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INCLUDING
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Railway Sz Industrial Section
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SATURDAY, NOVEMBER 11 1922
VOL. 115.
ght Thronitit
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THE FINANCIAL SITUATION.
A variety of reasons and causes has been assigned
to explain the reverse experienced at the polls the
present week by the political party dominant at
Washington. There can be no doubt that the tariff,
the liquor question, the soldier bonus,labor and agricultural discontent, and here in New York (as a local issue) the 5-cent fare controversy, have all played
their part in defeating many candidates and in reducing the votes of many others.
But the reaction is so general and so widespread,
so all-embracing, that neither one nor all of these
factors combined seems adequate to account for it.
If our personal experience may be taken as a guide,
over and above all of these there has been another influence transcending them all in importance—allpervading and all-controlling. And strange as it may
seem,in the discussions of the day this has only been
very lightly touched upon. We have reference to the
absence of adequate relief from the onerous and oppressive taxes which remain as a legacy of the war
and which everywhere are weighing down industry
and enterprise.
Whatever else the Republican Party might do or
omit to do, there was implicit faith that it would at
least cut down the taxes. Four years have now
elapsed since the conclusion of the armistice and
what has been accomplished in the way of lightening
the tax load, so burdensome in business and in pri
Electric Railway Section
State and City Section
NO. 2994
vate life alike, is scarcely worth mentioning as a serious effort in that direction. The President has
done his part towards effecting economies, but he has
received little or no co-operation from Congress,
which, indeed, has continued its old habits of profligacy.
The cry for full relief from war taxes, now that
proper time has elapsed for a return to a normal
state, is universal, though Congress and the politicians and party organs seem completely ignorant on
the subject. The mails bring to us new evidence each
day of the depth of the feeling in that respect, and
our representatives in their intercourse with men in
all walks of life find that to be the ever present and
uppermost topic of conversation. It is not that there
is mere grumbling over the extent of the taxes. There
is deep and positive resentment over the seeming contemptuous treatment of tax matters and the failure
to reduce expenses to the extent necessary to provide
effective relief.
Before the election,hosts of persons expressed to us
their intention of voting against the Republican candidates so as to make manifest their dissatisfaction
with the party's course regarding expenditures and
taxes. The taxpayers are not organized like labor
unions and agricultural bodies, and cannot therefore
act unitedly for their protection. But separately
they have been acting in great armies at the polls
and have cast their votes against those who have been
so faithless to their pre-election promises. There was
no other way in which these taxpayers in their wrath
could make their protest effective. They constituted
for the present occasion the great silent vote which
so often makes and unmakes parties. If the Republicans want to recover lost ground and reinstate
themselves in the favor of the outraged taxpayer,
they will at once address themselves to the task of
bringing about proper retrenchment and economy
and thereby making possible the elimination of the
greater part of the war taxes which operate so detrimentally to every phase and branch of the country's
activities.
There were fewer mercantile defaults in October
this year than in October 1921 and with the single
exception of September, the number of commercial
failures last month was smaller than for any month
this year to date. The amount of defaulted indebtedness reported during October is less than that reported for any month since June 1921. Some little
comfort may be extracted from the October figures of
commercial failures, for while these mercantile defaults still continue very numerous, as for nearly two
2080
THE CHRONICLE
[voL. 115.
years, and the amount of defaulted indebtedness also of defaulted indebtedness of $29,043,711, the latter
continues quite heavy, the statements covering the amount constituting 54.7% of the aggregate amount
last two months have been the first to show a reced- of defaulted indebtedness reported for all mercantile
ing tendency both as to the number of defaults and as failures during that month.
to the amounts involved. Ordinarily, in the closing
months of the year, there is a decided movement upThe November statement of this year's crops, isward, especially as to the number of commercial fail- sued by the Department of Agriculture at Washingures, and this was very marked in the last three ton on Wednesday of this week, makes a number of
months of 1920 and 1921. It may be that this feature changes in the estimate of production. As
to the
will not be so prominent during the closing months harvest for corn there is a slight increase
and the
of 1922. For the ten months of this year the number yield is now placed at 2,896,108,000 bushels,
the proof commercial defaults has been in excess of 20,000, duction a month ago having been placed
at 2,853,399,while the amount of defaulted indebtedness exceeds 000 bushels. Last year's
crop was 3,080,372,000
$525,000,000. In no preceding year since this record bushels. The yield per acre
this year is 28.1 bushels;
has been tabulated have these figures for the first last year it was 29.7
bushels. Reserves in farmers'
ten months of the year been exceeded.
hands on Nov. 1 this year of old corn are given as
The October defaults this year number 1,708, and 178,687,000 bushels, equivalen
t to 5.8%; one year ago
these figures contrast with 1,566, the number of de- the reserves were 285,769,0 bushels,
00
or 8.7%, and
faults in September, which was the smallest number the five-year average 89,190,000 bushels.
The profor any month this year, and 1,713, the number re- duction this year
of white potatoes is now placed by
ported in October 1921. The amount of defaulted in- the Department of Agriculture as somewhat larger
debtedness reported for last month was $34,647,438, than was indicated by the earlier reports, being reand these figures contrast with $36,908,126 for Sep- ported at 433,905,000 bushels. These figures sontember and $53,058,659 in October a year ago. The trast with 346,823,000 bushels for the crop of 1921.
records of R. G. Dun & Co., on which our comments There is an increase, likewise, of nearly 5,000,000
are based, differentiate strictly mercantile failures bushels in the November report of the sweet potato
from financial and banking defaults. Failures
last crop, the latest figures being 110,359,000 bushels, in
month included 464 defaults in manufacturing
lines, comparison with 98,660,000 bushels last year. As to
with liabilities of $15,736,462. These figures con- tobacco, the productio
n this year is now placed at
trast with 426 manufacturing defaults in October 1,330,275,000 lbs., which
is nearly 25,200,000 lbs. less
1921, with liabilities of $15,277,350. The number
of than the October estimate, and contrasts with a yield
trading failures last month was 1,178, with a
de- of 1,117,682,000 lbs. in 1921. The latest estimate as
faulted indebtedness of $15,329,960, while in October to the crop of apples this
year is 205,539,000 bbls.,
1921 the number of defaults in the trading classes which contrasts wiht 96,881,000
bbls. last year; buckwas 1,175, and the amount involved $20,416,577. As wheat this year, 13,643,000 bushels,
as compared with
to the third class, comprising agents and brokers,
the 14,079,000 bushels in 1921; flaxseed, 12,101,000 bushnumber of defaults in October this year was 66, and els, last year 8,112,000 bushels; kaffir corn,
81,488,the amount of defaulted indebtedness $3,581,016. In 000 bushels, which contrasts with 115,110,000
bushOctober a year ago the number of these defaults was els, the yield last year; sorghum, 38,225,000 gallons,
112, and the amount of liabilities $17,364,732, there and in 1921, 45,470,000 gallons, and peanuts, 691,being 11 of these failures with a defaulted indebted- 057,000 lbs., the yield last year having been 816,465,ness of $15,217,814, leaving only $2,146,918 for the 000 lbs. The weight of this year's wheat, both winremaining 101 failures.
ter and spring, is placed at 57.7 lbs. to the bushel and
In manufacturing lines there is some increase
in this contrasts with a ten-year average of 57.8 lbs.;
the number of defaults among machinery manufac- the quality of the spring wheat this year, 90%, conturers, builders and manufacturers of lumber and trasting with a ten-year average of 84.6%, and of
bakers, but a reduction in the number of defaults in winter wheat 90.5%, the ten-year average being
clothing lines. The amount of defaulted indebted- 86.4%.
ness reported in machinery lines is also considera
bly
larger, but there is a marked reduction in the
With almost kaleidoscopic rapidity one European
amount
of liabilities reported in lumber and clothing
after another, largely by reason of striking
country
manufacturing. Among traders failures are less in
num- political events, has recently come into the greatest
ber among dealers in clothing, general stores
and prominence in the news of the world. At first it was
jewelry in October and the reduction in the amount England, through the overthrow of the Lloyd
George
of liabilities, especially as to dealers in jewelry,
is Ministry, and the setting up of that of Andrew Boquite marked. Defaults in the grocery lines and nar Law of the Conservative Party. Last
week it
among dealers in furniture show some increase in was Italy, through the overthrow of the Facta GovOctober this year, but as to the amount of defaulted ernment by the Fascisti and the establishment of a
indebtedness this year's figures generally show a re- virtual dictatorship by Benito Mussolini,the leader of
duction. The larger failures in October this year are a body of soldiers—largely a product of the war. And
not so numerous as in October 1921, and the amount now it is Turkey, through the dethronement of the
of the indebtedness of these larger failures is very Sultan, the overthrow of the Ottoman Empire by the
much less than it was in October 1921. There were Angora National Assembly and the seizure of Con51 mercantile defaults in October this year, where stantinople by the followers of Mustapha Kemal
the liabilities in each instance exceeded $100,000, the Pasha. In brief, within as many weeks three importotal liabilities of these 51 defaults amounting to tant Governments in Europe have given way. How
$14,783,224, or 42.7% of the total of all liabilities re- futile, seemingly, to make definite predictions about
ported for that month. These figures for October the future stability of the smaller Powers, in the
this year contrast with October a year ago, when light of these facts, and the actual uncertain
ty of the
there there 61 similar defaults, with an aggregate duration of the new Governments of the big nations.
Nov. 111922.1
THE CHRONICLE
2081
It was reported in London last evening, following a "the Turks have torn up the Mudania armistice conmeeting of the British Cabinet, that word had been vention and their troops are advancing into the
sent to General Harington in Constantinople that Chanak area occupied by the British, and other neu"unless the Turks changed their attitude the Allies tral zones. The Kemalists have set up an adminismust exercise drastic civil and military control of tration at Berjaz." In a note . the Allied CommisConstantinople." The Reparations Commission is sioners, Hamid Bey even asserted that "inter-Allied
returning to Paris from Berlin, apparently without military occupation of Constantinople, therefore, not
having accomplished anything toward the stabiliza- only is useless but impossible." It was reported
tion of the mark and Germany's finances as a whole. Monday evening that "the Turkish Nationalist GovA week ago this morning the Paris correspondent ernment has handed a note to the Allied High Comof the New York "Times"cabled that"the French For- missioners here to the effect that the warships of all
eign Office had been formally notified that the An- nations must ask for authorization to pass the
gora National Assembly had dethroned the Sultan Straits of Dardanelles. They must also salute the
and declared an end of the Ottoman Empire." He new Government of Turkey." In a later message it
added that "the Assembly reserves the right to elect was asserted that "the Allied Commissioners refused
the Caliph as the religious head of the Mohamme- to discuss the demand."
dans. There is to be no other Government in TurIt was fully expected that the Allies would stand
key than that of the National Assembly. This is firm and refuse to grant the demands of the Turkish
taken in Paris as being equivalent to the establish- Nationalists. The Constantinople representative of
ment of a republic in Trkuey." The "Times" repre- the Associated Press cabled the same evening that
sentative also noted that,"according to French infor- "though the Nationalist civil power is in control in
mation, the abolition of the Empire was effected at Constantinople, the Entente does not intend, for the
7.30 o'clock on the evening of Nov. 1 by a unanimous present, at least, to loosen its grip on the military
resolution of the Assembly." The formal action of authority. Great Britain and France are in accord
the Assembly was in the passage of the following on the point that the Turks live up to the convention
law: "Article I.—From March 16 1920, and for al- drawn at Mudania, and it is not doubted that the
ways, the government of the nation is vested in the other interested countries will fall into line with this
National Assembly. No other form of government policy." On the other hand, he admitted that "there
will be recognized, and the people will recognize no is every desire to meet Turkish aspirations within
personal authority like that in Constantinople. Ar- proper limits, and to this end the Allied High Comticle II.—The Caliphate will continue to be exercised missioners to-day issued the following statement:
by the Osman family, but the Assembly will choose a 'The Inter-Allied High Commissioners are firmly rePrince whose moral qualities, talent and conduct suit solved to observe strict impartiality with regard to
him for the choice. The Turkish Government will be events which concern the internal policy of Turkey.
the principal rampart of the Caliphate." At noon The Allied generals will continue to apply the clauses
on Nov.3 Fend Bey, Paris representative of the An- of the Mudania convention and maintain order and
gora Government, handed to the Quai d'Orsay, the security in the zones occupied by the Allied armies.'"
following note: "By order of my Government,I have
the honor to notify the Government of the French ReIn spite of the attitude of the Allied representapublic that, conformably to the law of June 17 1920, tives, the Turkish Nationalists went straight ahead
the Government of the Grand National Assembly of with their plans to administer the Government in
Turkey considers as null and void all treaties, con- Constantinople. The Associated Press representaventions and contracts concluded since March 16 tive said that "Rafet Pasha, the new Governor of
1920 by the Administration in Constantinople, as Constantinople, has suppressed the Turkish Senate."
well as all acts of that Administration. In virtue of According to a Paris cable dispatch he also "assemthe same law, it is understood that the results of the bled the Under-Secretaries of the various administranegotiations undertaken by the said Administration tions and informed them that the offices of the Grand
with financial establishments with a view to obtain- Vizier, Minister of the Interior and Foreign Minising advances engage in no way the Government of ter would be closed as the result of measures taken
Turkey." Commenting upon these notable events, by the Angora Government. The Ministries of War
the "Times" representative said: "This is equiva- and Navy will continue under the direction of Underlent to notification that the Nationalist Government Secretaries. The troops in the city will be under the
considers the acceptance by the Constantinople Gov- command of the garrison commander, according to
ernment of the Treaty of Sevres as counting for noth- this new program. To the police will be left the exeing. It is at once apparent that the action taken at cution of the orders of the National Assembly and
Angora may have important repercussions through- the judges will administer the laws of that body."
out the Mussulman world, which regards the Sultan
Through Paris dispatches Tuesday morning it beas not only its religious but its temporal chief. Paris came known that "alarm in Allied circles, growing
and London will be keenly interested in what the na- out of the menacing attitude of the Angora Turks,
tives of India and Africa will think of the Caliph be- has brought about a resolution to present a solid Aling elected by the Angora Assembly."
lied front against the Turkish demands for Allied
control of Allied warships negotiating the Straits.
The biggest sensation came on Sunday, when the A common Allied answer to these Turkish demands
Nationalist Government seized control of Constanti- went forward to-night [Monday] and will be comnople. Rafet Pasha assumed the Governorship, municated to Hamid Bey, the Angora representative
while Hamid Bey, the representative of the Angora at Constantinople, to-morrow. It contains a flat reGovernment, ordered the Allied troops out of the fusal to both demands." The New York "Tribune"
city. The Associated Press correspondent in Con- correspondent added that "the Allies are agreed that
stantinople cabled that the Allied Council "categor- the Lausanne Near Eastern Conference, scheduled
ically refused to evacuate the city." He added that for Nov.13, must not be delayed a single
day, since it
2082
THE CHRONICLE
is extremely urgent, not only to receive the Angora
Government's explanation of its bizarre attitude of
-file last few days, but to bring as well settlement of
the Near Eastern question before further complications arise." He further asserted that "seizure of
French banks, the closing of several French schools
and the barring out of the French language from others, all reported here, have also caused something like
consternation."
The cable dispatches from Paris and Constantinople Wednesday morning stated emphatically that
"the Allied Governments have authorized their High
Commissioners in Constantinople to take whatever
Steps they consider necessary to maintain order,
even to the extent of proclaiming martial law." A
special meeting of the British Cabinet was held Wednseday afternoon "to consider the Near Eastern crisis." Foreign Secretary Curzon, in an address in
London on Wednesday, asserted that "the policy of
the Turks is one of nationalism gone wild and is almost suicidal in its character. The pretensions of
the Turks cannot be tolerated. They have no conceivable justification. They are an affront to the
Allies and a challenge to Europe. There is absolute
accord between the Allied generals and High Commissioners on the spot. Turkey must learn that
there is a limit to the concessions which we are willing to make her. We cannot purchase peace at the
cost of humiliation and of disgrace. Turkey must
learn that the strength of Great Britain and the
might of Europe are a rock against which she will
hurl herself in vain." •
[VOL. 115.
Constantinople awaiting word regarding the holding
of the Conference before proceeding to Lausanne,and
a delay in starting the Conference would result in his
return to Angora. This, it is the opinion of French
officials, will be almost certain to cause trouble."
The cable advices from London last evening contained no indication of yielding on the part of the
British Government in its policy relative to the Turkish situation. It was reported in the British capital
yesterday, after a meeting of the Cabinet, that "Gen.
Sir Charles llarington, commander of British military forces at Constantinople, was instructed that
unless the Turks changed their attitude the Allies
must exercise drastic civil and military control of
Constantinople." Announcement was made in a
cablegram from Constantinople last evening that "Ismet Pasha, Turkish Nationalist Foreign Minister,
left here this afternoon at 2.50 o'clock for Lausanne
to attend the peace conference scheduled to begin
there next Monday. He was accompanied by Dr.
•Riza Nun Bey and a suite of military, financial and
economic experts." The Foreign Minister was quoted
as saying that "he was sincerely anxious for peace
and was confident of achieving it if the Allies
adopted a reasonable attitude." It became known in
Constantinople also that "the Allied High Commissioners this [yesterday] afternoon handed a note to
the Angora Government representative here demanding the repeal of all measures relating to the customs, the public debt, and the sanitary and other services which conflict with the capitulations and the
stipulations of the Mudros Armistice agreement with
• The political situation in Constantinople became Turkey, made in 1918."
increasingly critical as the week advanced. The Associated Press correspondent at that centre, in a caThe political situation in Italy has quieted down
blegram Thursday morning, said that "continued in- remarkably since the assumption of power by Benito
sistence by the Nationalist authorities on the aboli- Mussolini. Dispatches from Rome a week ago stated
tion of inter-Allied control of the police, customs, that "it is officially announced that the 117,000 Fa,crailroads, and the censorship over Turkish newspa- sisti who were concentrated in Rome and its environs
pers has caused a recrudescence in the crisis. The during the recent demonstration over the change of
Angora Government has also reiterated its demand Government have now returned to their homes or are
for the evacuation of Constantinople and the removal in the process of demobilization." In an official
of the Allied warships, according to information from statement it was added that "normal conditions have
authentic quarters here to-day. The Nationalist au- been re-established in all the provinces, public serthorities declared that the presence of the Allied vic.es are operating regularly, and work has been retroops and warships was incompatible with the Kem- sumed throughout the country." American Ambasalist administration at Constantinople. It is be- sador Child and the new Premier exchanged complilieved here that it will be necessary for the Allies to mentary calls. Advices from Rome Wednesday evenproclaim martial law."
ing reported that "Prince Gelasio Caetani, a member
In a dispatch later the same day, the Associated of the Chamber of Deputies,has been appointed Italian
Press representative said that "Ismet Pasha, For- Ambassador at Washington." The Associated Press
eign Minister in the Turkish Nationalist Government, correspondent at that centre gave the following outhas informed the Allied Governments that any delay line of his career: "Prince Caetani was an officer of
in holding the Lausanne Peace Conference would be the engineers during the war. He achieved fame by a
a disaster, as it would be interpreted by the Angora notable exploit carried out through practical knowlAssembly and the Kemalist army as a sign of hostil- edge gained in engineering studies in the United
ity against the Turks and an indication that the Al- States, the Prince having laid the mine which blew
lies did not intend to live up to the conditions of the up the whole top of the mountain Col di Lana,from
Mudania armistice." He added that "the French which the Austrians were threatening the Italian
Government, therefore, is exerting every influence to lines. Prince Caetani in the last electoral campaign
have the Lausanne Conference formally opened on was chosen a Deputy on the Nationalist ticket. His
scheduled time, Nov. 13, in order to demonstrate to family is one of the noted ones of the Roman aristocthe Turks the good intentions of the Allies. The Brit- racy. Born in 1877, he is now in the prime of life and
ish asked for a postponement, but the French have is noted for his many useful activities. Prince Caenow proposed to the British that in view of the mes- tani came into contact with Herbert Hoover in the
sage from Ismet Pasha, all parties go ahead and as- course of his work during the war, and only recently
semble next week at Lausanne. The British reply to recalled with pleasure his association with the Amerthis proposal has not yet been received. Ismet Pasha, ican Cabinet member, saying he owed much to that
the Turkish Nationalist Foreign Minister, is now in experience."
Nov. 11 1922.]
THE CHRONICLE
A week ago to-day, on the occasion of the celebration of the fourth anniversary of Italy's victory in
the war, the Government addressed a message to the
people, which read in part,as follows: "In memory
of the great victory of our arms," says the message,
"let the whole nation recover and adapt itself to the
hard necessities of the moment. The Government
understands how to govern, and will govern. All its
energies will be directed to the maintenance of internal peace and increasing Italy's prestige abroad.
Only by work, discipline and concord will the fatherland emerge from the present crisis to tread the path
of prosperity and greatness." The message was
signed by Premier Mussolini. The celebration was
general in Italy and was said to have been conducted
with "solemnity and profound emotion." The Associated Press correspondent in Rome pointed out that
"it was the first time that the day of victory had been
officially and publicly observed." Signor Finzi,
Minister of the Interior, who is only 31 years of age,
in an interview with the Rome correspondent of the
New York "Herald," said: "I regard the administration of the Interior as I would regard the administration of business. The first necessity is for internal pacification, and therefore complete demobilization of the Fascisti army has been ordered. This
must be followed by the demobilization of Fascism°
in the spiritual sense. Premier Mussolini and I intend to restore complete order in the country by the
strictest observance of law on the part of all citizens
of whatever party."
Practically all the dispatches from prominent
Italian centres have indicated that Premier Mussolini was going about his new duties in a thoroughly
businesslike way. The Associated Press correspondent in Rome cabled that "the first bill to be presented by Premier Mussolini at the reopening of Parliament on Nov. 16 will be the provisional financial
budget, giving the Government the necessary money
to carry on until July 1923, and his next measure will
be the plan for the modification of the electoral law,
giving the Government freedom to have general elections whenever it thinks best." Commenting upon
the probability of support of the new Ministry by
Parliament, instead of strong and even violent opposition, as had been predicted, the correspondent said:
"According to some political circles it seems possible that the Parliament will give the Cabinet a vote
of confidence within 24 hours after the opening. If
this should prove correct the result would have to
be considered something in the nature of a miracle.
The threat of general elections seems to have brought
many of even the most rebellious into line."
Semi-official announcement was made in Rome on
Thursday that "comprehensive measures for financial and other reforms have been decided upon by
the new Italian Cabinet of Premier Mussolini." It
was stated that "the Cabinet Council has decided
that the Parliament shall be asked to give the Government full powers for 'bureaucratic and financial re-'
form,' and has announced its determination that the
national Government shall contract no loan abroad,
although no Government opposition will be raised to
the influx of foreign capital. Premier Mussolini was
authorized to consider plans for reform in the organization of the public forces, the idea being to effect all
possible saving compatible with the greatest efficiency." The Associated Press correspondent said
that "it was decided to transfer the telephone system
2083
to private companies by either a gradual or a rapid
process. The Council decided to abolish the law providing for the compulsory conversion of Government,
municipal or company bearer securities into registered securities." He added that "it is learned that
the Government has already begun negotiations for
the turning over of the Government telephone system
to a Milanese private company. The condition of the
system has been serious for some time, as more than
100,000 applications for phones could not be granted
because of lack of funds. For more than ten years.
the various Ministers of Telegraphs have been asking.
for 1,500,000 lire for the improvement of the telegraph and telephone lines, which the finances of the
Government have been unable to supply."
With reference to Germany, it developed, in reply
to a request of the Allied Reparations Commission
that Finance Minister Hermes of the German Government "placed before the Reparations Commission two memorials containing an elaborate presentation of German official views on the questions of
stabilization of the mark and limitation of the floating debt." The correspondent observed that "the
documents contain no concrete proposals or promises
by the German Government, but are confined to an
exhaustive academic discussion of the effects of currency depreciation in national budgets and internal
administrative expenses and the resultant increase
in the floating debt. The absence of any specific proposals by the German Government is accounted for
in the alleged desire obtaining in official quarters to
await the findings of the neutral experts who are
conducting an inquiry into stabilization and upon
whose verdict Chancellor Wirth and Dr. Hermes evidently propose to base their ultimate proposals
to M. Barthou, President of the Reparations Commission."
The statement, it was learned later, suggested an
international loan to Germany of 500,000,000 gold
marks. On Monday "the Reparations Commission
handed the German Government another note, impressing upon it the necessity of making more definite proposals for the stabilization of the mark and
reminding the Government of its engagements undertaken last July with regard to the regulation of Germany's finances. It requested a speedy reply." The
Associated Press correspondent in Berlin said that
"Parliamentary and financial circles profess to see
only hopeless confusion in the situation. They interpret the note as a polite reminder that the Commission is completely out of sympathy with the manner
in which Chancellor Wirth and Minister of Finance
Hermes are conducting the pourparlers." The New
York "Tribune" representative in the German capital
was more explicit and emphatic in his statements regarding the attitude of the Commission. He said
that "in a letter addressed to Chancellor Wirth the
Reparations Commission flatly rejects the German
proposals for stabilization of the mark and rehabilitation of German finances. These proposals, in addition to asking a foreign loan of 500,000,000 gold
marks, called for the raising of a large internal loan
in Germany, stimulation of German production and
formation of an international finance commission to
handle the loan problem, as well as the problem of
stabilizing the mark." He also asserted that "in rejecting the German proposal for the raising of a 500,000,000-mark loan by the Allies the Commission says
that this is not the business of the Allies or of the
2084
THE CHRONICLE
Reparations Commission, but of the German Government. The Commission asserts further that it cannot undertake the floating of a loan for Germany,
since in so doing it would have to take over a guaranty fon;the same. The Commission's letter is written in an emphatically sharp tone and does not indicate that a reply is expected. The letter is therefore
taken as indicating a break in the present negotiations."
Apparently little has been accomplished. The
New York "Times" representative said in a cablegram Thursday evening that "the Reparations Commission, returns to Paris to-morrow empty-handed
except for a brief final note from Chancellor Wirth
predicating a complete moratorium and supporting
action by an international financial consortium for
temporary and final solution of the reparations problem and for permanent stabilization of the mark.
The Reparations Commission also takes back two exhibits attached to Dr. Wirth's note and which form
practically the entire basis and substance of Germany's proposals, to wit the foreign experts' minority report and recommendations signed by Dr. Vissering, President of the Bank of the Netherlands,
Holland Leopold Dubois of Switzerland and Robert
H. Brand of the London banking firm of Lazard
Brothers & Co., and a supplementaiy reservation and
statement by Mr. Brand alone. The Commission today formally acknowledged receipt of the Wirth Government's •second and final note in answer to demands for concrete detailed proposals for mark stabilization and at the same time advised that cognizance of the contents would be taken and discussions
regarding stabilization be continued in Paris."
Premier Poincare, speaking before the French Senate on Thursday, was quoted as saying that "the only
hope of getting any reparations payments from Germany lay in the Brussels Conference, but that if this
failed France was prepared to act alone again."
The representative of the New York "Tribune" in
the German capital cabled a much more hopeful account of the situation and said: "The German proposals may be summarized as follows: Formation
of an international syndicate for the loan of 500,000,000 gold marks to Germany, which, with a similar
amount taken from the Reichsbank's gold reserve,
will be used in the effort to stabilize the mark, and
the extension of the moratorium period until the loan
is paid off."
Eam,on de Valera is endeavoring to become active
again in the political affairs of Ireland. At least he
is making trouble for the Cosgrave Ministry. Announcement was made in a Dublin dispatch to the
New York "Herald" a week ago that "one of the first
acts of Eamon de Valera as President of the new Republican Council of State was to issue a manifesto
to-day to the voters of the six counties under the jurisdiction of the Northern Parliament, asking them
to ignore the British elections, while retaining the
Belfast Government. Ulster sends 13 representatives
to Westminster under the existing arrangement, but
de Valera wants them to refuse to elect these members." The correspondent asserted, however, that
"de Valera's popularity is so weakened that the manifesto is not likely to have much effect. Interference
with the peaceful policy of the Free State Government is likely to estrange the public even more, as
Sir James Craig could make political capital in Eng
[Vol,. 115.
land of the rebel leader's activity that would
strengthen Ulster's position." On the other hand,
he said that "the policy of the Cosgrave Ministry toward Ulster is strictly one of peace. While encouraging the northern Nationalists to bring the North
and South together, the Dublin Government will not
interfere directly in Belfast affairs. Dublin is content to let the Free State treaty's provisions for a
boundary commission play their part in impelling
the North to come into the Free State."
In an address at Leeds last Saturday Premier Bonar Law outlined his policy toward Ireland. He said
his position on Ireland and his responsibility relative to it were "confined to a choice between assenting to or dissenting from the treaty after it was
made. Whether it was right to make it or not he
would not say for the moment,but 99 out of every 100
people of this country believed that it was right to
give it a fair trial."
The campaign—to use an American political term
—preparatory to the general election in England on
Nov. 15, has gone forward. Last Saturday nominations were made for the general election. About
1,400 candidates were nominated. The preliminary
returns showed that former Premier Lloyd George
had been chosen without opposition. A dispatch
from Belfast stated that "ten of the thirteen members from Ireland for the new Imperial Parliament
were elected by acclamation. They are all Conservatives."
The statement was made in London on Monday
that Bonar Law had completed his Cabinet by "the
appointment of the remaining minor officials in his
Government." It was added that "he has decided
that his Cabinet, including himself, shall consist of
16 members. This will be the smallest Cabinet of recent years, except the War Cabinet, which was a kind
of inner Cabinet. The Cabinet includes the Minister of Labor, which is a plain intimation that there
is no intention to abolish the Labor Ministry."
The former Premier is on a "swing around the circle" in Wales. The London correspondent of the
New York "Herald" summarized his address in part
as follows: "Before his own Welsh people, Mr.
Lloyd George dramatically pointed to three striking
developments in European affairs during What he
called the 'three weeks of tranquillity' in Great Britain: 1. The fall of the franc to a level never before
reached. 2. Germany has completely collapsed. 3.
The Turk has torn the Mudania agreement into
shreds. These things, he said, were the result of the
confidence that was going to be restored in Europe
by getting rid of a man of excessive energy and vitality. Declaring that there could be peace only if
Great Britain maintained the stout heart that had
won the war, he added that he stood for a policy of
sane progress with no setting back of the clock.
He struck out vigorously against Parliamentary
extremes as represented by Conservatives and
Labor."
No change has been noted in official discount rates
at leading European centres from 8% in Berlin,
51A% in Madrid, 5% in France, Denmark and Nor4% in Belgium and Sweden, 4% in Holland,
way, 41
3
in Switzerland and 3% in London. Mail
advices show that on Oct. 16 the Bank of Finland
reduced its discount rate from 9% to 8%, being the
first change since Nov. 8 1920. Open market dis-
Nov. 111922.]
THE CHRONICLE
count rates in London have been marked up fractionally and are now quoted at 2 9-16@2%% for
sixty and ninety day bills, as compared with 21
/
1@
2 7-16% last week. Call money dropped back to
1%%,the same as a week ago, after having touched
2% a few days before. At Paris the open market
discount rate remains at 43/2% and in Switzerland
unchanged.
The Bank of England in its statement for the
week ending Nov. 9 showed another small gain in
gold„ amounting to £2,389, accompanied this time
by an expansion in total reserve of £642,000. This
latter feature was brought about by a contraction in
note circulation of £640,000. Moreover, the proportion of reserve to liabilities was advanced to 19.05%,
as compared with 18.34% a week ago. In the corresponding week of 1921 the ratio stood at 18.27%
and a year earlier at 10.64%. Public deposits were
expanded £1,158,000, but "other" deposits declined
£2,419,000. The Bank likewise showed a reduction
in its temporary loans to the Government of L1,573,000, while loans on other securities fell 007,00e.
Gold holdings total £127,437,711, as against L128,420,853 last year and £123,476,888 in 1920. Total
reserve stands at £23,367,000, in comparison with
£22,467,663 in 1921 and £14,078,908 the previous
year. Circulation is £122,519,000. This compares
with £124,403,190 and £127,847,980 one and two
years ago, respectively. The loan total is 07,883,000, as contrasted with £80,833,555 at this time in
1921 and £73,222,341 a year earlier. The Bank's
minimum discount rate has not been changed from
3%, the level previously ruling. We append a
statement of comparisons of the principal items
of the Bank of England's returns for a series of
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1922.
1919.
1921.
1920.
Nov. 13.
Nov. 8.
Nov. 12.
Nov.9.
Nov. 10.
.£
Circulation
122,519,000 124,403,190 127,847,980 85,902,850 64,936,720
Public deposits
16,102,000 17,892,614 19,815,897 22,160,935 30,008,694
Other deposits
106,425,000 105,013,211 112,469,628 102,759,672 138,703,718
Govt. securities
49,091.000 37,301,750 62,701,073 42,514,744 58,595,535
Other securities
67,883,000 80,833,555 73,222,341 79,616,755 99,760,727
Reserve notes dr coin 23,367,000 22,467,663 14,078,908 20,533,591 28,098,343
Coin and bullion...127,437,711 128,420,853 123,476,888 87,986,441 74,585,063
Proportion of reserve
to liabilities
16.66%
16%%
19.05%
18.27%
10.64%
Bank rate
5%
6%
3%
5%
7%
The Bank of France in its weekly statement reports a further small gain of 101,475 francs in its gold
item this week. The Bank's gold holdings are thus
brought up to 5,533,365,250 francs, comparing with
5,523,966,962 francs on the corresponding date last
year and with 5,488,506,846 francs the year before;
of these amounts, 1,897,967,056 francs were held
abroad in 1922 and 1,948,367,056 francs in both 1921
and 1920. During the week silver gained 102,000
francs, advances rose 97,131,000 francs and Treasury
deposits were augmented by 31,009,000 francs. Bills
discounted, on the other hand, fell off 471,815,000
francs, while general deposits were reduced 126,294,000 francs. A further expansion of 67,022,000 francs
occurred in note circulation, bringing the total outstanding up to 36,917,691,000 francs. This contrasts
with 37,376,499,075 francs at this time last year and
with 39,619,153,920 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
920 are as follows:
1
2085
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Nov.9 1922. Nov. 10 1921. Nov. 12 1920.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
101,475 3,635,398,194 3,575,599,906 3,540,139,790
Abroad
No change 1,897,967,056 1,948,367,056 1,948,367,056
Total
Inc.
101,475
Silver
Inc.
102,000
Bills discounted__ _Dec. 471,815,000
Advances
Inc. 97,131,000
Note circulation..Inc. 67,022,000
Treasury deposits_Inc. 31,00 ,000
General deposits Dec. 126,294,000
5,533,365,250
288,081,495
2,170,376,000
2,206,721,000
36,917,691,000
50,857,000
2,081,697,000
5,523,966,962
278,717,217
2,306,952,089
2,277,583,572
37,376,499,075
34,772,045
2,492,361,757
5,488,506,846
270,761.023
3,202,176,510
2,107,145,890
39,619,153,920
55,201,067
3,605,817,069
The Imperial Bank of Germany has issued, as of
Oct. 31, another highly sensational statement, showing prodigious increases in its principal items. Note
circulation shot up another 59,483,517,000 marks,
constituting a new high record increase and raising
the total of outstanding notes to the colossal figure
of 469,456,787,000 marks. At this time last year
note circulation stood at 91,527,679,000 marks and
a year earlier at 63,596,445,000 marks. Treasury
and loan association notes expanded 1,688,234,000
marks. Bills of exchange and checks were increased
24,673,718,000 marks, and discount and treasury
bills no less than 71,380,968,000 marks. In deposits
there was a gain of 28,617,964,000 marks, while
"other liabilities" expanded 5,073,847,000 marks.
Lesser changes included an addition to total coin and
bullion of 8,062,000 marks, increases in advances and
in investments of 166,979,000 marks and 109,432,000
marks, respectively; a gain in notes of other banks of
1,962,000 marks, and a decline in other assets of
4,850,103,000 marks. Gold was reduced nominally
(1,000 marks), and the total is 1,004,853,000 marks,
against 993,631,000 marks last year and 1,091,584,000 marks in 1920.
The Federal Reserve Bank statement, issued on
Thursday afternoon, showed the same general tendencies as a week ago, namely, slight change in gold
reserve accompanied by substantial additions to bill
holdings. For the combined system there was a gain
in gold of $2,700,000, but the New York bank lost
$24,000,000 to the other Reserve banks. Nationally
rediscounts of both Government secured paper and
"all other" were materially increased; hence bill holdings expanded $50,600,000 to $899,068,000. Total
earning assets increased $37,000,000, but deposits
fell off $52,000,000. In the member banks reserve
account also there was a contraction to $1,812,051,000
as compared with $1,847,693,000 a week earlier.
At New York bill holdings increased $18,000,000,
and now aggregate $258,947,000, as against $294,527,000 a year ago. Earning assets were larger,
but deposits fell more than $46,000,000, while member banks' reserve decreased $37,000,000. An increase of approximately $38,000,000 was shown in
the amount of Federal Reserve notes in circulation in
the figures for the twelve banks combined and of
$5,500,000 at New York. As a result of the above
changes reserve ratios showed a trifling gain —0.4%
to 76.4% for the System and 0.5% to 80.6% at the
local bank.
Heavy calling of loans, also preparations for the
Nov.1 dividend and interest payments,were reflected
in last Saturday's return of the New York Clearing
House banks and trust companies,and the result was
the complete elimination again of surplus reserves
built up in the two proceeding weeks. This was
directly due to a drawing down of reserve credits at the
the Federal Reserve institution by member banks,
these having been reduced $57,435,000. Loans
decreased $14,180,000. Net demand deposits de-
2086
THE CHRONICLE
[vol.. 115.
Dealing with specific rates for money, call loans
this week have ranged between 5 and 6%, as against
43/2@6% last week. Monday 514% was the highest,
with 5% the low and the rate for renewals. Tuesday
was a holiday (Election Day). On Wednesday there
was a further slight stiffening, and before the close
call funds advanced to 6%; although the renewal
basis was still 5%, which was also the minimum.
Thursday's range was 5@5Y2%;renewals were negotiated at 53/2%. There was no change on Friday and
the low 5% and 514% the
the high was again 5
ruling rate. Calling of funds by interior banks continues to be the prime factor in the firmness. For
fixed date maturities the same general trend has been
noted and toward the latter part of the week the
rates for all periods from sixty days to six months
were advanced to 5@53'1%,as compared with 4%®
5% a week ago. The market, however, was quiet
and most of the limited business passing was put
through at the lower figure. Large borrowers took
The course of the market at this centre for call no part in the week's operations.
Mercantile paper rates remain at 43/2@4V17
0 for
money has been somewhat confusing. A maximum
rate of 6% was established at midweek. As that sixty and ninety days' endorsed bills receivable and
quotation came before noon, it was assumed that a 'six months' names of choice character, with names
fair amount of money was loaned at the top notch. not so well known at 4%@5%, the same as the
It was said that interior institutions have been with- previous week. Moderate activity was noted with a
drawing a part of their funds from New York banks. ready market for the best names, but continued light
The principal reasops given for that step were the offerings of prime paper.
Banks' and bankers' acceptances were in good
increased demand and the more profitable employment possible at home. Going a step further, the demand and a fairly large turnover was reported,
suggestion was offered that the higher prices for both though with the firming up of call rates trading in
cotton and grain involve a larger amount of money acceptances quieted down. Both local and out-ofto finance operations in them, whether of a purely town banks were in the market. A firm undertone
speculative or a commercial character. This obser- was reported, with quotations at levels previously
vation applies to other commodities than the two current. For call loans against bankers' acceptances
mentioned. Prices generally are higher. Building the posted rate of the American Acceptance Council
is active throughout the country. Anyone who has is 5%, as against 43/2% last week. The Acceptance
had occasion to do no more than repair work, has Council makes the discount rates on prime bankers'
easily realized the high prices for all kinds of materials acceptances eligible for purchase by the Federal
used in that class of construction. The wages being Reserve banks 43'70 bid and 4% asked for bills
paid, notably in the building trades, are higher than running 30, 60, 90 and 120 days, and 43/2% bid and
during the war. This fact alone necessitates the 43.,1% asked for bills running 150 days. Open marborrowing of considerably more money by those ket quotations follow:
SPOT DELIVERY.
engaged in building on a large scale. The stock and
60 Days.
90 Days.
30 Days.
4Kog4
45i(4)4
bills
bond markets this week have not been particularly Prime eligible
THIRTY
WITHIN
DAYS.
DELIVERY
FOR
active. It is to be doubted that the class of business Eligible member banks
1 bid
47:4
non-member banks
43.' bid
Eligible
done in either has involved the borrowing of specially
'large sums of money. However this may be, there
There have been no changes this week in Federal
are not a few observers of Wall Street affairs who feel Reserve Bank rates. The following is the schedule
that brokers' loans are still considerably too high for
of rates now in effect for the various classes of paper
safety. Those who hold this opinion do not contend
at the different Reserve Banks:
that because collateral loans are understood to be
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT NOVEMBER 10, 1922.
still in excess of $1,500,000,000, a stringency in money
Discounted bills maturing
will result. They do feel strongly that the speculawithin 90 days (incl. member banks' 15-day collateral
tive position in industrial stocks that have been
notes) secured by—
Bankers'
AgriculTrade tural and
accepTreasury
advanced rapidly is none too sound, and that still
accep- We-stock
lances
Federal Reserve
Other- discounted tances
notes and Liberty
paper
Bank of—
wise
for
certillmaturing maturing
further liquidation of such positions would not only
bonds
and
secured member
cates of
within 91 to 180
Victory
and
banks
indebt90 days
days
ease the money market, but would also strengthen
notes unsecured
edness
technically
to
a
notable degree.
the stock market
4
4
4
4
4
4
Boston
4
4
4
4
4
4
New York
While an $18,000,000 Chilean loan was disposed of Philadelphia
0.6
4;5
434
Cleveland
while
and
representatives
of
quickly in this market,
4;,6
434
Richmond
434
Atlanta
43,6
J. P. Morgan & Co. and several other banking firms Chicago
4)-5
43,6
43
Louis
4;4
have been in Cuba this week relative to a long- St.
Minneapolis
4;•6
434
Kansas City
4;•6
discussed loan to the Government of that island, Dallas
4
4
4
4
4
Francisco
San
little has been heard about floating European loans
here. The reasons are perfectly obvious. Our
Sterling exchange values were not affected to any
Government has not been a big factor in the local
money market this week. Call money was easier appreciable extent by the wild fluctuations in Conyesterday, but time money continued firm at 5%.
tinental currency and quotations continue to move
within comparatively narrow limits. Demand bills
clined $14,562,000, to $3,838,875,000, a total that is
exclusive of Government deposits of $74,204,000,
but net time deposits gained $3,066,000, to $437,775,000. Cash in own vaults of members of the
Federal Reserve Bank showed a reduction of $972,000, to $55,695,000, (not counted as reserve). Reserves in own vaults of State banks and trust companies increased $447,000, although reserves of these
same institutions kept in other depositaries declined
$65,000. As noted above, there was a contraction in
reserves above legal requirements of $55,262,260,
which not only wiped out the surplus previously
held, but left a deficit of $4,086,240, in comparison
with last week's excess reserve of $51,176,020. The
above figures for surplus are on the basis of reserves
of 13% above legal requirements for member banks
of the Federal Reserve system, but not including
cash in vaults to the amount of $55,695,000 held by
these banks on Saturday last.
Nov. 11 1922.]
THE CHRONICLE
2087
did not at any time go below 4 443., while a high Alexandria. Two cases of gold and 2 bars arrived
point of 4 463
% was reached. However, during the on the Bolivar from Colombia, 4 packages of bullion
greater part of the week trading was dull and inactive. on the Pastores from Colombia, valued at $19,600,
with the tone of the market nervous and unsettled. 1 case of gold and 76 bars of gold and silver bullion
News that the Turks were again giving trouble, on the Venezuela from Colombia, amounting to
naturally had a depressing effect and tended to bring $88,300, and 4 cases of silver coin on the Haiti from
the Near East into prominence once more as an Port au Prince. The Aquitania brought 129 cases
adverse factor still to be reckoned with. Further- of gold bars, valued at $4,070,000. The Half
more, British political affairs leave much to be Moon brought 10 boxes of gold coin, valued at
.desired, while thus far all efforts at adjustment of the $192,400.
troublesome reparations question have failed. The
immediate result of this unfavorable array of circumWhat amounted to practical demoralization reigned
stances was to cause a more or less general withdrawal in the Continental exchanges this week, and losses
from the market. Dealers are evidently unwilling to averaging from 5 to as much as 78 points have
take a definite position under present unsatisfactory taken place in the leading European currencies.
conditions. An added influence in the dulness was As a matter of fact, it was claimed that nothing
the interruption of a holiday (Election Day). With paralleling the disordered conditions prevailing during
the resumption of business on Wednesday London the last few days has been noted since the ending
sent slightly higher rates, accompanied by buying of the World War. This applies especially to French
orders, which exercised a stimulating effect locally, and Belgian exchange which sustained the severest
and following announcement of Great Britain's in- losses. Following news of failure of the Reparations
tention to make payment of the second installment Commission to arrive at a satisfactory agreement,
of interest on the British debt, advances of about a coupled with renewed threats of disturbances in the
cent were scored. Still later in the week increased Near East, prices broke precipitately, carrying
strength and activity developed, somewhat to the Paris checks from 6.833/ at the close on Friday
surprise of bankers here, and the close was very last, to 6.1732—a drop of 66 points. In Belgian
close to the highest point of the week. Commercial exchange the quotation crashed to 5.573, or 78
offerings are still exceptionally light for this season. points off, although in both cases a considerable part
In some quarters this was attributed in no small of the loss was recovered before the close, mainly on
measure to the workings of the Fordney-McCumber covering of shorts. This was due primarily to the•
Tariff, which is undoubtedly having a deterrent collapse of prices at foreign centres and the subseeffect upon the volume of our imports.
quent attempts to sell on the part of local specuReferring to quotations in greater detail, sterling lative interests in this market. A notable feature of
exchange on Saturday was dull and easier with de- the week was the almost complete absence of buyers,
mand down fractionally to 4 45%®4 46%, cable even at drastic concessions. Some bankers are of
transfers to 4 457
4@4 465
4 and sixty days to opinion that the violent slump and subsequent
4 44%@4 447
4. Monday's market was weak and erratic fluctuations were largely due to speculative
prices broke on unfavorable European news, to manipulation. Whether this is so or not, one thing
4 443@4 45% for demand,4 4414@4 45% for cable seems certain; that is, very few bills covering genuine
transfers and 4 42%@4 437
4 for sixty days; pre- commercial transactions are coming on the market
holiday dulness prevailed. Tuesday was a holiday at this time, while conservative operators are holding
(Election Day). On Wednesday there was a rally, aloof as much as possible. So far as could be
which carried prices up about one cent, and the learned, the seeming fiasco in reparation affairs,
range was 4 4532@4 463
% for demand, 4 45%@ coupled with unfavorable budgetary conditions and
4 46%
5 for cable transfers and 4 44@4 44% for sixty poor crop returns in France, were the most potent
days; the strength was attributed mainly to higher influences in the decline. Considerable comment
cable quotations and the sentimental influence of is heard of the constantly increasing spread between
announcement of another British interest payment the quotations on French and Belgian exchange,
on the debt to the United States for Nov. 15. Rates which now amounts .to about 60 points. This is
were maintained on Thursday and on a slightly larger regarded as strange, since though Belgium is largely
volume of business demand bills advanced to 4 4531 dependent upon indemnity collections, her financial
@4 47, cable transfers to 4 453®4 473, and sixty affairs are not nearly as involved as those of France.
days to 4 43%@4 44 9-16; incidentally, foreign ad- Reichsmarks were also under pressure and the quotavices were less threatening. Friday the market tion sank to the unprecedentedly low point of 0.013,
ruled quiet but steady, with the day's range 4 45% on fears of Balkan complications, inability to break
@4 46 1-16 for demand, 4 455
4@4 46 5-16 for cable the reparations deadlock and the extremely poor show3 for sixty days. Closing ing made by the German Bank statement.
transfers and 4 44M@4 44%
In London
quotations were 4 443 for sixty days, 4 46 for marks touched 30,000 to the pound sterling, while
demand and 4 463. for cable transfers. Commercial here they were selling at around 6,700 to the dollar.
sight bills finished at 4 4532, sixty days at 4 44, Austrian exchange for the time being seems unafninety days at 4 42%, documents for payment (sixty fected by the fluctuations in marks. Lire, on the
days) at 4 443 and seven-day grain bills at 4 45. other hand, showed an improving tendency and
Cotton and grain for payment closed at 4 4532.
after a firm opening, lost a few points, then advanced
The week's gold movement was light and was to 4.44 for checks, a gain of 32 points from the low
confined almost wholly to shipments from South of last week. This is taken to indicate confidence
American points. The Ryndam brought 2 boxes of in the new Government. Italian bankers appeared
gold bars from Rotterdam, the Hog Island from well satisfied with the progress of events in Italy,
Alexandria 27 cases of gold coin, valued at $542,500. while speculation in lire just at present has been
It is understood that gold to the amount of more reduced to small proportions. It is admitted that
than $300,000 additional is now on its way from the methods of the Fascisti are regarded with a
.2088
good deal of disapproval, but the opinion seems
to be quite general that better results are likely
to be achieved than under the former bureaucratic
regime. Greek exchange was sharply lower on a
small volume of trading, but in the Central European
currencies very little change was noted, with the
exception of Polish marks, which established another
new low of 0.0061, and Finmarks, which lost practically all of the spectacular gain of the previous week.
.Pessimistic utterances • by M. Loucheur on the
reparations question added no little to the depression
in the early dealings. At the extreme close a
better feeling prevailed and some encouragement
was derived from the initial report of the experts
who have been discussing ways and means of
arresting the decline in the mark. Trading, which
had been dull and erratic with considerable confusion as to actual price levels, steadied and showed
a moderate increase in volume.
The London check rate in Paris finished at 68.20,
as against 64.90 last week. In New York sight bills
on the French centre closed at 6.39, against 6.833/2;
cable transfers at 6.40, against 6.843; commercial
sight bills at 6.37, against 6.813/2, and commercial
sixty days at 6.34, against 6.783/i a week ago.
Antwerp francs finished at 5.94 for checks and
5.95 for cable remittances. Last week the close
was 6.353/i and 6.363/2. The closing rate on Berlin
marks was 0.013 for both checks and cable transfers,
against 0.01 13-16 a week earlier. Austrian kronen
finished at 0.00133/ (one rate), against 0.0013. For
lire the close was 4.44 for bankers' sight bills and 4.45
or cable transfers, which compares with 4.17 and
4.19 last week. Exchange on Czechoslovakia finished at 3.19, (unchanged); on Bucharest at 0.63,
against 0.62;on Poland at 0.00063, against 0.00067,
and on Finland at 2.55, against 2.75 a week earlier.
Greek exchange closed at 1.41 for checks and 1.46
for cable transfers, in comparison with 1.90 and 1.95
on Friday of last week.
In the exchanges on the centres of the former neutral
countries very little change has taken place and values
are evidently being maintained despite the weakness
elsewhere. Guilders ruled firm, as also did Swiss
francs. The Scandinavian exchanges were steady at
very close to last week's levels. The most noteworthy changes were a lowering in Swedish remittances
and material improvement in Norwegian, probably
incidental to the transferring of the proceeds of the
recent Norwegian loan. Spanish pesetas were slightly off.
Bankers' sight on Amsterdam finished at 39.04,
against 39.13; cable transfers 39.13, against 39.22;
commercial sight 39.03, against 39.12, and commercial sixty days 38.69, against 38.78 a week ago.
Final quotations for Swiss francs were 18.27 for bankers' sight bills and 18.29 for cable transfers, which
compares with 18.31 and 18.33 the week before.
Copenhagen checks closed at 20.12 and cable transfers at 20.16, against 20.10 and 20.14. Checks on
Sweden finished at 26.80 and cable remittances at
26.84, against 26.92 and 26.96, while checks on Norway closed at 18.51 and cable transfers at 18.55,
against 18.24 and 18.28 a week earlier. Spanish
pesetas finished the week at 15.20 for checks and
15.21 for cable transfers. A week ago the close was
15.26 and 15.27.
With regard to South American exchange a slightly firmer tendency was noted, and the check rate
[VoL. 115.
THE CHRONICLE
on Argentina, after ruling at around 36, closed at
36.10 and cable transfers at 36.20, against 35.90 and
36 a week ago. In Brazil also improvement was shown
and the close was 11.85 for checks and 11.90 for cable
transfers, which compares with 11.40 and 11.45 last
week. Chilean exchange was a shade easier, finishing at 13.13, against 13.65; but Peru was firmer
and advanced to 4 00, against 3 91, the previous
level.
Far Eastern rates were not greatly changed and the
close was as follows: Hong Kong, 5432@54%,
8@55/
8; Shanghai, 73%@74 (unagainst 55/
changed); Yokohama, 48/@48% (unchanged); Ma%
%@523
nila,493@491A (unchanged);Singapore,521
2
293/
4@
@29%,
Bombay,
against
(unchanged);
293
/@29%.
293/2, and Calcutta, 30@303,against 295
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is
now certifying daily to the Secretary of the Treasury
the buying rate for cable transfers on the different
countries of the world. We give below the record
for the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922, NOV. 4
TO NOV. 10, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary UN..
Nov. 4. Nov. 6. Nov. 7.
$
8
$
EUROPE
.000013 .000013
Austria, krone
.0622
.0638
Belgium,franc
.006917 .00665
Bulgaria, ley
Czechoslovakia, krone_ --_ .03165 .031653
.2014
.2013
Denmark, krone
England, pound sterling.. 4.4610 4.4488
.027463 .026525
Finland, Markka
.0665
.0687
France, franc
Germany,reichsmark_ _ _ .000166 .000147
.0180
- .0183
Greece, drachma
.3912
.3917
Holland, guilder
.000401
.000401
Hungary,krone
.0414
_ .0420
Italy, lire
.004017
.0040
krone
Jugoslavia,
.1825
.1824
Norway, krone
.000068 .000067
Poland, mark
.0550
.0505
escuda
Portugal,
.006230 .006211
Roumania,leu
.015929 .016043
dinar
Serbia,
.1521
.1525
Spain, peseta
.2685
.2684
Sweden,krona
.1836
.1832
Switzerland,franc
ASIAHOLI.7604
.7600
China, Chefoo tael_ _ _ _ -- .7583
DAY
.7588
" Hankow tael_ _ __ --__ .7327
.7323
" Shanghai tael__ _ -- .7583
.7596
tael_
Tientsin
"
.5468
.5468
" Hongkong doll_
.5344
.5346
" Mexican dollar 111g
_Peiy
or
Tientsin
"
.5500
.5492
dollar
.5454
.5400
" Yuan dollar__ _ _ -- _ .2927
.2910
India, rupee
.4827
.4824
Japan, yen
.5188
.5188
Singapore (S. S.) dollar
AMERICA
NORTH
1.000347 1.000455
Canada,dollar
.998063 .998625
Cuba, peso
.482625 .48375
Mexico, peso
Newfoundland, dollar_ ___ .997969 .998125
AMERICA
SOUTH
.8198
.8187
Argentina, peso (gold)_
.1134
- .1129
Brazil, milreis
.7838
.7792
Uruguay, peso
.1284
.1329
Chile, pm (paper)_ _ _ _._ _
Ti
Nov. 8. Nov. 9. Nov. 10.
$
$
15
.000013 .000013 .000014
.0564
.0586
.0597
.006758 .006717 .005633
.032439 .031989 .031861
.2016
.2013
.2014
4.4653 4.4669 4.4615
.025843 .025725 .025463
.0620
.0643
.0643
.000124 .000149 .000132
.0172
.0153
.0149
.3907
.3912
.3911
.000404 .000407 .000410
.0420
.0426
.0436
.004044 .004054 .004111
.1842
.1848
.1850
.000065 .000064 ..000064
.0541
.0540
.0537
.006227 .006272 .006384
.0162
.016371 .016443
.1516
.1518
.1518
.2877
.2683
.2680
.1825
.1826
.1827
.7508
.7492
.7227
.7492
.5423
.5290
.7504
.7486
.7236
.7496
.5418
.5283
.7442
.7425
.7168
.7433
.5388
.5235
.5429
.5325
.2911
.4928
.5183
.5408
.5375
.2915
.4833
.5488
.5367
.5325
.2914
.4835
.5192
1.000474 1.000658 1.001014
.998813 .998875 .998625
.484875 .484688 .484844
.097813 .998359 .99875
.8137
.1146
.7826
.1282
.8160
.1157
.7865
.1273
.8183
.1172
.7878
.1247
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,835,372 net in cash as a result of the currency movements for the week ending Nov. 9.
Their receipts from the interior have aggregated
$5,855,372, while the shipments have reached $1,020,000, as per the following table:
SHIPMENTS BY NEW YORK BANKING
CURRENCY RECEIPTS AND
INSTITUTIONS.
Week ending Nov. 9.
Banks interior movement
Into
Banks.
$5,855,372
Out of
Banks.
Gain or Loss
to Banks.
81,020,000 Gain $4,835,372
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:
Nov. 11 1922.]
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
2089
required to be paid out of the ordinary receipts. To
these also must be added the expenditures of the
Saturday, Monday, Tuesday. Wednesd'y, Thursday, Fridav,
Aggregate
legislative branch of the Government, $16,000,000,
Nov.6.
Nov. 7.
Nov.4.
Nov. 8.
for Weck.
Nov. 9.
Nov. 10.
and
of the judicial branch, $14,000,000.
$
$
$
57.000,000 66.000,000 Holiday. 79.000,000 57,000,000 60.000,000 Cr. 319.000.000
Among the funds appropriated for the support of
Note.--The foregoing heavy credits reflect the huge mass of checks which COM 3
to the New York Reserve Bank from all parts of the country in the operation of the Government there are also a number of lesser
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 items of expenditure not subject to administrative
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 control.
Under the Federal Board for Vocational
go through-the Clearing House.
Education, $5,527,000; State Department, $488,000;
The following table indicates the amount of bul- Treasury Department, $280,000; Interior Department proper, $11,500,000; Interior Department, Inlion in the principal European banks:
dians, $21,500,000; Department of Agriculture, $4,Nov.9 1922.
1:10,000; District of Columbia, $2,000,000, making a
Nov. 10 1921.
Banks o
Gold.
Silver.
Surer. I Total.
Total.
Gold.
total
of about $45,500,000.
--z
£
These
items make a grand total of $2,322,500,000,
England_ _ 127,437,711
128,420,853
127,437,711 128,420,853
France _ a _ 145,415,928 11,520,000 156,935,928 143,023,996, 11,120,000 154,143,996
over the expenditure of which, under our present
Germany _ 50,111,080 2,986,903 53,097,980 49,681,000
697,000, 50,378,000
Aus.-Hun_ 10,944,000 2,369,000 13,313,000 10,944,000 2,369,000i 13,313,000
Spain
100,937,000 25,720,000 126,557,900 100,250,000 24,857,000125,107,000 Governmental policies and laws, the Executive has
Italy
34,629,000 3,039,000 37,668,000 33,700,000 2,980,000 36,680,000
Netherl'ds 48,482,000
743,000 51,240,000 no discretion. This figure, deducted from the total
743,000 49,225,000 50,497,000
Nat. Beig_ 10,664,000 2,059,000 1,
.723,000 10,663,000 1,602,000 12,265,000
Switz'land 20,810,000 4,566,000 25,376,000 21,795,000 4,961,000 26,756,000 estimated expenditures
of about $3,506,000,000 leaves
Sweden_ 15,197,000
15,307,000
15,197,000 15,307.000
Denmark _ 12,683,000
192,000 12,877,000 a total of only $1,282,500,000
239,000 12,922,000 12,685,000
over which a system of
Norway _ _ 8,183,000
8,115,000
8,183,000 8,115,000
financial control can be established.
Total week 585,493,719 53,241,900 638,735,619 535,081,849 49,521,000634,602,849
Prey. week 585,484,321 52,667,750638,152,071 586,333,790 49,353,600635,692,390
Three items of the last named figure constitute
a Gold holdings of the Bank of France this year are exclusive of £75 918,682 about
two-thirds of the entire expenditures, namely
held abroad.
Shipping Board, $50,000,000; War Department,
• TH E MINIMUM OF FEDERAL
$368,000,000, and the Navy Department, $431,000,EXPENDITURES.
000, making a total of $849,000,000.
These items of
The subject of a further reduction in the total ex- expenditure are
based primarily upon the military
penditures of the Federal Government is still of su- and the merchant
marine policies of the Government
preme importance. Since the close of the war there of the United
States. They are subject to reduction
have, of course, been considerable reductions, the through
changes in Governmental policies respecttotal expenditure now being less than $4,000,000,000 ing them.
The size of the Army and the Navy—
per annum, whereas for the fiscal year 1919-1920, the which is fixed
by law—automatically determines in
first fiscal year after the war, the total was about a large
measure the annual expenditures for these
$6,000,000,000. However, the expenditure of $4,000,- departments,
though administrative control may
000,000 per annum by the Government makes it nec- save a little
money here and there.
essary to retain the levies of high taxes in order to
It is apparent, therefore,
that the time will come
produce a total of $4,000,000,000 of revenues.
when the Government will have reached
the limit of
The truth is, there is great impatience because the economy and
efficiency in expenditures as a means of
expenditures of the Government are not being more saving large sums
of money to the taxpayer. in fact,
rapidly reduced to the pre-war figure of about $1,- that time may
be said to be almost at hand. Through
000,000,000 per annum. Complaint, however, should the constant
operations of the Bureau of the Budget,
be directed to Congress, not to the President, for the personal
efforts of the President, and the co-opthere is no basis for the assumption that all or even eration of the
departments themselves, a system of
the greater part of these expenditures is subject to control has
been set up which makes an extravagant
administrative control. A close analysis shows very expenditure
extremely difficult. Whether there shall
clearly that only a small portion of the present total be any further
considerable reductions in these large
expenditure of about $4,000,000,000 a year is capable items of
expenditure is a matter of public policy and
of being further reduced at this time, through busi- not
administrative control.
ness management.
After deducting the expendi
tures for the Shipping
Let us look at some of the principal items not sub- Board, the
War Department and the Navy Departject to administrativg control. The figures here ment, there
is left only $444,500,000 for the entire
opgiven are based upon the estimates of expenditure erating
expenses of the civil establishment of the
in the Budget for the fiscal year 1923. These are Govern
ment,
used for the purpose of illustration only. There is Post Office including the State, Treasury, Interior,
(exclusive of postal revenues), Agriculthe United States Veterans' Bureau With an expendi- ture,
Commerce, Labor and Justice Departments;
ture of $421,000,000 for the disabled veterans of the •the
municipal government of the District of
ColumWorld War. This figure does not include the sala- bia, and
of the independent establishments of the
ries and expenses of administering this Bureau. This Government,
including the Federal Trade Commisitem, we understand, cannot be reduced at all by sion, the
Interstate Commerce Commission, the Tarexecutive management. In the same category is the iff Commission,
the Civil Service Commission, the
item of $252,000,000 for pensions for veterans of General
Accounting Office, etc.
other wars. The item of $126,000,000 for good roads
These Governmental agencies are, of course, estabis required by law to be distributed to the States. lished by
law and require a minimum of expenditures
About $50,000,000 is required to be refunded to the in order to perform
their functions. It seems hardly
taxpayers for taxes illegally collected. There is an- feasible for any further
considerable reductions to be
other item of $35,000,000 appropriated by Congress made in the
operating expenses of these
to increase the salaries of Government employees.
services
through the mere application of busines
s methods of
To these items must be added the interest on the
financial control. Reductions of
consequence can
public debt of $975,000,000 and about $388,000,000
only be effected through a change in
for reduction in the public debt during the fiscal
Governmental
year policy by the abolition of some of
these services alth
{
2090
THE CHRONICLE
gether. And this will unquestionably have to be
done, though it rests with Congress to do it, not the
President.
In summary, therefore, out of an estimated total
expenditure of $3,506,000,000 submitted in the
Budget for the fiscal year 1923, nearly two-thirds of
that sum is not subject to administrative control
that is to say, in administering these funds the Executive is without authority to reduce the amounts
to be expended), and of the total left subject to administrative control, namely $1,283,500,000, about
two-thirds of it is for the War and Navy Departments
and the Shipping Board, leaving only $444,500,000
for the operating expenses of the civil establishment
of the Government. In view of this situation the
public must look for further considerable reductions
in expenditures in the near future, not to the enforcement of administrative control by the Executive, but
rather to the question of whether there should be
changes in the Governmental policy upon which these
public moneys are appropriated. In any case there
can be no escape from the payment of the interest on
the public debt, which, in itself, about equals the total pre-war per annum expenditures of the Government.
It seems right and proper that all this should be
said as a matter of simple justice to the President,
the Executive branch of the Government• standing
virtually alone in seeking to enforce due economy in
public affairs. Nevertheless, the demand for further
reductions in Government expenses is imperative,
and Congress will have to find some way of meeting
the public demand in that respect. Onerous taxes are
the bane of business and private life, as never before
in the entire history of the country. And,
as we point out in the opening paragraphs of
our article on The Financial Situation, discontent
with these high and oppressive taxes had more to do
with determining this week's election results than is
generally supposed. This discontent found expression in the great "silent vote" which so often determines the outcome of a political campaign. These
citizens were dissatisfied with the slow way in which
taxes are being reduced from the frightful pinnacle
reached during the war, and they could see no way
open to them of registering their dissatisfaction except by voting against the present incumbents in
office. From the complaints that have reached us
on that score we are persuaded they did this by the
hundreds of thousands.
THE ELECTION RESULTS.
Tuesday's elections are best summed up by saying
that they condemn rather than ratify, and express
dissatisfactions rather than approval. A long endurance of absolutism destroys, or at least impairs, individual initiative and leaves the people to be led by
a blundering ruler, as the people of Germany were
led into war, less against their consent than because
they had become deceived upon the facts by a man
who had first deceived himself. In a democracy the
people may take fits of displeasure at the party in
power, because it has not granted them some sectional policy demanded or because they are not quite
happy and have the notion that "Government" must
be held responsible for whatever is unpleasant and
should produce what is pleasing. This is foolish, but
it will continue until democracy becomes sensible,
which is a gradual process.
[Von. 115.
To be nice about terms, this is not so much "election" as "rejection." As in 1920, it is not so much a
vote of confidence in the Outs as of a loss of confidence in the Ins. But it is only the thing to be expected, for it has almost become a fixed custom that
in the second half of his term an Executive shall face
either an entire loss or a great diminution of party
sympathy in Congress. Yet the prophets who read
now a repudiation of Mr. Harding and a return of
the Democrats in 1925 are taking counsel of their
wishes and are too hasty. It is undeniable that he is
still the bright spot in Washington, that is, if any
bright spot can be seen; all just dissatisfactions lie
against Congress, which has fooled away time and
has played the game of selfish politics, as if men were
sure to vote without change and as if the new factor
of woman at the polls need not be taken into account.
Under an Executive pressure which was justly
used with reluctance but might perhaps have been
wisely increased somewhat, Congress has done a little good in somewhat cutting expenses and taxation;
its best claim to regard is the negative one that it refrained from some conceivable bad things, yet its
worst sins and blunders were an untimely tariff that
was driven through and a bonus which was stopped
only by the veto. Some of the Senators who voted to
override the veto are beaten, and some are who voted
to sustain it; the only safe deduction seems to be that
the bonus Congressman who said the people that are
against the grab are not organized "and we'll probably get their votes anyway" was right, as to both
parties, so far as this: that the bonus was not remembered particularly, among the many considerations
which kept some voters in their party rut and made
many others break out of it.
The reactionary feeling against the tariff was probably a strong cause of the shift, and a tariff change
just before an election •has often proved a political blunder by the Ins. Thus,in 1884, an attempt to
pass a "revenue" tariff was followed by a great cut
in the Democratic majority in the House; in 1888
Mr. Cleveland lost his second campaign, after another similar change had been attempted; then came
the McKinley tariff, followed by a Republican setback in the next House; in 1892 a lowered tariff was
followed by turning the House over to the Republicans; in 1910 another tariff change was followed by
losing the House to the Democrats. Of course, we
must not forget the post hoc propter hoc fallacy, and
that a change or an attempted tariff change "followed by" a reverse for the,dominant party is not
conclusive; yet the subject is clearly a hazardous one
just before an election.
Prohibition, furthermore, is clearly "in" politics,
and has entered to stay. While the clergyman who
seems to have beaten Mr. Volstead may be as fanaticname
ally Dry as he is, the defeat of the man whose
Eighteenth
the
of
enforcement
full
with
linked
is
Amendment shows that the Wets must be seriously
Senreckoned with. More significant is the defeat of
prominently
ran
who
man
a
ator Frelinghuysen by
in faand avowedly as Wet. Illinois voted heavily
Masin
law;
the
of
modification
vor of demanding
a
towards
propositions
California
sachusetts and
enforcement
in
co-operation
State
more effective
155
were disapproved, and the Wets claim election of
later
that
prospects
of their men to the House, with
short
figures may increase the number. This falls
reaction
the
shows
but
majority,
of a controlling
rush,
which naturally follows excess. As usual in a
Nov. 11 1922.]
THE CHRONICLE
some experienced and well-deserving men, in each
branch, went down with the others.
The result in this State—where also the Wet issue
was successfully dragged in—must be accepted with
deep regret; what consolation it supplies may be
found in the apparent failure of the ambitions of one
notorious man whose influence is malign in public
affairs. Governor Miller has given an example of
businesslike public administration, but he seems to
be lacking an appealing "magnetism," while Mr.
Smith is in the good-fellow class and singularly popular; to many he is "Al," and Tammany judged cleverly in putting a huge poster at the Bridge entrance,
"Let's make it unanimous in Al's Home Town." The
misrepresentations and misunderstandings about local traction fares Which worked so unfortunately a
year ago were unquestionably the most important
factor of all in bringing about the defeat of Governor
Miller, though it would be idle to attempt to conjecture its precise effect. However,if Mr. Smith, who is
held in high esteem even by his opponents, can cut
himself free from bad political company, he may win
a genuine renown.
THOMAS De-WITT CUYLER.
The sudden death of Mr. Cuyler on Nov.2 removes
a man who was influential and important in transportation and would clearly have been so in any
other field. He graduated at Yale in 1874, at the
age of 20, followed his father's example in going into
the law, and followed it further by going into corporation law practice, the father having been general
counsel for the Pennsylvania road. He took an assured and leading part in the profession in Philadelphia, and was also largely concerned in financial affairs, being head of one trust company and director
in others, both there and in this city; yet his largest
concern and that which brought him most before public attention was with railroads. Officially, he was
the head of the Association of Railway Executives,
and the strain and overwork caused by the troubles
of the last past summer are supposed to have been
the chief cause of his too-early breakdown. He stood
with the Pennsylvania and the Delaware & Hudson
as the firmest defenders of the good faith involved in
.keeping the pledges given to the men who remained
loyal and the new ones who joined the service as to
seniority rights, this being a stand on permanent
principle which would require many years to regain
if once yielded and would meanwhile be a seed of
periodical labor trouble. Here was a case where
honor and sound policy were conspicuously in agreement.
In the summer's struggle the leaders who saw failure before them yet stubbornly held out for some way
of escaping a total loss of prestige gratified their own
feelings and made a foolish appeal for public sympathy by calling Mr. Cuyler's association "hardboiled executives" and throwing out again the old cry
that they were dominated by Wall Street; on the contrary, they stood for rescue of a hard-beset and vital
public property, as they had been standing ever sincc
the blunder of seizure by Government. It does not
undo that blunder to again point out that if the heads
of the several chief transportation systems had been
called to conference and to them, instead of to inexperienced though self-confident politicians, had been
committed the work of untying the knots made by
lack of co-ordination, a great total of financial loss
and a long train of industrial troubles might have
2091
been escaped. It does not rid us of these consequences to be reminded of how they could have been
avoided; but it ought to help us towards a wiser
treatment of the great business of transportation.
That must be conducted upon real business principles, instead of being left to become a football for
organized labor which would devour it in shortsighted selfishness and equally blind politicians who
would betray it for expected votes. The country is
still at the parting of the ways on this subject, and
has still to make its choice between management by
men of special and proved ability and a dictated and
hence personally irresponsible control. The only
compensation in a drifting course is that while it
loses time it also gains time, in that it still permits
the second thought and is not an irretrievable commitment to error. Yet drifting may be indulged in
too long, and in our work of saving ourselves and by
so doing helping save Europe, a healthy and expanding transportation system is indispensable. It is
time to begin serious and broad-minded thinking.
•
THE RAILROAD;AND ITS"DOLLAR."
• About a year ago [Oct. 29 *1921, p. 1813] the
"Chronicle" commented upon a brief analysis of revenues and expenses of Class 1 railroads made by the
"Herald" and covering the previous year; the total
collected from the public as gross revenue was $6,171,493,301. This is more than six billions (almost
enough to begin to pay a bonus) and to the union
member, railway or other, whose income is in a
weekly or monthly pay envelope it may seem that a
business which annually receives so much must be on
financial velvet. But neither large figures nor large
operations necessarily yield even a small profit, for
there is a very real distinction between "gross" and
"net," nor do large outlays either necessarily prove
or produce business prosperity. As in point upon
this, it may be permissible to recall an incident once
told by the master printer of this country, the late
Theodore L. DeVinne. His firm had been getting in
additional presses, possibly doing so on credit, under
the clear alternative of keeping step with the procession of trade or being run over, whereupon an employee was overheard saying to his fellows, probably
not entirely jocosely, that "the concern must be making a lot of money, and we really ought to have
higher wages." This was many years ago, but a
superficial judgment of events is still with us.
To return to the gross earnings mentioned above
as received in 1920 (and a very detailed statement of
railway receipts and outgoes for ten fiscal or calendar years was given in the "Chronicle" of Oct. 22
1921) it appears that out of each dollar taken in 59.9
cents went out again for labor. Also, 17.3 cents went
for material, supplies and miscellaneous; 10.9 cents
went for locomotive fuel and 4.5 cents for taxes; 2.4
cents went for depreciation and retirements, 2.0 cents
for loss and damage, LO cent for hire of equipment
and joint-facility rents, 0.8 cent for injuries to persons, and 0.2 cent for insurance. These nine items
foot up 99,leaving one lonely cent for extensions, improvements, dividends, interest payments and retirement of principal of indebtedness.
This was in 1920, and since then the railroad "dollar" has not become less interesting or less vitally
important to "the general welfare" which our Govetnmental scheme was founded to promote. In 1921
the Pennsylvania system had an experience a little
less bad than that of Class 1 roads in 1920. Wages
2092
THE CHRONICLE
and salaries absorbed 51.24 instead of 59.9 cents of
its dollar; locomotive fuel took 6.43 instead of 10.9;
the other minor items changed slightly, in one direction and the other, and instead of one cent there remained 1.9 cents "balance for dividends and to sustain credit." Railway extension, betterments and
increased equipment are undeniably wanted and
needed, as to roads generally, even if we dismiss as
pure fiction all the recent talk of the mutineers about
the bad condition of equipment and tracks. Nobody
will deny that even the present demands on transportation, not taking any account of future demands,
need I or, at least, would joyfully welcome and could
well use) more rolling stock, more perfect line and
mope track mileage, as well as new roads to penetrate
waiting territory. The dollar as cut Up according to
the above figures provides for such increases—provides how much? "Dividends" have become a sort
of tradition for the greater part of the roads; interest charges must still be met and have not ceased
to be met somehow; how much sustenance of railway credit is discoverable in the net remainder of
1.9 cents in the dollar in 1921- of one of the strongest
railroad systems in America? Is it any wonder in
these circumstances that some of the weaker lines
should now, with the shopmen's strike as an added
burden, be finding it a struggle to escape bankruptcy?
Shall the roads collect an increased number of dollars, thereby raising the remainder for improving
betterment and credit? As obstacle to this, everybody deems present charges burdensome, as they
really are, and everybody is looking for reduction;
did not the regulative body order a rate cut quite recently, and is it not certain that if an advance (of
20% say, just for example) were granted and were
submitted to, the employees would "take notice," like
bright infants, and would declare that now the roads
must certainly be able to raise wages, in order to
meet the cost of living? The men "keep" an expert,
as some advertisers keep a poet, and he periodically
announces that the whole trouble lies in inefficient
aaanagement and that "a billion of dollars per year
might be saved by proper economy." Where? How?
He does not explain; he guesses and generalizes; but
the revolt of the past summer shows that wages,
which absorb three-fifths of the gross dollar, must
not be touched, unless to make things pleasant by a
little fresh jacking up.
To return once more to the nub of the whole subjet:t, that intensely interesting railroad "dollar,"
how many business concerns are there, whether corporRte and large, or individual and small, that would
not deem themselves on the rocky road to bankruptcy
if able to put in the box as profit only a cent or two
cents out of each dollar received? There was a
trader (in a story) who said he made one per cent,
meaning that for every dollar of total outgo lie
banked a dollar; but, seriously, what is a fair and
living rate of profit-25%, 50%, 10%,
? Can a
private business live, and develop as well as live, on
a cent or two snatched from the dollar? If it can,
and if in any instance it does, could its manager be
induced to take up the problem of transportation?
But if, on the other hand, a special arithmetic for
railroads is as impossible as a fourth dimension,
what is to be done with this railroad problem?
More easily asked than answered, of course. Yet
one thing may be firmly and truthfully said: transportation is the affair, and the roads are the property
[Vol,. 115.
and the servants, of the whole American people, and
they must go to thinking it all over seriously.
RAILROAD GROSS AND NET EARNINGS FOR
SEPTEMBER.
As in the month of August the returns of the gross
and net earnings of United States railroads for the
month of September make a poor exhibit in comparison with the results for the corresponding month last
year, but, as in August, the carriers had very unfavorable conditions to contend with. The strike at
the coal mines- was no longer a very serious factor,
for in the bituminous regions a truce had been
patched up in August which resulted in full resumption of mining in those regions before the close of
that month, and a similar truce in the anthracite
fields came early in September and shipments of
hard coal during September were interfered with
only to the extent that there was delay in starting up
the hard coal mines after agreement to resume mining had been reached, which means that the anthracite carriers suffered a loss of about one-third of
their anthracite tonnage for the month, as mining
was not resumed until Monday, Sept. 11.
With the coal strike, however, a thing of the past,
the strike of the railway shopmen had not yet been
entirely overcome in September—at least not in the
fore part of the month. The striking shopmen gradually drifted back where individual agreements by
different roads and systems with their own employees were not reached and by the end of September
virtually all the roads had a full complement of shop
forces. Nevertheless, the effects of the strike remained, and from the statements of earnings for the
month now under review it is evident that these effects were more severe than had been generally supposed and that the resulting losses to the carriers
were also much heavier than had been counted upon.
Operating costs were necessarily very greatly increased. It is pointed out in a statement issued by
the Association of Railway Executives under date of
last Saturday (Nov.4) that Class I roads in September expended $120,000,000 for maintenance of equipment, or an increase of 15.7% over the same month
last year. We are told that the result of this increased expenditure is shown by the fact that during
the month the number of freight cars in need of repairs was reduced by 30,000, while there was also a
reduction during the month of 114 in the number of
locomotives in need of repairs. The purport of this
statement is that during the period of the active presence of the strike of the shopmen repairs ran behind,
which is indisputably true, and that during September the situation so greatly improved that the carriers were able to catch up with the arrears of work
in whole or in large part, a statement which the figures just cited confirm.
It would be a mistake, however, to assume that the
only extra cost entailed by the action of the shopmen
in quitting work was to delay repair work and thus
throw an increased amount of repairs into succeeding months. The truth is, as indicated in our previous monthly reviews, that entirely apart from the
inability to carry on the work of repairs in a normal
manner, and to a normal extent, operating costs during the strike were necessarily heavily augmented,
because, -whether a carrier had lost a small
percentage or a large percentage of its men,
the force was in any event for the time being disorganized, preventing co-operation and team
Nov.11 1922.]
THE CHRONICLE
work and the attainment of the best results. In this
way the carriers not only lost the benefits that should
have accrued from the reduction in wage scales, estimated to average 7@8%,against which the shopmen
had struck, but the cost of doing the work was prodigiously increased.
It is rather noteworthy that expenditures for maintenance of way and structure, in contradistinction to
those for maintenance of equipment, were actually
7% under those of September last year; this is noteworthy because the maintenance of way employees
did not go out on strike, but remained at work, having- been 15ersuaded by the chief of the organization
to take this course and then to ask for a re-hearing
before the Railroad Labor Board. The hearing was
granted and resulted in some of the maintenance of
way employees getting a slight increase on the reduced scale originally fixed, effective July 1 1922.
The long and short of the matter is that aggregate
operating expenses for all the roads in our tabulations record an augmentation over the same month
last year of $30,770,731, or 8.17%. As this was offset to the extent of only $1,723,772 by a gain in gross
revenues, net earnings show a falling off in amount
of $29,046,959, or 24.12%, as will be seen by the following:
Month ofSeptember (196 roads)—
Ittc.(+) or Dec.(—).
1921.
1922.
Miles of road
+75 .02%
235,205
235,280
Gross earnings
$498,702,275 8496,978,503 +31,723,772 .35%
Operating expenses
8.17%
+30,770,731
407,320,682 376,549,951
Net earnings
$91,381,593 $120,428,552 429,046,959 2412%
It should be observed that the gain in gross earnings of $1,723,772 is only a small fraction of 1%,and
here we unquestionably see reflected the effects of
the horizontal reduction of 10% in freight rates made
by the Interstate Commerce Commission effective
July 1 1922. With the resumption of coal mining the
falling off in the coal traffic, which had been such a
conspicuous feature in the months immediately preceding, was removed and indeed the shipments from
the soft coal mines were in many instances heavily
enlarged. Inasmuch as the revival of trade and business thus relieved of the hindrances imposed by the
two-fold strikes, made further progress the effect altogether was to enlarge very materially the total volume of traffic transported by the railroads. From
computations made by the Association of Railway
Executives it appears that, measured by net-ton
miles, that is, the number of tons of freight multiplied by the distance carried, freight traffic in September this year ran 10% above that for September
last year. There was also an increase of nearly 11%
in the number of cars loaded with revenue freight in
September compared with the same month last year.
But the increased volume of traffic failed to yield a
proportionate addition to gross revenues for the reason already mentioned, namely the 10% reduction in
freight rates.
As to the falling off in net earnings, our figures
deal only with the net earnings above ordinary operating expenses and before allowance for taxes and
equipment rents and joint facility rents. After allowance for these items, the so-called "net operating
income" in the returns required to be filed with the
Interstate Commerce Commission is found to be
down to $58,428,000, and this, the analysis made by
the Association of Railway Executives shows, represents a return, on an annual basis, of only 2.88% on
the tentative valuation of the roads. In other words,
the roads failed by $63,099,000 in September to realize a 6% return on their tentative valuation. They
2093
/
4%,
also failed by $58,000,000 to realize a return of 53
the figure fixed by the Commerce Commission in its
decision some months ago.
Confining ourselves, however, entirely to our own
figures of net earnings (before the deduction of
taxes or the other items mentioned) it seems important to point out that this year's falling off in the
net follows $11,372,524, or 10.41%, improvement in
the net of last year, as compared with September
1920. Prodigious curtailment of the expenditures
was effected last year so as to offset the tremendous
shrinkage in the gross revenues which the roads suffered owing to the widespread depression in trade.
In previous months the extent of the shrinkage in
traffic consequent upon the collapse in trade had
been in considerable measure concealed owing to the
fact that the roads were then getting very much
higher transportation rates, both for passengers and
for freight. In other words, in these earlier months
the loss in gross revenues because of diminished traffic had been in large part offset by the additional
revenue derived from higher rates on the traffic
hich the carriers actually did handle and transport.
In September this was no longer the case. For in
that month comparison was with a time in 1920 when
the higher rates authorized by the Interstate Commerce Commission in the summer of that year were
already in effect. It was estimated at the time that
these rate increases were made that on the volume
of traffic then being handled they would add $1,500,000,000 to the annual gross revenues of the roads, or,
roughly, $125,000,000 a month.
Deprived of the advantage—in the comparisons—
of these higher rates, the naked fact of a tremendous
shrinkage in the volume of business being moved
stood out in all its grimness. The loss accordingly
aggregated no less than $120,753,579, or not far from
20%. But by dint of great effort the roads managed
to cut down their expenses in the prodigious sum of
$132,126,103, leaving a gain in net of $11,372,524.
The 12% reduction in the wages of railroad employees which had been in effect since July 1, under
the authorization of the Railroad Labor Board, was
one factor in the reduction in expenses; the shrinkage
in traffic was yet another factor and of much larger
magnitude, in addition to which railroad managers
skimped and pared in every direction, in particular
cutting the maintenance outlays to the bone, little
repair work of any kind being done that could be de-
ferred.
As against the gain in net last year, however,
brought about in the way indicated, it is important
to note that in preceding years very large additions
to gross revenues arising either from a larger volume
of traffic or from higher rates failed to yield any substantial additions to the net. This remark applies
to the results for many successive years, operating
costs having steadily risen at the expense of the net.
In that respect the exhibit for September 1920 was
particularly disappointing. Great expectations had
been built on the benefits to be derived from the noteworthy increase in passenger and freight rates that
had then just been put into effect Gross earnings
did reflect the higher rates in an increase of no less
than $113,783,775, or 23.68%, but $104,878,082 of
this was consumed by augmented expenses, leaving
hence a gain in net of only $8,905,693, or less than
10%. In the years preceding the showing as to the
net• was equally unsatisfactory. Thus for September -1919 our tabulations registered $9,252,922 gain
THE CHRONICLE
2094
in gross, but $18,828,861 loss in the net. In September 1918 the gain in the gross revenue reached enormous proportions, the war being still in progress, the
volume of traffic extremely large, besides which decided advances in both passenger and freight rates
had been made only a few months before. The addition to the gross was no less than $129,367,931, or
36.16%. But this was accompanied by an augmentation in expenses of $126,177,381, or 51.82%,leaving
net larger by only $3,190,550, or 2.79%. The year before rising expenses played a similar part in contracting the net results. In that year (in September
1917) there was $33,901,638 increase in gross, but
$7,699,654 loss in net, owing to an expansion of 411/
2
million dollars in expenses. In the following we furnish the September comparisons back to 1906:
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
Inc. (-I-) or
Preceding. Dec.(-).
Year
Givens.
firm. 115.
It deserves noting that while most of the principal
systems sustained reductions of their net. earnings,
there are some conspicuous exceptions to the rule of
roads which instead of having losses are able to report gains in net. Among these exceptions may be
mentioned the Pennsylvania, the Illinois Central, the
New York New Haven & Hartford, the Atlantic Coast
Line and a few others. Heavy losses in net are reported by the Baltimore & Ohio, the Erie, the Union
Pacific, the New York Central, the anthracite coal
roads, besides numerous others. The Pennsylvania
Railroad as the largest coal-carrying system in the
country, was able to add $10,321,600 to its gross revenues and to carry forward no less than $1,877,924
of this as a gain to the net. For the entire Pennsylvania System, including all roads owned and controlled, the result is an increase in gross of $11,090,790, with an increase in net of $2,054,518. The New
York Central has $2,634,079 increase in gross, but
$2,438,156 decrease in net. This is for the New York
Central itself. Including the various auxiliary and
controlled roads, we have a gain of $5,397,630 in
gross and a loss of $2,632,505 in the net. In the following we show all changes for the separate roads for
amounts in excess of $100,000, whether increases
or decreases, and in both gross and net:
Year
Inc.(+) or
Preceding. Dec.(-).
Sept.
S
$
1906 _ 136 839 986 126,782,987 +10,056,999 48,341,798 45,653,884 +2,687,914
1907 _ 141,220,009 128,047,787 +13,172,222 41,818,855 45,413,358 -3,594,503
1908 _ 218,929,381 234,228,778. -15,299,397 81,615,313 77,531,878 +4,083,435
1909 .246,065,956219,013,703 +27,052,253 95,443,956 81,858,560 +13,585,396
1910 _ 256,647,702 246,335,586 +10,312,116 91,580,434 95,449,517 -3,869,083
+39,801 90,720,548 89,398,733 +1,321,815
1911 _ 249,054,036 249,014,235
1912 _ 272,209,629 252,318,597 +19,891,032 96,878,558 90,842,946 +6,035,612
1913 _ 285,050,042 275,244,811 +9,805,231 92,847,193 98,000,60 -5,153,067
1914 _ 272,992,901 285,850,745 -12,857,84 92,022,947 91,274,033
+748,914
1915 _ 294,241,340276,458,199 +17,783,141 111,728,276 93,181,915 +18,546,361
1916 _ 332,888,9 294,333,449 +38,555,541 124,447,839 111,875,296 +12,572,543
1917 _ 364,880,086 330,978,448 +33,901,638 116,086,103 123,785,757 -7,699,654
1918 487,140,781 357,772,850 +129,367,931 117,470,621 114,280,071 +3,190,550
1919 _ 495,123,397 485,870,475 +9,252,922 98,302,598 117,131,459 -18,828,861
1920 .594,192,321 480,408,546 +113,783,77 102,329,084 93,423,391 +8,905,693 PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.
1921 _ 496,784,097617,537,676 -120,753,579 120,604,462 109,232.938 +11,372,524
Decrease.
Increase.
1922 498,702,275 496,973,503 +1,721,772 9l,38',5 3 120,428,552 -29,046.959
BUa
rnilietoin
ot)
o
m
op
o
)raec f c
Oh
$3,849,233
a$10,321,600 B
•
Note.-In 1906 the number of roadsincluded for the month of September was 95; in Pennsylvania
b 2,631,079
2,369,580
Central
1907,84;In 1908 the returns were based on 231,367 miles; in 1909 on 236,545 miles; in New York
2,589,117 Missouri Pacific
2,033,483
1910 on 240,678 m lea; in 1911 on 230,918; In 1912, 237,951 miles; In 1913, 242,097 Illinois Central
1,307.632
Pittsburgh & Lake Erie
miles; hi 1914, 242,386 miles; In 1915, 245,132 miles; in 1916, 248,156
In 1917, Norfolk & Western
1,290,287 Chicago R I & Pac (2)_ _ 1,9
92
66
4,4
96
78
7
245,148 miles; In 1918, 232,186 miles; in 1919, 232,772 miles; In mile.;
1920, 226,955 Michigan Central
1,014 809 Chesapeake & Ohio
1,138,934
miles; In 1921, 235,155 miles; in 1922, 235,280 miles.
844,094 Chicago & Alton
1,069.851
NYNH& Hartford
816,567 Lehigh Valley
1.030.040
Atlantic Coast Line
The returns of the separate roads or systems, in Minn
765,159 Delaware Lack & West
94
39
3,984
60
8
St Paul & S S M.._
435,199 Southern Railway
879,294
Y Phila & Norfolk_
their comparisons with last year, reveal results very N
433.137 St Louis San Fran (3) _
879,154
Atch Top & Santa Fe (3)
408.137 Delaware & Hudson
862,697
Western Maryland
much like those disclosed by the general totals. There Seaboard
373 341 Chicago & Northwestern
818,833
Air Line
370,035 Louisville & Nashville_ _ _
674,663
Lake Erie..
&
Bessemer
is a considerable body of roads with increases in Toledo & Ohio Central
350,069 Pere Marquette
531,318
336,067 Central RR of New Jers_
5
(2)_ _
53
33
0
1,
6 2
18
St Louis SouthwestWest_
311,166 Wabash Railway
gross earnings, but also a large number obliged to re- Toledo
St Louis &
280,275 Chicago & East Illinois
49
48
5,
040
14
8
Philadelphia & Reading_
280,019 Missouri Kan & Tex (2)_
438,178
port decreases in larger or smaller amounts. East- Elgin JolietPennsylvania_
& Eastern_
262,617 Wheeling & Lake Erie_
423,199
Union RR
234,392 Chicago Burl & Quincy
411,922
ern roads as a rule fared much better than those in Buffalo
Roch & Pittsb
227,801 Cinc New Orl & Tex Pac
263,256
Richm Fred & Potomac__
218,25C Bangor & Aroostook_ _ _ _
259,505
& Southwest.._ _
the western half of the country. The Eastern roads El PasoChatt
Alabama
Great
212,580
Southern
241,484
& St Louis_
Nashv
Denver
&
208,941
Rio
Grande_
_
_
Seashore_
211,732
&
Jersey
run through the great manufacturing districts, West of Georgia
191.851 Minneapolis & St Louis_
209,222
Central
162,184 New Orl & North East
203,879
Harbor Belt_ __ _
where trade revival was a favoring factor, and they Indiana
154,905 Chic St Paul Minn & Om
189,221
Great Northern
149,697 Central of New England_
St Paul_
&
Milw
Chicago
also serve the large coal mining regions. Conse- .Los Angeles & Salt Lake.. 147,482 Spokane Portl & Seattle_ 183,755
180,320
144,676 I% Worth & Denver City
170,976
& Iron Range_
quently, they enjoyed a decided enlargement of the Duluth
142,007 Chicago Great Western
157,551
Duluth Missabe & North
155,716
Cincinnati
Northern_
137,755
Island
147,789
135,310 Denver & Salt
volume of their tonnage. On the other hand, the Long
Grand Trunk Western
Lake_-(2)
132,242
130,515 Colorado & Southern
Western Pacific
__ _
124,639
119,203 Southern Pacific
roads west of the Mississippi River, deprived of these Texas
& Pacific
Valley _
109,573
114,952 Trinity & Brazos(8)Montour Railway
Lehigh & New England
106,936
advantages and having a reduction in freight rates Atlanta Birm & Atlantic_ 110,815
102,498
& No. Arkansas
Representing 54 roads
102,292
to contend with, suffered a loss in gross receipts. An Missouri
Hocking Valley
in our compilation_ _$26,767,535
exception among Eastern roads must be made of the
Representing 43 roads
In our compilation.. _$28.571.512
anthracite carriers. .These roads in most instances Note.-All the figures in the above are on the basis of the returns filed
Commerce Commission. Where, however, these
did not have the full volume of their anthracite ton- with the Inter-State the
total for any system, we have combined the
returns do not show
nage inasmuch as the resumption of work at the separate roads so as to make the results conform as nearly as possible
the statements furnished by the companies themselves.
mines was, as already stated, delayed until Sept. 11. to those given inresult
for the Pennsylvania RR. (including the former
a This is the
Pittsburgh Cincinnati Chicago & St. Louis and
Campany,
As a consequence, the Erie, the Lehigh Valley, the Pennsylvania
the Pennsylvania RR. reporting $10,321,600
Grand Rapids & Indiana).
Pennsylvania System, including all roads owned
entire
the
For
Central of New Jersey, the Lackawanna and the increase.
an increase in gross of $11,090.790.
is
result
and controlled, the
merely the operations of the New York Central
Delaware & Hudson all record smaller totals of b These figures covervarious
auxiliary and controlled roads, like the
Including the
Four," &c., the whole going to form the
gross revenues than in September of last year. When itself.
Michigan Central, the "Big
the result is a gain of $5,397,630.
New York Central System,
we come to the net earnings the varying extent to
which different roads suffered from the effects of the
shopmen's strike played an important part in affecting the net outcome. In most cases apparently the
shopmen's strike was a more serious matter west of
the Mississippi, and south of the Ohio and the Potomac Rivers, than in the Middle and Middle Western
States. Doubtless, also, the same circumstance contributed to bring about a contraction in gross revenues on such roads, owing to the inability to handle
the normal volume of traffic. Practically every railroad system in the country suffered from the after
effects of the strike, though with some of them it was
a much more serious matter than with others.
PRINCIPAL CHANGES IN NET EARNINGS IN SEPTEMBER.
Increase.
Decrease.
Pennsylvania Railroad_a $1,877,924
1,337,047
Baltimore & Ohio
$5,616,906
Illinois Central
993,231 Erie (3)
2,754,866
Atlantic Coast Line-- _
831,760 Union Pacific (3)
2,706,975
Pittsburgh & Lake Erie_
b 2,438,156
779,196 New York Central
Mimi St Paul & S S M
Chicago Burl & Quincy__ 2,003.756
661,441
Hartford
&
N.H
NY
417,743 Missouri Pacific
1,949,751
Bessemer & Lake Erie_
392,651 Delaware Lack & West
1,820,157
N Y Phila & Norfolk_ __ _
Valley
Lehigh
275,068
1,765,476
Georgia
Central of
234,321 Chesapeake & Ohio
1,493,178
Grand Trunk Western
1,292,499
190,169 Great Northern
Elgin Joliet & Eastern_ _
Northwestern....
Chicago
180,215
1,206,632
North..
Great
Internat &
163,145 Atch Top & Santa Fe (3) 1,206,236
St Louis Southwest (2)..__
143,861 St Louis San Fran (2)_ _ _
960,514
Atlantic & St Lawrence_
Chic R I & Pacific (2)--140,757
938,566
_
Southwest..__
El Paso &
123,883 Chicago Milw & St Paul_
894,636
Montour Railway
Alton
Chicago
&
115,131
845.884
_
Pennsylv_
of
Union RR
109,045 Cleve Cin Chic & St Lou
822,366
Atlanta Birm & Atlantic..
108,977 Delaware & Hudson..
660,166
St Louis Mer Bdge Term
Railway
Wabash
107,095
517.875
Pass
Aran
San Antonio &
105,557 Chicago & Eastern Min's
475,069
Pittsb & West Virginia_ _
101,937 Wheeling & Lake Erie_ _ _
423,759
Dot Grand Haven & Mil
Louisville & Nashville__ _
415,589
Northern Pacific
384,455
Representing 23 roads
326,640
in our compilation__ $9,390,155 Colorado & Southern (2)_
Nov. 11 1922.]
THE CHRONICLE
2095
Decrease.
Decrease: 5 Wks.end,
Flour.
1Vheat.
Chic St P Minn & Omaha $276,067 Missouri Kan & Tex (2)_
$189,798
Sept. 30.
(bbls.)
(bush.)
Detroit Toledo & Ironton
270,020 Boston & Maine
169,123 ToledoBuffalo Roch & Pittsb__
258,695 Central RR of New Jers_
148,455
1922_
880,000
Long Island
254,467 Spokane Portl & Seattle_
141,773
1921
932,000
Hocking Valley
253,585 Michigan Central
125,101 DetroitBangor & Aroostook_ __ _
240.967 Cincinnati Northern ___ _
121,771
1922_
180,000
Norfolk & Western
226,423 Philadelphia & Reading
120,440
1921_
154,000
Chicago Great Western
211.884 New On & North East__
120,326 Omaha and IndianapolisNashv Chatt & St Louis_
206,339 Term RR Assn of St Lou
114.982
1922_
3,622,000
N Y Chicago & St Louis_
201,438Representing 55 roads
1921_ --4,090,000
Central of New England_
200,527
in our compilation_ _$37,968,549 St. LouisSouthern Railway
1922_ _ 482,000 4,035,000
196,351
a This is the result for the Pennsylvania
1921_ __ _ 714,000 6,347,000
(including the former
Pennsylvania Company, Pittsburgh CincinnatiRR.
Chicago & St. Louis and PeoriaGrand Rapjds & Indiana). the Pennsylvania RR. reporting $1,877,924
1922____ 198,000
535,000
Increase. For the entire Pennsylvania System, including all roads owned
1921_ _ _ _ 307,000
354,000
and controlled, the result is an increase in net of 62,054,518.
Kansas Cityb These figures merely cover the operations of the New York Central
1922_
9,794,000
Itself. Including the various auxiliary and controlled roads, like the
1921_
13,358.000
Michigan Central, the "Big Four," &c., the result is a loss of $2,632,505.
St. Joseph1922_
1,406,000
l921__
When the roads are arranged in groups or geographical divisions according to their location, it is
noteworthy that the first three groups, namely the
New England Group, the Eastern and Middle and the
Middle Western, are the only ones able to show larger
totals of gross than a year ago, while all the remaining groups record losses. On the other hand, in the
case of the net, the New England group alone is able
to show an improved total and that only to a small
extent; all the other groups have suffered losses, the
most of them quite severe losses. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
Section or Group.
Inc.(+) or Dec.(-)
1921.
1922.
September$
Group 1 (9 roads), New England_ ___ 22,242,335 21,721,857
+520,478 2.39
Group 2 (36 roads), East & Middle_ _154,296,796 148,807,584 +5,489,212 3.69
Group 3(28 roads), Middle West_ ___ 43,503,729 41,298,283 +2,205,446 5.34
Groups 4 & 5(34 roads), Southern__ _ 60,031,651 60,074,685
-43,034 .07
Groups6 & 7(28 roads), Northwest_ _113,236,616 113,760,201
-523,585 .46
Groups 8 &'9 (49 roads), Southwest__ 76,260,802 81,311,601 -5,050,799 6.21
Group 10(12 roads), Pacific Coast__ 29,130,346 30,004,292
-873,946 2.91
Total(196 roads)
498,702,275 496,978,503 -+1,723,772 .35
Net Earnings
-Mileage--1921. Inc.(+)orDec.(-)
1922.
September-1922. 1921.
Group 1
7,456 7,505 4,045,665 3,590,914 +454,751 12.66
Group 2
33,829 33,693 16,920,481 30,732,635 -13,812,154 44.94
Group 3
16,248 16,268 8,775,241
9,958,003 -1,182,762 11.80
Groups 4&5
39,043 39,040 10,790,581 11,795,990 -1,005,409 8.52
Groups 6 & 7
66,814 66,796 25,295,269 32,286,847 -6,991,578 21.65
Groups 8 & 9
55,057 55,195 17,316,134 22,602,048 -5,285,914 23.38
Group 10
16,833 16,708 8,238,222 9,462,115 -1,223,893 12.93
Total
235,280 235,205 91,381,593 120,428,552 -29,046,959 24.12
NOTE.-Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except tha I portion west
of Pittsburgh and Buffalo, also all
of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, alibi
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups V///. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Banta Fe and east of a line running from
Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona. and the western
part of New Mexico.
As to the part played by the movements of the leading staples, Western roads had an advantage in a
somewhat larger grain movement and Southern
roads in a somewhat larger cotton movement. Receipts of wheat and corn did not attain the very exceptional dimensions of the year preceding, but the
oats receipts, barley receipts and rye receipts ran
heavier than in 1921, with the result that the aggregate of the receipts for the five cereals combined for
the five weeks ending Sept. 30 this year reached 148,281,000 bushels, against 142,192,000 bushels in the
corresponding five weeks of 1921. The details of the
Western grain movement in our usual form are set
out in the table we now present:
5 Wks.end. Flour.
Sept.30.
(bbls.)
Chicago1922____ 1,851,000
1921_ ___ 1,276,000
Minneapolis1922_ _ _
1921___
Duluth1922___ _
1921 _
Milwaukee1922___ _ 356,000
1921____ 214,000
------
Barley.
(bush.)
Rye,
(bush.)
