1,700
250 28,000
351 2,400
1,400
2
25c 2.000
70 2,000
23% 148,400
2,900
53%
3%
1,200
300
8
320 300,500
99c 2,500
1,400
631
14,800
15
1954 25,100
431 11,100
700
I%
113% 23,300
100
98
83-1 72,600
600
2y,
154 2,700
1%
100
30c 52.000
1 423,800
1,800
149-4
1,000
14
4 28,300
17
28
200
680 1,800
40c 6,000
44c 1,200
1.200
24
49-4 5,200
75c 7,300
1,200
12%
18c 18,000
Range since Jan. L
Low,
High.
11%
13e
1%
134
15c
5o
67c
4%
2%
5
14c
30c
43-4
10
1251
2%
80c
9%
93%
451
1
1%
75c
3c
400
10
10
1
23
50c
22c
250
22
2%
600
12%
15c
Apr
Mar 28
Jan 350 Mar
Apr
5
Mar
2% Apr
Apr
Jan 34e Mar
Jan 120 Mar
Mar
231May
6
Jan
Jan
Apr
551 Feb
Jan
May
8
Apr 350 Jan
1%
Jan
Apr
6% Apr
Feb
15
Apr
May
Jams 19% May
Feb
4% May
Mar
I% Apr
12% Jan
Jan
Feb 100
Jan
Mar
8% May
Jan
8% May
Apr
5
Jan
Feb
2
Mar
30c May
Jan
May
1
Jan
Jan 14% Apr
Apr 14
May
r
Ap
I% Apr
Jan 28
Apr
Apr
11 May
/{6
40o May
Mar
Mar 50c Mar
Mar 24% Jan
Mar
6
Jan
$1 Feb
Jan
Apr 12% May
Jan
Feb 880
Mining Stocks
Paska Brit Col Metals__ _1
3%
I%
334 331 3,600
Alpha Mines Co
270 30c 10,000 280
27c
Alvarado Min & Mill _20
5
800
614
6
Amer Corn M & N
5c
Sc
13,000
80 10c
American Exploration_ _ _1
151 231 7,100
231
Amer Tin & Tungsten-- -1
3c
1.000
50
Sc
5c
Angio-Am Corp of S At w I 22% 22
1,000 111-1
2211
Big Ledge Copper Co___ _5 23c
21c 24c 19,000 150
Bon Alaska Mining
64c
1,600 64c
64c 67c
Boston & Ely
1
500 50c
900 90c
Boston dc Montana Corp 25 80c
1.06 183,500 650
76c
Boston & Montana Dev_ _5 19c
19c 220 119,700 160
Caledonia Mining
1
4c
70
Sc
4,000
7c
Calumet & Jerome Cop_l 230
4,200 130
22c 23c
Canada Copper Co
5 50c
go
47c 550 15,200
Candalarla Silver
1 280
26c 30c 66,000 190
Combination Fraction__ -2c
2c
4,000
2c
2c
Consol Arizona
20
8e 13,400
2c
Consol Cooper Mines____5
1%
32,200 070
13-1 2
Consol Nevada-Utah
7c
2c
70 10,000
5c
Copper Canyon
90c ,e 94c
700 90c
0
92c
Cortez Silver
1 950
980 19,400 840
Cresson Con Gold M & M_I
29-4
2% 29-1 3,000
Crystal Copper new
1,000 55c
13-1
134
Daly Western
234
500
23-1 23-1
Davls-Daly Mln..1
8
8
8
400
83-5
Divide Extension
1 18c
180 10e
6,000 llo
Dolores Esperanza
5
1%
,000 82c
13-4 2
El Salvador Silver Mines _1
2c
7c.
7c 27,400
5c
Ely Consolidated
Sc
70
6,000
8c
Emma Silver
1
lc
1,000
30
3c
Eureka Crowns
27c
240 28c 93,900 180
First Nat Copper
5
300 60c
800 88c
Forty-nine Mining
1
Sc
2,000
15c 160
Gadsden Copper
13-1 3,000 59c
151
Goldfield Consol Mines_10
30
3,000
7c
70
Goldfield Florence
1
7,200 150
220 260
Goldfield Kewanus
2c
2c
1.000
2c
2c
Gold Zone Divide
1 110
3,000
80
11c 12c
Hard Shell Mining
.1
19c
15c 21c 17,000 120
Flarmill Divide
10c
11c 120 11,100 110
Recta'Mining
25c
434
6%
61-1 654 3,400
Hollinger Cons Q M
b
79-4
200
93% 97-4
Howe Sound Co
1
3% 4,200
214
333)1
Hull Copper
1,500 250
30e 300
Independence Lead Min
35e
So
34c 370 115,000
Iron Blossom
be
4,000 160
200 220
Jerome Verde Devel
1
23-4
331 43-1 2,900
Jumbo Extension
1
2c
5c
1,000
Sc
Sc
Kerr Lake
4
3
600
5
4
434
Knox Divide
100
3c
5,000
5c
4c
La Rose Consol Mines_ 5
4,000 250
30c 35c
MacNamara Mining ---- 1
Sc
Sc
8,000
851c 10c
Magma Copper
3,600 263'(
29% 29
30
Marsh Mining
1 170
4c
Sc 23c 197,400
Mason Valley Mines
6
ln
131
13%
23-1 3,900
MeKinley-Darragh-Sav 1
280 36c 28,000 11c
Mining Co of Canada
75e
300 75c
75c 750
Mohican Copper
6,000 150
15c 15c
Morington Mines
1.000 10c
10c 100
Mother Lode Coalition...'
9)1
654
83% 911 91,200
Mother Lode Copper__ _10 14% 1331 14%
400 113.4
National Tin Corp
50c 52c
470 5Sc 41,700 27o
Nevada Ophir
38c
350 42c 80,500 26o
Nevada Silver Hills
80
_
20
0c
80 70,100
New Dominion Copper_
2)1
2
23-4
231 1,400
New Jersey Zinc
146
175 142
145 mg,
N Y & Honduras Rasario10
100
8
5
8
Nipissing Mines
6%
5
531
531 654 1,800
Nixon Nevada Min _ _
50
70
70 31,500
Sc
Ohio Copper
10
7o
5,000
Sc 10c
l'eterson Lake
3c
1,000
se
Sc
Ray Hercules Inc
1
806
131
13% I%
Rex Consolidated Mln
Sc
1 10c
Sc 10c 17,000
San Toy Slimming
1
lc
2,000
Sc
60
Silver i)ale Mining
2c
16c
6,000
Mc
13c
Silver Pick Consol
_1 19c
20
18c 20c 17,000
Simon Silver-Lead
1
1,100 490
600 820
South Amer Gold Jr Plat 1
,
1%
49-1 534 12,100
431
Spearhead
lc
1,000
lc
lc
Standard Silver-Lead_ __ _1 200
7,000 100
150 200
Stewart Mining
1 110
8c 120 48,000
20
Superior & Boston
1'4
700
191' 13%
Teck Hughes
600 620
5,800 200
Tonopah Belmont Dev___1
111(6
,
700
13.
131
Tonopah Divide
75c
720 80c 12,700 46o
Tonopah Extension
1%
I% 1% 22,60C
1
1•41
1114 I%
Tonopah Mining
1
11g
1,000
Tonopah North Star
4c
1
Sc
4e
8,000
2c
Tri Bullion S & D
5 190
Sc
18c 200
7,000
Tuolumno Copper
700
600 700
6,400 45c
(Jolted Eastern Mining...1
1%
4 27,300
114 115
131
United Verde Eaten__ .50c
2831 28
300 27
US Continental Mines, new 51c
46c 51c 14,100 42c
Unity Gold Mines
6
3%
231
1,700
231 331
48c
Voisano Mining
440 50c 22,800 440
140
West Dome Consol
14c 14c
4,000 14c
Nast End ConsotItlatad_..5 xl%
134
15% 4,600 700
White Cap Extension_ _10c
2e
2.000
20
20
_10c
White Caps Mining
30
80
3.000
9c
Yerrington Consolidated..
2c
3,009
2c
20
Yukon Gold Co
5 --- I-1,500 960
1
13,4
454 Apr
Jan
Apr 40e Apr
Jan
Mar
8
Apr 10c Apr
Apr
33-4 Apr
Apr
Jan
7c
Apr
2431 Mar
Jan
Mar 29c
May
81 Apr
Feb 90c May
Jan
5
Apr
Apr 94c
Jan
Feb
8e May
Jan
85o. Feb
Mar 65c Apr
34o Apr
Jan
2c Apr
Apr
100 Apr
Jan
Mar
27-4 Apr
Feb
80 Apr
Jan
1
Mar
Jan 980 Mar
Jan
8
Jan
Jan
154 Apr
Stay
23-1 May
Jan
731 Mar
Jan
Mar 210
Feb
23.( Apr
Mar
8c Mar
Mar
Sc May
Mar
4c Mar
Jan
Jan 320
Feb
Apr
1
Mar
100 Apr
Apr
Mar 1.38
12o Apr
Jan
300 Apr
Jan
Jan
.50 Feb
Mar 15c Apr
Jan 48e Mar
170 Feb
Jan
Jan
654 Feb
Jan
97-4 Slay
Jan
33-4 Mar
Apr 33c Mar
Apr
Jan 37c
Mar 32c
Jan
Jan
5
Feb
Jan
Apr
Sc
Mar
43-4 Apr
Jan
6c Mar
Jan 63c Mar
Jan
14c Mar
323.4 Feb
Jan
Jan 23c May
2% Apr
Jan
Jan
40o Apr
Jan
13-4 Apr
Jan
Mar 47c
Apr
May 13c
Jan
9;1 May
Jan 15
Apr
Mar 650
Apr
Feb 520 Mar
8o May
Jan
Jan
25-4 Jan
Mar 14751 Mar
Jan
May
8
Apr
6% Mat
Feb
180 Mar
Mar
14c
Apr
Mar
Sc May
Feb
13% Apr
Jan
12c
Apr
Jan
10c Mar
Jan
160 May
Jan 23e Mar
Feb 90c Air
Apr
57-4 Jan
May
4e Mar
Jan 200 May
16c Apr
Jan
Mar
13% May
Apr
Jan 620
Jan
131 Mar
Mar 850
Jan
131 Feb
Feb
Jan
1"34e Feb
Feb
5c
Jan
Mar 20c
Apr
Mar 80c
Jan
254 Jan
Alm
Mar 293-4 Jan
Apr 55c
Jan
May
531 Feb
Mar 560 Mar
May
Apr
I5c
Feb
1% Mar
Apr
3c
Apr
Apr
Feb
Sc
20 Apr
Apr
Apr
15-1 Jan
25c
2%
5)1
334
280
700
14
193-4
33%
13%
103%
8%
231
134
23c
990
143-1
ii
134
60c
44c
451
700
12%
16c
1%
90c
1%
17c
700
1334
1154
27
60c
3Ic
42c
23
43-1
61c
1231
160
Bonds
Friday
Last Week's Range Sales
of Prices.
for
Sale.
Price. Low. High. Shares.
allied Pack cony deb 65'39 80
Certificates of deposit.... 61
Allied Pack 8s Ser B w I '39
Aluminum Mfrs 7e_ __1925 10
1933 106
75
Amer Cotton Oil 6s_ _ _1924 98%
Amer Light & Trao 88_1925 106%
Amer Tel & Tel Os...... _1922 100%
1924 101%
13e
1922
Amer Tobacco 7s
1923 100%
7s
Anaconda Cop Min 7s 1929 103%
8% notes Series A_ _1929 100%
Anglo-Amer Oil 7%e_ _1925 103%
Armour dr Co 7% notee_'30 104%
Atl Gulf & WISS L Is 1959 64
Bethlehem Steel 7s_ 1923 105
1935 102%
Equipment Te
Canadian Nat Rys 70-1935 109%
1925 98%
58 w 1
.1924 101%
Canadian Pao Ry Os.
1941 104S1
Central Steel 8s w I
1931 98%
Charcoal Iron 8s
Ch MA & St P franc 5s 1925 71
97
Cities Serv deb 75 ser C_'66
Col Graphophone 8s. _1925 47
Certificates of deposit_
rimer)! Gas N Y 75._ _1922 101%
Cons GEL&P Balt 7s'31 10534
1941
Consol Textile 85
Copper Exp Assn 85_1923
3% notes Feb lb_ _1924 103
8% notes Feb 15-...1925 104
Cuban Tel let 7348_1941 10635
1923
Cudahy Pack 7s
1931 100%
Deere de Co 734e
Del & Hud Co 5 Wk....1937
Empire Gas & Fuel 68.1924 101%
1026
8s
Federal Land Bank 5s 1941 103%
Freeport Texas Co 7s_1937 108
Clair (Robert) Co 7e_w_'37 9731
Galena-Signal Oil 7s__1930
General Asphalt 8e...._1930 106
Goodrich (B F) Co 78_1925 100
Grand Trunk RI 8318-193
6
1933 104%
Gulf 011 Corn 7s
1923
6s
1930 104%
Heins(H J) Co 7e_
Hershey Chocolate 734s '30
Hocking Vail RR 6s_ _1924
Hood Rubber 7% notes '38 98%
[ramble Oil & Ref 719_ _1923 101%
Interb R T 8eJ PM recta_ _ 93%
1921 95
7% notes
Int & Grt Nor Ry bs....1914 65%
Kansas Gas dc El Os w 1 1925 96%
Kennecott Cooper 78_1930
Kings Co Ltg 634e w 1
98%
99%
Laclede Gas Light 7s
LibbyMoNeill&Libby76'31 98%
Liggett-Winchester 78 1942
Manitoba Power 7e___1941 97
1930 105
Morris & Co 7348
Nat Acme Co 7%e__ _1931 97%
Nat Cloak & Suit 8e.._1930 103%
National Leather 8s_ _1925 100
YNH& Hartf 4s 1922 97%
500 franc bonds
1925 92%
75 w I
75
500 Franc bonds
Niagara Falls Pow 6s..1950
North Amer Edison 68.1952 92%
North Ohio Tr & L 68_1947 96
1952
Pacific Tel Is
Paris-Lyons-Mediter 65 '58
1941
Phila Electric (3e
Phillipe Petrol 7He_ _ _1931 113
Procter & Gamble 7s_ _1923 101%
Producers & Ref 8s w 1_'31 102%
Public Serv Corp Ts w 1 1941 102
St L & San Fran 5%s 1942 95%
1942 99%
Saks & Co s I 78
Sears, Roebuck & Co 7s '22 100%
7% ser notes__Oot 15'23 101%
__ 1931 104%
ehawsheen Mills
1927 105
Solvay & Cie 8e
Southw Bell Telep 7s_1925 102%
Stand 011of N Y deb 8345'83 106%
7% ser gold deb _ _ _ _1925 105%
7% serial gold deb_ _1926 105%
1927 105%
7% ser gold deb
7% serial gold deb...1928 106%
7% serial gold deb_ _1929 106%
7% serial gold deb_ _1930
7% ser gold deb___1931 109%
Stewart Warner 8s....._1926 10934
Sun Co 75
1931
Swift & Co 78
1926
75.
Aug 16 1931 103
Texas Co 7% notes__ _1923 101%
Tidal Osage 011 7s_ _ __1931
Toledo Edison Co 7s w 1941 107
Union Bag & Pap 6s w i '42
Union 011 of Cal 6s._ _1942 101%
United 011 Producers 8s '31 108
United Rye of Hay 7348'3 105
6
Utah Securities 6s_ _ _ _1922 10034
1936 107
Yuen= Oil 7e
Warner Sug Ref 7s w i 1941 99%
Western Elea cony 70_1926 108%
WesternStates G & E 66'47
Winch Repeat Arms7%s'41 101%
83 $19,000
80
64
53,000
61
90% 91
17,000
102% 103% 42,000
105% 106
39,000
98% 99% 25,000
106% 106% 43,000
100% 100% 42,000
101% 104% 58,000
9934 99% 9,000
10,000
100% 103
103% 103% 51.000
100% 100% 123,000
103% 103% 55,000
104% 104% 140.000
57% 65
17,000
104% 105% 320,000
102% 103% 47,000
109 109% 39,000
98% 99% 258,000
101% 101% 192,000
103% 104% 18,000
98% 99% 12,000
69% 72 540,000
2,000
97
97
48
46
17,000
38% 39% 6,000
101% 101% 4,000
105% 105% 10,000
9834 99
11,600
102% 102% 4,000
102% 103
14,000
103% 104% 10,000
105% 106% 53,000
101% 10134 5,000
100% 101% 27,000
99% 99% 79,000
101 101% 25,000
101 101
13,000
103% 104
13.000
100% 115% 1028000
97% 97% 30,000
104 104
3,000
105% 106% 15,000
100 100% 96,000
22,000
105% 106
104% 104% 30,000
100% 100% 16,000
10'% 104% 37,000
102% 103% 6,000
100% 100% 5,000
98% 15,000
98
101% 10134 39,000
9334 1330000
84
7,000
9034 95
64
67 894,000
96% 96% 27,000
105% 106% 14,000
97% 98% 9,000
77,000
99% 100
41,000
98% 99
101 101% 8,000
95
26,000
97
2,000
105 107
72,000
9734 98
103 103% 6,000
99% 10035 46,000
98% 208,400
94
82% 82% 100,000
92% 305,500
90
74% 75% 714,650
1,000
103 103
92% 93 235,000
31,000
96
96
94% 94% 7,700
8334 83% 23,000
103% 103% 25,000
5,000
112 114
101% 102
4,000
102% 102% 10,000
10 i% 103% 94,400
95% 95% 86,000
0934 100% 32,000
100% 100% 31,000
100% 101% 9,000
104% 10434 16,000
105 10535 13,000
102% 103% 64,000
10534 106% 45,300
10.5% 1053i 2,000
10.5% 103% 25,000
105% 105% 6,000
106% 106% 7,000
106% 10
0% 23,000
107 107% 9,000
109 109% 8,000
108 109% 11,000
101 101% 36,100
10134 101% 21,000
102% 103% 24,00
101% 101% 21,000
103 103% 10,000
106% 107% 47,000
98 100 124,000
low, 102 93,000
108 10935 107,000
105 105% 27,000
100% 10034 2,000
106% 107
34,000
99% 100% 44,000
108% 108% 60,000
95
95
14,000
100% 101% 31,000
Range since Jan. 1.
Low.
Jan
59
5034 Jan
Feb
76
100% Jan
102% Feb
93
Feb
Jan
96
99% Jan
99% Jan
99% May
101% Jan
100% Jan
96% Jan
102% Jan
10134 Jan
57% Apr
100% Jan
10034 Jan
104% Feb
98% May
9934 Jan
Feb
98
92% Mar
69% Apr
Feb
87
22% Jan
Apr
31
101
Feb
102% Jan
Feb
94
101
Jan
102% Jan
103% Feb
102% Jan
100% Jan
Feb
98
Mar
98
92% Mar
98% Apr
102% Feb
10031 Apr
Feb
98
100% Jan
102
Jan
96% Jan
102
Jan
102% Jan
99% Jan
103% Feb
100
Feb
100% Apr
95
Jan
09% Jan
Jan
72
76
Jan
5634 Apr
95% Apr
101% Jan
9634 Mar
94% Feb
98% Apr
98% Mar
Jan
89
102% Jan
Mar
92
Jan
95
9534 Jan
6831 Jan
72% Apr
Mar
77
64% Mar
103 Slay
92% Apr
95% Apr
94% May
83% Mar
10034 Jan
Feb
101
101% Jan
102% Apr
98% Feb
95% May
9934 Mar
98% Jan
97
Jan
101
Jan
102% Jan
10034 Jan
106% Mar
Jan
104
Jan
104
10431 Feb
Feb
105
105% Mar
Apr
108
10734 Mar
100% Jan
98% Jan
wog Jan
Jan
un
100% Feb
9934 Jan
103% Jan
Apr
98
101% May
90
Feb
Jan
100
100% May
Jan
106
94% Feb
103% Jan
93% Mar
9534 Mar
High.
Apr
85
Apr
64
96% Apr
103% May
Apr
106
99% Apr
107% Apr
Mar
101
10178 Apr
101% Jan
May
103
103% Apr
100% May
104
Feb
104% Apr
65 May
105% May
103% Apr
Mar
110
99% Mar
101% Jan
Apr
106
99% Apr
May
72
Apr
98
Mar
49
40
Mar
101% Jan
105% May
Apr
99
Jan
103
103% Apr
Mar
105
10634 May
101% Apr
101% Apr
99% Apr
101% Apr
May
101
104% Apr
115% May
Apr
98
Apr
104
Apr
107
100% Apr
Mar
106
104% May
10131 Apr
105% Apr
10334 May
100% Apr
Apr
100
1011.6 May
93% May
Apr
92
67 May
07% Apr
106% Apr
Mar
99
100 May
101% Apr
101% Apr
May
97
May
107
,
9834 Apr
103% May
101
Apr
Apr
95
82% May
92% May
75
Apr
May
103
93
Mar
90% Apr
94% Slay
Apr
85
103% Apr
May
114
102
Feb
Apr
103
104
Apr
95% May
100% Apr
101% Apr
102
Apr
Apr
105
105% May
103% Apr
10814 Jan
106
Apr
108
Jan
106% Jan
106% Jan
107% Jan
108% Feb
110% Jan
109% Slay
101% Slay
101% Jan
103;4 Apr
102% Apr
104% Apr
107% May
100 Slay
May
102
110
Apr
Apr
108
10034 May
107% Feb
100% Apr
109% Mar
Apr
96
101% Jan
Foreign Government
and Municipalities.
99% 100% 3122800 97
Jan 100% Apr
Argentine Nation 7e.. _1923 100
79
Apr
79
83
Jan
58 small bonds
1945
10,000 72
Brazil Coffee 734e_ _ .1952 98% 97% 98% 141,000 98 May 98 May
8% Apr
4% Apr
1932-52
iElberfeld Is
5% 164,000
5
5%
Jan 61% Apr
5734 57% 92,000 46
French Govt 4s
1943
5,000 62
Jan 72% Apr
1931
71
ictory be
71
7
9% Jan
7
*Hamburg Amer 4%s
g10,000
7 May
5% May
3% 3% g7,000
'Hamburg 430
334 Apr
Apr 52% Apr
1945 47% 46% 48 212,100 45
Mexico 48
as
14% 14% 5,000 13% Apr 15% Apr
10,000 19
bs
Apr 22% Apr
20% 21
103% 104
20,000 103% Mar 104% May
_1952 104
Philippine Govt
May
16,000 103% Jan 108
534s
107 108
1941
33,900 13% Jan 3031 Apr
Russian Govt 630-1919 27
23% 27
21
20
Certificates
98,000 1334 Jan 26% Apr
1921
21
15,000 13% Jan 28
5315
Apr
25
19,000 15% Feb 26% Apr
21
20
Certificates
Soissons (City) Franc (is '38 85% 8534 86% 82,000 85% Mar 8834 Apr
Switzerland Govt 5345 1929 102
101% 102% 458,600 95% Jan 107% Mar
•No par value. t Odd ots. I Listed on the Stook Exchange this week, where
additional transactions will be found. o New stock. w When issued. z Ex-dividend. y Ex-rights. a fix-stock dividend. I Dollars per 1,000 lire; flat. 1 Dollars
per 1.000 marks. g Marks. k Correction
[var., DA,
UTE CHRONICLE
1998
Quotations for Sundry Securities.
All bonds prices are "and interest" except where marked "1."
Standard 011 Stocks Par- Bid. Ask.
Anglo-American Oilnew.. £1 *21141 21.3s
100 1080 1120
Atlantic Refining
4
1133 115
1
Preferred
1001365 385
Borne Scrymser Co
Buckeye Pipe Line Co_ _ _ 50 .98 109
Chesebrough Mfg new 100 200 205
100 109 112
Preferred new
100 145 150
Continental Oil
36
Crescent Pipe Line Co
50 *34
Cumberland Pipe Line.. 100 140 150
Eureka Pipe Line Co._.100l 103 105
9 61
GaienaSignaiOilcom.__l001
Preferred old
0
2
0g
10(1 , 11
1 00 1 5 20
Preferred new
Illinois Pipe Line
Indiana Pipe Line Co_ _ _ 50 90 102
'
8
International Petrol.(no par) •22% 227
16415.
3
21
National Transit Co_12 50 ' 0050 6213 1.14
.0 4
1100200 63
New York Transit Co_ _ _100 175 1.80
Northern Pipe Line Co.._100 10
7 109
5 .328 332
Ohio Oil Co
Penn Mex Fuel Co
Prairie Oil & Gas
Prairie Pipe Line
Solar Refining
3 0 .
75 4
Southern Pipe Line Co...160 36' 30 13
100 101 1:
South Penn 011
163
100 227
Southwest Pa Pipe Lines.1613 .1512 2gg
Standard 011 (California) 25
Standard Oil (Indiana)._ 25 *10612
Standard Oil (Kansas)
..100 505 575
Standard 011(Kentucky) 25 .82 83
Standard 011 (Nebraska)100 105 205
5
9
pre rr dil
StandffdeO of New Jer- 25 .18912 10134
6
1214
116
413 10 32
417
Standard 011of New Y'k.110000
Standard Oil (Ohio)-.._ _100 465 475
Preferred
Swan & Finch
1312
Union Tank Car Co.
,..100 *1057 14109
Preferred
0
135
11 4 0 434
Vacuum 011
30
10 .20
Washington 011
Other Oil Stocks
Imperial 011
25 .116 118
Magnolia Petroleum_ _ _ _100 170 175
8
Merritt Oil Corporation.. 10 *143 1412
1612
15
Mexican Eagle 011
5 •
Midwest Refining
50 .200 210
Tobacco Stocks
71
American Cigar common.100 68
100 83 87
Preferred
Amer Machine de Fdry_ _100 210 230
130 133
American Tobacco scrip_
1712
17
British-Amer Tobac ord. £1 •
,
17 2
Brit-Amer Tobac, bearer £1 •17
15
Conley Foil (new)__(no par) 14
Helme (Geo W)Co,com.100 147 150
Preferred
100 110 113
Imperial Tob of0 B & Ire.. •1212 13
Johnson Tin Foil de Met_100 85 95
MacAndrews & Forbes_ _100 104 106
Preferred
100 96 100
38
Mengel Co
100 36
Porto Rican-Amer Tob .100 57 62
*60 70
Scrip
75
Reynolds(R J)Tobacco_ 25 •65
Tobacco Prod Corp8% scrip *98 101
*98 101
7% scrip
Universal Leaf Tob com_100 127 131
Preferred
100 101 104
86
Young (J S) Co
100 83
Preferred
100 92 98
and in Ices)
Rubber Stocks(Mod
Firestone Tire& R ub,com _10 70 85
88
6% preferred
100 86
7% preferred
100 8914 10012
Gen'l Tire & Rub,corn.
.100 205 225
Preferred
100 92 100
4
Goodyear Tire de R.com.100 13, 1312
4
373
Preferred
100 7214
Prior preferred
100 71
72
Goodyear TdrR of Can p1100 68
87
Miller Rubber
100 82
91
Preferred
100 85
Mohawk Rubber
35
Swinehart Tire & R,com_100
Sugar Stocks
Caracas Sugar
50 •13
Cent Aguirre Sugar corn. 20 *(1834
•
Central Sugar Corp.(no par)
2
Preferred
100
Cupey Sttgarcommon__ _100 40
50
Preferred
100
Fajardo Sugar
100 57
Federal Sugar Ref, corn _100 100
Preferred
100 100
(no par) *16
Godch.aux Sus Inc..
100 70
Preferred
Great Western Suff. corn-100 165
100 101
Preferred
Holly (lug Corp.com(no par) ell
100 37
Preferred
Juncos Central Sugar.....100 50
National Sugar Refining.100 137
Santa CeciliaSusCorp,pf.100 13
Savannah Sug,com..(no par) 33
100 84
Preferred
West India Sug Fin,com.100 50
100 55
Preferred
Industrial&Miscellaneous
...100 158
American Hardware.
Amer Typefounders,00m.100 50
100 90
Preferred
Bliss(EW)Co,new(no Par) *29
50 056
Preferred
Borden Company,oom_ _100 106
100 99
Preferred
100 105
Celluloid Company
100 109
Childs Co, corn
100 105
Preferred
duPont(E I)deNem&Co.100 101
100 79
Debenture stock
100
Havana Tobacco Ce
Preferred
100
let g be. June 1 1922.J&D
100 50
International Salt
International Silver, pref 100 •93
Lehigh Valley Coal Sales. 60 75
100 170
Phelps Dodge Corp
Royal Baking Pow,corn_100 100
100 91
Preferred
Singer Manufacturing__ _100 97
16
70
112
4
60
70
59
106
105
19
80
170
100
15
43
100
140
16
37
87
100
65
160
55
95
30
108
102
108
112
107
105
81
slOo
sl
65
96
73
180
107
94
99
Joint.Stk.Land Bk.Bonds
4
Chic Jt Stk Land Bk 55..1939 993 10012
10214 103
be 1951 opt 1931
1043 10512
4
1534e 1951 opt 1931
-Per CI Basi s.
RR.Equipments
Atch Topeka & Santa Fe(is_ 5.55 5.20
Atlan Coast Line Os & 1334e 5.60 5.35
Baltimore de Ohio 4348 & f3s_ 6.70 5.35
Buff Roch & Pitts 4s & 434e 5.60 5.20
5.50 5.25
Equipment(38
Canadian Pacific 434s& Os.. 5.60 5.25
6.00 5.50
CaroClinchfield & Ohio be
5.85 5.40
Central of Georgia 4345_ _ _ _
5.50 5.20
Central RR of N J (38
Chesapeake & Ohio 65& 631. 5.60 5.25
5.50 5.30
Equipment be
6.50 5.70
Chicago & Alton 434s, be
Chicago Burl de Quincy Os.... 5.50 5.20
Chicago & Eastern Ill 5345.._ 6.50 5.75
Chicago Ind dr Louisv 434e. 6.00 5.40
Chicago St Louis & N 0 be_ 5.50 5.20
5.50 5.10
Chicago & N W 43911
5.60 5.30
Equipment Os & 634e
Chic Ft I dc Pao 434e, Ss, (is 5.70 5.35
Colorado & Southern Is. Os. 5.60 5.37
5.50 5.30
Delaware& Hudson Os
5.90 5.50
Erie 4348, be &(3e
5.60 5.30
Great Northern Os
Hocking Valley 4345, be & tie 5.60 5.37
Illinois Central 434e, be & Os 5.00 5.20
5.45 5.20
Equipment 7s & 345
Kanawha & Mich 414s, Os.. 5.70 5.45
5.50 5.10
Louisville dr Nashville Ss
5.45 5.30
Equipment (18 &
5.60 5.30
Michigan Central be, 80....
Minn St P&SSM 434s& be 5.75 5.37
Equipment 63411 ac 75...... 5.70 5.35
Missouri Kansas & Texas be 6.00 5.50
5.70 5.35
Missouri Pacific Is
5.75 5.35
Equipment (is & 034e_.
5.90 5.60
Mobile dc Ohio 434s, be
New York Central 434s, Is.. 5.50 5.15
5.50 5.25
Equipment as & 75
N Y Ontario & Western 445 6 00 5.60
Norfolk & Western 4348___. 5.50 5.00
5.40 5.30
Equipment88
5.50 5.25
Northern Pacific 75
Pacific Fruit Express 7s.... 5.50 5.20
Pennsylvania RR 48 & 4%5- 5.50 5.00
5.60 5.35
Equipment85
Mel)de Lake Erie Os & 634e 5.50 5.20
5.35 5.20
Reading Co 43419
St Louis Iron Mt& Sou le_ _ 5.75 5.50
St Louis dr San Francisco 5s.. 5.75 5.50
Seaboard Air Line 434e de Is.. 0.00 5 65
_ 5.50 5.10
Southern Pacific Co 411
5.45 5.20
Equipment 75
5.75 5.50
Southern Ry 434e, Is &
Toledo & Ohio Central 62.._.. 5.70 5.35
5.35 5.15
Union Pacific 75
5.75 5.50
Virginian Ry (is
Public Utilities
Amer Gas & Eleo, corn.. 50 •14212 14312
4534
Preferred
60 *45
Amer Light de Trao,oom.100 14412 146
98 100
100
Preferred
Amer Power & Lt, corn 100 115 118
100 8712 8812
Preferred
17
Amer Public, UM,corn....100 14
100 33 36
Preferred
50 66812 7012
BlackstoneValGI.&E.com
47
Carolina Pow & Lt,oon2.100 44 241
Cities Service Co, corn_ _100 239
67 6712,
100
Preferred
1712
.I00 1612 88
Colorado Power, corn.
100 84
Preferred
33
31
Com'w'th Pow,Ry & Lt_100
100 67 (i9
Preferred
Eleo Bond dr Share, pref_100 9512 9612
24
Federal Light de Tree__ _100 2212 7112
100 70
Preferred
2414 2514,
Mississippi Riv Pow,com100
100 80 81
Preferred
First Mtge be, 1961_ _J&J 92 93
f g deb 7s 1935_ _ _M&N 100 102
11
Northern Ohio Elec.(no par) *10
39
100 36
Preierred
North'n States Pow,com.100 88 90
93
100 91
Preferred
Nor Texas Eleo Co,com_100 94 97
85
100 83
Preferred
Pacific Gas & El, let pre! 100 8612 88
Puget Sound Pow & Lt...100 42 44
83
100 81
6% preferred
100 103 104
7% preferred
4
Gen M 7348 1941_ _ _M&N 104, 106
Republic Ry & Light__ _100 1712 19
100 47 60
Preferred
South Calif Edison,corn_100 9914 10014
Preferred
100 114 117
18
Standard Gas & El(Del). 50 •17
47
Preferred
50 *48
31e
3
TennesseeRy, L&P,com.100
Preferred
100 1512
United Lt& Rye,corn......100 58 60
77
1st preferred
100 75
3114.
Western Power Corp.._....100 30
4
Preferred
100 773 7812
r Ceni
-Pe
Short Term Securities
s
Am Cot 011 (38 1924_ _M&S2 987 9914
8
Amer Tel& Tel Cs 1924_F&A 101% 1015
s
14
A&O 100 1007
8% notes 1922
Ara Tob 7% notes 1922M&N
M&N 1E4 103
7% notes 1923
8
AnacondaCopMines'29...I&J 1003 1005s
8
1033 103%
75 1929 Series B
0 8
Anglo-Amer 011734s'215 A&O 1 33 103%
Arm'r&Co7sJuly1/5'30J&Jlb 10412 10434
Deb Os J'ne lb '22.J&D lb 100 101
Deb (38 J'ne lb '23.J&D15 100 101
Deb (38 J'ne 15'24_J&D15 100 101
4
Beth St 7% July 15'23J&J15 1043 10514
Canadian Pao Os 1924.M&S2 10114 10118
3
Federal Sug Ref(is'24.M&N 10014 100 4.
Goodrich(11F)Co 79'25.A&O 100 10014
3
Hocking Valley (3e 1924.M&S 1001a 100 s
95
Interboro R T 78 1921_M&S 94
C Term Ry tie'23.M&N15 10114 10112
J&J 102 104
%s July 1931
Laclede Gas 78 Jan'29.F&A 9912 100
5&A 8912 9012
Lehigh Pow Sec (is '27.1
Sloes Shelf S dc I (is'29.F&A 93 96 j
s.
Swift dr Co 7% 19215.A&015 10112 1017
7% notes Aug lb 1931....... 102% 1031s
8
Marti 10138 1015
Texas Co 75 1923
1081.
U S Rubber 73-45 1930..F&A 10712
Utah See Corp(le'22.M&S15 100 100%
8
West Eleo cony 75 1925.A&O 1083 108%.
•Per share. ti Basis. 4 Purchaser also pays accrued dividend. 6 New Meek.
I Plat prim. k Last gale. n Nominal. a Ex-div. I Ex-nglita• I Es-stock di,.
butstuunt and
41,
1999
Mutt tatelligenct,
RAILROAD GROSS EARNINGS
•
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan 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 the electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
IJan. 1 to Latest Date.
Previous
Year.
ROADS.
213%,433
501,501
91,176
186,966
Akron Cant&Young March
859,401
731,113
261,446 277,603
Alabama & Vicksb_ 1March
85,473 1,335,700 1,276,255
90,271
2d wk Apr
Ann Arbor
14201623 15185263 38,975,725 44,405,003
Atch Topeka & S Fe,March
1,717,985 2,372,028 4,831,077 7,000,925
Gulf Colo & S Fe_'March
629,522 758,882 1,688,148 2,077,046
Panhandle S Fe March
807,543
886,352
338,513 132,359
arc
Atlanta Birm & Atl
641,410
521,047
179,477 225,349
West Pt_ March
Atlanta &
705,202
722,086
285,346 301,353
Atlantic City
March
7,081,047 7,094,131 18,402372 19,963,504
Atlantic Coast Line_ March
749 16217399 47,918.181 48,238,910
18614
Baltimore & Ohio March
614,682
678,786
288,179 220,909
B & 0 Ch Term March
912,539 746,148 2,289,188 2,114,384
Bangor & Aroostook March
7,101
7,445
7,445
7.101
Bellefonte Central.... January
554,172 431,038 1,486,227 1,261,205
Belt By of Chicago.. March
775,168 654.755 1,914,356 2,513,652
Bessemer & L Erie.. March
30,663
67.646
23,559
11.163
Bingham & Garfield March
6,862.664 6,394.818 18,557,963 18,293,838
March
Boston & Maine
411,672
338,031
169.594 148.530
Bklyn E D Term.- March
Buff Roch & Pittsb_ 4th wk Apr 340,843 336,282 2,765.501 2,376,996
538,402
621,886
174,207 183,624
March
Buffalo & Susq
Canadian Nat Rys_ 4th wk Apr 2,476,145 2.828,278 33,579,677 41,227,223
Canadian Pacific...... 4th wk Apr 3,356,000 4,064,000 47,548,000 54,479,000
679.136 580,419 1,861,348 1,753,275
Caro Clinch & Ohio.. March
1,982,465 2,018,293 5,136,559 5,593,504
Central of Georgia March
4,895,718 4,259,019 12,910,641 12,271.401
Central RR of NJ....March
778,805 822,025 1,922.047 2,196,242
Cent New England.. March
March
570,504 549,607 1,522,050 1,473,885
Central Vermont_
839,141
848,464
351,227 334,117
Charleston & W Car March
7,832,296 6,367,344 20,702,483 18,764,531
Chas & Ohio Lines March
2,763,525 2,463,831 7,752,444 7.248,358
Chicago & Alton_ _ March
13969630 13753278 37,714,246 39.879,750
Chic Burl & Quincy March
2,294,679 2,119,264 6,436,232 6,792,880
Chicago & East Ill_ _ March
1,997,294 2,060.526 5,373,131 5,909,466
Chicago Great West March
1,397,685 1,266,498 3,748,235 3,586,941
Chic Ind & Louisv_ _ March
481,166 439,512 1,307,960 1,235,717
Chicago Junction.. _ March
Chic Milw & St Paul March
13364836 11995681 34,639,858 33,735,582
Chic & North West_ March
11698484 12353734 31,570,365 34,800,207
334,083
394,120
202,943 150,123
Chic Peoria & St L.. February
Chic R I & Pacific... March
9,807.090 11261760 26.908,041 31,097.327
607,802 1,371,983 1,749.878
Chic R I & Gulf_ _ March
464,870
Chic St P M & Om_ March
2,404,940 2,422,633 6,298,608 6,887,469
829,127
355,311 286,565 1,024.806
Cinc Ind & Western March
Colo & Southern_- 3d wk Apr 395,185 443,087 6,556,408 8,035,210
Ft W & Den City_ March
776,526 937,730 2,128,364 2,743,235
616,469
Trin & Brazos Val March
291,473 195,598 1,083,072
449,982
299,458
Wichita Valley.. _ _ March
100.645 170.170
350,089
293.706
Cumb Vail & Mart_ March
90,148 101,388
Delaware & IIudson March
4,119,274 3,630,555 11,340,883 11,291,318
Del Lack & Western March
7.084.536 7.127,084 19.351.076 20,230.945
Deny & Rio Grande March
2,468,200 2,371,221 7,014,292 7,765,707
567,445
441,975
Denver & Sale Lake March
192,525 197,835
338,253
410,910
Detroit & Mackinac March
143,036 169,683
862,434
Detroit Tol & Iront_ March
423,837 1.822.772
766,750
608.447
Dot & Tol Shore L_ _ March
381,810 217,603 1,011,066
317.417
707,078
Dul & Iron Range.._ March
124,347 247,810
377,810
647,651
Dul Missabe & Nor.. March
153,125 222,471
81,028 1,052.194 1,406,560
Dul Sou Shore & Atl 3d wk Apr
73,160
482,329
937,318
Duluth Winn & Pac March
165,902 288,171
526.448
435,236
East St Louts Conn_ March
263,333 178,461
739,508
525.313
Eastern S S Lines_ _ March
269.843 200.298
Elgin Joliet & East.. March
2,092,419 1,653,277 5,204,425 6,412,597
El Paso & Sou West March
883.815 1,044,549 2,424.305 3.161.897
March
Erie Railroad
9,055,128 8,409,173 23,890,456 24.894,187
Chicago & Erie_ _ March
984,347 1,013,291 2,677,263 2,685,250
March
NJ&NYRR
354,403
340,382
125,896 118,462
Florida East Coast_ March
1.749,473 1,641,078 4,402,158 4,831,290
365,388
337,618
Fonda Johns & Glov March
127,542 123,070
344,480
482,069
Ft Smith & Western March
127,636 155,827
371.828
Galveston Wharf.._ _ March
638,364
165,890 194.062
Georgia Railroad.._ _ March
415.293 489,842 1,090,334 1,336,816
.963
Georgia & Florida... March
125,902 145,543
1
Grand Trunk Syst_ _ 4th wk Apr 2,035,614 2,241,310 30,221, 76 31,732,891
903.916
979,008
Atl & St Lawrence March
303,866 265,875
616.070
569,904
Ch DetCanGT.Ict March
233,765 183,200
946,886
Det G H & Milw. March
415,640 309,932 1,060,923
Grand Trk West_ March
1,213,095 770,279 3,306.517 3.03,379
Great North System March
7,557,461 7,069,733 19,157,306 19,213,455
West_ March
351.312
Green Bay &
365,801
147,814 131,771
Gulf Mobile & Nor.. March
373,336 344,308 1,017.301 1,071,436
674.680
Gulf & Ship Island_ March
710,214
239,736 253,187
March
Hocking Valley_
1,229,335 883,237 3,226,572 2,536,058
Illinois Central_ _ _ _ March
12277315 11378763 34,992,416 35,044,192
Internat & Gat Nor.. March
1,097,532 1,499,445 3,135,552 4,657,356
866.622 1,066.567
Internat By of Me_ _ March
321,700 372,246
331,239
418,991
Kan City Mex & Or March
110,400 164,271
Tex March
365,699
491,700
145,981 188,060
K C Mex &0of
Kansas City South_ March
1,594.550 1,604.021 4,310,475 5,010.421
Texark & Ft Sm.._ March
478,141
595,223
134,309 206,273
Total system__ March
1,728,859 1,808,740 4,788,616 5,585,797
Kansas Okla & Gulf March
647,385
249,549 184,377
691,883
6,389
Lake Sup & Ishpem_ March
24,678
3,402
6,977
272,704
Lake Terminal Ry.... March
403,997
103,334 127,248
Lehigh & Mud River March
701,687
795,928
272,785 282,513
Now Eng.. March
Lehigh &
472,139 361,402 1,213,974
987,846
March
Lehigh Valley
6,732,239 6.069,085 17,260,538 17,622,875
Los Ang & Salt Lake March
1,573,588 1,768,514 4,414,306 4,963,822
& Arkan_ March
Louisiana
739,331
869,111
283,391 265.276
Louisiana Ry & Nay March
807,905
318,761 333,882
974,995
Louisville & Nashv_ March
10634319 10027704 28,312,387 28,690,065
L March
Louisv Head & St
664.646
737,047
251,488 258,180
March
Maine Central
1,854,309 1,958,086 4,927,755 5,658,138
Midland Valley_ __ _ March
1,022,891 1,184,941
3d wk Apr 379,410 411,570
Mineral Range
59,720
144,449
5.437
4,688
Minneap & St Louis 4th wk Apr 286,939 262,384 5,095,231 5,204,213
Minn St P & 85 M_ March
3,237,696 3,322,569 8,326,944 9,590,872
Mississippi Central_ March
363,438
261,772
134.584
87,649
Mo & North Arkan_ February
def654
225,017
def133
99,659
2,465,790 2,748,847 6.722,082 8,161.325
Missouri Kan & Tex March
Latest Gross Earnings.
Week or
Month.
Previous I Current
Year.
Year.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
3
ss
Mo K & T Ry of Tex March
1.752,813 2,431.521 4.846.648 6,992,283
March
4,342,664 5.385,594 11,932,401 15.768,629
Total System_
Missouri Pacific_ _ _ _ March
8,653.601 8,958.854 23,543.536 26,867.837
Mobile & Ohio
3d wk Apr 328,483 361,677 5,026,398 5,837,822
462.266
120.182 164.406
337.033
Colum & Greens_ March
March
574,735 261,517 1,381,403 1,027,704
Monongahela
194,016
149,722
49.633
350,711
Monongahela Conn_ March
290,334
319,891
122.900 102.060
Montour
March
Nashv Chatt & St L March
1,730,651 1,808.240 4,688,267 5,191,692
84,368
51,033
5,171
5,128
Nevada-Cal-Oregon 3d wk Apr
154,326
52,697
59,421
23,151
Nevada Northern_.. March
381.376
444.952
176.423 104.020
Newburgh & Sou Sh March
645.802
614,682
226,198 224,999
New Orb Great Nor.. March
780,342
684,600
N 0 Texas & Max March
250,114 229,212
680,970
536,218
Beaum S L & W March
202,465 160,623
St L Brownsv &M March
519,476 577,908 1,424,599 1,636,054
New York Central_, March
27598745 26326622 76.781.650 77.344.559
Ind Harbor Belt.. March
881.401 760,641 2.288.900 2,281,857
Lake Erie & West March
'769.953 741.050 2.152,660 2,172.073
Michigan Central March
6,563,956 5,650,432 17,373,241 16,494,477
Clev 0C & St L March
7.373.534 6,949,309 19.890.379 19.673,704
780,402
918,811
Cincinnati North.. March
371.736 288,541
Pitts & Lake Erie March
2,358.823 1,990.440 5.967.411 7,155,820
Tol & Ohio Cent_ March
909.774 768,860 2,543.245 2,412,627
993,234
999,250
Kanawha & Mich March
348,893 339,742
NY Chic & St Louis March
2,534.974 2.277,048 6,848,264 6,487,747
862,674
N Y Connecting
773.424
March
307,825 278.561
NYNH& Hart!.... March
10202920 9,831.936 27.504.446 26,645.787
N Y Ont & Western March
1.180.438 1,053,172 2,946.667 2,982.140
N Y Susq & West.... March
422,996 330,006 1,084,636 1,041,999
Norfolk Southern March
793./66 744.700 1,933,371 1 912.897
Norfolk & Western_ March
7.497.899 6.149,710 19,851,191 19.246,047
Northern Pacific.... _ March
7,608,2007,018.557 19,455,525 19,248.807
Northwestern Pac March
561,609 582,813 1.544,878 1,536,737
Pennsylv RR & Co.. March
45346950 42370128 120028773 124594915
320,354
Balt Ches& Atl March
258,753
109,807 127,049
272,663
228,749
Cinc Leb & Nor
88,970
84,595
March
Grand Rap & Ind March
811,993 695,316 1,971,621 2,031,659
Long Island
2.252,899 1.995,948 6,037,374 5,491,651
March
234,156
192,882
Mary Del & Va
91,896
March
80,509
N Y Phila & Norf March
606,401 523,234 1.526,000 1,596,640
442,514
411,188
Tol Peer & West_ March
141,149 140.757
W Jersey & Sea.sb March
988.690 916.883 2.503,787 2,493.322
Us0 & St L._ March
8,624,885 93743342 22,508,222 25,217,673
Pennsylvania Syst March
59241863 56672353 156333034 163409779
471,632
491.102
Peoria & Pekin Un_ March
174,336 165.251
Pere Marquette.... _ .. March
3,362,333 3.065,940 8,484,356 7,704,998
351,189
263,323
75,590
Peridomen
March
91,277
Phila & Reading
March
8,450.424 6,665.923 21,494.750 21.123.000
406,112
378,252
Pittsb & Shawmut March
145,805 127,881
298,909
Pitts Shaw & North March
315,962
97.857
113.008
684,795
784,685
301,307 209,235
Pittsb & West Va.... March
655.515
713,209
Port Reading
March
307,738 191,219
331,998
247,962
95,067 119,314
Quincy Om & K _ _ March
Rich Fred & Potom_ March
912.709 989.052 2,440,297 2,700,866
498,473 474,057 1,332,846 1,400,429
March
Rutland
759,977
749,776
St Jos & Grand lard March
276,970 256,628
St Louis San Fran
March
6.516.509 6,986,007 18,217,507 20.696,167
402,112
297,695
Pt W & Rio Gran March
99,418 131.196
438,188
382,375
124,024 115,423
St L-S F of Texas March
St Louis Southwest_ March
1,567,826 1,397,534 4,123,184 4.214.069
557,070 625,103 1,707,180 1,884,303
St Louis S W of Tex March
Total system...._ _ 3d wk Apr 382,727 459,640 6,932,424 7.441,017
303,032
200,077
80,771
def12,010
St Louis Transfer_ March
417.627 454,163 1,171,226 1,354,577
San Ant& Aran Pass March
256,438
215,599
81.372
83,516
San Ant Uvalde & G March
4.124,559 4,005,534 11,122,374 12,200,797
Seaboard Air Line March
13910253 15926324 37,705,759 44.259,053
Southern Pacific.... March
20446928 23000590 56,414.934 64,729,875
Southern Pacific Co March
1,018.549 1,022.084 2,906,863 2,715,533
Atlantic S S Lines March
952,848
616,890
233,938 315,943
Eastern.. March
Arizona
1,855,038 2,375,059 5.140,477 7,044.220
Galv Harris& S A March
1.216,165 1,081,405 3,720,394 3.106,842
Hous& Tex Cent.. March
678,696
664,476
236.369 214,886
Hous E & W Tex_ March
406,717 286,290 1.125,951 1,122,660
LouisianaWestern March
713,576 810,219 1,949,013 2,303.103
Morg La & Texas March
731,064 752,254 2,280,703 2,238,596
Texas & New Or!.. March
Southern Railway 3d wk Apr 3162,1993.145.698 47,794,929 51,374,070
809,539 790,759 2,138,939 2,474,788
Ala Great South.. March
1,500,868 1,503,207 4,067,427 4,453,914
Cin N 0& Tex P.. March
401,780 375,537 1,150,545 1,174,388
Georgia Sou & Fla March
546,490 607,849 1,510,556 1,742,855
New Orl & Nor E March
255,190
72,159
274.091
106.104
North'n Alabama March
304,852
273,099
102,133 103.184
Spokane Internat'l_ March
582,701 585,455 1.601,996 1,661,193
Spok Portl & Seattle March
567.945
202,844 205,859
528,038
March
Staten Island R T
2,667
33,391
29.211
2.698
Tenn Ala & Georgia 2d wk Apr
597,081
226,638 229,228
569,008
Tennessee Central.... March
406.869 381,450 1,160,800 1,124,370
TermRRAssnofStL March
884,397
985,055
369,129 292.986
St L Mer Bdge T_ March
Texas & Pacific__.. 3d wk Apr 533,699 649.573 8.743,161 11,605,465
851,164 723,593 2,306,632 2,177,468
Toledo St L & West.. March
299,435
268,523
8.151.1498,540.353129,172 115,418
Ulster & Delaware.... March
21,921,436 23,982,044
March
Union Pacific
March
15104 929 15542 196 40.850.196 43.322.947
Total System
3,148,054 2,864,613 8,299,554 7,947,998
Oregon Short Line March
2.232,138 2.368,717 6,214.900 6,429,083
Ore-Wash RR& N March
713.460 789.244 2,020.455 2.692.543
Union RR (Penn).... March
382,694
323.022
135.258 110,541
March
Utah
878,747 1,035,522
309,121 331,657
Vicks Shrev & Pax March
1.937.194 1,177,607 4.889.487 4,001.139
Virginian Railroad_ March
5.163.547 5,189.751 13.998,159 14,337.573
March
Wabash RR
Western Maryland_ 1st wk Apr 315,191 355.590 4,799,064 5,052,798
784,589 940.112 2,312,326 2.706,193
Western Pacific......March
544,096
595,401
201,085 206.916
Western By of Ala March
1.304,309 990.964 3,336,222 2,864,238
Wheel & Lake Erie_ March
615,022
363,672
124,062 205,228
Wichita Falls & NW March
1.643,834 1,724,123 4,354.703 5,336,317
Yazoo & Miss Valley March
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
1k1 week Feb 120 roads).4th week Fob 15 roads)____
let week Mar 17 roads)-__..
2d week Mar (19 roads)____
3d week Mar (19 roads)____
4th week Mar (16 roads).._....
1st week Apr (14 roads).... _
2nd week Apr (14 roads)____
3d week April (13 roads)......_
4th week Anril( 9 ro Wm)_ _ __
Current
Year.
12,318,821
12,183,590
13,026,871
13,429,644
13,426,315
18,265,058
12,071,086
11.515.908
11,126.891
8.495.541
Previous
Year.
Increase or
Decrease.
%
-
$
$
13,80(1.701 -1.461.880 10.59
-679,965 5.29
12.863,555
-848.189 6.11
13,875,060
-359,139 2.60
13,788,783
-276,609 2.02
13,702,924
-352,393 1.89
18.617,451
12,971,053
-899,967 6.94
12,587,585 -1,071,676 8.52
12.141,585 -1,014.694 8.36
9,732.254- 1.236.713 12.71
Monthly Summaries.
Curr.Yr.
Mileage.
May
235.333
June
235.208
July
230.991
233.815
August
September __235,155
October __235,228
November 236,043
Deeember_226,619
January
235,395
Fobruarv ._25R25
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Prev.Yr.
234,916 444.028.885 457.243,216 -13.214.331 2.89
235.059 460.582.512 494.164.607 -83.582.095, 6.79
230,410 460,989.697 527,396,813 -66.407,11612.59
233.067504,599.664 554,718,882 -50.119.2181 9.03
234,559 496,784,097 817,537.676 -120.753,579'19.55
234.686 534.332.833 640,255,263 -106922430 16.64
234.972 464,440,498 590,488,164 -128027666 21.34
-120.615,992 22.87
224.784 406.864,055 527,4
234.636 393,892.529 469,195:808 -75,303,279,16.05
234.8140 400_430 5Rn 4115 2nn 414 -4.772_11341 1.IR
2000
TRE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of April. The table covers 9 roads and shows 12.71%
decrease in the aggregate over the same week last year.
[VoL. 114.
--Grossfrom Railway-- --Net from Railway-after Taxes
1922.
1921.
1922.
1921.
1922.
1921.
$
Colorado & Southern
March
1,076,475 1,014,995
294,111
203,720
223,891
123,298
From Jan 1 2,956,833 3,387,717
630,125
70! 474
463,004
431,161
Ft Worth dr Denver City
Fourth Week: of April.
1922.
1921.
Increase. Decrease.
March
776,528
937,730 • 266,372
320,106
217744
293,519
From Jan 1 2,128,364 2,743,235
567,631
666,288
455,219
575,907
$
$
3
3
Trinity & Brazos Valley
Buffalo Rochester & Pittsburgh340,843
336,282
4,561
March
291,473
195,598
29,859 -38,754
Canadian National Railways__ _ 2,476,145 2,828,278
22,751 -15,954
352,133
From Jan 1 1,083,072
616,469
204,149 --64,939
Canadian Pacific
183,026 --85,539
3,356,000 4,064,000
708,000
Wichita Valley
Grand Trunk: of Canada
Grar"Think 'Western
March
100,645
170,170
30,528
2,035,614 2,241,310
80,195
25,380
74,582
205,696
Detroit errand Hay & Milw_
From Jan 1
299,458
449,982
71,223
125,732
71,233
125,732
Canada Atlantic
Delaware dr Hudson
Minneapolis & St Louis
286,939
262,384
24,555
March
4,119,274 3,630,555
685,804
177,936
592,982
92,5444
lowa Central
From Jan 1 11,340,883 11,291,318 2,159,938
480,556 1,912,230
168,36'
,
Denver & Rh)Grande-Total (9 roads)
8,495,541 9,732,254
29,116 1,265.829
March
2,468,200 2,371,221
714,872
493,706
559,792
343,371
NAt dpArAnsA (12.71 0
7..)
1.92(1_712
From Jan 1 7,014,292 7,765,707 1,989,677 1,251,758 1,604,123
817,179
Denver & Salt Lake
March
192,525
Net Earnings Monthly to Latest Dates.
197,835
48,686 --24,586
39,682 --32,591
-The table
From,Jan 1
441,975
567,445
80,550 --12 79
;40 --152,853
following shows the gross and net earnings with charges and Detroit & Mackinac
surplus of STEAM railroad and industrial companies
March
143,036
169,683
3,71
14,005
5t0:0
From Jan 1
338,253
410,910 -67,707 -40,990 -99,711 --68,876
reported this week:
Detroit Toledo & Ironton
--Grossfrom Railway-- --Net from
-Nei after Tares
March
766,750
423,837
257,904
61,036
272,804
70,867
1922.
1921.
1922.
1921.
1922.
1921.
From Jan 1 1,822,722
862,434
564,362 --155,636
521,034 --185,237
$
$
Detroit & Toledo. Shore Line
Alabama & Vicksburg-March
381,810
217,603
231,241
66,440
217,226
52,440
March
261,446
277,603
64,136 -20,134
41,687 --35,613
From Jan 1 1,011,066
608,447
580,155
225,880
538,140
191,880
From Jan 1
731,113
859,401
111,545 --16,127
50,842 --54,978
Duluth Mlssabe & Northern
Ann .Arbor-March
153,125
222,471 -261,046 -424,396 -316,410 -439,843
March
431,093
360,071
102,748
14,902
83,536
--5,519
From Jan 1
377,810
647,651 -759,738 -1,159,689 -923,388 -1,204,349
From Jan 1 1,141,536 1,123,899
220,230
66,346
162,505
10,915
Duluth South Shore & Atl--Atch Topeka & Santa Fe
March
328,292
4145,556 -26,319
51,545
104,640 -59,555
March
14,201,623 15,185,263 3,244,268 3,169,602 2,213,690 2,305,252
From. Jan 1
843,878 1,216,629 -121,798 -17,846 -209,034 -120,941
From Jan 138,976,725 44,405,003 7,806,002 4.959,435 4,762,456 2,399,527
Duluth Winn & Pacific
Gulf Colo dr S Fe
March
165,902
288,171
9,323
36,470
1,123
21,823.
March
1,717,985 2,372,028
148,061 -294,956
73,221 --370,236
From Jan 1
482,329
937,318
139,215
18,061
186,374
-5,073
From Jan 1 4,831,077 7,000,925
31,186
51,268 --128,800 --175,338
East St Unds Connecting
Panhandle Santa FeMarch
263,333
178,161
174,496
169,441
76,850
79,558
March____629,522
75P,882
65,900
107,428
42,791
89,152
From Jan 1
526,448
99,105.
435,236
276,582
261,419
107,102
Fro Jan 1 1,688,148 2,077,046
71,354 ---42,233
2,557 -4/7,378
Elgin Joliet & Eastern
Atlanta Birm & Atlantic
March
2,092,419 1,653,277 1,024,415
186,860
941,842
85,833
March
338,513
132,359 -13,975 --124,691 -37,427 --142,898
From Jan 1 5,204,425 6,412,597 2,232,160 1,904,563 1,984,441 1,664,377
From Jan 1
886,352
807,543 -127,570 --407,536 -180,499 --462,745
Erie Railroad
Atlanta de West Point
March
9,055,128 8,409,173 1,917,524 -286,247 1,621,860 -539,912
March
179,477
225,349
23,389
21,926
14,098
6;409
From Jan 1 23,890,456 24,894,187 3,548,919 -252,966 2,784,889 -1,108,247
From Jan 1
521,047
641,410
40,601
59,431
12,789
12,881
Chicago & Erie-Atlantic City
March
984,347 1,013,291
241,317
74,162
186,250
37,408
March
285,346
301,353
-8,913 -16,165 -33,766 -34,132
From Jan 1 2,677,263 2,685,250
523,425 -105,142
367,136 -236,399
From Jan 1
722,086
705,202 -28,918 -249,981 -92,291 -303,725
New Jersey & New York RR
Atlantic Coast Line
March
125,896
17,398
3,476
118,462
14,398
559
March
7,081,047 7,094,131 2,467,139 1,514,470 2,186,237 1,238,359
From Jan 1
39,218
354,403
4,517
340,382
-4,239'
30,208
From Jan 1 18,402,372 19,926,504 5,523,952 3,524,934 4,470,930 2,747,267
Florida East Coast
Baltimore & Ohio
March
799,931
1,749.473 1,641,078
532,735
709,923
484,772
Bait & Ohio Ch Terminal
From Jan 1 4,102,158 4,831,290 1,796,276 1,641,159 1,607,584 1,498,110
March
268,179
220,900
25,064 -25,511 -26,334 -64,700
From Jan 1
678,786
614,682
43,258 -76,468 -85,157 -181,739 Georgia Railroad-March
415,293
489,842
75,734
39,701
68,645
33,709
Bangor & Aroostook
From. Jan 1 1,090,334 1,336,816
54,756 -112,524
75,021 -94,478
March
912,539
746,148
419,201
143,181
341,681
105,437
From Jan 1 2,289,188 2,163,383
867,963
330,677
708,857
217,835 Georgia & Florida
March
145,543
28,377
23,657
125,902
22,077
15,714
Belt Ry of Chicago
From Jan 1
319,054
341,963
30,105 -42,064
11,275 -65,485
March
551,172
431,038
200,012
90,368
151,356
68,265
From Jan 1 1,486,227 1,261,205
Grand Trunk:System
504,972
221,451
392,818
147,586
Atlantic & St. Lawrence-•
Bingham & Garfield
265,875
March
303,666
77,267 --39,926
60,367 --59,130
March
11,163
23,559 -25,410 -20,919 -31,489 -24,968
From,Jan 1
186,651 --13,724
903,916
979,008
135,907 --71,337
From Jan 1
30,663
67,646 -67,171 -50,660 -85,341 -62,796
Chic Det Can Grd1Trk: Jet-Boston & Maine
March
233,765
183,200
79,069
112,303
83,679
105,059
March
6,862,664 6,394,818 1,205,626 -116,308 1,057,449 -368,035
kYorn Jan 1
616,070
569,904
217,434
308,742
231,237
287,032
From Jan 1 18,557,063 18,293,838 2,227,930 -2,250,777 1,753,141 -3,009,403
Detroit Grand haven & Milw--Buffalo Rochester & Pittsburgh
415,640
309,932
March
64,966
23,097
58,040
19,835
March
1,704,765 1,199,352
332,288
14,781
294,038 -20,219
946,886
From Jan 1 1,060,923
133,274 -13,900
111,935 -23,366
From Jan 1 4,219,904 3,680,509
803,188
91,538
694,492 -13,699
Grand Trunk Western
Buffalo & Susquehanna
1,213,095
770,279
March
119,858 --196,485
183,066 -145,015
March
174,207
183,624
29,108 -44,229
25,858 -46,259
From Jan 1 3,306,517 3,306,379
342,425 -154,960
152,984 --308,681
From Jan 1
538,402
82,202 -95,576
621,886
72,452 -108,326
Great Northern System-Canadian Pacific
7,557,461 7,069,733 1,340,235
731,923 -427,698
March
368,377
March
13,847,626 14,705,726 2,420,506 2,450,908
From,Jan 119,157,306 19,213,455 2,026,333 --273,509
From Jan 1 36,489,294 41,940,143 3,558,471 3,905,725
346,527 -2,899,748
Central of Georgia
Green Bay & Western
March
1,982,465 2,018,293
537,277
174,408
147,814
131,771
52,331
30,725
44,331
March
23,696
444,337
89,932
From Jan 1 5,136,559 5,593,504
958,409
351,312
365,801
From Jan 1
246,170
95,138
72,786
71,138
51,757
698,409
246,170
Central RR of New Jersey
Gulf Mobile & Northern
March
4,895,718 4,259,019 1,411,889 1,236,491 1,147,951
March
373,336
344,308
107,397
4,043
90,147 -10,649
958,406
From Jan 1 12,910,641 12,271,400 2,474,170 2,046,131 1,694,381 1,219,782
From Jan 1 1,107,301 1,071,436
242,706
27,918
192,168 --16,142
Central New England
Gulf & Ship Island-March
778,805
March
822,025
239,736
253,187
70,114
335,056
41,254
256,382
58,235
312,758
24,201
233,648
From Jan 1 1,922,047 2,196,242
674,680
710,214
From,Jan 1
162;446
85,407
718,015
108,724
624,893
26,617
651,580
560,337
Central Vermont
Hocking Valley
March
570,504
883,237
549,607
1,229,335
March
455,492 --93,204
47,562 -38,161
364,884 --178,635
30,547
59,071
From Jan 1 1,522,050 1,473,885
70,805 -324,637
From Jan 1 3,226,572 2,536,058 1,056,179 -560,583
784,232 --817,619
19,833 -387,375
Charleston & West Carolina
Illinois Central
March
351,227
12,277,315 11,378,763 3,075,871 2,298,125 2,004,206 1,162,102
334,117
March
128,898
-5,995
117,854
16,082
From Jan 1
839,141
848,464
199,815 -71,299
From Jan 1 34,992,416 35,044,192 8,918,129 6,989,237 5,891,666 4,880,457
166,697 -101,438
Chicago & Alton
International & Great Northern
March
2,763,525 2,463,831
1,097,532 1,499,445
722,999
167,546 --13,440
218,750
March
134,018 --47,734
649,958
94,903
From Jan 1 7,752,444 7,248,358 1,874,734
372,384 -45,301
407,088 1,651,079
From Jan 1 3,135,552 4,657,356
269,473 -142,441
159,619
Chicago Burlington & Quincy
International Ry of Maine-March
13,969,630 13,753,278 3,929,134 3,677,481 3,008,180 2,881,663
372,246
321,700
91,490
100,205
March
75,490
85,205
From Jan 1 37,714,246 39,879,750 9,442,658 8,495,267 6,684,367 6,090,137
866,622 1,066,567
162,390
236,758
114,390
From Jan 1
191,758
Chicago
Eastern Illinois
Kansas City Mexico & Orient-'
March
2,294,679 2,119,264
550,618 -151,632
March110,480
164,271 --17,146
2,834 --25,481
-5,206
464,584 -236,777
From Jan 1 6,436,232 6,792,880 1,348,098 -240,155 1,091,262 -49,964
418,991 --45,908 --90,277 --70,886 --114,427
331,230
From Jan 1
Chicago Great Western
Kan City Mex & Orient of Texas
March
1,997,294 2,060,526
384,483
145,981
188,060 --16,979 -19,885 --23,113 --56,035
270,245
March
305,166
198,998
From Jan 1 5,373,131 5,909,466
591,748
614,674
491,700 --102,202 --161,295 -120,362 --179,770
From, Jan 1
365,699
341,145
377,751
Chicago Indianapolis & Louisville
'Camas City Southern
March
1,397,685 1,266,498
389,171
158,229
395,642
March
402,499
1,594,550 1,604,021
314,651
301,716
318,212
01,508
From Jan 1 3,748,235 3,586,041
909,712
376,182
From Jan 1 4,310;175 5,010,421 1,063,171 1,341,371
760,834 1,109,532
729,850
216,923
Chicago Junction
Texarkana & Fcm1 Smith-March
481,166
439,512
143,046
110,595
82,919
134,309
206,273
March
30,999
20,434
75,559
82,486
47,092
From Jan 1 1,307,960 1,235,717
390,837
238,166
478,141
163,694
221,383
595,223
From Jan 1
250,544
199,293
131,985
164,243
Chicago Milwaukee & St Paul
ICansas, City Terminal
March
13,364,836 11,995,681 2,341,354
876,181 1,537,874
March
7 --28,737 --26,708
146,820
From Jan 1 34,639,858 33,735,582 3,171,622
664,212
17
389,864
From Jan 1
42 --84,311 -79,693
860,703 -1,506,374
Chicago Rock Island & Pacific
Kansas Okla A; Gulf-March
9,807,090 11,261,760 2,025,480 2,397,847 1,494,319 2,037,473
89,933
249,549
184,377
March
--9,819
80,732 --18,351
From Jan 1 26,908,041 31,097,327 3,944,939 4,323,381 2,371,061 3,032,958
From Jan 1
171,059
647,385
143,476
691,883
30,637
5,088
Chicago R I dr Gulf
Lake Superior & Ishpeming
March
464,870
607,812
56,320
132,758
45,166
3,402
March
6,977 -32,733 -18,222 -38,474 --54,430
118,690
From Jan 1 1,371,983 1,749,878
201,901
228,863
From Jan 1
24,678 --118,070 -150,124 -134,528 --166,462
164,913
6,389
187,023
Chicago St P Minn & Omaha
Lehigh & Hudson River
March
2,404,940 2,422,633
435,825
183,459
282,813
March
300,402
09,813
272,785
79,335
45,297
89,635
67,181
From Jan 1 6,298,608 6,887,469
249,454
730,496
795,928
201,013
340,567 -155,914
701,687
From Jan 1
143,850
171,079
107,394
Cincinnati Ind & Western
Lehigh it: new England
March
355,311
286,565
29,548 -45,933
18,063 -61,574
361,402
145,305
472,139
March
84,231
133,275
68,778
From Jan 1 1,024,806
829,127
96,355 -129,593
55,854 -178,214
987,846
From Jan 1 1,213,074
89,216
164,708
46,280
118,349
Cumberland Valley & Martinsburg
Los Angeles dc Salt Lake
March
90,148
101,388
23,771
17,185
18,461
1,573,588 1,768,514
March
219,949
366,168
12,579
109,275
274,495
From Jan 1
293,706
350,089
115,231
89,918
102,427
628,836
78,814
FYorni Jan 1 4.414,306 4,963,822
550,422
221,785
343,118
•
MAY 6 1922.]
THE
CHRONICLE
2001
-Gross rom Railway -Net from Railway- -Net after Taxes
1921.
1922.
1922.
1922.
1921.
1921.
$
Pere Marquette
Louisiana & Arkansas
-7,431
46,164
9,036
64,453
265,276
764,709
March
937,892
283,391
775,925
March
676,386
3.362,333 3,065,940
62,666
75,643
104308
133,729
869,111
729,755 1,541,255
739,331
From Jan E 8,484,356 7,704,998 1,961,570
From Jan 1
473,085
PerkiomenLouLsv Henderson & St Louis
53,832
60,088
61,210
258,180
68,838
26,470
35,618
251,488
March
March
26,595
23,326
75,690
91,277
119,906
99,910
142,058
5,334
737,047
126,189
664,646
206,249
From Jan 1- 263,323
From Jan 1
77,668
196,817
351,189
Louisville & Nashville
Philadelphia & Reading166,866
471,510 1,456,106
---10,634,319 10,027,704 1,769,930
1,171 2,755,907
March
March
272,795
8,450,424
om
are
From Jan 1 28,312,387 28,690,065 3,641,300 -595,051 2,730,031 -1,590,660
.100 5,149,483
889,127
. Shawmut-261,612535:009203
21:45 72
8 494 4 0
0 5
4
Louisiana fly & Nay
Pittsburgh &
29,307
74,602
45,361
333,882
91,372
318,761
March
March
4,456
32,636
622
145,806
127,881
32,783
89,287 -23,103
26,086
96
974,995
138,111
807,906
From Jan 1
From Jan 1- 378,252
63,629
0:623
406,112
63,991,
Maine Central
Pittsburgh Shawmut & Northern
16,819
260,184
122,419
349,600
1,864,309 1,958,086
March
,4
March
113,008
-5,649 -36,549 1- -7,916
97,857
379,907 -285,379
34,712
677,169
From Jan 1 4,927,755 5,658,138
From Jan i.. 316,962
298,909 --25,970 --134,27311-32,701 --140,982
Midland Valley
Pittsburgh & West Virginia
62,897
136,169
71,062
411,570
148,362
379,410
March
March
49,759 -50,213
301,307
77,729 -29,495
209,235
321,909, 124,824
149,353
357,689
From Jan 1 1,022,891 1,184,941
From Jan i- 784,685
88,691 -98,144
165,381 -37,266
684.795
Minneapolis & St Louis
Port Reading
187,467 -49,309
16,473
248,168
1,469,043 1,337,778
March
86,243
March
194,821
99,407
307,738
191,219
211,116
509,649 -154,505
69,115
695,017
From Jan 1 4,054,537 3,903,424
288,570
From Jan L 713,209
390,078
328,060
435,119
655,515
Minn St. P & Sault Ste M
Pullman Company
261.767 -307,300
617,899 --14,308
3,237,696 3,322,669
March
March
6,150,156 7,747,331 -177,370 2,142,705 -448,064 1,869,445
243,314 --862,155 -600,948 -1,819,853
From Jan 1 8,326,944 9,590,782
From Jan 1 14,789,928 17,147,792 -88,722 -476,937 -885,771 -1,297,097
Mississippi Central
-3,762 Quincy Omaha & Kan City
28,164
2,349
34,425
87,649
131,584
March
22,758
3,491
March
26,936
95,067
119,314
7,416
37,470 -19,986
-1,654
66,262
261,772
363,438
-611
From Jan 1
Froin Jan 1.. 247,962
11,866 --42,877
331,998 -31,103
Missouri Kansas & Texas
367,051 Richmond Fred & Potomac
772,817
476,992
963,020
2,465,790 2,748,847
March
181,519
March
282.600
212,527
330,180
912,709
989,052
876,869
From Jan 1 6,722,082 8,161,325 2,137,831 1,206,742 1,703,109
354,832
From Jan 1- 2,440,297 2,700,866
639.061
462,309
762,191
Mo Kan & Tex fly of Tex
408,451 Rutland
440,049
456,283
491,865
1,752,813 2,431,621
March
March
48,288 -19,467
4,703
498,473
68,646
474,057
909,936 1,068,903
From Jan 1 4,846,648 6,992,283 1,604,531 1,207,228
From Jan 1_ 1,332.846 1,400,429
13,073 -103,643
71,256 -32,000
Missouri PacitioSt Joseph & Grand Island
251,572
687,402 1,129,650
1,521,149
8,663,601 8,958,854
March
24,636
48,927
March
36,946
276,970
66,737
256,628
879,279
From Jan 1 23,543,536 26,867,837 3,591,165 1,692,397 2,417,532
13,217
From Jan 1- 749,776
84,167
52,856
137,665
759,977
Mobile & Ohio
St Louis-San Francisco
52,625
269,387
113,060
323,667
1,466,125 1,603,269
March
March
1,284,410 1,339,159
6,516,509 6,986,007 1,615,970 1,617,259
60,647
637,349
241,853
821,360
From Jan 1 4,083,080 4,802,367
From Jan 1_18,217,507 20,696,167 4,633,809 4,826,456 3,701,892 4,013,007
Monongahela
Ft Worth & Rio Grande
322,822 -29,226
-22,726
261,517
330,822
574,735
March
March
99,418
131,196 -24,913 -22,369 -28,778 -26,043
211,823
719,605
231,323
743,606
From Jan 1 1,381,403 1,027,704
From Jan 1
297,696
402,112 -69,842 -82,160 -82,168 -93,282
Monongahela Connecting
St Louis-San Fran of Texas-2,080
48,860
-420
61,152
149,722
49,633
March
March
-7,456 -55,012
124,024
-5,393 -53,048
115,423
91,894 -48,467
98,229 -42,668
194,016
350,711
From Jan 1
From Jan 1
13,623 -139,960
19,709 -133,856
382,375
438,188
Nashville Chattanooga & St Louis
:7
_419 123 St Louis Scmthwestern38,236 -302 28
73,324 -232,917
1,730,661 1,808,240
March
383,001
March
518,303
432,136
589,296
1,567,826 1,397,531
70,424
176,264 -268,673
From Jan 1 4,688,267 5,191,692
From Jan 1_ 4,123,184 4,214,069 1,406,021 1,237,106 1,230,785 1,099,329
Nevada Northern
St Louis S W of Texas
-3,700
-4,564
6,116
1,654
23,161
52,697
March
March
-192,943 -122,396 -216,974 -146,467
12,293 -26,631 -17,125
164,326
From Jan 1
-8,284
59,421
From Jan 1 1,7070 0
557 18
-360,815 -384,983 -132,940 -457,128
:7
New Orleans Great Northern
35,103 St Louis S W System
46,071
50,402
224,999
March
61,083
226,198
236,631
March
301,329
309,740
2,124,895 2,022,637
396,353
67,438
39,228
113,159
84,333
614,682
645,802
From Jan 1
642,201
From Jan 1.. 6,830364 6,098,371 1,045,206
797,845
852,122
St Louis Transfer
New Orleans Texas & Mexico
24,643
68,667
41,771
23,385
85,442
March
March
229,212
250,114
23,978 -66,906
80,771 -66,014
-12,010
160,659
186,622
210,790
123,738
44,676
235,747
From Jan 1_ 200,077
From Jan 1
780,342
684,600
124,987
47,475
303,032
SaxiAreh
n a ntonio & Aransas Pass
Beaumont Sour Lake & Western
9,192
61,048
12,375
64,928
March
202,465
160,623
464,163 -69,306 -63,321 -83,340 -76,616
417,627
211,372
135,993
220,652
146,733
From Janl_ 1,171,226 1,354.577 -166,738 -260,767 -209,135 -300,586
From Jan 1
680,970
536,218
St Louis Brownsv & Mexico
San Antonio Uvalde & Gulf
203,924
106,401
121,359
2,888
220,265
519,476
677,908
14,630
March
March
5,715
17,449
81,372
81,516
433,307
236,867
280,569
10,518
478,803
16,129
From Jan 1 1,424,599 1,636,054
From Jan 1
18,941
25,033
215,599
266,438
New York Central
Seaboard Air Line
474,588
Indiana Harbor Belt
764,028
March
624,310
939,321
4,124,559 4,006,534
67,657
81,732 - 322,230
372,679
760,641
881,401
March
From Jan 1 11,122,374 12,200,797 2,019,443 1,828,830 1,513,591 1,374,950
706,608
11,123
46,573
816,583
From Jan 1 2,288,900 2,281,857
Southern Pacific
Michigan Central
March
13,910,263 15,926,324 3,685,390 3,832,851 2,335,572 2,919,264
836,996
6,663,966 5,650,132 1,713,130 1,062,101 1,376,928
March
From Jan 1 37,705,759 44,259,053 7,839.039 9,210,477 4,013,242 6,462,021
2,141,454 2,917,781 1,462,896
From Jan 1 17,373,241 10,494,477 3,719,770
Atlantic Steamship Lines
193,094
230,808
Clove On Chic & St 1,
204,614
March
242,701
21,018,549 1,022,084
766,886
115,375
7,373,534 6,949,309 2,508,131 1,082,769 2,007,997
605,830
March
149,949
From Jan 1_ 2,906,863 2,715,533
642,127
From Jan 119,890,379 19,673,704 5,014,970 2,821,372 3,854,349 1,874,155
Arizona Eastern
43,875
60,409
Cincinnati Northern
70,617
March
84,693
233,938
315,943
124,413
51,304
36,692
150,669
288,511
126,732
371,736
116,765
March
207,041
From Jan 1
189,660
616,890
952,848
264,430
87,149
43,308
318,375
780,402
918,811
From Jan 1
Galveston Harrisburg & S A
380,015
261,210
Pittsburgh & Lake Erie
423,066
March • 1,866,038 2,375,059
312,256
191,308
221,251
-3,849
269,632
2,358,823 1,990,440
558,047 1,148,437
March
From Jan 1_ 5,140.477 7,044,220
713,760 1,278,683
851,264 -537,347
176,961
From Jan 1 5,967,411 7,155,820 -302,242
Houston & Texas Central
17,233
229,412
Toledo & Ohio Central
61,260
273,605
March
1,216,165 1,081,405
66,771
83,619
27,763
120,796
144,236
768,860
736,149
909,774
276,214
March
From Jan 1.. 3,720,394 3,106,842
869,619
231,201 -53.787
113,781
396,279
From Jan 1 2,543,246 2,412,627
Houston E & W Texas
26,039 -29,724
Kanawha & Michigan
26,279 -21,692
March
236,369
214,886
549 -88,309
31,768 -52,653
339,742
15,353 -14,147
348,893
9,976
March
31,745
From Jan 1.. 664,476
678,696
68,988 -338,682
163,742 -231,714
993,231
999,260
From Jan 1
Louisiana Western
59,877
99,218
New York Chicago & St Louis
94,333
126,592
March
286,200
406,717
766,186
441,217
346,236
142,475
887,563
222,469
2,534,974 2,277,018
March
228,391
305,370
From Jan L 1,125,951 1,122,660
945,618
From Jan 1 6,848,264 6,487,717 2,013,702 1,249,652 1,647,631
m arga
Morehn's Louisiana & Texas
10,995
42,814
74,500
New York Connecting
88,033
810,219
713,576
169,673
190,772
157,772
207,719
278,661
307,825
March
68,281 -26,124 -79,414
109,720
From Jan E 1,949,013 2,303,103
411,780
593,939
496,069
526,318
862,674
773,424
From Jan 1
Texas & New Orleans
57,717 -35,690
New York Susquehanna & Western
80,729 -35,470
March
762,264
731,064
79,498 -73,931
105,021 -48,090
422,996
330,006
300,637 -99,814
March
372,386 -38,668
From Jan E 2,280,703 2,238,696
118,728 -178,833
195,369 -101,128
From Jan 1 1,084,636 1,041,999
Southern Railway
990,453
Northern Pacific
March
11,038,652 11,153,007 2,555,145 1,237,755 2,092,848
885,259 --81,795
713,065
382,172
7,608,200 7,108,667 1,637,148
March
From Jan L29,275,871 31,844,266 5,502,111 1,379,917 4,178,429
723,313 -331,619 -1,616,339
1,937,230
From Jan 1 19,456,525 19,248,807
Alabama Great Southern
18,580
Northwestern Pacific
224.608
43.379
261,718
790,759
March
809,539
90,008
96,922
65,387
135,115
• 561,609
45,186
582,813
March
376,258
120,633
473,590
From Jan L 2,.138,939 2,474,788
37,148
110,770 --54,463
246,248
From Jan 1 1,544,878 1,536,737
Cinc New On &. Tex Pac48,272
Pennsylvania RR & Co333,164
94,877
393,225
March
1,600,868 1,503,207
24,062
Ballo Ches & All
781,989
163,827
951,424
From Jan L 4,067,427 4,453,914
109,807
March
127,049 -13,313 -11,650 -16,186 -14,646
Georgia Southern & Fla
-62,780 -66,042 -62,788
258,753
320,354 -66,038
From Jan 1
44,038 -88,433
62,856 -71,340
401,780
376,637
March
Cincinnati Lebanon & Northern
124,314 -220,599
167,783 -169,344
From Jan 1_ 1,150,545 1,174,388
2,846 -13,011
-6,911
-6,308
84,595
88,970
March
New Orleans & Northeastern
228,749
272,663 -34,527 -16,013 -19,894 -33,659
From Jan 1
42,719
70,881
80,929
107,533
607,849
546,490
March
Grand Rapids & Indiana
99,264 -12,174
103,640
223,043
From Jan 1 1,510,556 1,742,855
78,268
31,004
681
811,993
109,656
March
695,316
Northern Alabama
-52,780 -60,228 -112,435
From Jan 1 1,971,621 2,031,659
1,569
39,158 -10,724
-6,910
43,210
106,104
72,169
March
Long Island
78,432
3,090
15,923
90,624
205,190
From Jan 1
274,091
308,052 -90,642
march
2,252,899 1,995,948
369,806 -41,201
621,541 733,851 -380,133
483,808 Spokane International
From Jan 1- 6,037,374 5,491,651
13,381
30,228
20,990
35,758
103,184
102,133
March
Maryland Del & Virginia
63,268
83,768
64,278
80,766
304,852
From Jan 1
273,099
-6,030 -20,940
80,609
91,896 -19,410
--7,869 Spokane Portland & Seattle
March
234,156 -65,483 -31,847 -66,849 -34,860
From Jan L 192,882
125,104
71,978
160.285
209,527
585,455
582,701
March
76,772
260,811
327,051
513,482
From Jan 1 1,601,996 1,661,193
N Y Phila & Norfolk
68,436 -44,476 Staten Island Rapid Transit
523,234
606,401
80,221 -32,652
March
-8,429 -12,557 -21,272
2,809
205,859
15,726 -36,961 -15,669 -68,372
202,844
March
From Jan!_ 1,626,000 1,590,640
567,945 -71,494 -78,358 -119,742 -115,549
From Jan E 528,038
Toledo Peoria & Western
141,149
140,757
-4,630 -39,958 -17,544 -49,968 Tennessee Central
March
34,359
16,370
38,707
10,596
229,228
226,638
March
442,514 -15,917 -97,078 -49,045 127,078
From Jan 1_ 411,188
39,159 -71,332
51,614 -56,292
597,081
From Jan 1_ 669,008
West Jersey & Seashore
Term RR Assn of St Louis
103,286 -76,435
988,600, 916,883
116,712 -64,176
March
86,681
142,253
58,111
101,124
381,450
406,869
March
From Jan L 2,503,787 2,493,322 -29,287 *-367,786 -29,707 *-367,858
127,648
256,726
256,499
423,050
From Jan 1.. 1,160,800 1,124,370
Pittsburgh C C & St LSt Louis Metch Bridge Term
5,671
8,624,885 9,374,342 2,124,188 1,797,266 1,799,249 1,417,002
120,168
M arch
136,058
18,506
292,986
369,129
March
607,361 2,991,440 276,323 -23,177
504,960
From Jan L22,508,222 25,217,673 3,912,355
324,097
15,464
884.397
From Jan 1- 985.055
Texas & Pacific
Pennsylvania System
167,959
173,640
295,990
298,862
2,460,587 3,151,016
March
59,241,863 56,672,353 11,754,788 6,428,488 21,872,589 4,458,166
March
640,652
738,086
From Jan 1.. 7,272,005 9,608,250 1,016,118 1,122,006
939,736
FromJanl 150,333,034 163409.779 30,723,681 5,713,611 26,169,782
-Gross from Railway- -Net from Railway- -Net after Taxes
1921.
1922.
1921.
1922.
1921.
1922.
I
2002
-Grossfrom Railway -Net from Railway
--Net after Taxes
1921.
1922.
1921.
1922.
1921.
1921.
Toledo St Louis & Western
March
851,164
723,593
From Jan 1_ 2,306,632 2,177,468
Ulster & Delaware
March
129,172
115,418
From Jan 1. 299,435
288,523
Union Pacific
8,151,149 8,540,353
March
From Jan 1_21,921,436 23,982,044
Oregon Short Line
March
3,184,054 2,864,613
From Jan 1_ 8,299,554 7,947,998
Oregon-Wash RR & Nay
March
2,232,138 2,368,717
From Jan 1.. 6,214,900 6,429,083
Utah
March
110,541
135,258
From Jan 1- 382,694
323,022
Vicksb Shrev & Pacific
March
309,121
331,657
From Jan 1_ 878,747 1,035,522
Virginian RR
March
1,937,194 1,177,607
From Jan 1_ 4,889,487 4,001,139
Wabash RR
5,163,547 5,189,752
March
From Jan 1_13,998,159 14,337,573
Western Maryland
March
1,503,216 1,495,103
From Jan 1_ 4,485,522 4,697,208
Western Pacific
940,112
784,589
March
From Jan 1 2,312,326 2,706,193
Western Ry of Alabama
March
206,916
201,085
From Jan 1 544,096
595,401
Wheeling & Lake Erie
990,964
1,304,309
March
From Jan 1_ 3,336,222 2,864,238
Wichita Falls & Northwestern
205,228
124,062
March
615,022
From Jan 1_ 363,672
Yazoo & Miss Valley
1,643,834 1,724,123
March
From Jan 1.. 4,354,703 5,336,317
Corrected figures.
-Deficit.
251,557
717,146
86,718
286,810
205,534
578,520
50,712
188,804
22,337
-9,681
-869
-62,441
16,335
-27,925
-7,296
-81,374
2,778,169 2,726,124 2,209,996 2,199,811
6,630,074 5,706,715 4,927,062 4,043,657
754,213
1,068,365
791,872
2,423,054 1,218,459 1,596.232
206,250
271,357
509,140 -156,943
491,509
375,970
89,900
24,910
-34,883 -700,860
48,631
130,416
28,769
84,837
42,040
110,465
11,744
59,458
69,397
150,379
-6,765
63,113
47,865
93,991
-23,405
21,674
707,379
275,063
895,760 1,654,314
180,406
611,819
1,152,001
961,211
701,811
2,504.650 1,368,386 1,936,249
552,270
945,383
355,723
1,110,691
235,477
626,363
305,723
960,691
185,477
446,363
50,127
171,377
113,177
270,800
-36,100
-87,177
43,930
64,665
29,983
55,273
8,099
19,039
23,258
35,098
-702
-7,363
389,973
848,489
72,243
28,454
3,151
30,320
64,742
168,814
-8,968
-6,659
53,804
136,056
305,518
456,492
125,477
641,859
187,013
100,918
19,856
325,508
803,705
1,947,748
256,984
-3,220
527,384 -198,835
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of Road
or Company.
Latest Gross Earnings.
Week or
Month.
Adirondack Pow & Lt March
Alabama Power & Lt_ March
Amer Power & Light_ February
American Rys Co.._
March
Appalachian Pow Co.. March
Arkansas Lt & Power March
Asheville Power & Lt March
Atlantic Shore Ry_ _ _ March
Bangor By & Elec Co March
k Barcelona Tr,L & P March
Baton Rouge Electric March
Beaver Valley Trac _ _ March
Binghamton L,H & P March
Blackstone Val G & E March
Bradford Elec Co..--- November
Brazil Tr. L & P. Ltd January
Brooklyn Rapid Tran
aBiclnCityRR(Rec) March
ights
(Rec) January
aBldn
Bkln Qu Co & Sub.. January
Coney Is!& Bkln_ _ January
Coney Is! & Graves January
Nassau Electric__ _ January
N Y Consolidated_ January
South Brooklyn__ _ January
Cape Breton Elec Co March
Carolina Power & Lt.. March
Central Miss Val Elec March
Chattanooga Ry & Lt March
City Gas Co, Norfolk March
Cities Service Co___ February
Citizens Trac & subsid February
Cleve Painesv & East February
Colorado Power
March
Columbia Gas & Elec February
Columbus Electric.._ _ March
Com'w'lth P. Ry & Lt March
Connecticut Power March
Consumers Power Co March
Cumb Co Pow & Lt_ _ March
Dayton Pow & Light_ March
Detroit Edison Co
March
Detroit United By.._ _ March
Duluth-Superior Trac March
Duquesne Lt Co subs
light and power cos March
East St Louis & Sub_ _ March
Eastern Shore Gas&El February
Eastern Texas Elec._ March
Edison El Ill of Brock March
March
El Paso Electric
Elec L & Pow of Abington & Rockland March
Erie Light Co & subsid February
Fall River Gas Works March
Federal Lt & Trac Co January
Fort Worth Pow & Lt February
Galv-Hous Electric March
Gen Gas&El&Sub Cos March
Great Western Power January
Harrisburg By Co
September
Havana Elec Ry & Lt February
• Haverhill Gas Lt Co.. March
Honolulu R T & Land February
Houghton Co Elec Lt February
Houghton Co El Lt_ _ March
Hudson & Manhattan January
Hunting'n Dev & Gas March
Idaho Power Co
March
Illinois Traction
March
Interboro R T System January
Keokuk ElectrlMarch
Keystone Telephone_ March
Key West Electric Co March
Lake Shore Elec By.. February
Long Island Electric_ January
Lowell Elec Lt Corp_ March
Manhat Bdge 3c Line January
Manhattan & Queens January
Manila Electric Corp _ March
t Market Street Ry_ _ March
Metropolitan Edison_ March
(VOL. 1144
THE CHRONICLE
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
440,956 382,806 1,361,823 1,186,698
399.411 378,822 1,201,290 1,157,888
2170,110 2204,320 4,436,047 4,491,826
1587,888 1598,785 4,717,101 4,832,092
236,283 189,804
708,298
595,692
73,357 73,609 *1,083,290 *1,209,367
72,682 68,833 *863,043 *828,526
20,259 20,715
58,667
53,673
122,156 116,271
357,313
369,155
3937,152 2891,743 11.429,309 9300,122
45,813 46,061 *561,524 *497,811
154,641
54,319 62,481
187,620
78,106 71,436 *940,696 *820,465
310,264 278,511 *3,801,897 *3,326,446
66.269 60,346 *687.723 *562,589
15032000 12875000 15.032,000 12,875.000
1016,139 964.482
6,073
5,601
5.601
6,073
207,641
207,641 138,350
138,350
208,675
208,675 196,454
196,454
4,502
4,577
4,502
4,577
394,297
394,297 390,084
390,084
1910,138 1759,949 1,910,138 1,759,949
74,712
68.582
74,712 68,582
46,940 51,034 *678,438 *672,582
152,230 133.669 *1.724,888 *1,642.859
42,850 41,021 *530,416 *498,314
123,986 106,077 *1,435,381 *1,340,879
85.251 88,443
266,350
280,636
1235,641 1442.699 2.481,298 3,079,721
179,914
77,069 85,541
161,542
49,144 54.470
113,578
103,214
82,361 98,636 *960,513 *1,155,852
1814,721 1394,577 3,614.034 2.992,713
160,691 145,477 *1,852,360 *1,584,070
2666.758 2613,315 8,107.804 8.090,712
141,408 116,501 *1,545,119 *1,484,072
1203.091 1163.049 3,698,145 3,689.943
283,681 267,777
385,347 366,322 1,193,868 1,104,055
1778,201 1623,020 5,258,334 4,781,863
1758,129 2084,196 4,990,099 5.917,675
153,110 160,610
429,464
459,058
Latest Gross Earnings.
Name of Road
or Company.
•
Week or
Month.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
Milw Elec Ry & Light March
1568,566 1634,828 4,819,233 4,012,766
Miss River Power Co.. March
246,004 241,808 *2,764,087 *2,832,581
Municipal Sery & sub February
213,406 215,303
443,391
448,625
Nashville Ry & Lt Co March
964,193
342,238 318,429 1,028,914
Nebraska Power Co.._ February
560.794
285,929 274.532
567,320
Nevada-Calif Electric March
266,913 270,241
673,597
764,677
New Engl'd Pow Sys_ February
466,718 403,192 *5,552,450 *5,894,642
Now Caro PubServOo December 104.434 95,804 1,135,353 1.025.706
New Jersey Pow iSc Lt March
113,397
53,078 36,295
163,821
Newp N & H Ry G &E February
169.242 213.313
330,238
465,508
New York Dock Co.... March
368,053 522,109 1,060.750 1,585,949
New York & Harlem.. January
131,295 143,759
143,759
131,295
NY & Queens County January
106,357 95,357
106,357
95,357
N Y & Long Island_ January
41,594 40,424
41,594
40,424
b New York Railways January
725,953 774,414
725,953
774,414
b Eighth Ave RR__ January
99,238 95.248
99,238
95,248
b Ninth Ave RR_ _ _ January
44,191 45,014
45,014
44,191
Nor Ohio Ry & Power March
33,271 36,836
94,075
102,642
Nor Ohio Ry & Power February
29.454 33.018
60.804
65.806
Northern Texas Elec. March
280,684 329,873 *3,367,339 *3,973,323
Ocean Electric
January
14,353 10,912
10,912
14,353
Pacific Gas & Electric November 3035.040 3103.524 *37550,563 *34209.978
Pacific Pow & Lt Co_ February
235,827 225,208
490.211
465.436
Paducah Electric_ _ _ _ March
45,600 43,088 *535,671 *495,670
Palmetto Pow & Lt March
46,345 48.575 *570,466 *541,299
Penn Cent L&P &sub February
204.175 195,384
425,449
413,102
Penn Edis & Sub Cos_ March
206,254 201,242
653,814
643,636
Philadelphia Co and
Natural Gas Cos.._ March
1222,675 1083,641 4,103,568 4,003,289
Philadelphia 011 Co.._ March
88,029 68,986
283,572
390,414
Phila & Western
March
61.891 65,781
178,720
184,583
Phila Rap Transit Co March
3,611313 3757,508 10,198,018 10,583,231
Pine Bluff Co
March
58,116 58,494
184,914
187,865
Portland Gas & Coke_ February
282.455 335,626
619.218
600,062
Portland By, Lt & P.. March
860,631 862,425 *9,869,499 *9,915,934
Puget Sd Pow & Lt._ March
891,230 902,859 *10055821 *10140239
Read Tr& Lt Co&Sub March
237,852 251,444
700,754
723,845
Republic Ry & Lt Co March
642,098 604,996 1.931,043 2,061,944
Richmond Lt & RR January
59,037 61.957
59.037
61,957
Rutland Ry,Lt & Pr_ March
43,734 44,313 *561,327 *584,186
Sandusky Gas & Elec March
66,694 66,201
213,207
205,070
Savannah Elec & Pow March
136,127
*686,753
Sayre Electric Co.. _ _ _ March
15,323 17,359
54,230
49,933
Second Avenue
January
73,215 70,568
73,215
70.568
17th St Incl Plane Co March
3,335
3,064
9,029
8,587
Sierra Pacific Co...... March
69,898 63,669 *893,119 *780,833
Southern Calif Edison February 1252,316 1078,959 2,623,602 2.349,237
South Canada Power_ February
70,238 60,028
124,066
144,332
Southwest P & L Co.. January
864,574 957,000
867,574
957.000
Tampa Electric Co... March
155,596 149,103 *1,745,706 *1.537,533
Tennessee Power Co.. March
208,639 208,314
619,272
624,783
Tennessee By,Lt & P March
570,475 548,895 1,742,345 1,748,530
Texas Electric By...... March
212,705 242,910 1,061,187 1,182,793
Texas Power & Light_ February
418.420 447.685
848.482
939,883
Third Ave By Sys.. March
1179.273 1137,214 3,315,039 3,172,358
Twin City It T Co_ _ _ November 1161.224 1182,517 12,646,740 11.732,212
UnitedGas&ElecCorp March
1053,316 983.675 3,257,726 3,033.985
Utah Power & Light.. March
547,386 528,704 1,715,789 1,774,528
1 Utah Securities Corp March
695,418 694,276 2,145,945 2,248,044
Vermont Hy-El Corp March
38,570 42,640
134,881
135,657
Virginia By & Power.. March
713,693 851.734 2,078,328 2,578,200
Western Union Tel Co February 7357,540 8001,277 15,224,283 16,859,145
Winnipeg Electric By March
472,509 504,624 1,455,787 1,487,579
Yadkin River Power_ March
98.984 86.326 *1.122.393 *956.878
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 111919,respectively, since which dates these roads have been operated
separately. e •Includes Milwaukee Light, Heat & Traction Co. d Includes all sources. e Includes constituent or subsidiary companies.
f Earnings given in mllreis. g Subsidiary cos. only. h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway lz Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes both subway and elevated lines.
Of Abington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. 'Earnings for twelve months. t Started
operations April 1 1921.
I
Electric Railway and Other Public Utility Net Earnings.
-The following table gives the returns of ELECTRIC
railway and other public utility gross and not earnings with
charges and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Illinois Traction Co_a_ _Mar 1.944,105 1,836,857
642,839
465,560
Jan 1 to Mar 31
5,778,479 5,664,154 1,899,010 1.522,254
Southern Canada Power.Mar
67,733
57,194
36,708
25,405
Oct 1 '21 to Mar 31 '22 434,495
371,232
250,736
184,114
Companies.
a Net earnings here given are after deducting taxes.
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
Arkansas Light & Mar '22
Power
'21
12 mos ending Mar 31 '22
'21
Atlantic Shore Ry Feb '22
'21
2 mos ending Feb 28 '22
'21
28,149 26,364 *356,993 *357,823
97,121 102,320
206.377
215.840 Atlantic Shore By Mar '22
'21
76,161 76,278 *1,008,041 *932,275
3 mos ending Mar 31 '22
451.462 456.406
451,462
456.406
'21
200.361 210,258
412.920
475,263
271,572 316,464 *3,532,437 *3,949,138 Bangor Ry & El Co Mar '22
273,972 935,746 2,996,626 2,887,670
'21
609.44i 641,325
609.447
641.325
12 mos ending Mar 31 '22
128,938 149.112 1.247.782 1.314.011
'21
1077.896 1034,871 2.217,945 2.123.947 Binghamton Light Mar '22
38,948 36,344 *534,171 *456,098
Heat & Power
'21
74.453 73.507
155,233
145.960
12 mos ending Mar 31 '22
47,969 51.905
104.229
108.482
'21
45.377 46,479 *546,339 *589,156
681,859 664.782
681.859
664.782 Chattanooga Ry & Mar '22
Light Co
'21
99,578 87,974
296,754
296,811
12 mos ending Mar 31 '22
159,198 153,002
521,176
504.790
'21
1944,105 1836,857 5,778,479 5,664,154
4674,391 4940,996 4,674,391 4,940,996 Colorado Power Co Mar'22
'21
29,786 28,418 *380,743 *361,781
12 mos ending Mar 31 '22
139.473 145,008
415,810
433.970
'21
20,231 22,983 *256,311 *269,075
166,314 109,137
354.457
404,915 Cumberland Co
Mar '22
25,383 22.605
25.383
22,605
Power & Light
'21
103,189 96,072 *1,212,439 *1,221,005
12 mos ending Mar 31 '22
22,284 23,188
22,284
23.188
'21
26,708 24,742
26,708
24.742 Dayton Power &
Mar '22
284,315 298,158
Light
'21
803,079
2,247,758
13 mos ending Mar 31 '22
238,220 210.677
725,184
681.427
'21
1384.704 1407,611 4.259,147 4,429,749
335,685 329,427 *3,747,077 4,382,979
43,240 41.496
95.,922
85,662
191,034 143,130 *1,654,674 *1,681,616
112,572 101,500 *1,299,456 *1,271,622
190,021 195,879 *2,294,200 *2,045,244
Current Previous
Year.
Year.
73,357
z28,002
73,609
z16,162
1,083,290 x376,019
1,209,367 z265,970
6,036
18,558
16,062
2,449
38,409
11,611
5,277
33,048
20,259
6,717
20,715
5,705
18,326
58,667
53,763
10,982
122,156
49,412
116,271
44,269
552,682
1,432,313
512,309
1,342,920
19,617
78,106
23,183
71,436
940,696 x247,013
820,465 x205,118
27,484
123,986
37,191
106.077
431,665
1,435,381
1,340,879
479,827
82,361
z47,898
• 98,636
x56,021
960,513 x438,987
1,155,852 x557,798
283,681
90,665
267,777
90,747
3,340,653 1,054.143
3,219,300 1,108,086
385,347 x132,229
366,322 x105,792
1,193,868 x407,846
1,104,055 x310,165
Balance,
Surs.
197,182
178,836
150,325
115,645
-1,253
7,289
-4,764
7,213
14,640
-3,029
-9,179
14,456
-629
7,346'
-1,616
7,321
21,986
-3,660
21,777 -10,795
23,525
25,887
22,810
21,459
284,122
268,560
244,442
267,867
124,823
118,406
20,228
21,865
253,195
251,984
122,190
86,712
7,256
15,326
178,470
227,843
321,992
341,881
58,727
56,702
705.675
669,618
72,605
55,674
216,094
163.505
116,995
215,917
40,938
34,045
348,468
438.468
59,624
50,118
191,752
146.660
2003
THE CHRONICLE
MAY 6 1922.]
Gross
Earnings.
Net after
Taxes.
73.701
335,685
Mar.'22
East St Louis &
69,471
329,427
'21
Suburban System
886,184
12 mos ending Mar 31 '22 3,747,077
940,513
'21 4,382,979
273,019
973,972
General Ga.s & Elec Mar'22
262,774
935,746
'21
& Sub Cos
12 mos ending Mar 31 '22 11,565,251 x3,316,704
'21
36,192
99,578
Huntington Devel Mar '22
33,908
87,974
'21
& Gas
360,058
12 mos ending Mar 31 '22 1,065,534
613,926
'21 1,391,845
45,926
114,744
Kentucky Traction Feb '22
42,790
118,129
'21
& Terminal
619,844
12 mos ending Feb 28 '22 1,601,727
432,318
'21 1,550,989
84,124
238.220
. Mar '22
Metropolitan
78,436
210,677
'21
Edison Co
12 mos ending Mar 31 '22 2,710,004 x1,168,447
'21 2,826,831 x902,839
Miluaukee Electric Mar '22 1,568,566 x468,837
'21 1,634,828 x427,672
By & Light
12 mos ending Mar 31 '22 18,551,361 x5,493,693
'21 19,698,590 x4,283,423
87,700
342,238
Mar '22
Nashville By
74,600
'21
318,429
& Light
938,752
mos ending Mar 31 '22 3,922,663
12
694,903
'21 3,734,215
139,540
466,718
Feb '22
New England Co
'21
140,978
403,192
Power System
12 mos ending Feb 28 '22 5,552,450 1.350,281
'21 5,894,642 1,737,379
14,552
53,078
Now Jersey Pow & Mar '22
'21
11,307
36,295
Light & Sub
543,951 x170,266
12 mos ending Mar 31 '22
'21
473,966 z153,459
5,756
33.271
Northwestern Ohio Mar '22
5,440
36,836
'21
By & Power
x75,893
460,292
12 mos ending Mar 31:
22
21
x68,827
483.263
72,000
206,254
Mar '22
Pennsylvania
60,963
'21
201,242
Edison & Sub Cos
12 mos ending Mar 31 '22 2,440,970 z791,223
'21 2.421,293 x577,870
273,607
860,631
Portland Railway Mar '22
'21
268,575
862,425
Light & Power
12 mos ending Mar 31 '22 9,869,499 2.929.606
'21 9,915,934 3,022,292
31.735
Reading Trans & Mar '22
237.852
20,757
Lt & Sub Cos
251,444
'21
12 mos ending Mar 31 '22 2,968,265 x361,962
'21 3.046,771 2257,936
10,134
Rutland Railway Mar '22
43,734
11,379
Light & Power
44,313
'21
561,327 z158,894
12 mos ending Mar 31 '22
'21
584.186 x130.601
14,954
Sandusky Gas &
66.694
Mar '22
21.336
66,201
Electric
'21
699,001 z167.991
12 mos ending Mar 31 '22
'21
770,907 z122,298
1.996
Sayre Electric Co Mar '22
15.323
4,561
21
17,359
'
x48,526
185,930
12 mos ending Mar 31 '22
'21
z34,895
186,377
Mar '22
Tennessee Power
62,655
208,639
'21
81,187
Co
208,314
871,938
12 mos ending Mar 31 '22 2.400.095
'21 2,503.070
903,356
Mar '22
Tennessee By Lt
181.151
570,475
'21
& Power
196.516
548.895
12 mos ending Mar 31 '22 6,698.323 2.281.809
'21 6,560,578 2,117,153
212,705
80,048
Texas Electric By Mar '22
'21
242.910
95,223
12 mos ending Mar 31 '22 2,802,434 1.119,265
'21 3,397,844 1.396,760
United Light & Itys Co & Sub Cos
12 mos ending Mar 31 '22 11,202,609 3,423,353
'21 12,118,418 3,278.947
547.386 z271.166
Utah Power & Lt Mar '22
'21
528.704 x232,676
12 mos ending Mar 31 '22 6,687.902 x3,376,645
'21 6,808,603 x3,323,325
Mar '22
38,570
Vermont Hydro.:
14,406
'21
42,640
Electric Corp
21,521
522,746 x157,411
12 mos ending Mar 31 '22
'21
565,324 x218,745
Winnipeg Elec By Mar '22
126,098
472,509
'21
114,675
504,624
389,194
3 mos ending Mar 31 '22 1,455,787
'21 1,487,579
363,914
Fixed
Charges.
53,377
54,946
650,554
652,158
Balance,
Surplus.
20,324
14,525
235,630
288,355
2,035,937 1,280,766
18,922
16,945
217,493
194,710
23,528
20,811
271,623
251,086
17,270
16,963
142,565
419,216
22,398
'21,979
348,221
181,232
558,964
609,483
331,153
571,686
272,998
195,839
225,396
202,276
2,456,257 3,037,436
1,928,203 2,355,220
50,854
36,846
35,489
39,171
456,415
482,337
467,995
226,098
90,821
48,719
97,301
43,677
788,693
561,588
500,555 1,236,824
85,850
73,913
84,416
• 79,546
68,549
68,804
7.344
23
396,254
431,696
178.015
173,556
2,129,847
2,089,794
394,969
146.174
95,592
95.019
799.759
932,498
87.439
89,201
274.523
168,735
97,116
98,955
61,778
31,646
84,376
83.615
47,680
--Gross-- -Net after Taxes- -Surp.after Charges
1922
1921.
1922, IN 1921.
1922.
1921.
$
$
•
$
Haverhill Gas Light Co
March
902
4,797
1,684
4,394
38,948
36,394
12 months_ 534,171
54,238
138,368
45,909
129,928
456,048
Houghton County Electric Light Co
March
419
11.758
46,479
-4,866
45,377
6,964
12 months_ 546,339
122,494
101,144
41,175
589,156
60,556
Keokuk Electric Co
4,848
March
7,345
3,691
1,177
28,418
29,786
12 months- 380,743
82,288
98,520
54,780
47,600
361,781
Key West Electric Co
6,222
March
5,569
3,102
4,350
20,231
22,983
12 months_ 256,311
92,762
73,371
48,718
69,619
269,075
Lowell Elm Light Corp
26,399
March
32,052
34,320
26,392
103,189
96,072
12 months_ 1,212,439 1,221,005
274,443
401,402
379,181
248,229
Miss River Power Co
March
182,110
84,794
77,630
187,841
241,808
246,004
12 months_ 2,754,087 2,832,581 2,035,343 2,155,323
794,805
941,661
Northern Texas Electric Co
81,934
96,386
March
121,794
107,030
280,684
329,873
12 months_ 3,367,339 3,973,323 1,207,728 1,397,800
205,334 1,096,366
Paducah Electric Co
9,153
2,609
March
10,009
17,584
45,600
43,088
12 months_ 535,671
52,505
49,644
128,838
153,355
495,670
Puget Sound Power & Light Co
202,047
212,663
March
370,840
352,244
891,230
902,859
12 months_10,055,821 10,140,239 4,203,534 4,307,641 2,441,569 2,413,183
Savannah Elec & Power Co
19,873
March
43,115
136,127
119,758
12 months_ 686,753
236,121
Sierra Pacific Co-16,182
26,597
March
23,036
33,100
69,898
63,669
231,846
12 months_ 893,119
339,611
325,709
780,833
414,441
Tampa Electric Co
51,951
March
61,992
56,213
155,596
149,103
66,408
527,777
12 months_ 1,745,706 1,537.533
667,596
720,197
579,446
-Deficit.
74.618
22.299
21,415
52,724
51,357
636.195
639.654
125,267
126,877
1.519.923
1,529.261
38,637
39,447
471,950
473,936
26.227
13,479
9,931
29,830
235.743
270.622
55,884
69,639
761,886
587.892
41,411
55,776
647,315
922,824
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April 29. The next will appear in that of May 27.
Chicago & North Western Ry. Co.
(62d Annual Report-Year ending Dec. 31 1921.)
The remarks of President W. H. Finley, together with
comparative income account and balance sheet as of Dec. 31,
will be found on subsequent pages of this issue.
GENERAL STATISTICS FOR CALENDAR YEARS(NOT 1918).
1921.
Tons revenue freight___ 39,227,758
Tons fr't per ton mile___6775908469
35,685,702
Passengers carried
1184674220
Passenger miles
Revenue per ton per mile 1.412 cts.
Rev, pass. per mile
2.851 cts.
1920.
60,275,207
9559269662
40,692,627
1444559265
1.156 cts.
2.493 cts.
1919.
51,981,263
8294482641
37,767,484
1412671044
1.110 cts.
2.588 cts.
1917.
60,288.051
9220973367
34,903,404
1262625587
.78 cts.
1.94 cts.
BALANCE SHEET DEC. 31.
1921.
1920.
1920.
1921.
Liabilities
Assets$
Road & equip_453,946,192 416,785,673 Corn.stk.&scrip 145,156,904 145,157,128
25,129,727 Pt. stk. & scrip_ 22,395,120 22,395,120
Sund. const.,&e.
Inv. in affil.cos_ 2,704,239 2,710,372 Stk.&scrip owned
by company__ 2,346,572 2,346,347
Other invest'ts_ 14,611,325 14,635,203
65,000
25,000
774,010 Special stock__ _
658,861
Mise.phys.prop_
22,240,899 9,175,886 Prems. realized
Cash_
29,658
29,658
on cap. stock_
1,988,072
L'ns & bills rec..
•
860,766 2,562,587 Ag'ts & cond'rs_ 2,572,173 3,280,300 Funded debtHeld by pub_ 238,450,600 235,616,500
875,036 2,403,911 Mat'l & supplies 12,401,142 15,118,721
Held by co. &
Misc. acc'ts rec. 4,587,292 6,613,927
144,398
126,768
due from trus890,642
278,815
144,291
88,385 Other assets__
52,696,000 35,266,000
tee
1,231,397
603,228
1.720,670 1,655,975 Car bats. reedy_
Acc'ts & wages- 16,216,756 12,099,597
1,718,334 1,604,991 U.S.RR.Admin.
53,248,635 Mat'd int., Ate-- 5,367,866 5,466,732
accr. compen..
1,970,671
Govt. guaranty_ 3,709,185 18,509,185 Accrued interest 2,209,856
Car bal. payable 2,843,927 4,340,141
Co.'s securities
134,494
22,917
Capital stock_ 2,346,572 2,346,346 Miscellaneous.. 1,549,021 2,329,930
108,959
109,786
Bonds owned_ 17,208,000 17,766,000 Tax liability_ _ _ 5,061,086 4,651,648
Accrued deprec- 29,493,332 26,354,441
60,682
65,416
Bonds pledged
Bal. prem. on
58,593
56,082
for 10-year
672,030
626,593
bonds of 1987_
181,574
17,500,000
216,620
35,488,000
bonds
Due U. S. RR.
182,715
181,199 Advs.acct.equip.
46,750,316
Administra'n_
1,025,000
purchased __
1,101,594
x After allowing for other income received.
Unadj. debits_ _ 3,819,649 2,467,691 UnadJ. credits__ 2,025,394
Corporate surp_ 2,034,939 1,841,538'
-Deficit.
Profit & loss_d_ 58,646,946 60,740,397
-Gross
Latter Charges
-Net after Taxes- -SUrl
1921.
1922.
1022.
1921.
1922.
1921.
577,175,571 609,194,790
Total
577,175,571 609,194,790
Total
••*
$
a Includes scrip. b Includes $2,700,634 bonds and scrip owned by the company.
Baton Rouge Electric Co
95,813
10,519
40,061
15,212
10.873 -V. 113, p. 2613, 2404.
March
14,461
155,747
154,162
497,811
105,926
205,701
12 months_ 561,524
Chicago St. Paul Minneapolis & Omaha Ry. Co.
Blackstone Valley Gas & Elm Co-310,264
278,511
73,490
72,600
44,323
March
101,240
(40th Annual Report-Year ending Dec. 31 1921.)
910,261 1,005,745
592,518
12 months_ 3,801,897 3,326,446 1,340,940
The remarks of President James T. Clark, together with a
Cape Breton Elec Co Ltd
48,940
51,034
-8,471
-5,027 comparative income account for the last two calendar years
712
-2,944
March
672,582
17,341
91,971
23,910
85,832
12 months_ 678,438
and a balance sheet as of Dec. 31, will be found on subseCentral Mississippi Valley Elec Co
11,169
42,850
41,021
7,506
5,414 quent pages.
9,090
March
498,319
BALANCE SHEET DEC. 31.
101,035
12 months_ 530,416
123,913
86,356
149,860
1920.
1921.
1920.
1921.
Columbus Electric Co
$
Liabilities160,691
145,477
43,192
Assets
March
46,441
74,725
80,178
months_ 1,852,360 1,587,070 1,011,980
& equipm't_84,699,409 81,055.635 Common stock_ a _18,559,087 18,559,087
622,387
12
271,212 Road
662,044
Sundry constr.,&c. 1,670,687 3,074,704 Preferred stock_ a_11,259,859 11,259,859
Connecticut Power Co
262,200 Capital stk. owned
116,501
141,408
48,511
66,267
March
50,434
30,346 Misc. phys. prop__ 303,526
by company__ 4,231,181 4,231,181
368,234
342,304
574,961
12 months_ 1,545,119 1,484,072
364,055 Inv. in affil. cos__ 381,768
602,760
17,706 Long term debt _ bA7.701,834 47,187,634
4,012
Other investments
Eastern Texas Electric Co
1,000,000
Long term debt_
Secur. in treas.143,130
141,034
47,022
28,535
March
27,326
46,881
360,448
Prefeered stock_ 1.380,974 1,386,974 Misc. accts. pay__ 249,296
345,593
560,812
416,928
12 months_ 1,654,674 1,681,616
621,668
Common stock_ 2,844,207 2,844,207 Car bal. payable__ 756,620 1,469,140
Edison Elec Ilium of Brockton
Debs. 01 1930.. 2.700,000 2,700.000 Aud. vouch., &a_ 2,044,313 3,407,210
101,500
112,572
49,500
1,500
44,198
43,382
19,903
14,924 Cash
1,969,362 1,542,374 Fund. debt mat'd.
March
48,150
67,989
438,496
421,671
774,822 Mat'd int. & dive_
313,811 Agents & conduc
608,775
348,111
12 months_ 1,299,456 1,271,622
1,830,742 3,177,473 Accr. int. Sr diva__ 1,266,934 1,271,732
Material Sr supp
El Paso Electric Co
568,476 1,075,392
169,586 Tax liability
195,879
95,500
190,021
70,120
50,495
54,843 Tr. & car bal. me_
65,734
March
225,576 Accrued depree'n_ 5,369,428 4,512,819
1,324
707,700
525,468
643,523
521,426 Special deposit__
12 months_ 2,294,200 2,045,244
290,718
Miscell. accts. rec. 1,157,781 1,643,338 Prem.on fund. dt_ 268,506
Elea Lt Sr Pow co of Abington & Rockland-.
336,112
49,964 Unadjusted credits 396,512
56,009
Deferred assets..
26,364
4,111
28,149
985
3,449
1,852
March
Add'ns to property
Adm.367,823
02,881
54,100
50,524
59,744
12 months_ 356,993
through surplus_ 1,092,387 1,060.261
10,665,855
Acer. compens'n
9,443,718
Fall River Gas Works Co
Govt. guaranty__. 648,197 1,840,197 Due1J.5.RR.Adm.
76,278
14,757
14,550 Unadjust.debt__
76,101
14,902
14,731
4,016
March
761,574 1,046,218 Deferred liabilities
932,275
280,089
153,255
152,292
277,761
12 months. 1,008,041
Profit and loss_ ___ 7,285,926 7,278,088
Co
Galveston-Houston Elect lo
48,847
Total _-____101,119,848 112,845,066
316,484
72,815
101,119,848 112,845,066
13,507
37,788
271,572
March
Total
856,991 1,169,478
421,900
746,497 -V. 113, p. 2613.
12 months_ 3,532,437 3,949,138
U.S.RR.
2004
TIM CHRONICLE
Chicago Milwaukee & St. Paul Railway Co.
(57th Annual Report-Fiscal Year ended Dec. 31 1921.)
Pres. H. E. Byra,m, April 1922, says in substance:
[VoL. 114.
COMBINED FEDERAL & CORPORATE INCOME ACCOUNT FOR
1920, 1919 AND 1918 AND CORPORATE FOR 1921.
[From Jan. 1 1918 to Feb. 1920 operated by U. S. RR. Administration,
with Guaranty to Aug. 1 1920.]
1918.
1919.
1920.
1921.
Operating Revenues$
s
$
$
Freight
96,623,658 106,288,453 117,183,815 104,894,848
Passenger
23,492,031 30.391,921 31.033,594 26,915,456
Mail, express, &c
10,432,733 10,784,581 16,739,598 12,591,667
Incidentals, &c
2,346,033 2,905,440 3,201,726
2,363,795
Results.
-Railway operating revenues for the year amounted tb $146,765,766; railway operating expenses, $127,957,002; railway operating income, $9,763,129; gross income, $14,134,987. Deductions, including
interest, rents, &c., 825,205.596. leaving a net deficit for the year of
$11,070,608.
Control of Chicago Milwaukee & Gary Ry.-Tan. 1 1922 company acquired
Total operating rev_ _ _132,894,455 150,370,394 168,158,734 146,765,766
control of the Chicago, Milwaukee & Gary Ry. pursuant to the terms and
Expenses
provisions of an agreement dated Dec. 31 1921, between company and St.
Louis Union Trust Co.. owner and holder of all of the securities of the Maintenance of way, &c 18,906,980 23,144,811 28,810,633 17,987,292
Gary company, consisting of $1,000,000 capital stock, and of $5,700.000 Maintenance of equipt__ 38,069,987 40,422,005 41,557,151 35,543,850
1;244,658 1,107,107
1st Mtge. 5% 40
1,725,763 2,093,164
-Year gold bonds due Jan. 1948. By the terms of that Traffic expenses
60,740,935 69,288,819 86,276,147 66,879,327
agreement, the St. Louis Union Trust Co. has delivered all the capital stock Transportation
3,026,821
and $2,700,000 of the bonds, in consideration of company guaranteeing General expenses
3,924,476 5,190,502 4,572,616
932,122
the payment of the principal of $3,000,000 of the bonds and the interest Miscellaneous operations
1,178,478
1,348,501
1,023,185
thereon accruing after Jan. 1 1924. The I.
Cr.725,397 Cr.503,991 Cr.211,577 Cr.142,433
-S.- C. Commission has approved Trans. for investment
such control. (Compare V. 114, p. 853.)
Total oper. expenses_ _122,196.105 138,561,705 164,697,121127,957,002
The control of the Chicago Milwaukee & Gary Ry. enables our company
to transport company and commercial coal originating on the Terre Haute Per cent op.exp.to earns.
(91.95)
(92.15)
• (97.94)
(87.18)
Division, as well as on the lines of the Chicago & Eastern Illinois Ry, Net operating revenue__ 10,698,350 11,808,689 3,461,613 18,808,764
direct to points on its lines west and north, without hauling the same Uncollec. ry. revenues_ _
39,948
283,546
through the expensive terminals of Chicago, and with shorter haulage. Taxes
6,185,935 6,306,997 x11,872,832 8,762,089
This not only expedites movement, but greatly reduces the cost of transOperating
portation. .
_Cr.4,512,514 Cr.5,501,692Def8.451,167 9,763,129
income_Lease of Chicago Terre Haute & Southeastern Ry.-The lease of the railway Rents rec., $930,477; Inc. from lease of road. $300,575; amt.
accr. guar. prey.,$2,277,797; misc. inc., $863,010;
_
4,371,858
property and franchises of the Chicago Terre Haute & Southeastern Ry.
for a term of 999 years became effective on July 1 1921. (V. 111, P.
Gross income
$14.134,987
2519; V. 113, p. 70, 627.)
-It on funded debt, $18,767.681; int. on unfunded
Under this lease valuable trackage rights are acquired over about 48 Deduct $180,424*
debt,
rents paid. $5,696,590; miscel. deductions,
miles of other railway lines, of which about 35 miles has second main track,
$560,901; totai
25,205,596
making direct connections with the lines of this company near Franklin
Park, Ill., on the Illinois Division.
Net deficit
$11.070,608
The revenues and expenses of the lines mentioned above have been Previous surplus
38,376,167
included since July 1 1921 with the revenues and expenses of this company's Miscellaneous
credits
2,563,949
lines.
-Authority has been given for the purchase of 2,500 50
Equipment.
-ton
Total surplus
$29,869,508
steel underframe gondola cars. 1,500 to be purchased from the Haskell Miscellaneous debits
1,710,465
& Barker Co. and 1,000 from the Bettendorf Co. Authority was also
granted for the conversion of 12 Class A-1 compound locomotives to sample
Total profit and loss surplus
$28,159,043
type, of which 8 were completed during the year, the remainder will be
x Taxes were accounted for during the year 1920 on the basis of accruals.
completed early in 1922.
In previous years taxes were accounted for on the basis of payment during
Equipment Changes.
-Equipment rebuilt during the year consisted of 44 the year. For this reason year 1920 not only includes taxes paid in that
steam locomotives, 150 coal cars, 2 express'refrigerator cars and 1 company year but also accruals for current year.
service car. One locomotive was converted for use as a shop switching
BALANCE SHEET DECEMBER 31.
locomotive, 4 open top observation cars and 7 company service cars were
1921.
1920.
1921.
converted from other passenger and freight equipment and 28 freight train
1920.
AssetsLfabtlitles
$
cars and one company service car previously reported as taken out of
$
Road & equtp_881,811,513 640,293,499 Common steck_117,411,300 117,411,300
service were reinstated.
Stks.control. cos 4,472,421 4,447,542 Preferred stock_115,931,900 116,274,900
During the year 46 steam locomotives and 1,512 cars were destroyed
522,339
Prem.on cap.stk
by wreck or fire, sold or taken down on account of small capacity, con- Notes
36,184
36,184
Bonds, &c., of
Govt. grant in
verted or rebuilt.
controlled cos.
110,387
110,000 aid of constr..
27,002
Guaranty Period-The company filed with the I. -S. C. Commission a Advances to conFunded debt___413,982,696 411,972,454
statement of its operations during the guaranty period. In addition to
trolled cos.__
the amount of $14,297,702 reported received (in last year's report), further Deprec. on mtge. 22,320,838 22,820,073 Bills payable__ _ 2,575,439 1,000,000
Traffic, &c., bale 2,139,067 4,090,276
advances were made during 1921, amounting to $8,137,190, which were
prop. sold..
454.559 Payrolls & vouch 13,628,008 21,852,354
use in payment of interest on funded debt and other miscellaneous current Misc. phys. prop
3,528,016
906,944 Coup. not pres__
2,409,557
obligations.
Cash
A claim is pending before the I.-S. C. Commission for the balance of the Other misc. inv_ 7,729,919 8,087,980 Mat. Int. unpaid 1,631,314
2,623,056 2,385,015 MIscell
1,314,554 1,208,021
amount due under the guaranty.
•
Special dep
1,388,520 1,659,149 Accrued bond InFederal Valuation.
-Satisfactory progress was made on the Federa Due from agents
terest, &c
5,948,465 5,602,898
valuation of the company's property during the year. All field work
&c
3,384,238 3,872,452 Taxes accrued
4,906,112 3,842,098
was completed. All maps were completed and delivered to the Bureau of Loans & bills rec
48,634
23,492 Ins. res. fund... 3,296,749 2,973,629
Valuation and final certificate of completion was filed. Joint work was Traffic, &c., balls
816,364 1,669,403 Def. liabilities
364,952
893,275
continued with the Bureau of Valuation on the final collection and adjust- Miscell
4,781,392 8,041,449 Accrued dom.
ment of quantities.
Unmatured Int_
55,126
55,880 (eQuIP.)
20,727,747
Final collections are 20% completed and the Bureau is now applying Secs. in Ins. fd
3,296,749 2,969,767 0th. def. items. 4,824,740 2,371,501
prices to the inventory. Considerable progress has been made in the Other unadjust.
Sink. funds, &c_
991,640
695,823
development of original costs and reproduction prices to be used in the
debit items_ _ _ 3,170,792 4,277,766 Surplus
28,159,042 38,376,167
application of prices to the inventory. It is now probable that the tentative U.S.Comp.accr. 2,093,716 7,953,109
valuation will not be served upon the company until some time during 1923. Mat.& supplies_ 15,480,394 20,490,021
-At the close of 1920 there was at the Deferred charges
Reserve for Accrued Depreciation.
262,496
492,336
credit of reserve for accrued depreciation $17,863,663.
Total
737,896,910 731,010,440
Total
737,896,910 731,010,440
A certain percentage of the total cost of equipment has been credited to
this reserve for the estimated depreciation of locomotives, passenger -V. 114, p. 1764.
train cars, freight train cars and work equipment, accrued during the year,
which, together with other adjustment. aggregates $3.237,496.
The Western Pacific Railroad Co.
There has been charged to this reserve $373.412.representing the accrued
(6th Annual Report-Calendar Year ended Dec. 31 1921.)
depreciation, previously credited, on locomotives and cars destroyed, sold
ore taken down during the year, which results in a net increase in this
Results.
-The income statement shows $2,808,533 net Income added to
reserve of 82.864.084 for the year.
surplus. In arriving at this amount, however, there have been taken
The balance of this reserve, Dec. 31 1921, Is $20,727,746, which repre- into account the following items which do not pertain to operations for
sents the estimated depreciation of rolling stock from June 30 1907 to 1921, but which have been Included in accordance with instructions of the
Dec. 31 1921,
I.
-S. C. Commission:
Capita: Stock -No capital stock has been issued during the year
Non-operating income: Rental received from U. S. RR. Admin.
for use of property during Federal control (Jan. 1 1918 to
,
-There has been a net increase of $44,677,400 in the
Funded Debt.
Feb. 29 1920 incl.) in excess of the amount credited to income
funded debt and notes unmatured during the year as follows:
in previous reports on basis of standard return
$2,815,909
(a) Decrease during year-Chicago & Pacific Western Division
Operating expenses: (a) Exp. incurred during the years 1918 to
$25,340,000
57 bonds matured Jan. 1 1921
1921, incl., incidental to the preparation, presentation, trial
Wisconsin & Minnestoa Div. 5% bonds matured July 1_ _ _ 4,755,000
and settlement of claim for compensation and damages,
Chicago & Lake Superior Div. 5% bonds matured July 1.. 1,360.000
$267,584;(b) Adjustment of investment account in connection
67 Equipment gold notes matured Jan. 15 1921 and jan. 15
with retirment of bridges and grade
288,286
2,192.600 Taxes accrued, being income taxes forfor 1917,$20,702
1922_ _
years 1918 and 1919 paid
Bellingham & Northern Ry. 5% bonds retired
15,000
in 1921 on account of compensation received as rental of
European Loan 4% bonds of 1910 retired
551,982
property for 1918-1919 in excess of compensation on which
(b) Increase during year-4% gold bonds of 1925 issued in place
taxes had been paid for the years in question
205,173
of European Loan 4% bonds of 1910 retired
$557,982
The foregoing expense items, amounting all told to $493,459, were
Gen. Mtge.5% bonds maturing May 1 1989 issued in place of
occasioned (except the Item of $20,702) by the collection of the additional
underlying bonds, which have been retired and canceled
rental above stated ($2815,909). The elimination of both the item of
during this and previous years. These bonds have been
rental and the expense items above referred to would leave $486,084 as
used by the company for collateral purposes
43,000,000 the true addition to surplus arising from the current operations of 1021.
Notes in favor of the U. S. Govt. bearing int. at 67 for
Dividends.
-Four dividends of 1M % each, aggregating $1,650,000, or
$25,340.000. maturing March 1 1922 and $10,000,000
6% on the $27,500,000 Pref. stock, were declared and paid from the surplus
maturing Jan. 1 1923 (V. 114, p. 947). The first menand net profits earned prior to Jan. 1 1920.
tioned note will be extended by the Govt. at $25,000.000
Notwithstanding the payment of $1,650,000 dividends, the credit
to mature March 1 1927(V. 114, p. 305)
35,340,000 balance of the profit and loss account has been increased by $2,156,882,
The amount of bonds and notes at the close of this fiscal year is $574.- due principally to the fact that in the settlement with the U. S. RR.
240,055, of which $160.257.358 are in the treasury of the company, and Administration the company received $980,531 as damages (in addition to
rental, amounts representing depreciation of equipment during the period
$413,982,696 have been issued and are outstanding.
The $4,755.000 Wisconsin & Minnesota Div. bonds and the $1,360,000 of Federal control and settlement of the various ledger balances of accounts
Chicago & Lake Superior Div. bonds which matured July 1 1921. were met between the Government and the company).
This amount, which represents reimbursement of losses suffered in
from the proceeds of a Govt. loan of $10,000,000. Substantially all of
consequence of Federal control, is included in "miscellaneous credits,"
the bonds have been paid, and the remainder will be paid when presented.
and is included in the credit balance of profit and loss as of Dec. 311921.
-The revenue from freight traffic was $8,974,264, a decrease
Revenue.
GENERAL STATISTICS FOR CALENDAR YEARS.
of $3,054.652, or 25.397, and the revenue from passenger traffic was
x1921.
x1920.
x1919.
x1918.
$2.324,507, a decrease of $373,086, or 13.83%.
Miles operated,average_
10,623
10,809
10,647
10,303
-The decrease in freight revenue
Reason for Decrease in Freight Traffic.
is largely due to the widespread business depression (as also passenger
Equipment
traffic), to the heavy arrivals by water of foreign coal at San Francisco,
Locomotives
2,007
1,979
1,798
1,840 and to Panama Canal competition.
Passenger equipment__ _
1,602
1,624
1,604
1,565
Canal Competition.
-During the latter part of the year the Canal comFreights, misc.,&c.,cars
63,734
65,051
64,127
64,923 petition was met in part by the adjustments of eastbound trans-continental
Operations
rates, but on westbound manufactured articles the procedure required before
Passengers carried
14,240,896 15,919,202 15,511,467 13,175,371 the I.-S. C. Commission to obtain Fourth Section relief (authority to
Pass. carried one mile_ -817,189,840 1050521012 1120423017 885,254,305 charge higher rates at the intermediate points than at the terminals) has
Rate per pass. per mile
3.294 cts. 2.954 cts. 2.712 cts. 2.654 cts. delayed putting in the rates to meet the competition via the Canal.
With the trans-continental railroads, the Penal Canal competition is
Freight (tons) carried.. _ _ 34.067,1311 45,041,277 40,295,220 40,307,047
Frt.(tons) carried 1 mile 8283212410 113846008041150151448311504301469 an exceedingly important factor, as the rail lines are subjected to unregulated
Rate per ton per
1.266 eta. 1.029 cts. 0.924 eta. 0.8399 cts. competition by steamers. Under existing laws, rail-borne traffic between
the States is under the control of the I.-S. C. Commission as to rates,
Average revenue traintraffic between the same States is wholly unregulated.
load (tons)
544
483
536 but water-borne outlook is for better
554
Outlook.
-The
freight traffic in 1922 than existed
Earnings per pass. train
of the Western Pacific line into San Jose and the
mile
$1.4387
81.7256
81.7955
31.4152 in 1921. The extensiona number of
Santa Clara Valley and
minor extensions which, together are
Earns, per freight train
of substantial
mile
86.1144
35.6037
35.1233
34.5002 contribute to importance, have recently been completed and should
1922 revenue. The improved operating conditions of The
x 1921 Is corporate statistics, and 1920, 1919 and 1918 are Federal and Denver & Rio Grande Western RR., with increased facilities for handling
corporate combined.
traffic, should also be helpful by increasing our interchange with that line.
MAY 6 1922.]
2005
THE CHRONICLE
-In addition to what has been said above, it may be
Accrued Taxes.
aa.rnaes1re=eguponhege
ls
"taxes
largeonti
explained that the
ozintoIie
was spr r
igg31:t
accrued':
d
Pere Marquette Railway Co.
(Report for Fiscal Year ending Dec. 31 1921.)
earnings of 1920, Instead of upon the actual earnings of 1921, and that the
The remarks of President Frank H. Alfred, together
California gross exchange tax was increased in 1921 from 5( to 7%•
%
Wages.
-The U. S. Labor• Board authorized a decrease in wages of with the usual comparative balance sheet will be given
employees, effective July 1 1921, approximating 11.51% for this company,
compared with the rates In effect prior thereto, which applied to payrolls another week.
for the last six months of 1921, represents a reduction of 3372,263.
GENERAL STATISTICS FOR CALENDAR YEARS.
Funded Debt-Sacramento Northern RR.
-On May 31 1921, $4,180,000
1920.
1919.
1918.
1st Mtge. 5% 30-Year gold bonds were issued, to be used In connection Average miles operated.. 1921.
2,234
2,231
2,232
2,239
with the proposed acquisition of securities of the Sacramento Northern Passenger revenue
$5,940.618 $6,938,504 $6,127,460 $4,233,796
RR. These bonds were sold at 85 and int. and the proceeds thereof Passengers carried
4,404,393 4,220,977 3,570,603
3,258,991
deposited subject to the order and control of the trustees of the company's Pass. carried one
mile_
first mortgage. (Compare V. 112, p. 1400; 2414; V. 113, p. 2080; V. Earns, per pass. per _ _177,201,307 236,636,874 217.254,526 168,195,183
mile .03352 cts. .02932 cts. .02820 Os. .02517 cts.
114. p. 80.1
31.57414
$1.81738
$1.6738
51.4389
Road & Equipment.
-Road and equipment charges aggregate $5,121,861. Earns, per pass, train m_
Freight revenue
$29,291,665 $29,754,566 $26,504,204 $22,200,348
follows:
The principal additions and betterments duirng the year are as
Revenue tons carried__ _ 12,786,731 14,855,393 14,783,616 14,242.477
The Niles-San Jose line was com plated to East San Jose and opened for Rev,tons carried 1
mi1e_2172802065 2606903,408 2681739,018 2796222,221
freight service Sept. 1 1921.
p. m
The Belt Line within the City of San Jose (5 miles), most of which Earns, per rev, ton mile_ 1.348 cts. 1.141 eta. 0.988 cts. 0.794 cts.
Rev,tons per train
539
587
604.48
637.22
is now In service, will be completed by May 1 1922.
Earn. per fr't train mile_ $7.36997
56.79709
56.0726
55.3169
service in August 1921.
The °alpine Branch (12.6 miles) was put into
$13,129
$13,318
$11,894
$9,917
The purchase of 2 miles of the old Ocean Shore By. within the city Gross earnings per mile_
limits of San Francisco was consummated, and operation commenced on
INCOME ACCOUNT FOR CALENDAR YEARS.
Jan. 1 1922.
S. RR. Adm. from Jan. 1 1918 to Feb. 29 1920.1
Equipment.
-There was added to equipment 10 heavy Mikado loco- [Road operated by U.
-Corporate
Combined
motives and 700 steel underframe 100,000 capacity gondola cars.
GENERAL STATISTICS AND EQUIPMENT FOR CALENDAR YEARS.
1918.
1919.
1920.
1921.
1.041
1.011
1.016
Miles of road operated__.
1,016
129
129
134
139
Locomotives
54
54
54
54
Passenger train cars
5,265
5,283
5,281
5,945
Freight train cars
234,160
300,399
181,649
220,112
Revenue pass. carried_
72,852,569
94,585,618
54,111,921
Passengers carried 1 mile_ 75,774,832
2.53 cts.
3.07 eta.2.63eta.
Rev, per pass, per mile
2,697,482
2,899,57i
1,706,346
2,689,388
Revenue tons carried..
1,360,561,508 1,407,260,820 1,383,344,248
Rev, tons carried 1 mile- 819,658,343
0.80 eta.
0.88 eta.
0.66 eta.
1.09 ots.
Rev, per ton per mile
INCOME ACCOUNT FOR CALENDAR YEARS.
Road operated by U. S. RR. Administration from Jan. 1 1918 to Feb. 29 1920.
Co. did not accept Guaranty.]
Combined Combined Combined
Federal
Corporate Corporate
Year 1921. Year 1920. Year 1920. Year 1920. Year 1919.'18 Revised.
$
$
$
Oper. Revenue8,974,264 10,499,725 1,529,192 12,028,917 11,227,664 9,200,062
Freight
332,427 2,697,593 1,912,823 1,373,496
2,324,507 2,365,166
Passenger
139,838
29,224
59,422
40,076
71,205
80,416
Mail
202,100
153,447
33,168
182,878
324,825
168,932
Express
45,140
125,894
9,479
56,999
97,699
116,415
Miscellaneous
283,066
412,473
220,993
360,516
51,957
Incidental
305,848
5,932
6,027
4,106
Joint facilities
4,619
1,408
5,807
Oper. Income_12,104,155
Oper. Expense.?
Maint. way &
structures_ 2,157,574
Maint. equip_ 2,338,689
Traffic
378,728
Transportat'n 4,561,023
Miscell. oper_ 255,799
General
718,855
Transp.for Inv Cr.17,325
13,595,790 2,017,053 15,012,843 13,857,2971 1,078,410
2,232,282
2,073,740
308,852
4,974,361
283,157
446,281
Cr.7,264
373,527 2,605,808 2,524,159 2,034,765
509,159 2,582,900 2,256,687 1,635,871
153,852
187,314
346,396
37,544
923,718 5,898,080 4,075,388 3,626,433
230,987
156,935
326,237
43,081
304,213
251,193
501,290
55,009
Cr.1,632
Cr.7,264
Open exp_ _10,391,343 10,311,410 1,942,038 12,253,448 9,545,286 7,893,879
Net from By.
operations - 1,712,812 3,284,380
75,015 3,359,394 4,121,011 3,184,531
743,577
704,073
712,436
By.tax seals_ al,230,981
670,079
42,358
1,250
Uncoil. ry. rev
807
1,759
1,319
815
504
• Total
1,231.788
670,893
Oper. income_ 481,024 2,613,487
Non.oper. Income
Equip. rentals 1,119,359
996,863
Joint fac. rent
4,211
income
4,500
Inc.from lease
..b2,816,589
317,388
of road_.
185,471
Misc.rent inc. 105,020
Miscel. non
oper. phYs.
8,911
9,989
property
Income from
5,824
4,948
funded see_
Int.fr.unt.see.
385,415
375,586
& accts
133
155,959
Mlscel.Income
Non-oper.Inc_ 4,455,463 2,050,685
Gross income- 4,926,487 4,664,171
Deductions
825,731
Equip. rentals 574,987
77,714
61,384
Joint fac.rents
Rent.of leased
lines
53,344
56,784
Miscell. rents_
Int. on funded
1,225,860 1,202,755
debt
447
Int,on unf.debt 17,130
Amort.of disc,
93,620
on fund.debt 104,727
10,679
10,751
Misc.inc.chgs.
Maint. of inv.
organixat'nTotal deduct- 2,067,953 2,247,960
744,828
705,833
713,7.55
42,862
32,153 2,645,639 3,367,183 2,478,698
223,575
1,220,438
195,643
41,465
53,266
57,766
• 302,684
47,615
317,368 1,901,376 1,900,350
73,514
185,471
67,043
9,989
8,917
1,334
8,282
15,803
2,454
11,349
386,935
155,959
409,634
796
373,711
315,427
11,962
289,524 2,340,209 2,908,162 2,760,027
321,677 4,985,848 6,275,345 5,238,725
249,138
218,231
103,130
31,621
928,881
93,006
318,725
316,725 1,900,350 1,900,350
52,169
52,391
53,344
1,721
1,202,755 1,213,248 1,036,684
10,788
7,126
2,167
47,337
37,860
93,620
164,963
95,353
11,365
74,644
326,780
124,148
154,284
46,783
807,481 2,855,410 3,874,787 3,529,934
Net income._ 2,858,533 2,416,212 def.285,804 2,130,408 2,400,558 1,708.792
a Includes $205,173 income taxes for years 1918 and 1919 paid in 1921 on account
of compensation received as rental of property for 1918-1919 in excess of compensation on which taxes had been paid for the years in question.
b Rental from U. S. RR. Admin. for January and February, 1920 in excess of
the amount credited to income In previous reports on basis of standard return.
-Of the corporate net income for 1921 and 1920 there was applied each
Note.
Year to the Sinking Fund for retirement of 1st Mtge. bonds, the sum of $50,000.
BALANCE SHEET DECEMBER 31.
1921.
1920.
1921.
1920.
$
$
Assets
Liabilities
$
$
Road & equip__ 98,008,100 92,884,239 Preferred stock_ 27,500,000 27,500,000
1,984,506
1,932,106 Common stock_ 47,500,000 47,500,000
Inv. in affil. cos.
121,475
158,200 181 M. bonds__ 24,003,500 19,882,700
misa.phys.prop.
622,428
608,226 Eqp. gold notes_ 2,700,000 3,300,000
Mtge. prop. sold
50,059
50,006 Traffic,&c.,bal _
Sinking fund_ ._
262,653
795,120
59,400 Accts. & wages_
_. ,
Other invest_. 3067,090
684,433 1,356,129
22,328
16,593 Accrued interest
Special deposits _
467,558
413,878
2,489,284
981,689 Matured int___
22,328
16,593
Cash
Miscell
Demand loans &
113,535
256,546
6,170,293 9,728,038 Accrued taxes._
deposits
127,950
201,420
543,384 Accred. dep.,_ '1,341,808
415,819
1,205,652
Traffic, dee., bal.
1,311,385 Unadi. credits__
894,891
720,424
665,726
Miscellaneous
1,837,750 Approp. stir_ _ 7,319,336 7,243,592
Dia.on fd. debt. 2,368,606
Mat'ls & supp- 1,634,803 2,040,002 U. S. Govt. def.
225,510 liabilities
141,098
..
7,354,672
Agts.& conduct.
375,098 2,674,048 Other def. nab_
67,442
15,994
Unadj. debits
Sinking fund__ _
150,000
200,000
Accts. with U.S.
5,940,023 Profit and loss__ 5,400,881 3,244,039
RR. Admin._
166,163
13,254
Other def. assets
Total
118,377,130 121,158,759
-V. 114, p. 1768.
Total
,
118,377130 121,158,759
1921.
$
29,424,895
5,940,810
493,263
583,212
1,860,849
y1920.
1919.
1920.
1918.
$
$
$
28,079,334 29,754,588 26,504,204 22,200,348
6,098,985 6,938,505 6,127,460 4,233,796
462,859
980,023
274,477
281,591
779,818
980,245
947,988
855,327
1,601,791 1,719,475 1,589,007 1,383,949
Total oper. revenue_ __ _38,303,029
Maint. of way & structure 4,538,486
Maint.of equipment
8,119,337
Traffic
585,770
Transportation
• 15,441,039
Miscellaneous
1,404,217
Transportation for inv.._ _ Cr.53,550
35,022,787 40,372,814 35,443,136 28,955,011
4,742,955 5,309,720 3,495,487 3,790,387
7,932,987 9,776,225 7,132,498 6,143,894
337,974
344,773
464,928
561,127
15,971,033 19,667,511 14,764,362 12,233,619
886,884
1,126
339,857 1,530,112
Cr.101,216 Cr.112,740 Cr.8,593 Cr.11,682
Freight revenue
Passenger
Mail
Express
Miscellaneous
Total oper. expenses__ _30,036,300 30,350,542 36,731,955 26,848,728 23,387,875
Net operating revenue_ _ _ 8,266,729 4,672,245 3,640,859 8,594,408 5,587.136
Non-operating income_ _ _ 690,654 1,761,120
142,144
708,302
159,276
Gross income
8,957,383 6,433,365 4,349,161 8,753,884 5,709,280
Taxes
1,408,481
864,731
768,407 1,073,822
762,283
Bond interest
1,687,754 1,687,760 1,687,760 1,687,760 1,687.760
Int. on bills payable
45,473
46,671
4,702
57,562
39,082
Equipment note interest
639,030
505,058
505,058
Miscall, income charges
7,499
8,195
8,522
5,109
4,785
Hire of equipment__ __(debit)550,381 1,297,174 1,692,868
709,045
495,628
Rentals
682,725
654,260
827,994
730,410
839,771
x
560,000
Divs. Prior Pref. stock_ _ _
x
560,000
560,000
Balance, surplus
3,205,880 1,393,973df1,492,511 4,306,615 1,437,413
--were
x During year ending Dec. 31 1920 quarterly dividends of
13.1.%
regularly paid on Prior Preference stock. Payments were made out of
surplus on Dec. 31 1919 and amounted to $560,000.
y The figures shown for year 1920 represent results of operations for the
period March 1 1920 to Dec.311920,inclusive,also proportion of"Standard
Return" assignable to the period Jan. 1 1920 to Feb. 29 1920, during which
time the property was operated by the U. S. RR. Administration. As the
operating revenues, expenses, &c., for the two months ended Feb. 29 1920
are not included in the above tabulation, the results from operation during
the year 1921 are not comparable with the 10 months' period during which
the road was operated by the company in 1920.-V. 11.4, p. 1535. 1064.
Nashville Chattanooga & St. Louis Ry.
(71st Annual Report-Year ended December 31 1921.)
President W. R. Cole wrote in substance:
Decline in Traffic.
-The decline in the volume of traffic, which began in
the latter part of 1920, continued into the year 1921, with the result that.
compared with 1920,the number of revenue tons handled showed a decrease
of more than 27%, and the number of passengers handled a decrease of
more than 29%. The revenue ton miles and the revenue passenger miles
during the year 1921 were less than any year since 1916.
Results.
-The net deficit for the year after all expenses, including fixed
charges, amounted to $259,802.
Even this result was possible only through the most rigid economies
al* a sharp curtailment in expenditures for maintenance of way and
structures, and equipment.
Included in the annual report to the I.-S. C. Commission is an additional
charge to income of $126,471, representing revenues prior to Jan. 1 1918,
and $25,126, representing expenses for the same period, aggregating
$151,597, thus snaking the net loss, as reflected in the accounting for the
year, $411,399. Since this $151,597 represents accruals, not a part of the
operations of the current year, the amount is entered in the profit and loss.
-During the year, 57 cents of every dollar received as revenues,
Payroll.
and 61 cents of every dollar paid out as expenses, represented payroll
charges.
-Although the U. S. RR. Labor Board, In a decision effective
Wages.
July 1. 1921, granted a reduction in the wages of various classes of labor,
yet this reduction amounted to only about 55% of the increase granted
by the Labor Board, effective May 11920. The company is now seeking
through the channels provided by law a further decrease in wages, which,
if granted, it expects to pass on to the public in reduced rates.
-The report for 1920 showed a balance
Final Settlement with U. S. Govt.
due from the U. S.Bit. Administration for the period of Federal control of
$1,289,338, exclusive of any inventory adjustments, &c. In January 1921,
the U. S. RR. Administration advanced $400,000 and again in June
$860,000. Final settlement was concluded In December by the payment
to the company of $700,000.
Guaranty Period.
-The I.-S. C. Commission paid in April 1921, $150,000
in addition to the $1,200,000 received in 1920 on the amount due by the
Government under its guarantee for the period March 1 1920 to Sept. 1
1920. Final settlement has not yet been made.
Funded Debt.
-In February 1921, $495,000 1st Consol. Mtge. 5s were
sold at 92.77 and int., yielding $467,943. These bonds were issued in lieu
of the same amount of underlying bonds which matured Jan. 1 1917. The
proceeds were used to reimburse the treasury for moneys paid out from its
current cash account and to furnish working capital.
The stockholders on March 7 1921 authorized the issuance of $1,000,000
1st Consol. 5s, there being 50 miles of main line upon and for which no
bonds had been Issued. The Commission also authorized the issuance and
sale of these bonds, and they are now held in the treasury subject to sale
as this may become desirable.
Of the $22,000 Lebanon Branch and Fayetteville & McMinnville Branch
bonds, which matured Jan. 1 1917, and not presented for payment,514,000
Fayetteville & McMinnville Branch bonds were presented and paid during
1921. Cash was deposited with the trustee against the presentation of
the remaining $8,000.
-The $500,000 short-term notes were retired by PayNo Floating Debt.
ment and the Liberty bonds given as collateral were returned to the company. Company has now no floating debt.
-The first note of $86,500 payable under the
Equip. Trust Payment.
equipment trust for certain equipment allocated to the company during the
Federal control was paid on Jan. 15 1921.
period of
-Bonds of the State of Georgia in the amount
Other Financial Matters.
of $100,000 held by the company as an investment and deposited with the
State of Georgia under the provisions of the lease of the Western & Atlantic
RR., matured and were paid. Liberty bonds In the amount of $100,000
were deposited with the State of Georgia In lieu of the bonds of the State
retired by payment.
On May 23 1921 the company sold to the Paducah & Illinois RR.$71,000
% bonds of that company at 85 and int., amounting to $61,424. This
sale was necessary to enable the Paducah & Illinois RR. to turn in to the
trustee the bonds required to meet the sinking fund provisions of the
mortgage of that company.
2008
TilF CHRONICLE
Additions and Betterments.
-Improvements to both roadway and equipment during the year have been limited practically to those already in
progress last year and such others as were deemed essential.
No new work is now being undertaken unless it Is absolutely necessary
and the outstanding authorizations are very much less than would be the
case if financial conditions were more favorable. The investment for
improvements was increased $672,457 during the year. as follows:
Roadway
$495,667
Equipment
172,306
General expenditures
4,485
[VoL. 114.
Express Co.'s obligation for purchase of facilities and lease of cars, 9 annual
Installments with interest at 6% guar. by the N. C. & St. L. By. and other
railroads, stockholders in the Fruit Growers' Express Co.(maximum principal liability), $817,702; grand total, $10,775,702. x Included in balance due U. S. Govt. in 1920.-V. 114, p. 1891, 1651.
Pittsburgh & West Virginia Ry.(incl. West Side Belt RR.)
(Fifth Annual Report-Year ended Dec. 31 1921.)
Chairman W. H. Coverdale, May 1, wrote in substance:
Equipment.
-Seven American type locomotives, 3 of which had been in
Final Settlement.
-On July 1 1921 an agreement was entered into settling
service since 1884, and 4 since 1888, were sold to the Georgia Car & Loco- all matters relating to the operation of your property by the U. S. RR.
motive Co. These locomotives were obsolete. This left 269 locomotives Administration between Dec. 28 1917 and March 1 1920. Under the
in service, with an average tractive effort of 34,419 pounds.
agreement we received 'on July 8 1921 $720,000 as a hunp sum settlement
The changes in the passenger equipment resulted in a net reduction in which covered rental, ledger debits and credits, and allowance for underthe total units of one car. 100 all-steel hopper bottom coal cars of 55 tons maintenance during Federal control. This amount is included in our 1921
capacity each were purchased. 213 units offreight equipment(representing income. As our rental was later set at $441,168 annually, or $955,864
for the most part old wooden equipment) were destroyed in the course of for the 26 months of Federal control, and $250,000 had been received Jan. 13
business and dismantled. The steamer Huntsville used in transfer service 1920 to apply on account thereof, and the net ledger balance amounted to
between Hobbs Island and Guntersville, Ala., destroyed last year by fire, $355,551 against us, it follows that the final settlement represented:
was rebuilt.
26 months'rental, $955,854; less advances Jan. 13 1920, $250,000:
Trackage Agreements.
-On Feb. 15 1921 an agreement was renewed with
balance of rental
$705,864
the Louisville & Nashville RR. permitting it to use the tracks of this com- Add deferred maintenance
369,687 $1,075.551
pany between Janta and Atlanta, Ga., the contract becoming effective as Less: Due U. S. R. A. on open accounts
355,551
of Sept. 1 1920, and expiring Dec. 27 1969, the expiration of the present
lease of the Western & Atlantic RR., the consideration being increased in
Net
$720,000
proportion to the increase in the rental of the Western & Atlantic RR.
Among the items due to the U. S. RR. Administration were 5freight locoOn June 11 1921, the contract with the Southern By. for joint use of
this company's line between Wauhatchle, Tenn., and Stevenson, Ala., motives, value $218,023, for which we were given bills of sale when settlewas re-drafted and re-executed on terms much more favorable to this ment was made.
A claim has been presented to the I.
-S. C. Commission covering tne guarcompany than the contract in force since Oct. 1 1880.
anty for the six montns ended 8ept. 1 L.920, but settlement thereunder
has not yet been effected.
OPERATING STATISTICS FOR CALENDAR YEARS.
Much of the deferred maintenance was taken care of during 1921 and the
x1919.
x1918.
x1920.
1921.
balance has been carried over into 1922.
Average miles operated_
1,247
1,258
1,247
Acquisition-West Side Belt RR.
-During the year the Pictsburgn & West
Revenue tons carried..__ 5,277,759
7,050,961 Virginia took over for operation, as of Jan. 1 1921, the property of the
7,254,047
5,808,714
Tons rev. freight carried
West Side Belt RR. Co. under an agreement providing for a division of the
mile
1
975,446,834 1327761605 995,358,130 1179579065 joint net earnings or deficits, on the basis of book cost of road and equipTons carried 1 mile per
ment of eacn company. In accordance therewith the operating results of
mile of road (donsity)_
1,012,332 the West Side Belt RR. are included in the Pittsburgh & West Virginia
836,294
1,166,449
856,799
Avge. rev. per rev. ton
$233
$231
$206 statements of operation.
$271
Av. rev. per mile of rd
$11,742
$11,381
$13,531
$10,740
Your company's applications to the I.
-S. C. Commission covering the
No.ofrev. pass. carried_ 3,103,723
4,385,630
5,922,169 acquisition of the property, &c. of the West Side Belt RR. Co. and the
4,313,486
No. of rev, passengers
increasing of your capital stock,' to offset your advances to that company
carried one mile
146,999,164 188,096,216 200,586,233 250,279,917 and the retirement of its capital stock, are still pending.
No. of rev. pass. carried
Pittsburgh Terminal RR. ee Coal Co.
-Readjustment of business conditions
201,923 in the year 1921 seriously affected traffic in the Pittsburgh district, and
1 mile per mile of road
116,805
150,835
160,851
Avge. amount received
caused a marked reduction in tne movement of coal, coke, iron and steel
from each passenger
$1 01 products as compared with the year 1920.
$1 29
$1 65
$1 25
2.68 cts.
Av. vv. per pass. mile
3.01 cts.
3.48 cts.
2.39 cts.
Dividend income on the Preferred and Common stock of the Pittsburgh
Av,rev, per mile of road
$4,576
$4,823 Terminal RR. & Coal Co., owned by your company, was received during
$4,065
$4,540
x Figures include both corporate and Federal accounts.
the year in the amount of $480,000.
IP* SIM
Additions.
-During 1921 the net increase in investment in road and
COMBINED CORPORATE AND FEDERAL INCOME FOR 1918, 1919 equipment was $613,342, chiefly: Construction of Bell Branch (unfinished
AND 1920 AND CORPORATE FOR 1921.
as of Dec. 31 1921), $253,020;(b) purchase of five locomotives, $238,142.
Dividends.
-Regular Preferred dividends wore continued throughout
[Road operated by U. S. RR. Admin. from Jan. 1 1918 to Feb. 29 1920. the
year.
with guaranty to Aug. 31 1920.1
Extracts from Report of West Side Belt RR. Co. for Year 1921.
Operating Revenues1921.
1919.
1920.
1918.
Final Settlement.
-Under the agreement entered into July 1 1921 witn the
Freight
$14,323,243 $16,873,107 $13,392,295 $14,554,220
Passenger
5,115,363
5,661,011
5,381,541
5,978,978 Director-General of Railroads and Agent of the President, we received on
July 8 1921 $1,080,000 as a lump sum settlement which covered rental,
Mail
598,001
952,092
346,954
324,901
Express
341,189
407,894
396,989
339,711 ledger debits and credits, and allowance for under-maintenance during
Miscellaneous
597,069
546,806
526,534
559,590 Federal control. This amount is included in our 1921 income. As the
rental was later set at $398,832 annually, or $864,136 for the 26 months of
Railway oper. revs_ _ _$20,924,602 $24,491,174 $20,044,314 $21,757,402 Federal control, and the net ledger balance amounted to $22,424 against us,
it follows that the final settlement represented:
Operating Expenses26 months' rental, $864,136; deferred rnaint., $238,288; total_ _ _$1,102,424
Maint. of way & struc
$3,065.616 $5,009,804 $3,503,397 $2,592,940 Less: Due U. S. RR. Administration on open accounts
22,424
Mant.of equipment_ _ - _ 5,501,899
6,617,203
5,196,458
4,774,565
Traffic
Net
833,828
711,818
423,281
431,917
$1,080,000
Transportation
Much of tne deferred maintenance was taken care of during 1921 and the
9,465,005 11,905,482
8,735,173
9,281,724
Miscellaneous
63,276
72,708
77,701 balance has been carried over into 1922.
107,818
General
Property Acquired by Pittsburgh lk, West Virginia Ry.-During the year
579,788
722,762
585,451
498,014
Transp'n for Inv.-Cr
2,135
1,828
5,852
15,672 your railroad property was turned over to the Pittsburgh & West Virginia
By. Co., as of Jan. 1 1921, for operation under an agreement providing for
Operating expenses_ $19,607,276 $25,037,951 $18,545,726 $17,641,191 division of the joint net earnings or deficits, according to tne proportion of
Net rev.fr. railway oper. $1,317,326def.$546,777
4,116,211 book cost of road and equipment of each company.
1,498,588
Tax accruals
550,000
625,500
809,481
548,935
Uncolleetibies
8,687
2,891
1,538 COMBINED INCOME ACCOUNTS OF PITTSBURGH ee WEST VA.
3,455
AND WEST SIDE BELT RR. FOR CALENDAR YEARS.
Operating income _ _ _
$758,638df$1,175,168
$685,651 $3,565,737
1921.
1920.
1919.
1918.
Railway oper. revenue__ $2,808,939 y$3,025,961
(See x)
(See x)
Non-operating Income
Railway oper. expenses_ a3,660,192 y2,964,867
Hire of equip.-cr. bal.. _
$176,179
$519,283
$183,883
$288,733
Joint facility rents, &c_ _
281.640
212,444
212,700
202,525
Net revenue
(1(1.3851,252
$61,093
Inc. from lease of road_ _ •
123,098
Net, after taxes
def
.$119,022
Miscel. phys. property_ _
137,250
119,567
78.909
55,054 Div.P.T.RR. CoalCo..31,17:3,230 def
480,000
160,000
28C,000
840,000
Inc. from fund. securs_ _
87,216
70,953
110.382
77,418 Hire & rent of&
414,583
432,503
Inc. from unfund. secs_ _
110,519
111,497
60,577
56,533 Inc.from leaseequip_ _ _ _
of road.... 1,870,324
250,000
Miscellaneous income.._ _
116,827
Inc. from sec. & accts_
241,486
387,585
127,052
241,113
33,122
85,776
65,686
89,837
Gross income
$1,641,571 df.$108,453 $1,448,932 $4,246,003 Misc. income
Deductions
Joint facility rents
Rent for leased roads
Miscellaneous rents_ _ _ _
Miscel. tax accruals_ _ _ _
Interest on funded debt..
Int. on unfunded debt.._
Miscel. income charges..
y Dividends
$141,904
806,506
1,448
16,480
892,894
42,141
1,120,000
$114,248
851,506
1,471
30,000
837.011
11,906
2,243
1,120,000
$201,739
627,808
216
25,729
725,220
17,225
$101,192
626,518
75
21,789
682,938
12,103
1,120,000
1,120,000
Gross income
$1,012,382
Deduct-Interest, &c......
123
Dividends (6%)
544,242
Rents, &c
48,060
Expenses, taxes, &c
Miscell. charges
14,201
Balance, surplus
$405,756
$916,218
110,769
544,242
54,154
$607,262 $1,170,950
121,167
140,526
544,242
543,363
95,000
3,545
106,594
74,211
$206,771 def.$155,694
$306,257
282
a Includes $810,917 for rehabilitation of road and equipment.
b Includes $720,000 received from the U. S. RR. Administration.
x No contracts having then been signed fixing the amounts to be paid by
the U. S. RR. Administration for the use of the two roads, the company for
1919 and 1918 reported only its "other income" (exclusive of such compensation) with charges, &c.
y For 10 months ending Dec. 311920.
Total deductions
$3,021,371 $2,968,385 $2,717,938 $2,564,610
Net income
def.$1,379,802df$3,076,843af$1,268,006 $1,681,386
y Dividends for 1918, 1919, 1920 and 1921 were paid from corporate
surplus.
GENERAL BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
Assets3
PITTSBURGH
3
WEST VA. RY. GENERAL BALANCE SHEET DEC. 31.
Road & equip t.... _43,564,453 42,930,142 Capital stock
16,000,000 16,000,000
1921.
1920.
1921.
1920.
Improve. on leased
Prem. on cap. stk.
10,480
10,480
Assets
Liabilities,
$
railway property 1,816,431 1,778,284 Fund, debt unmat.17,310,000 16,901,500 Investment in road
Common stock.... _30,500,000 30,500,000
Misc. phys. prop__ 430,142
415,468 Loans & bills Pay500,000
and equipment_30,266,158 29,652,816 Preferred stock_ _ - 9,100,000 9,100,000
Inv. in Mill. cos__ 1,131,068 1,203,268 Traffic, &c., bal..- 496,682
346,883
phys. prop....
404,950 Traffic, &c., balOther investments 1,435,507 1,511,427 Vouch. & wages.... _ 1,681,604 2,508,888 Misc.in affil. cos.: 408,196
nv.
ances Payable-- 116.375
131,195
Cash
2,278,883 1,071,430 Misc. accts. pay_ 135,223
136,116
Stks.-Pitts. Ter.
Accounts & wages
Time drafts & deps 860,000
Interest matured...
34,460
43,725
RR.& Coal Co_x7,462,000 7,462,000
Payable
319,317
394,633
Loans & bills rec__
7,654
7,090 Divs. matured_ _ _ _
3,384
2,507
SO:
.-W.S.B RR.
68,333
Miscellaneous ac68,333
Traf &c.,bal.rec.. 472,060
708,872 Fund,debt matur_
22,000 Bds.-W.S.B.R11...
95,000
counts payable_
13,004
9,757
Bal. nom agents__ 279,746
352,028 TJI1Mat. int. accrd. 229,179
221,394
Adv.-W.S.B.RR. 5,255,415 5,268,394 Dividends matured
Bal.due fr.U.S.Gov
2,163,580 Other curr. Hann._
36,813
94,627
Notes-W. S. B.
unpaid
936
1,125
Misc. accts. reedy. 1,065,817 1,979,084 Deferred lialities
104,938
117,823
RR
1,064,585 1,064,584 Unmatured diva_
136,060
Mat'l & supplies__ 2,602,185 3,630,007 Tax liability
376,469
456,957
Equip. Tr. series
Other liabilities_ _ _
19,477
198,585
Other curr. assets..
19,273
44,622 Prem. on fund. dt_ 101,450
101,450
"B"W.S.B.RR
4,819 Tax liabilities_ _ _ 114,612
31,737
Work.fund. adv__
41,356
48,670 Accr. depr., equip 6,010,425 5,516,569
Stocks, P. &C.C.
Operating reserves
4,603
1,080
U.S. Government:
Accr. depr., misc.
RR
1
1 Accrued depreciax Mat'l & supp2,910,291
physical prop.. _ 20,599
16,802 Other investments 550,000
650,000
tion equipment.. 278,554
214,324
Other def. assets__ . 61,311
19,580 U. S. Govt., maMat'l & supplies.... 466,941
405,246 Unadjusted credits 4,484,246 4,121,382
0th. unadi. debits 1,430,621
475,992
terial & supplies
2,794,735 Bal.from agts.,&c.
11,791
27,473 Additions to propOther unadj. cred- 937,630
359,195 Cash
602,574
878,081
erty through inAdd'nst o property
Special deposits..... 137,436
137,625
come and surplus
23,563 1,480,432
Oro. Inc. & sur_ 360,338
336,477 Traffic, &c., bats69,732
131,945 Profit and loss balProfit & loss
13,646,835 14,761,718 Misc. acc'ts rec'le- 265,147
159,854
ance
2,137,086
184,858
Int.& diva. reedy..
45,658
44,598 U. S. Government
Total
57,496,508 61,249,846
Total
57,496,508 61,249,846 Adv. in transit....
6,939
3,403
account
5,478 1,666,358
Note.
-Contingent liabilities. (a) L. & N. Terminal Co. 50
-year 4% gold Deferred assets.. _ _
4,646
1,100
bonds outstanding endorsed by the N.C.& St. L. By.and L. & N.RR.Co., Unadjusted debits 472,758
355,343
$2,601,000:(b) Memphis Union Station Co. 1st M.5% gold bonds guar. by U. S. Govt. acc't_
1,314,884
the N. C. & St. L. By. and other interested RR. cos., $2,500,000; (c)
ducah & Illinois RR. Co. 1st M.43.% gold bonds endorsed by the N. C.
Total
47,253.311 48,035,460
Total
47.253,311 48,035,460
& St. L. Ry. and the C. B. & Q. RR. Co., $4,857,000; (d) Fruit Growers' -V. 114, p. 1767.
MAY
6 1922.]
T-FrE CHRONICLE
Wabash Railway Company.
(6th Annual Report-For Year ending Dec. 31 1921.)
President J. E. Taussig, St. Louis, Mo.,said in substance:
to
-Operating revenues for the year amounted
Operating Revenues.
59,217,692, compared with $59,982,282 in 1920, a decrease of $764,590.
In view of the general business depression prevailing during 1921 the
results accomplished are a source of gratification and the road is steadily
traffic.
getting on a firmer footing as a carrier of freight and passengerbusiness
Although there was a considerable falling off in the volume of and per
handled, as indicated in tables, the increased rates per ton mile with the
passenger mile made possible the favorable showing as compared
year 1920.
While revenue from mail shows a decrease of $707,505,it is partly attribu-S. C. Commission resulting in an additional
table to an order of the I.
to the period
allowance during 1920 of $814.734 for back mail pay applying allowance for
Nov. 1 1916 to Dec. 31 1919, whereas during 1921 additional
pay during the same period was $151.837. The difference in these
back
allowances accounts for $662,897 of the decrease. the remainder being due
principally to discontinuance of mail train from Toledo to St. Louis and to
a number of minor changes in mail routes.
Revenue from express facilities was $541,160, a decrease of $1,156.609.
the revenues
Approximately $400,000 of this decrease is due to the fact thaton estimates
for the months Sept. to Dec. 1920. inclusive, were based be $197,414
to
furnished by tho Express Company which later were foundrevenues The
too high, and this amount was deducted from the 1921
to the
remaining decrease is due to the general falling off in business; also during
arbitrary method used in apportioning express revenues to carriers
the first eight months of 1920.
Act and the
During that period, as provided by the Federal Controlcredited carriwas
Transportation Act,50.25% of the gross express revenues
express earnings for the year 17.
ers on the basis of the relative gross
tems of the standard
Revenues for 1921 were allotted to carriers under the
1
form of contract with the American Railway Express Co., effective Sept.
that used for Jan. 1 to Aug. 31 1920.
1920, which method compared with
was less favorable.
-Operating expenses for the year were $50,007,874,
Operating Expenses.
a decrease of $8.851,521, or 15.04%, as compared with 1920. The ratio of
expenses to revenues was84.45%,compared with 98.13% for preceding year.
Maintenance of way and structures expenses decreased $1,380,429, or
13.10%. During the year 10,788 tons new rail, 1,112,843 ties and 241,102
cubic yards ballast were inserted.
Maintenance of equipment expenses decreased 32,923.716, or 19.84%.
during the
There was a noticeable improvement in the results accomplished the period
year in repair work as compared with the year 1920 and during
of Federal control.
During the year 405 locomotives were given a general overhauling, comin
pared with 455 in 1920. The average cost of repairs per locomotive mile
There were 1,419
1921 was 33 cents, compared with 37 cents in 1920.
at contract
freight cars either entirely rebuilt or given extensive repairs
of cars repaired
shops compared with 1,254 during 1920. The total number
1920. The averduring 1921 was 189.070 compared with 214,837 during
with 1.637
cost of repairs per freight car mile was 1.146 cents, compared compared
age
cents in 1920. 265 passenger cars were given general overhauling,
average cost of
with 312 in 1920, out of a total ownership of 401 cars. Thecompared with
repairs per passenger car mile in 1921 was 3.388 cents,
3.966 cents in 1920.
with $30,023,953
Transportation expenses were $25,309,317 as compared
The transporfor the preceding year, a decrease of $4,714,636, or 15.7%.
decrease in ratio of
tation ratio was 42.74%, compared with 50.06%, a
7.32%.
costs per freight
Gross tons per train mile increased 43,or 3.1%. Average
increase of 4.3, or
train was 40.8 in 1921 compared with 36.5 in 1920' an was 31.0 in 1921
freight train car per day 13.98%.
11.79%. Average miles per
compared with 27.2 in 1920 ,an increase of 3.8 miles, or during the year.
-The amount outstanding was not changed
Capital Stock.
During the year 31,828.000 5% Cony. Pref. Stock B was surrendered and
and $914.000
exchanged for $914,000 5% Profit-Sharing Pref. Stock A B surrendered
Common stock. The total amount of 5% Cony. Prof. Stock $18.898,400
$37,796,800, for which
and exchanged since Aug. 1 1918 is
-Sharing Pref. Stock A and $18,898.400, par value, of Common
5% Profit
stock was issued.
-The funded debt was increased during the year by the
Funded Debt.
issue of $208,500 Equip. 6% Gold notes dated Jan. 15 1920, payable in
equal annual installments commencing Jan. 15 1921 to 1935, inclusive.
15
The above-mentioned notes are included in the recent offering noted in
"Chronicle" of April 1. p. 1409.1
the year
The funded debt of the company was reduced $1,226,400 during Notes of
Gold
by the retirement of the following obligations:(1) Equipment
1920,$755,400;(2) Gold Equipment Sinking Fund Bonds of 1901, $415,000;
$56.000.
and (3) Detroit & Chicago Extension bonds, $850,000 were paid during
-Notes aggregating
Loans and Bills Payable.
was
year. This amount, together with $400.000 paid during 1920, V.,the
in redeeming
obtained from St. Louis banks on April 28 1920 for use outstanding notes
500,000 4% Gold Notes due May 1 1920. There were no
Dec. 31 1921.
-Road and equipment expenditures made during the
Road and Equipment.
year aggregated $1.850,715. 90-1b. rail was laid, replacing rail of lighter
year 75 miles of
During the
weight, the principal projects being between Horse Creek and Cardiff, Ill.,
5 miles; Decatur,
19 miles; Ryan to Fairmount, Ill., 4 miles; Runnells,
3 miles; Miami to Brunswick. Mo., 8 miles; Kirksville to Green Top,
Mo., 11 miles; Thompson, Mo., 4 miles; Oakwood to Romulus, Mich.. 11
miles; and Logansport to Clymers, Ind.. 5 miles. coal cars, 100 furniture
During the year there were rebuilt 50 box cars,675
cars and 44 flat cars. Ajax doors were applied and draft sills reinforced on
550 hopper cars. -The valuation
-S. 0. Comof
• Federal Valuation. during the year. the property by the I.
The Government engineers and the
mission has progressedare now engaged in assembling the quantities and
company's engineers
made as
applying unit prices and comparisons are being Federal the work progresses.
Valuation Act, the
In making the land appraisal under the
Government appraisers found that certain property which was being used
transportation purposes was included in non-carrier property account
for
and certain property not used for transportation purposes was included in
carrier property account. Adjustment was made in investment in road
transferring
and equipment and miscellaneous physical property accounts,representing
the sum of $1,008,543 from the latter to the former account
the net amount involved as a result of the reclassification.
The Government accountants have completed their examination of the
company's records and are now engaged in writing the report on the original
The
cost to date of the property. the work of the Government accountants
company's accountants and we are now
has been checked currently by
assembling data and preparing statements in order that the Government's
that
report, when served on the company, may be checked. It is expectedcomreports will be served upon the
the engineering, land and accountingcost
of this work to the close of 1921
pany during the coming year. The
amounted to $850,183.
-Taxes for 1921 were $1,860,487 as compared with $1,574,473 for
Taxes.
1920, an increase of $286,014. Approximately $152,000 of this increase is
due to higher tax rates assessed by the various States account of new roads
and schools.
-The claims of the company growing
Settlement with U. S. Government.
control
out of the period of Federalby the and the guaranty period have been filed
Government.
and are now being chocked time during the nar It is expected that settlepart of 1922.
ment will be reached some made with the
Canadian Pacific Ry,for the use
-Contract was
Contracts.
of our freight facilities at Detroit, Mich. This contract is dated Nov. 3
Jan. 1 1920,for a period of three years, and is
1921, but became effective on
subject to termination thereafter on 3 months' written notice by either party.
Contract entered into between the company, Pennsylvania RR. and
20 1917, for the joint use of
Pere Marquette Ry., dated Feb. District, was canceled and terminal facilia new contract
ties at Detroit and in the Detroit
favorable terms
Wabash and the
a period of 96 years on more and executed byto both the during.the year.
for
the parties
was negotiated
Pere Marquette
1921.
The contract is dated Aug. 8
GENERAL STATISTICS FOR CALENDAR YEARS.
1920.
1921.
1918. Pm
1919
Freight carried (tons)-_.,- 17,164.855 19,424,055 17,012:594 19,731,127
4,231,885 4,879.733 4,279,618 4,939.268
(000)
(tons)carr. 1 m.
.
$
$.011748
.009488
$.07474
$.008754
Aver.rev. per ton per m.. 4,324.282 5,283,952
5,193,765 4,932,567
Passengers carried
294,215,733 371,436,704 370,888,498 399,153,846
Pass.carried one rnile
$.03020
$.02735
3.03375
$.02504
Rev. per pass. per mile_ -
2007
The income account was published in V. 114, p. 1885.
GENERAL BALANCE SHEET, DECEMBER 31.
1921.
1920.
1921.
Assets
Liabilities.$
Invest,in road &
Capital stock.._ _138,492,967
equipment __ _222,823,797 220,331,138 Funded debt_ _ _ 74,183,959
Sink,fund inv_ _
382,845 Lonas&billspay.
54,671
Inv. in misc.
Traffic, &c. bal.
phys. prop:
1,506,686
2,024,434 3,018,497 payable
inv.in affil. cos_ 2,920,006 2,854,954 Accts. & wages
Other invest_ _ 1,982,038 3,063,052
payable
6,097,737
Cash
517,708
3,265,896 3,495,911 Misc.accts. pay.
Special deposits_
231,927
925 Int. mat. unpaid
900
Loans& bills rec.
50,650 Divs. unpaid__ _
66,850
Traffic bals. rec- 1,203,005 1,597,874 Fund. debt mat.
Net bal. dur fr.
unpaid
3,200
agts.& cond_ _
933,872
635,983 1,347,970 Unmatured int_
M LSIC.accts. rec. 2,132,584 2,716,553 Unmatured rents
175,272
Mat!.& supp.._ _ 5,150,410 5,153,348 0th. accr. Bab_ _
352,317
Int. & div. ree_ _
60,468 , 73,924 Due to U.S.RR.
Rents receivable
Admin. (incl.
18,100
14,500
0th. eurr. assets
21,318,053
231,179
317,469 loans)
Comp.due fr. U.
Adv. made by U.
S.RR.Adm.._ 6,757,721 6,757,721
S. Govt. acct.
Duefr.U.S.Gov.
guaranty per a6,577,000
48,186
acct.guar.per. a9,309,008 8,063,775 Other def .liab
7,666,442
Due from U. S.
Unadj. credits
RR. Admin_ _ 11,410,999 10,992,518 Add'ns to prop53,779
Work,fund adv_
56,163
342,210
24,762 Fund.debt ret
5,580
Ins.& 0th.funds
5,713 Sink.fund.res_
3,397
1,487 Profit& loss bal _ 13,847,886
Other def. assets
2,236,013 2,148,195
Unadj. debits
1920.
$
138,492,967
75,091,859
850,000
2,297,009
7,125,444
422,629
248,768
431
113,200
955,312
142,273
272,370
20,996,285
5,077,000
43,899
8,111,765
23,528
239,690
51,820
11,859,550
Total
272,349,202 272,413,781
272,349,202 272,413,781
Total
a Due from U. S. Govt. Acc't Guaranty Period, $9,309,008; Less Amt.
advanced by U. S. Govt., $6,577,000; balance due, $2,732,008.
-The general balance sheet is submitted in tentative form and is
Note.
subject to adjustment when final settlement is made with the U. S. RR.
-V. 114. p. 1885, 1536.
Administration.
Boston Elevated Railway Co.
(Fourth Report of Trustees-Year ending Dec.31 1921.)
The board of trustees, appointed by the Governor pursuant to Chapter 159 of the Special Acts of 1918, reports
as of Jan. 26 1922 in substance:
Result of Operation.-After making allowance for delayed charges and
credits applying to the operations of previous years the receipts for 1921
exceeded the cost of service by $1,117,621. In 1920 the cost of service
had exceeded receipts by $346,952.
Deficits Met.
-On Dec. 31 1920 there were also outstanding deficits
carried over from the year 1919 that amounted to 3459.008. These obligations, totaling 3805,959. have been met and $311,662 paid into the reserve
fund as required by law.
-That the improved financial standfng
Improved Financial Standing.
is appreciated is shown in the recent placing at a premium of a refunding
issue of West End bonds bearing 6í% interest (compare V. 113, p. 2820,
and see also V. 114. p. 1892).
-When the trustees in 1918 took
Trustees' Work-Fare Increases, &c.
over the railway. they were directed to establish fares that would provide
revenue sufficient to meet the costs of operation and to put the property
in a good operating condition. This was to be done in the face of a higher
scale of wages and of mounting prices of supplies, &c., and with a railway
-cent fare.
that had been exhausted in the effort to maintain service under a 5
At the end of the first year, during which a 5,then a 7and finally an 8 cent
'
35.000,000 had
fare was in force, an operating deficit of approximately
accumulated, which was met from the reserve fund and general taxation
in the cities and towns served by the railway. In the second year, with a
-cent fare in force, revenue practically met expenses. In the
universal 10
year just closed receipts have exceeded expenditures by approximately
31,117,000.
With the establishment of the railway upon a self-supporting basis
public interest has been awakened to the prospect of repayment to cities
and towns of the amounts advanced. Under the provisions of the public
control Act the general 10-cent fare cannot be replaced by a lower fare until
this repayment has been made.
On July 1 next surplus receipts, after payment of costs of service and of
the balance due the reserve fund, should approximate at least $500,000,
and with favorable weather conditions prevailing the balance will no doubt
be substantially larger. Under the statute this surplus must be used in
reimbursing the cities and towns. The balance of the loan could possibly
be paid in the following year. in any event at an early day thereafter.
Passenger Statistics.-Notwithstanding the general lessening of traffic
upon railroads and railways, on the Boston Elevated there has been an
increase in the number of passengers carried, due in large measure to the
-cent surface lines for short distance travel
experimental operation of 5
without transfer. The total number of passengers carried in 1921 was
337.252,080, against 335,526,561 in 1920 and 324,758,685 in 1919. The
-cent fare is 18% of the total riding.
number of passengers now riding for a 5
With the establishment of additional lines to be in operation during this
and next month, the number will undoubtedly exceed 20% of the total
riding. This limited local service adds to the usefulness of the railway
-cent
without imposing material burden upon those who pay the basic 10
fare.
-The power plant has been improved through installation of
Power.
new equipment. Fewer tons of coal have been burned during.1921 than
in any of the years 1920 to 1915.
-During the year 27.242 miles of track have been
Road & Equipment.
constructed and 13.88 miles improved by extensive repairs. 105 modern
centre entrance cars have been received and placed in service and 46 of the
65 steel cars which were ordered to replace an equivalent number of wooden
cars in use on elevated lines have been received. Several large snow
ploughs have been added to the equipment.
-The Arlington station of the Boylston St.
Rapid Transit Development.
subway was opened on Nov. 13. Minor improvements for relief of congestion have been made in the Tremont St. subway by the alteration of
the stairways at the Park St. station.
Actual construction of the terminal station of the East Boston tunnel
at Maverick Square is under way by the Transit Department.
The trustees have also taken part in the work of the Joint Board, consisting of the Department of Public Utilities and the Transit Department
of Boston, in the adoption of a practical plan to provide for an extension
of rapid transit service in Dorchester.
The terminal yard at Forest Hills has been completed and the operation
of trains from this yard began on Nov. 9. This annually lessens operating
costs by eliminating nearly 1.000.000 miles of dead mileage.
Two important changes in rapid transit are now pending. One involves
-car trains from
virtually a new transit thoroughfare for the operation of 3
a terminal at Braves Field. Allston, through the Boylston St. and Tremont
St. subways and over the East Cambridge Viaduct to Lechmere Sq.,
Cambridge, where a new terminal is being constructed. This change will
substitute one large unit for several small units. The other change is that
proposed in the lines operating on Huntington Ave. through the substitution
of train for single car service.
These two improvements furnish the only known way of relieving the
congestion in the Tremont St. subway until a permanent remedy is provided
through the enlargement of the facilities which this subway affords. Aim
TRAFFIC STATISTICS CALENDAR YEARS.
1920.
1919.
1921.
5,770,692 6,588.2_26
5,778,881
Round trips operated
$32,253,630 $33,108,946 328,767,544
Passenger revenue
53.74 cts.
64.89 cts. 64.62 cts.
Passenger revenue per car mile
$7.155
$6.057
$7.361
Passenger revenue per car hour
49,706,697 51,237,527 • 53,533,522
Passenger revenue mileage
4,749,318
4,381,815 4.627,295
Passenger revenue car hours
337,252,080 335,526,561 324,758,685
Revenue passengers carried
6.086
6.548
6.785
Revenue passengers carried per car m_
76.97
72.51
68.38
Revenue passengers carried per car hr.
2008
THE CHRONICLE
INCOME STATEMENT FOR CALENDAR YEARS.
Operating Income1921.
1920.
1919.
1918.
Passenger revenue
$32,237,396 $33,096,764 $28,752,675 $20,337,460
Mails, rentals, ad., &c
615,657
654,097
651,916
639,505
(VOL. 114
produced by the mines of the company; 54,200 tons of ore were either
purchased from or treated for other companies; and 7,054 tons of material
were from the old plants at Anaconda and Butte. No copper ores were
treated at Great Falls except a small tonnage of concentratesfrom Anaconda
used for the fluxing of zinc plant residue.
There were produced 36,257,591 pounds of fine copper, 2269,875 ounces
Total
$32,853,053 $33,750,862 $29,404,591 $20,976,965
of silver, and 8,725,890 ounces of gold. Of this production, 32,267,345
Operating Expenses
Way and structures_..-- $3,021,844 $3,226,275 $3,783,715 $2,372,932 pounds of fine copper, 2,137,062 ounces of silver, and 8,618,538 ounces
Equipment
4,470,357
4,033.850 4,290,040 3,142,369 gold were produced for your company.
Power
2,532,501
4,568,991
2,980,659. 2,604,366
Refineries.
-The refinery at Great Falls produced during
Trans.expeuses
10,752,383 11,524,823 10,530,882 7,772,434 41,842,790 pounds of cathodes, all of which were melted into the year,
shapes at
Traffic
2,401
3,358
4,758
9,167 that point.
General & miscellaneous 2,063,571
2,411,824
The refinery of the Raritan Copper Works at Perth Amboy, N. J., pro2,110,285
2,094,829
duced for all companies, 169,700,240
Total oper. expenses_ _322,843,057 $25,769.122 $23,700,339 $17,996,097 ounces of silver, and 51.473.676 ounces pounds of fine copper, 10,370,834
of gold.
Net earnings
10,009,996 7,981,740 5,704,252 2,980,868
Rod dz. Wire Mill.
-Operations at the Rod Mill were entirely suspended
Taxes on ry. operations_ 1,546,758
1,142,987
1,045,502
917,515 on Oct. 19. Total production
Operating income
8,463,238 6,838.753 4,658,750 2,063,352 amount 17,635,512 pounds were of rods was 42,435,436 pounds. Of this
manufactured into wire, of
Dividend income
9,180
9,180
9,180
9,180 221 pounds were made into strand. Operations of the wire which 12393,mill continued
Inc.from fund. secur_
4,503
6,357
6,289
6,667 throughout the year, but on a reduced basis.
Inc.from =fund.secur_
375,159
233,379
42,853
34,014
Zinc.
-From the Butte mines there were produced 58,244 wet tons of
Inc.from sink.fund,&c_
33,280
28,853
33,280
33.280 zinc ore.
Miscellaneous Income_ _ 1,850
3,004
2,388
2,587
Reduction Works.
-The plants at Anaconda and Great Falls treated
Gross income
$8,887,210 $7,119,527 $4,752,741 $2,149,080 126,515 tons of ore and other zinciferous material. Of this amount,
76,435 tons of ore were produced by the mines and 50,079 tons of ore and
Deductions
Rent for leased roads.._- 2,862,207 2,816,248
2,775,232
2,752,214 concentrates were purchased.
The electrolytic plant at Great
Miscellaneous rents..1,781,225
1,612,746
1,339,502
1,059,071 622,273 pounds zinc in dross; and Falls produced 22,684,264 pounds zinc,
residue from which there were produced
Netloss on miscellaneous
12,008,332 pounds lead, 1,312,379 pounds copper, 2,055,940 ounces silver,
physical property..__6,960
9,326
7,986
9,136
ounces gold.
Interest on funded debt.. 1,292,800
1,307,019
1,309,477
1,120,787 and 5,269-The sawmills
Lumber.
at Bonner and Hope cut 39,832,619 feet of
Int. on unfunded debt.201,458
207,945
246,313
181,369 lumber and purchased
241,454 feet, of which 13,276,760 feet were shipped
Amort. of die. on funded
to the departments
debt
31,468
34,860
44,290
7,818 300.565 feet were of the company,20,442,673 feet were sold commercially,
Miscellaneous debits..
16,280
14,881.
5,389. 1552,223 feet wereused at the mills for repairs and construction, and
8,070
supplied to the factory for manufacturing, or a total
disposition of 35,552,221 feet; increasing the stocks of finished lumber on
Total deductions from
gross income
$6,192,399 $6,003,026 $5,730,871 $5,135,786 hand by 4,521,852 feet; leaving a balance on hand at Dec. 31 1921, of
Balance
$2,694,812 $1,116,501 def.$978,129 def2,986,706 52.940,513 feet.
Coal.
-At Diamondville, Wyo., there were produced 292,834 tons of
Preferred dividends 37-.
210,000 ($7)210,000 ($7)210,000
x61,250
Common dividends ($5.50)1,313,367
($5 Y)1253668 %)1193970
k
(5
596,985 coal, 87,593 tons of which were shipped to other departments of the company, 168,094 tons were sold commercially and 37,147 tons were used at
Balance, sur. or der_ __sur$1,171,445 def.3347,167(11'32,382,099 df$3,644,941 the coal mines.
At Washoe, Mont., there were produced 136,576 tons of coal, 44,033
tons were shipped to other departments of the company, 86-,633 tons were
x 2.04 1-16% paid on Preferred stock in 1918.
sold commercially, and 5,910 tons were used at the coal mines.
At Sand Coulee, Mont., there were produced 21,202 tons of coal, 17,615
GENERAL BALANCE SHEET DECEMBER 31.
tons were shipped to other departments of the company, 3,479 tons were
1921.
1920.
1921.
1920.
sold commercially, and 108 tons were used at the coal mines.
Assets
Liabilities
Arsenic.
Road & equip___ _51,947,200 50,227,896 Common stock_ _ _23,879,400 23,879,400 produced -As a by-product of copper smelting operations, there were
2,467,352 pounds
Miscel. phys. prop 619,319
864,186 Preferred stock.... 3,000,000 3,000,000 refined, assaying more than of arsenic, of which 1,055,281 pounds were
99% arsenious oxide. Sales during the year
Inv. in affil. cos.:
Prem. on cap. stk. 2,707,428 2,707,428 amounted to
1,888,294
Stocks
201,510
201,509 Funded debt
28,086,000 28,086,000 1,403,044 pounds were pounds at an average price of 7c. per pound,of which
crude and 485,250 pounds were refined.
4,848,245 4,848,245 Mortgage note... 125,000
Notes
125,000
Sulphuric Acid.
-The sulphuric acid plant at Anaconda produced
Advances to
Open acct. (West
13,563
Current account 1,738,345 2,446,750 End St.Ry.Co.) 1,214,949 1,214,949 to the tons of sulphuric acid, averaging 60 deg. Baume. This was supplied
flotation and leaching plants.
Other companies,
Loans& notes pay. 2,463,372 3,029,672
Fertilizer.
-In order to utilize the excess capacity for the production of
road & equipm't 102,852
102,855 Vouchers & wages
Other investments 200,942
178,665
payable
1,208,320 2,229,714 sulphuric acid at Anaconda, company has entered into the fertilizer field.
The phosphate rock treated with sulphuric acid is
1,320,913 2,038,490 Mat.int. div.,&c_ 770,352
Cash
789,640 known to the trade as"Treble-Superphosphate," converted into a product
containing approximately
Dep.for int., div.,
Accr.Int. div.,&c. 865,722
861,808 48% phosphoric acid. This department is as yet in a
state of development.
769,147
788,434 Deferred liabilities
38,953
53,159
Butte, Anaconda & Pacific
-The railway transported 1,079,160
431
Loans & notes rec.
1 Tax accrued
397,731 tons of ore and other freight,Railway.
733,233
and 152,592 passengers. The gross revenues
376,746 Ins.& casual. res.,
227,734
Misc. accts. rec..
and
Mat. & supplies 3,251,416 3,687,118
&c
40,382 were $610,383;rentaland miscellaneous receipts $14.864;operating expenses,
int.
Int.div.& rents rec
26,410 Operating reserve_ 918,043
30,309
988,685 $724,537; taxes,Smelting rental of leased lines, $239,601; not loss, $338,891.
International
-Copper plant was closed down during the
Co.
35,716
33,480 Accrued deDrecia'n 1,503,431 1,880,998
0th.current assets
operated
The
Ins.& other funds_ 802,550
802,550 Miscell.reserve_ _ _ 142,636
133,531 entire year. time lead plant treated on a curtailed basis until July 5,
during which
there were
61,707 tons of ore, from which there
227,198 Adv. by Comm.of
Prepaid rents, &c.. 129,100
were produced 9,216,564 pounds of fine lead, 1,281,558 pounds of fine
Disc.on fund.debt 291,720
323,187
Mass.ace .del .in
253,690 cost of service 3,980,152 3,980,151 copper, 1,529,566 ounces silver and 4,297 ounces gold. A general clean-up
0th. unadj. debits 203,072
dust and
Cost of service def.
Surplus
def238,977 def.990,687 of flue of arsenic.other by-products resulted in production of 1,006,063
pounds
for 12 mos. end.
Tooele Valley Ry.-Operations were continued throughout the year.
June 30 1919._ 4,668,490 4,980,152
The-railway handled during the year 70,000 tons of ore and miscellaneous
Grand total__ _ _71,398,013 72,407,563 Grand total__ _71,398,013 72,407,563 freight.
Miami (Ariz.) Smelter.
-The smelter at Miami was down from April 23
-V. 114, p. 946, 737.
until Nov. 17, when operations were resumed to treat the accumulated
concentrates shipped by the Miami Copper Co. There were treated
during the year 104,654 tons of concentrates and purchased ores, from
Anaconda Copper Mining Company.
which there were produced 50,818,557 pounds of fine copper. 120,897
(Report for the Year ended Dec. 311921.)
ounces silver, and 1,258 ounces gold.
International Lead Refining Co.
-The refinery at East Chicago, Ind.,
annual report, dated at New York, May 2, says: treated 7,975 tons of lead bullion from the Tooele plant, and 3,268 tons
The
of
Demoralization of Copper Industry.
-An available supply of copper far purchased ore and bullion, from which there were produced 20,683,128
In excess of the demand for consumption resulted in the demoralization of pounds of common lead, 914,875 pounds antimonial lead, 2,612,960 ounces
silver, and 9,021 ounces gold.
the industry during the year 1921.
Anaconda Lead Products Co.
The industrial depression that had become acute in the last quarter of
-The plant was shut down from March 15
1920,continued beyond the first of the year, resulting in a greatly restricted to Oct. 16. There were produced during the year 4,601,553 pounds of
demand. The surplus stocks resulting from the sudden termination of the white lead; sales amounting to 5,559,418 pounds materially reduced the
war, and which had been carried over, showed no substantial decrease stocks on hand. The plant is now on an operating basis of about 20 tons
during the year, as production had been maintained at a level about equal of white lead daily.
Walker Mining Co.
to current consumption. Quantities of copper and brass scrap continued
-Mining operations except development work at the
to be marketed. The result was a rapid increase during the first quarter, Walker mine and mill were discontinued throughout the year. The ore
reserves at the end of the year were estimated at 900,000 tons, averaging
of refinery stocks.
-The market price for the metal declined to less 4.2% copper, carrying also values in silver and gold. The tramway to
Market Price of Copper.
than 12 cents a pound, while the cost of production remained relatively Spring Garden was completed. There are on hand at the mill more than
high, due to prevailing wages, freight rates, and the cost of supplies.
7,600 tons of concentrates, assaying 19.76% copper, 7.46 ounces silver per
-To meet the situation a suspension of operations was ton, and .19 ounces gold per ton, which will be shipped to Tooele when
Mines Closed.
unavoidable, and accordingly production ceased. about April 1, the mines smelting operations are resumed.
remaining closed to the end of the year. Notwithstanding similar action
-During the year this company produced 328.574barrels
Arizona Oil Co.
was taken by nearly all of the larger producers, refinery stocks continued of oil. Dividends of $13 70 per share were paid, our company receiving
to increase until May, due to the refining of blister copper produced prior $111,792 from this source.
to the shutdown. From May to the close of the year stocks showed a
South America.
-Andes Copper Mining Co.
-Curtailment of operations
gradual decline, production from mines In the United States having been at Potrerillos went into effect at the beginning
and in consereduced to less than 20% of the normal operating maximum. The price quence the development work done was less thanof the year,previous year.
that of
continued low, declining to about 11.63c. per lb. in August, then gradually • Churn drilling to the extent of 4,840 foot was donethe
during the year.
advancing to about 14c. at the close of the year.
There were added to the ore reserves 10,628.006 tons. averaging 1.493%
-Under these conditions it was impossible to avoid sustaining a
Results.
additional
wrtile n(l of ore without re
a
sulphide
yearwo superimposed
heavy loss during the year. The aggregate of all Items entering into the on'. jhestotd ?
c
e
s
hi
orereserves
profit and loss statement is $16,999,555, which upon analysis is shown tons, having a aa
copper content of 1.498%. The amount of work done in
to be due to the following general causes:
drifts, raises and winzes was
(a) $3,188,745 resulting from marketing metals in the liquidation of year on the La Ola pipe line. 11,945 feet. No work was done during the
stocks at prices below the cost of production and carrying charges as set
Potrerillos Ry.-The Potrerillos By., consisting of the main line from
up in the inventory of Dec. 311920.
Pueblo Ilundido to the townsite
the
(b) $2,886,637 from the adjustment of inventories of copper, load and Barquito with the Chilean State of Potrerillos, and was line connecting
RR. at Chanaral,
operated satiszinc to the respective market price of these metals at Dec. 31 1921.
factorily during the year.
(c) $5,243,669 was due to int., bond discount and doprec. charges.
Property.
-Additional acreage was taken up
(d) $5,680,503 was expended during the non-operating period for main- total of 273,241 acres owned by the company. in the year 1921, making a
tenance of the property and necessary organization. Included in this
Santiagd Mining Co.
-Lo
-No development
amount are the sums expended in the various communities, either solely Lo Aguirre during the year. Aguirre Mine. reserves amounted was done at
The
to 8,950,500
or largely dependent upon the operations,for the relief of former employees tons, containing 1.986% copper. total ore
and their families.
The total development for the year at the Africana mine was 3,685 feet,
Acquisition of American Brass Co.
-Convinced that in order to protectthe consisting of drifts, crosscuts and raises. All development work was
business of the company, it should be placed in a position to control the suspended on May 15.
reserves on May 15 1921, showed an
outlets of its metals and to promote the sale and distribution of copper and increase of 385,889 shortThe ore
tons, averaging 3.304% copper, the total ore
brass products, negotiations were initiated for the purchase of the shares reserves being 2,687,184 tons, having a copper content of 3.655%.
of American Brass Co. The purohase was consummated Feb. 10 1922,
Inspiration
-During the year company increased
when more than 99% of the Brass shares were acquired (see V. 114, p. its holdings ofConsolidated Copper Co.
stock in this company from 285,300 shares to 297,300 shares.
2725, 2822; V. 114, p. 74.)
Zonia Copper Co.
-A corporation known by this name was organized
Operations Resumed.
-The mines started production Jan. 16 1922.
to develop a group of mining claims in Yavapai County, Ariz., upon
Metal Shingle for Roofing -An interesting development resulting from which options had been secured for our company, Inspiration Consolidated
the efforts to promote the use of both copper and zinc, has been the per- Copper Co. and individuals. 39,000 shares of the stock of this company
fection of the Anaconda metal shingle for roofing. Although not perfected were issued (par $10) of which amount our company subscribed for
13,000
until October, an operating plant and selling organization have been shares. A shaft was sunk 874 feet and crosscuts run to determine whether
developed, and the product is now being marketed.
or not the property had value. The result was disappointing; work was
-Operations at Butte were conducted on a restricted scale during stopped and the options
Copper.
the first three months of the year. There were mined 353,056 wet tons have been paid there willon the property surrendered. After all expenses
remain about $20,000, together with the salvage
of ore and 8,116 tons of precipitates were produced.
value of the equipment, machinery, supplies, &c., to be distributed to the
Concentrator do Smelter.
-At the concentrator there were treated 373,410
tons of ore, 43,053 tons of slimes from the ponds, and 224,577 tonN of stockholders.
Financial Condition & Plans.
-[The report gives a short resume of the
tailings.
operations of
The leaching plant treated 148,900 tons of tailings, from which there an outline of the company since increase in capital in 1910, together with
the properties acquired and its expansion in South America,
were produced 842 tons of cement copper.
The Anaconda smelter, including the concentrator, treated for all com- and then goes on: company is best summarized
The
of the
panies 456,493 tons of ore. Of the total amount, 395,239 tons of ore were carriedgrowth balance sheet during the period. by a comparison of assets
to the
MAY 6 1922.]
THE CHRONICLE
At Dec. 31 1909, the end of the year prior to consolidation, the net
book value of the assets was $34,679,216. To Dec. 311921, there was an
increase to a not book value of $236,839,025, an addition of $202,159,809.
These figures do not include the purchase of the American Brass shares.
Payment has been made for the assets acquired by issuing stock at par,
$86,562,500; and outstanding bonds, $49,201,700; total, $135,764,200.
The balance, a sum of $66,395,609, has been obtained from re-investing
earnings above the amount declared as dividends, which during this period
aggregated $128,873,125.
Development of the Potrorillos mines has added to the known extent of
the ore body and has indicated the presence of sulphides richer in grade and
of greater tonnage than had been anticipated. This fact has caused a
modification in tho plan of plant and equipment for the property. These
changes involved no sacrifice of any expenditure already made, but will
require larger sums to carry the property to adequate production. The
purpose to be attained will be to bring into realized profit more quickly
the result of mining the richer ores more lately developed.
A consideration of the matters briefly referred to in this review of the
company and its future requirements, has induced the directors to believe
that the company's policy should be to provide itself with the additional
capital that will be required, by adopting a plan of financing, so that the
future may carry its share of the undertaking, and the company be placed
in a position to resume the payment of dividends as soon as a general
improvement in the metal market warrants.
The present requirements are not large, but the expenditures which will
be distributed over a number of years, and the refunding of the outstanding
issue of bonds, if desired, should be provided for. The details of the plan
are now being worked out and will be submitted as soon as completed, for
approval,before any action is taken. [Signed by John D.Ryan,Chairman,
and Cornelius F. Kelley, President.]
PROFIT & LOSS ACC'T YEARS END. DEC. 31, INCL. SUBSIDIARIES.
1918.
1919.
1920.
1921.
$
Receipts
Sales of metals & manu31,097,214 60,944,254 64,571,171 109,504,744
factured products_
2,016,017 6,814,730 7,436,953 10,248,791
Royalties. &c
1,892,788 2,867,515
120,026 .1,315,087
Income from invest., &c.
Metals & mfd. products
17,817,364 32,536,183 28,705,375 27,865,266
in process & on hand
Total receipts
Disbursements
Metals in process and on
hand Jan. 1
Cost of merchandise sold
Mining exp., incl. develOre purchases
Reduction expenses, &cTrans. of metals, refin'g
and selling expenses
Adm. exp. & Fed. taxes_
Depreciation, &c
51,050,621 101,610,254 102,606.287 150,486,317
36,516,880
5,337,189
3,786,077
3,957,200
5,119,254
28,705,375
5,664,682
17,943,878
13,813,410
19,248,563
27,865,266
11,186,550
17,294,929
12,968,644
16,216.916
32,966,589
5,845,701
29,844,525
19,474,604
23,695,832
1,250,676
1,220,362
2,135,401
4,963,639
1,935,452
4,300,349
6,247,392
1,518,566
2,928,237
8,552,862
2,522,616
6,104,185
59,323,039 96,575,348 96.226,500 129,006,914
Total deductions
5,034,906 6,379,787 21,479,403
def.8,272,418
Balance
676,533
1,276,145
Int., incl. disc, on bonds 3,108,268 2,343,243
-down _ 5,680,503
Exp. during shut
Dividends
6,993 750 9,325 000 17,484,375
(15%)
Per cent
(6%)
(6%)
2009
delivered against payment;(c) time drafts drawn documents to be delivered
against acceptance.
How GMAC Secures Its Funds.
-There arises from the service extended to
General Motors distributors and dealers and their retail customers,under the
GMAO plans, the following classes of obligations: (1) Promissory notes
arising from the retail plan;(2) promissory note, arising from the wholesale
plan;(3) trade acceptances arising from the wholesale plan;(4) drafts arising
from foreign operations.
The physical collateral underlying these obligations consists of products
manufactured by General Motors Corp. and such other motor cars as may
be taken in exchange by dealers in connection with the retail sale of new
General Motors products. General Motors Acceptance Corp. retains title
or other control of all products financed, until full payment has been made.
Money used in buying the obligations of distributors and dealers and their
retail customers is obtained in three ways through negotiation of its obligations to banking institutions: (1) Foreign drafts and wholesale obligations
are sold direct. (2) The Canadian and English retail and wholesale obligations are used as collateral for direct borrowings.
(3) In the United States such wholesale and retail obligations as are not
sold direct to the banks are deposited with the Irving National Bank of
New York, as trustee, or its sub-trustees, against which are issued General
Motors Acceptance Corp. Collateral Gold Notes in denom. of from
to $100,000, with short term maturities. These gold notes do not $500
bear
interest but are sold to the banks at prevailing discount rates for prime commercial paper.
General Motors Products.
-The products manufactured by the General
Motors Corp. which are financed under the GMAC wholesale and retail
plans are listed below. The prices quoted are as of May 1 1922 f. o. b.
factories.
-Chevrolet- Oakland.-Oldsmobile- -Buick-Cadillac.
Pass. Cars. Superior. F.B. 6 Cal. 4 Cyl. 6 Cyl. 8 Cyl. 4 CO. 6 Cyl. 8 Cpl.
2 pass. roadster_ _ _ $525 $975
$895 c$1785 $3100
3 paw roadster_ _ _ ___ _ ____ $iiib $11-- 115Y5 -_-_-_-____ 1365 --- 45
4 pass. touring___
21265 ____ 1595 $1735
3150
5 pass. touring__ _ 525 -5iL 1145 1145 ____ d1850
935 1395
7 pass. touring___ _
1585 3150
1735
5 pass. Sedan
875 iii iiii ffi58 iii)
1395 2165 4100
7 pass. Sedan
____ ___ _
2375 b4250
ii58
7 pass.limousine
____ _ _ _ _
4550
• ---- 3175 4600
7 pass.limousine__
2 pass. coupe
H5.3
3875
3 pass. coupe
1885 „
4 pass. coupe
850 1575 16I8 1645i8 iii
2075 23875
5 pass. coupe
3925
a Victoria. b Suburban. c Special 3
-pass. roadster. d Pacemaker. x Sport
model.
Chevrolet Truck.
Oldsmobile Economy Truck.
34 Ton light delivery wagon
$525 1 Ton chassis
$1,095
tg Ton Model "G" chassis
745 With cab
1,175
1 Ton Model "T" chassis
1,125 With express body
1,245
GMC Truck,
Samson Farm Trucks, Tractors and
1 Ton chassis
$1,295
Implements.
2 Ton chassis
2,375 Model 15 truck
$595
33 Ton chassis
3,600 Model 25 truck
995
5 Ton chassis
3,950 Model M tractor, stripped
445
Model M tractor complete
555
Delco Light electric light and power plants
-30 models
$250 to $1,625
Frigidaire electrically operated refrigerators
-2 models
$595 and $775
Worldwide Operation.
-The operations of General Motors Acceptance
Corp. extend to every corner of the globe, with branch offices in 11 cities
and traveling representatives covering all countries where the motor vehicle
is used in quantity.
Rank as Banking Corporation.
-General Motors Acceptance Corp. ranks
120th among banking institutions in the U. S.from the viewpoint of capital,
surplus and undivided profits, and the Acceptance Corporation loans outstanding represent about 1-1500th of all bank loans.
Number of Cars Financed.
-Prom inception, early in 1919. to April 1
1922 there have been financed under the GMAC retail plan 146,937 cars,
trucks and tractors, and 102,074 cars, trucks and tractors under the wholesale plan. This does not include other General Motors products financed,
nor the operations of the Foreign Department.
Financial Accommodation Extended.
-The total amount of financial accommodation extended by General Motors Acceptance Corp. from inception to April 1 1922 is $227,743,664. This means that under the GMAC
plans there have been financed General Motors cars of a retail value in
excess of $300,000,000. The amount of domestic and foreign obligations
purchased by General Motors Acceptance Corp. Is distributed as follows:
,
Retail.
Foreign.
Wholesale.
Total.
1919
$3.256,192 $9,989,019 $7,635,777 $20,880,988
1920
19.830.994 46,693.170 37.578,470 104,102,634
1921
39,725,007 34,370,140 77,457.028
3.361.881
1922 (1st quarter)_ _ _ _ 1,448,633
11,395,783 12,458,598 25,303,014
Bal., sur, or def____def17,061,189def4.302,089 def4,221,358sur3,318,495
BALANCE SHEET DECEMBER 31.
[Including assets and liabilit es of subsidiary companies.]
1920.
1921.
1921.
1920.
Assets
Mines & mining
Capital stock is116,562,500 116,562,500
crms,land,%el 19,438,111 118,364,459 sued
Bldgs.,mach.,&c. 76,285,549 75,019,735 Int. In sub. cos_ 2,486,295 3,594,090
Invest. In sundt y
10-year secured
49,201,700 50,000,000
companies ___ 16,496,444 15,975,377 gold bonds
Acc'ts & wages
Mat'l & supplies
& prepaid exp_ 21,989,307 24,050,298 Payable and
Mdse. for salo
1 3,980,697 taxes, &c., ac13,075,368 17,574,860
Metals in pro-) 17,817,364(
crued
J
cess, &c_
1 32,536,183 Reserve for de24,182,834 22,310,820
Accounts receivpreciation
67,753,907 84,753,462
able & cash__ 21,235,831 24,868,982 Surplus
273,262,605 294,795,732
273,262,605 294,795,732 Total
Total
-The above accounts are compiled on the same basis as heretofore.
Note.
In order, however, to comply with the Government income tax requirements for the purpose of computing depletion, an additional valuation of
the mining property as of March 1 1913 has been recorded on the books
Totals
$27,897,700 $107,802,979 $92,042,985 $227,'743,664
of the company, but for the sake of uniformity the result of those entries
Bug,ers of Obligations.
-The banking institutions of the United States
are the buyers of the General Motors Acceptance Corp. obligations. A
-.V. 114, P. 1411.
has been omitted from the current statements.
comprehensive sales organization has sold over $200,000,000 of notes and
acceptances, representing over 5,200 individual sales to over 1,000 national,
General Motors Acceptance Corporation.
State and savings banks, and trust companies in almost every State in the
Union.
(Statement of Condition
-May 1 1922 and Dec. 31 1921.)
CONDENSED GENERAL BALANCE SHEET DEC. 31 1921.
President Pierre S. du Pont in a letter dated May 1 to
A4.910.
the stockholders of the General Motors Corp. outlines the Cash in banks and on hand__ $2,650,596 Capital stock
$4,000,000
Notes and acceptances
26,199,685 Surplus
1,010,551
objects of the General Motors Acceptance Corp. and the Cash in trust
816,611 Collateral Gold Notes
21,038.000
accomplished since organization. He says in part:
work
Foreign bills of exchange_
1,061,958 Demand notes secured
1,387,583
Purpose.
-The General Motors Acceptance Corp. was Acc'ts due from sale of ColWholesale paper rediscounted 2,347,408
Organization and
lateral Gold Notes
132,039 Foreign bills of exch. diseted
organized three years ago under the Banking Law of New York as an as841,637
113,419 Acc'ts pay, affiliated corps
sociated independent banking institution to provide credit accommodations Acc'ts rec. affiliated corps.__
24,159
Other accounts receivable
169,317 Other accounts payable
exclusively for General Motors distributors and dealers and purchasers of
153,670
Interest earned not received_
2,782 Cash & securs, pledged by forGeneral Motors products.
functions of the General Motors Acceptance Corp. are to supple- Office furniture & equipment,
eign customers (see contra)
221,989
The
less depreciation
343,879 Interest received in advance, 482,952
ment existing local banking facilities, which accomplishes two things: first,
6,000 Reserves
that General Motors distributors and dealers, with approved credit stand- Investments
426,016
finance their purchases and sales upon a thoroughly Cash & securs. pledged by foring, are enabled to
eign customers (see contra)
221,989
sound banking basis; which in turn means, second, that General Motors
206,689
Corp. Is enabled to sell its products for cash. This necessitates the employ- Deferred charges
ment of much less working capital than would be needed were the corporaTotal
$31,933,966
Total
$31,933,966
tion itself to attempt to extend credits generally.
-Under the GMAC wholesale plan, -V. 111, p. 586, 593.
(MAC Wholesale and Retail Plan.