6,224,000 23,101,000 10,233.000 1,455,000
789,000
5,233,000 27,906,000 7,240,000
442,000
241,000
'Wheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
21,543,000
20.013,000
498,000
910,000
4,641,000 1,678,000 1,508,000
583,000
5,050.000 1,075,000
16,505,000
17,048,000
924,000
1,875,000
421,000 1,320,000 12,148,000
1,129,000 1,209,000 1,580,000
551,000
1,126,000
2,271,000
4,715,000
2,105,000 1,116,000
1,879,000 1,095,000
232,000
239,000
Rye.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
457,000
371,000
280,000
385,000
116,000
238,000
229,000
367,000
236,000
4,126,000
2,754,000
2,397,000
2,081,000
3,312,000
2,128,000
1,824,000
2,784,000
67,000
89,000
42 000
102,000
2,451,000
1,770,000
1,338,000
1,365,000
66,000
58,000
5,000
11,000
561,000
452,000
693.000
1,081,000
525,000
136,000
28,000
--
Total of All1922____ 2,887,000 65,275,000
1921_ . 2,511,000 68,655,000
Jan. I to
Sept. 30Chicago1922__9,146,000 47,361,000
1921____ 8,120,000 41,726,000
Minneapolis1922..._
73,271,000
1921____ 162,000 75,050,000
Duluth1922_
32,018,000
1921_
35,499,000
Milwaukee1922_ ___ 1,580,000 1,684,000
1921__.__ 1,057,000 19,148,000
Toledol922...
4,011,000
1921_
4,222,000
Detroit1922_
1,307,000
1921_
1,322,000
Omaha and Indianapolis1922_
20,723,000
1921_
28,896,000
St. Louis1922_ _ _ _ 3,375,000 26,865,000
192L_.. 3,904,000 46,134,000
Peoria1922....... 1,823,000 3,384,000
1921____ 1,828,000 1,753,000
Kansas City1922.....
53,000 61,687,000
1921_ __ _ 1,000.000 85,236,000
St. Josephl922.. -8,165,000
1921
Sioux City1922_
19,000
1921..
38,464,000 24,435,000 5,702,000 14,405,000
43,110,000 23,240,000 4,431,000 2,756,000
144,119,000 60,573,000 6,929,000 3,370,000
135,025,000 68,982,000 6,141,000 3,546,000
12,776,000 20,102,000 8,114,000 5,162,000
10,772,000 20,524,000 7,506,000 4,088,000
11,941,000
4,395,000
3,839,000 3,117,000 27,140,000
5,717,000 2,915,000 7,262,000
19,482,000 15,431,000 6,971,000 1,661,000
19,292,000 14,087,000 7,044,000 2,938,000
2,903,000
2,166,000
2,422,000
4,567,000
1,910,000
1,097,000
1,809,000
2,315,000
7,000
116,000
199,000
2,000
38,546,000 16,616,000
29,108,000 17,957,000
25,546,000 19,657,000
20,907,000 21,343,000
533,000
515,000
396,000
253,000
17,490,000 10,981,000
12,034,000 7,639,000
266,000
506,000
76,000
379,000
13,288,000
11,988,000
5,038,000
5,546,000
7,588,000
919,000
233,000
102,000
3,000
50,000
Total of All1922___ _15,977,000 280,495,000 295,822,000 157,489,000 25,940,000 38,006,000
1921_ _ _ _16,071,000 338,986,000 246,784,000 168,677,000 24,793,000 18,466,000
Western roads had the advantage also of a larger
live stock movement. At Chicago the increase was
not important, the receipts at that point for the
month having been 20,862 cars in Sept. 1922, against
20,810 carloads in Sept. 1921, but at Omaha the receipts comprised 10,735 carloads, against 8,619, and
at Kansas City 14,964, against 12,262.
As regards the Southern cotton movement, the receipts at the outports in Sept. 1922 were 787,478
bales, against 642,918 bales in 1921; 435,875 bales in
1920, and 265,176 bales in 1919, as will be seen by the
following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JANUARY 1 TO SEPTEMBER 30 1922, 1921 AND 1920.
September.
Ports.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News, &c
Total
1922.
1921. I 1920.
Since January 1.
1922.
1921.
1920.
438,473 308,075 242,172 1,501,942 1,981,145 1,205.535
81,738 49,942 51,974 364,548 379,748 287,018
96,370 95,782 48,170 707,431 905,925 840,130
15,045 19,520 1,189 100,382
91,999
93,589
5,584
18,506
15,308
288
14,416
63
96,661 112,112 82,149 490,065 522,865 580,916
16,987 1,588
68,054
6,204
33,964
95
8,335 13,372 1,598 120,530
65,466 271,612
12,611 16,725 1,752
49,134
56,294
74,828
15,674 25,386 6,552 150,024 202,996 156,396
128
161
3,327
1,372
787,478 642,918 435,875 3,539,596 4,247,856 3,574,317
gurrentlguents and PtSCITSSUMS
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Further increases of $52,600,000 in discounted bills, as
against reductions of $2,000,000 in acceptances purchased
in open market and of $13,700,000 in Government securities,
are shown in the Federal Reserve Board's weekly bank statement issued as at close of business on Nov. 8 1922 and which
deals with the results for the twelve Federal Reserve Banks
combined. Deposit liabilities declined by $51,600,000, all
classes of deposits showing smaller totals than the week before. Federal Reserve note circulation, on the other hand,
increased by $30,800,000, while cash reserves declined by
about $500,000. The reserve ratio shows a rise from 76
to 76.4%. After noting these facts the Federal Reserve
Board proceeds as follows:
THE CHRONICLE
2096
Since Aug. 30 the total earning assets of the system have increased by
$171,600,000, due to increases of $236,000,000 in discounts and of $87,000,000 in acceptances, offset in part by a reduction of $151,400,000 in Government securities.
Interbank shifting of gold through the settlement fund accounts chiefly
for the decreases of $29,200,000 and $24,000,000 in the gold reserves of the
Boston and New York Reserve banks. The largest increase for the week
In gold reserves is reported by the Chicago bank, viz., by $22,400,000,
followed by San Francisco and Philadelphia with increases of $10,000,000
and $9,800,000, respectively. Four other banks show total additions to
their gold reserves of $19,700,000. Aggregate gold reserves of the system
increased by about $2,700,000.
Holdings of paper secured by Government obligations show an increase
for the week from $271,500,000 to $300,300,000. Of the total held, $170,000,000, or 56.6%, were secured by Liberty and other U. S. bonds, $4,700,000, or 1.6%, by Victory notes, $120,800,000, or 40.2%, by Treasury notes,
and $4,800,000 or 1.6% by treasury certificates, compared with $152,600,000, $7,000,000, $107,600,000 and $4,300,000 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 2137 and 2138. A summary of changes in the principal assets and liabilities of the
Reserve banks on Nov. 8 1922, as compared with a week
and a year ago, follows:
Increase(+)or Decrease(—)Since
Nov. 1 1922.
Nov. 9 1921.
—$500,000 +$250,500,u0
+$2,700,000 +$264,500,000
+36,900,000
—315,700,000
+52,600,000
—605,600,000
+28,800,000
—153,300,000
+23,800,000
—452.300,000
—2,000,000
+169,600,000
—13,700,000
+120,900,000
—2,300,000
+154,700,000
—3,500,000
—104,000,000
—7,900,000
+70,200,000
—51,600,000
+135,800,000
—35,600,000
+141,900,000
—9,700,000
—4,400,000
—6,300,000
—1,700,000
+30,800,000
—80,800,000
—3,100,000
—48,100,000
Total reserves
Gold reserves
Total earning assets
Discounted bills, total
Secured by U. S. Govt. obligations__ _
Other bills discounted..
Purchased bills
United States securities, total
Bonds and notes
Pittman certificates
Other Treasury certificates
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
F. R.Bank notes in circulation, net liability
WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Moderate loan expansion aggregating $26,000,000, accompanied by net liquidation of $15,000,000 of Government
securities and an increase of $13,000,000 in corporate
securities, is shown in the Federal Reserve Board's weekly
statement of condition on Nov. 1 of 786 member banks in
leading pities. It should be noted that the figures of these
member banks are always a week behind those for the
Reserve banks themselves.
As against increases of $36,000,000 in loans on stocks and
bonds and of $7,000,000 on Government securities, all other,
largely commercial,loans showed a reduction of $17,000,000.
Member banks in New York City report an increase of $36,000,000 in loans on stocks and bonds, as against a reduction
of $9,000,000 in other loans, and nominal changes in Government and corporate securities. Total loans and investments
of the reporting institutions show an increase for the week
of $24,000,000, while loans and investments of member
banks in New York City increased by $29,000,000.
Net withdrawals of Government deposits totaled $38,000,000 for the week, other demand deposits (net) increased
$26,000,000 and time deposits $14,000,000. Since the end
of August net demand deposits increased by $246,000,000,
while loans and discounts increased by $514,000,000. The
ratio of loans to demand deposits, which during the earlier
part of the year showed a declining tendency, increased since
Aug. 30 from 98 to about 101%. For the New York City
banks a corresponding rise in this ratio from 79 to 82% is
shown.
Borrowings of the reporting institutions from the Reserve
banks show an increase from 8227,000,000 to $341,000,000,
or from 1.4 to 2.2% of their aggregate loans and investments.
For the New York City members an increase from $57,000,000 to $126,000,000 in accommodation at the local Reserve
Bank and from 1.1 to 2.5% in the ratio of accommodation
is noted. On a subsequent page-that is, on page 2138we 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
Oct. 25 1922. Nov. 2 1921.
+$26,000,000 —$123,000,000
Loans and discounts—total
Secured by U.S. Government obligations.. +7,000,000 —254,000,000
+685,000,000
+36,000,000
Secured by stocks and bonds
—17,000,000 —554,000,000
All other
—2,000,000 +1,088,000,000
Investments, total
+593,000,000
U. S. bonds
—11,000,000
.3.otes
r1
Victorr
—3,000,000 —133,000,000
U. S. easury notes
+1,000,000 +535,000,000
Treasury certificates
—2,000,000 —107,000,000
Other stocks and bonds
+200,000,000
+13,000,000
Reserve balances with F. R. banks
+152,000,000
+54,000,000
Cash in vault
—12,000,000
—11,000,000
Government deposits —36,000,000
—38,000,000
Net demand deposits
+26,000,000 +1.008,000,000
Time deposits
+654,111,000
+14,000,000
Total accommodation at F. R. banks
+113,000,000 —427,110,000
[Vol,. 115.
RETURN TO PARIS OF ALLIED REPARATIONS COMMISSION-LOAN OF 500,000,000 MARKS ASKED.
The conclusion, without tangible results, of the mission to.
Berlin of the Allied Reparations Commission, undertaken forthe purpose of discussing with the German authorities measures for the financial and economic rehabilitation of the
country, was indicated in Berlin (Associated Press) cablegrams Nov. 9 as follows:
Final consideration of Germany's reparations proposals and the various
stabilization projects recommended by the committee of experts will.
be undertaken by the Allied Reparations Commission upon its return
to Paris.
M. Barthou, President of the Commission, has made no request for
a concluding formal session with the German Government and has announced the Commission's departure on Friday, in a brief and courteous
note, in which he emphasized that the Commission had come to Berlin
solely for the purpose of accumulating information bearing on Germany's
economic situation and the condition of her national finances and that
the Commission would gladly give consideration to such added data or
suggestions as Germany desired to place before it.
The indecisive termination of the present pourparlers is viewed with
disappointment by both German official and unofficial circles, while
Informal expressions by the French and English members of the Commission
lead to the inference that they are leaving Berlin convinced that no
tangible progress has been achieved.
Diplomatic circles incline to the belief that Germany, through lack or
energetic initiative and failure to enter the conference with a bold and
clearly defined program, has lost valuable strategic ground, and in a
certain measure has even suffered a moral defeat in provoking the Commission's request for definitely formulated proposals.
The conclusions-of the financial -experts are-dealt with in
er item in this issue. The conferences between ihe
anoth
Reparations Commission and the German Government
eeks, and
- two wuri -Twp
--ast
rog
dtik
had been inrheads .--previous reference tie-fored in these columns Oct.28,
page 18897a=Nov. 4, page 19887-111717-item of a weeli
ago we indicated that on the 2d inst. the official discussions
Minister
the Commission and IfinIermes, German-between
_
-ha7d-reit7cherthe atage where
-- s,
-nonu'r
of Finance and Eco
s,neliis colleagues
sident Barthou of the Co=im ioriPiee
German
its views on thGovernment
the
from
sought
establishment of budget equilibrium and limitation of the
floating debt, constituting two of the problems with which
-iit7representatives /primarily purposed-to occupy
the Ente
themselves in the course of the conferences. The decision
of the German Cabinet to ask the Commission for permission
to negotiate a foreign loan of 500,000,000 gold marks for thepurpose of stabilizing the mark was made known in an
Associated Press cablegram from London, Nov. 3, which
credited the information to a Central News dispatch. At
the same time (Nov. 3) the Associated Press in a cablegram,
".*MI
olnofstahied:reparations situation and means for remedying GerBeirin
iscuss
froDin
ills was being continued to-day, participated in
many's critical financial
of expert financial minds now gathered in
by the notable aggregation
the Allied Reparations Commission here.
Berlin,coincident with the visit of
to present to-day a memorial setting
expected
is
Hermes
Finance Minister
and economic condition in all phases in relation
forth Germany's financial
by
problem.
earsepbaereantI
toItthh
German experts, in connection with phases of'
estimated
embrace a loan proposition, that the amount
which
the proposed remedies
require for her financial and economic stabilizaof the loan Germany would
who is here with the other international finanProf. Jeremiah W. Jenks,
Germany for the study of measures necessary to
cial experts invited by
with having worked out a scheme for an
stabilize the mark is credited
Anglo-American loan, for which the Reichsbank's 1,000,000,000 gold
security.
marks would form the chief
At the fourth sitting of the members of the Reparations
Commission on the 3d inst. the German delegates submitted'
to the Commission in writing Germany's proposals for thestabilization of the mark and the floating debt of Germany.
The remaining documents covering the entire German case,
including proposals for balancing the budget, were scheduled. •
for presentation to the Commission on Sunday (the 5th),
Press
no conference being held on the 4th. In an Associated
Berlin cablegram on the 3d it was stated:
this afternoon placed before the Reparation
Finance Minister Hermes
an elaborate presentation of German
Commission two memorials containing
of the mark and limitation or
of
official views on the questions stabilization
the floating debt.
or promises by the German
proposals
concrete
no
contain
The documents
exhaustive academic discussion of the
Government, but are confined to an
on national budgets and internal adminiseffects of currency deweciation
resultant increase in the floating debt.
trative expenses and the
by the German Government isproposals
specific
The absence of any
obtaining in official quarters to await
accounted for in the alleged desire
experts who are conducting an inquiry into
the findings of the neutral
Chancellor Wirth and Dr. Hermes
stabilization and upon whose verdict
ultimate proposals to M.Barthou,President
their
evidently propose to base
Commission.
. of the Reparations
the Commission will begin on Saturday.
A perusal of both exposes by
of the members. The present memorials.
There will be no regular sitting
to the question of balancing budgets,
devoted
will be followed by others
administration, with special reference to
and problems of internal financial
the question of devising sourcesfluctuating civil service pay-rolls, while
up.
of increased tax revenues also will be taken
The German official view on stabilization, as set forth in the memoranda,
an
as
Indispensable
emphasizes
'prerequisite for the enact•Presented to-day
Nov.111922.]
TITE CHRONICLE
went of effective corrective currency measures an international loan which
not only would be of sufficient dimensions, but which would be so constituted as to insure its unencumbered and exclusive application to the purpose in hand.
The German Government appreciates that the ultimate success of the
stabilization process depends on internal, as well as external, conditions,
and as the recipient of such financial relieffrom abroad would undertake to
Institute rigorous domestic reforms. On the other hand, the German
memorials call attention that internal co-ordination is possible only if
pressure from without is measurably relaxed, and that Germany therefore
must be absolved temporarily from further reparations payments in gold
and also accorded a commensurate reduction of her present deliveries of
goods in kind.
Germany's undiminished sincere desire to approach the task of building
up the devastated regions is reiterated, and the memorials recommend
early convocation of an international loan committee.
• On the 4th inst. the Associated Press cablegrams had the
following to say regarding the German proposals:
-
2097
According to Associated Press advices from Berlin, Nov.8,
the German proposals delivered to M. Barthou, President
of the Allied Reparations Commission, included suggestions
for the organization of an international banking syndicate
to negotiate control, stabilization and a loan with. the cooperation of the Reichsbank. The Government also requests temporary exemption from reparation gold payments
and deliveries of goods in kind, and coal, and will agree to
proceed with the work of building up the devastated areas,
which enterprise is to be financed with an internal loan.
We likewise quote the folowing from a coypright cablegram
Nov. 8 to the New York "Times":
The Wirth Government's second note in answer to the Reparation Commission's peremptory request for concrete detailed proposals on Germany's
part
for the stabilization was no more satisfactory than its vague predecesSupplementing the memorials presented to the Reparations Commission
Friday, the German Government to-morrow will deliver to M. Barthou, sor.
The Wirth Government proposes as an inevitable postulate to any stathe Chairman, a memorandum definitely formulating demands for such
amelioration of reparations as it deems necessary to accemplish complete bilization action a long and complete moratorium for Germany. Furthermore,
it proposes again an international loan in which the Reichsbank would
reorganization of Germany's national finances.
The Cabinet devoted several hours to-day to drafting the memorandum. be willing to participate, but the Wirth Government still does not commit
The German Government's demands, according to information reaching a itself to or even suggest any concrete detailed measures of self-help on
Reichstag leader, will embody exemption from all gold payments for a Germany's part for stabilizing the mark.
In this latest move the Wirth Government enthusiastically falls back on
period of at least two years and restriction of deliveries of goods in kind to
such categories and amounts as are needed for the building up of the devas- the report and recommendations of the committee of foreign financial extated areas. The German Government also desires material limitation of perts, particularly exploiting the one recommendation that most appeals to
the present coal deliveries, whose drain has resulted in forced buying of the Germans, that of a moratorium, while carefully non-committedly skating over the thin ice of the committee recommendations as to what GerEnglish coal to meet internal demands.
many should do for her part.
Germany is willing to continue deliveries of coal in sufficient quantities
to offset the shortage of production in northern France and will agree to
Stating that the Reparations Commission was returning
supply French industry on the basis of the world market price.
to Paris "empty-handed except for a brief final note from
The Government will ask the Reparations Commission to negotiate a
foreign loan of 500,000,000 gold marks ($125,000,000), which it believes in- Chancellor Wirth predicating a complete moratorium and
dispensable for the purpose of balancing the budget, curbing the floating supporting action by an international financial consortium
debt and accomplishing stabilization.
for temporary and final solution of the reparation problem
Deliveries of goods in kind Germany proposes to finance through the
medium of an internal loan. Active co-operation of the Reichsbank is to and for permanent stabilization of the mark," a copyrighted
be vouchsafed in connection with the flotation of an international loan, Berlin cablegram to
the New York "Times" continued:
although grave doubts are expressed whether this is feasible, as Germany
The Reparation Commission also takes back
two exhibits attached to
can offer no guarantee.
Dr. Wirth's note and which form practically the entire basis and substance
of
Germany's proposals, to wit, the foreign experts' minority report
The necessity of an international loan appears to have been
and
signed by Dr. Vissering, President of the Bank
the outstanding feature of the German proposals, the of therecommendations,
Netherlands, Holland, Leopold Dubois of Switzerland, and Robert
Associated Press accounts from Berlin Nov. 5 saying:
H. Brand of the London banking firm of Lazard Brothers & Co., and a
In formally proposing to the Allied Reparation Commission the negotia- supplementary reservation and statement by Mr. Brand alone.
The Commission to-day formally acknowledged receipt of the Wirth
tion of an international loan of 500,000,000 marks, Dr. Hermes,the German
Finance Minister, has taken the initial step to transfer the current pour- Government's second and final note in answer to demands for concrete
parlers with the Entente's representatives from the stage of preliminary detailed proposals for mark stabilization and at the same time advised
that cognizance of the contents would be taken and discussions regarding
discussions to a concrete basis of negotiation.
Neither party in the present conferences so far has shown its hand, the stabilization be continued in Paris.
German Government having confined the presentation of its case to a
Majority Report Not Appended.
detailed recital of the causes and effects of currency depreciation on the
• nation's finances. While M. Barthou and his colleagues on the Com- • It is considered significant that Dr. Wirth did not attach to the last
mission are reported to have conducted themselves as polite listeners to note as an exhibit the majority report and recommendations of the foreign
the documentary evidence presented by Dr. Hermes and his aides, they experts, which placed main emphasis on Germany helping herself by
are alleged to have intimated that the time was now ripe for receiving from doing something first to stabilize the mark. Instead the Government
eagerly clutched at and passed on to the Reparation Commission the
the German officials tangible and precisely formulated proposals.
The first of these was delivered to M. Barthou to-day in the shape of a minority recommendations which placed main emphasis on supporting
memorandum, comprising two typewritten pages, stipulating that a action of an international financial consortium.
Sidestepping any definite concrete detailed statements as to what Gerforeign loan of 500,000,000 marks is to be floated with the active co-operation of the Reichsbank. While the loan constitutes the crux of its initial many
do tion
owais
r:d stabilization, the Chancellor's last word to the Repaua
iay
tinon
proposal to the Entente's representatives, the German Government will r
"First—The German Government again declares it regards stabilization
specifically indicate as necessary supplementary measw es of relief a respite
from pold reparations payments, reduction of deliveries in kind and coal, and improvement of the mark as the most important and urgent task of its
ce
yt.0,
the details of which Dr. Hermes will communicate to the Commission in
nd—It again Points out with all emphasis that everything that can
the course of this week's discussions.
To-day's memorandum lays stress on the necessity of an international be done now to stabilize will be merely expedients to restore a certain confidence
among
the public in Germany and abroad in the future of German
loan as an indispensable requirement for effecting co-ordination of Germany's internal finances, especially the correction of budgetary equilibrium, economy and German finances.
"Third—Permanent success can only be guaranteed if a final solution of
limitation of the floating debt and currency stabilization, while temporary
exemption from gold payments and levies on'goods in kind and coal are the whole reparation problem is shortly undertaken and quickly carried to
completion.
named as necessary complements to foreign financial relief.
"Fourth—Nevertheless the German Government believes it necessary and
In announcing that the Reparations Commission had on possible
immediately to undertake measures along the lines of co-operation
the 6th inst. handed the German Government a note, im- ofaforeign banking syndicate
and the Reichsbank.
"Fifth—The
German Government recommends to the most earnest atpressing upon Germany the necessity of making more detention of the Reparation Commission the attached plan of Messrs. Visserfinite proposals for the stablization of the mark and remind- ing, Dubois and Brand,
and begs that it be used as a basis for further treating the Government of its engagements undertaken last ment of the stabilization question.
"Sixth—The
German Government in particular adopts the idea contained
July with regard to the regulation of Germany's finances, the
therein that supporting action by an international banking consortium be
Berlin Associated Press advices of the 6th inst. added:
undertaken immediately.
Yesterday's memorandum,it was made known to-day,stipulated that the
"Seventh—The first condition the experts make is that Germany temproposed 500,000,000 gold mark loan be placed under the supervision of a porarily be freed from
all cash payments under the Versailles treaty and an
central committee comprising the leadersofthe German Government and the material reparation
payments.
Reichsbank authorities. The latter institution was expected actively to co"Eighth—The German Government, however, is willing to undertake
operate in the flotation of the loan by pledging its own gold reserve and material deliveries for
reconstruction of the devastated regions oven during
other credits.
the stabilization process, in so far as it is possible to finance such material
Parliamentary and financial circles profess to see only hopeless confusion deliveries out of the budget
or through internal loans.
in the situation. They interpret to-day's note from the Reparations Com"Ninth—The proposed action purposes not only saving Germany from
mission as a polite reminder that the Commission is completely out of sym- her currency troubles, the balancing of the budget and the damming of the
pathy with the manner in which Chancellor Wirth and Minister of Finance floating debt, but it is a necessary postulate that Germany be placed in a
• Hermes are conducting the pourparlers.
position to resume reparation payments, and particularly to place foreign
Significance has been discovered in some quarters lathe fact that the news- loans, the proceeds of which would be used for liquidating Germany's
Papers have not yet supplied the official text of the two proposals submitted reparation obligations."
by Dr. Hermes to M. Barthou. Fears are expressed in those quarters that
Propose Billion for Stabilization.
the conference will prove unsuccessful.
The gist of the Vissering-Dubois-Brand plan which the Government
The reaction of the Boerse to-day in consequence of the impasse reported
to have been reached in the conference was reflected in the dollar quotation adopted and passed on to the Reparations Commission is the formation
of an international banking syndicate, with a capital of 500,000,000 gold
after the close. The mark was then quoted at 7,000 to the dollar.,
to be raised in the form of credit acceptances guaranteed by the
On the same date a copyright cablegram from Berlin to the marks
Reichsbank, and further participation of the Reichsbank with 500,000.000
New York "Times" stated:
gold marks in supporting action, thus making a total of 1,000,000,000 gold
Members of the Reparation Commission are of the opinion that since the marks for stabilization purposes, Germany to enjoy a complete
moratorium
German Government's proposition is entirely dependent on the quescion during the supporting activities of this international
syndicate and until
whether Germany will get a gold loan for stabilization of the mark, it will complete repayment of all its advances. Though
there appears not to be
be of no use to continue the discussions in Berlin for the present. They think the slightest prospect of this plan being
materialized in the near future,
also that the conference will probably be adjourned to-morrow night after since the Brussels conference
undoubtedly will have the next say, neverthethe commission has heard the views of Stinnes, Borsig, Kloeckner and other less the mere existence and
public discussion of stabilization plans gave the
industrial and financial German magnates on the supplies of coal and wood German people for the
first time in a long while a glimmer of hope, which,
which Germany argues should be reduced to "tolerable quantities."
was measured by recovery of the mark from 9,100 to 7,400.
polis
2098
The indecisive termination of the present pourparlers is viewed with disappointment by both German official and unofficial circles, while informal
expressions by the French and English members of the Commission lead
to the inference that they are leaving Berlin convinced that no tangible
progress has been achieved.
ARTHUR VON GWINNER DECLARES GERMAN
REPARATIONS SHOULD BE SUSPENDED FOR
THREE YEARS.
According to Arthur von Gwinner, former President of
the Reichsbank and one of the eminent financial authorities
in Germany, that country "must have a breathing spell of
at least three years, during which reparation in any form
must absolutely be suspended." He declares that "that
gigantic German boiler must explode if the Reparations
Commission and armies of occupation continue to drain
it," and in warning that "the danger is very grave and it is
close at hand," he adds "it will destroy us and the rest of
Europe if other nations do not come to their senses." What
he has to say in the Berlin "Tageblatt is made known as
follows in a copyright cablegram to the New York "Times"
from Berlin Nov. 5.
The burning question of what can be done to save Germany from her
present desperate situation and enable her to continue reparation payments, interests not only us Germans, but the whole civilized world.
Russia having turned her face toward Asia hardly counts any more, nor
does the rest of the East and Southeast of Europe. But most dangerous
for the world's economic welfare is Germany's situation. Germany was
one of three great pillars on which rested the economic structure of the
world. If this pillar falls there will be ruins everywhere.
Leaving aside the main question of responsibility for the war, many of
the most competent brains everywhere have realized the pressing necessity
of a thorough revision of the Versailles Peace Treaty. The question is
how can it be done and what are the possibilities? By eliminating the
impossible I will try to answer the question. Firstly, continuation of
occupation of our Rhenish provinces is impossible if Germany is expected
to make any further reparation.
The French themselves feel that this occupation is devouring the marrow
of their own bones, that accounts for constant changes in the French
army of the occupation. France realizes that service in the occupation
army in a few weeks changes her officers into speculators who openly boast
of their profits in buying and selling francs and marks. Besides, France is
destroying herself by keeping 2% of her population under arms. Germany,
in her most flourishing time, had much less than half of that.
Well,then, why not give France an honest guarantee that nobody will attack her,either by a treaty or by Joining the League of Nations, which would
also secure Germany from any attack. If France continues her present
methods she will perish even if Germany should manage to pay her every
penny.
Furthermore, termination of the occupation would restore our customs
frontier from Basel to Weisel, now an open wound from which Germany's
life blood is flowirg.
experts were convinced that the German proposition of
'raising 500,000,000 geld marks was quite inadequate, but
that they seemed to have succeeded in persuading Chancellor
Wirth and President Havenstein of the Reichsbank that
that institution must at least devote half its gold reserve to
fortifying the mark, which sacrifice would make an international loan easier. The majority report of the experts,
signed, it is stated, by Messrs. Keynes, Brand, Jenks and
Cassel, was presented on the 8th inst.; it advocated a twoyears' moratorium from reparations payments of cash or in
kind and stabilization of the mark on the basis of 3,000 to
3,500 marks to the dollar by utilizing the Reichsbank's
gold reserve. The report contends that the financial
problem cannot be solved unless the mark is stabilized and
that stabilization would be impossible without a moratorium.
The majority also suggested that half the Reichsbank's gold
would suffice and should be devoted to repurchase paper
marks, the repurchases to be restricted to German bank
notes, especially those in foreign possession, but excluding
Exchequer bills. The report asserted that it is hopeless at
this stage to expect stabilization "to be accomplished by
foreign assistance as its main foundation. Germany must
have a constructive policy of her own even though it involves
risk. No other coursq is open." It is further said that
"any scheme of stabilization can only be regarded as provisional pending final settlement on the reparation question."
"While plans of stabilizing the mark are being put into
working shape," says the report, "negotiations should be
initiated immediately to obtain such support, perhaps in
the form of credits to be utilized in case of need, and that a
group of bankers should be called together forthwith to consider the foundation of a consortium for the purpose of cooperating in the scheme of stabilization." The following is
the official English text of the majority report as communicated to the New York "Times" by wirelesil from
Berlin Nov. 9:
Country Headed for Destruction.
Secondly, it is unthinkable that Germany should survive if even only the
present drainings of her blood continue. Germany is compelled to supply
20.000,000 tons of coal annually at thirty shillings, making 600,000,000 gold
marks, equalling 800,000,000,000 paper marks. That alone suffices to kill
German industry finance.
No competent Frenchmen can believe that his country would survive Germany very long. We must strive to live together or we shall die together.
Germany lost six of her riches provinces—Sarreland, Alsace-Lorraine, Poland and West Prussia—meaning one-third of her coal basins,three-quarters
of her iron ores, two-fifths of her iron mills, nearly all her mercantile fleet
and all her foreign investments and colonies. During the war Germany
sacrificed one-third of the nation's wealth. We have no more room for our
population and.we can neither clothe nor feed it.
That gigantic German boiler must explode if the Reparation Commission
and Armies of Occupation continue to drain it. It must explode as the little
Servian tea kettle exploded, which Austro-Hungarian scatemen thought
they had screwed down so tightly that rothing could happen.
Thirdly, we must have a breathing spell of at least three years during
which reparation in any form must absolutely be suspended. The danger is
very grave, and it is close at hand. It will destroy us and the rest of Europe
if other nations do not come to their sense.
INQUIRY OF AND REPORT BY FINANCIAL EXPERTS
ON STABILIZATION OF GERMAN MARK—TWOYEAR MORATORIUM PROPOSED.
Coincident with the visit to Berlin of the Allied Reparations
Commission to discuss with the German authorities the
economic and financial situation in Germany an investigation of economic conditions in Germany was conducted by
a body of neutral financial experts, which presented its
conclusions this week. On the 3d inst. the Associated
Press advices from Berlin stated:
Although this body, on which John M. Keynes, Great Britain, Professor
Gustav Cassel, Sweden, Professor Jeremiah Jenks, United States, and other
well known economists are represented, has been holding its sessions in
the Chamber of the Ministry of Finance, not far from the room occupied
by tile Reparation Commission, there has been no formal,contact between
the two bodies.
It was stated in . the Associated . Press accounts from
Berlin on the 7th inst. that four of the experts, viz., John
Maynard Keynes, Robert H. Brand, Professor Gustay.
Cassel and Professor Jeremiah Jenks, had presented a report
of their findings to the German Government and that the,
other two experts, Dr. Vissering and Leopold Duboii,.
would submit a provisional report on the 8th inst.
, Copyright advices to the New York "Times" on the 6th
inst. reported that Professor Jenks ,and the other financial
[VOL. 115.
THE CHRONICLE
PART I.
with the vital need of the immediate stabiliza1. We are deeply impressed
tion of the mark. It is an essential condition for saving Germany from
It is equally essential in the interestscollapse.
complete
the threat of a
claims will otherwise become valueless.
of her creditors, whose
Granted certain concessions from these creditors, which we indicate below,stabilization is possible. But it must primarily depend upon Germany's
resources and on resolute action by her own Governown efforts and own
stage to expect it to be accomplished by foreign •
ment. It is hopeless at this
assistance as its main constructive policy of her own even though it involves
open.
risk. No other course is
2. To the question whether stabilization is possiible in present conditions
internal reasons in particular, the results of the
for
First,
we reply "No."
German Government during and after
financial methods adopted by the
external reasons, in particular the budgets of the
the war, and, second, for
Versailles Treaty. With the necessary internal action we deal below.
3. As regards external burdens, we are of the opinion that as long as (lermany is not relieved foe.a period from payments under the Versailles Treaty
mark would be futile and could only result in
any attempt to stabilize the
useless dissipation of Germany's ultimate reserves.
Such r Miefis therefore an indispensable prior condition. The length of the
period for which payments must be suspended will depend on the possibility
of establishing a surplus in the German budget. An essential principle is
again until they can be made from a real surthat payments must not begin
of fresh inflation. We believe that period
plus and not from the proceeds
at least. Suspension of payments must inyears
must now be fixed at two
cash payment.
as
well
as
kind
in
clude deliveries
stabilization can only be regarded as provisional pend4. Any scheme of
reparation question at an early date on lines capaing final settlement on the
ble of being carried out. Nevertheless, in view ofthe risks of inaction even
we think stabilization must be begun in advance
period
further
for a short
settlement of this question.
If necessary of a definite
5. With the relief proposed above the success of any scheme of stabilizaa foreign loan, but rather on industrial and budgettion must depend not on
within Germany and on final settlement of the reparation
ary developments
problem at an early date.
Nevertheless, the support of an international consortium would be of
on public confidence. We think while plans
greatest importance in its effect
of stabilizing shape negotiations should be initiated immediately to obtain
of credits to be utilized in case of need,
form
the
in
perhaps
such support
bankers should be called together forthwith to consider
and that a group of
consortium for the purpose of co-operating in the scheme
the foundation of a
proposed below.
of stabilization as
to make it clear that in our opinion pending final sethowever,
We wish,
question on sound lines no credit can be obtained
tlement of the reparation
except on a very modest scale to supplement and
from a foreign consortium
possibly be obtained from foreign sources until
support substantial loan can
as to their position and the conclusion of the
assurance
the lenders have
moratorium period. For without such assurance no sound basis of credit
exists.
success of stabilization must depend on equilibrium
6. In the long run the
other hand, stabilization is itself a necessary condiof the budget. On the
We have been informed from the German
equilibrium.
of
tion for a recovery
stabilized and if the budget were relieved of
Treasury that if the mark were
charges it would be possible to balance normal
the present extraordianry
date.
revenue and expenditure at an early
the statistics of the budget into confusion,
thrown
have
Present conditions
the accuracy of this expression of opinion as
but we see no reason to doubt
utmost economy in Government expenditure and
to what is possible. The
collection of taxes are of first importance. Capital
the utmost rigor in the
expenditure for public services should not be charged to the revenue account
funded loans. Nevertheless, it is neither necesbut paid for out of internal
absolutely an increase in the floating debt,
sary nor practicable to prohibit
and for a brief period it would be possible with a stabilized mark to allow
over immediate difficulties.
tide
to
just enough further increase
Nov. 11 1922.1
THE CHRONICLE
7. We have found that the principal objection in the minds of many
authorities to any scheme of stabilization without a large measure of external support is based on pessimistic conclusions relating to the balance of
trade. In the present condition this is lacking for any sound statistical
conclusions. We have been given many different figures, and we doubt
if any of them deserve much credence.
In order to form any judgment at all on the amount of the adverse balance
which probably exists for the moment we are driven to another method of
calculation. On the debit side of the balance of payments Germany has
had to cover her adverse balance Of trade, her payments under the treaty
and the flight of capitalfrom the country. To meet this she has had to rely
on certain items of "invisible exports," foreign credits and purchases by
foreigners of mark and mark assets. Somehow or other these different
sets of items must have balanced even during the current year. If the
adverse balance of trade has been as large as some people suppose, the purchase of mark assets by foreigners has to be put at an impossibly high figure.
We draw from this the conclusion that the actual trade balance against
Germany cannot even now be very great and that if she is relieved of cash
payments under the treaty and of coal imparts in replacement of reparation
deliveries, it should not be beyond her capacity to pay her way.
We think therefore, that the state of her trade balance is not a fatal
obstacle to stabilization. Moreover, a sound currency is in itself a strong
corrective to an adverse trade balance and will bring into operation many
forces tending toward equilibrium.
There is, however, one concession without which the restoration of
Germany's trade equilibrium might impose privations so severe as to risk
a breakdown of the practical execution
of our plan, namely, the restoration
to Germany Of normal prerogatives in internationa treaties as regards her
l
liberty to impose import duties on luxuries and the right to claim mostfavored-nation treatment for her exports. Foreign countries may be more
willing to modify existing restrictions when, with stabilization of the mark,
Germanrscompetition inforeignmaeketsbecomes more normal in character.
8. We conclude that in the condition we postulate an immediate stabilization is possible by means of Germany's own efforts. Indeed, we go further,
Certain technical conditions are now present—the large gold reserve.
the scarcity of currency, the margin between external depreciation on
the one hand and the degree of internal inflation and internal depreciation
on the other—which render the position unusually susceptible to control.
At the rate of 3,500 marks to the dollar the gold in the Reichsbank now
amounts to about twice the value of the note issue. This is an unprecedented situation. No other currency has fallen into decay with so great
potential support still unused.
9. We think it would be imprudent to attempt the stabilization we
recommend except at a low value for the mark, although this value might
be appreciably higher than at present. It is impossible to say at the
moment what the rate should be. The recent great collapse is mainly
due to failure of-confidence, and if the measures indicated above are taken
a great Improvement might occur immediately
.
As an illustration of our opinion,
we should under the conditions as
we write (7,000 marks to the
dollar) regard some rate between 3,000 and
3,500 to the dollar as appropriate
. But it is necessary to remember that
at anysuch rate as this a great
increase in the volume of notes will gradually
become necessary asthe business
ofthecountry revertsto normal conditions.
The definite rate to be adopted
should be fixed with refernce to the
internal purchasing power of the mark
and to the position of the external
exchanges at the date when the
plan outlined in the second part of our
report is put into operation,
the general lines of the plan having been
announced some short time previously.
It is evident that after stabilization is fully accomplished a
new unit, being some multiple of the stabilized
paper mark, should be adopted
for general convenience.
PART II.
Outlines of Plan for Stabilizing the Mark.
1. In return for the suspension
of payments under the Treaty of Versailles for a period of two years, the German Government should offer the
Reparation Commission the following definite guarantees:
(a) That an independent Board of Exchange Control would be constitued as a special department within the organization of the Reichsbank
and that Reichsbank would hold adequate gold from their reserves at the
service of the board.
(b) That so long as any part of such gold is unpledged paper marks
shall be purchased by the Board of Exchange on demand of a fixed rate
to the dollar, this fixed rate to be determined on the principles outlined
in the first part of our report.
(c) That the aggregate value of the net floating debt shall not be increased beyond a definite figure, all other Government requirements for
credit to be covered by funded loans.
No modification to be made in the above withcut permission of the
Reparation Commission.
It would be necessary, furthermore
, for the Reparation Commission on
the one hand and the German Government
on the other to exempt the
resources of the Board of Exchange from interference.
On consent of the Reparation Commission
being obtained to the above
the following measures to be taken:
(a) Financial cp-operation
and support of an international financial
consortium to be invited.
(b) A foreign currency reserve on
such a scale as may be required to be
created on the basis of the gold at the
disposal of the Board of Exchange
in conjunction with the credit which
may be negotiated with the international consortium from time to time on such security as may be acceptable.
(c) Abolition of all exchange regulations and restoration of free and
unrestricted dealings in exchange and foreign securities.
3. The Board of Exchange to buy and sell foreign exchange on demand
(on gold exchange standard principles) against paper marks at fixed rates,
the sellirg rate beirg not above 5% dearer than the buying rate in the
first instance.
4. The Reichsbank rate to be raised to a high rate and dear money to be
maintained until stabilization is quite secure, but discounts and advances
to be made freely at this rate for regular trade transactions against all
normally approved security.
5. In order to concentrate into its foreign currency reserves as large
an amount as possible ofthe free foreign assets of German nationalists under
conditions which would inspire confidence:
(a) The Board of Exchange would issue gold bonds guaranteed by the
Reichsbark at an adequate rate of interest repayable in gold one or two
years in exchange for foreign bank notes, bank balances, &c.
(b) The Board of Exchange would buy foreign exchange spot and sell it
forward at apprapriate corresponding rates for various periods.
6. The additional notes required to carry on the business of the country
as it returrs to more normal conditions would be issued (a) by trade discounts and trade advances by the Reichsbank and (b) the sale of marks
by the Board of Exchange against the receipt of foreign currency and to
the least possible extent and for a period not exceeding six months against
2099
further Treasury bills issued to cover the budgetary deficit during the
transitional period before the budget can be balanced.
BRAND,
CASSEL,
JENKS,
KEYNES.
Berlin, Nov. 7 1922.
As we indicate in our item elsewhere in this issue bearing
on the conferences of the Allied Reparations Commission
in Berlin, the latter takes two exhibits to Paris, according
to the "Times" copyright cablegram of the 9th inst., which
form practically the entire basis and substance of Germany's
proposals, to wit, the foreign experts' minority report and
recommendations signed by Dr. Vissering, President of the
Bank of the Netherlands, Holland; Leopold Dubois of
Switzerland, and Robert H. Brand of the London banking
firm of Lazard Brothers & Co., and a supplementary reservation and statement by Mr. Brand alone. It it asdded
in this cablegram:
The gist of the Vissering-Dubois-Brand plan which
the Government
adopted and passed on to the Reparation Commission
is the formation of an
international banking syndicate, with a capital of
500,000,000 gold marks
to be raised in the form of credit acceptances guaranteed by
the Reichsbank,
and further participation of the Reichsbank with 500,000,000
gold marks
in supporting action, thus making a total of 1,000,000,0
00 gold marks for
stabilization purposes, Germany to enjoy a complete moratorium
during
the supporting activities of this international syndicate and until complete
repayment of all its advances.
REPORT TO AMERICAN SECTION OF INTERNATIONAL
CHAMBER OF COMMERCE CITES INABILITY
OF GERMANY TO PROCEED WITHOUT
MORATORIUM.
The view that the people of Germany are suffering from
a general demoralization, and that without a moratorium
the German Government will be unable to pay another cent
of reparations, is expressed in a report to the American
Section of the International Chamber of Commerce
by
Basil Miles, Administrative Commissioner for the United
States. A press dispatch from Washington Nov.5
regarding
the report (published in the New York "Times") says:
Demoralizat
ion among the population, says Air. Miles, manifests itself
in the hectic night life of the larger cities, the
inefficiency of public servants
and in the tendency toward breach of contract,
which was almost unknown
before the war.
Mr. Miles's report was made after an extensive
trip through Germany,
during which he visited the leading cities and
talked with both Americans
and Germans who are in close contact with
the situation.
"The outstanding fact which impressed
me personally," said the report.
"was the general demoralization of the
population. The Germans to whom
I mentioned this agreed with ma.
It was manifested in many directions.
Railway travel is hectic and disorganize
d. Compared to pre-war days the
officials and porters were generally inexperienc
ed, inefficient and carelessly'
and shabbily dressed. Theatres,
restaurants and cafes, especially those/
of the cheaper grade, were thronged.
The night life, which used to be at
least orderly,is now shabby and rowdy,
and the 1 a. m.closing law in Berlin
at least is evaded at will with the direct connivance
of the police.
"American consular officers report persistent breaches of contract
even
among some of the older firms.
The new class of profiteer and upstart
agent is reported as wholly lacking
the sound principles which used to
characterize German business. The pressure of foreign exchange
has made
all business speculative to some extent.
This fact, coupled with despondency for the future, has had tremendous
a
influence in undermining the
general business morale."
With regard to German inability
to pay any reparations without a
moratorium, Mr. Miles says that without at least a
year's respite he hi
convinced that every payment insisted upon
now will multiply the difficulties of payment in the future.
The direct interest of the United States
in this, Mr. Miles points
out, lies in the more than $200,000,000 due this
country for the maintenance of the
American forces on the Rhine, not to
mention any reduction of Germany's
capacity to buy cotton and other
American products and manufacture
s.
The Germans are convinced, says
the report, that the resources of the
country, especially under the regime
of a new and inexperienced Government, make further reparation
payments absolutely impracticable, and
leading only to destruction unless
a moratorium is obtained for at least
a year.
One of the results of the so-called
"flight from the mark," it is said, is
the widely extended practice of German
merchants refusing to make foreign
trade contracts except in dollars or other
high currency exchange. This
was even carried into domestic
transactions to such an extent that an
organized protest against the practice was voiced
by the German chambers
of commerce.
Several elements of stability which are still manifested
in the situation
are noted by Mr. Miles. One of these, he says,
is the lack of unemployment, and so long as this condition of occupation and
production continues
it is difficult to seeh how any spectacular change can
take place.
The second outstanding element of strength which he noted the
is
maintenance of business organization which has characterized German
trade in
pre-war years and made it effective and powerful. He mentions a
number
of great commercial concerns which appear to maintain their organizatio
n
and influence intact.
These two facts. asserts Mr.Miles,have a powerful bearing on
Germany's
capacity to recover "if given a breathing spell."
The dangers of the situation, he says, are the shortage of coal
and the
high cost of food and clothing, acting upon a demoralized
population, con-,
trolled by an inexperienced and relatively weak Government.
An unsettling
feature of the situation is the process which is going on by
which money is
changing hands from perhaps the best element of the
population to a newand less responsible element. Those who lived on
investments or fixed'
salaries, including the very large military class, are gradually
being reduced,
in many cases to abject poverty. Profiteers,
upstart speculators and
at
less worthy element generally are taking their place.
"The imponderable elements, as usual," says Mr.
Miles in conclusion;.
"cannot be fully known nor accurately measured,
but they constitute ano
2100
THE CHRONICLE
ominous background upon which to project the results of further pressure
by the Allies."
GERMANY'S DELIVERY OF REPARATIONS DYES.
The "Journal of Commerce" of Oct. 21 printed the following from Washington Oct. 20:
Contrary to the popular conception that Germany reparation deliveries
of dyestuffs have been made in large proportion since the London Schedule
of Payments, a study of the records by the Western European Division of
the Department of Commerce shows that the major deliveries were made
during the months following the Armistice, in the first efforts of Germany
to meet the requirements of the Versailles Treaty. The London Schedule
of Payments became effective on May 1 1921.The deliveries made
previous to that date totaled 32,476,000 gold marks in value, from May 1
1921 to June 30 1922 dyestuffs were delivered to the value of 10,705,000
gold marks.
Distribution of the deliveries made previous to May 1 1921 was as
follows:
Gold Marks.
Gold Marks.
9,251,000 Japan
France
2,630,000
9,124,000 Serb-Croate-Slovene State
Italy
23,000
8,499,000
British Empire
2,949,000
Belgium..
32,476,000
On May 1 1921 Germany began deliveries on account of the annuities
described in the Schedule of Payments and dyestuff deliveries are now
credited to annuity payments only. From that date to June 30 1922 they
totaled 10,708,000 gold marks, distributed as follows:
Gold Marks.
Gold Marks.
5,589,000 Greece
Italy
196,000
3,221,000
Belgium
2,006,000
France
10,708,000
1,696.000
British Empire
Thus during the 31 months previous to the London Schedule the deliveries
were 75.2% of her total deliveries, leaving 24.8% during the 14 months
since that Schedule became effective.
An interesting fact which appears in the records of deliveries is that the
largest deliveries have been to Italy, rather than to France and Belgium
as popularly believed. Deliveries to France were one million gold marks
less than to Italy while those to Belgium were less than half as great as to
Italy. The total distribution to June 30 1922 was as follows:
Gold Marks.
Percentage
Italy
12,713,000
29.4
France
11,257,000
25.0
British Empire
10,195,000
23.6
Belgium
6,170,000
14.3
Japan
2,630,000
6.1
Greece
196,000
.5
Serb-Croate-Slovene State
23,000
.1
43.184,000
100.
The above tables Include only the deliveries distributed among the
Powers. In addition to these, from the beginning of German deliveries
to June 30 1922, dyestuffs, to the value of 4,000,000 gold marks, were sold
through the Reparation Commission to the Textile Alliance of the United
States and others to the value of 3,000.000 gold marks were re-sold to
German buyers. These sums were credited as cash received rather than as
deliveries in kind.
ISSUANCE OF EMERGENCY CURRENCY BY GERMAN
INDUSTRIES AND CITIES—REICHSBANK'S
NOTE CIRCULATION.
Notwithstanding the prodigious rate at which the German
Reichsbank is issuing paper marks—for the latest week to
hand the return shows it printed 59 billion, thereby increasing the notes in circulation from 409,392,054,000 marks
Oct. 23 1922 to 468,875,571,000 marks on Oct. 31 1922—
various industries and cities in Germany have found it
necessary to supplement the action of the Reichsbank by
the issuance of emergency currency. As an indication of
the situation existing, we quote the following from Amsterdam, Oct. 25, published in the New York "Evening Post"
of Nov. 4:,
[VOL. 115.
export duties and the increase of the coal tax. [The rejection of this by the
Reichsbank is referred to by us in another item—Ed.1
The Government, itself, which is opposing speculation by the public in
foreign exchanges, would, by means of such an operation, undertake an exchange speculation on a large scale. The Government would undertake the
guarantee for repayment in paper marks, of which the amount cannot
possibly be calculated at present. Moreover, it is intended to invite in
particular subscriptions by holders of foreign exchange and banknotes so
that the Government would get the disposition of large amounts of such
assests, the value of which in paper marks would fluctuate considerably. It
seems very doubtful whether the Government will succeed in carrying
through this plan, because it will have to offer most valuable guarantees if it
wants to induce the population to part with its holdings of foreign exchanges, in particular because such buildings may easily evade taxation,
and this would not be the case if the holdings were exchanged against
Treasury bonds.
Rediscounting Treasury Bills.
In connection with the need of credits, the banks are to an inceeasing extent rediscounting their holdings of Treasury bills at the Reichsbank. Formerly the Treasury bills which were taken by the banks were
always paid by the available deposits. At present the demands of the Goveenment are, however, financed by the issue of banknotes, because the private banks are not taking fu:ther Treasury bills. This development is
proved by the fact that in the beginning of the year 52% of the outstanding Treasury bills were placed at the Reichsbank, but now 82% of a muchincreased amount has been rediscounted.
The fall of the mark is much hastened by the feverish demand for all
kinds of commodities and goods in order to escape impoverislunent. The
result has been a general shortage of goods. Moreover, the industrial enterprises are in want of raw materials, the supply of which can only be covered partially, owing to the lack of credits.
Sales Are Declining.
,reports are coming in which
From the most different quarters of Indust:)
indicate a very unfavorable situation. It is reported,for example,from the
textile industry that the sales have decreased, because the consumers cannot pay the high prices any more. Some manufacturers are trying to sell
their stocks, but it is difficult to effect sales at cash. A manufacturer
of men's clothing declares that it is no longer possible to calculate prices,
because the prices of raw materials, wages, coal, &c., are increasing daily.
A sugar factory and a tobacco factory are pointing to the difficulties in
getting foreign exchanges for the payment of imports of raw materials and
to the decreased sales owning to the shortage of money.
The growing difficulties in German industry have resulted in a marked
decrease of German competition abroad. That influence is particularly
felt in Holland, where sevenl lines of industry and trade are showing a
gradual revival.
We also quote the following Associated Press advices from
31m:
Oct.O
een
tll
rliet.
Fe
Be
ks worth of emergency money will be issued shortly
billion
by municipalities of Germany, including five billion by Hamburg and two
billion by Berlin. It is noted that the sums will not appear in the figures
on Germany's currency inflation reported for the Federal Government.
Hitherto when the municipality of Berlin issued such money no mention
was made of security, the denominations being small. Regarding the current issue, however, it is revealed that guarantees will be provided by the
large industries. These firms will give the city notes and bills of exchange
for small currency which they need yet are not permitted to print themselves..
The industries will pay sufficient interest to cover the municipalities on
of this currency from circulation through falling
the disappearance of much
Into the hands of curio collectors.
REICHSBANK'S BOARD DISAPPROVES ISSUANCE OF
GOLD EXCHEQUER BONDS.
The proposal looking to the issuance of gold exchequer
bonds with a view to the stabilization of the mark has been
disapproved by direction of the Reichsbank, according to
Associated Press cablegrams from Berlin Nov. 1, which we
give herewith:
At a meeting of the Managing Board of the Reichsbank last Saturday
the bank, emphasized the necessity of
Rudolf Havenstein, President of
This, he declared, by its existence
retaining the bank's gold reserve.
thereby rendered invaluable
prevented the utter collapse of the mark and
Herr Havenstein said the credit and
life.
service to Germany's economic
with
vanish
the
disappearance of tho gold
would
Reiehsbank
strength of the
reserve.
principle the issuing of gold exchequer bonds,
The Board disapproved on
owing to the danger which threatened to arise when the time for the redempUtilization ofthe gold reserve as a guarantee
due.
became
tion ofthe bonds
to be impossible and no lasting improvement
for these bonds was declared
mark could be realized by such means.
of stabilization of the
The ever-increasing note circulation in Germany is disclosing a most
disquieting situation in that country. According to the latest bank statement, the circulation in one week increased by no less than twenty-eight
billion marks. In reality the actual situation is still much worse than is
evident from this figure, owing to the effects of the so-called "DarlehttIce ..:en" (Treasury notes), and last but not least of the emergency notes
with which Germany is at present flooded. At the beginning of the war
On the 5th inst. a copyright cablegram to the New York
and frequently afterwards, emergency coins and notes were issued in
Germany and in other countries in order to provide a temporary moans of "Times" from Berlin said:
payment. The money in such cases, however, was always "change money"
Chancellor Wirth shows no sign of haste to formulate his gold Treasury
and the issue was only effected by public bodies, principally municipalities.
scheme, and President Havenstein of the Reichsbank has already deAt present the situation has changed completely. In the past few weeks bill
the ground that the bank cannot provide gold
dared against the project on
almost every industrial concern of importance has had to issue its own
redemption of the "gold bills" to be sold by the Government. He adds,
for
emergency money, because the Reichsbank cannot possibly satisfy the
of gold might possibly be obtained for the purhowever, that a small sum
demand even for the payment of wages and salaries of Government employees. There is also a material change in the nominal value of such pose.
on the other hand, welcome the gold Treasury
Holders of small savings,
notes. Formerly this value was 10 or 15 marks at the utmost. At present
means of protecting their savings against further mark depreciaa
as
bills
take a different ground, declaring themselves
notes are issued in denominations of 100 and 500 marks.
tion. Business concerns
gold bills for the reason that they are already
Reparations Moratorium.
unable to subscribe for the
perilously short of working capital.
If reproaches were made against the German Government with respect themselves
municipalities and private concerns (including
German
Meantime many
to its policy of constant inflation, the Government used to point to the
issuing their own emergency money. The denominaheavy burden of the reparation payments. Recently these payments have the Krupps) are now
emergency notes must not, according to the decree, exceed
been postponed, but nevertheless the note cirulation of the Reichsbank tion of these
maximum validity being also limited to two months.
has increased by 19,000,000,000, 26,000,000,000, and 28,000.000,000 1,000 marks, their
notes must be deposited with the Federal Credit
marks, respectively, during the past three weeks. These amounts were Full collateral cover for the
brought into circulation notwithstanding the advance of the bank rate to Board.
8% and of the interest for loans to 9%, and notwithstanding the fact
In early advices as to the proposed movement, a special
that all demands for credits, filed at the banks, are being satisfied only
cablegram from Berlin Oct. 18 to the New York "Evening
partially.
The Government is trying to save the situation by plans for an issue of Post" (copyright by the Public Ledger Co.) had the followa so-called gold loan of 400,000,000 marks. It is intended to issue 4%
in the matter:
'Treasury bonds, of which the redemption is guaranteed in gold marks, ing to say
basis. The Cabinet has decided to
Germany is going on a bi-currency
7that is, in paper marks counted at the gold premium quoted at the moment
State. preliminary to introduction in the Reichs..
Of redemption. The redemption will be guaranteed by the income from submit to the Council of
Nov. 11 1922.]
THE CHRONICLE
tag,a bill establishing stable gold interest-bearing currency side by side with
the greatly inflated paper currency. The new issue will be in the form of
gold certificates based upon the Reichsbank's gold reserve. The notes can
be purchased for their equivalent in paper marks and are redeemable at
their gold value in currency.
The proposed issue, it is hoped, will serve two main purposes. The first
is to encourage saving instead of the present reckless spending by providing
•a stable investment in which people with the saving habit can place their
accumulations with the certainty of getting back what they put in without
depreciation.
The second idea is to introduce a gold measure of value usable in general
business instead of foreign money, the accumulation of which for domestic
purposes is one of the contributory reasons for the mark's depreciation.
A purchaser of goods for future delivery will now be able to make a
contract in terms of the new gold currency and cover himself in certificates
instead of rushing to an exchange broker to buy dollars or pounds and hold.until delivery and will enable the manufacturers and dealers to,
ing them
calculate costs of production and prices with some certainty.
2101
The Association for Safeguarding Economic Interests in the Rhineland
and Westphalia has started a crusade against the pfennig, sending a memorandum to the National Economic Council, advocating the rounding out
of any figure in pfennigs to the nearest mark. The National Economic
Council at its last meeting urged the Government to drop pfennigs in all
Governmental accounts and payments. The business world will undoubtedly rapidly follow this practice.
This will be the first time any German money has been officially branded
as worthless.
PROF. GUSTAV CASSEL ADVISER TO RUSSIAN STATE
BANK—OPERATIONS OF BANK.
The acceptance by Prof. Gustav Cassel of the post of
adviser to the Russian State Bank was made known in special
advices from Moscow Oct. 10, published in the "Journal of
Commerce" of Nov. 9. The same advices stated in part:
The Director of this institution, Mr. Scheidemann, had a long conference
with Prof. Cassel at the latter's home In Stockholm, and he reports that
the Swedish economist will come to Russia and remain a few months for
the purpose of going over the ground with the financial leaders of the
Soviet regime. After that, however, Prof. Cassel will reside in Stockholm
as heretofore. He is of the opinion that everything should be done to
advance the rehabilitation of all countries of Europe, Russia included.
The Government has already been compelled to modify its decree regard- The forming of the Russian State Bank he considers a step in the right
ing purchases of foreign exchange. A new decree now issued permits free direction.
purchase of foreign currencies for fulfillment of pending contracts. It
German Financier to Help.
also allows dealers to base their selling prices on foreign currencies in the
connections the Soviet Government has formed is an
new
the
Among
first sales at home of imported goods.
agreement with the well known German financier Otto Wolff, who is
The second of these amendments will materially facilitate import of interested in large iron and steel works and other undertakings in Germany.
cotton, copper and other goods from America, some of which have lately Wolff was unknown before the war, but during its last years and then in
been taken in much reduced quantities. Even before the Government's
the first years after the armistice he managed to conduct some large prochange of front, however, regulating of prices by foreign currencies in home motions in a very successful manner and is now rated at a billion marks or
trade in general has continued, although indirectly. The procedure has more. He is now forming a company in which Russia will be represented
been for the seller to base his price in marks on the day's dollar exchange and which is to furnish the Soviet Government with goods valued at
rate, then immediately to convert his mark receipts into dollars for sterling 5,000,000 gold rubles, while a private company licensed by the authorities
under the pretext that he must import more raw material. This practice here will receive 7,500,000 worth of German products. In order to appease
has been general in the textile and metal branches.
some clamorous communists the Government insisted on a clause in the
The Deutsche, the Dresdner, the Disconto and the Darmstadter banks contract according to which the new company will not be allowed to earn
protested to Chancellor Wirth against the decree: organized German indus- over a certain percentage.
tries and the Trade Council declared it technically absurd, and a noted
Control of Foreign Exchange Not Successful.
jurist, member of the Roichstag, Professor Blesser, has insisted that the
decree was itself illegal, on the ground that Article 48 of the Constitution
Notwithstanding the efforts of the Soviet authorities to obtain complete
immediately
control over the foreign exchange market, the so-called "black bourse"
under wnich it was issued, can only be invoked in case of
impending disorder. Wirth remains obdurate, however,regarding the main flourishes and its quotations are readily available. This curb market has
scope of the decree. His Socialist backers also stand firm for it, and again seen a violent upward movement of foreign money lately. On Sept. 1
Minister of Industry Schmidt and State Secretary Hirsch, who drafted the one gold ruble was valued at 350 "rubles model of 1922" (each of which
represents 500,000 old Soviet rubles), on Sept. 15 the rate was 570 and now
order, also continue publicly to defend their offspring.
is 750 bid. The dollar is now 1,800 new rubles. The Government
References to Germany's decree against the buying of it
quotation, however, is much lower and has at no time reached 1,000.
issues
our
foreign currencies and money orders appeared in
The chief of the Supreme Economic Council, Bogdanow, has, in company
of Aug. 12, page 705; Aug. 26, page 926; Sept. 9, page 1159, with a number of experts, visited the iron district in Southern Russia and
he has submitted his report, which is now published in the "Isvestija."
and Oct. 7, page 1579.
According to his views, the steel and iron industry is in a very bad way and
requires the mobilization of large means if it is to be saved. Private
which would
"BREAD LOAN" OF £25,000,000 REQUIRED BY GER- promoters have up to now sought to engage in industries by
the masses
yield a quick return and the products of which were required
MANY—COST OF ENGLISH COAL.
of the population. Meantime the country was living on the old stocks of
Press
In a cablegram from Berlin Oct. 29, the Associated
pig iron and other products of this industry. The entire Russian iron
production at present would hardly reach 4% of that before the war.
stated:
"Russia is confronted by an iron famine, and it will need at least 20,000,000
Bernard Dernburg, former Minister of Finance, asserts that Germany's pud in the next few years," Mr. Bogdanow writes. The plan is now
£25,000,000
of
shape
immediate requirements embody a "bread loan" in the
being ventilated to form one large iron and steel company, the "South
worth of grain, a reduction in coal deliveries to bring the present deliveries Russia Iron Trust," which will conduct operations only in the most modern
in
down to several hundred thousand tons monthly, and a restriction
Germany's works, all the others to remain closed.
deliveries in kind to a maximum sum commensurate with
Regarding the State Bank, the following appeared in the
productive capacity.
because of de- Federal Reserve "Bulletin":
buy
to
compelled
is
now
English coal, which Germany
is now
liveries of her own product to the Entente, says Dr. Dernburg, trade
The State Bank.
Germany's
costing 24,000 marks a ton free on board at Hamburg.
In accordance with the new economic policy inaugurated during 1921
for English
balance for September showed an outlay of 9,000,000.000 marks
shipping (see Federal Reserve "Bulletin" Aug. 1922, pp. 936-942), a number of
coal which Germany was forced to buy in order to supply her
more or less independent business organizations were created, the operations
and industries.
of the Central Soyuz were enlarged, and free trading was permitted to a
very large extent. In order to finance the decentralized industries and
GERMAN CORN LOAN.
to provide them with working capital, a new banking institution, the
following
the
printed
6
Nov.
so-called
"State Bank," wasfounded. This Bank in its operations resembles
The "Wall Street Journal" of
a central reserve bank, but it also performs the functions of an ordinary
from Berlin:
commercial bank. It is organized and controlled by the State, but has
As was done before by Oldenburg, Federal State of Mecklenburg intends no right of note issue. Its capital consists of 2.000 billion Soviet paper
to issue a corn loan covered by yield of State possessions.
rubles, old issue, which were handed over to the bank from the resources
of the Treasury after a certain appropriation had been made in a budgetary
BUSINESS
way. The surplus is to be formed out of the profits of the bank. The
USE OF FOREIGN MONEY BY GERMAN
amount of surplus which may be accumulated is unlimited, but if the loss
MEN.
any one year exceeds the total accumulated surplus, the difference bein
In copyright advices from Berlin, Oct. 15, the New tween loss and surplus will be met by the State. The net profits of the
bank are divided as follows: 50% goes to surplus, not more than 20%
York "Times" said:
of the employees
The basing of prices for home sales of goods upon foreign currencies is may be used for the improvement of the living conditions
of of the bank, while the rest is handed over to the Treasury of the Government
likely to continue, notwithstanding the Government's new prohibition
the practice, but it will be continued in disguised form. The Association
Administration of the State Bank.
the
of Hat Manufacturers has, in fact, proclaimed the exchange value of
The statutes and by-laws regulating the activities and administration of
marks.
in
prices
home
Association's
as
Dutch guilder
the future basis of the
for
pushing the bank have been prepared by experts of the People's Commissariat
Schmalendach of the Federal Economic Council is hard at work
Committee. The
of gold Finance and sanctioned by the All-Russian Executive
a bill to compel the drawing up of industrial balance sheets in terms
and
operation
the
to
regard
with
wholesale price following are the principal regulations
marks based not on the mark's gold exchange but on the
administration of the bank:
index.
The supervision of the bank is exercised by the People's Commissary
Councilor
To show the confusion of ideas which exists in industry, Privy
Finance. He approves all the fundamental regulations concerning
concern, makes for
the operations of the bank, approves the rate of interest and commissions
Lloeckner, the head of the great Lothringen coal and steel
threatened
is
boom
be
to
the
charged and the annual expenses of the bank. The administration
the statement that business is booming, but that
assretion the of the State Bank is entrusted to a board of directors, whose residence is
with collapse by the shortage of working capital. On this
The President of the board of directors is named by the ComMoscow.
was expressed
comment was made last week that the same apprehension
missary for Finance and is appointed by the Supreme Council of the People's
has thus far Commissaries. The other members of the board of directors are appointed
after every previous collapse in mark exchange, but that it
by the Commissary for Finance.
proved unfounded.
The functions of the board of directors are:
. of the bank.
erittely
les
o Fir instructions
g Te
th srtrrea ctOnnteigfcigl themm
WOULD ABOLISH THE GERMAN PFENNIG.
Zc To organize the interior service of the bank and its accounting
Press advices from Berlin, Oct. 14 (copyright by the system.
(d) To appoint and to discharge employees.
New York "Times"), stated:
(e) To represent the interests of the bank in dealing with judicial and other
institutions at home and abroad.
to
State
clinging
In view of Germany's depreciated mark, the absurdity of
(f) To open branches in all parts of the Russian Republic. The opening
German
on
dawned
has
belatedly
branch, however, must be approved by the Commissary for Finance.
pfennigs in business and accounting
a
of
worth
The board of directors meets whenever necessary, upon call of the
brains. The smallest German monetary unit, 1 pfennig, is to-day
fractions of what President. The affairs of the bank are decided by vote. In case there
just .00375 mills, yet bureaucratically these microscopic
a disagreement between the President and the majority of directors.
is
and accountancy.
once was money are still encumbering bookkeeping
BAN ON GERMAN USE OF FOREIGN MONEY
MODIFIED.
A copyright cablegram to the New York "Times" from
Berlin Oct. 29 stated:
5
2102
THE CHRONICLE
[VOL. 115.
the question is submitted to the People's Commissary for Finance. The
currency, the rate of interest is to be fixed in accordance with the rates
various agencies of the bank are divided into 3 classes:
established by the State Bank for active operations.
,
a Central district branches.
(4) With regard to transferable bills of exchange, the place of payment,
(b5 Branches.
the place of resident of the respondent, and all other usual particulars must
r Agencies.
given, as required for bills of exchange.
be
e central district branches are opened in important
of the
(5) As regards suing for the payment of a bill, three years' limitation is
Republic In the discretion of the board of directors, who also places
supervise the established, counting from the day the bill has been protested.
operations of all the branches and agencies.
The directors of the central district branches are appointed by the
It should be noted that these regulations are only temporary, and will
Commissary for Finance with the advice of the board of directors
and be changed or replaced by others as soon as new economic conditions
competent local authorities.
Branches of the bank are opened in Important cities of governments require it.
(administrative divisions) and districts. At the head of each
As already mentioned in a previous study, the Soviet Government
is
a director appointed by the Commissary for Finance with the branch
advice of contemplates the opening of banks for foreign trade to facilitate Russia's
the board of directors of the bank. The district branches are under
direct international commerce. Foreign banks also have applied to the Soviet
supervision of the central district branch.
The board of directors is assisted in its work by a cominittee on loans Government for permission to establish either branches or independent
and discounts, which determines the lines of credit to be granted to
concerns, banking institutions in Russia.
State-controlled enterprises, and private organizations. All branches and
agencies have committees for loans and discounts. The decisions of these
committees must be confirmed by the board of directors of each branch COMPARATIVE FIGURES
OF CONDITION OF CANAor agency.
Operations of the Bank.
DIAN BANKS.
The State Bank of the Russian Socialistic Federated Soviet Government
In the following we compare the condition of the Canadian
endeavors to facilitate the development of industry and commerce.
For
this purpose it opens credits to industrial enterprises of the State corporations, to affiliated institutions, and to private enterprises, agricultural as banks under the September 1922 statement with the return
well as industrial. The bank may engage in the following operations.
for August:
(1) The granting of call loans guaranteed
current accounts, docuASSETS.
ments representing goods, bills of exchange, by
and
obligations.
other
(2) The opening of credits on call against foreign securities, currency,
Sept. 30 1922. Aug.31 1922.
precious metal, and drafts.
coin—
subsidiary
(3) The granting of time loans on each of the securities mentioned in Gold and
Canada
In
60,500,437
paragraphs 1 and 2.
60,610,014
Elsewhere
(4) The discounting of bills of exchange and other
13.249,188
14,667,979
obligations.
(5) The purchase and sale on comnussion of
goods
admitted
free
to
trading.
Total
73,749,625
75.277,993
(6) The purchase and sale for the bank's own account of
169,415,325
drafts, and precious metals, within the limits of existingforeign securities. Dominion notes
159,475,205
Minister of Finance for se(7) The issuance of letters of credit on documents forregulations.
goods exported Deposited with circulation
or imported.
6,441,430
curity of note
6,435,605
(8) The issuance of drafts and letters of credit on places
47,702,533
within the Deposit of central gold reserves
52,402,533
Russian Socialist Federal Soviet Republic and in foreign
countries
wherever
banks
161,351,385
Due from
the bank has branches or correspondents.
153,815,310
(9) Commission operations—collection of money under bills of exchange, Loans and discounts
1,447,702,368 1,413,773.877
obligations, foreign drafts, documents for goods and
securities, &c
322,009,343
all
Bonds,
other
kinds
330,646,435
of
documents and securities.
106,982,838
99,939,844
(10) Receipt and payment of money deposits which are made as follows: Call and short loans in Canada
short loans elsewhere than in Canada 172,037,983
(a) On current account; (b) payable at a fixed period of time;
176,838,615
(c) on fixed Call and
terms for unlimited amounts. Certificates of deposit of the bank
112,051,729
assets
Other
106,961,651
may be
accepted as securities for loans. The deposits are not subject to detention
or sequestration otherwise than in accordance with the
Soviet laws.
2,619,444,559 2,575,567,068
Total
(11) Acceptance of different articles for safe-keeping for
not more than
five years.
LIABILITIES.
Afterthe bank has begun its activities it shall take over from
and local institutions of the People's Commissariat of Finance the central
all deposits
and temporary accounts, unpaid drafts, and letters of
187,175,000
187,175,000
credit, as well as Capital authorized
the accounts pertaining to the financing of the co-operative
125,327,900
125,310,800
unions. All Capital subscribed
operations on account of the Government shall be
conducted exclusively Capital paid up
125,004,717
124,989,982
through the State Bank. Besides, the bank will take
over from the Commissariat of Finance all work connected with the receipt
130,225,995
130,207,395
of State revenues Reserve fund
and the payment of State expenditures.
The operating year of the bank will be counted from Jan. 1
----------------------------Circulation
176,918,869
to Dec. 31.
158,086,569
Government deposits
The new bank has no connection with the old Imperial
108,987,624
92,595,142
Russian Bank,
and is not liable for the operation of that institution. The
826,932,175
Demand deposits
815,401,136
bank
started
deposits
its activities on Nov. 16 1921, and opened immediately a
1,158,462,380 1,164,069,400
central district Time
branch in 1i:harken, with a capital of 500 billion Soviet
42,714,542
43,421,218
rubles, to serve the Due to banks
interests of the affiliated Ukranian Soviet Republic.
payable
7,469,015
Bills
6,750,755
Branches were also
established in the most important cities, including
liabilities
21,495,984
Other
19,241,969
PeLrograd, Odessa, and
Perm. The bank has established correspondent relations
with banks in
Germany, such as the Deutsche Bank and the Dresdner
Total, not including capital or reserve fund_2,342,980,589 2,299,566,189
Bank, and has a
number of correspondents in many other countries,
Note.—Owing to the omission of the cents in the official reports, the
including the United
States, Italy, Sweden, and England.
footings in the above do not exactly agree with the total given.
The rate of interest charged by the bank at the beginning
varied from
8% to 12% per month. Institutions operated by the Government
or State
institutions were charged a lower rate of interest than private
organizations. U. S. GOVERNMENT APPROVES $50,000,000 CUBAN
For transfer of funds from one place to another, a commission
of 2% was
LOAN—DWIGHT W. MORROW IN CUBA.
charged if the sum did not surpass 100,000 rubles. For larger
sums the
commission was scaled down, the lowest charge being one-half of
the announcement by the State Department
Following
1% for
transfers of sums exceeding 80,000,000 rubles. The bank paid
3% per at Washington on Nov. 4, that this Government had no
month on demand deposits and 5% on time deposits. More
recently,
however, the interest rates charged to customers were reduced
to the floating in the United States of the proposed
considerably objection
and range at present from 2 to 3% per month. At the same
of $50,000,000, it became known that repreloan
time the Cuban
interest rate paid by the bank to customers was reduced.
sentatives of various New York banking interests had gone
The Soviet Government also issued laws and regulations with
regard
incident to the proposed offering. The State
to remittances of money from foreign countries and with respect
to bills to Cuba
of exchange. The following are the principal regulations
concerning Department's announcement of the 4th inst. said:
remittances of money from abroad:
Government informed the Department that it
On Oct. 18 the Cuban
(1) Money remittances by post or telegraph from foreign countries to desired to float a loan of $50,000,000, payable in gold coin of the United
Russia are effected through the treasuries of the Commissariat
program for the solution of its economic diffiits
of Finance States, in pursuance of
attached to the missions of the Commissariat of Foreign
Trade in foreign culties. In view of the stipulations of Article II of the Permanent Treaty
countries.
between Cuba and the United States of May 22 1903, the
(2) The above-mentioned treasuries of the Commissariat of
Finance of Relations
may accept money for remittance from private persons
or public organiza- Cuban Government requested to be informed whether the United States
tions without limitation of amount.
Government had any objection to make with regard to the creation of
(3) Said treasuries execute such remittances only on
of the sum
dsebt.
to be transferred in the respective foreign currency (a)receipt
peunbtlicha
aratim
on
pteip
shaeddi
thi
T
in
cash,
or (b) in
cheques.
given careful consideration to the matter from
(5) The payment of such foreign money orders in Russia
shall be made the point of view of its obligations under the Treaty above referred to,
in Soviet money, in the full amount, at the rate of exchange
which shall
-day informed the Cuban Charge d'Affaires that in view of
be periodically fixed by the Commissariat of
with the concurrence and has to
of the Commissariat of Foreign Trade and theFinance,
statement of the Cuban Government's finances presented by him,
Labor-Peasant Inspection.
the
information at its disposal, it had no objection to
(8) The amount of the dues to be levied on such
transactions shall be and in the light of the
fixed by the Commissariat of Finance.
by the Cuban Government of the loan described
offer to the negotiation
(9) The forms of remittance documents, the procedure in
note of Ott. 18.
d'Affaires's
correspondence and in keeping accounts, shall be established attending to in the Cuban Charge
by a special
order to be issued by the Commissariat of Finance, with
Oct. 18 to the State Department for
on
made
request
the
concurrence
The
of the Commissariat of Foreign Trade and the Commissariat
of the LaborPeasant Inspection.
loan was referred to in our issue of Oct.
The most important regulation is No. 5, which states that
funds remitted
from abroad shall be paid in Russian Soviet rubles at the
official rate of
exchange. It is to be noted, however, that the official rate as
quoted by
the State Bank is usually between 100 and 200% lower than the rate
in
the open market.
The new economic policy of the Soviet Government necessitated also
the passing of certain laws with regard to bills of exchange. To meet
these requirements the Soviet Government issued a series of laws regulating
all contracts of bills of exchange. The most important clauses affecting
bills of exchange are the following:
(1) The amount of a bill of exchange can be fixed either in pre-war gold
rubles, or in any currency which has circulation in the Russian Federation.
In the event of the bill of exchange being made out in pre-war gold
rubles,
it shall be payable in the currency which has circulation in the Russian
Federation, calculated at a rate of exchange which has been fixed by the
Commissariat of Finance for the day of the payment. In the case of bills
of exchange drawn abroad, in foreign currency, but payable
in Russia, or
drawn in Russia and payable abroad, but presented for payment
in Russia,
the amount is to be calculated in the
currency which has circulation in
Russia, at a rate of exchange to be fixed by the Commissariat
of
Finance.
(2) A bill can be protested before a notary public, or, where there is no
such functionary, before a justice
of the people's court.
(3) In the event of a bill payable in gold
rubles being protested,
at 6% and a fine
of 3% from the day the bill has become due to theinterest
day of
actual payment can be claimed. In the case of
a bill payable in Soviet
28,
its approval of the
inst. in a dispatch from Washington
page 1887. On the 4th
said:
New
Arx.an
the
be worked out in Havana between officials
k ‘the loanes"representatives
Yosrffor
gement
of the American bankers inGovernment and
of the Cuban
that the American bankers have been keeping
terested. Owning to the factsituation as it developed
since the beginning of
Cuban
In close touch with .,he
two years ago, it is believed it will not take long to
the financial crisis there
the loan.
complete the arrangements for
used for refunding purposes and meeting outPart of the money will be
Government, while budgetary needs and
Cuban
standing obligations of the
way or contemplated will take the balance.
public improvements under
Press despatches from Havana on Nov. 7 said:
Morgan & Co., to-night stated that he had
Dwight W. Morrow of J. P.
come to Cuba at the suggestion of President Zayas to discuss with him the
$50,000,000 foreign loan recently authorized
terms of the condition of the
by Congress.
visit," he said.
my
This is the sole object of
despatches stated:
On the 9th inst. Havana
Co., and Jacques Weinberger of Blair &
Jesse Hirschmann of Speyer &
houses, arrived here to-night to offer bids on the
Co., New York banking
Government is floating.
$50,000,000 loan the Cuban
Nov.11 1922.]
THE CHRONICLE
In a cablegram from Havana, printed in its issue of Nov.9,
the "Wall Street Journal" stated in part:
Dwight W. Morrow, Arthur Anderson and Martin Eagan of J. P.
Morgan Sr Co., are in Cuba conferring on projected $50,000,000 loan
to be floated in New York.
President Zayas is ill and this is holding up negotiations for both the
loan and the reorganization of the banking system. It is also delaying
important matters which were being considered by the President and
the bank liquidation commission, especially that pertaining to securities
of the National Bank of Cuba.
The greatest evil now facing Cuba is lack of confidence in her banks
by business men, following numerous failures here some time ago. As a
result, there is excessive hoarding of money, many millions lying idle in
safes. This hampers Cuba's productivity and readjustment.
These idle funds will again find lodgement in banks if the proposed
loan goes through, and the mission of W. P. G. Harding of the Federal
Reserve Board is successful. While looking forward to a loan, representative 'CUbans grant that Zayas realizes the country's salvation lies
in an organized central banking system that will restore confidence, and
bring out of hiding savings salted away in private depositories.
Mr. Harding is conferring daily with Government and banking officials,
but it will be some time before an agreement can be reached. It is impossible to hurry Cubans.
Mr. Harding, whose mission to Cuba has been dealt
with in previous items in the "Chronicle"—Oct. 28, page
1887, and Nov. 4, page 1990; arrived in Havana on the
3d inst. Elsewhere in this issue to-day we give the text of
the Cuban law authorizing the foreign loan of $50,000,000.
TEXT OF CUBAN LATV AUTHORIZING FOREIGN LOAN
OF $50,000,000.
The recent enactment by the Cuban Congress of a bill authorizing the issuance of $50,000,000 of bonds in furtherance
of a foreign loan was reported in these columns October 28
(page 1887). The October Number of the "Economic Bulletin of Cuba," published at Havana, gives as follows the
translation of the law, as passed by Congress, and published
In the "Official Gazette," special edition, No. 16, Oct. 9 1922:
Art. I. The President of the Republic is hereby authorized to issue bonds
of a foreign loan in an amount not exceeding $50,000,000, payable in gold
coin of the United States of America of the present standard of weight and
fineness, and to that end the following discretionary powers are hereby conferred upon him:
1. To fix the rate of interest which the bonds shall bear.
2. To fix the maturity of the bonds in accordance with the provisions of
this law.
3. To fix all details relative to the issue and service of the bonds, the security to be provided therefor, and in general such other details as are relative or incidental to any of the purposes of this law.
4. To sell the bonds on the terms and conditions which he deems most advantageous for the Republic.
5. To fix the amortization of the bonds at a premium, in the event that,
due to the selling price of the same, it should in his judgment be expedient
for the interests of the Republic.
6. And to agree on such conditions and to enter into such contracts as he
may deem proper for the accomplishment of this law.
Art. II. The issue of these bonds shall be ,made in one or more series, at
the time and in the manner decided upon by the President of the Republic,
and as shall in his judgment be necessary for meeting the requirements of the
Government which shall be fixed by the present law.
Art. III. In order to increase the salability of these bonds, the Executive
is authorized to fix the best methods to make effective the lien which is to
be imposed on the taxes mentioned in the present law, and which are to be
pledged for the payment of the interest and for the redemption of the principay of the loan ,and to stipulate with respect thereto in the contract which
he may enter into in fulfillment of the present law.
Art. IV. In order to increase further the salability of the bonds, the Executive is authorized to include in the contract which he may enter into for
the sale of the same, the following stipulations:
1. That the Republic will particularly see that the audit of the national
accounts is always up to date.
2. That the Republic shall apply, commencing with the present fiscal year,
all surplus revenues, after the respective budgets have been liquidated, and
after meeting all the expenses of the year or leaving in the Treasury a reasonable balance for the same purpose, to the amortization of its present debts, provided that the stipulations of the respective contracts so permit, and the said
surpluses shall be specially applied, in the first place, to the amortization of
the 6% bonds of the 1917 internal debt; in the second place to the more
rapid retirement of the internal debt of 1905, redeemable in the amounts ordered by Congress; and, finally, to the more rapid amortization or purchase
and retirement of bonds of the several outstanding external issues, which the
President of the Republic, in his judgment, after first hearing the opinion of
his cabinet, shall deem proper to amortize or purchase and retire, exclusively
for the purpose of cancelling the same; but in all cases reporting his action
to Congress.
Art. V. The principal and interest of the bonds of this external loan shall
forever be exempt from every kind of Cuban taxation, whether of the State,
the Provinces, or the municipalities, now existing or which may hereafter
exist.
Art. VI. The Republic of Cuba pledges its good faith and credit for the
due and punctual payment of the interest on the bonds hereby authorized and
for the amortization of the same in accordance with terms of the loan contract to be entered into.
Art. VII. The proceeds of the bonds of this debt shall be exclusively devoted to the satisfaction of the following purposes:
1. Not exceeding $9,000,000 for replacing in the Treasury of the Republic
the fund of special accounts.
2. Such amount as may be necessary to settle the loan of $5,000,000 dollars made to the Government of Cuba by the firm of J. P. Morgan & Co., according to the stipulations of the contract of Jan. 23 1922. The $4,097,400
of the Treasury bonds, Series A, as well as the $25,700 of bonds, Series B,
both of the issue of 1917, which are outstanding, the latter in the Treasury
and the former given as security for the above mentioned loan, shall be canceled and declared null and void as soon as payment is made to Messrs. J. P.
Morgan & Co., and the bonds of the foreign debt of 1904 which may have
been offered in guaranty of said loan to the said J. P. Morgan & Co. shall also
be canceled and declared null and void.
2103
3. Not exceeding $7,000,000 for the payment of wages, salaries and pay
due by the Government for services which shall be duly verified as having
been rendered prior to July 1 1922.
4. Not exceeding $2,000,000 for the payment of pensions due prior to July
1 1922.
5. A sum not exceeding $18,000,000, first, for the payment of obligations
of the Department of Public Works pending payment on July 1 1922, up to
$12,000,000 for this purpose, and the remainder, including any other surplus
of this loan, for the payment of obligations mentioned in this Article VII of
other departments pending at the same date, as well as for the payment of
any other debts of the Department of Public Works existing on the same date
in excess of the said $12,000,000, provided, however, that of said $18,000,000
such amount may be immediately placed at the disposal of the Secretary of
the Treasury as may be necessary to meet the following expenses:
A. The expenses of auditing the national accounts, up to July 1 1922, as
provided in paragraph 1 of Art IV.
B. The expenses, during the present fiscal year, of the Commission appointed to pass upon the legitimacy of the debts of the various Departments
in accordance with the Law of Sept. 13 1922.
C. The additional expenses, if any, during the present fiscal year, that
may be incurred in the collection of the taxes created by this law. All the
surplus that may be left after complying with the provisions of this paragraph shall be applied to the public works referred to in paragraph 7 of this
Article, in the form specified in that Article.
6. Not exceeding $3,000,000 for the payment of interest and the amortization of principal due prior to July 1 1922, on bonds of the internal debt.
7. Not exceeding $6,000,000 for the reconstruction, repair and continuation
of such public works as the Secretary of Public Works in his judgment considers necessary, which sum shall be placed at his disposal immediately, to
be expended under his direction and supervision; provided, however, that in
the event that any surplus from the loan should remain after the application
of such amounts as may be required for the purposes mentioned in paragraphs 1 to 6 inclusive of this Article, such surplus shall be applied, in addition to the said $6,000,000, to the purposes of this paragraph 7.
Except as provided in sub-paragraphs A, B and C of paragraph 5 of this
article, the payment on July 1 1922 shall not be made, unless they have been
previously approved and their payment ordered by the Commission of Examniation and Audit of Indebtedness of the State created by the Law of Sept.
13 1922.
Art. VIII. As special security for the payment of the interest, the expenses
and the amortization of the principal of this debt, the Executive is authorized
to set aside, pledge and obligate for those purposes the proceeds of any revenues and taxes at present in force which the Executive deems necessary or
proper to pledge and which proceeds, although subject to the service of other
debts, produce an amount which permits them to be used for the purposes
expressed in this Article; but stating in the contract entered into for the negotiation of this loan that the Cuban Government reserves and maintains the
right to revise and modify its customs tariffs.
Art. IX. The Executive shall agree, in the name of the Republic, that the
collection of the taxes and revenues thus set aside and given in pledge shall
be completely and exactly made, and that from the proceeds of these taxes
those necessary for the service and incidental expense of the loan chail be deposited with such depositary or depositaries, national or foreign, at such
times and subject to such conditions as may be agreed in the loan contract for
the sole and exclusive purpose of the payment of the interest, the expemes
wid the amortization of the debt authorized by this law.
Art. X. For the purpose of providing adequately for the current expenses
of the budget and of supplying the deficit in the ordinary revenues which will
occur on the withdrawal from the same of those which may be pledged for the
payment of the public debt to be incurred pursuant to this law, there is created the following:
Tax on the Gross Sale, Exchange, or Transfer of Merchandise.
All merchants, manufacturers or persons engaged in industry not specially
excepted in this law shall pay a tax of a national and internal character
equivalent to 1% of the respective price or value of all commodities, whether
for consumption or otherwise, fruits, wares and merchandise which they sell,
exchange or transfer, without deduction or discount for any reason whatsoever.
Art. XI. For the purposes of this law, any person, natural or legal, who
for commercial or industrial ends, devotes himself occasionally or habitually
to business, either for his own account or for others, or on a commission basis
or representative basis, in the territory of the Republic of Cuba, whether
domiciled in the country or abroad, shall be obliged to pay this tax in the
above mentioned amount.
Art. III. The tax shall be based on the exact value of the article at the
time of its sale, exchange or transfer, whether it consists of raw material or
of products manufactured or partially manufactured, whether the articles are
of national or foreign origin, and whether the sale, exchange or transfer is on
a cash or credit basis.
Art. XIII. The following are exempt from the payment of the taxes created by this law:
1. Persons engaged in public market places in the
sale of food products at
retail, and merchants whose gross quarterly sales
do not exceed $1,000.
2. Peddlers and sellers at fixed stands of fruits
and food products the selling value whereof does not exceed $10 a day, and who do not need to renew
their stock more than once a day.
3. Producers of all articles of consumption working in their own homes,
such as parents and children living in family, when the value of a day's production by each one of them does not exceed five dollars.
4. Agricultural products when sold directly by their producers. Sugar
and
molasses in any form in which they may be sold or resold, referring,
of
course, to centrifugal sugar, and refined and turbinated sugar when destined
for exportation. Fowl, eggs, milk, cheese, butter, and vegetable coal,
when
sold directly by the maker or producer. Native cattle when the sale or transaction is made by the cattleman; and unimported meat when the sale is made
by the wholesaler.
5. Exporters of raw materials or materials wholly or partly manufactured,
except sugar-molasses.
6. All articles manufactured in Cuba which are subject to the special tax
created by the Law of Feb. 27 1903, amended by the Law of Jan. 25 1904,
and which are reserved for the payment of the interest and amortization of
the $35,000,0000 loan, to wit: Manufactured liquors, wines, beers, artificial
waters, carbonated beverages, ciders, matches cigars cigarettes cut tobacco,
and playing cards; and fuel alcohol. All said articles, upon being sold or
transferred from the place of their manufacture to other places, shall be exempt from payment of this tax by their producer, but resellers of the same
shall be under obligation to pay the tax created by this law.
7. Stores or establishments of an official, charitable or benevolent
character, public hospitals, and sanitariums and similar institutions, and
co-operative mutual aid societies, provided they are not established for the
purpose of
gain or speculation.
Art. XIV. The following shall be considered as merchants for the
purposes
of this law, and accordingly shall be subject to the payment
of a tax equivalent to 1% on their income or gross receipts:
2104
THE CHRONICLE
I. Printers, publishers and lithographers, except newspapers, magazines,
reviews or bulletins which appear at regular intervals and which have fixed
prices for subscription and sale. Publications devoted solely to advertisements shall be obliged to pay this tax.
2. Contractors, warehousemen, proprietors of docks, dock yards, and ship
yards and persons or enterprises furnishing light, heat or power, ice factories,
as well as those engaged in conducting telephone and telegaph lines, proprietors of laundries or steam laundries and of shops for the construction and repair of bicycles or vehicles of any other kind, and keepers of hotels and restaurants.
3. Keepers of livery stables and garages, transportation contractors and
persons who permanently or occasionally transport passengers or freight for
hire, by land or water.
Art. XV. Every person subject to this tax shall make sworn return of the
amount of the gross sales and of the gross receipts subject to this 1% tax
during the preceding quarter, and shall pay the proper tax thereon to the Administrator of Taxes and Imposts of the corresponding fiscal zone or district
In manner and form provided by the President of the Republic in the regulations to be duly issued for the collection of the tax.
Art. XVI. This tax shall be paid at the end of each quarter, in the proper
amount on the income or gross receipts of the said quarter.
Art. XVII. Every taxpayer on commencing business shall so communicate
to the Administrator of the zone or fiscal district of his domicile, and any taxpayer retiring from business before the expiration of a quarter shall sign the
sworn declaration and pay the tax due immediately after closing his business.
Art. XVIII. When for any reason the corresponding tax or impost is not
paid within the time prescribed, the amount due shall be increased by 25%
of the amount of the tax, and the increase shall be considered as part of the
tax.
Penalties.
Art. XIX.—Penalties. 1. Taxpayers who infringe or fail to fulfill the provisions of this law by failing to present on the proper date the documents
neeeisary or the collection of the taxes, or who make a false or fraudulent
sworn declaration, or who, making use of any voluntary act or ommission,
whereby the revenues of the Republic are defrauded in whole or in part of the
amount justly due from the taxpayers in accordance with this law, shall be
punished as follows:
2. For the first offense, besides the amount defrauded, a fine equal to said
amount; for the second and subsequent offenses, a fine in addition to the
amount of the tax due, of not to exceed $1,000 or imprisonment not to exceed
one year, or both penalties, in accordance with the proper resolution of the
courts of justice.
3. The Administrators of fiscal zones or districts, under the direction of
the Treasury Department, shall as often as they deem expedient, order the
necessary visits of inspection to be made for investigating and verifying
the
collection of the tax through the regular employees or through
others specially appointed for this purpose.
4. Those who disturb, hinder or impede the inspection,
investigation or
verification of thes taxes shall incur a fine of $150 to $250,
which shall be
imposed in each case by the inspector.
5. The inspector shall report the imposition of the fine to the
Administrator of the propore fiscal zone or district for the purpose of
collection.
Transitory Provisions.
The President of the Republic is authorized to diminish the
tax created by
this law down to %% if, after the necessary time which will allow
an estimate
to be made of the amount produced by it has elapsed, it should
be considerably in excess of the amounts necessary for the purpose for
which it is intended.
The President of the Republic shall convene, during a period
of 15 days, for
the drafting and execution of the public document or documents
necessary for
this loan, the Notaries Public, and shall award this service to
the Notary who
offers the lowest fee, and in the event that more than one should
offer to render this service gratuitously the oldest in the profession shall be
chosen.
Final Provision.
The presnt law shall take effect from its publication in the
"Official Gazette of the Republic," but not with respect to the taxes created by this
law,
which shall begin to take effect on Dec. 1 1922. The President
of the Republic shall issue the necessary regulations for its proper
enforcement.
Given at the Presidential Palace in Havana on the 9th of October
1922.
ALFREDO ZAYAS.
M. DESPAIGNE, Secretary of the Treasury.
OFFERING OF $18,000,000 REPUBLIC OF CHILE BONDS
BY NATIONAL CITY COMPANY.
The National City Co., which, as we stated in our issue of
Saturday last, page 1990, had been awarded an issue
of
$18,000,000 Republic of Chile external loan 20-year sinking
fund 7% gold bonds, offered the issue for public subscription
on Monday of this week, Nov. 6. On the 7th inst. the
company announced that the books had been closed, the
issue having been subscribed. The bonds were offered at
96% and interest. They are dated Nov. 1 1922, mature
Nov. 1 1942, and are not redeemable except for the sinking
fund. The prospectus states:
The contract for this loan provides for a cumulative sinking
per annum beginning two years after date of issue, to be used fund of 2%
to purchase
bonds at not exceeding 100 and interest, or, if bonds are not
obtainable at
or below that price, to redemption of bonds by lot semi-annually
at 100.
This fund is sufficient to ream about 70% of the issue by
maturity.
The bonds are in coupon form, in denominations of $1,000
and $500 and are registerable as to principal only. Principal
and interest (May 1 and Nov. 1) are payable in United
States gold coin at the National City Bank of New York,
in New York City, in time of war as well as of peace, irrespective of the nationality of the holder. It is stated
that
the bonds are exempt from Chilean taxes present or
future.
The following is also taken from the official announcement:
These bonds are the
direct credit obligations of the Republic
of Chile.
The Chilean Government covenants that if in the
future it shall issue, offer
or in any manner dispose of any bonds or
contract any loan secured bf
any charge or pledge on or of any of its assets or
revenues, the service of this
loan shall be secured equally and ratably with
such subsequent issue or loan.
Credit.—The credit of Chile has ranked high with European
investors
[VOL. 115.
since the issue of its first external loan in London over 100 years ago.
There is no record of default or delay in interest payments.
During thirty years prior to the war,sixteen Chilean loans publicly issued
in London were offered on an average basis of 5.04%. The prices of ten
representative loans quoted on the London Stock Exchange Oct. 20 1922
gave an average yield of 6.24%.
Resources.—Chile is the largest nitrate producing country in the world.
possessing the only large natural deposits so far discovered, and is the
second largest producer of copper, ranking next to the United States.
American capital is heavily invested in both the copper and iron industries.
The ore deposits of both these minerals are very extensive. The coal mines
of Chile are the largest in operation in South America, and the forests in
southern Chile supply a great variety of lumber.
Chile raises agricultural products not only sufficient for its own 4,000,000
population, but exports very substantial quantities of barley, wheat, oats,
fruit, &c. In the diversity of its developed mineral and agricultural resources. Chile compares very favorably with the leading nations of t'se world.
Wealth. Debt Revenues.—The national wealth of Chile was conservatively estimated in 1920 at $3,272,000,000, more than 12 times the total direct
and guaranteed debt Aug. 31 1922. of $257,730,000, a per capita debt of
about 64.43. The State owned properties, largely revenue-producing,
include 3,100 miles of railroad (representing an investment of about $150,000,000), teleg:aph and telephone lines, public lands and, docks. These
properties are officially valued at $355,000,000, or over one and one-third
times the total national debt. The proceeds of the present loan will be
applied principally foe th3 purpose of refunding sho:t term loans and
providing for public works.
Government revenues are derived principally from customs duties. The
export tax on nitrate (a commodity in demand throughout the world) has
provided the Government with a large proportion of its revenues and has
left direct taxation, such as income, real estate, and Inheritance taxes
available for future requirements. Laws now before the Chilean Congress
provide for an increase in direct taxation. During the last ten years the
Government has expended $48,216,000 on public works, which has caused
an average deficit of $3,473,000. On this basis ordinary revenues exceeded
ordinary expenditures during this period by an average annual amount
of $1,348,600.
Delivery of the bonds in temporary form is expected about
Nov.20.
LONDON DISCUSSES OUR CHILEAN LOAN.
In a special cable dispatch from London, Nov. 4, the
New York "Evening Post" said in part:
The National City Bank's success in securing the Chilean loan has caused
keen interest and some disappointment here, because London had been
practically certain that the Issue would be floated here on Monday. Our
competition undoubtedly was handicapped to the extent of 2% by the
British stamp duty. Nevertheless, it is not altogether regretted that you
secured the loan, especially as it indicates an increasing disposition on your
side to grant external credits. Undoubtedly you will thus tend to increase
your own legitimate trade, and although temporarily strengthening sterling
you will really give yourselves reserve power over the exchanges.
CHILEAN INTERNAL LOAN.
The following from the American Embassy at Santiago,
while bearing date Aug. 22, only appeared in "Commerce
Reports"
RTehpeOr
the flotation of a loan of 135,000,000 pesos to
in-g2:
fO
horiezt
ut
law ao
balance the budget for the current year was approved by the Chilean
wee
Senate Aug.
th
- e Ministry of Finance announced that the loan would be
3
raised in the country if the banking institutions established In Chile could
be induced to subscribe the full amount. On the 19th inst. the sum of
30,000,000 pesos had been taken up by various local banks in the following
proportions: Bank of Chile, 20,000,000 pesos; National Bank, 5,000,000
pesos; National Savings Bank, 5,000,000 pesos. The flotation of the
balance of the loan will be postponed for some time.
OFFERING OF NORTH CAROLINA JOINT STOCK LAND
BANK (DURHAM) BONDS.
At 102% and accrued interest, yielding about 4.65% to
the optional date and 5% thereafter, a $1,000,000 issue of
the North Carolina Joint Stock Land Bank of Durham
(North Carolina and Virginia) 5% Farm Loan bonds was
offered on Wednesday of this week (Nov. 8) by Bernhard,
Scholle & Co., Ames, Emerich & Co. and C. F. Childs &
Co., all of this city. The bonds, issued under the Federal
Farm Loan Act, are dated Nov. 1 1922, are due Nov. 1 1952
and are redeemable as a whole or in part on and after Nov. 1
1932. They are coupon bonds in denominations of $500,
$1,000 and $10,000, are fully registerable and interchangeable. Interest is payable semi-annually, May 1 and Nov. 1,
and principal and interest are payable at the Central Union
Trust Co., New York, or at the offices of the North Carolina
Joint Stock Land Bank in Durham, No, Caro. The exemption of these bonds from all Federal, State, municipal and
local taxation, excepting only inheritance taxes, confirmed
by the United States Supreme Court. They are legal investment for fiduciary and trust funds under the jurisdiction of the Federal Government. Acceptable as security for
postal savings and other deposits of Government funds.
The official circular states in part:
These bonds are the direct obligation of the North Carolina Joint Stock
pledge of first mortgages on farm lands or
Land Bank and are secured by
bonds and certificates of indebtedness. The
by United States Government
Bank operates under Federal charter and Government supervision. The
issuance of its bonds and the collateral pledged as security have been
approved by the Federal Farm Loan Board of the United States Treasury.
The bonds themselves are prepared by the Treasury Department.
The territory served in North Carolina and Virginia is one of the richest
and best established agricultural sections of the United States and produces.
Nov.11 1922.]
THE CHRONICLE
2105
The ten States (Reserve cities and country banks combined) reporting
principally tobacco, cotton, live stock, corn, beans, peanuts, garden truck,
fruit and vegetables. This diversification of crops makes for the stability the largest amount of savings deposits (together with the number of banks,
and prosperity of the region. According to data published by the Depart- number of depositors and the aggregate amount of individual deposits)
ment of Agriculture, there is contained in this section some of the richest are as follows:
State (Reserve Cities No.
agricultural soil in the United States.
Total Individual
Amount of
No.
and Country
Demand & Time
In each of the following North Carolina counties a unit of the Bank has
Savings
of
of
Deposits.
been formed and a number of the principal citizens of each county have
Deposits.
Banks)—
Banks. Depositors.
purchased capital stock of the parent organization:
Pennsylvania
$1,589,847,000
$522,807,000
1,629,259
779
New York
3,069,155,000
Martin
421
935.340
388,715,000
Craven
Wilson
Pitt
Beaufort
New Jersey
474,126,000
Person
208
469,196
198,450,000
Lenoir
Greene
Nash
Edgecombe
Illinois
858,059,000
585,318
157,130,000
403
Of these counties, Pitt is the largest tobacco raising, Martin, one of the
Ohio
579,678,000
277
148,408,000
535,878
producing
largest peanut producing, and Wilson one of the best tobacco
669,787,000
115
378,687
141,484,000
in the United States, with the largest leaf tobacco market in the world. Massachusetts
California
611,268,000
223
213,522
132,302,000
In addition to the above counties, the Bank operates in
Michigan
308,015,000
116
315,734
123,421,000
Wayne
Alamance Guilford
Harnett
Durham
Robeson
Virginia
230,001,000
161
100,636,000
292,176
Rockingham
Wake
Johnston
Orange
Caswell
Wisconsin
245,301,000
146
330,018
83,119,000
• ,k
Scotland
Randolph
The ten
Johnston County is one of the largest hog producing, Randolph is noted (together Reserve cities reporting the largest amount of savings deposits
with the number of banks, number of depositors and the aggregate
for its wheat producton and Robeson is reported to be the lamest cotton
amount of individual deposits) are as follows:
producing county in the State. We are further advised by the manageNo.
Total Individual
No.
Amount of
ment of the Bank that Scotland County is are of the twelve counties in
Demand & Time
of
of
Savings
tne United States that produces the largest per capita wealth from crops
City—
Deposits.
Banks.
Depositors.
total
Deposits.
of
amount
and Robeson one of the twelve that produces the largest
New York
$2,297,526.000
-- 16
187,346
$71,826,000
crop value in the United States.