General Motors dealers, after credit has been established, may purchase
new passenger cars, commercial vehicles and power farm implements direct
Studebaker Corporation.
from the Divisions of General Motors Corp. or from their distributors by
(Financial Statement for Quarter ending March 31 1922.)
paying a small amount in cash; the balance (85% to 90%) is payable as the
machines are released or at an agreed date after shipment. General Motors
President A. R. Erskine, as quoted, says in substance:
Acceptance Corp.retains control through the dealers'local bank of the products financed until full payment.
While the directors deemed it unwise to take action on the subject of
Under the GMAC retail plan, General motors merchants may sell the increased dividends, the continued success of the corporation would unproducts to customers in good credit standing upon terms specified by the doubtedly require attention to this subject in due course. The corporation
Acceptance Corporation. The purchaser pays a portion in cash (in no case is not a borrower of money, and its present cash reserves and investments
less than 25%) and gives an obligation for the remainder payable in 12 (or are larger than at any time in its history.
loss) equal monthly Installments. The price paid is the cash price plus
The production was 26,665 cars, an increase of 143% over the correthe GMAC differential, covering the cost of investigation, interest, service sponding period of 1921. Sales were 22,801 cars, an increase of 96%, while
and collection expenses. A lien is retained on the products until payment net profits before taxes stood at 34.575.836. representing an increase of
is made.
116% over the first quarter a year ago. (See profit and loss and surplus
The GMAC wholesale and retail plans for financing sales of General account below.)
Motors products are available throughout the United States, Canada,
Inventories are shown at $23,392,698, which includes more than $7,000.Great Britain and Ireland. In addition, through its Foreign Department, 000 surplus production of cars in the first quarter for spring business.
the operations extend to every part of the globe where motor cars are used These cars, plus 30,000 scheduled for second quarter production, will make
in quantity.
the current quarter a record-breaker. We are unable to supply the full
-The Foreign Department of General Motors Acceptance demand for Studebaker cars, despite the fact that our plants are in record
Foreign Service.
Corporation offers a financing service to overseas distributors of General production of better than 10,000 cars per month, and hence we are allotting
Motors products.
production to dealers on a pro rata basis. While always heavy, demands
In the case of exported merchandise, it is not practicable to follow the this spring are the heaviest of our experience,and we are losing some business
GMAC wholesale and retail plans except in the case of Canada, Great requiring immediate delivery, especially in closed cars.
Britain and Ireland. The Foreign Department, however, offers financing
The directors haveauthorized expenditures ofabout $3,000,000 for further
facilities whereby the foreign distributor may make payment at his point development. The outlay will go for machinery, a new closed body plant,
of importation instead of New York City.
car storage and shipping building and a new electric power plant, all at
This is accomplished by means of documentary drafts drawn on the over- South Bend. These additional facilities, when completed, will permit by
seas distributor or his bank, the terms being such as to offer either facility Jan. 1 1923 increased production of light sixes from 200 to 300 cars per day.
of payment or credit. These drafts are drawn in American dollars or in
[The directors have declared the regular quarterly dividends of $1 75 a
the currency of the country of the distributor and are of three classes: share on the Prof. and $1 75 on the Common, both payable June 1 to holders
(a) drafts drawn payable at sight; (b) time drafts drawn documents to be of record May 10.]
TN Ri CHRONICLE
2010
-QUARTERS END. MAR. 31.
PROFIT & LOSS & SURPLUS ACCOUNT
Increase.
1921.
Car Statistics1922.
10,983
15,682
No. of automobiles produced
26,665
11.620
11,181
No. of automobiles sold
22,801
Net sales
$27.816.818 $18,475,271 $9,341,547
$4.575.837 $2,110,578 $2,465,259
Net profits before taxes
505,988
505,988
Less reserve for income taxes
Net profits all sources
Pref. diva. (paid March 1), 134%
Common divs. (paid March 1), 1
.7
0
$4,069,849 $2,110,578 $1,959,271
171,500
171,500
1,050,000
1,050,000
$889,078 $1,959,271
Balance, surplus
$2,848,349
4,812,696
Add surplus and special surplus.._-_ 18,279.744 13.467,048
Total surplus
$21,128,092 $14.356,125 $6,771,967
CONSOLIDATED BALANCE SHEET MARCH 31 1922 & DEC. 31 1921'
Mar.31 '22. Dec.31 '21.
Mar.31 '22. Dec.31 '21.
AssetsLiabilities$
$
$
Plants & property_37,159,073 37,290,414 Preferred stock_ __ 9,800,000 9,800,000
Housing develop__ 2,223,990 2,255,716 Common stock.._ _60,000,000 60,000,000
Accounts payable_ 5,358,659 3,492,415
Trade name and
19,807,277 19,807,277 Reserve for taxes_ 3,380,109 2,904,374
pp good-will
Cash
6,512,305 8,334,800 Reserves, dealers'
5,065,860 1,822,393 disc't & deposits 705,763 1,306,446
Sight drafts
1,847,091 2,178.170 Other payable reInvestments
897,232 2,545,160
serves
Net receivables(less
4,903,216 4,035,221 Spec'l surplus acct. 4,050,000 4,050,000
reserves)
23,392,698 22,209,885 Surplus
17,078,092 14,229,744
Inventories
394,262
Deferred charges__ 358,343
101,269,855 98,328.138
Total
--V. 114, P. 1899, 1543.
Total
101,269,856 98,328,139
Eastman Kodak Company.
(Annual Report Year ending Dec. 31 1921.)
James S. Havens, Secretary, says:
[voL. 114.
average grade of 1.53% copper and, in addition to the unmined reserve,
1,834,444 tons of ore averaging 1.41% copper in the stock piles at Santa
Rita, and 88,465 tons in a special reserve used for experimental purposes,
averaging 1.37% copper. The total ore, therefore, unmined or untreated,
at the end of the year 1921 is 105,385,461 tons, of an average grade of
1.53% copper.
The total ore developed by churn drilling to date, including the ore
removed to the close of operations in April 1921 is 127,335,159 tons, of an
average grade of 1.58% copper.
There were no expenditures for betterments at the plants during the
year and in closing the property down there were only sufficient employees
retained to properly guard the properties, operate pumping plants and
prevent undue depreciation of equipment.
INCOME ACCOUNT FOR CALENDAR YEARS.
[The mines were shut down April 8 19211
1918.
1921.
1920.
1919.
Copper produced (lbs.)_ 9,137,282 44,051,849 40,488,706 75,655,641
Average received per lb_ 13.026 cts. 17.397 cts.
18.05 cts. 22.536 cts.
Revenue from copper_ _ _ $1,190,204 $7,663,780 $7,308,598 $17,049,580
do from gold & silver
39,732
4,289
34,860
17,98
Total revenues
$1,194,492 $7,698,640 $7,326,525 $17,089,312
Operating Expenses
Mining, milling, &c__ _ $937,476 $3,542,723 $3,587,946 $7,377,287
Treatment,refin.& fght.
409,105
2,162,939
1,835,288 4,130,349
131,929
Selling expense
30,546
61,926
70,043
_
Stripping
794,340 1,439,475
828,853
' Total expenses
Net profits_
_
Other income
$1.377,128 $6,596,441 $6,287,617 $13,079,040
Ioss$182,636 $1,102,199 $1,038,909 $4,010,272
43,052
69,589
54,871
217,341
Total income
loss$127,765 $1,319,540 $1,108,498 $4,053,324
Depreciation,&c
$474,305
Adjustment of charges
' Cr.$193,299
$145,102
Red Cross, &c., funds__
Shutdown expenses
610,348
Loss on copper sold..
101,787
2,827,435
Dividends (earnings)...._
$326,242
1,087 475
2,609 940
do (capital distrib'n)
652,485
Total rate per cent
(2236%)
06%)
(66%)
In the balance sheet the earnings of all the subsidiary companies are
included for the period mentioned.
$6,688
The balance sheet shows carried to surplus for the 12 months the amount
Balance, deficit
341,314,205 sur$340,813 $1,308,143
of $5,782,704 after charging off liberal amounts for depreciation, making
ample provision for shrinkage In value of inventories, and paying 4 quarterly
x Stripping expenses in 1921 are included in mining and milling.
dividends of 134% each on its Preferred stock, 4 quarterly dividends of
y Loss for the year, exclusive of any deduction for depletion.
234% each, and extra dividends amounting to 30% on its Common stock.
BALANCE SHEET DECEMBER 31.
Dies., &c., for Certain Earlier Years, and Total for
Annual Earnings,
1834 Years ended Dec. 31 1921.
1921.
1920.
1921.
1920.
Net
Preferred Common
Reserve
Liabilities$
$
$
Assets$
Fund.
Surplus.
Profits. Dividends. Dividends.
4,349,900 4,349,900
Property acc't_ _ _x10,709,609 11,125,781 Capital stock
$
$
$
39,304
232,529
1,567,711 1,251,236 Accounts payable..
Investments
468,999 Deferred charges
856,930
1902 (6 mos.)___ 1,488,295 162,366
Accrued taxes, in4,013,913 365,217 2,348,196
1,300,499
1905
(stripping)
5,003,018 4,897,207 surance &c..._ 1,547,387 1,565,773
8,975,177 369,942 7,806,390
1910
798,845 Copp. Exp. Ass'n
750,000 1,750,064
Bills payable
15,741,453 369,942 11,719.680
3,651,831
1915
Treatment, refin437,766.
suspense
14,542,567 369,942 5,861,520
8,311,105 Material & supp_ _ 1,416,342 1,744,854 ing and delivery,
1917
14,051.969 369,942 8,792,280
4,889,747 Acc'ts reedy., &c_ 181,652
1918
28,937
315,928
180,101
not due
18.326,188 369,942 7,819,110
10,137,136 Copper on hand &
1919
Surplus from sale
18,566,210 369.942
7,865,840
10,330.429
1920
in transit
1,365,483 4,727,845 of securities_ _ _ _ 2,995,253 2,995,253
14,105,861 369,942
5,782,704 Ore at mill, &c.._ _ 550,745
1921
7,953,215
637,932 Surplus from operations
12,575,704 13,889,908
385,786
699,603
Cash
Totals, 1834 yrs_212,184,685 7.175.061 125,839,503 5,250,000 73.920.121 Due for cop.deity_ 354,556
148,615
Deduct-Reserve required in addition to previous reserves and
22,286,485 25,099,357
appropriations to offset entire book value of good-will & pat'ts_ _16.798,081
22,286,485 25,099,357 Total
Total
Balance,surplus (being amt.of surplus Dec. 31 1921.
-Ed.) _58,122,040
x After deducting reserve for depreciation, $3,178,150, against $2,703,845
The reserve fund, $5,250,000, was accumulated in 1906 to 1909 and in 1919.-V. 113, p. 964.
1911 to 1913.
COMBINED BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.)
St. Louis Rocky Mountain & Pacific Co.
1921.
1920.
1921.
1920.
Liabilities$
Assets$
(14th Annual Report-Year ending Dec. 31 1921.)
$
Common stock_ _b20,000,000 19,664,600
Real estate, builda34,706,183 31,030,658 Preferred stock__ _ 6,165,700 6,165,700
President J. Van Houton, Raton, N. Mex., March 20,
ings, &c
23,742,803 31,560,321 Notes payable_
1,600,000 reports in substance:
Supplies. dre
Accounts payable]
Accounts and bills
With the demand for coke entirely suspended and with only a limited
receivable (net)_ 6,303,580 8,144,956 Prov,for war exc.) 6,430.691 8,765,327
prof. & inc. tax)
demand for coal the report for 1921 is very disappointing to the management,
Bonds & stocks__ 3,633,245 6,105,122
92,486
92,486 but the fact that the result was caused by outside factors and disorganized
U. S. Treas. etis__16.059,730 7,847,327 Pref. div. Jan. 1 _ _
. 498,765
12,283,182 6,926,581 Corn. div. Jan.t
Cash
983,230 economic conditions offers a certain degree of consolation.
1,496,295
It is especially gratifying that under such extremely adverse conditions
Prepaid int., &e.... 463,793 1,167,070 Extra
Conting. reserve 4,386,540 3,171,356 the management has kept up the standard of your properties and has been
58,122,040 52,339,336 able to make the necessary additions and betterments, which will prove of
Surplus
great benefit to the service as soon as a return to normal conditions occurs.
97,192,517 92,782,035 Total
Total
97,192.517 92,782,035 The sum of $299.811 was disbursed for this purpose.
The coal production for the year was the lowest since 1908, due chiefly
Includes real estate, buildings, plant, machinery nad capital investa
suspension of most
ments at cost less depreciation reserve. b There remains to be issued 5,656 to the closing of the copper smelters and mills, the
shares of Common stock at par under plan for sale to employees as approved industries, the resulting loss of railway traffic and the exceedingly mild
winter.
by stockholders April 6 1920.-V. 114, p. 1770.
A new wage scale, substantially the 1917 wage scale, was made effective
Dec. 1. House rents, lights, medical service, &c., to the miner were
Chino Copper Company.
reduced in proportion.
During the year many tests have been made with a view to improving
(12th Annual Report-For the Year ended Dec. 31 1921.)
the quality of coke and coal, so as to be able to place a better product on
the market. This we are gradually accomplishing. A dry-coal-cleaning
successful
President Charles M. MacNeill, April 15, wrote in subst.: plant erected at Brilliant for that purpose will soon be in industries operation
we should
With a general resumption of the copper and other
-Because of general industrial conditions the mine and
Production.
soon be on the road again where the property can be operated as profitably.
plant were closed down at the end of the first quarter (V. 112, p. 1350).
For the period of actual operation the output of copper was at the rate as in the past.
of 30% normal capacity. On this basis there was produced 9,137,282 lbs.
INCOME ACCOUNT FOR CALENDAR YEARS.
of refined copper, as compared with the net output of 44,051.849 lbs. for
1919.
1920.
1921.
1918.
the preceding year.
$3,595,330 $5,147,636 $3.837,353 $4,944,091
Gross earnings
The operating cost of producing copper for the period of production, Cost, expenses & taxes
2,852,910 3,812,385 2,888,055 8,415,720
including all overhead charges applicable to that period, other than depreciation, was 15.07 cts. per lb. Reduced by the usual credit for precious metal
$742,420 $1,335,249
$949,298 $1,528,371
Net earnings
values and such proportion of the miscellaneous income as was earned in Other revenue
115,626
146,762
86,073
112,696
the producing period, the net cost for the year is stated as 14.5 cts. and
compares with the net cost of 13.33 cts. per lb. arrived at by similar calcula$858,046 $1,482,011 $1,035,371 $1,641,067
Total net income
tion for the preceding year.
419,401
557,109
438,028
259,060
int. charges, &c_
The amount of refined copper on hand was greatly reduced during the Deduct
year. In addition to regular Selling Agency's return, a considerable quantity
$776,311 $1,083,958
$438,645 $1,043,983
Net income
of the copper transferred to the Copper Export Association for export Reserve for depreciation
195,879
172,066
219,720
216,584
has been disposed of.
50,000
50,000
50,000
50,000
Pref. div. 5 non-cum.._
%
Results.
-The total operating revenue derived from the production of Common dividends- _-500
(5%) ,000 (4)400,000 (4)400,000 (6)600,000
copper during the period of actual production, plus the value of gold
$130,431
recovered, was $1,194,492. The production costs being in excess of that
$261.892
$377,399
Balance, surplus_ _ _def.$331,075
amount resulted in a net loss from operations of $182,636. The loss to Profit and loss surplus.._ $1,851,877 $2,152,102 $1,840,081 $1.720,221
surplus for the year was further increased by $1,131,569, representing costs
BALANCE SHEET DECEMBER 31.
and charges amounting to $1,186,440, less credit from income from rentals
and other sources of $54,871 (see income account below) making a net loss
1921.
1920.
1920.
1921.
,to surplus of $1,314,205.
Assets
No Dividends in 1921.
-There were no distributions to stock- Cash
480,250 Preferred stock__ _ 1,000,000 1,000,000
492,753
holders during 1921 since there were no operating profits to disburse. The Accts. receivable.. 337,890
671,587 Common stock.._ _10,000,000 10.000,000
total distributions to stockholders, up to and Including Dec. 31 1920, Prop. account __ A8,069,525 17,805,925 Funded debt
4,239,000 4,682,000
amounted to $29,991,709.
*200,000
373,180 Note payable
Invest, in sub. cos.. 347,180
119,325
5,559 Accrued interest__ 111,400
5,642
Suits.
-There has been no change in the status of the suits for alleged Sinking fund
295,576
169,260
568,080 Accts.& wages pay 151,181
Infringement of flotation process patents brought by Minerals Separation. Investments
212,386
242,277 Accrued taxes_ _ 170,791
274,857
Materials, &c._
These suits are still pending.
113,143
184,692 Dividends to date_ 103,153
Mines Re-open.
-The general situation since Dec. 31 1921 having im- U.S. Lib. bds. &c. 184,692
8,308 Res. for deprecia'n 1,603,922 1,390,042
4,868
proved, the mines and mills began starting up on April 1 1922, one year Deferred charges
Other reserves_ _ _ 455,349
375,285
after they were closed (V. 114. p. 1418). At this date concentrate shipSurplus
1,851,877 2,152,102
ments have begun on a limited scale and production will increase as conditions warrant.
Total
19,886,673 20,339,859
19,886,673 20,339,859
Total
Extracts from Report of D. C. Jackling, Managing Director, and
John M. Sully, General Manager, Hurley, N. Mex., April 1 1922.
The company has no contingent liabilities.
A recalculation of ore reserves was completed as of Jan. 1 1921 and fully
* The note payable of $200,000, which was of a temporary nature, was
discussed in the report for 1920. The removal of ore ceased with a few paid,$100,000 on Jan. 24 1922 and the balance by its due date Feb. 15 1922.
shifts in the month of April 1921 and there remained as ore reserves at the The company had no obligations on notes payable at March 7 1922, the
mine, using the calculation previously referred to, 103,462,552 tons of an 'date of this report.
-V. 112. p. 2534.
MAY 6 1922.]
THE CHRONICLE
GENERAL INVESTMENT NEWS
2011
The consolidation, if it becomes effective, will mean
that the Oak Park
Elevated, which has been in the hands of
at a judicial sale (the final decree which a receiver since 1911, will be sold
has been entered) and become a
part of the combined system. It is proposed
to acquire the Oak Park
line subject to $5,000,000 1st Mtge. bonds,
due July 1 1928, which are
guaranteed by the Northwestern
liabilities at an amount not to exceed Elevated, and to assume receiver's
$400,000.—V. 114, a. 519.
RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.—The
following table summarizes recent railroad and electric railChicago Surface Lines.—Court Grants
way news of a more or less general character, full details Against Illinois Commerce Commission's Order Injunction
Reducing
concerning which are commonly published on preceding Fares to 6 Cents.—
pages under the heading "Current Events and Discussions"
A temporary Injunction against the 6
-cent rate ordered by the Illinois
Commission
(if not in the "Editorial Department"), either in the week Commerce Page. The was issued April 28 by Federal Judges Evans,
Gejger and
6
-cent fare was to have become effective
May
the matter becomes public or shortly thereafter.
The injunction against the 6
-cent fare order will be entered, to stand 1.
until
New York Transit Commission Demands Better Service from Interborough.—
Insists that new cars be ordered. Employees will be drilled. Prospective
cost, about $9,000,000. "New York Heraid" May 3, p. 1.
Railroad Guaranties Aggregating $200,000,000 Will Remain to Be Paid in
1923.—Report of Secretary of the Treasury Mellon shows rnany payments
postponed because of adjustments pending. "Railway Age" (editorial)
Apr. 29, p. 1001:
-S. C. C. Plans Co-operation with Federal and State Regulatory Bodies in
I.
7'ransportation Difficulties.—Joint hearings planned for exchange of information on railways. "Times" May 4, p. 11.
Complete Standardization of Freight Cars to Be Recommended to Congress by
Joint Commission on Agricultural Inquiry.—"Times" Apr. 30, Sec. 9, p. 16.
New Regional Consolidation Plan for New England to Be Advanced.—Two
systems, one north and one south, will be advocated. "Boston N. B."
May 1, p. 1.
New York Central Merger May Include 34,000 Miles of Track.—Inter-Stat
s
Commerce Commission's tentative plan given (with map) in "Fin. Am.
Apr. 24, p.1.
Simplified Analysis of the Railroad Problem.—Address before N. Y.
Railroad Club Apr. 21 by Harrington Emerson (with comprehensive charts
and tables). "Railway Age" Apr. 29. p. 1011, 1014.
President J. T. Ryan Of Southern Traffic ,League Charpes Gross Discrimination Against Southern Shippers Exists in Present Freight Rates.—Plans to
present facts to I.
-S. C. Comm. at hearings in Atlanta May 23. "Wa-,
St. J." May 3, p.6.
Extra Fare Charge Ended.—New York Central RR. on May 1 canceled
the requirement that a single traveler must buy a full-fare ticket and also a
half
-fare ticket in order to occupy a full section of a Pullman sleeping car,
put in force by U. S. RR. Administration during control of the lines.
"Times" May 2, p. 20.
Rail Men Advocate Ballot as Weapon.—Officers of Brotherhood of Locomotive Engineers urge members to vote as a unit at Congressional elections
for protection of labor interests. "Times" May 1. p. 8.
President D. B. Hanna of Canadian National Rys. Says Competition Is
"Times" Apr. 29, p. 2.
Maintained Under Government Ownership.
Cars Loaded.—The total number of cars loaded with revenue freighb
totaled 714,088 cars during the week enaing April 22, compared with
706,713 during the previous week, or an increase of 7,375 cars. This was
an increase of 9,456 cars over 1921, but a decrease of 3,689 compared with
1920. Principal changes as compared with the week before were as follows.
Coal, 63.445 cars, increase 594 (but a decrease of 74,044 below 1921 and
92,320 below 1920); coke, 7,609, decrease 463: merchandise and miscellaneous freight, 516,020, decrease 2,818; grain and grain products, 33,271,
Increase 3,402 and 800 in excess of 1921); live stock, 28,114, increase 3,100:
forest products, 55,859, increase 954 (and 8,692 over 1921); ore, 9,770,
increase 606.
Idle Cars Further Increased.—The number of freight cars idle April 23
totaled 529,884,compared with 491,513 on April 15,or an increase of 38,371.
Of the total April 23, 371,764 were serviceable freight cars, while the
remaining 158,120 were in need of repairs.
Surplus coal cars April 23 totaled 229,892,an increase in a week of 41,974.
Total surplus coke cars were 3,669, an increase of 827. Surplus box cars
in good order number 98,406, an increase of 280 over April 15. Surplus
stock cars totaled 16,114. or a decrease of 3.317.
Idle Cars on or about 1st of Month,on April 8'21 (Peak) and on Apr. 23, 1922.
Apr.23. Apr.'22Mar.'22 Feb.'22 Jan.'22 Dec.'21 Apr-S.
Jan.'2
207
245
331
Good order__ 372
471
283
507
198
161
173
159
Bad order_ _ _ 158
148
172
111
Atlanta Birmingham & Atlantic Ry.—Assess.Valuation
.
A board of arbitration in the controversy over the amount of State
taxes to be paid by the road for 1922 decided that the road should be
assessed at a valuation of $4,000,000. When the property was returned
for taxation last month at a valuation of $2,524,124, Comptroller Wright
declined to accept it as the valuation returned in 1921 was $6,098,179.
In fixing the valuation at $4,000,000 the arbiters declared that $25,000
of this sum represented the franchise value (against $1,070,000 in 1920)
and that $3,925,000 represented the physical value.—V. 114, p. 1889, 1405.
Barcelona Trac. Lt. & Power Co., Ltd.—Bd.
Exchange.
The company offers to holders of 5%% Income bonds to exchange same
for 6% (formerly 534%) 1st Mtge. bonds on the basis of Ll nominal value
of 6% 1st Mtge. bonds for a nominal value of Income bonds.
The 0% 1st Mtge. bonds issued in exchange will have attached the half
yearly interest coupon due Dec. 1 1922. Holders of the 5%% Income
bonds desiring to avail themselves of this offer must surrender their bonds
before Oct. 1 1922.—V. 114, p. 1889.
for exchange on or
Boston Elevated Ry.—Has Restored $1,000,000 Reserve.
further order of the court.—V. 114, p. 1764. 1650.
Cincinnati Indianapolis & Western
RR.—Bonds.—
The I.
-S. C. Commission has authorized
repledge, from time to time until otherwise the company to pledge and
ordered, all or any part of
$400,000 1st Mtge. 5% gold bonds as collateral security
for certain note
or notes.
The I. S. C. Commission has denied the application
of the road for a
$200,000 Government loan.—V. 114, p. 1650, 1285.
Cleveland Union Terminals Co.—Application.--
The company has applied to the I. S.
Commission for authority to
issue and sell $12,000,000 1st Mtge. 534%C.-year
50
sinking
and to issue and sell 100 shares of Common stock, par fund gold bonds
$100. The $12,000,000 of bonds are a part of a total proposed issue of
$60,000,000. Bonds
will be dated April 1 1922, and mature April 1
under way, it is stated, with bankers for the sale 1972. Negotiations are
of the bonds at not less
than 9254.
The 100 shares of stock have been sold to
land, Cincinnati, Chicago & St. Louis, and the New York Central. Clevethe
Louis,the proprietary companies,subject to the New York, Chicago 8c St.
These companies also joined in the application approval of the commission.
asking
antee the payment of the principal and interest of the permission to guar$12,000,000 of bonds
to b sold.—V. 113, p. 2719.
Detroit United Railway.—Notes
Called.—
Two thousand ($2.000,000) 5
-year
dated April 11915, hAve been called for7% Collateral Trust gold notes.
payment June 1 at 100% and int.
at the Central Union Trust Co.,80 Broadway, N.Y.
City.—V. 114, p. 1764.
Federal Light & Traction Co.—Dividends.—
The directors have declared the March 1 1922
quarterly dividend of
% on the Pref. stock payable May 15 to holders of
record May 8.
The directors have also declared
regular quarterly dividend of 1%%
on the Pref. stock payable June 1 theholders of
to
record May 15.—V. 114,
p. 1890.
1
Galveston-Houston Electric Co.—Fare
Decision.—
Action of the City Commission of Galveston,
the faro to be charged there has been upheld by Tex.. in fixing 5 cents as
(V. 114, p. 1651). This marks an end to farothe U. S. Supreme Court
litigation that ha.s been
waged for several yerrs. The opinion, delivered by
Justice Brandeis,
sustained the action of the U. S. 1D strict Court at Houston
in dismissing
without prejudice the application for an injunction on
Galveston Electric Co. FlAe full text of the decision in the the part of the
Journal" April 29, pages 718 to 721, inclusive.—V. 114."Electric Railway
p. 1651.
Great Northern Ry.—Bonds Sold.—
Dominick & Dominick and Janney & Co. of Philadelphi
block of $500,000 Gen. Mtge. 7s of 1936 at 109%, to yielda have sold a
about 6%.—
V. 114, p. 1407, 1286.
Havana Elec. Ry., Light & Power Co.—Annual
Report.
Calendar Years—
1921.
1920.
1919.
1918.
Gross earnings
$12,882,653 $11,477,937 $9,397,352 $8,176,545
Oper. expenses & taxes
7,376,344 6.448,452 4.979,685 4,376,656
Net income
$5.506,309 $5,029,485 $4,417,767 $3,799,889
Miscellaneous income_ _ _
122,767
47.784
64,538
140.895
Total net income
$5,629,076 $5.077,269 $4.482,305 $3,940,784
Fixed charges
$1,009,011
$968,759
$979,711
$989,138
Preferred divs. (6%
)— - 1,258,709
1,258,709
1,258,709
1,258,709
Common divs.(6%)_ --896,871
896,900
896,904
896,905
Net profits from oper.
& misc. income_ _ _ - $2,464,485 $1,952,901 $1.346,982
S796,031
—V.114, p.409.
Hawkinsville & Fl. Southern Ry.—Would Prevent Sale.—
In a petition filed in the Bibb Superior Court, Ga., bondholders
have
asked that the order for the sale of the road, signed April
9
Mathews, be set aside on the ground that it was secured throughby Judge
collusion
between the officers of the road and the Georgia Southern & Florida
The petition was filed by the Union Bank & Trust Co. on behalf RR.
of the
bondholders.
Judge Mathews has signed an order calling on the representatives
of the
two railroads to show cause why the petition should not be
'injunction issued and a new receiver appointed.—V. 114, p. granted, an
1765.
The company has now restored the entire $1,060000 to its reserve fund
as required by law and profits are now accumulating against the loan of
Illinois Central RR.—Pref. Stock Offered to Stockholders,—
$4,000,000 obtained from the cities and towns served by the road in the first The directors, subject to
the approval of the I.-S. C. Comyear of public trusteeship, which must be liquidated before the basic 10 cent
mission, have authorized the issue of $10,929,600 6% Confare can be reduced. (Boston "News Bureau.")
Hearings on the order recently filed by Representative John McCormack vertible Preferred stock, to be
designated Series A.
of Boston. for an opinion of Attorney-General Allen as to legality of bill
In the event that the necessary approval is obtained,
passed by legislature placing Boston Elevated under jurisdiction of trustees,
stockholders
of record May 16 will have the right to subscribe at par eachthe
Rules Committee of the House May 2.
were held before the
for
Preferred
On June 10 next, the 24%-year lease of the West End Street By. by the stock to the amount of 10% of the Common stock held. Payment for new
Boston Elevated By. will expire. As of that date the plan of consolida- stock will be required by June 26 1922.
Separate warrants,evidencing the stockholder's right to subscribe, will
companies will become effective. Under the terms
tion of the two
be
of issued by the Treasurer for full shares,and
consolidation West End 8% Preferred shares (par $50) will be
also for fractional shares,and will
for an equal par of Boston Elevated 8% 1st Pref. stock and exchanged be mailed, together with an explanatory circular,shortly after May 16 1922.
West End
[The stockholders April 19 authorized an issue of $50,000,000 Pref. stock
Common shares ($50) now paying 7% dividends will be exchanged for an
equal par value of Boston Elevated 2nd Pref. The dividend rate on the which was fully described in V. 114, p. 738. It is stated that about one2nd Pref. is to be decided by arbitration to be appointed by the court, third of the present offering will be taken by the Union Pacific RR.by virtue
of its investmet4 in Illinois Central. The balance of the present offering,
but in no case is It to be less than 7% nor greater than 8%
terms of Merger Act see V. 93, p. 344-345)—V. 114, p. 946, 737.(For full it is stated, has been underwritten by Kuhn, Loeb & Co.]—V. 114, p.
1765, 1407.
Chicago & Alton RR.—New Directors.
--
E. M. Richards and Samuel W. Moore have been elected
ceeding Charles Hayden and M.L. Bell.—V. 114. p. 1889. directors, suc-
Chicago Burlington & Quincy RR.—Bonds
Offered.—
Marshall Field, Glore, Ward & Co.. Inc., own and offer,
subject to
change in price, a limited amount of 1st & Ref. Mtge. 5% Gold
Series A, due Feb. 11971, at 99 and int., to yield over 5%. Thesebonds,
bonds
are not redeemable Feb. 1 1942.
According to the preliminary figures available for the year ending
Dec. 31
net income, after deducting rentals and miscellaneous charges,
1921, the
was $31,002,405, with interest on funded debt amounting to 4,807134.
,
The State Street Trust Co., 33 State St., Boston, Mass.
,
May 18, receive bids for the sale to it of C. B. & Q. Nebraska will, until
Extension
4% bonds, due May 1 1927 to an amount sufficient to exhaust $294,410
and at a price not exceeding 110 and int.—V. 114, p• 1406.
Chicago & Eastern Illinois Ry.—New Director.—
Will It. Hays, former Postmaster-General, has been elected a director.—
V. 114, p. 737.
Chicago Elevated Rys. Collateral Trust—Merger.—
Merger of the Northwestern, the South Side and the Metropolitan Elevated, three of the elevated lines of the city and the ending of the receivership of the Oak Park Elevated by consolidating it with the new corporation
in order to finance improvements on the elevated roads, was proposed In a
petition flied with the Illinois Commerce Commission May 1. The plan
of consolidation has been approved by the board of directors of each of the
companies Involved.
Illinois Northern Utilities Co.—Bonds Paid.—
The $265,000 Freeport Ry. Lt. & Power Co. 5o, due May 1, are
paid off at office of Continental de Commercial Trust & Savings being
Chicago, Ill., trustee. In connection with this payment the Bank,
Northern Utilities Co. has issued Preferred stock it had in its Illinois
and will also use therefore its corporate funds received from other treasury
sources.
—V. 106, p. 2757.
Interborough Consolidated Corp.—Interborough-Manhattan Readjustment Plan—Bondholders Participation—Plan
Provides for Winding Up Affairs of Company.—
See Interborough Rapid Transit Co. below.—V. 114. p. 1286.
Interborough Rapid Transit Co.—Plan of Readjustment.—The plan of readjustment for the Manhattan Elevated and Interborough properties, outlined below, has been
approved by the directors of both companies and by the
committees representing the different security holders of
both companies.
The main purpose of the plan is to provide for the capital
requirements and arrears of the Interborough system, estimated at about $30,000,000, and to readjust the Manhattan dividend rental.
2011
THE CHRONICLE
Under the plan the Interborough Consolidated Corp.,
which is the successor to the Interborough-Metropolitan Co.
as the holding company controlling the Interborough Rapid
Transit Co., will disappear with its 5,740,500 of Pref.
stock and its 932,626 no par shares of Common stock and
its $63,808,000 of Coll. Trust 43/2% bonds. In place of
these securities the $35,000,000 of Interborough Rapid
'Transit Co. stock will only remain.
the aggregate net value of the assets of the Interborough Co. below $35,000,000 unless such div. or distribution shall have recieved the consent of
the Manhattan directors.
Interborough to Waive All Claims.—The Interborough Co. shall waive
and surrender, so far as it lawfully may without the consent of the trustee
of the 1st & Ref. M. bonds and the holders thereof, any claim under the
lease or otherwise on account of the Interborough Co.'s past expenditures,
&c., except as may hereafter otherwise be agreed between the two companies on account of future expenditures.
Deferred Maintenance.—Provision shall be made for the expenditure by
the Interborough Co. prior to June 30 1923 of at least $2,000,000 for deferred maintenance and for improvements upon and additions to the property of the Manhattan Co. and provision shall be made for thereafter
maintaining the Manhattan property in full efficiency.
Administration Expense.—After July 1 1022 the annual payment to be
made to the Manhattan Co. for administration expenses shall be $50,000
instead of $35,000.
Interborough to Pay All Arrears, &c., Within One Year.—Upon the consummation of the plan the Interborough Co. has provided for the payment, within 12 months thereafter, to or for account of the Manhattan
Co., of all arrears of rentals, overdue taxes and other payments now due
and that may fall due under the lease down to July 1 1922, including the
installment of $1,050,000 payable on that date.
Payments to be Made City for Arrears in Taxes.—Pending the effort to
carry through the plan, the Interborough Co. will make the following payments to the city for arrears of taxes upon the Manhattan property:
On approval of plan by Manhattan stockholders' committee__$1,500,000
1,000,000
June 11922, $500,000; July 11922, 1500,000
Interest on Manhattan 2d Mtge. Bonds.—On June 1 1922 the Interborough
Co. will also pay the int. on Manhattan 2d M. bonds amounting to $90,460.
Cash Requirements of the Plan ($23,314,440)•
-year period ending June
The capital requirements within the 5
30 1926, practically all of which are for additional cars, power
house equipment and other property coming under the definition of "additional equipment- under the contract with the
city and should therefore serve as a basis for the authorization of additional Interborough bonds by the Transit Commission, are estimated at $15,000,000. Of this amount approximately $6,000,000 is for new cars, $4,500,000 of the
cost of which is expected to be provided by the issue of equipment trust obligations, thus making the net amount to be
$10,500,000
provided under the plan
Cash payment of 10% in connection with the renewal or exten3,814,440
sion of the Interborough Secured Cony, gold notes
Requirements as of July 1 1922 for back taxes, unpaid Manrentals, deferred maintenance, unadjusted payments
hattan
into depreciation fund, deferred charges and other require9,000,000
ments to be provided for out of earnings, estimated at
Extension for 10 Years of Secured Convertible Gold Notes.
10% of the Secured Cony, gold notes shall be paid in cash within 60
days after the plan is declared operative. The remaining 90% shall be
extended or renewed for 10 years from Sept. 1 1922 at 7%, secured by all
the existing collateral (thus marking the pledged bonds down to about
573 %), subject to the terms and conditions mentioned below. premium
The notes shall be redeemable, all or part, on any int. date at a
-year
equal to 3 of 1% for each unexpired semi-annual period of the 10
term. In case of partial redemption or surrender of any part of the notes,
a pro rata amount of the collateral shall be released. Except as collateral
may be released as provided, the notes shall be secured by the present collat.
If the Transit Commission or other analogous public authorities shall
approve, the price at which pledged bonds may be issued in conversion
of notes shall be changed from 87% to 80% for the first three years, 85%
for the second three years and 90% for the last four years.
Temporary Postponement of Sinking Fund Installments of 1st & Ref. Mtge.
The holders of more than 75% in amount of the issued bonds, including •
those pledged as security for the Secured Cony. Goldsnotes are to consent
to the postponement of the sinking fund installment accruing during the
period of 5 years beginning Jan. 1 1921 (including the unpaid installments
due July 1 1921 and Jan. 11922),so that no sinking fund installments will
be payanle until July 11926.
to
The Interborough Company will expend an amount equalandsaid postponed sinking fund installments for betterments, additionsNo. 3improvebetween
of the properties operated under Contract
ments in respect
the City of New York and the Interborough Company and the Certificate,
dated March 19 1913, granted by the city to the Interborough company.
The annual sinking fund installments, beginning with the installment
payable on July 1 1926 are to be in amounts sufficient to insure the retirement of the existing bonds by July 11956.
-Year 6% Notes (Authorized, $15,000,000, lobe Issued, $10,500,000.)
New 10
To provide for capital expenditures the Interborough company will
-Year 6% Gold notes to the authorized amount of' 315,000,000,
create its 10
of which it is intended presently to issue $10,500,000. Until the payment
of these notes the Interborough company will not sell or Issue any 1st &
Ref. Mtge. bonds, except upon the conversion of its Secured Cony. Gold
notes (or renewals or extensions thereof) or for the purpose of paying the
-Year 6% Gold notes.
principal of these 10
Estimated Amount of Cash Available for the Requirements of the Plan.
(1) Earnings for the 4 fiscal years beginning with July 1 1922,
$11,849,000
over and above the proposed new fixed charges
(2) By postponement of sinking fund payments accruing during
7,612,500
316 years beginning July 1 1922
-Year 6% Gold notes 10,500,000
(3) Proceeds of sale of $10,500,000 new 10
Plan of Readjustment Dated May 1 1922.
-Manhattan Ry.—The Interborough comInterborough Rapid Transit Co.
city-owned rapid
pany operates under a contract with N. Y. City certain
thereof into
transit lines within the Borough of Manhattan and extensionsthe elevated
Boroughs of Brooklyn, the Bronx and Queens. Operates
the
Ry. under a 999-year lease, the rental payable
lines of the Manhattan
capital stock.
'under which includes 7% divs. on that company's $60,000,000 the elevated
city extensions of
Also operates under a franchise from the Queens. All of these lines are
the Bronx and
lines in the boroughs of
•operated as one system.
0 of its
The Interborough company has issued approximately $47,000,00
the Manhattan elevated
'bonds and notes to provide for improvements uponwhich about $27,000,000
lines and the Interborough's extensions thereof, of house leased from the
was for improvements upon the lines and power
Manhattan company.
in operating
Status of Manhattan Rental, &c.—Because of the increase
full Manhattan rental in
,costs earnings are not sufficient to provide the
The Manhattan lease has for the last
addition to its other fixed charges.
in the rental. For the last
3 years resulted in substantial annual deficits
division were only $894,064 in
fiscal year the earnings of the Manhattan expenditures, taxes and int. on
excess of operating expenses, maintenance
the Manhattan company's own bonds.
basis, failed to earn
The same year the Manhattan division, on the same
of the Manhattan comthe 7% guaranteed dividend rental upon the stock
charges upon Interborough securities issued for improvepany and the fixed
gh's elevated extensions
ments upon the Manhattan lines and the Interborou gh's extensions and the
by $6,118,617. Excluding taxes on the Interborou mentioned, the deficit
Interborough securities last
fixed charges upon the
ing deficits in the rental for
in the rental was $3,305,936. The correspond
which began July 1 1921, althe first 9 months of the current fiscal year
still heavy.
though materially reduced, are
default in its payInterborough Company Default.—The company is in to the amount of
15 1922
ments under the Manhattan lease as of April
,
$4,853,000, as follows:
$2,753,000
Arrears of taxes (exclusive of interest)
1,050,000
1922
Installment of dividend rental due Jan.111922
1,050,000
Installment of dividend rental due April
Payments Becoming Due.—In addition to the foregoing.
Other Immediate
properties will
approximately $1,000,000 of taxes upon the Manhattan
additional installment of dividend
'become payable in May 1922 and an become due July 11922.
$1,050,000, will
rental, amounting to
Manhattan division is
Present Earnings of Manhattan Division.—The
at the rate of about
now earning over and above its operating expenses of Manhattan taxes
is applicable to the payment
$6.000,000 per ann. which
per ann.), interest on the bonds
(amounting to approximately $2,400,000 to approximately $1,850,000 per
of the Manhattan company (amounting
the Manhattan stock.
ann.) and to the guaranteed dividend rental upon
Company.—It is estimated
Estimated Immediate Needs of Interborough required to enable the InterJuly 1 1922 about $9.000,000 will be
that as of
under the Manhattan
borough company to make all payments in arrears
various charges incident to
lease and to provide for deferred maintenance,
of the two properties and other requirements. Interborough
the operation
the
In order to provide for the needs of its subway service
350 additional cars. It
• company should purchase within the next 4 years and other equipment
the additional power facilities
-should also install
cars. The total cost of pro• required for the utilization of these additional
at $15,000,000.
viding these cars and other facilities is estimated
Securities Now Outstanding.
,.$154,446,000
$7,660,000 in sinking fund)
•I.R.T.Co. 1st & Ref. M.5s (excl. Cony, gold notes, due Sept. 1
I.R.T.Co. (a) Extended Secured
(b) Secured Cony, gold notes not extended
1922,$37,445,300;
38,144,000
bonds)
$699,100 (secured by $59,602,000 1st & Ref.
M. 4s, $4.Manhattan Ry. (a) 1st M. 4s, $40,683,000;(b) 2d
45,206,000
523,000
60,000,000
Manhattan Ry. 7% guaranteed stock
gold bonds
Interborough-Metropolitan Co. Coll. Trust 4%% the rate of
(secured by I.R.T. stock originally pledged at
b63,808,000
$500 of stock for each $1,000 of bonds)
1,087,500
I.R.T. Co. stock in hands of public
al.305,000
Short-term secured obligations
proceeds of the collateral by which
a These will be liquidated from the
exclusive of $3,543,000 purchased by
they are secured. b This amount isa sinking fund and $474,000 otherwise
Consolidated Corp. for
Interborough
bonds are held by its trustee in
reacquired by that company, all of which
$67,825,000.
bankruptcy, making the total amount issued
Modification of Manhattan Dividend Rental.
July 1 1922 the Interborough
Rate Reduced from 7%.—From and after
ion expenses and int. which
company, in addition to the taxes, administrat
lease, shall pay and distribute
it is required to pay under the Manhattan
Manhattan Co. subject to the plan
among the holders of stock of therental at the rate of 7% per ann. pro.
(instead of the guaranteed dividend
a sum equal to the following percentages
vided for in the existing lease) Manhattan company subject to the plan,
upon the capital stock of the the net earnings of the Interborough comonly out of
payable, however,
Div.) remaining after the payment of
pany (incl. earnings of Manhattanand other fixed charges (incl. an amount
all taxes, int., sinking fund charges charges under the 1st & Ref. M. to be
sinking fund
• equal to the current
any construction or
postponed as provided below), excluding, however, other fixed charges
charges and
acquisition costs and taxes, int.,sinking fund required by the Interborough
new lines not
incurred in conneotion with
with the city or by the existing related certifi• company's present contracts such charges shall have been approved by the
cates, unless the creation of company:
• directors of the Manhattan
beginning July 11923,4%;
For the fiscal year beginning July 11922,3%;
year thereafter, 5%.
beginning Juiy 1 1924, 5%; for each subsequent
of Earnings Mandatory.—Such
How Dividend Is Payable—Application
1, &c., beginning Oct. 1
dividend rental shall be payable quarterly April
earnings of any quarter do not
1922, and shall be cumulative so that if the the subsequent earnings shall
justify the rental at the rate above provided,
on
to make up the deficiency before,any dividends•shall be paid
be applied
the stock of the Interborough company. upon the earnings for the quarEach quarterly installment shall be based the installment is payable, but
ter ending 3 months prior to the date when
April 1 1922, shall be applied to
the earnings of each year, commencingshall have been paid in full. The
said cumulative rentals until the same for shall be mandatory.
above provided
application of earnings
in any fiscal year after the
To Participate with Interborough up to 7%.—If
above mentioned, the Interpayment of the full cumulative div. rentals
paid or set aside by way of divs. upon the
borough company shall have
amount equal to 4% upon the par
Interborough stock for said year anbe paid for that year upon the Intervalue thereof, no further divs. shall amount shall have been paid to the
borough stock unless and until an
rental for said year, equal to 1%
Manhattan Co. by way of additionalstock subject to the plan.
upon the par value of the Manhattan paid or set aside a further dividend
After such amount shall have been
gh stock not exceeding 1%
for that year may be paid upon the Interboroushall be paid for that year
upon the par value thereof. No further divs. additional amount by way
upon the Interborough stock unless and until an Manhattan Co. equal to
of rental for said year shall have been paid to the
subject to the plan, but the
1% upon the par value of the Manhattan stockCo. for any one year shall
aggregate dividend rental to the Manhattan
not exceed 7%.
shall be paid upon the
Interborough Dividends Limited to 7%.—No divs. 1 1962, nor (b) out of
July
capital stock of the Interborough Co.(a) before
to that date, nor (c) unless and until the foregoing
income accruing prior
taxes upon the Manhattan propManhattan cumulative div. rental and allincl. July 1 1922 shall have been
- arty and all div. rentals accruing to and the stock of the Interborough Co..
divs. to'be paid upon
paid in full. The
7%.
in any year prior to July 1 '1950 shall not exceed of 7% per ann., and no
After July 1 1950 no div. shall be paid in excess if such payments reduce
ssets shall be made
- other distribution of corporate-a
firm 114.
Total
Estimated cash requirements
$29,961,500
23,314,440
$6,647,060
Surplus above estimated requirements
Directors and Voting Trust.—One-half of the directors of the Interborough
shall be elected by its stockholders. The other half shall be
company
elected in such proportions as the committeees shall determine by, or on
the nomination of (a) the Transit Commission or other analogous public
authorities of the City of New York (if they elect to avail themselves of
the privilege) under an appropriate arrangement, (b) the Manhattan
Co. or its stockholders, and (c) the registered holders of the 1st & Ref.
Mtge. bonds.
Unless and until lawful provision can be made for such election of
directors, provision for their election may be made through a voting trust
which shall be not less than 5 years. For all purposes of this plan
voting trust certificates may be distributed in place of stock certificates.
Participation in Plan by Holders of Interborough-Metropolitan 4% %Bonds.
Holders of Interborough-Metropolitan Co. Coll. Trust 43 % Gold bonds
may participate in the plan:
(1) By purchasing, at their principal amount and accrued interest, new
-Year 6% Gold notes to an amount equal to 16% of the
Interborough 10
principal amount of their bonds, or at their option,
surrendering 60% of their bonds for delivery to an underwriting
(2) By
notes
syndicate to be organized to purchase such of the new $10,500,000bonds
as are not taken by the holders of Interborough-Metropoiltan 4 %
Transit Co. stock or by holders of Preferred and
or Interborough Rapid
Common stock of Interborough Consolidated Corp.
Holders of Interborough-Metropolitan 4%% bonds shall make their
election in this regard at the time of their assent to the plan. Holders of
certificates of deposit of Guaranty Trust Co., depositary, representing
said bonds, who do not, within the time fixed, present their certificates of
deposit to the depositary for notation thereon of election to purchase new
Interborough 10-Year 6% Gold notes shall be conclusively and finally
deemed to have elected to surrender 60% of their bonds.
The purchase price of the new notes shall be payable upon 30 days'
notice after the plan is declared operative,.
The stock of the Interborough company pledged to secure the Interborough-Metropolitan 4%% bonds will, when reduced to possession upon
the enforcement of the trust agreement securing them, be distributed among
the bondholders participating in the plan in accordance with their respective
interests.
This plan deals, in respect of these bonds, only with the stock of the
Interborough company, and not with the stocks of New York Rys. or of
New York Transportation Co. or any other of the assets of Interborough
Consolidated Corp. not pledged under the trrust Agreement secuing these
bonds. Such stocks and other assets are to bo dealt with as authorized in
-P. Murphy
the agreement by which the committee of which Grayson M.
is Chairman adopts this plan. Distribution of the pledged stock of the
Interborough company among the bondholders may be made in advance
T11 1 CEMONICLt
MAY 6 1922.]
of any sale, or acquisition by the committee, under the agreement above
mentioned, or any of said other stocks or assets.
The Interborough-Metropolitan 4%% bondholders' committee will
offer to the holders of first the Preferred and then the Common stock of
Interborough Consolidated Corp. the opportunity of purchasing such of
the Interborough company's new 10
-Year 6% Gold notes as shall not be
taken by the holders of Interborough-Metropolitan 4%% bonds and of
Interborough stock, together with the Interborough-Metropolitan 4%%
bonds and Interborough stock surrendered by the holders thereof.
Participation in Plan by Holders of Interborough Rapid Transit Co. Stock.
Holders of Interborough Rapid Transit Co. stock (of which $1,087,500
is in the hands of the public) shall be entitled to participate in the plan by
purchasing at their principal amount and accrued interest new Interborough
-Year 6% Gold notes to the extent of 327 of the par value of their stock
10
or at their option by surrendering 60% of their stock for delivery to the
above mentioned underwiting syndicate. Stockholders shall make their
election in this regard at the time of their assent to the plan. The purchase
price of the new notes shall be payable on 30 days' notice after the plan
is declared operative.
Probable Operating Results Based on Foregoing Plan.
Estimate of the operating results under the plan, assuming the continued
operation of the system as now constituted, has been approved by
engineers representing the different security holders and by the operating
officials of the Interborough company. These estimates are based on
assumptions as to the future growth of traffic which all the experts regard
as reasonable. Allowance is made for 6% interest on the entire $15,000,000
of new Interborough 10-Year 6% notes and in estimating the net income
for each year there have been included in the deductions from income the
sinking fund payments (approximately $2,175,000 a year) which are to be
postponed and made available for other purposes until July 1 1926. The
estimates assume that the reduced rental will be applicable to the $60,000,.000 of Manhattan stock and that during the period covered by the estimates
no dividends will be paid on the Interborough stock.
—Dividend on— —Surplus for
xNet
Manhattan Stk. Interboro. City Under
its Contract
Co.
Income. Rate. Amount.
Year begin. July 1 1922_$6,192,000 3% $1,800.000y$4.392,000
do
do
1923_ 7,185,000 47 2,400,000y 4,785,000
3,000,000 1,119,000 $5,276,000
do
do
1924_ 4,119,000 5
do
do
1925_ 4,553.000 ö% 3,000,000 1,553,000 6,467,000
Total sum.earns. for 4 years begin. July 1 1922_$11,849,000
Add postponed sinking fund payments of$2,175,000
7,612,500
for 34 years
•
Total earnings available for arrears,improvements
and betterments and other capital purposes__ __a$19,461,500
The foregoing estimates of earnings aro based upon the plans of the
Interborough company's operating officials for gradual increases in service
and upon the assumption that the addition of 350 cars will be spread over
a period of 4 years.
x After including in the deductions from income the Interborough
sinking fund payments to the amount of $2,175,000 per year, which are to
be made available for capital expenditures. y The large surplus for these
years is because of the accumulated Interborough preferentials, which it
Is estimated will have boon made up by 1925.
Note.—a Since the completion of the foregoing plan on May 11922, the
Transit Commission has issued an order for increased subway service and
an order for 100 new subway cars out of an ultimate provision of 350
cars. It is the opinion of the company that while these two orders modify
In regard to time the estimates of earnings upon which the plan is based,
they ,do not affect the aggregate results for the 4-year period ending June
30 1926.
Committees Approving Plan.—Plan has been approved by the directors of
both companies, and by the following committees:
Interborough Rapid Tran'sit Co. Bondholders' & Noteholder's Committee,
J. P. Morgan, Chairman, Dwight W. Morrow, Frederic W. Allen, George
F. Baker Jr., Edward D. Duffield, Halsey Fiske, Allen B. Forbe, Darwin
P. Kingsley, G. Hermann Kinnicutt, H. C. McEldown_ey. Charles E.
Mitchell and John J. Mitchell; William Ewing, Sec., 23 Wall St., N. Y.
City; Bankers Trust Co., depositary. 16 Wall St., N. Y. City.
Manhattan Railway Co. Stockholders' Committee, Alvin W. Krehc, Chairman, Lewis L. Clarke Bertram Cutler, Alfred Skitt, Frederick Strauss
Lyman Rhodes, Sec., 37 Wall St., N. Y. City;
Thomas H. West Jr.;and
Equitable Trust Co., depositary, 37 Wall St., N. Y. City.
Interborough- fetropolitan Co. 434% Bondholders' Committee, Grayson
-P. Murphy, Chairman, John McHugh, Charles A. Peabody, Charles
M.
H. Sabin, Charles S. Sargent Jr. and Frederick Strauss; Boudinot Atterbury, Sec., 140 Broadway, N. Y. City; Guaranty Trust Co., depositary,
140 BraodwaY, N. Y. City.Plan
Operative.—In case the plan shall not have
Provision for Declaring the
been declared operative by Aug. 1 1922, it may be abandoned by the
action of any one of the three committees. The Manhattan Stockholders'
Committee may withdraw from the plan at any time in case the Interborough company shall be in default In making any of the payments aggregating $2,590,460 provided for above. With that exception no committee
acting alone shall lae entitled to withdraw from the plan until after Aug.
1 1922, but prior to said date the plan may be abandoned by the concurrent action of any two of the three committees.
Provision for Conforming Plans to Plans of the Transit Commission.—This
plan is not intended to conflict with the ultimate consummation of the
plans of the Transit Commission. On the contrary, it is believed that the
consummation of this plan will promote the public purposes the Transit
Commission has In view. To the end that the committees may be in a.
position effectively to co-operate with the Transit Commission in accomplishing its aims, each of the three committees expressly reserves the power
to adopt a modified or substitute plan in accordance with the plans of
the Transit Commission when the Commission shall be in a position to
take definitive action respecting its plans.—V. 114, p. 1890, 1765,
International Ry., Buffalo, N. Y.—Quarterly Statement,
Three Months ending March 31—
Operating revenue
Operating income, after taxes
Gross income, incl. non-operating income ,
Income deductions
1922.
1921.
$2,579,609 $2,725,159
286,720
227,670
$297,314
372,897
$235,534
375,848
---r------------------------ $75,582 $140,315
--DeficitFair return Upon the value of the property in accordance with
formula adopted by P. S. Commission when granting the 7c,
-4 tockets for 25c., for the City of Buffalo, reprecash fare
sents an annual sum of approximately $2,650,000. Proportion
for three months--- --- -r -------------------- ---------- $662,500
297.314
Gross income for three monthsending March 31 1922
Fares now collected are insufficient to provide for operating
renewals, taxes, and this return upon
expenses, depreciation &
the value of the property devoted to the public service, by the
amount of--------------------------------------------def.$365,186
—V. 114, p. 1651.
Kansas Oklahoma & Gulf Ry.—Trustee.—
The Columbia Trust Co. will act as trustee of an issue of6% Equipment
Trust notes.—V. 114, p. 409.
Lehigh Valley RR.—Bonds Paid.—
2013
1} Missouri Kansas & Oklahoma RR. 1st Mtge. 55, due May 1 1942.
2 Boonville RR. Bridge Co. 1st Mtge. 45, due Nov. 1 1940.
3 Dallas & Waco Ry. 1st Mtge. 5s. due Nov. 1 1951.
Interest due May 1 1922, will be deferred.—V. 114, p. 1890, 1543.
Missouri Pacific RR.—To Pay Off Bonds.—
All of the outstanding ($13.641,000) 1st & Ref. Mtge. 5% gold bonds,
series "B," due Jan. 1 1923, will be paid Aug. 1 at par and int. at the
Guaranty Trust Co., 14 Wall St., N. Y. City. See offering of $18,000,000
1st & Ref. Mtge. 6% gold bonds, series"D." in V. 114, p. 1287.—V. 114.
p. 1766.
Montreal Tramways Co.—Bonds Paid.—
The balance outstanding due May 1, of two underlying bond issues,
amounting to $2,688,963, are paying off as presented. The company "does
not propose to do any financing in connection with this at the present moment, but may in the future."—V. 114, p 1180, 627.
New Orleans Railway & Light Co.—Reorganization.—
Reports in circulation state that the reorganization of the company
and vacation of the receivership is expected by Oct. 1. The commission
Council of New Orleans, which was declared by the Louisiana Supreme
Court to have regulatory powers over the company, has approved the
tentative plan submitted by the committee for holders of the 434% bonds,
based on the rate base valuation of $44,700,000 as of Dec. 311920, agreed
upon between the city and the company. The reports state further:
"The plan provides that the $11,294,200 underlying liens on acquired
properties shall be
The
outstanding general
434% bonds are to beundisturbed. in lien $17,544,000& Ref. open mortgage
subordinated
to a new 1st
and shall be exchanged for 257 in cash and 75% in new General Lien 434%
0
bonds due July 11935, in the form of a closed mortgage, the latter ranking
in lien after the new 1st & Ref. Open Mortgage.
"The $6,117,700 Ref. & Gen. Lien 5s, due in 1949 are to be refunded
by $5,129,000 Income bonds with int. at 6% and adjusted for defaulted
Interest up to June 1 1922.
"The present defaulted 7% notes and accrued int. to June 11922, will
be refunded by the issuance of $3,955.000 new 7% cumulative Preferred
stock and the balance of securities to be issued after providing for receiver's
certificates, shall be in Common stock to represent present stock equities,
of which there are $20,000,000 Common and $10,000,000 Non-cumulative
5% Preferred.
"Should the Federal court approve the plan, fares and rates for gas and
electricity are to be such as to produce net revenue of not less than 754%
on the rate base valuation, and the city acquires a perpetual option to
purchase the properties at the valuation agreed upon, plus capital expenditures subsequent to Dec. 31 1920. The pending litigation is to be dismissed when the plan becomes operative."—V. 114, p. 1891, 1534.
New York Central RR.—Sells Interest in Lake Erie &
Western RR. to Van Sweringen Interests.—
See Lake Erie & Western RR. In "Chronicle" April 29, p. 1890.
A lengthy article by Wm. J. Meany dealing with the possible consolidation of the N. Y. Central in accordance with the 1.5. C. Commission plan
is given in "Financial America." April 24. A map of the proposed consolidation accompanys the article.—V. 114, p. 1766.
New York Lake Erie & Western Coal & RR.—Bonds.—
The I.
-S. C. Commission has authorized the company (1) to extend the
date of maturity of not exceeding $3.000,000 1st Mtge bonds from May 1
1922 to May 11942, and to reduce the interest rate from 6 to 556 %;(2)
authorized the Erie RR. to guarantee the bonds, and (3) has granted
authority to extend the term of the lease of the property, railroad and
franchises of the New York Lake Erie & Western Coal & RR. to the Erie
RR. See V. 114, p. 1891.
New York State Rys.—Wage Agreement Rejected.—
The employees in Rochester. by a vote of 1.760 to 97, rejected the proposed wage agreement submitted by the company.
Employees in Utica, Syracuse. Rochester and Schenectady are still
.
working under the conditions of the 1921 agreements, and, according to
both railway and union officials, are expected to continue at work until
new agreements are concluded.
The company on Jan. 1 last created an accident prevention department.
See "Electric Railway Journal," April 29, p. 707.—V. 114, p. 1651, 1408.
New York Westchester & Boston Ry.—Fares Increased.
The New York Transit Commission has authorized the company to
increase its fares between stations in N. Y. City from 5 to 7 cents, effective
May 15. The new rate will be in force for one year.—V. 113, p. 2819.
Northern Pacific Co.—Car Order.—
The company has Increased Its order for new freight cars. Early in the
year it ordered 1,000 refrigerator cars. Now an additional investment of
$3,250,000 in improved freight equipment has been authorized to include
1,000 box cars. 250 convertible work and coal cars, 250 steel coal cars, 250
stock cars and 70 passenger refrigerator cars.
The supplementary order for 1.820 cars is placed in conformity with the
company's policy to aid the revival of production and business activity
generally by such enlargements of facilities as are possible.—V. 114.
p. 1646, 1652.
Oregon Electric Ry.—Earnings for Year 1921.—
Gross revenue for the calendar year 1921 amounted to $1,293,506; net
deficit after taxes, $85,178; other income, $8,442; interest charges, &c.,
$572,330; total deficit for year, $649.066.—V. 112, p. 2084.
Pennsylvania-Ohio Electric Co.—Bonds Paid.—
The $1,507,000 Penn-Mahoning Valley Ry. 58 due May 1 are being paid
off at office of United States Mortgage & Trust Co. The necessary funds
to meet this maturity were obtained from the recent sale of 81,950,000
1st Mtge. & Coll. Trust 634% bonds. See offering in V. 114, p. 1535.
Pennsylvania Railroad.—Sub. Co. Bonds Called.—
Twenty-six ($26,000) 1st Mtge. 5% series A bonds of the Sunbury
Hazleton & Wilkes-Barre Ry. Co.. 21 bonds at $500 each and 30 of S100
each have been called for payment June 1 at par and int. at Fidelity Trust
Co.,Philadelphia.—V. 114. p. 1891.
Pittsburgh (Pa.) Railways.—Wage Agreement Reached.—
The receivers and the employees have agreed to continue the present wage
scale for another year. This scale is as follows: 54 cents an hour for the
1st six months, 58 cents for 2d six months, and 60 cents an hour thereafter.
The average day is nine hours.
The men had demanded an increase in wages of 16 2-3% with an eight..
hour day, while the receivers had countered with a proposed cut in wages
of 10%.—V. 114, p. 1891.
Portland (Me.) Railroad.—Wages Reduced.—
The employees have accepted a voluntary reduction of 10% for the
beginning May 1, to enable the road to make up a deficit, which foryear
the
past year amounted to approximately $63,000.—V. 111, p. 190.
Public Service Corp.—Contract.—
A contract has been entered Into between Booth & Flinn, Ltd.,contractors
for the New Jersey-New York Vehicular Tunnel and the electric division
of the company whereby the company will supply electric power required
for the construction of the New Jersey section of the tubes.—V. 114, p. 1652.
St. Louis
-San Francisco Ry.—Bonds Sold.—Lee, Higginson & Co., Guaranty Co. of N. Y., Speyer & Co. and
J. & W. Seligman & Co. have sold at 95 and hat., to yield
Manhattan Ry.—Plan of Readjustment, &c.—
See Intorborough Rapid Transit Co. above.—V. 114, P. 153.
about 5.95%,$6,932,000 Prior Lien Mtge.532% Gold bonds,
Mexican Ry, Co., Ltd.—Conversion of Del'. Int. Certfs.— Series D (seo advertising pages).
Dated Jan. 11922. Due Jan. 11942. Interest
The $5,950,000 Easton & Amboy RR. First Mtge. 5% Gold Bonds
which matured on May 1 are now being paid off.—V. 114, p. 1533, 1407.
payable J. & J. in New
The Deferred Interest certificates (series Nos. 12 to 25 incl.) In respect
Callable at
of the interest on the 4 4% Second Debentures, may now be deposited at York. and $500, 10234 and int. on 60 days' notice. Denominations of
r*
the company's offices, for conversion into registered "B" stock, less tax, $1,000Co. of New c* & and$1,000. $5,000 and $10.000. Central Union
Daniel K. Catlin, trustees.
York
pursuant to the scheme of arrangement sanctioned by the Debenture and Trust
Listing.—Series A, 13 and C bonds are listed, and application will be made
Certificate holders Dec. 21 last.—See V. 114, P. 1287.
to list Series D bonds on the New York Stock Exchange.
This Issue.
--Total issue of Prior Lien bonds limited to $250.000,000.
Missouri Kansas & Texas Ry.—Interest Payments.—
reported by company
Coupons for interest matured Nov. 1 1921 on the following bonds will be Outstanding (as4%,due July 11950, as of April 30 1922, but including this
Series A
paid upon presentation at the office of J. D. Barnes, Agent for Receiver. issue).$24,950,000: Series C 6%, due$90,125.150: Series B 5%. due July 1
1950,
July 1 1928, $10,598,000; Series D
al Broadway. New York City, on and after April 29 1922:
554%,due Jan. 1 1942 (this issue), $6,932,000.
2014
THE CHRONICLE
In addition, $3,183,350 Series A 4% bonds and $115,425 Adj. Mtge.
bonds were issued at organization, to be used solely for acquiring underlying bonds and securities of controlled companies, and $4,000,000 Series C
6% bonds have been pledged as collateral for a U. S. Govt. 6% loan of
°
$3,000,000, due Mar. 1 1936.
Data from Letter of Chairman E. N. Brown, May 3.
Capitalization of System (As of April 30 1922, but Including This Issue).
Prior Lien Mortgagabonds (see above)
$132,605,150
Underlying bonds
10,080,005
Trust Mortgage bonds of 1887
70,000
Equipment notes
13,355,444
Funded debt of subsidiary companies
55,151,170
Adjustment Mortgage 6% Cumulative Income bonds
40,432,393
Non-cumulative 6% Income Mortgage bonds
35,192,000
Kan. City Ft. Scott & Mom.4% Pref. stock or trust certfs_ _ _ _
461,700
Preferred stock, 6% non-cumulative
7,500,000
Common
50,447,026
-Operates a system aggregating 5.256 miles of road. From
.Company.
St. Louis and Kansas City its lines extend southwest through Missouri
Kansas, Oklahoma and Arkansas into Texas, with a line crossing the
Mississippi River at Memphis and extending eastward to Birmingham, Ala.
Company servos one of the most rapidly developing sections of the United
States, and its lines form the shortest routes between most of the important
centres served, including Kansas City and Memphis, Memphis and Birmingham, Kansas City and Oklahoma and St. Louis and points in Texas.
• Purpose.
-Proceeds will be used to reimburse the company for capital
expenditures already made out of income for additions and betterments,
new equipment and refunding equipment notes.
Security.
-A direct mortgage lien on 3,467 miles of line owned in fee and
all equipment owned, subject only to $10.080,005 underlying bonds, and
to outstanding equipment notes. On 1,645 miles of line the bonds are secured by a direct first mortgage.
Company controls an additional 1,694 miles of line through ownership qf
substantially all of the capital stock representing that mileage, upon which
there are outstanding mortgage bonds aggregating $55,151,170. All of
the stock representing the company's control of this mileage is pledged
as further security under the Prior Lien Mortgage, subject as to a part
thereof to bonds and stock truso certificate; aggregating $506,605. The
Prior Lien Mortgage also covers trackage rights in 95 miles of road.
Earnings for Years Ended Dec. 31.
Total
Total Income Fixed Int.,Rents, Bal. Availfor
Available for Sink. Fds., ctc.
Operating
for Int. on
Revenues.
Fixed Charges. Fixed Charges. Income Bds.
1916
$53.119,998
$15,633,405
$9,501,430
$6,131,975
1917
59,676,657
15,631,968
9,348.504
7,283,464
1918
x72,475,313
13,524,535
8,962,395
4,562,140
x82,202,918
1919
13,868,915
9.582,552
4,286,363
y98,723,039
1920
16,293,096
10.097,451
6,195,645
84.292.584
1921
17,932,723
10,203,773
7,728,950
x U. S. RR. Administration.
y U.S. RR. Adm.2 mos.;guaranty period 6 mos.; corporate period 4 mos.
[Vot. 114.
in and under said trust agreement, by entering into an instrument of transfer with the Continental Trust Co. of Baltimore, and the Seaboard-Bay
Line Co., under which it will assume obligation and liability in respect
of the payment of the principal and interest of the equipment notes and certain other payments required to be made thereunder. It also proposes
to endorse on the notes to be issued by the Seaboard-Bay Line Co. to the
Secretary of the Treasury its unconditional guaranty of the payment of
the principal and interest. (Compare official statement in V. 114, 1:
1522).-V. 114, p. 1064, 522.
Steubenville E. Liverpool & Beaver Valley Trac. Co.
-
The company's lines were tied up May 2 by a strike of car men who
refused to accept a wage scale ranging from 42 .5c. to 45c. an hour.
The company refused to arbitrate or negotiate with the union.
-V. 114.
p. 1892.
Toledo Terminal RR.
-Authority to Issue Bonds.
-
The I.
-S. C. Commission has granted authority to procure authentication
and delivery to the company's Treasurer of not to exceed $400,000 1st Mtge.
gold bonds.
-V. 112, p. 1284.
United Gas & Electric Corp.
-Earnings.
Summary Statement of Earnings for the 12 Months ended March 31.
(Excluding Subsidiary Companies Showing a Deficit.]
1921-22.
1920-21.
Balance of subsidiary operating companies
$2,362,442 $2,018,539
Deduct
-Reserve for renewals and replacements_ _ _ _
646,585
663,148
Earns. applic. to stk. of sub. cos. owned by public_
397,673
382,691
Balance, net
*$1,318,183
Net income from bond investments & other sources_
281,435
Total
Deduct-Int. on United G. & E. Corp. bonds
Int. on United G. & E. Corp. certfs. of indebt_
Amortization of debt discount
$972,700
191,548
$1,599,619 $1,164,248
559,454
558,000
95,846
134,619
53,265
56,279
Balance for 12 months
$891,053 $415,350
* Balance after deducting deficits, $1,296,505.
Note.
-In the above earnings statement no account is taken of profit or
loss from sales of securities, nor of earnings from oil operations in excess of
dividends received therefrom.
For sub. co. earnings see "Earnings Dept." in last week's "Chronicle,"
page 1882.-V. 114. p. 1065.
Utah Light & Traction Co.
-Wages Decreased.
-
Employees April 28 accepted a now wage schedule effective May 1 by
which wages are decreased. The general decrease in wages is illustrated
by the decrease applying to the first
,
-year platform men, whose pay is
reduced from 50c. to 47c. The pay of platform men longer in service is
reduced from 57c. to Mc. Under the terms of the agreement, the wage
schedule is to be still further decreased November next, provided there
has not been an increase in the cost of living as shown by Bureau of Labor
statistics.
-V. 113, p. 961.
The annual report for 1921 was given in last week's"Chronicle," pages 1906-1908.
Utah Power & Light Co.
-Bonds Offered.-Bonbright &
Bonds Authorized.
Co., Hayden, Stone & Co. and Electric Bond & Share Co.,
The I.
-S. C. Commission April 29 authorized the company to issue New York,are offering at91 and int. to
yield about 6.60%
$10,932,000 Prior Lien Mtge. 54% gold bonds, series D, in substitution
for an equal amount of Prior Lien Mtge. 6% gold bonds, series C, now $5,000,000 6% (see advertising pages) Gold Debenture
in treasury; not to exceed $6,932,000 of said laonds to be sold at not less Bonds, Series A, non-callable for 25 years.
than 89 and int. (which it is understood will be publicly offered in near
future), and the remainder thereof to be pledged and repledged from time
to time, until otherwise ordered, as collateral security for any note or notes.
-V. 114, p. 1885.
• San Francisco-Oakland Terminal Rys.-Terminal.
Vice-President W. R. Alberger, in an article published in the "Electric
Railway Journal" April 1, tells of the Goat Island Terminal project and
gives operating data of railway system -V. 114, p. 1288.
-Earnings.
San Francisco-Sacramento RR. Co.
Gross revenue for the calendar year 1921 amounted to $1,169,684; net,
after taxes. $148,268; interest and miscellaneous deductions, $56,336; other
income, $17,251; balance, $109,183.-V. 112, p. 163.
-Guaranty Authorized.
Seaboard Air Line Railway.
The I. S. C. Commission April 21, authorized the company (a) to assume
obligations and liabilities in respect of equipment notes to be issued by the
,
Seaboard-Bay Line Co., and (b) to guarantee by indorsement obligations
of the company to the 1J. S. in the amount of $4,100,000.
The Commission dismissed for want of jurisdiction, the application
of the Baltimore Steam Packet Co. for authority to assume obligations
and liabilities.
The Seaboard Air Line By. applied for authority to assume obligations
and liabilities in respect of certain equipment notes, and to endorse certain promissory notes to be issued by the Seaboard-Bay Line Co. The
Baltimore Steam Packet Co. also applied for authority to assume obligations and liabilities in respect of certain 1st. mtge. demand notes to be issued
by the Seaboard-Bay Line Co., and also to endorse the promissory notes
included in the application of the Seaboard Air Lino By. Co.
The Baltimore Steam Packet Co.,(entire capital stock of which is owned
by the Seaboard Air Line Ry.) operates a line of steamers between Baltimore, Md., and Old Point Comfort and Norfolk, Va. These companies
have organized the Seaboard-Bay Line Co. under Maryland laws, for
purpose of providing the system and the subsidiaries of the Railway company with necessary equipment. The capital stock of the SeaboardBay Line Co. is $1,500,000, which has been subscribed and paid for by the
lizs.
or Tie Commission recently certified a loan of $4,400,000 to the SeaboardBay Line Co. to be used in acquiring equipment mentioned below. The
Bay Line Co. will execute and deliver its promissory notes to the Secretary of the Treasury in evidence of the U. S. loan,which notes are to be
unconditionally indorsed and guaranteed by the Seaboard Air Line By. Co.
and by the Baltimore Steam Packet Co. In respect of the payment of the
principal and the interest.
With part of the funds derived from the sale of its capital stock, the
Bay Line Co. has arranged to procure two steamers at a total cost of $1,285,000. It proposes to execute a trust indenture to the Continental
Trust Co. of Baltimore, Md., to secure 1st. mtge. demand notes equal
to the cost of the steamers. These notes will be issued by the Bay Line
company and pledged with the Secretary of the Treasury as part security
for the U. S. loan.
The Baltimore Steam Packet Co. proposes to acquire all of the right,
title and interest of the Bay Line company in and to the two steamers
and in and under the trust indenture, by entering into instrument of transfer with the Continental Trust Co.. Baltimore, and the Seaboard-Bay Line
,
Co. under which it will assume obligation and liability in respect of the
,
payment of the principal and interest of the 1st. mtge. demand notes and
all sums required by indenture to be paid by the Seaboard-Bay Line Co.
It'also proposes to endorse on the notes to be issued by the SeaboardBay Line Co. to the Secretary of the Treasury its unconditional guaranty
of the payment of the principal and interest.
The Seaboard-Bay Line Co. has contracted to procure the following
new railroad equipment: 15 Mikado locomotives. 10 Mountain-type
locomotives, 1,250 80.000-lb. capacity steel underframe steel end ventilated box cars, ($1,554 79, each) 300 80,000-lb. capacity steel underframe
flat cars, ($1,086, each). 200 100.000-1b. capacity steel phosphate cars.
($1.454. each) and the following rebuilt equipment: 1,000 steel-underframe and steel upper frame ventilated box cars, 1,000 steel-underframe
and wooden-upper frame box cars, 1,000 steel-underframe gondola cars,
at a total cost of $6,989,893.
Pursuant to the terms of the trust agreement. the Seaboard-Bay Line
Co. will execute $4,589,000 6% equipment notes, 1st, series, to be dated
March 1 1922, to mature in semi-annual installments from August 15 1923.
The Seaboard-Bay Line Co. proposes to pledge the equipment notes. 1st.
series, with the Secretary of the Treasury, as part security for the U. S.
loan.
The trust agreement also provides for the issuing of $2,400,000 equipment
notes, 2d series, to be dated March 1 1922, to mature Feb. 15 1937, without interest before maturity, which notes are to be inferior in lien, rights
and•prWity, to the equipment notes, 1st. series.
The Seaboard Air Line By. CO. proPoses to acquire all of the right, title
and interest of the Seaboard-Bay Line Co. in and to the equipment, and
Dated May 11922. Duo May 1 2022. Redeem. after May 11947, and
up to and including Oct. 31 2016, all or part at any time upon 60 days'
notice, at 110 and int.; thereafter at par and mt.. Int. payable M.& N.in
New York, without deduction of the normal Federal income tax payable
I ov ?7
to rcuseenoi f AIarefunded.
Penn. State taxc
n
oand4100eri$;oanc
_.nt7tvt 11ratco.w
!
,
$5,000.
Data from Letter of Vice-President E. W. Hill, New York, May 3.
Company.-Incorn, Sept. 6 1912 in Maine. Owns and operates electric
power and light properties and owns all of the issued securities of Western
Colorado Power Co. and all the capital stock, except directors' shares, of
Utah Light & Traction Co.
Supplies electric power and light to 143 communities in Utah and southeastern Idaho. Through Western Colorado Power Co. serves electric
power and light to ten communities in southwestern Colorado.
Utah Light & Traction Co. owns electric light, power and street railway
properties in Salt Lake City and electric and gas properties in Ogden.
Electric light and power and gas properties are leased to the Utah Power &
Light Co. for 99 years (to Jan. 1 2014), and are operated in connection with
its own properties. Total aggregate population, 336,000.
•
Capitalization Outstanding with Public After This Financing.
6% Deb. bonds(thLs ismo)35,000,000 1st Mtge. 5s, 1914
x$23,691,000
1st Lien & Gen. 7s, 1925.... 656,000 Pref. stock, 7 0um _ _ _y11,538,000
%
do 7s, 1941
500,000 2,1 Prof. stock,7%
3,099,000
do 6s, 1944
2,000,000 Common Stock
30,000,000
x Not including 1st Mtge. 5s pledged as collateral under 1st Lien & Gen.
Mtge. bonds. y Includes sale of $1,000,000 which is now being issued.
The company guarantees principal and interest, $13,552,000 bonds of the
Utah Light & Traction Co.
Purpose.
-Proceeds from the sale of these bonds(together with $1,000,000
7% Pref. stock) will provide funds for the retirement of floating debt and
for other corporate purposes.
Earnings (Incl. Western Colorado Power Co.) 12 Months Ended March 31.
1920.
1921.
1922.
Gross earnings. incl. other income_ _ _ _$6,024,330 $6,957,922 $6,822,670*
Oper. exp., znaint., rentals & taxes.. _ _ 3,075,412
3,634,597
3,446,025.
Net earnings
$2,948,918 33.323,3Z5 33,376,645.
Annual interest on: $23,691,000 1st Mtge. 5s, 31,184,550;
$3,156.000 1st Lien & Gen. Mtge. bonds, $200,920; 35,000,000000 6% Debenture bonds, $300,000
1,685,470
Balance, surplus
$1,691,175
Supervision.
-Under the supervision of Electric Bond & Share Co.
V. 114, p. 739.
Washington Baltimore & Annapolis Electric RR.
Bonds Sold.
-A syndicate headed by Robert Garrett & Sons,
Baltimore, has sold an additional block of $382,000 1st Mtge.
5s of 1911 at 82 and int.
The proceeds will be used in part for expenditures in connection with.
the construction of the new Washington terminal.
With the issuance of these bonds the mortgage will be closed, with the
exception of only $146,000 (reserved under the terms of the indenture).
The total amount of bonds outstanding, including this additional issue,
will be $7,354,000 of an authorized issue of $7,500,000.
The net income of the company for tho 6 years ended Dec. 31 1921,
after taxes, has averaged $668,018, as against average interest charges.
(including deductions or for amortization 1916 to 1920, inclusive, and after
depreciation for that period) of $311,412, or over 2.14 times such charges.
-V. 114, p. 1536.
West Penn Traction & Water Power Co. (and Sub.
Cos.).-Ccmsolidated Statement.
Three Months ended March 31Gross earnings, all sources
Net after oper. exp. & taxes
Fixed charges
Divs. on Pref.stock ofsub cos
Balance
114, p. 1768.
1922.
1921.
Inc. or Dec.
$3,871,462 $3,937,991 dec $66,5281,294,895
1,130,243 inc. 164,652
719,591
603,460 inc 116,131
$575,304
172,356
$526,783 inc $48,520
145,197 Inc 27,159
$402,947
381,586 inc $21,361.
West Side Balt RR. of Xbittsburgh.-Annual Report.
See Pittsburgh & West Virginia By. Co. under "iPinancial Reports" om
a preceding page.
-V. 111, p. 2042.
MAY 6 1922.]
THE CHRONICLE
INDUSTRIAL AND MISCELLANEOUS.
-The
General Industrial and Public Utility News.
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
•
Steel & Iron Production, Prices, &c.
STEEL AND IRON MARKETS.
-"Iron Age" May 4 says in brief:
Effect of Coal Strike.
-"Production of iron and steel in western Pennsylvania and eastern Ohio is slightly less this week because of the coal strike,
but the total for all districts is but little affected. The pig iron statistics
for April, which have been looked for with unusual interest, show an
increase upon the March output. though indications are that the rate
was not quite maintained in the final week of the month in the districts
tributary to western Pennsylvania coal fields.
"Based on active capacity pig iron output on May 1 was at a yearly
rate of 26,600.000 tons, or 10,000,000 tons more than was actually produced in 1921.
"Loadings of coal by railroads serving the western Pennsulvania district,
including important union mines, were 1,960 cars on Friday, 1,883 cars on
Saturday and 1,645 cars on Monday. Normally they are about 8,000 cars."
Prices.-"The effect of the strike in stiffening the steel market has been
more pronounced this week, especially in semi-finished steel. At Pittsburgh open-hearth billets have advanced from $29 50 to $32 and forging
billets at $37 are also up $2 50.
"Prices of independent producers of plates, shapes and bars are more
generally 1.60c., though it appears a good many pi otections given at
1.35c. or 1.40c. are still running.
"The trend of pig iron prices is still upward. The latest advances
Include 50e. on Alabama iron, $1 on foundry, malleable and basic at
Chicago, $2 on basic in eastern Pennsylvania and from 50c. to $2 in other
centres. Silveries have again been advanced $1, making $3 in the past
three weeks."
RR. Orders.
-"The placing of 2,750 cars by the Chicago & Northwestern
brings total purchases of freight cars for past 4 months close to 60,000,
or over 2% times as many as were bought in all of 1921, comparing with a
4 months' average in 10 years before the war of 61,600 cars. Pending
business totals over 9,100 cars.
"The week's bookings of two locomotive builders amount to 139 engines,
the Chicago & Northwestern, the Boston & Maine and the Atlantic Coast
Line being the leading buyers.
"The New York Central Lines have distributed orders among six rail
mills for additional lot of 24,800 tons of rail."
2015
Mexican Oil Productfon.-Southern (light oil) fields of Mexico produced
2,829,000 barrels last week, decline of 284,000from previous week. Panne°
production reached 712,000 barrels, against 621,000 in week ended April 15.
"Boston N. B." May 1, p. 4.
Highest Daily Rate of Crude Production Ever Recorded.
-U. S. Geological
Survey figures show 49,916,000 barrels produced during March.
Gasoline Price Advanced.
-S.0.Co.(of La.) makes prices 21c. tank wagon
and 23c. filling station. Second advance in three weeks. "Wall St. J.'.
May 4, p. 4.
Prices, Wages and Other Trade Matters,
Commodity Prices.
-High points of wholesale cash prices in New York
were: Wheat, April 29 and May 3, $1 56: corn, May 3, 8U c.; coffee,
May 4, 11%c.;lard, May 4,$11 95;iron, May 3.$26 25; tin, May 2,$31 25;
lead, May 2, $5 30; cotton, May 3, $20 00; print cloths, May 4,6 Yi c.
Copper Market.
-"Copper sales have again been made at 13c. per lb..
according to some of the leading agents. This indicates that reports of
free offerings at i23c. are not correct, because it is hardly likely that
consumers would pay 13c. if they could get metal at 12 7 c. per lb. Domestic
A
demand continues on a fair scale and export business is holding up well.
It is stated in some quarters that good domestic inquiries are pending."
-Boston "Fin. News" April 28, p. 1.
Sugar Prices Advance.
-The American Sugar Refining Co.and the Warner
Sugar Refining Co. increased their prices for refined sugar 10 points to
5.40c. per pound, both less 2% for cash. The others made no change.
"Financial America" Apr. 28. P• 3•
Great Northern Paper Employees Agree to Wage Cut.
-1,000 employees,
including paper workers, sulphite workers, stationary engineers, machinists
and carpenters agree to cut for year averaging 15% less than last year.
"Wall St. Jour." May 3, p. 3.
Situation in Shoe Manufacturers' District.-(a)Lynn (Mass) Shoe Mfrs.'
Association voted to close factories when work on hand is completed.
Unions refuse 20% wage cut proposal. Factories will remain closed until
unions come to terms. Approximately 13,000 workers will be affected.
Previous agreement expired April 30. (b) Nine factories in Rochester
(N. Y.) closed May 1 in accordance with the severance by the women's
group of the Rochester Boot & Shoe Mfrs.' Association of their connection
with the United Shoe Workers of America. The manufacturers' position
leaves the union with nothing to do but accept the ultimatum of the employers, or try to compel the employers to make a contract with them
through a strike. "Boston Financial News" May 1, p. 3.
Developments in Textile Strike.-(a) Strike remains unbroken in 14th week.
(b) First concession in wage controversy made by H. A. S. Reed, agent
for Patchogue-Plymouth mill, announcing reduction of 10% instead of
20%. Labor leaders not impressed. (c) Pawtuxet Valley mill owners
serve ejection notices on strikers occupying company houses. (d) Presiding
Justice Tanner of Superior Court at Providence issues orders restraining
members and agents of United Textile Workers from interfering with
business or employees of Crown Mfg., Jenckes Spinning, Dexter Yarn,
Slater Yarn and U. S. Finishing companies.
Newsprint Production Increases.
-Production of newsprint paper is reported by Commerce Department as follows: Total for March. 117.507
tons, against 107,532 tons in 1921 and 127,847 tons in 1920. Mill stocks
on hand March 31 last were 28.180 tons, against 41,789 tons in 1921 and
27,564 in 1920. "Wall St. Jr." May 4, p.9.
Automobile Output for March Increases -Department of Commerce reports production for March totals 152,920 cars, as against 109,121 for
February. Truck production was nearly 5,000 more than in February and
totaled 19,422, and is the largest for any of the nine months for which
figures are available. "Financial America" May 4, p. 1.
Coal Production, Prices, &c.
The "Coal Trade Journal," May 3, stated in brief:
Coal Strike.
-"The fourth week of the strike closed with no further defections reported from the non-union ranks in the bituminous coal fields and
with minor gains in open-shop operation in unionized districts in the border
fields. The tie-up in the older union sections, notably Illinois, Indiana,,
Ohio, Western Pennsylvania, Iowa, Missouri and Michigan, continued
complete.
Production.-"Anthracite production was confined to river recoveries,
estimated at 6,000 tons; no attempt was made to operate any of the major
Legal Matters, Legislation, Taxation, &c.
workings in the hard coal regions. While industrial interest in the coal
U. S. Supreme Court Holds Emergency Fleet Corp. May Be Sued.
-The
situation is broadening the buying is still below the potentialities of the
fields in operation. The output for the week ended Emergency Fleet Corporation of the United States Shipping Board is not
non-union bituminous
April 29, however, Is estimated at over 4,000,000 tons, as compared with a Governmental agency in the sense that it cannot be sued without its
3,560,000 tons the week preceding. There has been a further decline in consent, the Supreme Court decided. • Chief Justice Taft delivered a
the number of unbilled loads, the total dropping from 28,011 for the week dissenting opinion, and stated that Justice Clark and Van de Vanter
of April 15 to 24,090 cars for the week of April 22. These totals include Joined with him. "Post," May I. p. 1.
Internal Revenue Dropped $875,000,000 in First Three Quarters of tht.s
anthracite, which fell from 1,655 to 1,254 cars.
-Internal Revenue Bureau reports total taxes collected from
Prices.-"Because the buying is concentrated upon steam grades, the Fiscal Year.
effect upon spot quotations has been more marked than if demand were July 1 1921 to March 31 1922 aggregated $2.476,000,000, compared with
more evenly distributed. To take care of steam business, It has been neces- $3,351,000,000 same period last fiscal year. "Times." May 3, p. 1.
License Law for Realty Brokers Operative Oct. 1 Next.
-For text of law.
sary to make concessions on domestic prices, and these concessions have
been added to the steam quotations. The situation is further complicated see "Times," April 30, Sec. 9, p. 16.
"Cement Trust" Trial this Month at Chicago.
-Seventy-four individuals
the withdrawal of prices in many union fields where quotations have been
by
in effect on track coal. As a result of these developments, comparison of and companies to be tried. "Times" May 4. p. 4.
War Finance Corporation to Continue.
-The bill extending for one year
the spot quotations for the past week with those reported in the'Coal Trade
Journal'for the week ended April 22 show withdrawals of42.7% of the price from next July 1 the powers of the War Finance Corporation was pad
listed, changes in 40% with only 17.3% of the prices remaining stationary. by the Senate by a unanimous vote without a roll call. "Phila. N. If."
Of the changes reported, 93.1% represented davances averaging 42.2 cents .May 2, 13. 3,
Appellate Division Reverses Decision Against Donnelly Law.
-The Appelper ton, against average reductions of 35 cents.
Demand.-"To the heavy buying of the stool Interests in West Virginia late Division reversed the decision of Justice Charles A. Pooley holding the
Kentucky has been added railroad buying on a larger scale. Last Donnelly Anti-Trust Law unconstitutional. "Times" May 4, p. 3.
and
New York City Board of Estimate Votes $4,080,000 for a City Tunnel.
week It was reported that three important systems were in the market for
1,000 to 1,200 car lots. General industrial purchasers along the seaboard Decides to begin work at once to forestall Port Authority. "Times" May
,
Middle Western territory were also more active. The most depressed 2
and in
Matters Covered in "Chronicle" April 29.-(1) Record of projected new
centre, apparently, was the Buffalo region. Because the demand is so heavy
in the high volatile fields of the two States named differentials between buildings for 1921. p. 1831. (2) New capital flotations during March and
since Jan. 1, p. 1836. (3) Offering of $100,000,000 Bonds of the Dominion
grades and sizes are rapidly disappearing. 'Coal is coal.'"
of Canada. p. 1842. (4) Alabama tax recording law uphead by State court.
Estimated United States Production in Net Tons.
(b) Federal Lana Banks required to pay recording tax, p. 1843.
1922
(5) New York Stocii Exchange houses doing a margin business to be ex1921
Week. Cal.Yr.toDate
BituminousWeek. Cal.Yr.toDate amined twice a year, p. 1846. (6) J. 0. Straus suspended from New York
3,835,000 133,123,000
April 8
6,120,000 107,324,000 Stock Exchange for one year. p. 1846. (7) Edwin E. Kohn, Philadelphia
3,656,000 136,778,000
April 15
6,528,000 113,852,000 broker, convicted, p. 1846.
3,560,000 140,338,000
April 22
(8) Advances approved by War Finance Corporation, p. 1846. (9) Ship6,815,000 120,467,000
Anthracite
ping Board orders rates to South American ports cut to meet British com9,000
22,774,000
April 8
1,865,000
25,269,000 petition; (b) Conference to be held, p. 1854. (10) U. S. Supreme Court
6,000
22,780,000
April 15
1,885,000
27,154,000 upholds Federal Trade Commission in the Winsted hosiery case; (b) Mis6,000
22,786,000
April 22
1,903.000
29,057,000 branding held an unfair practice, p. 1856.
Beehive Coke
175,000
Allis-Chalmers Mfg. Co., Inc.
-Earnings, cfcc.1,983,000
April 8
78,000
2,627,000
140,000
2,124,000
April 15
x Net Profit after Pros.
74,000
2,701,000
93,000
2,216,000
Sales Billed- for Federal Taxes.
April 22
73,000
2,274,000
1921.
1921.
Month of1922.
1922.
Miners' Strike May Last Several Weeks.
-Operators disposed to let dispute
$74,393 $303,709
January
-31.531,016 $2,816,506
wear itself out. "Post" Fin. Sec., April 29, p. 1.
2,509,732
103,504
252,850
1,579,391
-State said to have granted im- February
Who Fought Accuse Comrades.
Miners
2,329,980
100,836
March _
217,630
1,561,196
munity for treason trial testimony. "Times" May 1, p. 4.
-After one month of bituminous coal
Supplies on Hand for Railroads.
Total
$4.671.603 $7,656,218 $278,733 $774,189
strike, railroad officials estimate that Eastern carriers have a sixty days'
x Net profits are shown after deducting all expenses, including reserve
supply of coal on hand, while the "anthracite" roads and Northwestern
systems have 120 days' supply. Southwestern systems are practically for Federal taxes.
Unfilled orders on hand as of March 31 1922 aggregated $8,011,464.
previous supplies and because fuel oil is used in
unaffected because of
against $12,943,633 March 31 1921.-V. 114.p. 1761, 1410.
considerable quantities. "Boston N. B." May 3, p. 3.
President Harding and Lewis Confer on Coal Situation.-Government
-New $4,000,000 7% Bond
Amalgamated Sugar Co.
intervention not planned. Anxiety to evolve remedy for basic evils.
"Times" May 5, p. 19.
Issue Proposed Instead of $3,500,000 8% Issue Previously
Mine Owners Declare Federal Survey of Anthracite Industry Would Confuse
-President Henry H. Rolapp in a letter to the
Issue.-Conferences between labor leaders and operators to be continued. Authorized.
"Times" May 4, p. 22.
Preferred stockholders April 6 says in brief:
In response to a former letter, dated Sept. 17 1921, the Preferred stockOil Production, Prices, &c.
holders gave ready and prompt consent to the approval of a $3,500,000 bond
Oil Conferences Fix Mexican Production Tax on Basis of Actual Selling issue then in contemplation. Such consent was based upon the Common
Price; Export Tax Remains Effective as of Sept. 3 1921.
-Further adjustments stockholders undertaking to carry out a specified financial program.
may be made at conference with bankers. "Times" May 4, p. 6.
outline of plan in V. 113. p. 1474.)
American Petroleum Institute reports consumption of gasoline and kero- (Compare
Since then the Common stockholders have paid in full the $1,000,000
sene in nine States as follows:
assessed against them, thus increasing the equity behind the Preferred
-Gasoline
Kerosene
have voted unanimously to reduce their Common stock to
(In Gallons.)
Feb. 1922. Feb. 1921. Feb. 1922. Feb. 1921, stock. They
no par value. They have stabilized the management of the company
Arkansas
1,880,368
1,802,701
1,054,340
1,064,055 by 73% of such Common stock organizing themselves into a 10
-year
2,729,720
Colorado
4,114,132
619,973
456,876 voting trust.
Florida
5,173,783
6,963,993
1,335,154
1,331,992
They have surrendered one-third of the board of directors to the nominees
Georgia
5,132,770
, 1,980,668
6,863,387
1,804,862 of the Preferred stockholders, who are: G. L. Becker, Ogden, Utah: Arthur
Minnesota
4,932,650 4,997,300
2,016,900
1,943,900 H. Bosworth, Denver,
o.• Edward L. Burton, E. B. Palmer and Harold
Nebraska
4,793,107
6,676,505
1,631.919
1,650,157 R. Smoot, Salt Lake City, Utah. They have changed the management
Col'
Dakota
1,135,772
North
455,519
468,063
540,184 In conformity to their agreement, and overhead expenses and operating
Oklahoma
5.359,351
5,663,169
1,928,073 costs have been materially reduced.
1,745,842
,
2,876,565
South Carolina
2,371,104
1,185,552
1,439,283
They have liquidated 16250,000 of the so-called "slow assets" of the
needed in the operation of the business, and applied same
Total
38,843,160 34,078,736 12,038,411 12,159,382 company, not payment of outstanding bank indebtedness. They are
exclusively in
Export Refined Oil Advanced.
-Standard Oil Co. of New Jersey announced offering to pledge the remainder of such slow assets for the proposed bond
an advance in price of refhied oil for export of one-half cent per gallon, issue, and to use the proceeds collected from such assets exclusively for the
standard white in bulk 6c.a gallon at New York, and water white retirement of the bonds when authorized.
making
at New Jersey 7c. a gallon. The same advance applies also to case goods.
At the time of giving your former consent to a bond issue, business and
"Boston Fin. News" Apr. 28, p. 7.
financial conditions throughout the United States were chaotic and de-
[VoL. 114.
THE CHRONICLE
2016
"Mr. Scott would like it also clearly understood that the interest of the
pressing. The company's officials and its bank creditors were lea to
believe that an issue of 53,500,000 10
-year 8% bonds was the best that could Scott Company's clients, who have purchased securities of the Detroitbe obtained. Since then, however, recent improvements in the company's Windsor Bridge, will not be jeopardized in any way by this withdrawal
-V. 114, p. 1290.
affairs, and in financial business conditions have made it possible to issue from the bridge project."
bonds upon much more favorable terms.
American Water Works & Elec. Co.,Inc.
-Earnings.
-year 7%
Subject to your approval, we are now able to issue $4,000,000 15
Three Months ending March 311922.
1921.
Increase.
bonds, instead of the 10
-year 8% issue previously contemplated. The
$1,397,120 $1,352,608
$44,512
arrangement will effect a very large saving in interest payment, and conse- Gross earnings of sub, water cos
$123,935
$86,411
$37,524
quently bring about a much quicker resumption of dividend payments Co.'s propor. of above net income
Divs. on stocks of West Penn cos_ _ _ _
3.13,177
113,177
upon the Preferred stock.
The additional $500.000 of bonds enables the company to far better Int. on bonds, notes & adv. to sub.
water companies
138,243 dec 3,080
135,163
protect its equity in its slow assets than would have been possible under
the former plan. It permits orderly liquidation of such assets, without
Gross earnings, incl. other income_ $455,151
$42,588
$412,563
the serious unnecessary losses resulting from a forced liquidation. It
81.291
71,813
9,778
Insures the Preferred stockholders that these assets, having an appraisal Less-Expenses & taxes
Int. on col. trust 5s
199,937
47
200,020
value of $1,000,000. will be used exclusively for the payment of bonds, and
thus more surely establish the value of the Preferred stock.
Net income
$173,840
$141,077
$32,763
The management strongly recommends the acceptance of this new proposed issue of bonds. It has the unanimous approval of the entire board of -V. 114, p. 1200.
directors. It has been submitted to prominent bankers and distributors
of Preferred stock in Salt Lake City, Denver and New York, and has their
American Window Glass Machine Co.--lEarninos.-unqualified approval.
Years ended Apr.30-March 31
If we shall fail to secure consent from the requisite number of shares, the
(12 Mos.) (11 Mos.)
management • will be obliged to fall back upon the former proposition, of
1919-20.
1918-19.
1921-22.
1920-21.
creating an 8% bond issue for 53,500,000.-V. 114. p. 1893.
Royalty received
$1,292.040 $1,932.668 $3,627,220 $3,932,481
Other income
1,044,286
5,168
14.207
16,927
-Earnings. Divs. on A.W.G.Co.stock 162.490
American Factors, Ltd., Honolulu, Hawaii.
649.960
1919.
Calendar Years1921.
1920.
Lotal income
51,459.698 $2,596,835 $4,671,506 $3,949,408
Gross earnings
$1,779,233 $3,477,842 $2,044.753
5112,4291. $976,667
$31,582
$26.840
Net profit for year
$1,428,631 x$2,816,268 41,633,544 General expenses
2,266,6435
137,960
1,001,266
225,000 Taxes
475,000
Reserve for taxes (net)
60,907
490,861
7%)..._..
489,965
489,965
489,960
7,611 Preferred divs. 13
Other reserves, &c
74,067
Dividendspaid
(10% %)630,000(24)1440,000 (15)750,000 Common (Mrs.(cash)_ A%)779,898(10w)1364821 (8)1,039,888(10)1299,855
Corn.divs.(Lib. ends)
(7)909,388 (5)649,805
$650,933
Balance, surplus
$837,724
$827,201
Balance,sur.or def____sur$20,293 def$286,057 def$147,253 sur$532,220
-V.114, p. 857.
x After depreciation.
-V. 113, p. 2617.
-Notes Paid.
American Gas Co., Philadelphia.
The $2,190,000 7% Notes, due May 1, are being paid at office of Commercial Trust Co. of Philadelphia.
-V. 114, p. 1769.
American Hide & Leather Co.
-Earnings.
Results for Three and Nine Months Ending March 31.
1922-3 Mos.-1921.
1922-9 Mos.-1921.
$586,845df$7,687,006
$44,275df$1,134,394
231,802
201,585
75,989
67,495
Net earns.(see note)____
Depreciation
Extra income from insur.
on plants destroyed by
fire
$880,260df$7,918,808
Balance
$471,779d1$1,210,383
Note.
-Results from operations after charging repairs, interest on loans,
reserves for taxes (and after adjustments of inventories amounting to approximately $950,000 in the first quarter of 1921).-V. 114, P. 1183,856.
-Earnings.
-American Light & Traction Co.
1918-19.
1919-20.
12 Mos. end. Mar. 31. 1921-22.
1920-21.
Earns, on stks, sub. cos_ 83,808.731 $1,643,657 $3,421,142 $3,699,792
602,234
1,007,809
Miscellaneous earnings_ 1,276,812
1,202,163
Gross earnings
$5,085,543 $2,845,820 $4,428,951 $4,302,026
274,011
227,812
Expenses
343,042
466,428
Interest on 6% notes_ _ _
360.000
275,037
Balance for 12 mos_ _ _ x$4,259,116 $2.227,741$4,201,139 $4,028,015
Sur. & res. prey. year__ 8,533,002 9,910,790 11,516,783 12,832,705
Total surplus & res've.$12,792.117 $12,138,531 $15,717,922 $16,860,720
$854,172
$854,172
Cash divs. on Prof. stock $854.172
$854,172
Cash divs. on Corn,stock 1,126,420
2,476,480 2,244,882
1,275,356
Stock divs. on Corn.stk.. 1,126,420
1.476,002 2,476,480 2,244,882
Surp.& res. Mar.31 39,685;105 $8,533,002 $9,910,790 $11,516,783
• x Net earnings and surplus for the quarter ended Juno 1921, $966,617;
quarter ended Sept. 1921, 11,032.684; quarter ended Dec. 1921,$1,251,716:
quarter ended March 1922,$1,008,099; total, $4,259,116.-V. 114, p. 1537.
-Bonds Called.
American Machine & Foundry Co.
All of the outstanding $900,000 First Mtge. 7% serial gold bonds, dated
July 1 1920, have been called for payment July 1 at the Bankers Trust
Co., 14 Wall St., New York City, trustee. The bonds, excepting those due
and payable July 1 next, will be redeemed at 102X and Int.-V. 114,p. 1769.
-Liquidating Dividend.
American Malt & Grain Co.'
The trustees have declared a liquidating dividend of $12 per share on
the outstanding capital stock, payable May 10 to stockholders on presentation of their certificates of stock and script at the Guaranty Trust Co.
The books will not be clesed.
This is the third dividend in liquidation. The first payment was $7
per share, made Jan. last, and the second 34 50 per share, May 1921.
-V. 114, p. 1066.
-Annual Report.
American Power & Light Co.
Calendar YearsGross
Net earnings
Net (after interest and discount)
Dividends 6% on Preferred
do
49 on Common
Surplus earned for year
do sub. cos. parent co.'s property
Anaconda Copper Min. Co.
-New Financing under Way.
See under "Annual Reports" above.
-V. 114, p. 1411.
495,000
495,000
-Committee-Report.
Ames, Holden & McCready, Ltd.
At a meeting of the trade creditors of the company on April 18 in Montreal
the following were appointed as a committee to co-operate with similar
committees of bondholders for the purpose of developing a reorganization
of the parent company and its subsidiaries. Elmer Davis,of A. Davis & Sons,
Kingston, Oat.; T. de G. Stewart, of Anglo-Canadian Leather Co., and
J. R. Payan, of Dudes & Payan.
The annual statement shows a profit and loss deficit of $1,201,338.V. 114, p. 1537.
Arkansas Natural Gas Co.
-Earnings-Production.
Net earnings, after all deductions, for the quarter ending March 311922,
totaled $582,587, compared with $438,528 in 1921. 011 production in
March last aggregated 90,483 bbls. compared with 50.225 bbis. In March
1921. The company, it is stated, has now 508 oil well sand 72 gas wells.
It recently acquired 400,000 acres of State lake land in Louisiana.
Paul Trees and A. F. Holliday have been elected directors.
-V. 114, p.
1893.
-Financing Plan.
Atlantic Fruit Co.
The financial readjustment plan which is expected to be announced
shortly, provides for offering of about $11,000,000 of Income "B" 8%
bonds in exchange for the 7% Debentures, due 1934, representing the
$10,000,000 principal and $1,000,000 interest. About $5,500000 ofincome
"A" bonds are expected to be given banks and other creditors, who by
reason of recent advances are entitled to preferential claims. In addition
there will probably be issued $2,500,000 1st Mtge. bonds to creditors who
are secured by crop liens.
It is expected that the West India Sugar Finance Corp. will take common
stock of Atlantic Fruit Co.for the obligations it holds, consisting for the most
part of8% 5
-year notes. ("Wail Street Journal.")
-V.114, p. 1655,951.
Atlantic Gulf & West Indies Steamship Lines (Incl.
-Annual Report-Bonds.
Subsidiary Companies).
-
Taxes
Reserve for Federal taxes
Decrease.
1920.
1921.
$40,717,775 $54,983,504 $14,265,740
6,290,608 11,933,603 5,642,994
900,275 Inc.53,116
953,391
23,331,437 28,132,399 4,797,962
3,414,590 3,334,797 1nc.79,793
1,474,691
7,954,937 6,480,247
195,296
12,567
182,729
90,000
90,000
Total operating expenses
Net operating income
Other income
$35,650,446 $52,541,307 $16,890,861
$5,067,329 $2,442,1971nc2,625,134
492,640
1,204,745
712,106
Calendar Years-Operating revenue
Maintenance
Traffic
Transportation
General
Charter
Gross income
$5,559,968 33,646,043Incl,913,026
Deduct-Int. on bonds, notes, &c _ $2,052;474 $1,244,390 1nc$808,084
Rentals & miscellaneous items_ _ _ _ 1,455,998
' 935,033 Inc.520,066
Loss on Liberty bonds
1,048,230
270,159 1,318,380
1919.
1920.
1921.
$2,992,127 $3,063,520 51,966,359
1,495,892
2,426,557 2,345,875
486,979
967,240
1,003.178
221,073
223,452
223,152
348,216
348,216
348,216
Net income for the year
$1,781,337 • $148,231Inc1,633,106
The stockholders will vote May 23 on authorizing $1,800.000 6% 5
-Year
gold bonds and a First Preferred trust indenture of mortgage upon the steel
tank steamships Agwistone and Agwismith, in order to finance the balance
due the builders for the construction of the steamships.
-V.114, p. 1411.
$395,872 def.$82,310
293,250
491,131
The corporation has executed to Guaranty Trust Co. of New York, as
trustee, its Preferred Mortgage dated as of Feb. 1 1922, securing an authorized issue of 34,750,000 7% Prof. Mtge.5-Year gold bonds, to be dated
as of Feb. 1 1922 and to mature Fob. 1 1927. The trust company is also
to act as register and coupon paying agent.
$431,810
955,892
Combined surplus earnings for year $1,387,702
-V. 114, p. 856.
$887,003
$210,940
-Back Dividends.
American Sales Book Co., Ltd.
A dividend of 1X % on account of arrears (covering quarter ending
March 31 1916), has been declared on the Preferred stock, payable June 1
to holders of record May 20. This payment will reduce the arrears outstanding to 336 %. Similar disbursements were made in August and Decem,
ber 1920 and in July 1921.
Results for Calendar Years.
Calendar Years-- 1921.
1920.
1921.
1920.
Profits for year _ _ _$515,891 $602,679 Patents acct. red_ $50,000 $50,000
Interest on bonds_. 23,820 28,921 Pref. divs.(10%)_x322,696 322,696
Deprec., res., &c.. 134,234 130,658
tr. S. Fed. taxes__ 65,311
Balance..___ def.$80,171 sr$48,258
22,146
x Includes four regular quarterly dividends of 1 % each and two dividends of 1X % each on account of arrears.
-V. 112, p. 935.
American Snuff Co.
-New Directors.
B. F. Condon, R. E. Spicer and W. M. Busteed have been elected
directors, succeeding P. II. Corbett, B. A. Hazell and J. F. Tatem, all
deceased.
-V. 114. p. 951.
American Stores Co., Philadelphia.
-Listing.
-
Atlantic Mail Corp.
-Trustee of Bonds.
-
-Earnings.
Atlantic Sugar Refineries, Ltd.
12 Mos.end. --April 30 Years
Dec. 31'21.
1919-20.
1918-19.
$986,344
Net profits
$1,145,935 $2,802,910
81,450
Less
-Bond interest
111,133
85,700
1,199,672
131,325
186,856
Other interest
30,585
721,031
Reserved for depreciation
164,397
69,892
Res.for bad debts & business prof. tax_
Repairs, &c
167,111
104,166
1,199,013
Contingent reserve
(35%)808,696(10 M)262500
Preferred dividends..
Common dividends
(2W)119.720
$375,333
def31,290,982
3407,591
Balance,surplus
The balance sheet as of Dec. 311921, shows a profit and loss deficit cot
$5,188,279, as against a profit and loss surplus of $1,106,362 April 30 1920.
At the annual meeting April 28 it was stated that the financial rehabilitation of the company may require the sale of the $3,000000 issue of second
mortgage bonds at present serving as collateral security for bank loans.
The funding of creditors' debts, it was pointed out, would be the next
move.
-V. 113, p. 2082.
-Pays Off Loan
Baldw,Locomotive Works, Phila., Pa.
The Philadelphia Stock Exchange on April 29 listed 5,698 additional
shares Common stock, no par value, reported issued in exchange for 2,369
The War Finance Corporation, May 3, announced that tho advance of
shares First Prof. stock, and 1,906 shares 2d Prof. stock, canceled, making $5.000,000 to the Baldwin Locomotive Works, made on Jan. 16 1920, for
a total of 164,606 shares of Common stock listed at this date, and reducing the purpose of financing the exportation of locomotives, has been repaid in
the amount of 1st Pref. and 2d Pref. stock listed to $2,323,200 and $779,200, full 8% months in advance of the date of maturity.
respectively.
-V. 114, p. 1769.
The company in the week ended April 29 is reported to have booked a
total of
business. This includes orders for 20 engines from the
American Transit Co.
-Bankers End Assn. with Bridge.
- Atlantic$2,000,000 and 25 from Patagonia.
Coast Line
--V. 114, p. 731.
The R. T. Scott Co., Toronto bankers, it was announced recently, have
severed their connection with the Detroit-Windsor International Bridge
Beaver Board Companies.
-The man-Plan Modified.
project. The bankers had been employed as the fiscal agents for the bridge
enterprise. Tho R. T. Scott Co. will continue to conduct business in agers and committees have announced a modification in the
Canada and it is announced will have no connection in any way, shape or plan whereby the bank and merchandise creditors of the
manner with the Detroit-Windsor Bridge or the proposed A. F. Healy Co., holding company and of the various subsidiaries, instead of
which, it is understood, has taken over tho Detroit and other American
receiving payment for their claims in the manner provided
offices of the R. T. Scott Co., Ltd. The announcement also stated:
MAY 6 1922.1
THE CHRONICLE
in the original plan, will accept on varying bases from 50 to.
20% of the new 8% Coll. Trust Gold Notes of the new
holding company.
Under the modified plan interest on the extended debt is also to be paid
in the new 8% gold notes. This change, while not so favorable to creditors
as the original plan, has been approved in the interests of the general situation by the advisory committee representing bank and merchandise creditors and certain of its subsidiaries on which committee are represented
substantially all of the bank creditors.
While creditors have an opportunity to withdraw on the terms within
the time provided in the plan,it is not anticipated that there will be any such
withdrawals, as the modified plan is decidedly preferable to liquidation by
receivership-the only other alternative. The change is exceedingly
desirable from the point of view of the stockholders and 8%, gold note
holders, as it preserves to the company in working capital about $1,300,000.
Holders of over 80% of the outstanding gold notes of the Beaver Board
Companies and over 90% of the first pref. and common stock have actually
deposited, or agreed to deposit, and the reorganization managers anticipate
that if substantially all of the outstanding balance of securities is obtained
promptly the plan will shortly be declared operative.
There is no intention, however, to permit securities which do not come
into the reorganization to profit at the expense of those who do, and unless
substantially all of the securities are deposited by May 15, within which
time deposits will be received under the plan, it may still be necessary to
apply for the appointment of a receiver to determine the rights of the nonassenting interests.
Statement of Modification of Plan, Dated January 16 1922.
Under the plan, as modified, it is proposed that bank and merchandise
creditors, respestively, assenting thereto accept payment of the principal
of the indebtedness duo them, respectively, in the manner provided in the
plan, except as to the respective percentages of the principal of the indebtedness set forth below, such percentages to be paid in new 11-Year 8%
Collateral Trust Gold Notes provided for in the plan and agreement. All
payments in Gold Notes will be made at their face value and accrued interest to the date of payment:(1) The Beaver Board Companies, Bank and
Merchandise Creditors, 50% in Gold Notes; (2) Vulcanite Roofing Co.,
Bank and Merchandise Creditors,20% in Gold Notes;(3) Beaver Company,
Bank and Merchandise Creditors, 50% in Gold Notes; (4) Beaver Co.,
Ltd., Merchandise Creditors, 30% in Gold Noets; (5) BeaverWood Fibre
Co., Ltd., Merchandise Creditors, 30% in Gold Notes; (6) Beaver Abitibi
Timber Co.. Merchandise Creditors, 30% in Gold Notes: (7) Northern
Paper Co., Merchandise Creditors, 50% in Gold Notes;(8) Beaver Varnish
Co., Inc., Merchandise Creditors, 50% in Gold Notes; (9) Bestwall Mfg.
Co., Merchandise Creditors, 50% in Gold Notes; (10) Neaver Granulith
Co., Merchandise Creditors, 50% in Gold Notes;(11) Tonawanda Board &
Paper Co., Merchandise Creditors, 50% in Gold Notes; (12) American
Cement Piaster Co., Bank and Merchandise Creditors, 20% in Gold Notes.
Under the plan and agreement as modified, the authorized amount of
Gold Notes will be increased to $5,000,000, and interest on all indebtedness
of the Beaver Board Companies and its subsidiaries maturing June 30 1922
will be paid in Gold Notes, instead of in bonds or cash. (Compare plan in
V. 114, D. 413.)-V. 114. D. 1538. 1183.
Bayuk Bros., Inc.
-Annual Report-Q2tar. Earnings.
Trading and Profit and Loss for the Year ending Dec. 31 1921.
Net profit
$1,641,216 Balance Dec. 31 1920_ _- - $213,635
3,258
Selling exp.. advertising &c 421,496 Adjustments prior to 1921
674,343
Net prof. before taxei__
Ins.,salaries of officers,&c.
98,332
Taxes, State and local_
27,281
$891,236
Total surplus
General expenses
234,717
Interest
94,634 Prov. for inc. & prof. taxes 180.000
76,680
1st pref. stock dividends
Bad debts, depr. amort'n
102,440
• of cost of limos()for ma'
2d pref. stock dividends
chines
90,414
Net prof. bef. Fed. taxes $674,343 P. & L. bal. Dec. 31 1921_ $532,116
Net earnings for the three months ending March 31 1922 amounted to
6256,425, after deducting charges for maintenance and repairs of plants and
estimated Federal taxes, &c.; other income totaled $17,511; total net
income, $273,936; depreciation charges, $19,102: Preferred divs., $44,170
reserve for First Pref. stock, $23,650; surplus, 8186,954.-V. 113, p. 2082.
Beech-Nut Packing Co., Canajoharie, N. Y.
-Notes
Paid-Earnings-Balance Sheet
The $500,000 7% notes due May 1 are being paid off at office of New
York Trust Co.
• The net profits for the year ended Dec. 311921, after estimated Federal,
&c:, taxes, amounted to $669,441; dividend paid,$170,160; balance,surplus,
$499,281; profit and loss surplus, $5,292,390.
Balance Sheet as of March 31 1922.
[After giving effect to the increased number of shares of Common stock.]
AssetsI Liabilities
$1.032,657 Preferred stock
Cash
$1,124,500
612,608 Common stock (par $20)- _ 5,000,000
Accounts receivable
Special advances
358,121 Short-term notes outst'g_- 1,341,500
109,684 Accounts payable
Bills receivable
12,680
1,553,131 Res've for taxes, employees
Securities owned
2 042 7061 and miscellaneous
Raw material
343.598
Goods in process and finReserve for depreciation
792,016
939,361 Reserve for dividends- ___
ished product
19,678
16,392 Undivided profits
Prepaid insurance
1,685,806
29,6221
Deferred note discount_ _ _
359,335J
Outside real estate
Real estate, buildings, &c_ 3.266.1621 Total(each side)
$10,319,779
Compare offering of stock. &c., in V. 114, p. 1894.
2017
Data from Letter of President James H. Jourdan, April 28,
Gas Rate Decision.
-The decision of the U. S. Supreme Court, holding the
80
-Cent Gas Law unconstitutional, settled the right of the company to
charge a rate for gas which will provide a reasonable return upon the company's investment. Such a return should enable the company to pay itsoperating costs and interest charges, and dividends on its capital stock.
This decision also finally'determined the right of this company to themoney in excess of 80 cents collected under the order and judgment of the
District Court.
-In order to
Present Proposed Financing to Take Care of Bank Loans, &c.
continue operations and the maintenance of the company's plants during
the war period and subsequently thereto, and also to make necessary extensions and additions to the plants and distributing system, it was not only
necessary to expend this entire amount, but in addition thereto to create a
floating debt, as of March 311922. of about $4,300,000. To liquidate this
indebtedness and to provide the means for the growth of the company's
business, the directors believe it is necessary for the company to create a
medium for present and future financing and to sell securities at the present
tine in such amount as will place it in a sound financial condition and make
possible the payment of dividends.
-Within the 10-year period
Expenditures of Company and Subsidiaries.
from Aug. 1 1911 to July 31 1921, company expended over $8,000.000 for
additions and improvements. For the amount so expended, company has
been reimbursed to the extent of but $2,000,000 by the issue of 7% Convertible Debentures. Within the same period, four of your subsidiary
companies, viz.•. The Flatbush Gas Co., Newtown Gas Co.. Jamaica Gas
Light Co. and Woodhaven Gas Light Co., also expended about 85.347,001)
for additions and extensions, which moneys were advanced by the Brooklyn
Union Co. Application has been made to the P. S. Commission for authority to issue securities for these capital expenditures.
-Fixed and floating capital (including fran.Assets as of March 311922.
chises of $3,050,000 and excluding the investment of company in the stocks
advances to these companies, and all other interof the subsidiaries, and
company accounts, amounting to $8.130,681). $54,489.831.
Capital Stock of Subsidiaries Owned March 31 1922.-Flatbush Gas Co..
$6,264,237; Newtown Gas Co.. $4,053,797; Jamaica Gas Light Co., $1,070,183; Woodhaven Gas Light Co., $941,736; Richmond Hill & Queens
County Gas Light Co., $528,536.
Proposed New Financing.-It is proposed that the company create a
First Lien & Refunding Mtge. on all the properties and franchises under
which there will be issued 86,000,0006% bonds. It is also proposed to have
the subsidiary companies issue their First Mtge. bonds, aggregating $5,347,000. as follows: Flatbush Gas Co., $2,909.000; Newtown Gas Co..
$1,749,000; Jamaica Gas Light Co., $360,000; Woodhaven Gas Light Co..
$329,000. Part of the proceeds of the issue of $6,000,000 First Lien &
Ref. Mtge. bonds will be used to purchase from the subsidiary companies
the above-mentioned bonds, which bonds will be pledged under the First
Lien & Ref. Mtge. The funds thus obtained by the subsidiaries will enable
them to pay off their obligations and also to make a substantial payment
toward their indebtedness to Brooklyn Union Gas Co.
It is also proposed that the company issue $5.579,000 7% Cony. Debenture Bonds, dated May 1 1922, due May 11932; denom. $100, $500 and
$1,000, and covertible into the capital stock at par at any time on and after
Nov. 1 1924.
The proposed increase of capital stock from $20.000,000 to $30.000,000
will not be issued at this time, but only as required for the conversion of the
debentures. The stockholders will have the privilege.of subscribing to the
Convertible Debentures pro rata, according to their holdings. The balance
of the new stock will be reserved for future requirements.
Outstanding Capitalization Before and After Proposed Financing.
After.
Before.
$18,000,000 $18,000,000
Capital stock
15,000.000 15,000,000
First Mortgage 5% Bonds
6.000,000
First Lien and Refunding Bonds
2,000,000
2.000.000
Outstanding Convertible 7% Debentures
5,579,000
New Convertible 7% Debentures
If the stockholders and the P. S. Commission approve the plans, the
-due
company will be enabled to pay off all its outstanding notes and past
franchise taxes; also to pay for all extensions and betterments of its plants
already contracted for and in progress, and provide for the purchase of
meters and the extension of its distributing system for some time to come
-V.114, p. 1894.
and will have remaining a substantial sum in its treasury.
Burns Bros. (Coal). N. Y. City.-Resionations.-
The board of directors will meet May 8 to receive the resignations of
M. F. Burns as President and director and F. L. Burns as Vice-President
-V. 114, p. 1656.
and director.
-Bonds Offered.-Farson, Son & Co.,
Cadet Knitting Co.
Now York, and De Wolf & Co. Inc., Chicago, are offering,
at 96 M and interest, yielding about 732%,$500,000 10-Year
7% Sinking Fund Gold Bonds. The bankers state:
Dated April 11922. Due April 1 1932. Denom. $1,000, $500, and $100
(c*) Red. upon 60 days' notice on any int. date at 110 and int. on or before
.
April 11924; at 107% on or before April 11926; at 105 on or before April 1
1928; at 102% on or before April 11930, and at 100 thereafter. Int. payable at Standard Trust & Savings Bank, Chicago, Illinois, Trustee.
-Manufactures men's, ladies' and children's hosiery and
Company.
sweaters. Business founded in 1905. Principal plant Philadelphia; other
factories in Chicago and Manitowoc. Wis., and sales branches in 12 principal cities.
-Sales have shown a steady growth from $103,000 the first year
Sales.
to well over $2,000,000 annually for the years 1919, 1920 and 1921. Based
on orders now on its books, the company extimates its sales for 1922 at
over $3.000,000.
-Direct obligation and only funded of company. Additionally
Security.
secured by pledge of all of the capital stock of the Cadet Realty Co.(owning
the buildings occupied in Philadelphia) and of the Chicago Cadet Mfg. Co.,
buildings occupied in Chicago).
(Isaac) Benesch & Sons, Inc.
- (owning the-Net earnings available for fixed charges for three years, 1919.
-7'o Increase Dividend.
Earnings.
The directors at their next quarterly meeting will, it is said, increase the 1920 and 1921, after allowing for inventory losses of $350.000, and liberal
rate on the no par "A" Common stock from $2 to $3 per
annual dividend
on buildings and equipment exceeded $775,000, an average
share. The company. Dec. 31 1921 showed quick assets of approximately depreciation per
times int.requirements on this issue.
$258,000
$3,692,000, with current liabilities of only about $186,000.-V. 114, p. 741. ofSinking Fund.year, or more than 7 to create an annual cash sinking
-Company covenants
fund of 10% of its net earnings (but not less than $20,000 each year) for
Black 8.7. Decker Mfg. Co.
-Canadian Subsidiary.
the purchase of bonds of this issue at not to exceed the prevailing redempLtd., was incorporated in Canada April 15 tion price.
The Black & Decker Mfg.
Co.,
1922 with an auth. capital of $40,000 (par 31001.-V. 113, p. 1678.
-Bonds will detachable stock purcha.se warStock Purchase Privilege.
rants, which will entitle holders to purchase 4 shares of the common stock
Boston Consolidated Gas Co.
of Company, for each $100 par amount of bonds at $10 per share up to
-Gas Output.April 1922. Mar. 1922. Feb. 1922. Jan. 1922. and including April 1 1925, at $15 per share thereafter and on or before
Month of
Gas output (cu. ft.)_ _ --540,812,000 583,119,000 557,479,000 658,360,000 April 1 1926, and at $20 per share thereafter and on or before April 1 1927.
-V._111, P. 1474.....i.a Nom
at which date the purchase rights will expire.
-V. 114, P. 857, 83
.
.
-Annual Report.
Braden Copper Co.
-
1921.
1920.
1919.
1918.
$5,632,686 $10,446,551 $4,240,647 $19,247,229
5,496,089 8.354,293 3,921.657 11,689.308
$136,597 $2,092,258
Operating profit
$318,990 $7,557,921
75,975
Other income
327,246
671,328
226,241
$212,572 $2,419,504
Total income
$990,318 $7,784,162
$2,653,682 81,662.740 $1,573,170 81,547,141
Taxes, interest, &c
1,670,028
Depreciation
1,540,834
142,214
on plants abandoned 114,478
224,385
277,682
915,671
1,275,570
Loss
Depletion '
690,827 2,266,797
128,461
128,462
Other charges
128,461
128,461
Disc,on bonds purch.(Cr.) 256,028
150,378
89,329
79,502
surplus_ ___df$5,013,720df$2
Balance,
,179.938df$1,590,493 $3,696,880
-V. 114, p. 630.
Calendar YearsOperating revenues
Operating costs
Brooklyn (N. Y.) Union Gas Co.
-Further Data in Connection, with Proposed New Bond Issues and Increase in
Common Stock.
-
-Annual Report.
California Packing Corp.
1920-21.
1919-20.
1918-19.
1921-22.
Feb. 28 YearsaProfits
$2,598,958 $4,253,015 $5,882,540 $2,396,009
1,293,279
1,359,862
Income from investment 1oss358,367
Net profit
Preferred dividend
Common olvidend
$2,240,591 $4,253,015 87,242,402 $3,689,279
468.021
570,898
2,830,248 2.830,248
1,603,250
1.355.668
Balance, surplus__ _def.$589,657 $1,422,767 $5,171,131 $1,762,713
a After charges and taxes.---V. 113, p. 297.
-Copper Sales, &c.
Calumet & Hecla Mining Co.
On Hand Sold Dur- On Hand Rec'd for Total
Copper Sales,
&c.(Lbs.)- Dec. 31 '20. ing Year. Dec.31'21.Cop.Sold. Cost.
Loss.
Ahmeek
17,003,646 13,366,746 9,892,100 12.86c. 13.57c. .71c.
Allouez
12.90c. 13.73c. .
83c.
1,265,581 1,265.581
Cal. & Hecla_ _ _47,058,301 38,361,246 23,864,191 12.91c. 13.58c. .67c.
139,802
Centennial
139,802
12.95c. 14.15c. 1.20c.
Isle Royale__ 8,172,284 6,607,163 4,056,121 12.86c. 13.58c. .72c.
20,875
La Salle
21,242 13.20c. 13.84c. .64c.
42,117
Osceola
5,533,927 5,125,664
408,263 12.83c. 14.07c. 1.24c.
Superior
249,421
246.009
3,412 12.64c. 13.67c. 1.03c.
White Pine_ _ _ 1,050,268 1,020,884
78c.
29,384 12.86c. 13.64c. .
In last week's "Chronicle," p. 1894, we mentioned that the stockholders
will vote May 19: (a) On creating a first lien and refunding mortgage, of
which it is proposed to issue $6,000,000 Series "A";(b) on creating $5,579,Total
000 7% Cony. Deb., to be offered to stockholders; and (3) on increasing the
80,515,347 66,153,970 38.274,713
capital stock from $20,000,000 to $30,000,000.
-V.114, p. 1538, 742.
2018
Ti FE CHRONICLE
Callahan Zinc-Lead Co.
-Acquisition.
Interests closely identified with the company, it is stated, have closed
a deal for control of the Marsh Mining Co., which has properties in the
Coeur d'Alene district.
-V. 113, p. 187.
Canada Steamship Lines, Ltd.
-Bonds Sold.
-Kissel,
Kinnicutt & Co.; Blair & Co., Inc., New York, and Union
Trust Co., Pittsburgh, have sold at 96 and int., to yield
over 7%%, $4,500,000 20-Year 1st Mtge. Coll. Sinking
Fund 7% Gold Bonds. (See advertising pages.)
[VOL. 114.
Year since 1904. During the 7
-year period from 1915 to 1921, inclusive.
net earnings before Federal taxes, but after all interest charges, depreciation
and inventory losses (in 1921) averaged $450,000 p. a. For the 15-Year
period from 1907 to 1921, inclusive, net earnings similarly computed averaged $225,000 per annum.
-V.104, p. 2555.
Colt's Patent Fire Arms Mfg. Co.
-Balance Sheet.
General Balance Sheet January 1.
Assets1922.
1921.
Liabilitie,s1922.
1921.
Plants & equip't_ _$2,777,260 $2,958,182 Capital stock
$5,000,000 $5,000,000
Inventories
3,484,955 3,545,069 Accounts payable_
20,331
63,851
Accounts receirle_ 338,010
588,654 Surplus
1,830,640 5,516,615
Dated May 1 1922. Due May 1 1942. Int. payable M.& N., without Bills receivable_ _ _
18,406
30,862
deduction of U. S. normal Federal income tax up to 2%. Principal and Cash & investment 3,042,224 3,382,364
Interest payable in New York, Montreal or Toronto, in gold. Company Def. charges prop- 190,117
75,334 Total (each side)_ _$9,850,972 10,580,466
agrees to refund the Penn. and Conn. State tax up to 4 mills. Denom. -V.114, p. 1185.
$1,000, $500 and $100 (c*). Callable for the first three years at 1074 and
int. and thereafter at 105 and int. Montreal Trust Co. Montreal, trustee.
Columbus(Ga.) Electric Co.
-Bonds Called.
Sinking Fund.
-Commencing May 1 1923, company will provide an an'
All ef the outstanding $758,000 1st Mtge. Collat. Trust 5% 30
-Year gold
nual sinking fund of 2% of the maximum amount of these bonds issued, bonds due Apr. 1 1933 have been called for payment June 30 at 105 and int.
payable 1% semi-annually, to be applied to the purchase of bonds in the at the Old Colony Trust Co., 17 Court St.,Boston, Mass.
-V.114,P. 1406.
open market up to the call price, and if not purchaseable at that price,
bonds must be called by lot at the call price.
Commonwealth Edison Co.
-Addition to Plant-Output.
Listing.
-Application will be made to list bonds on N.Y.Stock Exchange.
An addition to the company's electric generating station in the Calumet
District of Chicago, that will cost between $7.000,000 and $10,000,000.
Data from Letter of President H. Coverdale, May 2.
Including accessories and connections, is now under construction, according
Company.
-Consolidation in 1913 of 10 long-established and successful to President Samuel Insull.
concerns, including the Richelieu & Ontario Nay, Co. Has since become
The station that is being added to
with a
the largest company in the Dominion of Canada engaged in the fresh water generating capacity of 60,000 k. w. was opened only last December 30,000
-two turbo-generator units of
transportation of bulk and package freight and passengers.
k. w. each. The addition now started will double the station's capacity.
Owns a fleet of 06 steamers (gross tonnage about 223,000 tons), and ter- Eventually a third section and possibly a fourth will be added, which will
minals, wharves, docks and warehouses at some 15 points between the
capacity up to at least 180,000 k. w.
City of Quebec and Fort William at the head of the Great Lakes. In addi- bring the station's are the architects and the George A. Fuller Co. is conMarshall & Fox
tion, company owns and operates boiler and engine plants, and shipbuilding
and repairing plants, and through subsidiaries, towing and wrecking com- structing the plant.
The output of electricity during the first quarter of 1922 increased from
panies, and a coal sales company owning docks at various points and doing 488,985,559 to 552.966,719 k. w. hours, over 13%. Connected electric
a large wholesale fuel and bunkering business.
load increased 10.8%,a higher rate than during 1921.-V. 114, p. 1770,952.
Earnings for Period from 1918 to 1921.
Consol. Min. & Smelt. Co. of Can., Ltd.
-Bond Issue.
1918.
1919.
1920.
1921.
Net earnings
$4,338,000 $4,580,000 $4,028,000 $2,353,000
President James J. Warren at the annual meeting stated that it was the
Taxes,depr.& oth. deduc. 1,629,000
1,883,000
1,474,000
-year bonds,
936,000 intention of the company to make an issue of $6,000,000 7% 20
-year
proceeds to be used to retire the present outstanding $3,000,000 10
Bal.available for int_ --$2,709,000 $2.697,000 $2,554,000 $1,417,000 7% bonds and to fund capital expenditures amounting to $1,992,000.
Interest
$385,000
$361,000
$622,000
$644,000 This will leave another $1,000,000 which it is proposed to expend on the
Yearly average balance available for interest after depreciation __32,467,000 Sullivan Mill. The issue, it is reported, will be offered at par and the presAnnual int. charges on present issue and $5,275,466 Deb. stock
ent bondholders will be offered the right to exchange the old issue for the new.
(interchangeable with 1st Mtge. bonds)
President Warren also stated that production had been maintained since
683,750
Average times interest earned, 3.6.
the first of the year, costs had been reduced, that the lead and zinc markets
Security.
-Secured by deposit of $8,400,000 1st Mtge. 5% Bonds due have been showing steady improvement, and that the company had not
1943, being 61.42% of a total closed issue of $13,675,466 (balance being any metals on hand and were sold out for some months ahead.
outstanding in form of debentures or 1st Mtge. bonds which are inter- Earns., Cal. Years- 1921.
1920.
Cal. Years1921.
1920.
changeable). The $8,400,000 1st Mtge. 5s are now pledged under the
$
$
$
$
10 Year 7% Coll. Bonds which latter bonds will be redeemed and security Sales
7,516,865 7,227,611 Development expenses 232,693 203,278
released as a result of this financing on the next interest date, Sept. 11922. Inventories
2,779,434 3,336,463 Depreciation
105,357 105,116
Arrangements will be made satisfactory to counsel for the bankers pur- Other revenue__
8,575
31,287 Directors' fees
3,300
3,800
chasing this issue of 1st Mtge. Coll. Bonds for the release of the $8,400,000 Power Co. div.... _ 256,960
241,844 Written off
22,736 10,928
of 1st Mtge.5s on or before Sept. 1 1922, and the depositing of the same as
Bond interest
231,596 251,023
security for this issue.
Total
10,561,834 10,837,205 Government taxes_ _ _ _ 67,725 99,618
Purpose
-To reimburse treasury for capital expenditures, to retire out- Ore previous year 3,336,463 2,987,297 Dividends
790,027
standWg_indebtedness and to provide additional working capital.
385,998 1,747,402
Custom ore
517,029
Balance,
634,873
AelditionarOjfering of Bonds in Canada.- syndicate Freight expenses 5,270,372 4,971,003 Profit & lossdeficit_ ___ 270,723 849,319
General
balance..1,147,462 809,014
headed by Nesbit, Thompson & Co., Ltd., Montreal, are -V. 112. 1). 1744.
offering an additional $1,500,000 of these bonds in Canaaa.V. 114, p. 1894, 1067.
Canadian General Electric Co., Ltd.
-Registrar, &c.
-
Consolidated Gas, Electric Light 446 Pow. Co., Balto.
The stockholders on June 7 will vote on reclassifying the 200,000 shares
of unissued 8% Pref. stock (par $100) into a now series, to be called Series
"B," which shall carry a dividend rate of 7% and be redeemable at $110
The Guaranty Trust Co. of N. Y. has been appointed trustee, registrar Instead of $125.
and coupon paying agent for $10,000,000 20
-year Gold Debentures dated
The stockholders will also vote on giving the directors power to reclassify
April 1 1922 anti payable April 1 1942, of which $5,000,000 67 Series "A" from time to time, all or any of the unissued Preferred stock into one or
°
Debentures are now outstanaing. See offering in V. 114, p. 1411.-V. 114, more classes and to fix different dividend rates or payment periods, and
p. 1894.
also to determine whether it shall be convertible into other issues of the company and on what terms, and also to fix the times and prices of redemption.
Central Coal & Coke Co.
-Bonds Called.
The proposed change is to enable the directors to make subsequent issues
All of the outstanding General Consolidated 67 gold bonds dated April of the stock already authorized on such terms as to rate of dividends, con0
15 1902 have been called for payment July 1 at 103 and int. at the office of version, redemption, &c. as conditions may warrant. The stock, it is
Drexel & Co., 5th & Chestnut Sts., Phila.-V. 114, p. 951.
stated, is not to be issued immediately, but probably will be within the next
few months.
will
Cerro de Pasco Copper Corporation.
-Bonds Called.
- ofIt is understood that the companyFirsttake care of its August maturities,
Mtge. bonds.
-V.114, p. 1282.
about $10,000,000, by the issue of
Holders of 10
-year Cony. Sinking Fund 87 gold bonds, dated Jan. 1
1921, have been notified that $693,000 of said bondshave been drawn for
Cosden & Co.-Preferred Stock Sold.-Hallgarten & Co.
redemption on July 1 next at 105 and int. at the offices of J. P. Morgan &
Co.
-V. 114, p. 1894.
and Cassatt & Co. have sold, at 97M and div. $3,252,900
Charcoal Iron Co. of America.
-Report.
The annual report for year ending Dec. 31 1921, shows: Current
assets, $1.982,949; current liabilities, $287,841. The surplus account
has been decreased during the year by $1,834,415. The company, anticipating any future losses from present inventories, has reduced the inventory
values as of Dec. 31 1921, by the amount of $495,753, while a reduction
of $303,987 was made as of June 30 1921 in value of inventories carried
over from the previous year. There have also been adequate reserves set
up to take care of any losses which might occur frorn accounts receivable.
Balance Sheet Dec. 31
1921.
1920.
1921.
1920.
AssetsLiabilities$
$
Property account _11,403,412 10,856,987 6% Preferrad stock 5,217,250 5,217,250
Cash for red.017%
Common stock__ _ 2,839,350 2,839,350
deb. notes
885,185
1st M. 10-Yr. 8%
Inventories
1,433,066 3,224,452
bonds
4,000,000
Land contr.rec.,&c
66,352
7% Deb. notes_ _
846,500 1,055,186
Notes & accts. rec.
718,105
Notes payable_ _ _ _
(leas reserve)_ _ _ 133,384
855,599 Accounts payable_
358,362
62,057
Cash
350,147
95,337 Pay roll accrued_ _
19,090
62,271
Liberty bonds_
8,936 Cornmi2s'ns accr'd
4,380
Deferred charges_ _ 794,949
121,614 Accrued int., &c_ _
77,119
Taxes accrued_ _ _ _
125,195
101,786
Miscel. accts. pay_
1,000,715
Reserves
1,857,794 1,918,721
Total(each side)15,066,495 15,162,925 Surplus
17,760 1.852,176
Note.
-Contingent liabilities in respect of notes receivable discounted,
$23,873.-V. 114. p. 1538.
Choate Oil Corporation.
-Trustees.
Three trustees in receivership have been elected as follows: Paul M.Pope,
Oklahoma City; C. W. Hardy, New York; and W. W. Hepburn, Philadelphia. These trustees, it is said, wi.1 gd ahead with the plan of reorganization.
-V. 114, p. 1067, 951.
Citizens Gas Co., Indianapolis.
-Bonds Paid.
The $450,000 77 bonds, due May 1, are being paid off at office of Bank0
ers Trust Co., 16 Wall St., N. Y. It is understood that the company is
negotiating with bankers for the sale of about $1,000,000 7% bonds, to take
care of the above maturity as well as bank loans, &c.
-V. 114, p. 1895.
Clark Equipment Co. (Buchanan and Battle. Creek),
Mich.
-Bonds Offered.-Hyney, Emerson & Co., Chicago,
are offering, at 100 and int., $800,000 1st Mtge. 7% Serial
Gold Bonds. Dated May 1 1922. Due serially May 1 1923
to May 1 1932.
Company was incorp. in Michigan Dec. 27 1916, a consolidation of the
Cello!' Tool Co., originally incorp. in 1902, and Buchanan Electric Steel
Co., incorp. in 1910. Manufactures the old-established and well-known
line of "Celfor" drills and other metal-cutting machine tools and is also one
of the largest producers of steel wheels and rear axles for motor trucks.
Proceeds will be used to liquidate debt incurred for capital expenditures
and to provide additional working capital.
With the exception of 1921 (which, however,showed a profit from manufacturing operations), company's operations have been profitable in every
7% Cumul. Cony. Pref.(a. & d.) stock, par $100 (see advertising pages).
Total preferred stock authorized and to be outstanding, $0,998,000.
Red., all or part,on any div. date on 30 days' notice at 120 and div. Divs.
Q.
-M. Convertible into common stock at the rate of $75 of pref. for each
no par value common share. Sinking fund sufficient to retire pref. stock at
the rate of $140,000 annually by purchase up to, or call at, 120 and div.
Data from Letter of President J. S. Cosden, April 28 1922.
Company.-Organized in Delaware in July 1917. Holds substantially
all the stocks of a number of companies engaged in the production, transportation and refining of petroleum. Through these subsidiaries it owns
Interests in leases,on oil and gas lands aggregating about 200,000 acres in
Oklahoma, Kansas and Texas;one of the largest, most complete and modern
refineries in the mid-continent field, with a daily capacity of over 35,000
bbls.: over 2,000 steel tank cars; and over 1,000 miles of trunk and gathering
pipe lines.
Capitalization After This FinancingAuthorized. Outstanding.
(Issues closed) $6,150,500
Bonded debt
Preferred stock
x$6,998,000 6.998,000
Common stock (no par value)
1,400,000 shs. y968,355 shs
Car trust note (about)
530,000
x $2,000 par value converted into common stock. y This includes
38,229 4-5 shares reserved for exchange of $191,149 shares of common stock,
par $5 each.
Net Earnings, After Interest, Deprec'n, Depletion and Taxes, Calendar Years,
1919.
1918.
1917.
1920.
1921.
Net (as above)- -$5,986,326 $5,126,987 $4,534,855 $8,618,427 $2,896,370
Pref. div.requirements (includ'g
489.860
this issue)____
489,860
489,860
489,860
489,860
Stock Plan Approved-Tentative Earningsfor Year 1921.
The stockholders on May 4 approved (a) the plan to change the par
value of the outstanding Preferred stock from $5 to $100 a share and (b)
the exchange of 20 shares of the old stock for each share of the new.
Tentative Consolidated Income Aceount for Calendar Year 1921.
Net profits. $7,631,262; other income, $592,053; gross income_ _ _$8,223,315
Int., &c.,$1,507,223; deprec., depletion, &c.,$6,248,986; total__ 7,756,209
Net income
Pref. divs., $251,858; Common divs., $2,283,686; total
$467,106
2,535,544
Balance, deficit, for calendar year 1921
$2,068,438
A contract for purchase of 5,000,000 gallons Navy-test gasoline from
this company, at a price reported to be approximately 16 cents a gallon,
is reported .to have been closed by tho Standard Oil Co. of Louisiana.
-V. 114, p. 1895.
Delivery is to be made in 30 days.
Crescent Pipe Line Co.
-Balance Sheet Dec. 31.1920.
Assets1921.
Liabilities-1921%
1920.
Inven. (legs dep.). $820,636 $838,777 Capital stock
$3,000,000 $3,000,000
10,440
Mans & supplies_
19,125 Accts. payable_ _ 149,950
206,058
Cash, accounts reProfit and loss. - - 293,445
304,779
ceivable,&c_ _._ 2,612,313 2,652,934
$3.443,395 $3,510,836
Total
Total
$3,443,395 $3,510,837
For income account for calendar year 1921 see V. 114, p. 742.
MAY 61922.]
THE CHRONICLE
Crane Co., Chicago, Ill.-Annual Report.
Balance Sheet Dec. 31.
1921.
1920.
. 1921.
LiabilitiesAssets
1;
$
$
Preferred stock___ 8,228,700
Real estate, mach.
& equipment__y23,378,531 22,289,357 Common stock___41,199,625
13,255,053 10,040,886 Accounts payable_ 1,895,716
Investments
1st Mtge. 5)i%
1st Mtge. 534%
z4,904,000
bonds
bds.in treasury_
51,000
4,000
Pref.stk. subscrip. 1,903,299 3,064,484 Accrued interest &
15,373,410 17,468,039 taxes
1,420,568
Inventories
3,408,913 2,336,347 Surplus(seeabove) 8,638,211
Cash
Notes& accts. rec.x7,401,424 12,208,000
U. S. Govt. secur_ 1,472,190 5,250,154
1920.
$
7,390,000
40,591,500
3,820,787
2019
development with ultimate capacity of 30.000 h.p. on the Elk River at
Elko, transmission line of 105 miles, six sub-stations and all other assets.
Earnings are Reported as Follows.
Gross earnings from contracts now in force
$276,207
Net earnings after operating expenses and taxes
217,407
Interest on $2,000,000 7% 1st Mtge. bonds
140,000
Empire Gas & Electric Co.
-Acquires Municipal Plant.
At the annual village election of Clifton Springs, N. Y., the proposition
concerning the sale of the municipal light plant to this company was carried.
-V. 113, p. 1160.
5,902,824
10,003,158
Erie Lighting Co.
-Listing-Earnings.
The Philadelphia Stock Exchange on April 21 admitted to the regular list.
57,612 shares of Cumul. Pref. stock, no par value, full-paid and non-assessable, with authority to add to the list 12.388 additional shares upon official
66,286,820 72,708,268 notice of issuance,
86,286.820 72,708,268 Total
Total
full paid; transferable at The Philadelphia Trust Co..
x After deducting $203,599 reserve for doubtful accounts.
Philadelphia, and at the office of the company, Erie. Pa.
y After deducting $10,492,693 for depreciation reserve.
Mortgage bonds; issued, $15,658,000
Income Accounts for Calendar Years (Including Subsidiaries.)
z Authorized $20.000,000 First
less $10,754,000 retired through sinking fund; leaving a total outstanding of
1920.
1921.
Gross earnings from operation
$4,904,000.-V. 114, p. 742.
$1,230,378 $1,011,414
Operation
•
39.189
589.022
- Taxes _
Cuban-American Sugar Co.-Prefered Stock Offering.
'749,200
46,050
Dominick & Dominick are offering a block of 7% Cumul. Pref. stock Interest on bonds and floating debt and rentals_ _ _
181,377
185,249
Income deductions
(non-callable) at $94 a share, to yield 7%%•
14,473
14,997
Dividends at the rate of 7% have been paid on this stock since incorporaBalance for reserves, sinking fund, divs. & surplus $246,139
tion. The issue, which is listed on the New York Stock Exchange, has
$176,095
preference over the Common stock as to dividends cumulative at the -V. 112, p. 2417.
rate of 7% per annum and in case of liquidation or dissolution is entitled
Fall River Gas Works Co.
-New President-Director.
to par and dividends before any distribution of assets is made to the Common
Spencer Borden has been elected President. Nathan Durfee has been
stockholders.
The annual average not profits available for dividends on the outstanding elected a director, succeeding M. L. Sperry.
-V. 109, P. 2174.
preferred stock of the last ten years was equal to 51.29% or over 7 times
Fleischmann Co.
-Notes Called.
the annual dividend requirements.
-V. 113, p. 2716.
Nine hundred fifty-seven ($957,000) 8% 10-year gold notes, dated
-Annual Report.
Cunard Steamship Co.
Dec. 11920, and 86 notes of $500 each, total $1,000,000, have been called
1920.
1919.
1918.
for payment June 1 at 104% and int. at the First National Bank of Cincin1921.
Calendar Years£9,286,006 £12,260,662 £9,201,727 £3,801,655 nati, 0.. trustee, or at the option of the holder at the Garfield National
Gross earnings
8,336,235 11,473,350 7,847,235 2,947,763 Bank of New York.
Expenses & deprecia'n
-V. 112, P. 467.
£787,312 £1,354,492
£949,771
£853,892
Net earnings
Flower Valve Mfg. Co., Detroit.
-Sale.
1,527,729
1,118.846
1,011,444
931,497
Total surplus
Security Trust Co.,
receiver, through Charles D. Todd,
288,375
Income tax
172,249
209,478 auctioneer, has sold the Detroit, as the company to Frederick B. Stevens,
193,778
property of
277,491
196,649 representing a syndicate of creditors to the amount of $151,000, this
99,428
514,547
Other charges
Dividends
135,000
135,000
135,000
432,080 covering the equity of the company in the property. The property is taken
by the purchaser subject to a mortgage securing a bond issue of $360,000.
Profit and loss surplus £534,105
£17.3,237
£503,291
£589,807
It is understood the purchasers propose to organize a new company and
-V. 113. P. 2316
resume operation of the business.
.
5,000,000
Dayton Scale Co.
-New Name, &c.
The Computing Tabulating Scale Co. of America recently changed its
name to Dayton Scale Co. Capital stock, $3,000.000 (par $100), of which
$2.800,000 outstanding. Company has no funded debt. Controls the
following companies (100%); Dayton Money Weight Scale Co.. The Computing Scale Co.. International Scale Co., Detroit Automatic Scale Co.
The directors are: S. M. Hastings, Pres. & Treas.; T. J. Watson, V.
-P.,
J. S. Ogsburg, Sec.; E .Canby, V.
-V. 114. p. 952.
-P.; G. W. Spahr, V. P.
Des Moines (Iowa) Electric Co.
-Emery,
-Bonds Sold.
Peck & Rockwood, Northern Trust Co., Chicago, and First
Wisconsin Co., Milwaukee, have sold, at 94% and interest,
yielding over 5M%, $958,000 1st Mtge. 5% gold bonds of
1908, due Nov. 1 1938.
Int. payable M. & N. at Boston without deduction for the normal Federal income tax not to exceed 2%. American Trust Co., Boston, trustee.
Data from Letter of Treasurer G. M. Mattis, Des Moines, April 22.
Company.-incorp. in 1908 in Maine as successor to the Des Moines
Edison Light Co. Supplies without competition electric light and power
to the City of Des Moines and serves as well a number of nearby towns.
Population estimated at 175,000. Owns a modern steam plant with capacity of 42,000 h. p. At present time there are installed 28,300 meters. All
street and municipal lighting is also done by the company.
Purpose.
-To retire ($369,000 7% %I Collateral notes and reimburse
the company for additions already made.
Capitalization after this Financing-Authorized. Outstand'q.
Preferred 6% cumulative stock
$500,000
$500,000
Common stock
1,325,000
1.325,000
First Mortgage 5s. due Nov. 1 1938
000,000 x3,571,000
5,
General & Refdg. Mtge.6s, due Sept. 1 1937
965,000
6,000,000
x Does not include $263.000 retired by sinking fund and canceled, nor
$37,000 held by the trustee in the maintenance sinking fund.
Earnings for Calendar Years.
Gross
Net After
Bal. for Gen.
Int. on First
Earnings.
190 &c
. .
Taxes.
Mtge. Bonds. Mtge. /3ds 842
$521,852
1912
$280.330
$
$89,488
729,417
1915
289,185
387.885
98.700
1,103,042
1918
485,150
357,459
127,691
1920
1,572.946
510,500
656,952
146.452
1921
637,376
812,360
174,984
For the past 10 years net earnings have averaged over 3% times interest
charges on all outstanding 1st Mtge. bonds. For the calendar year 1921
net earnings were over 4% times int. on all outstanding 1st Mtge. bonds.
Manaoement.-Ownership is vested in the same interests which control
Illinois Traction system --V. 112. p. 937.
9
Dominion Alloy Steel Corp., Ltd.-Pref. Stock Offered.
William A. Neer & Co., Detroit, are offering. at 100 and
div., with a bonus of 40% of Common stock. $3,500,000 8%
Cum. Pref. (a. & d.) stock (payable in New York funds).
H. B. Robinson & Co.. Montreal, and Dominion Bond & Debenture
Corp., Ltd. Toronto, arc also offering S1,500.000 additional in Canada at
the same price and carrying the same bonus in Common stock.
CapitalizationIssued.
Authorized.
8% Cumulative Preference Stock
:0
0
7:5 0 000 5 0 00 0
$758 :00 $4:40 0 0
Common Stock
Bonds_
None
2,500,000
7
The company was recently incorporated in Canada and will erect at Sarnia. Ont., a modern alloy steel plant including open hearth and electric
furnaces, rolling mills, machine shops, laboratories, &c., to produce alloy
and high-grade carbon and other steels, particularly for the automotive
and allied industries.
The proceeds of the present financing will permit the company to erect
the plant equipped to produce approximately 100,000 tons ofsteel, including
alloy and other high-grade steels, and sheet steel specialties, &c.
-Harry Ross Jones, Chairman (Canton, 0.); William B.
Directors.
Boyd,
(Pres.). Toronto, Ont.; George A. Simpson (V.
-Pre.).
Hamilton, Ont.; C. Harold Wills, Marysville, Mich.' Bert H. McCreath
(V.-Pres.), Toronto,Ont.; J.J. Mahon, Newark, N.J.;'Sir William MackenWilliam McBain and W. Wallace Jones, Toronto, Ont.; W. A.
zie, Col.
Black.
Ford Motor Co:, Detroit.-Production, &c.
Output of American plants for the first quarter was 160.352
and trucks, compared with 127,084 for the first quarter of 1921. cars and
The company's branch in Manchester, England, produced 7.223 vehicles
in the first quarter, against 2.377 in 1921.
It was recently stated that the company is preparing for record-breaking
production for this month, and contemplates employing from 5,000 to
10,000 additional men. May production, it is expected will reach
120,000
cars. The highest previous production record was last August, when ap'
proximately 110,000 cars were turned out by 40,000 employees.
A now 50-ton electric furnace and two 10
-ton furnaces, it is stated, will
be in operation early in the sununer at the River Rouge plant.
-V. 114.
P. 1412.
(Robert) Gair Co., N. Y.
-Balance Sheet Jan. 6.
-
[As filed with the Massachusetts
1922.
1921.
Assetss
$
Real est., machinery, &c
13,948,227 10,934,414
Inventories
1,882,392 3,741,358
Cash& debtareea3,258,614 5,348,515
Pat't rights, trademks.& good-will
1
1
Investments
20,942 4,288,493
Deferred charges_
. 352,041
45,682
Commissioner of corporations.]
1922.
1921.
Liabilities-$
$
Capital stock
7,208,200 18,539,679
Accts.& notes pay. 1,038,889 2,981,525
Mortgages
440,000
778,760
1st Mtge.7% bds_ 4,000,000
1tes've for coating_
500,000
surplus__ _ 8,335,320
Capital
def.1,560,192 1,558,498
Surplus
Total
19,462,217 24.358,463 Total
24,358,463
a Includes $833,200 obligation of purchasers of real19,462,217 retire enestate to
tire issue of First Preferred stock.
-V. 113, p. 2824.
General Development Co., N. Y.
-Dividends Resumed.
-
The directors have declared a dividend of 25 cents per share on the Capital
stock, payable May 20 to holders of record May 10. This is the first die,
- utif o, p A 197..20 1920, when a quarterlY dividend of 50 cents was paid.
triv In slace ug
b
6
General Electric Co.
-Outlook, &c.
-
A published statement, understood to be correct. states: The outlook for
the company is encouraging. Bookings for the first quarter were at the
annual rate of $208,000,000. April orders were better than in first quarter
Company has effected many economies which will reduce operating costs.
and no inventory adjustments are likely this year. Ratio of expenses to
s92o,b9 1e4 in 1921, including inventory adjustment, was about 90%; In
j 1es 111 .
a
Company closed 1921 with cash and Government securities totaling
$63.751,595. This item has been substantially increased.
Unfilled orders carried over from last year were reported as 345.391,000,
but this does not include the regular business in small devices, lamps &C.
which company does not record as unfilled orders. Orders on hand for Vail;
apparatus for about three months' operation is not unusual. In case
large machinery, it often requires a year to complete the work.
There is heavy demand for central station equipment throughout the
country. Public utilities are buying equipment as fast as mortey is in sight.
General Electric has a nuniber of large orders for heavy equipment hndier
consideration.
-V. 114, p. 1770. 1646.
General Fire Extinguisher Co.
-New Director.
-
Walter II. Bennett, Vice-President of the American EXchange National
Bank of New York, has been elected a director.
-V. 108, P. 2126.
Glidden Co.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing Of 322.
955
shares (auth. 360,000 shares) Common steak. no Par value.
laconic andng Dec. 31 1921.
192r
Profit & Loss Account Year Endi
Balance Jan.
$5,050,912 Deprec. on perm't assets 2,5924
$12: 2
6
6 %8
Less-Adj. of inv.. &c.
Net loss for 1921
(1920)
52,015 Divs. paid during 1921....
507,933
Balance, surplus
Surplus Dec.31 1921.... $1,886,835
$4.998,897
Miscell. credits, divs., &c
73.652
-V. 113, p. 1580. 1160.
Granby Consol. Mining & Smelting Co.
-1921 Results.
Col. Crabbe, who presided at the annual meeting, is quoted as stating in
substance that revenues from operations in 1921 amounted to $7,250,000.
and after all charges the net income amounted to about $12,830,compared
East Kootenay Power Co., Ltd.
- with a loss of approximately $687,000 in 1920.
-Bonds Offered.
Nesbitt, Thompson & Co., Montreal, and Joseph t. Kimball
Smelter production in 1921 totaled 29,970,651 lbs.. and silver output was
about half
& Co., Boston, are offering, at 973 and interest, to yield 37,000,000 that in the preceding year. Copper sales amounted to about
/
2
lbs., against approximately 19.000.000
73%,$2,000,000 First Mtge.7% Sinking Fund Gold Bonds. Cost of producing copper in 1921 was 11.63c. lbs. in the previous year.
per lb. contrasted with
15.94c. in 1920.
The bankers state:
The Grand Forks and Phoenix plants were dismantled and abandoned
Dated April 1 1922. due April 1 1942. Denom. $1,000. Interest
payable A. & 0. at the agency of the Royal Bank of Canada in New York during the year, and all the output of the company is no coming from
or at Royal Bank of Canada, Montreal, or Toronto. Redeemable as a Anyox.
C. V. Jenkins has been elected a director, succeeding William .Paine.
whole at 110 and int. upon 90 days' notice. Montreal Trust Co., trustee.
-V. 114, p. 1540.
Auth., $5,000.000.
-Was recently incorporated under the Companies Act of
Company.
Great Western Power Co. of Calif.-Bonds Offered.
Canada (successor to British Columbia & Alberta Power Co.]. Is developing and furnishing hydro-electric power to the great power consuming region Lee, Higginson & Co., Bonbright & Co., Inc., E. H. Rollins
embracing the coal mining district of Crows Nest Pass and the Kootenay & Sons and Cyrus Peirce & Co., are offering, at 100 and int,
mining district of Southeastern British Columbia.
-Secured by a first mortgage on hydro-electric plants 7,200 h.p. $2,000,000 1st & Ref. Mtge. 6% Series "C" Bonds. A
Security.
located on Bull River at Bull River Falls. and 13.000 h.p. now under circular shows:
2020
TH 04 CHRONICLE
(The initial $1,000,000 of this issue was placed by the same bankers at
99 in March last.)
Dated Feb. 11922. Due Feb. 1 1952. Optional on any int. date at 106
and int. Int. payable F. & A. in New York, Boston, Chicago and San
Francisco, without deduction for normal Federal income tax up to 2%.
Denom.$100, $500 and $1,000 (c5). Bankers Trust Co., N. Y., trustee.
Company.-Incorp. in 1915 in California, for the purpose of unifying the
Great Western Power System. Has acquired in fee, subject to existing
liens, all the properties, rights and franchises formerly owned by the Great
Western Power Co. City Electric Co. and Consolidated Electric Co. All
the Common stock is owned by Western Power Corporation of New York.
Company serves the greater part of Central California. Population
approximately 1,350,000. Since the beginning of 1912 the connected load
has been increased from 110,000 h. p. to over 324,000 h. p., and the number
of consumers from 4,230 to about 54,000. The continual industrial and
agricultural expansion throughout the territory served by the company
assures a steadily increasing demand for hydro-electric power. The Calif.
RR.Commission recently approved the acquisition ofthe electric and steamheating systems of the Universal Electric & Gas Co. of San Francisco.
Capitalization Outstanding (After Giving Effect to This Financing).
Underlying mtge. bonds_$23,397,200 Gen. Lien Cony. 8s. 1936 $2,500,000
1st & Ref. Mtge. BondsDebentures, 6%, 1925_ _ 4,177,600
Series A 6s, 1949
4,373,784
6,000,000 Preferred stock
Series B 7s. 1950
27,500,00C
x6,000,000 Common stock
Ser. C 68.'52 (this iss.) y1,000.000
x $2,500,000 of the same series has been issued and pledged as collateral
security for the $2,500,000 outstand ng 8% convertible bonds.
y The $2,000,000 Series C 6% bonds now offered have been authorized
by the Calif. RR. Comm., the proceeds to be used in so far as may be
necessary to pay $5,000,000 Gen. Mtge. Cony.8% Bonds, due 1930, called
for redemption on Aug. 1 1922, and the balance for the acquisition of new
properties and for other capital expenditures, subject to the authorization
of the Commission.
Earnings (Reclassified) 12 Months ended March 31.
1922.
1921.
Gross earnings. excl. of interest during construction_$6,252,945 $6,585,825
Net, after operating expenses, taxes, rentals, &c_ __ 3,410.524
3,915.683
Annual int. on outstanding Mortgage bonds, Incl. this issue.._ a2,210,580
250,656
Annual interest requirements on all outstanding debentures_ __
For,. 114.
and the cities of Indianapolis and Kokomo may maintain the action to enjoin the carrying out of the Commission's order in that regard.
Judge Hay overruled a demurrer that had been filed by attorneys for
the corporation and the seven combined companies to a suit brought by the
cities of Kokomo and Indianapolis to have declared null and void the order
of the P. S. Commission authorizing the formation of the corporation.
See V. 114, p. 528, 633, 953.
-Earnings.
Interlake Steamship Co., Cleveland, 0.
Net profits for the calendar year 1921 amounted to $809,967 (1920,
$1415,714), after deducting $781,918 for depreciation and tank top and
boiler replacement and $55,409 for Federal taxes and after adding other
income of $241,729.-V. 114, p. 1413.
-Tenders.
International Agricultural Corporation.
The Bankers Trust Co., corporate trustee, will until May 10 receive bids
-year Sinking Fund gold
for the sale to it of 1st Mtge. & Coll. Trust 59' 20
bonds, dated May 11912, to an amount sufficient to absorb $325,473, and
at a price not exceeding 103 and interest.
-V. 114, p. 1897.
-Repays War Finance Loans
Inteinational Harvester Co.
The War Finance Corporation. May 3, announced that the advance of
$4.000,000 to the International Harvester Co., made early in 1920 for the
purpose of financing the exportation of agricultural machinery and implements, has been repaid in full about one year in avdance of the maturity
dates.
-V. 114, p. 1897.
International Mercantile Marine Co.
President P. A. S. Franklin. according to reports, has denied that the
company contemplated any immediate action with regard to bringing part
of its cash holdings in London to this country for the purpose of paying off.
-V. 114, p. 633.
the 42% back dividends on the $51,725,500 Prof. stock.
-Receiver's Sale.
International Money Machine Co.
Samuel T. Freeman & Co., auctioneers, Philadelphia. will sell the plant,
including real estate, machinery,equipment and stock, on June 5-6 at Reading, Pa.
-V.112, p. 378.
-New Vice-President.
International Paper Co.
-V. 114, p. 1897.
Allen Curtis has been elected Vice-President.
Surplus over interest charges
$1,454,447
-Production.
Island Creek Coal Co.
P'a So much of the proceeds of the $2,000,000 additional Series06% bonds
tons of coal,
The company in April
now offered as are necessary will be used to redeem the $500,000 Gen. Mtge. the total output for thelast produced about 340.000 to 1,346.000bringing
tons.
four months to May 1 up
Cony. 8s not exchanged for Series B 7% bonds. The Series B 7% bonds V. 114, p. 1897.
not exchanged will be canceled and a like amount of Series 0 6% bonds
in lieu thereof, thus reducing the above interest period to the extent
issued
-Notes Retired-Bank Loans.
Jewel Tea Co., Inc.
that the proceeds of this issue are used for other corporate purposes. The
President John M. Hancock announces that the company has provided
above interest will be increased, but in all probability the earning power out of its own resources for the payment of the final $1,000.060 of the
of the company will also be increased.
-V. 114, p. 1413.
company's gold notes, due May 11922. This payment retires the last notes
of the $3,500,000 issue of May 1 1919. Since Jan. 1 1921 the company
Hamilton Mfg. Co.
-Omits Dividends.
has retired $2,500,000 of its gold notes and has also repaid bank loans
The directos, in view of strike conditions, "which began Feb. 23 and totaling $450,000 outstanding at that time, so that its only indebtedness
still continue," have voted to omit the quarterly dividend usually paid is a small amount for current bills.
-V. 114. P. 1858.
May 15 on the outstanding $3,600,000 capital stock, par $100. In Feb.
last, a dividend of 1% was paid.
-V. 114. p. 527.
1918.
--Annual Repo .Kaufmann Department Stores. Inc.
1920.
1921.
Calendar Years-Sale of Plant.
Hartford Automotive Parts Co.
$781,213
$780,489 $1,603,397 $2,039,381
The creditors, represented by Robert 0. Morris, attorney, of New York, x Net profit
141,760
136,500
131,250
on May 4 bought in the property at auction for $350,000, exclusive of two Preferred dividends (79') 126,000 (4)300,000
mortgages amounting to $75,000. The purchase included the factory, Common dividends..___(4%)300,000
machinery, automobiles and all other assets except cash in bank.
$639,463
$354,489 $1,072,147 $1,902.881
Balance, surplus
The sale was in compliance with an order of U. S. District Judge Edwin S.
Thomas. The operation of the factory will be continued.
-V.114, p. 1292.
x After deducting yearly all depreciation and interest charges, and also,
-V. 114, p. 953.
it is understood, for each year a reserve for Federal taxes.
Hartman Corporation.
-New Vice-Pres.-Sales,
H.
1. H. Hartman has been elected Vice-Pres., succeeding M. L. Hartman.
-Preferred Stock Called.
(Julius) Kayser & Co.
a chain of retail
The directors have approved the policy of establishing
All outstanding 1st Pref. and 2d Pref. stocks. aggregating $1,656,400,
stores in addition to the mail order business in the company. Sales in
April last were reported to be 169' ahead of those for April 1921, while have been called for redemption July 5 at 120 and int. at the Guaranty
Trust Co., 140 Broadway, N Y. City.
expenses decreased 11.79%.-V. 114, p. 1068.
All holders of such stock have the option to present their certificates of
-Quarterly Report.
Hercules Powder Co.
stock to Guaranty Trust Co., prior to the redemption date, and will thereupon be entitled to receive 120 and int. to the date of such presentation.
1919.
Quarters end. Mar.31- , 1922.
1920.
1921.
Gross receipts
$4,243,659 $2,828,238 $4,786,630 $6,674,785 (See recapitalization plan in V. 114, p. 858.)-V. 114, p. 1897.
302,881
xNet earns., all services_
632,023
375,847 def62,401
93,625
93,625
116,652
Prof. div. (1)1%)
160,834
Kelly Tire & Rubber Co.. West Haven, Conn.
Judge J. W. Banks, in the Superior Court at New Haven, has ordred
$209,256 the sale of the plant of the company, in West Haven. Conn., to the Arm$538,398
Balance, surplus
$215,013 def$179,053
x After deducting all expenses incident to manufacture and sale, ordinary strong Tire Co., Garfield, N. J., for $225.000 in cash and $50,000 in
and extraordinary repairs, maintenance of plants, accidents, depreciation, Preferred stock of a new corporation to be organized for the operation of
taxes, &c., also interest on Aetna bonds.
-V. 114, p. 734.
-V. 113, p. 541.
the West Haven factory.
-Meeting Adjourned.
Holly Sugar Corporation.
The special meeting of stockholders scheduled to be held May 3 last,
for the purpose of authorizing an issue of bonds to be secured by the company's property, has been adjourned until May 17.-V. 114, p. 1771.
-Balance'Sheet Nov. 30
Hudson Motor Car Co.
-Income Account.
Kennecott Copper Co.
1921.
Years end. Dec.31Copper prod. & sold (lbs.)32,40+,985
Avge. selling price per lb_12.102 cts.
Silver prod. & sold (oz.)__ 390,012
Avge. selling price per oz_99.438 cts.
Income Account
$4.245,687
Copper revenues
387,817
Silver revenues
Ins, for ore lost in transit_
56,684,1:26
45;487,855 26,756,463
17,415 cts. 18.818 cts. 24.428 eta.
695,316
620,660
607,726
101.48 cts. 109.285 eta. 95.290 cts.
Ltafrflilies$7,921,928 $5,034,906 $14,335,282
$1,820,274
Cash
$1,282,566 Invoice not due
662,569
569,004
515,262
519,871
Sight drafts for car shipments_ 561,147 Accrued pay-rolls, taxes, &c
83,076
120,000
Accts. receivable, less reserve_ 403,382 Federal tax reserve
1,987,260
3,557,536 Capital stock
Inventories
Total revenues
$4,633,504 $8,437,190 $5,603,910 $15,080,927
10,508,287
73,957 Surplus
Investments
KtpensesxLand, bides., machinery, &e- 8,915,002
Mining
$1,546,813 $2,373,425 $1,316,898 $2,162,032
$14,955,693 Freight and milling
162,103 Total (each side)
Prepaid expenses
1,646,938
710,412
to smelter
I 1,481,603
2,320,535f
1,110,910
689,975
I
x Land, plant. property, $651.231; adjacent property subject to a balance Smelting and refining_ _ _ J
515,989
194.759
320,163
211.937
ofi$1112.000 on land purchase contract payable $7,000 quarterly, $99,805; Selling and delivery
72,799.
36.544
buildings. $5.085,537; machinery, tools and equipment, $6,643.817 Marine insurance
16,962
($11,629,355, less allowance for depreciation and obsolescense. $3.365,389). Mineral separ'n royalty..
140,966 .
125,966
171,577
119.719
General expense
$8,263,965.
Iscounted drafts, amounting to $581,992, are not included above. Of
$3,359,072 $5,185,700 $3,091,515 $5,649,635
Total expenses
these all but $53,109 were subsequently paid up to the time of this audit.
$1,274,432 33,251,490 82,512,394 $9,431,292
Earnings.
-1922, at rate of $5,000,000 per ann., net after taxes. Present Net earnings
4,777,907 '
739,804
x
887,766
dividend at rate of $2 per share on 1,200,000 no par shares. 1910 to 1921, Divs.from Utah Cop. Co.
238,641
143,125
143.124
incl., average $1,266,000; during this period direct entries to surplus have Divs.from Alaska SS.Co. x143,125
265,689
2.186,742
514,344
been made each year, aggregating $10,508,287.
Intem t. discount, &c_ x2,312,534
28,713 (loss)41,156
19,302
7.897
(Reports from Detroit state that the company in its application to the Income from mines
Mich. Securities Commission for authority. to issue the 1,200,000 no par
83.779.392 $6,477,019 $3.938,381 314,672,272
shares stated that the present stock of $10 par will be exchanged in the ratio
Gross income
Deductionsof one $10 share for five no par value shares. The Essex Motors stock will
$373,142
$663,333
$120,000
be exchanged in the ratio of 2% of old stock for one no par value share of Int.Sccomm.on notes pay
525,165
$131,010
167,531
151,770
new stock. The Commission has approved the issuance of the stock.] Accrued taxes
1.050.000
939,167
Compare V. 114, p. 1896.
Bond interest
391,233
382,863
223,178
222,104
Depreciation
-Earnings, Sales, &c.
Hupp Motor Car Co.
2,690,062 3.505,833 2,287.793 6,265,727
Depletion account
Net profits before Federal taxes for the three months ending Mar. 31 Red Cross and United
150,000
1922 wero $383,656. After Preferred dividends this was equivalent to
War Works funds_
2,787,073 5.574,089
2,787,081
approximately 75 cents per share on the 519,210 shares of outstanding Com- * Dividends
($1.00)
($2.00)
($1.00)
mon stock, par $10.
Per share diva. paid_
68,750
75,000
,
10 President C. D. Hastings says in substance: "During tho first quarter Amort'n of disc, on bonds
of 1922, 6,399 cars wore sold as against 2,348 for the corresponding period
of 1921, an increase of 173%. Production schedule for present quarter is
Balance, sur. or def_ _det$389.85SdfAl,317,686df12,340,202 sr5k1,102,915
11,000 cars and for the entire year 30,000 cars. Each month has shown a P. & L. surplus
$15,733,818 $16,094,693 $7,611,404 $9,999,359
decided increase over previous months in cars exported and orders have been
-V. 114. 13. 1413.
received from every continent."
x In addition to $1,641,260 capital distributions received from Utah
Copper Co. credited investment account.
-Earnings.Hurley Machine Co., Chicago.
* This does not include capital distribution amounting in 1920 to $2."The annual report for the year ending Dec. 31 1921 shows a net income 786,081,in 1919 to $2,787,072, and in 1918 to 35,574,089.-V. 114, p. 1659.
after charges and Federal taxes of $429,300, against $706,663 in 1920.-Bonds Called.
Kirkman & Son, Brooklyn, N. Y.
V. 113, p. 1681.
-Year Mtge. bonds, due Jan. 1 1959, have
All of the outstanding 6% 50
-New Bond Issue.Indian Refining Co.
July 1 at 105 and int, at the Peoples Trust Co.,
been called for redemption
' The stockholders will vote in the near future on authorizing a $7,000,000 181 Montague St., Brooklyn. N. Y.
bond issue, the proceeds of which will be used to retire bank loans and to
Sidney A. Kirkman is President and A. L. Brenner, Secretary.
-V. 114, p. 1658.
provide for working capital, &c.
-Merger Held Not Legal.
Indiana Electric Corp.
FP.Judge Lynn D. Hay of the Indiana Superior Court in a decision handed
down April 26 held that the ac*,lon of the P. S. Commission in authorizing
the consolidation of the seven Indiana electric light and power companies
in the Indiana Electric Corp. and authorizing the issuance of securities for
the consolidation was without authority and is without force and effect,
-Merger.
Lake Superior District Power Co.
The Michigan P. U. Commission has authorized the consolidation of the
Ironwood-Bessemer Railway & Light Corp. and the Ashland Light Power
& Street By. Co. into a company which will probably be known by above
6
,
-Year 1st Mtge. 6) %
name. Permission for the issuing of $2,500,000 20
bonds, $1,252,000 Preferred stock and $929,000 Common stock was also
wanted.-V. 114. p. 1890.
MAY 6 1922.]
UTE
CHRONICLE
Langton Monotype Machine Co;
-Annual Report.
Feb. 28 YearsNet earnings
Taxes
Dividends (6%)
Written off
1921-22.
1920-21.
1919-20.
$786,680 $1,663,530 $1,313,752
308,803
100,074
224,685
360,000
360,000
360,000
41,451
109,148
130,257
Balance, surplus
-V. 114, p. 312.
$76,426
$948,588
$744,530
1918-19.
$658,774
360.000
60,262
1238,512
Lehigh Coal & Navigation Co.
-New Manager.
William P. Goat, President of the Fidelity Trust Co., has been elected
company, it
Manager, to succeed the late Henry P. McKean. The
Is stated, represents stockholders of the Lehigh Co. holding an aggregate
-V. 114, p. 953.
of more than 40.000 shares of stock.
Libby, McNeill & Libby, Chicago.
-Plan Ratified
Stockholders' Right to Pref. Stock-New Officers.
The shareholders on April 28 voted (1) to decrease the capital stock from
$27,000.000 to $6,750,000 and the number of shares from 2,700,000 to
675,000, par $10. (2) To increase the capital stock from $6,750,000 to
$31,750,000 and the number of 675,000 to 925,000, divided into 250,000
shares (par $100) Preferred stock, 675,000 (par $10) Common stock. (all
as outlined in "Chronicle" April 15. p. 1648, 1659).
Each shareholder is required on or before July 1 1922 to surrender to the
company for cancellation all certificates of stock held or owned and receive
in exchange therefor a new certificate or certificates for a proportional
decreased number of whole shares (being X of the shares now hold) and a
warrant for such fractional share to which he may be entitled, so that each
shareholder shall have the same proportion of the whole Common capital
stock of the company as before the decrease.
The company is to offer presently 180,000 shares of Preferred stock for
sale to the shareholders for cash, at par, payable at the office of the Secretary
of Union Stock Yards, on or before July 1 1922, In the ratio of one share of
Preferred stock for each 15 shares of old stock represented by certificates
outstanding; such right to subscribe to accrue to shareholders of record
April 18, provided that the Secretary shall not accept subscriptions for
fractional shares. W. F. Burrows, Pres., was elected Chairman and Edw.
G. McDougall was elected Pres. & Gen. Mgr. Compare also V. 114,
p. 1659, 1648.
-Dividend, No. 2.Libbey-Owens Sheet Glass Co.
on the outstanding
A dividend of 2% has been declared record May 6. An Common stock,
holders of
initial
par $25, payable May 10 to
of like amount was paid on Jan. 10. last.V. 114, p. 195.
dividend
2021
the York Haven property as reported by Day & Zimmerman, Inc., on the
,
basis of 5
-year average prices. 1917 to 1921 inclusive, is 36.403,955. The
acquisition of this property would give a large new market to Metropolitan
Edison Co. in York, Harrisburg. Middleton, Steelton and 10 other Pennsylvania communities.
-Compare also recent bond offering in V. 114, p. 1541.
Mexican Seaboard Oil Co.
-To Retire Bonds-Earns., &c.
The directors on May 1 voted to retire an additional $1,000,000 7%
debenture bonds on May 15, which will leave outstanding but $6,000,000
of these bonds.
A dividend of 50c. per share has been d eclared payable May 15 to holder
of record May 10.
The Sinclair Consolidated 011 Corp. owns 807 of the outstanding bonds
0
and 24.5% et' the outstanding stock of the Mexican Seaboard 011 Co.
Earnings during the four months from Dec. 1 1921, to March 31, last,
are reported to have been in excess of $90,000 daily, or at the rate of $2,800,000 per month. Of the total earnings received during the four month
period the company has distributed $33,500,000 in dividends of which 31 25
a share was paid Dec. 15, $1 a share Jan. 16, $1 a share March 16 and 50c.
April 15. In addition the company has paid off since January 1 1922,
$3,700,000 ofits outstanding 7% debentures due Sept. 1 1929 reducing its
outstanding obligations from 110,700,000 to $7,000,000 as of May 1 last.
'
The management,it is stated, expects to pay off out of earnings the balance
of its outstanding debentures during 1922.
T. J. Regan has been elected a director succeeding Harry Payne Whitney.
-V.114, p. 1541.
Middle States Oil Corp.
-Litigation.
-
In reference to the case of Weisbrod against Dominion Oil Co., President
P. D. Saklatvala says: "In the case of Weisbrod against Dominion Oil Co.
and others, pending for nearly two years wherein Weisbrod claims an interest in certain undeveloped lease in Louisiana held by Dominion 011 Co.,
a default is claimed by the plaintiff which is contested by the defendant,
as the case has not been heard on its merits. The leases in controversy
are not embraced in the inventory published by Middle States Oil Corpas any part of the values of the company's direct or indirect assets; there
fore, no matter who secures these leases as the final result of the litigation,
It will not affect the assets of Middle States Oil Corp. a single dollar."
V. 114, p. 1414, 1294.
Midvale Steel & Ordnance Co.
-Quarterly Report.-
Quar. End. Mar. 311922.
Net earnings
*3387,970
Interest
743,249
Deprec. & depletion_
797.548
1921.
1919.
1920.
1536,577 $3,669,685 $4,701,534
760,287
776,753
792,722
1,171,492
1,375,935
1,158.615
Net profits
def.$1,152,827dfS1,395,202 31,516.997 $2,750,197
-Bank Loans Reduced.
* After provision for all taxes.
Loews Incorporated.
The Guaranty Trust Co. of N. Y. will, until May 15, receive bids for the
The company has reduced bank loans to 11,825,000, which will bo cleared
-year 5% sinking fund gold bonds, dated March 11916, to
up the next few months. This includes bank loans of Metro Pictures sale to It of 20
? z., which Is entirely owned by Loew's, Inc. ("Official.")
A
-V. 114, p. an amount sufficient to absorb 3665,124, and at a price not exceeding 105
and Interest.
-V. 114, p. 1059.
Mack Trucks, Inc.-Earninas.For the quarter ended March 31 1922, net profits after depreciation
totaled $255,197, compared with $4,395 in 1921.
An official statement says in substance:"In March net earnings exceeded
1300,000, a sum sufficient to observe the slight customary occasional loss
of January and February, and leave a profit for the quarter practically equal
to the Preferred dividends distributed. March earnings alone were at a
rate of more than three times in excess of the annul Preferred dividend
requirements."
-V. 114, p. 1659.
Manistique Pulp & Paper Co.
-Joint Mortgage, &c.
See Minnesota Tribune Co. below.
-V. 106, p. 914.
Maracaibo Oil Exploration Corp.
-Annual Report.
President Wm. Wallace Mein in the annual report for the year ended
Dec. 31 says in substance:"The necessary data and maps on approximately
300,000 acres have been submitted to the Venezuelan Government for
official approval. Exploration work is expected to be completed during
1922.
In Jan. 1922 the Standard Oil Co. of New Jersey, drilling under its agreement with the Maracaibo Corporation, completed a well in Mene Grande
field, with estimated flow of from 600 to 800 bbls. per day. The oil was
21 deg. Beaume.
The Standard 011 Co. is preparing to drill on other concessions belonging
,
to your subsidiary companies and 165 acres of land on the shore of Lake
Maracaibo near the Mene Grande field have been chosen for a refinery site
and pipe line terminal.
At the end of 1921, after providing for all commitments, cash available
amounted to $368,677, in addition to supplies and materials on hand.
V. 114. p. 1069.
' Mason Tire & Rubber Co., Kent, Ohio.
-Sales, &c.
-
Sales for the first quarter are reported at $2,242,000, as compared with
$1.775,000 in the first throe months of 1921. Net profit on this year's
business totaled approximately $308,000.-V. 113, p. 1366.
May Department Stores Co., New York.
-Dividends.
--
The directors have declared three regular quarterly dividends on the
Common stock and two regular quarterly dividends on the Preferred stock.
The dividends on the Common stock are payable Juno 1, Sept. 1 and
Dec. 1 to holders of record May 15. Aug. 15 and Nov. 15, respectively.
The Preferred dividends are payable July 1 and Oct. 2 to holders of record
June 15 and Sept. 15, respectively.
-\r. 114, p. 1403.
Metropolitan Edison Co.-Pref. Stock Offered.
-John
Nickerson, Jr. and Eastman, Dillon & Co., New York, are
offering at 96 per share and div., 18,810 shares Cumul.
Participating Pref. stock. Divs. $7 per share per annum.
(See advertising pages.)
-J. Is entitled, in case of liquidation or dissolution,
Dividends payable Q.
to $100 per share and dividends before any distribution is made to the
Common stock. Red. all or part on any div. date on 30 day's notice, at
/11.5 per share and divs.
Participating Feature -Receives one-half of all dividends declared after
the payment of $7 per share per annum on this Preferred stock and 14 per
share per annum on the Common stock.
Listing.-Application will be made to list this stock on the New York,
Philadelphia and Boston Stock Exchangers.
Date from Letter of President E. L. West, Reading, Pa., April 22.
-Formed in Pennsylvania Aug. 30 1917 consolidation of the
Company.
MetroPolltan Electric Co., Edison Electric Illuminating Co. and Lebanon
Valley Electric Light Co. Owns and operates electric light and power
properties in an extensive territory in eastern Pennsylvania, serving
Reading and Lebanon, Pa., important industrial centres, and 64 other
communities directly, and 30 other communities indirectly, through the
sale of power to local distributing companies. Supplies practically all the
power used by the Reading Transit St Light Co. Population, 300,000.
Owns entire issued and outstanding Common stock of Pennsylvania
Edison Co. Owns 3750.000 (total outstanding, $1,511,500) 7% Class B
Pref. stock, of Reading Transit & Light Co.
Capitalization (upon Readjustment of Capital) Authorized. Outstanding.
Pref. stock (no par, particip. Pref. div. $7 per
share per annum)
75.000 shares 27,320 shares
Common stock (no par value)
90,000 shares 75,000 shares
Ref. dc Imp. Series A,88, 1935- _ ___
$1,593,000
13, 6F4. 1952 (V. 1 - p. 1641)
-14,
1st & Ref. Mtge. Series
4,555,000
Metropolitan Elec. Co. 5s, 1939
2,570,000
Income (Metropolitan Edison Co.) 12 Months ended March 31.
x1922.
1921.
1920.
Gross earnings (incl. other income)
$2,880,878 $2,957,582 $2,408,714
Net earnings
902,840
1.168,448
935,135
Balance after fixed charges
331,153
680,952
405,859
Preferred stock dividend
191,240
174,286
76,250
of recent bond financing.
x Adjusted to basis
Acquisition of York Haven Water cf. Power Co -Negotiations are pending
for the acquisition by the company of the York Haven Water & Power Co.
According to the latter company's statementit had gross earnings in 1921
of overt 43,000, and a balance of over $113,000, after the payment of
Interest on the funded debt of $3,705,000.1kThe reproduction cost new of
Midwest Refining Co.
-Annual Report.
-
The annual report shows a deficit of 11,801,818 against a surplus of
$1,709,018 in 1920.-V. 113, p. 1581.
Minnesota Electric Light & Power Co.
-New President.
W. II. Zimmerman was recently elected Pres. & Gen. Mgr. . 1.p.
-N
1352.
Minnesota Tribune Co. (Publishers of Minneapolis
Tribune).
-Bonds Offered.-Minnesota Loan & Trust Co.
and Halsey, Stuart & Co., Inc., are offering at 100 and int.
$2,500,000 1st Mtge.6% Sinking Fund Gold bonds, Series
"A," secured also by a first lien, through joint execution of
the mortgage, on all the physical property of the Manistique
Pulp & Paper Co.(see advertising pages).
Dated May 11922. Due May 11942. Int. payable M. & N. in Chicago, New ork or Minneapolis, without deduction for normal Federal
income taxes not in excess of 2%. Tax exempt in Minn., and Penna.,
Conn. and Mass, taxes refunded. Denom. $1,000. $500 and $100 (c*).
Red. all or part upon 60 days' notice an any int. date at 105 and int., less
)4% for each full 5-year period of expired life, but at par during the last
6 months.
Data from Letter of Pres. F. E. Murphy, Minneapolis, April 29.
Minneapolis Tribune.
-Established in 1867. Publishes the "Minneapolis
Morning Tribune," the "Minneapolis Evening Tribune," the "Minneapolis
Supday Tribune," including a rotogravure section, and the "Farmers'
Tribune," issued semi-weekly. The "Tribune" owns exclusively the morning Associated Press franchise. the Sunday Associated Press franchise, and
the "Evening Tribune" receives the full evening Associated Press Service.
Is the only morning newspaper published in Minneapolis. According to
the latest Government report has a daily circulation of 120,758 and a Sunday circulation of 169,044.
Consolidated Capitalization.
Authorized. Outstand'g.
$2,500,0e0
x
1st M.63i% Sink. rd. bonds,Series"A"(this issue)
Capital stock and surplus
5,089.641
x Authorized, $5,000,000 (incl. Series "A" $2.500,000). Issuance of
additional bonds limited by restrictions of the mortgage.
-Proceeds will be used for refunding purposes, for the retire-.
Purpose.
ment of current liabilities and for other corporate uses.
-Secured by a first mortgage on all the property now or hereSecurity.
after owned by the Minnesota Tribune Co. and Manistique Pulp & Paper
Co.
-Combined net earnings for the last four calendar years, after
Earnings.
all charges, including depreciation, Federal taxes and inventory adjustments applicable to interest charges, have averaged $395,464 per annum.
Annual interest charges on these bonds will amount to $162,500.
-A sinking fund for Series "A" bonds will retire by purSinking Fund.
chase or call $100,000 of Series "A" bonds annually. The mortgage will
also provide a sinking fund for any future series issued of net less than 4%
per annum of the maximum amount of such series ever issued.
Properly.
-Minnesota Tribune Co. owns office building and publishing
plant in Minneapolis and holds the ground under a favorable long-term
lease and all the capital stock (except director's qualifying shares) of the
Manistique Pulp & Paper Co.
-Owns and operates a wood pulp and paper
Manistime Pulp ez Paper Co.
mill at Manistique, Mich. Present average production of the paper mill
is 55 tons daily of newsprint paper, out of which the "Tribune" gets its
supply. Company has constructed a dam and diversion works on the
Manistique River and has installed hydro-electric equipment of 5,400 Ii. p.
capacity, from which it receives its power supply. Holds contracts covering a reserve of 42,000 acres of land in close proximity to the mill which,
it is estimated, will yield some 110,000 cords of pulp wood.
Montana Power Co.
-Listing.
The New York Stock Exchange has authorized the listing of $1,000,000
additional 1st & Ref. Mtge. 57, Sinking Fund Gold Bonds. Series A. due
July 11943. with authority to list $150,000 additional bonds, making the
total amount applied for $23,490,000.
These $1,150,000 of bonds were issued as follows: (1) For 1950,000
bonds of Thompson Falls Power Co and Issued against balance of expenditures made up to Dec. 31 1917 for construction of a dam and power plant
with its appurtenances, &c.; (2) for 3373.000 bonds of Great Falls Power
Co.issued against expenditures from Jan. 1 1916 to Dec. 31 1916. inclusive,
for permanent improvements. &c.;(3) for expenditures made between Jan. 1
and December 31 1919, Inclusive,for permanent improvements,extensions
and additions to its plants and properties (including the purchase of proper-V. 114. p. 1897, 1283.
ties of Roundup Electric Co.).
Montgomery, Ward & Co.
-April Sales.Increase.
1922-AprI1-1921
1922-4 Mos.-1921 •
Increase.
$893,567 326,767.952 $25,043,393 $1,724,559
$7,357,640 $6,4,073
64
The company in April last received$1,017,519, an increase of 31.6%.V. 114, p. 1897.
Mother Lode Coalition Mines Co.
-Annual Report.
-
The annual report for.the year ending Dec. 31 1921 shows: Operating
revenues, $2,788,810; total income after operating expenses, 11,214,096:
deficit after depreciation, depletion, interest and taxes, $657,267.-V. 114,
p. 529.
2022
VIE CHRONICLE
{voL. 114.
National Oil Co. (N. J.).-Receivership.
-
Capitalization Outstanding upon Completion of Present Financing.
First Lien & Refunding Mortgage 6s (this issue)
$7,000,000
First Refunding Mortgage 5s, due April 1 1929
x2,455,000
Underlying divisional bonds
5,020,500
Common stock
.5,000,000
Class A Preferred stock
5,000,000
Class B Preferred stock
4,000,000
(The) Nevada-California Power Co.
x $7,000,000 additional will be pledged under the new issued of bonds;
-Tenders.
-The International Trust Co., trustee. Denver, Colo., will, until May 10, the remaining $545,000 bonds can be issued only if pledged under this mtge.
Purpose.
-Proceeds will be used to purchase and cancel, or pledge under
receive bids for the sale to it of 1st Mtge. 6% 20
-Year gold bonds dated
April 1 1907, to an amount sufficient to absorb $46,116.-V. 104, p. 2557. this mortgage, certain underlying bond issues, to pay existing floating debt,
and for additions and betterments.
New Bedford Gas & Edison Light Co.
Sinking Fund.
-Bonds Offered.
-Company will agree to pay to the trustee semi-annually
beginning Mar. 1 19328 sum
of 1% of the total amount of bonds
Guaranty Co. of New York are offering at 103.29 and int., of this series outstanding, to equal to 35 to the purchase and cancellation of
be applied
to yieli about 4.70%, 81,500,000 First Mtge. Series D 5% bonds of this series at or below the redemption price.
'
-V. 114, p. 1294.
John F. Penrose, President, and Judge Robert Hudspeth, Jersey City,
have been appointed receivers by Judge Lynch in Federal District Court
of New Jersey. Company was unable to meet the $500,000 of principal
ofits first lien 79" serial gold bonds which matured May 1 as well as interest
on the total bond issue of $5,000,000.-V. 114, p. 1542.
Gold Bonds of 1918, due Jan. 11938.
•
Ohio Fuel Supply Co.
-Earnings.
-
Interest payable J. & J. at First National Bank, Boston, or at New
The company reports for the quarter ending March 311922,
Bedford (Mass.) Safe Deposit & Trust Co., trustee, without deduction for of $5,059,504. Surplus after dividends, expenses, taxes andgross earnings
depreciation,
any Federal income tax up to 2%. Denom.-$1,000 (c*). Series D bonds amounts to $1,416,488.-V. 114, p. 1293.
redeemable upon 30 days' notice on any interest date up to and including
July 1 1925 at 1075. and interest, and thereafter on any interest date prior
Owens Bottle Co., Toledo, O.
-Earns. (Incl. Sub. Cos.).
to maturity at 105 and interest.
[Incl. American Bottle Co., Graham Glass Co., and Peytona Gas Co.]
Three Months ending March 31Extracts from Data FusniShed Bankers by Oliver Prescott, President.
1922.
1921.
$720,636 $649,412
Company.
-Operates without competition under indeterminate permits. Manufacturing profit and royalties
284,457
Conducts entire electric and gas business in New Bedford, Mass., and sur- Cash divs.rec'd,in &oth.inc.,less int. paid,disc.,&c. 329.757
rounding territory. Supplies power to companies serving the principal
$1,050,394 $933,889
part of Cape Cod and territory as far north as Plymouth and Marshfield.
315,146
Population, estimated, 200,000. Approximately 65% of company's busi- Deduct-General, selling and contingency expense_ _
365,681
ness is derived from the electric department.
Net earnings
$735,248 $568,188
June 30 Years
12 Mos.end. Estimated Federal income taxes
88,300
65,000
Earnings1919.
1920.
1921.
Mar.31'22
Gross revenues
$2.266,287 $2,889,824 $3,256,433 $3,352,884
Net profit
$646,948 $503,188
Oper. exp. (incl. taxes,
maint. & deprec'n)__- _ 1,875,803
2,290,299
2,631,895
2,492,566 -V. 11.4, p. 1294.
Net earnings
$390,484
$599,525
$624,538
$860.318
All interest charges
189.565
219,881
285,132
370,547
Exchange.
-New Bedford Gas & Edison Light Co. 6% Debentures due
June 11922, with final coupon attached, will be accepted at 100 and accrued
int. to date of delivery in payment of these bonds.
-V.114, p. 1772, 1659.
New England Telephone & Telegraph Co.
-Bond Issue.
The directors on May 3 took action preliminary to the issue of$35,000,000
-Year bonds and to execute a mortgage to secure the same.
Series"A"5% 30
President Jones is quoted as saying that future bonds would be issued
only for additions to the property of the company or for refunding purposes.
About one-half of the proceeds of the Series "A" bonds, it is stated, will
be used to pay off floating indebtedness incurred for additions to the
property since the exhaustion of the last financing. The remainder of the
issue, it is expected, will provide necessary funds to cover construction
until late in the year 1923.
The total amount of bonds of the company outstanding after the Series
"A" bonds are issued will be less than 31% of the value of the property
of the conipanY, excluding working assets.
-V. 114, p. 1772.
New Jersey Zinc Co.-Quarterlm Report.
-
Quarters end. Mar.31- 1922.
1921.
1920.
1919.
Total income
x$1,126,080
$244,345 $3,173,127 $2.855,427
Bond interest
40,000
40,000
40,000
40,000
Res. for retire't of bonds
75,000
75,000
Federal taxes
430,000
570,000
Accrued interest on stock
subscriptions
20,979
26,184
Dividends
(2%)909.328 y See below (4)1,400,000(4)1,400,000
Balance, surplus
$155,773
$178.161
$1,228,127
$770,427
x This item, which includes dividends from subsidiary companies is
shown after deductions for expenses, taxes, maintenance, repairs, betterments, depreciation and contingencies. y The company in April 1921
declared two dividends of 2% each the first ($840,000) payable May 10
to holders of record April 30 the other on Aug. 10 to holders of July 30.
Stockholders of record May 12 1920 received a stock dividend of 20%
($7,000,000) increasing the outstanding stock to $42,000,000, and were
allowed to subscribe at par for an additional $7,000.000 new stock, payable
in four equal semi-annual installments from Nov. 15 1920 to May 15 1922.
V. 114, p. 529.
Pacific Telephone & Telegraph Co.
--Bonds Sold.
The bankers named below have sold at 94 and interest, to
yield over 5.40%, $25,000,000 Ref. Mtge. 30
-Year 5% Gold
Bonds, Series A.
Bankers Making Offering.
-J. P. Morgan & Co.; Kuhn, Loeb & Co.:
Kidder. Peabody & Co.; First National Bank; National City Co.; Bankers
Trust Co.; Guaranty Co. of New York; Harris, Forbes & Co.; and Lee.
Higginson & Co.
Dated May 11922. Due May 1 1952. Interest payable M. & N. in
New York City or San Francisco. Denom.$1,000,$500 and $100 (c*&r*);
$1,000, $5,000 and $10,000. Red. as a whole only on 60 days' notice, on
May 11932, or on any interest date thereafter, at the following prices with
interest: if on or prior to May 1 1942. at 10%;if subsequent to May 1 1942
and on or prior to May 1 1949, at 105; and if subsequent to May 11949,
at 100. The Bank of California, National Association, corporate trustee.
Listing.-Listed on the N. Y. Stock Exchange "when issued."
Data from Letter of Pres. G. E. McFarland, San Francisco, May 2.
Company.-Incorp. in California. With its subsidiary and connecting
companies, it operates a telephone and telegraph system in the Stateg of
California, Oregon, Washington, Nevada and Northern Idaho. The exchange and toll lines of the system extend into substantially all the centres
of population of the territory served, estimated at 5,910,000. On Feb. 28
1922 there were 1,096,700 stations of the system operated directly by company and its local connecting companies, and the system was equipped with
2,385.701 miles of aerial, underground and submarine wire.
Earnings Years ended December 31.
Gross.Telep.Rev. Net Earnings. Fixed Chges.
Balance.
1912
$16,700,147
$4,248,929
$2,423,422
$1,825,507
1914
18,966,014
4,504,918
2,284,677
2,220,241
20,829,742
1916
4,639,768
2,372,840
2,266,928
1918
x22.091,659
4,679,571
2,485.480
2,194,091
1919
x25,638,648
5,313,077
2,537.764
2,775,313
30,731,694
6,032,780
1920
2,586,930
3,445,850
1921
33,908,884
7.065.583
2.901,881
4,163,702
x Property under Federal control during portion of year.
Purpose.
-Proceeds are to be used for additions to be made to property.
To Pay Notes Through Sale of Preferred Stock.
-Company has completed
arrangements to pay approximately $25,000,0006% notes held by American
Telephone & Telegraph Co. through the sale of preferred stock (see below).
Control.
-Approximately 70% of the capital stock, upon completion of
American
New York State Gas & Electric Co.
-New Officers.
- present offering, will be owned by-On Feb.Telephone & Telegraph Co.
Present Value of Physical Property.
28 1922 the book cost of the
S. J. Magee has been elected President. succeeding J. I. Mange,resigned. company's real estate, buildings and telephone plant was over $106,000,000.
G. A. Strain has been elected Vice-President, and 0. E. Wasser, Sec. & not including property of subsidiaries, the securities of which, as carried
Treas.-V. 114, p. 1070.
on the books at conservative figures, were valued at over $14,000,000; and
other assets, including accounts receivable, &c., amounted to $27,000,000.
New York Telephone Co.
-New Directors.
Thus the total book value is over $147,000,000. whereas the total bonded
Ford Huntington and Eugene S. Wilson have been elected directors, suc- debt, including the present issue, aggregates less than $63,400,000.
ceeding Waldron Hoppins, retired, and 'Otis II. Cutler. deceased.
-V. 114.
The book cost of the Pacific Teiep. & Teleg. Co.'s assets at the end of
p. 1898.
1921 was approximately $28,735,000 in excess of ail bonded debt, bills and
accounts payable and outstanding capital stock.
Security.
-Bonds will cover all real estate and other property now or here-New Director.
Noiseless Typewriter Co.
Clifton H. Dwinnell. of Boston. as a director succeeds the late W. Caryl after owned by the company in the States of California, Oregon, Washington and Idaho, and also all securities now or hereafter owned by the comEly, of Buffalo.
-V. 114, p. 1660.
pany,subject to indebtedness aggregating $38,302,000,of which 831,729,000
constitute (closed)
Northern Indiana Gas i?.6 Electric Co.
-Bonds Offered. reduced by sinking First Mtge. & Coll, Trust 55. due 1937, which is being
fund.
-Drexel & Co., Phila., and Halsey, Stuart & Co., Inc., New
Sinking Fund.
-Mortgage will provide for sinking fund payments to a
trustee at the rate of $125,000 semi-annually beginning Nov. 1 1922, such
York, are offering At 95 and int., to yield about 64%, payments to be used in purchasing Series A Bonds, if obtainable at not
$7,000,000 1st Lien & Ref. Mtge. 6% gold bonds, Series exceeding 100 and interest.
May, 1922. (See Advertising pages.)
Dated May 1 1522. Due May 11952. Red. all or in part on any int.
date upon 30 days' notice, commencing May 1 1932, at 105 and int. to and
incl. May 11942; thereafter at 10235 and int. prior to maturity. Denom.
$1,000 and $500 (c5). Int. payable M. & N. without deduction for Federal income taxes up to 2%. Company also agrees to refund Penna. 4-mills
tax. Fidelity Trust Co.. Philadelphia, trustee.
Authorizatton.-Issuance authorized by Indiana P. S. Commission.
Data from Letter of C. It Geist. President of the Company.
-Owns and operates electric power, light and gas properties
Company.
in an extensive territory in northern Indiana, supplying, either directly or
through distributing companies, electricity or gas in 35 municipalities.
Population estimated 395,000. Serves with both gas and electricity industrial centres of Hammond, Whiting, Indiana Harbor, East Chicago,
Michigan City, &c. Serves gas only to centre about South Bend and Fort
Wayne. Owns all the capital stock except directors' shares of gas companies
supplying Lima, Ohio, and vicinity, and of a gas and electric company in
West Hammond,Ill.
Security.
-Secured by a general mortgage upon the entire property now
or hereafter owned. Through pledge of $7,000,000 1st & Ref. Mtge. 5s,
duo April 1 1929, they will share ratably with $2,455.000 additional of such
bonds now outstanding with the public, in a first mortgage upon property.
The bonds secured by the new mortgage will also share through this pledge
in a mortgage upon the remainder of the company's property, subject to
only $5,020,500 underlying bonds on various portions thereof.
Earnings for Periods Ended March 31.
5-Yr. Aver. Year Ended
•
1918-1922. Mar. 31 '22.
Gross revenue
$4,669,504
$5,871,999
Net after oper. exps., maintenance and taxes_ _ _ _ $1,219,715
$1,685,796
Annual int. on funded debt outstanding with the
public upon completion of this financing
768,615
Balance
$917,181
-Properties owned include a 28,000 k. w. electric generating
Property.
station and two smaller electric generating plants, giving an aggregate
rated capacity of 33,100 k. w. The 9 gas manufacturing plants have ft
daily capacity of 13,420.000 Cu. ft. of gas. Electric transmission and distribution systems are 449 miles in length and serve 25,539 customers. The
868 miles of' gas mains serve 84,296 gas customers.
Ownership.
-The United Gas Improvement Co. owns a majority of the
issued and outstanding capital stock.
Preferred Stock Offered to Stockholders.
The company is offering to stockholders 250,000 shares of new Preferred
stock (par $100), carrying the same rights and preferences as its Preferred
stock pow issued and outstanding, at :185 per share.
Each stockholder of record May 1 1922 will be entitled to subscribe for
now stock in the proportion of one share of such new stock for each 2 shares
of stock (Preferred or Common) held. This right to subscribe will expire
May 31.
Subscriptions must be made in full to George J. Petty, Treasurer, at his
office, Room 405, 210 Post St., San Francisco, Calif., before the close of
business on May 31 1922.
In addition, the warrants will carry a supplemental imprint as follows:
"SubscriptionS and payments will also be received, and warrants may be
surrendered or transferred, at the office of Bankers Trust Co., 16 Wall
-V. 114, p. 1898.
St., N. Y. City."
-Balance Sheet, Dec. 31.Penn Mex Fuel Co.
1921.
1920.
1020.
1921.
AssetsLiabilities$
$
$
Property account _15,745,842 14,542.140 Capital stock
10,000,000 10,000,000
762,093 Accounts payable_
Cash & accts. rec.. 992,008
176,665
215,791
&c., and
Notes payable.... 650,000
781,432 Def. items due
oil in tanks
1,097,997
subsidiaries
Liberty bonds
33.050
33.050
5,000
5,000
29,903
Stk. owned de adv.
Res. for Fed. taxes
53,39
to sub. cos
143.208
53,698 Reserve for fire...._ 280,120
11,818
Res. for deer,., &c. 4,052,192 3,209,643
Leases in suspense_
120,635
Surp.&un
adiv.prof. 2,938,880 2,666,761
Total
Total
18,132,761 16,162,413
18,132,761 16,162,413
The income account was published in V. 114, p. 1898.
Packard Motor Car Co.
-Increased Sales-Outlook.
-An official statement says in substance: "Sales for April were in excess
of $6,500,000, or equal to more than half the company's total business for
the first six months of its fiscal year beginning Sept. last. Sales of 'Single
Sixes' during April were in excess of 2,200 cars. Four days after the new
Single Six model was announced, its sales amounted to over $3,500,000.
"The company is now working on the basis of 1,500 sixes monthly, a
50% increase, and expects to go on a production basis of 2,000 sixes monthly
in a short time."
[The directors April 28 anneunced that the compaby's schedule of roduction in its principal departments would be increased]50%!andithat 1.000
MAY 6 1922.]
THE CHRONICLE
2023
additional workers would be added to its Detroit factory forces. The
Republic Motor Truck Co.
-To Pay Interest
.company is at present employing 5,500 factory workers, an increase of 1,500
Pres.Frank E. Smith has announced to holders of 1st Mtge.&Coll.Trust
-since Jan. 1.1-V. 114, p. 1773.
7% Serial gold notes, that negotiations which have been pending looking
Pennsylvania Coal & Coke Co.
the
-Earnings-Director.
- toward the payment ofthatcoupons maturing May 1 1922 and any coupons
matured Nov. 1 1921,
have not yet been paid are progressing and the
Calendar Years1921.
1918.
1919.
1920.
Company expects that it will be able to make payment of such coupons
Net tons produced
1,580,250 2,968,479 2,600,879 3,412,558
-V. 114. p. 1773.
Gross sales
$5,908,670 $11,008,706 $7,5e0,297 $10,539,659 within the course of the next 10 days.
Net earnings
$860,060 $2,567,625
$696,229 $2,003,463
St. Paul Union Stockyards Co.
Other income
-Notes Paid.
120,178
129,109
156,044
106,915
The $747,000 6% notes due May 1 1922 are being paid off at Merchants'
Gross Income
$852,273 $2,123,641 Trust & Savings Bank, St. Paul, 1N/linn., trustees.
$989,168 $2,674,540
-V. 108. p. 2335.
Deductions
539,864
206,767
179,909
262,688
Dividends
Sears, Roebuck & Co., Chicago.
(8%)493,560 (8)493,560 (8)493,560 (10)647,799
-April Sales.
1922
-April
-1921.
Decrease. I 1922-4 Mos.-1921.
Decrease.
* Balance, surplus ____ $315,700 $1,918,292
$151,948
$935,878 214.712,632 $16,375,290 $1.662,658 1$57.115,423 $66,082,259 $8.966,836
-V.114, p. 1543.955.
* Subject to Federal taxes, estimated at $622,514 for 1920, $645,506
for 1919 and $839,770 for 1918.
Shredded Wheat Co.
-Earnings, Calendar Years.
C. II. Memory has been elected a director to succeed the late S. T.Peters.
1921.
1920.
-V. 113, p. 190.
1921.
1920.
Gross income, less
Previous surplus_ -111,450,763 $1,370,174
operating
Phillips Petroleum Co., Bartlesville, Okla.
-Earnings. Depreciationexp_ _$2,298,063 $1,094,534 Cr. res. for depr.
160,911
130,162 (1917) per Govt.
Net earnings before depletion and depreciation for tho quarter ending
92,687 audit
March 31 amounted to 31,637,480, compared with $943,336 in 1921.- Reserved for taxes 543,570
dr. 16,096
V. 114, p. 1187.
Net income
1,593,582
871,684
Pittsburgh Steel Co.
Total surplus_ _ _33,044,346 ;2,225,763
-Earnings
--New Director.
Nine Mos.to Mar.31- 1922.19
Divs. (declared)__ 862,500
1921.
20.
1919.
775,000
Sales
310,390,947 $20,154,531 $20,192,634 $26,028,203
Net Income.- _$1,593,582 $871,685 Profit& losssur _32,181,846 31,450,763
Net profits
a$208.286 a$1,383,766 b$1,150,502 141,879,208
a After writing down inventory to market price or cost, and other ad- -V.113, p. 2828.
justments. b After setting aside estimated income and excess profits taxes.
H. 0. McEldowney, President of the Union Trust Co.. has been
Sizer Steel Corp., Buffalo, N. Y.
-Bonds Sold.-Tuoker,
elected a director to succeed the late John Bindley.-V. 114. p. 636.
Anthony & Co.,New
-.-Interest Payment, dec.Port of Para (Brazil) Co.
Interest coupons quo Mar. 1 1922 in zsterling for the 1st Division bonds,
and in French francs for the 2d Division bonds, are now payable. Owing
to delay in the payment of the interest guarantee due from the Brazilian
Govt., such coupons will be paid from moneys resulting from the realization of a roart of the respective reserve funds of £200,000 each of 5% BrazilIan Funding Loan, 1914, belonging to each division, such reserve funds
having been created in 1920 in order to insure the regular payment of the
bend interest of the two issues. The coupons of the £100 1st Division
bonds are payable in London at the Bank of Scotland, 30 Bishopsgate,
B.C. 2. ("London Stock Exchange Weekly Official Intelligence.
V. 111, p. 195.
Prendergast (Tenn.) Cotton Mills.
-Bonds Offered.
-
First National Trust Co., Durham, N. C., recently offered at price to
yield 7%,$450.000 7% Serial 1st Mtge. bonds, dated Feb. 1 1922, due
$100,000 each Feb. 11927, 1929 and 1931, and $150,000 Feb. 1 1932 but
callable on any interest date all or part at par and int. First National
Trust Co., Durham, N. C., trustee.
Capitalization.
-7% 1st Mtge. bonds (this issue), $450,000; capital stock,
$267,000; surplus, $163,587.
The company is incorp. in Tennessee, and has in operation 20.000 spindles
and has ample floor space for 10,000 additional spindles. Manufactures
high grade cotton yarns.
The annual profits for the past three years ending June 30 1921 averaged
$56,500 on an operation of 10.000 spindles.
Price Bros. & Co., Ltd. Earning8-Tenders.---
Year end. 4 Mos. to
Years end. 4 Mos. to
Feb. 28'22. Feb.28'21.
Feb. 28'22.
$1,327,332 $1,135,450 Balance_ _ _ _def.$161,724sFeb. 28'21.
Profit
Bond int., &c.. 419.976
141,992 Prey. surplus.. 651,992 ur$651,882
2,000
NQte interest..
Dividends
1,067,080
341,466 P.& L.surp__ $00,372 $651,992
The Trustees' Corp., Ltd., Winchester House, London. B.C.
agents, George A. Touche & Co., Lewis Bldg., 17 St. John St., 2, or their
Montreal,
Canada, will until May 15 receive bids for the sale to it of 5% First
bonds to an amount sufficient to exhaust $181,493 now lathe sinkingMtge.
fund.
113, p. 1258.
Producers & Refiners Corp.
-Bonds Called.
One hundred twenty-five ($125,000) First Mtfol. 10
-year 8% sinking
fund gold bonds, dated June 11921, 46 bonds of $500 each and 27 bonds
a$100 each, have been called for redemption Juno 1 at 110 and int. at the
Central Union Trust Co. of N. Y., trusteos.-V. 114, p. 1898.
Rand (Gold) Mines, Ltd.
-March Production.
-
During March the company produced 227,728 fine ounces of gold, valued
(at standard price of 85 shillings an ounce) at £967,842. This compares
with 77 fine ounces produced in Feb. last and 335 fine ounces in Jan. last
-V. 114.p. 1773. 745.
Remington Arms Co.,, Inc.
-Bonds
Sold.-Lee,
Higginson & Co., Inc., have sold at 95 and int., to yield
over 63/2%, $8,500,000 1st Mtge. 6% Sinking Fund Gold
Bonds Series A. (See advertising pages).
due May 11937. Int. payable M. & N. at
Dated May
offices
11922'
of Lee Iligginson & Co., in Now York, Boston and Chicago, without
deduction for normal Federal income tax up to 2%. Penna. 4 mill tax
refunded. Mechanics & Metals National Bank, New York, trustee.
Dpnom. $1,000 and $500c*&r*, $1,000. Callable as a whole at
thrzo, or in part (for sinking fund) on and after May 1 1924. on 30 any
days'
notice at 110 and int, prior to May 11927; on and after May 1 1927 at 105
and int. during 1927, the premium decreasing % of 1% per annum to a
calling price of 101 and int. in 1935 and thereafter.
Data frornLetter of Samuel F. Pryor,Chairman Exec. Comm.May 1922
Company.-Incorp. 1920. Business founded in 1816. Itself or
through
subsidiaries manufactures Remington arms, Remington U MO ammunition,
Remington cutlery and Remington cash registers. Manufacturing
at Bridgeport, Conn.; Ilion, N. Y.. and 13rimsdown, Middlesex,plants
Plants in U. S. having 2,888,602 sq. ft. of floor space. Sales in 1921 Eng.
were
in excess of $12,000,000.