*Chicago
489,178,000
24
198,465
43,866,000
The Bank's loan statistics as of Oct. 31 1922 show:
Los Angeles
135.863,000
35,930
37,667,000
Tata' applications for loans (approved by Bank and Federal
Denver
85,622,000
8
33,788
00
28,808,000
$777,850
examination)
147,461,000
8
117,482
27,730,000
Appraised value of land and improvements securing loans_ _ _ _2,062,487 00 St. Louis
Pittsburgh
223,302.000
10
52,044
27,453.000
Value of 1921 crops produced by farms securing the loans
362,900,000
10
25,828,000
897,811 46 Boston
32,801
approved
Portland
64,981,000
3
24,876,000
65,305
Which is 15.4% more than the entire amount of loans.
85,486,000
9
22,198.000
37.7% Seattle
64,478
Percentage of loans to total appraised value
San
Francisco
205,485,000
4
165.1%
21,721,000
34,671
Percentage of excess appraised value over mortgages
* Includes Central and other Reserve city banks within the city limits.
In connection with the foregoing, it is well to note that the total of all
classes of deposits in national banks reached the highest point Dec. 311919.
when they stood at $17,866,413,000. On that date total individual demand deposits amounted to $10,325,162,000, ant time deposits, including
postal savings deposits, $3,139,542,600. The abstracts of reports of each
successive call, with exception of May 4,June 30, Nov. 15 1920 and June 30
$43,435 1921, show demand deposits steadily decreased up to and including Sept.6
On loans made under the war powers
1921, when they amounted to $8,352,756,000, since which time the returns
$220,782
On export advances—From exporters
show a variation in amounts, but on June 30 1922 they had increased to
000— 220,782
—Fm banks
$9,152,415,000. During these two and one-half years time deposits, inOn agricultural and live stock advances:
cluding postal savings deposits, almost steadily increased in volume and
From banking and financial institutions
$6,603.170
amounted on June 30 1922 to $4,111,951,000, the greatest amount of time
From live stock loan companies
2,724,905
deposits ever reported by the national banks. The increase in the amount
From co-operative marketing associations
419,444— 9,207,519 of time
deposits between Dec. 31 1919 and June 30 1922 was $972,409,000
Total -------------------------------------------------$9,471,736 while the increase between June 30 1921 and June 30 1922 was $416,145,000.
It will be seen, therefore, that the tendency to save is steadily increasing.
REPAYMENTS RECEIVED BY WAR FINANCE CORPORATION.
On Nov. 2.it was announced that from Oct. 16 to Oct. 31,
inclusive, the repayments received by the War Finance
Corporation totaled $9,471,736, as follows:
The repayments received by the Corporation from Jan. 1
1922 to Oct. 31 1922,inclsive, on account of all loans totaled COMPTROLLER ORISSINGER REPORTS RESOURCES
$150,975,060.
OF NATIONAL BANKS SEPT. 15 IN EXCESS OF 20
BILLION DOLLARS— SEES BEGINNING OF
ACADVANCES BY WAR FINANCE CORPORATION ON
ERA OF PROSPERITY.
COUNT OF AGRICULTURAL AND LIVE
In a statement analyzing the returns of condition made by
STOCK PURPOSES.
The War Finance Corporation announced on Nov. 2 that the national banks under date of Sept. 15 1922, Comptroller
from Oct. 16 to Oct. 31 1922, inclusive, it had approved 12 of the Currency Crissinger makes known the fact that the
advances, aggregating $301,000, to financial institutions for total resources of these institutions were $1,206,919,000
greater on the date indicated than on Sept. 6 1921, the
agricultural and live stock purposes.
amount at the latest date reaching $20,926,099,000. Comptroller Crissinger refers to the liquidation in the amount of
TENTATIVE APPROVAL BY WAR FINANCE CORPORAloans and customers' acceptances and the decrease in the
TION OF ADVANCE TO PEANUT GROWERS'
amount of bills payable, etc., and states that "In view of the
EXCHANGE.
The War Finance Corporation announced on Nov. 6 conditions shown in the Sept. 15 1922 statement, together
that it had tentatively approved the application of the Pea- with the fact that all channels of commerce now appear to be
nut Growers' Exchange, Suffolk, Virginia, for an advance of active, following the recent industrial depression, there Is
not to exceed $1,000,000 for the purpose of financing the every reason for the expectation that we are now at the beginning of an era of prosperity." 'The following is Comporderly marketing of peanuts.
troller Crissinger's statement bearing on the summary of the
reports received from the 8,240 reporting national banks as
SAVINGS DEPOSITS IN NATIONAL BANKS EXCEED
of Sept. 15 1922:
THREE BILLION DOLLARS.
Continued improvement in the condition of our national banks is reflected
Evidence of increasing prosperity and thrift of the public in the statement
compiled by this bureau from the reports submitted
is reflected in the reports received by Comptroller of the as of September 15 1922. This statement compared with the statements
as
of
June
30
1922
and Sept. 6 1921, shows that our national banks have
Currency Crissinger from national banks relating particularly
very materially strengthened their condition during the past year and
to the number of savings accounts and savings deposits in are
now in a better position to respond to thefinancial needs of our industries
these associations on June 30 last. In a statement to this than at any time since the beginning of the deflation period.
In
this connection it is well to note that the total of resources of national
effect issued on Oct. 18 the Comptroller says:
These reports show that there were 5,782 national banks in the Continen- banks reached the highest point in the history of the National Banking
tal United States carrying savings accounts or operating savings depart- System Dec. 31 1919, when they totaled $23,684,874,000. Loans and
ments and that they were custodians of $3,046,054,000 savings deposits discounts, including rediscounts, however, did not reach the highest
credited to 8,873,327 depositors, to whom the banks were paying interest point until Nov. 15 1920, when they amounted to $13,764,721,000. Be-at an average rate of 3.75%. These figures (representing the greatest tween that date and May 5 1922 the amount of loans steadily decreased •
amount of deposits of this character ever reported by national banks) and on the last-mentioned date they had dropped to $11,184,116,000.
The following statement shows the amount of loans, customers' acceptcompared with June 30 1921 show an increase of 162 in the number of
banks, which are featuring this class of business, an increase of 764,085 in ances, bonds, etc., owned, aggregate resources, deposits, bills payable,
rediscounts
and aceptances of national banks on the three dates:
number of depositors, and an increase of $88,499,000 in savings deposits.
Dec. 311919.
Nov. 15 1920.
May 5 1922.
The average rate of interest paid on savings deposits for the two years
Loans and discounts_ _ _ _$12,759,726,000 $13,764,721,000 $11,184,116,000
remains practically the same.
393,552,000
384,619,000
The increases noted do not fully express the differences between the two Customers' acceptances_
168,935,000
dates by reason of the fact that in the returns for June 30 1922 all savings United States securities_ 2,723,493,000 2,152,465,000 2,124,691,000
Other
bonds.
&c
1,985,218,000
1,953,827,000
characterization
of
deposits were excluded which did not come within the
2,162,586,000
23,684,874,000 23,535,120,000 20,176,648.000
savings deposits as defined by the Federal Reserve Board. There are Aggregate resources_
17,866,413,000 16,961.702,000 15,766,988,000
many national banks having savings accounts that do not require 30 days' Total deposits
938,311,000
notice of withdrawal returnsfrom which were included in the 1921 summary, Bills payable
937,426,000
248,681,000
Rediscounts
but not in the 1922.
973.499,000
1,453,207,000
285,940,000
The Eastern States ratik first in the number of savings depositors and Acceptances
407,639,000
406,525,000
184,880,000
amount of their deposits, with 1,519 banks, 3,229,508 depositors and
From the foregoing it will be seen that the liquidation in the amount
of
31.196,300,000 deposits. The Middle Western States are second in number loans and customers' acceptances has been largely offset by a
decrease
of depositors and amount of deposits with 1,720 banks, 2,619,410 depositors in the amount of bills payable, rediscounts and
liability for acceptances,
and $733,873,000 deposits. The Southern States rank third with 933, and in view of the conditions shown in the Sept.
15 1922
tobanks, 1,332,389 depositors and $469,494,000 deposits.
gether with the fact that all channels of commerce now statement
appear to be
2106
[VOL. 115.
THE CHRONICLE
active, following the recent industrial depression, there is every reason
for the expectation that we are now at the beginning of an era of prosperity.
In the following statement, showing the condition of all national banks
as of Sept. 15 1922, compared with June 30 1922 and Sept. 6 1921, it will
be noted that the reduction in loans and discounts, including rediscounts,
since June 30, was $12,189,000 and the reduction since Sept. 6 1921 was
$446,667,000. Investments in United States Government securities
Increased $117,033,000 since June 30 1922 and $540,515,000 since Sept.
6 1921, other bonds, stocks, securities, etc., increased $11,916,000 since
June 30 1922 and $316.033,000 since Sept. 6 1921, due from banks and
bankers increased $264,967,000 since June 30 1922 and $639,153,000
since Sept. 6 1921, total deposits increased $378,198,000 since June 30
1922 and $2,037,910,000 since Sept. 6 1921, bills payable and rediscounts
decreased $79,428,000 since June 30 1922 and $827,449,000 since Sept. 6
1921, and liability on account of acceptances also shows a very decided
reduction between the two dates. New record marks are shown for
national bank circulation and time deposits.
Changes in the Items of Resources and Liabilities of All Reporting National Banks
Sept. 15 1922 Compared lVith June 30 1922 and Sept. 6 1921,
SinceJune30'22, Since Sept.6'21.
Increase (4-) or Increase (+) or
Resources—
Decrease (—). Decrease (—).
and
discounts
and
reLoans
discounts
11,236,025,000
—12,189,000 —446,667,000
Overdrafts
12,141,000
+2,943,000
—214,000
Customers' liability acceptances
171,190,000
—5,048,000
—31,164,000
U. S. Government securities
2,402,492,000 +117,033,000 +540,515,000
Other bonds, stocks, &c
2,289,782,000
+11,916,000 +316,033,000
Banking house,furniture & fixtures 459,020,000
+6,586,000
+37,993,000
Other real estate owned
67,789,000
+3,406,000
+14,850,000
Lawful reserve with Fed. Res.Bank 1,332,104,000 +800,499,000 +202,126,000
Items with Fed. Res. Bank In
process of collection
418,923,000
+63,257,000 +113,454,000
Cash
331,951,000
+5,770,000
—25,847,000
Amount due from national banks 1,063,695,000
+88,720,000 +255,076,000
Amount due from banks, bankers
and trust companies
299,541,000
+32,491,000
+68,497,000
Exchanges for clearing house
614,771,000 —152,325,000 +146,926,000
Checks on other banks in the same
place
54,623,000
—8,771,000
—350,000
63,112,000
Outside checks and other cash items
—1,816,000
+7,870,000
Redemption fund and due from
36,656,000
U. S. Treasurer
—111,000
+811,000
172,284,000
Other assets
—12,272,000
+7,010,000
Total
$20,926,099,000 +8220,089,000+$1,206,919,000
Liabilities—
Capital stock paid In
$1,307,122,000
—$94,000 +$30,945,000
Surplus fund
1,042,197,000
—6,609,000
+14,824,000
Undivided profits, less expenses
and taxes paid
• 539,047,000
+46,613,000
+263,000
Circulation outstanding
726,789,000
+1,041,000
+22,121,000
Amount due to Fed. Res. Bank_ _ _
26,472,000
+6,620,000
+10,404,000
Amount due to national banks_ _ .._ 1,031,648,000 +114,908,000 +273,663,000
Amount due to State banks, bankers and trust companies
1,582,444,000
+16,985,000
Certified checks outstanding
164,427,000
—41,255,000 +239,199,000
+39,557,000
Cashiers' checks outstanding
2,208,991,000
—36,100,000
+33,748,000
Demand deposits
9,270,378,000 +117,963,000 +917,622,000
Time deposits(incl. Postal Savings) 4,169,220,000
+57,269,000 +488,516,000
United States deposits
145,182,000
+41,808,000
+35,201,000
Total der o3its
16,598,762,000 +278,198,000 +2,037,910,000
U.S. Govt. securities borrowed _ _ _
38,104,000
—4,371,000
—46,743,000
bonds
&
securities
borrowed
Other
2,990,000
+93,000
—240,000
Bills payable
—46,716,000 —369,930,000
181,765,000
Notes and bills rediscounted
247,559,000
—32,712,000 —457,519,000
Letters of credit and travelers'
checks sold for cash
6,639,000
—1,617,000
+1,667,000
"Acceptances" executed for customers, .1ce
165,715,000
—7,172,000
+40,792,000
17,654,000
"Acceptances" executed by ether
banks
+1,160,000
+5,981,000
51,756,000
Other liabilities
—7,725,000
+8.436,000
$20,926,099,000 +$220,089,000+$1,206 919
Total
Number of reporting banks Sept. 15 1922, 8,240; Sept.6 1921, 8,155; increase,000
Percentage of loans to deposits on Sept. 15 1922 was 67.69.
Percentage of loans to deposits on June 30 1922 was 68.92.
Percentage of loans to deposits on Sept.6 1921 was 80.23.
In the case of the suspension for ten days of Eli S. Newburger, President Cromwell said:
A charge and specification having been referred, of violation of the ResolUtion of the Governing Committee of November 23 1921,effective Dec.15
1921 regarding advertising, against Eli S. Newburger, a member of this Exchange and a member of the firm of Landen, Varcoe & Co.,said charge and
specifications were considered at a meeting held on Nov.8 1922, said Eli S.
Newburger being present, and the Governing Committee having determined
that said Eli S. Newburger was guilty of said charge and specifications,
said Eli S. Newburger was suspended for the period of ten days,commencing
Nov. 8 1922.
The Chairman wishes to have it clearly understood that the penalty
imposed upon Messrs. Landen, Varcoe & Co. was for the infraction of a resolution on advertising of the Exchange with which every member is under
obligation to be familiar.
There is no implication of any wrongdoing or any imporper dealings on the
part of this firm, whose standards are high, and whose reputation is above
reproach, but the Governing Committee felt that it was necessary to impose
this penalty in order to impress upon all the members of the Exchange that
resolutions looking toward the proper government of this Exchange cannot
be either wilfully or carelessly disregarded.
According to the daily papers, the firm of C. P. Holzderber & Co. was dissolved on the afternoon of Nov. 9 and
a new firm, consisting of Oliver B. Bridgeman, Charles L.
Edey and George Henriques, all members of the old firm,
formed under the name of Bridgeman & Edey, to take over
the business.
MO.
CORNELIUS J. KELLEY EXPELLED FROM CONSOLIDATED STOCK EXCHANGE.
Cornelius J. Kelley, 25 Brcad St., this city, was expelled
from the Consolidated Stock Exchange of New York on
Nov. 10. W. S. Silkworth, President of the Exchange,
issued the following statement:
Our Bureau of Auditing and Accounting has been investigating Kelley's
connection with questionable brokerage houses for some time, and came
Into possession of documentary evidence in the form of "confirmation
blanks" showing that Kelley was furnishing names for fictitious trades.
Kelley, since he has been a member of the Exchange, about one and onehalf years, has been rarely on the floor of the Exchange."
Kelley was admitted to the Exchange May 18 1921. He did not do a
commission business and had no dealings with the public.
SUPREME COURT ORDERS SALE OF AMERICAN
COTTON EXCHANGE BUILDING.
Supreme Court Justice Robert F. Wagner on Nov. 3
ordered the Hudson Trust Co. rnd Henry Schneider, as
receivers for the American Cotton Exchange, to sell the
property of the exchange at 81 Broad St., this city, at public
auction to the highest bidder for cash at some time prior to
Feb. 1 1923. This order was in answer to a petition submitted for the receivers in which it was declared it was
necessary to sell the property in order to conserve the assets
of the exchange, as claims against the corporation fall due
prior to February which cannot otherwise be met.. The
Court also ordered the receivers to seek to procure a private
before the fixing of a date for public sale. They
NEW YORK STOCK EXCHANGE EXPELS CHARLES P. purchaser
instructed to submit for the approval of the Court
further
are
AND
HOLZDERBER
SAMUEL NAST AND SUSor in excess of the assessed valuation of the
equal
offer
any
PENDS ELI S. NEWBURGER FOR TEN DAYS.
said,is given in the petition as $180,000.
On Thursday, Nov. 9, announcement was made from the property, which; it is
is said, that the property has a fair and
it
states,
Petition
The
rostrum of the New York Stock Exchange of the expulsion
of $196,000.
value
market
reasonable
of Charles P. Holzderber of the firm of C.,P. Holzderber &
Broad
St.,
this
city,
and
20
of
Co.,
Samuel Nast of the
SHORTAGE
failed firm of Nast &'Co. of Chicago, and the suspension FEDERAL RESERVE BOARD FINDS CAR
IMPORTANT FACTOR IN INDUSTRIAL SITUAof Eli S. Newburger of the firm of Landen, Varcoe & Co. of
TION DURING OCTOBER. •
Columbus, Ohio, for a period of ten days from Nov. 8. In
connection with the expulsion of Charles P. Holzderber,
Difficulties in handling the increased freight traffic due
Seymour L. Cromwell, the President of the Exchange,said:
to car shortage have become an important factor in the curA charge and specifications having been preferred under
Section 6 of rent industrial situation during October, the Federal Reserve
Article XVII of the Constitution against Charles P. Holzderber, a member
in its summary of general business and finanof the Exchange, said charge and specifications were considered by the Board states
Governing Committee at a meeting held on Nov. 8 1922, said
conditions throughout the several Federal Reserve Discial
Charles
P.
Holzderber being present; and the Governing
Committee having deter- tricts during the month. The Board adds:
•
mined that said Charles P. Holzderber was gulty of said charge and
specifications, said Charles P. Holzderber was expelled.
Charles P. Holzderber has been expelled from the New York
Stock
Exchange for so manipulating reports of executions that he was
able to
make profits on many orders executed by him over and above his proper
commission. These acts were made in number. The period during
which
the Committee had proof of the acts was in 1916.
The Committee, wishes to draw the attention of members to the fact
that the present associates of Mr. Holzderber in the firm of Charles P.
Holzderber & Co., were in no way involved in the actions cf Mr. Holzderber
and immediate steps will be taken for the dissc lution of that film.
In announcing the expulsion of Samuel Nast, President
Cromwell said:
At a meeting of the Governing Committee yesterday, said Committee
determined that the failure of Nast & Company on July 14 1922, cf which
firm Samuel Nast was a member, was caused by reckless and unbu,inesslike dealing, and the said Samuel Nast was expelled, urder Section 5, Article XV,of the constitution; also the Governing Committee directed the ComInittee on Admissions, under Section 8, Article XV, of the constituticn, to
dispose of the memberzbip of the said Samuel Nast forthwith.
The charges as a result of whieh Mr. Nast as been expelled frcm
Exc iange were that his insolvency had been brought atcut through speculation with theTunds of his clients.
The action of the Governing Committee followed an unreserved acknowledgment,by Mr. Nast of the truth of these charges.
The total number of cars loaded increased during September chiefly because of heavy loadings of coal and live stock, and during the last week of
the month the car loadings were greater than for any week since October
1920. The production of bituminous and anthracite coal was checked in the
latter part of September by the general shortage of coal cars, a shortage of
over 40,000 coal cars developing in less than a month after the settlement of
the strike. A shortage of box cars appeared in the first week in August, and
by Oct. 7 amounted to 71,063 cars. The difficulty in securing cars for shipments has led to some curtailment of production in lumber and finished steel
products. The output of pig iron and steel ingots, however, has expanded
steadily since August. Cotton and woolen mills continue to operate at close
to capacity and shoe factories have a large volume of business. Agricultural
receipts, particularly those of live stock, continue to be heavy.
The chief reporting lines of wholesale trade showed improvement during
September. Increases in sales of hardware and furniture, as compared with
August 1922 and September 1921, reflect the large volume of residential
building during recent months. Seasonal declines occurred in sales of farm
implements and automobile supplies, but eales were much larger than a year
ago. Retail trade continued to improve during September and department
store sales were larger in all districts than in September 1921.
The wholesale price index of the Bureau of Labor Statistics declined from
153 in August to 153 in September. This drop was chiefly due to the decline
in coal prices after the opening of the mines. Prices of building materials
and metals continued to rise as a result of the prolonged building'activity and
the scarcity caused by traffic embargoes and the car shortage.
Nov. 11 1922.]
THE CHRONICLE
2107
Bank debits to individual accounts in 140 cities, excluding New York, were
4% larger in September than in August 1922 and 9% larger than in Septemthan a
ber 1921. In New York City debits in September were 5% larger
month earlier and 19% larger than in 1921.
Loans of reporting banks in leading cities show an increase of $366,000,000
for the four weeks ended Oct. 18, and their demand deposits show an advance
of $245,000,000. Investments of these banks, in United States securities,
which showed some decline during the early part of the period, increased by
$144,000,000 during the last week, when the Government floated its first
post-war long-term bond issue. Federal Reserve Bank discounts for the four
weeks ended Oct. 25 show an increase of $49,000,000, their holdings of acceptances increased by $20,000,000, while Government securities held by
these banks declined by $43,000,000. Federal Reserve note circulation expanded by $55,000,000 during the period. The reserve ratio shows a decrease
from 78.4 to 77.6%. This change in the ratio resulted from the increase in
note liabilities, only partially offset by an increase of $9,000,000 in cash reserves.
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The following institutions were admitted to the Federal
Reserve System during the week ended Nov. 3:
Condition of the Acceptance Market Sept. 15 to Oct. 15 1922.
According to the reports received by the Federal Reserve Board from the
various Federal Reserve banks, the acceptance market was for the most part
irregular and sluggish during the first part of the period under review, but
later became active and showed a considerable improvement. The advance in
rates to a level more nearly in line with that of other short term investments
of equal security has caused bills to move more freely and has widened the
market to some extent.
In District No. 2 (New York) during the first part of the period under review the supply of bills was too large for the market to absorb at the offered
general
rates, and dealers were reluctant to take a position in view of the
354 bid to 31
4
/
feeling that rates were out of line. As rates advanced from
The
2 offered, a better demand developed.
/
offered to 3%@3% bid and 31
inmarket widened, and during the curren period bills were sold to various
some
vestors, including savings banks which have been out of the market for
bebut
limited,
time past. District No. 1 (Boston) reports that bills were
rates
came abundant towards the close of the period. With the advance in
the demand increased considerably, but not sufficient to take care of all offerings. District No. 3 (Philadelphia) also reports a steadily improved market
The transfer books for registered notes of the uncalled series, bearing
the distinguishing letters G. H, I, 3, K or L prefixed to their serial numbers, will be closed from Nov. 15 to Dec. 15 on account of the Dec. 15
Interest payment, and interest checks covering the Dec. 15 interest
thereon will go forward in regular course to holders of record on Nov. 15.
It will therefore be necessary, upon presentation of uncalled registered
notes during the closed period, for holders to make adjustment of interest
by paying to the United States an amount equal to the interest from the
date of redemption to Dec. 15.
As to called Victory notes, bearing the distinguishing letters A. B, C.
D, E or F prefixed to their serial numbers, no difficulty arises, for the
transfer books for such notes do not close on Nov. 15 and payments of
interest thereon will be made simultaneously with the payments of principal, even upon presentation after Nov. 15. '
Total
Capital. Surplus. Resources.
District No. 2—
Springfield Avenue Trust Co., Newark,
$200,000 $100,000 $4,959,464
New Jersey
District No. 11—
105,154
The Guaranty State Bank,Tahoka,Texas_ 25,000
SECRETARY OF TREASURY MELLON ON REDEMP4% VICTORY NOTES.
TION OF 43
On Nov. 9 Secretary of the Treasury Mellon called attention to the Treasury's outstanding offer to redeem, at the
FEDERAL RESERVE BOARD ON CONDITION OF AC- option of the holder, at par and accrued interest to the
CEPTANCE MARKET.
date of optional redemption, any of the 434% Victory notes,
In a statement relative to the condition of the acceptance whether or not called for redemption, which may be premarket from Sept. 15 to Oct. 15 1922 the Federal Reserve sented to the Federal Reserve banks or the Treasury Department for advance redemption. Mr. Mellon stated:
Board had the following to say under date of Nov. 2:
as money became firmer.
Districts No. 4 (Cleveland) and No. 7 (Chicago) both report a slight demand and limited supply. In the latter District (Chicago) there has been a
continuation of the decrease in the volume of bills accepted and bills sold,
noted in the last report, although bills bought have increased over 200% and
bills held at the close of September, over 90%.
In District No. 12 (San Francisco) the supply remains sufficient to meet a
slightly increased demand. In this District a widening of the market has
been manifest with more numerous inquiries from country banks. District
No. 10 (Kansas City) reports a scant supply and strong demand for bills,
with the result that paper has moved freely. In District No. 6 (Atlanta) the
market has continued very quiet, 21 of the 25 reporting banks showing no
transactions in acceptances for the period. District No. 8 (St. Louis) also
reports that the market has continued dull and featureless. In District No.
11 (Dallas) there was increased activity, the volume of acceptances executed
and outstanding increasing from $476,241 on Aug. 31 to $1,403,750 on Sept.
30.
In District No. 2 (New York) the bulk of acceptances executed were based
upon the following commodities, in order of their importance, cotton, grain,
sugar, silk, meat products, coffee and dollar exchange. In addition, bills
were executed in other Districts against agricultural implements, hides and
skins, wool, wheat, oils, iron, the importation of shellac, woolen rags and tea,
the exportation of paint and varnish, and the storage of canned goods.
In Districts No. 1 (Boston), No. 2 (New York) and No. 4 (Cleveland), the
increased demand has caused bills to move more freely, while District No. 3
(Philadelphia) and No. 7 (Chicago) report they are not yet moving freely at
the offered rates. The best demand has been for 30 to 60 day maturities,
with a slight demand for 90 day maturities. District No. 12 (San Francisco)
reports a growing preference for longer term bills and gives the distribution
of maturities for the period under review as follows:
Aug. 15 to
Sept. 15
Sept. 15.
Maturities.
to Oct. 15.
22.8
30 days
25.5
55.3
60 days
21.6
19.4
90 days
35.9
2.5
120 days
15.0
150 days
2.0
SECRETARY MELLON ON REDUCTION IN PUBLIC
DEBT SINCE PEAK OF 1919.
In a statement on Nov. 3 dealing with the status of the
debt of the United States on Oct. 31 1922, Secretary of the
Treasury Mellon shows that except for the temporary increase of $265,000,000 in the debt during October, uninterrupted progress has been made in reducing the debt from the
peak registered on Aug. 31 1919, viz., $26,596,701. The
following is Secretary Mellon's statement:
The preliminary statement of the pubrc debt on Oct. 31 1922 shows the
results of the rented ing lssue ef Treasury bonds on Oct. 16 1922, and at the
same time emphasizes the progress which has been made by the Treasury
In the orderly fu-'ding and gradual liquidation of the public debt, particularly the short-dated debt.
Ever since the war debt reached its peak, on Aug. 311919. the Treasury
has made almost uninterrupted progress in its reduction, though, fecessally, there are fluctuations from time to time as a result of borrowings for
refunding purposes and temporary deUciencies in the current revenues.
This was the case, for example, in October, when there was a temporary
Increase in the euhl'c debt as a la suit ef the refunding operations on Oct. 16
and the excess of current expenditures, arising chiefly from heavy payments of interest on the public debt.
Income and prorts tars, wh'ch constitute the Government's heaviest
receipts, are paid quarterly, in March, June, September and December of
each year, while interest payments, which constitute the largest single item
of Government expense,fall chiefly in March,April. May,June,September,
October, November. December. In these circumstances one month's
operations necessarily give a distorted picture, and it takes at least a full
euarter. or even a Nil year, in order to get a corm ct view of the Government's finances.
The following table shows the gross public debt on the basis of daily
Treasury statements for each euarter from Aug. 31 1919, when the debt
reached its peak, to Oct. 31 1922, and indicates how regularly the debt
reduction has progressed.
Total Gross Debt,
Less Net Balance
in General Fund.
Total Gross Debt.
1919—A ug. 31
826,596,701,648 01 825,478,592,113 25
Dec. 31
25,837,078,807 38 24,849.663.347 73
1920—Mar. 31
24,698,671,584 52 24,447,049,046 33
June 30
24,299,321,467 07 23,941,619.784 84
F.
TV. B. NEWSOME SUCCEEDS THE LATE WILLIAM
Sept.30
24,087,356,128 65 23,652.395.078 55
Dec. 31
23,982,224,168 16 23,477,272.773 96
RAMSEY AS CHAIRMAN OF THE BOARD OF THE
1921—Mar.31
23,980,104,397 83 23,365,510,971 05
BANK.
DALLAS FEDERAL RESERVE
June 30
23,977,450,552 54 23.427,772,446 78
Sept.30
23,924,108,125 06 23,166,432,894 45
W. B. Newsome of Dallas, Tex., was chosen by the Fed22,951,216,822 21
1922—Dec. 31
23,438,984,351 36
eral Reserve Board on Nov. 2 as Chairman of the Board of
23,144,616,493 19 22,773,214,705 18
Mar. 31
22,691,276.195 68
June 30
22,963,381,708 31
Directors of the Dallas Federal Reserve Bank and Federal
22,812,407.791 30 22,555,568.061 86
Sept.30
Reserve Agent, succeeding Judge Willim F. Ramsey, who
22,665,438,396 14
Oct. 31
23,077,783,935 86
died on Oct. 27. Judge Ramsey, who died after a brief
The progress made in dealing with the short-dated debt has been still
illness, had been appointed Class C director and Federal more
striking. On April 30 1921, when the Treasury first announced its
Reserve Agent, of the Reserve Bank of Dallas, effective refunding
program, there was over $7,500,000,000 of debt maturing before
Jan. 15 1916. He was redesignated Reserve Agent in De- the end of the present fiscal year. By Oct.31 1922,that is to say,eighteen
cember last year. His term as Reserve Agent would have months later. about $4,500,000,000 had already been retired or refunded,
expired on Jan. 31 of the present year and his term as direc- leaving about $3,000,000,000 to be refinanced during the balance of the
tor Dec. 31 1923. Judge Ramsey was 67 years of age. Mr. year.
certificates outstanding all have tax maturities, and the total
Newsome, his successor as Chairman of the Dallas Federal Is Treasury
now less than $1.000,000,000, the lowest figure for several years back.
Reserve Bank, had been Deputy Chairman.
A s for the Dec. 15 maturities of certificates and called Victory notes, the
refunding operations have already reduced them to manageable peopordons, and there will be further retirements between now and Dec. 15 out
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE of existing Treasury balances, pursuant to general offers already made to
redeem called Victory notes and Dec. 15 certificates before maturity.
BOARD TO EXERCISE TRUST POWERS.
Against its December maturities,the Treasury will receive,it is estimate'
The Federal Reserve Board has granted permission to the about $275,000,000 in income and profits taxes, whicn will still further
powers:
the amount requiring to be refunded. There is every assurance t
trust
duce
exercise
to
following institutions
the refunding which remains to be accomplished will be completed wit
American National Bank of Portsmouth, Portsmouth, Va.
strain on the country's financial machinery and without disturbanc
The First National Bank of Dalton, Dalton, Ga.
the market for outstanding securities.
The Long Beach National Bank, Long Beach, Calif.
2108
THE CHRONICLE
SPECIAL SESSION OF CONGRESS ON NOV. 20.
A call to Congress to meet in extra session on Monday,
Nov. 20—two weeks in advance of the convening of the
regular session—was issued by President Harding on Nov.9.
The President does not make known the purpose of his call,
merely stating that "an extraordinary occasion" requires
the calling of the extra session. It is understood, however,
that the ship subsidy measure will be urged for action in
the communication which the President will present to Congress at the special session. The following is the President's
proclamation:
Whereas public interests require that the Congress of the United States
should be convened in extra session at 12 o'clock noon, on the twentieth
day of November. nineteen twenty-two, to receive such communications
as may be made by the Executive:
Now, therefore, I, Warren 0. Harding, President of the United States
of America, do hereby proclaim and declare that an extraordinary occasion
requires the Congress of the United States to convene in extra session
at the Capitol in the City of Washington, on the twentieth day of Ncvember nineteen hundred and twenty-two, at 12 o'clock noon, of which
all persons who shall at that time be entitled to act as members thereof
are he2eby required to take notice.
• In witness whereof I have hereunto set my hand and have caused the
seal of the United States to be affixed.
Done at the City of Washington this ninth day of Novembee, in the
year of our Lord one thousand nine hundred and twenty-two, and of the
independence of the United States the one hundred and forty-seventh.
WARREN G. HARDING.
Commenting on the fact that the ship subsidy hill is
expected to receive attention at the extra session, the
"Jounral of Commerce," in its Washington advices, Nov.
9, added:
The President agreed to postponement of action on this measure at the
last session upon assurances of party leaders that it would be taken up
without delay when Congress reconvened.
While the House itself is working on this bill its Appropriation Committee,
divided into sub-committees, will work on the supply measures, which really
provide the most important task facing Congress at the regular session. The
members of the Appropriations Committee have been called by Chairman
Madden to meet to-morrow to begin the work of providing the Government
with appropriations for the fiscal year ending June 30 1924, and budget
bureau estimates for most of the departments are virtually completed.
Leaders hope to have four or five appropriations bills ready for the House
by Dec. 4, when the regular session will begin.
The Senate has several important measures left over from the last
session, including the Dyer anti-lynching bill, which has been passed by the
House, and it is probable that President Harding will make some definite
recommendation at the outset of the session as to changes in the Transportation Act. The Senate also will receive a number of nominations soon
after It convenes, including the name of the successor to Associate Justice
Day of the Supreme Court, appointments to the more than a score of
Federal judgeships created at the last session and many others.
Two New Senators.
Except in the case of vacancies none of the new members of Congress
chosen at Tuesday's election will take their seat until after next March 4.
Two new faces probably will appear in the Senate when it meets Nov. 20.
Walter F. George was elected Tuesday in Georgia to fill the vacancy
caused by the death of Senator Watson, and if a recount in Delaware
confirms the unofficial returns showing Thomas F. Bayard, Democrat, to
have been elected over T. Coleman du Pont, Republican, who is serving
out the unexpired term of J. 0. Wolcott, resigned, Mr. Bayard will take
his seat when the special session is convened.
Congress adjourned on Sept. 22, as indicated in these
columns Sept. 23, page 1384.
PRESIDENT HARDING'S LETTER TO REPRESENTATIVE MONDELL PRAISING WORK OF CONGRESS.
The accomplishments of the Sixty-seventh Congress are
commended by President Harding in a letter addressed to
Representative Mondell, Republican leader of the House,
and made public at the White House on Oct. 15th.
Few Congresses, says the President, "have been called
upon for such arduous service as has been exacted from
the Sixty-seventh," and he adds, "I doubt if any Congress
in our history has accomplished so imr.ressive a volume of
work, touching so wide a range of national interest." Among
other things, he states that "the two Congresses serving
since the restoration of peace have seen a world-wide inflation
and deflation. Our country has borne its part in this
experience without even menace to our old standard monetary
system. . . . Our Government's expenses have been
reduced in a proportion unequaled I think any where else.
Our war debt has been impressively reduced, and policies
have been adopted which insure continuing reduction hereafter. Our military and naval expenses have been restored
approximately to normal, with a promptness which is the
more striking if we contrast it with the experience of other
nations which participated in the war." The letter, which
also expresses appreciation of Representative Monde11's
work as majority leader, reads as follows:
I am addressing you in testimony of my appreciation of the great public
service of the present House of Representatives and of yourself as its
majority leader. It is an acknowledgment which I record in this manner
with the more satisfaction, because of my warm personal sentiment for
yourself, as well as my high estimate of your performance in the most
[VOL. 115.
trying post under our Government. It has been a pleasure and reassurance
to know that your fine resources of patience, sound judgment, candor and
legislative experience were always ready for application to the problems
which have confronted the Administration.
Few Congresses have been called upon for such arduous service as has
been exacted from the Sixty-seventh. It has been in approximately continuous sitting from the day it came into existence. In the realm of
achievement, its record is notable. I doubt if any Congress in our history
has accomplished so impressive a volume of work, touching so wide a range
of national interest.
One must dissent from the too prevalent idea that our plan of Congressional Government is not proving equal to the strain of these times. The
most casual student of history, comparing the legislative record of the
reconstruction period following the Civil War with that of the period
following the World War, must realize that we have gone far toward lessening partisan, factional, personal and sectional strife in the law-making
process. Whoever will compare the turbulent period of legislative and
political history from the close of the Civil War to the end of President
Hayes's Administration with the record made since the armistice,four years
ago, must agree with this judgment. He will find, in the earlier period,
such convulsions as marked the impeachment of one President, an embittered national election contest, and a prevalent conflict between legislative and executive branches. Contrasted with that showing,the businesslike fashion in which the Sixty-seventh Congress has addressed itself to its
huge task ought to inspire us with the conviction that conditions nowadays
are met quite as fortunately as may be expected.
Moreover, Civil War reconstruction was simpler than that reconstruction
we are now carrying on, because following the Civil War it was possible for
our country to lean upon the financial and economic strength of other
countries which had not suffered by the struggle, whereas to-day our
strength is the staff upon which others would lean. Then we could turn
for help to many others who were able to give it, now we find not a few
help.
of them turning to us for
If it be urged that we cannot fairly compare the conditions of one generathen let there be a comparison of the progress
another,
tion with those of
wnich our country has been making since the armistice, with that of any
other major belligerent in the World War. It must be agreed that we have
come through this trying epoch with less of distress and disaster than many
others of the great Powers.
So, whether the comparison is made with our own experience in afterwar reconstruction a generation ago or with the experiences of other nations
it is clear that we have been most forIn the years since the World War,
tunate. The Sixty-seventh Congress must be awarded recognition for
splTehndeidtwaochcieovnegressmenests aselorngvingthsernecelintehse.
restoration of peace have seen a
world-wide inflation and deflation. Our country has borne its part in this
menace
to
our
gold
standard money system. What
oven
experience without
other country has such a record? Our Government's expenses have been
reduced in a proportion unequaled, I think, anywhere else.
Our war debt has been impressively reduced, and policies have been
adopted which insure continuing reduction hereaft3r. Our military and
naval expenses have been restored approximately to normal, with a promptness which is the more striking if we contrast it with the experience of other
rn
detia
nilthceonwcaer.
icifpoarted
nho pnaeretd
sic
oe
nrsewih
tlh
naT
ing the legislation which has been
passed by the Sixty-seventh Congress. In a time when wide differences in
producing costs and a well-nigh universal tendency to erect barriers against
international trade were menacing our commerce and industry we have
passed tariff legislation which first protects our own producers,and,second,
through its provisions for administrative adjustment of duties to changing
conditions, makes possible to adapt them to shifting economic relations and
enables us to encourage foreign trade. In the present disturbed condition
world trade, I believe that by inaugurating this
of money, exchanges and
elasticity we have set an example which the compolicy of flexibility and
mercial world will accept as a truly constructive foundation on which to
cot
resT
thoeu;:irs
tect our national interests, but in many ways real
piriocY
s ioPo
nune
dutyrcilat
protection comes from co-operation with other nations. The best intentgenre of the day recognizes the need to encourage intimacy and understanding in the social, economic and political family of nations; and it recognizes that,in thus inaugurating a plan which looks to intimate consideration
a means of true unification and solidarity
of the facts, we are offering
among the interests which make up our industrial civilization, and we are
solution
of some of the most perplexing economic
taking a step toward the
nations.
.
thtthoeugnhattsioins
confront
in
which co
aloofness from the rest of the world.
ich
last thing
ems
Tbhle
pro
We wish to be helpful, neighborly, useful. To protect ourselves first and
through that policy, for the general
accruing
strength,
then to use the
welfare of mankind, is our sincere purpose.
No other belligerent country has, since the restoration of peace, reduced
its expenditures so rapidly as has our own. For the year ending June 30
1920 our public expenditures aggregated $6,403,343.000, a year later
$5,115,990,000. For the fiscal year 1922 $3,373,607,000.
This has been possible through united and determined effort, legislative
and administrative, based on the sound business policy of proper budget
organization. The appropriation for the army for the fiscal year 1922-23
is less than one-third that for the year 1919-20; nearly as great a reduction
has been accomplished in the navy.
In all other directions, save only in the provision for the care of those
who fought the war for us, there have been similar economies. In making
provision to care for the rehabilitation of wounded, diseased and disabled
men of the service no expense has been spared that was necessary to perform
the full national duty gratefully and generously.
The national fiscal policy has been directed to arrest the too rapid
deflation which had set in, and to this end there has been a progressive
reduction of the Federal Reserve discount rate. As a result of these
policies, Liberty bonds have progressively risen in value. The general
financial situation has steadily improved, and to-day the country has a
brighter prospect ahead of its business, industry and agriculture than at
any time since the mistaken program of drastic deflation adopted by those
who were then in control of Government policies.
There is reason for the most cordial commendation of the program of
measures enacted by the Congress for the rehabilitation of agriculture, the
financing of the farmers' needs, the opening of foreign markets for their
products, and the general stabilization of the industry. The agricultural
interest was perhaps the worst sufferer from the slump which followed the
restoration of peace, and it cannot but be a gratification to you and your
associates who had so much to do with framing this legislative program
that such far reaching and beneficial results have followed it.
Without attempting to suggest an enumeration of the accomplishments
for which the country is indebted to the Sixty-seventh Congress, and Its
immediate predecessor, it is befitting to appraise the general results, which
have been so'helpful to American welfare that they will not fail to appeal
to the approval of the American people.
Nov.11 1922.]
THE CHRONICLE
SECRETARY HOOVER ON ECONOMIES AND ACCOMPLISHMENTS OF HARDING ADMINISTRATION.
Under the caption "Eighteen Months of Business in Government, Herbert Hoover, Secretary of Commerce, in reciting at Grand Rapids on Oct. 17, the accomplishments
of the Harding Administration, declared that a reduction of
$1,768,000,000 in Federal expenditures had been accomplished
through "economy in every direction." The national debt, he
stated, had been reduced to the extent of $1,233,000,000 between March 3 1921 and September 30 1922, or from $24,045,000,000 to $22,812,000,000. He likewise referred to the fact
that the Funding Commission, established to handle the foreign debt, was rapidly reaching a settlement with the British
Government, by which their payments are to begin at once—
this bringing into our Treasury "somewhere from $175,000,000 to $200,000,000 per annum. The following are extracts
from Secretary Hoover's address:
When the Administration came into power in March 1921 we were in the
midst of the greatest commodity crisis in our history, wherein prices had
fallen an average of 40% and the industrial productivity of the country was
operating on less than 60% basis. We were confronted with stagnation of
commerce, business and industry. We were faced with four or five million
unemployed. Our commerce was suffering from overwhelming taxes. The
administration of the Government was wasteful and extravagant. Our expenditures on armament were enormous and threatened further increases. We
were still without peace with Germany and Austria. We were in the midst
of gigantic naval races with Great Britain. We were steadily drifting into
war with Japan. Respect for America abroad was at its lowest ebb.
If we were to have recuperation in business, the first necessity was to secure a solid peace. Therefore, peace treaties were settled with the former
enemy, by which American rights were protected and business and commercial relations with them were restored. The Washington Arms Conference
was summoned, and succeeded in not only reducing navies of the entire
world, but beyond this it settled the two outstanding dangers in our generation—naval rivalry with England and the rising conflict with Japan; re-established respect for America throughout the world; enabled us to at once
reduce the expenditure on armaments, and saved us from a vast increase of
expenditure had we maintained the race of arms.
The second outstanding mark to be attacked was the reduction of Governmental expenditure and taxes. Departments of the Government have been
vigorously reorganized. Over 58,000 civilian employees have been discharged.
The Army has been reduced from 225,000 to 138,000 men. We have reduced
the Navy from 134,000 men to 94,000 men. The budget system was created,
and accounting and co-ordination of Governmental expense was established
for the first time.
As a result of hammering for economy in every direction the expenditures
of the Federal Government have been reduced from $5,538,000,000 for the
year ended June 30 1921 to an expenditure not exceeding $3,770,000,000 for
the fiscal year ending June 30 1923, for which appropriations have already
been made and the budget settled. There has, therefore, been a reduction in
expenditure by $1,768,000,000.
In th meantime, between March 3 1921 and Sept. 30 1922, the national
debt has been reduced from $24,045,000,000 to $22,812,000,000, a reduction
of $1,233,000,000.
The Funding Commission has been established to handle the foreign debt.
Practically no interest or payments on principal had been made by foreign
Governments during the previous Administration. Under this Funding Commission we are rapidly reaching a settlement with the British Government,
which comprises 45% of this debt, by which their payments are to begin at
once. This will bring into our Treasury somewhere from $175,000,000 to
$200,000,000 per annum.
The various bureaus having to do with care of our veterans were consolidated and reorganized. When the Administration came in there 200,000
cases of disabled men accumulated and not attended to. They have been
cleared up and to-day over 287,000 disabled men are receiving assistance
from the Government in one form or another, including vocational training.
This is indeed the only increase in expenditure that we have permitted, for
here we have used over $100,000,000 per annum from economies in other
directions.
Liberty bonds have been restored to par with an increase of 14% in value
since March 4 1921, or a saving of over $3,000,000,000 to the 18,000,000
holders of Government securities. Gradually the great national debt is being
converted into new securities at lower rates of interest and with a steady saving to taxpayers.
Taxes have been reduced by over $800,000,000 by repeal of the nuisance
taxes and other war taxes. There remains much to be done, but 18 months
is too short a time to do everything.
There are some who visualize our Federal expenditure only in the gross
sum and who from this assume that by some fairy wand several billion more
can be cut off. Better understanding of the character of our expenditures
would correct much misinformation. Of this year's budget of some $3,770,000,000 we will find that about $300,000,000 is for clearing up war wreckage, which will not reoccur.
If we dissect the balance we will find that 61% is for the purpose of our
debts and our obligations to former soldiers. This Is the burden of our previous wars and is inescapable. We will also find that 20% of our expenditure
is for military protection,. and surely, no one can accuse us of militarism,
with an Army less than the total number of our policemen and with a Navy
held rigidly to the mark of our international agreements. Such dissection
would also disclose that 12% of our expenditure is for the legislative, judiis devoted to the
cial and other functions of our Government generally;
development of our national resources, assistance to agriculture, promotion of
foreign trade, betterment of our rivers and harbors, our roads, etc. We are
now getting down towad the bone in this operation. We cannot avoid our obligations to our veterans and our debts, and our Army and Navy are getting
near the bottom of demobilization. Some further economy can come within
the area of the 11% for administrative functions. But before we succeed further, we must have legislative reorganization of the governmental machinery
so as to eliminate overlap and waste. The Administration has the firm purpose of securing such reorganization. Altogether, with the most drastic economies we may conduct the Federal Government upon somewhere from three
to three and one-fourth billions. In the matter of the final 7%, however,
which we devote directly to the promotion of national welfare, it would seem
to me that if we were wise we would double this item. By stimulating the
growth of national wealth, we should increase the taxable area and reduce the
burden on each individual. As an instance of this, I have for some time been
officially engaged in consideration of the problem of the Colorado River.
2109
With the development of irrigation and power in this great basin, we should
eventually add an agricultural area to the United States as great as the State
of Maryland, and within the span of a generation we should be able to add
some billions to our national wealth.
The Coal Industry.
The Department of Commerce and Labor, anticipating the expiration of the
biennial coal agreement at the following March, and in view of the dangerously unstable situation in the bituminous industry, joined in an effort during the month of October 1921 to determine if some arrangement could not
be arrived at by Which in case of failure of agreement between operators and
miners, arbitration or some other device of settlement could not be secured
which would insure the country against strike with its great losses to commerce and labor. The representatives of the operators accepted such proposals, but the workers considered they would be sacrificing their opportunities
if they acceded thereto.
As it was evident from the situation that a strike was inevitable, this Department warned the public of the necessity to make provision in coal supplies against such an event and undertook, in co-operation with the public
utility associations, a general campaign to increase the stocks of coal as security of continued industry. In order that the public should appreciate the
situation, the Department also undertook a survey of the coal stocks at the
end of each month for some months preceding the strike.
As a result of these activities, the country entered the strike with by far
the largest stock of coal ever known, and the fact that we were able to maintain all commerce and industry throughout the longest strike in history was
in no small degree due to this effort.
The strike began on the first of April, and at the middle of May a buying
panic within a few days raised the price of spot coal to about $3 60 a ton.
As the price of spot bituminous had risen to $12 per ton at the mine in 1920
when production was at the rate of 12,000,000 tons a week, it was evident
some action must be taken if a worse situation were not to arise with production limited to 4,200,000 tons a week.
In the absence of any legislation or any constitutional basis for controlling
profiteering, a conference of the producing operators was called at this Department, and as a result of these conferences it was agreed that the price of
coal should not be advanced beyond the Garfield price plus a reasonable al—
lowance in each district for the differences in wage scale and costs which
had ensued since the war. These prices varied from $2 25 to $3 50 per spot run
of mine coal at the mine. Approximately 85% of the producing districts voluntarily undertook this arrangement and the price of spot coal in these areas
was restrained to an average of under $3 25, whereas in the districts which
had refused to enter the agreement, prices rose to as high as $10 per ton at
the mines. An agreement with the majority of wholesalers and retailers secured that there should be no increases in coal in stock.
At the end of July some districts-withdrew from the agreement, although
some 65% of the non-union operators held through until August 15, when the
strike was settled, and the agreement with them expired.
Despite the districts who refused to co-operate and the occasional bootleggers in coal, the average price of spot coal for the entire period of the strike,
as shown by the "Coal Age," was $3 70, while the average price of contract
coal was about $2 60. During the same period of 1920, even with three times
the volume of prdouction, but without any attempt at restraint, the price of
spot coal averaged $6 20 and rose to as high as $12.
During the latter part• of the strike, stocks began to be exhausted and it
became necessary to establish a voluntary coal distribution through an appeal
to the Governors to appoint coal commissions in the different States. A Federal service in this Department to co-ordinate this effort through priorities to
public utilities thus designated to the Interstate Commerce Commission, secured that the whole of the essential services of the country were kept going.
The resumption of the union mines was accomplished by some overcharging
for coal and after the fiscal year under review, legislation by Congress established this organization upon an official footing, but through this organization the situation was rapidly restored to normal in prices and distribution.
Agriculture.
The accomplishment of peace and reduction of taxes is but part of the services of the Government to the restoration of business and employment We
have made attack upon the problem in many other directions.
One of the most difficult problems that we had to confront, and one still
not wholly solved, is that of our agricultural industry. When the Administration took office our farmers were in a desperate plight through their inability to obtain credit or to secure a market for their surplus products. The
country banks in many sections of the country were in a dangerous situation
through inability of the farmers to fulfill their obligations. The War Finance
Corporation was revived, and through it $350,000,000 of Government money
had been loaned to the farmer to enable him to carry his produce until it can
be marketed in an orderly manner. As a result of this, the prices of farm
produce recovered an average of 20% throughout the country. Many thousands of country banks were incidentally thus saved from financial difficulties, and the whole economic system of the country was given courage and
confidence. Nor will one dollar of this money be lost to the Government. In
further promotion of the interest of agriculture, legislation has been passed
regulating the packing industry and legalizing agricultural co-operative associations.
Employment.
In the great economic crisis in which we were plunged, the Government
was beset for legislation and aid. Clamor for a return to war measures by
regulation and drains upon the public treasury were incessant. The Administration resolved that most of these troubles could be cured by mobilization of
voluntary action. Scores of difficult problems have been thus solved. For
instance, we were confronted with 4,000,000 to 5,000,000 unemployed and the
possibility of a winter of great suffering. With the vast unemployment there
came a great demand that the Government should adopt the patent medicine
cure of European countries and give doles to our unemployed from the Public
Treasury. Instead of this, the Administration called a great conference of
representatives of our manufacturers, municipalities and public bodies, and
drew up a plan for handling the unemployed by voluntary action of the entire community through the co-operation of employers and business men,
through the co-operation of municipalities in expediting public works in
progress. Over 200 organizations were created throughout the country, and
through all these efforts we passed through the greatest winter of unemployment ever known in our history without a single disturbance, without suffering, and without resort to any pauperizing or wasteful expenditure of public•
money.
Reorganization of Foreign Trade Service.
Early in the fiscal year conferences were held with some 150 representatives of commerce and industry upon the need for reorganization of the Department's foreign trade service to make effective co-operation with the commercial community. It was determined that the Bureau of Foreign and Domestic Commerce should be transformed into divisions representing the more
important commodity and specialty lines, and upon the approval of Congress,
divisions were established covering foodstuffs, cotton, agricultural imple-
2110
S
THE CHRONICLE
[Vor,. 115.
ments, automotive products, coal, electrical equipment, hides and leather,
After the abolition of the old regime the Turkishrpopulation of Constantiindustrial machinery, iron and steel, paper, petroleum, lumber, rubber, shoes nople spontaneously and enthusiastically proclaimed its union with the
and leather manufactures, specialties, textiles, transportation and communi- great national Assembly of Turkey.
cation, foreign tariffs and foreign commercial law. Permanent committees
Orders have been transmitted to take all necessary dispositicns for the
from the trades were created for co-operation with the Department, and establishment of the civil administration of the great national Assembly
through these committees the expert heads of different divisions were se- of Turkey. Inter-Allied military occupation of Constantinople, therelected. These committees have kept in constant touch with the Department, fore, not only is useless but impossible.
and the devotion which the business community has shown.to this committee
The great national Assembly of Turkey has no intentions to overstep
work and the thorough reorganization which the foreign service of the De- the military bounds fixed by the Mudania convention. It deems it necespartment has undergone has been distinctly a factor in preventing the de- sary to point out that a certain number of gendarmes must be sent from
moralization of our foreign trade to the extent that has been reached by all Angora for the maintenance of order as already arranged for in Thrace.
other trading nations. An index of the appreciation of the service which this
We hope the Allied Powers will accept favorably thidemand.
reorganization brought about is found in the increase of inquiries to the DeSubsequently, on Nov. 10, the Allied High Commissioners
partment for assistance to a total of 589,533 during the fiscal year, or about
handed a note to the Angora Government representative
double those during the previous fiscal year.
These conferences with the principal trade groups and firms interested in here demanding the repeal of all measures relating to the
foreign trade led to an entire revision of the character of information sought
customs, the public debt and the sanitary and other services
from foreign countries, in broadening its economic character, and in rendering more specific its values to the different industries. More particularly it which conflict with the capitulations and the stipulations of
has been sought to develop systematic and regular information on foreign the Mudros armistice agreement with Turkey, made in 1918.
situations which had direct reflex upon our domestic commerce. For in- Otherwise, says the note, the
Commissioners will be comstance, surveys of world stocks and consumption of cotton, wool, wheat, rice
and some other commodities, together with the currents in manufactured pelled to refer to their Governments for necessary action.
goods between other countries than our own on their relation to American According to the terms of the Mudania armistice agreement
markets. The old publication of a small daily bulletin was consolidated into
the Angora Government was to withdraw all Turkish
a weekly publication, the paid circulation of which has more than doubled.
By the issuance of advance proofs full-page publication of the reports is car- troops from the zone of Allied occupation and new neutral
ried once a week by over 200 daily newspapers and periodicals, reaching a zones in the Chanak and Ismid areas were to be defined.
circulation in excess of 10 millions of people weekly.
Turks agreed to respect the neutral zones until the Allies
END OF THE SULTANATE IN TURKEY DECREED BY
NATIONALIST GOVERNMENT AT ANGORA.
Political events of the first magnitude have followed in
quick succession on the Continent during thejast few weeks,
and there have been more developments of international
import during that period and more ministries have fallen
than probably in any otherilikenieriod since the World War
The Government of Greece,followedithe burning of Smyrna,
was the first to fall. Not many weekslafter the Lloyd George
Administration in Great Britain resigned. Then came the
Fascisti coup in Italy precipitating the fall of the Facto,
Ministry. And now comes the abolition of the Sultanate
in Turkey. Of subsidiary importance is the fall of the Government of Count Hugo Lerchenfeld, Prime Minister of
Bavaria, on Nov. 3, ending a prolonged Cabinet crisis which
inspired Bavarian Nationalists to contemplate a military
coup likefa,t of the Fascisti in Italy. The Ministry of Premier Silva in Portugual resigned on Nov. 5 in order that it
might be reconstructed to meet criticism leveled,at certain
executive departments by the opposition forces:in the Chamber of Deputies.
The abolition of the:Sultanate in;Turkey was decreed unanimously by the Grand National Assembly sitting in Angora
on Nov. 1. Its formal action was expressed in the passage
of thislaw:
Article 1. From Marcht16 1920., and for always the Goverment of the
nation is vested in the National Assembly. No other form of government
will be recognized, and the people will recognize no personal authority like
that in Constantinople.
Article 2. The Caliphate will continue to be exercised by the Osman
family, but the Assembly will choose a Prince whose moral qualities, talent
and conduct suit him for the choice. The Turkish Government will be the
principal rampart of the Caliphate.
—Ferid Bey, Representativeim Paris of the Angora Government,on Nov. 3, handed to the Quai d'Orsay the following
note:
By order of my Government,I have the honor to notify the Government of
the French Republic that, conformably to the law of June 17 1920, the Government of the Grand National Assembly of Turkey considers as null and
void all treaties, conventions and contracts concluded since Mar. 16 1920,
by the Administration in Constantinople, as well as all acts of that Administration.
In virtue of the same law it is understood that the results of the negotiations undertaken by the said Administration with financial establishments
with a view to obtaining advances engage in no other way the Government
of Turkey
The Nationalist Government of Turkey now is in control
of Constantinople. Rafet Pasha is the new Governor.
Hamid Bey, the representative of the Angora Government,
on Nov. 5 ordered the Allied troops out. In a note to the
Entente he demanded evacuation of the Allied forces. An
Allied council on the same day categorically refused to evacuate the city. In additional notes handed by Hamid Bey
to the Allied Commissioners it was stated the landing of
Allied or American sailors from the warships would not be
permitted unless by special permission of the Angora Government. The first note deals with the visit to Kemalist
ports of eight Allied and American warships and declares
that the port authorities had been instructed not to permit
a landing. In accordance with maritime laws the Turks
require that these vessels salute the Turkish flag. The other
note set up a claim for the immediate handing over to the
Angora Government of the Turkish railways in Europe and
Asia which are under temporary Allied control. A note
presented by,Hamid Bey to the Allied Commissioners said:
The
withdrew. The Angora Government bound itself not to
transport troops into Thrace or to raise an army there until
peace had been ratified.
Rafet Pasha, it was said, presented the news of the change
in Government in a dramatic manner to the Allied Generals.
The Generals had summoned Rafet to discuss the question of
the admission of Kemalist gendarmes to the Gallipoli and
Chanak zones. At the termination of the discussion, Rafet,
as by way of an afterthought, according to the Associated
Press, broke the news thus: "I must inform your Excellency
that since noon the Constantinople Government no longer
exists, and I have assumed the Governorship." The assembly unanimously declared that the "Ottoman Empire is at
an end." All authority is vested in the Caliph, the head of
the Mohammedan Church. The Turkish law providing for
succession to the Constantinople throne is abolished. In the
future the Caliph of Turkey will be elected periodically
but without governmental prerogatives.
The passage of the law creating "New Turkey" was celebrated by the firing of guns. Sultan Mohammed VI succeeded to the throne on the death of his elder brother,
Sultan Mohammed V, on July 3 1918. The decision of the
Angora Assembly was made known in the following terms:
The Palace of the Sublime Porte, having through corrupt ignorance for
several centuries provoked numerous ills for the country, has passed into
the domain of history.
Recently the Turkish nation, the real mistress of its destinies and founder
revolted against its foreign enemies in Anatolia
of the Ottoman Empire,
against the Palace of the Sublime Porte, which
and undertook a struggle
and against the nation, and to that end it
enemies
its
had taken sides with
Assembly of Turkey its government, and
National
Grand
the
constituted
struggle against the enemies from without and
its army threw itself into the
against the Palace of the Sublime Porte.
To-day the era of liberation has at last been entered into.
The Turkish nation, in view of the treason in the Palace of the Sublime
Porte, has proclaimed its own organic statute.
Article I of this statute stipulates that the sovereignty of the SultanEis
assumed by the nation.
legislative powers are conferred upon the
By Article II executive and
nation.
Article VII invests the body of the nation with sovereign rights such as
conclude peace. (These were formerly prethe right to declare war and
rogatives of the Sultan.)
Since then the former Ottoman Empire had collapsed and in its place the
being.
new National Turkish State is called into
Likewise, since abolition of the Sultanate the Grand National Assembly
place. That is to say, the Government of Constanof Turkey has taken its
tinople, its existence being no longer supported by any national force, has
ceased to exist and no longer cosntitutes a vital organism. The true mass
have instituted an administrative Government
of the people of the nation
the true rights of the people and the peasants,
of the people defending
guaranteeing their welfare.
The Constantinople Government, having made common cause with the
enemy, astounds us by speaking of the rights of the Sultan and dynastic
Tewfik Pasha (the Grand Vizier of the Conrights. The dispatch from
stantinople Government)is a fantastic feeble document, such as is rarely
met with in history.
Incidentally, the Angora Government has decided to replace French instruction by Turkish instruction in the schools
of Anatolia, notably Brousa and Adana,it is stated. Twentyfour hours' notice was given to the Christian and Jewish
schools to make the necessary change in theirrcoursdlunder
penalty of closure. Unless this order is modified in favor
of the French schools the decision is regarded as alblow to
French intellectual influence on the Orient.
The Angora Government subsequently isoued a formal
denial that its repudiation of the Constantinople agreements
since March 16 1920 means that it does not recognize
Turkey's debts, or intends to abrogate the present Administration of the Ottoman debt. It points out that this,Organization is a private body accepted by Turkey and its
Nov.11 1922.]
THE CHRONICLE
2111
affairs, although Rear Admiral Mark Bristol, as the designated American High Commissioner, will be consulte on
all moves, and will, it is believed; continue in charge of the
American policy ashore. There are now twenty destroyers,
it is stated, at and around Constantinople, many of them
ALLIED GOVERNMENTS REJECT DEMANDS OF scattered through the Aegean Sea.
TURKISH NATIONALIST GOVERNMENT.
The Entente Powers—France, England and Italy—have RUSSIA CALLS DISARMAMENT CONFERENCE OF
refused to accede to certain demands made by the Turkish
BALTIC STATES.
Nationalist Government which deposed the Sultan and
Poland, Finland, Livonia and Esthonia have received
brought to an end the Ottoman Empire. Two principal official invitations from Russia to participate in a "disdemands were made by the Angora Government, first, that armament conference," which starts Nov. 30 at Moscow.
the Allied military forces evacuate Constantinople; second, The Soviets desire to counteract the formation of an alliance
that only one warship at a time enter Turkish ports, and then between the Baltic States and Poland, it is said. For some
only with the consent of the Kemalist authorities, and that time the Soviet have been following the eagerness displayed
warships of all nations should apply for permission to pass by the Poles to call into being a group similar to the Little
through the Dardanelles. Though the Nationalist civil Entente composed of the Russian succession States, it is
power is in control in Constantinople, the Entente does not said, but until recently a realization of their hopes met with
intend,for the present at least, to lose its grip on the military Finland's opposition. That, however, was overcome at the
authority, it is stated. Great Britain and France are in Reval conference a few weeks ago.
accord on the point that the Turks must live up to the Mudania armistice convention, and it is not doubted that the
ADVOCATES
other interested countries will fall into line with his policy. INTER-ALLIED VETERANS ASSOCIATION
INTERNATIONAL COURT TO OUTLAW WAR.
There is every desire, however, to meet Turkish aspirations
The establishment of an international court to outlaw war
within proper limit, it is said, and to this end the Allied
is advocated in resolutions adopted on Oct. 28 at the ConvenCommissioners on Oct. 6 issued the following statement:
The Inter-Allied High Commissioners are firmly resolved to observe strict tion of Inter-Allied Veterans Association reeently held at
Impartiality with regard to events which concern the internal policy of New Orleans, the New York "Times" of Oct. 29 reporting as
Turkey. The Allied generals will continue to apply the clauses of the
Mudania convention, and maintain order and security in the zones occupied follows the action cif the convention:
creditors. Hamid Bey on Nov. 5 informed the Associated
Press that the Turkish Nationalist peace delegation to the
Lausanne conference would repudiate all conventions, treaties and contracts entered into by the Sublime Porte.
by the Allied armies.
Before the representatives of foreign organizations of war veterans who
been in this country to attend the convention of Inter-Allied Veterans'
The Allied Commissioners in Constantinople have been have
Association at New Orleans, sailed for home yesterday they signed resolutions
any
take
or
given full authority to declare a state of siege
pledging themselves to oppose the overthrow of Governments by force and to
other measures to preserve order,it became known on Nov.7. do everything possible to bring about the destruction of implemems of war.
is a vision of the future," said Alvin Owsley, Commander of the AmeriThis was the response of the Allied Governments to the can"ItLegion.
"It may not result in immediate effects, but when these men
permission
cabled requests of the High Commissioners for
grow to positions of power in their Governments they will try to do what they
to take complete and speedy action. It is regarded as can to meet their comrades of other nations on the footing of friendship. I
these resolutions mean much for the future peace of the wwld."
certain that the Allied authorities will deal with any attempts think
The signers of the resolutions, who represent nearly 9,000,000 members of
at disturbance or infringement of the Mudania convention war veterans' organizations
in the United States and Europe, pledgel themin a drastic manner. British, French and Italians are said selves to try to secure the adoption of the resolutions by their societies. The
to be as one in their determination to check the powerful resolutions contained the following declaration of principles.
"That all
agreements among Governments affecting the entire
movement which the Kemalists have set in motion. The people shall international
be open and above board, with full publicity.
British have at no time relaxed their vigilance. Lieutenant"That treaties make the law between the nations. They must be executed
General Harington, commander in chief of the Allied forces, in good faith.
"To oppose territcrial aggrandizement.
has informed Rafet Pasha, the new Governor, that he would
"To vigorously suppress within our own boundaries all persons and propapermit no usurpation of the Allied authority, and Rafet ganda seeking to overthrow by force Government existing by will of the peoexplained that the sweeping demands for evacuation of ple.
"That the financial policies of the Allied Governments must have as their
the Allied military forces and for other concessions came aim the stability
of exchange and the resumption of international commerce,
from the Angora Government. The Kemalists even at- and we recommend the suspension of trade relations with countries maintaintempted to take over the customs revenues, it is said, but ing armies organized for aggressive purposes.
"That an international court be established to outlaw war.
the British authorities have decided to operate the customs
"To proceed as rapidly as conditions permit and when the decrees of such
courts becomes operative (except for machinery necessary to maintain them
themselves.
A telegram from Angora, received at Constantinople and the minimum police forces) to entirely disarm and disband our land, sea
and air forces and destroy the implements of warfare."
Nov. 7, said the Grand National Assembly has instructed
The resolutions also suggest a Government-sanctioned news bureau to issue
Conference,
to
news "designed to upset destructive and inflammatory propaganda, particuIsmet Pasha, delegate to the Lausanne Peace
larly
the propaganda put out by the proponents of Bolshevism with the intent
obtain realization of the following points: First, the frontiers to change
other forms of Government, this without in any way censoring or
of Turkey to be in accordance with the national pact; restricting the freedom
of the press."
the
second, Greece to pay an indemnity; third, suppression of
capitulations, or extraterritorial rights for foreigners; fourth, CONTEST IN LONDON "TIMES" SALE—PART PLAYED
modification of the frontiers of Irak (Mesopotamia); and
BY ASTOR MILLIONS.
fifth, complete independence for Turkey, financially, ecoUnder date of Nov. 3 a copyright cablegram to the New
nomically and politically.
York "Times" from London said:
CAUSES OF THE SULTAN'S FALL IN TURKEY.
In discussing the events responsible for the abolition by
the Turkish Nationalist Government at Angora of the Sultanate at Constantinople, copyright cablegrams of Nov. 7
from London to the New York "Times" had the following to
say:
The new trouble in Constantinople arose, it is explained here, through the
acceptance by Tewfik Pasha, Grand Vizier of the Sultan, of the Allied invitation to the Lausanne conference. That led to a debate on Oct. 29 in
the National Assembly at Angora. On a motion to impeach him, the
views of the extremists prevailed, with the result that the issue widened,
and on Nov. I motion was adopted for the deposition of the Sultan. Since
then the demands of the Kemalists have grown steadily more arrogant.
U. S. WARSHIPS SENT TO CONSTANTINOPLE.
The armored U. S. cruiser Pittsburgh, flagship of ViceAdmiral Andrew T. Long, sailed on Nov. 8 from Gibraltar
or Constantinople, so as to be at the scene of the Near
Eastern crisis "in case of eventualities," so it was announced
at the Navy Department. The Pittsburgh left League
Island Navy Yard some time ago, but had been awaiting
orders at Gibraltar. No specific reason other than the one
quoted was given at the Navy Department. Admiral
Long will be the ranking officer on the scene, in naval
The London "Times," now that it has become the property of John Walter
and Major the Hon. John Jacob Astor, is to be established as a national newspaper. It is to be controlled as to the broad lines of its policy by a board of
distinguished men chosen for their standing in the community, interested in
politics, but not primarily politicians.
The "Times" has already resumed its traditional attitude toward public affairs, and it will continue to aim at representing the best in British national
opinion. It will support the Government of the day whenever it finds it possible, but it will preserve scrupulously its independence and will be always
ready to play the part of a candid friend.
Conflict for pasession of the "Times" after Lord Northcliffe's death was
keen and full of dramatic moments. There were serious legal complications
to be solved, and the recapture by John Walter of the newspaper which his
ancestors founded was attended by heavy loss to himself. It was, however,
greatly facilitated by the aid of Sir Campbell Stuart, managing director, and
W. Lints Smith, general manager. The first step in the drama came two
months before Lord Northcliffe's death. John Walter was in complete disagreement with Northcliffe's policy and he decided to give up all connection
with the "Times." He, therefore, sold to Northcliffe his 200,000 shares at
par, leaving the newspaper in the hands of Northcliffe and Sir John Ellerman, prominent ship owner.
Now, in the original agreement between Walter and Northcliffe when the
latter bought an interest in the "Times" there was a clause giving Walter the
option of buying back the Northcliffe shares on his death at a price depending on the dividends it was earning, but at not less than 10 shillings per
share. This option was, of course, extinguished by Northcliffe's later purchase of the remaining Walter holdings, but it was mentioned as existing in
a clause of Northcliffe's will. So when he died and it became evident that his
estate would have to dispose of the newspaper, the nice legal question arose of
whether Walter could demand an option on the strength of the clause in the
will or would the courts hold that it had been nullified by Walter's sale of all
2112
THE CHRONICLE
his interests in the newspaper? The question came before Sir George Sutton,
administrator of the Northcliffe estate, and he determined to leave it to the
courts to decide.
It was now known in newspaper circles that the "Times" was on the market, and immediately a number of syndicates were talked about as likely to
bid for it. Lord Beaverbrook, publisher of the "Daily Express," was understood to be anxious to acquire the greatest prize of Fleet Street, and, of
course, Lord Rothermere and John Walter were expected to put up a hot
fight for it. Walter was technically out of it, as he had thrown away his
strategic position by the sale of his holdings only two monhs before, but he
managed to reinstate himself by purchasing Sir John Ellerman's 180,000
shares and once more became a minority stockholder.
Times Directors Aided Walter.
Still, though a wealthy man himself, he could not hope to outbid Rothermere, and it was here that Sir Campbell'Stuart and Lints Smith came in.
They were opposed to the "Times" being linked up with any other group of
newspapers, however successful. They desired to see it regain the position of
authority as the exponent of the most solid opinion of the country, which it
had lost. They believed they would be performing a real national service in
bringing about its independence, so they sided with Walter, and through
them he was able to enlist the strong financial backing of Major Astor.
Consequently, Rothermere found he had to fight not Walter only, but Walter backed by the Astor millions. Rothermere, nevertheless, continued in the
contest, and it was generally understood that he was prepared to put down
£1,250,000 for its purchase.
The matter came before the court and the question of the Walter option was
mentioned. The judge took the line that the administrator of the Northcliffe
estate must get the best offer he could for the "Times," but that Walter
must have the opportunity of meeting any bid. Rothermere was directed to
put his offer in writing. He went £100,000 more than was expected, and bid
£1,350,000. The judge asked Walter if he would cover it, and Walter, by
the grace of Major Astor, said he could, so the "Times" passed to its present
owner.
From a commercial point of view the cost was terribly high, although it is
understood that Rothermere would have bid £1,500,000 if he had had another opportunity. But as it is, Walter by his fatal mistake of selling out
just before Northcliffe's death and thereby vitiating his option, has lost very
heavily. He might have had the right to take up the Northcliffe holdings at
about 10 shillings per share. His present syndicate has had to buy both
Northcliffe's original shares and his own at five times that price. How the
burden of such a purchase as this will be carried is not yet settled, but at the
moment Major Astor is underwriting it. It is hoped that he will be able to
find a number of men of means who will be willing to take blocks of shares
off his hands and carry them, not as a commercial proposition, but as a patriotic service in.helping to support this great national newspaper.
[VoL. 115.
Norway in the controversy between the United States and
Norway involving claims growing out of the requisitioning
during the war of Norwegian vessels by the United States.
According to Associated Press cablegrams from the Hague
on the 13th inst., the American arbitrator, Chandler P.
Anderson, who did not attend the sitting of the tribunal on
the 13th inst., communicated to the Secretary-General of
the tribunal and the agents of Norway and the United States
his opinion that the terms of submission had been violated
and that the tribunal had exceeded its jurisdiction as outlined by the special agreement under which the shipping
dispute was submitted to arbitration. The same cablegrams stated:
Notice was served by William C. Denis, the American Government
Agent, that he reserved for his Government all the rights "arising out of the
plain and manifest departure of the award from the terms of submission and
from the 'essential error' by which it is invalidated."
The grounds on which the American arbitrator and agent claimed the
terms of submission had been violated were not presented to the tribunal
but it is said by those conversant with the case that one of the principal
reasons was the alleged disregard of the provisions of The Hague convention
of 1907, requiring arbitrators to state the reasons for each award made.
From the beginning of the present trial, it was said that both sides to the
arbitration, as well as the tribunal itself, agreed to be bound by The Hague
convention.
• On the 13th inst. dispatches from Washington (Associated
Press) said:
Counsel for the Shipping Board were inclined to-day to accept the decisthe
ion of the arbitration tribunal at The Hague, awarding $12,000,000 to
Norwegians as final.
The question of the Norwegian claims for ships requisitioned during the
war, was said to be purely a State Department matter as far as the United
States was concerned, but a Congressional appropriation would be necessary
In order to pay the claims.
Counsel for the Board believed that the effect of this award on millions of
dollars of other clains against the United States for requisitioned ships,
principally in this country, would be moral at most, as it was explained, the
Norwegian claims involved certain features not applicable to most of the
others.
George Sutherland, who was Chief Counsel for the United States before
The Hague tribunal in the Norwegian case, declined to discuss the award,on
the ground, it is understood, that he would be precluded from commenting
as he is now an Associate Justice of the Supreme Court of the United States.
LONDON POPULATION, AT 7,480,201, HIGHEST ON
From the cablegram to the New York "Times" (from the
RECORD.
Hague Oct. 13, copyright) we take the following:
The following from London, Nov. 2, appeared in the New
Claims presented by Norway amounted to 813,000,000 plus interest
since August 1917 for snips requisitioned in the World War, and the
York "Times" of the 3rd inst.:
approximately
$12,000,000. The United States GovernSome interesting figures on the population of Greater London are disclosed tribunal awarded
liability for a suns approximating $2,500,000.
by the latest census, which gives the total number of inhabitants as 7,480,201, ment recognized
American
arbitratoe, Chandler P. Anderson, at the
the
of
absence
The
the highest on record.
mystification at first. After the terms of the award
In the County of London alone the numbers have increased from 959,310 in session caused some
consuming nearly two hours, by the General Secretary
1801 to 4,484,623 in 1921, the latter figures being made up of 2,071,579 had been read,
of the court, Baron Michiels, and President Valloton of Switzenand,
males and 2,413,044 females.
the session closed, the American agent, William C. Denis,
was
declaring
The males have decreased in the last ten years by 54,762 and the females
amid considerable stir asked for a hearing. He then read a
increased by 17,600. The proportion of females to 1,000 males has risen from rose and
behalf of Anderson thus explaining the latter's absence.
1,127 in 1911.to 1,165 in 1921, and there has been an increase of 25,922 in protest on
Denis proceeded to explain that he had had no opportunity to consult
widows during that period attributable largely to the war.
States Government in regard to the award just pronounced,
United
The ratio of unmarried females to 1,000 unmarried males has increased the
deem it my duty on behalf of the United States to reserve all rights
from 1,138 to 1,287 in the age group of 20 to 29 and from 1,413 to 1,886 in but "I United States arising out of the plain and manifest departure of
of the
the age group of 30 to 39.
award from the terms of submission and,in the language of authorit
In the County of London, of 1,120,897 private families, approximately the
the 'essential error' by which it is invalidated."
38%, or 424,696, are in single occupation of separate dwellings; 32%, or from
Judge's Protest Startles Court.
860,758, are living two to a dwelling, and 30% are housed in
dwellings containing three or more families each.
Denis then read the letter receivad from Anderson, as follows:
"Sir —In making the award signed to-day, Oct. 13, by President Valthe General Secretary, Messrs. Valloton and Vogt (the Norloton
DEFEAT OF LABOR IN BRITISH ELECTIONS ATTRIB- wegianand
arbitrator), in my • opinion, have disregarded the terms of subUTED TO WOMEN'S VOTE BY SIR ROBERT HORNE.
mission and exceeded the authority conferred upon the United States and
tribunal by the special agreement of June 30 which
The Associated Press, in advices from London Nov. 2, Norway arbitration
imposes definite limits to its jurisdiction. I therefore refuse to be present
stated:
when the award is announced. I send you this notice in order that your
informed of the reasons of my absence and that
The entire attention of the political world to-day was absorbed in
the sur- Government may be
record."
prising result of the municipal elections, in which labor suffered
an over- they may be a matter of bombshell in the court, where the
whelming defeat. The returns in 70 of the leading boroughs in the
a
members were
like
fell
This protest
provinces
calmly to their respective countries. It was conshow that out of 574 labor candidates only 215 were elected, while
the Con- preparing to return
servatives elected 350 of the 450 nominated.
sidered directly opposed to the convention of 1907, which bars all protests,
delicate situation.
In London there has been a similar landslide. Labor had 573
seats on the causing a very
old councils, but has only 253 on the new. Labor now holds only four
"Not since twenty years ago has there been a similar incident in the court,
London Borough Councils, namely, Battersea, Bermondsey, Poplar and
said the General Secretary, speaking to the
Wool- when a Japanese protested,"
wich, as against 12 councils formerly held, while in 11 London
New York "Times" correspondent after the session
boroughs
not
a single Labor representative was returned.
"While there is no indication that Anderson consulted Washington before
This complete reversal of the success Labor had in 1919 in the
said to be reason to believe that this was done."
municipal taking his step, there is
elections is undoubtedly a severe disappointment to the Labor Party,
President Valloton arose after Mr. Denis's protest and, while compliand the
question on all sides is whether it forebodes a similar landslide in the
both sides for their handling of the case, said he did
coming menting the agents on which the declaration
political struggle. No doubt that action of the Poplar Council in
was presented on behalf of one
paying ex- not consider the way intribunal in conformity with
the general convention of
orbitant unemployment doles and the tendency of the Labor Party
generally of the members of the
agreement
the case.
special
concerning
to indulge in costly reforms in the services for sanitation, education
the
and poor The Hague nor with
protest
until
this
moment,"
he said. "I do not
a
relief, which, however beneficial to the community, have thrown
of
nothing
"We heard
heavy burdissenting vote of a judge should be presented by the agent of
dens on the ratepayers and frightened householders into voting against
Labor. think that the
I am sorry to have to state that very clearly, with all due
There is this difference, however, between municipal and political
elections, one of the parties.
that in the former only a very small percentage of the voters go to the polls, respect to your Government."
and the reasons for the award in favor of Norway the
facts
as compared with the political contests. Hence it is unsafe to draw
In summing up
inferences from the municipal results. Nevertheless, the returns have caused a tribunal holds that not only material, plants, specifications and other such
certain amount of dejection in the Labor Party and satisfaction to those polit- physical or intangible property of the claimants was taken, but also their
previous payments to shipbuildical parties opposing Labor.
money, as the United States did not refund
shipowners. The fact that previous payments were not refunded by
Sir Robert Horne, former Chancellor of the Exchequer, in a speech
or
ers
at
Emergency Fleet Corporation is declared to be specifically strong eviGlasgow to-night, expressed the belief that the chief factor in the defeat
of the
Labor had been the women's vote, and he believed the same
dence that the contracts with builders were not cancelled by the United
tendency
would
be shown in the Parliamentary elections.
States order and that the Corporation took over legal rights and duties of
shipowners toward shipbuilders. That shipbuilders were thus entirely
of any obligation to the former owners, as the corporation inserted
AWARD TO NORWAY BY HAGUE COURT IN CONTRO- relieved
Itself between the builders and owners by the exercise of what is called in the
VERSY GROWING OUT OF REQUISITIONING OF
United States law and jurisprudence the power of eminent domain.
Fixed Requisition Period.
VESSELS BY UNITED STATES.
The tribunal concluded that the requisition became effective in August.
Announcement was made on Oct. 13 that the Hague Court
as regards American shipbuilders but that the requisition of the whole
of Arbitration had awarded approximately $12,000,000 to 1917,
property of the claimants became effective only as after Oct. 6 1917. It
Nov.11 1922.]
THE CHRONICLE
also held that there was no reason for keeping the ships after the signature
of the Versailles Treaty.
Discussing the application of municipal and international law, it stated:
"This Tribunal cannot agree, therefore, with Norway's contention that it
should be entirely Nee to disregard the municipal law of the United States,
although this law may be less favorable to the present claims than the municipal laws of other countries. But the Tribunal cannot agree with the United
States contention that it should be governed by American statutes whenever
the United States claims jurisdiction."
The Tribunal holds that the United States' attitude is excusable in the
present arbitration to a certain extent owing to the dubious nature of some
acts of a shipbuilder, Christopher Hannevig,and one of his American agents,
"also on account of the fact that in some cases excessive claims have been
made based upon unjustified expenses by some of the present claimants or
their assignors. As a rule abnormal circumstances, speculative prices. &C.,
cannot form a legal basis of compensation in condemnation awards. While
fair compensation cannot be artificially increased by such methods as were
adopted by one of those interested in the case and which have been brought
to the notice of the Tribunal, it would be equally unjust to attach much
weight to the artificial compulsion of requisitions or other governmental
action during the war."
The claimants, it is held,are entitled to special compensation in respect to
interest,•and some claimants, in view of the circumstances of their cases, are
entitled to higher rates of interest than others. They asked for compound
interest with half-yearly adjustments, but compound interest has not been
granted in previous arbitration cases, and the Tribunal rules that the claimants have not advanced sufficient reasons why the award of compound interest in this case should be made.
The United States made a counter-claim on behalf of Page Brothers.
American citizens, in the sum of $22,800. The Tribunal disallowed this
claim as against Norway, but held that the United States Government could
retain this sum out of the amount awarded on Claim 4 on condition that the
sum was paid to Page Brothers.
Some Americans here conversant with the case appear to consider that the
award states facts irrelevant to the case, not showing how the Tribunal
arrives at its conclusions, figures or rates of interest. In view of the many
American shipping claims still pending in the United States, these arguments will doubtless be of interest in America.
2113
for which were made public by the Post Office Department
on Nov. 6, showing thirteen cities with gains over October
1921 of more than 20% and four or more than 30%. The
Post Office Department in its statement in the matter says:
The average percentage of gain was 10.62, which is greater than for any
month since the industrial list was first pulalished last July. While the
industrial cities rep otvd gains over 1921 during the four months since the
list was originated, despite the coal and rail strikes that featured that
period, the October receipts show the first indication of industrial health
since the settlement of those disturbances.
The largest percentage of increase was 32.95, reported by Topeka, Kan.
Three other cities-Oakland, Calif., with 32.64; Albany, N. Y., with 31.57.
and Phoenix, Ariz., with 30.76-had gains of more than 30%•
Other cities with gains of more than 20% ranked as follows: Birmingham, Ala., fifth, 28.52%; Sioux Falls, So. Dak., sixth, 25.55; Bridgeport,
Conn., seventh, 25.43; South Bend, Ind., eighth, 23.87; Oklahoma City,
Okla., ninth, 23.07; Cheyenne, Wyo., tenth, 22.54; Waterbury, Conn.,
eleventh, 21.31; Albuquerque, N. M., twelfth, 20.84, and Harrisburg,
Pa., thirteenth, 20.54%.
Six cities reported decreases. They were: Cumberland, Md., 11.22;
Tampa, Fla., 8.14: Savannah, Ga., 5.77; Madison, 'Wis., 3.64; Fargo,
No. Dak., .94; and San Antonio, Texas, .15%•
The largest gain in dollars and cents was made by Albany, N. Y., with
$24,468 62, followed by Oakland, Calif., with $23,823 12, and Topeka,
with $22,110 14. Complete tabulation follows:
Statement ofPostal Receipts of Fifty Industrial Citiesfor the Month of Oct. 1022.
P.C.1922
Cctober
October
Increase. Over '21.
1921.
1922.
Office. $
$
Springfield, Ohio
2.04
143,314 91 140,447 37 2,86.; 54
Oklahoma, Okla
85,f;429 19,742 67 23.07
105,316 96
Albany, N.Y
77,470 62 24,468 62 31.57
101,939 24
Scranton, Pa
8.47
88,566 21
81,652 38 6,913 83
Harrisburg,Pa
62,907 82 12,924 93 20.54
75,832 75
San Antonio, Texas
75,913 85 -113 93 -.15
75,799 92
Spokane, Wash
7.71
81,614 F4 6,292 46
87,907 00
We also quote the following from Associated Press ac- Oakland, Calif
72,985 23 23,823 12 32.64
96,808 35
Birmingham,Ala
28.52
59
20,388
73
71,458
91,847
32
counts from the Hague Oct. 13:
Topeka,
89,215 67
67,105 53 22,110 14 32.95
The grounds on which the American arbitrator and agent declared Peoria, Kansas
Ill
14.13
67,352 02
59,010 97 8,341 05
that the terms of submission of the Norwegian ship claims had been violated Norfolk,
Va
9.67
60,012 46 5.801 49
65,813 95
were not presented to the Tribunal here to-day, but it was said by those Tampa,
Fla
-8.14
69
-5,219
10
58,878
64,098
41
conversant with the case that one of the principal reasons was the alleged Fort Wayne,
Ind
14.43
60
9,052
31
71,754
62,702
91
disregard of the provisions of The Hague Convention of 1907, requiring the Lincoln,
Neb
17.48
56,242 90 9,832 36
66,075 26
arbitrators to state the reasons for each award made. From the beginning Duluth,
Minn
8.10
62,719 07
58,021 07 4,698.00
of the present trial it was said that both sides to the arbitration, as well as Little
Rock,
Ark
2.08
77
1,183.
83
57.982
56,798
60
the Tribunal itself, agreed to be bound by The Hague Convention.
Sioux City, Iowa
8.67
62,240 98
57,273 82 4,967.16
The present decision, covering forty-two large printed pages, does not
Bridgeport,
Conn
61,220 87
48.803 02 12.417 85 25.43
give the reasons for the award of each claimant, but recites the reasons for
16.16
7,14791
44,230 41
51,387 32
the justice of the general award. The awards of each claimant are given Portland, Maine_
St. Joseph, Mo
55,150
47,684
08
16 7,46592 15.66
in a flat sum,including interest at an unstated rate. The method whereby
Springfield, Ill
1.93
800 84
42,213 20
41,412 36
the sums were arrived at is not specified.
Trenton, N.J
16.91
50,782 f2
43,430 44 7.343 08
Chief among the points of controversy throughout the Tribunal's sittings
Wilmington,
Del
48,097 69
41,403 39 6,694 30 16.17
was what was requisitioned and when. It was argued by the United States
41,261 19
42,819 50 -1,558 31 -3.64
that the order issued by the United States Shipping Board on Aug. 3 1917, Madison, Wis
46,329 43
37,401 90 8,927 53 23.87
which was the only requisition order ever issued, merely requisitioned ships South Bend, Ind
Charlotte,
No. Caro
5,570 52 13.07
48,172 00
42,601 48
then completed and material for uncompleted vessels.
38,628 43
40,994 38 -2,365 95 -5.77
Even conceding that contracts were requisitioned, the United States held Savannah, Ga
Cedar Rapids, Iowa
8.89
28
3,163
56
35,735
35,572
84
that their value should be determined as of Aug.3 1917, and not after prices
2.48
940 60
38,917 97
37,977 37
were juggled upward by the alleged manipulations of Christopher Hanne- Charleston, W. Va
Knoxville, Tenn
3.98
40,128 12
38,592 08 1,53604
v1g, a Norwegian subject, who, the American counsel said, speculated in
Schenectady, N. Y
1.56
22
497
32,338 13
31,840 91
ship contracts and created dummy corporations, even after the requisition Lynn, Mass
3.32
32,045 23 1.063 74
33,108 97
order was issued, through which to sell and resell contracts, advancing prices
Shreveport,La
4.97
32,481 78
30,943 57 1,538 21
perceptibly with each transaction and indulging in other alleged question- Columbia,
So. Caro
8.41
28,746 31
26,515 68 2.230 63
able tradings. Some of the Hannevig corporations in America have be- Fargo,
No. Dak
-.94
-303.87
31,948 02
32,251 89
come bankrupt since the war.
Sioux Falls, So. Dak
25.55
42
5,835
93
28,676
22,840
35
Although Hannevig does not figure in the list of claimants, the United Waterbury,
Conn
22,520 55 4,800 55 21.31
27.321 10
States argued, and Norway admitted, that he is largely interested in vir- Pueblo,
Colo
8.66
22,993 83 1,991 39
24,985 22
tually all the claims. The award makes allowance for the "dubious nature Manchester,
N.
H
21,775 25 2,742 90 12.59
24,518 15
of some of the acts" of Hannevig, but does not mention to what extent.
Lexing•on, Ky
7.57
1,66026
50
21,929
76
23,589
The Tribunal upheld Norway's contentions, both as regards contracts Phoenix, Ariz
19,084 43 5,869 15 30.76
24,953 58
requisitioned and the date, Oct. 6 1917, on which the requisitioning became Butte,Mont
15.47
18,552 90 2,87025
21,423 15
effective, although the only requisition order cited was that of Aug. 3 1917. Jackson, Miss
4.06
774 72
19,087 40
19,862 12
Regarding requisitions, the award finds:
Boise, Idaho
12.30
21
2,172
17,665
02
19,837
23
"First, whatever its intentions may have been, the United States took, Burlington, Vt
2.90
14,977 76 4,434 32
15,412 08
both in fact and in law, contracts under which the ships in question were Cumberland,
Md
13,989 65 -1,569 37 -11.22
12,420 28
being or were to be constructed, second, that, in fact, the claimants were Reno, Nev
14.50
14,327 37
12,512 56
1,814 81
fully and forever deprived of their property, and that this amounts to Albuquerque,
N. Mex
12,891 95
10,669 10 2,222 85 20.84
requisitioning by exercise of power of eminent domain within the meaning Cheyenne, Wyo
22.54
68
47
9,823
8,016
1,807
21
of American municipal law."
As for the time the requisitioning became effective, the award says:
Total
10.62
1,958,618 34 1,770,595 14 188,023 20
"Requisition became effective in August, 1917, as regards American ship-Decrease.
builders, but requisition of the whole property of the claimants became efThe figures for September were given in our issue of Oct. 14,
fective only on and after Oct. 6 1917."
The counter-claim of the United States for $22,800 in behalf of Page page 1687.
Bros., San Francisco, ship brokers, was not allowed by the Tribunal, but
the deduction of this amountfrom one of the Norwegian claims was made on
condition that the United States pay the sum to Page Brothers.
INCREASE IN POSTAL RECEIPTS AT FIFTY SELECTED
That portion of the award relating to the actual sums to be paid declares
CITIES.
that the United States shall pay to the Kingdom of Norway these sums:
Claim.
Postal receipts took another big jump in October, showing
$845,000 an increase
No. 1-Skibsaktieselskapet Manitowoc
in fifty selected cities of- 14.34% over October
845,000
No. 2-Skibsaktieselskapet Manitowoc
1,625,000 1921, the Post Office Department announced on Nov. 6.
No. 3-Dampskibsaktiesel Skapet Baltimore
2,065,000 The increase is in line with similar but slightly smaller inNo. 4-Dampskibsaktieselskapet yard
2,045,000 creases
No. 5-Aktieselskapet Soerlandske Lloyd
during the past few months. September receipts
2,890,000
No. 6-Dampskibsaktieselskapet Oestlandet
160,000 (given in our issue of Oct. 14, page 1687) were 11.55%
No.. 7-Jacob Prebensen
160,000 greater than for the previous year; August was 10.80% and
No. 8-Dampskibsaktieselskapet Tromp
175,000
No. 9-A ktiese!ska pet Maritim
July 11.62%. In its announcement of this week the. Post
175,000
No. 10--Aktieseiskapet Hang
190,000 Office Department says:
No. 11-Aktieselskapet Mercator
Fort Worth, Tex., which has been alternating with Akron, 0., for the
205,000
No. 12-Aktiese'skapet Soerlansdke Lloyd
205,000 honor of showing the largest increase, came to the front again in October
No. 13-H. Kwerschom
with
a gain of 40.38%. Fort Worth's gains during the year have been
205,600
No. 14-Harry Borthen
205,000 remarkable. In July an increase of 83.06% was registered over July 1921:
No. 15-E. and N. Evensen
in August the increase was 59.78% and in September it was 31.94%.
Second place went to Columbus, 0., which reported a gain of 31.83%,
INCREASE IN POSTAL RECEIPTS IN FIFTY INDUS- while Los Angeles was third with 26.35; Providence, R. I., fourth,
with
25.11; Minneapolis, Minn., fifth, with 21.68; Kansas City, Mo., sixth,
TRIAL CITIES.
with 21.55: Dayton, 0., seventh, with 20.52, and New Haven, Conn.,
An indication of an industrial revival is found in October eighth,
with 20.13%. It will be noted that two Ohio cities had increases
postal receipts in fifty representative industrial cities, figures of more than 20%.
2114
THE CHRONFILE
[Vol.,. 115.
of expenses, but shall serve gratuitously except,
Only one decrease was shown during the month, Richmond, Va., re- be entitled to reimbursement
within the discretion of the Court, in such countries and industries where fees
porting a loss of 5.34%•
arbitrators.
Total receipts for the fifty cities amounted ta $24,777,328 09, which is are customarily allowed for
The parties shall be in honor bound to carry out the award of the arbitragreater than any month in the year. ReCeipts far October 1921 were
- tors.
$21,669,909 84, making a gain for the past month of $3,107,418 25.
Settlement of a dispute by conciliation may be effeded by business men
Tabulated figures showirg receipts for the fifty selected cities, which
International Chamber
average approximately 54% of the total receipts of the country, arc as bringing the controversy to the attention of the
through the national committees. Such requests for the good offices of the
ollows:
Chamber will be referred to the Administrative Commission which is comSTATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES FOR posed of the representatives of the member countries resident in Paris to co1922.
OF
OCTOBER
THE MONTH
- operate with International headquarters. After examining all documents subPer Cent
October
1922 1921 1920 mitted by both parties to the controversy and collecting all possible informaOctober
Over Over Over
Increase.
1922.
1921.
Administrative Commission, through its Chairman, will communi$
Offices$
$
1921. 1920. 1919. tion, the
basis of
New York, N. Y__ 5,022,639 08 4,497,820 92 524.818 16 11.67 *545 9.31 cate with the parties, through the national committees, proposing a
Chicago, Ill
4,283,070 02 3,670,789 28 612,280 74 16.68 *4.84 10.74 mutual agreement.
Philadelphia, Pa... 1,494,567 35 1,253,472 28 241,095 07 19.23 *8.50 10.88
These rules have been drafted in as broad a manner, and with as few reBoston, Mass_
1,160,595 97 1,006,440 06 154,155 91 15.32 *.16
.56
may be modified or supplemented at any time by
966,614 67
St. Louis, Mo
819,068 42 147,546 25 18.01 5.60
.19 strictions as possible. They
Kansas City, Mo. 738,994 92
607,976 97 131,017 95 21.55 5.82 10.09 the International Chamber of Commerce.
559,019 69
Cleveland, 0
521,923 06
37,096 63 7.11 *7.52 12.62
The sub-committee which drafted the regulations included, in addition to
San Francisco, Cal. 582,511 11
45,597 11 8.49 3.83 21.55
536,914 00
Hemert, the following members: M. Roberto Pozzi,
551,814 02
56,717 64 11.45
Brooklyn, N.Y
495,096 38
.42 *5.98 the Chairman, M. von Archibald, representing the
United States; Raymond
Detroit, Mich.__ 548,461 22
470,497 40
77,963 82 16.57 *8.59 11.14 representing Italy; S. G.
Pittsburgh, Pa__ _ 493,313 51
435,613 91
57,699 60 13.24 *6.79 12.60
representing Great Britain, and M. Thor Carlander, representing
Los Angeles, Calif_ 540,137 77
427,438 52 112,699 25 26.35 10.41 29.03 Street,
427,259 15
92,600 19 21.68 4.52 15.76 Sweden.
Minneapolis,Minn. 519,859 34
458,245 74
Cincinnati,0
424,784 78
To bring the Court to the attention of business men throughout the world,
33,460 96 7.88 2.79 7.92
Baltimore, Md__ _ 422,984 97
387,091 07
35,893 90 9.27 *.31 6.71 the executive committee has recommended that all traders insert the follow325,530 42
Washington, D.C. 362,92535
37,394 93 11.49 *3.71 16.63 ing clause in their international contracts:
361,834 44
Buffalo, N. Y
312,937 37
48,897 07 15.62
.40 5.66
"The contracting parties agree to submit to arbitration, in accordance with
293,005 10
332,742 34
Milwaukee, Wis
39,737 24 13.56
.13 18.73
Indianapolis, Ind_ 283,589 90
244,323 76
39,266 14 16.07
.92 13.06 the arbitration rules of the International Chamber of Commerce, the settle25,445 09 9.87 5.19 22.68 ment of all disputes in connection with the interpretation or the execution of
St. Paul, Minn__ _ 283,183 43
257,738 34
267.225 92
Atlanta, Ga
235,684 16
31,541 76 13.39 2.15 *444
248,853 43
223,156 99
Denver, Colo
25,696 44 11.51 16.28 *8.37 this contract."
16,658 29 7.89 3.66 *5.19
Omaha, Neb_ _ _ 227,741 33
211,083 04
Owen D. Young, Chairman of the Board, General Electric
24
247,797
207442
63
Newark, N. J
40,354 61 19.45 6.48 7.59
261,299 64
Dallas, Tex
229,366 61
31,933 03 13.92 1.23
has agreed to serve as Chairman of the American group
194,458 46
23,10092 11.88 *2.13 *11:29 Co.,
Seattle, Wash__ _.. 217,559 38
182,310 91
202,127 83
New Orleans, La
19,816 92 10.87 4.98 *2.40 of the Court. His associate American members are to be the
197,941 50
192,645 26
5,296 24 2.75 8.58 14.92
Rochester, N. Y
182,120 45
218,073 90
35,953 45 19.74 *5.11 12.95 following:
Dee Moines, Ia
185,308 56
209,556 92
24,248 36 13.08 1.94 13.86
Portland, Ore_
Newton D. Baker, President of the Chamber of Commerce in Cleveland,
183,383 38
188,157 08
4,773 70 2.60 11.02 5.96
Lo isville, Ky_ _
Secretary of War.
157,789 77
207,990 76
50,20099 31.83 *17.19 21.10 Ohio, and former
Columbus,0
Irving T. Bush, President, Bush Terminal Co., New York.
134,361 48
152,399 27
18,037 79 13.42 *8.72 3.93
Toledo,0
143,466 71
135,762 63
President of People's National Bank, Charleston, S. C.
Rhett,
*7,704 08 *5.37 3.99 26.85
Richmond, Va
Goodwin
R.
124,400 64
31,240,00 25.11 *2.15 8.81
Providence. R. I.... 155,640 64
Henry M. Robinson, President, First National Bank, Los Angeles, Cal.
158,239 24
136,186 74
22,102 50 16.24 *2.39 *4.41
Memphis, Tenn
La.
M. J. Sanders, Manager. International Mercantile Marine, New Orleans,
106,512 93
119,031 23
12,518 30 11.75 *7.02 12.63
Hartford, Conn_
7,507 32 6.78 1.76 8.88
Houston, Tex..... 118,246 02
110,738 70
Fre'derick S. Snyder, President, Chamber of Commerce, Boston, Mass.
120,753 08
112,490 91
Nashville, Tenn
8,262 17 7.35 *2.49 7.24
Thomas E. Wilson, President, Wilson & Co., Chicago, Ill.
165,463 31
Fort Worth,Tex
117,890 04
47,573 27 40.38
Edgar Carolan, International General Electric Co., Paris, France.
110,727 57
123,504 52
Syracuse, N. Y
12,776 95 11.53 - .90 8.83
98,711 47
New Haven,Conn. 118,587 05
19,875 58 20.13 2.14 14.72
Mr. Bedford's announcement also states:
104,119 49
125,480 44
Dayton, 0
21369 95 20.52 6.31 13.63
Administration of the Court will be directed from the headquarters of the
97,681 20
GrandRapids,Mich. 104,663 70
6,982 50 7.15 11.82 11.23
32 Rue Jean Goujon, Paris.
97,288 52
Jersey City, N. J_
90,111 81
7,176 71 7.96 4.11
.46 International Chamber,
90,344 05
88,948 48
Salt L. City, Utah.
1,395 57 1.57 *5.40 5.75
M. Philip von Hemert, President of the Dutch Chamber of Commerce in
.82,727 81
92,472 76
9,744 95 11.78 7.50 6.02 Paris, and Chairman of the special committee which drafted the rules of proSpringfield, Mass_
75,035 73
87,610 20
Akron. 0
12,574 47 16.76 *9.90 *19.63
will serve as President of its Executive Committee.
84,386 58
Worcester. Mass
75,425 27
8,961 31 11.88 4.43 9.39 cedure for the Court,
59,951 45
66,025 08
Jacksonville, Fla
8,073 63 10.13 1.24 *43
Mr. Carolan of the American group will serve as one of the Vice-Presidents
Executive Committee.
Total
24,777,328 09 21,669,909 84 3,107,418 25 14.34 *2.04 8.61 of its
Similar groups of representative business men have been named by the fol*Decrease.
lowing countries represented in the International Chamber of Commerce:
Per Cent of Increase.
Argentina, Austria, Belgium, Bulgaria, Costa Rica, Czechoslovakia, DenJuly 1922 over July 1921
11.62% mark, Esthonia, France, Great Britain, Greece, Guatemala, Haiti, Indo-China,
Aug. 1922 over Aug. 1921
10.80%
Luxembourg, Netherlands, Norway, Poland, Portugal, Spain,
Sept. 1922 over Sept. 1921
11.55% Italy, Japan,
Soudan, Sweden, Switzerland, Union of South Africa and Jugoslavia.
PERFECTION OF PLANS FOR ESTABLISHMENT OF
COURT OF ARBITRATION FOR SETTLEMENT
•
OF TRADE DISPUTES. .