Company's output of firearms and ammunition constitute
about onecountry's total production, and its output
third of the
is the largest in the United States and probably in the of pocket cutlery
Security.-lst Mtge. on all real estate, plants and world.
securities of subsidiary companies owned by company equipment and all
at the time of the
marution of mortgage or thereafter acquired.
-Total net assets, after deducting all liabilities other
Assets.
than
debt. $27,509,954, or approximately 33, times these $8,500,000 1stfunded
Mtge.
bonds. Net current assets alone $14,468,327.
-Average annual net earnings (after deprec. charges
Earnings.
and all
inventory and other adjustments) for the 8 years ended Dec. 31
$2,386,754,or more than 4% times the $510,000 annual interest 1921 were
requirement
on this total funded debt. Average annual net earnings for the 18 years
ended Dec. 31 1921 were $1.587,140, or more than 3 times this requirement.
For the calendar year 1921 sales were $12,769,125. Net earnings before
depreciation and inventory adjustments were $582,210. After charging
against income, depreciation and(djustments of
inventories to prices at
or below market values, there wa. a not loss of $308,179.
--Cumulative sin ing fund, Payable
Sinking Fund.
semi-annually, at
the rate of 2%% per annum, first payment May 1 1924, to be used for
purchase or call and retirement of Series A bonds, is sufficient to retire
more than 50% of these $8,500,000 bonds before maturity.
-Of the proceeds of those $8,500,000 bonds, approximately
Purpose.
$4,025,000 will be used to purchase additional real estate, buildings,
machinery and equipment, part of which are now used by the company
under lease; $1,200,000 will ho used for the retirement of notes payable,
and the balance will be used to provide additional working capital.
Capitalization Upon Completion of Present Financing.
1st Mtgo. 6s(ti ssue,further series issuable un
trti
of mortgage)
------------------------------------- $8,50Preferred stock, 7% Cumulative
10,000,000
Common stock, 600,000 shares, no par value, net tangible assets
available (including net current assets and securities owned). 9,009,954
-V. 114, p. 313.
York, and Battles & Co.,Phila.,have
sold a 96% and int., to yield about 7.35%, $1,250,000
1st (Closed) Mtge. 15-Year 7% Sinking Fund Cony, gold
bonds (see advertising pages).
Dated May 11922. Due May 11937. Int. payable M.& N.at Fidelity
Trust Co., Buffalo, trustee, or Tucker, Anthony & Co., N. Y. Company
agrees to pay normal Federal income tax up to 2% and to refund Penn.
4-mill tax. An annual sinking fund of $50,000. payable semi-annually,
will retire approximately 75% of the issue prior to maturity. Denom.
$1,000, $500 and $100 (c5). Red. all or part on any int. date on 30 days'
notice at 1073 and int. to and incl. May 1 1927, thereafter at 105 and int.
to and incl. May 1 1932, thereafter the price decreasing 1% each year
to maturity..
Convertible at any time into 8% 1st Pref. stock, cumulative after 1923.
on the basis of 10 shares of stock for $1,000 of bonds.
Data from Letter of Pres. C. B. Porter, Buffalo, N. Y., May 2.
Company.
-Incorporated in New York May 11922. Has been formed to
take over the properties and business of Sizer Forge Co., originally established in 1872. In addition, company has acquired the plant of the Hammond Steel Co. of Syracuse, N. Y. (see reorganization plan of latter company in V. 114, p. 1896).
Company is engaged in the manufacture of electric steel, which
duced by the electric furnace process and, to a considerable extent, is is protaking
the place of crucible steel.
The property consists of the following plants: (1) Electric furnace
/Buffalo and Syracuse), capacity 40,000 tons annually; (2) forge plants
shops
Buffalo and Syracuse) completely equipped to handle all classes of forgings;
3) steel foundries (Buffalo and Syracuse); (4) machine shop (Buffalo);
5) heat treating plants (Buffalo and Syracuse);(6) rolling mill (Syracuse).
capacity 2,500 tons per month.
Capitalization Outstanding upon Completion of This Financing.
1st (Closed) Mtge. 15-Yr. 7% S. F. Cony. gold bonds, due 1937-$1,250,000
General Lien 7% gold bonds. due 1939
462,500
8% First Preferred stock
700,000
Common stock (no par value)
30.000 abs.
Purpose.
-Proceeds will be used to pay off existing debt and provide
additional working capital.
Consolidated Balance Sheet as of Dec. 31 1921 (After Present Financing).
Assets
Liabilities
Real est., bldgs.,&c.,less depr _ 32.850,000 8% First Preferred stock_
$700,000
Cash
485,131 Common (30,000 eharee no Par) 1,402,855
Accounts receivable
65,915 First Mortgage 7% bonds_ _ .._ 1,250,000
Inventories
309,121 General Lien 7% bonds
462,500
Other current assets
1,764 Accounts payable
48,673
Deferred charges
182,763 Accruals
12,007
Other current liabilities
275
Total (each side)
$3,894,724 Federal tax llabWtY
18,414
Net Earns.,after Depr.but Before Fed. Taxes&Int.(Sizer Forge Co.) Cal Years.
.
, .
1916.
1917.
1918.
1919.
1920.
1921.
3447.621 *
$637.801
$971.987
$127,823
$687.036
def. $293,376
Preliminary figures for the first quarter of 1922 show a substantial net
profit, and orders on the company's books, or which are available, indicate a profit in excess of twice total interest charges for the year.
In addition to the above earnings,the Hammond Steel Co.. whose physical
assets were acquired through junior securities of the Sizer Steel Corp., reported net earnings for the five years ended June 30 1920 of $574,404 an
average of about $114,000 per annum. The year ended June 30 '
1921
resulted in an operating loss of about $150,000.
Compare also reorganization plan of Hammond Steel Co. In last week's
"Chronicle."
-V. 114. p. 1899.
South Lake Mining Co.
-New President.
-
Thomas S. Woods, who is Treasurer and director of the Bingham Mines
Co., Treasurer and director of Eagle & Blue Bell Mining Co., President
aud director of Winona Copper Co., President and director of Jerome del
Monte Copper Co.and President and director of Old Colony Press, has been
elected President of the following mining companies, succeeding R. M.
Edwards. Franklin Mining Co., Corbin Copper Co., South Lake Mining
Co., Algomah Mining Co., North Lake Mining Co. and the Indiana Mining Co.
-V. 112, p. 1290.
Spicer Manufacturing Corp.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing of $3.000.000
8% Ctunul. Pref. stock, par $100,and 313.750 shares(auth. 600,000 shares)
Common stock, no par value.
Results for Calendar Years1921.
1920.
Sales,$4,912,988; misc. income.$127.992;total__ _$5,040,980 $17,953,078
Cost of sales. $4,424,532; adm., sell., &c., exp.,
$603,774; total
5.028,306 16,072,308
Balance, profit, before charging interest
312.674 $1,880,770
Deduct-Interest and discount
447.931
432,018
Provision for Federal taxes (estimated)
120,000
Reduction of inventory
682,731
Lass for year
$435.257 Prof$646022
Surplus Jan. 1
$2.007,846 $2,088,446
Deduct-Provision for reduction of inventories to
market and reserve for commitments
570,000
Sundry adjustment (net)
17,471
Dividends paid on Preferred stock
240,000
210,960
Dividends paid on Common stock
156.875
Premium on Preferred stock redeemed, &c
358,787
Total profit and loss surplus Dec. 31
$745,118 $2,007,846
The balance sheet as of Dec. 31 1921 shows: Cash, $304,918; accounts
and notes receivable (less reserve). $1,051,980; notes payable,$1,321,000:
accounts payable, &c., $186.051: profit and losss surplus of $745,118.
During the first quarter of the current year President C. A. Dana
mates that sales will be almost double the amount they were duringestithe
same period last year. It is understood that currenct operations are now
showing a profit.
-V. 113. Ps 1478.
Standard Steel Car Co.
-Stock Increased.
-
The stockholders on May 2 voted to increase the authorized capital stock
from $5,000,000 to 350,000,000.-V. 114, p. 1189.
2024
THE CHRONICLE
(You 114.
Assets.
-Consolidated balance sheet as of Dec. 31 1921 (without giving
effect to this financing) shows total assets of $104,615,637, after deducting
reserves for depreciation and depletion of $26,655,967. Current assets
amounted to $34,299,132 as against current liabilities of only $8,285,919.
Earnings.
-For the calendar year 1921, net income after taxes, depreciation, depletion and interest was $10,528,207. or in excess of the total amount
of this issue. This amount remained after deducting $8,630,798 for
depreciation and depletion. For the past 5 years, net income after taxes.
depreciation, depletion and int. has averaged $9,374,153 annually, or nearly
Balance, st
urplus___def$2,301,029 $27,405,631 $31,165,109 $19,642,388 equal the total amount of these bonds. Interest requirements of this
issue amount to only $600.000 per annum.
x Total earnings are after deducting expenses incident to operations, inSecurity -Direct obligation of the company and together with $8,662,000
cluding taxes (and in 1920, 1919 and 1918 also after depreciation and closed prior liens will constitute its sole funded debt, exclusive of purchase
money obligations amounting to $1,248,616. Through the operation of
sundry reserves.)
Balance Sheet December 31.
their respective sinking funds, all prior lien bonds will be retired by 1931.
Purpose.
-Proceeds will be utilized as additional working capital and to
1921.
1920.
1921.
1920.
provide funds for contemplated expansion.
Assets
Liabilities$
$
Equity.
-Has outstanding $50,000,000 Common stock which at present
Real est., mach.
Capital stock_ _ _ 75,000,000 75,000,000
quotations, represents a market equity of over $85,000,000.
-See annual
and vessels_ _ _137,290,403 119,501,847 7% ser.gold deb. 30,000,000
report for the calendar year 1921 in V. 114, p. 1661.
Inv.in other cos. 35,034,538
614% gold deb_ 20,000,000
The Equitable Trust Co. of N. Y., trustee, will, until May 15, receive
Invent,of mdse..106,201,731 123,995,590 Deferred credits. 2,198,063
-Year Sinking Fund bonds, dated
Cash & accts.rec 38,451,138 74,841,509 Current liability 26,292,606 86,570,847 bids for the sale to it of 1st Lien 5% 20
Liberty bonds_
18,605,572 Reserves
10144,659 9,103,776 Jan. 2 1911, to an amount sufficient to absorb $873,757.-V. 114, p. 1661.
U.S.Govt.secs. 14,072,402
Res.for Fed.tax
7,063,140
Deferred assets_ 2,192,102 11,004,711 Taxes payable... 2,311,596
United Electric Light & Power Co.
-New Power Station.
Surplus
167,295.390 170,211,466
A 7
-page article entitled 'Hell Gate
-A Station of Many Features,"
together with Illustrations and graphs, was published in the "Electrical
Total
333,242,314 347,949,230
Total
333.242,314347,949,230 'World" April 29. pages 821 to 827, inclusive. This article features the
-V. 113, p. 2626.
company's new Hell Gate plant, located at 134th St. and Locust Ave.,
N. Y. City.
-V. 114, p. 1296.
Sterling Products (Inc.)
-Listing.
The New York Stock Exchange has authorized the listing of 463.537
United Gas Improvement Co.
-Gas Mantle Suits.
shares of Capital stock, no par value(auth. 1,000,000 shares), with authority
Attorney-General Daugherty on May 4 ordered the civil and criminal
to add 39,198 shares upon exchange for the outstanding shares of $100 each)
upon the basis of6 shares of no par value stock for one share of old par value actions pending in the New York Federal Courts against the United Gas
Improvement Co. and its officials to be held up pending further investigastock. See V. 114, p. 1417, 1543, 1661.
tioA.
a
Tobacco Products Corp.
-Definitive Notes Ready.
Harry F. West of Columbus, 0., attorney has been appointed as Special
The Guaranty Trust Co. of N. Y. announces that it is now prepared Assistant to the Attorney-General to investigate the case.
Attorney-General Daugherty said in substance: "An indictment has
to exchange the outstanding temporary 10
-Year 7% Sinking Fund gold
notes due Dec. 15 1931 for definitive notes. (For offering of aforesaid been found against the company, but I did not give specific instructions
to file the bill. I do not know whether or not the Government is on the
notes, see V. 113, p. 2563).-V. 114, p. 1899.
right track, and that is the reason for Mr. West's investigation. I want
him to go into both civil and criminal phases of the case thoroughly and
Turman Oil Co., Oklahoma.
-Stock Increased.
The stockholders on April 29 voted to increase the capital stock from investigate everybody connected with it. It may be necessary for him to
$3,000,000 to $6,000,000. There is at present outstanding 2,254,618 investigate the investigators. At any rate, I want to know whether this
case is all right before proceeding. If guilt is found and there is testimony
shares of capital stock, par $1.-V. 114, p. 1899.
to prove it, then the cases will proceed to trial."
-V. 114, p. 1900.
Standard Oil Co., New York.
-Annual Report.
-
Earnings Years Ended December 31.
1921.
1919.
1920.
1918.
x Total earnings
$23,373,821 $39,405,631 $43,165,109 $28,642,388
Depreciation & insurance 10,708,183
x
x
x
Interest on debentures
2,966,667
Dividends (16%)
12,000,000 12,000,000 12,000,000
9,000,000
Union Bag & Paper Corp.
-Bonds Sold.
-Lee, Higginson
& Co., National City Co. and Aldred & Co. have sold at
97jV2 and int., yielding over 6.20%, $6,500,000 1st Mtge.
Gold bonds, 20-Year, 6%, Series A.
U. S. Realty & Impt. Co.
-New Sub. Company President.
James Baird has been elected President of the George A. Fuller Co.,
succeeding Paul Starrett, resigned.-V. 114, p. 531.
Union Oil Co. (Calif.).
-Bonds Sold.
-Dillon, Read &
Co. and Blair & Co. have sold at 101 and int. to yield over
5.90%, $10,000,000 20
-Year Non-callable 6% gold bonds.
Victor Talking Machine Co.-Bal. Sheet Dec. 31.1921.
1920.
1921.
1920.
United Verde Extension Mining Co.
-Cash,dec.Dated May 11922. Due May 11942. Int. payable M. & N. without
Apr. 1 1922 Dec. 31 1921
deduction for normal Federal income tax up to 2%. Denom. $500 and (December figures inserted by Ed.)()ash on hand
$1,056,700
$848,146
$1,000 c* & r5 $1,000 and authorized multiples. Rod. all or part on any
_,
3,325,015
3,253,647
int, date on 30 days notice at 105 if redeemed on or before May 1 1932, Liberty bonds, par value $3,365,100; market val
(approx.) 5,512,000
6,955,942
and thereafter at face value plus a premium of M % for each full year be- Copper on hand
The company as of April 11922, owns $717,000 Copper Export Associtween the date of redemption and. maturity. Company agrees to refund
ation, Inc.8% gold notes.
-V. 114, p. 861.
present Penna. 4-mills tax. Empire Trust Co., N. Y., trustee.
,
Listing.
-Issue listed on N. Y. Stock Exchange "when issued.
'
Utah Copper Co.
-Annual Report.
Data from Letter of Pres. M. B. Wallace. New York, April 28.
Calendar Years1920.1919.
1921.
1918.
-Is the largest manufacturer of paper bags in the United States,
Company.
$782,088 $4,924,498 $8,252,395 $18,945,780
supplying approximately double the output of its nearest competitor in Total inc. aft. oper. exp_
2,840,197
500,000
this line of business. Plants are well located from the viewpoint of dLs- Depreciation, &e
tribution, and are modern, well maintained and balanced. Operations are
(25%)4,061,225(60)9740,940(60)9746,940(100)16244900
fully integrated and are supported by timber reserves of the company and Dividends
its subsidiaries which, in the basis of a conservative estimate, assure at
Balance
def.36,119,334df$4,822,442df$1,494,545sr$2,200,880
-year supply of pulp wood for the present plants operated at their
least a 30
Previous surplus
44,177,422 48,999,864 50,494,409 48,293,528
maximum capacity.
-Secured by a direct first mortgage on the entire properties of
Security.
Profit & loss surplus_ _$38,058,088 $44,177,422 $48,999,864 $50,494,408
the corporation, subject only in part to prior liens of two small non-callable
divisional issues totaling $130,000, and further secured by pledge of the -V. 114, p. 1418, 207.
company's ownership of capital stock of the St. Maurice Paper Co.. Ltd.,
Vacuum Oil Cp.-Annual Report.- "
comprising more than 61% of the outstanding stock of that company.
-On the basis of the company's balance sheet as of Dec. 311921,
Assets.
Secretary Wendell M.Smith says:"After deducting from the gross profits
upon giving effect to this financing, current assets will be more than 7% for the year's operations $380,166 for insurance reserve and $300,000 for
times current liabilities, and net tangible assets, as defined, will be $22,421,- income tax reserve, in addition to the usual depreciation, the net profits
447, or more than 3 1-3 times the aggregate principal amount of bonds amount to $6,158,567. Inventory depreciations made during the year
outstanding.
amounted in total to $3,446,000. The current earnings however, were
Earnings.
-During the preceding six fiscal years the average annual net sufficient to absorb these losses and yield the net profit stated above.
income available for interest and Federal taxes, and after inventory adjust- During the year, through the action of the sinking fund, &c., $757,000
ments, was $2,093,003, or more than 53 times the annual interest charges bonds (issued April 11921) have been permanently retired."
on bonds outstanding upon completion of this financing.
Balance Sheet as of December 31.
-The mortgage will provide for a sinking fund equivalent
Sinking Fund.
in each year to not less than 4% of the maximum principal amount of bonds
1921.
1920.
1921.
1920.
issued under the mortgage.
Assets
-Proceeds will be applied in the redemption of present out- Real est., plant &
Purpose.
Capital stock
15,000,000 15,000,000
standing $2.690,000 1st Mtge. bonds [called far payment July 1 at Equitaequipment (less
Bonded debt
19,243,000
ble Trust Co., N. Y.. at 105 and int.]. and in reimbursement to the treasdepreciation) ___19,906,984 19,182,809 Other curt. Habit's 4,410,352
ury for capital expenditures.
Stocks of foreign
Due foreign Vac'm
Vacuum Oil cos_19,055,810 19,157,298
Oil companies 5,881,894 4,668,700
Balance Sheet Dec. 31 1921 (After Giving Effect to This Financing).
Other investments
65,580
70,924 Accounts payable..
19,746,117
Assets.
Liabilities.
25,405 Branch office res__
7,260
7,279.
Land, bldgs. & equip.,
Divisional bonds
$130,000 Govt.securities_
Mdse. & material_24,481,754 33,001,603 Insurance reserve_ 2,178,821 1,708,655
less depreciation
$12,409,471 1st M.bds.(this iss.)
6,500,000 Accounts receivle_ 8,889,242
St. M.Paper Co.stock.. _ 4,879,100 Capital stock
14,977,850 Cash dr securities-36,807,232 23,650,230 Income and excess 307,379
profits tax res've
4,004,227
225,392
Treasury stock
292,354 Accounts payable
360.901
Surplus
62,604,917 57,646,352
Cash
1,450,349 Accrued accounts
236,096 Deferred charges__ 457,021
Notes & acc'ts receivable
547,864 Current inter-co. acc'ts
159,592
Total
109,663,624 99,092,496 'Total
109,663,624 99,092,496
Prepaid items
86,617 Res. for conting., &c_
582,159
Inventories & supplies_
3,804.636 Surplus
This company, operating refineries at Rochester and Olean, N. Y., and
1,186,042
Def. chgs., incl. bd. int__
662,250
Paulsboro and Bayonne, N. J., it is understood, has awarded contract
to the White Construction Co., Inc., 95 Madison Ave., N. Y., for an adTotal
Total
$24,132,639
$24,132,639 dition to its Olean plant, with power house, to cost about $500,000,.
-V. 114. p. 1661. 1417.
including equipment.
-V. 114, p. 1544, 314.
(See advertising rages).
Dated May 1 1922. Due May 1 1942. Int. payable F. & A. without
deduction for any Federal income tax up to 2%, at Central Union Trust
Co., N. Y., and Los Angeles Trust & Savings Bank, trustee. Denom.
$1000 & $500 (c*). Auth. $25,000,000.
Listing -Application will be made to list bonds on the N. Y. Stock
Exchange.
-Sinking fund of $500,000 p. a. commencing Aug. 11922,
Sinking Fund.
available in equal installments each 6 months, for the purchase of these
bonds In the market if obtainable at or below a 5%% int. basis to maturity.
Any unexpended balance reverts to the company.
Western Bankers Making Offering.-William R.Staats Co.,First Securities
Co., and Bond & Goodwin & Tucker, Inc.
Data from Letter of President W. L. Stewart, May 1 1922.
-Organized in California in 1890. Is one of the oldest and
Company.
most firmly established oil companies in the United States, combining in
its activities producing, transporting, refining and marketing of petroleum
and Its products. Owns in fee, or mineral rights in fee, approximately
600,000 acres and has under lease approximately 100,000 acres, located as
follows: California. 214,050 acres; Wyoming, 27,800 acres; Texas, 8,800
acres; Colorado, 16,300 acres; Columbia, S. A., 425,750 acres.
Of the territory in the State of California, 90% is located within approximately 50 miles of Tidewater, and about 90% of the company's present
production comes from this territory.
Company owns 428 miles of trunk pipe lines and 317 miles of gathering
pipe lines and has total storage facilities for crude and refined oil with a
capacity of approximately 20.400,000 barrels, the combined daily maximum
capacity of the pipe line system is about 90,000 barrels. Owns 12 tankers
and 8 barges, having a total carrying capacity of 800,000 barrels, and
Including 3chartered tankers, the total capacity of the fleet is over 1,000,000
barrels.
Owns and operates refineries having a daily capacity of about 60,000
barrels.
Assets
Plants, mach.,&c.12,301,188 11,925,445 Stock:
2
2
Preferred (7%)_
Pat'ts& ter'y rts.
1,900
1,900
Investments
Common (7%). 4,999,000 4,999,000
b1,611,084 1,586,583
Accounts payable..a7,074,830 6,759,102
Trust funds (cash
321,977 Bank loans
& investments). 167,110
2,500,000
339,540 surplus
Deferred charges__ 309,915
31,351,024 29,160,343
Inventory •
13,061,268 16,317,108
Notes & acc'ts rec_ 8,102,647 8,465,962
Marketable securs. 3,648,905 3,610,371
Total oath side_43,426,755 43,420,345
853,344
4,224,636
Cash
a Including provision for payment of income and excess profits taxes.
V. 114, p. 1782, 1072.
-Annual Report.
Virginian Power Co.
The annual report for the year ending Dec.31 1921 shows: Gross earnings,
$1,790,074; net earnings, $729018; interest on bonds, $286,593; interest on
debentures, $105,188; other interest, $19,341; renewal and contingency
reserve and amortization of debt discount and expense,$222,675; net income
for year, $95,221.-V. 109, p. 1280.
Vulcan Last
ortsmouth, Ohio.
-Bonds Offered.-
Co.,do., Canton, 0., and Union Trust Co., Cleveland.
The United Security
-Year 734% Sinkin April offered, at 9734 and int., $250,000 First Mtge. 15
ing Fund Gold Bonds. Dated April 1 1922. Due April 11937. Interest
payable at Union Trust Co., Cleveland, trustee, without deduction of normal Federal income tax not exceeding 2%.
The company was established in 1909 and incorporated in 1911. With
minor exceptions, company has the exclusive manufacture of lasts for the
Endicott-Johnson Corp. and also numbers among its principal customers
nearly all of the largest shoe manufacturers of the country. It is the only
last company having its own source of supply of raw material.
For the four years ended Dec. 31 1921, not earnings available for interest
and Federal taxes averaged 3.2 times maximum interest requirements on
MAY 6 1922.]
THE CHRONICLE
this issue. For the year 1921 net earnings available for interest and Federal
taxes were $121,945, equivalent to 63i times the interest requirements.
The proceeds of this issue of bonds will be used to reduce current debt
occasioned by rapid expansion and recent purchase of a plant at St. Louis
Wausau Sulphate Fibre Co., Mosinee, Wis.—Notes
Milwaukee, are offerOffered.—Second Ward Securities
Co.,% gold notes, Ser."A."
ing at 100 and int. $1,200,000 10-Yr.
Dated April 15 1922. Due April 15 1932. Denom. $1,000, $500 and
$100 c. Int. payable A. & 0. at Second Ward Savings Bank, Milwaukee,
Wis. and Merchants' Loan & Trust Co., Chicago. trustee. Sinking fund
.
of $75,000 per year, commencing 1925, to buy on the market or call. Call
price 107 and int. to Oct. 15 1925. decreasing % of 1% per year as notes
approach maturity. Auth., $1,500,000.
From Letter of Olai Bache-Wiig, Vice-Pres. & Gen. Mgr., April 15.
Company.—Is the first complete pulp and paper mill making ICraft paper
in the United States. Entire production is standardized on high grade
No. 1 Kraft paper and merchandised through the company's distributing
organization.
urpose
Proceeds are to be used primarily to pay for 38,000 acres of
timber lands contracted for by the company in 1920, and also to retire
floating debt and bank loans.
Earnings.—The average annual earnings for the 6-year period ending
Dec. 311921. before interest taxes and depreciation, are $723,433.
Capitalization.
-7% Pref. stock, $913,__500; Common stock, $2,496,100;
-Year 7% Sinking Fund gold notes
57 Serial 1st Mtge. bonds, $100,000: 10
(tllis issue), $1,200,000; timber contracts payable 1923, 1924 and 1925,
3709,404.
West India Sugar Finance Corp.—Financing Plan.—
The financing plan will probably involve some public financing and
possibly the calling of the outstanding $3,500,000 77 sinking fund deben°
tures, duo June 15 1929, at 105.
The company passed dividends on its $3,500,000 Preferred stock a short
time ago. It has outstanding in addition to the 7% bonds and Preferred
stock about $1,500,000 notes, due 1926, which were placed privately to
help finance commitment in respect to underwriting of the Atlantic Fruit
notes. (See also that company above.) The company also sold a considerable block of Common stock to interests in the company at about $400
*a share, and 15,000 shares of Common in Jan. 1921 at $200 a share. ("Wall
Street Journal.")—V. 114, p. 967.
West Virginia Water & Electric Co.—Bonds Offered.—
Central Trust Co. of Illinois, Powell, Garard & Co. and
A. C. Allyn & Co., Chicago, are offering at 100 and int.
$3,300,000 1st Mtge. 20
-Year 63/2% gold bonds.
Dated May 11922. Due May 11942. Int. payable M. & N. in Chicago or New York, without deduction for normal Federal income tax not
in excess of 27; provision for refund of Penna. 4-mills tax. Red. on any
-year period there-,
int. date at 105 for first 5 years, reducing I% for each 5
after. Denom.$1,000, $500 and $100 (c*). Central Trust Co. of Illinois,
trustee. Authorized, $10,000,000.
Data from Letter of A. C. Babson, Vice-President and Gen. Mgr.
Company.—Owns and operates the electric light and power generating
and distributing and water systems serving, without competition, the
City of Charleston, W. Va., and adjoining suburban communities. Population estimated, 50,000.
1922.
1921.
1920.
Earnings Years Ended Mch 31.—
$917,138
$978,806
$700,391
Total operating revenue
$339,360
$462.509
Net after op. exps., taxes,ins.& maint. $260,118
$344,361
$464,657
Net available for deprec., int., &c_ _
$261,159
—V. 106, p. 614.
Western States Gas & Electric Co. Calif.—Notes
%
Offered.—Blyth, Witter* Co., are offering at 961 and int.,
to yield about 6.88%, $500,000 10-Year 6% Gold Notes
(Secured) of 1917, due Feb. 11927.
•
Data from Letter of Samuel Kahn. Vice-President of the Company.
Company.—Owns and operates hydro-electric, steam and gas properties
in central and northern California, supplying 30 communities, including the
cities of Stockton, Richmond and Eureka. Population estimated, 107,000.
Properties consist of 2 modern hydro-electric plants located on the American
and Trinity rivers; 2 modern steam turbine plants at Stockton and Eureka
and artificial gas plants at Stockton andEureka;about 300 miles of high voltage transmission system; extensive electric and gas distributing systems.
Owns all capital stock (except directors' qualifying shares) of El Doradd
Power Co.
Earnings.—Net earnings for 1921 were in excess of two times interest
charges on total interest-bearing debt. For 9 years ended Dec. 311921, the
average annual net earnings were approximately two times average annual
Interest charges on total interest-bearing debt of the company.
Security.—Secured under the First & Unified Mortgage, equally and
ratably, with all bonds issued thereunder, by a direct mortgage on all
properties of company, subject to the lien of the First & Ref. Mtge.—
V. 114, p. 1073, 88 .
White Eagle Oil & Refining Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of 294,042
shares of Capital stock, no par value (auth 320,000 shares), with authority
to add 25,958 shares of said stock on official notice of issuance and payment
in full, making the total amount applied for 220,000 shares.
Inconie Account for Year Ended Dec. 31 1921.
$9,251,382 Other deductions (net)....
$90,881
Sales
6,615,343 Depreciation
Cost of sales
416,641
Depletion
321,169
Gross profit from sales $2,636.039
Gen. adm. & selling exp_ 1.016,741
Net income
$790,608
—V. 114, p• 1704.
White Oil' Corporation.—Resignation.—
•
F. H. Bethel has resigned as Vice-President.—V. 114, p. 1662.
Wickwire-Spencer Steel Corp.—Earnings.—
The company reports for the quarter ending Mar. 31 1922 net profits,
before depreciation and interest, of $42,427, compared with a not loss of
$192,252 in the first quarter of 1921.—V. 114, p. 1418.
Willy's Corp.—Elizabeth Plant Sale.—
Federal Judge Bodine has issued an order naming John Kearny, Trenton;
Clifford J. Voorhees, New Brunswick, and Clermont 0. Miniger, Toledo,
0., to sell the company's Elizabeth factory, plant, the baseball park,
garage property, &c., in Elizabeth, N. J., on June 9 next at the factory.
Federal Judge Killits, Toledo, has also signed an order for the sale of
the Auto-Lite Co.'s plants at Toledo and Fostoria, Ohio. in an effort
to assist in payment of claims against the Willys Corp., of which the
AutolLite Co. is a subsidiary.—V. 114, p. 957, 531,
(F. W.) Woolworth Co.—April Sales.—
Sales for April were 1613,438,943, against $10,967,482 in April 1921, a
gain of $2,471.461, or 22.53%. Sales for the first 4 months ending April 30
totaled $44,900,408, against $40,283,978, a gain of $4,616,430, or 11.46%.
—V. 114, p. 1662.
Yellow Cab Manufacturing Co.—To Increase Capital.—
The directors have decided to increase the outstanding "B" stock by
100,000 shares, which, it is stated, will be offered to stockholders at $30 per
share.
The company's net earnings for the first four months of 1922,it is reported,
amounted to over $800,000.
The directors recommend a dividend rate of 50 cents monthly, or $6 per
annum, instead of the present rate of $720 per annum.—V. 114, p. 746.
CURRENT NOTICES.
—A new brokerage firm, members of the Stock Exchange, have begun
business at 111 Broadway, New York, under the name of J. W. Davis &
Co. The new organization will be successor to four concerns, three of which
2025
have been established from 37 to 72 years. General partners of J. W. Davis
& Co. will be A. W. Rossiter, W. B. Potts, W.F. Burt and R. A. Saunders.
Special partners will be Thomas Denny. H. K. Pommy, F. L. Rodewald
and Charles W. Newcombe. H. A.Pommy will also make his headquarters
with the new firm. Members of the Stock Exchange are Messrs. Potts,
Pommy, Rodewald and Newcombe. The new company will succeed
Thomas Denny & Co., established in 1849; Pomroy Brothers, 1878;.7. W.
Davis & Co., 1885, and Denny, Ponvoy & Co., 1914. It will have an uptown office at 331 Madison Ave., and wire connections with J. A. Biddle
& Co. of Philadelphia and Russell, Brewster & Co. of Chicago.
—The attention of investors is called to the advertisement of McKinley
& Morris, 60 Broadway, New York, on another page. suggesting the purchase of long-term external Brazilian obligations having an active market
in New York, London, Paris, Amsterdam and Brussels, at prices to net
7.25% to 7.54% actual annual income in U. S. dollars at present rate of
.£ Sterling exchange ($4.44).
—A review of the affairs of the R. J. Reynolds Tobacco Co. for a series
of years has been prepared in booklet form by Chas. D. Barney & Co. It
contains comparisons of earnings, asset position of the company as compared with other tobacco corporations, valuation of good-will and trademarks, comparison of assets per share of Preferred stock, price and yield to
the investors, dividend record, and other data of interest to the public.
—Rutter & Co. have issued in permanent reference form a comprehensive chart containing a map of the Dominion of Canada, important
statistics regarding all outstanding Canadian provincial ,bonds, the latest
financial statement of each province, population, and other information
of special value to the investor.
—Central tnion Trust Co., New York, announces it is now prepared to
to deliver Saks & Co. temporary 20-year sinking fund mortgage 7% gold
bonds, dated Mar. 1 1922 upon the surrender to it at its office at 80 Broadway, of interim certificates calling for the delivery of said bonds.
—Blake Brothers & Co. and C. T. Corey, President of Merrill, Cox &
Corey, announce the consolidation of their commercial paper business as
of May 1 1922 under the name of Blake Brothers & Co. The New York
office of the consolidated business is now located in the Hanover National
Bank Building, 5 Nassau Street-.J. J. Hindon Hyde formerly with Pynchon & Co.,and Cyril S.Butler.
formerly with Keane, Taylor & Co., announce the formation of Hyde.
Butler & Co., Inc., with offices at 115 Broadway, New York, to conduct
a brokerage business in American and Canadian investment securities.
—Robert S. Ross, Thomas D. Conroy and Hewlett A. Sealey announce
the formation of a co-partnership to transact a general investment business at 56 Pine St., under the firm name of Robert S.
.Ross & Company
and have taken over the business of Robert S. Ross, Inc.
—Joseph A. Flynn, formerly Assistant Secretary of the Now York Trust
Co., has been admitted as a general partner to the firm of Geo. H. Watson
& Co., formerly Geo. H. Watson Jr. & Co., members of the New York
Stock Exchange, 115 Broadway, New York.
—Charles L. Corbett, who is Manager of the Bond Department of Huth
& Co., 30 Pine St., New York City, has been appointed a member of the
Trading Regulations and Arbitration Committee of the Association of
Foreign Security Dealers of America.
—Jason Paige & Co. announce the opening of their offices at 209 S. La
Salle Street, Chicago, for the transaction of a general investment business.
Mr. Paige was formerly Manager of the bond department for the Standard
Trust & Savings Bank.
—On May 1 Brown & Coombe, members of the New York Stock Exchange, 100 Broadway, New York, issued an announcement stating that
George Schley McAlpin had withdrawn from this firm and Arthur Frost
Spaulding, Nathaniel S. Seeley and Herbert Spendiove had been admitted
as general partners.
—Jolesch, Albertsen & Co., 111 Broadway, New York, announce that
John W. James Jr. has become associated with their trading department.
Mr. James was formerly with A. A. Housman & Co.
—Seth B. French, formerly of French & Kittle, has become associated
with the bond department of Moore, Leonard & Lynch, members of N. Y.
Stock Exchange, 111 Broadway, N. Y. City.
—The firm of Frederick S. Todman & Co., Certified Public Accountants,
has been organized at 115 Broadway, to specialize in audits and examinations for New York Stock Exchange firms.
- L. Arlitt, Austin, Texas, dealer in Texas municipal bonds, has
moved his New York office to 60 Wall St., and changed his telephone
numbers to Hanover 3958 and 3959.
—The Seaboard National Bank has baen appointed Registrar in New
York of the 7% Cumul. Preferred stock of the Chesapeake & Potomac
Telephone Co. of Baltimore City.
—H.D. Long & Co. announce the removal of their offices to the seventh
floor of 54 Wall Street. Mr. George A. Rifflard is now associated with
them in their bond department.
—Spencer Trask & Co.. New York and Boston, announce that Porter.*
Erswell & Co., 178 Middle Street, Portland. Me., will act as their correspondent in the State of Maine.
—A. D. Converse & Co.. Investment Bankers, have moved their New
York office to larger banking quarters at 68 William St., N. Y. City.
Telephone John 1220.
—Edgar K. Sheppard, formerly with Theodore L. Bronson & Co., is
now associated with Gilbert Ellett & Co., as manager of their unlisted
trading department.
—Stephen M.Ames, member of the New York Stock Exchange, has been
admitted as a general partner to the firm of Arthur Lipper & Co., 20 New
Street, New York.
—Pell & White, members of the New York Stock Exchange,43 Exchange
Place, New York, have issued an analysis on Producers & Refiners Corp.
—S. J. Florentine & Co., executive office of the United Barber Shops,
Inc., announce the removal of their offices to 63 Wall Street, N. Y. City.
—Donald K. Stevenson, formerly with Keane, Higbie & Co., is now
associated with Seasongood & Mayer, 67 Wall St., N. Y. City.
—MacQuoid & Coady, members of the New York Stock Exchange, have
removed to new offices at 25 Broad St., New York.
—Parrish & Company announce that Frederic It. Kirkland has been
admitted to general partnership in their firm.
—Benjamin Hill & Co. have removed their offices to 55 Broadway.
New York. Telephone, Whitehall 1988.
—Boland & Prelm announce their removal to new and larger quarters
on the fourth floor of 491Vall Street.
—Nehemiah Friedman & Co. have removed their offices to 29 Broadway,
New York.
—J. B. Ford & Co. are now locatedlat 66 Broadway, New York.
THE CHRONICLE
2026
geports anti
[Vol,. 114.
potnntents.
CHICAGO AND NORTH WESTERN RAILWAY COMPANY
SIXTY-SECOND ANNUAL REPORT—YEAR ENDING DECEMBER 31 1921.
To the Stockholders of the
Chicago and North Western Railway Company:
The Board of Directors submits herewith its report of
the operations and affairs of the Company for the year ending December 31 1921.
Average mileage of road operated, 8,402.28.
Operating Revenues—
$95,687,013 19
Freight
Passenger
33,770,081 94
12,924,937 70
Other Transportation
2,393,442 69
Incidental
$144,775,475 52
129,091,427 62
Operating Expenses(89.17% of Operating Revenues)
$15,684,047 90
Net Revenue from Railway Operations
Railway Tax Accruals (5.85% of Operating
$8,464,087 20
Revenues)
18,077 64
Uncollectible Railway Revenues
8,482,164 84
Railway Operating Income
Equipment and Joint Facility Rents—Net Debit
$7,201,883 06
550,745 68
$6,651,137 38
Net Railway (berating Income
Non-operating Income:
Compensation for Lease of Road to U. S.
Government
$568,101 92
Dr.324,993 93
Rental Income
Dividend Income
2,577,208 00
Income from Funded Securities
20,726 11
Income from Unfunded Securities and Accounts, and Other Items
1,994,344 65
3,935,386 75
Gross Income
Deductions from Gross Income:
'Mental Payments
Interest on Funded Debt
Other Deductions
$10,586,524 13
$14,705 33
11,218,007 73
599,243 73
11,831,956 79
Net Loss
Dividends:
7% on Preferred Stock
5% on Common Stock
$1,245,432 66
$1,567,650 00
7,257,625 00
8,825,275 00
Balance, Loss for the Year
$10,070,707 66
GENERAL REMARKS.
In the last annual report it was stated that the account
with the Director-General of Railroads for the period of
Federal control had not then been settled. During the
•early part of the year 1921 the Company received cash
payments on this account totaling $9,000,000, and in September, 1921, under authority of the Board, a final settlement was made under which the Company received $6,500,000 in cash. The settlement was in full for all claims of the
Director-General against the Company for expenditures
made by him for additions and betterments, liabilities and
expenses paid and all other transactions payable by the
Company under the provisions of the contract, and for all
claims of the Company against the Director-General for
balance due on compensation, cash and other assets taken
over or collected by him, deficiency in material and supplies,
road and equipment retired, accrued depreciation, undermaintenance, &c.
With this settlement the Company is in nowise indebted
to the United States Government for matters growing out
of or incident to Federal control.
The settlement of the accounts under the guaranty provisions of the Transportation Act, 1920, has not been made.
All reports and information requested by the Inter-State
Commerce Commission to enable it to determine the amount
due have been furnished and it is expected that this matter
will be closed out in the near future.
The effect of the war and the attendant high level of prices
and wages still exercise an influence or the greatest impor-.
tance in keeping operating expenses at an abnormally high
level. Some reduction has been possible. Effective July 1
1921, the United States Railroad Labor Board promulgated
an order creating a scale of wages which averages about
113% lower than the scale established by it in 1920. This
new scale was accepted and put into effect by the Company
in every particular and the reductions were accepted by the
employees. The Company likewise made proportionate reductions in the wage scales of such of its employees and subordinate officials as were not embraced in the order of the
Labor Board.
These reductions in wage scales were not, however, sufficient to fully offset declining revenues and further reduct
tions in payrolls were necessary and were brought about by
reducing forces.
The total amount included in Operating Expenses during
the year for labor was $77,844,144. This compares with
$100,550,396 included in the year 1920. This railway company, along with practically every other in the United
States, is at the present time before the Labor Board seeking to secure further reductions in the wage scales of employees. At the present time the average wage scale is 60%
above that of 1917.
The year 1921 was a year of widespread business depression, which naturally had its effect upon the affairs of your
Company. Manufacturing and merchandising throughout
the country declined greatly, and as a result the traffic in
manufactured products and in raw materials used in their
manufacture was reduced correspondingly.
The volume of iron ore traffic handled declined from
13,978,103 tons in 1920 to 3,607,582 in 1921,a loss of 74.19%.
The volume of bituminous coal handled declined from 10,254,478 tons in 1920 to 6,235,916 tons in 1921, a loss of
39.19%. During the year 1920 these two items constituted
40% of the tonnage shipped over the road. Forest products
declined from 6,883,662 tons in 1920 to 5,288,176 tons in
1921, a loss of 23.18%. The volume of manufactured products declined from 11,233,090 tons in 1920 to 7,225,477 tons
in 1921, a loss of 35.68%. Products of agriculture mgved in
greater volume during the year 1921 than in 1920; the total
tonnage in 1920 was 7,418,564, and this was increased to
7,767,958 in 1921, or 4.71%. This increase was due almost
entirely to the great increase in the amount of corn marketed
during the year 1921. Animals and animal products decreased slightly, from 2,333,186 tons in 1920 to 2,194,660
tons in 1921.
While the products of agriculture are an important element of traffic and while the volume increased, the total tonnage was only 7,418,564 tons in 1920, compared with 52,856,643 tons of other traffic, so that the gain in tonnage of
agricultural products was insignificant in comparison with
the losses in ore, coal, forest products and manufactured
products.
Due to the reduction in traffic handled, substantial reductions in operating costs were effected, but it was impossible to reduce the operating costs in proportion to the loss
of traffic. The total loss in tonnage was 34.92%. Freight
train miles were reduced 15.73%; freight switching locomotive miles were reduced 25.45%; loaded car miles were reduced 20.92%; while empty freight car miles were reduced
less than 1%.
The kinds of traffic which suffered the heaviest loss we're
of the character that can be loaded most heavily and handled
with the least amount of station service. Proper service
demands that trains be run at sufficiently frequent intervals, regardless of whether or not they can be loaded tol
capacity. Owing to the fact that the volume of agricultur a
products remained normal, whereas the movement of other
products declined from 25% to 50%, the traffic was unbalanced, and this contributed to the empty car mileage in a
MAY 6 1922.]
THE CHRONICLE
very marked degree, and the relation of empty car miles to
the total rose from 33% in 1920 to 38% in 1921.
Passenger traffic likewise declined, not, however, as much
in proportion as the decline in freight traffic. The total
number of passengers carried dropped from 40,692,627 in
1920 to 35,685,702 in 1921, a loss of 12.30%.
On March 19 1921 an explosion occurred in the Company's
Chicago terminal elevator, as a result of which it was seriously damaged. As soon as the grain contained therein
could be salvaged, and the debris cleared away, the work of
restoration was started. More complete details concerning
the matter are contained in the report in the remarks pertaining to eonstruction and maintenance. Under the rules
of the Inter-State Commerce Commission, the cost of 'replacement of this property is chargeable to Income Account,
therefore, such expenditures made during the year, amounting to $957,824 37, are included in the item "Rental Income," as shown herein, thereby reducing the Net Income
for the year by that amount.
PENSIONS.
During the year 177 employees were retired from the service of the Company and granted pensions. Of these retirements, 82 were on account of employees having reached
the age of 70, and 95 were on account of employees having
suffered permanent physical disability.
On December 31 1921 there were 1,190 retired employees
receiving pensions. The average monthly pension in force
on that date was $32 80. The amount paid in pensions during the year was $439,922 96.
Since the inauguration of the pension system, the total
payments made,from January 1 1901 to December 311921,
was $4,243,953 34.
FEDERAL VALUATION.
The work of valuation of the property by the Inter-State
Commerce Commission has progressed but has not been completed. The engineering report of the Commission has been
finished, but has not been served upon the Company. The
Land and Accounting Sections have not completed their
work, and it is anticipated that it will be considerable time
before a tentative final valuation will be completed and
served. During the year 1921,$393,920 13 was expended by
the Company. Since the commencement of this work
$2,134,856 07 has been expended on it by the Company.
CONSTRUCTION AND MAINTENANCE DURING
THE YEAR 1921.
Expenditures for construction were held to the minimum
necessary to provide for the most urgent demands. This
was because of the continuing high cost of labor and material.
The following were the principal items of work carried out
(luring the year:
Chicago Terminal Elevator.—The explosion of March 19
1921 caused damage to various parts of the structure above
the foundation throughout the entire main building, as well
as adjacent buildings. At the time of the explosion approximately seven million bushels of grain were in the elevator.
As soon as the operators were able to remove this grain, the
work of reconstruction was begun and it has progressed at
favorable speed, and the elevator will be in shape to receive
grain this season.
Clinton, Iowa.—During the fall work was resumed on the
grade separation project by commencing construction of a
subway in Fourth Street, carrying the tracks of the Chicago
& North Western, Chicago Burlington & Quincy and the
Chicago Milwaukee & St. Paul Railways. This is of concrete construction. The excavation work and a large portion of the concrete retaining walls and abutments have been
completed.
Kenosha, Wisconsin.—The work of building a viaduct
over the tracks leading to the Simmons Company and the
Bain Wagon Company plants, which is being carried out in
conjunction with the construction by the City of Kenosha
of a new bridge over the river at Main Street, was carried
forward and the viaduct proper was completed.
Racine, Wisconsin.—As a result of the project being carried forward by the City of Racine, involving the straightening and widening of Sixth Street and the rebuilding of a
new city bridge to carry Sixth Street over the Root River,
the Company was required to rebuild its subway at Sixth
2027
Street. The plan required the construction of a new abutment at the north end of the subway and the moving and
lengthening of the present span. About 50% of the work
was finished during the year. The City of Racine will pay
about 80% of the cost of the work.
Chicago, Illinois.—Additional facilities in the Erie Streetcoach yard, consisting of a two-story brick building 22 x 102
feet, to provide quarters for car repairers and coach cleaners, a brick oil house 20 x 30 feet, and a concrete wheel pitwere provided. 3,000 lineal feet of additional coach storage tracks were also added to the yard.
Chicago, Illinois.—A new steam heat plant to serve the
Wells Street Annex building and the American Railway
Express Company building was installed in the basement of
the. Annex building. Heat was formerly secured for these
buildings from the old power house at Kinzie and Kingsbury Streets. A saving of about 50% in operating cost will
result.
Proviso, Illinois.—The wooden floor and trestle approaches
of bridge 163/2, carrying a highway over Proviso yard, were
destroyed by fire in August, 1921. The structure was restored. The work consisted of building 950 lineal feet of
pile trestle approach and providing a new floor for the steel
structure 810 feet in length.
Ashland, Wisconsin.—The 840-ft. extension to ore dock
No. 3, referred to in the last annual report, was completed.
This extension is of timber construction of the same character as the existing dock, and adds 140 pockets to the dock,
making its total capacity 340 pockets.
West Chicago, Illinois.—A modern mechanical coaling
chute of 300 tens capacity was built to replace the former
coaling chute, which was destroyed by fire.
Casper, Wyoming.—Approximately 13,000 feet of storage
tracks were built to provide additional storage room for oil
tank cars so as to care for additional business of the refineries located at this point. The Rapacity of this additional
track is 300 cars:
During the year the following important bridges were
constructed:
Fremont, Neb.—BrIdge B-8—eight additional concrete piers were built to
replace present pile piers.
Owanka, S. D.—BrIdge 1888
-ft. single track shallow through plate
-60
girder on concrete piers, replacing 4 spans of 23 span pile bridge.
Sub-structure completed.
-ft. single track deck plate girder with conOral, S. D.—Bridge H-87
-85
crete slab deck on concrete abutments to replace 11 span pile bridge.
Sub-structure completed.
-ft. single track shallow through plate
Ida Grove, Iowa.—Bridge 1290
-90
girder span on pile piers. 3 span pile bridge to replace a 126-ft. through
Howe Truss span and 2 pile piers. Sub-structure completed.
-it. single track shallow through plate
Battle Creek, Iowa.—BrIdge 1310
-90
girder span on pile piers and 3 span pile bridge to replace 126-ft.
Howe Truss span and 2 pile piers. Sub-structure completed.
Wausau, Wis.—BrIdge D-37-B—Second-hand steel spans on cylinder
piers and concrete abutments to replace Pony Howe Truss spans on
timber and pile approach. Sub-structure completed.
-ft. double track shallow through plate
Woodbine, Imca.—Bridge 920q-60
girder span on concrete abutments, replacing 2span pile bridge, 2 span
deck plate girder and 1-beam, 1 span pile bridge. Sub-structure completed.
-ft. deck plate girder spans, shifting 60
Bando, 111.—Bridge 1863—two 85
-ft.
deck plate girder span and constructing one concrete abutment and two
portion of 14 span pile and frame bridge.
concrete piers to replace
Sub-structure completed.
-ft. single track deck plate
Rondo, Ill.—Bridge 1848—one 40
-ft. and two 85
girder spans on concrete abutment and two concrete piers to replace
Section 1 of 18span pile and frame bridge. Sub-structure completed.
-ft. double track through plate girder with
Creston, Ill.—Bridge 117
-64
concrete slab deck on present masonry to replace 64-ft. double track
through plate girder span. Completed.
De Pere, Wis.—Bridge 1272—Second-hand steel spans on cylinder piers
and present masonry remodeled to replace Section 1 of 8 span Pony
Howe Truss Bridge. Sub-structure completed.
Benld. 111.—Bridge 2008—approximately 80,000 yards of filling was placed.
This brings the filling up to within about 10 feet of the track; it being
proposed to eventually fill this portion of the structure up to the track.
RAIL RENEWALS.
126.41 miles of track were renewed with new rail and
225.68 miles were renewed with relay rail.
TIE RENEWALS.
2,667,562 cross ties were laid in renewals in main and side
tracks.
NEW EQUIPMENT.
During the year the equipment, which it was stated in
the last annual report had been arranged for, was delivered
and put into service. This equipment consists of the following:
2028
TH Ji CHRONICLE
40 Class "J" Mikado type freight locomotives.
20 Class "E" Pacific type passenger locomotives.
500 Steel ore cars.
50 Steel underframe caboose cars.
250 Steel underframe refrigerator cars.
500 Steel underframe stock cars.
25 Steel vestibule passenger coaches.
9 Steel vestibule smoking cars.
2 Steel postal cars.
23 Steel baggage cars.
3 Steel combination baggage and mail cars.
In addition to the foregoing, the Company has awarded
contracts for the following passenger equipment to be delivered prior to June 30 1922:
20 Steel vestibule passenger coaches.
10 Steel vestibule smoking cars.
3 Steel vestibule chair cars.
3 Steel combination smoking and baggage cars.
9 Steel baggage cars.
5 Steel combination baggage and mail cars.
MILES OF RAILROAD.
.4
4.
66
Total Miles of Railroad Operated December 31 1921_ _ _ _8,402.28 miles
The above mileage is located as follows:
In Illinois
824.53 miles
" Wisconsin
2,160.12 "
510.90 "
" Michigan
" Minnesota
650.30 "
" Iowa
1,632.55 "
14.28
" North Dakota
" South Dakota
1,230.45
1,100.80
" Nebraska
" Wyoming
278.35
8,402.28 miles
CAPITAL STOCK.
The Capital Stock and Scrip of the Company held by the
Public has been reduced $40,225 during the year, as follows:
By the purchase of Common Stock Scrip
By the purchase of Special Stock
$225 00
40,000 00
$40,225 00
The Capital Stock authorized by the Company is Two
Hundred Million Dollars ($200,000,000), of which the following has been issued to December 311921:
Held by the Public:
Common Stock and Scrip
Preferred Stock and Scrip
Special Stock
$145,156 903 82
22,395,120 00
25,000 00
$167,577,023 82
Total Stock and Scrip held by the Public
Held in Treasury:
Common Stock and Scrip
$2,342,737 15
Preferred Stock and Scrip
3,834 56
Total Stock and Scrip held in Treasury
Total Capital Stock and Scrip, December 31 1921
2,346,571 71
$169,923,595 53
FUNDED DEBT.
At the close of the preceding year the amount of Funded
$235,616,500 00
Debt held by the Public was
The above amount has been decreased during the year ending December 31 1921 by Bonds and Equipment Trust
Certificates redeemed as follows:'
-year Debentures,5% - - $9,944,000 00
C.& N. W.By. 30
M. L. S. & W. Ry. Consolidated First
Mortgage 6% (including $12,000 unpresented and transferred to "Current Lia4,996,000 00
bilities")
M.L.S.& W.Ry. Extension and Improve22,000 00
Sinking Fund Mortgage,5%
ment
411,000 00
0.& N. W.By. Sinking Fund of 1879,6% _
109,000 00
C.& N. W.Ry.Sinking Fund of 1879,5% _
C. & N. W. By. Sinking Fund Debentures
158,000 00
of 1933, 5%
300,000 00
C.& N. W.Ry:Serial Notes,5YL %
C. & N. W. By. Equipment Trust Certificates of 1912, 43- %:
$300,000 00
Series A
300,000 00
Series B
397,000 00
Series C
997,000 00
Equipment Gold Notes
C. & N. W. Ry.
664,900 00
• of 1920. 6%
Total Funded Debt redeemed
And the above amount has been increased by Bonds and
Equipment Trust Certificates sold during the year, as
follows:
C. & N. W. Ry, 15
-Year Secured Gold
Bonds,6%% (secured by General Mortgage Gold Bonds of 1987)
$15,000,000 00
C. & N. W. By. Equipment Trust Certificates of 1920, Series J and K,
% (secured by equipment Series J and K of the
Equipment Trust of 1920)
5,436,000 00
20,436,000 00
Leaving Funded Debt held by the Public Dec. 31 1921_ _ _3238,450,600 00
BONDS IN THE TREASURY AND DUE FROM
TRUSTEE.
The total number of miles of railroad owned Dec. 31 1921 was 8,328.86 miles
In additiOn to which the Company operated under Trackage
Rights:
In the City of Peoria, Illinois
2.02 miles
(Peoria & Pekin Union Railway)
Churchill to Ladd, Illinois
2.80
(New York Central Railroad)
Broadway Station, Council Bluffs, Iowa, to South
Omaha, Nebraska
8.73
(Union Pacific Railroad)
Blair to Omaha, Nebraska
24.70
22.79
Elroy to Wyeville. Wisconsin
In Sioux City, Iowa
2.2$
(Chicago St. Paul Minneapolis & Omaha Ry.)
Sioux City to Wren,Iowa
10.10
(Illinois Central Railroad)
73.42
Total
(VoL. 114.
17,601,900 00
$218,014,600 OD
At the close of the preceding year the amount of the Company's unpledged Bonds and Equipment Trust Certificates in the Treasury and Due from Trustee was
$17,766,000 00
'['he above amount has been increased during the year ending Dec. 31 1921 as follows:
C. & N. W. By. General Mortgage Gold Bonds of 1987
received, or due from Trustee, in exchange for bonds
redeemed during the year
15,035,000 00
other bonds redeemed during the year exchangeable for
C. & N. W. By. General Mortgage Gold Bonds of 1087,
viz.:
M. L. S. & W. By. Extension and Improvement Sinking Fund Mortgage,5%
$21,000 00
C.& N. W.By. Sinking Fund of 1879,6% - - 411,000 00
C.& N. W. By. Sinking Fund of 1879, 5% _ _
8,000 00
C. & N. W. By. Sinking Fund Debentures of
1933, 5%
153,000 00
593,000 00
C. & N. W. By. General Mortgage Gold Bonds of 1987,
due from Trustee on account of Construction Expenditures made during the year
1,000,000 00
C. & N. W. By. Equipment Trust Certificates of 1920.
Series L,6 %,issued
2,805,000 00
Total
$37,199,000 09
And the above amount has been decreased during the year
as follows:
C. & N. W. By. Equipment Trust Certificates of 1912, Series C.4%. matured
$3,000 00
and canceled
C. & N. W. By. Equipment Trust Certificates or 1913, 4)%. matured and canceled:
$400,000 00
Series D
485,000 00
Series E
115,000 00
Series F
C. & N. W. By. Equipment Trust Certificates of 1917, 5%,matured and canceled:
Series G
422,000 00
Series H
400,000 00
178,000 00
Series I
C. & N. W. By. General Mortgage Gold
Bonds of 1987, 5%,deposited as part se-Year
curity for the C. & N. W. By. 15
Secured Gold Bonds sold during the year 17,988,000 00
19,991,000 00
$17,208,000 00
Total Dec. 311921, unpledged
The following bonds owned by the Company are pledged as
-Year Secured Gold
security for the C. & N. W. Ry. 10
-Year Secured Gold Bonds
Bonds and C.& N. W.Ry. 15
C.& N. W. By. General Mortgage Gold of 1987,5% - - _ $20,488,000 00
15,000,000 00
C.& N. W.By.First and Refunding Mortgage,6%
Total Dec. 311921. pledged
$35,488,000 00
LANDS.
During the year ending December 3119211,040.48.acres
and 41 town lots of the Company's Land Grant lands were
sold for the total consideration of $25,191 89. The number
of acres remaining in the several Grants December 31 1921
amounted to 264,909.56 acres, Of which 39,891.39 acres were
under contract for sale, leaving unsold 225,018.17 acres.
Acknowledgment is made to all officers and employees of
'heir loyal and efficient co-operation and service.
Appended hereto may be found statements, accounts and
statistics and the condition of the Company's affairs on
December 311921.
By order of the Board of Directors.
W. H. FINLEY,
President.
Chicago, April 18 1922.
2029
THE CHRONICLE
v 61922.]
GENERAL BALANCE SHEET DECEMBER 31 1921.
(8,328.86 Miles)
LIABILITIES.
ASSETS.
Capital Stock (see statement, page 16, pamphlet report):
Investments:
Held by the Public
-1167,577,023 82
Road and Equipment
Held in Treasury
2,346,571 71
Balance to Debit of this Account, Dec. 31
$441,915,400 77
8169,923,595 53
19'20
Premium Realized on Capital Stock
29,657 75
Add Sundry Construction and EquipLong Term Debt (see statement, page 34, pamphlet report):
ment Expenditures for the year ending
Funded Debt held by the Public
$238,450.600 00
Dec. 31 1921, including Trust EquipFunded Debt held in Treasury and Due from
ment (see statement, page 24, pamphTrustee:
12,030,700 94
let report)
3453,946,191 71
17,208,000 00
ITnpledged
658,860 91
35,488,000 00
Pledged
Miscellaneous Physical Property
2,704,238 61
Companies
291,146,600 00
Investments in Affiliated
Current Liabilities:
Other Investments
Traffic and Car Service Balances Due to
149,200 Shares of Capital Stock of Chi$2,843,926 82
Other Companies
cago St. Paul Minneapolis & Omaha
29
5,791,358 87
Audited Accounts and Wages Payable
$10,337,152
Ry. Co
425,396 99
Miscellaneous Accounts Payable
Shares of Preferred Stock of
41.715
_
948,550 84
3,910,575 93
Interest Matured Unpaid
Union Pacific Railroad Company
Dividends Matured Unpaid (including divi$186,000 C. St. P. M.& 0. By. Deben178,161 25
4,419,316 20
dend payable Jan. 16 1922)
tures of 1930
2.209.855 78
Munatured Interest Accrued
$100,000 New York Central & Hudson
Other Current Liabilities
1,549,021 22
River RR. Refunding and Improve91,750 00
18.187,426 72
ment Bonds
York Central Railroad
Unadjusted Credits:
$64.000 New
60,020 00
Tax Liability
*5.061,086.00
Consolidation Bonds
33,665 33
Accrued Depreciation Equipment
29,493,332 06
Miscellaneous
14,611,324 80 Balance Premium on C. & N. W. By.5:
.
General Mortgage Gold Bonds of 1987
626,593 01
$471,920,616 03 Other Unadjusted Credits
2,025,394 46
87,206,405 58
Current Assets:
$22,240,899 18
Corporate Surplus.
Cash
Car Service Balances Duo from
Additions to Property through Surplus__ $2,034.939 05
Traffic and
603,227 97
Profit and Loss
Other Companies
58,646,946 46
60,681.885 51
Net Balance Receivable from Agents and
2,572,173 39
Conductors
4,587,291 62
Receivable
Miscellaneous Accounts
12,401,142 10
Material and Supplies
278,815 34
Other Current Assets
42,683,549 60
Unadjusted Debits:
Balance due from U. S. Government (on
preliminary estimate included in 1920 report) under Guaranty Section of Trans$3,709,184 88
portation Act, 1920
3,819,648 82
Miscellaneous Unadjusted Debits
Capital Stock and Scrip, C. & N. W. By.
2,346.571 71
Co., held in Treasury
Company Bonds hold in Treasury and Due
from Trustee (see statement, page 34,
Pamphlet report):
17,208,000 00
Unpledged
.35,488,000 00
Pledged
62,571,405 41
$577,175,571 04
Total Assets
_._$577,175,571 04
Total Liabilities
COMPARATIVE STATEMENT OF INCOME ACCOUNT.
Year Ending
Year
1gf.
Dec.'31nd
Increase.
Decrease.
e .
-(See Note)
Operating Revenues:
- -Freight ------------------------------------------- _
--------------------- _ -----------Passenger -- _
- - ---- - - - - - - --- - - --- -- Other
----------------------------------------------------TransportationIncJclental -- _
Railway OperatingIncome
i-nv
e . Jointaty ------------------et g
Equipment
------------------- -Not Railway Operating Income
$140,755,627 89
130.252,21233
$144,775.475 52
129,091,427 62
34,019,847 63
$10,503,415 56
$15,684,047 90
35,180,632 34
$8,464,087 20
18,077 64
3906.198 65
$8,482,164 84
$896.000 20
$2,917,250 92
Total
51,116.817 16
1,643,701 74
2,074,651 09
$7,586,164 64
---------Railway Tax Accruals- -----------------Uncollectible Railway Revenues
$95,687,013 19
33,770,081 94
12,924,937 70
2,393.442 69
$7,557,888 55
28,276 09
Total Operating Revenues
---------------------Operating Expenses-----------------Railway Operations
Net Revenue from
•
$94,570,196 03
32,126,380 20
10,850,286 61
3,208,765 05
37,201,883 06
$4,284,632 14
2,217,598 77
550,745 68
*609,65215
Non-operating Income:
Account amount due from U. S. Government under Guaranty Section of
Transportation Act, 1920
Compensation for Lease of Road to U. S. Government
Rental Income
Dividend Income--------------------------------Income from Funded Securities
Income from Unfunded Securities and Accounts, and Other Items
*6,651,13738
$16,509,184 88
3,802,999 80
704,477 83
1,321,243 90
222,319 31
551,685 02
$568,101 92
Dr.324,993 93
2.577,20800
20.726 11
1.094,344 65
Total Non-operating Income
$23,111,910 74
323,811,562 89
$1,666,853 09
*5,951,48523
$124,056 12
• 10,440,293 55
787,959 27
Total Deductions------------------------------------------ __________•__________
Net Income __________________
Dividends:
__________________________________
7% on Preferred Stock
59 on Common Stock
Total Dividends
Balance Income for the Year, carried to Profit and
Loss
$14,705 33
11,218,007 73
599,243 73
311.352,308 94
$11,831,956 79
312,459,253 95 Dr.$1,245,432 66
$1,567,650 00
7,257,625 00
31,255,964 10
201,593 20
542,659 63
519,176,523 99
$13,225,038 76
,
•
$777,714 18
$109,350 79
188,715 54
$479,647 85
$13,704,686 61
$1,567,650 00
7,257,625 00
38,825,275 00
.
316,509,184 88
3,234,897 88
1,029,471 76
$10,586,524 13
Deductions from Gross Income:
Rental Payments
Interest on Funded Debt
Other Deductions
$1,160,784 71
510398 45
$3,935,386 75
Gross Income--------------
$815,322 36
$8,825,275 00
$3,633,978 95 Dr.$10,070,707 66
313,704,686 61
and February
-As the railway property of the Company was operated by the Director-General of Railroads during the months of January
Note.
months.
1920, the Income Account for the year ending December 31 1920 does not include the Federal operations for those
2030
THE CHRONICLE
[VoL. 114.
CHICAGO ST. PAUL MINNEAPOLIS & OMAHA RAILWAY COMPANY
FORTIETH ANNUAL REPORT—YEAR ENDED DECEMBER 31 1921.
REPORT OF THE BOARD OF DIRECTORS.
To the Stockholders of the Chicago Saint Paul Minneapolis
and Omaha Railway Company:
The Board of Directors submits herewith its report of
the affairs of the Chicago Saint Paul Minneapolis and
Omaha Railway Company for the year ended December 31
1921.
Operating Revenues:
Freight
Passenger
Other Transportation
Incidental
$19,285,657 31
6,865,280 19
1,657,590 94
328,879 17
Total Operating Revenues
Operating Expenses (86.69% of Operating Revenues)
$28,137,407 61
24,392,314 33
Net Revenue from Railway Operations
$3,745,093 28
Railway Tax Accruals (4.50% of Operating
Revenues)
$1,256,198 06
Uncollectible Railway Revenues
18,707 11
1,283,905 17
Railway Operating Income
Net Rental Deductions
$2,461,188 11
395,838 77
Net Railway Operating Income
Non-operating Income:
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts, and other items
$2,065,349 34
$85,267 01
9,291 95
214,070 07
Total Non-operating Income
308,629 03
Company's property, the deficiency in the net value of material and supplies turned back to the Company at the end of
Federal Control, as compared with the value of material and
supplies taken over by the Director-General at the beginning
of Federal Control, allowances for undermaintenance of the
property and for accrued depreciation of equipment, including the value of equipment destroyed during the period of
Federal Control.
The above, together with the adjustment of debits and
credits in open accounts, resulted in a total settlement of
$1,717,236 41, as closed off into Profit and Loss account.
Request has been filed by the Company with the InterState Commerce Commission for settlement of its claim
against the U. S. Government for amount due under the
Guaranty Section of the Transportation Act, 1920, and an
adjustment is hoped for in the near future.
MILES OF RAILROAD OPERATED.
The total number of miles of railroad owned Decembber 31 1921 was
In addition to which the Company had trackage rights as1,679.69 miles
follows:
Northern Pacific Railway (Superior, Wis., to
Rice's Point, Minn.)
Great Northern Railway (St. Paul to Minne- 1.59 miles
apolis, Minn.)
11.40
Minneapolis & St. Louis Railroad (Minneapolis to Merriam, Minn.)
27.00
Illinois Central Railroad (Le Mars to Sioux
City, Iowa)
25.20
Sioux City Bridge Company (bridge across Missouri River and tracks at Sioux City, Iowa) 3.60
Chicago & North Western Railway (Sioux City
to Sioux City Bridge Company's track)
50
69.59 "
11
Gross Income
Deductions from Gross Income:
Interest on Funded Debt
Other Deductions
$2,373,978 37
$2,478,530 56
181,125 21
Total Deductions from Gross Income
2,659,655 77
Total Miles of'Railroad in Operation December 31 1921_ _1,749.19
The above mileage is located as follows:
In Wisconsin
777.55 miles
In Minnesota
473.01 "
In Iowa
102.04 "
In South Dakota
88.20 "
In Nebraska
308.39 "
66
Net Loss
Dividends:
7% on Preferred Stock
5% on Common Stock
$285,677 40
$788,151 00
927,835 00
1,715,986 00
Balance Loss for the year
$2,001,663 40
Total
1,749.19 "
The general business depression that prevailed throughIn addition to the foregoing, the Company owned 183.03 miles of second
out the year 1921 had a corresponding effect on the affairs
track, located as follows:
In Wisconsin
of the Company. As shown in detail on pages 30 and 31,
157.09 miles
In Minnesota
24.23 "
[pamphlet report) the tons of revenue freight carried during
In Nebraska
1.71 "
the year decreased 2,430,382, or 21.85 per cent, and the
Total
tons carried one mile decreased 435,647,522, or 24.45 per
183.03 "
cent, as compared with the year 1920. The passengers
RESERVE FOR ACCRUED DEPRECIATION ON
carried decreased 1,387,431, or 30.38 per cent, and the
EQUIPMENT.
passengers carried one mile decreased 76,173,675, or 28.33
At the close of the preceding fiscal year there was a balance to
per cent.
the credit of the Equipment Reserve Accounts of
$4,512,818 97
During the year many changes were made in the freight During the year ended December
31 1921 there was credited
rates because of commercial necessity, and in order to mainto the Equipment Reserve Accounts on account of adjustment of equipment expenditures during the years 1908
tain recognized relationships, which further depleted the
and 1909
254,475 92
Company's revenue.
During the year ended December 31 1921 there was credited
Because of the decrease in traffic, material reductions
to the Equipment Reserve Accounts on account of charges
to Operating Expenses for Accrued Depreciation
were made in operating expenses, but it was not possible to
645,986 41
make reductions commensurate with the loss in traffic.
$5,413,281 30
Further economies have resulted from reductions in the And there was charged during the year against the above
amount the Accrued Depreciation previously credited this
level of wages paid and prices of material and supplies.
account for Equipment retired or transferred from one
Effective July 1 1921, the United States Railroad Labor
class of service to another
43,852 98
Board issued its order establishing a scale of wages approxiLeaving a balance to the credit of the Equipment Reserve
mately eleven per cent lower than the scale established by it
Accounts on December 31 1921 of
$5,369,426 32
in 1920. The Company made corresponding reductions in
the wages of employees not subject to the jurisdiction of the
CAPITAL STOCK.
Labor Board. The total amount paid for wages during the
There has been no change since the close of the preceding
year was $15,023,835 50. This compares with $18,868,505 56
expended in the year 1920. This Company, along with year in the Capital Stock and Scrip of the Company.
The Company's authorized Capital Stock is Fifty Million
practically every other Railway Company in the United
Dollars ($50,000,000), of which the following has been
States, is at present before the Labor Board seeking further reductions in the wage scales of employees. At the pres- issued to December 31 1921:
Outstanding—
ent time the average wage scale is 60% above that of 1917. Common Stock and Scrip
$18,559,086 69
On September 16 1921, the Company made settlement Preferred Stock and Scrip
11,259,859 09
$29,818,945 78
with the U. S. Railroad Administration of accounts accruOwned
ing during the Federal Control Period. The amount received Common by the Company—
Stock and Scrip
$2,844,206 64
by the Company in net settlement was $1,200,000.
Preferred Stock and Scrip
1,386,974 20
1,231,180 84
This settlement included expenditures made by the Director-General on account of additions and betterments to the
Total Capital Stock and Scrip December 31 1921
334,050,126 02
MAY 6 1922.]
2031
THE CHRONICLE
Assets (Brought forward)
$92,722,887 36
FUNDED DEBT.
Deferred Assets—
the close of the preceding year the amount of Funded
At
due from 'United States Government
$44,487,000 00 Balance Guaranty Section of Transportation
Debt, exclusive of Bonds in the Treasury, was
under
The above amount has been decreased during the year ended
Act (on preliminary estimate included in
31 1921 by Bonds and Equipment Trust
December
1920 report)
$648,196 87
Certificates redeemed as follows:
Other Deferred Assets
56,008 68
Chicago St. Paul Minneapolis & Omaha Rail704.205 55
Gold Notes,6%,redeemed_$156,800 00
way Equipment
Unadjusted Debits—
Chicago St. Paul Minneapolis & Omaha RailDiscount on Funded Debt
$13,303 26
way Equipment Trust Certificates of 1917.
C. St. P. M. & 0. Ry. Common Stock and
110,000 00
Series ".A," 7%,redeemed
Scrip, held in Treasury
2.844,206 64
0. By. Preferred Stock and
266,800 00 O. St. P. M. & Treasury
Total Funded Debt redeemed
Scrip, held in
1,386.974 20
(Thid Bonds of 1930. held in
$44,220,200 00 Debenture .
Treasury
2.700,00000
amount has been increased by the following
And the above
Consolidai.,1 tort gage Bond Scrip Due from
Bonds and Equipment Trust Certificates sold during
Celli ral llulou Trust Company
634 09
the year:
Other Unadjusted Debits
747.636 70
Chicago St. Paul Minneapolis & Omaha Rail7,692,754 89
way Consolidated Mortgage Bonds. 6%.321,000 00
Chicago St. Paul Minneapolis & Omaha Rail3101,119,847 80
way Equipment Trust Certificates of 1917.
760.000 00
7%
Series
LIABILITIES.
Capital Stock (see statement, above)—
781.000 00
Total Funded Debt sold
Outstanding
$29,818.945 78
Owned by Company
4,231.180 84
Leaving Funded Debt Outstanding December 31 1921—$45.001,200 00
334.050,126 62
Long Term Debt—
Bonds held by the Public
$45.001,200 00
BONDS IN THE TREASURY.
Bonds and Scrip owned by Company
2,700,634 09
On December 31 1920 the amount of the Company's Bond $1,500,634 09
47.701,83409
and Scrip in the Treasury was
Current Liabilities—
above amount was increased during the year ended
The
Traffic and Car Service Balances Due to
of the
December 31 1921 by the return to the Treasury
Other Companies
$756,620 12
following bonds which had been pledged as security for
Audited Vouchers and Wages Unpaid
2,044.312 74
loans:
249,296 38
Miscellaneous Accounts Payable
DebenChicago St. Paul Minneapolis & Omaha Railway
Matured Interest and Dividends Unpaid_ _ _
67,989 00
1,200,000 00 Funded Debt Matured
ture Gold Bonds, 1930
1.500 00 •
Unpaid
1,266,933 50
1921 $2,700,634 09 Unmatured Interest and Dividends
Total Bonds and Scrip in the Treasury December 31 Paul
4.386,651 74
In addition to the foregoing transactions, Chicago St.
Unadjusted Credits—
Minneapolis & Omaha Railway Consolidated Mortgage
Tax Liability
3568,475 99
the
0 per cent Bonds of 1880 wore issued in exchange for
Premium on Funded Debt
268.506 00
following underlying Bonds:
5.369,42832
$10,000 00 Accrued Depreciation—Equipment
North Wisconsin Railway First Mortgage of 1880.
Other Unadjusted Credits
396.512 01
6,602,922 32
Corporate Surplus—
CONSTRUCTION.
Additions to Property through Surplus_ _ _ _01,092,387 28
Profit and Loss
7,285,925 75
8.378,313 03
The construction charges for the year ended December
31 1921, were as follows:
1101.119,847 80
Sundry Construction—
Bridges, Trestles and Culverts
Betterment of Roadway and Track
Sidings and Yard Tracks
Buildings
Machinery and Tools
Assessments for Public Improvements
Miscellaneous Charges
$162,564 44
342,522 27
42,877 96
123,383 72
10,949 20
38,880 87
3,630 20
COMPARATIVE STATEMENT OF INCOME
ACCOUNT.
$724.808 66
Equipment—
Equipment acquired (10 locomotives and 125 $953,028 63
stock cars)
100,408 03
Improvement of Equipment
$1,053,436 56
Less Original Cost of Equipment
Retired as follows:
$18,500 00
3 Locomotives
87,086 36
139 Freight Cars
1,971 67
Work Cars
4
107.558 03
$1,670,687 18
LANDS.
year ended December 31 1921, 2,576.02 acres
During the
of the Company's Land Grant lands were sold for the total
consideration of $19,034 52. The number of acres remaining in the several Grants December 31 1921, amounted to
67,039.64 acres, of which 14,810.94 acres were under contract for sale, leaving unsold 52,228.70 acres.
Appended hereto may be found Statements and Accounts
relating to the business of the Company for the year, and
the condition of its affairs on December 31 1921.
Cordial appreciation is herey expressed to all officers
and employees whose loyalty and interest in the affairs of the
Company contributed so largely to improvement in its service and operation.
By order of the Board of Directors.
JAMES T. CLARK,
President.
Saint Paul, Minnesota, April 18 1922.
GENERAL BALANCE SHEET, DECEMBER 31 1921.
(1,679.60 Miles)
ASSETS. •
Operating Expenses.
Maintenance of Way and
14,492,252 20 13,628.793 38
Structures
Maintenance of Equipment
5,258,511 87 5,722.757 42
407,944 22
343,935 56
Traffic
12.671,467 04 13,574.177 94
Transportation
152,268 45
165.158 02
Miscellaneous Operations
932,283 27
866,812 44
General
Transportation for InCr.31.056 43 Cr.25,910 35
vestment—Cr
Total Oper. Expenses_$23,767.080 70 $24,392,314 33
386,370,096 22
303,525 71
381.768 39
4,01235
-------
$1,969,362 03
1,00000
Total
95,500 32
608,775 40
1,157,781 42
1,830,741 51
5,663,484 69
+464,245 55
+64.008 66
+902,710 90
—12,889 57
+65,470 83
+5.146 08
+$625.233 63
31.470,222 55 31,283.906 17
—$186,317 38
Railway Operating Income 11,252,513 32 12,461,188 11 +31,208,674 79
Equipment and Joint Facil—433,555 95
37,717 18 Dr.395,838 77
ity Rents—Net Credit_ _
Net Railway Operating
$1.290,230 50 32,065,249 34
Income
Non-Operating Income.
Account Amount due
from U.S. Government
under Guaranty Section of Transportation
12.740,196 87
Act, 1920
Rental Income,including
Compensation for lease
of Road to U. S. Gov855,642 65
ernment
69.641 99
Dividend Income
Income from Funded Se9.823 19
curities
Income from Unfunded
55,618 00
Securities & Accounts..
54.725 89
Other Items
+1775,118 84
—$2,740,196187
3116.561 65
85.267 01
—739.081 00
+15.625 02
9,291 95
—531 24
48,884 41
48.624 01
—6,733 59
—6,101 88
1308.629 03 —$3,477,019 56
$5,075,879 09 12.373.978 37 —$2,701,900 72
Deductions from Gross Income.
$984 45
Rental Payments
Interest on Funded Debt 2.405.763 34
Interest on Unfunded
63.598 88
Debt
17,862 65
Other Deductions
84,362 79
2.478,630 56
+$3,378 34
+72,767 22
152,226 72
24,535 70
+88.62784
+6.673 05
Total Deductions_
12,488.209 32 $2.659,655 77
+$171.446 45
Net Income
12,587,669 77 def$285,677 40 —12,873,347 17
Dividends.
On Preferred Stock, 7%_
On Common Stock, 5%_
Total
324 01
—$863,458 83
Net Revenue from Railway
32.722,735 87 13.745,093 28 +31,022,35741
Operations
Railway Tax Accruals__ _ _ 11,461.937 85 11.265.19806 —3196,739 79
Uncollectible Railway Rev+10.42241
18.707 11
8,284 70
enues
Gross Income
$87.059,402 67
Current Assets—
Revenues.
Total Non-Operating
33,785.648 59
Income
Investments—
Road and Equipment,— Account, DecemBalance to Debit of this
,130,339 17
ber 311920$84
Add Adjustment Account Equipment Expenditures made during the years 1908
569,069 87
and 1909
Add Sundry Construction and Equipment
Expenditures for the year ended Decemabove)
1,670,687 18
ber 31 1921 (see statement
Special Deposit Account Matured Bemis Unpresented
Special Deposit Account Equipment Trust
Agreement No. 26
Traffic and Car Service Balances due from
Other Companies
Net Balance Receivable from Agents and
Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Year Ended Increase (±) or
Dec. 311921. Decrease (—)•
Freight
117,360,123 96 $19,285,657 31 +$1,925,533 35
—182.556 95
,_ 7.047,837 14 6,865,280 19
Passenger
—35,319 37
1,657.59094
Other Transportation.... _ 1,692,910 31
—60,065 99
328.879 17
Incidental
388.945 16
4)
perating
Total Oper. Revenues_$26.489.816 57 $28.137,407 61 +31,647,591 04
945,878 53
Miscellaneous Physical Property
Investments in Affiliated Companies
Other Investments _
Year Ended
Dec. 311920.
(See Note.)
$788,151 00
927.83500
$788.151 00
927,83500
$1,715,986 00 $1,715,986 00
Balance Income for the
Year Carried to Profit
$871.683 77df$2,001.663 40 —12.873.347 17
and Loss
Note.—As the railway property of the Company was operated by the
Director-General of Railroads during the months of January and February
1920, the Income Account for the year ended December 31 1920 does not
include the Federal operations for those months.
2032
THE CHRONICLE
int Tommtrcial gimes.
COMMERCIAL EPITOME
[Vat,. 114.
underwriting syndicate composed of textile men to purchase
and dispose of all surplus Government stocks of textiles will
be presented to the Secretaries of War and Commerce probably this week. The Lockmore Cotton Mills, York, S. C.,
which suspended operations two weeks ago, resumed work
this week. The Vice-President of the American Woolen Company says he expects still further advances in the prices of
cloth.
Last Monday nine of the largest factories in Rochester
making women's shoes suspended operations pending negotiations with the labor unions. The opening of the second
week of the longshoremen's strike at Portland, Ore., for the
maintenance of the closed shop finds the employers more
determined than ever to keep open shop and break the power
of the local union. The executive committee of the Lake
Carriers' Association announced a uniform wage reduction
of $5 per month for the several grades of unlicensed seamen
on the Great Lakes for the 1922 season.
For the first time in two years, rubber factories at Akron,
Ohio, want help. They want 1,000 tire builders and skilled
rubber workers. Inventories have been decreased sharply.
About 65% of the seed grain that was sent into the Russian
famine areas was distributed in time to be sown, the Central
Famine Committee, stationed at Moscow, announced. A triweekly airplane service has been begun between Berlin and
Moscow.
Owing to advances in Yokohama, the local raw silk market advanced 5c a pound here on May 2. The Imperial Raw
Silk Syndicate of Japan announced its intention to dispose
of 2,000 bales of its holdings per month at current prices on
the Yokohama market.
New Orleans press advices state that 1,400 square miles in
Louisiana and 1,700 in Mississippi are now inundated by
floods, and the crest of the river rise is still to come. Scores
of towns.in Arkansas, Mississippi and Louisiana are covered
with water to a depth in some instances of 20 feet. The crevasse at Poydras, below New Orleans, has spread over a territory of about 125 square miles. It is estimated that 1,750
square miles in the lower Yazoo River Basin, which includes
Yazoo, Issaquena and Warren counties, in Mississippi, have
been covered with backwaters. Backwater has also Invaded
other sections of Mississippi, Louisiana and Arkansas. The
entire territory flooded by waters pouring through three
breaks in the Mississippi River amount to approximately
3,500 square miles. It is estimated that 70,000 persons are
homeless or still occupying homes in the flooded area. Heavy
rains have prevailed in the Southwest, including Texas, and
also east of the Mississippi River. In the West there have
been rains, though it is clear now. Here heavy rains occurred over Thursday night, with cooler weather. To-day it
has been overcast with some rain. The forecast is for fair
weather to-morrow.
LARD firmer; prime Western 12.35@12.45c.; refined to
Continent 13.25c.; South American 13.50c.• Brazil in kegs
14.50o. Futures have advanced sharply, although early in
the week they wavered a little under big deliveries, on May
contracts, and lower prices for hogs. But deliveries after
all, as a rule, were promptly stopped by packers. They
amounted to 2,000,000 pounds on May 1st. There was an
investment demand for product. Shorts covered, alarmed
more or less by the advance in grain. Liverpool advanced,
although, on the other hand, it is true that export business
has not been brisk; far from it. But receipts have not
been large, even if they arc slightly heavier than a year ago.
To-day prices declined slightly, but ended 53 to 60 points
higher than last Friday. The stock of lard on May 1
showed an increase of 11,500,000 pounds at Chicago. During the .month the stock of cut meats decreased about
1,000,000 pounds.
Friday Night, May 5 1922.
American trade continues to improve. Retail business is
better. One drawback has been cold, wet weather over much
of the country. But the indications now are for more favorable conditions. They were favorable enough to-day to halt
the advance in grain and cotton. Thus far the coal strike
has had no very pronounced effect on the industries, although it is true it has stimulated buying of both iron and
steel in the fear of a shortage of supplies of these metals.
And they have both advanced in price. In the textile industry business has increased noticeably, especially at Fall
River, owing to a rise in raw cotton during the week of over
$5 a bale, due to cold, wet conditions in the belt. Persistent
efforts are being made to bring about a settlement of the
strike in the textile districts of New England. The courts
have granted injunctions restraining strikers from picketing
Rhode Island mills. This of itself may be a step towards the
ending of the trouble. Meanwhile building is active, and
this has caused a sharper demand for lumber, cement and
other building materials. The automobile industry is so
active that it is said manufacturers are paying premiums for
prompt deliveries of steel. This sounds like old times. It is
pointed out, too, that there has been a gain in blast furnaces
in the iron business and also a noticeable increase in production during April despite the coal strike. Many commodities are higher than they were a short time ago. And the
drift is towards steady betterment in trade. The regrettable
thing is that the coal strike hangs over American industries.
If it continues for a certain length of time, naturally it must
impede manufactures very materially.
Meanwhile not only is the cotton manufacturing business
looking upward, but prices have been rising for wool and
silk. The sales of hardware and paints as well as agricultural implements and tools have increased. Unemployment
is gradually decreasing, outside the coal and textile industries. In Detroit it is said that the number of workers employed in the automobile industry is 20,000 greater than a
year ago. The railroads are buying rails, ears and other
supplies on a liberal scale, which is cheering to some of the
Western markets. One regrettable thing is that the season
Is backward for the cotton and grain crops owing to cold wet
weather. Planting of cotton is especially belated at the
South. A crop of something like 13,000,000 bales is needed
from this country this year, but it is none too clear that it
can be raised unless the weather hereafter is exceptionally
favorable. Collections have recently improved. Bank clearings are increasing. Moreover, the stock and bond markets
have been active and cheerful, with frequent advances in
prices, which are naturally regarded by the business community of this country as very hopeful signs of the times.
And sterling exchange has again advanced. It is unfortunate that no great progress has been made at Genoa during
the week. But the situation in Ireland seems to show signs
of clearing up and it is hoped that ere long the discussions at
Genoa will take such shape as to reassure the world. In this
country the feeling in regard to the outlook for general business continues to be hopeful, although it is recognized that
the improvement is likely to be gradual rather than otherwise. As heretofore, production is still hampered by the
high labor costs, one of the worst effects of which is the high
price of coal, which is a serious handicap throughout the industrial world.
The Boston Federal Reserve Bank says if labor troubles do
not interfere, increasing activity should be expected in the
next few months. Salesmen on the road are returning orders DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues. Wed.
Thurs.
in increasing volume. The Atlanta Federal Reserve Bank May delivery
Fri.
cts_10.90
10.90
10.95
11.07
11.45
11.40
reports a decided increase of activity in most basic lines of July delivery
11.15
11.15 11.20
11.30
11.67
11.60
September delivery- _11.35
11.37
11.42
11.52
industry during April.
11.90
11.82
The Federal Reserve Bank of St. Louis reports that unfaPORK steady; mess $25 50@$26, family $26(028, short
vorable weather has hampered the distribution of merchan- clear $22(:)$25 50. May closed at $21 25, a rise for the'
dise in that district. But the Federal Reserve Bank of At- week of 25 cents. Beef dull; mess $13 50@$14 50, packet
lanta declares that since the middle of March there have $13 50(115, family $16@$17, extra India mess $24@$26.
been more expressions of optimism than at any time in the No. 1 canned roast beef $2 25, No. 2 $3 25,6 lbs. $15. Cut
last year and a half.
meats firm; pickled hams, 10 to 20 lbs., 23Y @25c.; pickled
i
Three Rhode Island textile corporations, following others bellies, 10 to 12 lbs., 16(4),18c. Butter, creamery extras
recently, have just been granted injunctions restraining 37%@38c. Cheese, flats 17 M@24c. Eggs, fresh-gathered
strikers from picketing the mills and from interfering with extras, 27M 0/130c
their business. Textile employers at Lawrence, Mass., conCOFFEE on the spot firmer; No.7 Rio, 11 @11 Wic.; No. 4
tinue firm on the question of wages and have told strikers
%
3
that a 20% reduction is imperative. Two New Hampshire Santos, 143/2()14%c.; fair to good Cucuta, 14%©143 c.
cotton mills have expressed willingness to meet with em- Futures have advanced sharply in sympathy with a rise in
Brazil and a broader speculation. It is said also that a new
ployees to discuss wage differences. Otherwise there is no
British loan of £9,000,000 has been granted to Brazil.
change in the New England labor situation. The MassachuSome argue that this will meanlaking 5,000,000 bags off the
setts Minimum Wage Commission has approved a minimum market
as
wage schedule for the State ranging from $13 to $14. Ship- ernment issecurity. It is declared that the Brazilian Govnow holding 4,000,000 bags. If 9,000,000 bags
ping men plan an all-water route between Southern ports are to be removed
from the
New Bedford which would result in a freight saving on strengthen the statistical market it would of course greatly
and
position.
cotton of $1 per bale, according to figures presented to a however, whether this large quantityIt remains to be seen,
will actually be elimimeeting this week of cotton mill men and shippers at New nated from the available supply.
In any ease there has been
Bedford. An all-wafer route would require not more than a much larger speculation with cotton, grain
and
three or four days, a much shorter period than is now re- ing, and coffee catching some of the overflow stocks risquired by water and rail. The support of the textile indus- Laneuville stated the visible supply in the worldof trading.
on
try having been assured, the plan for the formation of an at 8,798,000 bags, a decrease for the month of April of May 1
334,000
MAY 6 1922.1
THE CHRONICLE
-Rio advanced 575 to 600
bags. In a single day-May 2
reis. Santos rose 175 to 375 reis. July has been the leader,
succeeding May. There is only a moderate quantity available for delivery. G. Duuring & Zoon make the world's
visible supply of coffee on May 1 as 8,837,000 bags, a decrease of 303,000 bags for the month of April. To-day prices
were without much change. They end 57 to 63 points higher,
the latter on July,for the week.
10.350 __. I December...9.840 9,85
Spot (unofficial)..1131c. I July
9.02(4)Nom
10.50 ©Nom I September-10.04 © Nom I March
May
SUGAR.-Raws have met with a speculative demand
but later prices declined with liberal supplies. Refiners have
purchased on a moderate scale. Later sales were made at
as low as 29/80. c. & f. for late May shipment from Cuba.
On the 4th inst. 20,000 bags Cuba sold at 2 13-32c. c. & f.
About 6,000 bags of San Domingoes afloat sold to Canada
at the equivalent of 234c. c. i. f. New York. Refined,
granulated, 5.30 ©5.40c. Supplies available have exceeded
demand. That is very clear. Revised estimates of the
Porto Rico crop of 1921-12 cut the total outturn to 391,000
tons, or a reduction of 100,000 tons. It is said that 200,000
tons are still to come forward from the Island.
Willett & Gray put the receipts of new-crop sugar for the
week at Cuban ports at 198,664 tons, against 107,053 tons
the preceding week; exports, 157,391 tons, against 81,498
tons the week before, and the stock as 997,291 tons, an increase of 41,273 for the week. Of the exports, 85,444 tons
were for North Atlantic ports, 9,428 for New Orleans, 4,775
for Galveston, 50,358 for Europe, 4,414 for Canada, and
2,972 for Japan. The number of centrals grinding was 163,
or 12 less than a week ago. Rain was said to be needed.
The "Louisiana Planter" says: "Considering the uneasiness over the flood situation and the accompanying delay
of work, the cane crop over the State is in excellent condition. Great improvement is reported from practically every
section of the cane belt. Very little grass or weeds are noticeable in the fields and the young cane is thriving under the
favorable weather conditions of the past two weeks. Planters utilized the sunshine to advantage in clearing their cane
of grass. It is to be regretted that certain small sections
along the Mississippi River have been inundated, which will
mean the total loss of the young cane in the districts overflowed." To-day prices declined slightly and they end 2 to
4 points lower than a week ago.
north Texas, central Texas, north Louisiana, and Arkansas
for the week ended April 29 was 776,700 bbls., against
768,050 bbls. in the preceding week, an increase of 8,650
bbls. In the Gulf Coast (heavy oil) field it was put at
114,600 bbls., against 111,650 bbls. for the preceding
week, an increase of 2,950 bbls. The combined daily averagre gross production of the Southwest field was 891,300
bbls., against 879,700 bbls. in the preceding week, an
increase of 11,600 bbls. Oklahoma-Kansas shows a daily
average gross production of 456,350 bbls., an increase of
10,650 bbls.; north Texas shows an increase of 50 bbls.;
central Texas a decrease of 650 bbls.; north Louisiana an
increase of 900 bbls., nnd Arkansas a decrease of 2,300
bbls. In Oklahoma production of the Osage Nation is
shown at 96,100 bbls. against 94,500 bbls., and output of
the Lyons-Quinn pool was 48,050 bbls., against 43,650 bbls.
The Mexia pool, central Texas, is reported at 89,500 bbls.,
against 91,000; Haynesville, north Louisiana, 44,200 bbls.,
against 43,350 bbls., and El Dorado, Arkansas, 35,950
bbls., against 36,250. In the Gulf Coast field, west Columbia is reported at 33,800 bbls., against 35,500 bbls., and
Orange County 20,500 bbls., against 20,000 bbls. The
estimated daily average gross production of the Wyoming
and Montana field was 71,900 bbls. against 69,050 bbls. in
the preceding week, an increase of 2,850 bbls.
2.6202.63 I December __ _2.8702.88
Spot(unofficial)_ _4.11c. July
2.84©2.85
May
2.40@2.42 September .. _2.820)2.83 I March
-Linseed advanced on the strength in flaxseed.
OILS.
May carloads, 880.090c.; less than carloads, 91©93c.; less
than five barrels, 94@96c. While there are some who Quote
900. the general quotation is 88c. Sentiment is more cheerful and there are those who believe that $1 oil will be seen
in the not distant future. Stocks are quite liberal. English
oil quoted at 85c. for May shipment and 84c. for June.
%
4
Cocoanut oil, Ceylon, barrels. 83 ©9c.; Cochin. 9@91 c.
Olive, $1 15. Soya bean, edible, nominal. Lard, strained
/
winter, 11%c.; extra, 1034c. Cod, domestic, nominal.
Newfoundland,57c. Spirits of turpentine,86@87c. Rosin,
$5 15©$5 70. Cottonseed oil sales to-day, including
switches, 9,400 barrels; crude S. E., 10c. nominal. Prices
closed as follows:
Spot
May
June
11.R0011.R1'October_ _ _10.870 10.95
,
11.gg ;\
IJuly
9,9q
0
11.R9 11.gn I August _ _11.74011.751November_ 9.g5
11.70011.80 I September 11.73011.75 I December _ 9.800 9.90
-Gasoline is the most active of all oils
PETROLEUM.
and prices are tending higher. Local consumption has
increased materially. Some are even predicting 30c. by
the middle of the summer. The persistent talk of an advance
in crude oil is expect4d to come about soon. The belief is
widespread that the first advance will be in Pennsylvania
crude oil. Kerosene sluggish. And it is said an advance
in crude would have a depressing effect on kerosene. At the
present time a decline in the local tank market would not
be surprising to many. Of late gas oil has been steady.
Export business is better. Stocks of this oil are large,
however. New York prices, gasoline, cargo lots, 32.25c.;
U. S. Navy specifications, bulk, per gallon, 19c.; export
naphtha, cargo lots, 21c.; 63-66 deg., 240.; 66-68 deg., 25c;.
Refined petroleum, tank wagon
cases, New York, 15
to store, 13c.; motor gasoline to garages (steel barrels), 26c.
The "Oil City Derrick" said that during April in the oil
fields east, of the Rocky Mountains there were 1941 wells
completed. This is an. increase of 193 over the total for the
preceding month, and 226 greater than the total completions for the same month last year. It is the largest total
since last June and compares with 1,198, the October 1921
total for the low point of the present movement. The
divisions which reported agreater number of completions
than during March were Pennsylvania, central Ohio. Kentucky, Tennessee, Okla., north Texas, east central Texas,
north La., Gulf Coast, and the Northwest. There were
no large increases, the greatest being in the KentuckyTennessee area, where it amounted to 49. The decreases
in the other divisions were all small, the largest being in
Lima, and amountina to only 10.
The American Petroleum Institute estimates the daily
average gross crude oil production in the United States for
the week ended April 29 at 1,411,700 bbls., against 1,396,750
bbls. in the preceding week, an increase of 14,950 bbls.
The estimated daily average gross production of the MidContinent (light oil) field, including Oklahoma, Kansas,
2033
Pennsylvania
$2 48 Corsicana, heavy-$0 70
$3 25 Lima
2 25
Corning
2 28 Electra
1 90 Indiana
2 25
Cabell
2 27 Strawn
2 11 Princeton
25
Somerset
-2
27 MoranRanger
2
1 90 Illinois
2 25
Somerset, light__ 2 15 Kansas and Okla
1 05
Ragland
2 00 Healdton
homa
1 00
1 50
Wooster
1 30 Melia
2 70 Corsicana,light_
RUBBER of late has been quiet and slightly easier. Offerings havee been small. And easier cables from London
have recently had depressing effect. But a large short interest it is reported exists in the Singapore market. Here
smoked ribbed sheets and first latex crepe, spot 16c.; June
169'g.c.; July-Sept., 163 c.; July-Dec., 17c. Para quiet;
4
4
up-river fine, 183 c.; coarse, 13
Central-Corinto, 93 c.
4
HIDES have for the most part remained quiet. But
there has been some foreign business. Frigorifico hides are
scarce. River Plate stocks are small. The quotation has
been $41 to $41 50 Argentine gold. Earlier in the week
European buyers bought Buenos Aires hides, it is said, at
16 Yic., cost and freight. The River Plate market for
frigorificos was more active. Some 4,000 Armour La Plata
frigorifico steers sold at $41, which figured the approximate
equivalent of 163 c., cost and freight. Bogota quoted at
%
143'c. to 15c. It was reported that a United States buyer
had bought 19,000 Sansinena cows at $34 25, which is the
approximate equivalent of 14c. on 90-day credit, or about
l39c. sight draft. In addition to the above, 4,000 San/
sinena steers sold at $41, about 1638c. sight draft;'8,000 La
Binacas at $41.373/ and 4,000 Armour steers at $41. Chicago packer sales last Tuesday, it is said, exceeded 250,000
hides, besides large quantities of skins at some advance in
prices. Heavy native steers of the Jan., Feb. and March
slaughter, it is said, sold at 13Mc., and April and May at
l4@1434c. Both light and heavy native cows of the April
take-off held at 123'c. Extreme light native steers, April
kill, also sold at a new high figure of 123'c., it is said.
OCEAN FREIGHTS have remained rather dull for the
most part. Tonnage is plentiful. Rates have recently
fallen. A fair business in grain sugar and lumber has been,
done now and then, but coal tonnage is dull and in general
business in ocean freights is not in satisfactory shape.
Charters included grain from Montreal to Antwerp-Hamburg range,
3s. 1034d., May 25 canceling; grain from Montreal to Greece. May 25
canceling; rom Montreal to Greece, 5s. 6d. one port, 5s. 9d. two ports.
May 25 canceling; sugar from Cuba to United Kingdom, 34s.; May lumber
from Gulf to Buenos Aires or Bahia Blanca, 185s., May;oats from Atlantic
range to Archangel, 38c., May; grain from Montreal to Antwerp-Hamburg
range, 1454c., May; coal from Hampton Roads to Montreal. said to be
about $1 25, spot loading; grain from Atlantic range to Algiers and Tunis,
4s. 9d. spot loading; grain from New York to Algiers or Tunis, 22c.. May;
grain from Montreal to four ports in Denmark. 23%c., middle of May;
sugar from Cuba to United Kingdom, 23s. 6d.. May; coal from Hampton
Roads to Rio Janeiro, $4.. prompt; time charter, world trading limit about
-ton
-Atlantic round trip. 3,208
eight months. 5s., May delivery; one trans
steamer, 4s. 9d., prompt delivery United Kingdom-Continent; grain from
to Mediterranean not east of the west coast of Italy, excluding
Montreal
6
Spain and Genoa, one or two Ports, basis o 21 , c. with options, second half
of May; lumber from Gulf to River Plate. 180s., May-June: deals from
Campbellton, N. S., to Great Yarmouth, 85s.. May-June; steamer. 4,495
tons, one round trip to the Far East, 4s., prompt delivery.
TOBACCO has been slow or only moderately active with
prices reported steady, though in many cases to all appearance, more nominal than otherwise. Tobacco organizations to promote the interests of the trade are springing up
all over the tobacco belt although not a few growers, it seems,
in West Virginia and Ohio decline to enter into co-operative
plans.
COPPER is firmly held at 13c. The great uniformity
at this level is the outstanding feature of the market. Even
smaller outside interests, it is said, refuse to make concessions. Another feature worthy of note was an advance in
London of 10s., with sales of 1,200 tons on the 2d inst. Germany continues to take fair quantities in this country.
The surplus, it is pointed out, is being gradually but steadily
reduced. The March exports of copper were the largest in
two years. Of course the future of the price depends largely
on the production.
TIN easier; spot, 31c. London ofTlatrilis declined.
Yet business has been rather more active at the lower prices.
Earlier in the week the market was firmer. The visible
2034
THE CHRONICLE
supply of tin on April 30 was 22,017 tons against 22,353
tons a month ago and 15,670 last year. This is a decrease
of 336 tons for the month.
LEAD advanced early in the week and then reacted,
but prices are higher than last week. Business has slackened
a little. Spot New York, 5.35@5.45c.• St. Louis, 5.10@
5.200. Zinc lower; spot New York, 5.30@5.35c.; St. Louis,
'
5@5.05c. World's production is gaining steadily.
PIG IRON with a steady demand has advanced to the
highest prices seen since last June. The output in Penn.
and Ohio has latterly decreased somewhat owing to the
coal strike. Yet the total production in April was larger
than in March,i. e. 2,072,114 tons against 2,034,794 in Mar.
not to mention 1,629,991 in Feb., 1,664,951 in Jan., and
1,193,041 in April last year. In April 1920 to be sure it
was 2,739,797 tons. The output has been steadily increasing since July last year. The average daily output in April
was 69,070 tons against 65,639 in Mar. and 39,768 in April
last year. Prices have latterly risen 500. in Ala., iron $1, on
foundry malleable and basic at Chicago, $2. on basic in
Eastern Penn. and 50c. to $2. elsewhere. Silveries are up
$1. or $3. in less than a month.
STEEL has been in persistent demand and advancing.
Railroad buying is especially insistent. The coal strike is
telling on prices. Naturally they are stronger. The tendency is towards a slight decrease in output. It is at the
rate on the average, however, of slightly over 70%. One
Chicago company is operating, it is said, at 86%. Not only
railroad but building companies and automobile factories
are buying freely. In Central and Eastern districts, on the
other hand, buying has slackened somewhat. Deliveries are
less certain. Makers discriminate more closely, as to bids
and buyers. Sheet and tin plate mills in the Pittsburgh
district are producing less; they.are even buying in Chicago.
WOOL has been in better demand at the West, with the
supplies moderate and prices firm and reported higher.
Here in the East trade has fallen off. But prices are firm.
In Boston scoured wools of the lower grades, defective and
stained, recently sold at 45 to 60c. or better. Eastern pulled
sold, it is said, up to 80c. for good scoured winter Bs and
71 to 72c. for Western wools of this grade. Punta Arenas of
the same general type, it is stated, sold at 74c. for choice.
Good to choice Eastern A's sold at 85 to 90c.• fine A's at
95c.; good double A's of fair staple at $1 05. kew Arizona
wools, clean cost, sold, it is said, at $1 to $1 10. Ohio delaine, it seems, sold at 47c. in the grease, or about $117
clean basis. Three-eights and one-quarter blood combing
wools sold at 75 to 80c. for the higher grade and 65 to 67c.
for the lower. A dispatch from Portland, Ore., says it is
'estimated that 25% of the State's wool clip was sold during
the last 10 days of. April, amounting to between 5,000,000
and 6,000,000 lbs. Two firms at Buenos Aires are said to
have a corner on Argentine fine wools. In Boston on May 1
prices were reported rising, especially on medium to lower
grades. These wools are said to comprise most of the supply there. Prices are reported to be advancing in the West,
and 420. is now said. to have been paid for fine and fine
medium wools in Utah, following the sale of the Jericho
Pool last week to a Boston house at'40c. Interest was keen
in East India sales in Liverpool.
Salt Lake City wired May 1 that the Shoshone, Idaho,
wool clip had been sold by a pool headed by Senator Frank
R. Gooding and his brother Frank W. Gooding, at an
average price of 300. a lb. to the B. Harris Wool Co. of St.
[voL. 114.
France and Germany at 8M to 10% above March. The
best parcels brought 19d. At Timaru, New Zealand, on
May 4, at the wool auction 5,000 bales were offered and
4,900 bales sold. Attendance fair; demand good. Continental buyers were prominent. Compared with the Wellington sales of April 5 prices were 5 to 10% higher.
COTTON.
Friday Night, May 5 1922.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-nkht, is given b3low. For the
week ending this evening the total receipts have reached
94,458 bales, against 86,760 bales last week and 101,999
bales the previous week, making the total receipts since
Aug. 1 1921 5,153,971 bales, against 5,358,204 bales for the
same period of 1920, showing a decrease since Aug. 1 1921
of 204,233 bales.
Sat.
Galveston
4,1'79
Texas City
New Orleans_ __ _ 11,454
Mobile
58
Jacksonville
Savannah
4,:i65
Brunswick
Charleston
- 85
Wilmington_ _ _.._
85
Norfolk
867
New York
220
Boston
-___
Baltimore
Philadelphia
Man.
Tues.
Wed.
Thurs.
4,882
8,969
4,894
4,043
2,695
633
_
2,5.5
4.342
988
3,444
428
_
1,558
4,505
337
_
2,:163
.
-'hi
103
375
9
229
____
1,87
116
774
133
____
___ _
1,043
136
1,281
326
__-_
494
75
3 H5
,
.
1- 487
306
796
528
34
-___ .
Fri.
Total.
1,349 28,316
1,230 1,230
2,358 28,798
2,232 4,676
14
14
1,552 15,457
500
500
1,482 7,069
107
853
500 4,593
____
1,216
262
525
634 1,128
83
Totals this week_ 22.108 13.948 20.712 11.519 13.951 12.220 94.458
The following table shows the week's total receipts, the
total since.Aug. 1 192i and stocks to-night, compared with
last year:
1921-22.
Receipts to
May 5.
1920-21.
Stock.
This Since Aug This Since Aug
Week. 1 1921. Week. 1 1920.
1922.
1921.
Galveston
28,316 2,230,453 60,262 2.538,178 194,807 343,605
Texas City
1,230
26,035 1,095
33,467
7,203
14,586
Houston
384,488 5,620 379,574
Port Arthur. &c__
10,305
394
58,127
New Orleans
28,798 1,045,111 23.475 1,213,353 232,607 400,415
Gulfport
8,123
5,760
Mobile
4,676 131,948 3,278
84,457
8,349
19,201
Pensacola
2,045
Jacksonville
14
32
3,228
4,672
1,780
1,654
Savannah
15,457 632,079 17,218 533,245 104,049 162,582
Brunswick
500
25,263
12,045
2,840
2,079
Charleston
7,069 109,483 5.176
70,936
81,953 248,218
Georgetown
Wllmington
853
88,875 3,266
76,238
26,197
35,864
Norfolk
4,593 309,237 9,188 240.627
97,000 114,913
N'port News, &c_
583
36
1,879
New York
1,216
24,560 1.602
28,444 118,287 129,695
Boston
525
38,353 1,884
31,204
11,379
10,640
Baltimore
1,128
54.476
646
39,923
2,434
3,965
Philadelphia
83
29,326
6,075
75
5,176
5,420
Totals
94.458 5.153.971 133.247 5,358.204 894.061 1,492,837
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston____
Texas City,&c
Now Orleans_
Mobile
Savannah_ __ _
Brunswick
Charleston_ __
Wilmington __
Norfolk
N'port N.,&c
Alf others_ __ _
1922.
28,316
1,230
28,798
4,676
15,457
500
7.069
853
4,593
1921.
60,262
7,109
23,475
3,278
17,218
1920.
16,792
2,829
16,469
2,058
13,846
500
2.379
583
2.704
28
2,353
1919.
39,226
1,435
26.993
1,597
16,153
3.000
4,714
1,231
8,727
1918.
1917.
4,534 ' 22,297
2,146
6.059
24,405
23,117
317
1,387
13,723
4,634
2,000
1,689
181
453
279
2,560
5.696
168
6,886
4,901
5,176
Louis and Salt Lake City. The clip consisted of 1.000,000
3.266
lbs. The prices paid are more than 100% higher than last
9,188
36
year, it was stated. In London on May 2, the third series
2,966
4,239
.1,554
of London wool auctions of the present year began with
this week
94,458 133,247
60.541 104.230
total offerings of 75,000 bales on behalf of the British- Tot.
56,713
70,719
Australian Wool Realization Association, and 8,000 bales of etriew Ail, 1 5 1.RA 071 A :AAR 91-1.4 R :171.99A 4.A74. ORA A 970 9fIR R 94.4:1 ..ansa
free wools; attendance large; selection consisting of 10,660
The exports for the week ending this evening reach a total
was unattractive. Demand good, nevertheless. The bulk
of the amount was taken by British buyers. Compared of 125,848 bales, of which 50,854 were to Great Britain.
with March prices superior merinos were occasionally 5% 24,947 to France and 50,047 to other destinations. Exports
higher; other merinos, greasy and scoured, advanced 10%. for the week and since Aug. 1 1921 are as follows:
Crossbreds, fine greasy, were 10% up; best medium, unWeek ending May 5 1922.
From Aug. 1 1921 to May 5 1922.
changed. Average inferior to medium grades were 10 to
Exported to
Exported to
15% higher; coarse was 5 to 10% higher; also Cape greasy.
Exports
In London on May 3 joint offerings of the Realization
Great
from
- Great
Britain.,Franee. Other. Total. Britain. France. Other.
Total.
Association and free wools were 12,000 bales. Demand
good; prices strengthening, especially for greasy medium Galveston__ 28,557 21,337 32,702 82,598 537,712 340,197 1,190,3322,088,241
Houston
91,172 74,887 218,429 384,488
to coarse crossbreds. Australian greasy merinos sold freely Texas City_
5,142
5,142
to British, Continental and Amer. buyers. AtBrisbane,West Gulfport
5,534
2,589
8,123
New Orleans 9,132 3,610 10,867 23,609 274,403 106,413 605,096 986,812
Australia, on May 3 18,000 bales were offered. Demand Mobile
50,26
6,733 42,013 99,011
sharp. Large attendance. Prices compared with those of Jacksonville
400
500
900
1,275
2,445
770
March ranged from unchanged to 15% higher, except for Pensacola
Savannah __ 9,589
908 10,497 172,636 58,418 317,839 548,893
faulty crossbreds, which were rather neglected.
Brunswick
20,855
850 21,705
34,775
79,251 117,978
In London on May 4 joint offerings of Realization and free Charleston _
4,00
Wilmington
9,00
62,725 80,225
8,50
wools aggregated 1,700 bales. Demand good; prices tend- Norfolk
4,313 4,313 97,86
02,090 195,558
5,00
ing upward. British, Continental and American purchasres New York__
226
361
587 48,723
01
7,48
70,660 106,868
94
536
Boston
63
2,01
7,195
18
9,397
were all buying. Details: Sydney, 2,157 bales; greasy Baltimore
2,05
1.000
450
3,509
merino, 173/2d. to 273/2d. Victoria, greasy merino, 193'd. Philadelphia
101
1S1
42
50
1,135
1,609
Los Angeles 3,256
35 3,6061 19,51
1,48
19,787 40,783
to 28d.; greasy crossbred, 93 d. to 20d. Queensland, San Fran
A
51,276
51,276
1,406 bales; greasy merino, 173d. to 273/2d.; scoured meri- Seattle
67,841 67,841
22,005 22,005
nos, 353'd. to 42d. West Australia, 1,431 bales; greasy Tacoma_ _,
Portrd, Ore.1
1,150
1,15
memo, 19d. to 27d. New Zealand, 2,506 bales; best greasy
Total _
24,947' 50,047 125,848 1,348,581 613,803 2,861,1754,823,559
50,8
1
crossbred, 18 Md.; scoured, 33 2d.; slipe, 203/2d. The Realization Association offering consisted entirely of Cape Total '20-211 30,835 13,5541 49,181 93,5701,377,019 477,03 2,318,33 4,172,392
greasy combing, 4,266 bales, all sold to the British trade, Total '19-20. 10.576'
60,901 71.47712,835,526 515,141" 2,364.14 3,714,811
MAY 6 1922.]
THE CHRONICLE
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add simildr figures for
New York.
On Shipboard, Not Cleared for
Great
GerLeaving
Other Coast- Britain. France. many. Cont'nt. wise. Total.
May 5 at
Stock.
7,132 3,500 4,000 7,736 3,000 25,368 169,439
Galveston ____
Now Orleans... 4,994 1,926 14,076 3,585
471 25,052 207,555
Savannah ____
4,300 1,000
97,749
1,000 6,300
Oharleston*___
1,666 1,000
78,853
1,666
100 3,100
2,500
Mobile
2,599
5,750
3,250
500
Norfolk
95,500
-866
1,500
500
Other ports*
-866 2,500 1,000 -866 8,500 166,796
4,000
20,126 11,226 22,076 17,071 5,071 75,570 818,491
Total 1922
Total 1921
30,288 7,410 15,615 49,961 4,868 108,145 1,384,692
Total 1920
50,524 8,121 9,501 74,640 14,984 157,770 989,534
Speculation in cotton for future delivery has been more
active than for many weeks past at a sharp rise in prices,
owing largely to heavy rains and floods in the Southwest
and bad crop reports generally. Much replanting has had to
be done. Some washing out of seed is reported. Considerable tracts of territory have been inundated, according to
the latest reports, in the lower Mississippi valley. Such reports also come from Memphis. It all tends to delay a season already late. More than that, it gives rise to fears that
the delay may be reflected in the next Government crop report for June 2, the data for which it is well known comes
down no later than May 25. The rains in Texas have at
times amounted to cloudbursts. In some cases they have
been reported as 53, to 8 inches. Rainfalls of 1 to 3 inches
have been very numerous and widespread. Heavy rains have
all occurred in Oklahoma and Arkansas. The whole Southwestern country has had too much rain. It is badly in need
of a period of dry warm weather. The weekly Government
report also said that it has been too cool for the best germination in the belt as a whole. Very little field work was possible during the week in Texas or Oklahoma. In fact, this
means for two weeks past. Also the soil has been too wet in
Louisiana and over much of Arkansas. It is true that in a
few southern counties of Texas fair progress was made and
chopping out was under way. But elsewhere the advance
was poor. Much replanting will have to be done in both
Texas and Oklahoma. And of late there have been heavy
rains east of the Mississippi River, notably in Mississippi,
Georgia and Alabama. The rise in prices has been stimulated by an advance in grain and stocks. Not a little of the
speculation in grain and stocks has overflowed into cotton.
Some, indeed, have left stocks and grain for the moment and
taken up cotton. This includes both Wall Street and Chicago operators. They were impressed by the bad map and
the better demand, a rising premium on May and what they
considered a bullish outlook, and they took hold of cotton
very freely early in the week. Liverpool has also been in
the main firm, and on Thursday its spot sales, which had
hung fire for a number of days at 8,000 bales, suddenly rose
to 12,000 bales. Moreover, Manchester has been more cheerful. The demand there has increased and prices have been
stronger. At Fall River, too, trade has been larger at rising
prices. And Worth Street has within a few days taken on
new courage. Fall River's sales are estimated at 250,000
pieces. Yarns have been rising here and in Philadelphia.
Raw silks have advanced in New York and Yokohama. Wool
has been selling at higher prices in Boston and London, with
a good demand. In a word, the clothing fibres have shown
more snap and activity. Japanese interests have bought here
at times, and so has Liverpool. Manchester has been buying
in Liverpool. And it is a notable fact that the Department
of Commerce has suggested the tentative estimate on the
world's consumption of American cotton this season at 13,000,000 bales, against one estimate last season of 10,500,000
bales. And it is disposed to put the world's consumption of
all growths of cotton this season at 21,000,000 bales, against
16,170,000 bales last year and a five-year average of 18,000,000 bales. The high mark is 22,000,000 bales in 1913-14. As
for the American consumption this year, the Department of
Commerce is disposed to put it at 6,000,000 bales, against
Washington figures for last season of 4,887,893. Meanwhile,
efforts are still being made to bring about an ending of the
New England strike. Also, it is of interest to notice that a
number of Rhode Island mills
-three within a few days
have been granted injunctions by the court restraining strikers from picketing the mills. This may pave the way for a
gradual breaking of the strike. Two New Hampshire ,mills
are to meet the strikers for a conference on wages, perhaps
because New England cotton goods business is better.
But attention has been mainly concentrated on the
weather map and the crop reports. The Japan Trading
Company the other day stated the increase in acreage at
10.6% over last year. Another report published early in the
week put it at 11%. As to the planting, one report recently
put it at 35%, as against 50% at the same time last year.
There was a rumor that a ginning company had stated the
increase in acreage on the 3rd inst. at only 2.6%. But this is
regarded as rather low by very many people. Planting in
some cases has been stated at as high as 60% within a day
or two. This is also questioned by not a few, owing to the
heavy, rains this spring on both sides of the Mississippi
2035
River. It is clear enough if the majority of the reports are
accepted, that planting has been considerably delayed. Egyptian cotton, moreover, has been advancing in Liverpool. May
is by some considered the sheet anchor of the situation here.
At any rate, it is expected to be such until the delivery ex-'
pires. A while back the premium on May over July, it was
noticed, fell off to 30 points, but during the present week it
has risen to 77, despite stories of considerable cotton headed
for New York. Finally, it is well enough to bear in mind
that there is a big hedge short interest here. There are some
very large estimates as to its size. It is noticed, too, that
there is not the big volume of crop damage reports coming
from the South that would ordinarily be expecetd with the
weather as bad as it has been off and on for weeks past.
There has been a curious silence on this point, although from
some quarters in the South the reports have been frank
enough. The point is that the hedges were put out some time
ago on the eve of rising prices, so that they naturally are not
in very agreeable shape for the hedgers.
On the other hand, it is not forgotten that the advance
has been due very largely to bad Weather. Good weather
could conceivably have the opposite effect. On Thursday
came a reaction from the early high point of the day of some
40 to 50 points, owing to indications of clearing conditions in
the Southwest, and heavy liquidation. Wall Street and the
West sold as well as Liverpool and Japanese interests. Liverpool was sluggish. In fact, on Thursday it was quite disappointing. Trading there was less active. Moreover, spot
markets gave way at the South and sales which have been
very large for two days, consummating 18,000 to 20,000 bales
a day, suddenly fell off. In any case, a reaction is considered
due after an advance in very short order of late of 140 to
160 points, the latter on May. A good deal of the short interest has been weeded out. Quite a large short account has
been built up. It might prove vulnerable to a period of favorable weather and more cheerful crop accounts. But reactions quickly give place to rallies. Very many look for higher
prices. To-day prices advanced early, then declined on .better weather and May notices for 8,400 bales, and finally rallied to about Thursday night's prices. Spinners' takings are
increasing. Further gains occurred in the Eastern belt. The
closing prices were 104 to 135 points higher for the week, the
latter on May. Spot cotton closed at 19.80c for middling, a
rise during the week of 145 points. Southern spot sales have
noticeably increased.
The following averages of the differences between grades,
as figured from the May 4 quotations of the • ten markets
designated by the Secretary of Agricultuze, are the differences
from middling established for deliveries in the New York
market on May II.
Middling fair
1.79 on
Strict good middling
1.38 on
Good middling
.94 on
Strict middling
.55 on
Strict low middling
.58 off
Low middling
1.33 off
*Strict good ordinary
2.25 off
'Good ordinary
3.23 off
Strict good mid. "yellow" tinged_ .56 on
Good middling "yellow" tinged__ .08 on
Strict middling "yellow" tinged__ .65 off
*Middling "yellow" tinged
1.70 off
'Strict low mid."yellow" tnged_2.49 off
"Low middling "yellow" tinged_ _3.31 off
Good middling "yellow" stained_1.31 off
"Strict mid."yellow" stained____2.26 off
3.19 off
'Middling "yellow" stained
"Good middling "blue" stained..1.61 off
"Strict middling "blue" stained__2.39 off
"Middling "blue" stained
3.16 oft
'These ten grades are not deliverable
upon future contracts.
The official quotation for middling upland cotton in the
New York market eac% day for the past week has been:
April 29 to May 5Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
18.35 18.95 19.90 20.00 19.75 19.60
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 5 for each of the past 32 years have been as follows:
19.80c. 1914
1922
12.95c. 1913
1921
1920 _,_ __41.75c. 1912
1919
29.20c. 1911
26.75c. 1910
1918
1917
20.10c. 1909
1916
12.60c. 1908
1915
10.05c. 1907
12.90c. 1906
11.85c 1905
11.50c. 1904
15.45c 1903
15.25c 1902
10.90c 1901'
10.40c. 1900
11.50c. 1899
11.80c. 1898
7.95e. 1897
13.80c.11896
10.85c. 1895
9.50c. 1894
8.19c. 1893
9.00c. 1892
6.12c. 1891
6.38c.
7.62c.
8.38c.
6.81c.
7.25c.
7.810.
7.31c.
8.88c,
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
I
Saturday, Monday, Tuesday, Wed'eay, Thurstry, Fristay,
Apr. 29. May 1. May 2. May 3. May 4. May 5.
Week.
May
-
Range
18.20-.28 18.26-.70 18.78470 19.38-.85 19.49-.89 19.30-.65 18.20-189
Closing
18.21-.22 18.69 - 19.70-.60 19.74-.80 19.50 - 19.55 - -June
Range
17.81 - 18.26 - --19.00 - -- 17.81-100
-- Closing
17.65 -17.85 -18.65 -18.80 -18.55 - 18.55 - -July
Range
17.70-.82 17.75-110 18.93-116 18.66-110 18.74-121 18.62-.94 17.70-116
Closing
17.72-.74 18.09-10 18.87-.90 19.03-.06 18.76-.80 18.78-.81- -- August
Range
18.80 - --19.00-07---18.80-107
Closing
17.80 - 18.20 - 18.95 -18.59 -18.80 -18.82 - -September
18.00 -18.78 -19.25
Range
-- 18.00-05
Closing ____ 17.82 - 18.25 -18.97 -19.08 -18.88 -18.87 -- October-.
17.83-.94 17.83-130 18.35-105 18.72-130 18.86-130 18.73-104 17.83-105
Range
Clcsing
17.85-.86 18.28-.30 19.00-.04 19.12-.15 18.90-.92 18.89-.93-- November
18.25
Range
18.25 Closing ___. 17.85 -18.30 -19.01 -19.15 -18.92 -18.91 -- December
Range
17.85-.99 17.88-135 18.45-/C7 18.75 .38 18.95 140 18.82-107 17.85407
Closing
17.85 .86 18.32 .35 19.03 .05 19.19 .25 18.95 .96 18.93-.94--January
17.80 .89 17.80 123 18.37 .95 18.62 120 18.75 128 18.65-.95 17.80-195
Range
Closing ____ 17.80 .82 18.23 -18.86 .87 19.02 .03 18.75 .78 18.80-.81- February
Range
Closing ____ 17.84 -18.28 -18.92 -19.03 - 18.78 -18.81 -- March
17.91 102 17.86 123 18.44 /04 18.69 119 18.82 128 18.74-.91 17.86-191
Range
Clinging
17 90 -18.33 -IRAN .99 19.04 .13 18.82 -18.81 - -I1180. 1 19e.
[vol.. 114.
THE CHRONICLE
2036
• THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreigr stocks, as
well 33 the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
May 5Stock at Liverpool
Stock at London
Stock at Manchester
1920.
1921.
986,000 1.199.000
11,000
2,000
91.000 175,000
1919.
553,000
12,000
81,000
975,000 1,079,000 1,385,000
25.000
35,000
61.000
329,000 199,000
126,000 161,000 349,000
13,000
7,000
70,000
82,000 124.0(10
37.000 167,000
28,000
32.000
10.000
2,000
646,000
639,000
346,000
1922.
bales_ 907,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam &c.
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
68,000
610,000
591,000
1,594,000
Total European stocks
India cotton afloat for Europe__ _ 100,000
American cotton afloat for Europe 366,000
Egypt, Brazil, &c. afloat for Elle() 72,000
295,000
Stock in Alexandria, Egypt
1,204,000
Stock in Bombay, India
894,061
Stock in U. S. ports
Stock in U. S. interior towns__ _ _ 956,883
8.174
U. S. exports to-day
1.670,000
58,000
246,783
79.000
252.000
1,314,000
1,492,837
1,545.200
3,075
Total Continental stocks
201,000
7,000
86,000
70,000
2,024,000 1,010,000
27,000
111.000
374,741 297.124
31,000
57,000
118,000 365,000
1,150.000 967,000
1,147,304 1,208,246
1,130.441 1,397,301
48,914
16,394
5,499,118 6,660,895 6.128,880 5.351.485
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 508,000 596,000 926,000 356,000
Liverpool stock
46,000
78,000 155,000
48,000
Manchester stock
534,000 511,000 538,000 332,000
Continental stock
366,000 246,783 374,741 297,124
American afloat for Europe
894,061 1,492,837 1,147,304 1,208.246
U. S. port stocks
965,883 1,545,200 1.130,441 1,397,201
U. S. interior stocks
48,914
16,394
3,075
8.174
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at NeW York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a dance how the market for spot and futures closed
on same days.
3,324,118 4,472,895 4,287,880 3,685.485
399,000 390,000 273.000 197,000
12,000
11,000
2,000
35,000
20,000
13,000
20.000
32.000
80,000 101,000
85,000
27,000
58,000 111,000
100.000
31,000
57,000
79,000
72,000
295,000 252.000 118,000 365,000
1,204,000 1,314,000 1,150,000 967,000
2,175,000 2,188,000 1,841,000 1,666,000
3.324,118 4.472,895 4,287,880 3,685,485
5.499.118 6,660,895 6,128.880 5.351,485
Total visible supply
7.71d. 26.634. 17.19d.
11.00d.
Middling uplands, Liverpool
29.10c.
41.10c.
13.00c.
19.80c.
Middling upland. New 'York__
Egypt. good sakel. Liverpool_ _ _ _ 20.254. 18.754. 89.504. 30.08d.
Peruvian. rough good. Liverpool.. 12.754. 12.904. 50.00d. 29.75d.
7.55d. 22.10d. 16.00d.
10.054.
Broach, fine, Liverpool
8.05d. 23.10d. 16.25d.•
10.954.
Tinnevelly, good. Liverpool
*Estimated.
Total East India, &c
Total American
SALES.
Futures
Market
Closed.
Spot
Market
Closed.
Spot. Contr't. Total.
Saturday... Steady, unchanged Steady
Monday - Steady,60 pts. adv. Firm
Steady, 95 pts. adv. Strong
Tuesday
Wednesday_ Steady, 10 pts. adv. Barely steady
Thursday _ _ Quiet, 25 pts. dec.. Barely steady_ _
Quiet, 5 pts. adv _ Steady
Friday
-----------
25,900 25,900
2,100 2,100
3,400 3,400
1,400 1,400
32,800 32,800
Total_
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:
----1921-22---Since
Week. Aug. 1.
7,175 717,740
4,804 324,131
7,858
70,579
1,007
5,162 212,423
8,749 345,657
----1920-21---Since
Week. Aug. 1.
15,377 664,835
3,792 215,019
32,331
1,610
55.376
1,278
2,398 107,626
17,276 :346.716
26,897 1.678.388
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _ 2,952 151,695
23,272
469
Between interior towns
5,866 331,508
Inland. &c., from South
41,731 1,421,903
•
May 5ShippedVia St. Louis
Via Mounds, &c
Ria Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
9,287
506,475
Leaving total net overland*___17,610 1,171,913
4.207
1,742
5,320
105,646
30,839
265,286
• 11,269
401,771
30.462 1,020,132
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 17,610 bales, against 30,462 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease,from a year ago of 151,781 bales.
-----1920-21
-----1921 22
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
5
94,458 5,153,071 133,247 5,358,204
Receipts at ports to May
17,610 1,171,913 30,462 1,020,132
Net overland to May 5
57,000 2,277,000
Southern consumption to May 5_a 74,000 2,768,000
186,068 9,093,884 220,709 8,655,336
685.259
*42,974 *151,365 *23,516
Total marketed
Interior stocks in excess
197,193
.143,094
Came into sight during week.
.... 9.340.595
8,942,519
Total in sight May 5
Continental imports for past week have oeen 115,000 bales. Nor. spinners' takings to May 5.. 41,510 1,8.59,286 55,361 1,540,038
The above figures for 1922 show a decrease from last week
* Decrease during week and season. aThese figures are consumption. Takings
of 73,791 bales, a loss of 1,161,777 baks from 1921, a decline not available.
555,971 bales from 1920 and a gain of 147,633 nales over
of
Movement into sight in previous years:
1919.
Bales.
Bales.Is Since Aug. 1Week10,847.453
-20
140,524 1919 -May 7
-May 7
AT THE INTERIOR TOWNS the movement-that is, 1920-May 9
9,660,484
-19
177,217 1918 -May 9
1919
10,742,142
-18
the receipts for the week and since Aug. 1, the shipments for 1918
140,198 1917 -May 10
-May 10
the week and the stocks to-night, and the same items for the
QUOTATIONS FOR MIDDLING COTTON At
corresponding periods of the previous year-is set out in
-Below are the closing quotations for
OTHER MARKETS.
detail below:
middling cotton at Southern and other principal cotton
markets for each day of the week:
Movement to May 6 1921.
Movement to May 5 1922.
Towns.
Ship- 'Stocks
menus. May
5,
Week. Season. Week.
Receipts.
Receipts.
Week: Season.
Ship- Stocks
menus. May
6.
Week.
401 5,058
19,511
302
489 7,976
250 30,0751
Ala., Birm'g'm.
300 4,516
8,803
200
250 g,875
157,943
100
Eufaula
645 30,275
190 47,798
46,516 1,167 19,865
40
Montgomery.
626 16,992
32,311
186
62 39,292 1,208 7,624
Selma
254 14,050
447 48,344
175 12,333
30,936
158
Ark., Helena
1,671 172,800 3,957 49,093 4,090 188,592 5,142 66,270
Little Rock
1,565 49,969 2,589 121,339 2,520 75,361
545 120,008
Pine Bluff_
46 6,100
10,620
20
1
6,016' 119 2,271
Ga., Albany..
398 89,220 2,725 29,448 1,779 130,998 2,195 42,849
Athens
1,749 214,128 5,120 31,015 4,369 145,102 4,693 35,319
Atlanta_ _
9,850 333,589 12,766 108,597 7,356 327,196 8,160 139,407
Augusta
85 34,319
32 37 671
88
51,381 2,258 11,221
Columbus_
43,213 1,330 16,015
133 34,473 1,006 11,009 1,193
Macon
434 8,328
559 27,714
277 9,806
161
29,809
Rome
545 66,222
317 88,985
300 34,700
300 60,013
La., Shreveport
110 2,900
9,101
50
47
19,585
606 2,736
Mise.,Columbu
459 108,278 2,988 58,588
161 130,057 2,288 32,989
Clarksdale
463 90,115 1,863 41,845
182 89,366 1,292 26,761
Greenwood. _
359 13,426
23,933
184
745 9,961
185 31,929
Meridian...
200 3,534
17,7 I I
614 9,725
31,066
17
Natchez a_ _ _
--815 12,475 232 13,000
578 7,270
Vicksburg.
26,204
47
308 11,915
28,252
61
410 10,983
16
Yazoo City
30,140
Mo., St. Louis_ 6,764 735.032 7,175 26,046 14,579 681,586 15,377 29,539
668 9,405
23,420
904
54,358 2,029 18,610
N.C.,Gr'nsboro 2,757
295
500
5,543
566
384
200
Raleigh
10,330
232
89,701 3,466 17,969
597 7,141 2,511
Okla., Altus...
18 82,333
.
702 5,450 2,148 68,524 3,189 10,347
365 58,603
Chickasha_ _
60,589
730 13,100
182 60,238
Oklahoma...
72,487 2,091 25,055
1
S.0.,Greenville 2,490 145,058 4,289 30,284 1- 19,813
589 9,849
374
9,230
13,736
26
264
Greenwood..
Tenn.,Memphis 13,163 831,055 20,241 146,180 14,553 820,817 23,364 33,469
1,335
664
_
328
Nimhville
_ _967- 3,351
i
--6r
279 1,711 118,006 2,12
81,179
Texas, Abilene__ _
400 8,500
22,85
331
27,275
____
Austin b______
550 4,056
358 11,114
13,021
___ 3,593
Brenham__
890 44,612 1,011 17,330
Dallas
0
-214 162,386 2,26 22,726
21,100
300 5,890
__
___ 11,403
Honey Grov_
19,700
33,21i7 2,405,022 29,179 170,160 55,g692,551,26 55,804321,407
Houston
410 4,358 1,392 98,236 1,710 12,683
50,710
Paris
65
821 2,500
946
695 41,028
49,288 1,763
1,261
San Antonio_
213 61,789 1,728 6,771 2,463 120,096 3,511 25,886
Fort Worth...
Total, 41 towns 68,5936,483,987 111,567965,883 125,411 6,437,800'148,9271545200
a Last year's figures, Hugo, Okla. b Last year's figures, Clarksville, Tex.
Mh The above totals show that the interior stocks have de-
creased during tie week 42,974 bales and are to-night 579,317
bales less than at the:,sama period last year. The receipts at
all towns have been 56,818 bales less than the same week
last year.
Closing Quotations for Middling Cotton on
Week endin
May 5.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_
Saturday, Monday, Tuesday, Wed'day. Thursd'y. Friday.
17.40
17.00
16.63
17.13
17.25
17.00
17.25
17.25
17.00
16.75
17.75
17.12
16.88
17.38
17.63
18.25
17.25
17.50
17.60
17.25
17.10
17.10
18.50
17.87
17.25
18.25
18.38
18.75
18.13
18.00
18.35
18.00
17.95
17.85
18.65
18.12
17.50
18.38
18.50
19.00
18.25
18.00
18.50
18.00
18.15
18.00
18.40
18.12
17.50
18.13
18.38
19.25
18.00
18.00
18.25
18.00
17.85
17.80
18.40
18.12
17.50
18.13
18.38
19.25
18.00
18.00
18.25
18.00
17.85
17.80
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for ieading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday,
Apr. 29.
May
July
October
December_
January _ _
March .._ _
Monday,
May 1.
18.18 bid18 18.15 bid
18.25 18.26 18.4016.110-17.4617.20 17.22 17.65 17.e7 18.47 18.50 18.51 18.57 18.33 18.35 18.25 18.26
17.29 17.31 17.78 17.80 18.58 18.58 18.58 18.62 18.36 18.37 18.29 18.32
17.26 17.27 17.78 17.80 18.53 18.56 18.61 18.63 18.33 18.34 18.24 18.26
18.44 -- 18.52-18.22 18.23 18.17 18.20
17.25 bid 17.7818.52 bid 18.22 bid 18.15 bid
18.40
17.25 -- 17.75-
Tone
Spot
Options
Friday,
May &
Tuesday, Wednesday, Thursday,
May 2.
May 3.
.May 4.
Steady
Steady
Steady
Steady
Firm
Very st'dy
Steady
Steady
Steady
Steady
I
Steady
Steady
-Our teleWEATHER REPORTS BY TELEGRAPH.
graphic reports this evening from the South indicate that
the weather has been generally unfavorable west of the Mississippi, rainfall having been excessive and the temperature
too low. Very little field work has been done. In Texas
fairly good progress is reported in a few lower coast counties, where chopping is reported under way. This, however,
applies to but a small area and much replanting will probably be necessary, it is stated, not only in Texas but in Oklahoma as well. East of the Mississippi the weather has generally been favorable, although temperatures are perhaps a
little too low. Our Mobile correspondent reports daily showers with some heavy rains in the interior which are retard-
MA) 6 19221
.
THE CHRONICLE
2037
lug farm work but which should prove beneficial to crops.
According to the foregoing, Bombay appears to show an
Mobile further reports the general condition as favorable increase compared with last year in the weeir's receipts of
and that satisfactory progress is being made in planting and 2,000 bales. Exports from all India ports record a gain of
chopping.
40,000
Rain. Rainfall.
4 days 2.72 in.
5 days 2.76 in.
4 days 8.05 in.
3 days 1.36 in.
3 days 3.08 in.
2 days 0.33 in.
3 days 1.25 in.
3 days 1.88 in.
5 days 3.15 in.
1 day 0.80 in.
4 days 3.46 in.
3 days 1.61 in.
2 days 1.94 in.
3 days 0.53 in.
5 days 2.67 in.
4 days 5.08 in.
3 days 0.83 in.
6 days 0.28 in.
1.33 in.
1 day
3 days 1.94 in.
4 days 0.70 in.
3 days 2.35 in.
3 days 1.75 in.
3 days 0.68 in.
5 days 3.68 in.
4 days 1.50 in.
6 days 0.98 in.
4 days 0.70 in.
1.41 in.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christd
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Alexandria, La
Amite
Shreveport
Mobile, Ala
Selma
Savannah, Ga.
Charleston,8.0
Charlotte, N.0
Thermometer
high 82 low 62 mean 74
high 82 low 46 mean 64
high 82 low 56 mean 69
high 92 low 70 moan 81
high 84 low 60 mean 72
high 83 low 54 mean 69
high 78 low 49 moan 64
high 82 low 46 mean 64
high 85 low 48 mean 67
high 79 low 57 mean 68
high 84 low 53 mean 69
high 86 low 52 mean 69
high 82 low 54 mean 68
high 85 low 53 mean 69
high 84 low 52 mean 68
high __ low 52 mean _ _
high 85 low 49 mean 67
high 85 low 55 mean 70
high 81 low 53 mean 67
high 80 low 50 mean 65
high 81 low 56mean 68H
high 88 low 54 mean 71
high 86 low 54 mean 70
high 85 low 57 mean 71
high 81 low 55 moan 68
high 81 low 53 mean 65
high 85 low 44 mean 66
high 79 low 45 mean 62
high 73 low 41 mean 59
bales during the week, and since Aug. 1 show an increase of 616,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
May 3,
1920-21.
1919-20.
50.000
3,855,211
Receipts (cantars)This week
Since Aug. 1
1921-22.
128.680
3,933,891
20,225
5,581,894
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)To Liverpool
To Manchester, &c
To Continent & India_
To America
____ 91,177
5,000 146,041
____ 70,955
5,000 '21.040
8,000 179.317 4,461 114,786
____ 39,600
3.000 164,276
200 244.737
____ 140.204
1,408 126.833
1.000 274.739
Total exports
21 .nnn 610.674 4.461:116.518 2.608786.513
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
-The folRECEIPTS FROM THE PLANTATIONS.
This statement shows that the receipts for May 3 were
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland re- 50,000 cantars and the foreign shipments 610,674 bales.
ceipts nor Southern consumption; they are simply a stateMANCHESTER MARKET.
-Our report received by
ment of the weekly movement from the plantations of that
part of the crop which finally reaches the market through the cable to-night from Manchester states that the market in
both cloths and yarns is quiet in consequence of Liverpool
ourports.
news. We give prices to-day below and leave those for
Week
Towns. Receiptsfrom Plantations
Receipts at Pons.
Stocks at Interior
previous weeks of this and last year for comparison.
main,
1921-22 1920-21 1919-20 1921-22 1920-21
1919-20 1921-22 1920-21 1919-20
-
Feb.
24._ 76,269 84,623 177,042 1,391,466 1,737,499 1.276,887
March
3._ 86,817 88,116 113,449 1,360.134 1.716.020 1,266,918
10_ _ 84,833 92,890 122.886 1,047,828 1.702,645 1,245,820
17_ 123,593 75,364 114,627 1,261,591 1,697,139 1,224,258
24_ 102,691 72,898 118,965 1,230,152 1,666,593 1,214,228
31.. 90,932 92,968 109,953 1,203,182 1,663.794 1.214,107
April
7.. 115,100 103,288 103,293 1,145,068 1.646,686 1,190,048
15_ 114,106 95,437 98,720 1,096.517 1,623,685 1,179,538
22.. 101,999 99,803 103,524 1,043,0891,609.714 1,169.597
29_ _ 86,760117,984 07,9671,008 857
1.568.7161.152.136
May
5_ 94.458132.247 00.h41 A WA 0711 548 200 1.130.441
55,485
44.416
65.467
71,259
63,962
66,687 123.480
79,515 101.788
69,858 93,068
42,352 108,938
90,169 109,832
56,986
85,555
48.571
52,52:
86,080
72,536
85,832
76,986
82,834
87,610
93.583
50,506
51,48 109,731 38,846
1920-21.
1921.22.
49,092 98.849 177.861
32s Cop
Twist.
Mar. d.
3 17
10 17
17 17
24 17
Apr.
1 173
8 1714
15 1714
22 1714
29 1714
May
5 17%
83( lbs. Shirt- Corn
ings, Common Mid.
Uprs
to Finest.
32s Cop
Twist.
d. e. d.
e. d. d. d.
18H 15 14016 14 9.98 16% 0
1814 15 1144416 114 10.57 153 0
184 15514(436 3 10.75 144 0
184 15 44016 3 10.69 1414 (4
0 1814 15 414016 3 10.69 16 (4
0 1814 15 414016 3 10.45 16
0
0 1814 15 414(416 3 10.23 163( 0
® 183 15 414016 5 10.11 16H •0
0 1814 15 451016 0 10.21 1614 0
0
0
ig
0
8X lbs. Shirt. Corn
tags, Common Mid.
Upril
to Finest.
d. e. d.
2014 16 0
17% 15 8
174 15 6
1714 15 6
s. 8.
017 8
017 0
0)17 0
017 0
d.
6.50
6.94
7.31
19 16 0
19 16 0
193j 18 0
1914 16 0
1914 16 0
017 6
017 6
017 6
017 6
017 6
7.21
7.28
7.59
7.24
7.34
8.08
The above statement shows: (1) That the toial receipts
0 19H 15 714016 3 11.00 1614 0 1934 16 0 017 6
7.71
from the plantations since Aug. 1 1921 are 4,905,482 bales;
In 1920-21 were 6,043,463 bales,and in 919-20 were 6,699,619
SHIPPING NEWS.
-As shown on a previous page, the
bales. (2) That althouhh the receipts at the outports the
past week were 94,458 bales, the actual movement from experts of cotton from the United States the past week have
plantations was 51,484 bales, .he difference being taken from reached 125,848 bales. The shipments in detail, as made
stocks at interior towns. Last year receipts from the planta- up from mail and telegraphic returns, are as follows:
tions for the week were 109,731 bales and for 1920 they
Total bales.
were 38,846 bales.
NEW YORK
196
-To Liverpool
-April 28-Ceitic, 196
To Manchester-April 28
30
-Archimedes, 30
To Bremen-April 28-President Taft, 66
66
WORLD'S SUPPLY AND TAKING OF COTTON.
Cotton Takings.
Week and Season.
1920-21.
1921-22.
Week.
Week.
Season.
Season.
6,641,379
Visible supply April 28
Visible supply Aug. 1
American in sight to May 5
Bombay receipts to May 4
Other India ship'ts to May 4_
Alexandria receipts to May 3.Other supply to May 3*
5,572,909
Total supply
Deduct
Visible supply May 5
5,817,003 18.929,769 6,907,572 17,441,852
6,111,250
143,094 8,942,519
82.000 2,755.000
175,000
5,000
644,000
7,000
b7,000 6302,000
4,956,257
917,193 9,340,595
.50,000 2,126,000
2,000
205,000
9,000
504,000
8,000
310,000
5,409,118 5,499,118 6,660,895 6,660,895
Total takings to May 5 a
317,885 13,430,651 246,677 10,780,957
Of which American
217,885 9.692,631 158,677 7,852.957
88,000 2,928,000
Of which other
100.000 3.738,020
receipts in Europe from Brazil, Smyrna, West Indies, &c.
* Embraces
a This total embraces the total estimated consumption by Southern mills,
-21-takings not
2,788,000 bales in 1921-22 and 2,277.000 bales in 1920
being avallable-and aggregate amounts taken by Northern and foreign
spinners, 10,662,651 bales In 1021-22 and 8,503,957 bales in 1920-21, of
which 6,924,631 bales and 5,575,957 bales 'American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1919-20.
1920-21.
Since
Since
Since
Week. Aug. 1. IVeek.1Aug 1. Week.' Aug. 1.
.
519 nnn 9 '7KK nnn on nnn n nut nnn on non 9 79di (Inn
1921-22.
May 4.
Receipts al-
-
For the Week.
Export,
Bombay
1021-22_ 4.000
1920-21_. .._
1919-20_ 1,0
Other India.__
1921-22_ _
1920-2L_ 1,0001
1919-20_ 1,000
Total all
1921-22_
1920-2L.
1010-20
Since August 1.
Conti- I Japan &
Great I Conti- Japan
Great
China.
nem.
Britain. new. &China Total. Britain.
--23,000 92,000 119,000
___ 70,000 70,000
___ 82,000 83,000
5,000
8,000
3,001
____ 5,000
5,000 14,000
4,000 8,000
30,00 391,00 1,390,000I1.811,000
19,000 418,000 723,000 1,160,000
71,000 370,00 1,486.00011,927,000
9,00
21,00
45,00
4.0001 28,000 02.00' 124,001 39,00
1,8001 8,000 75,000 84,000 40,00
2.0001 3.000 86.000 91.001 116.00
Total.
148,00
162.00
143,00
18,0001 175,000
27,0001 210,000
211.0001 399,000
539.00 . .
1,986,000
750,000 1.370,000
580,0
513.00 1.670.000 2.326.000
.245
To Hamburg-April 29
-Oregonian,245
To Danzig
50
-May 2
-Lithuania, 50
GALVESTON-To Liverpool
-May 3-Novian. 16,295_ __April 29
28,112
-West Totant, 11,817
400
To Rotterdam-May 3-Sagoland, 400
-Elkhorn,
To Havre-April 28
-Vermont, 9,100- __April 30
21,337
12,237
To Gothenburg-April 28-Stureholm, 1,700
1,700
To Barcelona-May 1-Aldecoa,6,308
6,308
To Genoa-April 27-Nicoiaos, 1,400_ __May 1-Aidecoa,
5,200
3,800
To Manchester-April 29
445
-West Totant, 445
To Venice
1,150
-May 1-Carlton, 1,150
To Antwerp-April 30
-Elkhorn. 1,014
1,014
600
To Trieste-May 1-Canton, 600
-SagoTo Bremen-April 29
-City of Alton, 10.006.. May 3
16.330
land, 6,324
NEW ORLEANS
-West Wauna, 2,435 2,435
-To Manchester-April 28
To Liverpool-April 28
-West Wauna, 6.697
6,697
To Havre-Aprii 29-Coldbrook, 3.610
3,610
130
To Ghent-Aprii 29-Coldbrook, 130
100
To Hamburg-April 28
-Else Hugo Stinnes. 100
To Bremen-April 28-Else Hugo Stinnes, 2,931
2,931
To Rotterdam-April 29-Saguache, 506
506
To Gothenburg-May 4
300
-Helmer Morch,300
200
To Bergen-May 1-Delaware,200
To Genoa-May 2
5.600
-Schenectady, 5,600
To Barcelona-May 4
-Mar Negro, 1,100
1.100
-April 19
94
BOSTON-To Liverpool
-Algeria,94
To Hamburg-April 18-Deuel, 36
36
To Naples
500
-April 24-Taormina, 500
LOS ANGELES
-To Liverpool-April 29
-Steel Scientist, 3,256- - 3.256
To China-April 28
-West Paralon, 350
350
-To linemen-May 1-City of Flint, 4.313
NORFOLK
4,313
PHILADELPHIA-To Antwerp-April 24-Mississi
10
10
-Sierra Leone. 8_ _ _May 1
SAVANNAH-To Hamburg-May 3
908
-Svarten, 350
9.589
To Liverpool-April 20-Parthenia, 9,589
Total
125,848
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American •
Amount float
Of which American
April 14. April 21.
27.000
26,000
17.000
17.000
3,000
3.000
49.000
34,000
897.000 870.000
483.000 460.000
17,000
27,000
8,000
13.000
201,000 247.000
128,000 163,000
April 28. May 5.
49,000
39.000
2e.000 34,000
1.000
3,000
60,000
51,000
915,000 907.000
503.000 508,000
75,000
105,000
63,000
82.000
201,000 202,000
136,000 135,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
2038
[VOL. 114.
THE CHRONICLE
a condition of 81.7%, estimated the crop at 583,000,000 bushels. The Goodman report put the abandoned acreage at
15%, with 37,671,000 acres for harvest and with a condition
HardenModerate
Quiet.
Quiet.
'nig.
demand
of 83, estimated the crop at 567,000,000 bushels, whereas the
last Government report indicated a crop of 573,000,000 bush10.91
11.03
11.00
10.45
10.18
Mid.UpPds
els. The visible supply in the United States decreased only
6,000
8,000
12,000
7,000
Sales
HOLI
6,000
213,000 bushels for the week and the amount of bonded wheat
DAY.
Quiet but Steady,8 to increased 1,640,000, but the Canadian visible decreased 2,Steady,
Steady,
Quiet,
Futures. I
507 pts.
13(4115
20©22 st'dy, 059 11 pts. dec.
Market
632,000.
advance. pts. adv. pts. adv. pts. adv.
opened
The first crop bulletin issued by the Canadian Pacific agStrong.
Quiet but Quiet but Quiet, but
Quiet but
Market, I
Ft'y,11 ©17 28©43 st'dy, 3(59 st'y, 5©17 steady,7to ricultural agent is on the whole very favorable. In some re4
P. M. 1
ots. adv. pts. adv. ins. adv. ots. adv. 12 ow.dec. spects conditions are reported to be the best for many years.
The Canadian Minister of Agriculture predicts a bumper
Prices of futures at Liverpool for each day are given below:
crop for Manitoba in 1922.
On May 4, at a special meeting of the directors of the ChiFri.
Thurs.
Tues.
Wed.
Sat.
Mon.
cago Board of Trade the following notice to the grain trade
April 29
to
1234 1234 1234 4 123.4 4 1234 4 1234 4 1234 4
was authorized: "The directors of the Chicago Board of
May 5.
.m.p. m. . m.p. m.p. m.p. m.p. m.p. Ill.p. m.p. m.p. m.p. m.
Trade are watching the storage situation in Chicago closely
d.
d.
d.
d.
d.
d.
d.
4.
d.
d.
d.
d.
and all parties interested may rest assured that at the in10.13 10.17 10.35 10.6010.76 10.69 10.8310.86 10.80 10.79
May
10.1810.19 10.35 10.62 10.76 10.6910.81 10.84 10.77 10.75 stant an emergency exists and no storage is available the
June
July
10.21 10.24 10.37 10.67 10.80 10.72 10.8310.84 10.77 10.75 rule providing for delivery of grain in carlots will be re10.20 10.24 10.36 10.65 10.78 10.71 10.81 10.82 10.75 10.73
August
4
1
/ to
0.18 10.23 0.35 10.64 10.76 10.68 10.7810.79 10.71 10.69 yoked." To-day prices declined 2 to 3 cents and ended 1
September
HOLI
10.17 10.22 10.33 10.6310.74 10.66 10.7510.76 10.67 10.64 3 cents lower than a week ago, May leading the decline.
October
Spot.
Saturday.
November _
December _ _
January
February
March
April
Monday.
Tuesday.
Wednesday. Thursday.
Friday.
A
hardening
tendency.
Market, 1
12:15
P. M.
'
DAY.
10.1510.21 10.31 10.6010.71 10.6310.72 10.72 10.63 10.60
10.14 10.21 10.29 10.58 10.70 0.6210.70 10.69 10.61 10.58
10.1310.20 10.28 10.53 10.65 0.68 0.6510.64 10.56 10.53
10.12 10.19 10.26 10.51 10.6310.56 10.6201.61 10.53 10.49
10.11 10.19 10.25 10.49 10.61 10.54 10.6010.50 10.50 10.47
10.1010.19 10.24 10.47 10.60 0.5201.58 10 5710 4510.45
BREADSTUFFS
Friday Night, May 5 1922.
Flour has been in pretty good demand for export and has
shown greater steadiness. The foreign buying has been
mostly of low grades. At one time there were rumors that
50,000 barrels of Canadian straights had been sold for export
to a Black Sea port. Whether this is confirmed or not, it is
believed that some Russian business is pending if it has not
already been put through. The demand otherwise has been
brisk both for low grades and first clears. And business
might have been larger but for the smallness of the offerings
of such 'grades. It is true, however, that they are generally
held above exporters' limits, although these limits have recently been raised. The demand is largely from the Near
East. On the other hand, the demand for the home trade
has not been large; quite the contrary. The sales have been
comparatively small. It is true that there is a steady demand for small lots. Buyers are evidently purchasing from
hand to mouth, only as stocks need renewing. Yet it is intimated in some quarters, too, that the total of such transactions is larger than it was a short time ago, and in some
cases there has been a raising of bids. On the whole the
market has been in better shape, and the feeling is more
cheerful. Offerings have fallen off.,
Stocks of unsold flour in New York on May 1 totaled 31,200 barrels, against 34,000 on April 1 and 24,600 last year.
This stock comprises 22,800 barrels of spring wheat flour
and 8,400 of winter, as against 24,600 barrels and 9,400 barrels, respectively, on April 1, and 16,200 and 8,400 last year.
Wheat advanced early on the prompt taking up of the de'liveries on May contracts. This week they have reached
1,750,000 bushels at Chicago and 2,000,000 bushels at Winnipeg. Also for a time there was a steady export demand.
That helped. Some of the crop reports, too, were not favorable. But later in the week prices gave way and they ended
lower than last Friday, owing to a falling off in the export
demand and more favorable crop reports. One Kansas report says that the crop in that State may reach 124,000,000
bushels, as against 128,000,000 harvested last year. Some
have left wheat for the moment to take up trading in cotton.
Yet for a time the market was strong. Abandonment of acreage is estimated at from 11% to'15% in the winter wheat
belt. Spring wheat seeding has been seriously delayed in
the northern part of the belt. It is said, too, that a reduced
acreage to spring wheat is Inevitable. Foreign markets have
in the main shown firmness. Less favorable crop accounts
come from Germany. The May position has been stronger,
as the deliveries went into the hands of prominent people.
It is said that arrangements were made to ship much of the
wheat taken on May delivery to the eastern end of the Lakes.
On May 1 export sales were reported of 1,000,000 bushels,
including 400,000 bushels of old crop Manitoba and 600,000
bushels of new crop winter wheat for forward delivery. On
May 2 export business was stated at 250,000 bushels, and
later 600,000 bushels, mostly old crop. The export outlook is
considered very promising. Italy, it is said, will want
American wheat for at least a year. A cold wet spring has
delayed the crop in that country. Meantime consumption
there is increasing. In this country winter wheat needs dry
warm weather. Considerable wheat was sold for shipment
to Chicago, i. e., 87,000 bushels at Toledo, 160,000 bushels at
Buffalo, and fully 350,000 bushels at the Southwest, or a total of close to 600,000 bushels. This was on May 3. But on
the 4th inst. prices declined on scattered selling and a fall
In Liverpool, as well as better weather at the West. Liverpool dropped % to 1d. There was scattered selling at Winnipeg also, partly for Chicago account.
The Snow report made the abandoned acreage of wheat
11.6%,leaving 39,165,000 acres to stand for harvest and with
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
15734 15634 15534 154
cts 153X 156
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
14334 14434 14234 13934
May delivery in elevator ______ cts_139X 141
125
126% 12834 128% 12834 127
July delivery in elevator
September delivery in elevator_ _ _ _118% 1194 11934 12034 11834 11734
Indian corn advanced in sympathy with wheat. Also offerings were small. Many believe that the crop is not making favorable progress where it has been planted. Wet
weather has delayed farm work, Prices have reached the
highest point seen for months past. Deliveries on May contracts were 2,550,000 bushels, and had no disturbnig effect.
At least a moderate business has been done for export. Sales
in three days amounted to 850,000 bushels. The visible supply in this country decreased last week 3,494,000 bushels.
The total is now 35,564,000 bushels, against 23,018,000 a year
ago. On the other hand, although country offerings have
been small, receipts at primary points have increased somewhat. And on days of reactions, as for instance, on the 4th
inst., Chicago reported a good demand for cash corn. Corn
on track was fractionally higher than May. A further moderate business was done for export. Still, on the 4th inst.
offerings from Iowa showed some increase. Farm work
there is now said to be making rapid progress. On the whole,
the tone though firm enough, was not aggressive on the bull
side. To-day prices declined and end practically unchanged
for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
791-4
813.4 82
cts_ 80
8034 79
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Thurs. Fri.
Sat. Mon. Tues. Wed.
cts_ 6034 61% 61% 6234 6234 61%
May delivery in elevator
4 65% 6634 6534 64%
64X 653
July delivery in elevator
6834 6834 66%
September delivery in elevator_ _ _ _ 673k 6834 68
Oats advanced slightly on May after some decline early in
the week. July held back, despite a bullish weekly Government report, and the fact that the season is late and the
acreage much reduced. May deliveries of 2,800,000 bushels
were promptly taken. The trouble was there was no particular outside demand. And although country offerings
were reported small, the receipts at primary points increased. Export sales, it is true, were about 400,000 bushels
on May 1, and 75,000 on the 2nd inst. But this, of course,
was nothing very great. And although the visible supply decreased in this country last week 3,918,000 bushels, the total
is still very large. On the 4th inst. fluctuations were within
very narrow bounds. There is no great pressure to sell. In
fact, there have been no striking features in this branch of
the grain business during the past week. P. S. Goodman
says that the condition as planted and contemplated is estimated at 10% under last year. He adds that in the Central
States the season is late and that the final planting may be
smaller than is now estimated. To-day prices declined, end4
1c
ing unchanged for the week on May and / lower on July.
NEW
YORK.
DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues. Wed. Thurs. Fri.
49
4934 4934 4934
cts_ 4934 49
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 3634 36i 373-4 3734 373', 3734
May delivery in elevator
9
3934 3 % 4034 4034 403-4 40
July delivery in elevator
411-i, 41 4
4134 42
4134
September delivery in elevator
4134
Rye has advanced with wheat for a time. Export sales
were made on the 2nd inst. of 100,000 bushels, with rumors
of larger business. Foreign buyers were said to be inclined
to take hold of the new crop. On May 1 they bought 300,000
bushels of old rye. Last week the visible supply fell off
304,000 bushels. The domestic trade does not appear to
have been more than moderate. But there is a steady export inquiry. Last Saturday 200,000 bushels were taken, so
that in a few days the total reached about 600,000 bushels.
'Rye, however, fluctuates either upward or downward as a
follower of wheat and seems to have no great individuality
of its own. Yet, it should be said that there is a certain
undercurrent of steadiness in spite of the large supplies on
hand. On Thursday fully 400,000 bushels were reported
MAY 6 1922.]
THE CHRONICLE
2039
ance of forward business. If higher cotton prices are to prevail they will offset the beneftts that would come from a reduced wage scale, and mills consequently are disposed to
curtail production and refrain from entering into forward
commitments. Other complicating factors in the situation
are the strikes in New England and the coal mining regions,
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
where a considerable falling off in the demand for goods is
108% 1083 10931 109% 108%
cts_108
May delivery in elevator
noted. Conditions generally, however, in the textile mar10531 1053 105
10331 10431 105
July delivery in elevator
kets are improving, and the beginning of the new month
The following are closing quotations:
finds a more cheerful sentiment in most quarters than has
GRAIN.
prevailed for some time past. There is still considerable irOats
Wheatregularity, so far as new business is concerned, some lines
No.2 white
4931
$1 54
No. 2 red
48
3 white
No.
1 54
being more active, while others are quiet. A substantial
No. 2 hard winter ___
Barley
Cornvolume of new business, nevertheless, has reached manufacNominal
Feeding
7931
No. 2 yellow
77081
Malting
turers, and, as in the past, the total would probably have
Rye118
No. 2
been greater had mills been willing to sell far ahead, as many
•
FLOUR.
buyers requested. Producers of unfinished cotton cloths as
-Portage barley:
$8 00@$8 50 Barley goods
Spring patents
rule refuse to accept orders for delivery beyond June. The
$57
No. 1
6 75
Winter straights, soft_- 6 50
Nos. 2,3 and 4 pearl- 5 75
7 75
Hard winter straights- 7 50
5 75©$6 00 increased business in finished goods has been confined for
Nos.2-0 and 3-0
6 75
6 25
First spring clears
the most part to ginghams, and the specialties that are popu6 00
Nos.4-0 and 5-0
600® 675
Rye flour
Oats goods-Carload
lar this season.
Corn goods, 100 lbs.:
5 150 5 30
spot delivery
1 70® 1 80
Yellow meal
1 60© 1 70
Corn flour
DOMESTIC COTTON GOODS: Owing to the further
sharp advances in prices for raw cotton, the market for cotFor other tables usually given here, see page 1980.
The visible supply of grain, comprising the stocks in gran- ton cloths during the past week has displayed a firmer unary at principal points of accumulation at lake and seaboard dertone. Slightly higher prices were named for print cloths,
sheeting and many other constructions, with mills firm at
ports Saturday, April 29, was as follows:
the higher levels and reluctant to sell very far ahead. BuyGRAIN STOCKS.
Barley, ers are endeavoring to provide for their requirements of the
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush.
UnitedIStates714,000 176,000 120,000 next two or three months and would go further ahead if
713,000
478,000
New York
1,000
1,000 mills would sell. There is a steady improvement in the de273,000
1,386,000
Boston
1,000
22,000
101,000
646,000 1,365,000
Philadelphia
24,000 mand for finished goods, notably ginghams and specialties
84,000 934,000
365,000 3,179,000
Baltimore
12,000
that are popular this season. Jobbers are displaying more
170,000
Newport News,
9,000
10,000
136,000
491,000
1,798,000
New Orleans
Interest in the market, and it is believed that if cotton prices
26,000
1,985,000
Galveston
84,000 hold firm, resistance to present quotations on the part of
2,000
967,000 1,745,000 1,632,000
Buffalo
1,252,000
" afloat
2,000 jobbers will disappear, as many are in need of goods. Inqui25,000
416,000
705,000
193,000
Toledo
12,000
ries from this source for domets, blankets and other fall
121,000
12,000
107,000
Detroit
725,000 130,000
3,260,000 8,430,000 16,740,000
Chicago
goods, where supplies have been reduced by the strikes in
356,000 1,909,000
" afloat
79,000 130,000 New England, are increasing. Orders for percales continue
701,000
96,000 1,398,000
Milwaukee
5,492,000 6,756,000 5,928,000 3,727,000 463,000 to come forward with the new designs selling quite well. DeDuluth
10,000
2,000
54,000
636,000
399,000
Joseph, Mo
St.
5,560,000 1,912,000 20,227,000 692,000 600,000 mand for cloths for the automobile trade continues fairly
Minneapolis
79,000
1,000
501,000
769,000
1,058,000
St. Louis
active, and converters have been buying drills and sheetings
48,000
6,575,000 2,914,000 2,003,000
Kansas City
for leatherizing and rubberizing. The call for goods for ex183,000
63,000
102,000
Peoria
198,000
219,000
110,000
Indianapolis
35,000 port is reported to be better than a year ago, and much bet1,261,000 1,120,000 2,382,000 911,000
Omaha
ter than the earlier months of the year, despite the fact that
270,000 693,000
174,000 1,879,000
On Lakes
the delay in tariff legislation continues to check foreign pur55,837,000 8,163,000 1,611,000
31,280,000 35,564,000
Total April 29 1922
31,493,000 39,058,000 59,753,060 8,467,000 1,611,000 chases for deferred delivery. According to reports, upwards
Total April 22 1922
13,419,000 23,018,000 30,739,000 1,441,000 1,729,000 of one thousand bales of brown sheetings have been sold for
Total April 30 1921
-Bonded grain not included above: Oats, New York, 18,000 bushels, shipment to Africa during May and June. Print cloths, 28
Note.
Buffalo 3,000, Boston 38,000, on Lakes 524,000; total, 583,000 bushels, against
61,000 in 1921; barley, New York 5,000 bushels, Duluth 11,000, on Lakes 21,000; inch, 64 x 64's construction are listed at 6%c, and the 27-inch,
total, 231,000 bushels, against 129,000 bushels in 1921; and wheat, New York 64 x 60's, at 614c. Gray goods in the 39-inch, 68 x 72's, are
/
277,000, Baltimore 108,000, Buffalo 972,000, Philadelphia 516,000, Boston 165,000,
quoted at 9c, and the 38-inch, 80 x 80's, at 11c.
on Lakes 1,850,000; total, 3,888,000 bushels in 1922.
taken for export, making about a million bushels up to that
date this week. To-day prices fell and closed with May off
M3c for the week and July up %c. Export sales this week
are estimated at 2,000,000 bushels. • May deliveries this
week were 500,000 bushels.
Canadian
502,000
1,166,000 1,604,000
Montreal
6,384,000
Ft. William & Pt. Arthur29,408,000
1,240,000
1,141,000
Other Canadian
Total April 29 1922
Total April 22 1922
Total April 30 1921
Summary
American
Canadian
Total April 29 1922
Total April 22 1922
Total April 30 1921
31,715,000 1,604,000 8,126,000
34,347,000
974,000 9,135,000
17,325,000
130,000 16,827,000
15,000
179,000
1,800,000
263,000
15,000 2,242,000
18,000 2,768,000
7,000 3,173,000
31,280,000 35,564,000 55,837,000 8,163,000 1,611,000
15,000 2,242,000
31,715,000 1,604,000 8,126,000
62.995,000 37,168,000 63,963,000 8,178,000 3,853,000
65,840,000 40,032,000 68,888,000 8,483,000 4,379,000
30,774,000 23,118,000 47,566,000 1,448,000 4,902,000
WEATHER BULLETIN FOR THE WEEK ENDING
-The influence of the weather on the crops is sumMAY 2.
marized in the weather bulletin issued by the Department of
Agriculture for the week ending May 2 as follows:
Rainfall was favorable for winter wheat in Texas, western portions of
Oklahoma and Nebraska and in the Rocky Mountain States, while in Central
and Eastern districts the crop continues to make satisfactory progress except
where damage was caused by floods on some lowlands in the interior Valley
States.
Weather was somewhat unfavorable for seeding spring wheat in portions
of Wyoming and Montana, but otherwise this work is now nearly completed
In central and eastern portions of the spring wheat belt. Delayed spring
oats seeding in Northern States also progressed favorably, but owing to the
previous unfavorable weather, which had caused great delay in this work, a
considerable decrease in acreage is indicated.
It was too cool for proper germination and growth of corn in most Southern districts. Some damage was done by excessive rains in the Southwest.
Planting was well along in central and southern Kansas, but this work was
much delayed in Central Valley States.
It was generally too cool for best germination and growth of cotton in the
Southern States, and this, combined with excessive rains that occurred west
of the Mississippi River, made conditions decidedly unfavorable in that area.
Little field work was possible in Texas or Oklahoma during the week, and
soil was too wet in northern Louisiana and much of Arkansas. Cotton made
fairly good progress in a few northern and southern Texas counties, where
chopping out was under way, but elsewhere advance was poor and the unfavorable condition for germination will make much replanting necessary in
both Texas and Oklahoma.
THE DRY GOODS TRADE.
New York, Friday Night, May 5 1922.
Although there has been less activity in dry goods markets
during the past week, prices have been well maintained. A
further rise in prices for raw cotton during the week led
manufacturers of cotton goods to ask more for their various
lines. Buyers, on the other hand, were less inclined to purchase freely at the higher prices, although it was admitted
that still higher levels were likely. Owing to the uncertainties of the future, mills are also inclined to defer the accept-
WOOLEN GOODS: Although the advances in prices for
cloths made necessary by the higher market for wool and the
outlook for a restrictive tariff are being resented by many
buyers,. demand for woolen goods continues quite active.
Business in the worsted division of the market also shows
signs of more activity. Following its recent action in advancing prices of woolen goods from 10 to 45c per yard, the
American Woolen Company announced during the past week
advances on its worsted lines ranging from 10 to 30c per yard
over the levels at which lines for the fall season were opened.
As In the case of woolens, it was explained that the higher
prices for worsteds were made necessary by the increased
cost of raw materials. The upward tendency of prices appears to have stimulated more interest in the market for
goods, and many buyers have hastened to provide for their
requirements before further advances take place. Another
factor which affected sentiment favorably was the successful conclusion of new, agreements with labor unions in Chicago and Rochester concerning wage and working conditions.
Demand for men's wear woolen and worsted fabrics continues to increase, while a liberal amount of duplicate orders
for suitings and overcoatings has also been received. In the
dress goods section of the market, demand for tweeds, homespuns and spot fabrics continues the feature. The worsted
yarn market rules firm.
FOREIGN DRY GOODS: The market for linens remains
generally quiet, although a seasonal demand is noted for
dress linens. According to reports, importers are beginning
to anticipate the tariff by placing liberal orders for supplies
In -primary markets. Although linen men are getting together to enter a strong protest against the sharp rise in tariff duties as outlined in the new tariff bill, many meichants
do not care to await the outcome of this before making some
provision for their future requirements. Prices in the local
market show little change, although firmly maintained. The
improvement in foreign exchange rates has not as yet had
any material efect on the market, but it is predicted that
prices throughout the list will soon advance, as present
stocks are well liquidated. A good call for fine damasks is
reported. No change is noted in the foreign situation, spinners continuing to curtail production. Burlaps developed
strength during the past week due to the persistent firmness
of the Calcutta market, where prices advanced, owing to the
short jute crop. Trading locally has been confined to spot
and nearby deliveries. Spot light weights are quoted at 5.15c
and heavies at 6.95c.
3040
THE CHRONICLE
:Oak anit Zity Department
MUNICIPAL BOND SALES IN APRIL.
Long-term municipal bond sales negotiated during April
reached an aggregate of $130,920,098, not inducing the
exceptionally large aggregate of new issues by Canadian
municipalities and the Dominion Government referred to
further below. At $130,920,098 the amount is in excess of
any corresponding April total in the past 30 years, the
largest previous April figure having been $103,224,074,
made in 1914, when $70,000,000 New York City bonds
formed part of the aggregate. For April last year the disposals were $86,691,392, and for March of the present year
$117,072,378.
The largest issue of the month was the sale of the $45,000,000 New York City 43.% gold corporate stock to a syndicate
managed by Speyer & Co. at a bid of 102.766 for all or none,
which is on a 4.119% basis.
Other sales prominent during April were: $6,000,000
4% State of North Carolina highway bonds at 100.10, a
basis of about 4.49%, to a syndicate of Now York and North
Carolina banks and brokers, which also scoured an option
to purchase at the same price an additional $9,000,000;
$6,000,000 State of Illinois 4% highway bonds to Hallgarten
& Co. at 98.875, a basis of about 4.11%;$5,000,000 State of
Ohio 434% adjusted compensation bonds to a syndicate
composed of the First National Bank, N. Y., Stacy &
Braun, Toledo, Brown Bros. & Co., N. Y., Lee, Higginson
8c Co., N. Y., Blair & Co., N. Y., Cleveland Trust Co.,
Cleveland, Richards, Parish & Lamson, Cleveland, Illinois
Trust & Savings Bank, Chicago, and the Merchants Loan &
Trust Co., Chicago, at a price equal to 101.76601, a basis
of about 4.14%; 7 issues of 432% City of Newark, N. J.,
bonds, 6 aggregating $3,503,000, to a syndicate headed by
Eldredge & Co.on an average basis of about 4.25%,and 1 for
$99,000 to Hannahs, Baffin & Lee, also on a 4.25% basis.
$2,000,000 City of Providence, R. I., 4% water supply
bonds to Kissel, Kinnicutt & Co., Eldredge & Co., E. H.
Rollins 84 Sons, Bodell & Co., Miller & George and W. W.
White & Co. at 98.97, a basis of about 4.05%. $1,500,000
5% road bonds of St. Louis County, Minn., to Wells-Dickey
Co., Minneapolis; Barr & Schmeltzer, N. Y.; Keane, Higbie
& Co., N. Y., and the Mississippi Valley Trust Co., St.
Louis, at 103.2279, a basis of about 4.55%. Four issues of
Roanoke, Va., 432% bonds amounting to $1,260,000, to
Eldredge & Co., Stacy & Braun and Kissel, Kinnicutt & Co.,
N. Y., at 100.42, a basis of about 4.47%. $1,250,000
Marion County, Ind., 5% bonds for World War Memorial
Plaza site bonds to a syndicate including Breed, Elliott &
Harrison and other Indianapolis and Cincinnati houses at
108.06, a basis of about 4.39%. $1,200.,000 432% New
Orleans, La., refunding bonds to W. A. Harriman & Co. and
Barr Sc Schmeltzer, N. Y.; Old Colony Trust Co. and Edmunds Bros. & Co., Boston, and Watson, Williams & Co.,
New Orleans, at 100.07, a basis of about 4.49%. $1,000,000
4%% State of South Dakota highway bonds to the Continental & Commercial Trust & Savings Bank of Chicago
at 101, a basis of about 4.63%.. $1,000,000 6% Duval
County Special Tax School District No. 1, Fla., bonds to
Geo. B. Gibbons & Co., N. Y., at 116.03, a basis of about
4.97%; and Venango County, Pa., 43% road bonds for
$1,000,000 to the Franklin Trust Co., Franklin, for the
account of Biddle Sc Henry and Harrison, Smith & Co.,
Philadelphia, at 100.818, a basis of about 4.24%.
The Canadian municipal bonds sold during April reached
the unusually large sum of 8126,644,734, having been
• swelled by the sale of $100,000,000 Dominion of Canada 5%
20 -year (optional) gold refunding bonds to a syndicate
-30
headed by J.P.Morgan & Co. Other largo sales of Canadian
bonds were: Province of Ontario, $15,000,000 5% gold
bonds to National City Co., Dillon, Read & Co., Harris,
Forbes & Co. and the Guaranty Co., all of N. Y., and the
Dominion Securities Corp. of Toronto, at 97.409, a basis
of about 5.18%; and Greater Winnipeg Water District,
84,000,000 5% bonds to Blair Sc Co. and others at a 5.23%
basis.
The Canadian total for April compares with $14,678,608
in March of this year and $8,105,224 in April 1921.
Short-term securities issued in April aggregated $37,965,000. This includes $26,250,000 revenue bills, special
revenue bonds and corporate stock notes issued by the
City of New York.
In the following we furnish a comparison of all the various
forms of obligations put out in April in the last five years:
[VoL. 114.
1922.
1921.
1920.
1919.
1918.
$
3
Perman't loans(U.S.)130,920,098 86,691,392 66,194,759 52,713,484 14,999,882
vremp'y loans (U.S.) 37,965,000 118,774,780 66,311,000 41,975,700 25,425,000
Canadian loans(per't)126,644,734 8,105,224 14,867,835 7,514,928 8,869,408
Bonds U.S.Possess'ns
None
None
None 10,000,000
None
Gen.fund bds.,N.Y.0 6,000,000 6,500,000
None
None 3,500,000
Total
000,000,000 215,197,848 167,373,594 112.204,112 52,994,290
.
Includes temporary securities issued by New York City, $26,250,000 in April
1922, $112,474,000 in April 1921, 357,065,000 in April 1120, /32,000,000 in April
1919, and 317,505,000 in 1918.
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1922
were 471 and 618, respectively. This contrasts with 463
and 580for March 1922 and with 539 and 638 for April 1921.
For comparative purposes we add the following table,
showing the aggregates of long term issues for April and the
four months for a series of years:
1922
1921
1920
1919
1918
11,17.
1916
1915
1914
1913
1912
1911
1910
1909
1908
Month of
For the
April.
Four Months.
3130.920,098 3426,347,751
86,691,392
288,367,107
63,408,434
235,381,921
52,713,484
158,952,753
14,999,882
90,130,471
1'68,277,482
169,324,775
z86,899,155
206,902,393
26,402,049
171,261,251
y103,224,074
268,986,826
23,644,915
96,258,461
22,317,243
97,951,422
38,562,686
162,026,305
20,691,260
124,708,581
37,462,552
117,402,998
21,420,859
112,196,084
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
Month of
April.
19,909,004
8,725,437
40,400,428
11,814,584
17,626,820
6,735,283
9,298,268
14,157,809
7,477,406
3,570,963
13,060,323
4,521,850
8,169,464
11,699,392
9,175,788
For the
Four Months.
78,235,007
65,755,686
76,137,234
58,333,230
48,803,588
38,254,819
33,192,622
48,650,275
26,098,992
27,336,696
, 48,631,385
19,672,118
29,496,406
35,718,205
26,680,211
"'Includes 325,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinking Fund of New York City.
x Includes 355,000,000 bonds issued by New York City at public sale.
y Including $70,000,000, bonds sold by New York City-365,000,000 at public
sale and $5,000,000 to the Sinking Fund.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Colorado (State of).—Special Session of Legislature Adjourns—Action Taken an Flood Prevention and Tunnel Bills.—
The Stato Legislature, which had been in special session since
April 18, adjourned on April 28, according to the Denver
"Rocky Mountain News." It is stated that the Moffat
tunnel bill, providing for the construction of a tunnel giving
transportation relief to northwestern Colorado, and the
Peterson flood-prevention bill, providing for the organization of county conservancy districts, with authority to borrow funds for the prevention of floods, were passed during
the session. It is further reported that the Governor has
signed the flood-prevention bill but is withholding action on
the tunnel bill, pending the decision of the State Supreme
Court on certain questions regarding the measure's constitutionality.
Norway (Kingdom of).—Loan Issued.—Brown Bros. &
Co. and Bernhard, &ladle & Co. have sold an issue of
5,000,000 kroner 6% coupon bonds. Denoms. 10,000,
5,000 and 1,000 kroner. Date June 1 1920. Prin. and semiann. int. (J. & D.) payable in Norway in kroner, collectible
through Brown Bros. & Co. or Bernhard, Scholle & Co.
Due June 1 1970; subject to call on or after JUnO 1 1930.
Further details of this loan may be found on another page
in our "Current Events and Discussions" dopartment.
Oklahoma City School District (P. 0. Oklahoma
City), Oklahoma County, Okla.—Board of Education
Adopts Resolution Declaring Bond Issue Carried.—The
"Oklahoman" of April 27 had the following to say regarding
the $1,900,000 recently voted as reported in our issue of
April 29—V. 114, p. 1933:
The Board of Education settled tho controversy raging around the result..
of the election Tuesday (Apr. 25) on the $1,900,000 bond lasue by unani
mously adopting a resolution declaring the issuo carried. Acting on the
recommendation of Hubert L. Bolen, Attorney for the Board, members
refused to count the seventy-three mutilated ballots held out by the county
election board.
Confusion as to the results of the bond issue grew out of a misunder•
standing as to what body should pass finally on tho election results. The
board of education, instead of the county election board. LS vested with
this authority in special school districts, according to Bolen.
On the final official results accepted by the school board the vote stands
5,636 "for" the bonds and 3,706 "against." This makes a total of 9,342
votes cast on the proposition, not counting the mutilated ballots. Taking
60% of the total ballots cast the result is 5,605 votes or 31 above the necessary 607
o.
Several legal points will necessarily grow out of the action of the board
In approving the bond issue which may finally demand a court ruling,
according to bond experts present Wednesday night (Apr. 26). There was
a difference of opinion of bond dealers, but thoso who appeared before the
board believed the sale of the bonds would not be impaired.
Dealers Offer to Buy.
C. Edgar Honnold,who Is a member of the firm handling a part of the
$2,709,000 city bond issue, declared he was ready immediately to make
a bid on the issue regardless of any action which may result later. Ile said
he would name a figure equal to that of any other firm in the city.
T. R. Upshaw. representing R. J. Edwards,said he would take the bonds
and stand all chances and expenses for a court decision for $9,000. Should
a test suit lose the board would owe him nothing, ho said. it. N. Bancroft,
representing John Nuveen & Co. of Chicago, said ho wanted a bid on the
bonds but first would have to await advice from the home office.
Board Ignores Contest Threat.
It is probable that the board will take the matter up at a meeting to
be held next Monday night(May 1). Several points on the issue will have
to be worked out before the bonds are sold.
The board's action in approving the issue came without a hitch. Points
in filling out the petition to be presented to the Attorney-General for his
approval on the bonds will be settled Thursday. The board was careful
In its procedure in approving the election results, but was undisturbed
at threats of opposition which may result In a contest.
MAY 6 1922.1
2041
THE CHRONICLE
Apparently won Tuesday night (Apr. 25) by a narrow margin of 28
votes the bonds were declared lost Wednesday when the county election
board announced the total vote cast, including mutilated ballots, lacked
13 of the required 60% to carry the issue. The third cycle in their existence came Wednesday night when the Board of Education met for an
official canvass.
ton days before the expiration of this call, the above official will arrange
for their payment at the Bankers' Trust Co., New York City, but not otherwise.
Las Animas, Bent County, Colo.—Bonds Called.—J. B.
Shaw, City Treasurer, has called for payment water works
United States of Brazil (Government of).—Loan bonds Nos. 46,47 and 48,in denominations of $1,000 each.
Floated in London and New York.—Full details concerning
the floating of a loan of £9,000,000 in London and New York
BOND PROPOSALS AND NEGOTIATIONS
may be found on another page in our department of "Curbonds bear interest at this week have been as follows:
rent Events & Discussions. The
County,
AKRON CITY SCHOOL DISTRICT
732%; are in denominations of £1,000, £500 and £100, are Ohio.—BOND OFFERING.—Irene M.(P.O. Akron), SummitBoard of
Moses, Clerk of the
dated April 1 1922, mature April 1 1952, but subject to call Education, will receive seated bids until 4 p. .n. May 31 for $500,000 5%
1922. Int. semi-annually.
Date June
bonds. Denom.
on certain conditions, commencing Oct. 1 1923. A portion $25,000 yearly on$1,000. from 1924 to11943 incl. Certified check forDue
2%
June 1
amounting to £2,000,000 was offered in Now York at 97 of the amount of bonus bid for, payable to the above Clerk, required. No
Co., and the remainder bids below par and accrued interest will be considered.
and interest, by Dillon, Read &
Wayne),
ADAMS CIVIL AND SCHOOL TOWNSHIP (P.
in London by Baring Bros. & Co., Ltd., N. M. Rothschild Allen County, Ind.—BOND OFFERING.—G. E. 0. 0. FortTrustee of
Shafer,
& Sons and J. Henry Schroeder & Co. Both amounts Adams Civil and School Township, will receive sealed bids until 12 m.
May 15 for $150,000 57 coupon hign school building nonds. Denom. 60
were over subscribed.
for
each
$500 each. Date May 16 1922. Prin. and
BOND CALLS AND REDEMPTIONS
Grand Junction, Mesa County, Colo.—Bonds Called.—
Chas. H. Crawford City Treasurer, has called for the following bonds, with interest ceasing on May 20:
Paving District No. 1—Nos. 212 to 215 Inclusive.
Paving District No. 2—Nos. 150 to 153 inclusive.
Paving District No. 3—Nos.39 and 40.
Paving District No. 4—No. 26.
Paving District No. 5—No. 24.
Sewer District No. 3—Nos. 50 to 55 inclusive.
Sewer District No.6—No. 42.
Sidewalk District No. 2—No. 22.
Denver (City and County), Colo.—Bond Call.—Notice
has been given that sufficient moneys are in the hands of
M. J. McCarthy, Manager of Revenue and ex-officio City
Treasurer, to pay the following bonds:
Storm Sewer Bonds.
Sub Dist. No. 4, Capitol Hill Storm Sewer Dist. No. 1, Bond No. 22.
Side Storm Sewer Dist. No. 1, Bonds 36 to 50, incl.
East
North Denver Storm Sewer Dist. No. 3, Bond No. 17. '
Washington Park Storm Sewer Dist.. Bonds Not. 237 to 239 incl.
Sub-Dist. No. 3, Washington Park Storm Sower Dist., Bond No. 41.
West Denver Storm Sewer Dist. No. 1, Bonds Nos. 100 to 105 incl.,
and Bonds Nos. 121 to 135 incl.
• Sanitary Sewer Bonds.
Part of Sub-Dist. No. 9, East Side Sanitary Sewer Dist. No. 1, Bonds
Not.36 and 37.
Sixteenth Street Sanitary Sewer Dist., Bond No. 36.
West and South Side Sanitary Sower Dist., Bonds Not. 596 to 605 incl.
Part A, Sub-Dist. No. 3, West and South Side Sanitary Sewer Dist
Bonds Nos. 98 to 101 incl.
Part A. Sub-Dist. No. 5, West and South Side Sanitary Sewer Dist.,
Bond No. 23.
I
Part A. Sub-Dist. No. 6. West and South Side Sanitary Sewer Dist.,
Bond No. 25.
Sub-Dist. No. 11, West and South Side Sanitary Sewer Dist., Bond
No.38.
Part A, Sub-Dist. No. 14, West and South Side Sanitary Sewer Dist.,
Bond No. 64.
Part A, Sub-Dist. No. 15, West and South Side Sanitary Sewei•
Bond No. 26.
Part A. Sub-Dist. No. 18, West and South Side Sanitary Sewer Dist.,
Bond No. 16.
Part B, Sub-Dist. No. 18, West and South Side Sanitary Sewer Dist.,
Bond No. 5.
Part B, Sub-Dist. No. 20, West and South Side Sanitary Sewer Dist..
Bond No. 11.
Improvement Bonds.
East Denver Impt. Dist. No.6, Bond No.36.
Denver Impt. Dist. No.7, Bond No.36.
East
East Denver Impt. Dist. No.8, Bond No. 16.
East Side Impt. Dist. No. 3, Bonds Not. 28 and 29.
East Side Impt. Dist. No. 4, Bond No. 39.
East Side Impt. Dist. No.6, Bonds Not. 50 to 55 incl.
East Side Impt. Dist. No. 8, Bond No. 49.
East Side Impt. Dist. No. 9, Bond No. 9.
Harman Impt. Dist. No. 1, Bond No. 30.
Montclair Impt. Dist, No. 1, Bonds Not. 28 to 35 incl., and Bonds Not.
36 to 66, incl., and Bonds Not. 76 to 82 incl.
Montclair Parkway Suburban Impt. Dist. No. 1, Bond No. 121.
North Side Impt. Dist. No. 12, Bond No. 29.
North Side Impt. Dist. No. 14, Bond No. 19.
North Side Impt. Dist. No. 17, Bond No. 67.
North Side Impt. Dist. No. 18, Bond No. 50.
North Side Impt. Dist. No. 19, Bond No. 19.
North Side Impt. Dist. No. 21, Bond No.34.
North Side Impt. Dist. No. 23, Bond No.81.
North Side Impt. Dist. No. 26, Bond No. 9.
North Side Impt. Dist. No. 29, Bonds Not. 21 and 22.
Seventh Avenue Parkway Impt. Dist., Bond No.42.
South Capitol Hill Impt. Dist. No. 2, bonds Not. 113 to 134 incl., lind
Bonds Nos. 157 to 188 incl.
South Denver Impt. Dist. No. 7, Bond go. 45.
South Denver Impt. Dist. No. 9. Bond No. 39.
South Denver Impt. Dist. No. 12, Bond No. 29.
South Denver Impt. Dist. No. 15. Bond No. 14.
Williams Street Parkway Impt. Dist., Bond No. 39,
Park Bonds.
East Denver Park Dist., Bonds Not. 2.036 to 2,085 incl.
Montclair Park Dist. Bonds Not. 507 to 510 incl.
South Denver Park Dist., Bonds 771 and 772.
Surfacing Bonds.
East Side Surfacing Dist. No. 1, Bonds Nos. 7 and 8.
North Denver Surfacing Dist. No. 1, Bond No. 78.
North Denver Surfacing Dist. No. 2, Bond No. 16.
North Denver Surfacing Dist. No. 3, Bond No. 20.
Seventh Avenue Parkway Surfacing Dist., Bonds Not. 36 and 37.
South Denver Surfacing Dist. No. 2, Bond No. 36.
Paving Bonds.
Alley Paving Dist. No. 31, Bonds Not. 19 and 20.
Alley Paving Dist. No.32, Bonds Not. 22 to 24 incl.
Alley Paving Dist. No. 36, Bond No. 13.
Alley Paving Dist. No. 37, Bond No. 13.
Alley Paving Dist. No.43, Bond No. 15.
Alloy Paving Dist. No. 50, Bond No. 12.
Alley Paving Dist. No. 51, Bond No. 11.
Alley Paving Dist. No,52, Bond No. 12.
Alley Paving Dist. No. 53, Bond No. 12.
Alley Paving Dist. No. 59, Bond No. 10.
Alley Paving Dist. No,63, Bonds Nos. 3 to 9 incl.
Alley paving Dist. No. 64, Bonds Not. 3 to 12 incl.
Alley Paving Dist. No.65, Bonds Nos. 1 to 7 incl.
Alley Paving Dist. No. 66, Bonds Not. 4 to 10 incl.
Acoma Street Paving Dist. No. 1, Bonds Not. 20 and 21.
Broadway Paving Dist. No. 4, Bonds Not. 65 to 71 incl.
East Denver Paving Dist. No. 4. Bond No. 22.
Fourteenth Avenue Paving Dist. No. I. Bond No. 18.
Montclair Parkw'ay Suburban Paving Dist. No. 1, Bonds Not. 106 & 107.
North Denver Paving Dist. No. I. Bond No. 28.
North Denver Paving Dist. No. 2, Bond No. 16.
All bonds are called in for payment on May 31. Interest ceasing on that
date. Upon the request of the holders of any of the above bonds, received
••
and 180 for
$1,000
semi-an. int. (Jan. 16 & July 16) payable at the Dime Savings & Trust
Co. In Fort Wayne, Ind. Due semi-annually beginning July 16 1923.
Certified check for 5% of the amount of bonds bid for, payable to the
above trustee, required. Bonds not to be sold for less than par and accrued
int. Apparently these are the bonds which were to be offeroa on May 5—
V. 114, p. 1926.
ADAMSON SCHOOL DISTRICT (P. 0. Adamson), Pittsburg
County, Okla.—BONDS VOTED,—School-building bonds amounting to
$25,000 have been voted.
ALBANY DRAINAGE DISTRICT, Gentry County, Mo.—BOND
SALE.—Stern Bros. & Co. of Kansas City have purchased, and are now
offering to investors to yield 5.259. $355.000 59 drainage bonds.
Denom. $1,000 ($500 for 1928 and 1938 maturities). Date Feb. 15 1922.
-Aug. 15) payable at the •'omPrincipal and semi-annual interest (Feb. 15
merce Trust Co. of Kansas City. Due yearly on Feb. 15 as follows:$18,000
1927 and 1928; $20,000, 1929 and 1930; $22,000, 1931; $24,000, 1932 and
1933; $26,000, 1934 and 1935; $28,000, 1936; $30,000. 1937; $32,000. 1938
$33,000, 1939. and $34,000, 1940.
ALEXANDER COUNTY SCHOOL DISTRICT (P. 0. Taylorsville)
No. Caro.—BOND OFFERING.—Sealed bids will be received until May 15
for $50.000 6% school bonds by C. H. Gryder, County Superintendent.
1)ato May 15 1922. Due $2,000 May 1 1925 to 1949, inclusive.
ALEXANDRIA, Douglas County, Minn.—BOND SALE.—The $30,000 5% electric light bonds offered on May 1—V. 114, p. 1803—have been
awarded to the Minneapolis Trust Co. of Minneapolis at a premium of
$540, equal to 102.80. Date April 11922.
0. Andover),
ANDOVER TOWNSHIP SCHOOL DISTRICT
Ashtabula County, Ohio.—BOND OFFERING.—J. E. Baker, District
Clerk, will receive sealed bids until I p. m. to-day(May 6) for the $100,000
,
}
5 6% bonds which were to be offered on April 10—V.114, p. 1327. Denom.
7
$1,000. Date April 1 1922. Int. M. & S. Certified check for 50 of
the amount bid for, drawn upon some solvent bank in the State of Ohio.
,
'
payable to the Board of Education, required. Purchaser to oil accrued
interest. The bonds were not sold on April 10, as an error in the maturity
was made by the attorney.
ARMSTRONG COUNTY (P.O. Claude), Texas.— WARRANT SALE.
—We are advised by J. L. Arlitt of Austin that he recently purchased
$25,000 67 coupon road and bridge funding warrants. Denom. $500.
Date March 15 1922. Prin. and semi-ann. int. (Mar. 15 & Sept. 15)
payable at the Hanover National Bank, N. Y. City. Due $2.500 yearly
on March 15 from 1923 to 1932 incl.
Financial Statement.
80g
$ .72859: )
Assessed valuation
Total Indebtedness
Floating indebtedness against Road & Bridge Fund
Population 2.816.
ASBURY PARK, Monmouth County, N. J.—BOND SALE.—The
325,000 memorial playground and golf course bonds offered on May 2—
V. 114, p. 1803—were sold at par and accrued interest to the Sinking Fund
Commission of Asbury Park. Denom. $500. Date April 1 1922. Int.
A. & 0. Due $500 yearly from 1924 to 1973, Incl.
ASHE COUNTY (P. 0. Jefferson), No. Caro.—BOND OFFERING.—
Sealed bids will be received until 4 p. m. May 10 by A. A. Price, Secretary
Board of Good Road Commission. for $135.000 6% registerable as to principal highway bonds. Denom. $1,000. Date May 1 1922. Prin. and
int. payable at the U. S. Mtge. & Trust Co., N. Y. City. Duo May 1
1942. Certified check upon a national bank or upon a bank or trust company in North Carolina for 2% of bid, required. Delivery at place of
purchaser's choice. Bids for less than par and int. will not be considered.
The purchaser or purchasers will be furnished the option of a well-recognized
examining attorney approving the bonds as valid obligations of the county.
payable from the tax provided by Chapter 467, Public Local Laws 1919,
and interest payable from a sufficient tax provided by an Act of the Special
Session of 1921.
ASHLAND,Boyd County, Ky.—BOND OFFERING.—Seated proposals
will be received until 7 p. in. May 15 for $50.000 454 and 5% sewer bonds
by the City Council. Denom. $500. Date March 11922. Int. M.& S.
The bonds will be due and bear interest rates as follows:$10,000 on March 1
in 1932 and 1937, to bear 5% interest, and $10,600 on March 1 in 1942, 1947
4
and 1952, to bear 43 % interest. A certified check for 81.000. payable to
W. H. Clay, City Treasurer, required.
ATTICA SCHOOL CITY (P. 0. Attica), Fountain County, Ind.—
BOND OFFERING—Sealed bids will be received by the Board of Trustees,
until 2 p. m.MECV 15 for 818.0005% coupon gold funding bonds. Denom.
$1,000. Date April 1 1922. Prin. and semi-ann. int. (A. & 0) payable
at the Central National Bank of Attica. Due April 1 1937. No bid for
less than par and accrued int. will be considered.
AUBURNDALE, Polk County, Fla.—BOND OFFERING.—W. L.
Mason, Clerk Board of Bond Trustees, Will receive sealed bids until 12 m.
May 12 for $30.000 6% water works bonds. Denom. 31.000. Date April
11922. Prin. and int. payable in Auburndale or N. Y. City. Due $2.000
yearly on April 1 from 1927 to 1941 incl.
AVALON, Cape May County, N. J.—BOND SALE.—The issue of 6%
coupon (with privilege of registration) boardwalk bonds offered on May 1—
V. 114, p. 1803—was sold to the Security Trust Co. of Camden at its bid
of $11.050 (100.45) for $11.000 bonds, a basis of about 5.91%. Date
April 11922. Due $1,000 yearly on June 1 from 1923 to 1933, incl.
AZTEC,San Juan County, New Mex.—BONDS VOTED.—On April 24
$60,000 607 20-year school-building bonds were voted. D. B. Abrams,
Town Clerk.
BALLINGER, Runnels County, Texas.—BONDS VOTED.—At the
election held on April IS(V. 114. p. 1449), the two issues of bonds submitted
to the vote of the people on that day were voted as follows:
"against..
$25,000 water-works bonds. 368 "for" to 154 "against."
50,000 paving bonds, 366 "for" to 154
Md.—BOND SALE.—A syndicate headed by Alexander
BALTIMORE,
Brown & Sons and embracing Ilarris. Forbes & Co., Wm, R. Compton
Co., Eldredge & Co.. Guaranty Co. of New York, Brown Bros. & Co.,
Stacy & Braun and Curtis & Sanger, was awarded the following two issues
of 5% registered tax-free stock aggregating $8,332,000, which were offered
on May 1 (V. 114, p. 1804):
$5,474,000 general improvement stock. Interest payable semi-annually
(March 1 and Sept. 1). Due yearly on March 1 as follows:
$805,000. 1930; $45,000, 1931: $887,000. 1932: 3932,000, 1933
3978.000, 1934, and $1,027,000 in 1935.
2,858,000 water stock. Interest payable semi-annually (April 1 and
Oct. 1). Due yearly on April 1 as follows: 3420,000, 1947;
$441,000. 1948: $463,000, 1949; $486,000. 1950; $511,000, 1951,
and $537,000 in 1952.
The price paid by the above syndicate was 107.805, a basis of about
4.31%. The following bids were received:
P.
2042
THE CHRONICLE
Alexander Brown & Sons_ _ _
Chase Securities Corp
Harris, Forbes & Co
Redmond & Co
Wm.R.Compton Co
Keane, Taylor & Co
Eldredge & Co
107.805 Paine, Webber & Co
Guaranty Co. of New York_
Hornblower & Weeks
Brown Bros. & Co
R. W Pressprich & Co
107.751
Stacy & Braun
Poe & Davies
Curtis & Sanger
Stein Bros. & Boyd
Estabrook & Co
Equitable Trust Co.of N.Y.
Remick, Hodges & Co
H. L. Allen & Co
R. L. Day & Co
Watkins & Co
First National Bank
Nelson, Cook & Co
Bloolget & Co
107.59 National City Co
Dominick & Dominick
Bankers Trust Co
Hannahs, Bailin & Lee
Robert Garrett & Sons
Mercantile Trust & Deposit
Baltimore Trust Co
107.019
Co. and Associates
Owen Daly & Co
Merchants National Bank_ _
Dillon, Read & Co
BARNESVILLE, Belmont County, Ohio.
-BOND OFFERING.
-J. E.
Carnes, Village Clerk, will receive sealed bids until 12 m. May 12 for
$100,000 6% coupon sewer bonds. Denom. 168 for $500, 8 for $666 66
and 16 for $666 67 each. Date March 1 1922. Bonds are payable at the
Village Clerk's office. Interest payable semi-annually. Due $7,666 66
yearly on Sept. 1 from 1923 to 1930, inclusive, and $7,666 67 yearly on
Sept. 1 from 1931 to 1946, inclusive. Certified check for 1% of the amount
bid for, required. Bonds not to be sold for les's than par and accrued int.
BARTON (P.0. Waverly), Tioga County, N. Y.
-BOND OFFERING.
-Frank L. Howard, Town Supervisor, will receive bids until 12 m. May 9
for the purchase at not less than par and accrued interest of $55,000 5%
coupon highway bonds. Denom .$1,000. Date May 1 1922. Int.
semi-ann. Due yearly on May 1 as follows: $3,000, 1924 to 1941 incl..
and 31,000, 1942. Certified check on an incorporated bank or trust
company, for $2,000, payable to the Town Supervisor, required.
BASIN, Big Horn County, Wyo.-BOND ELECTION.
-On May 9
$60,000 light and water bonds will be voted upon.
BAY CITY, Tillamook County, Ore.
-BOND SALE.-Dtirfee, Niles
& Co. were the successful bidders on April 21 for $14,000 6% municipal
bonds at par and interest. Denom. $500. Date April 1 1922. Int.
A. & 0. Due April 1 1932.
BAY ST. LOUIS, Hancock County, Miss.
-BOND OFFERING.
Until May 6 sealed bids will be received by R. W.Webb,Mayor,for $85,000
6% sea-wall improvement bonds.
BEDFORD (P.0. Ketonah), Oswego County, N. Y.
-BOND OFFERING.
-Edward P. Barrett, Town iSupervisor, will receive sealed bids until
12 m. May 20 for $48,000 5% registered road improvement bonds. Denom.
$3,000. Date May 15 1922. Prin. and semi-ann. int. payable at the
Mount Kisco National Bank, Mount Kisco, in New York exchange. Due
$3,000, yearly on May 15 from 1925 to 1940 incl. Certified check for
10% of the amount of the bonds required.
BELL SCHOOL DISTRICT, Los Angeles County, Calif.
-BOND
OFFERING.
-L.E. Lampton, County Clerk, and ex-officio Clerk of Board
of County Supervisors (P. 0. Los Angeles), will receive sealed bids until
11 a. m. May 8 for $22,000 5%% school bonds. Denom. $1,000. Date
May 1 1922. Prin. and semi-ann. int. payable at the County Treasurer's
office. Due $1,000 yearly on May .1 from 1923 to 1944, incl. Certified
check for 3%, payable to the Chairman of Board of County Supervisors,
required.
BELOIT, Rock County, Wis.-BOND SALE.
-The Beloit State Bank
of Beloit has purchased $50,000 44% coupon permanent street improvement bonds at par, plus a premium of $1,020, equal to 102.04, a basis of
about 4.58%. Denom.$1,000. Date May 15 1922. Prin. and semi-ann.
int, payable at the City Treasurer's office. Due $3,000 yearly from 1923
to 1037 incl., and $5,000, 1938. The following bids were received:
Successful bid (as above)-$1,020 00 National City Co., Chicago__ 780 00
Halsey, Stuart & Co., Inc.,
A.B.Leach & Co.,Inc., Chl..$840 00
851 50 Second Ward Sec. Co., Milw_ 555 00
Chicago
First Wisconsin Co., Milw_
619 00 Harris Tr. & Say. Bk., Chic_ 835 00
Prudden & Co., Chicago_
445 00 Wells, Dickey & Co., Minn__ 605 00
Schanke & Co., Mason City 327 00 L. C. Hyde & Brittan Bank,
Paine, Webber & Co., Chic 510 00
Beloit
765 00
E. H.Rollins & Co., Chic_ _
464 00 Beloit Savings Bank,Beloit
915 38
Bonbright & Co., Inc., Chi. 332 55 Second Nat. Bank, Beloit_ _ _ 700 00
Minton, Lampert & Co.,
Hill, Joiner Co., Chicago_ _ _ _ 867 60
Chicago
603 00 Ames,Emericn & Co.. Milw_ 922 00
BESSEMER CITY, Gaston County, No. Caro.
-BOND SALE.Spitzer, Rorick & Co. of Toledo have purchased the following two issues of
6 o coupon, with privilege of registration, bonds offered on May 1-V.
-at par plus a premiumof$4,370($124,370),equal to 103.64.
114, p. 1804
$112,000 public impt. and funding bonds. Due yearly on May 1 as follows: $4,000, 1925 to 1937, incl.; $6,000, 1938 and 1939; $8,000,
1940, and 310,000, 1941 to 1944, incl.
8,000 water ponds. Due $1,000 yearly on May 1 from 1925 to 1932,incl.
Date May 11922. The following bids were received:
Spitzer, Rorick & Co. (as
John J. George
$120,000
$124,370 A. T Bell & Co
above)
121,401
120,408 W.L. Slayton & Co
Prudden & Co
121,255
Weil, Roth & Co
121,237 Tucker, Robinson & Co _ --.. 122,075
BESSEMER, Jefferson County, Ala.
-BOND OFFERING.
-B. C.
Jones, Mayor, will receive sealed bids until May 16 for $200.000 5% school
bonds.
BETTENDORF INDEPENDENT SCHOOL DISTRICT (P. 0. Bet
tendorf), Scott County, Iowa.
-BOND OFFERING.
-C. Messrs. Secre
tary Board of Directors, will receive bids until 8 p. m. May 15 for $100,000
5% school-building bonds. Date June 1 1922. Maturity and place of
payment to be determined at time of sale. Bonds and attorney's opinion
to be furnished by the purchaser. No bids for less than par and accrued
interest will be received.
Financial Statement.
Assessed actual value of property, 1921 '
$3,596,736
Taxable value Of property
899.184
Moneys and credits (in addition to above)
1,193,070
Total bonded debt (including this issue)
111,500
Population, 2,200.
BEXLEY,Franklin County, Ohio.
-BOND OFFERING.
-S.W.Roderick, Village Clerk, will receive sealed bids until 12 m.May 9 at the Market
*Exchange Bank in Columbus for $40,000 5%% coupon special assessment
street bonds. Denom. $1,000. Date April 1 1922. Int. A. & 0. Due
yearly on Oct. 1 as follows: $4,000. 1923 to 1927, incl., and $5,000. 1928
to 1931, incl. Certified cher* for 5% of the amount bid for, payable to
the Village Treasurer, required. Purchaser to pay accrued interest.
[voL. 114.
BOONVILLE, Cooper County, Mo.-BOND SALE.
-The $50,000
5% bonds offered on May 3-V. 114, p. 1804
-have been purchased by the
Wm. R. Compton Co. of St. Louis at 102.75. Date July 1 1922. Due
1947; optional after 5 years.
BOSSIER PARISH SCHOOL DISTRICT NO. 13 (P. 0. Benton),
La.
-BOND OFFERING.
-Sealed bids win be received until 12 m. May 9
by R. V. Kerr, Sec'y Parish School Board, for $150,000 6% school bonds.
Date May 1 1922. Due serially 1 to 20 years. Cert. check for $2,000 required. Legality approved by Jno. C. Thomson, N. Y. City.
BOSTON,Mass.
-BOND OFFERING.
-John J. Curley, City Treasurer,
will receive sealed bids until 12 m.May 11 for the purchase of the following
4% registered tax-free bonds, aggregating $4,223,000:
$1,000,000 East Boston Tunnel Alterations bonds. Authorized by Chapter
373, Special Acts of Massachusetts, 1917. Due May 1 1967.
1,000,000 Stuart Street bonds. Authorized by Chapter 312, Acts of
Massachusetts, 1920 and Chapter 407, Acts of Massachusetts,
1921. Due $50,000 yearly on May 1 from 1923 to 1942 incl.
500,000 highway bonds. Authorized by the City Council of Boston on
April 4 1922. Due $25,000 yearly on May 1 from 1923 to
1942 incl.
400,000 sewerage works bonds. Authorized by the City Council of
Boston on March 28 1922. Due yearly on May 14 as follows:
$14,000, from 1923 to 1942 incl., and $12,000, from 1943 to
1952 incl.
400,000 Columbus Park Improvement bonds. Authorized by the City
Council of Boston on March 24 1922. Duo $20,000 yearly on
May 1 from 1923 to 1942 incl.
200,000 City Hospital Improvement bonds. Authorized by the City
Council of Boston on April 16 1921. Due $10,000 yearly on
May 1 from 1923 to 1942 incl.
200,000 Chelsea Bridge South Loan, Act of 1921 bonds. Authorized
by the City Council of Boston on April 5 1921. Due $10,000
yearly on May 1 from 1923 to 1942 incl.
175,000 rebuilding Beacon Street Bridge -bonds. Authorized by the
City Council of Boston on March 28 1922. Due $9,000 yearly
on May 1 from 1923 to 1937 incl.
160,000 rebuilding Cambridge Street Bridge bonds. Authorized by the
City Council of Boston on March 28 1922. Due $8,000 yearly
on May 1 from 1923 to 1942 incl.
110,000 Forest Hills Courthouse bonds. Authorized by the City Council
of Boston on April 5 1921. Due yearly on May 1 as follows:
$6,000, 1923 to 1932 incl., and $5,000, 1933 to 1942 incl.
78,000 Old Ward Municipal Building bonds. Authorized by the City
.
Council of Boston on April 5 1921. Due yearly on Is,lay 1 as
follows: $4,000, 1923 to 1940 incl., and $3,000 in 1941 and 1942.
Denom. $1,000. Date May 11922. Prin.-and semi-ann. int.(M.& N.)
payable at the City Treasurer's office. Certified check for 1% of the
amount of bonds bid for, drawn on a Boston national bank or trust company, payable to the above Treasurer, required. Bonds to be ready for
delivery and.to be paid for on May 29 1922. Purchaser must pay accrued
interest from May 1 to date of delivery. Holders of bonds, if they so
desire, can receive the semi-ann. interest through the mail by check payable
to their order.
BRADFORD COUNTY (P. 0. Starke), Fla.
---:BOND SALE.
-The
$550,000 6% 1-30-year serial road bonds offered on May 2-V. 114. p.
1450
-have been awarded to 131anchett, Thornburgh & Vandersall of
Cincinnati at 99.01.
BROCKTON, Plymouth County, Mass.
-LOAN OFFERING.
-Bids
will be received until 12 an. May 8 by the City Treasurer, for the purchase
on a discount basis of a temporary loan of $300,000, dated May 10 and
maturing. Dec. 15 1922.
BRONXVILLE, Westchester County N. y.
-BOND SALE.
-The
following 3 issues of 44% bonds, offered on May 4-V. 114, p. 1804
'
were awarded to Sherwood & Merrifield at 101.29, a basis of about 4.35%:
$65,000 street improvement bonds. Date May 1 1922. Due $12,000
May 1 1927, $12,000 May 1 1928, 311.000 May 11929, $10,000
May 1 1930. $8,000 May 1 1931, 35.000 May 1 1932,$2,000 May 1
1933, 32,000 May 1 1934. $2,000 May 1 1935 and $1,000 May 1
1936.
12,865 refunding bonds. Date April 1 1922. Due April 1 1952.
4,000 sewer bonds. Date May 1 1922. Due $1,000 yearly on May
1927 to 1930, inclusive.
BROOKHAVEN (P. 0. Patchogue), Suffolk County, N. Y.
-BOND
OFFERING.
-Robert McIntosh, Town Supervisor, will receive sealed
bids until 11.30 a. m. May 8 for the following bonds, at not to exceed
6% interest:
$33,800 highway bonds. Denom. $1,000, one for $1,800. Due yearly on
Feb. 1 as follows: $4,000 1923 to 1929, incl.. and $5,800 1930.
55,600 highway bonds. Denote. $1.000, one for $1,600. Due yearly
on Feb. 1 as follows: $4,000 1923 to 1935, incl., and $3,600 1936.
Denom. $1,000. Prin. and semi-ann. int. (F. & A.) payable at the
Town Treasurer's office. Certified check for 5% of the par value of the
bonds bid for each issue, payable to the town required.
BROUSSARD SCHOOL DISTRICT NO. 1 (P. 0. Abbeville), Ver-BOND OFFERING -Bids will be received for
million Parish, La.
$6,000 6% bonds until 11 a. m. May 29 by J. H. Williams, SecretaryTreasurer Parish School Board. Due in 5 years. Date May 15 1922.
Interest semi-annually. Certified check for $125 required. Legality
approved by Wood & Oakley of Chicago.
BUCHANAN COUNTY (P.O. St. Joseph), Mo.-BOND SALE.
-The
$600,000 5% road bonds offered on May 1 (V. 114. p. 1805) were awarded
to the Empire Trust Co. of St. Joseph and the Harris Trust & Savings
Bank of Chicago, Jointly, at par plus a premium of 330,102, equal to
105.01-a basis of about 4.44%. Date June 1 1922. Due $100,000 yearly
on June 1 from 1931 to 1936. inclusive.
-BOND OFFERING.
BUFFALO, N. Y.
-Ross Graves, Commissione
of Finance and Accounts, will receive sealed bids until 11 a. in. May 10 fo
the following 4%% coupon (with full privilege of registration) tax-free
bonds. aggregating $2,230,000:
$1.000,000 Scajaquada Creek improvement bonds, wauthorized by Chapter
217 of the Laws of 1914 (the Charter of the City of Buffalo)
and Chapter 5401'the Laws of 1919 and acts amendatory thereof
and pursuant to a resolution adopted by the Council April 5
1922 and duly certified by the City Clerk. Due $50,000 yearly
on May 15 from 1923 to 1942. inclusive.
100,000 park bonds, authorized by Chapter 217 of the Laws of 1914 (tho
Charter of the City of Buffalo). and the General City Law and
acts amendatory thereof and pursuant to a resolution adopted
by the Council March 22 1922 and duly certified by the City
Clerk. Due $5,000 yearly on May 15 from 1923 to 1942. incl.
180,000 school bonds authorized by Chapter 217 of the Laws of 1914 (the
Charter of the City of Buffalo) and the Education Law and
BIG RAPIDS, Mecosta County, Mich.
-BOND SALE.