Independently of all agencies established by Governments,
the International Chamber of Commerce has just perfected
plans for the establishment of a Court of Arbitration for the
settlement and adjustment of commercial disputes. This
plan represents two years of careful study by experts of the
difficult problems of international commercial arbitration,
according to A. C. Bedford, Chairman of the American Section of the International Chamber of Commerce, who in his
announcement regarding the plans made public Nov. 6, says:
It has long been recognized that owing to the differences in language and
laws, the great distances involved, and the limitations on means of communication, the ordinary legal procedure in settling disputes between nationals of
different countries is fraught with extreme difficulty, expense and delay.
From its inception the International Chamber of Commerce has believed that
one of the greatest services it could render to the commerce of the world
would be to formulate a new plan whereby commercial disputes might be adjusted economically, promptly and eqitably without recourse to the usual
legal agencies.
The Chamber of Commerce of the United States has made considerable
progress in facilitating the settlement by arbitration of disputes arising between business men in this country and also between those of this country
and certain South American countries. It is believed that the establishment
of the Court of Arbitration by the International Chamber of Commerce will
result in a service of incalculable benefit in promoting friendly trade intercourse and furthering more complete understanding among the peoples of the
world.
Any party who desires to have recourse to arbitration under the new plan
shall address a request to his national committee or, if no national committee
exists, through an organization member of the International Chamber, giving
a statement of the transaction in question and the claims to be arbitrated. If
the question is found suitable for arbitration the Court shall forward a copy
of the request to the other party and invite him to furnish a statement of his
case.
The Court will appoint one arbitrator to try each case submitted to it, unless the parties desire the appointment of two arbitrators and one umpire, or
of three arbitrators.
The Court of Arbitration will request the various national committees to
furnish the names of technically qualified arbitrators for appointment to
hear the eases submitted to it. The arbitration shall take place in the country and town as may be determined by the Court.
Normally the arbitrators shall render their award within 60 days. The
arbitrators will have the right, where the law permits, to take evidence in
countries other than that in which the arbitration takes place.
The award of the arbitrators, in addition to the decision on the merits, shall
determine which of the two parties is responsible for the costs, or in what
proportion such costs shall be divided between them. The arbitrators shall
STANDARDIZATION. IN AMERICAN INDUSTRY FAVORED BY N. Y. CHAMBER OF COMMERCE.
The Chamber of Commerce of the State of New York, on
Nov. 2 recorded itself "in favor of the general principles of
standardization in American industry," as set forth in a reon Foreign Comport presented by the Chamber's Committee
and resolutions,
report
The
Laws.
Revenue
the
merce and
the Chamber,follow:
which were unanimously adopted by
greater standardization in American industry has
A move towards much
of years. An important body in this movement
been under way for a number
Engineering Standards Committee, which is composed of repis the American
societies in the United States and also
resentatives of the leading engineering
of Commerce,
representatives of the United States Department of Agriculture,
and War Departments. Not only
Navy
States
Unied
of the Interior, and the
Government co-operating in this movement, but also a
is the United States
bodies in the leading foreign nations.
number of national standardizing
Commerce and the Revenue Laws is especially
Your Committee on Foreign
owing to its great bearing on exmovement,
interested in the success of this
merchandise.
ports of American
which it is being attempted to apply scienAmong the various subjects in
standardization are the following:
tific principles of
technical terzns used in engineering work, specifications,
A. Definitions of
and contracts.
materials.
B. Specifications for
especially acceptance tests for materials and apparatus.
C. Methods of tests,
standardization to secure interchangeability of supplies, for
D. Dimensional
bolts.
example, screws, nuts and
to secure the Inter-working of parts, and of
standardization
E. Dimensional
made or assembled by different manufacturers, such
inter-related apparatus,
as shafts, pulleys, etc.
uniformity in requirements for safety in apparaF. Safety codes to secureindustrial processes.
tus and equipment, and in
number of types, sizes and grades of manufactured
G. The limitation of the
important and far-reaching subject.
products-an exceedingly
industrial advantages which will result
Among the great economic and
application of scientific standardization can be enumerfrom a more general
ated the following:
seller to speak the same language, and makes it
1. It enables buyer and
sellers to do likewise.
possible to compel competitive
an easily comparable basis, it promotes fair2. In thus putting tenders on
domestic and in foreign trade.
ness in competition, both in
public by making mass production possible,
31 It lowers unit costs to the
shown in the unification of incandescent lamps and
as has been so strikingly
automobiles.
stocks, it makes deliveries quicker and
4. By simplifying the carrying of
prices lower.
tending to disorganize industry,
5. It decreases litigation and other factors
the burden of which ultimately falls upon the public.
and utilization-a prolific
6. It eliminates indecision both in production
cause of inefficiency and waste.
Nov. 11 1922.}
THE CHRONICLE
7. It stabilizes production and employment, by broadening the possible
market, and by making it safe for the manufacturer to accumulate stock during periods of slack orders to an extent which would not be safe with an unstandardized product.
8. By focusing on essentials, it decreases selling expense, one of the serious
problems of our economic system.
9. By concentrating on fewer lines, it enables more thought and energy to
be put into designs, so that they will be more efficient and economical.
10. By bringing out the need of new facts in order to determine what is
best, and to secure agreement on most questions, it acts as a powerful stimulus to research and development—and it is thus in decided contrast to crystallization resulting from fixity of mental attitude.
11. It is one of the principal means of getting the results of research and
development into actual use in the industries.
12. It helps to eliminate practices which are merely the result of accident
or tradition, and which impede development.
13. By concentration on essentials, and the consequent suppression of confusing elements intended merely for sales effect, it helps to base competition
squarely upon efficiency in production and distribution and upon intrinsic
merit of product.
It seems obvious that standardization as outlined above would be of great
beAfit, not only to our foreign trade, but also to our domestic industrial welfare. Your committee therefore offers the following resolution:
Resolved, That the Chamber of Commerce of the State of New York hereby
records itself as in favor of the general principles of standardiziation in
American industry as set forth in this report; and, be it further
Resolved, That copies of this report be sent to commercial organizations
throughout the United States and others who may be interested, with the
suggestion that they co-operate wherever possible in the movement now under
way to bring about standardization along national lines.
Respectfullk submitted,
WILLIAM E. PECK, Chairman,
WILLIAM H. DOUGLAS,
MAX EISMAN,
SAMUEL T. HUBBARD,
Of the Committee on Foreign Commerce and the Revenue Laws.
Attest: CHARLES T. GWYNNE,Secretary.
IRVING T. BUSH, President.
MINIMUM WAGE LAW IN DISTRICT OF
COLUMBIA DECLARED UNLAWFUL.
Declaring that "no greater calamity could befall the wage
earners of this country than to have the legislative power
to fix wages upheld," the Court of Appeals of the District
of Columbia on Nov. 6 handed down a decision declaring
invalid the District minimum wage law. No reason is
apparent, the Court said, why the operation of the law
should be extended to women to the exclusion of men, since
women have been accorded full equality with men in the
commercial and political world. Justice Van Orsdell, who
delivered the Court's opinion, declared that "the right of a
person to sell his labor upon such terms as he deems proper
is, in its essence, the same as the right of the purchaser of
labor to prescribe the conditions upon which he will accept
such labor from the person offering to sell it." Justice
Van Orsdell said: "High wages do not guarantee good
morals." "Wages have been higher since the war than ever
before and there is more crime," he added. The opinion
was concurred in by Justice Robb, while Chief Justice Smyth
filed a dissenting opinion. The decision of the District Court
of Appeals, which has national significance, was in the case
of the Children's Hospital, which sought to restrain perpetually the minimum wage board from enforcing an order
requiring it to pay to its women employees not less than
$16 50 a week, or $71 50 a month.
Declaring that it is no argument in favor of minimum wage
legislation that several State courts have upheld similar
statutes, the opinion of the Court of Appeals asserted that
the minimum wage law passed by Congress for the District
was neither a war nor an emergency measure and that the
situation as regards women workers had not become "publicly
notorious." The District minimum wage board, of which
Elizabeth Brandeis, daughter of Justice Brandeis, is Secretary, issued a statement declaring that the case would be
brought before the Supreme Court. The decision affects
over 12,500 women and minors in Washington stores and
ndustries. Speaking of the effect that wage fixing by
statute would have •on the constitutional right of "free
contract" for wage earners the opeinion said in part:
It would deprive him of the most sacred safeguard which the Constitution
affords, to take from the citizen the right to freely contract and sell h's
labor for the highest wage which his individual skill and efficiency will
command. The laborer would be reduced to an automaton—a mere cre,a-ture of the State. It is paternalism in the highest degree, and the struggle
lof the centuries to establish the principle that the State exists for the citizen,
and not the citizen for the State, would be lost.
We are here called upon to weigh the subject-matter of certain legislation
In the balance of the Constitution—the general power of Congress to fix
wage contracts between private individuals. If Congress may establish
a minimum wage for women, it may establish a maximum wage, or it may
name a fixed wage. If it may regulate wages for women, it may by the
exercise of the same power, establish the wages to be paid men. The power
of Congress to fix wages between private individuals is either constitutional
or unconstitutional. There is no leeway for legislative or judicial discretion.
A fundamental principle is involved, and it does not lie in the courts to
declare a law fixing the wages of women constitutional and a law fixing the
wages of men unconstitutional. The moral stimulus in the one instance
Is no greater than in the other. If higher wages are essential to preserve
2115
the morals of women, they are equally essential to preserve the morals
of men.
This leads to another angle. If the law is to be equitably enforced, it
requires a most careful and judicious inquiry by the Board into living conditions—the cost of rent, clothes, food and recreation. If the power,
therefore, exists to fix wages in the interest of good morals and the promotion
of the general welfare, the power must likewise be conceded to fix the prices
of all commodities entering into the determination of an equitable wage.
In no other way can justice be accorded. The wage fixed for an employer
to pay his employee cannot be justified, if based upon the unrestr ined
prices which the employee may have to pay the merchant for food and
clothes, or the landlord for rent. The logical result of such a course relegates the w1r)le matter of prices to the realm of legislation.
SECRETARY WALLACE OF DEPARTMENT OF AGRICULTURE ON WHAT HAS BR.FIN DONE TO MEET
AGRICULTURAL DEPRESSION.
In an address delivered on October 18 on "The Agricultural Depression and What Has Been Done to Meet It,"
Henry C. Wallace, Secretary of Agriculture, stated that "during the past 18 months the needs of agriculture, both temporary and permanent, have had more sympathetic and intelligent consideration at the hands of Congress than during
any other similar period in our entire history." Reciting
what had been done in behalf of Lhe farmer, Secretary Wallace, whose speech was delivered at Washington Court
House, Ohio, said in part:
During the war and for several years before, farming in general was prosperous. Prices of farm products were high, but not as high relatively as
prices of many other commodities, nor as high as wages during 1918 and
since. Farm production was stimulated by these good prices. After peace
came, prices continued high. Time was needed to dismantle the war machine
and send home our boys in the camps and overseas. War contracts and war
expenditures continued for some time. War prices also continued.
In the late summer of 1920 came the perpendicular drop in the prices of
most farm products. Within a short time prices of such products reached
lower levels with relation to the prices of other things than ever before in
the history of the country.
The crops of 1920 had been grown at the highest costs ever known. Everything the farmer had to buy and every factor which entered into his cost of
production, such as wages, land values, rents, machinery, transportation, was
very high. Up to the spring and early summer of 1920 the prices the fanner
got for what he had to sell left him a fair margin, notwithstanding his high
production costs, but when his crops of 1920 were ready for market he had to
sell at prices far below the actual cost of production.
To meet the demands which had been made upon them for large
production,
many farmers had to go in debt heavily. Large numbers of them had bought
land at the high prices, making small payments down. Others had added
needed improvements at high cost. Renters had undertaken to pay very high
rents. Farmers had done these things all the more freely because they had
ben told, both by Government officials and others, that there would be a
large demand and at good prices for everything they could possibly grow.
They had expected that there would be some decrease in prices of farm products. Also, they had expected that there would be corresponding decreases
In prices of the things they had to buy. They had not expected such a sudden and enormous drop in the prices of their crops while prices of other
things stayed up, and they were dazed and discouraged. The result was the
most severe agricultural depression in our entire history, and when the present Administration came into power in March 1921 there was an insistent
demand that something be done and done quickly.
There were two things to be considered. First, what could be done, either
by legislation or administrative action, to help the farmers tide over the depression. Second, what could be done to prevent a repetition of this disastrous experience, for it was perfectly evident that a thorough study should
be made of the deeper currents and the larger economic forces which influence agricultural prosperity.
One of the first things Congress did was to appoint a Joint Commission on
Agricultural Inquiry. This Commission consisted of members of both Senate
and House. It sat during most of the year 1921. It called to its aid various
Government departments. It heard practical farmers and representatives of
farm organizations from all over the country. It listened to business men engaged in industries closely allied to agriculture. It called in economists, experts in finance, in transportation. In short, it reached out in every
direction for information which might throw light on
the agricultural situation.
It got together a great mass of testimony
and statistical information, and
finally it made a report in four parts, dealing with the causes of the agricultural crisis, farm credits, transportation and distribution and marketing. No
such sympathetic study of the economics of agriculture was ever made before.
Beyond question this Commission did a tremendously valuable piece of work,
and out of it will come very much to
help in the laying out of a wise national
agricultural policy for the future.
Having appointed this special Commission, and having set it at work, Congress turned to a consideration of what might be done in the way of legislation to meet the immediate emergency, and before it adjourned it had passed
the following eight acts of major importance:
The Emergency Tariff.
The War Finance Corporation Act.
Increased capital of the Farm Land Banks.
Modified interest rate on bonds of Joint Stock Land Banks.
Agricultural representation on Federal Reserve Board.
Packers and Stockyards Act.
Grain Futures Act.
The Act to protect farmers' co-operative associations from improper prosecution.
I shall discuss briefly these various pieces of legislation.
In the spring of 1921 we had a great surplus of practically all agricultural
products, and prices were terribly depressed. Notwithstanding this, certain
agricultural products, wool, for example, were being imported in large quantities. It was a most unusual situation. The reason for it was that the
people
in the United States had money with which to buy these products which
had
piled up in other countries and which had to be sold at some price.
These
importations had a bad effect upon prices of our own products, and
further
added to our surplus. To meet this situation Congress promptly
enacted the
Emergency Tariff Act, imposing duties upon farm products from
other countries. No one can fully and fairly estimate the effect of a tariff
in such abnormal times, but it seems very clear that this Emergency Tariff
helped very
much as one of the agencies which improved agricultural
prices later in the
season.
2116
THE CHRONTCLE
[VOL. 115.
Then, addressing itself to the imperative need for relieving the financial able to correct promptly any abuses which may exist. The law has been
stringency which was forcing the farmers to sacrifice their crops at what- passed upon by the Supreme Court and pronounced constitutional.
ever prices they could get, Congress breathed new life into the War Finance
Another law of the same sort, the Grain Futures Act, brings the various
Corporation. This was a corporation originally created as an agency to help grain exchanges under the supervision of the Secretary of Agriculture. This
finance exports, both agricultural and industrial. It functioned very well law gives the supervising agency authority to inquire into the manner in
for a time in assisting exporters, working in harmony with and under the which grain is bought and sold and future contracts made upon the principal
general supervision of the Secretary of the Treasury. In the spring of 1920, grain exchanges of the country. It should give full opportunity to make a
however, the Secretary of the Treasury, who had the power through the con- thorough study of our entire system of grain marketing, and especially of
trol of the finances of the Corporation, suspended its activities. Later in the those influences which determine grain prices. It does not prevent hedging
year, when prices of farm products began to crumble, persistent efforts were or legitimate trading, but it carries the power to prevent unfair manipulation
made to induce the Administration then in power to revive this corporation. and correct improper practices by those who deal in grain futures. When this
These efforts failed, the excuse given being that there were no funds and no law was first passed an appeal was made to the courts and it was held unconlegal authority. Also, it was intimated in high Government quarters that the stitution. It was redrafted and again passed promptly by Congress.
demand for a revival of the War Finance Corporation was agitation to mainSome people condemn these two larws as being an unwarranted interference
tain inflated prices.
with business. Neither of them will hurt any honest business. The purpose
Whether the precipitous decline in farm prices might have been avoided of both is to make sure that the great public markets for grain and live stock
had the War Finance Corporation been permitted to act vigorously during the are free and open and that both abuses and unfair charges are eliminated.
spring and summer of 1920 it is, of course, impossible to say with certainty,
While prices the producer on the farm received for his product have been
but the chances are that it would have helped materially. Certain other f
ruinously low, the spread between what the farmer gets and what the connancial policies of the Government probably aided the effort to break farm sumer pays has increased, especially during the past five years, and has beprices. The almost entire discontinuance of Government bond purchases for come a matter of national concern. Either there are too many people along
the sinking fund during the last half of 1920 helped to tighten the money sit- the line between the farm and the consumer's table, or they are charging too
uation. The refusal of the Federal Reserve Board to longer accept paper of much for their services. One of the ways to correct this condition is through
the cotton factor as eligible for the Federal Reserve System forced hundreds co-operative marketing organizations of farmers. The Government is not in
of thousands of bales of cotton on the market, with a consequent break in the business of organizing such associations, but it is its duty to remove any
prices. This greatly embarrassed bankers who had loaned on such paper, and obstacles in the way of such organization. Under the previous Administrathe result was felt indirectly throughout the entire country.
tion over-zealous officers in diff-rent parts of the country prosecuted some of
When Congress met in December 1920 it promptly passed a resolution di- these farmers' associations, even going so far as to arrest their officers. Recrecting the Secretary of the Treasury to revive the activities of the War Fi- ognizing the fact that farmers' co-operative associations are not only right but
nance Corporation. This resolution was opposed by the Secretary of the desirable, Congress last summer passed a law which will protect them from
Treasury, and when it was passed was vetoed by President Wilson. Congress unfair attack. This law gives farmers the right to form such associations,
promptly repassed the resolution over the Presidential veto. But the corpora- and at the same time safeguards the public against abuse by giving the Section did not function very actively until after March 1921. Later in the sum- retary of Agriculture authority to see to it that they are not used as monopomer Congress added greatly to the powers of the War Finance Corporation, lies to unfairly enhance prices.
authorizing it to carry financial help directly to domestic agriculture, and
The law which created the Federal Reserve Board provided that in appointmaking available practically one billion dollars. This help was given through ing members of that Board the President should have due regard "to a fair
banks in the agricultural districts. In 33 States volunteer committees of representation of the different commercial, industrial and geographic divibusiness men and bankers were promptly organized for the purpose of passing sions of the country." The experience of the years 1919 and 1920 showed
upon the paper submitted for rediscount. The banks in these States were very clearly that agriculture as well as commerce and industry must have fair
overloaded with farmers' notes which could not be paid without great sacri- consideration by the Federal Reserve Board in determining great financial
fice. The War Finance Corporation rediscounted good farm paper for the policies. Congress, therefore, amended the Federal Reserve Act so that it now
banks. This relieved the banks and enabled them to loan more freely to their rads that in appointing members the President shall have due regard "to a
farmer customers, and especially to carry those who could not pay. Within fair representation of the financial, agricultural, industrial and commercial
a few months about 7,000 loans were made to banks in agricultural sections, interests." There was some opposition to this amendment by those who felt
in a total amount of almost $200,000,000. $84,000,000 was loaned to live that the provision for agricultural representation had the appearance of class
stock companies and banks upon live stock security. $64,000,000 was loaned representation. Congress very properly, however, acted upon the theory that
direct to farmers' co-operative marketing associations. Including loans made this Federal Reserve Boad is the most powerful financial institution in the
to finance agricultural and other exports, the War Finance Corporation has country; that the manner in which it administers its credit machinery can
loaned more than $400,000,000.
make or unmake business and industry; that agriculture, being the basic inThe benefit which came through the loans made by the War Finance Cor- dustry of the country, the industry upon which our entire civilization depends,
poration cannot be measured by these loans alone. The renewed confidence should have more careful consideration than it has had in the past. It is not
which swept through the country immediately the Act was passed was most the thought that agriculture should receive benefits to the injury of any other
helpful. Money became easier to borrow; a more liberal policy on farm loans business or industry. The law as it now stands provides for a Board which
was generally adopted. The wholesale sacrificing of grain and live stock was shall represent in fact a cross-section of our financial, agricultural, commerchecked. The hope of farmers was renewed. It is not pleasant to think of cial and industrial life.
what would have happened to agriculture if this emergency money had not
In January 1922, at the request of the President, the National Agricultural
been made available.
Conference was called to meet in Washington. This conference was the most
The value of the service rendered by Congress in recreating and enlarging representative gathering of practical farmers and of people representing farm
the powers of the War Finance Corporation serves to illustrate the importance organizations and allied industries ever brought together. It was opened by
of taking the affirmative rather than the negative view in time of difficulty. an address by the President, and met for four days, working through wellMany good people were disposed to accept the disastrous break in farm prices organized committees. At the conclusion it submitted a report and made ceras inevitable. They thought nothing could be done; that Government action tain recommendations. The responsiveness of Congress to the recommendacould not relieve the situation. These good people were of the same sort as tions of this Agricultural Conference is shown by the fact that already most
those pious folks in days gone by who looked upon a death in the family from of the important recommendations have been crystallized into law . The War
tuberculosis or typhoid fever as a visitation of the wrath of God, and not as Finance Corporation was strengthened; the Federal Reserve Act was amenda thing for which they were responsible and which they might have avoided ed; committees have been appointed to investigate crop insurance; Federal
by giving attention to the laws of health and sanitation.
aid for highways has been continued; the farmers' co-operative marketing
Congress practically doubled the ability of the Federal Farm Land banks Act was enacted; in fact, all of the more important recommendations which
to loan on farm mortgages by providing for an enlargement of their capital called for legislation, with the exception of two, have been adopted by Constock through loans from the Treasury. This help came just at a time when gress. The two exceptions are the recommendation which provides for a perthere was a tremendous demand for farm mortgage loans, a demand so heavy manent form of intermediate agricultural credit, and the recommendation
that the Farm Land Banks could not begin to meet it. These banks are now which demanded, in effect, a substantial decrease in railroad rates.
loaning at the rate of almost $300,000,000 a year, and the interest rate is
Concerning the matter of farm credit, a number of bills were before Con5%%. Last year thousands, and perhaps hundreds of thousands, of farmers gress at the time of its adjournment. There is every reason to believe that
were being required to pay 7 and 8% and in some cases more, including inter- the desirable features of all of these bills will be brought together in one bill
est and commissions, for farm mortgage loans.
and that it will be acted upon favorably the coming winter. Delay in enactThe law which Congress passed authorizing the Joint Stook Land
due to any unwillingness on the part of Congress,
banks to ing this legislation was not
needed to work out a safe and sane act which
reduce the interest rate on their bonds to 5%% without making a
correspond- but rather because time was
The purpose is, first, to raise the maximum
ing increase in the interest rate charged the farmer also helped very
desired.
much to would do the business
relieve the mortgage loan situation.
on mortgages by the Federal Land banks. At
loaned
be
amount which may
These two acts dealing with farm mortgage loans not only provided hun- the present time this maximum is $10,000 to any one individual. That is
dreds of millions of dollars additional for making such loans, but also helped enough for the small farmer or for the farmer in regions where land is cheap,
very much in reducing the high interest rates and grossly unjust commissions but it is not enough for farmers in the great surplus producing States of the
of one sort or another which were being charged for making mortgage loans. corn belt. Second, to provide what may be called intermediate credit for farm
For thirty years and more, in times of low prices, live stock producers com- improvements, such as drainage, building, silos, and for the growing of live
plained bitterly of the larger packers. They felt that the growth of the pack- stock, and which will give the farmer time to market his crops regularly. Our
ing business, and especially of the larger concerns, gave opportunities for regular banking system under normal
provides very satisfactory
m the Farm Loan Act, long time farm
combination, for concert of action and control of live stock prices. For many 90-day credit, and with the amendment in
years there were bills before Congress providing for Government supervision mortgage credit will be provided. What is needed is this intermediate credit
over the packing houses and the various agencies which do business at the between short time credit and mortgage credit, which will permit the farmer
principal live stock markets. In the spring of 1921 Congress took hold of to borrow at reasonable interest rates for a length of time varying from a
this matter vigorously and in August passed the Packers and Stockyards Act. year to three years, depending upon his needs. We need provision for agriculThis law brings the packing houses, the stock yards, the commission mer- tural credit which will make unnecesssary the hasty creation of new organizachants and other stock yards agencies under the supervision of the Secretary tions to meet emergencies such as confronted us last year and the year before.
of Agriculture. He has authority to inquire into the manner in which the
One of the heavy burdens which the farmer has been forced to carry at a
business is conducted, to examine books, to subpoena witnesses and require time when he was least able to carry it has been the large increase in freight
them to testify under oath. In short, he has ample authority to look into rates. In 1920 freight rates on many of the more important farm crops were
every phase of the live stock business as conducted by the packers, commis- almost double what they were before the war. These increased rates not only
sion merchants and stock yards, including the authority to determine whether imposed a grievous financial burden but in many cases narrowed the market
charges are fair and just. Under this law it will be possible to make a thor- for crops which were not worth enough to carry the freight rate to distant
ough study of the live stock business from the farms until the meat reaches markets. At the same time the increased rates on the things the farmer had
the city wholesaler, and to correct any unfair practices at any point along the to buy added to his cost of living and the cost of production by just that
way. The Department of Agriculture now has a live stock supervisor at each much. Had prices of farm crops remained at the 1919 and early 1920 levels,
of the principal live stock markets. It has district supervisors who reach the the higher freight rates could have been paid without inconvenience. A
smaller stock yards and packing houses where there is not sufficient business freight rate of 25 cents a bushel when corn is selling for $1 75 a bushel is
to justify a resident supervisor. Shippers can go at once to these supervisors not a serious matter, but a 25-cent rate on 50-cent corn is ruination. During
and report any improper practices or unfair treatment, with the assurance 1921 the influence of the Administration was exerted in every proper way to
that they will receive inunediate attention. Audits are being made of the bring about a reduction in freight rates on farm crops, and a number of imbooks of the stock yards agencies. Boycotts have been stopped. Stock yards portant reductions have been secured. Rates still remain altogether too high,
and commission ch.irges are being investigated. Studies
of the manner in however, with relation to the selling value of crops, and further substantial
which the packing business is being conducted are being
made. Many im- reductions must come in the near future.
proper practices have been corrected. It is expected in due
time to have comThis railroad question is exceedingly complex and difficult. When the
plete information concerning the business in all of its
details, and thus be Federal Government took over the roads it was on the agreement that in ad-
Nov.11 1922.]
T1TE CHRONICLE
2117
dition to proper maintenance they should be assured of earnings equal to the are more people working on the farms than in any other sort of work. But
average of the three years, June 30 1914 to June 30 1917. Costs of operation farmers get lower returns on their invested capital than any other group of
were increasing steadily and the Government advanced both passesnger and capitalists, and they work longer hours and for much less pay than any other
freight rates. But materials, and especially wages, continued to advance, the group of laboring men. Being both capitalists and laborers, farmers can unlatter with Government assent and encouragement. Iniquitous working agree- derstand and sympathize with the just and lawful aspirations of both capital
ments and shop rules, which greatly reduced labor output, were accepted. The and labor. Farmers want both to prosper and thus be able to buy their crops
result was that railroad costs of operation increased far more than railroad at fair pi ices. The right of capital to organize has long been recognized as
receipts. During this period practically everything shipped was selling at a necessary to the conduct of large business enterprises. The right of labor to
price high enough to have carried a correspondingly high freight rate. Good organize and bargain collectively as to wages, hours and working conditions
business administration would have provided for railroad income during those also has long been recognized. The farmers would be among the first to help
prosperous times large enough to meet the Government contract and would maintain both these rights. The right of the laboring man to quit work is
thus have saved the hundreds of millions which the Government afterward inalienable. The right to work is equally sacred. The right of workingmen
had to pay. Also, it should have made possible a prompt reduction in rates to organize and the right to quit work do not carry with them the right to
interfere with others who want to work, nor do they include pemission to conwhen the prices of farm crops made it necessary.
The urgent demand by farmers for large reductions in freight rates have spire, through organization or otherwise,and tie up industries which are necesled some people to think that if the farmers could have their way they would sary to the life of the people. Interference with transportation is a direct atput rates so low that the roads could not possibly operate. Nothing could be tack upon the farmer and his family. In the case of perishable crops such infurther from the truth. The farmer is almost wholly dependent on the rail- terference means the destruction of the farmers' year's work and perhaps his
road for the movement of his surplus crops and live stock. Much agricultural financial ruin. No dispute between railroad owners and railroad workmen
freight is perishable and must have expedited movement. The farmer, there- can possibly arise which cannot be settled by lawful means, with full justice
fore, has a direct interest in efficient railroad operation, and knows that the to both, and without interference of traffic or imperiling the business and
roads must be permitted to charge enough to cover all proper costs of opera- lives of innocent people. The rejection of lawful means of settlement and the
tion and enough in addition to give a fair return upon the money invested, appeal to lawlessness, whether by capital or by labor, must stop. If it does
and thus keep capital in the business. Neither does the farmer want Govern- not stop, then in self-defense the farmer inevitably will be driven to himself
ment operation of the railroads. He had enough of that in his three years' adopt similar strong-arm methods. If class is to be arrayed against class, if
experience to satisfy him for all time. He will never forget the losses, both strong-arm methods are to be substituted for the orderly processes of law, then
direct and indirect, which he suffered because he could not ship when his stuff the farmer can take care of himself, and he will. He can live for a time
within his own resources. But we might as well recognize the fact that that
was ready for market, and because of bad service.
Nevertheless, freight rates on farm crops and live stock must come down. sort of thing will mean the breaking down for a time of the greatest republic
With present prices for his crops and with probable prices for the next year and the most advanced civilization the world has ever seen. We cannot peror so, the farmer simply cannot afford to pay the present rates. They are out mit that to happen. Upon the farmer rests the duty of feeding the nation.
The prompt and efficient transportation of his crops is just as necessary as
of all proportion to the pay he gets for what he grows. . . .
The distortion between the freight revenue received by the railroads and the growing of them. He has a right to insist, therefore, that such interferthe prices for the principal farm crops in the year 1921 can be illustrated in ence with transportation as he has suffered under from time to time during
this way: In 1913 the railroad freight revenue, which would buy 1.4 bushels the past five years be stopped for good.
of corn in Iowa would in 1921 buy 3.1 bushels of corn in Iowa. In 1913
A letter from President Harding was read by Secretary
this revenue would buy 1 bushel of wheat in North Dakota; in 1921, 1.1 Wallace during the presentation of his speech in which the
bushels.
President stated that the Washington Administration has
While Congress acted promptly and favorably upon every well thought out
and workable plan to relieve the agricultural tension, it refused to do some recognized that the farmer is not being adequately compenthings which were urged upon it. One measure very commonly urged by well- sated, and that it has done everything in its power to restore
meaning people was that Congress should fix grain prices high enough to at a normal balance between prices and cost of production.
least cover the actual cost of production. They argued-that prices of some This letter we refer to in another item.
farm products had been fixed by the Government during the war and held at
lower prices than were justified, and that it was a poor rule that would not
work both ways. Such people had not studied history to much purpose. From COMMISSIONER OF AGRICULTURE IN SOUTH CAROtime to time during the past 3,000 years Governments have undertaken to
LINA URGES COTTON PLANTERS TO STORE
arbitrarily control prices for a time. Every such effort has failed. It is
true that during a war prices can arbitrarily be held down temporally. This
COTTON.
is possible because farmers always respond to the patriotic urge to produce,
According
to
the
"Wall
Street Journal" of Nov. 4, B. Hareven though at a relatively low price. As a group farmers are the most patriotic of citizens. But any effort by Government to arbitrarily raise prices ris, Commissioner of Agriculture of South Carolina,feels the
would have made it necessary for the Government either to buy and store the cotton crop of that State is so short that it is folly for plantgrain offered for sale at the price fixed or to loan practically the full price
. to farmers who retained the grain on their farms. The result would have been ers to hurry it to market, and looks for much higher prices in
to store up a- great surplus and at the same time stimulate further production. the near future. He advises plants to warehouse their cotton
No Government could persist in such a policy, and the effect on farmers and
market in a more orderly manner in order to get the full
would be disastrous. Controlled production must go with price fixing.
Another measure which was frequently urged was that the Government benefits of the advance, which he expects. In a signed stateshould loan large sums of money to foreign nations to be used in buying our ment he said to the "Wall Street Journal":
We have about 200,000 bales of cotton held over from the 1921 crop and
surplus, or in other words, to sell entirely on credit. These nations already
owed us huge sums on which they were not able to pay even the interest. cotton is now selling for $50 a bale more than 12 months ago. By holding
They did not want to borrow more. They were economizing and were pay- these 200,000 bales we have added $10,000,000 of wealth to the State.
The same thing can be done with the crop we are now gathering. I think
ing cash for what they actually needed.
I have spoken at some length of the more important acts of Congress de- our State will not make over 600,000 bales this year, and if it is held off the
signed to relieve the agricultural depression and to make sure of free and un- market for even six months at least 10 cents a pound can be made, adding
manipulated markets for grains and live stock. In addition to these, a num- $30,000,000 of wealth to our State. Considering the condition of our State
ber of less important things were done which helped relieve the situation. at present, business interests cannot afford to lose this great amount of money.
Cotton is one of the best collaterals in the world, and doubly so now, for it
The appropriation of $20,000,000 for Russian relief, for example, which was
used to buy foodstuffs, helped by just that much to stiffen the prices of farm is admitted by some of the best cotton men in the world that we have not
products, especially corn. The appropriations or seed loans to enable the enough for the world's consumption in 1923, even if it is no greater for next
drouth-stricken farmers of the Northwest to hold on to their farms and sow year than it has been this year. If this cotton is warehoused and the receipts
grain last spring was a saving thing for thousands of wheat farmers who have turned over to the bankers, holders can get money on them. I think we are
bound to see higher prices in the near future. The world is beginning to realthis year grown good crops.
Take it all in all, I think it is fair to say that during the past 18 months ize that we will make under 10,000,000 bales this year and to wonder where
the needs of agriculture, both temporary and permanent, have had more sym- the cotton is coming from to clothe the people. Cotton is growing shorter
pathetic and intelligent consideration at the hands of Congress than during every day and the world is needing cloth as it has never needed it before.
I know Texas is selling her cotton about as fast as she gets it out. Texas
any other similar period in our entire history. The legislation has been constructive and will be enduring in its benefits. Nor can it be termed in any will not make over 3,000,000 bales this year and it is opening very rapidly.
sense legislation for the benefit of a class to the injury or at the expense of She can make cotton at least 5 to 7 cents cheaper a pound than we can east of
any other group. It will help all classes. Agriculture is our basic industry. the Mississippi.
Almost one-third of all our people get their living direct from the soil. A
Farmers, bankers and business men of the South have the cotton situation
condition which so reduces the purchasing power of the farmer that he can- in their own hands this year as they have not,had it in 50 years. They can
not make his normal purchases or continue his normal production not only name the price at which they, want to sell. I want to urge our bankers and
also makes trouble for all other groups, but becomes a peril to our national business men to get behind the cotton and save South Carolina from financial
welfare. A wholesome, satisfying, prosperous agriculture is the first concern ruin. We can add many million dollars to the wealth of our State. Single
of a real statesman. .
handed we can do nothing, together we can do anything that is right, and I
.
Although during the past two years we have been burdened with an agri- know this is right. Cotton is our great money crop and when we get rid of
cultural surplus which has brought about ruinously low prices, it is perfectly what we now have on hind it will be a long time before we will have this
evident that within a relatively short time the growth of our population will much again.
make necessary steadily enlarging production.. Agriculture is the foundation
upon which our nation is built. A thoroughly sound and prosperous agriculture is necessary to our continued existence. The largest responsibility rests RESTRAINING ORDER IN PROCEEDINGS TO TEST
upon the farmers themselves, but there are some things which must be done
VALIDITY OF GRAIN FUTURES ACT.
by legislation and some other things which must be done by administrative
A temporary restraining order preventing the carrying
action, if the farmers are to have that free hand which is absolutely necessary
for them to produce efficiently and continuously and feed our people at rea- into operation of the Capper-Tincher Grain Futures Act
sonable cost. They must be assured of free, open and competitive markets signed by
President Harding on Sept. 21, was issued on
for their products. There must be made available to them not only long time
mortgage credit, but the various devices which our banking system long since Oct. 30 by Judge Carpenter in the U. S. District Court
made available to our commerce and industry. In the administration of our at Chicago. The issuance of the order,grew out of the filing
larger credit machinery there must be full recognition of the needs of agricul- of a petition by the Chicago Board of Trade. In Minneture and of the effect credit policies have upon agriculture. In so far as it
is possible the effort should be to so administer credit as to restore and main- apolis also on Oct. 30 an order temporarily. restraining the
tain the normal relationship between the prices of farm products and farm enforcement of the Act was issued by Pederal Judge Morris
wages and the prices of other commodities and of wages in industry.
in response to the petition of the Minneapolis Chamber of
I have already spoken of the imperative need for more equitable freight
rates on agricultural products. There is another matter in connection with Commerce. A hearing in the latter ease on the application
our transportation which must have attention. Some way must be found to for a permanent injunction was set for Nov. 9. Judge
put a stop to these constantly recurring disputes between capital and labor Carpenter will give a hearing in the matter in Chicago on
which interfere with or suspend for a time the free functioning of necessary
Industries, such as transportation and coal mining. There is more money in- Nov. 13. The new Act, which was to become operative
vested in the agriculture of the country than in any other industry. There Nov. 1, was enacted to take the place,of the Future Trading
2118
THE CHRONICLE
Act of Aug. 24 1921, following the decision last May of the
United States Supreme Court declaring unconstitutional
Section 4 of the 1921 Act. The approval of the new Act
by PresideQt Harding and th3 statement of Secretary of
Agriculture Wallace regarding the new measure were the
subject of an item in our issue of Sept. 23, page 1390. The
directors of the Chicago Board of Trade decided on Oct. 11
to test the constitutionality of the new Act, and the bill of
complaint was filed on Oct. 30. Regarding the action the
press dispatches from Chicago Oct. 30 said:
[VOL. 115.
embodying twelve points, provides for the arbitration of
all differences between employers and workers. The present twelve points are a modification of the original fourteen
which the Building Trades Council refused to adhere to
at the beginning of the year, when an effort was made
to.ratify a work and wage agreement to replace the one that
expired on Dec. 31 1921. Since January 1 the building
trades have been operating without any contract. The
twelve points are to form merely a general basis for peace
in the construction trades, while each craft union is to negotiate separately a work and wage agreement with the
several employers' associations. The principles are:
1. There shall be no strikes or lockouts or stoppage of work, neither shall
In the bill of complaint in the petition of the Chicago Board of Trade filed
in Federal Court by Henry S. Robins, counsel for the Board, charges that
the law seeks to regulate as inter-State commerce trade that is wholly State,
that it interferes with State rights to govern exchabges, and that it seeks to
union collectively leave the work of a member of the Building
deprive Board members of their property by admitting representatives of members of a
Employers'Association. Trade agreements made by the employers'
co-operative bodies and permitting them to rebate commissions in violation Trades
members of the Building Trades Employers' Association and
Associations,
of rules observed by other members. Further charges of unconstitutionalprovide that all disputes arising in the trades shall be setity are made on the ground that the law makes violation of its provisions trade unions shall
boards of arbitration, with an umpire,if necessary, and the dea crime "and constitutes the Secretary of Agriculture, the Secretary of Com- tled by trade
boards and umpires shall be final and binding.
merce and the Attorney-General a commission with power to deprive of- cisions of trade
2. There shall be no agreement providing for discrimination against buildfenders of their rights t 3 thereafter pursue a lawful vocation, whereas such
raw or manufactured.
criminal laws are, und r the Constitution, enforceable only in court," with ing materials,
• 3. The amount of work a man may perform shall not be restricted by a
a jury.trial.
the representatives, officers or members of a union, and the
Other sections, granting wide powers of control to the Secretary of Agri- union or by
tools, appliances or methods shall not be restricted-or inculture, who is given authority to designate what exchanges shall or shall use of machinery,
terfered with.
not be contract markets, are attacked as unsound.
4. The employer shall be at liberty to employ and discharge whomsoever
Fear of what might result from the drastic provisions of the law, the comthe members of the unions shall be at liberty to work for whomplaint says, may bring on "a serious disturbance of the grain markets of the sees fit, and
soever they shall se fit.
country."
5. The foreman shall be the agent of the employer and shall not be tried for
"Many owners of grain," it states, "will be deprived of the privilege of
acts as foreman without due notice of the trial, accompanied by
insuring themselves against price fluctuations through 'hedging' contracts, any of his statement of the charges against him, being given to the
joint
a written
and irreparable loss to members and others would result."
board.
Statements contained in that section of the law summarizing alleged evils trade
6. The trade associations and unions shall jointly maintain a system which
of marketing are attacked by the Exchange as "inaccurate." These asserprovide an adequate force of skilled mechanics. The apprenticeship
tions of supposed evils, the Board contends, were disproved at the numerous will
plan of the New York Building Congress is endorsed.
hearings on the bills.
7. The members of the unions shall not refuse to work with men who are
"Statements before committees did not show that the transactions and
of their organizations when the unions have failed to supply
• prices of grain future trading are susceptible to speculation, manipulation not members
number of mechanics.
or control," to the detriment of producers and consumers, the complaint a sufficient
8. Overtime shall not be worked, except when unavoidable.
says. Statements did show, it continues, "that such fluctuations as do oce. There shall be no provision in any trade agreement having for its object
cur are not and never have been an obstruction to or burden upon inter-State
the collection of debts.
commerce in grain."
10. There shall be no provision in any trade agreement which will prevent
The suit which resulted In the former law being declared unconstitutional
cutting by the trade which installs the work for which the cutting
was brought by individual members of the Exchange, but Chief Justice the doing of
Taft declared in the decision that the Board itself should have contested is done.
11. Unskilled work,as defined in the trade agreements, may be performed
the law. Such a policy is being followed by the Board in the present fight,
by laborers or helpers. The work that has been heretofore recognized to be
with the approval of the other grain exchanges.
In the possession of a trade shall not be submitted to arbitration, unless posCoincident with the filing of the petition a report by the session is claimed by a party or parties to a jurisdiction of trade dispute.
12. All trade agreements shall provide that disputes between trades and
legislative committee of the principal grain exchanges of disputes
relative to questions of jurisdiction of trade shall be adjusted in
the country charging lack of proper co-operation by the accordance with the methods set forth in tha joint arbitration plan • of the
U. S. Department of Agriculture in the consideration of New York Building Trades as adopted on July 9 1903,and amended on April
decisions rendered thereunder determining disputes
national legislation, was made public. As to the report, 22 1905, and that all
arising out of the conflicting jurisdictional claim of the various trades
Chicago press dispatches said:
and binding upon the parties thereto.
by
recognized
shall be
The report was a factor in the filing of a petiticn to-day by the Chicago
the above, the N. Y. "Journal of Comon
Commenting
Board of Trade for an injunction restraining the Governmentfrom enforcing
the Grain Futures Act, and an order preventing enforcement of the law merce"Itisin
:g Trades Council on its own initiain
ldy
Busia
theto
itng
oltleorha
pending a hearing on the petition Nov. 13 was issued by Federal Judge
eofno
ht
restin
as tg
teh
Carpenter. This action is the first step on the part of the grain exchanges tive called the three conferences which met during the past two months and
a
reached
basis for insuring the end of indusleast
to test the constitutionality of the law.
in which the two sides at
The committee in the report, which covers a two-year period oflegislative trial controversies in the building trades. A supplementary agreement
turmoil, outlines evidence placed before the Senate Agr:cultural Committee arrived at during the conferences provides that should any craft in the trade
which it declared showed clearly the unsoundness of the law the Supreme fail to reach an understanding by negotiation, the dispute shall be submitted
employers' association and union having a direct inCourt found unconstitutional.
to arbitration by the
"As a result of a series of et:inferences between repreaentatives of the ter
d
e.
sn
cau
hte i
es
T
terest
covers all the unions in the Building Trades
grain trade and the Secretary of Agriculture," the repc rt says, "there was
present
evolved a number of amendments, which, in the opinion of the grain trade, Council. The workers not affiliated with the council are the bricklayers,
would, if adopted, make it possible for the exchanges to function under the plasterers, plumbers and painters. The painters,since their strike in March
intention of keeping the peace in the trade and
Act If fairly administered."
1921 have declared their
The bill was reported out for passage, the report continues, "without want an agreement for the year 1923, and the bricklayers and plumbers
Incorporating many of the most important suggested amendments," after have followed suit. This leaves only the plasterers who may cause trouit had seemed "probable the Senate Committee would adopt practically ble during the coming year.
all" of the proposed changes.
Declaring Section 3 of the bill contained "an arraignment of futures
trading unsupported by evidence," the report said it was "evident throughout the hearings that the intent of the Department of Agriculture was not WAGE INCREASES REFUSED TO LONGSHOREMEN —
that Section 3 should convey an accurate picture of the operations involved
NEW AGREEMENT SIGNED WITH SHIPPING
in futures trading, but should establish a f;rm foundation for the contention
BOARD AND PRIVATE OWNERS,
that future trading was affected with a national public interest, that it
was at times a burden upon, or an obstruction to, inter-State commerce
and working agreements, continuing the old
Wage
New
and that consequently Federal regulation was necessary."
another year have been signed
between the
for
Washington dispatches had the following to say regarding scale of pay
union and the U. S. Shipping Board, as
longshoremen's
the proceedings to test the validity of the law:
operators, it was announced on Nov. 1 at
The action of the Chicago Board of Trade in filing its petition for an well as privated
injunction restraining the Government from enforcing the Grain Futures Washington. J. C.Jenkins, Director of Industrial Relations
law was not unexpected by Department of Agriculture officials who have
of the Shipping Board, in describing the recent negotiations
charge of the administration of the law.
steamship employers and the longshoremen
Preparations have been under way for some time to combat any sueh between the
action by the grain exchanges, and the Government is prepared to go for- at the principal American ports covering longshore wages
ward immediately with its defense of the law. The Federal District Attorney
and conditions for the year beginning Oct. 1 1922, said:
at Chicago, with representatives of the Solicitor of the Department of
Agriculture, will conduct the Government's defense.
Preparations for the enforcement of the law on its effective date, Nov. 1,
have been completed by the Grain Futures law administration under
Chester Morrill, assistant to the Secretary of Agriculture and in charge
of the administration. Three grain exchanges have received designations
under the new law as contract markets. These are Los Angeles, Milwaukee
and the Chicago Open Board of Trade. The San Francisco Exchange has
its papers in the imails.
PRINCIPLES ADOPTED BY EMPLOYERS AND LABOR
UNIONS IN NEW YORK BUILDING TRADES.
Strikes, lockouts and other stoppages of work in the building trades of New York are outlawed under a set of principlies adopted by the Building Trades Employers' Associaciation and the Building Trades Council. The agreement,
local steamship interests, including the ShipJoint meetings between the
lonishoremer's unions, were held in all the principal
ping Board and the
Boston, Baltimore and New Orleans, during the
ports, notably New York,
October, resulting in working agreements for a
months of September and
oenl
ofhone
period ho
longshoremen
.remen in each port asked for an increase in wages above
rate of 65c, agreements were finally signed on the
the existing base hourly
no material changes in working conditions.
basis of the old wage, with
and mutual helpfulness on the part of the emoperation
The spirit of coexisted to a marked degree, was very encourployer and employee, which
collective bargaining where conservative labor organaging and speaks for
is a desire on both sides for amicable adthere
izations are involved and
.
p
a1innfgs
en
rt e
exfeaeip
itehntthaerd
stvm
ju‘
hiladelphia, where the I. W. W. longshoremen
working hours and increase wages, strikes were
made a demand for shorter
that production has materially
avoided. Recent investigation discloses
the past year, which is reflected in savwithin
ports
improved in most all
vessels.
ing in the cost of stevedoring
Nov. 11 1922.]
THE CHRONICLE
AMERICAN CLOTHING WORKERS UNION PARTICIPATES IN MANUFACTURING CONTRACTS WITH
RUSSIAN SOVIET GOVERNMENT.
The Russian-American Industrial Corporation, incorporated in Delaware, and sponsored by the Amalgamated
Clothing Workers of America, has entered into a contract
with the Soviet Government of Russia to participate in the
operation of clothing factories in some of the principal cities
of Russia under the Soviet regime. The contract has recently been signed,in Moscow by Sidney Hillman, President
of the Amalgamated Clothing Workers. The contract,
according to Mr. Hilhnan, calls for .joint management of
clothing factories now employing 20,000 workers, the majority of whom are women. Mr. Hillman said he had agreed
to furnish $1,000,000, of which $300,000 had already been
ssilbsc.ribed by workers in the United States. The Russian
Government had guaranteed against loss of the capital
and also had guaranteed an 8% dividend to be paid in dollars, he said. With regard to the contract, special copyrighted cable dispatches or Nov.4from Moscow to the N. Y.
"Times" had the following to say:
Sidney Hillman. on behalf of the Russo-American Industrial Corporation, incorporated in Delaware, has signed a contract with the Russian
Government to participate in the Soviet clothing trust, with factories in
Moscow, Petrograde, Razan and Mini, employing upward of 20,000
workers. That is what the contract really amounts to,for althcugh a mixed
organization has been formed it was the members of the Amalgamated
Clothing Workers of America, of which Hillman is President, that put
up the capital, whereas the Russiars supply the factories, good will, &c.
The latter is estimated at 7,000.000 gold rubles, whereas the Americans
cortemplate investing only 2,000,000 gold rubles, cf which Hillman states
$300,000 has already been subscribed.
The management and control go according to the relative investment,
which means that the Russians have an advantage over the Americans of
seven to two. But Hillman has the right to make his own valuation of the
property, which may be less than 7,000,000 rubles, and he can increase
his own investment with a proportionate increase in voting,even to majority
control.
The contract pledges the Soviet Government to guarantee both the capital
and 8% interest in dollars every six months. The Americans agree not
to withdraw the minimum agreed capital of $1,000,000 within three Years,
,but after that only two months' notice is required.
The favorable features of the scheme are briefly:
1. Lenin wholeheartedly supports it. He subscribed immediately for two
$10 shares and paid with an American $20 bill which he authographed and
also told Hillman: "You can rely on me to help you and above all not to let
you be killed by bureaucratic red tape."
2. The right to import raw materials independent of the foreign trade
monopoly. This applies either to cotton or wool for the textile trust to
make up or to make cloth in the event that the textile trust tries to hold
the concern up.
3. Full banking facilities—though this is really a separate contract involving an agreement between the Industrial Bank of Moscow and the amalgamated trust and a bank in Chicago.
4: The right to sell abroad other gocds for the Soviet Government, such
as fur, which will be a sort of guarantee outside Russia.
5. The fact that Ilillmar comes as a friend representing a labor organization and not as a capitalist-.
Against him he has the dead weight of bureaucratic red tape, which, as
Lenin said, is a curse to Russia to-day; graft that, as Lenin also said, is
another Russian curse, and finally a mansized fight with the foreign trade
monopoly bureau which has already fought the contract bitterly and will
continue to fight it to a finish.
2119
The railroads must supply uninterrupted service, provide courtesy and
efficiency to the travelers, reasonable freight and passenger rates and a
policy which will give ample facilities in the future, said Mr. Lee.
The delegates were told that none of these duties could be properly performed without a better line-up on labor relations, which would lead the
men to look to the interests of the country rather than to selfish ones.
"My criticisms of labor are directed against those leaders and organizations preaching and teaching uneconomic principles,such as the restriction
of output, multiplication of jobs and sympathetic strikes," said the speaker.
"Also against that false interpretation of the right of collective bargaining,
which seeks to develop collective force against the rest of the country.
"Must More Traffic."
"The obligation to move traffic and keep it moving is absolute.
Every
form of concerted action which threatens it should be regarded
as outlawed.
regardless of the justice of any claims which bring about such
action. Such
methods violate the law of social, if not legal, justice, because they obtain
an advantage for a limited class of people against the interests of the entire
country.
"The owners of railroads have accepted the principle that
they have no
right to interrupt the continued operation of
the roads. Railroad labor
must accept a like attitude, and admit that when men enter
into an indispensable public enterprise that they sacrifice the right of concerted action
to stop that service.
"If it can be done, it would be better to have
this principle established
by evolution than by law. There is no course of action
which would better
serve to bring labor organizations back into the
favor of the country.
Need for Loyally.
"As the employers of upwards of
2,000,00 men, the railroads have an
obligation to build up the morale of their men so that the public get the
best possible service. To do this there must
be industrial peace and the
country can not have such peace if the relations between the men and the
employers are not cordial and harmonious.
"A man can not serve two masters. He cannot give honest and loyal
service to the people of the nation if he believes the teachings that his first
loyalty is to a labor union or any other aggregation short of the United
States.
"We can not regard the railroad business ofthe country as on a sound basis
until that old feeling of loyalty is brought back again in full measure, as
it was before all of the recent strife
came about.
"The Pennsylvania Railroad has establiihed a system
of employee representation, which is fair to the men and should set an example
as a means of
settling labor disputes. There must be a general decentralization
of all railroad labor problems before we can regard ourselves as on the way
to a nation-wide solution of these troubles.
Praises Lee.
"One of the most able leaders, W. G. Lee, President
of the Brotherhood
of Railroad Trainmen, shares in these views. He holds with
us that the
solution lays in the employers and the werkers getting together directly.
"We should try to return to a basis of the days when
every man thought
that he had an opportunity of becoming the president of the road,
or at least
of attaining a position in line with his abilities. No greater
harm has been
done than has resulted from the efforts ofsome labor unions create a gulf
to
between the employer and the men. They have taught that there was
no
profit in learning to be good producers or in fitting themselves for better
positions.
"It is the obligation of the railroads to resist any action which will needlessly increase railroad expenses. Excessive wages, wasteful working conditions or personal inefficiency must be eliminated by the roads. The fact is
that such expenses must be paid by the public using the roads. Unjust demands of labor organizations are essentially questions between the great
mass of people and that fraction of the population which constitutes the
workers.
Fears Socialist Regime.
"If we are to achieve the desired results, the only way is to bring them
once more under the sway ofsound business principles," concluded Mr.Lee.
Judge Robinson urged that more respect be paid to the rights oflegitimate
individual business enterprise, and voiced the fear thatt unless they was
done, the country would get under a Socialistic control, where all individual
rights would be sacrificed. The Judge said in part:
"Government properly functioned has no right to interfere with private
and legitimate individual activities. The founders of the nation sought to
rights
ela
os
fsprivate
of
property from the encroachments of the Governprotectn or any
individuals.
"A government is only.strong by the strength of the individuals, and that
government which attempts to injure the rights ofindividuals for a class purpose will destroy itself.
Situation Appalling.
"The trend toward conununism in America is appalling. There is preva_
lence of thought that class interests must prevail over private individua
rights.
1
"It is not the province of government
to make things easy for special
classes of people."
AMERICAN MINING CONGRESS WOULD STRIP LABOR
ORGANIZATIONS AND EMPLOYERS OF STRIKE
•
AND LOCKOUT POWERS.
The American Mining Congress, at the concluding session
on October 13 of its twenty-fifth annual convention held
at Cleveland, took a decisive stand against strikes or lockouts, adapting a resolution expressing the belief that they
should be hnpossible, and that "laws should be made and enThe vital necessity with which American industry is faced.
forced by all the power of the Government that shall forever
strip labor organizations as well as employers, of the ability demanding efforts be made to insure harmony in industrial
to interfere with the production and distribution of the ne- relations, was placed by President Harding before the convention on October 10. In choosing this subject to carry the
cessities of life." The resolution adopted reads:
Whereas, The right to live is the privilege of every law-abiding American strength of his message to the assembled delegates, the
citizen; and
President expressed his views along lines of thought pervadWhereas, This right of late has been seriously threatened by the as.srunping the convention, the activities of the sessions being detion of labor organizations in arrogating unto themselves toe destiny of
human existence, by forcibly obstructing the production and distribution signed in part to complete creation of an industrial relations
of basic necessities; therefore,
division of the organization. The President's communicaResolved, That this Congress in no unequivocal language express its belief
that strikes or lockouts in essential industries should be impossible, as they tion was as follows:
Just a word to confirm my personal statement to you, of my regret
are destructive to the life of the commonwealth; and be it further
Resolved, That laws should be made and enforced by all the power of the that it is not possible for me to accept the invitation to attend the American
Mining
employers,
well
organizations,
as
Congress and National Exposition of Mines and Mine Equipment,
as
Government that shall forever strip labor
I do not need to add anything to what I have already said to you about
of the ability to interfere with the production and distribution of the
my interest in this gathering. The American Mining Congress has for
necessities of life.
many years maintained a leadership in behalf of wise
in dealing
Elisha Lee, Vice-President of the Eastern region of the with our national mineral welfare, and I am sure thatpolicies
the forthcoming
Pennsylvania RR., and Judge Ira E. Robinson, special rep- convention will continue to maintain that attitude. All the world, nowadays, is heard crying out for supplies of raw materials for its
commerce
resentative of the Department of the Interior, spoke at the and
industries.
concluding session on economic labor conditions and legislaThe riches of our American soil have been drawn up in this
connection,
tive activities of the Government, their remarks being re- with a liberality that verges on prodigality, and still the demand is for
more and yet more. Our problem of wise liberality
tempered by a proper
ported as follows in the Cleveland "Commercial":
purpose of conserving these great resources should always
be in our mind.
Mr.Lee in his address said that the railroads owe,first of all, an obligation It is not desirable that we should
be either extravagant on one side or
to the public. This takes four different forms, the delegates were told.
niggardly on the other.
2120
THE CHRONICLE
Above all, it is vitally necessary that if we are to make the most of our
rich endowment in this realm we must seek to develop it with a full regard
for the human interests involved.
Our natural resources will not in the end have served us their greater
purpose if we find that in their development we have exploited the great
army of humanity which is dependent upon these industries.
Prior to the formal opening of the convention and exposition on the evening of October 9, sessions of the mine taxation conference were held under the auspices of the Tax
Division of the organization. The Monday afternoon session
followed the scheduled program for presentation of procedure for subsequent conferences, appointment of a mine
taxation resolutions committee, reading of reports on State
and Federal taxation, and discussion by tax officials of several States. The discussions were carried on with Paul Armitage, New York, as Chairman, and McKinley W. Kriegh,
Washington, D. C., Chief of the Division, as Secretary.
Mr. Kriegh, in addressing the conference, attacked the existing system of Federal taxation as "economically unsound,"
declaring that any method of levying national taxes which
ate up 10% of total revenue in its administration costs was
obviously at fault. Pointing out that this Administration is
so complicated under the existing order of things that the
Bureau of Internal Revenue in Washington holds on an average of 33,000 conferences with taxpayers each year. Mr.
Kriegh declared:
It is estimated that the average annual total cost of these conferences
to tax-payers, including attorneys' fees, accountants' charges and other
items connected with handling of evidence, approximates $85,000,000.
The total annual cost of making 345,000 corporation income returns
would reach $17,250,000. The annual cost of preparing 345,000,000
capital stock tax returns amounts to $3,450,000 and 7,000,000 individual
returns would cost $5 each to prepare, or a total of $35,000,000. It will
be seen, therefore, that the total cost to tax-payers of complying with the
Federal tax laws approximates $140,700,000, exclusive of taxes paid.
There should be some way of adjusting tax returns in the local collection
districts, in order to avoid this enormous cost to taxpayers, who now are
forced to go to Washington to have these adjustments made.
[VOL. 115.
pany which you mention, namely, the Consolidation Coal Co. As a minority stockholder, I have no legal power, even if I were so disposed, to
dictate the policies of that company. Moreover, I must concede the administrative rights of management within certain limits of authority and
responsibility. Apart from these usual and recognized limitations, whether
legal or administrative. I am now, and long have been, a believer in the
moral responsibilities of stockholders.
"In this special case of Somerset County, Pa., I have not hesitated to
accept my persona responsibi ity or to record my own position. This I
have done directly and through competent representatives. I believe
that the underlying grievances of the miners in this district are well founded,
and I have urged with all the sincerity and vigor at my command that the
present labor policy of the operators, which seems to me to be both unwise
and unjust, be radically altered.
"It is my understanding that the operators in the Somerset County coal
mines have hitherto denied their employees all voice and share in determining their working conditions and any adequate machinery for the uncovering and adjustment of grievances. The day has passed when such
a position can justly be maintained by any employer, or group of employers,in a country like ours. I have long advocated,and never more earnestly
than now, a labor policy which concedes to the employees in every industrial unit what I believe to be a fundamental right, namely, the right to
representation in the determination of those matters which affect their own
Interests."
COAL FACT-FINDING COMMISSION HOLDS FIRST
MEETING.
The Federal Fact-Finding Commission for the coal
industry, recently appointed by President Harding, held
its first session -in Washington on Oct. 18 and organized,
electing John Hays Hammond its Chairman. The selection
of Mr. Hammond as Chairman was understood to be at the
suggestion of President Harding. Mr. Hammond held a
conference with the President before the members of the
Commission met for their first meeting. As a preliminary
step, the Commission telegraphed John L. Lewis, President
of the United Mine Workers of America; A. M. Ogle, President of the National Coal Association, representing bituminous operators, and S. D. Warriner, who has served as
Chairman of the Policy Committee of the anthracite mine
operators, asking all three to attend informal conferences
with the Commission next week,for the purpose of suggesting
methods of procedure. After the meeting, Mr. Hammond,
with his associates, George Otis Smith, director of the
Geological Survey, Clark Howell, editor of the Atlanta
(Ga.) "Constitution"; Federal Judge Alschuler of Chicago;
Charles P. Neil, and former Vice-President Marshall made a
formal call upon President Harding. Dr. Edward Devine,
of New York, the seventh member of the Commission, did
not attend the opening session. At the meeting it was
decided that the Commission will isue statements from times
to time, so that reflective views from the country at large
may be ascertained. The following statement was issued
after the first meeting:
The formal opening of the convention and exposition took
place on Monday, Oct. 9, with Richard F. Grant, of Cleveland, presiding, and Newton D. Baker, former Secretary of
War, President of the Cleveland Chamber of Commerce, delivering the address of welcome to the delegates. Mr. Baker
outlined the importance of such great industrial meetings as
a means of focusing public thought on the problems of industry and of securing by careful consideration and discussion,
co-operative efforts in solving the basic problems confronting all phases of American industry.
The first general session of the convention on Oct. 10 was
presided over by W. R. Woodford, an active member of the
Cleveland committee on arrangements. The session was deas declared at the meeting to-day, is
voted to a resume of mining conditions in all parts of the
The sole object of the Commission,
to get all the essential facts touching the coal industry to the
country and in surveying the most important issues before to endeavor
to insure a constant supply of
found
be
may
end that practical measures
the convention. Bruce C. Yates, of Lead, S. D., presented in this most necessary commodity at as reasonable prices as are consistent
engaged in the industry.
an effective manner the problems of the gold producers, out- with fair wages and profits to those
will be to invite and welcome every sugThe policy of the Commission
lining the gradual return to better industrial conditions.
the mine workers, operators, dealers
from
gestion and offer of assistance
Carmi A. Thompson, of Cleveland, discussed iron ore opera- and consumers of coal. The Commission will from time to time make
of fact with the view of informing the public as well as
tions and presented a picture of the requirements of this in- public its findings
information before its formal reports are submitted
of eliciting additional
dustry if it is to enjoy its full quota of success. Among other to
Congress.
the President and
addresses delivered were those by H. W. Seaman, Chicago,
Ill., director of the American Mining Congress, and Falcon
OPERATORS OF ALABAMA AND WEST VIRGINIA
Joann, Seattle, whose subject was "Misgoverned Alaska." COAL
REACH AGREEMENT WITH FEDERAL FUEL
Conditions in the Southern mining fields also were outlined.
DISTRIBUTER ON MAXIMUM PRICES.
The following officers of the American Mining Congress
Alabama coal mine operators, Federal Fuel Distributer
were elected on Oct. 13:
announced on Oct. 18, have agreed to limit the prices
Spens
'President: Sidney J. Jennings, Vice-President U. S. Smelting & Refor domestic use to a
on that part of their output destined
City.
fining Co., New York
Directors: Daniel B. Wentz (re-elected), Philadelphia, Wentz Coal
Corp.. William Lindsay, Napier Iron Works, Nashville, Tenn., W. C.
Doering, Southern Wheel Co.. St. Louis, Albert Nason, Nason Coal Co..
Chicago, Ill.
It Vice-Presidents: Daniel B. Wentz, H. W. Seaman, Chicago, E. L.
Doheny, Mexican Petroleum Co., New York.
The next annual convention of the American Mining Congress will be held in Milwaukee at a date not yet set, probably in the first week of October of next year.
JOHN D. ROCKEFELLER JR. THINKS STRIKING COAL
MINERS HAVE JUST GRIEVANCES.
The following is from the New York "Evening Post" of
Oct. 26:
John D. Rockefeller Jr. thinks the striking coal miners have just grievances, and that the policy of the operators in Somerset County, Pa., is
both unwise and unjust. Mr. Rockefeller's attitude became known to-day
when his reply to an inquiry made by the Federal Council of Churches was
made public. The letter, dated Battle Creek,Mich.,Oct.25,was addressed
to F. Ernest Johnson, Secretary to the Council. In it Mr. Rockefeller said:
"I am glad to reply to the questions which you ask me in your recent letter
In regard to the situation in Somerset County, Pa.
"I am not now, nor have I ever been, a stockholder in, or in any way
connected with, the Berwind-White Company, directly or indirectly. I
am, however, a stockholder with a minority interest in the other corn-
scale ranging from $3 45 to $6 per ton, according to quality,
and to cease charging on inter-State shipments prices which
have ranged from $4 to $7. They have further agreed to
charge no higher prices on that portion of their product
shipped into inter-State commerce than they are charging
within the State of Alabama.
on the product consumed
coal mining district in which the
This is said to be the second
price agreements
Fuel Distributer has negotiated maximum
first having been the "smokeless"
on domestic coal, the
where a $6 maximum was agreed
fields of West Virginia,
Mr. Spens and members of his
that
reported
upon. It is
Monday to meet operators in
staff will go to Pittsburgh
districts and endeavor to
producing
Pennsylvania
the
covering their output.
agreement
maximum
establish a new
arrange maximum prices in all
to
office
the
of
desire
the
It is
bituminous areas east of the Mississof the sixteen principal
now being arranged with the
ippi River and conferences are
purpose.
that
for
operators
mine
was
The agreement with the West Virginia operators
reached on Oct. 16 and applied to mines in the Pocahontas
district, the New River district and the Winding Gulf dis-
Nov.11 1922.]
THE CHRONICLE
2121
Since Oct. 1 stocks have continued, as stated, to increase still further.
trict. The estimated total production of these districts is
Since the anthracite production this season will probably not much exceed
36,000,000 tons per annum. The operators present in the
60% of that of last year, consumers must find substitutes for the deficit and,
conference with Mr. Spens represented approximately 80% therefore, stocks of retailers in the anthracite consuming territory must be
of the commercial production. With regard to this agree- reckoned in terms of all coal on hand, anthracite and bituminous.
Reports of anthracite in yards of retail coal merchants, based on advices
ment, Mr. Spens said:
The maximum price f. o. b. mines on prepared sizes for household use
that was observed by the operators through co-operation with Federal and
State authorities, prior to the cessation of the miners' strike, and at a time
when the car supply in the smokeless field practically equaled the demand
was $5 13 per ton, including sales agency commission. With the settlement of the miners' strike in union coal districts, the operators in the
"smokeless field" found it necessary to advance the wages in their mines
materially, resulting in an estimated increased cost of production of the
prepared sizes of approximately $1 a ton. In addition, with the ending
of the strike the car supply commenced to diminish, until to-day the car
supply in the "smokeless field" is appreciably below current requirements
and quite below the supply available at the time the former price was
established.
The demand for "smokeless" coal is very great, and since the termination
of the miners' strike, at which time this understanding as to prices was
canceled, f. o. b. prices at the mines on domestic coals have ranged as high
as $8 75 per ton plus 8% sales agency's commission, or a total of $9 45
per ton. These operators, however, indicated a willingness not to exceed
a maximum price f. o. b. mines, of $6 a ton on the prepared sizes of coal for
domestic use, this price also to include the sales agency's commission.
While the entire production of the "smokeless field" was not represented
at the conference, we have been assured that the action taken by the very
large majority will undoubtedly be followed by the remaining interests.
PRESENT COMMERCIAL STOCKS OF ANTHRACITE
AND BITUMINOUS COAL IN UNITED STATES.
Federal Fuel Distributer C. E. Spens has issued a statement under date of Nov. 6 as to the extent of commercial
stocks of anthracite and bituminous coal throughout the
country as of Oct. 1. He says that a canvass of commercial
stocks of anthracite and bituminous coal undertaken by the
Bureau of the Census of the Department of Commerce, and
the United States Geological Survey, under authority of the
Federal Fuel Distributer, indicates that on Oct. 1 1922 commercial consumers had in storage approximately 28,000,000
tons of soft coal, This figure compares with 27,000,000 tons
on Oct. 1 1916, and with 28,000,000 tons on Oct. 1 1917. Comparison with 1918 and 1919, the war years, would not be of
value. Figures for Oct. 1 1920 are not available. On June 1
1920 stocks amounted to 20,000,000 tons. On Sept. 1 1922
stocks amounted to 22,000,000 tons, which had increased, as
stated, to 28,000,000 tons on Oct. 1, an increase of 27%. The
trend of production, he says, has continued upward and coal
Is being added to storage. The increase in storage from Oct.
1 to Nov. 1 is estimated to equal at least the increase from
Sept. 1 to Oct. 1, so that, on Nov. 1 1922 stocks on hand approximated 35,000,000 tons. The statement proceeds as follows:
It is not possible to collect statistics of the stocks of domestic consumers,
nor of the comparatively small individual steam coal consumers, and the statistics are, therefore, confined to commercial consumers' stocks, including retailers. The stocks on hand Nov. 1—approximately 35,000,000 tons—comprise the quantity in the hands of commercial consumers, and does not include coal in the cellars of domestic consumers nor steamship fuel, nor coal
on the docks at the head of the Lakes, which is classed as coal in transit.
It is pointed out that on Jan. 1 1922 commercial stocks
were 48,000,000 tons. In anticipation of the strike consumers
commenced to stock in January. On Mar. 1 the estimated
stocks had grown to 52,500,000 tons, and by Apr. 1, when the
strike began, to at least 63,000,000 tons. Consumption during
the strike, of course, exceeded the production, and by Sept. 1
stocks had been reduced as shown, to 22,000,000 tons. The
experience of 1920 had indicated that when stocks fall to 20,000,000 tons, high prices and anxiety result, and this experience was repeated in September 1922. During the six months,
Mar. 1 to Sept. 1 1922, it is estimated that the total consumption and exports of bituminous coal approximated 195,000,000 tons, a slight decrease in consumption as compared with
the 1921 average, due to warmer weather, curtailment of operations in some lines of industry and shrinkage of exports.
During this same period production and imports amounted to
but 152,900,000 tons, leaving a deficit of 42,100,000 tons, of
which 30,500,000 tons was drawn from consumers' stock and
the remainder, 11,600,000 tons, from coal in transit. The average weekly production at present is approximately 10,500,000 tons, or roughly, 2,000,000 tons in excess of current consumption. Mr. Spens in his statement adds:
received from approximately 500 dealers, indicate stocks on hand on Sept. 1
1922 were less than 10% of stocks on hand on Aug. 1 1921. From Sept. 1
to Oct. 1 1922, stocks increased slightly, but were still barely 13% of those
at the corresponding season last year. However, during the month of September, on account of the strike, there was only about a two weeks' production.
The production in October was large compared with previous years of 1920
and 1921, and so the condition on Nov. 1 was undoubtedly somewhat better.
The stocks of retailers, including both hard and soft coal, on Oct. 1 1922
showed a decrease of 67% as compared with the stocks on Nov. 1 1921. In
the State of California there was an increase; no change in Washington,
Oklahoma and New Mexico; a decrease less than 25% in Oregon, Nevada, Arizona, Nebraska, Minnesota; a decrease of 25 to 49% in Montana, Idaho, Colorado, Mississippi, South Carolina, Maine, New Hampshire and Maryland; a
decrease of 50 to 74% in Utah, Wyoming, North Dakota, Illinois, Iowa and
Missouri, Louisiana, Alabama, Georgia, New York, Massachusetts and Connecticut; and a decrease of 75% and over in Kansas, Arkansas, Missouri,
Michigan, Indiana, Ohio, Pennsylvania, Kentucky, Virginia and West Virginia and Vermont.
It will be noted that, generally speaking, the coal producing States show
the greatest decrease, indicating the movement of coal to non-producing
States, with subsequent opportunity to care for local needs. The increased
production, permitting of increased reserves in October, has also served to
modify these percentages as of Nov. 1 1922.
At the actual rate of consumption in September, stocks necessary
to avoid
curtailment of operation at industrial plants—other
than steel and by-product
coke—on hand on Oct. 1 would suffice
for 37 days, the supply varying from
State to State, as follows:
Less than 30 days: California, Nevada,
Texas, Kansas, Nebraska, North
Dakota, South Dakota, Iowa, Illinois,
Louisiana, Alabama, Florida, Kentucky,
West Virginia, Pennsylvania, Maryland
and Delaware.
30 days and less than 60 days:
Washington, Oregon, Idaho, Nevada, Wyoming, Colorado, New Mexico,
Minnesota, Wisconsin, Missouri, Arkansas,
Mississippi, Michigan, Indiana, Ohio,
Kentucky, New York, Virginia, Tennessee, North Carolina and Georgia.
60 days and less than 90:
Montana, Oklahoma, South Carolina, Maine and
Connecticut.
90 days and over: Arizona,
New Hampshire, Vermont, Massachusetts,
Rhode Island and Upper Peninsula
of Michigan.
In comparison with Sept. 1
1922, stocks on Oct. 1 show an increase in almost every State, except from the
South Atlantic and Gulf Coast Districts.
C. E. SPENS, Federal Fuel Distributer.
The 15 naval officers, designated
to act as field representatives of the Federal Fuel Distributer
in as many districts,
Into which the territory east of
the Mississippi River has
been divided for administrative purposes
in connection with
the present coal emergency, resumed
their duties at their
respective posts on Nov. 6, following a conference with
Federal Fuel Distributer Spens in Washington Saturday, Nov. 4.
At this conference reports were to
the effect that coal prices
were generally easier. The car supply situation remains a
troublous problem, various Southern railroads complaining
particularly regarding the failure of connecting lines to return coal-carrying equipment. This particular situation,
however, seemed to be improving. Use of some open-top
equipment for the transportation of stone, sand and other
building material was reported, and it was stated that this
diversion of coal cars was being investigated by the Federal
Fuel Distributer. Individual priorities for the movement of
coal, the naval officers were advised, have been almost entirely eliminated. The co-operation of coal operators with
the Administration's field representatives was being obtained
quite generally in the various fields, it was said.
MINERS' HOLIDAYS CUT ANTHRACITE OUTPUT
HALF MILLION TONS.
Records of anthracite loadings for the week ended Nov. 1,
as furnished by the Association of Railway Executives, says
the Anthracite Bureau of Information, show that the anthracite mine workers, by insisting on two holidays within that
week, cut production more than 500,000 tons. This reduction
came at a period when every possible ton of domestic anthracite which can be produced is in demand, by reason of the
long suspension of last spring and summer. Mitchell Day,
on Oct. 28, and All Saints Day, on Nov. 1, were responsible
for the drop in the output of badly needed domestic fuel, and
it is significant that Mitchell Day caused a heavier reduction than did All Saints Day.
Average car loadings for the four remaining working days
Expressing stocks in terms of days' supply and divided as between various
classes of consumers, based on current rate of consumption at time of stock in the week ended Nov. 1 were 6,609. This average, carried
taking (incomplete data being estimated), the situation on Oct. 1 1922,
through six days, would have meant total loadings of 39,654
compared with Sept. 1 1922, was as follows:
cars. The total, at the average of 45 tons per car, would
Sept. 1.
Oct. 1.
By-product coke plants
11
14
have been 1,784,430 tons. But on Mitchell Day, celebrated
Steel plants
10
17
on Saturday, Oct. 28, there were but 385 cars loaded, while
Other industrials
32
37
on All Saints Day loadings were but 1,598 cars. The total
Coal gas plants
34
38
Electric utilities
26
30
for that weekly period was thus 28,418 cars, equivalent to
Coal dealers, bituminous
11
19
1,278,810 tons, instead of 39,654 cars, equivalent to 1,784,430
Railroads
13
15
tons, based on the average of the four full days, a loss of
Total bituminous
17
22
505,620 tons due to these two holidays.
THE CHRONICLE
2122
[VOL. 115.
FEDERAL FUEL ADMINISTRATOR SPEWS ASKS AN- SECRETARY HOOVER'S LETTER TO GOVERNOR MILLER ON COAL SUPPLIES FOR PEDDLER POOL.
THRACITE PRODUCERS TO MARKET COAL
THROUGH LEGITIMATE TRADE CHANNELS.
Coal supplies to the so-called "Peddler Pool," formed to
Producers of anthracite have been requested by Federal provide fuel to small users of coal, are assured, according to
Fuel Distributer C. E. Spens to market their coal only a letter to Governor Miller from Secretary of Commerce Herthrough legitimate trade channels, in order to eliminate in- bert Hover, which the Governor made public on Nov. 3. The
termediate speculation which has tended to increase unduly letter said:
I am glad to report that the coal supplies to the "Peddler Pool" have been
the price of hard coal in some sections. Mr. Spens's comassured, for the problem of safeguarding the congested districts
munication, addressed to all hard coal operators, was made satisfactorily
and their less fortunate members is rightly our first concern.
public Nov 4, as follows:
I should like to take this opportunity to express the appreciation that we
Complaints are reaching the Federal Fuel Distributer from a great many have in Washington of the vigorous manner in which the coal problem has
sources, that higher f. o. b. mine prices than those already agreed upon
with the Fair Practice Committee of Pennsylvania, as basic mine prices,
are being asked on anthrocite coal, and investigation has developed that
this is due to a great extent to the employment of too many intermediate
channels between the producer and the consumer.
This condition of affairs can largely be corrected by the producers themselves, by confining their sales to legitimate wholesalers, and to legitimate
retailers who deal directly with the ultimate consumer.
In view of the current "normal" level of anthracite prices, and the intense demand due to anticipated reduced production, "intermediate speculation" savors of cruelty, and the Federal Fuel Distributer invites the cooperation of all producers, to the end that the activities of this parasite
on normal exchange may be entirely eliminated, or at least be reduced
to a minimum.
The continuance of such practices reflects on the entire anthracite industry, which is most unfortuante, since so large a proportion of the reprosentation of that industry is co-operation with all interests in a splendid
manner, in coping with present emergency.
C. E. SPENS, Federal Fuel Distributer.
DEVELOPMENT OF COAL MINING INDUSTRY IN PUBLIC LAND AREAS OF WESTERN STATES.
The future extensive development of a substantial coal
mining industry in the public land areas of certain Western
States is forecast in statistics compiled by the Federal Bureau of Mines, which show that up to Oct. 1 the Bureau had
issued 263 permits for prospecting for coal on Government
lands, 42 leases for commercial coal operations on these
lands, and 5 licenses for production of coal limited to personal use. These authorizations are grouped by States as
follows:
California
Colorado
Idaho
Montana
Nevado
New Mexico
North Dakota
Oregon
South Dakota
Utah..
Washington
Wyoming __
Permits.
2
51
4
36
14
13
4
19
3
27
14
76
Leases.
—
6
—
2
—
2
5
—
1
U. S.
The total minimum annual production of coal required in the issuance of
these various authorizations is 1,586,550 tons, which is approximately
equivalent to the total annual coal production of Michigan and which
approaches the yearly coal production of Arkansas or Texas. The total
investment to be expended on leases amounts to $2,453,550.
• A total of 228,224 acres of the public domain is covered by permits for
coal prospecting issued by the Bureau of Mines, for coal leases, 26,910
acres are covered, and for coal licenses 220 acres.
To Oct. 1, four potash development leases had been granted, covering
7,343 acres, 11 potash prospect permits, involving 28,000 acres, had been
granted. One oil shale lease, covering 1920 acres, and 1 rock phosphate
lease covering 360 acres, have been issued by the Bureau of Mines.
Technical supervision of mineral development operations on leased public
lands is intrust:A to the Bureau of Mines.
REDUCTION IN PRICES OF WEST VIRGINIA SOFT
COAL.
Results of a conference between Federal Fuel Distributer
C. E. Spens and a delegation of coal operators from the
northern West Virginia bituminous field, at which a reduction of $1 25 per ton in the maximum price of domestic coals
milled in this field was arranged, are given in the following
statement, issued on Nov. 3 by Mr. Spens:
A conference was held in Washington, Nov. 2, between the coal operators
of the northern West Virginia field, which includes the Fairmont District,
and the Federal Fuel Distributer, to discuss the question of maximum prices
f. o. b. at mines on prepared sizes of bituminous coal for household purposes.
The operators signified their willingness not to exceed a maximum f. o. b.
prices at mines of $4 50 per ton. Previous prices having ranged as high as
$5 75 per ton, the new basis, therefore, constitutes a reduction in the previous maximum figure of $1 25 per ton. This basis was voluntarily established by the operators in the northern West Virginia field in recognition of
the present emergency and to assist the Federal Fuel Distributer in the accomplishment of the purposes of the Act establishing this office.
While the representation at the conference was not coMplete, so large a
percentage of the entire production was represented that we have been assured
that we will have 100% co-operation in the entire district.
C. E. SPENS, Federal Fuel Distributer.
The annual production of coal from the northern West
Virginia field, used for various purposes, ranges between
16,000,000 and 20,000,000 tons.
From the time of the resumption of anthracite mining until Oct. 14 there was received in New York State 940,000 tons
of anthracite coal, according to a telegram to Governor Miller from the Federal Fuel Administration and made public
on Nov. 3. This statement was made in response to a complaint forwarded to the Federal bureau by the Governor. It
had been stated that large supplies of household sizes were
being sent across the border to Canada, while New York was
receiving but little. The Governor informed Fuel Administrator Spens of this, and said that while he was powerless to
prevent the shipments, he would be grateful for Federal aid.
Replying for Mr. Spens, F. R. Wadleigh, Deputy Federal Administrator, said that he was anxious to co-operate with
William H. Woodin, the New York State Fuel Administrator,
and would do everything in his power to improve the present
situation. His telegram follows:
I am replying in the absence of Mr. Spens. From resumption of anthracite
1
15
2
9
The Bureau of Mines also says in its announcement:
FEDERAL FUEL ADMINISTRATION'S REPLY TO GOVERNOR MILLER ON ANTHRACITE COAL
SHIPMENTS.
mining until Oct. 14, New York has received 940,000 tons anthracite, against
251,000 to all Canada, whereas normal ratio of Canada's consumption to New
York's is 33%. The above indicate that Canada has only received 26%.
Canada is taking a larger proportion of bituminous in consequence. If. Mr.
Woodin will point out specific cases of shortage in New York State, will endeavor to fill them. Stories of vast shipments of anthracite are, therefore, exaggerated. Canadians are importing large quantities of coal from Europe in
order to relieve the pressure on our supply. Recent special shipments organized for peddlers' trade in New York are evidence of our intention to give New
York everything we can.
Due to the forehanded action which you have taken, the New York Coal
Administration is the most effective of any of the States and our instructions
are to co-operate with it in full and to keep New York supplied to our last
resource. We believe there can be no suffering in view of the forward measures you have taken.
Linceses.
—
2
—
1
—
1
been handled in New York State. Mr. Woodin's fine administration has been
a great protection to the whole people, and it begins to look as if his efficient work will tide the public over the worst period without suffering or
loss.
CHAMBER OF COMMERCE REITERATES STAND
AGAINST NATIONALIZATION OF COAL INDUSTRY.
President Julius H. Barnes of the Chamber of Commerce
of the United States on Nov. 5 wrote to President Harding's
Coal Fact-Finding Connnission asking that the Chamber of
Commerce have an opportunity to be heard to present the
views of organized business and industry in the event that
the Commission should consider looking into the nationalization of the coal industry. At the same time Mr. Barnes offered the facilities of the Chamber of Commerce and its large
membership in general industry in the service of the commission's investigation at any time and in any manner it may
Indicate. In asking to be heard, President Barnes pointed to
the "disastrous consequences of the nationalization of various industries in Russia and other countries in Europe," and
asserted that the drain of Government operated railroads,
telegraphs and telephones in Europe has discredited "these
such
phases in the relations of Government and industry" to
attention
an extent that the Coal Commission should give no
to any such project.
The text of Mr. Barnes's letter is as follows:
help-
sincerely desires to be
The Chamber of Commerce of the United States
We assume that your
ful in the investigation carried on by the Commission. and of the coal opworkers
direct contact with representatives of the mine
comprehensive information on the
erators will provide you with accurate and
distribution.
practical phases of coal production and
investigation there may develop
I feel, however, that in the progress of this
wish some method of communicasome phases in which the Commission will
and consumers of coal and that at
tion or contact with large industrial users
underlying mmebership in general inthat point the Chamber, with its large
offer the facilities of the Chamber
dustry, may be of service to you, and I now
the service of your investigation at any
of Commerce of the United States in
indicate.
time and in ally manner you may
if in the course of your investigaI do desire at this time to ask you that
give serious consideration to any project or
to
proposes
Commission
tion your
or of Government operation in any
plan of nationalization of the industry
may be given an opportunity to preform in connecti.n with it, the Chamber
industry.
and
sent the views of organized business
of the nationalizaWe recognize the fact that the disastrous consequence
countries in Europe, the drain
tion of various industries in Russia and other
such as
upon national revenues of Government-operated services in Europe,
of
railroads, telegraph and telephone, have discredited properly these phases
Nov. 11 1922.]
THE CHRONICLE
the relation of Government and industry to such an extent that serious consideration of any recommendation tending in that direction may not be given
by your Commission.
We have no desire to burden your record needlessly, and therefore content
ourselves with thus expressing the clear conviction of business and industry
that deterioration and disaster follow the injection of Government into industry, and ask to be allowed to present the evidence and the argument at
the proper time before your Commission, if serious consideration is given to
any phase of this relation.
2123
Resolved, That in the death of Mr. Cuyler the Association of Railway
Executives has lost a Chairman,a leader and a friend for whom its members
had unstinted admiration and unlimited affection.
Resolved, That tne Acting Chairman of this Committee, be directed to
present this tribute to the memory of Mr. Cuyler to the meeting of the
member-roads, to transmit a copy to the family of the decesaed, and that
the same be entered upon the permanent records of the Association.
The Standing Committee at the same time appointed a
special *committee to consider the general policies of the
Association and to consider the election of a new chairman.
WHY ANTHRACITE MINERS STICK INSTEAD OF GO- This committee congists of: Messrs.• Lovett (Chairman),
ING INTO OTHER INDUSTRIES.
Brown, Budd, Bush, Byram, Cole, Elliott, Felton, Finley,
Holden, Kruttschnitt, Loree, Markham, Rea, Smith,
[From "The Black Diamond" of Nov. 4.1
Storey,
Walters and Willard.
will
It is to be hoped that the Federal Coal Commission
not, in its pilgrimage to find out the inside facts of the coal
industry, overlook the statistics prepared by the Pennsylva- SIXTY
RAILROADS HAVE ENTERED VOLUNTARY
nia Department of Internal Affairs as relates to industrial
AGREEMENTS WITH STRIKING SHOPME2V, ACcontracts, and especially in the anthracite producing counCORDING TO THE FEDERAL COUNCIL OF
ties. In Schuylkill County, for instance, this statement
CHURCHES.
shows that three out of every four workers are engaged in
Approximately 60 Class I railroads have up to the present
mining anthracite coal; that for every dollar paid out in
wages by all other industries combined, the anthracite indus- time entered into an agreement with the shopmen's union
on the basis of the Baltimore memorandum, which was the
try paid out more than. seven.
Taking the textile industry, for instance, there were 5,227 result of voluntary negotiations, according to a statement isemployees, and their average wage was $503 per person for sued on Nov. 5 by the Federal Council of Churches of Christ.
Roads that have signed the agreement with the union, it
the year 1921.
was
stated, include such systems as the New York Central,
$63,540,The anthracite industry paid out in the same year
000 to 36,887 workers, or an average of $1,717 per person per Southern Railway, Baltimore & Ohio, Chicago Milwaukee &
St. Paul, Chesapeake & Ohio, Seaboard Air Line and others,
annum.
track.
Outside of the mines there were 5,814 male workers em- representing approximately 65,000 to 70,000 miles of
Certain other roads representing approximately 30,000
ployed in various industries who got an average annual wage
of $1,082 per person. In other words, average wages for all miles have entered into agreements, not with the union, it
workers in the mines were almost 59% higher than for the was explained, but with their own employees as company
average wages for male workers in other industries. Is it organizations. The roads following this policy include the
any wonder, then, that the mining industry is over-manned. Illinois Central and the Southern Pacific. This leaves over
and that the miners stick to coal producing despite the half the mileage of the country unaccounted for in any terms
preachings of the union leaders that they are not receiving a of settlement.
"Some systems," said the Council, "such as the New Ha"living wage"?
ven, the Lehigh Valley, the Delaware Lackawanna & Westedn, and the Delaware & Hudson, refuse to negotiate a setSEEK INJUNCTION AGAINST COAL PRICE REGULA- tlement with the
union and insist that they will not entor
TION IN OHIO.
into an agreement."
A sweeping .injunction which, if granted, will tie up all
Union leaders said on Nov. 5, according to the New York
of the machinery of the Ohio State Fuel Administration and "Times," that the strike in this region was being continued
stop, temporarily at least, efforts to enforce coal price against all roads except the Erie, the New York Central and
regulation in Ohio, is asked in a suit filed Nov. 8 in United the Baltimore & Ohio, which -have signed the Baltimore
States District Court at Toledo, Ohio. The Ohio Collieries agreement. They said that the settlements made between
Co. and the George M. Jones Co., two Toledo companies the members of the "company unions" and the New Haven,
which control 16 mines in the Southern Ohio field, seek the the Lehigh Valley, the Pennsylvania and other roads would
injunction. The bill of complaint attacks the constitu- not be recognized by the shop crafts union, which went on
tionality of the emergency Act passed by the Legislature strike last July.
late in the summer providing for the appointment of a
Of the 25,000 men who went on strike last July, union leadfuel administrater and State regulation of the price of coal.
ers estimated that 15,000 were still out. The other 10,000, it
was explained, had either returned to work on settled roads
or had obtained employment elsewhere. Strike meetings are
RESOLUTIONS OF ASSOCIATION OF RAILWAY
being held daily in the metropolitan district, it was exEXECUTIVES ON DEATH OF T. DE WITT
plained, and relief is being distributed by the various unions
CUYLER.
The Standing Committee of the Association of Railway to needy members and their families.
Executives, at a meeting on Thursday, the 9th inst., adopted
resolutions in tribute to the memory of T. De Witt Cuyler, ARGUMENTS ON DISSOLUTION OF SHOPMEN'S INits Chairman, whose death on the 2d inst. was noted in our
JUNCTION BEFORE JUDGE WILKERSON.
issue of Saturday last, page 2011. In part the resolutions
Arguments for and against dissolution of the temporary
said:
In his 69th year be died suddenly on Nov. 2 1922, in the full enjoyment restraining order against the Federated Shop Crafts were
of his rare intellectual powers and at the zenith of his usefulness. He was concluded on Nov. 8. Federal Judge James H. Wilkerson
returning fr6m Rochester, N. Y., where the day before he had delivered took the motion to dismiss
under consideration. No indicaan address in advocacy of a sound public sentiment in regard to the railroads, thus dedicating his very latest efforts, as he had previously for tions as to when a decision would be announced was forthyears, devoted most of his time and energy, to the service of the public coming. At the conclusion of arguments the court anand the carriers in the interest of adequate and assured transportation.
nounced that briefs on the remaining points at issue must be
He was a man of exceptionally high standing and influence throughout
filed within two weeks. At the expiration of that period, it
the country.
On May 1 1918 he entered upon his duties as Chairman of the Asso- was pointed out, the court will have before it all the points in
ciation of Rall*ay Executives.
dispute and will be in a position to make decisions.
At that time the
possession of the railroads and
Government had taken
the future of rail transportation in America was enveloped in grave doubt
and uncertainty,
With his wide experience and broad vision, Mr. Cuyler met this difficult
situation with marked wisdom and success. From the time of his accepting
the office of Chairman until his death he proved himself equal to the enormous task and responsibility and by his tact, capacity and patriotism
established himself in the confidence and won the admiration of all with
whom he came in contact. Under these difficult circumstances he showed
himself to be an ideal head of the Association, and in the discharge of his
duties, serving entirely without compensation, he secured results for the
railroads and for the public which cannot be overestimated.
His conduct has always been guided by a great brain, a faithful heart
and perfect truth and uprightness. As a man and citizen he was possessed
of the absclute trust and conf'dence of his fellows.
As an associate and as a friend, Mr. Cuyler was characterized by unselfishness and perfect loyalty. By thee qualities and by his great service
he has endeared himself to us all and has placed the carriers and the public
under a debt of obligation which cannot be measured and will not be for.
gotten.'
CANADIAN PACIFIC RAILWAY SHOPS TO REOPEN
NOVEMBER 20.
Announcement was made on Nov. 6 that the shops of the
Canadian Pacific Railway Co., at Montreal, Winnipeg, Ogden and Vancouver, which were closed by strike, will be reopened on Nov. 20.
PAYMENTS BY TREASURY DEPARTMENT TO RAILROADS UNDER TRANSPORTATION ACT.
The Treasury Department at Washington, on Nov. 1
issued the following statement regarding payments made to
the railroads under the provisions of the Transportation Act:
2124
[VOL. 115.
THE CHRONICLE
Since last announcement, dated Oct. 2 1922, payments under Sections
204, 209, 210 and 212 of the Transportation Act, 1920, as amended, have
been made by the Treasury as follows:
Section 204:
Section 209 (Concluded)
$3,881 06 Middletown &, Unionville
Fulton Chain Ry. Co
RR
Georgia Coast & Piedmont
$10,303 90
23,126 96 Oil Fields Short Line RR_ _
RR. Co
11,588 35
10,917 04 Pacific Coast RR
Glenmore & Western Ry_ _
2,342 79
Little Rock Maumelie &
Salina Northern RR., Re24,433 76
Western RR., Receiver _
ceivers
• 14,086 24
Milltown Air Line Ry
14,959 72 Texas & Pac. Ry.,Receivers 298,041 77
Neame Carson & Southern
Section 210:
39,188 86 Cisco & Northeastern Ry_ _
RR
27,862 00
Northampton & Bath RR_ _
121,911 41 Seaboard-Bay Line Co.__ _ 1,100,000 00
Ry
Waterville
9,671 53 Tennessee Central Ry
937,000 00
Wyandotte Southern RR_ _
10,388 98
Section 212:
Section 209:
Chicago Rock Island & PaCharleston Terminal Co__ _
10,351 89
cific Ry
1,000,000 00
Chesapeake Western Ry__ _
6,804 15 Seaboard Air Line Ry
300,000 00
Lehigh & Hudson River Ry. 184,750 94
Total
$4,161,611 35
Total payments to Oct.
(a) Under Section
as amended by
for reimbursement of
Section
deficits under Federal control:
(1) Final payments, including partial payments previously made..
Partial -payments to carriers as
to which a certificate for final
payment has not been received
by the Treasury from the InterState Commerce Commission__
212
311922:
204,
$3,847,664 50
(2)
1,138,102 34
Total payments account reimbursement of deficits_ _
as amended by
(b) Under Section
for guaranty in respect
Section
to railway operating income for first
six months after Federal control:
(1) Final payments, including advances and partial payments
previously made
Advances to carriers as to which
a certificate for final payments
has not been received by the
Treasury from the Inter-State
Commerce Commission
Partial payments to carriers as
to which a certificate for final
payment has not been received,
as stated above
212
$4,985,766 84
209,
$109,356,189 19
(2)
213,590,672 00
(3)
210
126,947,222 09
•
Total payments account of said guaranty
for loans from the revolving fund
(c) Under Section
therein provided
of
210
$300,000,000
449,894,083 28
317,886,667 00
$772,766,517 12
Total
The carriers to which final payments have been made by the Treasury
of the guaranty under Section
and the aggregate amounts severally
paid to them on the guaranty including advances and partial payments
previously made are as follows:
209
Alabama Central Ry
$5,246 20
Alabama Mississippi RR.,
Receiver
16,543151
Ann Arbor RR
315,261 85
Apalachicola Northern RR_
20,802 29
Aransas Harbor Term. Ry_
30,093 95
Bennettsville & Cheraw RR
16,319 94
Bloomsburg & Sullivan RR.
2,961 03
2,995 70
Bridgton & Saco River RR_
Brownwood North dr South
6,551 27
Ry
Buffalo Rochester & Pitts1,754,864 47
burgh Ry
21,954 88
Bullfrog Goldfield RR
Central West Virginia dr
8,574 89
Southern RR
Central Vermont Ry
1,465,148 63
60,351 89
Charleston Terminal Co_
16.804 15
Chesapeake Western Ry
Chic.& Eastern Illinois RR. 2,223,982 56
1,565,319 54
Chicago Junction Ry
Chic. Milw.& St. Paul Ry_23,111,528 05
Chic.& North Western RR.16,553,520 55
Chicago Peoria & St. Louis
541,372 69
RR.,Receivers
Chicago St. Paul Minneapolis & Omaha Ry
2,460,096 82
Colorado Springs & Cripple
Creek Ry., Receiver_ _ _ _
170,921 69
Deering Southwestern Ry
7,623 67
Denison & Pacific Suburban
Ry
18,040 86
The Denver & Rio Grande
1,415,453 32
RR.,Receivers
Detroit Bay City & West107,813 36
ern RR
Detroit & Mackinac Ry-_ - 116,678 28
Duluth South Shore & At459,959 94
lantic Ry
Electric Short Line Ry___ _
59,993 67
Electric Short Line Term.
3,158 56
Co
El Paso & Southwestern Co. 1,191,408 32
2,497 62
Emmitsburg RR
Fernwood Columbia dr Gulf
71,480 05
RR
Flint River dr Northeastern
5,238 91
RR
Pt. Worth & Rio Grande Ry 251,885 67
Ft. Smith Suibaco & Rock
5,059 23
Island RR
170,742 96
Galveston Wharf Co
7,132 37
The Georgia Northern Ry_
496,737 96
Georgia Sou.& Florida Ry_
Gulf Florida Sr Alabama Ry.
253,684 92
Receiver
Illinois Central RR. and its
13,689,078 57
subsidiaries
Jefferson & Northwestern
48,362 49
Ry
Kansas City Clinton &
Springfield Ry
86,228 29
Kansas City Mexico & Orient Rs,. Co. of Texas_ _ _ _
554,715 19
Kansas City Mexico & Orient RR., Receiver
478,904 17
Lake Erie & Western RR_ _
500,918 65
Lehigh & Hudson River Ry. 384,750 94
Liberty White RR., Receiver
$8,104 28
Lufkin Hemphill dz Gulf Ry.
10,851 76
Manchester & Oneida Ry_ _
5,486 80
Middletown & Unionville
RR
13,803 90
Middle Tennessee RR
20,864 90
Mineral Range RR
193,167 95
Minneapolis Eastern Ry__ _
19,139 63
Minneapolis St Paul & Sault
Ste Marie Ry
5,127,467 82
Mississippi Central RR_ __ _
283,581 46
Mississippi Eastern Ry_ _
12,994 77
Mobile & Ohio RR
- 1,930,735 85
Montana & Western Ry _
7,019 21
New Orleans Great Nor.RR 366,555 93
N.Y.Ontario & Western Ry 695,010 33
Norfolk Southern RR
1,311,700 63
011 Fields Short Line RR
11,588 35
Owasco River Ry
5,200 42
Pacific Coast Ry
21,558 36
Pacific Coast RR
32,342 79
Paris & Great Northern RR
23,111 00
Paris & Mt Pleasant RR_ _ _
81,105 81
Peoria Sr Pekin Union Ry.. _
384,329 87
Philadelphia & Reading Ry. 9,506,060 80
Port St Joe Dock & Terzninal RY
1,41022
Quanah Acme & Pacific Ry.