-The $35,000
acts amendatory thereof, and pursuant to a resolution adopted
city-hall construction bonds offered- on April 24 (V. 114, p. 1804) were sold
by the Council March 22 1922 and duly certified by the City
to Otis & Co., of Detroit, and the Big Rapids Savings Bank of' Big Rapids,
Clerk. Due $9,000 yaerly on May 15 front 1923 to 1942, incl.
jointly at par and accrued interest, plus a premium of $182 (100.52) for
100.000 River Channel improvement bonds, authorized by Chapter 217
44s(although they were offered as 5s), a basis of about 4.70%. Date June
of the Laws of 1914 (the Charter of the City of Buffalo), and the
1 1922. Due on Dec. 1 as follows: $5,000. 1927; $10,000, 1932. and
General City Law and acts amendatory thereof, and pursuant to
$20,000 in 1937. The following bids were received:
a resolution adopted by the Council March 22 1922. and duly
Bids for 44% Bonds.
certified by the City Clerk. Due $5,000 yearly on May 15
Otis & Co
13182 001A. T Bell & Co
$196 8()
from 1923 to 1942, inclusive.
Big Rapids Savings Bank..__ f
400,000 Fire Pipe Line bonds, authorized by Chapter 217 of the Laws of
Bids for 5% Bonds.
1914 (the Charter of the City of Iluffalo), and the General City
First National Co
$756 00 Detroit Trust Co
$221 00
Law and acts amendatory thereof, and pursuant to a resolution
Keane, Higbie &.Co
703 00 Bolger, Mosser & Willaman__ 50 00
adopted by the Council March 22 1912, and duly certified by
Whittlesey, McLean & Co..
250 00
the City Clerk. Due $20,000 yearly on May 15 from 1923 to
1942, inclusive.
BIG HORN COUNTY SCHOOL DISTRICT NO.1 (P. 0. Byron),
-Crossing Structures bonds, authorized
100,000 Reconstructing Grade
Wyo.-BOND OFFERING.
-Until 3 p. m. May 24 bids will be received
by Chapter 217 of the Laws of 1914(the Charter of the City of
by Leo J. McVille, Clerk, for $5,000 6% 25
-year school bldg. bonds. Bids
Buffalo), and the General City Law and acts amendatory thereof.
for less than par will not be considered.
and pursuant to a resolution adopted by the Council March 22
BLACKLICK TOWNSHIP, Cambria County, Pa.
-BOND OFFER1922. and duly certified by the City Clerk. Due $5,000 yearly
ING.
-Until 2 p. m. May 27 sealed bids will be received at the law offices
on May 15 from 1923 to 1942, inclusive.
of Leech & Leech, Opera House Building, Ebensburg, for the sale of
100,000 Bird Island Pier Improvement bonds, authorized by Chapter
$80,000 5% road bonds. Denom. $1,000-. Date July 1 1922. Int.
217 of Laws of 1914 (the Charter of the City of Buffalo), and
J. & J. Due serially on July 1 from 1924 to 1943 incl. Certified check
.General City Law and acts amendatory thereof, and pursuant to
for $1,000 required. It is stated that these bonds will be free from any
a resolution adopted by the Council March 22 1922 and duly
present or future State tax. Alfred Miller is Treasurer of the Board of
certified by the City Clerk. Due.$5,000 yearly on May 15
Township Supervisors.
from 1923 to 1942, inclusive.
MAY 6 1922.]
THE CHRONICLE
250,000 Water bonds, authorized by Chapter 217 of the Laws of 1914
;
(the Charter of the City of Buffalo) and the General City Law
and acts amendatory thereof, and pursuant to a resolution adopted by the Council March 22 1922 and duly certified by theCity
Clerk. Due May 15 1942.
Denominations, coupon bonds of $1,000 each or registered bonds of
$1000 each or multiples thereof, as far as practicable. Date May 15 1922.
Principal and semi-annual interest (May 15 and Nov. 15) payable at the
office of the Commissioner of Finance and Accounts, or at the Hanover
National Bank in New York City, as the holder of the bonds may elect.
Certified check for 2% of the amount of bonds bid for, payable to the above
Commissioner, required. The favorable opinion of Caldwell & Raymond,
certifying as to the legality of these issues, will be furnished the successful
bidder. No bid for less than par and accrued interest will be considered.
Bids must state the amount of bonds desired and the price per $100 of said
bonds. Bonds to be delivered to purchaser on payment for same at the
office of the Commissioner of Finance and Accounts in Buffalo on May 15
1922, or as soon thereafter as the bonds may be prepared and ready for
delivery.
Financial Statement.
Assessed value-Real estate and special franchises. 1921-22_$644,739.185 00
1922-23_ 666,396,570 00
do
do
do
do
50,210.907 69
Bonded debt April 15 1922
12,640,679 04
Water supply bonds (included in above bonded debt
Certificates of indebtedness (included in above bonded
3,208.360 41
debt), due July 1 1922
5,300,707 33
Sinking fund, applicable to the payment of the bonded debt
24 00
tax rate, per $1.000
City
Population (U. S. Census), 1920, 506,775.
BUFFALO CENTER INDEPENDENT SCHOOL DISTRICT (P. 0.
Buffalo Center), Winnebago County, lowa.-BOND OFFERING.
M. McDermott, Secretary of Board of Directors, will receive bids a.t,...,the
First National Bank Bldg. in Winnebago until 2 p. in. May 8 for $110,000
5% school building bonds.. Denom. $1.000. Date May 1 1922. Int.
semi-ann., payable at the Treasurer's office in Buffalo Center, with exchange. Due May 11942. The district will furnish the printed bonds and
the approving opinion of Chapman, Cutler & Parker of Chicago.
-BOND OFFERING.
BURLINGTON,Alamance County, No. Caro.
Sealed bids will be received until 2 p. m. May 22 by M. W. McPherson,
City Treasurer, for the following 5 V,% coupon, registerable as to principal,
bonds:
$80,000 public improvement bonds.
$20,000 funding bonds.
Denom.$1,000. Date April 1 1922. Principal and semi-annual interest
A.-0.). payable in gold in New York. Due yearly on April 1 as follows:
$4,000 1925 to 1927. incl.; $6.000 1928 to 1931, incl.; $8,000 1932 to 1934,
incl., and $10,000 1935 to 1938, incl. Cert. check for $2,090 required.
The bonds will be prepared under the supervision of the U. S. Mortgage &
Trust Co. of N. Y. City, which will certify as to the genuineness of the
signatures and the seal impressed thereon. Legality of the bonds will be
approved by Chester B. Masslich, N. Y. City, whose approving opinion
will be furnished to the purchaser without charge. Proposals must be
made on blank forms, which, together with other information, will be
furnished by the above Treasurer, or said trust company. Bonds will be
delivered at place of purchaser's choice on May 29 1922.
CAIRO SCHOOL DISTRICT (P. 0. Cairo), Grady County, Ga.BOND SALE.
-The $60,000 6% school bonds offered on April 25-V. 114,
-have been awarded to the Trust Company of Georgia, of Atlanta,
p. 1805
at par plus a premium of $3,625 equal to 106.04.
-BOND OFFERING.
CALDWELL COUNTY (P.O. Lenoir), No. Caro.
-Sealed bids will be received until 11 a. in. May 8 by Jno. M. Crisp, Clerk
ers. for $51,00 535% and 6% county home coupon
County Comm'
Board of
bonds. Denom. $1,000. Date Jan. 1 1922. Bonds registerable as to
Prin. and int. payable at the Hanover National
prin. or prin. and in
Bank, N. Y. C. Due $3,000 yearly on Jan. I from 1927 to 1943, incl.
Cert. chock for 2% pf bid payable to the county required. Legality
approved by Reed, Dougherty & Hoyt, N. Y. C.
-BOND SALE.
-M. W. Elkins
CAMDEN, Ouachita County, Ark.
& Co. of Little Rock, have purchased $100,000 6% paving bonds at par.
-BOND OFFERING.
RENCRO, Lafayette Parish, La.
-Sealed
CA
bids for the purchase of 810,000 bonds will be received until 2 p. m. May
Village Secretary. Certified check for $250, payable
23 by V. A. Guidroy,Mayor, required.
to Geo. J. Melchior.
CARLTON COUNTY (P. 0. Carlton), Minn.
-BOND SALE.
-Gates,
White & Co., and Kalman, Wood & Co. of St. Paul, and the First National
Bank of Duluth, jointly have purchased :$120,000 41% court house bonds
at a premium of $1,200, equal to 101.00.
CAROLINE COUNTY (P. 0. Denton), Md.-BOND OFFERING.
Walter 8. Rutter, Clerk of the County Commissioners, will receive sealed
bids until 1 p. in. May 16 for $27,000 5% Lateral, Post Road and Bridge
Loan of 1922 bonds. Denom. $1,000. Date June 1 1922. Due $3,000
yearly on June 1 from 1936 to 1944 incl. Certified check for 5% of the
amount bid for required.
CARRIZAZA, Lincoln County, N. Mex.-BOND OFFERING.
Sealed bids will be received until 2 p. in. June 1 by W. W. Stadtman,
Village Clerk, for $25,009 6% water system bonds. Denom. $500. Date
June 1 1922. Prin. and int, payable at the Chemical National Bank,
N. Y. City. Due June 11952, optional June 11942. Certified check for
$250, payable to the Village Treasurer, required.
-BOND SALE.-The•WellsCASS COUNTY (P. 0. Walker), Minn.
Dickey Co. of Minneapolis, has purchased $165,000 highway reimburse% bonds.
ment and $15,400 drainage
CASS TOWNSHIP SCHOOL DISTRICT (P. 0. Shiloh), Richland
-The $55,000 5%% school bonds offered
County, °Mo.-BOND SALE.
-were sold to Blanche. Thornburgh & Vanon AprIl 29-V. 114, p. 1805
dorsal' of Toledo at 103.05, a basis of about 5.27%. Denom. $1,000 and
$500. Date May 11922. Int. A. & 0. Due April 11949.
CHATHAM SCHOOL DISTRICT (P. 0. Chatham), Morris County,
-The issue of coupon (with privelege of registration)
-BOND SALE.
N. J.
school bonds offered on April on April 27-V. 114, p. 1686
-was sold to
M. M. Freemen & Co. of Philadelphia. at their bid of $193,333 33(101.221)
for 191 bonds ($191,000) to bear interest at 4!% per annum, a basis of
about 4.42%. Denom. $1,000. Date March 1 1922. Int. M. & S.
Due. yearly on March 1 as follows: $4,000. 1923 to 1943, incl.; $6,000
1944 to 1961, incl., and $3,000 in 1962. The above maturity corrects the
one given in V. 114, p. 1686.
-BOND ELECTION.
CHICAGO, Cook County, III.
-1t is stated
that the city council approved ordinances on May 3 permitting the people
to vote on June 7 for or against the issuance of$5,400,000 street impt. bonds.
CHICOPEE, Hampden County, Mass.
-BOND SALE.
-The $125,000
43j% coupon permanent loan bonds offered on May 1-V. 114 p. 1927were sold to E. H. Rollins & Sons of Boston, at 101.39, a basis of about
3.97%. Date April 15 1922. Due $12,500 yearly on April 15 from 1923
to 1932, incl. The following bids were received'
E. H. Rollins & Sons, Boston.101.39 R. M.Grant & Co., Boston_ _100.853
" --191.20 Merrill,Oldham & Co. " _ _100.849
Estabrook & Co.,
" _ _101.153 Curtis & Sanger,
Watkins & Co.,
- _101.07
Edmunds Bros.,
Harris,Forbes &
.75
Union Tru. Co., Springfield_101.07 Boldgett & Co.,
" _100.71
F.S.Moseley & Co., Boston 101.06 KidderPeabody&Co., " _ _100.603
Old Colony Tru.Co., " • --100.967 Blake Bros..& Co.,
" _ _100.60
Paine,Webber & Co., " _ _100.91 Com.Tr. Co., Springfield__ _100.60
Arthur Perry & Co.. " --100.869 R. L. ay &Co.,Boston,,......100.54
CHILDRESS, Childress County, Tex.
-BOND SALE.
-W A.
Myrick & Co. of Dallas, have purchased $310,000 53(% water bonds
4
at 161.00.
CLARENDON, Donley County, Tex.
-BOND SALE
-The $75,000
6% water works bonds offered on May 2-V. 114, p. 1805
-have been
awarded to Dunn & Carr of Houston, at par, plus a premium of $3,655,
equal to 104.87. Due in 40 years, optional in 10 years.
.
CLEARFIELD COUNTY (P. 0. Clearfield), Pa.
-An
. , -BOND SALE.
& Co.
& 1
1),
an,1 Newbe gJ.., 1:e .(1er.
8
2043
CLEARWATER, Pinellas County, Fla.
-BOND OFFERING.
-J. R.
Thomas, City Clerk, will receive sealed propos-ds until 8 p. in. May 10
for the following 5% or 67 30-year bonds:
$85,000 street paving bonds.
25,900 sewer extension bonds.
40,990 funding bonds.
40,009 water works extensioh bonds.
50,000 city hall building bonds.
Certified check for 2% of bid required. Bids will be res!eived for all of
bonds as a whole or separately for the various items and amounts. These
are the bonds which were to have been sold on April 19-V. 114, p. 1329.
CLERMONT COUNTY (P.O.Batavia), Ohio.
-BOND OFFERING.
H. C. Reed, Clerk of Board of County Commissioners, will receive proposals until 11 a. m. May 15 for $10,000 5%% bridge bonds. Denom.
$500. Date April 11922. Int. A. & 0. Due $500 yearly on Oct. 1 from
1923 to 1942, incl. Cert. check for $500, payable to the County Treas.
urer, required.
CLEVELAND, Cuyahoga County, Ohio.
-BOND OFFERING.
Sealed bids will be received until 12 m. May 15 by G. A. Gesell, Secretary
of the Sinking Fund Commission for toe purchase of the following three
Issues of 5% coupon bonds, aggregating $1,5F6.000:
$270,000 street opening bonds. Date May 11919. Due $10,000 yearly on
May 1 from 1923 to 1949 incl. This issue draws interest. from
May 1 1922.
470,000 water works bonds. Date March 1 1919. Due $10,000 yearly
on March 1 from 1923 to 1969 incl. This issue draws interest
from March 1 1922.
846,000 hospital bonds. Date March 1 1919. Due $18,000 yearly on
March 1 from 1923 to 1969 incl. This issue draws Interest from
March 11922.
Denom. $1,000. Prin. and semi-ann. int. payable at the American
Exchange National Bank in N. Y. City. Certified check for 3% of the
amount of bends bid for, payable to the Sinking Fund Commission of
Cleveland. required. The above three issues cf tends are now owned by
the Singing Fund. As the Fund will be required to retire approximately
$40,000,000 in bonds of the City of Cleveland within a period of ten years
from 1922 to and including 1931. the Sinking Fund Commission has deemed
it advisable to dispose of the above three issues and re-invest their money
in securities which will mature prior to the above date. The bonds will
be delivered to the purchaser at Cleveland on any business day oetween
May 15 and May 22 1922, at the option of the purchaser. No bid for
less than par and accrued interest to date of delivery will be accepted.
All bids must be made on blank forms furnished by the Sinking Fund
Commission. Bids may he made separately for eacii lot,or for "all or none.'
The following financial statement of the City of Cleveland Is issued in
connection with the above sale of three issues of bonds and also in connection with tne offering ny the City of Cleveland of three issues of 4%%
coupon (with privilege of registration) bonds aggregating $3,593,000 also
to be held on May 15-V. .114, p. 1805.
Statistics of the City of Cleveland-May 2 1922.
Bonds outstanding
$90,710,394 23
*Street improvement notes
1,273,234 00
Bonds to be sold by the City of Cieveland May 15 1922
3,593,000 00
Total indebtedness
$95,576,628 23
*Street improvement bonds included in above
31,026,139 99
Water debt included in a Dove
19,618,463 62
Par value of all sinking funds
12,083,951 13
Valuation of taxable property, December 1921
1,704,280,880 00
Population (U. S. census, 1920) 796,841.
The City of Cleveland has never defaulted payment of its bonds, notes
or interest.
*These bonds and notes are paid by special asSessments levied upon
property abutting on streets improved by paving and sewers.
CLINTON, Custer County, Okla.
-BONDS VOTED.
-The "Oklahoman" of May 1 says: "With the'voting of an additional $50,000 worth
of bonds the past week, Clinton will be provided with the finest power and
water plant In Western Oklahoma, city officials claim. A bowl issue of
$70,000 was voted several months ago for the pro'ect but it was found that
this would not cover the cost of the new plant."
COLORADO SPRINGS SCHOOL DISTRICT NO.11(P. O. Colorado
-BOND ELECT1ON.-We are advised
Springs), El Paso County, Colo.
by a special telegram from our western correspondent that $900,000 school
bonds will be voted upon in June.
-BOND OFFERING.
COLEMAN COUNTY(P.O. Coleman), Texas.
L. G. Mathews,County Judge, will receive sealed bids until 2 p.in. May 23
for $387,000 534% coupon Commissioners' Precinct No. 2 bonds. Prin.
and semi-ann. int. (M. & S.) payaLle at the American National Bank of
Austin, County 'I reasurer's office and the National Park Bank, N. Y. City.
A certified check or cashier's check for 1% of bid required. The opinion
of the Attorney-General of Texas will be furnished the purchaser. The
official announcement states: There is no controversy pending or threatened
affecting the corporate existence or boundaries of said precinct of the title
of the present officiais to their respective offices or the validity of these
bonds. There has never been any default in the payment of interest or
principal in the precinct.
Financial Statement.
$10,000,000
Estimated value of property in precinct
3,780.000
Assessed value of property in 1921
Total bonded indebtedness, including this issue
.5C0,000
79,253
Amount ofsinking fund and interest to take care of above bonds_
Amount of bonds retired
13,000
Not bonded debt of
408,746
Tax rate on the $109 as follows: State, $0.62: County, $0.33; road tax
precinct'
for above bonds, $1 45.
Population, 1910, 6,500; in 1920, 8,000.
-BOND OFFERING -Sealed
COLUMBIA, Tyrrel County, No. Caro.
proposals will be received by D. G. Cowles, Clerk of the Corporation of the
Town of Columbia, until 8 p. m. May 10 for $20,000 6% coupon (with
privilege of registration) impt. bonds Denom. $1,000. Date April 15
1922. Prin. and semi-ann. int.(Jan. 15 & July 15)payable at the lIanover
National Bank, N. Y. City. Due serially on Jan. 15 from 1923 to 1942,
incl. Certified check (or cash) upon an incorporated bank or trust company for at least 2% of bid, payable to the Treasurer of the,Corporation
,
of the Town of Columbia, required.
COLUMBIA COUNTY SCHOOL DISTRICT NO. 2, Wash.
-BOND
-On April 29 the 877,000 school bonds offered on that date
-V. 114,
SALE.
-were sold on that day to the State of Washington.
p. 1928
COLUMBUS SCHOOL CITY (P. 0. Columbus), Bartholomew
County, Ind.
-BOND SALE.
-Breed, Elliott & Harrison and the Meyer.
Kiser State Bank,both of Indianapolis, were the successful bidders on May 3
for the $125,000 5% 10 2 -year (aver.) coupon school building bonds of-3
fered on that date _(V. 114, p. 1928) for $129,701, equal to 103.76, a basis
of about 4.55%. Elate May 3 1922. Due yearly on May 15 as follows:
$6,000 1923 to 1932 incl., and 86,500 1933 to 1942 incl.
-BOND SALE.
CORNELIUS, Mecklenburg County, No. Caro.
The $10,000 6% electric light bonds offered on May 1-V. 114, p. 1928
have been awarded to Farson, Son & Co., N. Y., at 101.31.
CROTON-ON-HUDSON, Westchester County. N. Y.
-BOND
OFFERING.
-James E. Reagan, Village Treasurer, will receive bids until
3 p. in. May 12 for the following two issues of 435% coupon bonds:
$34,500 sewer system bonds. Denom. $500. Int. A. & 0. Due $1,500
yearly on Oct. 1 from 1922 to 1944. inclusive.
40,000 highway improvement bonds. Denom. $1,000. Interest J. & J.
Due $2,000 yearly on July 1 from 1924 to 1943, inclusive.
Date June 1 1922. Prin. and semi-ann.int. payable at the First National
Bank, Croton-on-Hudson, or at U. S. Mortgage & Trust Co., New York.
Certified check for 5%, of amount of bonds bid for, payable to the Village
Treasurer required. Legal opinion of John C. Thomson, New York, will
be furnished the successful bidder.
-BOND OFFERING.
CUMBERLAND COUNTY (P. 0. Carlisle), Pa.
-James W. Eppley, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. m. May 24 for $400,000 435% coupon highway bonds.
Denoms. $1,000 and $500. Date June 1 1922. Prin. and semi-ann. int.
(J. & D.) payable at the Farmers' Trust Co., Carlisle. Due June 11952.
optional June 1 1937.
v"'Ct CPflOI. DISTRICT(P.O.Cumming),ForsythICounty,
. ^ ^
IT. 1-7
e
:';1•.*Ised by
Ca.- .0.V;) SAL.
Z044
THE CHRONICLE
(voli.
114.
Date $1,000 yearly on May 1 from 1927 to 1941 incl. Cert. check on a responsithat they purchased $28,000 634% school bonds. Denom. $1,000.
Atlanta ble bank or trust company, for 5% of amount of bonds bid for, payable
Jan. 1 1921. Prin. and semi-ann. int. (J. 8c J.) payable at the to 1951. to the Village Treasurer, required. Opinion of John C. Thomson, New
National Bank. Atlanta. Due $1.000 yearly on Jan. 1 from 1924
York, will be furnished to the successful bidder.
Inclusive.
-Sealed
Financial Statement.
-BOND OFFERING.
EDENTON,Chowan County, No. Caro.
$2,000,000 proposals will be received by R. E. Leary, Town Clerk, for $30,000 6%
•
values
Actual
445,819 coupon (with privilege of registration) electric-light funding bonds until
Assessed values, 1921
28,000 8 p. m. May 0. Denom. $1,000. Date March 1 1922. Principal and
Total debt (this issue only)
Population, 1,500.
semi-annual interest(M.& S.) payable in gold coin at the Hanover National
-On Bank, New York City, and interest on registered bonds will, at option of
-BOND SALE.
COUNTY (P. 0. Gold Beach), Ore.
CURRY
Tilton Bank of Port- holder, be paid in New York exchange. Due yearly on March 1 as follows:
April 5 $60,000 road bonds were sold to the Ladd St
31,000, 1925 to 1950,inclusive, and $2,000, 1951 and 1952. Certified check
land, at 100.41 and interest for 534s. Denom. $1.000. Date Jan. 11922. upon an incorporated bank or trust company (or cash) for 2% of bid,
on Jan. 1 from
Interest J. & J. Due Jam 11936, optional $6,000 yearly V. 114, p. 1928. payable to the Town of Edenton, required. Purchaser to pay accrued
1927 to 1935,inclusive. This report corrects the one given in
Interest from date of bonds to date of delivery. Bids for less than par will
CURRY SCHOOL TOWNSHIP (P. 0. Farmersburg), Sullivan not be considered. Successful bidders will be furnished with the opinion
-Basil Thomas, Township Trustee. of Reed, Dougherty & Hoyt, of New York City, that the bonds are valid
-BOND OFFERING.
County, Ind.
-day(May 6)for $90,0005% bonds. Denom. and binding obligations of the Town of Edenton. The bonds will be
will receive bids until 1 p. m.to
months printed under the supervision of the United States Mortgage & Trust Co.,
$500. Date May 1 1922. Int. .1. 8c D. Due $3,000 each six
15 1930, incl.. and $3,500 each six months from of New York City, Which will certify as to the genuineness of the signatures
from June 15 1923 to Dec.
of the city officials and the seal impressed on tho bonds.
June 15 1931 to Dec. 15 1936. incl. Purchaser to pay accrued interest.
-BOND OFFERING.
EDINBURG SCHOOL TOWN (P. 0. Edinburg), Johnson County,
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
-Scaled bids will be received until 10 a. m.
-BOND OFFERING.
Bieber, Clerk of the Board of County Commissioners, will receive Ind.
-A. J.
bonds May 17 for $12.000 4%% refunding bonds. Denom.$500. Date May 15
sealed bids until 11 a. m. May 10 for the following 6% coupon
1922. Int. J. & J. Due $500 each six months from July 1 1923 to Jan. 1
Denom. 1 for $1,193 and
'
se
193r
1. t special 18ssment road bonds on Oct. 1 as follows: $3,000 1935. inclusive. Bonds not to be sold for less than par and accrued interest.
.
,
29 for 318000 each. Due yearly
-BOND SALE.-Tho fohowing two
ELKIN, Suriry County, No. Caro.
from 1922 to 1930, inclusive, and $3,193 in 1931.
Issues of coupon (with privilege of registration as to principal only) gold
90,579 00 county's portion road bonds. Denom. 1 for $579 and 90 for bonds offered on April 27-V. 114, p. 1806
-have been awarded to Clair 1923,
$1,000 each. Due yearly on Oct. 1 as follows: $9.579 in
borne, Royall & Co. of Goldsboro, and Ryan, Bowman & Co. of Toledo,
$10.000 from 1924 to 1930, inclusive, and $11,000 in 1931.
bonds. Denom. 1 for $999 88 and jointly, as 6s at par plus a premium of $600, equal to 100.37, a basis of
14,999 88 township's portion road
14 for $1,000 each. Due yearly on Oct. 1 as follows: $99988 about 5.97%: improvement bonds. Duo $9,000 yearly on April 1 from
In 1923, $1.000 in 1924 and 1925 and $2,000 from 1926 to 3117,000 streetto 1936, inclusive.
1924
1931, inclusive.
43,000 public improvement bonds, consisting of $18,000 water extension,
1 for $361 30 and
*19,361 30 special assessment road bonds. Denom. follows: $2,361 30
$5,000 sewer extension and $20,000 bridge bonds. Due yearly
each. Duo yearly on Oct. 1 as
19 for $1,000
on April 1 as follows: $1,000 1925 to 1957, inclusive, and $2,000
in 1923. $2,000 from 1924 to 1930, incl., and $3,000 in 1931.
1958 to 1962, inclusive.
for $1,083 90 and
*58,083 90 county's portion road bonds. Denom. 1 follows: $7,093 90
Date April 11922. The Hanchett Bond Co. of Chicago, and A.T. Bell
yearly on Oct. 1 as
57 for $1,000. Due
bids.
In 1923, $6.000 1924 to 1928, incl., and $7,000 from 1929 to & Co. of Toledo, also submitted
-BOND SALE.
1931, inclusive.
EUGENE SCHOOL TOWNSHIP(P.O. Cayuga), Ind.
are dated May 1 -The $88,000 5% bonds offered on May 1-V. 114,
-were sold
1806
Issues marked (*) are dated April 11922,all other issues
Treasurer's
_rt.
1922. Prin.and semi-ann.int.(A.& 0.) payable at the County the County to the Central Trust Co. of Indianapolis, for $90,207 50 (102.50), a basis
of about 4.62%. Date May 20 1922. Due yearly on July 1 as follows:
office. Certified check for 1% of the amount bid for, payable to
Treasurer required. Bonds not to be sold.for less than par and accrued 34.000 1923, $6,000 1924 to 1935, inclusive, and $12,000 in 1936. The
following bids were received:
interest.
$89,556 50
$90,207 50 Meyer-Kiser Bank
-A. J. Bieber, Clerk of the Board of County Com- Central Trust Co
BOND OFFERING.
89,844 00 Fletcher-American Co._.... 89,515 15
F. Wild & Co
missioners, will receive sealed bids until 11 a. m. May 13 for the following J.
Fletcher Savings & Tr. Co 89.703 60
coupon road bonds:
8%
All the above concerns are located in Indianapolis.
•
$78,202 14 special assessment Cleveland-Sandusky road (I. C. H. No. 3-Nathan .
-BOND OFFERING.
M. M. Route No. 13) bonds. Denom. 1 for $1,202 14 and 77
EVERETT, Middlesex County, Mass.
for $1,000 each. Due $8,202 14 Oct. 1 1922: 37,000 Oct. 1 Nichols, City Treasurer, will receive sealed bids until 3 p. in. May 9
Oct. 1 from 1924 to 1932, inclusive.
1923: 37,000 yearly on
for $114,000 434' coupon high-school bonds. Denom. $1,000. Date
Duo yearly on July 1 as follows: $38,000 from
47,008 96 (county's portion) Cleveland-Sandusky road (I. C. 11. No. 3--- July 1 1921. Int. J. &
M. M. Route No. 13) bonds. Denom. 1 for $1,008 96 and 46 1924 to 1926. These bonds are issued by Acts of the Legislature, Chapter
for $1,000 each. Due $6,008 96 Oct. 11923: $5,000 yearly on 212, of the Special Acts of 1919, and Chapter 329, Acts of 1921. These
Oct. 1 from 1924 to 1930, inclusive, and $6,000 on Oct. 11931. bonds are engraved under the supervision of, and certified as to their genu4,638 68 special assessment Willson Mills Road No. 2 bonds. Denom. ineness by,the Old Colony Trust Co.of Boston, Mass. This trust company
1 for $638 68 and 8 for $500 each. Due $1500 yearly on Oct. 1 will further certify that the legality of this issue has been approved by
from 1923 to 1930. inclusive. and $638 68 on Oct. 1 1931.
Messrs. Ropes, Gray, Boyden & Perkins, of Boston, Mass., a copy of
13,916 04 (county's portion) Willson Mills Road No. 2 bonds. Denom. whose opinion will accompany the bonds when delivered, without charge
1 for $91604 and 13 for $1,000 each., Due $1,916 04 Oct. 1 to the purchaser. All legal papers incident to this issue, together with an
1923: $2,000 Oct. 1 1924: $1,000 Oct. 1 1925: $2.000 Oct. 1 affidavit certifying to the proper execution of the bonds, are filed with the
1926:$1,000 Oct. 11927;$2,000 Oct. 11928:81,000 Oct. 11929; Old Colony Trust Co., where they can be inspected at any time.
$2,000 Oct. 11930, and $1,000 on Oct. 11931.
-BOND
EXETER SCHOOL DISTRICT. Tulare County, Calif.
April 1 1922. Principal and semi-annual interest (A. & 0. 1),
Date
-On April 25 the $88,000 534% school bonds offered on that date
payable at the County Treasurer's office. Certified check for 1% of the SALE.
sold to R. H. Moulton & Co, for $97,517 (110.81)
amount of the bonds bid for, payable to the County Treasurer, required. (V. 114, p. 1806) were about 4.525%. Due yearly on April 4 as follows:
and interest, a basis of
Bonds not to be sold Mr less than par and accrued interest.
$2.000 1924 to 1928 incl.. $3,000 1920 to 1934 incl„ 84,000 1935 to 1939
(
DADE COUNTY SPECIAL TAX SCHOOL'DISTRICT NO. 2 P. 0. incl. and $5,000 1940 to 1947 incl. (Average life. about 15 3-5 years.)
-BOND SALE.-Geo. B. Gibbons & Co. of New York. The following bids were received:
Miami), Fla.
'
purchased $200,000 6% school bonds on April 29, paying a premium of R. H. Moulton & Co.._ - _397,517 00 E. ff. Rollins & Sons
Freeman, Smith & Camp395,069 01)
324,540, equal to 112.27, a basis of about 5.03%. Date May 1 1922. Anglo St London Paris N ayt h,
94,893 00
97,103 00 inCo
Due May 1 1942.
tional Bank
94,705 00
Witter & Co
-BOND SALE.
-An issue of Bond & Goodwin & TuckDARWIN, Meeker County, Minn.
94,573 00
96,246 00 Stephens & Co
er, Inc
bonds has been sold to a local investor at par.
$10,000 electric-light
96,087 00 Mitchum,Tully & co_ ___ 94,377 00
R. Staats Co
Wm.
-BOND OFFERING. National City Co.._ _ _ _ _ - 93,039 001 First Nat. Bank, Exeter__ 90,645 50
DAVIESS COUNTY (P. 0. Washington), Ind.
will receive
95,746 60
-0. M. Vance, County Treasurer, et al. Steel sealed bids until 2 p. m. Bank of Italy
Township bonds. Denom.
John Denham
Financial Statement.
May 15 for $6,400 5%
at the
$5,762,193
$320. Date May 2 1922. Semi-ann. int. payable1923 toCounty Treasurer's Assessed valuation
Nov. 15 1932 incl. Total dent, including this issue
167,000
office. Due $320 each six months from May 15
Purchaser to pay accrued interest.
FALLS COUNTY PRECINCT ROAD DISTRICT NO. 5 (P. 0. Mar-On May 20 an election will be held to
DE BACA COUNTY SCHOOL DISTRICT NO.1(P.O. Ft. Sumner), lin), Tex.
-BOND ELECTION.
-J. L. Lovelace, County Treasurer, will re- vote on the question of issuing $30,000 %% road district bonds. E. M.
N. Mex.-BOND OFFERING.
ceive bids until 10 a. m. May 22 for 315,000 6% school bldg. bonds. De- Dodson, County Judge.
nom. $500. Cert. check for $1,500 required. Bids for less than 90 will
FAYETTE AND LAMAR COUNTIES DRAINAGE DISTRICT NO. 1
not be considered. The approving legal opinion of Pershing, Nye, Fry &
-Marlon L. Coons, Secretary
-BOND OFFERING.
(P. 0. Fayette), Ala.
Tallrnadge of Denver will be furnished the purchaser.
Drainage Commissioners, will receive sealed bids until 12 at.
Okla.
-BOND SALE.
-The Board of $500.000 6% drainage bonds. Date June 1 1922. Principal
DELAWARE COUNTY (P. 0. Grove),
May 27 for
Piersol Bond Co. of Oklahoma City, has purchased $20.000 Township and interest payable at a hank or trust company agreed upon by the Board
No. 1 and $30,000 Township No. 2 6% bonds at par and accrued Interest. and purchaser. Duo $50,000 yrly on Juno 1 from 1927 to 1936, Inclusive.
-S. Due 1947.
Denom. $1,000. Date March 11922. Interest M.
Certified check for $2,500, payable to the Board of Commissioners, ru-BOND SALE.
-The $250,000 quired. The date of the•bonds may also be changed by agreement. •
DES MOINES, Polk County, Iowa.
-have been
-BOND
-works bonds offered on May 3--V. 114, p. 1806
FORSYTH COUNTY (P. 0. Winston-Salem), No. Caro.
5% water
-0. M. Lentz, Clerk Board of County Commissioners, will
awarded as 434s at par plus a premium of $3,750, equal to 101.50, a basis OFFERING.
of about 4.37%. Date April 1 1922. Due $25,000 yearly on June 1 receive sealed bids until 12 in. May 15 for 3800,0005% 1834-year (average)
°
coupon, with privilege of registration as to principal only, road bonds.
from 1933 to 1942, incl.
-An Denom. $1,000. Date May 1 1922. Principal and interest payable at the
DEVILS LAKE, Ramsey County, No. Dalc.-BOND SALE.
Park Bank, New York City. Due yearly on May 1 as follows:
ssue of$19,000 impt. bonds has been sold to John W.Maher of Devils Lake. National 1935 to 1938, inclusive, and $100,000, 1939 to 1944, inclusive.
$50,000.
DINUBA UNION HIGH SCHOOL DISTRICT, Tulare County, Certified check for 2% of bid, payable to the county, required. Legality
-On April 25 Bond & Goodwin & Tucker, Inc.„ approved by Reed, Dougherty & Hoyt, New York City.
-BOND SALE.
Calif.
were awarded $65,000 6% bonds, maturing from 1927 to 1961, inclusive,
FORT BEND COUNTY ROAD DISTRICT NO.4(P.O. Richmond),
for $76,247, equal to 117.30. The following bids were received:
Bank of Italy
-An election will be held oil May 24 to vote on
$74,823 87 Tex.
-BOND ELECTION.
Bond & Goodwin &
% bonds. C. D. Myers, Co. Judge.
74,305 00 the question of issuing $125,000
_$76,247 00 District Bond Co
Tucker Inc
75,971 00 Freeman ,Smith&CampCo 72,781 00
Biyth, Witter & Co
-The following
-BOND SALE.
FOSTORIA, Seneca County, Ohio.
75,651 00 R. H. Moulton & Co__ 72,630 00
Stephens & Co
_. 75,114 00 E. H. Rollins & Sons_ _ __ 71,767 00 two issues of 534% Tiffin-Postoria Road 1. C. II. No. 270 bonds offend
Wm.R. Staats Co_
on April 27 (V.114, p. 1806) were sold to Grau, Todd & Co., of Cincinnati,
Finannal Statement.
$6,370,569 at the prices given below:
Assessed valuation_
219,000 $22,500 city's portion bonds sold for $23,152 50 (102.90), a basis of about
Total debt, including this issue
4.93%. Duo $2,500 yearly on March 1 from 1924 to 1932. Incl.
DONA ANA COUNTY (P.O. Las Cruces), N. Mex.-BOND SALE.
special assessment bonds sold for $34,471 50 (102.90), a basis of
of Denver, has purchased the $60,000 road and *33,500 about 4.93%. Due $3,500 yearly on March 1 from 1924 to 1928.
The Bankers Trust Co.
-as 5s at 96.66. Date
bridge bonds offered on May 1-V. 114. p. 1928
Inclusive, and 34,000 yearly on March 1 front 1929 to 1932,Incluslve.
May 1 1922. Due 1952, optional 1942.
Date March 1 1922.
* The maturity given here corrects the one in V. 114, p. 1806.
-BOND SALE.
-The issue of 434%
DOVER, Morris County, N. J.
The following concerns submitted bids:
coupon (with privilege of registration) refunding bonds offered on April 27
Stacy & Braun, Toledo.
(sr. 114, p. 1806) was sold to M. M.Freeman & Co., of Philadelphia, for Gran, Todd az Co., Toledo
Fifth-Third Nat. Bank, Cincinnati.
& Mayer, Cincinnati.
345,315 55 (100.712) for 45 bonds ($45,000), a basis of about 4.39%. Seasongood & Trust Co.. Cincinnati First National Bank, Fostoria.
Date May 11922. Due $3.000 yearly on May 1 from 1923 to 1937,inclu.sive Title Guar. Co., Toledo
A. T. Bell &
par was received from the National Union Bank of Dover.
A hid of
FRANKLIN COUNTY (P.O. Union), Mo.-BOND OFFERING.
DUMAS SCHOOL DISTRICT (P.0. Dumas), Desha County, Ark.
-year school bonds offered on April 28 Sealed proposals will be received until 1 p. in. May 19 by Henry Griefield,
-The $30,000 6% 20
BOND SALE.
(V. 114, p. 1806), were awarded on that day to W. A. Hudson at par less County Treasurer, for $150,000 court house and jail bonds. Denom.$50
31.350, eoual to 05.50. a basis of about 6.41%. Denom. $500. Date for $500 and 125 for 31,000. Bonds bear date March 15 1922 and are
payable at the office of the County Treasurer on or before March 15 1942
April 1 1922. Interest semi-annual. Due April 1 1942.
five years after their date), together with interest at the
-BOND (but not before annum, payable sentl-annually at the office of the above
ERATH SCHOOL DISTRICT, Vermillion Parish, La.
per
will be received until 11 a.in. May 20 by J. H. Williams, rate of 6%
OFFERING -Bids
official. Authority to call in the bonds, or any of them, for redemption,
Sec.-Treas. Parish School Board (P. 0. Abbeville). for $75,000 6% bonds. after expiration of ive years front March 15 1922. is subject to the following
Due in 25 years Certified check for terms, to wit: Notice ofstrli call shall be publisluxi in a newspaper, published
Date May 15 1922. Int. seral-ann
$1,500 required. Legality approved by Wood & Oakley, Chicago.
in the county, 20 days next before the day fixed for such redemption; such
notice shall ho given by the County Treasurer and shall designate the
EASTCHESTER (TOWN) UNION FREE SCHOOL DISTRICT numbers of bonds so called for payment and shall call first for bond No. 1,
-BOND OFFER3(P. 0. Bronxville), Westchester County, N. Y.
NO.
coupon school bonds will and thereafter call for presentation of the bonds and coupons in regular
-Proposals for the purchase of $15,000 5%
ING.
order according to the numbont of such bonds. It is stated that
he received until 8:30 p.in. May 17 by Evelyn C. Wurzburg, Clerk of Board ascending
has been duly authorized, pursuant to the constitution
of Education. Denom. $1,000. Date May 1 1922; Int. M. dc N. Due thLs issue of bonds
10
MAY 6 1922.1
THE CIIRONICLE
2045
-BOND OFFERING.
GREENE COUNTY (P. 0. Bloomfield), Ind.
Herschel Corbin, County Auditor, wni receive sealed bids until 2 p. m.
May 16 for the following 5% coupon macadamized road bonds:
$19,500 Joe Gentry et al., Wright Township bonds. Denom. $975.
15.500 James L. Humphreys et al., Wright Township bonds. Demon).
$775.
21,600 J. M. Buskirk et al., Smith Township bonds. Denom. $1,080.
21,800 Riley Osborn et al., Wright & Smith Townships bonds. Denom.
$1.090.
Date May 15 1922. Interest May 15 and Nov. 15. Due one bond o
each issue semi-annually from May 15 1923 to Nov. 15 1932, inclusive.
GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICT (P. 0.
-0. E.
-BOND OFFERING.
Greenfield), Highland County, Ohio.
Styerwalt, Clerk of the Board of Education, will receive sealed bids until
12 m. May 20 for $200,000 5% bonds. Denom. $1,000. Int. M. & S.
Due yearly on Sept. 1 as follows: $8,000 1923 to 1945 incl. and $6,000
in 1946, the right being reserved by the Board of Education to'redeem onehalf of any year's maturities six months before the date of said maturities.
Certified check for 2% of the amount bid for, payable to the above named
Clerk required. Bonds not to be sold for less than par and accrued interest.
GREEN SCHOOL TOWNSHIP (P. 0. Milligan), Parke County,
Ind.
-The 354,000 5% school-house construction bonds
-BOND SALE.
offered on April 22 (V. 114, p. 1688), wree sold to .T. F. Wild & Co., of
Indianapolis, at par and accrued interest, plus a premium of $876, equal to
101.622. Date May 15 1922. Due semi-annually. The following bids
were received:
$751
$876 Breed, Elliott & Harrison
.T. F. Wild ,Sc Co
8301
Fletcher-American Co
(P. 0. Williamsburg), Wayne
GREEN SCHOOL TOWNSHIP
-Enos O. Veal, Township Trustee.
-BOND OFFERING.
County, Ind.
will receive sealed bids until 2 p. m. to-day (May 6) for 357,000 5% school
construction bonds. Denom. $500. Date May 1 1922. Principal and
semi-annual interest (J. & J. 1) payable at the First National Bank in
Williamsburg. Due each six months as follows: $2,000 from July 1 1923 to
Jan.! 1936,inclusive, and $2,000 on July 1 1936 and Jan. 11937. Certified
check for $300, payable to the above-named trustee, required. Bonds not
to be sold for less than par and accrued interest.
HALLIDAY SPECIAL SCHOOL DISTRICT (P.O. Halliday), Dunn
-0. T. Evenson, Clerk, will
County; No. Dak.-BOND OFFERING.
-year bonds. Certified check
receive bids until May 11 for $35,000 5% 20
GARWOOD SCHOOL DISTRICT (P.O. Garwood), Union County, for $1,000 required.
C. Farrell, District Clerk, will re-Thomas
N. .1._BOND OFFERING.
-BOND SALE.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
for
ceive sealed bids until 8 p. m. May 16 to the purchase of an issue of 5% The $200,000 6% coupon Longview Hospital Bldg. bonds offered on May 2
exceed $65,000. Denom. $500. (V. 114, p. 1688) were sold to the Sinking Fund Trustees at par. Date
coupon or registered school bonds not int.
(J. 8c D.) payable at the Bank April 1 1922. Due $10,000 yearly on April 1 from 1924 to 1943 incl.
Date June 1 1922. Prin, and semi-ann.
Due yearly
of Westfield, Westfield. to 1956 incl.on June 1 as follows: $1,500 1924
-The following is
-BIDS.
County, No. Caro.
amount
for 2% of
and 1925,and $2,000 1926 the Board of Cert. check required. theis stated a HAMLET Richmond received on April 25 for the $85.000 street and
It
complete list of the bids
Education,
bid for, payable to
of bonds proceedings incident to the issuance of
these bonds have been con- sewer bonds and the $30,000 funding bonds:
that the
of Whitemore
•
For $30,000 Issue.
ducted under the supervisionbe certified by & McLean, Elizabeth, and that
the Attorney-General.
For 534% Bonds.
the legality of the issue will
For 6% Bonds.
430,018
$30,672 American Trust Co
INDEPENDENT SCHOOL DISTRICT (P. 0. Geddes), Hanchett Bond Co
GEDDES
For 5l.170 Bonds.
30,483
-The $37,000 6% 20-year Caldwell & Co
Charles Mix County, So. Dak.-BOND SALE.
30,030
30,150 Stacy & Braun
bonds offered on Apr. 27 (V. 114, ip. 1807) have been awarded as Prudden & Co & Co
school
30,000
30,693 Sidney Spitzer & Co
McNear
equal
51s to the Northwestern Trust Co.of St. Paul at a premium of $611,years. C. W. Rorick Sr Co
29,784
30,2051C W McNear & Co
Spitzer
Date May
to 101.65, a basis of about 4.96%. % Bonds. 1 4922. Due in 20
30,4631
Ryan, Bowman & Co
Fve 6x
The following bids were receior d:
30,091
Aub & Co
A. E.
30.091
333770;01 Durfee, Niles & Co
successful bid (as above)
For $85,000 Issue.
-Dickey Co.. Minneapolis-- ----------------------------- 37,217
Wells
For 55i% Bonds.
For 5%% Bonds.
Kalman, Wood & Co., Minneapolis
------------------------------------$85,060
485,051 Stacy & Braun
American Trust Co
For 6% Bonds.
85,325
Spitzer R,orick & Co
$40,589
-Dickey Co., Minneapolis
Wells
85.115
Sidney Spitzer & Co
Co., St. Paul
39,825
Gates, White
-- - -- For 6% Bonds.
39,700
Lane, Piper & Jaffray, Inc.. Minneapolis_ _ _
37,766 Ryan. Bowman & Co
$85,025
386,777 Prudden & Co
W. K. Terry & Co. Toledo _ _ _ _
_
C
38,865 Hanchett Bond Co
86,963
87,097 C. W. McNear & Co
A.0. Allyn o., Chicago
_ 38,783 Caldwell & Co
86,600
Drake-Ballard Co., Minneapolis
86,365 Spitzer Rorick & Co
Bond Co., Chicago
38,147 A. E. Aub & Co
86,111
Hanchett
86,334 Durfeo. Niles & Co
Toledo
37,210
W. L. Slayton & Co..
For 53. % Bonds.
bid: for previous reference to same see V. 114. p. 1929.
*Successful
$38,357
-Dickey Co., Minneapolis
Wells
-The $250,000 6%
-BOND SALE.
HAMMOND, Lake County, Ind.
38,225 coupon water-works betterment and extension bonds offered on April 28
Kalman, Wood & Co., Minneapolis
Co.. St.
Gates, White
Paul_ _ 37,726
-were sold to R.L. Day & Co. of Boston for $288,350
114, p. 1688
37,525
Ione, Pipe & Jaffray, Inc., Minneapolis
Date Oct. 15 1921. Due yearly on
V.
_ 37,113 (115.34), a basis of about 4.70%. 1931. incl., and $10,000, 1932 to 1951,
A. C. Allyn Co, Chicago
35.000, 1922 to
Oct.
--*36,385 incl. 15 as follows: bids were received:
Itancnett Bond 00., Chicago
The following
For 534% Bonds.
R. L. Day S: Co.. Boat.. $288,350 00 I First Tr.& 8. B., Ham'd 3279.077 55
____________________ $37,645 Paine.Webber&Co.,Chl. 287,838 00 First Nat.Bk..Hammond 279,075 00
Drake-Ballard Co.. Minneapolis
Meyer-Kiser Bk.,Indpls. 280,101 00 Bonbright & Co., Chi_.... 273,411 55
* Discount bid.
-II. Broertjes City Comptroller, will receive bids
BOND OFFERING.
GIBSLAND SCHOOL DISTRICT NO. 2, Bienville Parish, La.
- until! p. In. May 22 for $25,000 5% coupon park impt. bonds. Denom.
-E.11. Fisher, Secretary-Treasurer of the Parish School $500. Date May 15 1922. Prin. and semi-ann. int. payable at the City
OFFERING.
BOND
Due 32.500 yearly on May 15 from 1923 to 1932 incl.
Board (P. 0. Arcadia) will receive bids until 12 m. May 18 for $40.000 6% Treasurer's office. % required. Purcha.ser to pay for printing of bonds.
Cert. check for 234
bonds. Due serially for 10 years. Denom. $500.
-The following
-BIDS.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
GLENDOLEN SCHOOL DISTRICT (P. 0. Glendolen), Delaware
on April 22 for the $32,000 6% I.
-BOND SALE.
-The $00,000 0.6<x, coupon school bonds is a complete list of the bids.received
County, Pa.
1 (V. 114, p. 1807) were sold to A. B. Leach & Co., Inc., C. H. No. 221, Section "B" bonds.
Premium.
offered on May
$1,480 00
of Philadelphia, at 104.77, a basis of about 4.23%. Date May 15 1922. Richards, Parish & Lamson, Cleveland, Ohio
The
1,186 00
Due May 15 1952. Inc_ _following bids were received:
First National Bank, Findlay-, Ohio
_ -iO4.7lOOlLewig & Snyder
Co.,
)103.22 Buckeye National Bank, Findlay, Ohio
1,152 00
A. B. Leach &
104.5242(Stroud & Co
1nterborough Bank
1,142 40
Bohmer-Reinhart & Co., Cincinnati, Ohio
104.4177 Cambridgo Trust Co
Stokes & Co
101.00 Fifth-Third National Bank, Cincinnati, Ohio
Brooke,
1,365 00
Bank _103.5700
Lansdowne National
1,251 00
Providend Savings Bank & Trust Co., Cincinnati, Ohio
1.371 00
-The $200,000 A. T. Bell & Co.. Toledo, Ohio
GRAND ISLAND, Hall County Neb.-BOND SALE.
1,315 20
$100,000 drainage 5% 6 0
-2 -year (opt.) bonds offered on May 3 Ryan, Bowman & Co., Toledo. Ohio
sewage and
1,453 00
Detroit, Mich
Detroit Trust Co.,
V. 114, p. 1807), have boon awarded to the Omaha Trust Co. of Omaha Persons, Campbell & Co., Toledo, Ohio
1,334 40
4As at 97.76.
1.289 60
Tucker, Robinson & Co., Toledo, Ohio
1.366 40
-J.0. W. L. Slayton & Co., Toledo, Ohio
GRAND RAPIDS, Kent County, Mich.
-BOND OFFERING.
1,285 00
Sitinkman, City Clerk, will receive his until 3 p. m. May 11 for the Well, Roth & Co., Cincinnati, Ohio
1,452 00
Seasongood & Mayer, Cincinnati, Ohio
4%% bonds:
ollowing
f
1.46500
bonds, payaole in 1 to 5 years after June 11922.
Cincinnati, Ohio
Breed, Elliott & Harrison.
4125,000 street impt.
1,513 60
*Stacy & Braun, Toledo, Ohio
100,000 street inapt. bonds, payable in 1 to 10 years after June 1 1922.
* Successful bid; for previous reference to same, see V. 114, P. 1929.
25,000 sewer bonds,'payable in 1 to 5 years after June 1 1922.
-The $9,780 6% I. C. II. No. 220 bonds offered on
100,000 filtration bonds, payable 20 years after March 1 1921.
BOND SALE.
-have been sold at_par and accrued interest to
100,000 water extension bonds, payable 20 years after June 1 1922.
April 29-V. 114, p. 1807
Bonds to be issued in denominations of$1,000 each, except that the water the State Industrial Commission of Ohio. Date March 1 1922. Due
extension bonds may be issued in denominations of $500 $1,000, $5,000. $2,000 yearly on March 1 from 1923 to 1926,incl.. and $1,780 on Mar. 1 '27.
or $100,000. at the option of the purchaser. Interest is payable semi-ann.
HANDY TOWNSHIP SCHOOL DISTRICT NO. 6 (P. 0. Fowlerat the office of the City Treasurer, and bonds are to be delivered and paid ville), Mich.
-Fred Richter, Secretary, will receive
-BOND OFFERING.
will be
for less than par and accrued
for at that office. No bidsof 3%
Due
5%%
of the face value of the bonds bid for, sealed bids until 3 p. m. May 15 for $75,000 incl.• bonds.1928 toyearly
Certified check
interest.
1932,
32,000,
1 as follows: $1,000. 1923 to 1927,
payable to the City Treasurer of Grand Rapids, Mich,. shall accompany on March
incl.;$3,000, 1933 to 1937,incl.; $4,000, 1938 to 1942:incl., and 35.000. 1943
bid.
each
the above
to 1947, incl. Cert. check for 2% of the amount bid payable toof issue to
GRAND RIVER DRAINAGE DISTRICT, Linn and Livingston Secretary, required. Purchaser to pay accrued int. from date attorney's
bonds and
County, Mo.-BOND SALE.-Stix & Co. of St. Louis have purchased date of delivery and to bear the expense of printing
3582,000 5A % drainage bonds. Denom. 31,000 and $500. Date Mar. 1 fees connected with bond issue.
-BOND OFFERING.
HARRISON, Westchester County, N. Y.
1922. Prin. and semi-ann. interest (M. & 8.) payable at the American
Louis.Due yearlyo
1927; Benjamin C. Taylor, Town Supervisor, will receive sealed bids until 10 a. m.
as follows: . „
0
325,000, 1928 $26,000, 1929; $29,000, 1930: 329,000, 1931; $31,000, 1932: May 10 for tne following 57 registered bonds:
333,000. 1933 $34,000, 1934; $36.000, 1935; 338.000, 1936; $40,000. 1937; $4,837 50 sidewalk bonds. liDue $837 50 May 1 1923 and $1,000 yearly
on May 1 from 1924 to 1927, inclusive.
343,000, 1938 $45,000, 1939; 347.000, 1940: 350,000, 1941, and $53,000,
1942.
90,000 00 sewer bonds. Due $3,000 yearly on May 1 from 1923 to 1952,
inclusive.
- 45,000 00 town house bonds. Due $3,000 yearly on May 1 from 1923 to
GRANT COUNTY (P.O. Williamstown), Ky.-BOND OFFERING.
Sealed bids will be received until 3 p. tn. June 10 by the County Clerk for
1937, inclusive.
3250,000 5% 17-year (aver.) road and bridge bonds. Denom. $1,000.
Date May 11922. Certified check for 5% of the bid, payable to the
"Date Juno I 1922. Prin. and semi-ann. int. (J. & D.) payable at the above Treasurer required. The purchaser will be furnished with the
N. Y. City. Due yeraly on June 1 as follows: approving opinion of Clay & Dillon of New York City. Bonds not to be
National Bank of Commerce,
316.000, 1927; $8,000, 1928 to 1930; $9,000, 1931 Jo 1935; $10,000, 1936 to sold for less than par and accrued interest.
-BOND
Ind.
1939; $11,000, 1941 to 1945, and $12,000, 1946 to 1950. Certified check
HARRISON SCHOOL TOWNSHIP, Daviess County,receive
sealed
for 2% of 1)1(1, payable to the County Treasurer. requir9d.
-Walter G. Smoot, Township Trustee, will
OFFERING.
school building bonds. Denom.
16 for
R DRAINAGE DISTRICT, Lee and Phillips Counties, bids until 2 p. m. May1922. $18,000 5% & Dec. 1. Due $600 each six
GREENBRIA
Int. July 1
Date May 16
-BOND SALE.-Kauftman-Smith-Emert & Co., Inc.. have _pur- $600.
Ark.
incl. All bids are to be addressed
chased $60,000 6% drainage bonds. Denim. $1,000 and $500. Date months from July 1 1923 to Dec. 1 193'7.
G. Smoot, Trustee, Montgomery, R. F. D. No. 3, or filed in
Feb. 1 1922. Int. semi-ann., payable In St. Louis. Due on Aug. 1 from to Walter of said Trustee in Glendale, Ind.
office
the
1928 to 1942. incl.
and statutes of Missouri, by more than two-thirds of the legal voters of the
on
county, voting at an election for that purpose duly called and held the
that the bonds were registered in
Aug. 2 1921. It is further stated 13 1922, and in the office of the County
on April
office of the State Auditor
Clerk on April 14 1922.
-BOND OFFERING.
FRANKLIN COUNTY(P.O. Columbus), Ohio.
-Ralph W. Smith, Clerk of Board of County Commissioners, will receive
1
water
bids until 10 a. m. May 20 for $38,000 6% 1922. works,sewer district No.
Prin.
Date May 1
bonds. Denom. $1,000. County Treasurer's office. and semi-ann. int.
Due yearly as folthe
at
(AL & N.) payableand 1924, and $4,000, 1925 to 1931 incl. Cert. check
lows: $5,000, 1923
for 1% required.
-Sealed
FROSTBURG, Allegheny County, Md.-BOND OFFERING.
City
p. m. May 15 by
bids will be received until 7:30street impt. bonds. John S. Metzger,Date
Denom. $500.
$50,000 5% coupon
Clerk, for
.Tuly 1 1922. Prin. and semi-ann. int. (J. & J.) payable in Frostburg.
Due July 1 1947; optional July 1 1932. Cert. check for 2%% required.
Legality approved by William A. Gunter. City Attorney.
FULTON SCHOOL DISTRICT (P. 0. Fulton), Fulton County, Ky.
-The $50,000 6% school bonds offered on May 1 (V. 114,
-BOND SALE.
p. 1491) have been sold to Caldwell & Co. of Nashville a t par plus a premium
a
Apr. 15 1922.
of $2,975, equal to 105.95, 15 basis of about 5.28%. Date following bids
from 1923 to 1942 incl. The
Due $2,500 yearly on Apr.
received:
were
_$52,975 Wm.R.Compton Co., St. L_$52,795
Successful bid (as above)
.Tames C. Wilson & Co., 52,125 Tillotson & Walcott Co., 52,000
Cincinnati
v
51,557
ToL__ 52,543 Prudden & Co., Toledo
Spitzer, Rorick
52,530 L.0..Bradford,
.1. C. Mayer & Co., Oinc__ _ _ 52,035 Caldwell & Co.,Fulton, Ky _ 51,750
Nashville__ 52,975
Tr. Co., Oinc-_
Prov.8. B.&
51,909
Sidney Spitzer & Co., Toledo 61,625 Kauffman-Smith-Emert Co., 52,960
Inc., St. Louis
Well. Roth & Co., Oinc
51,305 City Nat. Bank, Fulton, Ky..51,250
Seasongood & Mayer, Oinc
First Nat. Bk. Mayfield Ky.61,500
GALLATIN COUNTY SCHOtIL DISTRICT NO. 3 (P. 0. Manhat-Until 8 p. In. May 20 bids will be
-BOND OFFERING.
tan), Mont.
received by 0.L. Gayle,Clerk,for $64,0006% 10-20-yr.school bldg. bonds:
$1,000. Cert. check for $1,000 required. No bid for less than
Denom.
par will be considered.
co..
2016
THE CHRONICLE
[VOL. 114.
HARRISON SCHOOL TOWNSHIP (P. 0. Cadiz), Henry County, to the Jackson City Bank at par and accrued
int. (with deferred deliveries).
Ind.
-BOND OFFERING.
-Elmer Addison, Township Trustee, will receive Date May 1 1922. Due yearly as
sealed bids until 10:30 a. m. May 15 for $25,000 5% coupon school building $30,000, 1933 and 1934, and $45,000follows: $15.000, 1923 to 1932, incl.:
in 1935 and 1936.
bonds. Denom. $500. Date May 2 1922. Int. semi-ann. Due $1,000
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Union
each six months from July 2 1923 to July 2 1935 incl. Cert. check for $500,
-BOND OFFERING.
payable to the school trustees, required. Bonds not to be sold for less than City), Darke County, Ohio.
-Thos.
Clerk, will receive bids until 1 p. m. May 13 for $4,100 61 bonds. Amburn,
par and accrued interest.
%
Denom.
1 for $1,100 and 3 for $1,000 each. Date Apr. 11922. Int. A.& O. Due
HARVEY, Wills County, No. Dak.-BONDS VOTED.
-At a recent $1,000 yearly on Apr. 1 from 1923 to 1925 incl. and $1,100 on Apr. 11926.
election, $50,000 school building and $30,000 refunding bonds were voted. Cert. check drawn upon a solvent bank for 25 of the amount bid for, paya'
0
HAWAII (Territory of).
-BOND OFFERING.
-Sealed proposals will ble to Thos. Amburn, Clerk, required. Purchaser to pay accrued interest.
be received until 2 p. m. June 1 at the Bankers Trust Co., N. Y. City.
JEFFERSONVILLE, Clikrk County, Ind.
-This city
or until 11:30 a. m. June 1 at the Bank of California, San Francisco, or has arranged to make a sale of bonds, according-BOND SALE.
to
until 9 a. m. June 1 by A. Lewis, Jr., Territorial Treasurer, at his office in of May 1, which says: "The finance committee the Indianapolis "News"
of the
Honolulu for all or any part of $1,350,000 43 % coupon gold tax-free Jeffersonville has sold to R. M. Grant & Co. of Chicago City Council of
(with privilege of registration as to principal) 1922 issue of public improve- 5% 5 to 20-year refunding bonds dated July 1. to pay an issue of $73,500
off 5% issues then
ment bonds. Denom. $1,000. Date June 1 1922. Prin. and semi-ann. falling due. The purchasers paid a premium of$900
int. (J. & D.) payable in Honolulu, or N. Y. City, at option of holder. and pay legal costs, equal toanother $300 premium. and will print the bonds
In April the same firm
Due .June 1 1952, redeemable on or after June 11942. Certified check for paid a small premium on a refunding issue
of $54,000." V. 114, p. 1808.
2% of bid, payable to the Treasurer of the Territory of Hawaii, required.
JEFFERSONVILLE, Montgomery County, Ky.-CORRECTION.The Bankers Trust Co. of N. Y. City will certify as to the genuineness of
the signatures and the seal on the bonds. The approving opinion of In our issue of Apr. 1, on page 1453, we reported that the City of JeffersonJohn C. Thomson, N.Y. City, will be furnished to the purchaser. Delivery ville had sold 554.0005% refunding bonds to R. M.Grant & Co. of Chicago.
will be made at the Bankers Trust Co., N. Y. City, unless otherwise This report was in error, as the city has not issued any bonds of this sort
agreed, or at the option of the purchase at the office of the Treasurer at recently,
Honolulu at agreed date. The official announcement states: "The
JEROME COUNTY (P. 0. Jerome), Idaho.-BO.VD SALE.
bonds are legal investments for savings banks in New York, Michigan.
-The
New Hampshire, Rhode Island, Ohio and Maryland and for trust funds $120,000 5%% coupon bonds offered on May 1 (V. 114, p. 1930) have been
awarded to the Minnesota Loan & Trust Co. of Minneapolis at par plus a
in New York.
premium of $4,660; equal to 103.88.
HAYS SPRINGS, Sheridan County, Neb.-BOND ELECTION.
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Joliet),
On May 15 an election will be held to vote on $18,000 water improvement
Will County, Ill.
-BIDS.
-The following is a list of the bids received on
bonds. J. E. Reid, Village Clerk.
April 25 for the $250,000 5% coupon high school building bonds:
HELENA VILLAGE SCHOOL DISTRICT (P. 0. Helena), Sandusky *Blyth Witter & Co., Chicago
$2.18,961 00
County, Ohio.
-BOND SALE.
-The $4,300 6% coupon bonds offered on Continental & Commercial Trust & savings Bank, Chicago..
257,000 00
-were sold to Durfee, Niles & Co. of Toledo A. G. Becker & Co.. Chicago
April 25-V. 114, p. 1807
256,750 00
(101.18), a basis of about 5.73%. Date May 1 1922. Due National City Co., N. Y
for $4,351
256,100 00
$500 yearly on May 1.from 1923 to 1930 incl. and $300 on May 11931. Hill Joiner & Co., Chicago
255.30()00
A bid of par and accrued interest was submitted by the Helena Banking Co. Stacy & Braun, Toledo
255,225 00
Halsey, Stuart &
.
252,612 50
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10 (P. 0. Northern Trust Co., Inc., Chicago
Co.,
258,960 00
-BOND OFFERING POSTPONED.
Baldwin), Nassau County, N. Y.
- Wm. It. Compton Co.,
258,950 00
It is unofficially reported that the offering of the following 2 issues of 454% 1st Trust & Savings Bank,
"
258,860 00
scheduled to take place May 2, has been postponed to Harris Trust
bonds, which was
&'Savings Bank, "
258,760 00
May 8, on which date the District Trustees will receive proposals:
Federal Securities Co.,
258,425 00
$95,000 bonds. Due $5,000 yearly on April 1 from 1923 to 1941, incl.
A. B. Leach & Co., Inc.,
257,876 00
90,000 bonds. Due $5,000 yearly on April 1 from 1923 to 1940, incl.
R. M. Grant & Co.,
257.750
Denom. $1,000. Date April 11922. Prin. and semi-ann. int. payable
*Successful bid, for previous reference to same, see V. 114, p. 1930. 00
in New York exchange at the Baldwin National Bank of Baldwin. Cert.
check or bank draft for 10% of the amount bid for required. Purchaser
JO'HNSTOWN, Cambria County, Pa.
-BOND SALE.
-The following
to pay accrued interest. Bonds not to be sold below par.
two issues of 43% coupon bonds offered on May 4-V. 114, p. 1689
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO. were sold as stated below:
$350,000 park bonds sold to J. H. Holmes & Co. of Pittsburgh at par and
-BOND OFFERING.
24 (P. 0. Robbinsdele), Minn.
-Bids will be reaccrued interest, plus a premium of $16.618, equal to 104.75.
ceived for $45,000 5%% school bonds until 8 p. m. May 8 by Edith RobDue in 30 years, optional after 20 years.
bins Daniel, Clerk Board of Education. Denom. $1.000. Date May 1
38,000 Haynes Street Bridge bonds of 1913, sold at par and accrued
1922. Prin. and semi-ann. int. payable at the Wells-Dickey Co. in Mininterest to the Sinking Fund of the City of Johnstown. Due in
neapolis. Due yearly on May 1 as follows: $5.000 1928 to 1934 incl. and
30 years from date, optional any time after 10 years from date.
$5.000 1936 and 1937. Cert. check for $5,000. payable to the District
The only bid received for the $38,000 issue was that of the Sinking Fund
Treasurer, required. Approving opinion of R. G. Andrews of Minneapolis
give above. The following bids were received for the $350,000 issue:
will be furnished.
BiddersPremium.
BiddersPremium.
HILLSBORO INDEPENDENT SCHOOL DISTRICT, Hill County, J. H. Holmes & Co
$16,618 00 Mellon National Bank_ _.$15,120 00
-An election will be held on May 23 to vote Redmond & Co
-BOND ELECTION.
Texas.
16,260 00 Glover & MacGregor
14,946 00
on the question of issuing $80,000 school bonds.
Harris, Forbes & Co
16,173 50 Graham, Parsons & Co_ __ 14,070 00
HITTERDALE, Clay. County, Minn.
-BOND SALE.
-An issue of
KEENE SCHOOL DISTRICT, Kern County, Calif.
-BOND OF35.000 village bonds has been sold to F. E. Magraw,of Minneapolis,at par. FERING.
-F. E. Smith, County Clerk, and Clerk Board of County SuperHOLMES COUNTY (P. 0. Millersburg), Ohio.
-BOND SALE.
- visors (P. 0. Bakersfield), will receive sealed bids until 10 a. m. May 15
The $41,500 5%% Section "C" Killbuck-Shreve Road impt. bonds offered for the purchase of $7,000 6% coupon school bonds. Denom. $1,000.
Prin.
-were sold to W. L. Slayton & Co. for $42,- urer's and semi-ann. int. (Apr. 24 & Oct. 24) payable at the County Treason May 1-V. 114, p. 1930
office.
04780 (101.32), a basis of about 5.13%. Date April 1 1922. Due $4,150 check or cash Due $1,000 yearly on Apr. 24 from 1923 to 1929 incl. Cert.
for at least 10% of the amount of the bid, payable to Stanley
each six months from Sept. 1 1923 to March 11928. incl. '
Abel,
BOND SALE.- The $18,600 5%% coupon Section "B" Killbuck- ceivedChairman Board of County Supervisors, required. Bids will be refor one or any number of the above bonds. Bonded debt, none:
Glenmont Road Improvement bonds also offered on May 1-V. 114, p.
-were sold to Prudden & Co.for $18,651 (100.274), a basis of about assessed value of taxable property, 1921, $158,290.
1930
5.42%. Date April 1 1922. Due $1,860 each six months from Sept. 1 1923
KENDALLVILLE, Noble County, Ind.
-BOND OFFERING.
-Carl F.
to March 1 1928, incl.
Ortstadt, City Clerk, will receive sealed bids until 10 a. m. to-day (May 6)
HOLT, Marshall County, Minn.
-BOND SALE.-Schanke & Co. of for $4,000 6% park bonds Denom. $1,000. Date May 11022. Bonds
Mason City have purchased the $5,000 6% funding bonds offered on to be payable at the City Treasurer's office. Due $1,000 yearly on May 1
in 1923, 1924, 1925 and 1926. Bonds not to be sold for less than par and
-at par and accrued interest.
April 26-V. 114, p. 1807
accrued interest.
,
HONOLULU (City and County of) Hawaii.
-BOND SALE.
-The
KENSINGTON, Douglas County, Minn.
$250,000 57 coupon tax-free series "A' water works bonds offered on
-BOND OFFERING.
-have been awarded to Otis 8c Company and the A. L. Osterburg, Village Clerk, will receive sealed bids until 7 p. m. May 8
April 29-V °114. p. 1689
' Fifth-Third *National Bank of Cincinnati, jointly, at par plus a premium for $10,0006% electric light bonds. Date May 11922. Due $2,000 yearly
of $17,857, equal to 107.14. Date April 15 1922. Due April 15 1952, on May 1 from 1933 to 1937 incl. Prin. and int. payable at the First National Bank, Minneapolis. Cert. check for $1,000 required. Legality
redeemable on or after April 15 1942.
approved by Lancaster, Simpson, Junell & Dorsey of Minneapolis.
Financial Statement.
Assessed value
$153,495,473
KINGFISHER
Total bonded debt
350,000 County, Okla. SCHOOL DISTRICT (P. 0. Kingfisher), Kingfisher
-BOND ELECTION.
-On May 9 an election will be held
250,000 to vote on the question of
Less water works bonds
issuing $75,000 school building and $5,000 school
100,000 repair bonds.
Net debt
Population, 1920 census, )23,496.
-An
HORDVILLE, Hamilton County, Neb.-BOND ELECTION.
election will be held on May 16 to vote on the question of issuing $11,900
water works system bonds. H. M. Benson, Village Clerk.
HORSEHEADS, Chemung County, N. Y.
-BOND SALE.
-The
-were
$8.000 53°/ paving bonds offered on April 29-V. 114. p. 1807
awarded to Wm. H. Myers at 102.87. a basis of about 4.76%. Date May 1
1922. Duo $1,000 yearly on May 1 from 1923 to 1930, inclusive.
HUMBOLDT, Allen County, Kabsas.-BOND SALE.
-Stern Bros.
& Co. of Kansas City, Mo., have purchased $8,911 30 5%% street paving
bonds. Denom.$1,000. Due serially in 10 years. Int. J.& J.
HUNTINGTON (TOWN) SCHOOL DISTRICT NO. 4 (P. 0. North-BOND OFFERING.
-Israel Carll, Clerk
port), Suffolk County, N. Y.
of the Board of Education, will receive proposals until 8 p. m. May 10 for
the purchase at not less than Par and accrued interest of $17,500 5% bonds.
Denom. $1,500 and $1,000. Date June 11922. Semi-ann. int. (F. & A.)
payable at the Northport Trust Co., Northport. Duo $1,500 Feb. 1 1924
and $1,000 yearly on Feb. 1 from 1925 to 1940, inclusive. Certified check
for 5% of amount of bid required.
HURON, Beadle County, So. Dak.-BONDS DEFEATED.
-A recent
election resulted in a defeat of a proposition to issue $300,000 school bonds.
HUTCHINSON, McLeod County, Minn.
-BOND OFFERING.
Until 8 p. m. May 9 sealed bids will be received for $10,000 5%% water
main bonds by the County Clerk. Date May 1 1922. Due $5,000 in
1927 and 1932.
-BOND ELECTION.
IDAHO FALLS, Bonneville County, Ida.
An issue of $250.000 filtration bonds will be voted upon on May 29.
INDEPENDENCE, Cuyahoga County, Ohio.
-BOND OFFERING.
E. F. Keller. Village Clerk, will receive sealed bids until 12 m. May 27 for
$15.193 12 6% paving bonds Denom. 1 for $2,193 12. 4 for $2,000 and
5 for $1,000 each Date April 25 1922. Int. A. & 0. Duo $1,000 yearly
on Oct. 1 from 1923 to 1927, incl.• $2,000 yearly on Oct. 1 from 1928 to
'
1931. incl.. and $2.193 12 on Oct. 11932. Certified check for 5% of the
amount of bonds bid for, payable to the Village Treasurer,required. Bonds
not to be sold for less than par and accrued interest.
IRVINGTON SCHOOL DISTRICT, Alameda County, Calif.-Until 10 a. m. May 15 sealed proposals will be
BOND OFFERING.
received by Geo. E. Gross, County Clerk, (P. 0. Oakland) for the purchase of $51,000 5% gold bonds. Denom. $1,000. Date May 15 1922.
Int. May 15 & Nov. 15. Due yearly as follows: $1,000, Nov. 15 1922,
$1,000. May 15 1923 to 1925, incl.; $2,000, May 15 1926 to 1931, incl.;
$3,000. May 15 1932 to 1936, incl.; $4,000, May 15 1937 to 1941, incl.
for 2%, payable to the Chairman Board of County
Cert. check or cash ,
Supervisors, required. Bonded debt. none. Assessed valuation $1,049,225. Estimated population 900.
-BOND SALE.
-The
JACKSON COUNTY (P. 0. Jackson), Mich.
eRno.nno 5% read bonds offered on May 1-V. 114, P. 1930
-were sold
KINGS MOUNTAIN, Cleveland County, No. Car.
-BOND OFFERIVG.-Sealed proposals will be received by Geo. E. Lovell, Town Clerk,
until 1 p. m. May 22 for $36,000 6% coupon (with privilege of registration)
local improvement bonds. Denorn. $1,000. Date May 1 1021. Prin.
and semi-ann. Int. (M. & N.) payable in gold coin at the National City
Bank, N. Y. City. Due $2,000 yearly on May 1 from 1924 to 1941 incl.
Cert. check upon an incorporated bank or trust company or cash for 2%
of bid, payable to Town of Kings Mountain, required. Purchaser to pay
accrued interest from date of bonds to date of delivery. Successful bidders
will be furnished with the opinion of Reed, Dougherty &
City that the bonds are valid and binding opligations of the Hoyt of N. Y.
Mountain. A like amount of bonds was offered on April Town of Kings
10 (V. 114, IL
1453).
KIRKWOOD COMMON SCHOOL DISTRICT NO. 2 (P. 0. Kirkwood), Broome County, N. Y.
-BOND SALE.
-It is reported that the
district has made an award of tho 58,0005% school bonds
on
-V. 114, p. 1930. Date May 1 1922. Due $1,000 offered en April 29
yearly
Nov. 1
from 1922 to 1929, inclusive.
KNIGHT SCHOOL TOWNSHIP, Vanderburgh County, Ind.BOND OFFERING.
-Sealed bids will be received by Fred Mann, Township
Trustee, at the office of Stone & Kreuzberger, 501 Old State National Bank
Building, in Evansville, Ind., until 2 p. m. May 13 for $14,000 5% bonds.
Denom. $500. ,Date May 13 1922. Int. J. & D. Due $500 each six
months from June 11023 to Dec. 1 1936,incl. Bonds to be delivered to the
purchaser and paid for on or before May 25 1922.
KNOXVILLE SCHOOL DISTRICT (P. 0. Knoxville), Allegheny
County, Pa.
-BOND OFFERING.
-Sealed bids will be received until
8 p. m. May 16 by R. B. Gardner, Secretary of the School Board, for
$90,000 4 % tax-free coupon bonds. Denom.$5,000. Date June 11922.
Int. J. & D. Due $5,000 on June 1 in 1926, 1929, 1931. 1934, 1936, 1938,
1939, 1941, 1942, 1944, 1945, 1946. 1947, 1949, 1950. 1951 and $10,000 on
June 1 1952. Cert. check for $1,000 required. Bonds not to be sold for
less than par and accrued interest.
KUNKLE RURAL SCHOOL DISTRICT (P.O. Kunkle), Williams
County, Ohio.
-BOND ,SALE.
-The $20,000 6% refunding bonds offered
on April 15-V. 114. p. 1568
-were sold to the Flanchett Bond Co. Inc. of
Chicago, for $20.575 (102.875), a basis of about 5.39%. Date April 1
1922. Due $2,000 yearly on March I from 1923 to 1932,inclusive.
LACONIA, Belknap County, N. H.
-BOND SALE.
-The city sold
$225,000 4_%% coupon gold bonds on April 28 to Merrill, Oldham & Co
and R. L. Day & Co. jointly at 102.59, a basis of about 4.19%. Denom.
220 for $1,000 each and 20 for $250 each. Date May 11922. Prin. and
semi-ann. int.(M. & N.) payable in gold at the Old Colony Trust Co. in
Boston. Due $11,250 yearly on May 1 from 1923 to 1942, incl. The
following bids were received:
Merrill, Oldham & Co. and
E. II. Rollins & Sons
102.080
R. L. Day & Co
102.590 Hornblower & Weeks
101.876
Harris, Forbes & Co
102.210 Watkins & Co
101.180
Kidder,Peabody 8; Co
102.199 Old Colony Trust Co
101.029
MAY 6 1922.]
THE CHRONICLE
2047
Date March 15 1922. The following bids were received for the 4 issues:
Premium.
Bidder
$1,205 00
The Fifth-Third National Bank, Cincinnati, Ohio
1,113 21
Ryan, Bowman & Co., Toledo, Ohio
00 8
855 14
9 2
Lima Trust Co., Lima, Ohio
W L. Slayton & Co., Toledo, Ohio
W. K. Terry & Co., Toledo, Ohio
80 15
4 4 00
568 °°
Grau, Todd & Co., Cincinnati, Ohio
Provident Savings Bank & Trust Co., Cincinnati, Ohio
73 00
A. 'I'. Bell & Co., Toledo, Ohio
-Evan 0. Sellers, City Auditor, will receive sealed
BOND OFFERING.
$233,158 63 bids until 12 m. May 26 for $563,000 5% intercepting and outfall sewer
Net debt Feb. 15 1922
bonds. Denom. $1,000. Date May 1 1922. Prin. and semi-ann. int.
LAFOURCHE PARISH ROAD DISTRICT NO. 1(P.O. Thibodaux), (M. & N.) payable at the depositary of the Sinking Fund Trustees of the
-The Hibernia. Securities Co. of New Orleans has City of Lima. Due yearly on Nov. 1 as follows: $23,000. 1923 to 1945
La.
-BOND SALE.
- incl. and
purchased the $50,0006% road bonds offered on April 26-V. 114. P. 1453
$34,000 in 1946. Certified check for 2% of the amount bid for,
'
at par plus a premium of $1.350, equal to 102.70. a basis of about 5.625%. payable to the City Treasurer, required. Bonds not to be sold for less
Denon. $500. Int. M.& S. Date Sept. 15 1920. Due serially 1 to 20 years. than par and accrued interest.
DELAKE PRESTON, Kingsbury County, So. Dak.-BONDS elecLINDSAY HIGH SCHOOL DISTRICT, Tulare County, Calif.
-The St. Paul "Free Press" of May 2 says: "At a special
FEATED.
-On April 25 the $10.000 6% 934-year (aver.) school bonds,
BOND SALE.
-were sold to the William R. Staats
tion held in Lake Preston, the proposition to issue bonds of $90,000 for the offered on that date-V. 114, p. 1809
construction of a new high school building in Lake Preston was defeated Co. at 109.12 and interest, a basis of about 4.79%. Due $1,000 yearly on
from 1927
s923o 1936 incl. The following are the bids received:
by a tie vote of 185 "for" and 185 "against.' Under the law,it is necessary April 3R.
.
Wm.
$16,912 00 I Freeman, Smith & Camp
Staats
to secure a majority of the votes cast to pass an issue."
$10,803 00
16,580 001 Co
-By a ma toritv Stephens & Co
-BONDS VOTED.
10,791 45
LAMESA, Dawson County, Texas.
'Bank of Italy
of 4 to 1 an issue of $65,000 water-works bonds, and an issue of $35,000
Financial Statement.
sower bonds were recently voted.
Assessed valuation
$3 249 7
3
1 0010
'9 , 0
-City Clerk Total debt, including this issue
-BOND OFFERING.
LANSING, Ingham County, Mich.
-BOND
Judson A. Parsons will receive sealed bids until 8:30 p. m.(Eastern standard
LINDSAY SCHOOL DISTRICT, Tulare County, Calif.
bonds. Denom. to SALE.
time) May 22 for $740.000 434% lighting and power
-year (aver.) school bonds, offered on April
-The $15,000 6% 12
suit purchaser. Date June 1 1922. Prin. and semi-ann. int. (J. & D.) 25-V. 114, p. 1809-were sold on that day to the Wm. R. Staats Co. for
payable at the Guaranty Trust Co. In Now York City. Due $75,000 yearly $16,615 (110.76) and interest, a basis of about 4.81%. Due $1,000 yearly
compliance with Section onin. R. 8 atm 0
we
from 1937 to 1945. incl., and $65.000 in 1946. In
A
April 3fro s C 927 to 1941 incl. The following bids were received:
1
be sold as whole
$16,463 61
185 of Chapter 12 of the City Charter. the bonds will Certifiedacheck for Win.
Staats
$16.615 00 Bank of Italy
15,375 00
to the highest bidder at the above mentioned time.
16,593 00 I Chas. Younger
authorized under Stephens & Co
1% of the amount bid for required. These bonds are
Statement.
Financial
Acts
Section 3307 of the Compiled Laws of 1915, Sub."B," as amended by Acts 6, Assessed valuation
$3,290,173
of
• 40 and 232 of 1917; also Act 2 (Second Extra Session) of the Public
169,000
Total debt, including this issue
1921. Also Section 148. Chapter 8. of the City Charter, as amended
-Harry
-BOND OFFERING.
Nov. 5 1918, and Section 340 of Chapter 21 of the City Charter as amended
LIVINGSTON, Park County, Mont.
bond issue was carried by the people on Aug. 30 1921 by M.Sholver, City Clerk, will sell at public auction at 8 p. m. May 8 $45,000
April 7 1919. The
Legal opinion
a veto of 2397 "for" to 855 "against," or a majority of 1542.Bonds and legal 6% funding bonds. Denom. $1.000. Date .Tan. 1 1922. Principal payto be furnished by John C. Thomson of New York City. delivery within able in gold and interest in lawful money, at the City Treasurer's office, or
for
in N. Y. City, at option of holder. Certified check upon an incorporated
opinion (both to be furnished by the city) will be ready
bank or trust company for $1.000, payable to the City Treasurer, required.
two days after sale.
Financial Statement.
Bonds will be delivered on or about May 15 1922, at place of purchaser's
Assessed value real estate, personal and other taxable$121,808,000 00 choice.
property. Dec. 1 1921
$6.010,400 00
LONGWOOD CONSOLIDATED SCHOOL DISTRICT (P. 0.
Total debt, including this present issue
-An issue of $15,000 school bonds
Sedalia), Mo.-BONDS DEFEATED.
Less Deductions Allowed
was recently defeated by 39 votes.
:3680.000 00
Water debt
-J.C. Standen,
-BOND OFFERING.
Cash value of sinking funds, not including
LORAIN, Lorain County, Ohio.
106,535 22
water sinking funds
City Auditor, will receive sealed bids until 12 in. May 22 for $20.000 5%
Other indebtedness, first mortgage bonds on
coupon general impt. bonds. Denom. $LOW. Date May 15 1922. Prin.
1,018,100 00
electric light plant
and semi-ann. int. (March 15 and Sept. 15) payable at the office of the
1,804,635 22
Sinking Fund Trustees in Lorain. Due $1,000 yearly on Sept. 15 from
amount bid for, drawn
2%
78 1923 to 1942, incl. Certified check for bankof the of said city, payable
$4,205.764
outside
Net bonded indebtedness
upon any Lorain bank or any national
-The
SALE.
reauired. Bonds to be delivered in Lorain. The
LARCHMONT, Westchester County, N. Y.-110ND1-V. 114, p. to the City Treasurer.for less than par and accrued interest.
bonds will not be sold
$39,000 coupon or registered road bonds offered on May
-Bids
-were sold to Geo. B. Gibbons & Co. of Now York at par and accrued
1808
LORDSBURG, Hidalgo County, N. Mex.-BOND OFFERING.
plus a premium of $0.19 (100.00048) for 4.35s, a basis of about will be received until 10 a. m. May 22 by E. M. Fisher, Chairman Board of
Interest,
4.34%. Date Juno 1 1922. Due $1,500 yearly on June 1 from 1927 to Trustees, for $75,000 water and 835,000 sewer 6% 20-30-year (opt.) coupon
1952 incl. The following bids were received:
bonds. Date June 1 1922. Certified check on a national bank of Lords100.00048 4.357 burg
Geo. B. Gibbons & Co., N Y
for 5% of the amount of the issue or issues of bonds for which the
4.50°
102.14
Parson, Son & Co.. N. Y
bid is submitted, required. Purchaser to pay accrued interest. These
0
4.504
101.629
O'Brian, Potter & Co., Buffalo
4.40% bonds were voted on April 5-V. 114, p. 1690.
100.58
Sherwood & Merrifield, N. Y
-BOND SALE.
4.50%
100.282
LOS ANGELES, Los Angeles County, Calif.
J. G. White & Co., N. Y
100.579 . 4.50% Elliott & Horne Co., of Los Angeles, have been awarded $76,910 22 7%
Clark, Williams & Co.. N. Y
tax-free Temple Street Sewer District bonds.
LAS VEGAS BOARD OF EDUCATION SCHOOL DISTRICT NO.
-The $70.000
-BOND SALE.
-An issue of
McDONALD, Washington County, Pa.
12 (P. 0. Las Vegas), Clark County, Nev.-BOND SALE. Keeler Bros.
5
municipal building bonds, offered on April 28$75,000 6% tax-free gold school bonds has been purchased byint. (J. & J.) 44% 22 1-6-year (aver.) sold to J. H. Holmes & Co. of Pittsburgh. for
V. 114. p. 1569-have been
and semi-ann.
& Co. of Denver. Date April 11922. Prin.
to 1942 incl. $74,127, equal to 105.89, a basis of about 4.34%. Date May 11922. Due
payable in N. Y. City. Due $3,750 yearly on April 1 from 1923 "Las Vegas on
of
May 1 as follows: $8,000 1923, $11,000 1937, $14,000 1942. $17,000
This item was incorrectly reported under the captionV.
114. p. 1808. 1947 and $20,000 1952.
Mex." in
Board of Education School District No. 12, N.
-WARRANT OFFERMcMULLEN COUNTY (P. 0. Tilden), Texas. ation warrants until
LAUREL SCHOOL TOWNSHIP (P. 0. Laurel), Franklin County, ING.
be received for $40.000 tick-eradic
-The $15,000 5% counon bonds offered on April 26- May-Bids will Martin, County Judge. Purchaser to furnish blank war-BOND SALE.
Ind.
8 by D. B.
a basis
(102.36),
V. 114. p. 1808-were sold to J. F. Wild & Co. for $15,355six
rants on legal proceedings.
of about 4.72%. Date April 26 1922. Due $350 eachwere months from
No. Caro.
received:
MACEDONIA SCHOOL DISTRICT, Nash County, on April 29June 15 1923 to June 15 1944, incl. The following bids
$15,226 00 BONDS.NOT SOLD.
-The $10.000 6% school bonds offered
$15.355 00 Meyer-Kiser Bank
.T. F. Wild & Co
15,171 00 V. 114. p. 1931-were not sold.
& Harrison_ 15,306 00 City Trust Co
Breed, Elliott
15,150 00
15,305 10 Bankers Trust Co
-The City
Fletcher Trust Co
-LOAN OFFERING.
MALDEN, Middlesex County, Mass.
- Treasurer will receive bids until 7:30 p. m. May 9 for the purchase on a
LAWNDALE SCHOOL DISTRICT, Los Angeles County, Calif,
school bonds, offered discount basis of a temporary loan of $250,000, dated May 12 and payable
-The $39,500 534% 10,4-year (aver.)
BOND SALE.
-have been sold to Stephens & Co. of San Dec. 12 1922.•
on April 24-V. 114, P. 1808
-The
-BOND SALE.
Francisco for $42,228 (106.90) and interest, a basis of about 4.67%. Date
MAMARONECK, Westchester County, N. Y.
April 11922. Duo yearly on April 1 as follows: $1,500, 1923 and $2,000. $65,000 5% coupon (with privilege of registration) Fire District No. 1
to 1942 incl. the following bids were received:
28 (V. 114. p. 1809) were awarded to Lamport.
1924
bonds offered on April
$41,575 05 Barker & Jennings of New York for $66,529 80, equal to 102.353, a basis of
$42,228)Bank of Italy
Stephens & Co
41,541 00 about 4.53%. Date May 11922. Due $6,500 yearly on Nov. 1 from 1923
42.07$ California Co
Wm. R. Staats & Co
National Bank
41,900J
Citizens
to 1932 incl.
Financial Statement. ________________ $876,540
MARICOPA COUNTY SCHOOL DISTRICT NO. 3, Aris.-BOND
Assessed valuation, 1921 __ _
-Through a special telegraphic dispatch from our Western
ELECTION.
43,500
Total debt, including this issue
representative, we learn that an issue of $117,000 6% school bonds will be
LAWTON SCHOOL DISTRICT (P. 0. Lawton), Comanche County, submitted to the voters on May 20.
-All bids received for the $239,000 5% school
-BIDS REJECTED.
Okla.
MARQUETTE SCHOOL DISTRICT NO. 46 (P. 0. Marquette),
-A. W. Jensen. School
bonds offered on April 19-V. 114, p. 1213-were rejected. The bonds Hamilton County, Neb.-BOND OFFERING.
fered shortly.
will be re-of
535%
Director, wilireceive seaied bids until 1 p. m. May 10 for $12,000annual
school bonds. Denom. $1,000. Date May 15 1922. Prin. and
-BOND SALE.LEAKSVILLE, Rockingham County, No. Caro.
May 15 1942.
- int. (May) payable in Aurora. Due
$215,000 water and sewer bonds offered on April 27-V. 114. p. 1808
The
have been purchased by Stacy & Braun of Toledo as 534s at a premium of
MARQUETTE SCHOOL DISTRICT NO.46(P.O. Marquette), Ham-By a vote of 85 "for" to 54
$301. equal to 100.14, a basis of about 6.48%. Date Feb. 1 1922. Due ilton County, Neb.-BONDS VOTED.
on Feb. 1 as follows: $3.000. 1925 and 1926; $4,000. 1927 to 1932. "against" an issue of $12,000 school building bonds was voted.
yearly
Incl.; $5,000. 1933 to 1939, incl.; $6.000, 1940 to 1950, incl., and $7,000,
-BOND OFFERING.
Madison Coufity, No. Caro.
MARSHALL,
1951 to 1962. incl. The following bids were received:
will receive sealed bids until
For 5%% Bonds.
INV. L. Slayton & Co., Tol_ _$216,225 Will 11. Morrow, Sec'y Board of Aldermen,
12 in. May 10 for 855.000 6% coupon water works bonds. Denom. $1,000.
(asabove)_$215,301 I
For 6% Bonds.
Successful bidder
at the Hanover National Bank,
int.
Prin.
215,100 Spitzer. Rorick & Co., Tot_ _$218,494 Date May 1 1922. yearly andMay payable
Bruce Craven. Trinity
1 as follows: $1,000 1925 to 1931 incl
on
For 5 % Bonds.
A. T. Bell & Co.. Toledo _ __ 217.461 N. Y. City. Duo
or
and $2,000 1932 to 1955 incl. Cert. check upon an incorporated bankLeCaldwell & Co. Nashville_ _$217,850 Prudden & Co., Toledo__- 218,493
trust company for 2% of bid, payable to the above official. required. Bids
Ryan. Bowman'& Co., Tel_ 215,658
gality approved by Storey, Thorndike, Palmer & Dodge of Boston.
-J. H. Price, to be made on blank forms to be furnished by town.
LEBANON, Laclede County, MO.
-BOND OFFERING.
-An
-BOND SALE.
City Cleric will receive sealed bids until May 8for $6,00067,fire equipment
MECHANICSVILLE, Saratoga County, N. Y.
bonds. Date June 15 1922. Duo $1000 1927 to 1932, inclusive. The issue of $14,000 534% fire apparatus bonds offered on April 28 was sold at
Troy.
bonds carried by a vote of 300 for to 97 "against" on April 19.
Par and accrued interest to the Manufacturers National Bank of$1,400
Int.annually(June 1). Due
-BOND SALE.
-The Denom. $1,400. Date June 11922.
LIBERTY COUNTY (P. 0. Liberty), Texas.
Juno 1 from 1923 to 1932. incl.
$1,309,000 5,4% road bonds offered on Apr. 24 (V. 114, p. 1690) have been yearly on
-BOND
sold to the Guaranty Title & Trust Co. of Cincinnati and J. E. Jarratt of
MECKLENBURG COUNTY (P. 0. Charlotte), No. Caro. R. E.
-Sealed bids will be received until 12 in. May 15 by
San Antonio at par plus a bonus of $39,593 60, equal to 102.947.
OFFERING.
Young, Clerk Board of County Commissioners, for $1,400,000 registerable
-BOND SALE.
-The following four issues as to principal road bonds not to exceed 6% interest. Denom. $1,000.
LIMA, Allen County, Ohio.
-D.) payable
of refunding paving bonds offered on April 28-V. 114, P. 1809-were Date June 1 1921. Principal and semi-annual interest (J.
sold to the Fifth-Third National Bank of Cincinnati at par and accrued in gold in New York City. Due yearly on June 1 as follows: 860,000 1937
.
Interest plus a premium of $1,205 002.147):
$80.000 1942 to 1946. inclusive, and $140.000 1947
to 1941, inclusive;
814,000 .5m % Baxter St. bonds. Denom. 4 for $2,000 and 4 for $1,500 to 1951, inclusive. The bonds will be prepared under the super
each. Duo yearly on Sept. 15 as follows: $1,500, 1923 to 1926, the U. S. Mtge. & Trust Co.. N. Y. City. Legality approved by Chester
inclusive, and $2,000 1927 to 1930, inclusive.
B. Masslich, N. Y. City. Bids to be made on blank forms to be furnished
19,300 57 South Union St. bonds. Denom. 1 for $1,300 and 18 for with additional information, including requirement of good faith deposit
.$1.000 each. Duo $2,000 yearly on Sept. 15 from 1923 to 1930, of 2%, by above Clerk or said trust company. Delivery at place of purinclusive, and $3.300 on Sept. 15 1931.
chaser's choice about .Tune 1 1922.
18.000 53.4% East Market St. bonds. Denom. $1,000. Duo $2,000
MEDIOPOLIS CONSOLIDATED SCHOOL DISTRICT (P. 0. Mediyearly on Sept. 15 from 1923 to 1931. inclusive.
WheelAve. bonds. Denom.$600. Due $600 yearly on Sept. 15 opolis), Des Moines County, lowa.-BOND SALE.-Ringheim, offered
4,800 Garfield
ock & Co. have purchased the $95.000 5% school-building bonds
from 1923 to 1928, inclusive.
Financial Condition Feb. 15 1922.
$206,000 00
Bonded debt
20,656 33
Floating debt
68 10
Balances subject to draft
38,414 49
Miscellaneous
$265,138 92
Total debt
$23,379 95
Cash in treasury Feb. 15 1922
8,600 34
Miscellaneous credits
31,980 29
2048
THE CHRONICLE
[vou 114.
on April 26 at par plus a premium of $4,565, equal to 104.80. Denom. (V. 114, p. 1931) were awarded to Sidney, Spitzer
& Co. of Toledo
$14,$1,000. Int. J. & D. Due serially as follows: $5,000, 1927 to 1941, inclus- 205 (101.464) and interest, a basis of about 5.80%. Date Aprilfor1922.
1
ive. and $20,000, 1942.. lkit
Due $1,000 yearly on April 1 from 1926 to 1938 incl.
MENDHAM, Morris County, N. J.
-BOND OFFERING.
-Leo RobinMINERAL CITY, Tuscarawas County, Ohio.
-The
-BOND SALE.
son, Borough Clerk, will receive sealed bids until 8 p. m. May 8 for $30,000 $3,000 6% coupon street
on
5% coupon water extension bonds. Denom. $1,000. Int. J. & J. Bonds p. 1691-were sold at par improvement bonds offeredFirstMay 1-V. 114,
and accrued interest to the
National Bank.
to be delivered about July 1 1922. Certified check for 2% of the amount unto April 11922. Duo $500 yearly on April 1
from 1927 to 1932, incl.
bid required. No bid for less than par and accrued interest will be considered.
MINFORD RURAL SCHOOL DISTRICT (P. 0. Minford), Scioto
County, Ohio.
-BOND OFFERING.
-G. A. Shumway, District Clerk,
MENTOR SPECIAL RURAL SCHOOL DISTRICT, Lake County, will
receive sealed bids until 12 m. May 23 for $40,000 534% bonds.
Ohio.
-BOND SALE.
-The $135,000 53 % coupon improvement bonds
offered on May 2(V. 114, p. 1931) were awarded to the Detroit Trust Co. Denom. 23 for $1,700 each and one for $900. Date May 1 1922. Int.
at a bid of $139,403, equal to 103.261, a basis of about 5.02%. Date semi-annual. Due $1,700 yearly on Sept. 1 from 1923 to 1945, incl., and
$900 on Sept. 11946. Bonds not to be sold for less than par and accrued
April 1 1922. Due $9,000 yearly on Oct. 1 from 1923 to 1937 incl.
interest.
MEXIA, Limestone County, Tex.
-BOND SALE.
-An issue of $175,MISSISSIPPI (State of).
-NOTE OFFERING.
-Frank Roberson,
000 street
-paving bonds was recently disposed of at par as follows:
Secretary of the State Bond Commission (P. 0. Jackson), will receive bids
$50,000 to B. W. Simmons
113100,000 to local investors.
until 11 a. m. May 12 for $1,000,000 State notes. Date May 1 1922.
25,000 to Julius Nussoaum
Certified check for $10,000, payable to the above official, required. Notes
MEXIA, Limestone County, Tex.
-BOND ELECTION.
-On May 16 to be approved by John C. Thompson, N. Y. City. Prin. and int. payable
the following bond issues will be voted upon:
in N. Y. City or Jackson, at option of holder. Bidder to name rate of
$10,000 incinerator bonds.
interest. Alternative bids will be received for notes maturing one year or
65.000 sewerage disposal plant bonds.
two years after date. Delivery of notes about June 1 1922.
175,000 water bonds.
MITCHELL COUNTY (P. 0. Osage), Iowa.
-The
-BOND SALE.
MICHIGAN (State of).
-BOND OFFERING.
-Frank E. Gorman, $42,500 5% funding bonds offered on .April 28-V. 114, p. 1809-were
State Treasurer, will receive sealed bids until 10 a. m. (central standard sold as 4)45 to Schenk.) & Co. of Mason City at par plus a premium of
time) June 6. at his office in Lansing, for the purchase of the following two $151 88, equal to 100.35, a basis of about 4.69%. Date April 1 1922.
Due Jan. 11928.
issues of coupon bonds:
MITCHELL CONSOLIDATED SCHOOL DISTRICT (P. 0. Mit$3,000.000 highway improvement bonds to be issued by the State Adminis- chell), Mitchell
County, Iowa.
-BOND SALE.
-The $50,000 5% school
trative Board of the State of Michigan, pursuant to the provi- building bonds offered on April 28-V. 114, p. 1809-have been awarded
sions of Act No. 25 of the Public Acts of the State of Michigan, to Geo. M. Betchel & Co. of Davenport at a premium of $1 630, equal to
103.26, a basis of about 4.58%. Elate April 1 1922. Duo $2,000 Nov.
Extra Session of 1919, as amended.
1 1923 to 1934 incl.; $3,000, Nov. 1
5,000,000 Soldier bonus bonds to be issued by the State Administrative 1941, and $4,000, April 1 1942. The 1935 to 1940 incl.; $4,000, Nov. 1
following companies also submitted
Board of the State of Michigan, pursuant to the provisions of bids:
Act No. 1 of the Public Acts of the State of Michigan, First Bingham, Weelock Co.
White-Phillips Co.
Schanke & Co.
1Drake-Ballard Co.
Extra Session of 1921, as amended.
Commercial Nat. Bank of Waterloo.
Denom. $1,000. Date July 11922, Principal and semi-annual interest
MONONGAHELA, Washington County, Pa.
-BOND OFFERING.
payable at the State Treasurer's office or at the office of the fiscal agent of
the purchase of $190)00 5% tax-free bonds will be
the State of Michigan in New York City. Bonds will be issued in coupon Proposals form. May 8 by Lloyd E. Flint, City Clerk. Date Mayreceived
until 7:30 p.
1 1922.
form and may be exchanged for registered bonds. Both issues will mature hit. M.&-N. Due yearly on May 1 as follows: $15,000 1927; $5,000 1928
in 10, 15 or 20 years, and will bear interest at the rate of 4, 43 or 43% to 1932 incl.* $8,000 1933 to 1937 incl.; $12,000 1938 to 1945 incl., and
'
per annum. Certified check for 1% of the amount of the bid, payable to $14,000 1946. Cert. check for $5,000, payable to James E. Gee, City
Treasurer, required. Bids must be submitted on forms which may be
the above Treasurer, required. The right is reserved to reject any or all obtained from the city. Legality approved by Burgwin, Scully & Burgbids. The above offering was already given in last week's issue of the win of Pittsburgh.
"Chronicle" on page 1931; it Is given again on account of the additional
MONROVIA, Los Angeles County, Calif.
-On
-BONDS VOTED.
data available.
April 24 the following two issues of bonds were voted, it is stated:
$40.000 bonds to purchase a site for a recreation park. Vote 905 to 411.
The official notice of this offering may be found among the advertisements
20,000 bonds for a public swimming pool. Vote 818 to 472.
elsewhere in this Department.
MONTE VISTA SCHOOL DISTRICT, Los Angeles County, Calif.
MIDDLESEX COUNTY (P. 0. New Brunswick), N. J.-BOND BOND SALE.
-On April 24 the $18,000
% 9%-year (aver.) school bonds
OFFERING.
-F. William Flinger, County Treasurer, will receive sealed offered
-V. 114, p. 1691-were sold to the William R. Stoats
proposals until 2:30 p. m. (daylight savings time) May 11 for an issue of Co. for on that date
$19,011 (105.61)
int., basis of about 4.76%.
43 % coupon (with privilege of registration) gold general improvement 1922. Due $1,000 yearlyand April a from 1923 to 1940, incl. Date April 1
on
The follow1
bonds not to exceed $30,000. Denom. $1,000. Date May 1 1922. Prin.
received:
and semi-ann. in (M. & N.) payable at•the County Treasurer's office. ing are the bids Co
Wm. R. Staats
$18,852
$19,011[California Company
Duo $2,000 yearly on May 1 from 1924 to 1938 incl. In addition to the Bank of Italy
18,8831
price bid, the purchaser must pay accrued int. from date of bonds to date
of delivery. Bids are desired on forms which will be furnished by the
MORGAN COUNTY (P.O. McConnelsville), Ohio.-BOND SALE.
county, and each bid must be accompanied by a certified check or checks The $86,500 6% I. 0. H. No. 505, 345 and 3M bonds offered on May 1drawn upon an incorporated bank or trust company, payable to the order V. 114, p. 1810
-were sold to Graw, Todd & Co. of Cincinnati, at par and
of the County Treasurer of the County of Middlesex, for 2% of the par accrued interest, plus a premium a $3,400, equal to 103.86. The above
value of the bonds bid for, to secure the county against any loss resulting firm also agreed to pay for the printing of the bonds. Date May 1 1922.
from the failure of the bidder to comply with the terms of his bid. The Due $10,500 on Sept. 1 1923 and $9,500 yearly on Sept. 1 from 1924 to
right is reserved to reject all bids, and any bid not complying with the pro- 1931. inclusive. The following bids were received:
visions hereof will be rejected. The bonds will be delivered to the success- Graw,Todd & Co., Cincin_$3,400 00 Breed, Elliott & Harrison,
ful bidder at the office of the U. S. Mtge. & Trust Co.,55 Cedar St., N. Y. Blanchett, Thornburgh &
Cincinnati
$2,660 00
City, on May 18 1922, at 11 o'clock a. m. The bonds will be prepared unVandersall, Toledo
3,070 75 A. T. Bell & Co., Toledo_ - 3,252 00
der the supervision of the U. S. Mtge. & Trust Co. of N. Y., which will W.L. Slayton & Co., Tol
3,511 90 Prudden & Co., Toledo_ _ _ _ 1,327 00
certify as to the genuineness of the signatures of the county officials and Stacy & Braun, Toledo
3,613 97 Sidney Spitzer & Co., Tel.. 3,012 00
the.seal impressed thereon; and the approving opinion of Caldwell & Ray- Tucker,Robinson&Co.,Tol 3,543 90 Seasongood & Mayer, Cin_ 2,962 00
mond of N. Y. City as to legality will be furnished to purchaser without Sidney S itzer & Co., Tol_ 3,156 93 Well, Roth & Co., Cincin_ 2,646 00
charge.
Citizens r.&Savs.Bk.,Col s 3,206 50 Ryan, Bowman & Co., Tel 3,607 05
Financial Statement.
All the above bids (except the successful one) were conditional and were
Assessed valuation taxable real estate, 1922
$110,717.467 therefore not considered.
Assessed valuation taxable personal property, 1922
28,327,759
MOUNT HOLLY, Gaston County, No. Caro.
-BOND OFFERING.
-W. B. Rutledge, Town Clerk, will receive sealed bids until 2 P. m.
Total assessed valuation
$139,045,226 May 16 for $20,0006% coupon (with privilege of registration as to principal
Total bonded debt, not Including this issue
3,507,900 or principal and interest) city hall and street bonds. Denom. $500. Date
Sinking fund (as of Jan. 11922)
672,752 March 11922. Prin. and semi-ann. int.(M.& S.) payable at the Hanover
Population. 1920 Census. 162.334.
National Bank, N. Y. City, or at the Town Treasurer's office. Certified
MIDDLETOWN, Middlesex County, Conn.
-BOND OFFERING.
- check for 2% of bid required.
James P. Stow, State Treasurer, will receive sealed bids until 4 p. m.
-Sealed
MUNHALL, Allegheny County, Pa.
-BOND OFFERING.
May 10 for $25,000 4% coupon air line refunding bonds. Denom. $1,000.
Date Aug. 11920. Principal and semi-annual interest (F. & A.) payable bids will be entertained until 1:30 p. m. May 25 by H. I. Maclay, Borough
at the Town Treasurer's office. Due Aug. 1 1930. Certified check for Secretary,for the purchase of $70,000 4 % coupon bonds. Denom.$1,000.