72,226 86
Rapid City Black Hills &
Western RR
23,685 30
Raritan River RR
104,305 19
Rock Island Southern Ry_ _
58,711 84
Salina Northern RR., Receivers
22,086 24
The San Antonio & Aransas
Pass Ry
556,354 39
Sandy River & Rangeley
Lakes RR
36,534 07
Santa Maria Valley RR_
10,513 78
Sioux City Terminal Ity- - 21,623 22
Stanley Merrill & Phillips
Ry
32,482 71
St Louis San Francisco &
Texas Ry
314,967 63
St Louis-San Francisco fly 5.385,449 76
Susquehanna& New York
RR
79,950 61
Tennessee Alabama & Georgia RR., Receiver
40,359 66
Terminal Railroad Association of St Louis
1,693,960 75
Trans-Mississippi Terminal
RR
186,950 23
Texas Midland RR
158,367 54
Texas & Pacific Ry., Receivers
2,043,041 77
96,683 34
Tonopah & Goldfield RR_ _
The Ulster dr Delaware RR. 314,250 00
The Ursina & North Fork
4,150 90
Ry
7,195,287 71
Wabash Ry
938 59
Waterville Ry
84,226 17
Western Allegheny RR_ _ _ 7,123 47
Woodstock Ry
Total
$109,356,189 19
The carriers to which payments have been made by the Treasury for
loans under Section 210 and the aggregate amounts severally paid to them
this respect are as follows:
International &-Great WestAlabama Tennessee & Nor$489,000 00
ern Ry., Receiver of_ __ _ $194,300 00
them RR
1,394,000 00 Des Moines & Central Iowa
Alabama & Vicksburg Ry
Ry., formerly the InterAkron Canton & Youngs212,000 00
Urban Ry
633,500 00
town RY
650,000 00 Kansas City Mexico & OriAnn Arbor RR
50,000 00
ent RR., Receiver of the.. 5,000,000 00
Aransas Harbor Term. Ry_
Kansas City Terminal Ry_ _
580,000 00
Atlanta Birmingham & At200,000 00 Lake Erie Franklin & Clar!antic R37
25,000 00
3,000,000 00
ion RR
Baltimore & Ohio RR
_
719,000 00
200,000 00 Long Island RR.,The
Bangor & Aroostook
RR_Louisville & Jeffersonville
Birmingham & Northwest-t75,000 00
162,000 00
Bridge & RR
ern Ry
19,705,479 00 Maine Central RR
2,373,000 00
Boston & Maine RR
Mlnneap.& St. Louis RR_ _ 1,382,000 00
Buffalo Rochester & Pitts1,000,000 00 Missouri Kansas & Texas •
burgh Ry
_
250,000 00
Ry.of Texas, Receiver of 450,000 00
Cambria & Indiana
RR__Ry.10,000,000 00 Missouri & North Ark. Ry_ 3,500,000 00
Carolina Clinch.Sr Ohio
237,900 00 Missouri Pacific RR
10,071,760 00
Central of Georgia Ry
300,000 00 National Railway Service
Central New England Ry__
193,000 00
11,437,830 00
Corporation
Central Vermont Ry
140,000 00 New Orleans Texas & MexCharles City Western Ry__
ico fly
234,000 00
Chesapeake & Ohio Ry____ 9,097,000 00
New York Central RR
26,775,000 00
Chicago & Eastern Illinois
785,000 00 New York New Haven -&
RR. Receiver
Hartford RR
19,430,000 00
Chicago Great Western RR. 2,685,373 00
1,311,000 00
Chicago Ind.& Louisv. Ry_ 200,000 00 Norfolk Southern RR
6,000,000 00
Chicago Milw.& St. P.Ry_60,340,000 00 Northern Pacific Ry
12,480,000 00
Chicago R.I.& Pac. Ry--- 9,862,000 00 Pennsylvania RR
Chicago & West.Ind. RR__ 8,000,000 00 Peoria & Pekin Union Ry_ _ 1,799,000 00
61,000 00
Cisco & Northeastern Ry_ - 236,450 00 Rutland RR
Salt Lake & Utah RR
1,000,000 00
Cowlitz Chehalis & Cascade
45,000 00 Seaboard Air Line Ry
• 8,698,400 00
Ry
The Seaboard-Bay Line Co_ 4,400,000 00
Cumberland & Manchester
375,000 00 Shearwood Ry
29,000 00
RR
11,574,450 00 Tampa Northern RR
100,000 00
Erie RR
Tennessee Central Ry
1,500,000 00
Evansville Indianapolis &
400,000 00 Terminal RR. Association
Terre Haute RY
of St. Louis
896,925 00
Fernwood Columbia & Gulf
33,000 00 Toledo St. Louis & Western
RR
7,250 00
RR.. Receiver of
Flemingsburg & Nor. RR_ _
692,000 00
Trans-Mississippi Terminal
Fort Dodge Des Moines &
200,000 00
RR. Co
1,000,000 00
Southern RR
Virginia Blue Ridge Ry
106,000 00
Fort Smith & Western RR.,
156,000 00 Virginia Southern RR
38,000 00
Receiver of the
75,000 00 Virginian Ry, The
2,000,000 00
Gainesville & N. W.RR_ _ _
Waterloo C F & Nor Ry_.. 1,320,000 00
Georgia & Florida RV., Re792,000 00 Western Maryland Ry_ __ _ 3,422,800 00
ceivers of
33,496,000 00 Wheeling & Lake Erie Ry_ 2,960,000 00
Great Northern Ry
60,000 00 Wilmington Bruns & So RR
00,000 00
Greene County RR
381,750 00
Gulf Mobile & Nor. RR_ _ _ 1,433,500 00 Wichita Northwestern Ry_
1,665,000 00
Hocking Valley RR
4,440,000 00
Illinois Central RR
Total
579,000 00
$317,886,667 00
Indiana Harbor Belt RR_
under
Section
have been made as follows:
loans
Repayments on
$2,500 00
Ala Tenn de Nor RR Corp_ $13,750 00 Lake Erie Fr & Clarion RR
120,000 00 Long Island RR
219,000 00
Ann Arbor RR
20,000 00 Mo Kan & Texas Ry of
Atlanta Birm & Atl Ry___
20,000 00
30,000 00
Texas, Receiver
Bangor Sr Aroostook RR__
5,000,000 00 Missouri Pacific RR
4,442,000 00
Boston de Maine RR
250,000 00 National Ry Service Corp_ 612,540 07
Cambria de Indiana RR__ _
234,000 00
Carolina Clinchf & Ohio Ry 2,000,000 00 N 0 Texas & Mexico Ry
15,860 00 N Y Central RR
Central of Georgia BY
13,000 00 N Y N H & Ffartford RR__ 318:000 00
Central Vermont RY
1,023,976 03 Norfolk Southern RR
11 100 00
Chesapeake & Ohio Ry_ _
6,000,000 00
Chicago Great Western RR 240,000 00 Northern Pacific Ry
45,000 00 Pennsylvania RR
12,480,000 00
Chicago Ind & Louisv Ry__
2,000 00
Chicago Milw & St Paul Ry25,340,000 00 Peoria & Pekin Union Ry
Chicago & Western Ind RR 183,000 00 Salt Lake & Utah RR
31,620,000 00 Terminal RR Assoc of St L 819g,22 00
Great Northern.RY
6,000 00 Toledo St Louis & Western
Greene County RR
165,000 00
RR, Receiver
Indiana Harbor Belt RR
592,000 00 Waterloo C F & Nor Ry__
;vivo SO
Illinois Central RR
38,860 00 Western Maryland Ry___ _
100,000 00
Int & Gr Nor Ry, Receiver
Kansas City Mex & Orient
2,500,000 00
Total
$98,323,511 10
RR, Receiver
Note.-Tho payments above mentioned are in addition to disbursements
made to carriers by the Director-General of Railroads.
PROPOSAL BY HERBERT HOOVER FOR RESERVE
BANK OF RAILWAY ROLLING STOCK.
In a speech at Detroit on Oct. 17 Herbert Hoover, Secretary of Commerce, discussing the problem of car shortage
suggested consideration of the creation of a reserve bank of
railway rolling stock, thus furnishing a reserve of cars to
the railways by co-operative action, much as the Federal Reserve Banks offer a reserve of credit to banks. Two addresses were made by Secretary Hoover in Detroit; speaking
at the luncheon at the Detroit Athletic Club, he said, according to the Detroit "Free Press":
so over-regulated during the las t
"The American railroads have been
difficult to finance the cost of acquiring the
score of years that they find it
keep pace with the ever-increasing
rolling stock and equipment necessary to
industrial and ageicultural needs of the country at large.
several
years,
last
there has developed a serious
the
during
year
"Every
car shortage, and as a result to-day in New York there is a five-cent per
thethm
e id
n
et
xip
tc;rt
frd
ou
me to
na
dlbeilw
ityes
otf th
oetra
heilA
stto
ic
rota
la
dn
im
n ii
ra
re
bushelgp
oa
r
en
ea
ttq
fu
cih
fiw
su
ofn
u
nm
move
demand.
foreign
seaboard to fill
not add to the wealth of the farmer, but is
"This five-cent premium does
against his just profit."
a direct charge
Car Shortage Serious.
Turning to coal, Mr. Hoover said:
premium on spot coal, ranging from 35 to 60%
"There exists to-day a
because of the shortage of rail equipment. If there
above the normal price,
transport the coal which the mines are capable of
*ere sufficient cars to
producing, there would be no premium offered for immediate delivery."
Hoover said:
In concluding, Mr.
the car shortage which occurs annually levies
"It is safe to estimate that
the producer and the consumer of the necessities
a direct charge on both
less than the entire annual cost of administering
of life which amounts to no
Government.
the affairs of the Federal
like an exaggeration, but careful inquiry
"This statement may sound
and that it adds tremendously to the_cost
into facts reveals that it is true
of living."
In further discussion of railroad problems before the Detroit Chamber of Commerce he is reported by the same paper
to the following effect:
arraigned Socialism as"the total extinction of
Mr.Hoover,in his address,
initiative," and declared for the private ownership and control of the railwas an elaboration of his remarks at the
part
roads. His speech in large
transportation and coal problems.
Detroit Athletic Club on the
Nov.11 1922.]
THE CHRONICLE
He spoke of the "marvelous recovery" the United States has made, and
is making, from the depression and uncertainties of the reconstruction
period immediately following the World War, and referred to the fact that
in sixteen months the country has been relieved of an unemployment
problem of nearly 5,000,000 men wage-earners until to-day there hardly is
any unemployment.
Rail Situation Handicap.
"In this remarkable recovery which has been satisfactory, helpful and
wholesome in character, only coal and the railroads are laggards, and we
no longer are able to depend upon continuous coal production and uninterrupted transportation facilities," he said.
"We are literally starving for transportation in the United States to-day,"
he said.
He declared the lack of adequate transportation facilities in peak periods
of business need and agricultural production to be the greatest single handicap to America's future prosperity. •
Individual roads, especially the weak roads, he pointed out, cannot
afford to keep on hand the requisite surplus equipment to meet the annual
60 or 90-day car shortage. Under the law the Government takes one-half
the railway profits above 5%4 % on the value of the railways. This money.
the Transportation Act stipulates, must be reinvested in the railways.
A helpful plan, he suggested, might be to apply this money in support
of a car pool of reserve equipment that would help take care of the annual
peak load and its car shortage. He made it clear that the proposition was
merely advanced for discussion, and that he himself was not fully committed
to it.
"Few people seem to realize," Hoover said, "the amount of expansion
in our transportation machine necessary to keep pace with the growth of
the country, and an equal few seem to have any idea of the price we pay for
not having it. Our country is more dependent upon railroad transport
than any other. All others have comparatively greater coast lines and internal waterways.
"The experience of the 20 years before the was has shown that we must
build an extension of lines, including terminal facilities, additional sidings,
&c., every year equal to the construction of a new railway from New York
to San Francisco.
"We must add at least 120,000 cars and 2,500 locomotives annually to
our equipment. Since we entered the war in 1917 we have constructed
at least 10,000 miles of railways less than our increasing population and
economic development called for, and we are behind in rolling stock by about
4,000 locomotives and 150,000 cars.
"I wish to emphasize that unless we can have an immediate resumption
of construction and equipment our commercial community will pay treble
the cost of the whole of the needed stock in losses of a single season.
Price of Coal An Example.
"There is no more pertinent proof of this than the effect of transportation
strangulation on the price of coal during the fall of 1920 and at present.
The productive capacity of our coal mines is at least 30% above the capacity
of our railways, and the consumption of coal is at least 10% greater than the
railway capacity at the peak time of the year.
"We have seen a rise in price of bituminous coal to a premium of 300%
in the fall of 1920, and we have seen a
60% premium this fall, which would
have been 400% had it not been for the efforts of the Government in restraint of profiteering.
"Furthermore, the fundamental instability of our coal industry, with its
recurrent strikes, is in no small part due to the chronic inadequacy of our
transportation.
"At the present moment there is a difference from 5 to 10 cents a bushel
between the price of grain on the Atlantic Seaboard and the price to our
farmer over and above pormal conditions of railway rates and handling
charges. This difference comes out of the American farmer and costs him
more money than increased earnings to the railways.
"Our suffering from short equipment is only in the peak period of movement in the fall. To provide the extra equipment simply for use in this
60 or 90-day strain is not profitable to individual railways, especially the
weaker ones. The stronger roads may do it, but they certainly cannot be
expected to do it as an annual kindness to the weak roads.
Suggests Co-Operative Plan.
"The most successful piece of Government relation to business we ever
established was when we created that great co-operative plan between our
banks, the Federal Reserve System. Under the law the Government must
receive one-half of the profits of the railways in excess of 5U % of their
valuation and must reinvest this money in the railways.
"It might be worth considering a co-operative among the railways in
the shape of a Reserve Bank of railway equipment into which the 'recaptured profits' should be sunk by the Government as a basis for its finance
among the railways themselves. This is not the Government in business,
the Government does not own the Federal Reserve banks.
"I see no occasion to go into the labyrinth of past railway finance, its
Propriety or lack of propriety, its foolishness, or its skill. That generation
is gone by. The nation hasfought its battle against manipulation offinance.
it has won,and it has put these matters under public control.
"Finally, I want to refer to the veritable witches' cauldron being fed
constantly with hates distilled from the misdeeds of railway promoters in
the past, from the conflicts
between railways and the farmers, between the
railways and their workmen. From all the confusion that arises from it
we destroy our railways and destroy ourselves.
Time to Call Off "Witches."
"With constructive legislation assuring honesty in finance and justice
to the shipper and railway investor, with such an agency as will assure
justice to workers, and, above all, with a greater spirit of public service in
our generation of railway managers, it is time to call off the witches and
take on some vision of our national situation if we are to have transportation
facilities.
"The problem of Government relations to commerce and industry is
wider than that of the railways. It goes to the very roots of the social
system that this country has been builded upon. The most precious
thing we possess is American individualism—that every individual shall
have an equality of opportunity to take that position in the community
to which his intelligence, his character, his ability and his ambition entitle
him.
"Furthermore, we will only grow and make progress if we maintain
his initiative and if we maintain the emery wheel of free competition to test
and sharpen the qualities in him. Our nation has been built more than 300
years on these principles, and if we ever let them slip from us we are lost.
"Some talk glibly of abolishing all government regulations, others want
to nationalize or socialize our industries and run them with a bureaucracy.
They are equally far from the instinct of American individualism. Both
of them would breed the domination of the individual by a group.
Favors Constructive Regulation.
"When the individual has no option but to take what any monopoly or
part monopoly may give him or so long as his own right to an equality of
2125
opportunity and equal chance in business is threatened he is going to Instinctively demand protection from his Government to see that he gets a
square deal, and I hope that he is going to understand that in the measures
he calls for that the initiative of men must be protected or there will be no
progress in business or in civilization.
"If we could secure the establishment of two primary principles in all of
these relationships, I believe our national vision would be clarified. These
two fundamental things are the protection of the individualfrom domination
and thereby destruction of equality of opportunity, and on the other hand
the preservation of the initiative and incentives of our people.
"What is wanted is that government regulation should be conceived in
sound principles. There is no better exhibit of successful regulation than
the insurance and banking systems of the United States. I do not believe
there is a banker, a depositor or a policy holder in the country who would
risk his security by abolishing the development of our Government relation
to our banking and insurance system. These regulations have not destroyed
proper initiative, they have given stability, they have prevented domination.
We have not been so successful in our railways.
"We have before us one of three alternatives,starvation of transportation
or more constructive regulation, or nationalization. I am for the second
alternative."
ABOLITION OF RAILROAD LABOR BOARD FAVORED
BY SECRETARY OF LABOR.
•
Secretary of Labor Davis in a speech at Athens, 0., on
Oct. 14, advocated the abolition of the Railroad Labor Board,
which he referred to as "a quasi-Governmental, partisan
institution," and the relegation to established bureaus of his
own Department of such of the Board's mediation and conciliation functions as might be desirable for the Federal
Government to continue in the transportation field. Retention of the Board as an arbitration agency, Mr. Davis
said, served to increase the number of disputes and generally
to delay their settlement. The substitute plan, in which
Labor Department conciliation would be offered where desired in railroad disputes, the Secretary said, "would make
a step forward to taking the Government out of the railroad
business" and would assist decentralization of railroad labor
troubles and thus decrease danger of national strikes. Mr.
Davis defended President Harding's course during the recent
coal strike, declaring that conditions during it had never
justified the Administration "in stepping over the legal
bounds of authority" to bring it to an end. Mr. Davis
spoke in part as follows:
To my mind, the experience of the Board has demonstrated that it is
Incapable of fulfilling the high hopes of those who proposed and supported
it as a means of industrial peace on the railroads. It was created by the
Esch-Cummins Act,designed to meet an emergency and return the railroads
to private ownership. By reason of the constant tendency of both employers and workers to press their differences to the highest authority for settlement, each seeking to win an ultimate advantage, the Board has been
swamped with a mass of minor cases which might easily have been adjusted
In the localities where they originated, by man-to-man negotiations. Its
proceedings have thus been hampered and delayed all out of reason, with
the result that parties to all of these disputes have become irritated and disgruntled. The system designed to foster a better feeling between workers
and employers has unfortunately worked out with directly opposite results.
Despite the high hopes of its authors and the earnest labor devoted to its
creation, the system has failed to work out as it was expected to work out.
For this machinery I would substitute a new program, based on principle as old as time. I am old-fashioned enough to believe that mankind
has not changed materially in his nature in the long progress down through
the centuries. I have firm faith in the ability of men of honest conviction
to settle their differences man to man around the council table.
Where workers or employers have local grievances, I would have those
grievances taken up in joint conference of the local representatives of both
sides. If this conference failed, I would have them carried through the
representatives of the organized men on that railroad's division to the
division official of the railroad at division headquarters. Settlement failing
there, I would provide for the presentation of the grievances by the national
representatives of the crafts involved to the general officers and railway
system affected.
In all of these local negotiations I would leave the way clear for the
operation of the Federal conciliation service of the Depa tment of Labe'.
in order that the mediatory efforts of the
Federal Government might not be
withheld at a time when opportune action might check an incipient strike.
I am confident that this procedure would end many of these disputes where
they begin, in the local organization or on the single division of a railroad.
If the issues defy settlement by even the highest representatives of the
parties in controversy, I would offer a Federal board, where railroad executives or representatives of the workers could voluntarily submit their claims
for mediation and conciliation.. I would have this board appointed by the
President and would have it follow closely the lines of the Federal Board
of Mediation and Conciliation,still authorized bylaw, but which has ceased
to function since Congress, with the enactment of the Esch-Cummins law,
failed to provide for its maintenance. I would emphatically oppose vesting
this board with any authority to compel a settlement or to decree the terms
of an agreement. I, furthermore, would not permit this board to operate
as an independent Government agency. I would have it function through
the Department of Labor, where, according to all our experience, there are
the proper facilities and backgrounds and knowledge to aid its operation.
It would probably be advisable and in most cases satisfactory to the
parties at interest in these disputes, if means could be found to make ways
for working contracts arrived after mediation or voluntary arbitration
enforceable at law. This could easily be done by p:oviding that the
parties should file signed agreements with a Federal District Court and that
such filing would give the instrument legal force.
The negotiations entailed in this plan, extending over a long period,
locally, in division conferences, in conference with the general officers of the
railroad system involved, and finally in the Federal Board of Mediation
and Conciliation, would allow ample time to bring the contending parties
together. There would, likewise, be ample opportunity for the development of an enlightened, intelligent public opinion, which would prove a
powerful factor in bringing about a settlement before the ultimate appeal
to force.
2126
THE CHRONICLE
1VORLD WIDE PARCEL POST SYSTEM.
In the world wide parcel post system two maximum weights
for shipment of packages from the United States to foreign
countries are now in universal use, according to a revised
chart of rates and weights just compiled by the Post Office
Department. One is 22 pounds and the other is 11 pounds.
Only two nations do not have this limit. The Republic of
Panama has a limit of 50 pounds while Ecuador has a maximum of 20 pounds. The maximum weight to Shanghai,
China, is also 50 pounds. In it advices to this effect Oct.
31 the Post Department also says:
[VOL. 115.
When one's acts are wholly within the law he needs no additional justification in court. But the record in this cause exhibits a strong moral
ground fo: the Tribune Company ta insist upon its legal rights with the
carriers.
During the long years the Tribune Company devoted great attention and
spent large sums in building up a carrier system through which its papers
could promptly and reliably be distributed to subscribers. By means
of premiums and various adve.lising methods it secured new subscribers
and furnished their names and addresses to the nearest Tribune carrier.
In territory where the business was not large enought to pay a carrier for
delivering the papers it paid the carrier until the difference between the
established buying and selling prices of the papers would afford satisfactory
pay. For these and many other similar expenditures of effort and money,
each carrier, though owning his own "route" and buying outright from day
to day his copies of the paper, recognized that the Tribune Company had
at least a moral right to a voice in controlling the methods and personnel
of the carriers.
Predication of the "Tribune's" legal and moral right is on the assumption
that publishing a newspaper is a private business. Appellant's suggestion
that the business is "impressed with public interest" needs no attention, we
think, except to show that it is not being passed unnoticed. (The foregoing refers to the "Journal of Commerce's" contention that a newspaper
:s akin to a public utility, such as street cars, public warehouses, and
similar organizations not granted a selection of business in a strict sense.)
Nations or territories having a limit of 11 pounds on parcel post packages
sent from United States are: Abyssinia, Aden, Afghanistan, Ascension,
Australia, Azores, Bahamas, Baleric Islands, Barbados, Basutoland,
Bechuanaland, Belgian Congo (via England), Belgium, Benadir, Bermuda,
Bismarck Archipelago, Bolivia, British Central Africa, British Guiana,
British Somaliland, Brunei, Cameroons (English), Canary Islands, Cape
Verde, Carpathos, Ceuta, Minna and Tangier, Ceylon, Chile, Cook Islands,
Crete, Cyprus, Czechoslovakia, Dutch Guiana, East Africa (British),
Egypt, Erithea, Falkland Islands, Fanning Islands, Fiji Islands, French
The court held that there were no grounds for Federal inGuiana, Friendly Islands, Gambia, Gibraltar, Gilbert and Ellice Island,
Gold Coast Colony, Great Britain and Ireland, Greece, Guadeloupe, Hong .
and no Federal basis for damages.
function
•
•
Kong, Hungary, India. Indo China (direct), Italy, Jamaica, Japan, Java,
connection with the court's discussion of the "Tribune's"
In
Colony,
Kenya
Labrador,
Labuan,
Jugoslavia,
Leeward Islands, Liberia,
in building up a carrier system, attorneys
Luxembourg, Macao, Madeira, Malay Federated States, Malta, Mar- expenditures
tinique, Mauritius, Mesopotamia, Morocco, Mozambique, Nauru Islands, peclared that almost $5,000,000 has been expended in this
Netherlands, Netherlands East Indies, Newfoundland, New IIebrides,
during the last decade.
New Zealand, Nigeria, Norfolk Islands, North Borneo, Nyasaland, Pales- way
tine, Papua, Persia, Pitcairn Island, Poland, Portugal, Portuguese East
Africa, Portuguese India, Portuguese Timor, Portuguese West Africa,
Rhodes, Rhodesia, Russia. St. Helena, Santa Cruz Islands, Santo DoAMERICAN BANKERS' ASSOCIATION
mingo, Sarawak, Kingdom of Serbs. Croats and Slovenes. Seychelles, Siam,
REAPPOINTMENTS.
Sierra Leone, Solomon Island, Southwest Africa Protectorate, Spain,
Straits Settlements, Sudan, Swaziland, Tanganyika, Thibet, Togoland,
The American Bankers' Association announced this week
Tonga, Trans-Jordania, Trentino and Triesta, Trinidad, Turks Island,
the following officers have been reappointed:
Uganda, Union of South Africa, Uruguay, Venezuela, Western Samoa, that
Executive Manager, Fred N. Shepherd; Treasurer, F. A. Irish, President
Windward Islands, Zanzibar and Pemba.
Counsel, Thomas B.
Nations or territories having a limitation of 22 pounds are: Algeria, First National Bank, Fargo, No. Dak.; General
Treasurer, Wm, G. Fitzwilson,
Alsace and Lorraine, Argentina, Austria, Belgian Congo (via Belgium), Paton, and Secretary and Assistant
Belgium, Brazil, Bulgaria, Cameroon (French). China, Colombia, Corsica,
Costa Rica, Curacao, Dahomey, Denmark, Dominican Republic, Esthonia,
Faroe Islands, Finland, France, French Guiana, French Somaliland, French
ABOUT BANKS, TRUST COMPANIES, ETC.
Soudan, Gabon, Germany, Greenland, Haiti, Honduras (British), Hon- ITEMS
duras Republic, Iceland, Indo China (via France), Ivory Coast, Latonia,
Two New York Stock Exchange memberships were reLithuania, Madagascar, Mauritania, Memel, Mexico, Middle Congo,
posted for transfer this week, the consideration being
ported
Monaco, Morocco (except Spanish zone), Netherlands, West Indies, New.
Caledonia, Nicaragua, Niger Territory, Norway,Paraguay, Peru, Reunion, stated as $92,000 for each. Last previous sale was for
Rumania, Salvador, Saar Territory, Senegal, Serbs, Society Islands, Spitz- $93,000.
bergen, Sweden, Switzerland, Syria, Togoland, Tunis, Turkey, Upper
Volta, Uruguay.
To-day, in observance of Armistice bay, the New York
Coffee and Sugar Exchange and the New York Produce
Exchange will be closed. The Stock Exchange will remain
open and the New York Cotton Exchange will suspend trading for two minutes at 11 a. m. The principal grain exchanges of the country will be closed. The day is a legal
holiday in Pennsylvania and in several other,States, but not
in New York State. A universal two-minutes silence at
11 a. m. is urged by an organization formed under the name
of the League of Remembrance.
•
Company of this city
Manhattan
the
of
Bank
the
of
Plans
to increase its capital from $5,000,000 to $10,000,000,
through the declaration of a stocx dividend, were made
known this week. A special meeting of the stockholders will
be held on Dec. 5 to ratify the proposal. The following
is President Stephen Baker's letter to the stockholders in the
COURT OF APPEALS UPHOLDS DECISION OF LOWER
COURT IN FAVOR OF CHICAGO "TRIBUNE"IN
"CARRIER' SUIT.
Federal Judges Baker, Alschuler and Evans, sitting as
the United States District Court of Appeals, on Oct. 3 affirmed the decision Imnded down last February by former Federal
Judge Landis in which a suit brought by the "Journal of
Commerce" against the Chicago "Tribune" was dismissed
for want of equity. In their opinion the judges reviewed
the circumstances under which the "Journal of Commerce"
sought to collect $250,000 damages and force the "Tribune,"
throught Federal injunction, to withdraw communications
to newspaper distributing agencies in which the latter were
advised that their carriers could deliver the "Journal of
Commerce," but that if they did the Tribune • Company
would refuse to sell them Tribunes. The court upheld matter:
November 3 1922.
Judge Landis in all phases of his dicision.
Company:
In its bill the "Journal of Commerce" alleged that the To the Shareholders of the Manhattan
this
company
of
for the election
shareholders
the
of
meeting
The annual
"Tribune" was guilty "of conspiracy, unfair competition,
year will be held at the office of the company,
of directors for the ensuing
from
1922,
5
12 o'clock noon
monopoly, restraint of trade, boycotting, wrongful and No. 40 Wall Street, on Tuesday, December
malicious interference with contractual b,nd voluntary until 1 p.
been
considering
for
have
some
directors
time past the
and
Your officers
relations." The charges were the outgrowth of the choice advisability
of transferring a portion of the surplus of the corporation to
of
the
capital
company may be brought
offered by the "Tribune" to distributers, who were deliver- capital account. In order that the
with the surplus, your directors, at their regular
ing or were considering the delivery of the "Journal of Com- into closer proportion
of
members
the
board
the
being present, unaniall
2,
Nov.
meeting held on
merce" also. On these grounds violations of the anti-trust mously voted in favor of increasing the capital of this company from $5,the
amount of tho increased stock
laws were charged. These were disposed of by Judges 000,000 to $10,000,000, and ta distribute
of $50 each) among the shareholders as a
(100,000 shares of the par value
Baker, Alschuler and Evans in these words:
Individual defendants had no malice toward plaintiff and acted only on
behalf of the Tribune Company; directors and executive officers of the Tribune Company (and therefore the corporation) had no malice, but acted in
good foith on lines laid out by counsel; therefore, if the advice correctly
applied the law to the conceded facts there was no violation of Federal
anti-trust laws in any respect.
Conceded facts were that "carriers" owned their "routes:" that they
purchased outright each day the number of newspapers needed for distribution; that here was no contract or understanding by which the Tribune
Company could control what other newspapers the carriers should distribute, and that there was no contract or understanding by which the
carriers could require the Tribune Company to continue to sell them its
newspaper from day to day.
stock dividend.
of record at the close of business on
Under this plan each stockholder
amount of new stock equal to his holdNovember 28 1922 would receive an
this
arrangement
of
would be thatif the above
result
ings at that time. The
corporation would have a capital of $10,000,000,
plan were carried out the
undivided profits of approximately $2,500,000.
a surplus of$10,000,000,and
therefore, called a special meeting of the
The board of directors have,
stockholders of this company, to be held on Tuesday. December 5 1922, at
upon the above plan. Should you be
vote
to
afternoon,
1 o'clock in the
stockholders and also the speunable to attend the annual meeting of the
date, we are enclosing a proxy covercial meeting, each called for the same
ing both of these meetings.
Yours very truly,
STEPHEN BAKER,President.
The court then quoted references in Federal law, in which
The board of directors of the Public National Bank of this
the right of the "Tribune" "to give and to act upon a notice
to each carrier that if he handled the 'Journal of Commerce,' city at a meeting on Nov. 9 voted to increase the capital of
the Tribune Company would no longer sell him papers," the institution from $3,000,000 to $3,500,000. At the same
was sustained. The opinion then continues:
time a stock dividend of $500,000 was declared payable out
THE CHRONICLE
Nov.11 1922.]
of surplus. The action of the directors has been approved
by the Comptroller of the Currency. The Public National
Bank was organized in 1907 as a State bank. In 1917 it
took out a charter as a national bank. The deposits of the
bank have risen from $15,000,000 to $78,000,000 in recent
years and its present resources, according to the latest statement, are approximately $90,000,000. The original capitalization was $100,000, with $25,000 surplus. The last statement 'Showed capital and surplus in excess of $8,250,000.
The bank operates seven offices in Manhattan, the Bronx
and Brooklyn. It has 165,000 depositors. On Jan. 1 the
stock was selling at $240 a share and is currently quoted
at $340 to $345 a share. Alfred S. Rossin is President of
the bank and Joseph J. Bach, Vice-President. Benjamin T.
Van Raalte of the Van Raalte Co., Inc., has been elected
a director of the bank.
•
The board of directors of the Bankers Trust Co. at a
meeting on Nov. 8 elected A. A. Tilney, Vice-President of
the company, as a director to fill the vacancy caused by the
death of T. DeWitt Cuyler, who had been a member of the
board, of directors since 1911, and whose death was referred
to in our issue of a week ago.
•
The directors of the Lawyers Title & Trust Co. have
authorized the calling of a special meeting of the stockholders of the company to increase the capital stock from
$4,000,000 to $6,000,000, the increase to be issued as a 50%
stock dividend to the stockholders. Notice of the meeting
will be sent out shortly.
Henry M. Wells, Vice-President of the Irving National
Bank, in charge of the Brooklyn office, Fulton Street,
tendered his resignation on Nov. 1 after a service of 37
years in the banking field. His resignation will take effect
Nov. 11. Mr. Wells will continue as a member of the
advisory board of the Brooklyn office of the bank. Mr.
Wells entered the employ of the National City Bank of Brooklyn in 1885 and by various progressive steps became President in 1911. When the Brooklyn institution was merged
with the Irving Trust Co. in 1919, he became Vice-President
of the latter in charge of the Brooklyn office, a position which
he retained when the Irving Trust Co. and Irving National
Bank were consolidated, in 1920.
Robert E. Dowling, President of the City Investing Co.,
has been elected a trustee of the East River Savings Institution, of this city.
At a meeting of the stockholders of the South Side Trust
Co. of Pittsburgh on Oct. 24, it was unanimously decided to
change the name of the institution to "The Pennsylvania
Trust Company of Pittsburgh." The new name became
effective Nov. 6. A proposal to increase the capital from
$300,000 to $400,000 will be acted upon at a meeting of the
stockholders to be held Dec. 5. The additional stock (par
$100) will be disposed of at $200 per share-$100 going to
capital and $100 to surplus. The enlarged capital will become effective about the first of the year.
•••-•••-•-.
The laying of the corner stone of the new Mellon National
Bank Building, Fifth Ave. and Smithfield St., Pittsburgh,
took place Monday afternoon of last week, Oct. 30, with
simple yet impressive ceremonies. This building will occupy
the entire frontage on Smithfield St. between Fifth and Oliver
Ayes., and will be one of the largest and finest edifices
in America devoted exclusively to banking purposes. The
following details have been given out:
The architecture will be Doric with a main facade on Smithfield St.
extending from Fifth to Oliver Ayes., a distance of 232 feet and a depth
of 117 feet on Fifth and on Oliver Ayes.
It will be divided into four stories with a height of 116 feet above the
sidewalk and will have a basement and sub-basement which will extend
25 feet below the sidewalk. The ground floor space will be 27,144 square
feet and the total floor space of the building will be more than 131,000
square feet.
All entrances will lead into a great central banking room built in the
form of a basilica with large marble columns at each side and at the end.
The banking room will be 62 feet in height and will stand clear and open
the entire depth of the building and will be lighted by an immense skylight
over the whole central space between the rows of columns.
The exterior materials of the building will be granite and bronze, and
the materials and appurtenances throughout will be of the highest character. The building will be of the most modern fireproof construction
in every detail.
During the ceremony, Ernest M. Foster, Assistant Cashier of the Mellon
National Bank, held the mason's tools and handed them to other officials
2127
as the latter performed the duties of laying the corner stone. A. S.
McEldowney, Vice-President, placed a copper box in the cavity of the
heavy granite block which rested on the platform. The corner stone
was then lowered inunediately above its final resting place and W. S.
Mitchell, Vice-President, was handed a trowel by Mr. Foster, with which
he helped to spread mortar on the base, while H. E. Zimmerman, Assistant
Cashier, held the mortar board. The corner stone was then lowered into
position and S. W. Lewis, Cashier, trued up the stone with a square,
after which E. B. Mellon, President of the bank, took the mallet from
Mr. Foster and striking the stone, pronounced it firmly laid.
The new building is expected to be completed during the
autumn of 1923.
NEW YORK CURB MARKET.
Trading in the Curb Market most of the week was slow
and uninteresting. Thursday's market showed considerable
activity and substantial advances were recorded generally.
The high-priced oil stocks continue prominent. Standard
Oil (Kansas) advanced from 620 to 670 on the announcement
of the 300% stock dividend, and sold finally at 665. Standard Oil (Kentucky) gained about two points to 11034 and
closed to-day at 1095
%. Standard Oil of New York rose
from 568 to 590 and ends the week at 585. Standard Oil
(Ohio) improved from 545 to 560. Galena-Signal Oil corn.
sold up from 50 to 553
4and Indiana Pipe Line from 95 to 99.
The former finished at 55 and the latter at the high figure.
Ohio Oil advanced from 301 to 311 and sold finally at 310.
Vacuum Oil moved up from 655 to 678 and ends the week at
675. Magnolia Petroleum, after a drop from 254 to 246,
sold up to-day to 209, the close being at 253. Mammoth
Oil gained almost three points to 443% and reacted finally to
3
43%. Gulf Oil of Pennsylvania from 603/2 receded to 57%.
Industrial issues were quiet. May Department Stores new
stock, "w. i.," was traded in for the first time up from 64
to 653% and down to 63M finally. National Biscuit new
stock advanced from 34% to 37 and closed to-day at 36%.
Schulte Retail Stores moved up from 473
4 to 52. Durant
Motor dropped from 52 to 503
4,sold back to 52 and at 5134
finally. Glen Alden Coal improved from 543% to 57 and
finished to-day at 56
Bonds were fairly active with small
price changes. ,
A complete record of Curb Market transactions for the
week will be found on page 2149.
COURSE OF BANK CLEARINGS.
Bank clearings this week record an exceptionally large increase over a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country,indicate that for the week ending Saturday, Nov. 11,
aggregate bank clearings for all the cities in the United States
from which it is possible to obtain weekly returns will show
an increase of 32.9% over the corresponaing week last year.
The total stands at $6,948,499,221, against $5,227,508,710
for the same week in 1921. This is the thirty-third 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:
Clearinye--Returns by Te'egr.ph.
Week ending Nov. 11.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
1922.
1921.
Pe
Cent.
$2,857,000,000
541,846,655
320,000,000
279,000,000
110,939,468
a
116,800,000
.150,000,000
77,343,617
*95,000,000
57,687,467
52,015,400,000
423,917,891
212,000,000
187,334,580
110,000.000
a
85,700,000
120,000,000
62,000,000
*80,000,000
47,951.206
+41.8
+27.8
+50.9
+48.9
+0.8
a
+36.3
+25.0
+24.7
+18.7
+20.3
Ten cities, 4 days
Other cities, 4 days
$4,605,617,207
953,182,170
$3,344,301,677
837,703,291
+37.7
+13.8
Total all cities, 4 days
All cities, 1 day
$5,558,799,377
1,389,699,844
$4,182,006,968
1,045,501,742
+32.9
+32.9
58.948.499.221
* Estimated. a No longer report clearings.
$5,227,508,710
+32.9
Total all cities for week
Complete and exact details for the week covered by the
foiegoing 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 the week previous-the week ending Nov. 4. For
that week the increase is 8.4%, the 1922 aggregate of the
clearings being 1.1,426,238,285 and the 1921 aggregate
2128
[VOL. 115.
THE CHRONICLE
$7,774,215,099. Outside of this city the increase is 14.2%,
The course of bank clearings at leading cities of the country
the bank exchanges at this centre having recorded a gain of for the month of October and since Jan. 1 in each of the last
only 4.5%. We group the cities now according to the Fed- four years is shown in the subjoined statement:
eral Reserve districts in which they are located, and again
BANK CLEARINGS AT LEADING CITIES.
October
Jan. 1 to Oct. 31the noteworthy feature of the return is that every one of
1922. 1921. 1920. 1919. 1922. 1921. 1920. 1919.
(000,0003
these Federal Reserve districts records an increase as coms
$
$
$
$
$
omitted.)
$
$
19,668 16,027 20,661 23,714 181,669 159,033 202,720 189,237
pared with the corresponding week last year. This is the New York
2,626 2,205 2,871 2,815 23,110 21,562 27,497 24,282
Chicago
third consecutive week that all of the Federal Reserve dis- Boston
1,661 1,274 1,549 1,728 13,310 11,650 15,809 14,321
2,167 1,726 2,142 2,095 18,353 16,844 20,963 17,974
tricts have shown increases. The Boston Reserve District Philadelphia
a
a
a
a
a
a
a '
a
Louis
records an improvement of 23.9%, the New York Reserve St.
836
685 5,896 6,257 7,339 5,915
690
750
Pittsburgh
708
577
742 5,980 5,442 6,786 5,834
688
District (including this city) 4.7%, and the Philadelphia San Francisco
315
440
426
410 3,337 3,141
4,087 3,557
Reserve District 9.3%. The Cleveland Reserve District Baltimore
305
237
283 2,453 2,330 3,020. 2,562
272
Cincinnati
729 1,115 5,624 6,436 10,052 9,205
649
647
shows a gain of 23.3%, the Richmond Reserve District of Kansas City
358
608
439
537 3,808 3,969 5,798 4,424
28.1%, and the Atlanta Reserve District of 26.7%. In Cleveland
276
213
318 1,914 1,825 2,812 2,461
246
New Orleans
330
442
262 2,712 2,784 3,250 1,815
347
Minneapolis
District
Reserve
the
the Chicago
totals are larger by 6.4%, Louisville
101
127
73 1,086
118
990 1,057
779
515
471 4,407 3,851
398
494
5,184 3,582
in the St. Louis Reserve District by 23.4%, and in the Min- Detroit
152
136
129
1,289 1,202
148
1,462 1,269
Milwaukee
neapolis Reserve District by 1.3%. In the Kansas City Los Angeles
231
359
366
4,172 3,428 3,262 1,834
471
a
a
a
a
a
a
a
a
Reserve District the increase is 5.7%, in the Dallas Reserve Providence
235
306 1,638 1,634 2,708 2,569
161
186
Omaha
198
182 1,637 1,502
158
196
1,919 1,299
District 15.9%, and in the San Francisco Reserve District Buffalo
208
96
1,327 1,383 1,469
148
163
771
St. Paul
72
739
75
70
638
80
799
662
14.6%.
Indianapolis
142
195
164 1,232 1,037 1,628 1,303
158
Denver
In the following we furnish a summary by Federal Reserve Richmond
244
371
1,850 1,688 2,566 3,393
195
234
730
138
88
641
106
131
1,014
827
Memphis
districts:
198 1,369 1,240 1,777 1,663
172
131
152
Seattle
SUMMARY OF BANK CLEARINGS.
Inc.or
Dec.
1921.
1922.
Week ending Nov. 4.
1920.
1919.
$
$
Federal Reserve Districts.
%
(1st) Boston
10 citles 489,371,518 395,016,288 +23.9 403,227,387 451,235,321
(2nd) New York
9 " 4,949,786,948 4,726,486,246 +4.7 4,580,887,542 5,756,702,622
523,705,091 479,026,265 +9.3 468,532,006 453,157,557
(3rd) PhUadelphia
10 "
383,722,326 311,261,817 +23.3 401,575,692 348,388,087
(4th) Cleveland
9 "
186,539,786 145,613,802 +28.1 187,722,296 204,911,125
6 "
(5th) Richmond
182,155,681 143,746,877 +26.7 180,126,963 246,771,252
12 "
(6th) Atlanta
778.513,277 731,413,734 +6.4 795,897,026 831,216,112
19 "
(7th) Chicago
64,068,868 +23.4
79,035,903
(8th) St. Louts
7 "
67,617,218
73,664,632
(9th) Minneapolis..... 7 "
130,520,577 128,794,629 +1.3 161,937,619 100,863,135
253,265,520 239,558,055 +5.7 300,514,245 380,445,796
(10th) Kansas City_ _ _Al "
65,329,529
(11th) Dallas
5 "
56,354,236 +15.9
68,953,651
93,096,095
(12th) San Francisco__ _14 "
401,292,099 352,874,282 +14.6 355,615,145 354,119,169
Grand total
119 cities 8,426,238.285 7,774,215,099
Outside New York City
3,519,352,177 3,108,290,799
28 cities
Canada
378,187,088
+8.4 7,972,606,790 9,291,603,103
+14.2 3,461,165,896 3,597,036,841
100 0911 mo
-_,
.a
„
304,001,200
The following compilation covers the clearings by months
since Jan. 1 in 1922 and 1921:
MONTHLY CLEARINGS..
Clearings, Total AU.
Clearings Outside New York.
Month.
1922.
1921.
Total
Other cities
April__ 31,153,956,381 27,921,712,690 +11.6 12,394,912,026 12,385,897,549 +0.1
May... 32,398,452,931 27,634,023,687 +17.2 13,183,640,077 11,786,718,969 +11.9
June__ 33,732,844,399 29.076,120,832 +16.0 13,621,947,649 12,226.741,830 +11.4
2d qu_ 97,285,253,711 84.631,857,209 +15.0 39,200,499,752 36,399,358,348 +7.7
6 mos. 184761963227 172631907681 +7.0 75,321,119,499 74,615,761,159 +0.9
July __ 31,537,965.091 27,224,793,653 +15.5 13.200,521,928 11,869,564,162 +11.2
Aug.... 30,094,941,118 26,419,647,457 +13.9 13,156,629,182 11,863,706,498 +10.9
Sept _ _ 30,933,162,269 27,282,124,437 +21.1 13,648,391,725 12,203,238.126 +11.8
3d qu_ 92,566,068,478 80,926,565,547 +14.4 40,005,542,83535,936,508,786 +11.4
9 mos.. 277328031705 253558473228 +14.7 115326662334 110552269945 +4.3
38,293,839,570 29,136,981,558.
, „ 13,130,053,333 +19.
404
527
375
530
442
722
369
645
32,579 26,800 34,455 37,270 290,594 261,412 336,145 301,552
2,715 2,357 3,654 3,716 22,028 21,303 34,554 27,291
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the ten months of 1922 and 1921 are also given:
Ten Months.
Month of October.
1922.
1921.
25,762,647
Stock'No.of shares
Par value_ _ $2,397,130,000
178,559,500
Railroad bonds_ _ _
154,331,000
U.S. Govt. bonds_
42,222,000
State,for'n,&e.,bds
1921.
1922.
140,125,953
13,129,731
216,586,753
$932,571,717 $19,114,944,089 $10,479,106,801
753,426,600
90,951,000
939,838,800
219,677,150 1,413,607,865 1,587,039,590
32,072,000
244,280,200
505,361,500
Total par value_ $2,772,242,500 $1,275,271,867 $21,973,752,254 $13,063,853,191
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.
1921.
%
it
$
$
$
Jan__ 29,673,793,613 32,413,901,452 -8.5 12,377,729,779 13,840,863,127 -10.6
Feb.__ 26,067,849.202 25,697,138,881 +1.4 10,727,396,219 11,168,517,812 -3.9
March 31.735,066,701 29,889,010,139 +6.2 13,015,493,749 13,207,021,872 -1.5
1st qu_ 87,476,709,516 88,000,050,472 -0.6 36,120,619,747 38,216,402,811 -5.5
45
83
35,294 29,157 38,109 40,986 312,622 282,715 370,699 328,843
Total all
Outside New York_15,626 13,130 17,448 17,272 130,953 123,682 167,979 139,606
1922.
%
45
75
36
58
44
67
Hartford
Salt Lake City_ _-
1922.
No. Shares.
1921.
Par Value.
No. Shares.
Par Value.
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
Month of January
February
March
55,467,645 $4,921,743,745 42,635,678 $3,301,757,673
Total first quarter
30,634,353 $2,733,531,850 15,529,709 $1,044,593,548
28,921,124 2,532,995,600 17,236,995 1,218,686,980
24,080,787 1,938,579,750 18,264,671 1,369,519,461
Month of April
May
June
Total second q natter- _ _ 83,636,264 $7.205,107,200
15,118,063 $1,262,256,1431
17,862,553 1,443,286,500
21,712,046 1,908,875,700.
Month of July
August
September
51,031,375 $3,632,799,989
9,288,054 $731,205,604
11,117,035
877,306,068
12,924,080 1,003,466,032
54,692,662 $4,614,418,343' 33,329,169 $2,611,977,704
Total third quarter
25,762,647 $2,397,130,000 13,129,731
Month of October
$932,571,717
CLEARINGS FOR OCTOBER,SINCE JAN. 1, AND FOR WEEK ENDING NOVEMBER.4.
October.
1922.
1921.
Week ending November 4.
Ten Months.
Clearings atInc.or
Dec.
1922.
1921.
-
Inc. or
Dec.
•
c,';,
$
a
s
$
%
First Federal Rese rye District --Boston36,882,661 -10.5
Maine-Bangor
3,950,553
4,080,930 -3.2
33,023,846
117,342,724 +13.7
Portland
15,257,207
12,826,852 +19.0
133,403,783
Mass.-Boston
1,661,000,000 1,274,000,000 +30.4 13,340,000,000 11,650,413,721 +14.5
Fall River
64.242,327 +22.8
11,313,886
8.642,240 +13.1
78,900,081
Holyoke
4,554,827
3,595,851 +26.7
38,741,415 -3.0
35,651,149
Lowell
5,437,982
4,983,111 +9.1
46,227,280 +3.4
47,816,298
a
a
Lynn
a
a
a
a
8,928,579
7,894,190 +13.1
58,778,362 +9.5
New Bedford
64,351,512
18,808,150 +24.0
Springfield
23,312,043
178,041,926 +5.7
188,118,966
17,330,608 -8.4
150,504,766 -0.2
15,881,000
Worcester
150,154,971
43,788,982
375,369,697 +7.6
35,720,358 +22.6
403,801,353
Conn.-Hartford _ _ _ _
231,456,635 +5.4
23,183,409 +18.7
27,515,037
243,862,935
New Haven
72,011,700 Not Incl. In tots Is.
8,382,600 Not incl. In tot als.
Waterbury
56,656,600 +12.5 Not Incl. In tota Is.
63,710,500
R. I.-Providence_
8,881,388 Not included i n totals .
New Hamp.-KeeneTotal(11 cities)- -
1,820,941,096 1,411,063,699 +29.1 14,719,084,894 12,946,001,514 +13.7
Second Federal Re serve District -New York 182,608,250
193,014,977
17,348,286 +16.6
New York-Albany._ . 20,234,068
39,830,721
44,056,978
4,441,100 +13.0
5,019,000
Binghamton
157,551,680 +24.2 1,637,225,315 1,501,818,383
195,708,129
Buffalo
*21,691,692
23,961,039
*2,500,000 +16.0
2,899,090
Elmira
39,810,409
45,668,267
4,263,355 +15.1
Jamestown
4,908,008
New York
19,567,894,757 16,026,928,225 +22.7 181,669,264,128 159,033,131,508
41,730,301
44,116,626
Niagara Falls
+28.6
4,310,510
5,543,966
378,952,477
404,738,985
Rochester
46,898,211
37,140,962 +26.3
187,486,146
177.900,152
Syracuse
20,127,310
17,151,370 +17.4
Conn.-Stamford
12,469,370
10.997,637 +13.4 Not Incl. In tota Is.
N. J.-Montclair.__
18,765,466
17,876,261
1,980,952
1,753,774 +7.3
Newark
67,957,646 Not Included I n totals .
Oranges
36,280,290
42,441,172
4,478,316
3,968.448 +12.8
1922.
-
$
1921.
$
%
912,184 -15.5
770,434.
2,400,000 +54.2
3,700,258
450,000,000 361,000,000 +24.7
2,226,205 +41.2
3,143,443
a
a
a
1,106,545 +13.7
1,257,350
a
a
a
2,391,352 +2.3
2,447,238
5,366,349 +33.9
7,186,712
3,485,000 +8.1
3,697,000
10,567,259 +2.7
10,853,560
5,561,394 +13.6
6,315,553
a
489,371,548
a
a
395,016,288 +23.9
1920.
1919.
$
a
1,142,699
881,757
2,500,000
2,400,000
366,290,591- 412,180,722
1,844,864
3,749,228
a
a
•
1,562,268
1,426,174
a
a
2,352,367
3,028,906
6,327,781
8,059,947
4,593,933
4,777,697
10,612,884
10,254,864
6,000,000
6,476,026
a
403,227,387
a
451,235,321
4,855,369 +17.9
5,722,250
5,888,794
+5.7
5,486,742
1,008,700 +8.7
11,098,300
+10.6
1,127,900
1,157,600
36,736,253 +17.9
4(1,135,176
+9.0 c43,325,365
35,837,312
541,617 Not Included In total
+10.5
882,100 +12.9
1,138,867
996,361
+14.7
+14.2 4,876,886,108 4,665,924,300 +4.5 4,511,440,894 5,697,569,262
+0.9
10,047,953 +20.0
12,054,385
12,197,228
+6.8
10,898,661
4,186,041 +52.1
6,365,257
6,188,552
+6.2
5,283,304
2,308,100 +13.8
d2,626,514
2,479,376
537,430 +6.4
571,902
433,261
-4.7
469,741
+17.0
Total(11 cities)-- - - 19,975,592,805 16,277,357,710 +22.7 184,300,263,900 161,462,105,643 +14.1 4,949,786.9484,728,486,248
Inc. or
Dec.
+4.7 4,580,887,542 5,756,702,622
2129
THE CHRONICLE
Nov.11 1922.]
CLEARINGS (Continued).
1922.
1921.
Week ending November 4.
Ten Months.
October.
Clearings at
Inc.or
Dec.
1922.
1921.
Inc.or
Dec.
$or
,4,
$
$
8
%
Third Federal Res erve District -Philadelph la+9.0
41,772,142
45,542,864
Penn.-Altoona
6,057.352
4,579,934 +32.3
122,787,123 +6.2
130,419,987
Bethlehem
17,437,554
13,792,808 +26.4
a
a
a
a
Chester
a
a
161,830,488 +3.3
167.222,040
Harrisburg
18,318.708
15,899.990 +15.2
110,804,614 +8.7
120,471,410
Lancaster
14,196,051
11,564,461 +22.8
26,306,358 -16.5
21,960,328
Lebanon
2,625,615
5.4
2,775,501
28,281,064 +12.7
31,882,487
Norristown
3,969,739
3,377,937 +17.5
Philadelphia
2,167,000,000 1,728,000,000 +25.6 18,353,390,000 16.844,229,473 +9.0
104,880,274 +11.9
Reading
117,390,142
13,734,810
11,577.022 +18.6
200,236,369 -4.6
190,950,485
Scranton
22,426,103
21,639,933 +3.6
112,537,790 +6.3
119,673,780
Wilkes-Barre
13,911,867
12,799.709 +8.7
56,016,779 +0.6
56,371,339
York
6,340,116
5,647,765 +12.3
a
a
New Jersey-Camden
a
a
a
a
+12.6
149,969,960
168,817.634
Trenton
19,520,992
15,560,088 +25.4
a
a
Del.-Wilmington
a
a
a
a
Total(12 cities) _ - - - 2,305,536.907 1,845,215,148 +24.9 19,524,122,496 71,959,652,434 +8.7
Fourth Federal Re serve District -Cleveland.
1)lito-Akron
24,225,000
26,536,000
Canton
19,052,766
14,823,430
Cincinnati
272,392,305
237,275,368
Cleveland
439,347,725
357,552,036
Columbus
56,013,500
64,180,500
Dayton
a
a
Hamilton
2,205,530
2,150,428
Lima
3,473,785
3,395,854
Lorain
1,617,538
1,368,411
Mansfield
*6,000,000
5,354,285
Springfield
a
a
Toledo
a
a
Youngstown
21,221,992
13,590,490
Pa.-Beaver County_
2,937,079
2,669,024
Erie
a
a
Franklin
1,880,965
1,370,054
Greensburg
7,032,330
5,487,549
Pittsburgh
890,000,000
*750,000,000
Ky.-Lexington
6,113,312
4,993,151
W. Va.-Wheeling _
18,567,794
18,208.093
Total(l4 eltjes)
67,693.636
+31.9
a
a
302,186,105
+23.7
+20.1 1,850,171,524
a
a
73,606,461
+17.5
a
a
99,608,331
-6.2
87,228.594
+12.6
+35.2 3,337,128,585
16,898,059
+17.9
27,093,070
-4.1
803,055,248
+14.5
+27.1 6.664,667,613
71,743,021
a
292,730,756
1,688,015,705
$
a
184,822,483
5,594,250
a
a
1,085,599,649
18,338,097
69,558,875
729.615,044
386,574,974
1:3,711,003
55,573,072
282,584.357 +22.4
2,549,387,447
1913.
$
1.015,153
1,413,339
3,928,480
1,179,221
1,004,886 +40.7
2,977,371 +31.9
1,085,550 +8.6
1,050,000
4,176,688
1,042,272
1,468,730
3,121,641
2,397,209 +30.2
2,792,184
2,666,761
497,000,000
3,378,372
e4,504,472
e3,157,931
1,299,884
455,000,000 +9.2
2,900,924 +16.5
4,929,567 -8.6
3.066.717 +3.0
1,308,893 -0.7
442,578,159
2,831,763
5,183,084
3,029,993
1,551,041
431,896,699
3,777,978
4,461.220
3,015.929
1,390,033
4,721,751
a
4,355,148
a
+8.4
a
4,296,822
a
3,465,054
a
523,705,091
479,026,265
+9.3
468,532,006
453,157,557
4.836,000
3,146,135
53,381,955
85,000,000
12,850,800
a
+14.3
+39.0
+17.8
+15.7
+10.2
a
8,392.000
4,947,713
63,803,621
126,110,816
13,633,300
a
10,666,000
3,200,000
59,771,864
112,046,626
14,227,900
a
800,000
-1.8
1,000,000
1,252,248
c
c
a
a
a
a
2,801,584 +21.9
c
a
a
4,352,981
c
a
a
4,201,708
a
a
a
a
c
c
144,000,000 +25.0
c
174,425,222
•c
137,913,755
-5.2
4,910,039
5,108,186
311,261,817 +23.3
401,575,692
348,388,087
4,445,343
1,525,337 +31.2
2,125,112
7,307,579 +3.2
15,908,698 +24.9
9,275,068
59,789,329
12,795,802
83,416,397
a
51,499,286 +42.9
a
a
107,136,993 --7.0
+3.9
83,968,731
3.140,651,379 +6.3
20,538,832 -17.7
27,588,392 -1.8
711.994,093 +12.8
+5.2
+6.3
3,200,000
4,000,000
96,142,178
69,137,778 +39.1
94,444.783
86,860,368
21,251,881
19,601,326
/2,266,635
186,539,786
2,133,084
•
+8.4
18,884,004
17,838,558
145,613,802 +28.1
187,722,296
204,911,125
5,960,001
2,838,857
19,447,895
52,498,266
2.801,739
4,729,764
2,883,915
16,702,442
45,167,803
1,975,809
+26.0
-1.6
+16.4
+18.2
+41.8
6,189,971
3,170,394
19,973,051
59,314,504
3,347,548
7,714,473
3,387,387
21.862,776
89.488,751
7,763,292
1,658,917
a
10,026,118
*1,500,000 +10.6
a
a
10.194,215 -1.6
*1,400,000
a
10,171,669
*1,600,000
a
9,500,000
28,775,490
2,001.487
20,418,066 +40.9
1,751,251 +14.3
19,467,157
2,500,000
19,088,040
2,630,224
1,010,697
811,105 +12.5
680,535
987,692
470,643
54,665,571
503,140 -6.5
37.109,367 +47.3
464,957
53,447,177
845,175
81,923,442
182,155,681
143,746,877 +28.7
180,126,963
246,771,252
219.218
933,879
111,501,955
190,000 +15.4
778,787 +19.9
90,000,000 +12.4
206,088
972,695
103,000,000
65,000
623,577
105,000,000
5,849,170
6,243,826
-6.3
5.879,855
7,359,528
1,821,128
2.036,921
2,471,179 -26.3
1,759,574 +15.8
1,767,027
1,972,522
2,115,849
19,037,000
2,587,464
33,007,261
17,313,000 +10.0
1,830,311 +41.4
29,673,268 +11.2
.-
1,817,02
16,986,000
15,919,000
1,600,000
1,650,000
32,653,574 . :30,405,519
2,477,934
2,042,919 +21.3
2,532,632
3,279,788
10,775,722
9,290,952 +11.6
11,553,391
I 2.728,223
5,680,734
1,316,689
5,145,510 +10.4
1,238,532 +6.3
6,705,405
1,951,141
10,000,000
2,152,309
1,164,380
4,366,547
2,178,762
1,500,559
1,209,814
553,528,396
a
1.184,949
3,642,310
1,883.611
1,986,796
+24.8
+3.1
a
-1.7
+19.9
+15.7
-24.5
1,466.906
596,127,366
a
1,273,187
4,702,095
2,800,000
2,764,142
1,652,643
623,805,711
a
1,276,859
5,236,210
2,813,916
2,327,948
+8.2
778.513,277
731.413,734
+6.4
795,897,026
831,246,112
176,503,173 +4.7
5,046,167 +10.9
a
a
a
a
990,286,390 +11.0
17,274,267 +6.2
64,837,986 +7.3
640,690,147 +13.9
379,925,647 +1.8
15,118,992 -9.3
56,262,053 -1.2
4,518,884
4,670,333
-3.2
5,188,812
4,397,332
_ 3,581,605,529 3,006,690,528 +19.1 31,706,904,597 29,293,844,474
+7.4
+47.1
a
a
+16.6
+14.2
+6.1
+23.3
+43.9
+0.8
+19.3
.
2,001,447
Seventh Federal R eserve Distric t-Chicago8,409.278 +5.9
8,907,382
842,525
NlIchigan-Adrian _
810,767 +3.9
25,006,528 +19.1
29,790,983
Ann Arbor
3,298,509
2,654,286 +24.3
3,850,712,947
+14.4
4,406,577,458
+24.1
Detroit
493,687,262
:197,865,349
62,715,287 +7.9
67,645,209
Flint
6,892,971
6,746.426 +2.2
244,169,479 +7.5
282,567,818
Grand Rapids
28,070,600 +5.2
27,419,684
52,363,759 +4.3
54,617,339
Jackson
5,742,501
5,054,034 +13.6
81,690,000 -6.8
76,171,791
Lansing
10,294,000 -18.2
8,417,000
75,624,642 +9.0
82,402,525
Ind.--Fort Wayne._
9.144,103
7,473,799 +22.4
49,992,786 +81.4
90,662,920
Gary
11,557,762
4,140,976 +27.9
637,629,000 +15.9
739,296,000
Indianapolis
70,133,000 +14.5
80,335,000
98,375.806 -11.1
87,454.410
South Bend
9,139,359 +12.2
11,115,800
-Milwaukee- -Wlse.
129,028,803 +14.8 1,288,527,512 1,202,447,275 +7.2
148,132.216
--7.2
28.676,536
26,609,107
Oshkosh
2,840,828
2.600,559 +9.2
Green Bay
6,498,014 Not incl. in to tals.
Madison
9,198,138 Not incl. in tot als.
Wauseon
7.817,933 Not incl. in tot als.
90,045,701 -0.2
89,884,420
Iowa-Cedar Rapids_
10,381,340
9,215,866 +11.2
439,000,891 Not inel. in tote Is.
Davenport
48,026,721 Not incl. in tot ale.
377,800,987 +18.9
449,239,515
Des Moines
44,642,472
39,304,478 +13.6
+3.3
25,204,631
26,030,071
Iowa City
3,356,715
2,755,378 +21.8
22,976,022 -3.4
22,196,605
Mason City
2,562,482
2,225,077 +15.2
247,175,526 -3.0
239,797,104
26,017,848
Sioux City
23,895.205 +8.9
59,158,463 -3.2
57,251,608
Waterloo
6.840.473
6,217,509 +10.0
38,103,469 +8.9
41,262,717
4,525,922
3,787,349 +19.5
Illinois-Aurora
58,610,875 -4..
55,743,580
Bloomington
5,725,086
5,359,739 +6.8
Chicago
2,626,032,109 2,204,735,913 +19.1 23,110,333,335 21,561,922.095 +7.8
is
a
a
a
a
a
Danville
48,970,559 -1.3
48,319,600
5,248,016
4,959,401 +5.8
Decatur
167,173,304
160,088,319 +4.4
17,697,467
15,021,692 +17.8
Peoria
81,373.609
80,984,662 +0.5
8,894,608
7,699,027 +15.5
Rockford
97,062,675
104,989,842 -7.5
10,274,350
9,501,936 +10.8
Springfield
%
7,542.202
57,335,443
-6.6
+5.5
+0.6
-10.9
-0.4
+0.0
a
+2.9
+1.8
+21.5
+7.8
+3.2
+21.7
+23.9
+5.9
+4.9
345,926,620
3
--5.6
a
+3.2
+9M
Sixth Federal Rese rve District- AtlantaTotals.
Tenn.-Chattanooga _
28,387,994
21,788,335 +30.2 Not included In
125,707,497
117,428,369
Knoxville
12,139,655
14,150,597 -14,2
698,098,711
736,233,545
Nashville
89,310,886
75,475,067 +18.3
1,734,038,659
1,744,470,709
Ca.-Atlanta
235,241,565
217,254,391 +8.3
84,612,855
65,409.128
Augusta
11,488,930
9,959,126 +11.5
32,104,122
31,939,127
Columbus
4,879,085
4,166,458 +17.1
52,295,212
52,300,213
Macon
+2.1
6,861,958
6.720,661
a
a
Savannah
a
a
a
407,202,368
418,903,626
Fla.-Jacksonville
41,156,669
36,079,527 +14.1
94.406,832
96,106,735
Tampa
8,999,085
8,086,008 +11.3
725,629,902
881,957,705
Ala.-Birmingham __ ..
87,786,821 +14.5
127,577,928
69,033,221
74,436,698
Mobile
8,324,656
7,234,333 +15.1
56,110,470
57,924.153
Montgomery
8,304,545
6,978,875 +19.0
29,677,852
36,117,522
NIIss.-Jackson
3,798,662 +8.9
4,137,624
28,842,243
35,727,716
Meridian
4,255,682
2,607,623 +63.2
13,166,686
13,938.551
. Vicksburg
2,041.745
1,987,717 +2.7 1,913,978,874
1,824,511,098
La.-New Orleans_
213,044,503 +15.4
245,883.996
Total(15 elties)
810,583,809
695,330,569 +16.6 6,286,870,769 5,975,437.728
Total(9 cities)
1920.
3
383,722,326
+7.6
Eighth Federal Re serve District -St. Louis-18,188,670
19,538,550
Indiana-Evansville _
491,161
722,362
New Albany
a
a
Louts
Missouri-St.
a
a
Springfield
101,474.625
118,337,902
Ky.-Louisville
1,310,309
1.496,683
Owensboro
6,055,736
6,122,195
Paducah
106,042,377
130,768.206
-Memphis_
Tennessee
42,387,343
60,997,033
Ark.--Little Rock
1,477,452
1,489,199
III.--Jacksonville
5,156,684
6,154,490
Quincy
Inc.or
Dec.
-2.5
6,195,885,188
Total(26 cities) _
1921.
•
e5,526,000
275,544,000 -7.6
254,559,000
-8.7
4,374,624
+4.5
150,374,011
157,188,370
+28.5
62,895,675
+14.8 2,453,262,301 2,330,439,692 +5.3
-4.1
e98,342,000
3,969,219,337
3,808,277,532
+22.9
14,166,000
549,787,000 +9.8
603,678,900
+14.6
a
a
a
a
a
+15.6
24,966,274
28,873,965
+2.6
785,960
36,556,872 -8.3
33,513,341
+2.3
13,750,031 -0.9
13,624,407
+18.2
c
54,147,429 -1.4
*54,379,087
+12.1
a
a
a
a
a
a
a
a
a
a
3,415,928
164,030,839 -3.0
159,175,455
+56.2
27,600,317 -1.6
27,148,057
+10.0
a
a
a
a
a
14,417,823 -0.5
14,351,319
+22.7
c
+28.2 Not inel. in Iota is.
+8.7 *5,896,336,000 6,257,302,491 -5.8 *190,000,000
60,707,634 +16.3
70,618,184
+22.4
184,646,638 +4.5
4,216,139
192,935,410
-1.9
1,632,656,590 1,435,659,825 +13.7 13,767,921,328 14,113,490.388
Fifth Federal Rese rve District- Richmond
W. Va.-Huntington_
8,269,540
6,270,549
a
Va.-Newport News_
a
Norfolk
38,603,983 • 31,198,653
Richmond
234,494,425
195,203,431
a
N. C.-Ashville
a
Raleigh
11,915,796
6,814,121
Wilmington
a
a
S. C.-Charleston.._
10,359,023
11,043,724
Columbia
12,168,967
9,684,339
Md.-Baltimore
425,819,905
314.966,372
Frederick
2,033,803
1,724,658
Hagerstown
2.793,797
2,913,325
1). of C.-Washington
88,128,011
76,980,875
Total(10 cities) _ _
831,587,050
856,800,047
1922.
2,345,944,822
+8.7
1,510,454
570,547,500
a
a
a
a
a
a
25,494,362
372,718
23,397,110 +9.0
319,105 +18.8
26,844,494
408,460
17,124,583
662,122
32,611,464
14,178,208
353,297
1,506,990
24,212,691 +34.7
9,874,644 +14.4
331,131
+6.7
1,263,854 +19.2
21,720,116
11,128,936
694,719
1,631,681
36,291,048
12,611,504
769,388
1,808,855
79,035,903
64.068,868 +23.4
67,617,218
73,664,832
2130
[VOL. 115.
THE CHRONICLE
CLEARINGS (Concluded).
Ocloher.
Weelc ending November 4.
Ten Months.
Clearings at1922.
1921.
Inc. or
Dec.
Ninth Federal Res erve District-Minneapoli 835,801,794
30,861,851 +16.0
Minn.-Duluth
346,505,316
Minneapolis
329,569,129 +5.1
1,800,722
Rochester
1,903,640 -5.4
162,976,672
148,144,870 +10.0
St. Paul
10,784,457
10,813,931 -0.3
No. Dak.-Fargo___ _
5,256,000
Grand Forks
6,197,000 -15.2
2,022,351
Minot
1,599,498 +26.4
6,448,917
5,921,931 +8.9
So. Dak.-Aberdeen _
12,056,853
Sioux Falls
9,699,637 +12.4
2,963,287
Montana-Billings__ _
3,321,124 -10.8
4,738,605
Great Falls
5,012,174 -5.5
18,532,589
Helena
17,496,781 +5.9
1,893,183
Lewistown
2,391,104 -20.8
611,780,746
Total(13 cities) _ _ _ _
572,932,670 +6.8
Tenth Federal Res erve District-Kansas Cit Y-1,727,124
Neb.-Fremont
2,045,231 -15.6
Hastings
2,340,700
2,263,280 +3.4
17,727,900
Lincoln
13,628,278 +30.1
185,720,686
Omaha
160,519,539 +15.7
21,477,747
Kan.-Kansas City_ _
18,838,523 +14.0
a
a
Lawrence
a
a
Pittsburgh
a
a
12,084,478
Topeka
12,932,415 -6.6
44,692,675
Wichita
48,474,354 -7.8
6,110,000
Mo.-Joplin
4,716,000 +29.6
647,249,689
Kansas City
649,813,783 -0.4
a
a
St. Joseph
a
a
a
Okla.-Lawton
a
a
a
a
McAlester
a
a
a
Muskogee
118,794,535
117,970,061
Oklahoma City-- _ _
+0.7
a
a
a
Tulsa
1,659,757 Not included n totals
Colo.-Boulder
4,684,072
4,019,438 +16.5
Colorado Springs- 158,112,921
141,862,328 +11.5
Denver
3,755,298
3,568,527 +5.2
Pueblo
1921.
1922.
Inc. or
Dec.
1922.
1921.
Inc. or
Dec.
1920.
1919.
-10.4
-2.6
-0.7
-4.1
-6.3
-13.8
+1.2
-1.9
+11.7
-20.6
-27.5
+2.9
-34.7
e7,494,939
78,349,669
7,779,108
75,333,441
-3.7
+4.0
11,745,940
93,052,001
8,852,863
59,611,499
36,177,045
2,428,979
36,916,580
2,640,099
-2.0
-8.0
48,428,112
3,200,000
20,958,308
4,904,169
1,447,000
1,326,445
+9.1
1,885,483
2,209,224
847,295 -19.5
1,675,814
1,823,242
3,940,578
3,951,661
-0.3
1,950,269
2,508,830
4,988,281,324
-3.5
130,520,577
128,794,629
21,555,336
24,977,250
146,695,396
1,634,438,922
176,351,681
a
a
121,423,378
468,260,708
43,846,716
6,435,741,233
a
a
a
a
1,022,737,521
a
-25.3
-3.6
+13.9
+0.2
+5.2
e333,583
524,233
4,174,774
41,634,226
246,964,215
2,712,340,061
17,867,258
1,326,635,328
79,194,944
45,407,000
12,274,219
51,344,355
113,037,102
25,571,704
34,230,832
133,313,402
13,303,188
275,590,156
2,784,432,937
17,997,462
1,382,809,636
84,546,523
52,672,262
12,131,950
52,340,353
96,450,810
32,208,591
47,187,245
129,536,369
20,377,030
4,811,483,608
16,103,492
24,090,738
167,065,426
1,637,953,459
185,539,906
a
a
118,804,458
450,348,849
52,997,000
5,624,301,993
a
a
a
a
892,907,241
a
44,653,042
1,223,202,162
33,023,315
41,261,949 +8.2
1,036,635,802 +18.0
35,318,479 -6.5
710,371
20,761,439
1875,379
a
-2.2
-3.8
+20.9
-12.6
a
a
a
a
-12.7
a
682,367
+1.3
161,937,619
500,000 -33.3
537,216 -2.4
3,832,555 +8.9
34,176,438 +21.8
561,956
723,464
4,786,315
46,834,895
795,725
1,049,402
6,388,351
60,894,195
2,417,528
el1,155.964
2,464,739
10,433,968
--1.9
+6.9
2,553,604
12,169,688
3,500,000
14,717,769
143,585,411
a
133,877,532
a
+7.3
a
181,667,739
a
244,189,195
a
a
e27,092,612
a
a
25,611,310
a
a
+5.8
a
a
25,385,350
a
a
17,096,734
a
812,823 -12.6
26,540,391 -21.8
771,083 +13.5
995,032
23,871,800
964,402
1,344,017
29,672,246
798,162
380,445,796
100,868,135 *
+3.7 10,470,991,081 11,209,244,374
-6.6
253,265,520
239,558,055
+5.7
300,514,245
59,329,077
+10.0
67,091,313
a
a
a
+25.7 1,102,503,370 1,056,070,692
219,599,218
2.1
200,469,171
509,062,143
+4.2
468,268,587
321,948,503
+35.2
288,848,328
+22.0 Not included in totals.
16,798,453
+17.9
16,855,765
20,802,213
+65.7
20,311,423
106,734,954
+23.3
109,935,521
91,740,124
1.4
76,473,137
163,150,392
+20.5
185,266,329
+13.1
a
+4.4
-8.7
-8.0
-10.3
1,742,178
1,609,474
+8.2
2,000,000
2,376,642
e35,842,000
29,834,807 +20.1
37,613,633
46,398,388
13,994,469
9,466,878
a
13,917,663 +0.6
7,232,095 +30.9
a
a
16,270,431
9,204.846
a
22,396,755
16,266,735
a
+0.3
-2.4
+3.0
-16.6
+13.6
4,824,004
3,760,197 +13.9
3,864,741
5,657,575
358,454,203
Total(10 cities)___ _
300,198,799 +19.4 2,536,022,944 2,565,235,769
Twelfth Federal R eserve Distric t-San Franc iscoa
Wash.-Bellingham - a
a
a
a
152,091,864
Seattle
131,096,478 +16.0 1,368,535,096 1,240,459,192
48,825,000
Spokane
48,443,690 +0.8 Not incl. in tota Is.
a
Tacoma
a
a
a
a
54,003,877
6,730,777
Yakima
8,727,541 -22.9
57,947,452
Idaho-Boise
1,689,742
12,137,622
Oregon-Eugene
1,386,822 +21.8
12,889,447
172,789,063
Portland
153,774,901 +12.4 1,323,412,343 1,259,343,374
72,469,676
6,646,000
7,892,039
Utah-Ogden
15.8
55,481,502
529,545,714
66,958,620
58,441,153 +14.6
Salt Lake City
526,511,440
a
a
a
Nevada-Reno
a
a
7,497,836 Not incl. in tot als.
Arizona-Phenix _ _ _
2,684,483 Not incl. in tot als.
Tuscon
3,947,696
4,259,772 -7.3 Not incl. in tota
Calif.-Bakersfield__ _
18,310,168 Not incl. In tot als.
Berkeley
176,240,898
32,563,452
27,855,567 +16.9
Fresno
171,371,679
148,114,232
24,792,636
14,886,022 +66.5
Long Beach
195,894,733
471,362,000
365,769,000 +28.9 4,172,099,000 3,427,555,000
Los Angeles
29,120,388
3,808,214 +54.7
5,889,860
Modesto
32,533,916
437.543,556
61,125,738
46,581,804 +31.2
Oakland
553,289,238
132,701,072
17,254,947
13,472,779 +28.7
Pasadena
162,752,074
21,527,235
2,086,727 +31.0
2,733,888
Riverside
25,286,403
228,563.518
33,833,822
29,461,625 +14.8
Sacramento
261.802,029
114,926,554
13,532,827
11,572,867 +17.1
San Diego
128,595,313
687,800,000
San Francisco
577,100,000 +19.2 5,979,500,000 5,441,800,000
73,295,384
13,926,267
10,143,064 +37.3
San Jose
94,790,836
34,808,458
3,888,114
3,362,368 +15.6
Santa Barbara
39,279,841
17,321,378
3,284,673
Santa Rosa
2,670,678 +23.0
20,313,456
208,874,000
Stockton
22,406,800 -43.0
12,782,100
101,864,800
-1.1
65,329,529
56,354,236 +15.9
68,953,051
93,096,095
32,712,188
a
a
1,558,768
29,224,588 +11.9
a
a
a
a
2,130,862 -26.8
36,358,302
a
a
2,048,847
40,820,559
a
a
2,815,020
32,784,590
32,373,112
+1.3
33,834,089
35,682,861
14,981,578
a
a
13,098,028 +14.4
a
a
a
a
15,891,632
a
a
18,737,093
a
a
7,036,072
5,990,364
111,551,000
7,315,442 -3.8
3,767,902 +59.0
88,655,000 +12.6
7,148,308
3,803,616
76,564,000
7,644,880
2,149,444
55,778,000
14,089,729
4,114,647
12,236,965 +15.1
3,240,510 +27.0
10,445,462
2,968,964
10,294,033
1,877,145
e7,563,750
a
165,000.000
3,293,048
960,965
7,059,489 +7.1
a
a
147,700,000 +11.7
2,707,953 +21.6
897,931
+7.0
7,080,862
a
150,400,000
3,183,215
916,248
7,522,204
a
164,524,993
3,667,017
4,971,600
2,605,920
Total(13 cities)- - - - 1,224,477,825 1,180,651,757
Eleventh Federal Reserve Dist net-Dallas
7,907,050
7,186,858
Texas-Austin
a
a
Beaumont
172,313,028
137,064,289
Dallas
20,284,425
20,725,766
El Paso
59,384,708
57,010,731
Fort Worth
44,871,841
Galveston
33,187,536
135,205,178
110,834,457
Houston
1,888,660
1,602,370
Port Arthur
3,572,539
Texarkana
2,155,553
17,848,714
Waco
14,472,051
8,563,605
Wichita Falls
8,684,305
21,819,633
La.-Shreveport
18,100,340
a
+10.3
a
+7.3
+6.2
+5.1
-23.4
-0.6
a
-2.8
+32.3
+21.7
+11.7
+26.5
+22.6
+17.5
+14.5
+11.9
+9.9
+29.3
+12.8
+17.3
-51.2
2,655,400
2,466,500
+7.7
404,292,099 352,874,282 +14.6 355,615,145 354,119,169
Total(23 cities) _
1.791,696,390 1,492,496,449 +20.0 15,284,150,598 13,660,351,128 -18.6
Grand total (165
8,426,238,285 7,774,215,099 +8.4 7,972,606,790,9,294,606,103
cities)
35,293,839,570 29,156,981,558 +21.0 312,621,871,275 282,715,454,786 +9.1
Outside New York _ _ 15.625,944,813 13,130.053,333 +19.0 130,952.607.147 123,682,323.278 +2.5 3 549,352.177 3,108.250.799 +1423.461.165,896 3,5^7 036,841
CANADIAN CLEARINGS FOR OCTOBER, SINCE JAN. 1, AND FOR WEEK ENDING NOVEMBER 2.
1922.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
Victoria
Quebec
Hamilton
Halifax
,Regina
Saskatoon
St. John
London
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William
New Westminster__ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
1921.
1Veelc ending November 2.
Ten Months.
October.
Clearings atInc. or
Dec.
$
$
%
419,599,296
441,519,625 -5.0
421,223,752
459,625,955 -8.4
331,145,795
309,092,170 +7.1
58,869,257
58,591,205 +05
28,801,956
30,185,024 -4.6
25,983,680
31,031,896 -16.3
20,705,816
24,923,581 -16.9
9,079,159
10,604,143 -14.4
26,083,018
24,037,274 +8.5
25,262,163
24,125,253 .+4.7
12,424,391
13,824,949 -10.1
21,032,947
20,173,022 +4.3
10,288,040 -6.1
9,659,846
11,630,479 -4.3
11,134,391
11,673,756
13,415,730 -13.0
7,469,343 +1.9
7,614,566
3,339,069 +10.4
3,687,054
3,942,402 -7.2
3,657,616
5,347,329 -7.7
4,937,074
3,882,944 +4.1
4,040,252
2,766,621 -10.7
2,469,975
2,331,978 -15.1
1,979,410
3,394,803 -6.0
3,190,797
3,661,430 +0.3
3,670,941
4,449,406 +1.4
4,513,544
13,076,473 +11.6
14,590,820
1,828,165 Not incl. in tot als.
4,605,088 +11.9
5,150,880
3,408,918 -12.3
2,990,468
1922.
1921.
Inc. or
Dec.
%
$
$
4,156,909,644 4,681,738,364 -11.2
4,055,385,381 4,152,301,801 -2.3
1,923,607,088 2,091,732,823 -8.0
590,210,347 -4.7
562,370,408
327,734,831 -8.6
299,518,707
279,620,162 -25.4
208,564,287
212,207,403 -13.2
184,240,723
102,322,611 -13.6
88,419,720
252,666,295 -8.6
230,900.461
247,618,496 -5.6
233,773,871
148,614,163 -11.0
132,192,225
161,237,862 -12.5
141,045,031
81,182,719 -12.7
70,856,531
121,294,858 -3.2
117,412,972
133,398,861 -8.4
122,214,097
59,9E2,886 -17.4
49,517,869
29,167,772 -16.1
24,463,265
31,953,134 -18.0
26,186,796
51,642,227 -13.8
44,523,216
32,827,217
35,502,815 -7.5
25,700,505 -10.9
22,894,286
13,965,314
18,076,303 -22.7
30,282,994
36,978,704 -18.1
36,378,084
46,042,148 -21.0
43,080,652
41,843,284 +3.0
143,430,545
134,567,197 +6.6
14,506.040 Not icl. in totals
48,605,763
47,419,553 +2.5
28,828,306
$20,356,019 +41.6
1922.
1921.
Inc. or
Dec.
95,836,072 113,322,238 -15.4
109,336,462 126,797,312 -13.8
91,378,378
77,917,830 +17.3
13,774,984
13,321,775 +3.4
6,614,905
7,716,906 -14.3
6,257,428
7,285,902 -14.1
12,540,527
5,264,522 +23.8
2,037,326
2,067,686 -1.5
5,191,199
5,257,178 -1.3
5,938,000
5,928,229 +0.2
2,665,722
6,285,974 -57.6
5,180,986
5,177,095 +0.1
2,168,811
2,642,538 -17.9
2,887,493 --8.6
2,639,764
3,699,623 --19.9
2,964,552
1,955,424 -6.9
1,821,393
914,486 -9.5
827,925
937,073 +6.2
995,354
751,542 +15.0
1,125,546
936,171 -10.3
840,150
623,523 -20.0
493,908
522,286 -4.2
500,201
887,649 -20.8
702,891
724,071
+0.2
725,8.59
1,061,338 -5.7
1,001,012
3,010,255 -4.1
2,886,936
402,270 Not included in tota
1,119,672 +2.0
1,141,693
904,241 -34.3
594,014
1920.
152,359,594
122,520,645
99,525,026
18,060,389
12,312,183
12,217,248
8,158,034
2,745,262
6,607,490
8,713,534
5,333,079
6,500,000
3,535,570
3,187,079
4,350,453
2.763,238
1,456,872
1,265,549
1.608,533
1,282,605
803,322
863,665
1,106,633
1,277,513
1,225,350
3,203,416
854,831
1919.
31,143,978
95,603,530
75,198,532
15,438,256
14,161,229
11,239,607
6,182,882
2,721,226
7,235,751
8,197,183
4,600,000
7,234,690
2,783,975
3,306,024
3,961,048
2,480,942
1,000,000
1,325,927
1,348,218
1,372,712
748,351
722,115
1,142,831
1,093,961
1,222,157
2,536,165
111
378,187,028 399,920.032 -5.4 483.842.113 304 001 290
1 ,10A 179 Rig 1 cal TIS 297 -3.2 13.072.395.453 14.142,727,340 -7.7
Total Canada
a No longer report clearings or only give debits against individual 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), shown by the debits.
Estimated.
c Do not respond to requests for figures. d Week ending Nov. 1. e Week ending Nov.2. f Week ending Nov. 2. g Six months.
Nov. 111922.]
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
Oct. 25 1922:
GOLD.
The Bank of England gold reserve against its note issue is £125,602,320.
as compared with £125.600,130 last week.
A fair amount of gold was available, and was taken by India and the
United States of America.
Excellent gains have been made in the output of gold by the two important producing Provinces, Ontario and British Columbia. The total
for Canada during the first six months of the year amounted to about 63%
of the whole of the 1921 production, and is an increase of 42% over the
production for the corresponding period last year.
The following figures, which are in lacs of rupees and include bullion
and rupee paper movement, show the indian monthly balance of trade:
("Plus" denotes balance in favor of India and "minus" adverse balance.)
Yr. 1920-21.
Yr. 1922-23.
Yr. 1921-22.
April
plus 13,87
plus 4,17
minus 6,85
May
plus
plus 3,48
5,74
minus 2,00
June
minus 1,11
minus
82
minus 1,67
July
32
minus 3,14
plus
plus 1,35
August
minus 9,36
plus 2,96
plus 2,34
September
10
minus 4,69
plus
plus
93
October
minus 10,32
minus 8,65
November
minus 11,07
minus 9,22
December
minus 9,02
minus 2,55
January
minus 8,97
minus 7,12
February
minus 7,03
minus 59
March
minus 4,86
plus 1,42
SILVER.
The tendency of the market during the earlier part of the period under
review was distinctly heavy and prices reached on the 20th inst. the lowest
level (cash, 333
%d., 2 months', 335
/
5d.) since mid-April last. The downward impetus was derived from China sales, which, coupled with a reluctance upon the part of buyers, left no alternative. Some revival of
demand, however, set in from the Indian Bazaars for prompt shipment
by this week's (the settlement), steamer. Supplies of spot silver being
somewhat scarce, quotations naturally stiffened, but the market had no
real stamina, for speculators, China, and the Continent readily offered
supplies on the rise yesterday to 34 5-16d. for cash and 343.d. for 2 months'
delivery. To-day some stringency was shown in the demand for cash
delivery but other inquiry languished and a fall of Yid. ensued for cash
and %d. for 2 months' delivery. The difference between the two prices
is the largest since March 15, when %d. premium was established for
cash delivery.
According to the American Mining Congress, reports from Fitzgerald,
Alberta, Canada, indicate that silver has been discovered on barren lands
northeast of that town which will equal silver mines of northern Ontario.
The ore is said to have been gone over by geologists who have pronounced
the find valuable. Examinations of geologists were conducted independently and at different times, one stating that the ore would run $800
to the ton, while anouther estimated the value of silver at $775 a ton.
It is reported as being a high-grade free-milling ore. Prospectors have
been at work in the territory since 1921.
The shipments of silver from San Francisco to China during the month
*of September amounted to 3,514,000 ounces.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Oct. 7. Oct. 15. Oct. 22.
Notes in circulation
18028
18116
- 18132
Silver coin and bullion in India
9079
9072
9017
Silver coin and bullion out of India
--_ _
____
Gold coin and bunion in India
2432
2432
2432
Gold coin and bullion out of India
Securities (Indian Government)
35
2
98
55
6028
6099
Securities (British Government)
584
584
No silver coinage is reported during the week ending 22d inst.
The stock in Shanghai on the 21st inst. consisted of about 40,700,000
ounces in sycee, 37,500,000 dollars, and 1,820 silver bars, as compared
With 40,300,000 ounces in sycee, 38,000,000 dollars, and 2,450 silver
bars on the 14th inst.
The Shanghai exchange is quoted at 3s. 3%d. the tael.
Bar Gold per
-Bar Silver per Or. Std.QuotationsOz. Fine.
Cash.
2 Mos.
October 20 •,92s. 3d.
33%d.
33%d.
Octover 21
33%d.
35%d.
October 23
92s. 5d.
33%d.
33 15-16d.
October 24
92s. 7d.
34 3-16d.
34d.
October 25
92s. 9d.
34 5-16d.
34%d.
October 26
92s. 10d.
34 1-16d.
33%d.
Average
34d.
The silver quotations to-day for cash and forward delivery
tv
.8
ed
l.
y
s. t6
resp
9
2ec
are
y
.8
%d. above and 1-16d. below those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sal.,
Mon., Tues., Wed., Thurs., Fri.,
Week ending Nov. 10.
Nov. 4. Nov. 6. Nov. 7. Nov. 8. Nov. 9. Nov. 10.
Silver, per oz
d mu
34 1-16 33%
339-16 337-16 33
Gold, per fine ounce
92s. 5d. 925. 56. 925. 6d. 92s. 6d. 925. 2d. 928. 3d.
Consols, 2% per cents
56%
56%
563
57%
57
573.
British, 5 per cents
98%
98%
98%
98%
98%
98%
British, 43 per cents
944
95
95
95
95
95
French Rentes (in Paris)_fr_ ____
58.60
58.20
58.50
58.33
58.35
French War Loan (in
Paris)
74.65
74.65
74.50
fr.
74.85
75.30
The price of silver in New York on the same days has been:
Silver In N.. Y., per oz.(cts.):
Domestic
99%
Foreign
66%
99%
674
HOLT- 99%
DAY. 6631
993
6634
9934
6534
2131
Receipts.
Oct. 1922.
Ordinary$
Customs
40,135,836
Internal revenue:
Income and profits tax
26,721,825
Miscellaneous internal revenue 79,717,917
Miscellaneous receipts:
Proceeds Govt.-owned securitiesForeign obligationsPrincipal
111,378
Interest
51,390,000
Railroad securities
16.870.871
All others
23.975,032
Trust fund receipts (reappropriateci for investment)
3,041,759
Proceeds sale of surplus prop'y_ 7,693,550
Panama Canal tolls, Sec
1,030,053
Receipts from miscellaneous
sources credited direct to
appropriations
7,250,305
Other miscellaneous
43,300,890
Total ordinary
301,239,416
Expenditures.
Ordinary
(Checks and warrants paid,&c.)
General expenditures
161,792,920
Interest on public debt
134,609,604
Refund of receipts:
Customs
2.509,052
Internal revenue
3,868,788
Postal deficiency
29,177
Panama Canal
x7,307
Operations in special accounts:
Railroads
27,764,839
War Finance Corporation
37,330,797
Shipping Board
33,612,452
A lien property funds
3,485,946
Grain Corporation
Sugar Equalization Board
Purchase of obligations of foreign
governmen s
I.oans t3 raihoads
2,064,862
Investment of trust funds:
Government life in urance fund 3,023,783
Civil Service retirement fund
1,006,859
District of Columbia Teachers'
retirement fund
17,976
Total ordinary
Oct. 1921. 4 Mos.1923.8 4.1fos.1922.*
$
26,408,043 169,774,911 96,010,088
47,986,608 369,182,819 680,075,635
112,873,295 358,463,071 477,275,239
450.500
517,878
1,372.500 64,386,021 11,737.127
38,116,268
25,004,378 27,579,060 25,422,857
10,727,687 8,917.170 15,033,202
3,739,554 27.383,364 25,687,282
1.274,051 4,225,762 4,118,256
27.705,033
8,461,395 81.550,833 42.847,223
237,847,511 1177802,195 1373587,413
177,372,863 671,099,981 769.235,979
130,203,695 294,095.146 277,527,803
3,326,020 17,684,925 10,146,292
1,226,544 41,325,415 10,029,590
22,201,089 23.115,893
156,394
830,472 1,483,422
x44,665,866 51,339,234 37,949,751
6,760,100 10,294,770 x26,214,139
11,616,152 16,667,106 63,400,283
x9,565,632 3,882,485 x15,100,772
25.000.030
25,000.000
3,783,587
2,444,413
283,274
8,880,683
9,773,016
6,709,919
283,274
36,488
40,008
411,109,7511 304,157,956 1151964,396 1183658,305
Public debt retirements chargeable against or'Mary receipts:
Sinking fund
54,529,400 57,289,100 106,995,700 138,355,100
Purchases from foreign repayments
111,000
518,700
561,030
Received for estate taxes
145,800 2,021,800
523,650 8,010,200
Purchases from franchise tax
receipts (Federal Reserve
banks)
Forfeitures, gifts, &c
1,300
650
13,650
12,300
Total
54,787,500 59,311,550 103,097,550 146,897,650
Total expenditures chargeable against ordinary
receipts
465,897,250 363,459,506 1260062,046 1333355,955
Receipts and expenditures for June remising the Treasury in July are in:laded.
x Excess of credits.
Note.-The analysis of receipts and expenditures for the fiscal year 1923 is 03 the
same basis as the budget, with necessary adjustments to cover receipts credited to
appropriations, including particularly proceeds of railroad securities. The analysts
for the fiscal year 1922 is on the. budget basis, without adjustment. The figures
given for operations in special accounts are
figures and make alto,vance for
re7elpts and deposits credited to the account net
concerned. •
PRELIMINARY DEBT STATEMENT OF U. S. OCT. 31
1922.
The preliminary statement of the public debt of the
United States for Oct. 31 1922, as made up on the basis
of the daily Treasury statement, is as follows:
Bonds:
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan
Second Liverty Loan
Third Liberty Loan
Fourth Liberty Loan
Treasury bonds of 1917-1952
Total bonds
Notes:
Victory Liberty Loan-43 %Called for redemption Dec. 15 1922_ ___
Maturing May 20 1923
Treasury notesSeries A-1924
Series B-1924
Series A-1925
Series B-1925
Series A-1926
Series B-1926
Treasury CertificatesTax
Pittman Act
War Savings Securities (net cash receipts) _
Treasury Savings Securities (net redemption
value of certificates outstanding)
5599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
50,000,000 00
28,894,500 00
11,851,000 00
5883,861,030 00
$1,948,790,350 00
3,284,350,100 00
3,459,496,850 00
6,343,039,100 00
$15,035,676,400 00
742,496,494 64
516,662,033,924 64
$753,175,850 00
905,671,100 00
81,658.846,95000
$311,191,600 00
390,706,100 00
601,599,500 00
335,128,200 00
617,769,700 CO
486,938,900 00
52,743,334,000 00
$991,257,500 00
38,000,000 00
$1,029,257,500 00
609,286,908 90
114,068,064 19
723,354,973 09
Total interest-bearing debt
Debt on which interest has ceased
Non-interest-bearing debt
Total gross debt
$22,816,827,347 73
23,317,990 26
237,638,597 87
$23,077,783,935 86
GOVERNMENT REVENUE AND EXPENDITURES.
TREASURY CASH AND CURRENT LIABILITIES.
Through the courtesy of the Secretary of the Treasury we
are enabled to place Lefore our readers to-day the details of
The cash holdings of the Government as the items stood
Government receipts ana disbursements for October 1922 Oct. 31 1922 are set out in the following. The figures are
and 1921, and the four months of the fiscal years 1922-23 taken entirely.from the daily statement of the United States
.and 1921-22.
Treasury for Oct. 311922.
•
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
S
Liabilities345,907,425 36 Gold certifs. outstanding 681,027,769 00
.2,922,199,070 23 Gold fund, Federal Reserve Board (Act of
Dec. 23 1913, as
amended June 21'17).2,236,057,514 65
Gold reserve
152,979,025 63
Gold in general fund... 198,042,186 31
3,268,106,495 59
Total
Total
3,268,105,495 59
Note.-Reserved against $346,681,016 ofiU. S. notes and $1,492,623 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
Mil 41
SILVER DOLLARS.
Assets$
Liabilities$
346,854,502 00 Silver certifs outstand'g_ 329,012,952 00
Silver dollars
Treas. notes of 1890 out_
1,492,623 00
Silver dollars in gen. fd- 16,343,927 00
Total
•
[VOL. 115.
THE CHRONICLE
2132
AssetsGold (see above)
Silver dollars (see above)
United States notes_ _
Federal Reserve notes
Fed'i Reserve bank notes
National bank notes.. _
Subsidiary silver coin
Minor coin
Silver bullion
Unclassified (unsorted
currency, &c.)
Deposits in Federal Reserve banks
Deposits in Special Depositaries account of
sales of Treasury notes
Depos. in foreign depos.:
To credit Treas. U.S.
To credit other Government officers_ _ _
Depos. in nat'l banks:
To credit Treas. U. S.
To credit of other
Govern't officers.._
Deposits in Philippine
treasury:
To credit Tress. U.S.
346,854,502 00
Total
346,854.502 00
GENERAL FUND.
Liabilities-198,042,186 31 Treas. checks outstand'g
813,148 33
16,348,927 00 Depos. of Govt. officers:
3,695,423 00
Post Office Departin't 15,212,323 41
2,875,197 50
Board of trustees,Pos1,072,587 00
tal Say. System21,465,128 10
5% reserve, lawful
16,831,701 46
money
6,753,273 05
3,679,906 59
Other deposits
2,131.014 70
38,847,994 54
Comptroller of the
Currency, agent for
15,770,521 05
creditors of insolvent banks
2,090,536 43
59,207 900 70
Postmasters, clerks of
courts, disbursing
officers, &c
23,617,470 48
237,384,000 00 Deposits for:
Redemption of F. R.
91,364 27
notes(5%fund,gold) 190,991,894 59
Redemption of F. R.
303,185 93
bank notes (5%
fund,lawful money)
3,689,486 55
8,203,540 62
Redemption of nat'l
bank notes(5% fund
19,355,872 82
lawful money)
30,333,494 42
Retirement of add'i
circulating notes,
1.091,912 28
Act May 30 1908._
23,530 00
Exchanges of currency, coin, &c
6,262,637 46
Net balance
281,921,809 45
412,345,539 72
Total
694,267,349 17
Total
6)4,267,349 17
Note.-The amount to the credit of disbursing officers and agencies to-day was
$689,028,551 37. Book credits for which obligations of foreign Governments are
held by the United States amount to $33.236.629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve Bank notes are
paid into the Treasury as miscellaneous receipts and these obligations are made under
the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $41,885,226 50.
$1,072,377 in Federal Reserve notes, 5977,587 in Federal Reserve,Bank notes,
and $21,235,607 in national bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds
TREASURY MONEY HOLDINGS.-Tne following
compilation made up from the daily Government statements,
shows the money holdings of the Treasury at the beginning
of business on the first of August, September, October and
November 1922.
Holdings in
U.S. Treasury.
Aug. 1 1922. Sept. 1 1922. Oct. 1 19222 Nov. 1 1922.
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_ _
Net national bank notes.. _
Net Fed. Reserve notes_ _
Net Fed. Res. bank notes_
Net subsidiary sliver
Minor coin, &o
341.768,829
50,759,752
3,820,082
16,516,662
2,317,842
1,037,636
18,532,854
9,084,280
345,662,663
49,792,613
1,422,436
12,934,699
2,110,474
694,632
18,296,291
7,862,057
356,044,945
53,733,589
2,141,595
17,481,600
2,099,710
1,334,943
18,584,585
10,628,030
351,021,212
55,196,922
3,695,423
21,465,128
2,875,198
1,072,587
16,831,701
19,450,428
Total cash in Treas.___ _
Less gold reserve fund
443,837,937
152,979,026
438,775,865
152,979,026
462,049,087
152,979,026
471,608,599
152,979,026
Cash balance in Treas._ _ _ _
Dep. in spec. derceltories:
Acct. certs. of lndebt
Dep.in Fed. Res. banks
Dep. In national banks:
To credit Treas. U. S._
To credit dish. officers..
Cash in Philippine Islands
Deposits in Foreign Depts.
290,858,911
285,796,839
309,070,061 *318,629,573
106,856,000
73,992,465
215,724,000
56,393,905
164,851,000
33,477,959
287,384,000
59,207,901
7,853,701
16,648,547
4,296,988
1,185,920
8,448,711
16,824,338
1,961,933
1.178,441
9,323,372
17,434,872
1,463,129
920,060
8,203,540
19,355,873
1,091,912
394,550
Net cash in Treasury
and in banks
Deduct current liabilities_
501,692,532
249,315,189
249,816,964
536,540,453
279,700,723
694,267,349
281,921,809
Available cash balance.
252,377.343
336,511,203
256,839.730
412,345,540
586,328,167
*Includet Nov. 1, $38,847,995 silver bullion and $3,679,907 minor coins, Ate..
not included in statement "Stock of Money."
TRADE AND TRAFFIC MOVEMENTS,
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation yesterday (Nov. 10)
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Oct. 31 1922
to the amount of 6,902,287 tons. This is an increase of
210,680 tons over the unfilled orders on hand Sept. 30 last,
and compares with 4,286,829 tons on hand at the close of
October 1921. In the following we give comparisons with
previous months:
Tons.
Tons.
Tons.
Oct. 31 1922.. _ .. 6,902,287 Sept.30 1918__.. 8,297,905 July 31 1914___ 4.158,589
Sept. 30 1922...6,691,607 Aug.31 1918... 8,759,042 June 30 1914_ 4.032.857
Aug.31 1922_ _ 5,950,105 July 31 1918... 8.883.801 May 311914... 3.998.160
July 31 1922_ 5,776,161 June 30 1918.- 8,918,866 Apr. 30 1914_ 4,277,068
June 30 1922_ 5,635,531 May 31 1918... 8,337,623 Mar.31 1914- 4,653,825
May 31 1922.... 5,254,228 Apr. 30 1918- 8,741.882 Feb. 28 1914_ 5,026,440
Apr. 30 1922_ _ _ 5,096,917 Mar.31 1918_ 9,056,404 Jan. 31 1914... 4.613,680
Mar.31 1922- 4,494,148 Feb. 28 1918- 9,288,453 Dec.31 1913_ 4,282,108
Feb.28 1922_ _ _ 4,141.069 Jan. 31 1918... 9,477.853 Nov.30 1913_ 4,396,347
Jan. 31 1922... 4,241,678 Dec.31 1917_ 9,381,718 Oct. 31 1913... 4,513,767
8.897.106 Sept.30 1913... 5,003,785
Dee.31 1921_ 4,268,414 Nov.30 1917_
Oct. 311917... 9,009,675 Aug.31 1913_ 5,223.468
PUBLIC DEBT OF UNITED STATES-COMPLETED Nov.30 1921_ 4,250,542
4,286,829 Sept.30 1917_ 9,833,477 July 31 1913_ 5,399,356
1921...
31
Oct.
RETURN SHOWING NET DEBT AS OF AUG. 31 1922. Sept.30 1921_ 4.560.670 Aug.31 1917...10,407,049 June 30 1913- 5,807,317
4,531,926 July 31 1917_10,844,164 May 31 1913_ 6,324,322
The statement of the public debt and Treasury cash Aug.31 1921...
31 1921.__ 4,830,324 June 30 1917..._11,383,287 Apr. 30 1913... 6,978,762
holdings of the United States as officially issued Aug. 31 July
June 30 1921_ 5317,868 May 31 1917...11,886,591 Mar.31 1913... 7,468.956
Apr. 30 1917_12,183,083 Feb. 28 1913... 7,656,714
1922, delayed in publication, has now been received, and may 31 1921... 5,482,487
Apr. 30 1921_ 5,845,224 Mar.31 1917_11,711,644 Jan. 311913... 7,827.368
as interest attaches to the details of available cash and the Mar.81
1921_ 6,284,765 Feb. 28 1917_11,576,697 Dec.31 1912... 7,932,164
Jan. 31 1917._ _11,474,054 Nov.30 1912...7.852,883
gross and net debt on that date, we append a summary Feb. 28 1921..__ 6.933,887
Jan. 31 1921... 7,573,164 Dec. 31 1916.....11.547,286 Oct. 31 1912- 7,594,381
thereof, making comparison with the same date in ;;;]:
Dec. 31 1920_ 8,148,122 Nov.30 1916_11,058,542 Sept.30 1912_ 0,551,507
Nov.30 1920_ 9,021,481 Oct. 31 1916_10,015,260 Aug.31 1912_ 6.163,375
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Oct. 311920.... 9,836.852 Sept.30 1916___ 9.522,584 July 31 1912-__ 5,957,073
Aug.31 1922.
31 1921.
Sept.30 1920..._10.374,804 Aug.31 1916.... 9,680,357 June 30 1912... 5,807,349
Balance end month by daily statement, &c
$336,511,204 Aug.
$333,092,445 Aug.31 1920...._10,805,038 July 31 1916... 9,593,592 May 31 1912___ 5,750.986
Add or Deduct-Excess or deficiency of receipts over
July 30 1920..._11,118,468 June 30 1910... 9,640,458 Apr, 30 1912_ 5,664,885
or under disbursements on belated items
+1,755,353
1,408,008 June 30 1920...10,978,817 May 31 1916_ 9,937,798 Mar.31 1912_ 5,304.841
May 31 1920-10,940.466 Apr. 30 1916... 9,829,551 Feb. 29 1912- 5,454,201
$335,266,557 $331,684,437 Apr. 30 1920-10,359,747 Mar.31 1916_ 9,331,001 Jan. 311912.... 5,379,721
Deduct outstanding obligations:
Mar.30 1920...._ 9,892.075 Feb. 29 1916_ 8,568,966 Dec.31 1911._ _ 5,084.785
Treasury warrants
3,050,565
4,228,752. Feb. 28 1920- 9,502,081 Jan. 81 1916_ 7,922,787 Nov.30 1911_ 4,141,958
Matured interest obligations
52,136,966
63,887,534 Jan. 31 1920- 9,285,441 Dec.31 1915___ 7,806,220 Oct. 31 191L__ 3,694,327
Disbursing officers' checks
67,578,753
72,720,224 Dec. 31 1919.... 8485,388 Nov.30 1915_ 7,189,489 Sept.30 1911_ 3,611.315
Discount accrued on War Savings Certificates_ _ _ _
1 34,117,589
106,076,562 Nov.30 1919- 7.128,330 Oct. 31 1915.__ 6,165,452 Aug.31 1941_ _ _ 3,695,985
Oct. 31 1919- 6,472,668 Sept.30 1915_ 5,317,618 July 311911... 3,584,088
muany
Total
915
:: 4:9
908
28:4
555
40 J
e 31
ly.8
31 191
0 1911:: 3:3
18
13
1:08
154
7
1919- 8.284.838 JAuug
_$256,883,873 $246,913,072 Sept.30
30
1
3
ye 3
jjuunl
Aug.