Date May 11922. Int. semi-ann. Duo $5,000 yearly on May 1 from 1928
$100, drawn upon some responsible bank or trust company, required. to 1941 incl.
Cert. check for $1,500, payable to the Borough Treasurer,
The bonds are numbered 371 to 390. both inclusive, and 421 to 425, both required.
inclusive, Said bonds were issued under authority of an Act of the Legislature of the State of Connecticut, approved May 20 1909, and a vote of
MOUNT VERNON, Westchester County N. Y.
-BOND SALE.said town at a meeting duly warned and held. These bonds were engraved The following three issues of coupon (with privilege of registration) bonds,
under the supervision of and certified to as to their genuineness by the offered on April 28-V. 114, p. 1810
-were sold to Lampert, Barker &
City Trust Co. of Boston, Mass., and said trust company further certified Jennings, Inc., of New York at 100.35 for 4145, a basis of about 4.22%:
that in the opinion of Messrs. Ropes. Gray & Gorham, that the said issue $150,000 drainage bonds. Due yearly on May 1 as follows: $5,000, 1923
is a valid obligation of the town of Middletown. All legal papers incident
to 1932 incl., and $10,000, 1933 to 1942 incl.
to the issue of these bonds, together with an affidavit certifying to the
100,000 highway repaving bonds. Duo $10,000 yearly on May 1 from
proper execution of the same, are filed with the Old Colony Trust Co. of
1923 to 1932 incl.
Boston, Mass., where they can be referred to at a moment's notice. Bids
11,000 land purchase bonds. Due $1,000 yearly on May 1 from 1923
for less than par and accrued interest will not be considered.
to 1933 incl.
Official Statement.
Denom. $1,000. Date May 1 1922.
Assessed valuation real and personal property for list, 1921-318,763,233 00
MUNDAY, Knox County!, Texas.
Bonded Debt:
-On May 16
-BOND ELECTION.
Air Line Ref. Bonds, 33 %,due Jan. 1 1924_ _5100,000 00
$60,000 6% serial water works system bonds will be voted upon,In place of
6
,
Air Line Ref. Bonds.4%,due June 1 1929_ _ _ _ 340,000 00
$50„000 bonds voted on Jan. 17 and disapproved by the Attorney-11e neral
Air Line Ref. Bonds.4%,due Aug. 1 1930- _ -_ 244,000 00
of Texas.
MUSKEGON COUNTY(P.O. Muskegon), Mich.
-BOND OFFERING.
May 1 1922, total bonded indebtedness
$684.000 00
-Sealed bids will be received until 11 a. m. May 10 by the County Road
Mar. 1 1922. Town Sinking Fund held against Air
Commissioners for the following bonds not to exceed 6% interest per annum:
Line Refunding Bonds due Jan. 1 1924
80,737 84
*$134,500 Assessment District Road No. 8 bonds.
$603,262 16
*60,650 Assessment District Road No. 12 bonds.
May 1 1922, temporary loans in anticipation of taxes..
$100,000 00
Denom,
Tax rate, $17 75 per $1,000. Population, U. S. Census 1920, 22,129; Certified to suit purchaser. Int. semi-ann. Duo from 2 to 10 years.
check for 3 of 1% of the amount bid for, payable to the Board of
6
,
population, estimated, 1922, 25,000.
County Road Commissioners, required.
MIDDLETOWN, Butler County, Ohio.
-BOND OFFERING.
Clayton M. Bally, City Auditor, will receive sealed bids until 12 m. May
* These figures are approximate.
23 for $9,000 5%% (city's portion) street improvement bonds. Denom.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. t 4 (P.% 0.
$500. Date May 1 1922. Prin. and semi-ann. int. (May 1 & Nov. 1)
-BOND OFFERING.-Geo. It. Hogan,(Berk Board
payable at the National Park Bank in N. Y. City. Due $1,000 yearly Musselshell), Mont.
on Sept. 1 from 1923 to 1932 incl. Certified check for $200, payable to of Trustees, will sell at public auction at 2 p. m. May 15,$10,454 85 school
the City Treasurer, required. Bonds not to be sold for less than par and bonds at not exceeding 6% interest. Date May 1 1922. Denom. $500,
one for 5454 85. Int. J. & J. Due May 1 1942; optional May 1 1927.
accrued interest.
MIDDLETOWN,Orange County, N. Y.
NARRAGANSETT, Washington County, R. I.
-BOND SALE.
-BOND OFFERING.
-Sealed
bids will be received until 3 p. m. May 31 by the City Clerk for $329,000 The $75,000 5% coupon gold highway bonds offered on May 1-V. 114,
43
,
5% conpon (with privilege of registration) gold central grammar-school p. 1932
-were awarded to Watkins & Co. of N. Y. at 104.89, a basis,of
bonds. Denom. $1,000. Date June 1 1922. Principal and semi-annual about 4.20%. Date Jan. 1 1922. Due $5,000 yearly ontJan. 1 from
interest (J. & D.) payable in gold at the New York Trust Co., N. Y., or in 1923 to 1937 incl.
Middletown. Due $5,000 yearly from 1924 to 1938, inclusive; $10.00()
yearly from 1939 to 1953, inclusive' $15,000 yearly from 1054 to 1959, inNAVAJO COUNTY SCHOOL DISTRICT NO. 6, Ariz.
-BOND
clusive, and $14.000 in 1960. Bonds are issued under the Educational Law ELECTION.
-An election will be held on May 20 to vote on issuing $11,760
and Chapter 446 of the Laws of 1922. Certified check for 5% of the 6% 20
-year school-building bonds. M. R. Tanner, Clerk (P. 0. Holbrook).
amount of bonds bid for, payable to the City of Middletown, required.
NEWBERRY COUNTY(P.O. Newberry),So. Caro.
-BOND SALE.
Financial Statistics.
Bonded debt April 26 1922
purchased the $200,000 24-year (average)
$523,000 00 Stacy & Braun, of Toledo, have25
highway bonds offered on April
Sinking fund
•
212,297 46 $4,660. equal to 102.33. a basis of (V. 114, p. 1691) as 5s at a premium of
Assessed valuation, 1922, $21,989.683. Tax rate per $1,000, 1922. $5.10
about 4.905". Date May 11922. Due
yearly
MILFORD SCHOOL DISTRICT (P. 0. Milford), Clermont County, 1931 toon May 1 as follows: $2,000, 1923; $3,000, 1924 to 1930;,$4,000,
1938; $5,000, 1939 to
$6,000, 1950
Ohio.
-BOND SALE.
-The $14,000 6% school bonds offered on April 29 1959; $8,000, 1960 and 1961,1949;$9.000. 1962. to 1954437,000. 1955 to
and
MAY 6 1922.]
THE CHRONICLE
-Pro-BOND OFFERING.
NEWBURGH, Orange County, N. V.
bonds, interest rate to
posals for the purchase of $94,000 registered school by William J. McKay,
be named in bids, will be received until 12 m. May 8 May 15 1922. Prin.
City Manager. Denoms. $1,000 and $760. Date
office or in
at the
and semi-ann. int.(M. & N.) payableon MayCity Treasurer's 1947 incl.
15
N. Y. exchange. Due $3,760 yearly required. from 1923 to
amount of bonds
Cert. check for 1% of
-LOAN OFFERING.
NEWBURYPORT, Essex County, Mass.
the City Auditor for
Sealed bids will be received until 11 a. m. May 8 by and due Nov.9 1922.
$150,000, to be dated May 9 1922
a temporary loan of
-The
-BONDS NOT SOLD.
NEWCASTLE, Newcastle County, Del.
114, P. 1691) were not sold, as no bids
$25,000 bonds offered on May 2(V. be issued as 5s.
bonds were to
were received. The
-L. M.
-BOND OFFERING.
NEWCASTLE, Henry County, Ind.
m. May 15 for
Johnson, City Clerk, will receive sealed bids until 1:30 p. 1 1922. Prin.
bonds. Denom. $1,000. Date Feb.
$50,000 5% city
office. Due $5,000 semiand semi-ann. int, payable at the City Treasurer's Cert. check for 23. % of
annually from Aug. 1 1926 to Feb. 1 1931 incl.
bid for required. Bonds not to be sold for less than
the amount of bonds
par and accrued interest.
NEWCASTLE SCHOOL CITY (P. 0. Newcastle), Henry County
-Sealed bids will be received until 1:30 p. m.
Incl.-BOND OFFERING.
of $196,000 5%
for the
May 15 by the Board of School TrusteesDenom.purchase
10 for $500 each, 10 for
of 1922.
coupon school building bondseach. Date May 15 1922. Prin. and semifor $1,000
$100 each and 190
ann. in (M.& N. 15) Payable at any bank or trust company in Newcastle,
$19,600 from
Ind. Due each six months as follows: the amount ofNov. 15 1927 to May
bonds bid for, drawn
15 1932 incl. Cert. check for 254% of
the Board
upon a national bank or trust company, payable to the order ofBonds not
Trustees of the School City of Newcastle, required.
of School
par and accrued interest to date of delivery, which
to be sold for less than June 1 1922.
shall be not later than
-Sealed
-BOND OFFERING.
NEWPORT, Newport County, R. I.
bids will be received until 5 p. m. May 11 by John M.Taylor,City Treasurer,
High School, Series "D"
coupon
for the purcha.se of $100,000 goldMay 1 RogersPrin. and
semi-ann. int.
1922.
bonds. Denom. $1,000. Date
(M.& N.) payable in gold coin of the United States of the present standard
of weight and fineness at the City Treasurer's office or at the First National
Bank in Boston. Due $4,000 yearly on May 1 from 1923 to 1947 incl.
under the supervision of and certified as to
Said bonds are engraved National
Bank of Boston; their legality will be
genuineness by the First
approved by Ropes, Gray, Boyden & Perkins, 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 May 15, at the First National
Bank of Boston, in Boston, Mass.
NEWPORT NEWS, Warwick County, Va.-BOND OFFERING.
J. L. Ficklen, City Clerk, will receive sealed bids until 2 p. in. May 15 for
$150,000 5% funding bonds. Denom. $1,000. Date June 1 1922. Principal and interest payable as the National City Bank, N. Y. City. Due
June 1 1952. Certified chock for 2% of bid required.
-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.
John J. Sell, County Treasurer, will receive sealed bids until 10 a. m.
for $8,800 5% Conrad Kiefner. Washington Township highway
May 9
construction and improvement bonds. Denom. $440. Date May 1 1922.
Int. May 15 and Nov. 15. Due $440 May 15, 1923 and one bond each
six months thereafter until all bonds mature. Bonds not to be sold for
less than par accrued interest.
-During the
-TEMPORARY LOANS.
NEW YORK CITY, N. Y.
month of April the city Issued short-term notes aggregating $26,250,000,
consisting of corporate stock notes, revenue bills and special revenue bonds,
as follows:
Revenue Bills of 1922, Aggregating
Corporate Stock Notes, Aggregating
$2,750,000.
$20,500.000.
Dock Purposes ($800,000).
Amount. DU.Rate. Maturity. DateSold.
• Amount. Initiate. Maturity. DateSold. $5,000,000 4.20% June 1 1922 Apr. 3
$75,000 4.10% Sept. 15 1922 Apr. 13 3,000,000 4.20% Oct. 20 1922 Apr. 3
25,000 4.10% Nov. 15 1922 Apr. 13 2,000.000 4.20% Nov. 6 1922 Apr. 5
700,000 4:10% Aug. 211022 Apr. 13 2,000,000 4.50% Oct. 30 1922 Apr. 13
Water Purposes ($850,000).
1,000.000 4.10% Sept.15 1922 Apr. 13
$150,000 4.20% Oct. 5 1922 Apr. 5 1,000,000 4.10% Nov. 15 1922 Apr. 13
700,000 4.10% Nov. 15 1922 Apr. 13 1,000.000 3.90% Nov. 15 1922 Apr. 13
V.:pious Municipal Purposes ($1,100,000). 3,000.000 4.10% Nov.29 1922 Apr. 13
$350,000 4.20% Oct. 5 1922 Apr. 5 2,500.000 3.875 Dec. 15 1922 Apr. 19
300,000 4.10% Sept. 15 1922 Apr. 13 Special Revenue Bonds of 1922,
Amounting to $3,000,000.
100,000 4.10% Dec. 22 1922 Apr. 13
350.000 4.10% Nov. 15 1922 Apr. 13 $3,000,000 4.20% Jan. 5 1923 Apr. 5
-In addition to the above notes, the city also issued the
BOND SALE.
following long-term bonds during the month of April:
$148.700 4% Corporate stock for dock purposes, sold on April 28. Due
April 15 1937. ,
84,950 4% Corporate stocklor dock purposes, sold on April 28. .Due
April 15 1942.
12,150 4% Corporate stock for dock purposes, sold on April 28. Due
April 15 1952.
Total, $245,800.
FUND BONDS ISSUED. $6,000,000 3% general fund bonds
--GENERAL
were also issued during the month-on April 28. This is a bookkeeping
Item only. The bonds are issued for the purpose of relea,sing the surplus
revenues of the Sinking Fund of the old City of New York.
NORTHAMPTON, Hampshire County, Mass.
-An
-BOND SALE.
issue of $60,000 4 % coupon highway permanent pavement bonds was
sold on May 2 to E. H. Rollins & Sons of Boston,at 101.43, a basis of about
Denom. $1,000. Date May 1 1922. Prin. and semi-ann. int.
4.21%.
(M. ScN.)_ payable at the Old Colony Trust Co. in Boston. Duo $6,000
yearly on May 1 from 1923 to 1932 inclusive. The following bids were
received.
B. H. Rollins & Sons, Boston.101.43 Curtis & Sanger, Boston.._ _ _100.481
101.034 Blodget & Co., Boston
Watkins & Co., Boston
100.61
100.780
P. S. Moseley & Co., Boston_101.08 Edmunds Bros.. Boston
Boston..---101.20 Harris. Forbes & Co., Boston100.790
Estabrook & Co. Boston..
R. M.Grant & Co.. Boston.._101.336 Old Colony Trust Co., Bost'n100.830
First Nat. Bk., Northamp'n _101.040 Arthur Perry & Co
100.869
Northampton Nat. Bk.,Bost.101.09 Paine. Webber & Co., Boston100.911
Hampshire Co. Ti'. Co.,Bost.101.110 Parkinson & Burr. Boston_ _100.945
Financial Statement April 27 1922.
Assessed valuation 1919
$19,487,204 77
Assessed valuation 1920
22,146,137 58
Assessed valuation 1921
23,002,600 92
2049
described a.s follows: Denom. $1,000. Date Jan. 1 1922. Prin. and
-J.) payable at the National Park Bank, N. Y. City.
semi-ann. in (J.
Due $200.000 yearly on July 1 from-1932 to 1961. inclusive.
NORTH OLMSTED VILLAGE SCHOOL DISTRICT (P. 0. North
-A.C.Reed,
-BOND OFFERING.
Olmstead),Cuyahoga County,Ohio.
Clerk of the Board of Education, will receive sealed bids until 12 in. May 27
for $72,000 6% coupon bonds. Denom. $1,000. Date April 1 1922.
Prin. and semi-ann. int. (A. & 0.) payable at the Bank of Berea Co. in
Olmstead Falls, Ohio. Due $3,000 yearly on Oct. 1 from 1923 to 1946.
inclusive. Certified check for 10% of the amount bid for, payable to the
Treasurer of the District required. Bonds to be delivered at the Bank of
Berea Co.in Olmstead Falls. Purchaser to pay accrued interest. Apparently these are the same bonds offered on April 8-V. 114, p. 1454.
-BOND
OAK PARK PARK DIST.(P.O. Oak Park),Cook County,111.
-The $50,000 5% park-site purchase bonds offered on May 1SALE.
V. 114, p. 1932
-were sold to the Oak Park Trust & Savings Bank of Oak
Park for $54,205 (108.41), a basis of about 4.25%. Date May 1 1921.
Due $20,000 May 1 1937 and 1938 and $10,000 May 1 1939. The following bids were received:
$53,775
Oak Park Trust & Say. Bk_ 454,205 Ames, EmerIch & Co
53,577 Merchants Loan & Trust Co_ 53,325
National City Co
53,777 Harris Trust & Say. Bank__ 53,285
Stacy & Braun
52,055
54,046 Paine, Webber & Co
A. G. Becker & Co
-BOND OFFERITO=
OCEAN COUNTY (P. 0. Toms River), N. J.
David 0. Parker, Clerk of Board of Chosen Freeholders, will receive proposals until 12 in. May 16 for the purchase of an issue of 554% coupon
(with privilege of registration) temporary road improvement bonds, not
to exceed $200,000. Denom. $1,000. Date June 1 1922. Semi-ann.
River.
int. (F. & A.) payable at the Ocean County Trust Co., Toms paying
Due Aug. 1 1926; subject to call in numerical order at any interestfor 2%
check on an incorporated bank or trust company,
date. Certified
of amount of bonds bids for, payable to the County Titeasurer, required.
Purchaser to pay accrued interest, settlement to be made at County Treasurer's office.
-BOND & NOTE
OGDENSBURG, St. Lawrence County, N. Y.
-W,S. Hall, City Treasurer, will receive sealed bids until 3
OFFERING.
p. in. May 8 for the following notes and bonds:
and $500. Date
$35,000 00 43% coupon water bonds. Denom. $1,000& D.) payable at
June 1 1922. Prin. and semi-ann. int. (J.
the City Treasurer's office. Due $5,000 yearly on June 1 from •
1923 to 1929 incl. Certified check for 2% of the par value of
the bonds bid for required.
1
29,865 44 paving bonds, at not exceeding 5% interest. Date May99
1922. Int. M.& S. Due yearly on Sept. 1 as follows:$3,356
1922 to 1929 incl. and $1,504 76, 1930 and 1931. Sept. 1 as
9,372 76 city notes. Date' June 1 1922. Due yearly on 1926.
follows: $2,037 41, 1922 to 1925 incl., and $1,223 12,
-BOND SALE.
ORANGEBURG, Orangeburg County, So. Caro.
114,
The $250,000 street improvement bonds offered on April 28-V.as 58
awarded to the Trust Co. of Georgia of Atlanta,
P. 1811-have been
Date
at a premium of $50. equal to 100.02, a basis of about 4.99%• 1926.
March 11922. Due yearly on March 1 as follows: $7,000 1925 and
$8,000 1927 and 1928, $9,000 1929 and 1930, $10,000 1931 and 1932.
1937 and
$11,000 1933, $12,000 1934, $13,000 1935 and 1936, $14,000 $19,000
1938, $15,000 1939, $16,000 1940, $17,000 1941, $18,000 1942,
1943 and $20,000 1944. The following bids were received:
For 5% Bonds.
Trust Co.of Ga.(as above)_3250,050 I Robinson, Humphreys Co_ 4245,786
244,037
Southern Bank & Trust Co.. 240,125'Planters Bank
For 5%% Bonds.
Bank & Trust Co4252,625'Provident Bank & Trust Co.$250.150
Southern
255,455
Robinson, Humphreys Co.._ 258,261'Planters Bank
For 5% Bonds.
$246.575
Southern Bank & Trust Co
Calif.
OROSI UNION HIGH SCHOOL DISTRICT, Tulare County,
on
-The $60,000 5 % 17M-year (aver.) bonds, offeredCo.
-BOND SALE.
R. H. Moulton &
April 25-V. 114. p. 1811-were sold on that day to 4.585%. Due t2.000
and interest, a basis of about
for $66,551 (110.91)
were
yearly on April 4 from 1925 to 1954, inclusive. The following bids
received:
$65,004 00
$66,551 00 E. H.Rollins & Sons
& Co
R. H. Moulton
64,801 00
Blyth, Witter & Co
Bond & Goodwin &
64.782 00
65,994 00 Stephens & Co
Tucker, Inc
65,669 60 Freeman, Smith & Camp
Bank of Italy
64,487 00
65,372 00 Co
Wm.R. Staats & Co
Financial Statement.
$2,632,030
Assessed valuation
79,000
Total debt, including this issue
-An
ELECTION.
-BOND
OSKALOOSA, Mahaska County, Iowa.
to buy
election has been called for June 3 to vote on a $670,000 bond issue
build a power plant at Harvey,
the water-works plant in Oskaloosa, and
to cost $370,000.
-Sealed bids
-BOND OFFERING.
PALMER, Hampden County, Mass.
until 8 p.m.
will be received by Robert L. McDonald, Town Treasurer,
Grammar
May 10 for the purchase of $35,000 4b coupon Bondsville Prin. and
Denom. $1,000. Date May 15 1922.
School Loan bonds.
the First National Bank in
semi-ann. int.(May 15 and Nov. 15) payable at
1937,
Boston. Due yearly on May 15 as follows: $2,000 from 1923 to states
incl., and $1,000 from 1938 to 1942,incl. Tile official announcement enand are
that these bonds are exempt from taxation in Massachusetts by theiFirst
graved under the supervision of and certified as to genuineness
Gray,
National Bank of Boston; their legality wiil be approved by Ropes,
purchaser...All
Boyden & Perkins, whose opinion will be furnisned the
this issue will be filed with said bank, where they
legal papers incident to
purchaser
may be inspected at any time. Bonds will be delivered to the
on or about Monday, May 15,at the First National Bank of Boston.
PIN
•
Debt Statement April 3 1922.
$7,102,472 00
Valuation 1919, less abatements
9,683,166 00
Valuation 1920, less abatements
10,457,132 00
Valuation 1921, less abatements
$27,242,770 00
Gross net valuation three years
30,080,923 00 •
Average valuation
3272,427 69
3% of average valuation
$156,350 00
Total bonded debt
3116.077 69
Borrowing capacity
-The $54,000
-BOND SALE.
PANHANDLE, Carson County, Texas.
water works bonds offered on April 22-V.114, p. 1811-have been awarded
Cast Iron Pipe Co. at par and accrued Interest. The
to the American
_air
$64 635,943 27 following bids were also received:
indebtedness____________
98.50
Borrowing limit_
4538,63
0
97.5aInternational Trust Co
___________________ 2 88 Wood & Wood
o
Total funded
95.50
W. L. Slayton & Co
___________________ 28,000 00
Less water debt
gas bonds offered on the same day
-The $22,
BONDS NOT SOLD.
$338,000 00 were not sold. We are advised by L. E. Bram, Mayor, that these bonds
No sinking funds.
will not be re-offered at present.
6
$538,632 86
3
2 , % of average valuation for 3 years
-C. M.
-BOND OFFERING.
PARAGON, Morgan County, Ind.
338,000 00
Net indebtedness
for
Bowman, Town Clerk, will receive sealed bids until 2 p in. May 31
Denom.$500. Date July 1 1922. Int. semi-annually
$200,632 86 $5,000 5% bonds.
Borrowing capacity
Certified check for $100
date.
60,000 00 Due $500 in from one to ten years fromthan par and accrued interest.
Amount of present loan
required. Bonds not to be sold for less
Park
$140,632 86
PARK RIVER SPECIAL SCHOOL DISTRICT NO. 78 (P. 0.p. in.
-Until
Population 1920, 21,951.
River), Walsh County, No. Dak.-BOND OFFERING.by G. J.1
Matuit-year bonds
5% 20
for $33,500
8 bids
-The MayClerk. will be received
NORTH CAROLINA (State of). SUCCESSFUL SYNDICATE.
Interest semi-annually.
son,
successful syndicate which was awarded the $6,000,000 registerable coupon
-Sealed
-BOND OFFERING.
PATCHOGUE, Suffolk County, N. Y.
highway bonds on April 27 (part of the $15,000,000 offered on that day) bids will be received until 8:30 p. m. May 9 by Archie L. Wicks, Village
at 100.10, a basis of about 4.49%, with an option on the remaining $9,000,- Clerk, for $13,000 bonds at not exceeding 6% interest. Denom. $1,000.
on Jan. 1 from 1925
Due
000 at the same price, Is composed of the following: First National Bank Date July 1 1922. Int. J. & J. 10% $1,000 yearly
required.
check for
of New York, Bankers Trust Co., Kissel, Kinnicutt & Co., Eldredge & to 1937 incl. Certified
-The issueTor
-BOND SALE.
Cu., B. J. Aran Ingen & Co., Hornblower & Weeks, E. H. Rollins & Sons,
PATERSON, Passaic County N. J.
'
% coupon (with privilege of registration) school bonds, offered on
Redmond & Co. and Blodget & Co., all of New York, and the Citizens
on that date to Lampert, Barker &
May 4-V 114. p. 1811-was sold
National Bank of Raleigh,and the Wachovla Bank & Trust Co. of Winston- Jennings, file. of New York, at their bid of $805.000 96 (102.54) for 785
Salem. The New York interests are now offering these bonds to investors, bonds ($785,000), equal to a basis of about 4.27%. Date April 1 1922.
in an advertisement appearing on a previous page of this issue, at prices Due yearly on April 1 as follow.' $23.000, 1923 to 1956 incl., and $3.000,
to yield from 4.35% to 4.30% (according to maturities). The bonds are 1957.
2050
THE CHRONICLE
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
---A temporary loan of $100,000, offered on May 3, was sold to F. S. Moseley & Co. on
a 3.57% discount basis, plus a premium of $2 50. Date May 3 1922. Due
Dec. 15 1922. The following bids were received:
BidderDiscount. Premium.
F. S. Moseley & Co
$2 50
3.57%
First National Bank of Boston
3.60%
Blake Bros. & Co
3 50
3.65%
National Shawmut Bank
3.71%
Old Colony Trust Co
3.74%
--66
2
S. N. Bond & Co
3.75%
1 25
PELHAM MANOR, Westchester County, N. Y.
-BOND OFFERING.
-Livinoston Leeds, Clerk of the Board of Trustees, will receive sealed bids
until 8.30 p. m. (Daylight Saving Time) May 8 for the following three
issues of coupon (with full privilege of registration) bonds at not exceeding
6% interest per annum:
$7,000 sidewalk bonds. Denom. $500. Date May 1 1922. Due $500
yearly on May 1 from 1927 to 1940, inclusive.
32,000 highway improvement bonds. Denom. $1,280. Date April 1
1922. Due $1,280 yearly on April 1 from 1927 to 1951, inclusive.
55,000 villige hall bonds. Denom. $2,200. Date May 1 1922. Due
$2.200 yearly on May 1 from 1927 to 1951, inclusive.
Prin. and semi-ann. int. payable at the United States Mortgage & Trust
Co. in New York City. The bidders are reauested to name the rate of
Interest tne bonds shall bear, not exceeding 6% per annum expressed in
multiples of X of 1%, any rate of interest bid to apply to the entire issue
or issues bid for, and the bonds wit] be awarded to the person offering to
take tnem at the lowest rate of interest and to pay therefor the highest
premium on such lowest rate. The bonds will be prepared under the
supervision of the United States Mortgage & Trust Co. of 55 Cedar St..,
N. Y. City, which will certify as to the genuineness of the signatures of the
Village officers and tne seal impressed thereon, and their legality will be
approved by Messrs. Caldwell & Raymond of N. Y. City, whose approving
opinion will be furnished to the purchaser without charge. Bids are
desired on forms which will be furnished by said trust company or by the
above Clerk, and each bid must be accompanied by a certified check on
an incorporated bank or trust company for 2% of the par value of the
bonds bid for as security for the performance of the old if accepted. The
sidewalk bonds will be delivered on May 16 at 11 o'clock a. In. and said
village hall bonds and highway improvement bonds will be delivered on
June 15 at 11 o'clock a. in.. at the office of the United States Mortgage &
Trust Co., 55 Cedar St., N. Y. City, or as soon after said dates as the
bonds may be prepared. The right is reserved to reject any and all bids,
and no bid for less than par and accrued interest will be considered.
Financial Statement.
Assessed valuation of taxable real property
$12,249,748
-Outstanding indebtedness exclusive of these issues
288,175
PENN SCHOOL AND CIVIL TOWNSHIP, Parke County, Ind.
BOND SALE.
-The following two issues of 5% bonds offered on May 1V. 114, p. 1932
-were sold to the City Trust Co. of Indianapolis. at par
and accrued interest, plus a premium of $1,397 25 (103.175), a basis of
about 4.60% •
$16,900 school township bonds. Due each six months as follows: $460
on July 15 192:3 and Jan. 15 1924, and $470 from July 15 1924 to
Jan. 15 1941, inclusive.
27,100 Civil Township bonds. Due each six months as follows: $766
on July 15 1923 and Jan. 15 1924, and $752 from July 15 1924 to
Jan. 15 1941, inclusive.
Date May 15 1922. The following bids were received:
City Trust Co
$1,397 251Meyer-Kiser Bank
$886 00
Bankers Trust Co
1,056 00 Fletcher American Co
712 00
J. F. Wild & Co
1,019 001
PENDLETON, Umatilla County, Ore.
-PRICE PAID.
-The price
paid on Anna 26 by the Harris Trust & Savings Bank of Chicago for the
385,0°0 5% 20
-30-year (opt.) "Sewer Bonds D," dated June 1 1922, was
$86,836 (102.16) and interest, not 102.14 as newspaper accounts made us
say in V. 114,p. 1933.
PERRY COUNTY (P. 0. Cannelton), Ind.
-BOND OFFERING.
Wm. C. Vogel. County Treasurer, will receive sealed bids until 11 a. m.
May 11 for $25.000 5% Philip Werner et al. Troy Township bonds. Denom.
$625. Date May 15 1922. Int. M.& N. Due $625 each six months from
May 15 1923 to Nov. 15 1942, incl. Purchaser to pay accrued interest.
PERTH AMBOY, Middlesex County, N. J.
-BOND SALE.
-On May
4 the following two issues of 5%% coupon or registered bonds
-V. 114,
p. 1933-were sold to the Perth Amboy Trust Co.. Perth Amboy:
$18,000 general improvement bonds. Due $2,000 yearly on March 1
from 1924 to 1932 incl.
5,000 general improvement bonds. Due $1,000 yearly on March 1
from 1923 to 1927 incl.
Date March 11922.
PHILADELPHIA, Pa.
-BOND OFFERING.
-Sealed bids will be
received until 12 in. May 29 by Willb. Hadley, City Controller, for the
purchase of $2,447,000 4% coupon (with privilege of registration) bonds.
Denom., coupon bonds, $1.000 and registered bonds, $100 and multiples
thereof. Date May 26 1922. Int. J. & J. Due May 26 1952. with the
option to the city to r:..deen; at par and accrued interest at the expiration
of 20 year;from the date of issue, or at any interest period thereafter, upon
60 days' notice by public advertisement. Certified check for 5% of the
amount bid for required. Bids must be made on forms which may be had
on application to Mayor's office. Negotiable interim certificates will be
issued if desired, pending engraving of permanent certificates.
Wm. 114.
15 1932 incl. Cent. check for 5% of the amount bid for required. Purchaser to pay accrued interest.
PLUM TOWNSHIP SCHOOL DISTRICT,Pa.
-BOND OFFERING.
Sealed bids will be received until 2:30 p. m. May 13 by Guy R. Smith,
Secretary of the School Board, at the office of the attorney for the board
(Albert Barnes Smith), No. 36 St. Nicholas Building, Pittsburgh, Pa. for
$35,000 43.% bonds. Denom. $1,000. Date June 1 1922. Prin. and
semi-ann. int. (June 1 & Dec. 1) payable at the First National Bank of
Verona in Verona, Pa. Due $5,000 June 11927, 1932, 1937, 1942, 1947
and $10.000 on June 11952. Cert. check for $1,000, required. Purchaser
to pay for printing of bonds.
'
PORTAGE, Wood County, Ohio.
-BOND OFFERING.
-Earl T.
Freyman, Village Clerk, will receive sealed bids until 7 p. m. May 8 for
$1,600 6% refunding bonds. Denom. $200. Date March 1 1922. Int.
M.& S. Due $200 yearly on Sept. 1 from 1923 to 1930, incl. Cert. check
for 5% of the amount bid, payable to the Village Treasurer, required.
Purchaser to pay accrued interest.
PORT CHESTER, Westchester County, N. Y.
-BOND OFFERING.
Frederick G. Schmidt, Village Clerk, will receive sealed bids until 8 p. m.
May 11 for the following registered gold bonds:
$5,000 local improvement bonds. Due $1,000 yearly on June 1 from 1923
to 1927, inclusive.
10,000 assessment bonds. Due $2,000 yearly on Juno 1 from 1923 to
1927, inclusive.
13,000 Madison Avenue Sewer District bonds. Due $1;000 yearly on
June 1 from 1923 to 1935. inclusive.
4,500 Elm Street Sewer District bonds. Due $500 yearly on Juno 1
from 1923 to 1931, inclusive.
2,500 Palace Place Sewer District bonds. Due $250 yearly on June 1
from 1923 to 1932, inclusive.
Denona., first three issues, $1,000; last two issues, $500. Date of al
bonds. Juno 1 1922. Principal and semi-annual interest (J. & D.) payable
in gold at the First National Bank of Port Chester. Certified check for
3% of the amount bid for, payable to the Village Treasurer, required.
Bonds not to be sold for less than par and accrued Interest.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BOND OFFERING.
J. G. Graessle, County Treasurer, will receive sealed bids until 10 a. in.
May 9 for $40,000 5% Charles F. La Count road bonds. Denom. $2,000.
Date April 15 1922. Int. May 15 and Nov. 15. Due $2,000 each six
months from May 15 1923 to Nov. 15 1932, incl. Bonds not to be sold
for less than par.
PORTER UNION FREE SCHOOL DISTRICT NO. I (P.O. Youngstown), Niagara County, N. Y.
-BOND SALE.
-The $28.000 5% school
bonds offered on May 3-V. 114, p. 1933-were sold to O'Brian, Potter &
Co. of New York at 104.956, a basis of about 4.46%
Date Juno 11922.
Due $1,000 yearly on June 1 from 1924 to 1951, incl.. The following bids
were received:
O'Brian, Potter & Co
104.9561Geo. B Gibbons & Co
104.01
100.099
Union National Corp
104.23 'Peoples Bank
Sherwood & Merrifield
100.000
104.21 1Bank of Niagara
PORTERVILLE GRAMMAR SCHOOL DISTRICT, Tulare County,
-BOND SALE.
-On May 1 the $80,000 5%% school improvement
Calif.
-were sold for $89,800,
-V. 114, p. 1812
bonds, offered on that date
equal to 112.25.
PORT HURON,Saint Clair County, Mic%.-BONDS DEFNATED.borrow fora newschool buildNewspaper reports state that a propositior,
ing, which was voted on at a special meeting held in the town recently, was
defeated by a vote of 48 "for" and 148 "against.
PORTLAND, Ore.
-BOND SALE.
-On April 13 Blyth-Witter & Co.
purchased $63,466 61 6% improvement bonds at 104.60.
POTECASI SPECIAL SCHOOL DISTRICT (P. 0. Potecasi), North-BOND OFFERING.
ampton County, No. Caro.
-Sealed proposals will
be received until 11 a. m. May 22 by P.J. Long, Sec. of Board of Education,
of Northampton County (P. 0. Jackson), for $10,000 6% coupon (with
privilege of registration) bonds. Denom. $1,000. Date May 1 1922.
Prin. and interest payable in gold coin at the Hanover National Bank,
N. Y. City. Due yearly on May 1 as follows: $1,000, 1930, and $1,000,
1932 to 1938, incl., and 32.000, 1942. A certified check for 2% required.
These bonds will be ready for delivery on day of sale, and will be delivered
by the municipality at any bank designated by the purchaser, together with
certified transcript of legal proceedings, the usual final delivery papers, and
the approval opinion of Storey, Thorndike. Palmer & Dodge of Boston.,
The legal proceedings and preparation and sale of the bonds are under the
supervision of Bruce Craven of Trinity, No. Caro., to whom any further
inquiries for information should be addressed.
-BOND
POTTAWATAMIE COUNTY (P. 0. Council Bluffs), Iowa.
SALE.
-Lane,Piper & Jaffray, Inc., of Minneapolis have purchased $8,500
8% Albers Levee & Drainage District No. 20 bonds at 100.10. Denom.
$1,000 and $500. Date April 1 1922. Int. A. & 0. Duo serially on
April. from 1923 to 1928, incl.
1
QUINCY, Norfolk County, Mass.
-BOND SALE.
-An issue of
3800.000 4% coupon school loan Act of 1920 bonds, offered on May 5, was
sold to Estabrook & Co. at 101.36. a basis of about 3.84%. Donom.
$1.000. Date May 11922. Prin. and semi-ann. int. (M. & N.) payable
at the Old Colony Trust Co. in Boston. Due yearly on May 1 as follows:
$41,000, 1923 to 1932 incl., and $39,000, 1933 to 1942 incl.
Financial Statement-Dec.30 1921.
$51,960,375
PHOENIX, Maricopa County, Ariz.
-The Angle- Valuation for year 1919
-BOND SALE.
56,202,075
London-Paris Co. of San Francisco has purchased the $70,000 8% City Valuation for year 192059,705,318
Armory bonds offered on April 28-V. 114. p. 1811-at par plus a premiurn Valuation for year 1921
of $7,210, eaual to 11030, a basis of about 5.15%. Date April 15 1922.
Gross net valuation, three years
$167,867,768
Due July 1 1941.
Average valuation
55,955,922
PICKETT COUNTY (P. 0. Byrdstown), Tenn.
-BOND OFFERING. 2 %
ji
1,398,898
-sealed bids will be received until May 15 for $20,000 5% coupon road Total debt
$3,120.400
•construction bonds.
*Debts authorized but not incurred_
1,080,000 $2,040,400
PIEDMONT HIGH SCHOOL DISTRICT, Alameda County, Calif.
Less debts outside limit*
PRICE PAID.
-The price paid for the $100,000 5% additional school
$9,900
bonds by Blyth. Witter & Co. of San Francisco-V. 114. p. 1692-was Street Improvement Debts
4,000
104.805. a basis of about 4.55%. The bonds are described as follows: Parks
15,000
Tax free. Denorn. $1,000. Date April 11922. Prin. and semi-ann. int. Refunding
67,000
Norfolk County Hospital
(A. & 0.) payable at the County Treasurer's office. Duo $5,000 yearly
58,000
.,
on April 1 from 1927 to 1946, incl. (average life about 144 years). The High Sehool Land
152.000
Sewer Department
following are the bids received:
101,000
Blytn, Witter & Co
$104,805 001 Harris Trust & Say. Bk_ -$104,140 00 Sewer Department
99,000
Mitchum, Tully & Co_
104,701 001E. H. Rollins & Sons_ ___ 104,070 00 Sewer Department
67,000
National City Co
104,615 00 Wm.Cavalier & Co
103,850 00 Sewer Department
42,000
Water
R. H. Moulton & Co__ __ 104,310 00 Cyrus Peirce & Co
103,848 00 Water Department
50,000
pepartment
Stephens & Co
104,255 75 Anglo & London Paris
79.000
Bond & Goodwin &
I National Ba nk
103,665 00 Water Department
54,000
Water Department
Tucker, Inc
104,215 00 Citizens National Bank
Statutes
50,000
Bank of Italy_ ___
104,213 08
of Los Angeles
103,500 00
870,900
Wm.R.Staats Co
104,143 00
Financial Statement.
1,169,500
Net debt
Assessed valuation
87,950,000
Total bonded debt
344,000
$229,398
Borrowing capacity
Population, estimated, 1922, 4,500.
Population, 47,876 (1920).
PLAQUEMINES PARISH ROAD DISTRICT NO. 2 (P. 0. Pointe a
la Hache). La.-BOND OFFERING.
-C. V. Groleau. Secretary of the
* Present loan included.
Police Jury, will receive sealed bids until 12 m. May 30 for $133,500 6%
road bonds. Denom. $500. Date May 11922. Prin. and semi-ann. int.
-On May 1
-BOND SALE.
REDONDO BEACH Los Angeles, Calif.
-V.
(M. & N.) payable at the Whitney-Central Trust Co. of New Orleans. the $51,000 5% 8)4-year (aver.) Ocean Front acquisition !rapt. bonds
Due serially for 40 years beginning May 1 1925. Cert. check (or cash) 114, p. 1934-were sold to the California Company of Los Angeles, for
for 8.500 payable to the Police Jury, required.
$51.528,caual to 101.03. a basis of about 4.855%. Date Feb. 1 1922. Due
1939, incl.
PLAQUEMINES PARISH ROAD DISTRICT NO. 3 (P. 0. Pointe a 33,000yearly on Feb. 1 from 1923 to
la Nacho), La.
-BOND OFFERING.
-Sealed bids will be received until
-The $28,000 5%
RENOVO, Clinton County, Pa.-BO/VD SALE.
12 m. May 30 by G.V. Groleau, Secretary Parish Police Jury for $102,000 borough bonds offered on April 28-V. 114, p.1812
-were sold to Graham,
6% road bonds. Denom. $500. Date May 1 1922. Prin. and int. Parsons & Co. of Philadelphia at 100.50. Int. M. & 8. Date March 1
(M. & N.) payable at the Whitney-Central Trust Co. of New Orleans. 1922. Duo March 1 1942, ontional March 1 1927. A bid of par and acDue serially for 40 years beginning May 1 19,Z5. Cert. check (or cash) crued interest for $15,000 bonds wassubmitted by the State Bank of Renovo.
for $500 payable to the Police Jury, required.
RICHMOND HEIGHTS (P. 0. South Euclid, R. F. D.), Cuyahoga
PLEASANT SCHOOL TOWNSHIP (P. 0. Stillwell), Laporte County. Ohio.
-Henry Schroeder, Village Clerk,
-BOND OFFERING.
County, Ind.
-BOND OFFERING.
-Fred Draves, Township Trustee, will will receive sealed bids until 12 in. May 8 for $4,800 65,, Wilson's Mills
receive sealed bids until 3 p. m. May 15 for $46,000 5% coupon bonds. Road bonds. Denom. 6 for $500 and 3 for $600 each. Date May 11922.
Denom. $2.300. Date May 15 1922. Payable at the First National Prin. and semi-ann. Int. (A. & 0.) payable at the Village Treasurer's office.
Bank in Laporte. Due $2,300 ell'h six months from May 15 1923 to Nov. Due $500 yearly on Oct. 1 from 1923 to 1928, incl., and $600 on Oct. 1 in
MAY 6 1922.]
THE CHRONICLE
1929, 1930 and 1931. Certified check for 10% of the amount bid for,
payable to the Village Treasurer, required. Bonds not to be sold for less
than par and accrued interest.
-Thomas
-BOND OFFERING.
RIPLEY, Brown County, Ohio.
Goldsberry, Village Clerk, will receive sealed bids until 12 m. May 18 for
6
,
$7,500 55 % deficiency bonds. Denom. $500. Date May 1 1922. Int.
semi-ann. Due yearly on May 1 as follows: $1,000 1923 to 1929, incl.,
and $500 1930. Certified check for 5% of the bonds bid for, payable to
the Village Treasurer required.
-The issue of $150,000 Brown
-NOTE SALE.
ROCHESTER, N. Y.
St. subway notes offered on May 1 (V. 114, p. 1934) was sold to the Traders'
National Bank of Rochester at 3.74% interest, plus a premium of $10.
Due in eight months from May 4 1922. The following bids were received:
Premium.
Interest.
Bidders
$10 00
3.74% •
Traders' National Bank, Rochester
2 25
4.00%
Robert Winthrop & Co., New York
10 00
4.00%
Lincoln-Alliance Bank, Rochester
11 00
3.80%
S. N. Bond & Co., New York
- - -4.18%
Schoelkopf, Hutton & Pomeroy, Buffalo
ROSLYN CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
-Bids will be
Roslyn), Day County, So. Dak.-BOND OFFERING.
received until May 27 for $15,000 building bonds. Due in 20 years. Certified check for 3% required. C. 0. Fioren, Clerk.
-Sealed
ROSWELL, Chaves County, N. Mex.-BOND OFFERING.
bids will be received until 7:30 p. m. May 18 by J. A. Gilmer. City Clerk.
$15,000 fire protection and $20,000 street improvement
for $10,000 sewer,
' Prin6% 20-30-year (opt.) bonds. Denom. $500. Date May 11922.
5 ,.
cipal and semi-annual interest payable at the National Bank of Commerce,
on some chartered bank for 3% of the par
New York. Certified chock
may be
value of the bonds, payable to the City of Roswell. required. Bids basis of
made for one or more or all of said issues of bonds, and upon the carried
were unanimously
the purchaser furnishing the bonds. These bonds
on April 4.
-Newspapers
-BOND SALE.
ROYAL OAK, Oakland County, Mich.
24 to Painestate that an issue of $300,000 sewer bonds was sold on April30 years.
Webber Co. of Detroit at a price making them yield 4%% for
-The $8,500 5%
-BOND SALE.
RYE, Westchester County, N. Y.
street-impt. bonds offered on May 3(V. 114, p. 1934) were sold to Farson.
about 4.49%. Date May 1
Son & Co. of New York at 103.85. a basis of
1922. Due $500 yearly on May 1 from 1923 to 1939 incl. The following bids were received:
102.33
103.8500eo. B. Gibbons ,Sr Co
Parson, Son & Co
101.35
103.10 Isherwood & Merrifield
R. W. Pressvich Sc Co
St. Charles),
ST. CHARLES SCHOOL DISTRICT NO. 1 (P. 0. Driscoll, Clerk
-F. J.
Gregory County, So. Dak.-BOND OFFERING.
Education, will receive sealed bids until 2:30 P. in. May 13 for
Board of
$18,000 6% school bonds. Date May 1 1922. Due May 11942.
-BOND OFFERING.
ST. JOSEPH COUNTY(P.O.South Bend),Ind.
Slick,
-Sealed bids will be received until 10 a. m. May 10 by W. A.in 1 toCounty
10 yrs.
Treasurer, for $424,500 5% road bonds. Due semi-annually
-o.
-BOND OFFERING.
ST. MARYS, Anglaize County, Ohio.
W. Niles, City Auditor, will receive bids until 12 m. May 17 for the followstreet impt. bonds:
ing three issues of 5%%
$16,000 Indiana Ave. bonds. Denom. $2,000. Due 82,000 yearly on
April 1 from 1924 to 1931, incl.
6 for $1.000. Due yearly
6,500 Main St. bonds. Denom. 1 for $500,1929, incl., and $500. 1930.
on April 1 as follows: $1,000. 1924 to $500 yearly on
April 1
Front St. bonds. Denom. $500. Due
2,500
from 1924 to 1948.
Date April 1 1922. Int. semi-ann. Cert. check for 2%, payable to the
City Treasurer, required.
City), Iowa.
SAC COUNTY DRAINAGE DISTRICT (P. 0. Sac Board of
Super-Sealed bids will be received by the
BOND OFFERING.
May 10 for the following drainage bonds:
visors until 2•p. m.
$10.200 6% Joint Drainage District No. 181 (Pocahontas. Buena Vista.
Sac and Calhoun counties). Date Jan. 1 1922. Duo on Nov. 1
as follows: $1.000 1926, $2,000 1927. $1,000 1928, $2,000 1929,
$1,000 1930 and 1931 and 82,000 1932. Date
April 11022. Due
78,500 53% Drainage District No. 71 bonds.to 1929, inclusive;
$11,000
on Nov. 1 as follows: $11,200 1926
1930, and 811,200 1931 and 1932.
Certified check on a State or nationaj bank for $1,000 required. The
approving opinion of Chapman, Cutler & Parker of
printed bonds and the
Chicago, Ill., will be furnished by the County to the purchaser of the bonds,
and the opinion of said attorneys must be aceepted as conclusive evidence
of the legality of said bonds.
-TEMPORARY LOAN.
-Win.
SALEM, Essex County, Mass.
Rollins, City Treasurer, witl receive sealed bids until 10 a. m. May 9 for
Denom.
a temporary loan of $200,000. 151922. 6 for $25.000; 4 for $10,000,
These notes are engraved under
and 2 for $5,000 each. Due Nov.
by the
the supervision of and certified as to their genuinenessfurther Old Colony
certify that
Co. of Boston, Mass. This trust company will
Trust
issue has been approved by Ropes, Gray. Boyden
the legality of this
opinion will accompany
& Perkins of Boston, Mass., a copy of whosethe
purchaser. All legal
the notes when delivered, without charge to
papers incident to this issue, together with an affidavit certifying to the
filed
proper execution of the notes, are time. with the Old Colony Trust Co.,
where they can be inspected at any
SANFORD GRADED SCHOOL DISTRICT (P. 0. Sanford), Lee
-Sealed Proposals will be
-BOND OFFERING.
County, No. Caro.
received until 2 p. in. May 15 by W. S. Weatherspoon, Chairman, for $35,interestm .N ) payae le in
000 53 % coupon (with privilege of registration) school bonds. D bnom.
$1,000. Date May 1 1922. Principal and City.
Park Bank, N. V
gold coin at the National inclusive. Certified checkDue $1,000 yearly on
unon an incorporated
May 1 from 1927 to 1961.
bank or trust company (or cash) for 2% of bid, payable to the Board of
bidders
Trustees required. Successful that thewill be furnished with the opinion
bonds are binding obligations of
of Reid, Dougherty & Hoyt,
Sanford Graded School District. Purchaser to pay accrued interest from
date of bonds to date of delivery.
-BOND OFFERING.
SANILAC COUNTY (P. 0. Sandusky), Mich.
-Sealed bids will be received until 1:30 p. in. May 11 by the County Road
Commissioners for approximately 8120,500 Assessment District Roads No.
18. 21 and 22 bonds, not to exceed 6% interest per annum. Denom. to
suit purchaser. Int. semi-ann. Bonds due from 1 to 10 years. Certified
check for $2,000, payable to the Board of County Road Commissioners,
required.
scorr COUNTY (P. 0. Davenport), lowa.-DESCRIPTION.-The
$350,000 funding bonds awarded as stated in V. 114. p. 1934, are described
as follows: Denom. $1,000. Date May 1 1922. Int. M. & N. Due
$30,000 yearly on May 1 from 1926 to 1937, incl.
Financial Statement.
True value of real estate and personal property. estimated__ _$180,000,000
propAssessed value (real estate, personal and other taxable ___
101,049,043
erty) equalized 1921 _ _____________________________
18,955,667
Moneys and credits, 1921
Total bonded debt, including present issue
including floating debt
30,000
Other indebtedness,
Total indebtedness of every character
Cash value of sinking fund on hand not incl. water sink. funds_
1,476,000
10,380
_ ___
------ , --- $1,465.620
___ _ __ _
Net debt ____ _,
- Present population (est.), 80,00a1 (1920 census, 73:875). Predominant
nativity, American.
•
-BOND OFFERING.
-Sealed bids will
SELMA. Dallas County, Ala.
be received until May 15 by H. H. Stewart, City Clerk, for $150,000 6%
coupon tax-free public school building and school site purchase bonds.
Denom. $1,000. Date May 11922. Prin. and semi-ann. int. (M. & N.)
payable in gold at the Guaranty Trust Co. of New York. Due yearly as
follows: $5,000 1924 to 1931 incl.; $7,000 1932 to 1941 incl., and $40,000
1942. Legality of proceedings up to advertisement of bonds for sale approved by Storey, Thorndike, Palmer -& Dodge of Boston. The official
announcement states: Interest and principal on all bonds previously issued
have always been paid promptly at maturity.
2051
Financial Statement.
Assessed value of all taxable property, 1921
$10.432,053
True value (estimated) of all taxable property
20.000,000
Total bonded debt, including this issue
366,000
Water debt included in above is $67,000, which is being paid at the rate
of $10,000 annually out of earnings of water plant. Amount of above
debt payable from special assessments for street paving, 861.000. Floating debt, in addition to bond debt, $67,000. Notes outstanding for street
and sidewalk paving, payable from special assessments against abutting
Property (some work still in progress), for which bonds have not yet been
issued. $112,400. Constitutional debt limit. 7°7 of assessed valuation of
property, not including bonds issued for school houses, water works and
sewers, or street paving bonds where cost is assessed against abutting property. Bonds are issued under authority of general laws of State of Alabama, authorizing cities and towns to issue bonds after holding election
for that purpose. Election held on Feb. 14 1922. Votes for. 578: votes
against, 19. Interest and principal of all bonds previously issued have
always been promptly paid at maturity. Population. Census 1920. 15,570.
Actual population about 20,000. Tax rate, 10 mills or $IO per $1,000.
SMITH'S PRAIRIE HIGHWAY DISTRICT (P. 0. Prairie), Elmore
-The $25,0006% bonds offered on March 27
-BOND SALE.
County,Ida.
-V. 114, p. 1334
-were awarded on that day to the First National Bank of
Mountain Home at par plus accrued interest. Denom. $1,000. Date
-July. Due Jan. 1 1942, optional after Jan- 1 1932.
Jan. 11922. Int. Jan.
-Bids will be
OFFERING.
SODUS, Wayne County, N.
received until 4 p. m. May 19 by L. G. Tuttle, Village Clerk,for 840,0005%
coupon (with privilego of reg.) paving bonds. Denom. $1.000. Date
June 11922. Prin. and semi-ann.int (J. & D.) payable at the U. S. Mtge.
& Trust Co. N. Y. Duo $2,000 yearly on June 1 from 1923 to 1942. Incl.
Cert. check' $800, required. Bonds to be prepared under supervision
for
of the U. S. Mtge. & Trust Co., which will certify as to the genuineness of
the signatures of the officials and the real impressed thereon; validity to
be approved by John C. Thomson, N. Y.
-BOND OFFERING.
STEVENS COUNTY (P. 0. Morris), Minn.
An issue of $14,500 highway reimbursement bonds will be offered for sale
on May 6.
•
-BOND OFFERING.
SUFFOLK COUNTY(P.O. Riverhead), N. Y.
Proposals will be received until 2 p. m. May 11 by Shepherd M. Scudder,
County Treasurer, for $117,000 434% registered highway bonds. Denom.
$1,000. Date June 1 1922. Prin. and semi-ann. int. (J. & D.) payable
at the County Treasurer's office. Due yearly on June 1 as follows: 87,000
1923 to 1938,inclusive, and $5.000 1939. Certified check for 2% of amount
bid for, payable to the County Treasurer required.
SUGAR BOWL DRAINAGE DISTRICT, Manatee County. Fla.
BOND OFFERING.
-Bids will be•received until 10 a. m. May 15 by A. J.
Beck. Secretary,(P. 0. care of G. P. Smythe, Brodentown, Fla.) for $29,
245 6% drainage bonds. Denom. 29 for $1,000 and 1 for $245 Date
Mar. 11921. Int. M. & S. Due as follows: $9,245 ten years after date,
$2,000 2 years after date $2,000, 3 years after date and $2,000 yearly
thereafter until all are paid. Cert. check for $500 payable to the above
official required.
-BOND
SULTANA SCHOOL DISTRICT, Tulare County, Calif.
SALE.
-On April 25 the $44,500 6% 125 -year (aver.) school bonds,
%
-were sold to R. H. Moulton & Co.
offered on that date-V. 114, p. 1813
Due yearly on April 4 as follows:$2,000, 1924 to 1945 incl., and $500 1946.
-BOND OFFERSUSOUEHANNA COUNTY P. 0. Montrose), Pa.
ING.
-Until 2 p. m. May 8 John J. Birney, Clerk Board of County Commissioners, will receive sealed bids for the purchase of 8111,000 43i% coupon
(registerable as to principal) road bonds. Date May 11922. Due May 1
as follows: $27,000 in each years 1927, 1932 and 1937, and $30,000 1942.
Certified check for 2% required.
TANGIPAHOA PARISH ROAD DISTRICT NO. 6 (P. 0. Amite),
-A special telegram from our western corresLa.
-BOND OFFERING.
pondent advises us that an issue of 887,000 5% serial bonds will be offered
on May 23.
-The
TAZEWELL COUNTY (P. 0. Tazewell), Va.-BONDS SOLD.
issue of road bonds which was scheduled to re offered on May 1-V. 114.
p. 1694-was sold on April 17 to Prudden & Co. Toledo, who offered par
and interest for $150.000 bonds. Denom. $1,000. Date June 1 1922.
Int. J. & D. Average maturity, 27 years.
-An issue of
-BOND SALE.
TEKOA, Whitman County, Wash.
$16,000 5%% water-main bonds was awarded on April 24 to the Spokane &
Eastern Trust Co. of Spokane at 100.055. Denom.$500 and $100. Date
July 1 1929. Tnt. Jan. 1 and July 1. Due $1.600 yearly.
-Moody Bartholomew, City Clerk, will receive bids
BOND OFFERING.
until 8 p. m. May 8 for the following two issues of bonds:
$31,000 6% Local Improvement District No. 17 bonds. Denom. $500.
Payable in ten equal annual installments. Certified check for
$1,550 required.
25,000'coupon general obligation bonds, to bear interest at a rate hot to
exceed 6%. Denom.$500. Bonds to mature in 20 years: biddera
to state whether they desire serial or straight (with option privilege)
term. Certified '-heck for $1.950 required.
Legality approved by Wakefield & Witherspoon, Spokane.
THE PLAINS RURAL SCHOOL DISTRICT, Athens County,
-BOND OFFERING.-Ilarry A. Tipton, Clerk of Board of EducaOhio.
tion, will receive bids until 12 m. May 20 for 340,000 6% school bonds.
Denom. $1,000. Date May 20 1922. Int. A. & 0. Due $1,000 each
6 months from April 1 1923 to Oct. 1 1942, inclusive. Certified check for
$500, payable to the District Treasurer required.
THORNTON INDEPENDENT SCHOOL DISTRICT (P. 0. Thorn-BONDS VOTED -An issue of $40.000
ton), Milam County, Texas.
school-building bonds was recently carried by a vote of 123 "for" to 3
"against."
THURSTON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Pender),
F. Wenke, Sec'y Board of Education, will
Neb.-BOND
bids until May 16
receive sealed OFFERING.-W. for *100.000 43.i %,5%. 5V.% or 5 %
serially. These bonds were recently voted (V. 114.
school bonds. Due
p. 1935).
TIFFIN CITY SCHOOL DISTRICT (P. 0. Tiffin), Seneca County,
-BOND OFFERING -F. R. Mann.Clerk of the Board of Education,
Oh lo.
will receive sealed bids until 12 m. May 19 for $190,000 57 coupon
Junior High School building bonds. Denom. $1.000. Date April 1 1922.
Prin. and semi-ann. int. (A. & 0.) payable at the District Treasurer's
office. Due $10,000 yearly on April 1 from 1923 to 1941 incl. Certified
check for 1% of the amount bid for, payable to the Board of Education,
required. Purchaser to pay accrued interest. A like amount of bonds
was reported sold by us to Keane, Higbie & Co. of Detroit In our issue of
April 1 on page 1456.
TIFFIN TOWNSHIP (P. 0. West Union), Adams County Ohio.BOND OFFERING -Will It. Shumaker. Clerk of the Board of Education,
will receive sealed bids until 1 p. m. May 20 for 85,0006% bonds. Denom.
$500. Bonds duo in 1 to 10 years.
-On April
-BOND SALE.
TILLAMOOK, Tillamools County, Ore.
24 $50,000 gold coupon tax-free funding bonds were sold to 13lyth, Witter
& Co., of Portland at 100.25 and interest for 531s, a basis of about 5.23%.
Denom. $1,000. Date May 1 1922. Prin. and semi-ann. int.(M. & N.)
payable at the fiscal agency of the State of Oregon in N. Y. City. Due
May 11942.
Financial Statement.
$1,389.053
Assessed valuation. 1921
2,000,000
Real valuation, estimated
390,927
Total bonded debt (including this issue)
$209,927
Less special assessment bonds
45.000
Less water bonds
136,000
•
Net bonded debt
79,000
Sinking Fund
Population, 1920 census, 1,964.
-The 2 issues of
-BOND SALE.
TONAWANDA, Erie County. N. Y.
4%% coupon bonds offered on May 3-V. 114, p. 1813-were awarded
as follows:
$8,000 sewer bonds to Sherwood & Merrifield at 100.49, a basis of about
4.42%. Due $1.000 yearly on July 1 from 1925 to 1932.inclusive.
16,000 water bonds to Geo. B. Gibbons & Co. at 101.47, a basis of about
4.35%. Due $1,000 yearly on July 1 from 1927 to 1942,Inclusive.
2052
THE CHRONICLE
TRAVERSE COUNTY (P. 0. Wheaton), Minn.
-BOND SALE.
The Minnesota Loan & Trust Co. of Minneapolis, has purchased the
following two issues of bonds, offered on April 25-V. 114, p. 1813
-at
par plus a premium of $5, equal to 100.20:
$18,000 00 county ditch bonds. Due serially May 1 from 1933 to 1942 incl.
3.524 96 road and bridge bonds. Due May 1 1937.
Date May 1 1922. Interest rate.
%.
TULSA,Tulsa County, Okla.
-RATE OF INTEREST.
-The $500,000
bonds awarded to the Taylor-White Co. of Oklahoma City, as stated in
V. 114, p. 1694, bear 5% interest.
TULLAHOMA, Coffe County, Tenn.
-BOND OFFERING.
-Sealed
proposals will be received by B. H. Wilkins, Mayor, until 2 p. m. May 20
for the $60,000 5% school bonds recently voted-V. 114, p. 1935. Denom
$1,000. Date June 1 1922. Interest semi-annually. Due $4,000 yearly
on June 1 from 1926 to 1940, inclusive. Principal and interest payable at
the Guaranty Trust Co., N. Y. City, or at any other place designated by
purchaser. Certified check for 2% of bid on some national bank or acceptable State bank or trust company required. No bids for less than par will
be considered.
TURLOCK UNION HIGH SCHOOL DISTRICT (P. 0. Turlock),
Stanislaus County, Calif.
-BOND ELECTION.
-Reports say that the
Trustees of this district plan to call a bond election for May 19 or May 27
to vote on the question of issuing $175,000 high school building completion
bonds.
UNION RURAL SCHOOL DISTRICT, Licking County, Ohio.BOND SALE.
-The $20,000
% coupon bonds offered on A pril 19V. 114, p. 1572
-were sold to Sidney Spitzer & Co. of Toledo, for $20,456
(102.28), a basis of about 5.22%. Date April 1 1922. Int. A. & 0. Due
$1,000 yearly on Oct. 1 from 1923 to 1942, inclusive. The following bids
were received:
Sidney Spitzer & Co.,Tol_$20,456 00 Milliken York Co.. Cleve_$20.221 00
,
Rvan,Bowman & Co.,Tol 20,254 00 W. L. Slayton & Co., Tol 20,213 40
Citizens Savings & Trust
A.T.Bell & Co., Toledo__ 20,169 00
Co., Columbus
20,340 00
VANDERBURGH COUNTY P.0. Evansville), Ind.
-BOND OFFERING.
-Walter Smith, County Treasurer, will receive sealed bids until
10 a. m. May 15 for $207.600 5% Thomas J. Goebel et al. Big Cynthiana
road bonds. Denom. $1,038. Due $10,380 each six months from May 15
1923 to Nov. 15 1942 incl. Purchaser to pay accrued interest. •
BOND OFFERING.
-Walter Smith, County Treasurer, will receive sealed
bids until 10 a. m. to-day (May 6) for $50,400 5% Edward M. Schaefer et
al. Little Cynthiana Road bonds. Denom. $1,260. Int. May 15 and
Nov. 15. Due 32,520 each six months from May 15 1923 to Nov. 15 1932,
inclusive. Bonds to bear interest from May 6 1922. Bonds not to be sold
for less than par and accrued interest.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.Geo. A. Schaal, County Treasurer, will receive sealed bids until 10 a. m.
May 9 for $9,500 5% E. H. Dickerson et al. Lost Creek Township bonds.
Denom. $475. Date April 15 1922. Int. May 15 & Nov. 15. Due $475
each six months from May 15 1923 to Nov. 1.5 1932 incl. Bonds not to
be sold for less than par.
VISALIA SCHOOL DISTRICT, Tulare County, Calif.
-BOND
SALE.
-On May 1 the $110,000 534% school bonds, offered on that date
(V. 114, p. 1814), were sold for $121,823, equal to 110.74.
WABASH, Wabanh County, Ind.
-BOND OFFERING.
-E. Georgia
Alber, City Clerk, will receive sealed bids until 7:30 p. m. May 8 for
*8,1796 5M% bonds. Denom. 1 for $17396 and 8 for $1.000 each.
Date April 10 1922. Int. April 10land Oct. 10. Due $173 96 April 10
1923 and $1,000 each six months from April 10 1929 to Oct. 10 1932, incl.
Certified check for $100 required. Bonds not to be sold for less than par
and accrued interest.
WACO, McLennan County, Texas.
-BOND SALE.
-The $400,000
public school bonds offered on May 1-V. 114, p. 1694-have been disposed of at 102.87.
WADSWORTH VILLAGE SCHOOL DISTRICT(P.O. Wadsworth),
Medina County, Ohio.
-BOND OFFERING.
-C. E. Holbein, District
Clerk, will receive sealed bids until 12 m. May 16 for $440,000 6% Series
"B" bonds. Denom. $500. Date April 11922. Prin. and semi-ann. int.
(M.& S.) payable at the depository of the Board of Education of the above
district. Due $500 each six months from Sept. 1 1922 to Mar. 119112. incl.
Certified check for 5% of the amount bid for, payable to the District Treasurer,required. Bonds to be delivered at the office of the above Clerk. Purchaser to pay accrued Interest and to satisfy himself as to the legality of
this issue. Apparently these are the bonds which were to be offered on
May 2. V. 114,p. 1814.
WAKEFIELD, Middlesex County, Mass.
-BOND SALE.
-On Apri
20 $200,000 coupon school loan Act of 1919 bonds were sold to R. IC
Grant & Co. of New York at 100.22 for 4s (although they were offered as
43.4s), a basis of about 3.98%. Denom. $1,000. Date May 1 1922.
Prin. and semi-ann. int. (May I. & Nov. 1) payable at the First National
Bank, Boston. Due $10,000 yearly on May 1 from 1923 to 1942 incl.
The above corrects the report given in V. 114, p. 1935. The following
bids were received:
Bid
4% Bonds.
R. M. Grant & Co
100.22 MerrIll, Oldham & Co
100.19
Bids for 4y,% Bonds.
R. M. Grant & Co
102.364 Arthur Perry & Co
102.03
E. H. Rollins & Sons
102.29 Harris, Forbes & Co
101.93
Old Colony Trust Co
102.239 Paine, Webber & Co
101.873
Merrill, Oldham & Co
102.22 Curtis & Sanger
101.823
Wise, Hobbs & Arnold
102.131 R. L Day & Co
101.79
Estabrook & Co
102.11 Eldredge & Co
101.76
Watkins & Co
102.032 Guaranty Co. of New York_ _101.429
Financial Statement
-April 1 1922.
Assessed valuation, 1919, less abatements
$12,975,750
Assessed valuation, 1920, less abatements
13,284,688
Assessed valuation, 1921. less abatements
14,100,316
$40,360,754
Average net valuation for years 1919-1920-1921
$13,453,584
Debt limit,37 of average valuation
403.607
Total gross debt, including this issue
792,000
Deductions
Water bonds
$142,000
Sewer bonds, Acts of 1900, Chap. 377167,000
Montrose school bonds
19,000
Electric light bonds
50,500
School bonds (issue now offered)
200,000
578,500
Net debt
$213,500
Borrowing capacity April 1 192§
$190,107
Population about 1.4.000.
WALNUT SCHOOL DISTRICT, Madison County, No, Caro.
BOND SALE.
-The $25,000 school bonds offered on May 1 (V. 114 p.
1457) have been awarded to Spitzer, Rorick & Co., of Toledo, at a premium
of 431 29, equal to 100.12. Due serially from 1 to 30 years.
WASHINGTON COUNTY (P. 0. Washington), Pa.
-BOND SALE.
-The 3500,000 434% tax-free road improvement bonds offered on May 1
-V. 114, p. 1572
-were sold to the Guaranty Co. of New York at par
and accrued interest plus a premium of $25,135 (105.027). a basis of
about 4.08%. Date May 1 1922. Due yearly on May 1 as follows:
315,000. 1932; $10,000, 1933; $35,000, 1934; $40.000, 1935 and 1936
325,000, 1937 and 1938; $50,000 1939 to 1943 incl., and $30,000, 1944
and 1945. The following bids were received:
Guaranty Co. of N. Y___$25,135 00 Glover & McGregor,Pgh_$20,351 00
Elkins, Morris & Co., Phil 23,861 50 Gordon & Co., Pitts
20,192 50
WashingtonTr.Co.,Wash. 23,805 00 Reilly, Brock & Co., Phil_ 19,186 50
J. H.Holmes & Co.,Pitts. 21,018 00 Harris, Forbes& Co.,N.Y 19,120 00
Union Trust Co., Pitts.._ 22,800 00 M.M.Freeman & Co.,Ph 18.630 00
Mellon Nat. Bank,Pitts__ 21,000 00 Redmond & Co., Phila_ _ _ 14,559,50
WASHINGTON SCHOOL AND CIVIL TOWNSHIP, Allen County,
Ind.
-BOND OFFERING -Henry J. Kolmerten, Trustee, will receive
sealed bids until 2 p. m. May 16 for $60,000 53. % coupon bonds. Denom.
$500. Date May 17 1922. Int. Jan. 10 and July 10. Due $2,000 each
six months from July 10 1923 to Jan. 10 1937,incl.. and $4,000 on May 17
[v06. 114.
1937. Certified check for 5% of the amount of bonds bid for, paybale to
the above Trustee, required. Bonds not to be sold for less than par and
accrued Interest.
WATERLOO, Black Hawk County, Iowa.
-BOND SALE.
-Graham,
Schulte & Co., of Waterloo. have been awarded an issue of $22,000 funding
bonds.
WATERTOWN, Middlesex County, Mass.
-LOAN OFFERING.
Sealed bids will be received by the Town Treasurer until 3:30 p. m. May 8
for a temporary loan of $150,000. Due $50,000 Dec. 1 1922 and $100,000
on Jan. 24 1923.
WATERTOWN, Jefferson County, N. Y.
-BOND OFFERING.
Proposals for the purchase at not less than par and accrued interest of
$375,000 0 % coupon or registered school bonds will be received until
6
,
12 m. May 10 by (Mrs.) Jessie W. Gilchrist, City Treasurer. Denom.
$1,000. Date June 1 1922. Interest J. & D. Due $15,000 yearly on
June 1 from 1925 to 1949.inclusive. Delivery of bonds to be made within
5 days after notice of award is given to purchaser. Certified check on an
incorporated bank or trust company for 2% of amount of bonds bid for
required.
-The folWATERTOWN, Middlesex County, Mass.
-BOND SALE.
lowing two issues of 4 Y.% coupon bonds offered on May 4-V. 114, 13.
1935
-were sold to Watkins & Co. at 100.897, a basis of about 3.97%:
$21,500 street construction and drainage bonds. Denom. 1 for $500 and
•
21 for $1,000 each. Due $5,500 May 1 1923 and $4,000 yearly
on May 1 from 1924 to 1927 incl.
17,000 land taking bonds. Denom. $1,000. Due yearly on May 1 as
follows: $2,000 from 1923 to 1929 incl., and $1,000 from 1930 to
1932 incl.
Denom. $1,000. Date May 11922. The following bids were received:
100.437
Watkins & Co
100.897 Estabrook & Co
100 31
'
Paine, Webber & Co
100.651 Old Colony Trust Co
100.31
Arthur Perry & Co
100.558 E. H. Rollins & Sons
100.25
Kidder, Peabody & Co
100.451 Edmunds Bros
100.19 •
Merrill, Oldham & Co
WATERVILLE VILLAGE SCHOOL DISTRICT (P. 0. Waterville),
-M. G. Van Fleet, Clerk of
Lucas County. Ohio.
-BOND OFFERING.
the Board of iducation, will receive sealed bids until 12 m. May 6 for
$17,000 6% school-site and building bonds. Denom. $1,000. Date May 6
1922. Prin. and semi-ann. int. payable at the District Treasurer's office.
Due $1,000 yearly on Oct. 1 from 1925 to 1941, incl. Certified check for
$1,000, drawn upon a bank doing regular banking business, together with
an agreement in writing that if the bid is accepted the bonds will be taken
and paid for according to the bid and that accrued interest will be paid by
purchaser. Bonds not to be sold for less than par tuld will be delivered
on May 6 to the purchaser at the District Clerk's office. The bidder will
be supplied with a complete transcript of all proceedings evidencing the
legality and validity of the above bonds. Conditional bids will not be
considered.
-Bids wil
-BOND OFFERING.
WAUCHULA, Hardee County, Fla.
he received for $80,000 6% bonds until 2 p. in. May 17 by the Board of
Bond Trustees. Denom. $1.000. Interest semi-annual, payable in gold
coin at the Chase National Bank, New York City. Due March 1 1952.
Certified check (or cash) for $1,000 required.
WAUKENA UNION SCHOOL DISTRICT, Tulare County, Calif.
BOND SALE.
-The $36,000
% school bonds offered on May 1 (V. 114,
p. 1814) were sold on that date at 107.90.
-BOND OFFERING.
-Proposals
WAUSEON, Fulton County, Ohio.
for the purchase of $44,000 6% bonds will be received until 7:30 p. m.
May 8 by James C. King, Village Clerk, Denom. $1,000. Date April 1
1922. Principal and semi-annual interest (A. & 0.) payable at the Village
Treasurer's office. Due $1,000 each six months from April 1 1923 to Oct. 1
1944. Certified check for 3% of amount bid for, payable to the Village
Treasurer, required.
-BOND OFFERING.
WAYNESBORO, Franklin County, Pa.
Sealed bids will be received until 8 p. m. May 19 by the Burgess and Town
Council of the Borough of Waynesboro for the purchase of $250,000 4 %
water bonds of 1922. Denom.$1,000. Date June! 1922. Principal and
semi-annual interest (A. & 0.) payable at the office of the Treasurer of the
Burgess and Town Council of the Borough of Waynesboro. Due on April 1
as follows: $40,000, 1927, and $42,000 in 1939, 1937, 1942, 1947 and 1952.
Certified check for 1% of the amount bid for, payable to the Borough
Treasurer, required. Bonds to be ready for delivery June 11922, at which
time full payment in cash is to be made. Bonds not to be sold for less than
par and accrued interest.
-The
WEBSTER GROVES, St. Louis County, Mo.-BOND SALE.
Mississippi Valley Trust Co. of St. Louis has purchased $25,000 5%
1234-year (aver.) bonds at 102.29, a basis of about 4.'77%. Denom.$1.000.
Date May 1 1922. Int. M.& N.
WELLESLEY, Norfolk County, Mass.-RMS.-The following is a
complete list of the bids received on April 25 for the four issues of coupon
bonds aggregating $106,000:
*Estabrook & Co
100.850 Old Colony Trust Co
100.465
R. L. Day & Co
100.780 Harris, Forbes & Co
100.460
R. M. Grant & Co
100.653 Watkins & Co
100.410
Merrill, Oldham & Co
100.590 Curtis & Sanger
100.391
Perry & Co
100.589 Wise, Hobbs & Arnold
100.260
Edmunds Brothers
100.577 Paine, Webber & Co
100.177
E. H. Rollins & Sons
100.54 Guaranty Trust Co
100.137
* Successful bid, for previous reference to same, see V. 114, p. 1815.
WELLSBORO'SCHOOL DISTRICT (P. 0. Wellsboro), Tioga
County, Pa.
-BOND SALE.
-The 335,000 434% tax-free school bonds
offered on May 1 (V. 114, p. 1936), were sold at 100.12, a basis of about
4.73%, to Graham, Parsons & Co., of Philadelphia. Date May 1 1922.
Due yearly on Nov. 1 as follows: $1,000, 1923 to 1931, inclusive; $1,500.
1932 to 1939, inclusive, and $2,000, 1940 to 1946, inclusive.
-BOND OFFERING.
WELLS COUNTY (P. 0. Bluffton), Ind.
John A. Eversole. County Treasurer, will receive sealed bids until 2 p. m.
May 15 for the following 5% highway improvement bonds: •
$5,000 W. M. Jones, Union Township bonds. Denom. $250.
4,600 Roscoe Dennis, Union Township bonds. Denom. $230.
2.000 Davis L. Reynolds, Union Township bonds. Denom. $100.
Date May 15 1922. Bonds are payable at the National City Bank in
New York City. Due one bond of each issue, semi-ann. from May 15 1923
to Nov. 15 1932. incl. Bonds not to be sold for less than par and accrued
int. If the bonds are not sold on May 15 the sale will be continued from
day to day.
WEST ALLIS, Milwaukee County, Wis.-BOND OFFERING.
Sealed proposals will be received by A. L. Wichner, City Clerk, until
2 p. m. May 20 for the following 6% bonds:
$'14,000 street improvement bonds. Due $2.000 yearly from 1923 to 1938.
Inclusive, and $3,000 yearly from 1939 to 1942, inclusive; payable
at the First National Bank of West Allis.
30,000 storm sewer bonds. Due $1,000 yearly from 1923 to 1932,
incl..
and $2,000 yearly from 1933 to 1942, incl.; payable at the West
Allis State Bank of West Allis.
10,000 sewer bonds. Due $1.000 yearly from 1923 to 1932, inclusive;
payable at the West Allis State Bank of West Allis.
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
A temporary loan of $150,000 was recently awarded to S. N. Bond & Co.
on a 3.70% discount basis, plus a premium of 33 25. Date May 8 1922.
Due Nov. 22 1922.
WHITING SCHOOL CITY (P. 0. Whiting), Lake County, Ind.
ADDITIONAL DATA.
-We are advised that Stacy & Braun were associated with the Fletcher-American Co. in acquiring the $540,000 5%
bonds at 101.345. a basis of about 4.85% (V. 114, p. 1457). The above
issue is now being offered by the two companies at prices to yield from
4.60% to 4.40%. according to maturities.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND OFFER-.
ING.-Mark W. Rhoads, County Treasurer, will receive sealed bids until
10 a. m. May 8 for the following 5% coupon highway construction and
improvement bonds:
$11,500 John Swihart et at. Columbia and Washington Townships bonds.
Denom. $575.
23,700 Harry E. Kitson. Ed. Kilo, Samuel F. Trembley et at. Richland
,
erov Townships rock asphalt bonds. Denom. 20 for $600
and 20 for 3585 each.
24,000 Harry E. Kitson, Ed. Kilo, Samuel F. Trembley et al. Richland
and Troy Townships gravel road bonds. Denom. $600.
Date Mar. 151922. Int. May 15 and Nov. 15. Due 1-20th of each issue
semi-annually from May 15 1923 to Nov. 15 1932 incl. Bonds not to be
sold for less than par.
WHITTIER UNION HIGH SCHOOL DISTRICT, Los Angeles
-BOND SALE.
-On April 24 the $150,000 5% 14-year
County, Calif.
(average) school bonds offered on that date (V. 114, p. 1815), were sold on
that day to the Harris Trust & Savings Bank of Chicago for $156,330,
0. Date April 1 1922. Due $6,000
eqUal to 104.22. a basis of about 4.59%
yearly on April 1 from 1924 to 1928, inclusive. The following bids were
received:
Harris Trust & Say. Ilk_ _$156,330 00 Citizens Nat. Bk. of L.A.$155,200 00
155.927 50 Anglo-London-Paris Co_ 155,113 00
Stephens & Co
155,909 76 Security Trust & Say. Bk. 155,031 00
Bank of Italy
155,850 00 Cyrus Peirce & Co
1155,015 00
Blyth, Witter & Co
155.655 00 Hunter, Dulin & Co_ __ _
National City Co
155,509 00
Wm. R. Staats Co155,631 00 Frick, Martin & Co
California Company_ __ _ 154.703 00
E. H. Rollins & Sons__ _ _
155,280 00 Mitchum. Tully & Co_ _ _ 154,666 00
M. H. Lewis & Co
Banks, Huntley & Co
Financial Statement.
$19,171,105
Assessed valuation 1921
211.250
Total debt, including this issue
WILMINGTON, New Castle County, Del.
-BOND SALE.
-The following three issues of 43-i% sinking fund bonds offered on May 1 (V. 114,
p. 1815) were sold to Stacy & Braun and Kissel, Kinnicutt & Co., both of
New York, at their joint bid of $779,843 65 (104.677), a basis of about
4.21%:
$600,000 bonds for use of Board of Harbor Commissioners. Duo each six
months as follows: $70,250 April 1 1949; $155,200 Oct. 1 1949:
$158,300 April 1 1950; $161,500 Oct. 1 1950, and $54,650 on
April 11951.
75,000 bonds for construction of a garbage disposal plant. Due April 1
1957.
70,000 bonds for use of Board of Water Commissioners. Due April 1
1957.
Denom. $50 or multiples thereof. Date May 2 1922. The following
bids were received:
1104.677 Guaranty Co. of New York..1103.638
Stacy & Braun
Bankers Trust Co
Kissel, Kinnicutt & Co_ _J
104.658 Harris, Forbes & Co
Remick, Hodges & Co
103.479
104.579 Laird & Co
National City Co
103.845 Wm. R Compton Co
B. J. Van Ingen & Co
103.426
Graham. Parsons & Co__ _ _
Lamport, Barket & Jen103.256 Farmers' Bank of Wilm'ton_ 100.89
nings, Inc
WILMINGTON, New Hanover County, No. Caro.
-BIDS.
-The fol
lowing bids were received for the $75 000 5% funding bonds on April 26:
For 53-i% Bonds.
For 5% Bonds.
Amer. Trust Co.,Charlotte_*$75,440 A. E. Aub & Co., Oincinnati_$75,010
76,225 A. T. Bill & Co., Toledo.. 75,412
Curtis & Sanger, N. Y
Wilm'n Say.& Tr.Co., Wilm. 75,075 Strother, Brogden & Co,
Baltimore
75,125
Fifth-Third Nat. Bk., Cinc 75,260
For 6% Bonds.
For 53-% Bonds.
$76,900
A. E. Fitkin & Co., N.Y___ _$75,375 Well, Roth & Co., Cinc
75,574
N. S. Hill & Co. Clue
* This bid was successful;for previous reference to same see V.114, p.1937.
-BOND OFFERING.
WOODBURY, Gloucester County, N. J.
Walter B. Wooley, City Treasurer, will receive sealed bids until 10 a. m.
May 23 for an issue of 4 % coupon sewer and city-hall bonds not to exceed
$119,000. Denom.$1,d00. Date June 1 1922. Principal and semi-annual
interest payable at the First National Bank in Woodbury. Due $3,000
yearly on June 1 from 1923 to 1939, inclusive, and $4,000 yearly on June 1
from 1940 to 1956, inclusive. Certified check for 2% of the amount bid
for required. The sum required to be obtained at such sale is $119,000.
and such bonds will be sold in not exceeding such sum. Unless all bids
are rejected, said bonds will be sold to the bidder or bidders complying
with the terms of sale and offering to pay not less than $119,000 (and
accrued interest) and to take therefor the least amount of such bonds,
stated in multiple of $1,000, commencing with the first maturity. Should
two or more bidders offer to take the same amount of such bonds, then,
unless all bids are rejected, they will be sold to the bidder or bidders offering
to pay therefor the highest additional price.
The official notice of this offering will be found among the advertisements
elsewhere in this Department.
WOOD COUNTY (P. 0. Wisconsin Rapids), Wis.-DESCRIPTION.
-The $600,000 highway bonds awarded as stated in V. 114, p. 1937,
are described as follows: Denom. 1,000 and $500. Coupon bonds
dated April 1 1920. Prin. and semi-ann. Int. (A. & 0.) payable at the
County q'reasurer's office. Due $100,000 on April 1 in each of the years
1928, 1929, 1931, 1934, 1937 and 1938.
Financial Statement.
Assessed value of taxable property, 1921
$49,227,500
Total indebtedness, including this issue
1,455,000
Population, 1920 census. 34.643.
WRIGHT COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 71
-BOND OFFERING.
(P. 0. Annandale), Minn.
-W.H. Towle. Clerk of
the School District, will receive sealed bids until8 p. m. May 12for 3125,000
-N. Due
57 school bonds. Denom.$1,000. Date May 1 1922. Int. M.
$2°000 1928 to 1932,inclusive; $3,000 1933 to 1936, inclusive, and $103,000
,
1937. Certified check for 5%, payable to the Treasurer of the School
District required.
-Clayton R. Anstine;
YORK, York County Pa.
-BOND OFFERING.
Supt. of Accounts and Finance, will receive sealed bids until 9:30 a. m.
May 9 for $200,000 4%% coupon (with privilege of registration as to principal only) general improvement bonds. Denom. $1,000. Date May 1
1922. Prin. and semi-ann. in (M.& N.) payable at the City Treasurer's
office. Due on May 1 as follows: $50,000 May 1 1934; $50,000 May 1
1941 and $100,000 May 1 1951. Cert. check for 1% of the amount of
bonds bid for, drawn upon a national bank or trust company, payable to
the City Treasurer, required. Bids must be made on blank forms furnished
by the city. Purchaser must pay accrued interest to date of delivery. Delivery of bonds will be made at the City Treasurer's office in York on May
15 1922. Bonds will be certified as to their genuineness by the Security Title & Trust Co. of York. Pa., and their legality approved by Townsend, Elliott & Munson of Philadelphia, Pa., whose favorable opinion will
be furnished to the purchaser at the expense of the City of York.
Financial Statement.
Present net indebtedness, including proposed issue
$1,197,501 •13
Assessed valuation
36,768,469 00
Actual valuation
50,000.000 00
Estimated present population, 55,000; according to Census of 1920.
47,512.
-BOND OFFERING.
YOUNGSTOWN, Mahoning County, Ohio.
Separate sealed bids will be received until 12 m. May 8 by A. H. Williams.
City Auditor, for the following issues of coupon (with privilege of registration) bonds:
$250,000 6% city's portion impt. bonds. Date May 11922. Due yearly
on Oct. 1 as follows: $27,000 1923 to 1930, incl., and $34,000
1931.
200,000 5%% grade crossing elimination bonds. Date April 1 1922. Due
yearly on Oct. 1 as follows: $4,000 1923, and $7,000 1924 to
1951, inclusive.
1,680 6% Bond St.sewer bonds. _Date April 1 1922. Due $336 yearly
on Oct. 1 from 1923 to 1927. inclusive.
NEW LOANS
NEW LOANS
We specialize in
State of Alabama
•
City of Philadelphia
$3,000,000
SERIES "A" 4
PUBLIC ROAD,
HIGHWAY AND BRIDGE BONDS.
Under and by virtue of an Act of the Legislature
of Alabama, approved Oct. 31 1921 (Acts Special
Session 1921, p. 67), and of the Amendment
(Article XX.) of the Constitution of Alabama
(Acts Special Session 1921. pp. 35-38), which
authorizes the issuance and sale of Public Road,
Highway and Bridge Bonds:
Sealed bids will be received by the Bond Corn
mission of the State of Alabama, at the office of
the Governor in the State Capitol at Montgomery,
until 12 o'clock noon on WEDNESDAY, MAY
24, 1922, for $3,090,000 State of Alabama 434
percent Series 'A' Public Road, Highway and
Bridge Bonds.
Said bonds will be dated June 1 1922 and
mature $500,000 annually June 1 1930 to 1935
inclusive; interest at the rate of four and one-half
(43-i) percentum, payable semi-annually on June
1 and December 1 of each year. Both principal
and interest are payable at the office of the State's
Fiscal Agent in New York City. Bonds will be
104 South Fifth Street
issued In denominations of $1,000 or multiples, to
Philadelphia
suit purchaser, and will be in coupon form but
may be registered as to principal and interest at
Milan Wire to New York
the office of the State Treasurer upon payment
Call Canal 8487
of the customary fees.
After written bids have been examined, at the
time above stated, the bonds may be sold on open
competitive bids, at the discretion of the Bond
Commission. This Commission is composed of
the Governor as ex-officio Chairman,the Attorney
General, and the Chairman of the State Highway
Commission.
Bidders must furnish a certified check payable
to the order of the Treasurer of the State of
Alabama in the amount of two (2) percent of
the par value of the bonds bid for, and this
amount is to be forfeited to the State by the
Members New York Stock Exchange
successful bidder should he fail to carry out the
provisions of his bid. All written bids to be
addressed to Thomas E. Kilby, Governor, ChairHARTFORD
man Bond Commission, State Capitol, Montgomery, Ala., and marked "Bid for Public Road
Highway and Bridge Bonds." The right is
reserved to reject any and all bids. Temporary
receipts or certificates may be issued pending
preparation of bonds, to be redeemed upon their
delivery.
OF THE BONDS WILL
BE APPROVED BY MESSRS. STOREY.
THORNDIKE, PALMER AND DODGE OF
BOSTON,
MUNICIPAL BONDS
THE TOTAL ASSESSED VALUATION OF
distributing entire kenos or THE STATE OF ALABAMA, BASED ON 60%
Underwriting and
District OF ITS TAX VALUE,IS 3952,602,224. THE
Oi ,ty County, School District and Readofferings TOTAL BONDED INDEBTEDNESS OF THE
Bends of Texas. Dealers' inquiries and
STATE IS $8557,000; INCLUDING THIS
oolicited.
ISSUE, IT WILL TOTAL 311,557,000, OR
Circulars on request.
LESS THAN 134% OF ITS ASSESSED VALUATION.
THESE BONDS ARE FOREVER EXEMPT
FROM ALL TAXES.
For further information address
TEXAS
THOMAS E. KILBY,
HOUSTON
Governor, Chariman Bond Commission,
Established 1915
State Capitol. Montgomery. Ala.
36
3 s
/
1
2
48
/
41 43
42
/
1
8
5s
51/
4s
51/
28
Biddle & Henry
BALLARD & COMPANY
•
2053
THE CHRONICLE
MAY 6 1922.]
NEW LOANS
$3,000,000
State of Colorado
Highway Improvement Bonds
The undersigned invites sealed bids at his
office in the Capital in Denver. until 10 A. M.,
MONDAY, JUNE 6th, 1922, for the purchase
of all of Three Million Dollars ($3,000,000) State
of Colorado Highway Bonds, bearing five per
centum per annum, payable semi-annually at
office o fState Treasurer or at banking house of
Kountze Bros., N.. Y. City. Said Bonds are
dated June 1, 1922, issued in denominations of
$50 or multiples thereof, as desired by successful
bidder; due June 1, 1952. but optional June 1,
1932.
No bid considered unless accompanied by
certified check or, bank draft payable to order
of state Treasurer equal to at least three per cent
of amount bid. No interest will,be paid on said
draft or check, nor will Treasurer be responsible
for loss in transit to or from his office. All bids
must be accompanied by detailed statement of
denominations required. The balance of price
bid shall be payable in cash upon delivery of
bonds, and successful bidder will be required to
enter into written contract for purchase price
thereof on date of sale upon said terms.
All bids will be opened at said hour and all of
said bonds will be sold by State Treasurer to
highest and best bidders if a bid satisfactory to
State Treasurer be received; but right is reserved
to reject any and all bids.
ARTHUR M. STONG,
State Treasurer, State of Colorado.
Connecticut Securities
HAROLD G. WISE
COMPANY
S. A. TRUFANT
INVESTMENT SECURITIES
718 Common Street
ifernber of New Orleans Stock Exchange
NEW ORLEANS, LA.
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
2054
THE CHRONICLE
$2552 54 6% Glenwood Ave. sewer bonds. Date April 1 1922. Due
yearly on Oct. 1 as follows: $500 1923 to 1926, incl., and $552 54
1927.
2,696 25 6% Eaton St. sewer bonds. Date April 1 1922. Due yearly
on Oct. 1 as follows: $500 1923 to 1926, incl., and $696,25 1927.
3,151 50 6% Garland Ave. sewer bonds. Date April 1 1922. Due
yearly on Oct. 1 as follows: $500 1923 to 1926, incl., and $1,151 50 1927.
2,860 6% Dearborn & Davis Lane sewer (deficit) bonds. Date April 1
1922. Due yearly on Oct. 1 as follows: $500 1923 to 1926,
inclusive, and $860 1927.
680 6% Campbell St. sewer (deficit) bonds. Date April 1 1922. Due
$136 yearly on Oct. 1 from 1923 to 1927,inclusive.
5,050 Salt Spring St. sewer (deficit) bonds. Date April 1 1922. Due
$1,010 yearly on Oct. 1 from 1922 to 1926, inclusive.
1,380 Si % Fiunston St. paving (deficit) bonds. Date April 1 1922.
Due yearly on Oct. 1 as follows: $275 1923 to 1926, incl., and
$280 1927.
2,988 6% Dupont et al., Sts. sidewalk (deficit) bonds. Date Feb. 1
1922. Due yearly on Oct. 1 as follows: $988 1922, and $500
1923 to 1926, inclusive.
Prin. and semi-ann. Int., paya ble at the office of the Sinking Fund
Trustees. Certified check for 2% of amount bid for, payable to the City
Auditor, is required with each block.
CANADA, its Provinces and Municipalities.
CAMPBELLTON, N. B.
-BOND SALE.
-An issue of $90,000 53'
35
-year bonds offered on May 1 was sold at 99.82 to Gairdner, Clarke &
Co. of Toronto. Date June 1 1922.
FERGUS, Ont.-DEBENTURE SALE.
-An issue of $15.000 6% 10year serial debentures offered on May 3 was sold at 99.53 to R. C. Matthews & Co., Ltd.
NORTH BAY,Ont.-DEBENTURE SALE.
-The following three issues
of 6% local improvement debentures offered on May 1 (V. 114, p. 1938),
were sold at 100.816, to Wood, Gundy & Co.:
$131.900 street paving debentures. Due in 20 equal annual installments.
46,019 sanitary sewer debentures. Due in 20 equal annual installments
37,518 permanent sidewalks debs. Due in 10 equal annual installments
POINT GREY, B. C.
-DEBENTURE SALE.
-It is reported that the
city has disposed of an issue of $100,000 5 % 20-year sewer and road
debentures.
REGINA, Sask.-BOND SALE,
-E. H. Rollins & Sons, New York,
and A. E. Ames & Co., Toronto, have purchased the following 6% bonds:
$260,000 5
-year bonds; $11,800 5
-year plank walk bonds: $100,000 10-year
cyclone bonds; $35,350 30
-year water main bonds; $23,400 30
-year sewer
bonds, and $4,100 15-year concrete sidewalk bohds.
RENFREW COUNTY (P. 0. Pembroke), Ont.-DEBENTURE OFFERING -R. J. Roney, County Clerk, will receive sealed bids until 12 in.
May 12 for $200,000 6% highway debentures.. Denom. $1,000 and odd
amounts.
[Pot,. 114.
$145,000 6% pure food building bonds authorized under Ily-Law No.
8951. Int. J. & D. Due yearly on Dec. 1 as follows:
$4,000, 1922 to 1924, incl.; $5,000. 1925 to 1927, incl.:
$6,000, 1928 to 1930, incl.; $7,000, 1931 and 1932: $8,000
from 1933 to 1935, incl.; $9,000,
'1936 and 1937; $10,000,
1938; $11,000, 1939 and 1940, and $12,000 in 1941.
234,000 6% local improvement bonds authorized under By-Law No.
8936. Int. M.& S. Due on March 1 as follows: $44,000.
1923; $46,000, 1924; $70,000, 1931, and 374,000 in 1932.
1,000,000 6% local improvement bonds authorized under By-Law Np.
9082. Int. M.& S. Due on May 1 as follows: $187,000,
1923: $198,000, 1924; $299,00C1, 1931, and $316,000, 1932.
1,833,000 5%% public school bonds authorized under By-Law No. 8983.
Int. M.& S. Due yearly on March 1 as follows: $25,000,
1923;$27,000, 1924*28,000, 1925;$30,000. 19 $31,000,
1927;$33,000, 1928 $35,000, 1929;$37,000, 1930 $39,000,
1931;$41,000, 1932 $43,000, 1933; 346,000, 1934 $48,000.
1935; $51,000, 1936 ;54,000, 1937 $56,000, 1938 360,000,
1939;$63,000, 1940 $66,000, 1941 $70,000, 1942 $74,000,
1943; $78,000, 1944 382.000. 1945 $87,000, 1946 $91,000.
1947; $96.000, 1948; $102.000, 1949; $107,000, 1950;
$113,000, 1951, and $120,000 in 1952.
'
772,000 5%% high school bonds authorized under By-Law No. 8984.
Int. M.& S. Due yearly on March 1 as follows: $11,000,
1923 and 1924; $12,000, 1925; $13,000. 1926 and 1927;
$14,000, 1928: $15,000, 1929 and 1930; $16,000, 1931:
$17,000, 1932;$18,000, 1933:$19,000, 1934;$20,000, 1935;
$21,000, 1936: $23.000, 1937; $24,000, 1938; $25,000,
1939;$26.000, 1940;$28,000, 1941 $29,000, 1942: $31,000,
1943;$33,000, 1944;$35,000, 1945 337,000, 1946:$39,000,
1947;$41.000, 1948;$43,000, 1949 $45,000, 1950;$48,000.
1951, and $50,000 in 1952.
315,000 53 % water-works bonds authorized under By-Law No. 9006.
Int. A. & 0. Due yearly on April 1 as follows: $4,000.
1923; $5,000, 1924 to 1927, incl.; $6,000, 1928 to 1930.
incl.•, $7,000, 1931 to 1933, incl.; $8,000, 1934 and 1935:
$9,000, 1936 and 1937: $10,000, 1938 and 1939; 311.000.
1940 and 1941; $12,000. 1942; $13,000, 1943 and 1944;
$14,000, 1945: $15,000, 1946; $16,000, 1947; $17,000, 1948
and 1949;$18,000, 1950;$20,000, 1951, and $21,000, 1952.
425,000 5% harbor improvement bonds authorized under By-Law No.
9107. Int. M. & N. Due yearly on May 1 as follows:
$34,000, 1923;$35,000, 1924; 1137,000, 1925:$39,000, 1926;
1641,000, 1927;$43,000, 1928;$45,000, 1929;$48,000, 1930.
$50,000, 1931, and $53,000 in 1932.
226,000 5% harbor improvement bonds authorized under By-Law No.
9106. Int. M. & N. Due yearly on May 1 as follows:
$3,000, 1923; $4,000, 1924 to 1928, incl.; $5,000, 1929 to
1932, incl.; $6,000, 1933 to 1936, incl.•, $7,000, 1937 to
1939, incl.• $8,000, 1940 and 1941; $9,000, 1942 to 1944.
incl.; $10.000, 1945 and 1946; $11,000. 1947; $12.000, 1948
.
and 1949; $13000. 1950 and 1951, and $14,000 in 1952.
106,000 5% nurses' home bonds authorized under By-Law No. 9108.
Int. M. & N Due yearly on May 1 as follows: $3,000,
1923 and 1924; $4,000, 1925 to 1929, incl..• $5.000, 1930
to 1934, incl.; $6,000, 1935 to 1937, incl.; $7,000, 1938 to
1940, incl. and $8,000 in 1941 and 1942.
806,000 5% bridge bonds authorized under By-Law No. 9105. Int.
M.& N. Due yearly on May 1 as follows: $24.000, 1923:
$25,000, 1924 827,000, 1925; $28,000, 1926; S30,000, 1927;
331,000, 1928 $33,000, 1929;$34,000, 1930;$36.000, 1931:
$38,000, 1932 $40,000. 1933;$42,000, 1934; $44,000, 1935;
346,000, 1936 $48,000, 1937: $51,000, 1938;$53.000, 1939:
$56,000, 1940* $59,000, 1941, and,$61,000 in 1942.
Denom. $1,000. Legality has been approved by J. B. Clarke, of Clarke,
Swabey & McLean, Toronto. and his favorable opinion will be engraved on
each bond. Prin. and semi-ann. int. payable in Toronto. The following
bids were received:
Price.
Bidders100.68
Wood, Gundy & Co. and the Dominion Securities Corp ,
National City Co., Harris, Forbes & Co., R. C. Matthews & Co.,
R. A. Daly & Co., United Financial Corp. and McLeod, Young,
99.393
Weir & Co
99.309
A. E. Ames & Co. and Aemilius Jarvis & Co.. Ltd
STETTLER, Alta.
-BOND SALE.
-The $15,000 6%% water-works
bonds offered on April 22-V. 114, p. 1573
-were sold to Mackay & Mackay
of Toronto at 98.666. Date Sept. 1 1922. The following bids were received:
Mackay & Mackay
98.666[Northern Investment Co
91.238
Emery & Anderson
-Alger Corp
92.000 I Ross
90.27
• TORONTO, Ont.-BOND SALE.
-The following twelve issues of coupon (with privilege of registration) bonds, aggregating $6,286,000, which
were offered on May 1-V. 114, p. 1938
-were sold to Wood. Gundy & Co.
and the Dominion Securities Corp. jointly at 100.68, a bmis of about
5.43%.
$226,000 6% water-works bonds authorized under By-Law No. 8949.
Int. J. & D. Due yearly on Dec. 1 as follows: $3,000,
1922 to 1925, incl.; $4,000, 1926 to 1929.incl.; $5,000, 1930
to 1933, incl.; $6,000, 1934 to 1936, incl.: 117,000, 1937
and 1938; $8,000. 1939 and 1940; $9,000. 1941 and 1942:
310,000, 1943 and 1944: $11,000. 1945; $12,000, 1946 and
UNITED IRRIGATION DISTRICT (P. 0. Edmonton), Alta.
194'7; $13,000, 1948; $14,000, 1949 and $15,000, 1950
BOND OFFERING.
and 1951.
-W. V. Newson, Deputy Provincial Treasurer, will
198,000 6% main sewer bonds authorized under By-Law No. 8950. receive tenders until 12 m. June 1 for $450.000 5%% coupon bonds. DeInt. J. & D. Due yearly on Dec. 1 as follows: $2.000, nom. $1,000. Date May 1 1922. Prin. and semi-ann. Int. (M. & N.)
1922;$3.000. 1923 to 1928, incl.: $4,000, 1929 to 1932,incl.; payable at the Imperial Bank of Canada, Toronto. Montreal or Edmonton,
$5,000, 1933 to 1935, incl.; $6,000, 1936 to 1938, incl.: or at the Bank of the Manhattan Co., NeW York. Due May 1 1952.
$7,000, 1939 and 1940;$8,000, 1941 and 1942;$9,000, 1943 Bidders to state whether they desire payment for whole within 10 days or
and 1944; $10.000, 1945 and 1946; $11,000, 1947 and 1948; $100,000 on date of delivery of bonds, $75,000 Juno 1, July 1, Aug. 1 and
$12,000. 1949; $13.000, 1950 and $14,000 in 1951.
Sept. 1, and $50.000 Oct. 11922.
NEW LOANS
NEW LOANS
NEW LOANS
$119,000
$5,000,000
$3,000,000
State of Michigan
State of Michigan
SOLDIERS' BONUS BONDS
HIGHWAY IMPROVEMENT
BONDS
City of Woodbury, New Jersey
43.%
SEWER AND
BONDS
CITY-HALL
Sealed proposals will be received by the undersigned until TUESDAY, MAY 23, 1922, AT
TEN O'CLOCK. A. M.. for the purchase of
not exceeding 3119.000.00 Sewer and City flail
coupon bonds of the City of Woodbury, New
Jersey. Said bonds will be dated June 1, 1922.
In denominations of $1,000.00 each, and will
mature on June 1st, each year, as follows:
$3.000.00 each year from 1923 to 1939. both
inclusive, and $4,000.00 each year from 1940 to
1956. both inclusive. The rate of interest is
4%% per annum, payable semi-annually, and
both principal and interest will be payable at
First National Bank, Woodbury, New Jersey.
The sum required to be obtained at such 'Ale
is $119,000.00, and such bonds will be sold in
not exceeding such sum. Unless all bids are
rejected, said bonds will be sold to the bidder or
bidders complying with the terms of sale and
offering to pay not less than $119.000.00 (and
accrued Interest) and to take therefor .the least
amount of such bonds, stated in multiple of
$1.000.00, commencing with the first maturity.
Should two or more bidders offer to take the
same amount of such bonds, then, unless all bids
are rejected, they will be sold to the bidder or
bidders offering to pay therefor the highest additional price.
The bonds cannot be sold for less than par and
accrued interest. Each bid must be accompanied
by a certified check for two per centum of the
amount of the bonds bid for, payable to the
order of the undersigned and drawn upon an incorporated bank or trust company, to secure the
municipality against any loss resulting from the
failure of the bidder to comply with the terms of
the bid. The right is reserved to reject any or
all bids.
WALTER B. WOOLLEY,
Treasurer of the City of Woodbury.
Dated, May 4, 1922.
The Administrative Board will receive sealed
bids at their office in the City of Lansing. Michigan, until the 6TH DAY OF JUNE, 1922, UP
TO 10.00 O'CLOCK, A. M. (Central Standard
Time) of said day for the sale of Five Million
Dollars ($5.000.000) of State of Michigan Soldier
Bonus coupon bonds in denominations of $1,000
each, to be issued by the State Administrative
Board of the State of Michigan, pursuant to the
provisions of Act No. 1 of the Public Acts of the
State of Michigan, first extra session nineteen
hundred twenty-one, as amended. Said bonds
will be dated July 1st, 1922, and will mature in
ten, fifteen or twenty years and will bear interest
at the rate of four, four and one-quarter or four
and one-half per centum per annum payable
semi-annually.
Both principal and interest are payable at the
office of the Treasurer of the State of Michigan.
Lansing. Michigan, or at the office of the fiscal
agent of the State of Michigan in the City of
New York. Coupon bonds may be exchanged
'
for registered bones if desired.
A certified check in a sum equal to one per cent
of the amount of the bid, payable to the order
of the State Treasurer of the State of Michigan,
must be submitted with each bid.
The right is reserved to reject any or all bids.
FRANK E. GORMAN.
State Treasurer.
United States and Canadian
Municipal Bonds
DONI
DGORDON.
WA1ZELL
Ground Floor Striper Building
69 Liberty Street
New York
Telephone Cortlandt 3183
The Administrative Board will receive sealed
bids at their office in the City of LanaIng. Michigan, until the 6TH DAY OF JUNE,. 1922, UP
TO 10.00 O'CLOCK A. M. (Central Standard
Time) of said day for the sale of Three Million
Dollars ($3,000.000) of State of Michigan Highway Improvement coupon bonds in denominations of $1,000 each, to be issued by the State
Administrative Board of the State of Michigan,
pursuant to the provisions of Act No. 25 of the
Public Acts of the State of Michigan, Extra
Session of 1919, as amended. Said bonds will be
dated July 1st, 1922, and will mature in ten.
fifteen or twenty years and will bear interest at
the rate of four, four and one-quarter or four and
one-half per centum per annum, payable semiannually.
Both principal and interest are payable at the
office of the Treasurer of the State of Michigan,
Lansing, Michigan, or at the office of the fiscal
agent of the State of Michigan in the City of
New York. Coupon bonds may be exchanged
for registered bonds if desired.
A certified check in a.sum equal to one per cent
of the amount of the bid, payable to the order of
the State Treasurer of the State of Michigan, must
be submitted with each bid.
all bids.
The right is reserved to reject any
FRANK E. GORMAN.
State Treasurer.
Bond Salesmanship
"
'The Human Side of Business' is the
best book on this subject ever written."
Price $3, cash with order. Descriptive
circular free. Published and for sale by
the Investment House of
Frederick Peirce & Co.
1421 Chestnut Street, Philadelphia
@FedFRASER