Balance, deficit(-)or surplus (±)
6
5:5
1r8.
,8
18
°3
1 June 30 1915_ 4,678,196 Apr. 30 1911- 3,218,700
+$81,382,684
$84,771,365
.4,892,855 May 31 1915_ 4,264,598 Mar.31 1911_ 3,447,301
..
9.
91:
1119
991119
INTEREST-BEARING DEBT OUTSTANDING.
Apr. 30 1915_ 4,162,244 Feb. 28 1911... 3,400,543
May 311919.... 4,282,310 Mar.31
Interest Auj. 311922. Aug. 31 1921.
1915_ 4,255,749 Jan. 311911... 3,110,919
1919_ 4,800.685
80
Apr.
Title of LoanPayable.
28 1915_ 4,345,371 Dec.311910... 2.674,750
Feb.
5,430,572
$
Mar.31 1919_
28. Consols of 1930
0.4. 599,724,050
599,724,050 Feb. 28 1919... 6,010,787 Jan. 31 1915_ _ _ 4,248,571 Nov.30 1910..__ 2,760,413
4s. Loan of 1925
Q.-F. 118,489,900
118,489,900 Jan. 31 1919- 6,684,268 Dec.31 1914___ 3.838,643 Oct. 31 1910- 2,371.949
2s of 1916-38
Q.-F.
48,954,180
48,954,180 Dec.311918... 7,379.152 Nov.30 1914___ 3,324,592 Sept.30 1910___ 3,148,106
2s of 1918-38
Q.F.
25,947,400 Nov.30 1918- 8,124,663 Oct. 31 1914- 3,461,097 Aug.31 1910_ 3,537.128
25,947,400
38 of 1961
Q.-M.
50,000,000
50,000,000 Oct. 31 1918... 8,353.298 Sept.30 1914- 3.787.667 July 31 1910- 3.970.931
3s, Conversion bonds of 1946-47_
0.4.
Aug.81 1914_ 4.218,331
28,894,500
28,894,500
Certificates of indebtedness
J 4. 1,493,545,000 2,542,584,500
Certificates of indebtedness under Pittman Act_ _J.-J.
PRODUCTION IN OCTOBER.-The American
STEEL
58,000,000 b226,729,450
334s. First Liberty Lean,1932-47
J.-J. 1,410,002,050 1,410,074,250
Steel Institute has issued a statement from which it
4s, First Liberty Loan,converted
J.-D.
11,996,650
16,554,800 Iron &
J.-D. 526,350,500
45(s. First Liberty Loan, converted
522,108,100 appears that the production of steel in October -1922 by
second
First
Liberty
Loan,
converted_
4s,
....J.-D.
3,492,150
3,492,150 ingotproductioncomon
which in 1921 made 87.50% of the steel
M.-N.
4s.Second Liberty Loan, 1927-42
51,765,550
72,352,700 thirty
es'in that year, amounted to 2,872,415 tons.
44s, Second Liberty Loan, converted
3,258,708,700 3,242,956,550
451s, Third Liberty Loan of 1928
M.-S. 3,473,777,400 3,610,196,650
contrasts with 1,616,810 tons for the same month in
44s, Fourth Liberty Loan 01 1933.38
A.-0. 6,345,208,550 6,353,707,600 This
processes the output was as follows:
J.-D.
33(s, Victory Liberty Loan of 1922.23
601,589,000 1921. By
S.D. 1,838,598,600 3,204,548,250
43j8. Victory Liberty Loan of 1922-23
Oct. 1922. 05.1921. 10 Mos.'22. 10 Mos.'21.
Gross TonsMat. 697,970,834
2,352;2
10
97
4s, War Savings and Thrift Stamps
8 1,269,945 19,022,397 10,702,033
697,072,166 Open hearth
J.-J.
345,837 4,407,054
518,010
3,01
18
9
2 s. Postal Savings bonds
:
3
49
2
9
0
11,851,000
11,774,020 Bessemer
J.-D. 2,742,790,950
17,815
1,028
53,4s to 54s, Treasury notes
311,191,600 All other
2,872,415 1,616,810 23,447,266 13,739,852
Aggregate of interest-bearing debt
22,796,035,964 23,680,321,816
Total
Bearing no interest
230,330,510
229,472,097 •
Matured, interest ceased
a15,397,890
12,676,320
LAKE SUPERIOR IRON ORE SHIPMENTS.-Ship-
Total debt
Deduct Treasury surplus or add Treasury deficit
Net debt
c23,041,794,364 23,922,470,233
+81,382,684
84,771,365
d)2,960,411,680 23,837,698,868
a Includes $6,370,200 Victory 331% notes.
b Of these totals, $32,854,450 bear various rates of interest.
c The total gross debt Aug. 31 1922 on the basis of daily Treasury statements
was $23,042,755,934 83, and the net amount of public debt redemption and receipts
in transit, &c., was $961,570 62.
d No deduction is made on account of obligations of foreign governments or
other investments.
NOTE.-Issues of Soldiers' and Sailors' Civic Relief bonds not included in the
above,total issue to Aug.31 1922 was $195,500,of which $144,600 has been retired.
ments of iron ore from Lake Superior ports during October
1922 totaled 6,081,386 tons, as against only 3,233,081 tons
during the same month last year, but comparing with 8,848,-986 tons in 1920. The season's shipments to Nov. 1 aggregated 39,192,624 tons, which contrasts with a movement of
21,894,275 tons for the corresponding period last year and
with 53,122,342 tons the year previous.
Below we compare the shipments from different ports for
October 1922, 1921 and 1920 and for the respective seasons
to Nov. 1:
Nov.11 1922.]
THE CHRONTCLE
October
1922.
Port1921.
1920.
795,801 405,554 1,030,683
Escanaba
231,661 259,491 482,495
Marquette
800,494 335,180 1,260,162
Ashland
1,793,270 655,915 2,274,801
Superior t
1,730,870 1,188,926 2,432,465
Duluth
Two Harbors_ __ _ 729,290 388,015 1,368,380
Total
1922.
4,121,426
1,857,564
5,442,839
10,277,983
11,914,348
5,578,464
To Nov. 1
1921.
1,719,885
719,293
2,183,108
4,833,413
9,164,803
3,273,773
1920.
6,514,327
3,117,097
7,447,197
13,566,737
14,089,331
8,387,653
•6,081,386 3,233,081 8,848,986 39,192,624 21,894,275 53,122,342
2133
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance R'Ity
Amer Surety_
Bond & M 0.
City Investing
Preferred..
Bid
90
88
295
63
90
Ask
100 Lawyers Mtg
90 Mtge Bond..
300 Nat Surety__
67 N Y Title &
92
Mortgage__
Bid
203
118
214
185
Ask Realty Assoc
(Brooklyn)_
205
125 U El Casualty220 U S Title Guar
West Chester
Title & M GI
195
Bid
156
180
110
120
195
205
Ask
162
fommercial an[MX tsctliantonsnem
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Chicago Stock Exchange.-The complete record of
By Messrs. Adrian H. Muller & Sons, New York:
transactions at the Chicago Stock Exchange from Nov. 4
Stock.
Price. Shares. Stock.
Price.
to Nov.10, both inclusive, compiled from the official sales Shares.
20 Geneva Cutlery, pref
1634
150 Wayman 011 & Gas Co. of
20 G. Siegle, 1st pref
lists, is given below. Prices for stocks are all dollars per
Little Rock, Ark
$1 lot
4134
4
G.
Siegle, 2d pref
10
50 Moju Rubber Plantation &
share, not per bent. For bonds the quotations are per cent
35 Sewanee Fuel & Iron
Development
554
$7 lot
of par value.
100 Union 011 Wichita, Kan pf _39 lot
20 Princess Iron v, t. o...'(
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American ShipbuildIng_100
Armour & Co,•pref__ _ _100 99%
3
Armour Leather
15 1231
Preferred
100 87
Case (J I)
*
4
1st preferred
100 20
Central Pub Serv. pret_100 8931
Chic C&C Ry pt sh pref_ *
Chic Elev Ry, pref._ _100
531
Chic Pneumatic Too-1_ _100
Commonwealth Edison 100 136
Consumers Co, corn.._ _100
Preferred
100 71
Continental Motors__ _ _10 1031
Crane Co, pref
11134
Cuadhy Pack Co, com_100 63
Deere & Co, pref
100
Diamond Match
100 120
Earl Motors Co
•
131
Godchaux Sugars corn_ _ .. _* 13
Gossard (H W) pref._ _100 2731
Great Lakes D & D._ _ _100 84
Hart Schaf & Marx corn 100
Hayes Wheel Co
* 3834
Hupp Motor
10 2131
Illinois Brick
100 8031
Inland Steel
100 44
Kuppenheimer(B)& Co_10
Preferred
Libby, McNeil & Libby..10 8
Lindsay Light
10
454
Middle West Util Qom_ _100 45
Preferred
100 8531
Prior Lien preferred__ _ _ 10431
Mitchell Motor Co
231
*
National Leather new.._10
831
Philipsborn's Inc.,com_5 4054
Pick (Albert) & Co
* 3031
Pig Wig Stores Inc "A"._." 44
Pub Ser of Nor Ill com_100 104
Preferred
100 95
Quaker Oats Co
- 100 225
Preferred100 99
Reo Motor
10
Se,arz Roebuck. com_ 100 1331
Standard Gas& Electric 50 8731
Preferred
50 4831
Stew Warn Speed,com _100 57
Swift & Co
_100 10854
Swift International
15 2031
Thompson. J R.com
_25
Union Carbide & Carboni° 62
United Iron Works v t c50
8
United Lt & Rye,corn. _100 7054
First preferred
100 7831
United Pap Board,com.100 1431
IJ S Gypsum
20
Wahl Co
* 5434
Ward, Montg & Co, pf _100
When issued
20 2154
Western Knitting hiills_• 10
Wrigley Jr, corn
.25 10831
Yellow Cab Mfg,"B" _10 192
Yellow Taxi Co
7231
BondsChic C'y & Con Rya 5s 1927
Chicago Rye 5s._ ._ ._1927.
4s,Series"B"
1927
Chicago Telephone 58_1923
Commonw Edison 5s_1943 9931
CommonwIl Elec 55_ 1943 9854
Cudahy Pack 1st M g 5S'46
Pub iderv Co let ref g 5s'56
Swift & Carat a f g As 1044
Low.
100
1,388
910
70
395
50
207
400
655
100
373
75
145
33,179
145
200
40
185
1,010
425
2,385
100
180
11,120
1,745
162
320
55
12
1,016
20
1,117
165
1,242
5,100
4,994
1,400
12,995
12,576
530
435
80
292
5,280
150
35
160
64,010
1,705
3.373
2.220
7,141
2,000
433
360
100
130
3,707
161
5,040
545
763
3,165
1,090
60
91
12
83
3
20
84%
49-1
1%
56
11434
5
593-1
5
85
55
60
105
131
10
25
8151
72
3731
1034
56
4431
30
95
731
334
27
53
82
2
734
39
19
2331
8031
8831
143
9331
1254
5934
13
42
24
9134
17
40
43
6
29
7631
1354
534
5234
76
1234
5
97
132
50
49% $18,000
80
8,000
4434
1,000
993-1 5,000
9954 164,000
9854 7,000
9054 3,000
2,000
90
9514
6.000
4634
67,
33
9831
9354
9354
8751
8731
803-1
7531 77
9954 9931
1231 1231
87
87
3% 4
20
21
87
8931
5
531
551 531
83
83
136 13731
8
8
70
72
1031 1131
11131 112
63
6331
7334 74
120 122
131 234
14
13
2731 28
833.4 86
88
97
3731 3831
21
22
8034 81
4451 45
30
30
99
99
8
531
434 451
45
4731
8531 8531
104 106
25-4 254
854 9
3031 41
2731 3031
42
44
103 105
94
95
224 225
99
99,4
1231 1331
8531 8931
1931 1931
4831 4954
5354 58
108 10931
2031 2131
4931 5131
6131 6334
851 831
70
7034
7831 7834
1454 1454
6234 63
5454 5534
104 10431
2131 2254
93-4 1031
108% 10951
18531 197
7234 74
4831
7934
4434
993-1
9854
9834
9054
90
953,4
Range since Jan. 1.
June
Jan
Feb
May
Jan
July
Sept
June
Jan
Jan
Feb
Feb
Feb
Feb
May
Jan
Feb
Jan
Oct
Feb
July
Jan
Jan
Nov
Jan
Feb
Nov
Oct
Nov
Sept
Mar
Jan
Jan
Jan
Oct
Aug
Sept
Jan
Mar
Jan
Jan
Jan
Mar
Sept
Feb
Jan
Jar
Jan
Jan
Apr
Jar
Jar
Jan
Jan
Sept
Feb
Aug
Nov
Jan
Jan
Jan
May
May
Jan
High.
90
110
1231
10231
9
29%
90
931
12
83
140
1054
7534
1134
112
68
6931
122
6
18
2831
106
97
3831
2331
81
5851
3754
101
1031
631
53%
8831
106
754
1131
45
3031
549-4
108
9831
225
10031
2834
9434
2131
50
58
110
25
5534
6.554
931
73
80
19
6754
7131
10431
2531
12
111
246
8031
Aug 5311
Jan 845.4
Jan 5234
Jan 100
Jan 100
Jan 99
Mar 9131
Aug 9231
Feb 100
Aug
Sept
Feb
May
June
Mar
Oct
Feb
May
Nov
Oct
Oct
June
Oct
Oct
Feb
June
Not
Jar
Ma)
MaS
Feb
Not
Noi
Sept
Oct
Ma]
Sept
Sept
Oct
Sept
Ma]
Oc
Noi
Jun,
Jul]
Oc
Not
Mal
Op
JIM
Oc
Oc
Jul;
Aul
Oc
Oc
No.
Sep
Sep
Am
Oc
Fel
Oc
Oc
Au
Oc
Ap
No
Ma
Oc
Or
Fe
Au
Al
At
Ma
Au
0(
Jul
At
01
At
* No par value.
New York City Banks and Trust Companies.
All prices dollars per
•
Banks-N.Y. Bid
.10k
B..ak•
' BUS
America
215 220 Harriman _ I 375
Amer Exch.. 290 298 Imp & Trad...1 590
Battery Park. 135 143 Industrial*
155
Bowery*
I 430 450 Irving Nat of
Broadway Cent
145
NY.
228
Bronx Boro*. 125 .- - Manhattan •_ 290
Bronx Nat _ _ 155
Meet( & Met. 412
Bryant Park• 153 165 Mutual*._
650
Butch & Drov 130 138 Nat American
National City, 335
Cent Merean. 20)
125
Chase
352 357 New Neth
Chat & Phen_ 264 268 I Pacific •_ _ 300
432
Chelsea Exch* 105 115 Park
340
Chemical
520 530 Public
325
Coal & Iron
205 215 Seaboard
Standard •_. 275
Colonial •....._ 325
Columbia'... 225 240 State.
315
Commerce... 298 302 Tradesmen's• 200
Com'nwealth* 220 235 236 Ward"... _ 250
Continental
130 140 United States* 162
Corn Exch..,- 45)
- Wash'n Ins • 200
Coamoplan*.. 75 --- Yorkville *., _ _ 420
East River
175
Fifth Avenue'112)
Broorlyn
Fifth
185 ioi Coney Island* 155
First
12:5 1235 First
320
Garfield
240 250 Mechanics' *... 120
Gotham
180 187 Montauk
125
Greenwich"... 265
Nassau
I 225
Hanover
025
People's
160
29 Cast Steel Ship, pf. B_ _13200 lot
44 Hawthorne Co
Si lot
2 American Cities, pref
$1 lot
5 Fraser Tablet, 1st pref-1
5 Fraser Tablet
13111 lot
3 Lone Acre 011
$1 lot
$1 lot
1 Amer. Barrel dr Pkge
100 Eastern Consol. Oil
$1 lot
10 Amer. DeF. Wireless Tel_ _31 lot
Bonds.
Per Cent.
$2,000 Nat. Oil 1st 7s, 1925, ctf.
10%
of deposit
1,500 Note of California Alkali
$50
Co., dated May 4 1920
7,000 California Alkali Co. 68,
1929; July 1921 coupons attached 1%
5,000 Seaboard Stl. & Man. 2-yr.
M.& Coll. Tr. notes, due April 1
1920; April 1919 coupons attached
100 Seaboard Stl. & Man. ctfs, of
dep.; 50 Seaboard Stl. & Man_15500 lot
$13,549 63 Accounts receivable of
$6,000 lot
Mitchell-Cramer
10,000 Coast & Lakes Contracting
Corp.6% ext. notes, due 1917_ _330 lot
500 State Tel. Co. 1st M.5s, due
1913; Feb.'04 coupon attached_ _51 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
4 Merrimack Mfg. Co. pref
8431
15 Gosnold Miss. com. vol. tr. ctfa_13234
5 Tremont & Suffolk Mills
140
3 Merrimack Mfg, Co
28 Boston RR.Holding Co. pref._ 10031
44
40 Boston Wharf Co
109
3 Lovejoy's Wharf Trust
10 Montpelier & Barre Lt. & Pr. 89
Co. preferred
52
5 Rolls Royce Co. of Amer. pref._ 54
• $ per sh.
Shares. Stocks.
50 Becker Milling Mach. Co. pref__ 2
10 Stollwerck Chocolate Co.26 pref 5
12 American Glue Co
8834
2 Merrimack Hat Co
6
Sc
15 Plymouth Rubber Co. pref.
4 Converse Rubber Shoe Co. pref_ 9054
4 New York Container Co. pref.;
6 New England Equitable Ins.
4
Co.(for lot)
75 Liggett's Int., Ltd., pref
53% 53
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
5 Lancaster Mills, preferred_ _ _ _105%
5 do 6% preferred
8234
1 Lanett Cotton Mills
21031 50 Textile Bldg. Trust, pref
97
1 American Mfg, Co
2 Boston Storage Warehouse_ _ _ _120%
10 Worcester Con. St. Ry. Co.,10131 18
Cambridge Gas Lt. Co rta_ _2 11 16
let preferred
6254 15 Quincy Market Cold Storage &
1 Mass. Ltg. Cos.8('(
:
, wet
Warehouse Co
10554
13954
14 Draper Corporation
169
19754
3 Plymouth Cordage Co
9 Converse R.Shoe Co., pref_ ._ _
9014 27 Cambridge Gas Lt. Co., rights_ 234
8 Mass. Bonding dr Inv. Co_ _11034
50 East Coast Finance Corp. pt.
107 Webb G. & C. Co., for lot__ _ _ 1
10
& 25 com. as bonus
10 Pure Oil Co
10 The Columbus R. P.& L Co 284
Percent.
4591
Bonds.
1 United Elec. Lt. Co.,Spring'd_ 223
$50,000 Boston & Montana Corp.
7 Montpelier & Barre
6s, Mar.1932,coup. Sept. 11922,
28 mass. Lighting CosL.& P.Co_ 23-1
1,000
on for lot
1934
10 Charlestown G.& E. Co
115
$1,500 Eastern Mass. St. Ity. Co.30 Maas. Lighting Cos.8% pref. _105
ref. mtge. 58, Jan. 1948, ger. B. 7254
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
per sh.
10 Philadelphia Trust Co
650 100 L. H. Gilmer Co., preferred... 7
110 Penn Cold Storage & Market..133
H. Gilmer Co.,common_ _ _ _ 1231
20 Philadelphia National Bank.. _400 4 25 L.
25 People's National Fire Ins. Co.. 20
6 Corn Exchange National
79
30 Northern Central Ry_
3 Corn Exchange National llank.41754
Bank _415% 5 Tennessee Elec. Power,2d pref. 4354
15 Corn Exchange National Bank_415
Tenn. Elec. Pow., 2d pref.. 43
100
25
5 Commercial Trust Co
21 Tenn. Elec. Power, common__ 1434
25 Chestnut Hill Title dr Trust....373
55
25 People's Trust
Bonds70
Per Cent.
8 Commonwealth Title Ina. Tr.308 $2,000 Trenton Potteries
4% fund140 Finance Co. of Penna. 2d &
pref _106
ing certificates
7234
5 Provident Truest Co
40 Horn dr Hardart Bak. Co. of535 $1,000 Amer. Gas Co.6% .100 year
debenture mtge., Ser. A, 2016._ 8731
Philadelphia
50 Phila.& Darby Passenger Ry 410 $3,000 Eastern Penna. Ry.5% first
29
mtge. 1936._
76
4 Philadelphia Bourse,
1131 $500 Phila. Suburban Gas dr Elec.
, 3 Philadelphia Bourse, common_
prof
1st & ref. 5s,.1960
9034
78 Camden Fire Insurancl Awn.. 2531
1134 $3,600 Tenn. Elec. Pow. 1st & ref.
5 Roaring Creek Coal Co
50
Its, Series A, 1947
957,
share.
.441 • Trust Co.'. Bid
385
New York
_
615 I American_ 162 Bank of N. Y.
& Trust Co_ 463
232 Bankers Trust 370
300 Central Union 420
418 Columbia... 310
110
. _ Commercial
150 Empire
265
340 Equitable Tr 297
135 Farm L & Tr 400
Fidelity inter 204
- Fulton.
245
35) Guaranty Tr. 230
335 Hudson
190
290 Law Tit & Tr 205
Metropolitan 3f'.0
Mutual (West
cheater) _ 115
it)
.
N Y Tiust_ 350
Title Gu &Ti 435
U S Mtg & Tr, 310
United Statet,1170
Ask
470
375
427
317
i6i303
500
212
233
io
larl
356
450
320
165
355
Brooklyn
Brooklyn Tr ', 465
7:.
- Kings County' 750
240 Manufacturer 250
People's
, 350
•Banks tnarked with to) are State banks. tNewstock. s Ex-dividend.
50 Union Copper Mines
1
200 Bay State Gas
50 Nevada-Utah Mines &48 lot
Smelters Corp
6211 Deep Sea Fisheries, Inc.,
v. t. c
1
193 Duhring Development _$10 lot
3,000 Edmonds Midway 011_ _ _310 lot
50 The Orange Co.Traction_ _36 lot
10,000 Crews McFarlan Mining
Co., Ltd
$15 lot
9,824 Buck Creek Oil Co
155.
250 Sound Realty, 50% Pd- _3130 lot
50 hiollne Plow,26 pref. tr. etfs $5
1,000 Manhattan
..$5 lot
200 American 011
Eng. Corn
Petroleum_subscription receipt.,._325 lot
2 Yale Leasing
16
250 Cathrine Curtis
250 Cathrine Curtis, pref
}$3 lot
15,500 Peoples Coll. Pledge Soc.
(Delaware), pref
$100 lot
570,000 Peruvain Cop. & Smelt...380 lot
1,000 Simpson, Crawford Co. 1st
pref. v. t. c. 59% paid
in liquidation
'
$3 lot
100 Nat, Drug Stores, pf_ _$1.150 lot
100 National Drug Stores_ _5110 lot
500
/3tt-right!.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital
Oct. 31-Ffrst National Bank in Huntington Beach,
Calif.... $50,000
Correspondent: John I. Hinkle, 1327 8th St., San
Diego, Calif.
• Nov. 1-The Hyde Park National Bank of Cincinnati,
Ohio__ _ _ 200,000
Correspondent: John G. O'Connell, 608 Gwynne
Bldg., Cincinnati, Ohio.
Nov. 4-The First National Bank of Gully, Minnesota
25,000
Correspondent: Frank A. Norquist, Gonvick, Minn.
APPLICATION TO ORGANIZE APPROVED.
Nov. 4-The Portage Park National Bank of Chicago.
Ill
Correspondent: Murray MacLeod, 4201 Irving Pk. 200,000
Blvd., Chicago, Ill.
APPLICATION TO CONVERT RECEIVED.
Oct. 31-The First National Bank of Bellflower, Calif
Conversion of The Commercial Bank of Bellflower, 25,000
Calif.
Correspondent: Commercial Bank of Bellflower,
Calif.
APPLICATION TO CONVERT APPROVED.
Oct. 31-The Central National Bank of Nashville,
Tenn
300,000
Conversion of Central Bank & Trust Co.,
Nashville,
Tenn.
Correspondent: Watkins Crockett,
Pres. Central
Bank & Trust Co.
CHARTERS ISSUED.
Nov. 1-12266 The SWenson National Bank, Swenson, Texas_ _ _
Succession of First Bank of Swenson, Texas.
President, Wm. Jordan: Cashier, R. S. Ward.
Nov. 4-12267 The Old Point National Bank of Phoebus, Va___
President. L. M. Newcomb.
25,000
50,000
CHANGE OF TITLE..
Oct. 30-10094 The National Bank of Hastings, Hastings, Okla., to
"First National Bank in Hastings."
VOLUNTARY LIQUIDATIONS.
Nov. 2-9294 The Butte County National Bank of Chico, Calif_$250,000
Effective Oct. 20 1922. Liquidating agent: E. C.
Aldwell, Assistant Secretary Bank of Italy, San
Francisco, Calif.
Absorbed by Bank of Italy, San Francisco, Calif.
Nov. 4-8707 The First National Bank of Sierra Madre, Calif__ 25,000
Effective Nov. 4 1922. Liquidating committee: C. S.
Kersting, F. H. Hartman and H. E. Allen, Sierra
Madre, Calif.
To be absorbed by the Sierra Madre Savings Bank,
Sierra Madre. Calif.
CONSOLIDATION.
Oct. 31-10316 Federal National Bank of Washington, D. C____ 500,000
and - 6716 American National Bank of Washington, D.
900,000
Consolidated under the Act of Nov. 7 1918, under the
charter of Federal National Bank of Washington
(10316) and under the corporate title of"FederalAmerican National Bank of Washington," with
capital stock of
1,200,000
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
33-' Dec. 28 Holders of rec. Nov.29
Alabama Great Southern, ordinary_ _
331 Feb. 16 Holders of rec. Jan. 19
Preferred
$1.25 Nov. 18 Holders of rec. Nov. 3a
Catawissa, let & 2d pref
*1,4
Des. 4 *Nov. 21 to Dec. 3
Chestnut Hill (guar.)
Dec. 30 *Holders of rec. De. 13
Colorado & Southern, common
*2
Dec. 30 *Holders of rec. Dee. 16
First preferred
*4
Dec 30 *Holders of rec. Dec. Hi
Second preferred (annual)
*2
\Toy. 20 *Holders of rec. Nov. 10
Delaware Se Bound Brook (guar.)
3
Dec. 20 Holders of rec. Dec. 4a
Greene Railroad
'cc. 4 *Nov.21 to Dee. 3
Phila. Germantown & Morristown (qu.)- .3
Pittsb. Bessemer & Lake Erie, pref___ _ $1.50 Dec. 1 Holders of rec. Nov. 15a
1 g Jan. 2 Holders of rec. Nov.29a
Southern Pacific Co. (guar.)
Jan. 2 Holders of rec. Dec. la
Union Pacific, com. (guar.)
Public Utilities.
Appalachian Power, pref.(quar.)(No.1 ) 13.1 Jan. 15 Holders of rec. Dec. 30
20c. Dec. 15 Holders of rec. Nov. 8a
Brooklyn City Railroad
1% Dee. 1 Holders of rec. Nov. 15a
Central Arkansas Ry. dr Lt., Pref.(qu.)Cent. Miss. Val. Elec. Prop., pref.(guar) lg Dee. 1 Holders of rec. Nov. 15a
2
Ian. 15 Holders of rec. Dec. 20
Detroit Edison (guar.)
525o. Nov. 24 *Holders of rec. Nov. 14
Massachusetts Lighting Cos., com
Phliadelphia Electric, corn. & p1.(u.)_ *50e. Dec. 15 *Holders of rec. Nov. 16
oManhattan Co.(Bank of the) in stock_ _ *e100
(o)
*(8)
Public National (pay in stock)
(3)
San Joaquin Light Sr Power, pref. (qu.)_ 1g Dec. 15 Holders of rec. Nov 30
1M Dec. 15 Holders of rec. Nov. 30
Prior preferred (guar.)
Southwestern Power Se Light, pref. (qu.) 11 Dec. 1 Holders of rec. Nov. 15
Nov. 15 Ifolders of rec. Oct. 31
Western States Gas& Elec., corn.(guar.)
Banks.
•
(0)
o Manhattan Co.(Bank of the) in stock _ *e100
stock
*(s)
(s)
Public National (payable in
Miscellaneous.
2
Nov. 10 Holders of rec. Oct. 31
Alaska Packers Association (quar.)
1 g Dec. 30 Holders of rec. Dec. 9
American Beet Sugar, preferred (quar.)_
Jan. 2 *Dec. 14 to Dec. 22
American Smelt. Scour., pref. A (quar.)_
Jan. 2 *Dec. 14 to Dec. 22
Preferred B (guar.)
American Smelt.& Refining, pref.(guar) 51% Dec. 1 *Nov. 18 to Nov. 26
American Sugar Refining, pref.(guar.)._ *1%, Jan. 2 *Holders of rec. Dee. 1
*21i Jan. 1 Nov. 15 to Nov. 30
American Thread, preferred
5
Dec. 15 Holders of rec. Nov. 21
Atlantic Relining, common (guar.)
1% Apr. 2 Holders of re,. Mar. 2J
uBabcock & Witcox (guar.)
33 1-3
uStock divilend
(11)
Holders of rec. Dec. 20
*$10 Dec. 1 *Holders of rec. Nov. 6
Bates Mfg. (extra)
e50
tPayable in stock
(I)
Bethlehem Steel Corp13 Jan. 2 Dec. 16 to Jan
Seven per cent non-cum. pref.(quar.)_
1
2
Jan. 2 Holders of rec. Dec. 15a
Eight per cent preferred (guar.)
4
Nov. 15 Holders of rec. Nov. 8a
Brookside Mills
$2
Dec. 15 Holders of rec. Nov. 20
Buckeye Pipe Line
$2
Dee. 15 Holders of rec. Nov. 20
Extra
13 Nov. 15 Holders of rec. Nov. 2
Cabot Manufacturing (quar.)
550c. Jan 2 *Holders of rec. Dec. 20
Connor (J. T.) corn.(guar.)
*3
Preferred
Jan. 2 *Holders of rec. Dec. 20
1% Dec. 1 Holders of rec. Nov.20a
Consolidated Cigar, pref. (guar.)
Continental 011 (quar.)
*2
Dec 15 *Nov. 24 to Dec. 15
Cumberland Pipe Line (annual)
12
Dec. 15 Holders of rec. Dec. 1
Decker (Alfred) & Cohn, pref. (quar.)_ _ *1% Dec. 1 *Holders of rec. Nov. 20
Eastman Kodak, coin. (quar.)
$1.25 Jan. 2 *Holders of rec. Nov. 29
Common (extra)
50c Nov4.
Preferred (quar.)
*1% Jan. '2 *Holders of rec. Nov.29
Eisenlohr (Otto) & Bros., Inc., pf. (qu.) l).‘ Jan. 1 Holders of rec. Dec. 20
Electric Investment Corp.,pref.(guar.) *1% Nov.22 *Holders of rec. Nov. 11
$3
Essex Company
Dec. 1 Holders of rec. Nov. 9
$3
Extra
Dec. 1 Holders of rec. Nov. 9
eFidelity & Casualty Co.(pay.In stock) _ 5e100
(e)
1% Nov. 15 Holders of tea. Nov. 1
Firestone Tire & Rubber,7% pref.(qu.)_
1% Deo, 1 Holders of rec. Nov. 24
Gene-al Cigar, pre!trrel (quar.)
_
)
(qu
2
pref.
Greenfield Tap & Die Corp.,
Jan. 2 Holders of rec. Dec. 15
2
Guantanamo Sugar, Pref. (quar)
Jan. 3 Holders of rec. Dec. 15.2
1 g Dee. 1 Holders of rec. Nov. 20
Harbison-Walker Refract., com. (qu.)
Preferred ((num)
Jan. 20 Holders of rec. Jan. 10
*1% Dec 1 *Holders of reo. Nov. 20
Hartman CorpZration (guar.)
1 g Nov. 29 Holders of rec. Nov. 18a
Hart, Schaffner de Marx, corn. (qu.)__
50c. Nov.25 Holders of rec. Nov. 20
Home,stake Mining (monthly)
*75c. Dec 1 *Holders of rec. Nov. 15
Imperial 011 (guar.)
*75c. Dec. 1 Nov. 16 to
Imperial Oil, Ltd. (attar.)
Nov. 3.)
$2
Dec 1 Holders of rec. Nov. 8
Ludlow Mfg. Associates (guar.)
$1.50 Dec 1 Holders of rec. Nov. 23
Mahoning Investment
May Department Stores, common (qu.)_ *2% Mar. 1 *Holders of tee. Feb. 15
(1)
1 Common (payable in common stock)_ 5/30
Dec. 1 Holders of rec. Nov. 3
Merrimack Mfg., common (guar.)
550e. Nov. 27 Hoidens of roe. Nov. 20
Mexi.tan Seaboard Oil
Nov. 21) Holders of rel. Nov. 91
1
Niles-Bement-Pond, preferred (guar.) _ _
Nov. 15 Holders of rec. Nov. 2
Nyanza Mills (quar.)
$1
Owens Bottle Co., common (guar.)_ _ _ _ *501. Jan. 1 *Holders of rec. Dee. 15
- Preferred (guar.)
*131 Jan. 1 *Holders of roc. Dec. 15
1
Pratt & Whitney, preferred (quar.)..
_ _
Nov. 2" Holders of tee. Nov. 97
Reynolds Spring, pref. A & B (quar.)._
Jan. 1 Holders of tee. Dec. 18
5e200 Dec.
Seovill Mfg. (payable in stock)
m Singer Mfg.(tayable in stock)
e33 1-3 (m)
z Solar Refining (payable in stock)
5e100
(z)
Spalding(A. G.)& Bros., 1st pref.(qu.)_ *IN Dec. 1 *Holders of rec. Nov. 18
Second preferred (guar.)
*2
Dec. 1 *Holders of rec. Nov. 18
Standard Oil Co. (Calif.)7) Stock dividendel00
pDec.30 Holders of rec. Dec. 9a
Standard Oil (Indiana)(guar.)
*81
Dec. 15 *Holders of rec. Nov. 16
Standard 011 of N.J.. corn.(in corn. stk.) ../400
[VOL. 115.
THE CHRONICLE
2134
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Standard 011 of New Yorke200
Stock dividend
Standard Oil (Ohio),common (guar.)_ _ _ 3
1
Extra
*1
Timken-Detroit Axle, preferred (quar.)_
*.(154)
Common (in common stock)
234
Underwood Typewriter, com. (quar.)_ _
1%
Preferred (guar.)
*81
Union Mills (guar.)
United Cigar Stores of Amer., pref.(qu.) 13(
13-i
U. S. Realty & Impt. (guar.)
1g
Quarterly
$1
Wabasso Cotton Co. (guar.)
1M
Welch Grape Juice, preferred (quar.)_ _
*31
White Motor (quar.)
*e100
in
(pay.
stock)
Mfg.
Towne
&
Yale
r
Books Closed.
Days Inclusive.
Holders of tee. Deo. la
Jan. 1 Holders of rec. Nov. 24
Jan. 1 Holders of rec. Nov. 24
Dec. 1 *Holders of tee. Nov. 20
liec. 1 *Holders of rec. Nov. 20
Jan. 1 Holders of rec. Dec. 2
Jan. 1 Holders of rec. Dec. 2
Dec. 1 *Holders of rec. Nov. 15
Dec. 15 Holders of rec. Nov. 29a
Dec. 15 Holders of rec. Dec. 8
Mar. 15 Holders of rec. Mar. 8
Jan. 2 Holders of rec. Dec. 15
Nov. 30 Hollers of rec. Nov. 20
Dec. 30 *Holders of rec. Dec. 20
(r)
re give the dividends announced in previous weeks
.
Below ll
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Railroads (Steam).
Atchison Topeka & Santa Fe,com.(qu.)
_
Central RR. of N. J. (guar.)
Cleveland & Pittsburgh, guar. (quar.)_ _
Special guaranteed (guar.)
Cripple Creek Central, pref. (quar.)___ _
Laws RR., preferred
Delaware & Hudson Co. (guar.)
Illinois Central, common (guar.)
New York Chicago ar St. LouisCommon
First preferred (guar.)
Second preferred (quar.)
Norfolk & Western,common (quar.)._
Common (extra)
Norfolk & Western, adj. pref.(guar.)._
Pennsylvania RR.(quar.)
Pittsb. & West Virginia, pref. (guar.)._
Preferred (guar.)
Reading Co., 1st preferred (guar.)
Southern Ry., preferred
Public Utilities.
American Telegraph dc Cable (guar.)
American Telephone& Telegraph (quar.)
Quarterly
Quarterly
INV.& Elee., 1st pref. (quar.).._
Qua
Amer.
Blackstone Val. Gas de Elec., corn.(qu.)
Preferred
Brazilian it., L.& P., ordinary (guar.).
I trooklyn Edison Co., Inc.(guar.)
Cedar Rapids Mfg.& Pow.(guar.)
Cent. Ariz. L. de P., con). & pf. (guar.)
Columbia Gas & Electric (guar.)
Connecticut Ry.& Ltg.. corn. & pf.(qu.)
Consolidated Gas, N. Y.(guar.)
Detroit United Ry.(quar.)
Eastern Shore Gas & Elec., pref.(guar.).
Federal Light & Trac., pref. (quar.)__
Havana iiee. Ry., L.& P.,com.& pref _
Illunimat & Pow. Secur. com.(No. 1)....
l'referred (guar.)
KamlnIstiquia Power (guar.)
a.ssachusetts Gas Cos., pref
Mobile Electric Co., pref. (guar.)
Preferred (acc't accum. dividends)._ __
Montreal Light, Heat & Power (quar.)_
Montreal I,t., Ht.& Power Cons.(quar.)
Montreal Water & Power, com
Preferred
Norfolk Ry. & Light
(qu.)
l'aelri, Gas & El., 1st pt.& Orig. Of.(qu.)_
Southern California Edison, com.
Tacoma Gas Light dc Fuel, pref. (guar.)
Tampa Electric Co. (quar.)
(qu.)_
Texas Electric Securities,common
United Gas Impt., pref. (quar.)
United Rys.& Elec. (Bait.), com.(qu.).
West Penn Co., preferred (guar.)
%Visconsin River Power. pref. (quar.)
Per
When
Cent. Payable.
Book., Closed.
Days Inclusive.
lg Dec. 1
Nov. 15
2
g Dec. 1
Dee. 1
1
Dec. 1
1
3
Feb15'23
251 Dec. 20
1% Dec. 1
Holders of rec. Oct. 27a
Holders of rec. Nov. 10a
Holders of rec. Nov. 10a
Holders of rec. Nov.10z
Holders of rec. Nov. 15a
Holders of rec. July 20a
Holders of rec. Nov. 27a
Holders of rec. Nov. 3a
1M Dec. 30
134 Dec. 30
131 Dec. 30
1% Dec. 19
Dec. 19
1
Nov.18
1
75c. Nov. 29
134 Nov.29
134 Feb. 28
50c. Dec. 14
234 Nov.15
Holders of tea. Dec. 19a
Holders of rec. Dec. 19a
Holders of rec. Dec. 19a
Holders of rec. Nov. 29a
Holders of rec. Nov. 29a
Holders of tee. Oct. 31a
Holders of rec. Nov. in
Holders of tee. Nov. la
Holders of rec. Feb. la
Holders of rec. Nov. 219i
Holders of rec. Oct. 31a
131 Dee. 1 Holders of tea. Nov.80a
234 Jan I5'23 Holders of reo. Dec. 20a
234 AprIll'23 Holders of tea. Mar.16'23
234 J'iy16'23 Holders of rec.June 20'23
1% Nov.15 Holders of rec Nov. la
$1.25 Dec. 1 Holders of rec. Nov. 15s
3
Dee. 1 Holders of rec. Nov.15o ,
1
Dec. 1 Holders of rec. Oct. 31
2
Dee. 1 Holders of rec. Nov. 17a
% Nov. 15 Holders of rec. Oct. 31
2
Nov. 15 Holders of rec. Oct. 31a
$1.50 Nov. 15 Holders of rec. Oct. 31a
134 Nov.15 Nov 1 to Nov. 15
2
Dec. 15 Holders of rec. Nov. 92
134 Dee. 1 Holders of rec. Nov. la
2
Dec. 1 Holders of rec. Nov. 15
1)4 Dec. 1 Holders of rec. Nov. 15a
3
Nov. 15 Oct. 26 to Nov. 15
75e. Nov. 15 Holders of rec. Oct. 31
1% Nov.15 holders of rec. Oct. 31a
2
Nov. 15 Holders of rec. Oct. 310
2
Dec. 1 Nov. 16 to Nov. 30
134 Nov.25 Holders of tee. Oct. 31
hl Nov. 25 Holders of rec. Oct. 31
2
Nov. 15 Holders of rec. Oct. 31
151 Nov.15 holders ot rec. Oct. 31
8731e. Nov. 15 Holders of reo. Oct. 31a
3)i Nov.15 Holders of rec. Oct. 31a
3
Dec. 1 Holders of rec. Nov.15a
134 ,
Iov. 15 Holders of rec. Oct. 3la
2
Nov.15 Holders of rec. Oct. 31
131 Nov.15 Holders of rec. Oct. 31a
234 Nov. 15 Holders of rec. Nov. in
$1
Dec. 1
873-4c. Dec. 15 Holders of rec. Oct. 28
50e. Nov. 15 Holders of rec. Nov. 30a
134 Nov.15 Holders of rec. Nov. 1
*131 Nov. 20 *Holders of rec. Oct. 31
Miscellaneous.
Dc'. 17 Holders of rec. Oct. 27
$1
A hmeek Mining
1
Nov.15 Holders of reo. Oct. 24a
Allis-Chalmers Mfg., COIn• (CPI.)
31
Nov. 15 Holders of rec. Nov. in
(guar.).
common
American Bank Note,
Nov. 15 Holders of rec. Nov. in
Amer. La France Fire Eng.,corn.(guar.) 25c. Nov.
13 ',folders of rec. Oct. 19
stock)
in
e200
(payable
Fdx.
Amer. Mach.&
134 Dec. 31 Dec. 17 to Dec. 30
American Manufacturing, pref. (quar.)
1 Holders of rec. Nov.difir
(guar.)
75c.
Dec.
com.
Metal,
American
1% Dec. 1 Holders of rec. Nov d20a
Preferred (guar.)
$1
Dec. 30 }holders of rec. Dec. 15a
American Radiator, corn. (guar.)
Common (payable in common stock)_ _ /50 Dec. 30 Holders of rec. Dec. 15a
1% Nov.15 Holders of rec. Nov. la
Preferred ((Mar.)
F eb. 1'23 Holders of reo.Jan.15'23
American Shipbulkling, common (quar.) 2
M ay 1'23 Holders of tee.Apr.1423
2
Common(guar.)
2 A ug. 1*23 Holders of rec.July 14'23
Common(guar.)
154 Nov.15 Holders of rec. Oct. 31
American Soda Fountain (guar.)
com.stk.) 118 Dec. 30 Holders of rec. Dec. 9.5
Amer.Steel Foundries,com.(in
_
3
Dec. 1 Holders of rec. Nov. 10o
American Tobacco, common (quar.).
3
Dec. 1 Holders of rec. Nov. 10a
Common B (guar.)
134 Dec. 1 Holders of rec. Nov. 11
Associated Dry Goods. 1st pref. (qu.) _ _
1% Dee. 1 Holders of re^. Nov. 11
Second preferred (guar.)
81.8734 Nov.15 Holders of ree. Nov. in
Beacon Oil, preferred
B (guar.) 131 Jan. 2 Holders of rec. Dec. 15a
Bethlehem Steel, com. & corn.(guar.)
4
Nov. 15 HrAders of rec. Nov. 8a
Bond & Mortgage Guarantee(guar.)._ _
2
Nov.15 Holders of rec. Nov. la
Border City Manufacturing common... 134 Dee.
1 Holders of rec. Nov. la
Brandram-Henderson, Ltd,
134 Nov.15 Holders of rec. Nov. 5a
Brunswick-Balke-Collender, corn. (qu.)_
32
13 Holders of rec. Nov. in
Burns Bros., Common Class A (quar.)... 50c. Nov.
Nov. 15 Holders of rec. Nov. la
Common Class A (extra)
50c. Nov. 15 Holders of rec. Nov. la
Common Class B (guar.)
31,1 Nov. In Oct. 29 to Nov. 15
Butler Bros (guar.)
2
Nov.15 Holders of rec. Nov. 4a
Butler Mill (guar.)
Dec.
liol lers of rec. Nov. 30a
alifornia Paki-g Corp., corn. (gt1.)- -- $1.50 Dec.
15 Holders of rec. Oct. 27
$5
Calumet & Heels Mining
Nov. 16 Holders of rec. Oct. 31
131
(quar.)
pref.
Cement,
Canada
1% Nov.16 Holders of rec. Oct. 31
Canadian Convf rters, common (guar.)._
234 Nov.15 Holders of rec. Nov. la
Casey-Hedges Co., common
Nov. 15 Holders of rec. Oct. 31a
2
(quar.)
Celluloid Co., pref.
Cities Service_ 5g34 Dec. 1 *Holders of ree. Nov. 15
scrip)
cash
in
pay'
(monthly
Common
scrip). *1M Dec. 1 *Holders of rec. Nov. 15
Common (payable in corn. stk.
*Si Dee. 1 •if&eters of rec. Nov. 15
in cash) _
Pref. and pref. B (payable (quar.)__
Nov.25 Holders of rec. Nov. 10a
2
pref.
Iron,
Colorado Fuel &
(qu.)
corn.
134 Nov.15 Holders of rec. Nov. 8
Continental Paper&Bag Mills,
134 Nov. 15 Holders of rec. Nov. 8
Preferred (quar.)
131 Dec. 1 Holders of rec. Nov. 15a
Cosden & Co., preferred (guar.)
75c. Dec. 1 Holders of rec. Nov. 15 t
Deere & Co., preferred (guar.)
Dec. 15 Holders of ree.Nov.d2g
2
(guar.)
Match
Diamond
\Toy. 1
1
Holders of rec. Oe.t. 31a
I foimploci Bridge((oar.)
331 Nov.15 Holders of rec. Nov. 4a
Dow Chemical, common (guar.)
Nov.15
1%
Holders
of rec. Nov. 4a
Preferred (quar.)
1% Nov.15 Holders of rec. Nov. in
Eisenlohr (Otto) & Bros., com.(quar.)
4
Dec.d15 Holders of rec. Dec. in
Elgin National Watch (extra)
131 Dec. 1 Holders of rec. Nov. 15a
General Asphalt, pref. (guar.)
Nov. 11 1922.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
2135
Weekly Return of New York City Clearing House
Banks
and Trust Companies.
Miscellaneous (Concluded).
The following shows the condition of the New York City
General Cigar, pref (guar.)
1% Dec. 1 Holders of rec. Nov. 240
Debenture preferred (guar.)
13.1 Jan. 2 Holders of rec. Dec. 23a Clearing House
members for the week ending Nov. 4. The
General Development (guar.)
25c. Nov.20 Holders of rec. Nov. 10a
Gillette Safety Razor (guar.)
figures for the separate banks are the averages of the daily
$3 Dec. 1 Holders of rec. Nov. 1
Gillette Safety Razor (stock div.)
e5
Dec. 1 Holders of rec. Nov. la
Goodrich (B.F.) Co.. Preferred (quar.)_ 14 Jan. 2 Holders of rec. Dec. 22a results. In the case of
the grand totals, we also show the
Goodyear Tire & Rubb. of Can.,pf.(qu.)
Jan. 10 Holders of rec. Dec.d20a actual figures
Prior preference (guar.)
of condition at the end of the week.
1%n Jan. 10 Holders of rec. Deo.d207
Great Lakes Dredge & Dock (guar.)_ _ 2
Nov. 15 Nov. 9 to •Nov. 15
Hayes Wheel
NEW YORK WEEKLY CLEARI
*75e. Dec. 15 *Holders of rec. Nov.30
NG HOUSE RETURNS.
Hercules Powder,com.(pay.ln corn.stk.) 1100
Nov.
25 Nov. 16 to Nov. 25
(Stated in th9urinell of do!lars-th
Hoosac Cotton Mills (quar.)
$2
Nov.
rec.
Nov.
4
at is, three ciphers 10001 omitted.)
15
Holders
of
Indiana Pipe Line (guar.)
2
Nov. 15 Holders of rec. Oct. 20
Inland Steel (quar.)
Net
International Harvester, pref.(quar.)__ _ 25c. Dec. 1 Holders of rec. Nov.10
Capital. Profits Loans,
Dec. 1 Holders of rec. Nov.100
Reserve
Week ending
Internat. Petroleum, Ltd
Discount. Cash
25c. Nov. 20 Holders of Coup. No. 3
with
Net
Time Bank
Nov. 4 1922 Nat'l, Sept.15
Intertype Corp.. corn. (in core. stock).._ 110
InvestNov.
Holders
rec.
Nov.
la
In
15
of
Legal Demand
De- CircaIron Products, pref. (guar.)
State, Sept.30
$2 Nov. 15 Holders of rec. Nov. la
Kelly-Springfield Tire. pref. (quar.)___
omitted.) Tr.Cos,Sept.30 menu, Vault. Deposi- Deposits. posits. la(000
_ 2
Arc.
Nov.15 Holders of reo. Nov. la
tortes.
tton.
Lancaster Mills, corn.(guar.)
2% Dec. 1 Holders of rec. Nov.24
Members of Fe
Lanston Monotype Mach.(guar.)
Nov.30 Holders of rec. Nov.200 Bank of N Y & d. Res. Bank. Average Average Average Average Average Avge.
Laurens Cotton Mills
Dec431 II Aden of rec. Dec. 23a
Trust Co_ _ _ _ 4,000 11,879
Lee Rubber & Tire Corp.
50c. Dec. 1 Holders of rec. Nov. 150 Bk of Manhat'n
70,792 1,063 6,888
50,143 6,248
Lehigh Coal 8c Navigation(quar.)
$1
Nov.29 Holders of rec. Oct. 310 Mech & Met Bat 5,000 17,584 125,834 2,260 14,596
101,690 18,828
Liggett& MyersTob.,corn.(guar.)
10,000 17,847 168,124 5,303 20,454
&corn.B(qn.) 3
Nov.
Holders
15a
rec.
Dee.
of
1
154,431 6,990 99
Lima Locomotive Works,corn.(quar.)...
Ilk of America_ _ 5,500 5,502
$1
Nov.
67,406
Holders
15a
rec.
Dec.
of
1
1,589 9,055
66,997 3,148
Preferred (guar.)
Nat City
Dec. 1 Holders of rec. Nov. 15a Chem NatBank _ 40,000 50,929 485,220 7,129 59,989 *547,456 49,325 2,092
Martin-Parry Corporation (guar.)
4,500 16,004 125,025 1,065
50e. Dee. 1 Holders of rec. Nov. 15a Nat Butch Bank
13,850
102,263 12,140
343
May Department Stores, corn.
&
Dr
500
214
2
150
Holders
(quar.)-Dec. 1
5,307
of rec. Nov.
75
566
3,768
5 297
Amer Each Nat
Preferred (guar.)_
Jan. 2 Holders of rec. Dec. 152 Nat Bk of Corn_ 5,000 7,846 1 1,392 1,196 10,926
82,274 8,031 4,923
Miami Copper (guar.)
25,000 37,778 32S,949
Nov.
Holders
50c
rec.
Nov.
la
of
15
969
35,827
273,337 15,43.
Miller Rubber, pref.
Pacific Bank__ _ 1,000 1,720
(guar.)
2
23,122 1,070 3,432
Dec. 1 Nov. 11 to Nov. 30
23,455
811
Miller Rubber, pref. (acct.
Chat& PhenNat 10,500 9,810
149,075 5,853 17,480
Dec. 1 Nov. 11 to Nov. 30
121,239 23,664 5,553
Hanover Nat Bk 5,000I 20,529
Mohawk Mining (guar.) accum. divs.) hl
113,834
$1
Oct.
14
Holders
rec.
Nov.
of
15
422 15,201
102,152
100
National Biscuit, pref.
Corn Exchange.. 8.25d 11,402
(guar.)
170,434 6,508 23,177
15i Nov.29 Holders of rec. Nov. 170 Imp & Trad Nat
155,335 21,940
Nat.Enam.& Stpg.,corn.
(guar.)
34,202
114 Nov.29 Holders of rec. Nov. 9a National Park_ _ 1,500l, 8,627
549 3,373
25,646
639
51
Preferred (guar.)
10,0001
23,757
Dec.
14,4
rec.
90
154,862
Dec. 30 Holders of
926 15,976
122,607 4,997 5,405
East River Nat..
National Lead, pref. (guar.)
834
13,630
Dec. 15 Holders of rec Nov. 24a First National_ _ 1,000
33
1,627
11,981 1,950
50
National Surety (guar.)
10,0001 47,398 304,632
3
la
Dee.
Holders
rec.
Jan.
of
2
534
23,465
172,871 34,491 7,302
Irving National
New Cornella Copper Co.(guar.)
25c
Nov. 20 Holders of rec. Nov. 3a Continental Bk.. 12,500 11,027 193,962 4,324 25,648
189,912 7,188 2,497
Ontario Steel Products, pref.(quar.)___
1,000
879
15•1 Nov. 15 Holders of rec. Oct. 31
7,126
_
134
5,971
853
380
Pan-Am. Petrol. & Trans.,cm
Chase National_ 20,000 21,787
.A&B(qu.) $2
30a
Dec.
339,888
Holders
rec.
Jan.
of
4,334 38,362
20
282,103 35,956 1,084
Fifth Avenue....
Corn., A & B (pay,in corn. B stock)_
500 2,359, 22,599
_ /25
Dee. 11 Holders of rec. Nov. 17t Commonwealth.
634
21,605
2,986
Patchogue Plymouth Mills, pref.
400
9351
8,801
(guar.) 2
Dec. 1 Holders of rec. Nov. 17
451 1,149
8,875
6
Garfield Nat...... 1,000 1,621
Patten Typewriter (guar.)
14,961
Holders of rec. Nov.20
214
426 2,117
14,151
72 -596
Fifth National_
Peerless Truck & Motor (Guar.)
18,174
Holders of roe. Dec. la Seaboard Nat.... 1,200 1,058
75o.
Dec.
31
237
15,366
2,019
245
769
Penmans, Ltd., common (quar.)
4,000 6,934
77,608 1,130 9,718
2
Nov. 15 Holders of rec. Nov. 4
72,793 1,890
66
Coal & Iron Nat 1,500 1,339
Phillipsborn, Inc., pref. (guar.)
14,929
114 Nov.15 Holders of rec. Nov. 47 Bankers Tr Co_ 20,000
659 1,613
12,237
409
709
Pittsburgh Steel, preferred (quar.)
25,014 265,046
1Y
1 , Dec. 1 Holders of rec. Nov.15s Us Mtge & Tr_
*231,311 20,310
912 29,70
Pressed Steel Car, pref.
3,000 4,510
56,337
Nov.
Holders
rec.
8a
Nov.
(guar.)
of
29
765 6,46
47,148 5,485 __
Guaranty Trust
Procter & Gamble, common
5
Nov. 15 Holders of rec. Oct. 25a Fidel-Intern Tr _ 25,000 17,604 377,618 1,243 43,44
*402,523 32,627
Pullman Company (quar.)
1,5001 1,824
19,988
2
Nov. 15 Holders of rec. Oct. 310 Columbia Trust 5,0001
356 2,385
18,007
535
Pure Oil, corn.(guar.)
1
7,945
79,774
Nov.
f5a
2
Dec. 1 Holders of rec.
687 9,805
74,192 6,253
N Y Trust Co__ 10,0001 17.336
Quaker Oats, pref. (guar.)
152,904.
1% Nov.30 Holders of rec. Nov. 10 Metropolit
440
16,531
124,739
12,292
____ •
Quiaset Mills (quar.)
an Tr 2,0001 3,729
40,703
2
Nov. 15 Holders of rec. Nov. 4
535 4,809
35,847 3,488
Farm Loan & Tr 5.
St. Joseph Lead (quar.)
14,889
25c. Dec. 20 Doe. 10 to Doe. 20
524 12,687
*89,370 31,875
Columbia Bank 2.0001 2,055 132,945
Extra
29,651
25c. Dec. 20 Doe. 10 to Dee. 20
688 3,674
27,560 2,051 -Equitable Trust 12,000 15,462
Seaboard 011 & Gas
*2% Nov.80 *Holders of rec. Nov.15
151,917 1,461 21,991 4'188,846 10,851 ____
Seaboard Oil & Gas
*2% Dec. 30 *Holders of roe. Dee.15
- -Sharp Mfg.(quar.)
Total of averages 274.350 447,980
4,446,771 56,785
2
Nov. 22 Holders of rec. Oct. 310
-511,841 c3.763,992 381,39731,808
Shell Union Oil, preferred (guar.)
114 Nov. 15 Holders of rec. Oct. 301 Totals, actual condition
Sinclair Control. Oil, corn.
Nov.
55,6951492
,324 C3,737,129
44,418,798
50c. Nov. 15 Holders of rec. Oct. 140 Totals, actual condition
Preferred (guar.) • (guar.)
383,086 31.777
2
Nov. 15 Holders of rec. Nov. la Totals, actual condition Oct. 284.432,361 56,667 549,759c3,751,334 380,135 31,969
Smith (A.0.) Corp.,common
Oct. 21 4,486,430 58,094534,230c3,846,46
(guar.)_ _ _ 25c. Nov. 15 Holders of rec. Nov. 1
2 379,23431,925
State Banks Not Members of
Preferred (guar.)
Fed'I Res've Bank.
114 Nov. 15 Holders of rec. Nov. 1
Greenwich Bank 1,000 2,097
Southern Pipe Line (guar.)
18,260 1,730 1,677
2
Dec. 1 Holders of rec. Nov. 15
18,347
56
Southern States 011 Corp.(monthly)
Bowery Bank__
250
873,
5,504
_ _ *1
345
Nov.20 *Holders of rec. Nov. 1
370
2,679 2,096
Stock dividend
State Bank_ ___ 2,500 4,6301
81,630 3,397 1,803
*e8
Jan. 20 *Holders of rec. Dec. 31
27,866 50,668
Standard Milling, common
(guar.)
Nov.
17a
Holders
rec.
of
2
Nov.29
Preferred (quar.)
Total of averages 3,750, 7,600
105,394 5,472 3,85
114 Nov. 29 Holders of rec. Nov. 17a
48,892 52,82
Standard 011 (Calif.)(guar.)
$1.
Dec. 15 Nov.21 to Dec. 5
Standard Oil of New York (guar.)
Totals, actual condition Nov. 4
Nov.
/
Holders
24
$4
of rec.
Dec. 15
49,333 52,853
Standard 011 (Ohio), pref. (quar.)
Totals, actual to million Oct. 28 105,510 5,636 3,943
48,636 52,75
114 Dec. 1 Holders of rec. Oct. 27
Standard Sanitary Mfg., corn.
Totals, actual condition Oct. 21 105,253 5,411 3,767
104,423 5,463 4,238
(guar.)._
Nov.15 Holders of rec. Nov. 7
48,090 52,712
Trust Companies Not Members
Common (extra)
of Fed.
'Res'ye Ba nk.
3
Nov. 15 Holders of rec. Nov. 7
Title Guar & Tr 7,500 14,528
Common (payable in corn, stock)_
52,828 1,344 4,012
_ _ _ f40 Nov.15 Holders of rec. Nov. 7
35,570 1,006
Lawyers Tlt& T 4,1.1 6,690
Preferred (guar.)
26,614
882 1,790
Nov.15 Holders of rec. Nov. 7
17,480
824 -Stern Bros., preferred
(guar.)
Dec. 1 Holders of rec. Nov. 15a Total of averages
Stetson (J. B.) Co.. corn
21,219
79,442
31
Oct.
*Holders
rec.
2,226
Jan.
of
53,050
5,802
15
1,830
Preferred
Jan. 15 *Holders of rec. Oct. 31
Totals, actual condition
Stewart Mfg.,corn.(guar.)
78,932 2,370 5,702
Nov.15 Holders of rec. Oct. 310 Totals, actual co adition Nov. 4
52,413 1,836
Stewart-Warner Speedometer
79,806 2,148 5,943
(guar.)
Nov. 15 Holders of rec. Oct. 31a Totals, actual co ndltion Oct. 28
53,466 1,819
Studebaker Corp.,common
Oct. 21
78,120 2,324 5,455
Holders
102
of rec. Nov.
Doe. 1
(guar.)
51,220 1,858
Preferred (guar.)
Nov.
Holders
101
rec.
Dec.
of
1
aggr.,avge
Gr'd
Superior Steel, lot & 2d pref. (quar.)
289,600476,799
Nov.15 Holders of rec. Nov. 1
Comparison with prey. week__ 4,631,607 64,483521,493 3,865,934 436,047 31,808
Thompson (John R.) Co., corn.
-1,069-1,097 +3,50 -27,009 +1,142 +73
Dec. 1 Holders of rec. Nov. 250
Tobacco Products Corp., pref. (extra).Nov. 15 Holders of rec. Oct. 230 Gr'd aggr., act'l
(guar.)
Turman 011 (monthly)
Nov.
ee 4i4,603,240, 63,701 501,666 3,838,875 437,77531,777
Nov.20 Holders of rec. Oct. 30a Comparison wit cond'n
Union-Buffalo Mills, 1st pref
h
prey.
k--1
14,180' -525-57,500 -14,562 +3,066 -192
3% Nov. 15 Nov. 9 to Nov. 15
2d pref. (acct. accumulated dividends) 535
Nov. 15 Nov. 9. to Nov. 15
Gr'd aggr., act'l cond'n Oat. 281
Union Mills, corn. (In corn, stock)
4,617,420, 64,226 559,469 3,853,437 434,709 31,969
1 Nov. 2 to Nov. 30
Gr'd aggr., act'l cond'n Oct.
Union Tank Car, corn. & pref. (quar.)_ _ /100 Dec.
2114,668,973 65,881 543,923 3,945,772 433,804 31,925
Dec. 1 Holders of rec. Nov. fla Gr'd aggr., act'l cond'n
United Cigar Stores, common (quar.).,.. 114 Dec.
Oct. 14,4,542,208 67,323 510,145 3,891,396 420,02331,441
1 Holders of rec. Nov. 15
Gr'd aggr.,
Common (extra)
contun Oct. 7;4,589,595 66,780487.962 3,877,945
1
Dec. 1 Holders of rec. Nov. 15
440,038 31,933
Gr'd aggr., act'lcond'n Sept.30
United Drug, 2nd pref. (guar.)
4,597,302 63,526 557,706 3,936,917 441,62331,955
114 Dec. 1 Holders of rec. Nov. 15a
United States Steel Corp., corn.
Note.-U. S. deposits deducted
(quar.)- 134 Dec. 30 Nov. 29 to Nov. 30
Preferred (guar.)
from
demand
net
deposits
in
the
general totals
above were as follows: Average
1 X Nov.29 Nov. 5 to Nov. 7
Vacuum Oil
$74,204,000; Oct. 28, $86,596,00total Nov. 4, $80,108,000; actual totals Nov. 4.
Nov. 29 Holders of rec. Nov. 1
3
Extra
0; Oct. 21, $110,802,000; Oct. 14, $25,833,000:
Oct. 7, $35,849,000. Bills payable,
Nov.29 Holders of rec. Nov. 1
7
Van Raalte Co., Inc., 1st pref.
rediscount
s,
acceptance
s and other liabilities.
114 Dec. 1 Holders of rec. Nov. 17a average for the week Nov. 4,
Wahl Co., common (monthly) (quar.)-$458,884,000; actual totals Nov.4, $446,172,000; Oct.
50c. Doe. 1 Holders of rec. Nov.22a 28,$484,265,000; Oct. 21,$394,816,0
Common (monthly)
00; Oct. 14, $389,744,000; Oct. 7,$374,599,000.
50c. Jan. 1 Holders of rec. Dec. 22a
Includes deposits in foreign
Preferred (quar.)
branches
not
included in total footing as follows:
Jan. 1 Holders of rec. Doe. 22a National City Bank, $99,472,000;
Warwick Iron & Steel
Trust Co., $9,792,000; Guaranty Trust
30c. Nov. 15 Nov. 1 to Nov. 15
Co., $82,742,000; Farmers' Loan Bankers
Wells, Fargo & Co
& Trust Co., $79,000; Equitable Trust Co.,
2% Dec. 20 Holders of rec. Nov. 200 $24,104,000. Balances carried
White (J. G.) Co., pref. (guar.)
in
banks
in
foreign countries as reserves for such
1% Dec. 1 Holders of rec. Nov. 15
deposits were: National City Bank,
White (J. G.) Engineering. pref.
$22,767,000; Bankers Trust Co., $1,156,000;
Guaranty Trust Co.. $7,249,000;
(guar) 1'4 Dec. 1 Holders of rec. Nov. 15
White(J.0.) Man'gem't
Farmers' Loan & Trust Co., $79,000; Equitable
Corp.,Pli.(gu.)Trust Co., $3,575,000. c Deposits
UI Dec. 1 Holders of rec. Nov.15
Will & Baumer Candle, common
in
foreign branches not included.
(guar.) 25c. Nov. 15 Holders of rec. Nov. 1
Woodruff Cotton Mills
10
Jan. 1 Holders of rec. Dec. 31a
Stock dividend
The reserve position of the different groups
e50 Dec.d15 Holders of rec. Dec. 5a
of institutions.
Woolworth (F. W.) Co., corn.
(quar.)-- 2
Dec. 1 Holders of rec. Nov. 100 on the basis of both the averages
Preferred (guar.)
for the week and the actual
114 Jan. 2 Holders of rec. Dec. Pa condition at the
Wright Aeronautical Corp. (quar.)
end
of the week is shown in the following two.
25e Nov. 30 Holders of rec. Nov. 15a
Wrigley(Wm.)Co.. corn.(monthly)___ _ 50c.
tables:
Dec. 1 Nov. 26 to Nov.30
Common (monthly)
50c. Jan. 1 Dec. 26 to Dec. 31
Wurlitzer(Rudolph) Co.
STATEMENT OF RESERVE POSITIO
Eight per cent preferred (guar.)
2
N OF CLEARING HOUSE BANKS
Dee. 1 Holders of rec. Nov.21
Eightper cent preferred (guar.)._
_
2
MarV23 Holders of rec.Feb.19'23
AND TRUST COMPANIES.
Eightper cent preferred (quar.)_ _
2
J'neV23 Holders of rec. May 22'23
Seven per cent preferred (guar.)
Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (guar.)
Averages.
Aprl'23 Holders of rec. Mar. 22
York Mfg
$6 Dee. 1 Holders of rec. Nov. 3
Cash
Reserve
a
Reserve
* From unofficial sources. t The New York Stock Exchange has ruled that stock
in
total
Reserve
Surplus
In Vault. Depositaries Reserve.
will not be quoted ex-dividend on this date and not until further notice. a Transfer
Required.
Reserve.
books not closed for this dividend. b Less British income tax. d Correction
.
Members Federal
3
$
e Payable in stock. I Payable in common stock. g Payable in scrip. h On
$
Reserve banks
511,841,000 511,841,000 500,760,870
account of accumulated dividends. i Payable in Liberty or Victory Loan bonds.
11,080,130
State banks*
5,472,000 3,850,000 9,322,000 8,800,560
521,440
jPayable in New York funds. k Payable In Canadian funds.
Trust companies_ _
2,228,000 5,802,000 8,028,000 7,957,500
70,500
m Subject to approval by stockholders at meeting on Dee. 6.
Nov.
Total
4
7,698,000
521,493,0
00
529,191,000 517,518,930 11,672,070
n Also all accrued dividends on prior preference stock since Jan. 11922.
Total Oct.28
7,598,000 517,989,000 525,587,000 515,851,9
80 51,176,070
o Subject to approval by stockholders at meeting on Dec. 5.
Total Oct.21
7,777,000 539,305,000 547,082,000 528,237,2
50 20,844,750
Total Oct. 14
p Subject to approval by stockholders at meeting Dec. 5.
7,728,000 524.006.000 531.734,000
519.440.9
00
12,293,100
r Subject to approval by stockholders at meeting Nov. 17.
* Not members of Federal Reserve Bank.
s Declared $500,000, to be distributed pro rata.
a This is the reserve required on net demani deposits
t Subject to approval by stockholders at meeting to be held Nov. 21.
in the case of State banks
and trust companies, but in the case of members
u Subject to approval by stockholders on Dec. 12.
of the Federal Reserve Bank
includes also amount in reserve require
'
, on net time deposits, which was
o Subject to approval by stockholders on Nov. 20.
as follows:
Nov.
4,
$11,441,91
0;
Oct.
28,
$11,408,94
0; Oct. 21, $11,142,180; Oct. 14,
z Subject to approval by stockholders at meeting on Dee. 12.
$11,366,520.
[VoL. 115.
THE CHRONICLE
2136
Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve banks_
State banks*
Trust companies
5,636,000
2,370,000
Reserve
in
Depositaries
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
492,324,000 492,324,000 497,319,350
3,943,000 9,579,000 8,879,940
5,702,000 8,072,000 7,861,950
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.
4,995,350
699,060
210,050
8,006,000 501,969,000 509,975,000 514,061,240 4,046,240
7,559,000 559,469,000 567,028,000 520,970,770 4,616,230
7,787,000 543,923,000 551,710,000 527,756,280 23,953,720
7,741,000 510,145.000 517,886.000 520.218,280 -2.332.280
Federal
Reserve Bank.
of
* Not members
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:
Nov. 4, $11,492,580: Oct. 28, $11,404,050: Oct. 21, $11,377,020; Oct. 14, $10,967,
310.
Total Nov. 4
Total Oct. 28
Total Oct. 21
Total Oct. 14
59,350,000
Capital
87,092,000
Surplus and profits
Loans, disc'ts & investments_ 874,245,000 Inc.
Individual deposits. incl. U.S 640,465,000 Dec.
117.018,000 Inc.
Due to banks
113,945,000 Dec.
Time deposits
18,210,000 Dec.
United States deposits
Exchanges for Clearing House 27,966,000 Dec.
73,697,000 Inc.
Due from other banks
Reserve in Fed. Res. Bank_ _ 71,333,000 Dec.
9,843,000 Dec.
Cash in bank and F. R. Bank
Reserve excess in bank and
1,926,000 Dec.
Federal Reserve I3ank
Oct. 25
1922.
Nor. 1
1922.
Changes from
previous week.
Nov. 8
1922.
$
59,350,000 59,350,000
87,092,000 87,092,000
8,748,000 847,411.000 867,468,000
3,195,000 613,660,000 638,921 000
429.000 116,589,000 119,671,000
1,289.000 115.234,000 117,405,000
2,402,000 20,612,000 26,510,000
647,000 28,613.000 25,870,000
2,679.000 71,018,000 75,361,000
1,583.000 72,916,000 73,547,000
90,000 9,933,000 10,094,000
3,796,000
1,014,000 2,940.000
r State Banks and Trust Companies Not in Clearing
House.-The State 13anking Department reports weoicly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust comwith comparative figures
panies in New York City not in the Clearing House as follows: return for the week ending Nov. 4,
pm..v.akaiikaiatittroVOSIDWAROW14FTAC-Tc4fliti;
KIR
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.)
be kept with the Federal Reserve Bank. "Cash in
Differences frimi to
Nov 4,
vaults" is not a part of legal reserve. For trust companies
previous week.
Loans and investments
$762.766.600 Dec. $7,452.600 not members of the Federal Reserve System the reserve
Gold
4.185.000 Inc.
23.800
demand deposits and includes "Reserve
Currency and bank notes
18.682.000 Dee.
60.250 required is 10% on
Deposits with Federal Reserve Bank of New York
69.771,000 Inc. 2,584.600 with legal depositaries" and "Cash in vaults."
Total deposits
810,367,800 Dec. 1,078,700
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comU.
and
S.
deposits 757.482.200 Inc.
panies in N. Y. City exchanges
404,700
Reserve on deposits
124,494,600 Inc. 3,351,900
Percentage of reserve, 20.3%.
RESERVE.
--State Ranks- -Trust Companies.327,988.100- 16.41%
Cash,in vault
$64.650,800 14.65%
Deposits in banks and trust coo---- 8.475.100 04.97%
23,380,600 05.30%
536,463,200 21.38%
Total
$88,031,400
19.95%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov. 4 were S69.771,000.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with these for the Stato banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
WeekendedJuly 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
This item Includes
Reserve notes.
Loans and
Investments.
Demand
Deposits.
$
5,421,565,700
5,408,203,300
5,350,876,600
5,406,610,600
5.383,432.700
5,372.803,000
5.334,972,100
5.311.517.600
5,297,744,400
5,297,309,200
5,338,205.100
5,317,017,500
5,326,359,700
5,305.281.600
5,397,918,900
5,402,995.200
5,394,373,600
$
4,792,536,500
4.762,119.600
4,700,542,500
4,714,814,300
4,646,854.700
4,613.652.400
4.599,909,500
4.596.237.500
4,566,272.800
4,615,836.300
4,640,919,500
4.634,695,500
4,649.378,900
4.628,334.800
4,699,067,600
4.650,020.500
4,623,416,200
*Total Cash
in Vaults.
$
95.874.700
88.862,800
89,033,900
87,948.700
89.403,600
86,469.800
86,492,800
86,259,400
88,946,400
90,326.700
86.359,200
88,271,200
86,018,300
90,361,200
89,798,350
88.484,300
87.350 ono
Reserve in
Depositaries.
$
717,627,500
701,290,800
697.796,200
700,127,900
622,177,400
618.135.000
609.486,700
619.063.200
616,544,100
625.919.600
680.815.100
616,428,800
624,721,000
623.563,900
642,922,400
616.226.400
R9q 110 7nn
gold, silver, legal tenders, national bank and Federal notes
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included In the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-tha) Is, three ciphers [000] omitted.)
Net Loans,
Capital. Profits. DisReserve
CLEARING
Net
Net
Nat'l
counts, Cash
with Demand Time
NON-MEMBER
Bank
in
Legal
Nat.bks.Sept 15 InvestDeDe- CircuWeek ending Statebks5ept30 meats, Vault. Deposi- posits, posits. lation.
'ie.
15
tortes.
1922.
Sept
Nov. 4
Tr. cos.
Members of
Fed'I Res. Bank
Battery Park Nat_
W R. Grace & Co__
Total
State Banks
Average Average Average Average Average Average
$
$
$
$
$ 1 $
$
$
157 1,199
1,500, 1.219 11,486
7,970
386
196
19
50011,267 13,476
556
1,243 11,276
2,000 2,48
Not Melmbers
2001
Bank of Wash.lit
00
Colonial Bank _ _ _ _ _2_1
Total
24,962
176
1,755
of Fed. Res'y Bank.
664
291
319 4,979
1,820 19,022 2,468 1,277
24,001
1391
2:
1,0001-
3,132
1,568
Trust Companies Net Me mbers of Fed. Res've Bank.
355
667 9,089
175
200
Mech.Tr.,Bayonn
667 9,089
200
---1
Grand aggregate__ 3,200 5,295 58,052
Comparison with D revious week... +369
Total
Gr'd
Gr'd
Gr'd
Gr'd
aggr. Oct. 2
aggr. Oct. 21
aggr. Oct. 14
aggr. Oct.
3,200;
3,200!
3,200:
3,2001
5,295,
5.295
5,295
5,102
57,683
56.863
56,222
56,066
355
175
9,213 11,662
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.IIouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U. S. deposits (not incl.)_ _
Res've with legal &Posit'sReserve with F. R. Bank
Cash in vault•
Total reserve and cash held
Reserve required
Excess res. & cash In vault_
535,175,0
98,860.0
649,600,0
23,254,0
95.034 0
115,019.0
528.806.0
21 574.0
665,399,0
$4.500.0
14,617,0
41,203.0
802.0
20.0
490,0
27,372.0
552 0
28.414 0
9 717 0
3 909,0
54.488,0
9.717.0
64,205,0
54.366 0
9,839.0
1,228 0
5 137,0
4.083,0
1.054,0
24,746
658
_ --
3,504
5,521
_ _ --
3,50..
5.5211
_ _ __
3,663
+84
3,498 a37,463 17,841
+49
+480 +116
196
-1
3.579
3,754
3.737
3,507
3.449
3,637
3.595
3.579
197
196
196
1911
036,983
*37.952
a37,913
(136.479
17,725
16,747
16,67
113.115
Oct. 28.
1922.
Oct. 21.
1922.
Total.
339 675,0 '339,675,0
114,477,0 113,261,0
690,803.0 695,137.0
30,056 0 29,496.0
95 054 0 93,349,0
115.509,0 119,019,0
553,178 0 551,151,0
22,126 0 21,994,0
690,813,0 692,164,0
9,717,0, 10,098,0
3,982.0
3,909,01
54,488,0. 53,582,0
10.945,0, 11,210,0
69.342.0, 68,774,0
58.449.0, 58,352,0
10,422,0
10,893.0
539.675,0
113,261,0
702,257,0
34.879,0
103,307,0
123,410,0
571,548,0
21,660,0
716.618,0
17,922.0
3,815,0
56,918,0
11,268,0
72.001.0
60,014,0
11,987,0
reserve for Federal Reserve members.
* Cash in vaults not counted as
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 Nov. 8 1922 in
comparison with the previous week and the corresponding
date last year:
Nov. 8 1922. Nov.11922. Nov. 9 1921.
$
Resources145,167,665
150.639,075 375,897,000
certificates
Gold and gold
78,430,000
R. Board_.- 186,209,481 207,096,200
Gold settlement fund-F.
331,377,146
680,490,398
9,085,404
Total gold held by bank
Agent
Gold with Federal Reserve
Gold redemption fund
Total gold reserves
Legal tender notes, silver, &a
357,735,275
680,711,498
6,562,531
454,327,000
544,654,000
15,000,000
1,020,952,949 1,045,009.304 1,013,981,000
34,666,916
37,300.295
52,401,000
1,055,619,865 1,082,309,600 1,066,382,000
Total reserves
U. S. GovBills discounted: Secured bymembers108,335,000
127,649,338 121,125,454
ernment obligations-for
121:030605„04:
For other F. R. banks
39,892,482
55,952,998
members
All other-For
For other F. R. banks
79,636,121
51,827,000
75,344,719
Bills bought in open market
258,947,056 240,654.057 294,527,000
Total bills on hand
25,793,750
1,934,000
26,099,550
U. S. bonds and notes
indebtednessU. S. certificates of
8,500,000
39,276,000
8,500,000
(Pittman Aot)
certificates
-year
One
32,713,500
26,922,500
46,384,000
All other
320,469,106 307,661,307 382,121,000
assets
earning
Total
9,939,971
9,940,312
6,022,000
Bank premises
424,060
424,060
1,620,000
F.R. bank notes_
5% redemp. fund agst.
118,011,618 150,683,873
95,886,000
items
Uncollected
2,376,436
2,374,789
3,587,000
All other resources
1,5013,839,752 1.553,395,250 1,555,618,000
Total resources
Liabilities27,821,100
Capital paid in
60,197,127
Surplus
Deposits:
6,986,181
Government
- 683,355,937
Member banks-Reserve account:L
14,583,416
AB other
704,925,535
Total deposits
circulation
604,300,609
F. R. notes in actualel/van-net liability
7,710,200
in
notes
bank
F. R.
96,274,308
Deferred availability items
5,610,872
All other liabilities
27,778,600
60,197,127
27,132,000
59,318,000
10,797,061
720.185,527
20,806,324
3,355,000
674,246,000
13,694,000
751,788.913
598,764.553
7,186,200
102,182,898
5,496,957
691,295,000
643,400,000
19,591,000
89,442,000
25,440,000
1,506,839,752 1,553,395.250 1,555,618,000
Total liabilities
4,847
658
_ __
19,899_-___
a U. S. deposits deducted, $436,000.
Dills payable, rediscounts, acceptances and other liabilities, 51,523,030.
Excess reserve, $50,570 increase.
196
Week ending Nov. 4 1922.
Trust
Membersof
Two Ciphers (00) omitted.
F.R.System Companies
to deposit and
Ratio of total reserves combined
F. R. note liabilities
purchased
Contingent liability on bills
for foreign correspondents
80.6%
80.1%
79.9%
11,502,334
12,414,831
12,056,070
CURRENT NOTICES.
advertising agents, of New York, Chicago and
-Albert Frank & Co.,
appointment to their staff in Chicago of 0. L. OxLondon, announce the
a wide experience In merchandising and adverburn. Mr. Ozburn has had
advertising manager of Shaw-Walker & Co.
tising and was until recently
with a number of other large accounts in his
He also has been identified
and Michigan advertising agencies, as well
connection with several Chicago
experience. Ills addition to the staff of the Chias during his newspaper
is considered a valuable addition to the
Co.
&
cago office of Albert Frank
commercial and industrial department.
THE CHRONICLE
Nov. 11 19221
2137
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by thelFederal Reserve Board Friday afternoon, Nov. 10, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2095 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS Nov. 8 1922.
Nov.
8 1922.
Nov. 1
1922.
Oct. 25 1922. Oct.
18 1922. Oct. 11 1922. Oct. 4 1922. Sept. 27 1922. Sept. 20 1922. Nov. 9 1921.
RESOURCES.
Gold and gold certificates
267,207,000 266,718,000 277,629,000 257,920,000 265,341,000 270,158,000 272,000,000 275,307,000 469,250,000
Gold settlement, F.R. Board_.,
648,429,000 618,727,000 615,866,000 594.159,000 570,599,000 568,241,000 592,494.000 536,176,000 500,723,000
835,940,000 838,399,000 864,494,000 811,483.000 969,973,000
Total gold held by banks
915,636,000 885,445,000 893,495,000 852,079,000 2,192,940,000
2,194,932,000 2,160,522,000 2,202,258,000 1,723,523,000
Gold with Federal Reserve agents
2,094,050,000 2,126.535,000 2,124,432,000 2,163,465,000
Gold redemption fund
71,069,000 66,269,000 67,156,000 71,269,000 61,100,000 55,949,000 51,927,000 48,127,000 122,803,000
3,089,980,000 3,089,280,000 3,076,943,000 3,061,868.000 2,816,299,000
Total gold reserves
3,080,755,000 3,078,249,000 3,085,083.000 3,086,813,000
Legal tender notes, silver, ct-c
130,527,000 133,696,000 126,835,000 127,384,000 120,037,000 123,725,000 126,184,000 128,002,000 144,484,000
Total reserves
3,211,282,000 3,211,945,000 3,211,918,000 3,214,197,000 3,210,017,000 3,213,005,000 3,203,127,000 3,189,870,000 2,960,783,000
Bills discounted:
194,155,000 232.280,000 156.318,000 139,102,000 133,021,000 453,621,000
Secured by U. S. Govt. obligations_
300,337,000 271,497,000 195,510,000 316,944.000
292,506,000 277,878,000 281,078,000 290,886,000 792,399,000
All other
340,075,000 316,267,000 273,889,000
Bills bought in open market
258,656,000 260,658,000 257,691,000 256,815,000 246,620,000 235,458,000 238,116.000 220,287,000 89,016,000
771,406,000 669,654,000 658,296.000 644,174,000 1,335,036,000
Total bills on hand
899,068,000 848,422,000 727,090,000 767,914,000
Cf. S. bonds and notes
188,821,000 191,095,000 206,060,000 226,210,000 236,145,000 253,042,000 229,158,000 213,585,000 34,117,000
U. B. certificates of indebtedness:
One-year certificates (Pittman Act)_ _ 34,500,000 38,000,000 41,000,000 43,500,000 46,000,000 48,000,000 50,500,000 52,000,000 138,500,000
177,191,000 192,419,000 182,299,000 171,788.000 173,399,000 53,099,000
All other
123,268,000 131,216,000 161,576,000
616,000
27,000
15,000
15,000
16,000
15,000
Municipal warrants
27,000
. 27,000
24,000
1,561,368,000
1,214,842,000
1,153,010,000
1,109,757,000
1,083,174,000
1,245,985,000
Total earning assets
1,135,753,000
1,208,757,000
1,245,684,000
44,605,000 44,522,000 44,473,000 44,392,000 32,005,000
Bank premises
45,295,000 45,241,000 45,099.000
7,866,000
3,750,000
3,917.000
4,483.000
3,852,000
3,764,000
5% redemp. fund agst. F. R. bank notes 45,420,000
3,750,000
3,635,000
3,635,000
798,439,000
593,911,000 669,563.000 521,847,000
649,385,000
653,493,000
Uncollected items
583,827,000 657,179,000 14,940,000 14,787,000 15,114,000 631,701,000
14,604,000 15,076,000 14,191,000 17,999,000
All other resources
15,611,000 15,358,000
Total resources
5,105,459,000 5,142,169,000 5,065,095,000 5,291,114,000 5,168,870,000 5,060,694,000 4,970,261,000 5,005,676,000 5,101,868,000
LIABILITIES.
Capital paid in
106,355,000 108,292,000 106,277,000 106,327,000 106,271,000 106,220,000 106,172.000 106,177,000 103,120,000
Surplus
215,398,000 215,398,000 215,398,000 215,398,000 215,398,000 215,398.0001 215,398,000 215,398,000 213,824,000
Reserved for Govt. franchise tax
12,545,000 12,457,000 14,901,000 19,945,000 57,019,000 30,792,000
Deposits-Government
26,402,000 36,047,000 23,659,000 1,921,277,000
1,890,841,000 1,842,508,000 1,797,975,000 1,774,997,000 1,670,124,000
Member banks-reserve account
1,812,051,000 1,847,693,000 1,799,931,000
22,285,000
18,927,000 20,288,000 22,213,000 21,773,000 25,949,000
18,180,000
other
All
24,235,000 30,508,000
1,956,107,000
1,877,697,000 1,840,133,000 1,853,789,000 1,726,865,000
1.922,225,000
Total
1,841,770,000
1,914,248,000
1,862,688,000
2,320,115,000 2,274,651,000 2,243,384.000 2,218.764,000 2,420,831,000
F.R. notes in actual circulation
2,309,265,000 2,298,536,000 2,315,437,000
F.R.bank notes in circulation-net liab. 2,340,074,000
37,995,000 40,613,000 42,715,000 44,726,000 46.065,000 46,834,000 80,524,000
35,573,000
32,441,000
632,430,000 537,899,000 518,334,000 495,471,000 541,633,000 478,024,000
Deferred availability items
522,564,000 536,140,000 539,773,000
All other liabilities
25,939,000 25,253,000 25,346,000 24,802,000 24,247,000 23,668,000 23.638.000 23,081,000 78,680,000
Total liabilities
5,065,095,000 5,291,114,000 5,168,870,000 5,060,694,000 4,970,261,000 5,005.676,000 5,101,868,000
Ratio of gold reserves to deposit and 5,105,459,000 5,142,169,000
72.3%
F. R note liabilities combined
72.8%
75.3%
67.9%
74.4%
75.2%
74.5%
72.9%
73.3%
Ratio of total reserves to deposit and
F. 11. note liabilities combined
75.2%
77.4%
78.4%
71.4%
78.3%
75.7%
77.6%
76.4%
76.0%
Distribution by Maturities.-
$
1-15 days bill nought in
63,762,000
1-15 days bills discountedopen market_ 449,209,000
1-15 days U. S. certif. of indebtedness_
733,000
1-15 days municipal warrants
18-30 days bills bought in open market_ 43,127,000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_ 52,444,000
1,398,000
16-30 days municipal warrants
3,000
21-60 days bills bought in open market_ 76,499,000
31-60 days bills discounted
74,174,000
31-60 days U. S. certif. of indebtedness_
6,726,000
31-60 days municipal warrants
61-90 days bills bought in open market_ 64,749,000
61-90 days bills discounted
39,838,000
81-90 days U. S. certif. of indebtedness_
500,000
61-90 days municipal warrants
24,000
Over 90 days bills bought in open market 10,519,000
Over 90 days bills discounted
24,747,000
Over 90 days certif. of indebtedness
148,411,00()
Over 90 days municipal warrants
65,797,000
288,140,000
5,806,000
3,000
35,594,000
*39,272,000
48,506,0001 47,353,000
100,000
599,000
69,241,000
317,057,000
27,161,000
3,000
39,106,000
48,671,000
74,632,000
74,822,000
6,437,000
69,753,000
73,473,000
42,699,000
66,345,000
76,228,000
45,528,000
69,693,000
43,190,000
3,220,000
24,000
12,899,000
23,534,000
156,134,000
74,176,000
39,180,000
5,220,000
24,000
12,371,000
20,623,000
148,751,000
68,183,000
49,570,000
15,685.000
24,000
13,940,000
19,573,000
132,317,000
64,162,000
397,712,000
2,606,000
60,401,000
701,686,000
30,480,000
53,496.000
51,960,000
22,552,000
53,112,000
230,408,000
11,712,000
1,000
42,809,000
47,642,000
19,662,000
64,992,000
81,042.000
8,890,000
3,000
49,439,000
45,372,000
63,787,000
12,264,000
204,247,000
28,197,000
53,087,000
47,193,000
62,045,000
60.514.000
76,305,000
2,631,000
3,000
53,524,000
47,102,000
68,932,000
17,108,000
17,953,000
139,156,000
12,000
14,707,000
18,841,000
119,139,000
12,000
9,915,000
19,443,000
121,348,000
12,000
72,000
47,485,000
126,821,000
70,709,000
339,574,000
29,620,000
53,255,000
243,163,000
23,550,000
55,875,000
225,972.000
9,034,000
43,587,000
52,240,000
3,100,000
3.000
63,963,000
70,095,000
15,863,000
47,950,000
52,493.000
4,250,000
3,000
64,058,000
73,414,000
1,298,000
54,021,000
45,007,000
63,035,000
14,340,000
17,870,000
128,801,000
12,000
10,818,000
171,818,000
499,000
6,077,000
120,863,000
5,602,000
Federal Reserve Notes-
Outstanding
2,695,470,000 2,683,851,000 2,688,822,000 2,722,446,000 2,708,014,000 2,682,940,000 2,653,544,000 2,636,112,000 2,708,845,000
Held by banks
355,396,000 374,586,000 390,286,000 407.009,000 387,899,000 408,289,000 410,160,000 417,348,000 288,014,000
In actual circulation
2,340,074,000 2,309,265,000 2,298,536,000 2.315,437,000 2,320,115,000 2,274.651.00012.243,384.000 2,218,764,000 2,420,831,000
Amount chargeable to Fed. Res. Agent 3,547,643,000 3,544,204,000 3,531,074,000 3,516,888,000 3,489,306,000 3,481,292,000 3,466,366,000 3,472,244,000 3,564,141,000
In hands of Federal Reserve Agent
852,173,000 860,353,000 842,252,000 794,442,000 781,292,000 798,352,000 812,822,000 836,132,000 855,296,000
Issued to Federal Reserve banks
2,695,470,000 2,683,851,000 2,688,822,000 2,722,446,000 2,708,014,000 2,682,940,000 2,653,544,000 2,636,112,000 2,708,845,000
How Secured-
By gold and gold
By eligible paper certificates
Gold redemption fund
With Federal Reserve Board
Total
Eligible paper delivered to F. It. Agent_
391,367,000 386,467,000 386,507,000 416,507,000 416,509,000 416,507,000 416,503.000 416,507,000 450,163,000
601,420,000 557,316,000 564,390,000 558,981,000 515,074,000 488,008,000 493,022,000 433,854.000 985,322,000
124,744,000 122,629,000 127,104,000 133,925,000 126,843,000 125,188,000 133,652,000 132,617,000 117,952,000
1,577,939,000 1,617,439,000 1,610,821,000 1,613,033,000 1,649,588,000 1,653,237,000 1,610,362,000 1,653,134,000 1,155,408,000
2,695,470,000 2,683,851,000 2,688,822,000 2,722,446,000 2,708,014.000 2,682,940,000 2,653,544.000 2,636,112,000 2,708,845,000
857,826,000
817.731.000
706,102,000
740,9 27.000
751,046,000 654,235.000
643,693,000
630,172,000 1,278,794,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 8 1932.
Two ciphers (00) omitted.
Phila. Cleveland Richmond Atlanta.
Federal Reserve Rank of-
Boston.
New York.
-
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
$
3
$
$
$
$
Gold and gold certificates
21,265,0 145,168,0 6,619,0 13,727,0 4,640,0 5,608,0 26,056,0 3,722,0
Gold settlement fund-F.R. B'd 22,324,0 188,209,0 34,851,0 66,546,0 41,629,0 26,062,0 121,303,0 27,668,0
Total gold held by banks
43,589,0 331,377,0 41,270,0 80,273,0 46,269,0 31,670,0 147,359,0 31,390,0
Gold with F. R.agents
142,401,0 680,490,0 167,065,0 181,452,0 66,057,0 98,999,0 376,471,0 73,256,0
9,253,0
9,085,0 12,882,0 3,862,0 4,566,0 2,135,0 16,009,0 2,587,0
Gold redemption fund
Total gold reserves
195,243,0 1,020,952,0 221,217,0 265,587,0 116,892,0 132,804,0 539,839,0 107,233,0
11,566,0 34,667,0 14,913,0 8,120,0 7,607,0 6,138,0 23,581,0 9,259,0
Legal tender notes, silver,
Total reserves
206,809,0 1,055,619,0 236,130,0 273,707,0 124,499,0 138,942,0 563,420,0 118,492,0
Bills discounted: Secured by
24,285,0 127,649,0 32,775,0 33,257,0 14,385,0 3,334,0 29,241,0 11,564,0
U. S. Govt. obligations
36,698,0 55,953,0 18,546.0 20,540,0 25,199,0 32,251,0 47,732,0 18,290,0
All other
31,983,0 75,345,0 17,167,0 39,111,0 2,057,0 13,320,0 14,806,0 10,383,0
Bills bought in open market
Total bills on hand
92,966,0 258,947,0 68,488,0 02,908,0 41,641,0 48,905,0 91,779,0 40,237,0
125,0 8,627,0 16,770,0
12,361,0 26,100,0 23,971,0 22,197,0 1,241,0
U. S. bonds and notes
U. S. certificates of indebtedness
One-year etre. (Pittman Act). 1,750,0
8,500,0 2,500,0 2,500,0 2,460,0 1,999,0 3,667,0 2,571,0
2,031,0 30,842,0 4,374,0
All other
12,329,0 26,922,0 5,148,0 13,520,0
Municipal warrants
110 500 n son icon inn 107 0 131_125.0 45_342.0 53.060_0 1349150 63 952 0
Total earning assets
RESOURCES.
$
7,586,0
24,157,0
31.743,0
43,388,0
2,437,0
77,568,0
705,0
78,273,0
2,360,0
20,060,0
$
2,746,0
29,820,0
32,566,0
55,002,0
1,523,0
89,091,0
3,975,0
93,066,0
5,890,0
21,280,0
692,0
27,862,0
27,336,0
1,821,0
11,941,0
22,420.0
9,595,0
2,500,0
499,0
27,0
350410 61; Ann n
$
$
Total.
$
10,061,0 20,009,0 267,207,0
23,168,0 44,892,0 648,429,0
33,229,0 64.901,0 915,636,0
25,643,0 183,826,0 2,094,050,0
1,562,0 5,168,0 71,069,0
60,434,0 253,895,0 3,080.755,0
6,714,0 3,282,0 130,527,0
67,148,0 257,177,0 3,211,282,0
1,808,0 13,789,0 300,337,0
16,121,0 27,405.0 340,075,0
17,099,0 36,693,0 258,656,0
35,028,0 77,887,0 899,068,0
2,816,0 37,682,0 188,821,0
1,900,0 2,332,0 34,500,0
8,309,0 7,353,0 123,268,0
27,0
48 0A1 0 19;9;5 n 1 gir. r!....,
2138
THE CHRONICLE
RESOURCES tL'oncluded)Two ciphers (00) omitted.
Boston.
New York.
$
5,251,0
$
9,940,0
Bank premises
5% redemption fund against Fed422,0
eral Reserve bank notes
59,389,0
Uncollected items
603,0
All other resources
Phila,
S
624,0
[Vol,. 115.
Cleveland Richmond Atlanta. Chicago. St. Louis. Aftnneap. Kan.City. Dallas. SonFren.
$
6,668,0
S
2,571,0
$
1,889,0
S.
7,755,0
$
971,0
$
985,0
$
5,103,0
$
2,093,0
$
1,570,0
Total.
$
45,420,0
424,0
183,0
250,0
665,0
196,0
400,0
94,0
239,0
146,0
3,635,0
148,0
468,0
118,012,0 45,646,0 49,430,0 55,779,0 24,449,0 71,661,0 36,166,0 18,478,0 42,768,0 27,865,0 34,184,0 583,827,0
2,375,0
.631,0
494,0 1,562,0
690,0
759,0 1,951,0 4,911,0
941,0
149,0
15,611,0
545,0
-391,880,0 1,506,839,0 383,388,0 462,110,0 228,884,0 218,957,0 779,106,0 218,258,0 134,535,0 211,056,0 147,256,0 423,190,0 5,105,459,0
Total resources
LIABILITIES.
8,150,0
Capital paid in
16,483,0
Surplus
2,014,0
Deposits: Government
Member bank-reserve ace't_ _ 125,025,0
197,0
All other
127,236,0
Total deposits
F. R. notes in actual circulation_ 195,052,0
F. R. bank notes in circulation1,115,0
net liability
42,108,0
Deferred liability items
1,736,0
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign correspondt's
27,821,0 9,196,0 11,889,0 5,639,0 4,349,0 14,753,0 4,795,0 3,557,0 4,583,0 4,211,0 7,612,0 106,355,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,488,0 9,646,0 7,394,0 15,199,0 215,398,0
6,986,0
169,0
726.0
904,0
999,0 1,836,0 3,838,0
26,402,0
84,0 2,493,0 2,895,0 3,458,0
683,356,0 105,074,0 148,202,0 58,690,0 55,141,0 262,022,0 67,010,0 47,759,0 76,076,0 55,817,0 127,879,0 1,812,051,0
14,583,0
533,0
937,0
279,0
967,0
324,0 1,438,0
24,235,0
887,0
143,0
2590 3,688,0
-704,925,0 106,257,0 149,173,0 61,326,0 58,360,0 266,918,0 67,712,0 49,422,0 78,042,0 57,912,0 135,405,0 1,862,688,0
604,301,0 201,726,0 227,931,0 96,830,0 126,328,0 399,695,0 93,990,0 57,623,0 68,893,0 43,541,0 224,164,0 2,340,074,0
7,710,0 2,008,0 2,422,0 1,947,0 1,812,0 3,481,0 2,454,0 1,816,0 4,245,0 2,390,0 1,041,0
32,441,0
96,274,0 44,333,0 45,927,0 50,860,0 17,654,0 61,826,0 38,875,0 13,151,0 44,285,0 30,038,0 37,233,0 522,564,0
5,611,0 1,923,0 2,459,0 1,252,0 1,340,0 3,408,0 1,044,0 1,498,0 1,362,0 1,770,0 2,536,0
25,939,0
_
391,880,0 1,506,839,0 383,388,0 462,110,0 228,884,0 218,970,0 779,106,0 218,258,0 134,535,0 211,056,0 147,256,0 423,190,0 5,105,459,0
64.2
2 4AR
n
80.6
11
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A
76.7
72.6
78.7
75.2
84.5
9 9.9 n
•
•
0 ,,n n
.
•
,.ee n
•
•
, 01. n
•
,•
A,non•n
72.0
1 nRR
n
73.1
019
n
63.3
66.2
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76.4
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oo .170n
•
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS NOVEMBER 8 1922.
Federal Reserve Agent at-
Boston. New York Phila.
Cleve, Richm'd Atlanta Chicago. St.Louls Minn. K.City. Dallas. San Fr.
Total.
(In Thousands of Dollars)
Resources$
$
$
$
$
3
Federal Reserve notes on hand
82,400 407,110 30,820 27,040 29,810 69,479
Federal Reserve notes outstanding
216,688 798,983 215,412 245,329 104,026 131,440
Collateral security for Federal Reserve notes outstanding
2,400
Gold and gold certificates
10,300 333,184
13,275
Gold redemption fund
19,101
36,306 10,176 13,177 1,262 3,599
113,000 311,000 156,889 155,000 64,795 93,000
Gold fund-Federal Reserve Board
74,287 118,493 48,347 63,877 37,969 32,441
Eligible paPerf Amount required
1Excess amount held
18,679 125,308 1,218 25,709 2,228 16,328
-Total
534,455 2,130,384 462,862 543,407 240,090 348,687
LiabilitiesNet amount of Federal Reserve notes received from
299,088 1,206,093 246,232 272,389 133,836 200,919
Comptroller of the Currency
Collateral received from!Gold
142,401 680,490 167,065 181,452 66,057 98,999
Federal Reserve BanklEligible paper
92,968 243,801 49,585 89,586 40,197 48,769
-Total
534,455 2,130,384 462,862 543,407 240,090 348,687
_
Federal Reserve notes outstanding
216,888 798,883 215,412 245,329 104,026 131,440
Federal Reserve notes held by banks
21,636 194,682 13,686 17,398 7,196 5,112
$
$
$
$
$
$
$
85,640 24,720 11,370 11,560 16,414 55,810 852,173
428,885 110,071 59,809 78,679 47,308 258,840 2,695,470
126.328
399,695 93,990 57.623 68.893 43.541 224.184 2.340,074
Federal Reserve notes in actual circulation
10A
nc9
•-••••••-••••
W. on, on, .70.0070'11
...rd
UV -Z.0%11 4111
I Lill
08.830
7,546
11,610 13,052
391,367
12,826 4,346 1,336 4,842 3,097 14,876 124,744
363,645 57,300 29,000 50,360 15,000 168,950 1,577,939
52,414 36,815 16,421 23,677 21,665 75,014 601,420
39,338 3,112 4,464 4,185 13,055 2,782 258,406
982,748 247,974 135,452 173,103 124,085 576,272 6,499,519
514,525 134,791 71,179 90,239 63,722 314,650 3,547,643
376,471 73,256 43,388 55,002 25,643 183,826 2,094,050
91,752 39,927 20,885 27,862 34,720 77,796 857,826
982,748 247,974 135,452 173,103 124,085 576,272 6,499,519
428,885 110,071 59,809 78,679 47,308 258,840 2,695,470
29,190 16,081 2,186 9,786 3,767 34,676 355,396
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 786 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 2096.
1. Data for all reporting member banks in each Federal Reserve District at close of business November 1 1922. Three ciphers (000) omitted.
Minnsap. Kan. City Dallas. Ban Fran. Total.
Boston. New York Phtladel.Cleveland. Richm'd. Atlanta. Chicago. St. LOWS.
-32
52
37
79
66
786
109
41
Number of reporting banks
47
78
105
84
56
Loans and discounts, including bills
$
$
$
$
$
$
$
rediscounted with F.R.Bank:
$
$
$
$
$
$
10,458
4,395
8,321
15,753
16,039
292,007
45,620
7,653
Secured by U.S. Govt.obligations
12,084
17,400 105,098
31,155
18,031
73,874
51,548 148,072 3,754,642
42,698
58,192 554,245 132,034
Secured by stocks and bonds
238,483 1,734,408 246,378 357,126 117,581
357,362
220,539
729,614
197,379
7,228,137
294,133
327,394.1,010,561
All other loans and discounts
587,4682,212,435 334,747 645,118 311,387
----276,482 893,725 11,274,786
Total loans and discounts
843,356 4,051,939 599,156 1,033,399 441,052 393,239 1,610,426 441,920 248,398 441,694
35,809 135,422 1,491,891
62,765
25,040
52,427
U.S. bonds
28,238 136,983
103,499 801,279
65,281 177,642
84,506
1,454
495
4,906
32,982
285
2,668
4,482
U. S. Victory Notes
1,350
639
11,419
2,748
434
2,122
6,177
27,126
652,493
9,882
16,470
12,160
76,052
U.S. Treasury notes
22,255 412,469
2,789
25,962
4,420
36,731
4,936
11,502
6,637
4,913
108,849
3,607
29,311
U. S. Certificates of Indebtedness
8,397
6.226
2,788
21,265
4,750
4,517
59,277
8,396 161,866 2,252,854
27,865
86,045
Other bonds, stocks and securities
34,072 409,306
169,214 779,220 180,691 280,323
56,579
Total loans & disc'ts & investm'ts,
incl. bills redisc'd with F.R.Bk. 1,145,1895,880,591 878,588 1,534,734 569,779 488,085 2,266,560 598,827 316,363 588,297 332,295 1,234,547 15,813,855
23,269
92,158 1,400,091
50,905
23,540
38,418
Reeerve balance with F.R.Bank
33,285 188,486
87,216 657,234
35523
64,885 104,172
11,628
9,386
19,642
8,191
278,181
7,779
52,800
Cash in vault
19,441
83,734
8,854
15,300
13,484
29,944
240,468
446,638
662,812
207,114
11,188,058
336,322
1,429,458
Net demand deposits
846,8884,865,371 886,407 864,715 335,671 266,214
67,729 559,060 3,642,103
81,591 121,988
Time deposits
240,303 786,847
56,833 516,882 147,784 157,606 730,124 175,376
2,606
4,318
4,342
7,091
15,740
221,720
Government deposits
20,182
22,888
95,020
7,123
19,733
15,132
7,565
Bills payable with F. R. Bank:
300
3,427
10,165
1,333
5,356
186,961
Secured by U.S.Govt.obllgations
16,004
6,775 108,088
1,366
13,322
12,711
8,114
122
All other
392
20
250
Bills rediscounted with F. R. Bank:
39
28
9
109
1,976
Secured by U.S. Govt.obligations
146
208
570
713
55
89
10
8,333
2,830
4,482
8,552
10,341
151,28.
All other
12,109
22,700
35.483
12.504
10.828
12 9CIA
a 597
Federal Reserve District.
reporting banks.
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other
Cities. AllOtherReport.Bka.
Total.
All F. R. Bank Cities. F. R. Branch
1.
Oct.
25.
Nov.
Nov.
1
'22.
25.
Oct.
25'22.Nov.2'21.
Oct.
1.
Nov.
Oct. 25.
Oct. 25. Nov. 1.
313
312
808
787
786
208
Number of reporting banks
64
64
20:
50
266
50
266
Loans and discounts,incl. bills redis$
$
$
$
$
15
counted with F. R. Bank:
$
$
$
$
$
$
$
546,445
41,962
44,804 292,00
285,043
50,970
Loans sec. by U. S. Govt. oblig'ns
94,518 93,047
51,982
35,889
192,269
35,986
198,063
Loans secured by stocks & bonds_ 1,560,571 1,525,178 425,664 424,850 2,791,531 2,763,842 511,607 601,053 451,504 453,836 3,754,642 3,718,731 3,069,905
All other loans and discottnta
1,928,277 1,937,185 620,583 640,738 4,448,568 4,456,785 1,452,844 1,466,945 1,326,725 1,321,404 7,228,13 7,245,134 7,782,099
Total loans and discounts
3,583,365 3,555,410 1,088,138 1,101,574 7,438,162 7,412,8962.016,433 2,018,968 1,820,191 1,817,04.11,274,786 11,248,908 11,398,449
1,491,891 1,503,010 898,875
IT. S. bonds
518,238 527,275 52,795
55,081
862,152 343,970 342,398 299,653 298,461
848,268
165,853
4,374
32,98
36,034
4,470
10,977
10,20:
G. S. Victory notes
10,327
8,684
3,790
20,683
4,006
19,828
650,880
49,65: 652,49
117,156
48,175
79,292
G. EL Treasury notes
76,187
394,606 386,198
53,024
54,994 528,131
521,930
111,038
216,395
108,849
13,625
14,179
33,786
33,534
U. S. certificates of indebtedness
18,617
17,481
15,100
63,627
15,943
81,136
2,239,841
414,560
2,252,85
2,052,867
420,515
169,187
securities_
582,772
stocks
and
580,021 172,742 172,417 1,208,724 1,206,094 623,615
Other bonds,
Total loans &disc'ts & investls,
incl. bills rediscled with F.R.M.5,108,670 5,077,848 1,385,587 1,404,015 10 104 249 10 087,382 3,102,423 3,104,6082,607,183 2,597,72115,813,855 15,789,711 14,849,395
162,824 158,757 1,400,091 1,345,743 1,247,699
Reserve balance with F. R. Bank
612,757 577,386 133,235 129,151 1:017,871
7
'
9 1,212 219,396 215,774
77,971
278,181
289,452 290,157
75,381
58,538
Cash in vault
70,921
73,771
58,164
29,016
152,943
29,962
146,636
Net demand deposits
4.369.8094.361,082 984,423 995,441 7,751,545 7,733,755 1,811,673 1,805,371 1,624,840 1,622,676 11,188,058 11,161,802 10,179,779
Time deposits
558,378 544,917 351,367 352,616 1,798,243 1,784,873 1,071,982 1,073,533 771,878 769,781 3,642,103 3,628,187 2,987,820
221,720
34,369
259,678 257,991
28,125
Government deposits
85,153 103,578
29,993 37,279
11,245
188,030
13,841
183,602
Bills payable with F. R. Bank:
186,981
16,665
114,260
218,690
22,393
See'd by U.S. Govt.obligations
96,181
28,095
43,930
38,820
2,019
69,500
2,955
125,748
392
20
150
All other
1,513
270
130
122
Bills rediscounted with F. R. Bank:
1,976
Sec'd by U.S. Govt. obligations
105
149
1,829
39,638
713
284
783
760
77
77
1,067
1,240
26,112
151,28
All other
29,573
110.530
28,878
507,371
29,318
12,437
30,575
4,958
5,616
55,540
91,138
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and investments, per cent
2.,
5.2
1.7
1.
2.0
2.5
1.8
,
1.1
2.3
8
2.2
1.3
New York City.
Three ciphers (000) omitted.
City of Chicago.
Nov. 1. Oct. 25. Nov. 1.
Nov.11 1922.]
THE CHRONICLE
Vaulters'
2139
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
mune,
Week ending
Nov. 10 1922.
Wall Street, Friday Night, Nov. 10 1922.
Railroad and Miscellaneous Stocks.-Attention has
been divided this week in Wall Street between the election
and routine business at the Stock Exchange. The latter has
very naturally been quite irregular, especially in the matter
of volume and also owing to the fact that while the number
of shares traded in at the Exchange increased from 650,000
on Monday to over 1,000,000 on Thursday, the par value of
bonds decreased from $13,860,000 to $10,250,000. During
this process prices have shown a tendency to stableness,
however, and, generally speaking, closing prices are fractionalry* near those of last week. The exceptional features
of the market are for the most part those issues which are
well known to have recently been active under speculative
enthusiasm.
U. S. Steel has been notably strong, moving up 3 points
on reports of the favorable condition of the steel industry.
The output is now said to be at 75% of capacity, as against
50% in August, and unfilled orders on the books of the Steel
Corporation are steadily increasing. The number of freight
cars loaded during the last week in October has never been
exceeded except during a brief period in the fall of 1920.
The result of the election was about what had been expected, was foreshadowed by the pre-election betting in
Wall Street, and elsewhere, and foreordained by the action
of Congress in its treatment of the bonus bill and tariff matter. It should serve as a warning to the now reduced Republican majority at Washington in future legislation.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed fist on the
pages which follow:
STOCKS.
Week ending Nov. 10.
Sales
for
IVeek.
Range for Week.
Lowest.
Par Shares $ per share
Highest.
$ per share
Range since Jan. 1.
Lowest.
Highest.
$ per share S per share
Railroad.
Oct
Bangor & Aroos, pref _
300 92% Nov 9 93 Nov 6 9254 Nov 94
Ches & Ohio, pref
Nov 105% Oct
3,100 10314 Nov 10 10454 Nov 9 103
Sept
C St P M & 0, pref_ _100
Feb 107
10010151 Nov 1010151 Nov 10 83
Oct
Illinois Central, pref_. _ _
10011451 Nov E 114% Nov 81043.4 Jan 116
Interboro Rap Rran (w 1) 1,700 23 Nov 4 254 Nov 6 2214 July 31% Aug
Oct 13% Jan
Iowa Central
100
100 6 Nov It 6 Nov 10 4
July 5551 Aug
ManRyEqTrCoif NYcd 2,500 45 Nov 10 524 Nov 4 44
M St P & S S M,pf _ _100
100 86 Nov 6 86 Nov 6 70 June 9454 Sept
Nov 3951 Sept
M K & T full paid
100 31 Nov 8 31 Nov 8 31
Nov
Morris & Essex
50
10 79 Nov 8 79 Nov 9 7634 Feb 79
Aug
Nat Rys Mex, 1st pf_100
4 Nov 10 614 Nov 10 614 Nov 19
200 61
Nov 493.1 Nov
N 0 Tex & Mex, Class A
300 49 Nov 8 4934 Nov 8 49
Oct
102
Oct
N Y Lack & West_ _ _100
100
10
100 102 Nov 10 102 Nov
Oct
Tot St L & W pf, Ser B__
200 5754 Nov 10 5714 Nov 10 2234 Jan 62
Industrial St Miscell.
Am La France Fire Eng
7% cum preferred _100
300 9934 Nov : 9954 Nov 8 9551 May 10151 Aug
Sept 523.4 Sept
Am Metal,temp ctfs _• 5,100 48 Nov 6 4934 Nov .6 44
Mar
Feb 70
Amer Teleg & Cable 100
100 61 Nov 6 61 Nov 6 54
A 11351 Sept
Am Metal tem ctf, pf.100
300 11214 Nov 411231 Nov 6 107
251
July
Jan
%
Assets Realization_ _ _ _10
100 134 Nov 10 14 Nov 10
Atl Fruit Col T Co ctf dep 1,600 134 Nov 9 234 Nov 8 134 Aug 254 July
Oct
Apr 168
Atlas Powder
700 155 Nov 6 16051 Nov 10 120
Preferred
400 9334 Nov 9 94 Nov 10 82 June 9451 Oct
July 4551 Oct
Beech-Nut Packing_20 2,800 404 NoV 8 4354 Nov 9 30
Oct
Brown Shoe,Inc, pref100 1,100 9614 Nov 4 99 Nov 10 9054 Apr 99
Aug
Case(J I) Thr Mach_
700 324 Nov 6 34 Nov 9 3251 Nov 44
Oct
Corn Solv A
200 49 Nov 1 4954 Nov 6 4454 Sept 50
Nov
Conley Tin Foil
400 1414 Nov 10 15 Nov 9 1451 Nov 15
Cosden & Co, pref
300 1004 Nov 4 1003-4 Nov 8 9334 July 10214 Sept
Feb 80 May
Deere & Co, pref_ _ _ _100
100 733-4 Nov 4 7354 Nov 4 61
Feb 44Vi July
Emerson-Brant, pref _100
100 274 Nov 4 274 Nov 4 23
Exchange Buffet
400 2851 Nov 10 2951 Nov 61 2814 NOVI 3151 Oct
105% Oct
Jun
96
41
Gen AmTk Car7% pf.100
Nov
200 103 Nov 4 103
Nov
General Cigar, pref
100 110 Nov 9 110 Nov 91003.1 Mar 110
Sept
General Electric, S P L
4,700 1051 Nov 10 1151 Nov 9 1051 Oct 12
Oct
Oct
4514
Gimbel Bros
1,0001 39 Nov 10 4114 Nov 9 3851
Preferred
2,900 9611 Nov 10 97% Nov 4 95% Oct 102% Oct
Nov, 8/4 Oct
Goldwyn Pictures
2,400, 654 Nov 10 63.4 Nov 4' 6
Oct
Mar 100
GulfStatesSteel 1st pf 100 300 100 Nov 6 100 Nov 6 95
Mar
Hartman Corp
100
100 85 Nov 6 85 Nov 6 8131 Sept 103
Hudson Motor Car_ _ _ _* 9,700 2051 Nov 6 22 Nov 9 1951 Nov. 2351 July
Mar
Kelsey Wheel,Ine, pf.100
400 103 Nov 610451 Nov 9, 9051 Jan 106
Jan 6551 Oct
Loose-Wiles Biscuit
800 54 Nov 4 564 Nov 9, 36
Oct
Jan 104
First preferred_..100
100 104 Nov 8 104 Nov 8, 97
Magma Copper
4,8001 3251 Nov 4 3451 Nov 6' 3051 Oct 354 Sept
Montana Power, pref 100 1,100i108 Nov 611031 Nov 910051 Jan 14151 Oct
Aug, 1731 Oct
Moon Motors
I 3,2001 15 Nov 10 1634 Nov 4; 13
31 7001 1051 Nov 4 II% Nov 9, 914 Nov, 1134 Aug
Mother Lode Coal
July
Sept 525
87490 Nov 6525 Nov 9450
*
Nash Motors Co
Oct
Nov 6 264 June 300
Nat Bank of Comm_ _100
88129851 Nov 8300
Jan 9951 Oct
Nat Cloak & Suit, p1_100
2001 9951 Nov 6 9914 Nov 61 69
Sept
Mar,105
81
9
Nov
610051
Stp,
pf_100
99,
Nov
&
Enam
Nat
2001
700 49 Nov 8 4934 Nov 9 4834 Novl 5011 Oct
New Yolk Air Brake, A..
Jan 10054 Nov
100j10051 Nov 410051 Nov 4 90
Penney (3 C) Co, p1_100
2001 43 Nov 6 433-4 Nov 6 4251 Oct 4314 Nov
6%
Philadelphia
PhillipsJonesCorppf.100
91 Nov 8 91 Nov 8 8851 Jan 9351 Mar
1
Mar 9751 Oct
Pittsburgh Steel, pref 100 6001 95 Nov 6 95 Nov 6 85
Sept
Prod & Ref Corp, p1.. &4 1001 4334 Nov 10 4351 Nov 10 433.4 Oct 48
Oct 106
Oct
40010531 Nov 8 10531 Nov 6 75
Pub Serv Corp of N J
504
Nov
June
15
Nov
6
10
Nov
1351
1351
900
_
_*
Co_
Reynolds Spring
Nov
Reynolds(RJ)Tob Co251 700 90 Nov 8 90 Nov 8 70 May 90
Shell Union Oil, pref__ _ _ 2,100 94 Nov 6 9534 Nov 9 9251 Oct 96% Sept
Oct
500 99 Nov 6 9934 Nov 4 9751 Sept 102
Sinclair 011, pref
Nov 104
Nov
100 104 Nov 10 104 Nov 10 104
Spalding, 1st pref
420
Mar
305
Nov
Nov
4
310
4
Nov
305
4
Tex Pao Land Trust_100
Oct
100 50013931 Nov 10 135 Nov 810951 May 154
Tidewater 011
Oct
Timken Roller Bearing__ 13,100 3251 Nov 6 3354 Nov 4 2834 Sept 35
100 118 Nov 10 118 Nov 1010951 Jan 130 June
Under'd Typew'r, pf_100
Oct
Nov 185
United Cigar Stores_ _100 400 120 Nov 4 120 Nov 41120
Nov 120% Nov
125 120 Nov 412051 Nov 4 120
100
Odd lots
6,600 5851 Nov 4 6734 Nov 95734 Oct 67% Nov
Van Raalte
Aug 112% Nov
West Elec7%cum pf_100 1,600 111% Nov 411251 Nov 9 107
300 125 Nov 10 125 Nov 10,11751 Sept 12551 Oct
Woolworth(F W),p1.100
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
State, Man.
and Foreign
Bonds.
Railroad,
arc.,
Bonds.
Stocks.
Shares.
Par Value.
$4,057,000
6,855,000
HOLIDAY
63,375,300
6,693,000
93,534,000
5,119,000
51,840,000
6,963,000
449,020 $31,028,500
656,240 50,840,350
868,399
1,026,601
663,300
Total
U. S.
Bonds.
$949,000 $3,727,000
1,799,500 5,204,450
2,359,500
1,838,000
1,900,000
2,870,750
3,339,050
3,020,000
3,663,560 $290,618,150 $29,417,000 $8,846,000 318,161.250
Sales at
New York Stock
Exchange.
Jan. 1 to Nov. 10.
Week ending Nov. 10.
1922.
I
1921.
1922.
1921.
Stocks-No. shares__ _
3,663,560.
2,328,672
223,208,382
142,406,798
Par value
$290,618,150 $173,194,700 $19,662,495,439 $10,689,273,401
Bonds.
Government bonds__ _ $18,161,250, $32,587,000 $1,448,093,865 $1,594,451,900
State, mun.,&c.,bonds
8,846,000,
7,137,000
520,635,000
252,760,700
RR.and misc. bonds
29,417,000, 25,247,000
991,284,000
789,480,700
Total bonds
$36,424,250 $64,971,000 $2,960,012,865 $2,636,693,300
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Nov. 10 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
l
9,2741
7,859
Philadelphia
Bond Sales
$23,700
46,000
13,436
20,816
14,105
46,600
51,650
33,000
65,490
$200.050
Shares
Baltimore
Bond Sales
Shares
2,785
38,000
5,509
40,900
HOLI DAY
4,813
46,100
4,778
27,900
3,614
41,000
21.490
8163.900
Bond Bales
676
2,107
$20,000
30,500
1,355
2,726
3,157
67,000
59,000
42,500
10,021
$219,000
Daily Record of Liberty Loan Prices. Nov. 4 Nov. 6 Nov. 7 Nov. 8 Nov. 9 Nov. 10
First Liberty Loan
(High
351% bonds of 1932-47 {Low_
(First 33.4*)
(Close
Total sales in $1,000 units_.
Converted 4% bonds of rHig
-h
193247 (First 4s)_{Low..
[Close
Total sales in 31,000 units_
Converted 43-4% bondsrHig
-h
of 1932-47 (First 4,43){ Low_
(Close
Total sales in $1,000 untts_ _
Second Converted 454% fIllg-h
bonds of 1932-47 (First( Low_
Second 44s)
[Close
Total sales in 11,000 units__
Second Liberty Loan
(High
4% bonds of 1927-42 _
i Low_
(Second 4s)
(Close
Total sales in $1,000 units......
Converted 434%bonds(High
of 1927-42 (Second (Low_
44s)
(Close
Total sales in $1,000 units......
Third Liberty Loan
(Hih
434% bonds of 1928......_i Low_
(Third 434s)
(Close
Total sales in $1,000 units._.
Fourth Liberty Loan
(High
44% bonds of 1933-38_ _( Low_
(Fourth 411s)
(Close
Total sales on 31,000 units _ .
Victory Liberty Loan
(Mill
434% notes of 1922-23 (Low_
(Victory 454s)
(Close
Total sales in 31.000
.
Treasury
(High
units_431s, 1947-52
I Low_
(Close
Total sales in 31.000 units__
101.20 101.38
100.88 101.08
101.20 101.20
943
430
•
98.60
____
98.60
____
98.60
3
99.40 99.18
98.76 98.86
99.24 99.00
51
51
____ 100.50
100.50
____ 1(1(1.50
30
98.90 98.80 HOLI98.90 98.80 DAY
98.90 98.80
13
2
99.30 99.00
98.80 98.72
99.02 98.72
392
261
99.26 99.16
99.08 99.02
99.10 99.06
1,211 1,233
99.50 99.36
99.08 99.96
99.26 98.96
431 1,749
100.38 100.40
100.36 100.34
100.36 100.36
25
190
100.06 100.04
99.90 100.00
100.06 100.02
610 1.075
101.00 100.94 100.76
100.76 100.60 100.52
100.76 100.70 100.52
180
549
706
98.70 98.90
98.70 98.90
98.70 98.90
4
4
98.94 98.86 99.08
98.84 98.80 98.82
98.86 98.88 99.00
22
43
70
---9-8-.56 98.56
---98.48 98.56
98.48 98.56
2
14
_ --98.68 98.80 98.78
. 98.42 98.48 98.58
98.60 98.62 98.76
334
461
539
99.00 99.00 99.08
98.76 98.82 98.88
98.86 98.98 98.92
796
344
769
99.00 99.00 99.06
98.82 98.84 98.78
98.96 98.96 98.92
392
648
859
100.40 100.40 100.32
100.34 100.32 100.32
100.34 100.36 100.32
175
43
127
100.04 99.88 99.94
99.90 99.86 99.88
99.92 99.90 99.90
150
932
54s
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
32 1st 314s
3 1st 414s
45 2d 4%,s
98.74 to 98.90
98.74 to 99.10
99.90 to 100.04
100.66 to 100.9016 3d 33.48
98.50 to 98.70 56 4th 44s
98.32 to 99.00i27 Victory 43113
Quotations for 17. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
In:.
Rate.
Bid.
June 15 1924___ 534% 1014
Sept.15 1924...
101%
Mar.15 1925___ 434% 100
Mar. 15 1926._ 431% 100
Asked.
Maturity.
102
101%
100%
100%
Mar. 15 1923......
June 15 1923.....
Dec. 15 1925....
Sept. 15 1923-Sept.15 1926-
Int.
Rate.
434%
3%%
4%%
3%%
43.1%
Asked.
100
99%
99
99%
9834
100%
100
99%
100
99%
Foreign Exchange.-Sterling exchange ruled quiet but
steady and despite unsettling developments, registered slight
improvement. Continental exchange, on the other hand,
slumped violently and new low records were established in a
number of the leading currencies.
To-day's (Friday's) actual rates for sterling exchange were 4 43%6
444 9-16 for sixty days, 4 45%04 46 1-16 for cheques and 4 45%0
4 46 5-16 for cables. Commercial on banks sight 4 44%@4 46 5-16, sixty
days 4 43% @4 44 1-16, ninety days 4 4234@4 42 15-16 and documents
for payment (sixty days)4 43%04 44 5-16. Cotton for payment 4 443/s0
4 45 9-16 and grain for payment 4 445104 45 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.306
6.46 for long and 6.33@6.49 for short. Germany bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
38.66(4)38.70 for long and 39.00039.04 for short.
Exchange at Paris on London, 68.20; week's range, 68.20 high and 70.95
low.
The range for foreign exchange for the week follows:
Cables.
Sterling, ActualSixty Days. Checks.
High for the week
4 4754,
4 47
4 4534
Low for the week
44434
44434
44234
Paris Bankers' FrancsHigh for the week
6.8151
6.8634
6.8751
Low for the week
6.1251
6.1751
6.1851
Germany Bankers' Marks
High for the week
0.014
0.0134
Low for the week
0.0134
0.0134
Amsterdam Bankers' GuildersHigh for the week
38.78
39.13
39.22
Low for the week
38.61
38.96
39 05
Domestic Exchange.-Chicago, par. St. Louis, 15©25c. per $1.000
discount. Boston, par. San Francisco, par. Montreal, $1. 25 per $1,000
.premium. Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 2127.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2140
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
Nov. 4.
Monday,
Nov. 6.
Sales
for
the
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
PER SHARE
Range for previous
year 1921
Tuesday. Wednesday. Thursday, 1 Friday.
Nov. 7.
Nov. 8.
Lowest
Nov. 9.
Highest
Nov. 10.
Lowest
H401881
$ Per share S per share $ per share S per share $ per share $ per share Shares
Par $ per share $ per share $ per share $ per share
Railroads
*16
22
*15
22
*16
22
100 10 Jan 3 24 Aug 30
*15
21
Ann Arbor
*15
21
8 Mar
1234 Feb
*41
45
*41
45
*41
45
100 287s Jan 26 52 Aug 25
*401 1 4012 *4014 42
Preferred
20
Apr 3214 Dec
10334 10414 103 104
10318 104
1031t 10138 10218 103,1 8,400 Atch Topeka & Santa Fe_ _100 9134 Jan 3 108129ept 14
7718 June 94 Dee
93
93
*9212 93
9278 927s 9213 9213 9258 9278 1,100
100 8458 Jan 3 9512 Aug 21
Do pref
7512 Jan 88 Nov
*2
218
218 218
*2
21s
34 Jan 14
218
218
512 Apr 17
712 Jan
2
500 Atlanta Birm dr Atlantic..100
2
1
Dec
118 11878 117 11753
117 11778 116 118
116 11758 2,600 Atlantic Coast Line RR__ ..100 83 Jan 9 12478 Sept 11
77 Apr 91 Nov
5113 52
4978 5114
100
4918 51
Jan
Baltimore
27
Ohio
6014
.51
&
3312
Aug 21
5178 4934 5034 13,400
3038 Mar 4238 May
*62
63
62
6211
100 5212 Jan 11 6614 Aug 23
*61
63
62
Do pref
62
*61
600
62
47 Mar 5638 Nov
*6214 71
*6212 71
100 50 Jan 4 73 Oct 4
*6214 71
Buffalo Roch & Pitts
*6214 71
*6214 71
4912 Dec 7234 Mar
17
1714 1712 1834
6 Jan 4 29 June 30
1714 1838 1611 1712 1612 1678 12,800 Brooklyn Rapid Transit__ _100
6 Dec 1478 Jan
*1412 15
1412 16
558 Jan 11 2478June 30
1534 1534 *1412 1434 14
Certificates of deposit
1434 2,000
312 Sept 10
Jan
14412 14534 14418 14512
100 1191s Jan 6 1515s Aug 31 101 June 1237s Nov
14514 14618 14538 146141 14378 14518 7,100 Canadian Pacific
21512 21512 *220 228
100 184 Mar 31 245 Oct 23 186
220 228
225 230 *220 230
1,100 Central RR of NJ
Oct
Mar
209
75
7512 7414 7538
100 54 Jan 10 79 Aug 21
74
75
75
7512 7212 7414 4,200 Chesapeake & Ohio
46 June 6512 May
213 212 *238 212
238 212
138 Jan 24 1234:Way 26
100
214 2,500 Chicago dr Alton
214
214
238
4 Nov
834 Jan
*4
5
*411 5
414
412
318 Jan 25 2078May 25
100
4
418 *4
Preferred
700
618 Dec 12
Apr
43
4
3734 3734 3734 3734
36
1258 Jan 25 4334 Aug 21
36
36
36
34
1,700 Chic Sr East III RR (new)
36
1312 Dec 1678 Nov
6012 6012 6012 6012
6012 6012 *58
32
Jan
30
6412 Aug 22
60
*56
Do prof
800
60
3312 Dec 37 Nov
478 5
5
5
478 5
434 Oct 261 1034May 27
478 5
5
478
614 Dec
3,300 Chicago Great Western___100
918 May
*1212 13
1212 1234
1212 1234 1258 1258 1214 1258 2.100
100 12 Oct 26 2412May 29
Do pref
14 June 207s May
2978 3014 2812 2934
2818 29
2812 2918 2818 2858 9,400 Chicago .Milw dc St Paul 100 1714 Jan 9 363k Aug 22
1714 Dec 31
Jan
4514 46
431.1 4614
4318 4414 4412 4512 4258 4414 11,900
100 29 Jan 10 55 Aug 22
Do pref
2912 Dec 4612 Jan
90
901s 8834 9012
89
90
89
90
8714 89
6018 Apr 71
5,800 Chicago & North Western_100 59 Jan 9 9518Sept 11
Jan
*122 124 *122 12312
*122 123
125
100
9
Jan
12212 12212 *122 124
Aug
21
100
95 July 110
Do pref
100
Jan
4058 4114 3912 4034
40
4038 -3978 4017 3878 3978 10,600 Chic Rock Isl & Pac
100 3034 Jan 11 50 Sept 14
2258 Mar 35 Sept
99,4 9914 *9812 99
97
98
*9812 9912 *97
100 8314 Jan 10 105 Sept 11
7% preferred
6834 Mar 8934 Dec
98
300
9038 9038 8978 8978
91
*90
Jan
9078 9078 *8934 90,2
9 95 Sept 14
100 7014
56,2 June 77 Dec
6% preierred
500
*81
84
84
*82
*82
84
*8212 84
50 June 63
8218 8218
100 Chic St P Minn dr Om....._100 51 Jan 10 90 Sept 15
Jan
80
- 80
---- 79
32 June 5712 Dec
- 79
Clay Cin Chic & St Louis..,100 54 Jan 4 8012Sept 15
---_ 78
____ 99
____ 09
__ 99
100 7234 Jan 3 10012 Oct 17
--- 99
60 Feb
Do pref
99
75
Dec
*47
*46
48
47
;1;i514 4613 -46
100 38 Jan 10 5312 Apr 24
46
27
-4618 4612
Jan 4678 Nov
600 Colorado & Southern
*6112 63
*6112 63
*6134 63
*6134 63
100 55 Jan 16 66 Mar 23
49
*6134 63
Jan 59 Dee
Do 1st pref
13058 132
131 131
*13012 131
131 13134 12912 13112 1,100 Delaware & Hudson
100 10634 Jan 4 14112Sept 8
90 Apr 11012 Nov
13534 136
13534 136
135 135
13513 137
93 Aug 249 May
135 13614 2,000 Delaware Lack & Western_ 50 108 Feb 14 143 Oct 4
4
*3
*3
4
31s 338 *314 4
100
6 Apr 25
258 Jan 27
158 Mar
314
412 Jan
314
400 Duluth 9 9 & Atiantic
614
*6
*513 6
5,2 512
100
*512 6
334 Jan 7 1012 Apr 18
358 Nov
512
*5
Do pref.
200
738 Jan
1414 1412 1112 14
1178 1234 1212 1278 1212 1278 67,000 Erie
100
10 Dec 1514 May
7 Jan 9 1834May 23
2112 2134 1712 2112
1812 1912 19
1914 19
100 1118 Jan 9 2812 Aug 21
1518 Dec 2234 May
Do 1st pref
1934 22,700
*16
14
17
1438 15
16
1538 1538 1538 16
100
10 Dec 157s Jan
718 Jan 10 2014May 23
Do 2d pre(
1,700
9112 9212 9014 91
9012 91
91
9134 9018 91'4 8,900 Great Northern pref
100 7014 Jan 10 9578 Oct 18
60 June 7914 Dec
3414 3434 3414 353s
3412 3514 35
3512 3412 3538 12,200
255s June 3412 Nov
3138 Jan 6 4558 Apr 13
Iron Ore properties_No par
*16
1634 16
*15
16
17
17
*14
*1412 17
100
434 Dec 1112 May
5 Jan 4 19 May 22
400 Gulf Mob Sr Nor tr ctfs
46
47
47
46
*45
47
45
4512 45
100 16 Jan 5 47 Oct 19
15 Dec 26
Do pref
Feb
47
1,200
11012 11112
*11012 112
111 111
11134 112
100 9712 Jan 3 11534Sept 15
8512 Mar 10012 Nov
11034 111
2,100 Illinois Central
12
33
12
12
14
38
38
38
5 Apr 8
118 Dec
578 Jan
14 Oct 10
4.700 Interbor o Cons Corp_ _No par
3
8
3
8
72
1
78
118
Ds
1
1
1
314 Dec 16
100
1234 Apr 8
1
Do pref
1
Jan
4,200
34 Oct 11
2112 2112 2114 2138
2112 2112 21
2118 21
1812 Feb 28s May
2118 2,200 Kansas City Southern._...100 2038 Oct 31 3014 Apr 25
*56
5612 *56
57
5534 5534 55,2 5512 55
100 5234 Jan 5 5912 Apr 26
5518
Do pref
4512 Jan 55 Nov
800
6
*4
*4
6
*4
8
Keokuk Sr Des Moines__ _100
934June 6
5 Jan 17
412 Nov
---_ 10
612 May
35
*32
*32
34
34
*31
*32
33
100 10 Feb 2 3978June 6
32
32
10 Mar
1412 Jan
100 Lake Erie & Western
*7113 73
7218 721s
7212 7212 *7212 74
100 2618 Feb 8 77 Sept 27
*7112 74
Do pref
1758 Aug 30 Dec
200
68
68
6714 6712
6714 68
6712 68
50
5658 Jan 3 72 Sept 9
6612 6711 3,700 Lehigh Valley
4718 June 6034 Dee
*137 13812 *137 13812
*137 13812 137 137 *135 137
Apr 118 July
97
200 Louisville & Nashville_ _ _ _100 108 Jan 9 14478 Oct 17
*51
54
54
*51
*5118 54
54
54
100 35 Jan 6 59 Aug 30
3018 5118
32 Dec 5813 Jan
400 Manhattan Ry guar
8
*6
612
*6
6,2 9
100
9,2 11
318 Jan 28 11 Mar 14
1018 11,500 Market Street Ry
234 Dec
9
7 May
34
34
*32
Stock
35
33
4012 41
4512 41
100 17 Jan 9 5014 Apr 11
12 Aug
4278 3,200
Do prcf
1817 May
68
6812 6612 68
68
7212 7212 76
100 3512 Jan 7 76 Nov 9
70
76
Do prior prof
27 Aug 4512 May
10,600
18
18
*1712 20 Exchange
2018 2514 28
2914 255s 2814 5,300
100
558 Jan 9 32 Apr 10
414 Aug
Do 2d pref
83s May
*7
8
8
8
*714 8
712 712
5 Jan 6 1413 Apr 29
7
7
518 Dec
1434 May
600 Minneap & St L (new)_ _ _ _100
*6813 72
68
6818 Closed;
*68
72
6334 6834 6718 68
63 Aug 7413 Nov
500 Minn St P & SS Marie_ _.100 55 June 29 7534 Oct 19
*1012 12
*10
12
12
*10
*10
12
38 Jan 16 14 May 23
*10
12
Missouri Kansas & Texas_ _100
1 Dec
318 Nov
1658 17
1638 1678 Election
1612 17
1678 17
1934 Aug 25
712 Jan 11
*1612 17
8 Dec
1,900 Mo Nan & Texas(new)
978 Dec
4334 437s 43
4358
44
44,4 44
44
*42
2412 Jan 27 4934 Aug 30
2234 Dec 2638 Dec
4334 1,200
Do pref (new)
Day
1912 1978 1834 1932
1858 19
1834 1914 1817 1834 4,100 Missouri Pacific trust ctfs_190 16 Jan 10 2514 Apr 18
16 Mar 2314 May.
54
5412 5558 5418 5434
5514 5212 5412 8,400
5478 52
100 44 Jan 10 63345ept 12
3312 Mar 4918 Nov
Do pref trust ctfs
312 358
338 338
*314 312 *33s 358
714May
28
27
_100
Jan
prof__
3
234 Dec
658 Feb.
3,4
314 1,000 Nat Rys of Mex 2d
81
81
8112 84
*80
81
8312 8534 82% 83
46 June 7713 Feb.
5,400 New On Tex Sr Mex v t c_ _ 100 5478 Jan 10 S534 Nov 9
98
991s
9834 99
9878 98
98
9878 97
100 7234 Jan 4 1007s Oct IS
6418 June 76 Dee •
9818 16,400 New York Central
8712 8712
*8512 88
88
88
*85
Jan
5
9112
8713 8712 8712
Oct
51
18
_100
16
39 June 6138 Sept
300 N Y Chicago & St Louis_ _
*88
92
92
*89
*88
92
*87
92
100 6134 Jan 5 93 Sept 15
54 June 6812 Sept
*87
92
Do 2d pref
2818 2914 2878 2938 281s 2878 23,100 N Y N II dr Hartford
2958 3013 2814 2938
1212 Jan 5 3514May 20
100
12 Nov 2313 Jan
2312 21
24
*2314 24
24,8 2312 24
9
2912 Apr 10
16 Mar 2314 Sept
23
2314 2,300 N Y Ontario & Western_.100 1934 Jan
16
*15
16
*12
1614 1612 *15
16
834 Jan 3 2212June 6
100
814 Sept
*12
1314 May,
16
200 Norfolk Southern
11914 120
12014 12014 1195s 120
11958 11958 118 11878 2,200 Norfolk Sr Western
100 9614 Jan 9 12518 Sept 9
8854 June 10478 Feb
85
*75
*75
80
95
*75
*75
80
100 72 Jan 9 82 Oct 6
62 June 7454 Dec •
*75
Do pref
80
8412 83
851s 8534 8453 851s
8418 85
6114 June 88 Jan
100 7334June 19 9035 Aug 24
8238 8438 7,000 Northern Pacific
48
4818 4778 4814 4758 48
48
4814
4814 48
50 3314 Jan 3 4934 03t. 26
3214 June 4134 Jan.
11,800 Pennsylvania
*1712 2012 *1712 20
*1712 2012 *1712 2012 *1712 20
1034 Jan 14 2638 Aug 23
100
8 Nov
12
Jan
Peotia & Eastern
353s 3512 3413 3512
3438 3412 3358 3412 3334 34
100 19 Jan 10 4058 Aug 21
1534 Mar 237a May.
5,600 Pere Marquette
79
*77
78
78
79
*77
*765s 78
100 63 Jan 17 82 Aug 21
50 Apr 6513 Dec
*7638 78
Do prior pref
100
*70
71
70
70
*68
70
70
Jan 6634 Dec
35
100 5018 Jan 6 7434 Aug 23
70
70
*68
Do pref
300
38
3812 38
3714 3778 3714 3712 37
5
38
ocgt 28
Oct 32
81738
,8 Au
3 4
3J
100 2
Jian 27
23
7118
Jan
37
2,500 Pittsburgh & West Va
*9212 94
*9212 91
*9212 94
*9212 94
100 76 Jan 13 94 Oct 10
70 Mar 80 Dec
*9214 94
Do pref
8212 83,8 8114 8258
8112 8318 8238 83
6034 June 8914 Jan.
50
8014 8234 35,500 Reading
5212 5212 *521g 53
52 *5112 52
52
50 43 Mar 27 57 May 31
3612 June 55 Feb
5112 5112
Do 1st pref
500
*5112 5412 *5112 53
*52
531s *51
5412
50 45 Jan 27 5912May 31
3818 Aug 5734 Jan.
51
5112
Do 2d pref
600
*35
40
_
40
*35
40
I
*35
*35
5314June
6
40
100
Feb
1712
-_
pref
*35
RR
Rutland
40
2712 2614 2612
26
27
2614 2618 27
1918 Mar 2534 Aug
2518 2512 2,500 St Louis-San Fran tr ctfs_ _100 2058 Jan 15 323s Aug 21
4913
*46
*46
4618
4618
4912
*4638 48
2778 June 3912 Nov'
*46
Do pref A trust ctfs__ _100 36 Feb 1 56 Aug 21
4712
100
36
3614 3512 357s
3412 3514 3458 351y 3314 3434 7,000 St Louis Southwestern__ _100 2038 Jan 3 3612 Oct 18
1912 June 3012 May
5812 57
5712
58
100 3238 Jan 10 5978 Nov 3
28 June 41
5712 5712 57
58
Jan.
5613 57
Do pref
5,500
612 612
21g Oct
6,4 614
258 Jan 4 10 Apr 15
100
*614 612
61s
638
714 May
618 618
1,000 Seaboard Air Line
*10
1012 10
10
10
10
3 Dec 1212 May
418 Jan 13 1434 Apr 15
1038 1038
100
934
Do pref
1,000
934
9258 9312 9212 93
9214 9278 9234 9318 9318 9334 9,200 Southern Pacific Co
6713 June 101
100 7818 Jan 10 9614 Oct 16
Jan
25
2514 2458 251s
2412 2518 2433 2478 2458 2478 7,400 Southern Railway
1738 June 2478 Jan
100 1714 Jan 10 285s Aug 21
66
66
6512 66
65
42 June 60
100 46 Jan 10 71 Oct 17
6538 65
6514 64
Jan.
65
Do pref
4,100
2678 267s 2612 27
Apr
21
36
*2612 27
100 24 June 16
1618 Jan 2734 Dec
2612 2612 2578 2612
800 Texas & Pacific
*19
1978 1978
20
*1914 1934 20
1212 Aug 2038 Mar
100 14 Jan 5 2533 Apr 25
20
*18
19
200 Third Avenue
*5834 60
*5812 60
*5834 60
3118 Dec 5513 Apr
*59
60
*5812 60
Twin City Rapid Transit_ _100 34 Jan 12 6212Sept 13
14614 14738 145 146
14514 14612 14578 14738 14414 146
100 125 Jan 10 154345ept 11 111 June 13178 Nov
8,400 Union Pacific
7778 7778 *7612 80
*72
7278 77
100 7114 Jan 7 80 Aug 30
6214 July 7413 Dee
7778 7778 7778
Do pref
600
*12
13
12
12
13
14
6 Aug
712 Jan 6 197a Apr 11
1412 15
1214 Mar
1334 14
3.206 United Railways Invest_ 100
26
26
26
26
2614
29
100 2014 Jan 9 3612 Apr 11
17 Aug 26 Mar
2934 3112 29
31
Do pref
3,800
30
Jan
1014 1058 1014 1014
1438May
6
26
10
100
10,4 10
63
8 Dec
1014
9 May'
1038
978
5,700 Wabash
3512
30
A
Au
25
u
30
:
29
2
21
2834 2938 2918 2913 2834 29
30
100 19 Jan
18 Mar 2412 May'
Do pref A
3,600
*19
*19
21
21
*19
*19
20
100 1 4 Jan 25 2478
23
1258 Mar
1578 Nov
20
1812 19
Do pref B
200
1458 15
1458 1458
1414 15
814 Jan 30 1714 Aug 30
1418 1478 1418 1434 5,800 Western Maryland (new)..100
838 Dec 1112 May
2658 2634 2412 253s
2512 26's 25
1414 Dec 21 May
100 13 Jan 17 27 Nov 3
2512 2412 2412 2,600
Do 2d pref
247
8
Apr
30
24
Jan
*16/2 1718 1618 1614
16
15
1412
Dec 307a May
16,4 16
16
100
Pacific
1618
Western
16
1,600
5113 Dec 7012 Jan
5934 60
100 5158 Feb 1 647/19ept 13
5934 60
5934 60
*595s 60
5958 5934 1,800
Do pref
7
1612June
Feb
2
614 Dec
Ws May
6
10
10
10
1118 1012 1012
11
1014
934 078 1,700 Wheeling & Lake Erie Ry_100
1912 May
914 Jan 4 2938Juno 7
1213 Dec
*1812 20
21
100
*19
2112
*20
*2017 21
•1812 20
Do pref
23
Oct 3712 May
100 25 Jan 10 3314 Mar 13
31
30
*31
32
30
*28
*28
30
30
3012 1,600 Wisconsin Central
80
79
*1412 16
*49
50
62
*61
1338 133s
3ti38
*118
138
7838 7938
*11314 11334
45
45
*94
98
32
32
63,2 6313
*75
77
*5314 54
3812 3812
78
78
3938 40
78
78
18
*15
49
49
*6112 62
1358 1418
12
*32
114
114
7778 78,2
11318 11314
4434 4434
*95
96
3218 323s
63
63
*76
77
*5314 54
3912 3912
*73
83
38
38
80
*78
18
*15
*4812 5°
62
62
*1338 1378
3s
3s
114
, 114
7614 79
11312 11312
4312 4412
95
94
3118 3212
6214 63
77
77
*5314 54
*3812 3912
80
*73
34
34
7712 78
*15
17
49
49
6113 6112
1378 1412
38
38
138
138
7234 7914
11378 114
44
44
*9412 96
32
3312
6212 65
77
77
54
54
*39
40
*73
80
30
*37
77
*15
*48
*61
1358
38
138
7114
11314
4112
*95
33
*64
*75
54
3758
*7312
36
Industrial & Miscellaneous
100 48 Jan 12 83 Oct 6
78
1,000 Adams Express
100 1078 Jan 19 23 Aug 18
Advance RumelY
1512
100 3158 Jan 12 6012 Aug 18
pref
50
Do
200
62
500 Air Reduction. Ine____No par 4512 Jan 3 6512 Oct 6
912July 28 1834 Apr 25
50
1334 2,400 Ajax Rubber, Inc
78May 10
14 Jan 13
10
38 2.000 Alaska Gold Mines
2 May 17
38 Jan 24
10
112 5,900 Alaska Juneau Gold Min
7378 31,900 Allied Chem & Dye_ _ _ _No par 5538 Jan 3 9134 Sept 5
100 101 Jan 3 115125ept 19
Do pref
600
11314
100 3734 Jan 4 5934Sept 7
4312 5,800 Allis-Chalmers Mfg
8612 Jan 6 104 Sept 21
100
f
pr
Do
96
200
3338 2,400 Amer Agricultural Chem_ _100 2934 Jan 3 4278June 1
100 56 Jan 16 7214 Sept 11
Do pref
6634 1,100
50 5812 Jan 7 8014 Oct 14
200 American Bank Note
77
50 52 Jan 12 55 Nov 1
200 Am Bank Note prof
54
100
3134 Jan 3 49 June 9
Sugar
Beet
American
200
3812
8012 Oct 17
100 61 Jan 11
Do pref
300
80
7, 40 4nr II
1,1n1
371g
• Bid and asked orke8; no sales en this day. I Ex-rignis. I Less Lhaa 100sa..es. a e.x-alvlden.i and rights. 8 Ex-dividend.
share for share to stock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% in stock (Aug. 22).
2612 Jan 5334 Dec
1012 Dec 1934 Jan.
3112 Dec 5218 Feb.
30 June 50 Dee
1514 Dec 3912 Jan
14 Dee
112 Feb
12 Oct
134 Feb
34 Aug 5914 Dec
83 June 10334 Dec
2814 Aug 3934 Dec
6711 ,t(„g 90 Dee
2612 Aug 6511 Jan
51 Aug 90
Jan
4612 Jan 5612 Dee
4311 Jan 5012 Dec
2412 Oct 51
Feb
5434 Dec 7478 Jan
90,o lig
am. M.7
b Ex-rights (June 15) to subscribe
New York Stock Record-Continued-Page 2
2141
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 4.
Monday, 1
Nov. 6.
Tuesday, 1Wednesday. Thursday, i Fridav.
Nov. 8.
Nov. 9. I Nov. 10.
Nov. 7.
$ per share 3 per share I$ per share
7512 7512 75
7512 7412 7412
*109 111 *110 III *110 111
7458
7234 7512 7312 7614 72
11112 11112
11178 112
111 III
18514 18514 185 188
18014 185
*123 12613 *123 12612 *124 126
7
7
7
7
*7
712
23
23
248 22
2112 22
*46
50
*4412 48
44
4412
618 61s
6
6
6
618
14934 150
14934 14934 14512 145%
*1234 13
*1212 13
1112 1178
7014 7012 70
7078 69
7038
110 11012 11014 11234 10812 10914
*88
90
90
88
90
88
3012 304 3112 3212 31
321
115 1134 118 1158 *1112 1134
3612 *3512 361, *35
36
36
*5634 59
5712 5712 5614 5614
126 129
12612 12934 12518 12734
121 121 *121 1211 12114 12114
.11614 11614 117 117
11512 116
75
758
78
78
758 758
2178 22
2134 2318 2158 2278
58
5912 57% 59
56
57
*103 10312 10318 10378 10318 10314
10034 10034 10112 10178 *10134 102
*138 142
14934 14934 *138 146
4413 45
4414 4478 4318 4413
10412 10112 *10512 1068 *10512 107
7512 7614 76
76
7412 758
*108 10812 *108 110
10712 10712
34
34
33
33
33
33
*60
6114 60
63
*60
60
12312 12438 124 12414 12378 12418
15318 15814 15718 15812 15218 15412
10612 10612 *107 10814 10714 107,4
154 156
156 15638 150 150
2918 2918 29
30
277 2812
89
89
90
8914 *89
*89
517 52
5113 5112 4912 51
9634 9834 978 991 1 96
98
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
Shares Indus. & Miscell. (Con.) Par $ Per share
per share
$ per share $ per share
600 Am Brake Shoe & F___No par
Jan 5638 Dec
42
51 Jan 4 8812 Sept 12
Do pref
100 9814 Jan 18 113 Oct 16
8834 Jan 100 Dec
57,900 American Can
100 3214 Jan 5 7614 Oct 20
2312 June 3513 Dec
Do pref
1,100
100 9314 Jan 3 112 Nov 0
763s June 97 Dec
2,700 American Car & Foundry_ 100 141 Jan 10 201 Oct 10 11514 June 15114 Dec
Do pref
200
100 11513 Jan 6 12618 Nov 6 108 May 11612 Dec
300 American Chicle
No par
Jan
612 Nov 1
612 Nov
29
14 May 5
3,400 American Cotton Oil
100 1914 Jan 10 3012May 31
1578 June 21% Nov
Do pref
200
100 41 Jan 11 61 May 31
Apr
3512 July 67
3,000 Amer Druggists Syndicate_ _10
412 Jan 13
8% Jan
4 June
7 Sept 13
700 American Express
100 126 June 23 162 Oct 13 114 July 137 Dec
400 American Hide & Leather.100 10% Oct 31
173 Apr 13
16 Dec
8 Apr
Do pref
1,400
100 58 Jan 3 7434 Sept 13
4012 Feb 62% Dec
2.600 American Ice
100 78 Jan 12 122 Sept 8
42
Jan 8313 Dec
Do pref
100
100 72 Jan 13 9514 Aug 4
Jan
7314 Nov
57
4,500 Amer International Corp_ _100 3012Nov 8 5058June 2
2114 Aug 53% May
1,900 American La France F E__10
918 Jan 16 14 July 26
1138 Apr
77s Aug
1,700, American Linseed
100 2938 Jan 10 4213 Oct 14
1714 Aug 6213 Jan
Do pref
4001
100 5213 Aug 14 6313 Oct 14
3978 Aug 93
Jan
16,200 American Locomotive __IN 102 Jan 5 13634 Oct 14
7313 June 110 Dee
Do pref
300
100 112 Jan 12 12112 Oct 27
9814 June 115 Dec
1,200 American Radiator
25 82 Jan 30 129 Oct 11
6638 Jan 91 Nov
1,700 American Safety Razor
25
334 Jan 31
8% Oct 23
313 Aug
Jan
10
10.800 Am Ship & Comm
No par
Jan
414 Aug
14
511 Jan 3 2414May 31
10,700 Amer Smelting & Refining_10
4353 Jan 6 6712May 19
2958 Aug 4714 Dec
Do pref
1,200
100 8618 Jan 4 10413 Oct 23
6314 Aug 90 Dec
897 Am Smelt Scour pref *or A..100 87 Feb 8 1018 Nov 9
63
Jan 88 Dee
200 American Snuff
100 10913 Jan 3 15812Sept 6
95
Jan 11434 Dec
7,200 Am Steel Fdry tern ctfs_33 1-3 3034 Jan 26 46% Sept 11
18 Aug 35 Dee
Do pref tom ctfs
100
100 91 Feb 8 10814 Oct 16
78 Aug 9514 Dee
3,300 American Sugar Refining_ _100 5418 Jan 4 8578 Aug 21
4758 Oct 96
Jan
Do pref
100
100 84 Jan 3 112 Aug 18
6711 Oct 10714 Jan
400 Amer Sumatra Tobacco_..109 2314 Feb 14 47 May 29
2812 Dec 88 Mar
pref
Do
100
100 5213 Jan 27 71 Jan 16
6434 Nov 9134 Feb
9,300 Amer Telephone & Toles_ _100 11412 Jan 4 12814 Aug 31
9534 Jan 11912 Nov
80 American Tobacco
100 12918 Jan 5 16912Sept 1 11112 June 13634 Dec
Do pref fnew)
200
100 9612 Jan 3 108% Oct 23
86 Aug 9913 Dee
Do coral:non Class B__ _100 126 Jan 3 16534Sept 5 110
3,500
Jan 13112 Dec
3,000 Am Wat Wks & El v t c
100
6 Jan 7 3314 Nov 3
4 Sept
612 Oct
100
Do 1st pref (7%) v t c_100 67 Jan 4 938 Sept 13
48 Sept 6653 Dee
Do partly p1(6%) v t c 100 1714 Jan 4 5514 Oct 5
600
81, Sept 20 Dee
9,300 Amer Woolen
100 7814 Jan 10 105 Sept 13
57 Feb 8312 Dec
Do pref
*10918 111 *10914 111 *10914 10938
100 99,4 Oct 19 11034 Oct 27
93 Feb 10113 Dee
Amer Writing Paper prof._100 2212 Jan 13 3718 Apr 15
*30
32
*2814 31
*2814 31
2012 Aug 3912 Jan
*17
1812 *1712 173 17
1734 1,100 Amer Zinc, Lead & Smelt _25
1218 Jan 3 2038June 1
634 Sept
1433 Dee
Do prof
500
*5312 55
25 36 Jan 18 57 Sept 20
5312 5478 52% 53
2278 Aug
4078 Dec
5038 5233 51
5234 4934 5138 57.300 Anaconda Copper Mining. 50 46 Nov 1
57 May 31
3134 Aug 5038 Dec
Associated
Dry
7,300
Goods_
8
653
6612 67
_100 43 Jan 5 6814 Nov 4
66
6712 65
24
Jan 5012 Dec
*7913 84
Do 1st pref
*81
84
*81
10
84
75 Jan 6 86 Oct 5
5534 Jan
763s Dec
Do 2d pref
21
90
*87
100 76 Jan 17 9112 Oct 6
90
8773 8773 *88
45
Jan
78 Dec
Associated
Oil
700
*118 119
117 119 *116 117
100 99 Jan 31 13512May 3
Mar
91
Sept
10713
24 1,100 Atlantic Fruit
218
218
No par
218
158 Oct 16
218
218
512 Apr 17
Jan
9
134 Oct
3,700 Atl Gulf Az W I S S Line_ _ _100 21 Oct 26 4314May 29
24
24
24
2514 2412 25
Jan
18 June 76
Do pre(
1,000
*19
21
100 17125ept 28 3114May 29
1918 2034 2013 20%
1534 June 4412 Jan
30 Atlantic Refining
1399 1399
100 900 Mar 7 1575 Oct 10 a820 June al125 Mal
1400 1405 *1375 1425
Do pref
100
118 118 *11734 119 *11734 11834
100 113 Jan 9 119 Nov 3 10333 July 11312 Nov
Atlas Tack
No par
*16% 18
*1653 19
*1658 18
1313 Feb 28 2212May 4
Apr
1238 Dec 20
3214 3034 3112 3,000 Austin Nichols & Co_ No par
3214 32
31
818 June
1314 Jan
914 Jan 5 3934 Sept 21
200
Do prof
87
*86
86
*86
86
100 68 Jan 9 91 Sept 12
87
5058 Aug 70
Jan
Auto Sales Corp
414
*3
414 *3
50
414 *3
3 Sept 12
7 Mar 17
213 Sept
514 Dec
Do pref
*1212 1514 *14
50 1012July 27 1512 Mar 16
15,4 *1213 1514
Jan
Apr 15
10
Baldwin
Locomotive Wks_100 9312 Jan 13 1451s Sept 13
13018 13234 13158 13414 12812 13214 59,300
6214 June 10058 Dec
Do pref
100
*116 117 *110 117 *110 127
100 101 Jan 13 118 Oct 19
95 June z105 Dec
Barnet
Leather
400
54
52
par
60
*54
No
60
*54
40 Jan 19 6733Sept 11
41 Aug
Jan
29
Do prof
*95 - - ____ *95 *96
100 89 Apr 12 9712Sept 13
Jan
86 Dee
70
4,000 Barnsdall Corp, Class A _ _ _ _25 1958 Jan 16 5614 Apr 28
*3113 3178 3218 3314 3058 32
20 Dec 27 May
Do Class B
800
*2158 22
25 19114
2134 2134 2158 23%
Jan
2j
Ja
ann4
19 39A
144 June 35
pr 27
138 m a
3
34
100 Batopilas Mining
*12
*12
34
34
*,2
58
%
*12
20
12 Aug
Jan
34
1
57
57
200 Bayuk Bros
58
*53
58
No par 33 Apr 28 65 Sept 22
578 577g *52
58
*53
27 June 29 June
.69
900 Bethlehem Steel Corp
71
*68
71
100 51 Jan 10 79 May 12
7112 6818 6818
ay
7112 71
*70
3912 June 6213 May
Do Class B common_ _ _100 551
7018 71
6914 70,4
6878 7214 71
7278 6914 7114 43,400
4113 June 65 May
5512 Jan 3 8214May 12
Do prof
9712 9713 9713 98
100 9078 Mar 7 105 Aug 31
9714 9738 9714 97% 9678 9714 3,400
87 June 9314 Jan
Do cum cony 8% pref_100 104
*111 112
700
112 112
11212 11212 11212 11212 *111 113
134 ja
Jan 10
4 1165sJune 14
90 June 112 Sept
300 Booth Fisheries
7
712 Dec
7
7
7
No par
634 654 *613 71 1
714
3 Aug
*634
1012 Aug 30
*10
600 British Empire Steel
12
1012
1112 1112
10
9 Dec
1034 *1013 11
*10
100
814 Dec
1412 Sept 14
813 Jan
Do
1st
pref
.
70
75
*67
72
*67
7312
72
100 58 Mar 2 7634 Apr 15
*67
73
*67
55 Dec 5858 Dec
Do 2d pref
31
31
3014 1,800
*3012 3118
100 1918 Mar 17 39 Sept 14
31
3118 3014 301, 30
22 Dec 2338 Dec
3,300 Brooklyn Edison, Inc
*119 12012 119 11934
12218 12212 121 121
120 123
Dec
100 100 Jan 3 12458 Aug 30
Jan 101
88
12334 124
12012 12012 1,100 Brooklyn Union Gas
121 12112
123 12312 121 124
100 70 Jan 31 124 Nov 3
Jan 7612 Nov
51
6012 6012 59,8 6014
6212 4,200 Brown Shoe Inc
6234 6234 627 *61
100 42 Jan 16 64% Sept 11
61
33 Feb
46.58 Nov
Brunswick Term dERy See 100
*134 234 *134 3
*134 2
538June 6
213 Aug
514 Jan
2 Oct 31
*134 3
*154 3
4,100 Burns Bros
132 132
130 132
8114 Jan 12213 Dec
13012 13012 131 13234 12812 130
100 11312 Jan 10 13912June 5
Do new Class B corn
48
4813 48
4813 48
3118 Dec 3334 Dec
4834
48
2838 Jan 19 5114 Aug 18
4834 4512 4734 13,200
Bush
Term
1,700
99
Bldgs,
9878 99
99
pref__..100 8714 Jan 3 101 12 Nov 6 28734 Dec 90 Nov
99 10112
*99711 100
*998 100
514 Mar 1
738 78
818 85s 37,300 Butte Copper & Zinc v t c_ _ _5
8
87
814
614 Dee
814
314 Aug
87s Nov 9
834 878
500 Butterick
1934 1934 2012 2012
19
1913 1913 19
1412 Jan 3334 Dec
*1912 20
100 18 July 27 34 Feb 3
Butte
&
33
Superior Mining_..10 2058 Jan 4 3514 Oct 5
6,800
3312 3238 3318
1014 June 22 Dec
3253 338 3238 3358 3134 33
*914 938 2,400 Caddo Central 011&Ref No par
95
878 98 *9
912
734 Aug
812 Oct 27 1518 Apr 15
*938 912
1933 Apr
9
833 84
No par 68 Jan 11 8612Sept 12
8312 8312
8412 8312 8,313 1,700 California Packing
8312 81
84
5358 July 74 Nov
53
California
5,700
5434 52
I'etroleum
53%
5278
100 4318 Jan 10 717sJune 2
55% 5214
53
Jan 5058 Dec
5214 53
25
92
Do prof
300
92
92
*91
*9214 9212
92
100 83 Jan 3 9812 Apr 17
*90
92
91
6812 Jan 88 Dec
Ss, 812 8,700 Callahan Zinc-Lead
838
838
818
10
838 858
514 Feb 14 1138May 27
81
838
818
712 Jan
334 Aug
Calumet
*5334 56
100
Arizona
55
*54
*54
Mining_ _ _10 5213 Nov 2 6612June 1
55
56
*54
56
56
4112 Jan 60 Dec
71,
Carson Hill Gold
10
1
10 Aug 29 1638 Mar 29
712
Dec 151$ Nov
72
11
7,2
-- *4
300 Case (.1 1) Plow
434 -*4No par
434
314
312
*4
3 Mar 8
43
*4
434
912June 6
3 Nov
1014 Apr
•78
90
100 Case (J I) Thresh M,pf ctf 100 68 Feb 21 9314 Aug 23
88
*78
8712 8712
90
*80
*80
90
83 Dec 8533 Feb
39
39% 3814 3812
100 2958 Jan 10 44% Sept 13
3914 3518 37% 8,900 Central Leather
38
3834 391
2218 Aug 1314 Jan
77
Do
pref
77
2,800
7658 7658
76
7312
100 6333 Jan 6 8234 Sept 14
Jan
7678 77% 77
77
5718 Aug 96
38
3914 39
3912 12,500 Cerro de Pasco Copper_No par 3234 Jan 4 4
40
39
53
1::j
3914 40
3914 40
Mar
2
Se
u,
p 7
.
41
42
*41
100 Certain-Teed Prod_ _ _ _No par 34 Feb 14
4212
41
41
42
*41
43
*41
n
4'8 D
Jam
3
2 Au
46
Aug 3
6112 62
Chandler
Motor
7,900
Car..
61
.No
61%
6138
par 4734 Jan 5 7914 Apr 6
6278 6012
61
6258 62
3814 Oct86 Apr
828 8414 8213 8334
8013 8112 11,400 Chicago Pneumatic Tool_ _100 60 Jan 14 8912Sept 8
47 Aug 7014 Jan
7912 83% 8112 83
28
2758 273 2812
25 1518 Jan 5 2318 Nov 8
9 Mar 16% Dec
2734 29% 2814 29,4 2712 2838 200,400 Chile Copper
2512 2612 2613 27
5 2312 Nov 1 3338.1une 1
2614 26% 2614 2634 2512 2658 6,400 Chino Copper
1912 Mar 2912 Dec
66
66
400 Cluett, Peabody & Co___ _100 43 Jan 11 6814 Aug 31
*65
6312 6312
66
64
64
66
3614 June 62% Jan
*64
7913 8034 78% 7934
No par 41 Jan 5 8234 Oct 14
19 Feb
7812 79,4 7834 8012 7718 79% 12,800 Coca Cola
4312 Dec
*2914 32
3012 3034
100 24 Jan 10 367sMay 19
22 July 3234 May
30
301s 2934 3012 2912 2912 1,600 Colorado Fuel & Iron
10714 10812 10714 10712
10878 11014 21,800 Columbia Gas & Electric_ _100 6434 Jan 4 114% Sept 14
52 June 6734 Deo
10734 10958 10938 112
Columbia
7,400
Graphophone
3
3
338
312
No par
314 38
114 Jan 26
313 313
534June 5
253 Aug
1234 Jan
3% 3%
Do pref
1034 1114 1112 13
100
5 Feb 9 2034June 2
12% 12% 1212 1234 1212 1234 2,100
812 Dec 6214 Feb
6912 693 6912 6913
7134 6914 6958 2,600 Computing-Tab-RocordNo par 5514 Jan 3 7934 Apr 261 2854 June 5873 Dec
6813 68% 69
5,600 Consolidsded Cigar__ .No par
383
37
3812 39
3712 3712
3858 40
1858 Feb 10 4234 Oct 5
1312 Dec 5914 Jan
3658 39
nsooi D
200 coD
prie
stf
8518 8714 3,4
85
*8113 8314 *8112 8314
100 47 Feb 27 8714 Nov 10
53 Dec 80 Feb
83
8314 84 .
*14
38
14
14
ributors,Inc
169105
NovMar
par
No
14
Mar
Feb
17
214
*14
%
34 47,800 Consolidated Gas (N Y) 100 8512 Jan 30
"4 137%
12 135
13713 139
136 13734
4 14038
138 14112 137%8
32,300 Consolidated Textile__ _No par
11
1134 12
1118 11
9 July 25 14
Jan
71273:483 SeptJanA
Augg 21
4 SA
ept
r 15
155538
9
1178 1218
1112
1158 12
9817 8,900 Continental Can, Inc
9512 96% 95
9818 96
100 4534 Jan 4 9912 Oct 24
Jan
9814 97
95
3453 Aug 66
95
50 Continental Insurance
*90
25 66 Jan 20 9334 Aug 22
93
9213 9213 *91
93
*90
5858 Aug 73 Dec
93
93
*90
12914 13034 12814 13014
128 13034 34,100 Corn Products Refining_ __100 9114 Jan 4 1344 Oct 21
59 June 9914 Dec
12858 13058 13018 132
Do prof
100
•122 124
100 111 Jan 10 12212 Nov 6
96 June 112 Dec
12212 12212
*122 124 *122 123 *122 123
4918 498 4812 4918
No par 3138 Jan 10 5314June 7
2212 Aug 4334 Apr
48% 4918 4858 5018 4834 5038 73,700 Cosden & Co
7714 78
7534 7658
49 Aug 1071y Jan
7734 8034 7514 7812 33,600 Crucible Steel of America.100 5234 Feb 27 9838 Sept 5
75% 80
Do pref
200
*94
9512 *9412 9512
100 80 Jan 17 100 Sept 6
77 June 91
9413 9412 9112 9413 *941, 95
Jan
1,300 Cuba Cane Sugar
55 Oct 26 Feb
1314 1338 *1212 1314
1234 127
No par
815 Jan 11
1934 Mar 15
1278 1278
13
13
Do pref
1,900
37
36%
37
100 1514 Jan 3 4178July 27
6812 Dec
3612 3638
37,8 36
3618 3638 37
1318 Feb
223 2233 2211 2212
Cuban-American
3,600
22
2113
Sugar____10
2212
1412 Jan 3 28 Aug 4
107,3 Oct 3334 Feb
2212 2258 2112
*96
Do prof
98
200
98
100 781s Jan 17 99 Oct 6
*96
98
68
*9612 9712 9712 9712 98
Oct 95 Feb
3234 3234 3238 3312
3113 3214 2,100 Davison Chemical v t e_No par 2913 Oct 25 6558 Apr 6
3238 32% 3114 33
23 Mar 595 Nov
*2314 2313 2218 2238
1,600 De Beers Cons Mines__No par
1512 Jan 3 2838May 2
2118 2118 2114 2138 2114 2114
1358 June 21
Jan
11112 11112 111 11114
300 Detroit Edison
100 10038 Jan 11 11813 Aug 30
*1107 11212 *111 11234 *11012 11234
931k Nov 100
Oct
4118 46
4212 32,300 Dome Mines, Ltd
42
4312 4612
4212 437
10 1812 Jan 4 4612 Nov 6
3934 43
1015 Jan 2134 Apr
85
85
8612 11,800 Eastman Kodak Co_ _ _.No par 70 July 3 8814 Aug 28
85
8818 86
86
8514 8712 86
_
157 159
155 16534
162 16478 16412 16934 17,900 E I du Pont de Nem & Co_ _ 100 115 May 27 1677 Oct 10
161 165
*85
8634 8413 86
8718
86% *8578 8633 *86
300
*85
6% euniul Preferred _ _ _ _100 80 June 12, 9012Sept 8
_
* Bid and asked prices; no sales on this day. d EX-dividend alai rights. e Assessment paid. z Ex-rights. s Ex-dividend.
v Par value $10 per share
$ per share S per share 1 $ per share
*7413 7612
75
75
*107 111 *109 111
7418 7458 7212 7334
110% 11012 11012 11034
186 18634
186 186
*126 12634 126 12618
712
*712 812 *7
24% 2438 2113
24
*47
50
*47
51314
57
6
6
6
148 148
152 152
*1214 1234 1234 1234
7018 7018
71
*70
10814 11112 10814 109
90
*88
90
*88
313 318 3078 3118
113 1158 1118 1158
3534 3638 357s 3578
5712 5712 5712 5712
125 12834
127 129
*119 121
121 121
117 11714
11512 117
75
*734 8
734
223 2212 2112 2214
5712 5914 5812 598
103 103
1023s 1038
100% 1003 10012 10012
*138 141
13912 13912
447 455
448 4518
*10412 10512 *10412 10518
7534 7612 7612 7612
*10712 110 *10712 110
3312 3312 *33
3412
63
*60
6112
*60
12419 125
12418 12458
15534 156
15334 155%
*10658 108 *10612 108
15278 154
15178 153
2914 3034 2912 297g
89
*8414 90
*85
5112 .5134 *5113 .5213
978 9814
978 99
*109 111 *109 111
3214 *2812 32
*31
1738 1734 *1712 1812
*5212 5412
*5312 55
4978 51
50
5034
68
6734 6814 67
84
*81
83
*81
90
*86
90
*88
118 118 *11734 120
2
2
2
2
2313 2412 2278 23
*18
21
*19
20
1399 1399 1375 1375
*117 11812 *118 119
*1658 19
*1658 191
Stock
3214 3214 32
32
*8614 87
8614 8614 Exchange
*312 112 *312 414
*1312 1512 *1212 1513 Closed;
13158 13234 130 13112
*11612 117
117 117
Election
*54
60
*55
60
*96
*96
Day
3134 3314 *31
32
*215.8 22
2112 2112
New York Stock Record-Continued-Page 3
2142
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Nov. 4.
Monday,
Nov. 6.
Tuesday.
Nov. 7.
Wednesday.' Thursday,
Nov. 8.
Nov. 9.
Friday.
Nov. 10.
Sales
for
the
Week.
STOCKS
• NEW YORK STOCK
EXCHANGE
PER SHARE
• Range since Jan. 1 1922.
On basis of 100-share lots
Lowest
Highest
$ per share $ Per share $ Per share $ per shwa $ per share $ per share Shares Indus.& Miscall.(Con.) Par $ per share $ per share
55% 5614 5538 5512
56
5653 56
5612 537 5512 6,300 Electric Storage BatteryNo par 4013June 17 584 Oct 21
*1712 1878 *1712 18%
50 1414 Jan 25 2314June 14
*1712 1878 *1712 1812 18
200 Elk Horn Coal Corp
18
*514 6
Emerson-Brantingham _ _100
258 Jan 4 1118June 5
*554 6
*514 6
*514 6
*514 6
8634 87
50 7614 Jan 10 9038 Nov 8
8512 8634
86
90% 8818 9038 8612 89
30,800 Endicott-Johnson
118 118 *118 124
100 104 Jan 5 11812Nov 8
118 11812 *118 124 *118 119
Do pref
400
94
95
9313 96
96
9434 96
9653 9212 9434 8,600 Famous Players-Lasky_No par 754 Jan 10 107 Sept 5
*9812 100
*97 100
100 9113 Jan 28 107% Sept 5
*95
9913 *9614 9912 *9812 99
Do preferred (8%)
100
*12
13
*11
13
9 Jan 3 1612May 17
*11
Federal Mining & Smelting 100
13
*11
13
*11
1278
5912 5213 5612 5612
100 374 Mar 14 6234 Sept 20
*57
58
58
Do pref
58
*57
400
58
149 15134 149 149
No par 75 Jan 5 153 Nov 8
151 153
150 15112 ,145 149
3,000 Fisher Body Corp
*112 116
94
94
934 94* *94
/
4June 14
95
944 9418
500 Fisher Body Ohio, pref_ _ _ _ 100 7612 Jan 5 1031
12% 1238 1218 1212
25 1153 Jan 10 1913 Apr 25
1253 1212 124 1234 1218 1258 3,700 Fisk Rubber
2212 2278 2214 2212
No par 1214 Jan 24 2714 Oct 14
2214 2278 2214 22341 2134 2218 5,500 Freeport Texas Co
7412 76% 74% 7512
No par 4514 Jan 14 80 Oct 23
7412 7714 75
7734 7258 75
12,400 Gen Am Tank Car
5818 5812 5614 58
100 4514 Nov 9 7334July 20
517 5714 4514 5214 4614 4853 165,100 General Asphalt
90
90
8712 8834
100 77 Nov 9 111 July 20
81
Do prat
86
77
84
78
807s 13,500
*7812 79
7812 7934
100 65 Mar 3 8212Sept 5
80
81
81
81
7912 8018 1,900 General Cigar, Inc
*103 106
109 109
100 94 Jan 4 109 Oct 25
*103 100
Debenture pref
104 104 *103 105
300
17912 180
17712 178
100 136 Jan 9 189 Oct 18
17712 179
180 18113 17714 18012 1,800 General Electric
1414 1412 14
1434
814 Jan 5 1514 July 15
1418 1458 14
1453 1418 1434 143,800 General Motors Corp__No par
*8312 84
84
84
100 69 Jan 24 88 Sept 2
8312 8312 8412 8112 *84
Do prat
85
300
*8212 8334 8314 8314
*8212 8314 *8212 83 1 *8212 83 .
Do Deb stock (6%)_100 6734 Mar 6 86 Sept 1
100
96
96
9613 9612
9714 9712' 9714 9714
97
97
Do Dob stolk (7%)_100 7914 Mar 8 100 Sept 1
900
*1112 12
*1112 12
1112 1112 1112 12 1 1112 117
No par 101
/
4 Oct 31 1814June 2
550 Glidden Co
33
3414 3212 33
347
33
3312 34
32
2,100 Goodrich Co (B F)_ _ _ _No par 3012 Nov 1 4478May 31
33
8212 8212 *8212 8114
*8212 85
100 824 011 10 91 Apr 22
8312 8312 81
Do pref
81
1,300
26
27
2578 2612
2613 2634 *2534 27 1 2534 2814 1,500 Granby Con3M,Sm & Pow100 23 Nov 1 35 May 24
11
11
*1012 11
*11
No par
912 Oct 31 1978May 31
12
*1014 11
*1014 11
100 Gray & Davis Inc
25
25
*26
28
*26
23
*25
29
25
25
400 Greene Cananea Copper_100 22 Nov 1 3158May 29
*1012 11
*10
1012
1012 1012 *1014 11
7 Feb 16 1458 Mar 15
104 1018
300 Guantanamo Sugar__ _No par
893 8934 88
8918
8758 9153 8814 907s 8514 8912 12,900 Gulf States Steel tr cifs___100 4473 Jan 9 9478 Oct 9
17
2
212
17
*178 24 *2
378 Mar 16
84 Jan 20
24
2
213 1,600 Harbishaw Elea Cab_No par
22
*20
22
*20
*20
21
20
2018 1912 1913
400 Hendee Manufacturing_ _ _100 15 Jan 12 2834 Sept 16
72
72
73
73
73
7312 75
100 55 Jan 14 79 Nov 10
75
78/
1
4 79
1,000 Homestake Mining
*8014 8112
8014 82
7853 8053 7853 82
100 70 Jan 9 9014 Oct 6
7414 7834 20,100 Houston Oil of Texas
2118 2118 *204 2118
2118 2134 2134 2178 *2112 21341 2.600 Hupp Motor Car Corp_._ 10 1078 Jan 6 23% Sept 12
434 434
434 5
434 434
312 Feb 9 14 June 2
No par
412 47
*412 4781 2,900 Hydraulic Steel
*20
21
20
20
20
20
1934 20
5
314 Jan 27
558May 26
19
1953 2,200 Indiahoma Refining
*7
834
612 612
*7
834 *634 7
7
10
7
5 Jan 20 1158June 7
200 Indian Refining
3618 38
37
3618 37
35
36
3714 3553 3E118 6,200 Inspiration Cons Copper._ 20 3234 Cot 31 45 June 1
*612 10
*64 10
*612 10
*613 10 1 *612 10 1
618 Nov 1 1134May 4
internat Agricul corp.._ _100
*3118 32
*3113 32
*3118 32
36 1
3312 3312' *32
100 31 (212t 31 43 Mar 15
Do pref
400
*3234 3334 3214 3214
3212 33
3278 33
32
3212 1,600 International Cement_ _No par 26 Jan 23 3834May 8
2534 26
25% 25%
2518 2412 25
2553 2558 25
No par 2134July 22 3013Sept 20
1,700 Inter Combus Eng
10414 10814 10534 10534
10512 10534 10612 107 *10634 10713 1,616 Internal Harvester (new) 100 7958 Jan 3 1151 Aug 14
*117 11812 *117 11812
*117 11834 *117 11814 *11514 118
100 10513 Feb 14 119 Sspt 18
1218 1234 1238 1238
*1212 1234 1234 1353 1318 1313 1,400 list MercantileerPcraenftgeltrine
100 11 OA 30 2712May 3
5134 5314 5112 5234
5178 53%1 5134 5134 5214 51% 21,100
100 4918 0A3) 8738May 3
Do
Pre
1518 1518 1518 1512
15
1512' 1478 5
9,609 international Nickel (The) 25 1114 Jan 9 5412Sept 12
19
5
44 7
15
10
518 *7
*75
80
*74
*75
80
80 80100
60 Jan 4 85 Jan 20
InternationalPreferred
5812 5758 5753
58
Paper
100 4312 Mar 8 63% Oct 10
5613 57% 5734 59
5653 5658 2,
*7512 7612 76
76
*7512 764 76
100 59 Mar 9 80138ept 11
76
75
75
Do stamped pref
300
1514 15% 15
15%
1518 1538 1514 1512 1514
124 July 24 2014 Apr 17
CorpCorp
clbie I c
)
0 IrnovninProductsOl
10,60
4412 4412 4312 434
43
43
43
43
_ _ _ _No par 24 Jan 19 5318 Oct 18
4312 4135'84
12
12
12
12
12 03126
12
12
12
22
12
3 Jan 25
7,400 Island Oil & Transp v t o_ 10
5
8
1913 19% 1934 191
/
4
2014 21
20
20
100 10 Jan 4 2212May 2
*1912 29
1,300 Jewel Tea, Inc
63
*62
65
63
Stock
*63
67
6412 65
100
Jan 4 7313May 28
3812
prof
*62
Do
65
400
50
5014 50% 51
5034 5034 50
507
100 314 Feb 11 5778 Sept 21
4913 4912 2,800 Jones Bros Tea, Inc
258 253
212 2% Exchange
212 258
253 253
10
2 Oct 9
712 Jan 3
212 258 4,700 Kansas dr G rlf
46
4614 4614 46
451
/
4 468 4513 4614 4134 4518 2,690 Kayser (J) Co, (new) __No par 34 May 1 48% Aug 3
*101 103 *102 103
Closed; *102 103
103 103
preferred (nue)__No pa' 94 May 1 10612June 9
10212 103
1st
300
41
4112 42
43
4134 4212 4278 4414 4153
25 3414 Jan 4 53/
1
4May 5
4312 22,509 Kelly-Springfield Tire
101 101
100 100
Election
10012 1004 101 .101
*99 10114
Temporary 8% prat_ _ _100 9012 Jan 4 10734May 9
503
*8012 90
*81
87
*81
87
*81
87
7113 Jan 3 86 June 5
*8012 93
6% preferred
101 101
100 100
Day
101 103
101 101 *10012 101
100 61 Feb 9 111 Apr 6
600 Kelsey Wheel. Inc.
347 3553 34
3334 3534 345 3518
35
No Par 2513 Jan 4 39%May 31
33
3312 35,900 Kennecott Copper
65
634
612 67
653 7
612 Oct 24 2438May 4
612 634
612 634 13,900 Keystone Tire & Rubber__ 10
174 17412 177 184
1824 187
18414 185
100 110 Jan 10 189 Oct 4
188 18912 5,000 Kresge (S 5) Co
817
8114 8114
*81
8112 82
8134 82
100 4412 Jan 4 85 Oct 16
8114 8114 3,900 Lackawanna Steel
8934 8934 8834 89
8878 8878 8812 8834 *88
Laclede Gas (St Louis)_ _100 43 Jan 13 9413 Aug 28
8818
2553 2553 2614 2612 2612 2613 1,000
*2514 2534 *2514 2534
509 Lee Rubber dr Tire__ __No par 2434Sept 7 3518 Mar 16
*200 215 *200 212 *200 214
*205 210 *200 215
1
4 Feb 18 230 Oct 20
Liggett & Myers Tobacco_100 153/
*123 124
12312 12312
*122 124 *122 124 *122 124
100 108 Jan 10 12312 Nov 6
100
Do prof
60
595 6014
6058 59
60
60
Aug 3 6538Sept 1
5334
6078 58
LocoWkstempctfsNo
Par
Lima
60
5,400
*121
*121
_ *121
____ *120 ____
100 93 Jan 30 1254 Aug 30
Preferred
1938 1934 1918 -fa-t
1953 19% 1934 2012 -1534 -iSt; -1114 Jan 26 2312Sept 19
Loew's Incorporated _ _No par
6
,
56
13
1378 13
1318
134 13/
1
4 13
1333 1234 1353 5,500 Loft Incorporated
9 Jan 9 1414May 3
No par
*163 166
165 165 *163 168 *163 166
16434 16434
/
4 Jan 6 180 Sept 8
100 1471
200 Lorillard(P)
*110 12012 *110 12012
*110 120
118 118 *110 121
100 109 Jan 13 121 02t 28
Preferred
104 10414 106 109
10634 10712 *10513 10712 *10412 10712
100 72 Jan 5 109 Nov 6
Companies
Mackay
700
*6812 70
69
69
6978 70
*69
6934 *6814 70
100 57 Jan 13 70 Nov 6
Do pref
300
5512 5812 5812 5812 5512 5612
5518 5514 54
5514
No par 2512 Jan 13 6178Sept 11
14,100 Mack Trucks, Inc
9212 9318 92/
91
91
91
9214
1
4 9234 9314 9314 1,009
1st pref
100 6813 Feb 27 948s Sept 11
Do
*82
85
*82
83
83
8113 8418 8418 *82
100 54 Jan 6 8734 Sept 19
84
300
Do 2d pref
1
4 3214
3314 3212 33
32
328 3318 31/
3014 3238
par 1513 Jan 16 40 Aug 28
_
8,800 MallInson(H R)& Co_No
•
*42
43
42
4334
*42
44
4312 44
4313 4312 1,100 Manati Sugar
3014 Jan 3 52 Mar 13
100
79
82 *79
*79
81
81
81
81
*79
7314 Apr 3 8414Sept 13
100
82
100
Preferred
•5478 55
*55
57
56
56
*55
56
*55
1
4 Apr 24
56
100 Manhattan Elec Supply No par 41 Mar 13 69/
5734 5838 5773 583
58
5812 58
58/
1
4 5613 5754 7,600 Manhattan Shirt
1
4 Oct 25
25 32 Mar 6 58/
338 3412 3314 ay,
33% 3334 3113 33% 31/
46%June
19
1
4
Jan
6
22%
par
3234
No
13,900
Marland
011
*14
1512 *13
16
*14
1512 *1312 15
542 Mar 4 26/
13
1
4 Mar 27
13
No par
200 Marlin-Rockwell
*2834 2912 *28
2812
*28
284 *28
2834 28
4June 3
4
Jan
361
2014
28
No
par
Corp_
500
Martin-Parry
5234 54
53
5312
5112 53
5214 53
50
5113 3,900 Mathieson Alkali Works__ 50 22 Jan 11 54 Nov 4
4878 49
4912 4912
49
49
*48
49
4834 4834
100 4713 Oct 26 7434MaY 17
600 Maxwell Mot Class A
1434 1434 1412 15
14% 1512 15
1535 '
1
.
-31
147
2,500 Maxwell Mot Class B_ _No par 11 Feb 15 2578June 8
158 16313 163 16712
16114 165% 16414 16814 163 166
29,800 May Department Stores_100 101 Jan 3 155 Nov 3
177g 18
1812 193s
1818 1834 1818 1838 18
10% Jan 10 2158 Mar 23
1818 8,100 McIntyre Por Mines
22112 22558 22012 22412
22012 224
220 227 22312 22812 30,550 Mexican Petroleum
100 10634 Jan 10 235 Oct 23
*98
9912 98
98
9712 98
98
98
100 7914 Jan 12 10278 Oct 25
*98 100
Preferred
700
19
2138 19
19%
1838 204 18
2013 1814 19
21,800 Mexican Seaboard 011_ _No par 15 Oct 7 3412Ju1y 13
1814 20
1834 1878
1753 19
17
12 Oct 5 3218Ju1y 13
1913 1713 1778 8,000
Voting trust Ws
27
273
27
2712
2634 27
264 264 2638 2632 2,100 Miami Copper.
8 2534 Feb 15 3138May 31
12
1218 12
123
12
1212 12
1213 117 1253 14,100 Middle States 011 Corp_ _ 10 1158 Jan 11 16 Apr 17
3134 323
31
3112
31
321-2 3112 3272 3114 3214 17,700 Midvale Steel & Ordnance_ 50 264 Jan 6 4514May 17
7012 7012 *6')
7012
7012 7012 7014 7214 *7012 72700 Montana Power
100 63 Jan 4 763sSept 1
224 2234 218 223
2112 2214 2214 23
1
4 Aug 11
2158 2212 18,700 MontWard&CollisCorpNo par 12 Feb 11 25/
*19
2034 19
19
*19
214 20
No par 1734 Nov 1 34 Mar 31
20
20% 2053
300 Mullins Body
*1314 1334 *13
13
1334
1334 *13
50 10% Jan 9 2114 Apr 25
1312 13
13
National Acme
400
23612 237 237 237
23812 243 245 2534 252 258
100 12314 Jan 4 253 Nov 10
7.400 National Biscuit
12534 12534 *124 126
*124 126 *124 126
100 11313 Jan 4 126 Oct 20
12514 12514
300
Do prof
*55
58
5514 5514
*5514 5712 57
57
*5514 59
100 National Cloak & Suit..100 26 Jan 17 88%Sept 13
158 15
418 Apr 13
114
*134 3
118 Jan 16
138 *138 2
500 Nat Conduit & Cable_ _No par
134 134
67
6778
6738 6814 6714 88
6778 68
66
674 5,700 Nat Enam'g & Stamp'g_ _100 3034 Jan 11 6813 Oct 21
11414 119
11314 114
11578 116
115 118
100 85 Jan 12 118 Nov 9
11314 11512 5,900 National Lead
11214 11214 *113 114 *112 114
*112 114 *112 113
100 108 Jan 10 117 Oct 5
100
Do pref
1518
1
15
1478 1478 15
1412 15
15
15
15
1,700 Nevada Consol Copper_ _ _ 5 1314 Feb 16 1918June 20
*3312 3434 3412 3412 *3314 34
34
333 3338
34
400 N Y Air Brake (new)__No par 3212 Nov 1 4158Sept
June
9
46
Mar
10
28
100
2812 29
*29
*2818 3114 *29
3012 *29
30
Dock
York
New
311
/
4
400
100 5212 Out 30 6812June 6
*5012 53
*5012 53
*5012 53
*51
53
*51
Do pref
53
No par 13 Jan 3 25 Feb 28
_ 16
*15
1514 15
15
*13
16
*13
16
100 N Y Shipbuilding
50 444 Jan 4 10034 Oct 9
American
Co
-9434 958 95
9412 957
943 9514
9678 9438 96
8,400 North
50 38 Jan 7 4714 Aug 29
4614 4614 455 455
4518 4512 4513 46
Do pref
453 4
500
318 Jan 13 29 Oct 19
*26
28
*26
Rights
27
2612 2612 *2612 27
----- ----- --200
*31
36
*31
37
*31
387 *3012 36
Nova Scotia Steel & Coal_ _ 100 2034 Feb 28 40 Sept 14
*3012 38
8 July 14 1234 Mar 30
*1034 1112 *1034 1112
Nunnally Co(The)_No par
*1034 1112 *1034 1112 *1034 1114
*6
612 *6
6 Aug 5 1414 Apr 17
612
6
6
*6
100 Ohio Body & Blow___No par
612 *6
612
438June 2
218Sept 8
218 218
218 218
24 24
218 214
214 214 3,400 Oklahoma Prod dr Refof Am 5
938 Mar 25
412 Jan 6
*612 7
*613 7
*612 7
100 Ontario Sliver Mining_ _ _ _ 100
612 612 *612 7
• 2234 23
28
Oat 5
6
Jan
125
8
1
23
Inc
23
Circuit.
2214 2214 22
Orpheum
900
227
2134 2253
150 150, 152 156
100 116 Jan 4 18834 Oct 9
*146 156 *147 157 *147 156
6001 Otis Elevator
Apr
11
10
1612
30
94
Oct
par
1038
918
93
4
934 10
No
918
918
10
3,700,
Otis
4
Steel
*93
393 393
3734 39
25 24% Jan 27 42%Sept 26
3812 39
39
3978 3814 3812 3,800: Owens Bottle
178. 178
134 134
1 Oct 21 1418 Apr 27
112 134
134 2
*134
2
Development
3,4001
Pacific
81
8178 82
84
85
8814 85
8614 8253 8453 16,600 Pacific Gas & Electric
100 60 Jan 30 9118 Sept 15
•Bid and asked prices; no sales on this day. 1 Less than 100 shares. a Ex-dividend
and rights. a Ex-dividend. ** Ex-rights.
B3
PER SHARE
Range for previous
year 1921
Lowest
11108681
$ per share $ per share
_
16 Jan 255 May
9% May
212 Dec
52 Jan 81 Dec
87 Jan 10613 Dec
4458 July 824 Apr
7434 July 97 Dee
1
4 Dec
54 June 13/
21 Sept 434 Dec
75 June 90 Jan
57 Sept 84 Dec
8/
1
4 Aug 19% May
913 Aug 2013 Jan
39% Oct 5912 Dec
394 Aug 78% May
77 Aug 11713 May
54 Jan 70% Dec
804 Apr 9513 Dec
10912 Aug 14334 Dec
938 Aug 1614 Jan
63 June 75 Dee
60 Aug 7313 Dec
69 Aug 85 Dec
2653 June 4118 Jan
824 June .86 Dec
15 Aug 3112 Nov
913 Jan 1634 Mar
19 July 2913 Dec
513 Dec 16% Jan
25 June 50% Dec
13 Nov 13% Jan
13 June 254 Apr
4913 Mar 61 May
4013 Aug 88 May
1013 June 1634 May
Dec 2034 Jan
2 June
718 Jan
64 Dec 1534 Jan
2958 Mar 4214 Deo
6 Aug 1314 Jan
31 Dec 57
Jan
21 June 29 Nov
6753 Aug 1661; Feb
Jan
1
4 June 110
99/
718 Aug 1714 Jan
, Dec
36 Aug 673
17 May
1113 Aug
60 Dec 85 May
38% Aug 731
/
4 May
67 Aug 75% Nov
Jan
512 Aug 25
2212 Sept 40 Jan
414 Jan
2 Sept
4 Jan
1213 Dec
813 Jan 4634 Nov
1413 Jan 3834 Dec
9 Nov
44 Oct
- -- -- - jr5 May
-3213 Aug
7014 May 94
Jan
70 May 80 June
35 Mar 69 Nov
16 Mar 27% Dee
814 Jan 17% May
130 Jan 177 Dec
32 June 5813 Jan
40 Jan 5713 May
1713 Jan 30 Dec
13814 Jan 164 Dec
9758 Jan 110 Nov
1* Aug87
166.711CeO
10 June 214 Mar
1
4 Jan
7% Aug 12/
138 Feb 16418 Feb
100 Jan 111 Dec
594 Jan 72 Dec
55 June 62 Dec
2513 Oct 42 May
Jan
6318 Oct 78
54 Oct 6415 Apr
10 Jan 18 Sept
Oct 894 Feb
21
92 Jan 93 Jan
18 June 3634 Dee
1218 Aug 30% Nov
5 Oct 194 Jar
13 Sept 22 Dee
1113 Aug 24 Nov
38 June 4512 Dec
8 June 1538 Dee
6512 Jan 114 Dec
4 Jan
-£41-3 Aug 16/1
_
1534 Jan 28 Dec
10 July 1612 Nov
22 June 3313 Jan
43 Aug 6438 Dec
12% Dec 25 May
1734 .7111y 28% Jan
1018 Dec 30 Jan
102 Jan 12812 Dec
105 Aug 120 Jan
15 Sept 3553 Jan
5 Jan
58 Sept
26 Aug 85 Feb
6734 July 87 Dec
100 June 108 May
9 Mar 1558 Dec
2053 Feb
45 Jan
13 Dec
3214 Aug
31% Aug
18 Dec
2018 Nov
813 Mar
714 Nov
154 May
34
14
87
8
2434
4
4614
Aug
Dec
Aug
Nov
Nov
Dec
Jan
39 May
5713 May
33 Feb
46 Dec
4112 Nov
18 Dec
39 Mar
12% Jan
1158 Dec
4 Jan
6 May
3058 Apr
148 May
18 Jan
54% Jan
1954 Jan
88 Dec
New York Stock Record-Concluded-Page 4
2143
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Nov. 4.
Monday, I Tuesday.
Nov. 7.
Nov. 6.
Wednesday.1 Thursday,
Nov. 8.
Nov. 9.
Friday.
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
II per share 5 per share $ per share Shares Indus.& Miscell.(Con.) Par $ per share $ per share $ per share $ per short
500 Pacific Mail SS
14
147s *13
13
13
5 11 Jan 18 19 June 3
14
8 Aug 1714 Jab
2712 Mar 5038 Dec
4834 4618 4714 73,600 Pacific Oil
4618 477
46
4418 Jan 10 6938May 4
9138 8812 9114 43,600 Pan-Am Pet &Trans
50 4853 Jan 11 9514 Oct 18
8834 9112 90
3818 Aug 7932 Feb
Do
Class
50,900
B
8712 90
50 44 Jan 10 9414 Oct 18
8858 9038 8714 90
3418 Aug 7134 Jan
47
300 Panhandle Prod dz Ref_No par
c1 Dec
*4
4
*1
5
une
5
412 Nov 6 1212 Jan 4
6 Aug
500 Parish & Bingham
11
*10
nni 1178 *1114 1112
No par 10 Nov 8 17 Apr 12
Apr
11
1114 *10
10
(
1:
13
7 June
438 458 5,900 Penn-Seaboard St'l v t c No par
17 Jan
412 434
458
4
353 334
3
,
4 334
314 Oct 26 1338May 24
9312 9412
9312 947
931k 3,200 People's G. L & C (Chic)_100 5984 Jan 4 99 Sept 15
9412 951, 9312 9514 93
3353 Jan 6438 Dec
ph
niiliadp_elpubnles
4112 42
42
a Cu
or0
*41
(PittsbN
)_a_ p5
4112 4178 4112 42
4134 4212 2,300 P
a0
r 3
73
11
2612 Aug 351, Jan
ll
*72
85
*7018 85
*7018 90
*72
90
*75
91
142
3712 Apr 10518 Dee
t 23
33 132Blapn
9,600 Phillips Petroleum
4534 46
4558 47
464 48
463
458 454
46
No par 2814 Jan 11 5914June 7
16 June 3414 Dee
Pierce
2,400
-Arrow
1214 1234 *11
1212
1217
M Car_ No par
1212 12
1134 1134 12
914 Aug 4214 May
8 July 24 245g Apr 25
Do pre
400
3012 30% 2914 2912
30
*27
*27
30
30
100 187k July 24 49 Apr 15
*27
Oct 88 Mar
21
5s8 552
552 552
558 558 1,500 Pierce Oil Corporation
512 552
558 578
25
512 Nov 1 12 Jan 12
514 Aug 1418 Nov
Do
*4312 45
pref
4312 4312
600
4312
100 32 Sept 27 71 Jan 3
4312 4312 4312 4312 43
3012 Aug 78 Jan
4214 424 4212 4414
4238 4414 11,500 Plgg Wigg Stor Inc"A"No par 3972Ju1y 14 4912June 1
4212 4212 4212 43
59
58
59
5812
5814 5834 5812 5812 1,300 Pittsburgh Coal of Pa
59
59
100 5712 Oct 30 7288 Sept 15 -ii- -July itf- We;
Do pref
*9314 100
*9812 100
*98 100
*98 100
*984 100
100 9018 Feb 3 10012Sept 13
82% Jan 93 Deo
1858 1918 18% 1912
1952 1914 1934 1,900 Pond Creek Coal
1878 1914 19
10 144 Feb 2 2414June 22
1218 Mar 1612 Mair
*115 116 415 115
2,700 Postum Cereal
113 11312 112 11312 10912 112
No par 6552 Apr 19 120 Oct 18 ---- ---*11112 112
111 11112*111 112 *111 112 till 112
8% preferred
200
100 10512 Apr 29 11214 Oct 16 _
84
844 848
84
400 Pressed Steel Car
85
*83
*8512 89
85
85
100 63 Jan 12 9514 Sept 13
12
u48
0
-i
4 - ---- -9
- - - -Aug
Do pref
101 lot *10212 10418*101
200
a
10212 10212 *10112 10212
101
Jan
100 91 Feb 16 106 Sept 12
83 June 1
4414 448 4334 4412
Producers
& Refiners Corp_ 50 2418 Jan 10 51 Sept 12
4338 4412 4414 4434 42% 4412 14,600
2038 Oct 34% Doe
9834 9834 97
8,700 Public Service Corp of N J.100 66 Jan 7 9834 Sept 15
9852
9712 9814 9634 98141 9658 98
54 Jan 704 May
12814 12878 12712 12812
12918 131 I 12758 1297s 12,700 Pullman Company
128 131
100 10512 Jan 6 139345ept 12
8912 Aug 11414 Nov
4412 448 4414 4434
444 1,800 Punta Alegre Sugar
44
44
4414 45
44
50 2938July 14 5314June 9
2434 Oct 5112 Jan
2918 2912 29
9,000 Pure Oil (The)
29
2858 2914 2814 2912 2912 30
25 2634July 21 3852 Jan 3
2112 Aug 4053 Dec
*98
99
*98
8%
200
preferred
99
99 1 *9812 100
99
98
98
100 94 July 20 10234 Apr 25
11712 118 *115 117
600 Railway Steel Spring
11412 11412
Dee
117 118 *114 116
100 94 Jan 10 12614Sept 13
3518 351 *3334 35
600 Rand Mines Ltd
No par 1912 Jan 26 3612Sept 7 -11
3352 341g 3358 3358 *3314 3412
14
-11 Sept
288
it -1
;
7- l
1334 14
1312 1358
1338 13% 4,300 Ray Consolidated Copper_ 10 1338 Nov 10 19 May 31
1314 1378 1378 14
11 Mar 16 May
*3312 35
3414 348
347 3812 3,400 Remington Typewriter v t c100 24 Jan 6 42 Mar 14
3414 3414 354 36
1712 June 3884 Mal
*93
97
*92
95
1st preferred v t 0
400
no324 7212. ?7
94
95
9 1,Z8
4714 Nov 80 Jan
55 Jan 12 99 Aug 26
1
*74
79
400
74
2d preferred
74
*70
74
104) 5012 Feb 23 80 Sept 7
4784 Nov 75 Ma?
281 t 2658 28
28
2738 4,300 Replogle Steel
2634 284 284
No par 2512 Jan 3 3812May 18
1 28141 27
18 June 3912 Jan
50543 5034 49
50
49
5212 4834 5012 *4914 4934 7,200 Republic Iron & Steel
100 4614 Feb 25 7812May 29
4112 June 7314 Jan
*85
86
85
Do pref
85
700
87
*83
8214 83 I *8212 84
100 74 Feb 24 9512June 2
7514 Oct 964 Mar
134 2
*134 238
1% 1,400 Republic Motor Truck_No par
17
158 158 *158 134
5 Dec 2412 Jan
15s Nov 8 1438June 2
5758 564 57
57
5734 8,900 Reynolds(R J) Tob
5612 5818 5772 58 I 5612118
Cl B
25 43 Mar 27 60
1234 Oct 16 ---- --------7% preferred
*11114 119 *11714 119
*11714 119 i*11714 11812 *11714
100 11118 Apr 11 11834 Oct 19
5478 5514 5334 5452
534 544 5452 5534 534 5472 13,800 Royal Dutch Co(N Y shares). 4712 Feb 1 6632May 3 -4012 Oct iii May
1,200 St Joseph Lead
1912 *1814 19
19
*1812 19 I 1812 1814 *1814 19
10 1258 Jan 9 2014SeDt 25
1012 Aug 1412 Den
2003an Cecilia Sugary t o_No par
•214 212 214 2'4
24
*2
*2
512 Feb
212 ____ ____
112 Jan 10
114 Oct
614 Mar 21
21
2114 2134 *20
2014 204 1,2003avage Arms Corp
21
8% Oct 2353 Jan
2053 21 I 21
100 10 Aug 26 2478 Apr 1
312 312
312 334
684 Apr
358 4
412 4% 22,0003axon Motor Car Corp_No par
414 4%
118 Feb 23
24 Oct
514June 2
8432 8538 85
86
85
8612 8534 8934 8514 874 10,8003ears, Roebuck & Co
100 6058 Jan 27 9478 Aug 14
5414 Dec 9853 Jan
100 Preferred
111 111
*109 115
*109 115 *109 111 *109 111
100 91 Jan 5 112 Aug 22
8534 Novlar 104
5,0003eneea
Copper
914 978
812 914
958 934
No par
10
10
978 978
6 Oct 13 2314 Jan 3
2512 June/.lc•v
12
1,0003hattuck Arizona Copper__ 10
878 878
812 858
93 Dee
8
8
8
878 9 I
8
478 Jan
612Nov 2 12 June 2
1,700 Then Transp & Ttading_ _ £2 3558 Jan 30 4812May 3
3534 35841 3612 3624 3514 36
3534 36
37
*36
3053 Oct 49 May
iinclair
76,600
Cons
34
011 Corp_No par 1834 Tan 10 3834June 9
3252 33
3234 33
3214 33 I 3272 3432 33
1618 Aug 2882 May
88_8
11y n
OulflfiC
alo
912 958
978 978
90031k:
912 9341
934 934
10
952 934 3,4
9 Nov 1 1178 Oct 4
48
*44
45
*44
d Steel & Iron 100 3412 Mar 7 5412MaY 13 WI;June ICC 7e.
45
*43
4414 45
44
44
prR
efiuu sugar
83 *78
*78
87
4
10030Dpourtu
78
78
*78
100 66 Mar 21 80 Aug 29
83
6814 June 75 Nov
83
*78
*42
44
4214 4334
40
4334 4334 4112 4112 40
100 40 Nov 10 574 Mar 3
26 •OW 103
Jan
19
1914 194 1938
Stock
No par
17 Apr 27 24 June 5 - - -- ----- - - --1914 1912 1914 1938 *1812 194 1,600 ipicer Mfg Co
180 Preferred
94
*91
*9034 94
*903.4 9212
93 I 91
*91
91
100 84 Apr 28 9312 Sept 15
3003tandard milling
130 130 *130 135 Exchange *130 135 *130 138
130 130 I
loo 11012 Jan 26 141 Sept
iii- Dec
1214 123
12153 124
12278 12418 12214 123% 12018 12234 15,8003tandard Oil of Cal
25 9184 Jan 10 135 Oct 158
4
Aug 9812 Dee
67
834 Juno
211 214
dreOln
210 21214 Closed;
l
20984 212
25 16914 Jan 5 25012 Oct 10 12412 June 1924 Dec
20812 21134 20434 210 I 23,2003tandarp
Do
a
1,900
*118 11814 118 11858
3
4i
17
1
18
4
417
03
8
;2
8
1
0
17
18 17
7%4 17
10
1814 17
Jan 7 11852 Nov 6
Jan 11412 Dee
Tube
7978 7978 *76
f°0onff NvAinpgr-e-f 1 33 16138 Mar 10 90 "lay 25 1054
80
Election
66 Sept 8514 Dee
59121 1,9003terling Products
567 57131 5734 5734
No par 4518May 4 5912 Nov 10
5812 53
58
5784 58
2003tern
Bros
*9978 103
I
105
pref
103 103
*100
Day
(8%)
*9978 103
103 103 ,
100 81 Jan 3 106 May 4 "iii - "Oct iii- Aug
Stewart-Warn Sp Corp_No par 2412 Jan 5
5312 5414 5412 5558
56
5712
Nov 9
21 June 37 Jan
5314 54
1'2 1,600 Stromberg Carburetor_No par 3514 Jan 5 578
5212 53
134 57
7712 58
718 58
312 5454
58
234 57
5958 Apr 12
2514 Aug 46 Apr
128 12953 12612 128
12634 12972 12712 12978 12312 12518 119,900 Studebaker Corn (The)_.. 100 794 Jan 5 13913 July 18
423
8 Jan 9314 Apr
8nD
r
1,200
u
e
fB0
bm
o
arp
i
n
1184 11814 *117 119
116 11618
117 117
100 100 Feb 17 11814 Nov 2
*11734 119
83 Jan 10384 Deo
10
00
8:8
13
at
5
4
511:
74 8
5
718 8
734 8
734 818
71 8
4718
8
4
73
No par
313 Jau 31
834June 30
3 Oct 10% Jan
O
Superior il
514 514 *54 532
No par
44 Olt 31 1014June 7
384 Aug 134 Jan
200 Superior Steel
318 32
*3012 32
*3112 32
100 26 Jan 3 3912 Apr 7
*3014 32
*3012 32
26 June 48 Jan
rCool
o dt pArpi.
*214 238
nec
r1cAa
214 214
238 212 214 214 ,i.114 214, 1,603
10
2 Aug 3
5 Mar 14
T8wemeetot8
50
14
- _No par
14
la '8
514 Feb 1 -i- Dec i511
14 Oct 21
4 -lin
912 912 932 932
94 914 1,200 Tenn Copp & C tr ctfs_No par
9%
872 Nov 2 1284May 19
9*13: 9% 94144 487
658 Aug 11 Dec
48
4812 4712 4838
s 4712 4818 33,900 Texas Company (Tbe)
4778 4812 48
25 4214 Jan 10 524 Oct 10
29 June 48 Dec
8112
Texas
32,300
6478
Gulf
Sulphur
6518 6578 6518 67186414 66
6418 6538
10 3812 Jan 4 674 Nov 6 z3258 Dec 421* Dee
2258 7,800 Texas Pacific Coal & 011_ 10 22 Oct 31 3284June 3
23
2338 2214 2258
2218 2358 22
2214 23
1534 Aug 867 Jan
5558 8,600 Tobacco Pioducts Corp
5514 5638 5312 55
54
5438 5512
100 k5O52 Nov 1 67 Sept 13 ---- ---- ---- ---4,500
Do
Cl
A
824
(since July 15) 100 7678 Aug 2 8912Sept 13 -__ __-- -- ---8238 8218 8152 82
88338 81
5
82
5
8278 5
82
anosonpnrtein
f
80
00 TrD
1:3
*10714 10814 *107 10814
*107 10814 10734 10938 109 10958 17
88 Mar 2 110 Sept 12
7612 June 91
Jan
ental Oil__ _No p100ar
1434
14
1438 14
1418 1412 1418 1434 14
1438
712
3 2018May 22
6 Aug 13 Apr
100 Trtuasue &Williams St_No par 3212 Mar
35
*33
37
33
*33
37 *33
33
37
*33
Oct 31 4518 Apr 4
28
June 44% Apr
Union Bag & Paper Corp_ _100 55 Mar 25
*5912 6934
*68
70
*6512 72
*65
70
*60
70
78 Sept 12
57 Sept 75 Jan
Cat
1732 4,48000 niUnluonn Tank011
167s 1678 1684 171678 17
1714 17
17
No par 16 Oct 31 25 June 3
154 Aug 25% Mal
400 Union
116 116 *108 116
116 116 *114 116
*112 116
96 Jan 13 122 Oct 10
8712 Sept 107 Mar
Preferred
100
*110 112 *110 112
110 110 *10714 11115
*110 112
100 102 Feb 9 113 Sept 8
92 Oct 104 Nov
United
1,000
Alloy
Steel
34
No par 25 Jan 11 4114May 13
*33
3414 34
344 3414 3518 3512 3512 3512
19 June 34 Jan
500 United Drug
7912
79
80
*78
80
78
78
100 6078 Mar 3 85 Oct 5
7912 7912 *79
46 Sept106 Jan
1st preferred
50
*4514 48
*47
58
4818 4818 *46
4858 *4534 4858
50 414 Feb 18 514 Oct 5
3652 July 47 Feb
United Fruit
154 154
155 155
100 11934 Jan 4 162 Oct 18 x9584 June 207 Jan
155 15814
15434 15512 155 155
United
200
1414
Paperboard Co.__ 100 14 Nov 10 204 Aug 14
14
4
_
-goi, Ifs, 77 .82 13,900 U
unsitc
edasR
t etrauinl S
pto
ipe
-111.- ii34 "iii- ifires
i.F
-d
Nyo..1p0
2
ô1
a0
r 4312 Feb 28 8712 O,.27 -4-,(17; Aug W14 litii
600
30
30
*2978 31
3112 31% 3214 *2912 3112
*30
1618 Jan 13 39 Aug 29
1112 Jan 19 May
Do pref
300
7012 7012 *6912 71
Corp_1
10
00
0 50 Jan 11 78 Aug 29
*6912 7012 6958 6958 *6714 7012
38 Aug 5712 Nov
US
*712 758 *714 712
712
*714
8
100
*714
5
Feb 1
*714 8
8 Aug 14
518 June
7 Jan
8E
Fgd
res8
614 658
Products
612 678
64 614 • 612 64 1,200
*612 612
284 Feb 8 1018 Jan 3
84 Sept 27% Jan
500 USHoffmanMachCorp No par 19 Nov 1 2578May
*19
21
*19
2012 2012
20
21
*20
1912 20
27
6658 21,400 US Industrial Alcohol-___100 37 Jan 6 7278 Oct 16
6618 6712
6772 6658 684 64
66
Nov
Do pref
*9912 101
*9912 101
*9912 101
*99% 101
*9912 101
0
j
Jan 9
3 10
02278 0c
nt 10
8
84 July •102 Mar
10,800 US Realty & Improvement 1
8634 8712 8614 8812
88
8612 89
904 8612 88
414 Mar 6312 Dee
11,600 United States Rubber
5234 53
52
524 5334
5312 5312 5458 5112 53
100 4912Sept 28 6712 Apr 17
404 Aug 7953 Apr
Do 1st pref
9714 9634 97
*96
9612 1,700
9618 9612 96
96
96
100 91 Sept 14 107 July 11
74 Aug 10372 Jan
600 U S Smelting, Ref & M
40
40
39
40 40*39 414 *39
39
40
50 33 Feb 27 4884 Oct 4
26 Apr. 3818 Dec
400
Do
46
pref
*4518 47
46
48
46
46
*4518 47
46
50 4214 Feb 9 49 Aug 16
37
Aug 44% Jan
10678 10758 10534 10678
10618 10934 10834 11078 10658 109 369,300 United States Steel Corp_100 82 Jan 6 11112 Oct 16
7014 June 8612 May
Do pref
120 12012 12012 12118
121 1214 121 12112 3,800
12078 121
100 11414 Jan 3 123 Sept 19 105 June 115 Dec
Utah
n
S
e
c
u
r
i
t
i
e
s
C
7,7200
0
0
v
t
6452
0
Copper
66
65
6512
6412
6438 6614 6318
66
65
10 60 Nov 1 7112pt
4118 Aug 66% Dee
5
Se
Utah
1734 18
18
18
20
*18
1734 1778 *1712 181
00 978 Jan 18 2318Sept 20
7 Aug 1252 Mar
3912
11,000 Vanadium Corp
40
4118 38
3934 4014 39
40
41
39
No par 304 Jan 10 5334 Aug 30
2518 June 41
Jan
1,500
Van
99
Raalte 1st pref
*98
*97 100
99
*97 100
99
99
99
100 92 Jan 17 100 Oct 7
72 Mar 884 Dec
2712 1,100 Virginia-Carolina Chem_ 100 2458 Oct 27 3678 Mar 13
2712 *27
27
*26
27 I 27
*28
*2512 27
20
3
4
July
4
212
Jan
64
800
Do pref
*63
64
64
6412 6484
*6334 65
65
*62
100 58 July 28 83 Oct 18
5784 July 10288 Jan
58
500 Virginia Iron, C & C
58
59
*58
59
59
*58
5914 5914 *58
100 43 Mar 27 944 Jan 18
59 Aug 95 Jan
Preferred
85
100
8512 *84
8512 *84
*84
*84
8512
85
85
100 66 Mar 13 86 Oct 31
- 1453 14781 1414 1434 1334 1414 14,800 Vivaudou (V)
1312 1358 132 144
No par
64 Jan 6 1484 Nov 9 - -i5;-2 isiii. "Ili May
1152 1152' 1232 1212 1112 1112 1,300 Weber & Heilbroner No par
12
12
1058 Oct 19 17 Apr 24
1178 12
812 Jan 134 Oct
92600 Wells Fargo Express
91
94
9312 9312 *02
4912 Jan 72 Jan
100 6614 Jan 4 9834 Oct 18
9418 9418 *9258 9414
11112 11112 112 11212 112% 11232 1.300 Western Union Telegraph_109 89 Feb 8 12114 Aug 29
76 Aug 94 Apr
112 112 *11012 11212
98
9812
99
99
99
99
900 Westinghouse Air Brake_ _ - 50 80 Mar 16 104 Sept 13
98
8112 Sept 9678 Jan
*9534 98
98
6012 7,600 Westinghouse Eleo & Mfg_ 50 4918 Jan 4 6518 Aug 22
6018 6078 6034 6114 60
3878 Aug 5212 Dec
6012 6114 604 61
3112 3114 3114
700 White Eagle Oil
*31
31
31
No par
514 Oct 25 33 Oct 5
3112 3134 3134
*31
49% ,4934 4814 4884 2,000 White Motor
4912 50
4 June -44 - May
50 354 Jan 6 54 Sept 12 -291*4812 4912 *4812 4912
512 538 4,700 White Oil Corporation_No par
518 512
512
5
5 Nov 2 12 May 5
7 July 175/1 Jan
518 538
518 512
10
1,600 Wickwire Spencer Steel
1012 1014 1012 10
10
5
034Nov 1 2178May 12
812 Nov 1884 Dec
1014 1014
978 10
3,900 Willys-Overland (The)
25
534 6
412 Feb 17 10 May 29
6
572 64
6
452 Nov 1012 May
6
618
6
6
4014 *4018 41
1,400
40% 41
40
Do Preferred (new)___ _100 24 Feb 17 4912July 19
40
23 Aug 42 May
40
4014 41
1,200 Wilson & Co,Inc, v t c_No par 2714 Jan 4 5012Sept 15
*40
4118 4178 4014 4112 3912 40
2712 Nov 47 Jan
42
413 4134
89
Preferred
*8.5
89
100 66 Jan 10 90 Aug 11
*85
*88
89
89
*85
65 Oct 8978 Feb
*85
89
198 20234 11,900 Woolworth Co(F W)
100 137 Jan 6 214 Nov 8 105 Aug 13934 Dee
202 205
18712 18712 18934 20412
213 214
3412
700 Worthington P & M v t c_ _100 3212 Nov I 5578June 2
34
34
334 *3338 34% *33
3314 3314
3012 Aug 554 May
33
91
100
Do pref A
*8512 89
100 83 Mar 31 94 May 4
868 8618 *86
*86
89
89
*86
704 Aug 85 Dec
43912
*6512 6712 *66
Do prof B
100
100 64 Oct 24 89 Oct 4
*6614 6734 6838 6838 *68
54 Aug 70 Nov
6734
924 972 *934 10
1,000 Wright Aeronautical_ _ _No par
*914 10
6 Jan 27 11 Aug 22
*934 10
934 10
612 June
934 Nov
* Bid and asked prices; no sales on this day.
Less than 100 shares. j Ex-rights. a Ex-dividend and rights. z Ex-dividend. e Reduced to basis of $25 par.
k Range since merger (July 15) with United Retail Stores Corp.
$ Per share $ per share IS per share
1312 1312
14
*13
4534 4814 4512 4638
8858 9052 8852 9014
8658 8812 8634 8812
412 413
*412 512
J,,,ient
66.3 68%
3 9506
-ig,-,
iii 1;76..-
2144
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Fxchange method of quoting bonds was changed and prices are now-"and interest"-excent for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov 10
Price
Friday
Nov 10
Week's
il
Range
,,z '''
or.
Last Sale
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Nov 10
:r•-•2I
-'I l,I,,':':
Price
Friday
Nov 10
Week's
Range or
Last Sale
:7Z ,i,r:u
"
7
ti,a:nnif:;igi
021"' 1 Since
-----
No.
1
Bid
Ask Low
High
Bid
Ask Low
High No. Low High
U. S. Government.
0888 103
Buffalo R & P gen gold 5s__ _ _1937,M S 101 10234 101 Nov'22 --,;"
First Liberty Loan924 - 8812 Mt
J D 100.52 Sale 100.52 101.38 2808 94.84 103 02
1957,M N 9212 Sale 1 92%
Consol 4%s
3%% of 1932-1947
8434 821s Mur'22 --- 8218 8218
J D 98 8098.98 98.60 93.90 11 95.70 101.68
Alleg & West 1st g 45 gu_ _ _1998A 0 84
Cony 4% of 1932-1947
J D 99.00 Sale 98.76 99.40 237 96.04 10178
3 *967s -_ _ 9012 3an'22 --- • 9012 9338
Clear( & Mah 1st gu g 5s.'°1
Cony 4q % of 1932-1947
,
00
, ..1
2._e_ 19
07
014 Aug.= --;;;, 0078 10012
Roch & Pitts Con 1st g 65_1022.J D 1
2d cony 01% of 1932-1947_... J D 100.00 101.00 100.0 100.50 30 06.82 10200
9314 f-1 , 3
0
I
Canada Sou cons gu A 5s_ _ _ _1962'A 0
Second Liberty Loan113
t
,
b,'10812 115
MN 98.58 08.71 98.48 98 90 31 95.76 100.80 Canadian North deb s f 7s__ _1940,J D 11218 Sale 11178
4% of 1927-1942
1946'J J 112 Sale 11114
11238 170' 19713"4
MN 93.76 Sale 98 42 99.30 1987 95.32 101.50
Cony 4%% of 1927-1942
25-year s f deb 6;48
"
8034 ,, 77
85
Canadian Pac fly deb 4s stock.. _13 J 7934 dale 7914
Third Liberty Loral94
91 I ''', 83
M $ 93.92 Sale 98.76 99.26 4353 96.74 101.98 Car Clinch & Ohio 1st 3-yr 5s 1938.3 D 9012 9112 91
451% of 1928
Oct'22 -7;7,1 9512 19218
Fourth Liberty LoanCentral of Ga 1st gold 5s_ _ _p1945,F A 10112 ____,102
977
9734 9612
1945 M N 96
'
7 8938 1011
"
A 0 93.92 Sale 98.78 99 50 4060, 95.86 101.86
/
4
4 W,% of 1933-1938
Consol gold 5s
10312
Victory Liberty Loan10-year temp secur 6s_June 1929 J D 10012, Sale 100
!
79
100.32
7814
June'22
---7412 8138
.1
g
D
money
pur
%
Notes
Div
100.40
of
1922-1923
Chatt
560
48j
100 02 101.00
43_19511j13
- ____ 95
99.93 June'221.--199 93 100.30
6%
12 j
Sueip
,o
t,
'22.---J D
3fi% Notes of 1922-1923
Mac & Nor Div 1st g 5s_ _ _1946,J J 9458
1947.J J
99 86 100.06 3314 93.90 100.34
Treasury 4145 1947-1952
Mid Ga & Atl Div 5s
9212
938s Nov.22',---;8
10212 Apr'22
98
812 9
97
8:
71
2s consol registered
d1930 Q J
10214 10334 Cent RR & B of Ga coil g 5s_1937 M N 1_0_8_5_ 94
8
!st_l_e_ 10s%
1/ J
10831 '' 103% 110%
1031
_19887
1, 7 .Q
/
4 hlar'22
as consol coupon
d1930 Q J
10314 10314 Central of N J gen gold 5s_ _ n
109 Sept'22 ---- 105 110
10518 Mar'22
45 registered
1925 Q F
Registered
105 105
91 July'221---- 91
105% Feb'22
91
is coupon
1925 Q F
N Y & Long Br gen g 4s_ _ _1941 MS 873
104 10513
9412 Nov'22 ---; 9012 98
100 July'21
Panama Canal 10-30-yr 2s_k1936 Q F
Ches & Ohio fund & Inapt 5s.1929 .1 J 943s 96
1939 M N 10012 101 101
'1 9412 10312
101 I
9234 Sept'22
Panama Canal Is gold
1961 Q M
-6.-114
1st consol gold 5s
100
1939
M
N
May'22,----I 100 100
79 Feb'22
Registered
Registered
1961 Q M
79
7918
1992 M S -ga- iil-e- 8532
8852' 52
Foreign Government.
General gold 438s
;
;
:,:_ I
1992 M S
8
96
55,4 No0:9:6221240 i
Argentine (Govt) 7s
101
135 99 102%
1927 F A 1003.1 Sale 100
Registered
873
4
8834 AAA I
8
8
-A
-1
eArgentine Treasury 5s of 1909_- M S 8358 ___ 82
83
12 77
8714
20-year convertible 4;4s__ _1930 F A
34
222
1118111:
9
96
88
9078
83
5/
1
4 S8a6le
1. 9
42-2 .
2
4i
238 8
Belgium 25-yr ext s f 79s g_ _1945 .1 D 10058 Sale 10014
170 10014 10912
77
:9964
103
-8
30-year cony secured 5s_1946IA 0 9
1944.3 D
5-year 6% notes
81 9412 1043s
97
Jan 1925J J 96 Sale 9514
Big Sandy 1st 4s
857
83
84 Nov'22 -20-year s f 8s
103
134 10038 108%
1941 F A 101 Sale 10012
Coal River fly 1st gu 4s__1945;.1 D
-1940'J J 9258 978 8878 June'22,-- 3878 88%
Bergen (Norway) 5 f 8s
1945 M N 109 Sale 10334
Craig Valley 1st g 55
10914
5 105 112
8014 84 I 79 June'22:---- 71
79
Berne (City of) s f 8s
10912 23 106 115
1945 M N 10834 Sale 108
Potts Creek Branch 1st 4s_19461J .1 8
763
252is
:
8_3
:
1
:
2 888,0212
pp
ci!
rt 22
2221 - --. 8214 84%
Bolivia (Republic of) 8s
9512 191 94 10112
1947 M N 945g Sale 94
R & A Div 1st con g 4s_ _ _ _1989,J J
Sept'22
77 Sale 77
1989 .1 J
7912 41 7612 90
Bordeaux (City of) 15-yr 65_ _1934 M N
2d consol gold 45
10014 404 9714 108
Brazil, U S external 8s
Greenbrier fly 1st gu g 4s_ _1940 NI N
1941 J D 9734 Sale 9714
- _ 8034 Deo'211 ------;
: -7
75
1952J D 8512 Sale 85
8612 146 8514 967s
Warm Springs V 1st g 5s__ _1941 M S 92%
-58- -822-2
53
-e 5234
5358
8834 200 8412 90
73is
1952A 0 8812 Sale 8814
Chic & Alton RR ref g 3s.. 19491A 0 2034 iiiil
,
, 5
31 1 85 3
3018 30
3
1950,J J
Canada (Dominion of) g 5s 1926 A 0 99 Sale 9818
9934 48 96 10114
Railway 1st lien 3388
81%
8012 8112 8178
10 7714 85
80 9434 101
do
99
do
do
5,.1931A 0 9834 Sale 9814
Chic Burl & Q-Ill Div 338s_1949IJ .1
10
,
8712
93
83
/
1
4
8
897
I
90
8
814
J
J
101
Sale
1949
10038
10112 117 9538 103%
10-year 55s
Illinois Division 4s
1929 F A
96
9612 96
98
'93
1927 M N 96
9918 234 97% 10612
156
Nebraska Extension 4s
1952 M N 99 Sale 981g
Registered
105
322 10018 106
Chile (Republic) ext s f 8s_ 194i F A 10312 104 10314
9'
7
9112 °c8
..__ 8
t.8119
4 --:
,„5.4,
195
28
7M
10212 102 9812 10412
General 4s
External 5-year s f 8s_ _ _ _1926 A 0 16312 Sale 10134
1003s --1 9638 10212
1971 F A 99% 10014 100
105
221 100 10612
25-year s f 8s
1946 NI N 10312 Sale 10314
1st & ref 58
51% 10 44
Chinese (Hukuang fly) 5s of 1911 J D 3517s 5214 5114
Chic & E III58
1934'A 0 105% 10838 105% Nov'22 ----I 102 1094
9 106 11212
1st consol gold 63
Christiania (City) s f Ss
1945 A 0 -.-- 108 110712 108
July'22 --;;;;I 6
96
8 9
8613
1937 M N 91
General consol 1st 5s
72 8512 9538
Copenhagen 25-year s f 53,4s1944 .1 J 89 Sale 8d4
7
)1
72
i
1e- 8
:
:
89
-4_6
:
9-112
88
8212 "9
4 8413 99
9634
Cuba 5s
1944 M S -,-- 9634 9612
C & E Ill RR (new co) gen 5s_1951 M N :
_1 91
91 _
91
2 77
Exter debt of 5s 1914 Ser A _1919 F A
Chicago Great West 1st 4s_ _ _1959 NI S AL
92
'
7;3
;)1
8e 10
534 No‘
6
"
122 --6-1 10
41
9% 16
15
412
.22 -External loan 434s
1949 F A *-„- - 54I 85 Nov'
8512 Chic Ind St Loutsv-Ref 6s_ _1947 J J
76
4122 88188 9
_ 7;- 8
222 ..: ___ 7
2
5
".:
89
6:
:
t:
c
:
soppc
8
7
755
712 969
1947 J J
789%
Refunding gold 5s
3312 46 9018 10034
Czechoslovak (Repub of) 8s_ _1951 A 0 91 Sale g"1R
1046 J J -7i _ UPI
Refunding 4s Series C
10712
3 10512 114
Danish Con Municipal 8s "A"1946 F A 10712 _
Series B
Ind & Louisville 1st gu 4s_ _1056
1946 F A 1(3734 Sale I,712 10734 10 105 113
18 ____ 81%
84%
847g 87
33 10712 11212 Chic Ind dr Sou 50-year 4s_ _ _19561.1 .1
Denmark external s f 8s
109
1945 A 0 103 Sale 108
--1
;,
:
‘ 98
911a
9812
9912
Sale
9812
142
20-year 6s
Chic
L S &•East 1st 4%a_ _ _ _196£3.1 D
1942 J J
9014 10014
6
7
15
1
2 Sale7,343142
J
Ser
A
_e19891J
9512 Sale 9512
_::: (
.7s1
112 1(
)
112
12 8513 9712 cn m & St P gen g 4s
Dominican Rep Cons Adm s f 5s'58 F A
96
Oct'22
General gold 3%5 Scr Be1989,J J
143 9312 97
Dutch East Indies ext 65
95
1947 J J 9118 Sale 9418
8318 ,
,
3 79
90
General 438s Series C____e1989,J J 8318 8412 8318
9458 272 9314 971
^-year 6s
1962 M S 941q Sale 94
/
4
6312
Sale
6514
1,
6312
*
o
5412 697a
9814 465 9714 10834
Gen & ref Series A 4 As__ _a2014'A
French lipublic 25-yr ext 8s_1945 M 5 9738 Sale 9714
11
6
71
384 .
8184
7 34 8
80
7534 53 62
Gen ref cony Ser B 5s_ _ _lag ii:. 8
95% 731 93% 106
20-year external loan 7%8_1941 J D 91 Sale 9334
703, 128
Convertible 4555
Great Brit & Ireland (UK 01)t
10
93
25
4 .J1 D
i
Permanent 4s
10234 406 96 106%
20-year gold bond 53.4s__ _ _1937 F A 102 Sale 102
6238 sale 6218
4s6s _ _ _ _ 1926 j 2 ,
its
debenture
di
eob
4 476
10-year cony 534s
tp212
6
211y:1r is,
1929 F A 1087g Sale 10512 or
,
,)714
,
98t4 97% 0068
t'4
3272
s -:
1:
24 8
6669
40918 6
9
097a
879
7
77%
3-year cony 594s
p1922 F A
.71.743
W4 Sate 1 70
16 10990
61.58
3
:
1.282
2 1.0
7014
93
93
94
Italy (Kingdom of) Ser A 6501925 F A
95
C M & Puget Sd 1st gu 4s_ _1949 J J ,
10 9
92
9
8:
3712 19
116
91
:
4
8
9118
9134
0
9212
1934j
Oct'22
--7;
ext
438s
93 Sale 9234
1st
8412 13212
Nor
Japanese Govt-£ loan 4%8_1925 F A
0312 60 8658 9512
Milw &
l
91
007
8
0412
01's
D
1934 i
9212
' 85
Second series 49418
Cons extended 4;4s
9212 66 8638 9412
1925 .1 J O 9212 9314 92
96
9818 97%
,,,.._
071g
5 92/
1
4 98
Sterling loan 45
80
118 7258 8313 Chic & N'west Ext 4s_ _ _1886-1926 F A
1931 J J / 7934 Salo 7834
I 9314 Apr'22
Registered1886-1926 F A 9z%
9314 9314
77 Sale 77
Lyons (City of) 15-year 6s_ _ _1934 M N
7914 62 7614 90
72
81
77 Sale 77
Marseilles (City of) 15-yr 68_1934 M N
General gold 3%5
7814 49 761
/
4 90
79
4781 Illi;i1 Nov
7
'
6212
4 ---- 8
73
11182 8
78
318
Mexico-Extern loan £ 5s of 1899 Q J 2 4912 Sale 4912
Registered
50
42 4814 7012
55-1-4 863 848 Nov'22
;
NF *-1
887
7Q
M
MN
p1110
903
8214 91
Gold debt 4s of 1904
General 4s
1954 3 D 2 3614 Sale 36
62
3718 34 37
85
84
85
Montevideo 7s
Stamped 43
1952 J D 9112 Sale 91
942
99% 110
Netherlands 5 f 6s
General 5s stamped
1972 M S 95% Sale 95
978
102
_ _ ,E:. 7z: 102 105
)6aceygt
.
.22
105
1900,
980
4
1:I; ml
0
22 .-.": -2.
11_. :0
9___4
1::::: 1
0
198
V45
:
9
0012 104%
A (I
N :
19
998
8
29
77 M
1879-1
Norway externals f 8s
199
17117182 3562
Sinking fund as
1940 A 0 110 Sale 110
19
15
8142
7
89 198
Apr'22
1879-1929 A 0
Porto Alegre (City of) 8s_ _.._196I.J D 09 _ _ _ _ 99
99
Registered
98 105
)
,T2
1879-1929 A 0 !
04
Queensland (State) ext s f 78_1941 I A 0 10712 Sale 10714
44 1057s 1124
108
Sinking fund 55
O
9
)mivij
A DNN
18701
9333
992833
00
99%
25-year 6s
Registered
10178 83 99 105
1947 F A 10012 101
0 t' 2 ---- 96 101114
98
5s
Rio Grande Do Sul 8s
deb
fund
Sinking
1946 A 0 93
9912 63 98 10514
Rio de Janeiro 25
Registered
9738 87 9512 1051
-years f 8s_ _1916 A 0 9512 Sale 9512
/
4
°
10
'9'7
9
7:4
4 Sale ;017; 10
17
1,
14
105 11012
88
1947 A 0 97 Sale 97
10-year secured 7s g
74 97 10478
98
;
o
t 106 115
98%
Sale
973
4
San Paulo (City) 8 f 8s
99
27 9734 10638
1952 M S
15-year secured 6348 g....._1936 M S 9118 ____ 9314 Sept'22 ---93/
1
4 9314
9812
99
98
San Paulo (State) ext s f 8s_ _1936 .1 J
56 98 106
100
Des Plaines Val 1st gu 4385 1947 M S 088
188 mAouar
eg:
1_6
17
.
8 1871,0
t.22
221 :-..-_-__..: 10578 1111
0 1778:4 1_8
/
4
Seine (France) ext 78
8612 238 8134 98
1942 J J 8212 Sale 8134
Frem Elk SC Mo V 1st 614-19334
I
104
10312
J
-----Sale
3%/1-19414
W
N
1st
Sweden 20-year 6s
10412 157 19
14
1939 J D
Man 013 &
212 12
03
7
1941.J J
Swiss Conferer'n 20-yr s f 8s_ _1940 J J 11534 Sale 11512
41
11614
NIllw & S L 1st gu 3%s
J 99% _ _ _ _ 9912 Oct'22 -- -- -1744 ;WA
F A
Tokyo City 53 loan of 1912
7612
6812 10 67
IM S 6834 6934 6812
Milw L S & West lion g 5s-1929 J
,.3.
10058 ---- 99 Mar'21 .--- _8_514 _c_
Uruguay Republic ext 85____1946 F A 10414 Sale 104
Ashland Div 1st g 65....„1925 M S 100
106
21 10212 10853
5s _-- 10114 Mar'22 .___ 10114
- 10114
10812
33 ,105 115
Zurich (City of) s f 8s
109
Mich Div 1st gold 6s_ _ _ _1924
1945 A 0 10.)
10
88
1;8
2
18
08
0
12
2
No
lo
v
i2
1
2
2
48_
_1947
11.1
S
gu
1st
W
N
State and City Securities.
&
11111 Spar
1904913
,,
95
10014
1051
/
4
101 10014
7 98 10312
N Y City-4s Corp stock_ _1960 M S
101
St L Peo Sr NW 1st gu 5s._1948 J J
8234 93 79
4 Sale 8,34
8738
43is Corporate stock
Oct'22
9712 104
1964 M S 10134 102 102
Chic R I & P-Railway gen 4s 1988 J J 813
1988 J J ---. 81 I 7913 Nov'22 -7 -- 78
8411
Registered
445 Corporate stock
1966 A 0 10138 102 105 Sept'22
99 105
31
8
8
2
13
2
4
7
Sale
4
0
10914
8
8434 2130 7513 8718
1934 A 0
Refunding gold 4s
Sept'22
4is Corporate stock43'
1971 1 D 1058 10612
103% 10914
8112
7 7614 8614
411385 Corporate stock_ _July 1907 J J 1058 10614 1057
11 10312 108%
106
R I Ark & Louis 1st 4;48_ _1934 M S 98823,44
9
89
214 Nov'22 - - -8
,
- 9
70
6 10
1931 A 0
808:4
,4
4383 Corporate stock
1965 J D 10538 10614 105 Nov'22
Burl C R & Nor 1st 5s
103 10813
9
9
2
8
314
% Oct'22 ---: 89
218 99
9838
/1,Hs Corporate stock
5 103 11212
1963 M S 10538 Sale 10558
10538
Choc Okla & Gulf cons 53.._1952 M N 97
92
941k
0
72
53_1923
A
1st
Moines
4% Corporate stock
4
Des
9914
---991
/
4
1959 M N --,Keok &
9312 10013
824
Sale
F
A
9912
4% Corporate stock
1 9334 101
StPaul&K CShL 1st 4%/31941 j D 104,4 107 18
1958 M N 9.02 Sale 9912
0
,
7
1 10412 1091J
1930
6% Corporate stock
2 9312 100% Chic St P M & 0cons 6s
9978
1957 M N 9312 Sale 9913
_ 92 Sept'22 ---- 87
89% _
98
99 10038 Aug'22
92
4% Corporate stock reg._ _19.56 M N
Cons 68 reduced to 3%s__ _1930 .1 D ,--1003a
94
itT
18 01c0
t'7
22
1930 M S
New 43.4s
Oct'22
1957 MN 105 106 106
Debenture 5s
10312 108
j
j 10614 _ _ __ 118 Nov'16 ----_1930
6s__
_
_9
_1
1st
!
_1
Wisconsin
9
-8-.
1
1957 M N 105 106 10534
434% Corporate stock
North
10534
10314 108
9138___
95 MS3
v-i 8712 8414
9
'
,0118
2 --91
89 Nov'22
338% Corporate stock
1954 M N 89
Superior Short L 1st Gs g__e1930 M S 8212 83382
9312
8 82
j
.2 D
8314
7 -ii34 -8612
10238 Nov'22
New York State-4s
1961 M S
10218 10218 Chic T H St So East 1st 5s_ _ _1960 1
9018 90
963
63 Jr j 90
102 June'22
Canal Improvement 4s_ _ _1961 J J
Chic Un Sta'n 1st gu 4%8 A _ _119
102 102
113,2 Sale 112
11112 11738
10912 Apr'22
Highway Improv't 4348_1963 M S
ZeIrv tag;
10912 110
Q m 105
105 Sept'22 ---- 103 105
(
gcents)
10412 Apr'22
Highway Improv't 4 yis_ _ _1965 M S
g
10412 10412 Cilise1
- Sale 7.,
17
15
412 4
18
4 6712 79
83_6:25
1952 .1
Railroad.
Consol 50-year 48
m .1 102 10212 10213
5
10212
1 9938 10274
6 5814 80
Ann Arbor 1st g 4s
67
k1995 Q J 6412 67 67
15-year 8 f 7%11
1937 J J 902 ---- 8912 Nov'22 ---- 85
91
Atch Top St S Fe--Gen g 4s_ _ 1995 A 0
9518 CM H & D 2d gold 4;4s
85
M N -,,- ---- 88 Mar'17 -- __
Registered
1995 A 0 -8
8578 9212
Find & Ft W 1st gu 4s g_1923 j
C
j
91%
__
8
-8
1
_
:
-3
1
9314 Sept'22 ---- -901; j"
s
S8a
aj
le
e34 8
5
888'1514 Nov
88
'
96
2372
Adjustment gold 4s
48 -2
1c1995 Nov
Day.& Mich 1st cons 4;45_1931
-3
-- 7712 86
15 7612 8414
80
7
/
4 81514 7912
_ 91
12
8
81
253: 1,
Stamped
5 7812 8612 Cleve Cm Ch & St L gen 4s_ _1993 J D
k1995 Nov 8112 8238 81%
9214 24 85
9284
1931 J .1 111% Sale 1 9158
Cony gold 4s
19553 D
88
76
20-year deb 4;511
J D 7:,-- 100 1 9912 Oct'22 --,,,, 8614 10284
15E72 10412
Cony 4s Issue of 1910
10412
1 0114 10778
1960 J D
General 5s Series B
j 2 10118 10134 10d%
10,5s 92 95 10314
East Okla Div 1st g 48_ _ _ _1928 M S 9512 9612 9414 Oct'22 -- 9114 9514
Ref & irnpt 6s Series A_ _ _ _1929 j j 87
90 , 87 Nov'22 ---- 7934 92
1939
8012 83 I 811
/
4 Oct'22
Rocky Mtn Div 1st 4s........1965 J J
_ 78
8514
Cairo Div 1st gold 4s
8178 775
7738
77%
4
J
_1991
J
_
4s_
1st
g
8412 21 7934 90
Div
Trans-Con Short L 1st 48_ _1958 J .1 8412 8634 8412
NI
&
W
Cm
1 7
7crs
79,4 7u78 7978
3
412 g111s
1 8618 9158
91%
917
Cal-Ariz 1st & ref 4388"A" 1962 M S 9178 02
St L Div 1st coil tr g 4s_ _ _ _1990 M N
8512 Aug'22 --- 8512 3512
1940 NI S 8418
17 85
88
Atl Coast Line 1st gold 4s_ k1952 M El 871.1 Sale 8714
93
Spr & Col Div 1st g 4s
8314 8634 81
Si
8514
1
81
.1
J
1940
1057
106
s
106
45
10618
g
1st
N
1930 M
6 10412 108%
10-year secured 7s
W W Val DIY
9113
8812 29
k1936 Q F 87311 ---- 9112 Oct'22 ---- 83
General unified 438s
1964 J D 8738 Sale 8738
C I St L St C 1st g 4s
83/
1
4 91%
9838
11936 Q F ---- ---- 9012 Oct'22 ---- 8612 904
9912 100
9938
5 9838 10038
Ala Mid 1st guar gold 5s__ _1928 M N
Registered
99
99
Aug'22
9718
----94
J
J
_1928
e_
8
9
0
112
8
5
1
3
4
sa
_l_
_
Oct
5s_
Bruns & W 1st gu gold 4s_ _1938 J J
CM S dr Cl cons 1st g
9114
86
10575 10813 10518 May'22 ---- 104 107
8614
al952 MN
L & N coil gold 4s
78
C C C St I gen cons g 6s__ _ _1934 .1 J
90 June'22 ---- 90
90
9514 55
9518 9412
1910 A 0 9012 92
Bait & Ohio prior 338s
1925 J J 95
Ind B & W 1st pref 4s
8834 96
7412 7512 75
7512
2 70% 84
0
_1940
A
9412
1 91
k1925 Q J .9112 9412 9412
9113
Registered
Peoria & East 1st cons 4s_
32
327
3278
1 227 391
/
4
284
1990 Apr, 30
7618 8818
43
1st 50-year gold 4s
k1948 A 0
Income
96
g
7 90
8,
33%
14 8
99
95% 96
Z2,13
96
, Se 8
t'2
4
232
8 2
15
10
01 75
84
Registered
k1948 Q J
Cleve Shor Line 1st gu 4385_1981 A 0 1033
104
s Sale 103
94 10018 107
1972 A 0
8734 Cleve Union Term 530
10-year cony 438s
1933 M S 82
74
8 8414 94
93
9314 927s
93
8612 291 77
93
Refund & gen 5s Series A 1995 J D 85 Salo 85
Colorado & South 1st g 43.. _ _1929,F A
8712 Sale I 8718
8778 28 8111 92
101
1929 J .1 10038 Sale 10012
Temporary 10-year 6s
106 9412 102
Refunding & exten 4%s_ _ _1935 M N 104 105% 10312
Oct'22 -- --I 10118 10612
P June & M Div 1st g 338s.1925 M N 93 ____ 9312 Nov'22
87
9418
Ft W & Den C 1st g 5;48..19611J D
8,5 1 30 77
Sale I 847
8812
7912 8014 7914
P L E & W Va Sys ref 4s_ _ _1941 MN
8013 471 7234 85
19521J i 4478
Cuba RR 1st 59-year 58 g
107
7 100 10712
19361J D 105 10612 106
9212 25 88
Southw Div 1st gold 3%/1_ _1925 J J 9112 9214 9112
941s
let ref 7yis
7714 80 I 79% Oct'22 __ _ _ I 7714 8111
Clev Lor & W con 1st g 5s_ _1933 A 0 9812 991.1 9838
9838
31 92
9914 DL & W-M & E 1st gu 3%s 2000 J D 987
99 81 99%
9934
1 9812 1037
99
99
Ohio River RR 1st g 5s_ -1936 i D 9638 100
1 96% 99
N Y Lack & Western 58_ _ _19'23 F A 9914 9912;
99
9912
111 97
997
9712 Sept'22
General gold 5s
1937 A 0 9218 97
Terminal & Improve't 43_1923 M N
90 98
7512 ----I 78 Aug'22 _ ...I 74/
1
4 78
Tol & Cin Div 1st ref 4s A _1959 J J 68 Sale 0714
6812 14 627s 73
Warren 1st ref gu g 3 S,i91_ _2000 F A
'No price Friday; latest bid and asked. aDue Jan. dDue April, cDue may, yDue June. hDue July. kDue Aug. °Due Oct. p Due Nov. 2Due Des. a Option sale
Ns -8-8-1-4
2
J89
New York Bond Record—Continued--Page 2
Price
Friday
Nov 10
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov 10
Range
j
Sai:cal
Week's
Range or
Last Sale
High No. Low High
Ask'Lote
Bid
Delaware & Hudson—
8912 12 8318 91
1943 M N 88 Sale 88
let & ref 45
7, 8918 10378
1935 A 0 99 Sale 9812
99
30-year cony 58
111 99 10312
102
1937 M N 101 10112 1001
55s
/
4
6 107 11318
109
1930 J D 109 11212 109
10-year secured 7s
1946 A 0 8114 8212 8114
8114 20 7628 84
Alb & Susq cony 3s
_
Renns & Saratoga 20-yr 6s_1941 M N 10934
8214
7535 Sale 7512
Den & H Cr—let cons g 4s_ _1936 J J
7612 36 73
__1 7612 84
Console gold 43is
1936J J 8012 8112 8012 Oct'22
Improvement gold 5s
8412 84
1928 J D 84
84
1955'F A 50 Sale 4912
let & refunding 55
50,4 45 42 5212
558
48
4 8
4:3
70
5
11 4
Trust Co certifs of deposit.
_
4534 Sale 4534
4534
2 8012 89
Rio Or June 1st gu 5s
825 85
19:i
39
83%
83%
101
/
4 1712 6114 Apr'll
Rio Or Sou let gold 45
1940 J J
Guaranteed
1414 ._ 101
1940J J
/
4 Feb'22 ---- 101/4 1018
7718 sale 77
Rio Or West let gold 45_ _1939 J .1
7734
7112
72
334
18 86
1 6
Mtge & coil trust 4s A. _1949 A 0 6634 Sale 6612
67,2 25
78
74
Det & Mack—lst lien g 4s
1995 J D 7318 ____ 70 Sept'22
701s
67
---Gold 4s
70
Oct'22
7018
1995 .1 D
93
net Riv Ter Tun 41is___ __._ _1961 MN 89 Sale 8812
9018 23, 82
Dul Missabe & Nor gen Sc.... _1941J J 8918
_ 100
9538 100
Oct'21.
4 95/
1
4 1021a
Dul & Iron Range 1st 55
19371A 0 10078 Salo 10078
10078
Registered •
10512 Mar'08
19371A 0
Dul Sou Shore & Atl g 5s___ _19371J J
817s
8218
Oct'22
70 -8
.212
;
8
0101-4
Elgin Joliet & East 1st g 5s_ _1941 M N 99%
9934 Nov'22
Erie 1st consold gold 7s ext..1930 M
101 104 10312 10412 32 loos, 108
N Y & Erie 1st ext g 4s__1947 MN 8313
87
----1
8028
July'22
87
3rd ext gold 4s
1943 M S -- - - - -- - 995s Oct'22 ---- 9634 9958
4th ext gold 5s
_ 9514 June'22 ---- 9012 9514
19301A 0 *9214 _
5th ext gold 4s
_ _ 9434 Nov'15
1928,J D 89
10
852
744 157
02
711
/
4
/
4 Aug'22
NYLE&WJst7sextIS3OM S *10214 _--- 1021
203
Erie 1st cons g 4s prior__ 19961J J 58% Sale 5714
62
19961, J
Registered
- 57 Mar'22 586 3914 58
1st consol gen lien g 4s 19961 J J 4738 Sale 4334
50%
51
Aug'22 __. 51
Registered
61
1996,J J
1F A
Penn coil trust gold 491951
84i2 88
Oct'22 ---- 79
_
91
67 3414 57
50
59-year cony 48 Ser A__ _19531A 0 46 Sale 44
4512 43
do Series B
55
4912 78 32
1953.A 0 45
Gen cony 4s Series D_ _ _ _1953'A 0 47 Sale 46
5012 139 3434 59
99
9734 58 80
Chic & Erie 1st gold 5s
9512
9638
9312
1982 M N
1
L/112
Cleve & Mahon Vail g 5s 1938 J J
9035 Jan'22
15
96
Erie & Jersey let s f 6s
1955 J J 93 Sale 9212
8
Genessee River 1st sf(35
9212 17 793g 97
1957 J J 9014 Sale 9014
ep
ee
t:2
2f ---- 109 109
Long Dock consol g 6s
1935 A 0 10514 110 109 Sp
____
Dock & Impt let ext 5s
1943 J J 9214 ____
88
831286
Oct'22 ..-. 86
N Y& Green L gu g 5s.._ _ _1946 M N 9018
65
N Y Elusq & W 1st ref 5s
6738 65
19371J J 64
75‘g
5
17
4
4
5338
Oct'22
4212
2d gold 430
54
1937,F A
5118 27 3812 60
/
4 5118 5118
General gold 5s
1940 F A 501
8312 90
90 Sept'22
9418 90
Terminal 1st gold 5s_ _ _ _1943 M N
95
2 93
Mid of N J 1st ext 5s
95
95
1940 A 0 95
73
68'2 6812 Oct'22 ---- 53
Wilk & East 1st gu g 5s
1942,J D 62
Apr'21
Evans & T H 1st gen g 5s
1942,A 0
---- 88
0912 Ape21
Mt Vernon let gold 6s__ 1923.A 0 ---6912 A pr'21
Sul Co Branch 1st g 5s
1930,A 0
.
_Sy!! _9_14
Florida E Coast let 4 s
4 89 Nov'22
1959'2 D -gF4 -g6-3Fort St U D Co 1st g 4 yie
66
ape21
19411.1 J 76% -8631
Ft Worth & Rio Or 1st g 4s 19284 J 8412 612' 84 Nov'22 ---- 78
Galv 'Ions & heed 1st 5s_
87
1933; A 0 8612 8812 87
6 10812 115
Grand Trunk of Can deb 75 1940'A 0 1113 sale 1105s
111%
15-year 5 f Os
19361M S 10278 sale 10212 10312
Great Nor Gen 75 ser A
°13
87
3 4 1901380%
193&j j 11078 Sale 11012 11112 19n
7 10
88
96
1st & ref 4 qs Series A__ _ _1961 J J 8912 Sale 8912
9012'
Registered
_ 8214 Oct'211----I
1961 J J
61
/
49
1952 j J Ur"5ale 101
9
1015s 8
m
St Paul M & Man 4s
941.4 9318
1933 J j 93
9358.
10814 ____ Ill Sept'22'----1 1
-64
0:
5;
let consol g 6s
is
s i1961113-8
1933 J
Registered
, 99 Sept'201--;,_,
19331J j _ _
-'
4
4 16011,
./ -63198
Reduced to gold 43,0_1933J .1 9718 9812 93
97
Registered
97 Aug'22 ----I 95
1933J J
9212
Mont ext 1st gold 4s
3 88
90141
1937 J D 9V4 -9214 9014
Registered
80 Mar'211---1937j D
Pacific ext guar 4s
83 Mar'201---86
19403 J 84
8924
E Minn Nor Div 1st g 4s1948:A 0 89
9012 8934 June'22 -- 88
Mont C 1st gu g 6s
16
33
14
4m
Na
oy06;-------11014 ____ 13
Nov'22
1937j
Registered
19373 J
let guar gold 5s
19371J J 10012 10212 103 Sept'22,---- 99 161:
0211-4
2
Will & S F 1st gold 5s_ 1938 J D 10134
_ _ ,10214 July'22, - -/
4
Green Bay & W Deb ctfs "A"70 1 70/
1
4 Apr'22:---- 674 701
Feb 60
,s
4
73
16
11 76
12 8
1212
2
8
Debenture Ws "B"
12
,
1219
12
Feb
861
/
4,
Gulf & I lst ref & t g 5s 61052 J .1 84
/
4
85 I 861
90
Flocking Vol let cons g 43-is_1999 J J 8514 8512 8412
8512
2 8112
7312
32 June'18 ---Registered
1999 J J _gir2 _gg _ 8
851,
Col & H V 1st eat g 45
Nov'22 -- 78
1948 A 0
7812 83
Col dr Tol 1st ext 4s
8228 8534 8312 Oct'22
1955 F A
96
893
4
2
Oct'22
--,;Houston Belt & Term 1st 56_1937 J J 9058 95
92 8
8378
0 75
881
/
4
Bud & Manhat 5s ser A
83 Sale 83
1957 F A
61 i 10
4712 67'4
Adjust income 5s
1957 A 0 60 Sale 60
5 92
9834
97
97 1
N Y & Jersey 1st 5s
98
99
1932 F A
1
4 96
96 Sept'22 -- 83/
9118
Illinois Central 1st gold 45__ _1951 J
Registered
1951 J J *--- 4234 8318 Sept'211---• 755
-8278
81
861
/
4 824 Oct'22
let gold 33.e
1a51 j J
80
80
Oct'22
Registered
1951 J J 78 _ _ _ _ 80
72
Oct'21
Extended 1st gold 3j.s __ _1951 A 0 - - - •••••
•
83
Registered
1951 A 0
1st gold 3s sterling
1951 M 5 ---- 7512 80 July'09
-g612 95
8412
Collateral trust gold 45
8412 Sale 8412
1952 M
9528 Sent'19
Registered
1952 A 0
41 82's 91'2
1st refunding 4s
861 1
1955 51 N ▪ S53 87's 85%
76% 8034
79% Oct'22
Purchased lines 336/3
1952 J J 7512 80
1
4 84%
L N 0& Texas gold 4s...1953 MN 8158 Sale 81
8134 — 16 78/
82
82
Registered
Aug'22
- 82
1953 M N
15-year secured 53,
10118 28 96% 103%
8 Rai; 10014
0
1934 .1 J 150.74 113
15-year secured 6f.s g------330 J J 10914 Bale 10914
10914
1 992
1 81% 93
Cairo Bridge gold 4s
86
86
1950 .1 D 8512 87
63% 7478
Litchfield Div 1st gold 3s 1951 .1 J 6912
74% Oct'22
Loulsv Div & Term g 3)is_1953 J J 7612 80
Nov'22 -- 73% 81
71
Omaha Div 1st gold 3s
/
4 70% 6834 Oct'22 ---; 66
1951 F A 671
63% 7612
St Louis Div & Term g 3s_1951 J J
704 7034 7014
7014
Gold 3s
7928 Sept'22 -- 7612 79%
1951 J J 7812 80
7812
7812
spring( Div 1st g 3).0
7812 July'22
701s
1951 J J
82
861
/
4
Western LInes 1st g 4s___ _1951 F A 83
8312
8978 8312
Registered
92 Nov'10
1951 F A
993 iaOls
" 1001s Oct'22
Bellev & Car 1st Os
1923 J D 9838
9212 9212
1932 M S ssIs 9412 9212 Sept'22
Carb & Shaw 1st gold 4s
104
Oct'22 -- .- 99 10434
1951 J D 100 _ _
Chic St L & N 0 gold 5s
99 Aug'21 -Registered
1951 J D
6534 Dec'21
1951 J II "FIc,
Gold 33is
06%
d 651; 100 Joint 1st ref 55 Series A_1963 J D 9612 97% 96%
1 783, 82
82
82
84
1951 J D 82
MemPh Div 1st g 4s
8612 8612
Oct'22
8612
_
1931 SI S 86% _
St Louis Sou 1st gu g 4s
86
88 Sept'22 -- 85
1950 J J 85
Ind Ill & Iowa 1st g 4s
97 10112
Oct'22
100
/
1
4
7s
1922
ext
M
1st
g
N
Nor
Great
Int &
5278 97 5014 5512
1952J .1 52 Sale 52
Adjust66
8612 Oct'22
8012 89
D 8512 87
James Frank & Clear 1st 4s_'_1959
72
70
37 63
Kansas City Sou let gold 3s1950 A 0 69% Sale 69
911
/
4 12 84
9412
Apr 1950 J J 90% Sale 9012
Ref & impt 59
44 79% 8638
82
8212
82
9234
___1960
.1
J
4s_
let
Term
City
Kansas
99
/
4
9514 Sale 951
95/
1
4
A 85 87%
Lake Erie & West 1st g Ss__ _ _1937 .1 J 84
8512 8518
86
1941 J J
" 77
2d gold 55
78
68
73
/
1
4
751s
-July'22
85
0
A
1945
North Ohio 1st guar g bi
7 90% 97
9334
1940 J J 9334 Sale 9312
Leh Val N Y 1st gu g 41is
July'21
80
1940
J
J
Registered
5 -ifs4 -66'81
8114 81
2003 M N 81
Lehigh Vol (Pa) cons g 4s
11 85
9214
96
2003 M N 911s Sale 91
General cons 416s
9818 10212
10212
10212
Sept'22
0
A
5s...._1941
Leh V Term Ry let gu g
113 Mar'12 _
_
1941 A 0
Rea'wed
9 10012 105
i51-1" 10212- 102 103
Lab Vol RR 10-yr coll 65....01928!M
-6
3:
BONDS
N. Y.STOCK EXCHANGE.
Week ending Nov 10
2145
Price
Friday
Nor 10
9S12::
Met
High No Low
Ask Low
90% 102
Leh Val Coal Co let gu g 5s__1933 j
1004 0(1'22
9934
_
Registered
Oct'13
105
1933 j
let int reduced to 4s
1
4 Oct'21
1933 J J - )(1" 6214 83/
-g3/
1
4
Leh dr N Y let guar gold Is_ _1945 MS 8238 87/
1
4 86 Aug'22
Long Isid 1st cons gold 59_51931 Q
Oct'22
99
9814 99
1st consol gold 4s
89% 9312 8914 June'22
51931 Q
8
79
7 4 8134
General gold 4s
1938 ,ID 8212 85% 861a Oct'22
84
2614
12
8
7
92
3511423 ,
Gold 4s
1932 J D 83 ____ 8414 Aug'22
Unified gold 4s
803s
80%
2
1949 MS 801s 81
88
711:
8
78
534 9
Debenture gold 5s
1934 3D 8414 Sale 9818 Oct'22
85
25
20-year p m deb 5s
84
1937 MN 8414 85
84%
Guar refunding gold 4s_ _ _ _1949 MS 805s 81
80%
80%
6 72
NYB&MB 1st con g 53_1935 A0 955s _
_ 9612 Sept'22 -N Y&RB let gold 5s___ _1927
991
/
4 Sept'22 -- 9914 99/
1
4
S
Nor Sh 13 let con g gu 5s ..a1932 Q
8912 96
9314 9512 95 Nov'22
1 78
9812
Louisiana & Ark let g 55
93
1927 MS 9012 9212 93
Louisiana & N W 5s
7738 178 7218 78
1935 AG 77 Sale 7112
Louisville & Nashville11
Gold 5s
*10078
101
1937 M
- 101
19
Unified gold 41
8934 Sale 8934
00
NJ
,
0
8
88
5
712
9018
4
2 19
0
99
Registered
June'22
0
2
5:
152
3
1940
.1
Collateral trust gold 5s___ _1931 M N TOT- :77: 98
oct'22
10-year secured 7q
3 10458 110
10838
10812 108%
1930 M N
1st ref 53-0
98
7;2
4
96
112 10
1033s 32 10
2003 AO 103 Sale 10234
L Cin & Lea gold 41s
97
9714 9613 Nov'22
1931 MN
NO & ill let gold (3s _ __1930 J J 103
10534 .July'22
19
98
.
258
4 19
09
5
7
1
:
2d gold Os
9
58
812 16
07
118
_ _ 10012 Nov'22
'3 *99
1930
Paducah & Mem Div 4s
9112
SO July'22
80
1946 FA 85% 88
St Louis Div 2d gold 3s
611
/
4
61
Nov'22
63
MS
1980
At Knoxv & Cin Div 4s_1955 M N 8514 86
5 79% 88
8514
8514
All Knox & Nor 1st g 5s..1940 J
9914 May'22
D 98%
MS
:
09066:0
4
Hender Bdge 1st 51 g 6s_ __193I
110
19997
0
72543,
31:222 198
104 July'22
Kentucky Central gold Is_ _ 1987 J J 8318 -8-418 86 Aug'22
lea & East 1st 50-yr 5s gu_1965 AO 9818 9918 100
2
100
L&N&
& M 1st g 43,0_1945 II S
97
Oct'22
8112
L & N South 11 joint 4s_ _..1952 J J 96:3
82
823
__-4 8112
Registered
95
Feb'05
51952 Q
NFla&Slstgijg 5s
4165 101 May'22
1937 F A -97-1N & C Bdge gen gu 416s_ 1945• J
11C3
2
166
891.3 19
53
9312 Aug'22 6 96 10212
S & N Ala cons eu g 5s
1(10
_1936 FA IN 169-12 10()
Gen cons guar 50-yr .5s_ _1963 A0 9614 99
9718 Oct'22
I.ou di Jeff Bdge Co gu g 4s 1945 MS 801s 8334 811s Oct'22
77
85
Mex Internal let cons g 4s_1977• S
_ 77 Mar'10
Midland Term-1st s 1 g 55 1925 J O
99 July'20
101 104
Minn & St Louis let 78
104 June'22
1927 3D
let consol gold 5s
7
7514 -80
7712
7712
1934 MN
39
let & refunding gold 4 ..j949
1% 5
80
4))12 32 8
312
1949 MS 40 Sale 39
4l1
Ref de ext 50-yr 55 Ser A_ 1962 Q F 40% 4112 40
5 30
50
5312
06
2
es
9614
6 16
3
50
t D 1st gu 4s1935 J J
5312
56
3
Iowa Central 1st gold 5s_ 1938 J D
78
79%
79% 7958
6
Refunding gold 4s
3,12 Sale 3.05
40
1951 M
M St P & S NI con g is int gu 1938 J J
8714 8734 8714
8814 22
1st cons 55
9812 16
9912 91,34 98
1938
10-year coil trust 63is
350
;
0
8
2 19
0
9
5805
3
7
134
8
0
103% 45 17
1931 SIS 103 Sale 102%
1st Chicago Term s f 4e _ _1941 MN
4
9212
. 9212
9212
12 941
MSSM&A 1st g 4s int gu.1926 J J 9612 97
/
4 974
164
9678
Mississippi Central let 5s_ _1949• j 8838 92
82% 8814
85% May'22
Mo Kan & Tea—let gold4s 1990 J
8258 43
D 823s Sale 82
2d gold 4s
4
78%
3
8
65
8114
2
/
4 Aug'22
-- 681
p1990 F A
Trust Co certifs of deposit_ _ _
70
75
72 .Nov'22 -- -- 4812 7714
1st & refunding 4s
2
0
9
6
7
8
3
90
Nov'22
-S
M
2004
Trust Co certifs of deposit__ _
92
8
92
93
-Gen sinking fund 416s
5214 644
6112 June'22 1936 J J
3
Trust Co certifs of deposit___
77
58
72
21; 9
75
72 Nov'22
5% secured notes "eat"
83
Oct'22 -85
-. 80
51 K & Okla 1st guar 5s_ _1942
7814 9472
91
_
_
8812
Oct'22
_
_
8368
2564
Sher Sh & So 1st gu g 5s___1942 J 1;1
767
18
4 4
42 Aug'22
3
/
4_
D 341
Texas & Okla let gu g 5s__1943 M S
28
_ 34
Oct'22
Mo K & T Ry—Pr I 5s Ser A_ _1962 J1
119
833
4
8312
Sale
8414
J
40-year 45 Series 13
62
75
6154 691s
70
1962
J 69
10-year (3s Series C
9678 45
1932 J J 9612 Sale 981 s
Cum adjust 5s Series A _
8
4
3
9
%
9
6
9
84
201
61
6112
6214
Sale
1967
NILssouri Pacific (reorg Co)—
5 8412 9312
let dr refunding 55 Ser A..1965 F A
874 Sale 8712
8712
1st & refunding 5s Ser C
9714 975s 9714
9818 23 9512 100
1926 F A
153 98 1034
6s, Series D
9912 Sale 9914
100
1949 F A
157 593 6935
General 4s
63
0312
65
Sale
1975,M S
Missouri Pacific1 _,
7633 851i
3d 75 extended at 4%
83 Nov'22
8218 85
1938
N
74
77,
3
Cent Br U P 1st g 4s
/
4 Oct'22
- 7814 751
1948J D
83
89
Pac RR of Mo 1st ext g 4s_1938 F A
87
87 _ _ _ _ 87
2d extended gold 5s
_ 9912 Nov'22 -- -- 92 100
1938 J J 9912 _
/
4 9973
OIL Ir If & S gen con g 5s_1931 A 0 9814 Sale 98
9814 23 941
Gen con stamp gu g 5s 1931 A 0
102 juiy'14
-fg78
Unified & ref gold 48
861s
87%
8614
87
1929 J
1
4
Riv & G Div 1st g 4s1933 M
865s' 53 75% 88/
8414 8478 84
9073 98
Verdi V I & W 1st g 5s1926 M
9614 ____ 98 Sept'22
10018 105
Mobile & Ohio new gold 6s_ _ _1927 J
10318
1031
/
4 104 1031s
9712 103
let ext gold (Is
10014 101 103 Sept'22
51927 Q
_ 6758 784
General gold 4s
7834 Oct'22
76% 79
1938 M
1 864 97
97
Montgomery Div 1st g 5s 1947 F A
9212 9534 97
/
4
5 87% 961
5t Louis Div 5s
954
95
9534 9512
1927 J
81
93
St L & Cairo guar g 4s_
87
8812 8u5s Nov'22
1921 i
Nashv Chatt dr St L 1st 5s_ _ _1928 A 0 100 10,0:1 10034 Oct'22 _ __ 97 10335
100 1001
Jasper Branch 1st g Os_ _ _ _1923 J
/
4
10014 July'22
100 -.
2118 45
Nat Rys of Mex pr lien 4yis 1957 J
374 Oct'22
.28
34
Guaranteed general 4s
2912 Feb'22 ____ 294 33
1977 A 0 ▪ - - 30
Nat of Mex prior lien 43,6s_..l926 J
28
32
31% Mar'22
*-- 30
1st consol 4s
2112 3328
25 July'22
1951 A 0 -- 27
N O& NE 1st ref & imp 43is A '52.9
86%
81
8234 19 79
8234 8012
New Orleans Term 1st 4s_
16 7013 8113
70
79
7834 78
1953 J
N 0 Texas & Mexico 1st 65 1925 JD 10012 10234 1u038
2 9512 1014
10038
Non-cum income 5s A_ .._ _1935 A0 7715 7712 771
7712 23 82 804
/
4
N Y Cent RR cony deb 6s_ 1935 MN 10612 10638 10514
10612 216 98 10812
10-year coil trust 7s
105 Aug'22 ......1105 108
1930 NI 5
Consol 4s Series A
;-8
8212 10 7872 8672
.2-5-8 821 4
1998 FA -81-7
Ref dr !rapt 4103 "A"
8634
87
A0
881s 51.• 8514 92
Sale
2013
Temp ref dc !rept 5s
97% 590 9334 997
2013 A0 97 Sale 96%
N Y Central it Hudson River—
7778
Mortgage 33is
781
/
4 79
7812 27 7412 8314
1997 J J
7412 771j
Registered
7418 7812 7412 Nov'22
1997 J J
93
Debenture gold 4s
904 34 84
1)0
9012 90
1934 MN
2 6612 8912
894
8912
Registered
1934 M N
3 83
9112
30-year debenture 4s
90
90
1942 j j ____ 89
2 6914 7934
I.ake Shore coll gold 330_1998 FA
75
7358 Sale 73%
7412 Aug'22 7478
72
Registered
- - 73
1998 F A
Mich Cent coil gold 3)is 1998 F A
7712 Sale 7712
7712 14 7114 8134
744
72
76
Registered
7834 7412 July'22
1998 F A
62
60
Battle Cr & Slur 1st gu 3s 1998 J D 60 __
60 July'22
8434 913s
Beech Creek 1st gu g 4&_.1936 J J
9018 9114 9114 • 11111
7612 July'21
Registered
1936 J .1
2d guar gold 5s
1936 J .1 93 ____ 104 May'16
60
60
Beech Cr Ext 1st g 33is61951 A 0 71 ____ 60 July'22
8212 90
Cart & Ad 1st gu g 4s
8312 8212 Mar'22
1981 J D 80
-- __
Ha A & G R 1st gu g Os-1935 J J
__ -79
7718 79
79 ---1 "761-4
Lake Shore gold 330
1997 J D
,
7472 8034
80% Aug'22
78
Registered
1997 J D * 76
1
4 96
18 80/
9414
937
Debenture gold 4s
1928 M 5 935 94
92
l
9238 28 8812 9314
25-year gold 4s
1931 M N
Registered
1931 M N --- - ----852 July'21
Mob & Mal 1st gu g 4s
1991 m s 8512 ____ 8212 Jan'22
Mahon C'I RR 1st 5s
1934 i J 99,
4 ---- 10212 Aug'22 ____I 98 10213
Oct'22 ___-' 100 100
1931 M S 99% 10112 100
Michigan Central 5s
9812 Nov'lg __Ii__
Registered
1931 @ M ____
j J 874 ____ 9012 Oct'22 ____I 8i14 6(514
48
1940.9 Ji 8618 ____ 7414 Elept'20 ____.' ---- ..--Registered
/
4 Mar'20
J L di 5 1st gold 3 is__ _1951 NI S, 79 ____, 661
let gold 3e
1942 M NI 781s _ _ __I 81
Oct'22 ....- 76% 8111
1929 A 0 9118 Sale ' 9115
29-year debenture 4s_
91 12
2 8638 94
10712
• No price Friday; latest bid and asked this week. a Due Jan. 5 Due Feb. c Due June. 1 Due July. n Due Sept. 0 Due Oct. s Option sale.
Range
Since
Jan. 1
Week's
Range or
Last Sale
--•
2146
New York Bond Record —Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov 10
60,
Price
Friday
Nov 10
Week's
Range or
Last Sale
;
z;
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov 10
5-,
Price
Friday
Nov 10
Week's
Range or
Last Sale
o J4
21
Range
Since
Jan. 1
Bicl
Ask Low
N Y Cent & H R RR (Con)—
High No. Low High
Bid
Ask Low
High No. Low High
NJ June RR guar 1st 4s___1986 F A 824 ---- 7034 Apr'21 ---10414 Oct'22 -_-- 10114 10414
it Louis dr San Fran gen 6s1931 J .1 10558
80 ____ 81 Sept'22 ---- -7
NY& Hariemg 3;is
-8-58
- -81-1931 J J 9838 9912 99 Nov'22 __-- 95 9912
General gold 55
9934 1003 99
N Y &Northern 1st g 5s. 1027
0
1\
Oct'22 ---- 99
99
St L & S F RR cons g 4s
1996 J J 8038 ____ 6714 Oct'20
N Y dr Pu Ist cons gu g 4s_1998 A 0 86 ---- 84
Oct'22 ---- 7712 86
Southw Div 1st g 5s, 1947 A 0 8578
90 Feb'22 ---- 90 90
Rutland 1st con g 4 ,is
1941 J J 8114 ____ 8512 Sept'22 ---- 78
1928 M N 103 10314 10314
8512
K C Ft S & M cons g 6s
3 101 104
10314
4 66
Og & L Cham 1st gu 4s g_1948 J J 6858 7358 70
7312
7512
KCFtS&MRyrefg 48_1936 A 0 7912 Sale 7912
8014 42 7234 844
1 7314 7314
72
72
Rut-Canada 1st gu g 4s_1949 J J 70
72
KC&MR&B1stgu5s1929 A 0 9112 9614 95 Sept'22 ____I 8814 95
St Lawr dr Atilt' 1st g 5s
78
1989 M N
1996 J .1 9258 98 96 Sept'22 ---- 8912 96
781
79
35 7234 8034
St L S W 1st g 4s bond ctfs
/
4 77%
975 ---- 103 /iov'16 --- ____ _ _ __
2d gold (3s
6412 72
2d g 4s income bond ctfs_p1989 J J 6912 70
Oct'22
71
9812 ---_ 97 Apr'22 ---- 97 97
L Erie 2d g 5s_a
7712 7778 7712
Consol gold 4s
7814 29, 6812 8278
Pitts McK & Y 1st gu 6s 1932 J J 101 ____ 11034 Aug'22 ---- 109 11012
2.1J
3 D 7834 79
952
77
9 71
84
1st terminal & unifying bs 193
7912
2d guaranteed 65
8 Sale 75
1943.9 J 75,
J J 99 ____ 9514 June'20 --S A & A Pass Ist gu g 43
75% 41 70 8114
West Shore 1st 4s guar
8412 36 7812 -kr Seaboard Air Line g 4s
1950 A 0 58
5814 65 Aug'22 ---- 50 7384
2361
1934 J J 83 Sale 8278
81
84
81 Nov'22 ---- 7658 84
Registered
1950 A 0 5658 Sale 56%
Gold 4s stamped
10 48 62
57
2361 J J
N Y C Lines eq tr 5s___1920-22 M N _-_- _—. 9912 keb19 ---25
2514 25%
01949 F A
136 1312 334
Adjustment 5s
26
Equip trust,
674 June'20
4212 Sale 4112
“
,6s___1920-1925 J J
Refunding 4s
4318 37 3118 4834
N Y Chic & St L lst g 4s
--ii
67 Sale 66
914
1937 A 0 —ii— —6134 91
67
60 41
1st & cons 6s Series A
7334
:
-9
8:2:34:--2:9134 Sept'22
Registered
70
S 66
5° 5
A1 °
8612 9134
70
9°3
453
Oct'22 ---- 5912 7512
1937 A 0
Atl & Birm 30-yr 1st g 4s_e1119
-8
, Sale-- 8712
Debenture 4s
73% 71
1949 J J 71
88% 18 80 8934
Oct'22 ---- 63
1931 M N -gg
71
Caro Cent 1st con g 4s
N Y Connect 1st gu 4;is AI953 F A 8358 89
883s
1 8112 94
888
9912
Fla Cent & Pen lst ext 6s 1923 J J 9938 ---- 994 Oct'22 -_ -_ 96
N Y N II dr Hartford—
94 ____ 9312 Aug'22
1st land grant ext g 5s_1930 J
89
9312
Non-cony deben 4s
9114
9114 Oct'22
1947 M S 5978 ____ 5.)7 Oct'22 -- -- 45 63/
1
4
8212 9114
Consol gold 5s
Non-cony deben 3)is
1
4 85
1947 M S 4918 55 50 Nov'22 ---- 44 56
943
45 3
J 3
-1 794 83/
Oct'22
Ga & Ala Ry 1st con 5s_o119
71
85
Non-cony deben 35,6s
3 3814 5512
514 50
50
1954 A 0 50
1929 J J 9078 05
9112
Ga Car & No 1st gu g 5s
9112 Sept'22
84
Non-cony deben 4s
54
5678 56
Oct'22
1926 J J 9212 9514 9158 July'22
1955 J J 63
Seaboard & Roan 1st 5s
112 6018
, 40
8434 95
6578 54
Non-cony deben 4s
54
1956 M N
Southern Pacific Co—
Cony debenture 3 s
---501s
847
8
50
Sale
D
50
8512
.
J
373
8
8618
54
9413
1956 .1 J
41 78
Gold 4s (Cent Pac col1)_h1949
Cony debenture 6s
80
79 57 8512
1948 .1 .1 7812 Sato 7812
q1929 M S 9234 Sale 9112
9214 51 86
9534
20-year cony 4s
_
Cons Ry non-cony 45
_
54
54
A 10312 104 104 Nov'22 ---- 9512 105
3 50
F D
1930 F A
39
4 .1I
94
54
20-year cony 5s
g 42 _ 1,
---Non-cony deben 4s
5414
60
87
871
/
4
July'18
8674
88
1955 J J
123 8114 917$
Cent Pac 1st ref gu
1
---1-Non-cony deben 4s
9212 ________ 8
92
218
2
1956 J J 50 ____ 5012 Oct'22 ------- 38 2 56 2
9
82
Mort guar gold 3Hs_k1929 J D 8
412
1
4% debentures
4718
110
.2
1957 M N 478 49 4718
9 9
7
88
4144 9
Through St L 1st gu 4s__1954 A 0
89
3
74
1
Harlem ft-Pr Ches 1st 48_ A954 M N 8118 sale 8118
8214
71
5 82
2 3
7/
4
1
Gil &SA M &P 1st 53_1931 MN 941s
13 & N Y Air Line 1st 4s_1955 F A 55 80
958 ---99
76
973'8
98 4 Nov
Oct'22 -9
'
8
'
22
8 ---- 92 98
guar
2d
exten
5s
59
76
9718
6014 12 5114 6812
Cent New Eng 1st gu 4s__ _1961 J J 5934 6,12 5934
____
994
N
3
3
M
Aug'22
1
92
34
---- 97 994
Gila V G & N 1st gu g 5s 19
Housatonic Ry cons g 5s A937 M N 8712 95 80 Dee'21
1933 M N 9634 --__ 9412 May'22 ---- 94 9413
Hous E & W T 1st g 5s
87 July'14
Naugatuck RR 1st 4s
9634 ---- 86 Mar'21'---1954 M N
1st guar 5s red
---693
4
5
_
_
N Y Prov dr Boston 4s_
83
98
--__
Aug'13
93
4 Apr'22 --__ —siii4"i
I942 A 0
MN
El
1'
9,37
3 JJ
H & T C Ist g 5s int gu1
N Y W'ches& B 1st Ser 1 4;is•46 J .1 5018 53 50
5112 16 -ii- -Eli
1941.3
.1 0834 ---- 96 Sept'22 ---_ 8624 98
A 0
A & N W 1st gu g 5s
New England cons bs
10014 _--- 101
Apr'22 ---- 96 10312
1945 J .1 874
No of Cal gu** g 5s
____
7518
7
83
70
05-Como'4s
9978 100 99
SeDt'17
10012 69 9514 101
1945 J J
1927
9 J
Ore & Cal 1st guar g 5s
Providence Secur deb 45......1957 M N 4614 5,78 52 Sept'22
87
0118
2 100
338
So Pac of Cal—On g 5s_1937 M N 9634 ____ 10312 July'22__ .: 10
13
-i-6- -8.6.885 k eb'18
Providence Term 1st 49_1956 M S 7414
1937 J J 9812 02 90 Nov'22,---- 884 9218
So Pee Coast 1st gu 4s g
65
_
65 May'22 ---W dr Con East 1st 4)4s1943 J J
91% - --- 9158 Nov'22 ---- 89
9614
dr N 0 con gold 5s_ __ _1943 J
Tex
66"
—6g/
4 Nov'22
N Y 0 & W ref 1st g 4s_ - _g1992 M 9 7112 7478 711
8714 Sale 87
8838 243 8358 9213
So Pac RR 1st ref 4s
594 0,,y',0 -Registered $5.000 only___g1992 M S
3 8212 Sale 8212
A 0
84 I 14 80 8678
8j
950
San Fran Terml let 4s
195
- ill -6
9712 82
General 4s
Oct'22
9758 Sale 97
6:11955 .1 D 6678 68 68
2 -i
791c7 2 Southern-1st cons g 5s
Norfolk Sou 1st & ref A 5s
6378 11 50
90 Apr'22!---- 8814 90
1961 F A 1)54 Sale 6578
Registered
71
9112
Norfolk & Sou 1st gold 5s__1941 M N 9.58 34
2 7914 95
9412
ji14
6714
jj -6834 146 611
95
96
4 3jA O
Develop & gen 4s Ser A
1°
/
4 72%
10..12 110 109% Nov'22
Nor! & West gen gold 6s
17
7 Sale14 17
0134
1931 M N 1,63
0
0
7
114 10212 172 9414 105
A
4
is
1093
mporary
69
Te
104
8 19,12 10914
Improvement & extg
Sept'22 -- 109 10914
1934 F A
77 I
1 6614 7814
84 M S
598
Mob Sr Ohio coil tr g 4s
1119
93
1U)%
__ _ 108 Sept'92 -- 10434 108
New River 1st gold
1932 A 0
1996 J J 97 9718 96 Nov'22 ---- 89
984
Mem Div 1st g 4 .6s-5s
884 Sale 8814
N & W Ry Ist cons g 4s
89
22 8478 9412
80
1996 A 0 __
8,12 7034
82 I
5 73 89
St Louis div 1st g 4s
,712 74
Registered
1996 A 0
3 95 9838 94
Oet'20 ---98
J 0
13
94
83
19
Ala Gt Sou 1st cons A bs_ _1
Diri 1st lien dr gen g 4s_1944 J J
15 iiii -6-f4i
;
2 6
8794
412 8
4 ___
All & Char' A L 1st A 4;48_1944 J .1 913 93 9212 Oct'22
80
713
2 July
10-25 year cony 4;is1938 M S 9714 8812 10
9013 93
8'2
732 ill 92,2 106
9838
9 91 101
9812
1st 30-year 5s Ser B
10-year cony 6s
773 79
54 10314 12434
1929 M S Hi- 11913 11712 119
8u
Oct'221---1st
g
40
Deny
Atl
&
87 Nov'22 ---- 84 8912
Pocah C & C joint 4s
1941 J D 87 88
7258' 12 60
1119
9°484
48
i
J 70 ---- 7018
72 8
721
,
4s
2d
Selo V & N E 1st gu g 4s1989 M N 868 884 8.12 Nov'22 ---80 8012 Oct'22'__-- 7534 82
1949 A 0 79
Atl dr Yad 1st g guar 4s
8314 91%
Northern Pacific prior lien rail9812 ____ 101)14 Oct'22 ---- 9334 1004
1930
J
J
Ga
Div
g
55
Va
&
E
T
/
4 Sale 87
way dr land grant g 48
87341 138
9834 _-_- 981
1997 Q J 871
/
4
9118
9814
3 93 0053
Cons 1st gold 5s
_ 87 89 Sept'22,---- 84
Registered
935 Sale 935
1997 Q J
9338
1 9358 9514
E Tenn reorg lien g 53
84 89
General Ben gold 3s
6114 61 60 65
a2047 Q F 6114 Sale 61
3I73
5
?3 A
NI
V 0 6113 65 63 Aug'22 1 __,.. 58 63
1
3
92
1946
1st
35
Midland
Ga
__. 58 Nov'22 ---- 58 62
Registered
a2047 Q F 5.
J J 10034 10114 10114
10114
2 9878 10114
Knoxv & Ohio 1st g Sc
1u838
Sale
Ref & impt 6s ser B
iu84
0334 ____ 7558 Aug'21 ---109
2047 J J
98 19534 110%
Mob & Bir prior lien g 5s_ _1945 J
8,14 8712
Ref & Imp 4)-68 SerA
8818 8.
77 75 Nov'22 --- -fiii —ff"
2047J J 87
1945 J J 75
Mortgage gold 4s
ge
92
/
4 98
58
98
81 9658 10058
7212 7514 74
2047J .1 9734 981
Oct'221--Meek ist g 5s
Rich
&
85
3
4
____
3412
St Paul-Duluth Div g 4s 1996 J D
9938 100 1 99,
May'22
8
7914 8412
99%
98
4 10
11193
2 8
78
1
6
8_
55
,
Ga
1st
ext
Car
&
So
1033 July'22
N P-Gt Nor Joint 6 .413__1936 J J
100 _ -_ . 100
Oct'22:---- 97 100
1926 M
Virginia Mid Ser E bs
10338 109
St P dr N P gen gold 6s1923 F A i6151-8 113612 10018 Oct'22
9714
9812 99
414 (0)ccit.'22221:::: 9
1936
80
5s
General
5
12
9
9
7
%
___
100 May'21
Registered certificates_ 1923 Q A
1-1
4 98
Va &So'w'n st gu bs___
St Paul & Duluth 1st 5s
1958 A 0 82 8234 82 Nov'22 ---- 74
1931 Q F 9918 ____ 100 June'22
-W2 iC168913
1st cons 60-year 5s
8,18
__-_
86
063
1st consol gold 4s
8
__
_
1
9714 Aug'22 ---- 9412 974
May'22
1968 .1 D
1924 F A
W 0 Sr W 1st cy gu 4s
:8:2
7314
8:
8
0
08
6
134
Wash Cent 1st gold 4s
1948 Q M 7912 88 84 May'22
J J 8312 _ _ _ _I 83 Sept'22I---- 7718 924
82 85% Spokane Internat 1st g
Nor Pac Term Co 1st g 6s
1933 .1 J 109 _ _ __ 108% June'22 --0738
Term Assn of t L 1st g 434E3_1939 A 0 934 9414 9412 Oct'22 ---- 92
81
8134
82
81
0814 10314 9818
Oregon-Wash let de ref 4s........1961 J J
156 77
8838 100
1st cons gold 5s
88%
7812
80
81 , 80
Pacific Coast Co 1st g 5s
80
1 7612 834
1946 J D 7912 80
Gen refund s f g 42
9811
1
__ 9212 Oct'22 --.14
963
8
--Paducah dr Ills 1st s f 4s_ .1955 J .1 9078
:
1
-'
9712
.1
11
l
A
;
9712
10
1 434 9753
9
.8373
.
St L M Bridge Ter gu g bs_l
7258 456
9538 9512
96141 26 8712 1004
Paris-Lyons-Med RR(4
1958 F A 68 6812 68
2000J D 95
Texas & Pac st gold 58
7034 1°5
9914
2 963
Pennsylvania RR 1st g 4s_.A923 M N 5912 Salt 9914
q2000 Mar 50 ---- 50 Feb'22,---- 50 50
4 99%
2d gold income 55
90
95
92
80
9012 90
Consolgold 4s
Oct'22 ----1 8712
1943 M N
Oct'22'---- 794 934
La Div B L 1st g 5s
/
4 9234 9014 Nov'22 ---- .8518 9218
8 ---- 8612 Aug'22,__-_ 8612 90
Como'gold 4s
3 76,
1948 M N 901
3
1 A
1'
9334
W Min W N W lst gu 5s_131,
Consol 43is
9614'
9812
3 91 100
1960 F A 98 Sate 08
71 92128103
1935 J J 9614 ---- 9614
& Ohio Cent 1st gu 5s
Tol
9112
Sale
914
General 4he
92
1935 A 0 9534 9834 9034 Oct'22I---- 90
9514
1965 .1 D
89 9013 95
Western Div 1st g bs
05
89
9012
8138 9013
General 5s
Sept'22'---.
10058 135 9312 10312
1968 J D 10u58 Sale 100
General gold 5s
7838 7,78 7838
10-year secured 7s
7838
2 7512 83
111
1930 A 0 11014 11034 hu
4s
42
7.
g
1st
gu
&
M
1
2
3
14
4
Kan
1
11
0
12
5
3
%
15-year secured 63s
9514 9712 9614
9614
2 91
9913
1936 F A 1u912 Sate 10912 110
lE
2d 20-year 5s
94 ---- 94
Alleg Val gen guar g 45
94 I
_ _:..
2 84 94
1942 M S 89 02 94 Aug'22 __
_..
.. 86
7 8
i)1.
Tol St L& W pr lien g 3;01925 J J _7_4_7
.
.
3 Sale_ 7
D R RR & Bdgelst gu 4s g_1936 F A 9134 ____ 87 May'22
13
5
7478 35 58
78
50-year gold 4s
14 June'21I__-- -_
Pennsylvania Co—
__.
Coll trust 4s g Ser A
_ 8134 July'22 ___
3153 Feb'22 ---- 2,13134
Guar 334s coll trust reg A_1937 M S 8234
-Trust co ctfs of deposit
-5
6i- g_i_
8314 00.'22 ---- 7712 8814
Guar 3s coil trust Ser B_1941 F A 8014 8412 8214 Oct'22 _.__ 8134 81% Tor Ham dr Buff let g 4s___k1946
7214
85
Guar 3As trust ctfs C
06 I .!
98 1
- 06
1942 J D 8012 85 83 July'22
3 89
98
7513 83
Ulster dr Del 1st cons g 5s__1928 .1 D 663
6634 Oct'22 _--- 65
4 70
Guar 3s trust ctfs D
Oct'22 -1944 J D 8314 8412 84
70
1952 A 0
1st refunding g 42
9258 Sale 9212
Guar 15-25-year gold 4s
9212
93 I 154 86
2 8
1931 A 0 9258 ____ 9212
1947 1
94
258 8
96%
48
1st
g
Pacific
9
3
4
312
4
Union
40-year guar 4s ctfs Ser E 1952 M N 8318 8838 88 Nov'22 --.
88
Oct'22 -_-- 88
1947
9234
Registered
94
53
142 i
Cin Leb & Nor gu 4s g__I942 M N 8
"
ii—
95
—igii
rst,78 May 22 ----- 8%
0 8
9538 116 89 97
9098
2
M
1927 J
20-year cony 45
Cl & Mar 1st gu g 4Yis1930 M N 05,8 ___. 8813 Dee'21 -.
85 8612 85
8618, 50 8112 100
1st &refunding 4s
---CI & P gen gu 4s Ser A 1942 J J
91 Nov'21 .-g9
192
08 J J 10312 105 10312 104 I 21 102 106
-year perm secured 6s_2
10
_
---9112
Series B
____ 104 Dec'15 ---...
8714 90
87 Nov'22 ____ 8314 9318
1942 A 0
Ore RR & Nay con g 4s_ —1946 ./ D
....-- ---Int reduced to 3As
1942 A 0 7758 ____ 9614 Feb'12
Ore Short Line---Series C 33ts
10238 1033s 10314
103141
1948 AI N 8038 ____ 9018 Dec'12 -- — ......_ ---1946
6 9612 106
52
1st
consol
g
3
10318 10314 10318
Series D 33is
10334' 14 97 106
1950 F A 79 --_- 67
1946 J1
Jan'21
Guar con 5s
Erie & Pitts gu g 3s BI940 J .1 8412 88 87 Sept'22
92381 19
92 9218 9238 9218
1 9
-87- -8iGuar refund 4s
8412
9912
101
8712 7914 May'is -- -9912 Nov'22 —_ 9
Series C
1940 J J
86
818
2 100
95,
18
8
Utah & Nor gold 5s
9112 ---- 8612 5reb'22 ---- 8612
Grit & I ex 1st gu g 43-is_1941 J .1 IAN 9434 9314
931
/
4
4 -lid
1st extended 4s
86%
8
;
(30 3_53,142i8,3 :
Pitts Y & Ash 1st cons 5s 1927 Si N 99 __
F A _9776
i—08:—(9:
— 86 Apr'22 _--- 7814 86
98 June'22 —_ 98.- -lig
1111,99935.253675 '13l
98
Vandal's cons g 4s Ser A
Tol W V & 0 gu 4Ms A
51 N 851
/
4 ---- 8534 Oct'22 --- 8534 88
1931 J J 9438 9614 94 May'22 -Consul 4s Series B
9
36
7112 Sep
Series B 4s
,
e7238
2 _6_6 26
1933 J J 9418 97 974 Oct'22 --- 92
4714
7
'
'8
2 94
712 Vera Cruz & P 1st gu 43,/s__ _1934
Series C 4s
1942 M S 8678 _. 77 r3ept'21 ---1st 5s Series A__ _1962 M N 9
Virginian
Salt' 9734
1W
9812
1939
25 8
4 ii1-2 -6g 96
93
PCC&StLgu4j,sAj949 A 0 95 ____ 16
8174
8 10
1-1
Wabash 1st gold 52
10
96
9012
F
jj
90
,
N
i
r
Sale
90
12
Series B 4 A s guar
95
1939
96
1942 A 0
35 88/18
2d gold 5s
14 98
673 - -- - 71
Series C 4;is guar
Oct'22
95
2 89
_j954s
9534
1942 NI N 95 Sale 95
1st lien 50-yr g term
95 10018 96 May'22 —_ 9
96l
_. 884 Apr'22 -Series D 4s guar
194
1945 M N 8714
Det & Ch Ext Ist g 5s
841
/
4 91%
751. 79
8512
._
74 May'22 _
91* Aug'22 ---- 8912 91
Series E 330 guar gold1949 F A
74
4
1939
Moines Div 1st g 4s
Des
70
1941 A 0 67
6814 Oct'22 ---as
72
Series F guar 4s gold
1953 J D 87,4 ____ 8712 Oct'22 - - __
Div
1st
g
330
Om
1
4 .--. 87
79
Series G 4s guar
1M
Oct'22 _
1957 M N 87/
9
84
5 9
82
7's
Ch Div g 42
Tol
&
Series I cons guar 430 1963 F A 9612 ____ 96 Aug'22 ---- 8-1j13 96
Wash Term 1st gu 330
2
1 8418 - - -- 6
113112
c6
7
t19
:7252
8 ..- _-"
:
22
. 8
8
98
43
95,12
4 80
ep
8
88979
4
11:44
5
76g9
1945
;
6112 6
5
8
2
General 5s Series A •
24 90
1970 J D 994 9912 9914 160
9 100
013
14
1 t 40-year guar 4s
s 639
1e78 8831:22
a42
787:S88
C St L & P lst cons g 5s
1932 A 0 9..34 ___ 100 May'22 _-_West aryls d 1st g 4s
100
19' 95 10112
1
93
1)3
19
Phi's Balt & W 1st g 4s
Oct'22 ---- 8978 93
I943 M N 9112 92
est N Y de Pa 1st g 55
Nov
'
85
22 3, 7212
83 8112
88ls
1943 A 0
U N J RR & Can gen 4s_1944 M S 8778 __ _ _ 8012 Jube•31 ... _
Gen gold 45
6M
9714 904
9734 22 -881-2 10171; Western Pac 1st Ser A 5s_
Pere Marquette 1st Ser A bs_ _1956 J J 9/
99 --- - 9734 Oct'22
78 81
81
1st Series B 4s
5.
81
1st
g
3 75
E
1956 J J
L
Wheeling dr
85
14
2 19
97
14
7
99
23
2 8
9538
A
J 9538 9818 9538
F
A 0
(
81 J
9
92
2
59
4' 4118 59
4734
Philippine Ry 1st 30-yr s f 4s 1937 J J 4634 50
Wheeling Div 1st gold 5s 1,3
9558 9812 94% Sept'22
5
89
9458
Pitts Sh dr L E 1st g 5s
1940 A 0 99 101 NO Mar'22 ____I 9534 100
Exten & Impt gold 5s
7 65
Oct'22
51
S
60
65
--52
72
7
8
1966
9914
A
9714
Series
Dee'17
1st consol gold 5s
--__
1943 .1 J
Refunding 41'8s
3213 7034 Nov'22 __-. 62 7634
71
8412 203 "i6- —873;
Reading Co gen gold 4s
1997 J J 8334 Sale 8338
RR 1st consol 4s
84
84
Oct'22 ___- 77 84
83
9(19
0 JM
8454 A118.22 ----I 82 8434
Registered
Winston-Salem S B 1st 45_ 19
1997 J J
8012 21 7412 884
.1 8012 Sale 8012
Jersey Central coil g 4s
8738
8738 10 8112 90
1951 A 0 8714 88
Wis Cent 50-yr 1st gen 4s__ _ _1949 J N 8014 82
82
Oct'22 _ 7518 847k
St Jos & Grand Is' 1st g 4s_ I947 J J 734 7534 73
7534 12, 6578 78
Sup & Dul div & term 1st 43'36 M
St Louis & San Fran (reorg Co)—
Railway
Street
1
6112
1 31 87
1945 A 0 62 63 6112
Prior lien Ser A 4s
7678 tirooklyn Rapid 'I'ran g 5s
7312 171 68
1950 J J 72 Sale 7158
6134
614
2002 J J 49 61
1 354 6474
Prior lien Ser B 5s
88
1950 J J 87 Sale 87
55 82 9112
1st refund cony gold 4s
9118 Sale 9114
J
923
4
J
70
note5____k1921
58 96
9418
5)is
sale 94
9514 48 93 98
1942.9 J
3-yr 7% secured
_
8814 1,0% 934
92
67 5812 95
Prior lien Ser C 6s
Certificates of deposit
1928 J J 10014 Sale 10014
10034 22 9458 10212
89
8714
8714
_
8812
Cum adjust Ser A 6s
71
54
92
stamped—
7913 134 71
deposit
51955 A 0 7812 sale 7814
8658
of
Certfs
8312 Ssle 8312
85
21 75 904
Income Series A Os
6414 Sale 634
51960 Oct
6618 314 54
Bklyn Un El 1st g 4-5s____1950 F
7914
8578 837
1056 F A
81
12 7512 93
I
1
Stamped guar 4-55
*No price Friday: latest bid ant] asked this week. aDue Jan. bDue
Feb. 0Due June. hDue July. kDue Aug. oDue Oct. pDue Nov. qDue Dec. sOption sale.
Pitt..
12,1 1 g
gre-
7
18
IN? 2
--
0:1
New York Bond Record—Concluded—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Nov 10
vg
r
.
Price
Friday
Nov 10
Week's
Range or
Last Sale
Cot,
co
Range
Since
Jan. 1
High No. Low High
Bid
Ask Low
Brooklyn Rapid Transit (Con.)—
1 64 80
74
74
76
Kings County E 1st g 4s__I949 F A 75
82
12 66
75
1949 F A 75 Sale 75
Stamped guar 48
6314 10 27 65
NASSAU Elec guar gold 4s_ _1951 J J 6314 64 6314
34 67 85
SO
1927 F A 79 Sale 7852
Chicago Rys 1st 5s
8314
_ 81 Nov'22 ___- 75 82
Conn Ry & L 1st & ref g 4%s 1951 J J
73 Apr 22 -7034 73
1951 J J 8412
Stamped guar 4s
8534 4'7 6312 8612
Dot United 1st cons g 4%s_ _.1932 J J 854 8534 8512
_
Jan'20 --__
58
_
Ft Smith Lt & Tr let g 58_ _ _1936 M S
4 -il. 2 --(731112
Interboro Metrop coil 4%13_1956 A 0 11
1312 1112
12
1378 114 754 1834
Certificates of deposit
14
1314
7812
774 555 54
Interboro Rap Tran let 58_ _ _1966 J J 7478 Sale 74
7,)58 145 7614 8312
7814 7912 7812
10-year (is
9814 38J 9312 9878
97
78
1932
68
21 5712 7212
9737
Manhat fly (N Y)cons g 4s_ _1990 A- -6 6
68
2 Su7
6le12 6612
67, May 22 ---- 5712 695s
Stamped tax exempt
1990 A 0
2d 45
20131 D 52 634 6312 Oct'22 --_- 4834 6312
Manila Elec fly & Lt s f 5s_ _ 1953 M S 8012 84
8934 Oct'22 ____ 6412 84
253 81
92
92
Market St fly 1st cons 5s_
1924 M S 9112 Sale 90
9518 44 904 97
5-year 6% notes
1924 A 0 9412 0512 9334
Metropolitan Street Ry—
78
73
B'way .1c 7th AV late g 5s_1943 J D 73 Sale 7212
16 50
2 1712 25
20
1978
Col & 9th Av 1st go g 58_1992 M S 1712 20
39
134 0
50
77s
Lex Av & P F 1st gu g 5s_ _1993 MS 52
5612 05713%8 Oct22 :::: 9
Nov'22
Milw Elec fly & Lt cons g 55_1926 F A 98
_7914 90
8918 Oct'22
Refunding & exten 4%s_ _1931 J J 8912 93
2
8 ---i, 83 9258
Montreal Tram 1st & ref 5s_ _1941 J J 89 Sale 89
Feb'21 ---New On fly & Lt gen 4%s. _1935 J J
50
_ Y Munic Ry lst s f 5s A_1966 J J 73 --- - 34 Dec'21 ____ --- ---1
2
-4
-5-12 -4
5 '2
N Y Rys 1st R E & ref 4s_ _ _1942 J J 3414 3712 3434
3434
44
41 24
35
3414 35
34
Certificates of deposit
712
814
712
7
9
512
15
30-year adj inc 5s
a1942 AO
613 20 434 1312
6
7 Sale
Certificates of deposit
5 6112 73
70
N Y State Rys let cons 4%8_1962 MN (56
6778 70
9414
9312
3 9312 974
Nor Ohio Trac & Light 6s _1947 M S 9312 94
2 ...._i
e4212
1112 0c8
Portland fly 1st dv ref 5s_ _ _1930 MN ____ 00 9
80
7112 990112
Portland fly Lt & P 1st ref 5s 1942 FA 84 8412
21 102 10812
108
1st & refund 7%s Ser A.
_ _1946 MN 1u7 Sale 107
b812 June'22 _-- 8812 8812
95
Portland Gen Elec 1st 5s_ _193: J J 90
43 73 9014
86
Pub Serv Corp of NJ gen 5s_1959 A0 85 8512 85
6712 53 5618 6938
Third Ave 1st ref 48
1960 J J 6612 Sale 6534
4412 6634
185
6,02
5812
Sale
5814
Ad)income 5s
AO
a1960
1 88 9812
95 I
911
95
Third Ave fly 1st g 5s
1937 3,
4 96 10034
100
Tr!City fly & Lt 1st s f 5s_ _ _1923 AO 1004 Sale 100
73
Jan'22 __— 73
Undergr of London 4)s._ _ _ 1933 J J 8012 - - 73
60 7012
7012 Sept'22 -Income 68
1948 J J 7012
8834 10 75 91
United Rys Inv be Pitts issue 1926 MN 8834 Sale 8812
United Rys St L 1st g 4s_ _ _ _1934 Ii 6334 0778 65 Nov'z2 ---- 514 6914
56
58
St Louis Transit gu 5s_ _ 1924 AO 6218 6912 59
1493°22
--2-1 1
240 17
7
800
2
07 88812
8612 :
Va fly Pow 1st de ref 58
1934 J J 8558 864 8612
Gas and Electric Light
8414
Am Wat Wks & Elec 5s
1934 AO 8352 Sale 8314
9734 2./ 8978 1004
Bklyn Edison Inc gen 5s A._1949 J J 9534 I/612 9514
10412
10.12
General(3s series B
1930 J J 10034 101 Jot
106 10614 10318 10618
3 102 1074
General 78 series C
1930 J
26
10612
10914
1084
107
10i5s
General 78 series D
1084
1940 J D
4 9912
97
Bklyn Un Gas 1st cons g 5s 1945 MN 9534 0614 96
11612
71110 120
78
1932 MN 11518 1,618'145
Canada Gen Elec Co 6s
1942 FA 10212 103 10214 10234 48 101 1054
2 92 101
Cincin Gas& Elec 1st & ref 5s 1956 AO 9712 Sale 97
9712
Columbia G & E 1st 55
9634 10 8814 97
9534
'3 904 97
1927
97
9558 22 88
Stamped
1927 J J 95 Sale 9412
Columbus Gas 1st gold 58_ _ _1932 J J 92 ___ 75 Sept 21
-g61
.
2
63"
88
90
•
Cgmmonwealth Power 68
8912
Sale
90
1947 M N
Consol Gas 5-yr cony 7s
12412 A ug'22 ---- 103 125
_
1925 Q F
93 10058
Detroit City Gas gold 55_ _1923 .1
9978 101 100 Nov'12
Detroit Edison 1st coil tr 55_1933
9334 11 93 10112
'
3 9912 9834 9812
26
1 99
1st & ref 5s ser A
97
k1940 M S 9634 Sale 93
let & ref (is series B
k1940 MS 10158 102 10158 10234 33 9912 10612
77 loo 10534
Duquesne Lt 1st & coil 6s_ 1949 J J 103 Sale 1024 103
Debenture 744s
10734 23 io4s4 10834
1936 J J 107 10714 107
Empire Gas & Fuel 7%s_ _ _1937 MN 95 Sale 94
9512 328 92 9834
6 9412 100
Great Falls Power 1st s f 58. _1940 M N 9812 Sale 9812
9812
Havana Elec consol g 5s_ _ 1952 FA
9134 17 774 9212
9112 Sale 9138
Hudson Co Gas 1st g 58
Aug'22
90
0512
1949 MN 9312
112
2 9934
25
Kings Co El L & P g 5s
_ 9034 Oct'22 -_---1 9
1937 AO 9112
55 10612 1114
Purchase money (is
1997 AO 10912 111 10..14 110
98 107
10514 Apr'22
Convertible deb 6s
1925 MS - _ 814 90
Ed El III Bkn 1st con g 48_1939 .1 .1 8658 9978 8.352 0c,'22
Lac Gas L of St L ref dr ext 5s 1934 AO 9234 9312 9234
9234
9234
Milwaukee Gas L 1st 45
1927 MN 92d4 Sale 9212
293
11 9
8876
P 945
9997
48'
9714
Montana Power 1st 55 A_ _ 1943 J J 97 9712 97
N Y Edison 1st & ref 63s A _1941 AO 110 Sale 11/012 110,4 40 10534 11234
3 9228 10158
9812
NYGEL&Pg 5s
1948 J O 9838 Sale 98,8
8214 23 , 76 8514
Purchase money g 48
1949 FA 82 8214 62
_ 10138 Aug '22 ---,' 10012 10158
Ed Elec Ill 1st cons g 58_ _.1995 J J 1004
0 94 10154
100
Niagara Falls Power 1st 58_ _1932 .1 .1 99 100 99
40258 ___8_ 10
0612
0 19
Ref & gen 68
05
912
al932 A 0 10214 10212 10214
Niag Lock & 0 Pow 1st 5s_ _1954 M N 9912 ____ 9.112 Nov'22
U212 33 8812 95
Nor States Power 25-yr 55 A _1941 A 0 92 9212' 9z14
47
90
9612
94
93
No Amer Edison 6s
934 Sale
1952 M
9(334 9714 Nov'22 ---- 90 99
Ontario Power N F let 5s
_1943,F A --Ontario Transmission 5s_ _ _ _1945 M N
924 ____ 9314 Oct'22
----1 79
9314
Pacific G & E Co—Cal G & E—
9518
3 93 9812
Corp unifying & ref 5s.._ _ _1937 M N 94 9578 95
Pacific G & El gen & ref Ss _1942 J J 9218 Sale 9134
9-12 27 87 97
Pac Pow & Lt 1st & ref 20-yr 58'30 F A 9212 Sale v212
9212 11 87114 954
Peop Gas dr C 1st cons g 6s_ _1943 A 0 105 1087s 109
Oct'22 --- 1014 110
____ i 89
Refunding gold 58
85 904
90 9214 9014 Nov'22 ----'I
99
Ch G L & Coke lat gu g 5s_ B177
9518 9734 974 Sept'22
Con G Co of Ch 1st gu g 58_1936 .1 .1 954 0612 99912 Au1g
22 .....1 92 99
0
'
0
95
6
7812
95
Mu Fuel Gas 1st Cu g 5s_ _1947 M
05
95 96
N
65 964 10212
Philadelphia Co 6s A
9934 Sale
1944
10114
Stand Gas & El cony
924
2
,
98
98
98
9,312
5f
6s_
_ 1926
9458
-11 85
Syracuse Lighting 1st g
__195
D 93 --- 9108 Sept 22 28
Toledo Edison 78
10412 109
1941 M S 10612 Sale 10512 1064 .-.
__
-11_
-_
Trenton G & El 1st g 5s
21
June
73
1949 M S 9,12 --Union Elec Lt & P 1st g 5s__ _1932 M S 97
9712 10' 9012 9712
9778 97
United Fuel Gas 1st s f 68
9834 10 9314 9934
1936 J J 9)13 Salo 9812
Utah Power & Lt 1st 5s
50 8712 9412
91
904 .9058 9058
1944 F A
4 8434 9134
Utica Gas & Elec ref 5s
914
1957 J J 91 _ - 904
95
9934
Nov•22
Wash Wat Power s f 5s
1939 J J
10 89 9514
93
West Penn Power Ser A 5s__ _1946 M S 9212 9314 93
10318 106
1st series D 7s
c1946 F A 104,4 10512 10412 Nov'22
Manufacturing & Industrial
7 712 10314
Ajax Rubber 8s
99
1936 J D 9812 Sale 98,8
9618
3 814 10012
Am Agric Chem 1st 5s
9612 94
1928 A 0 95
50
104
100 1004
103
1st ref s f 7%s g
1941 F A 10312 810.
875s 111 81
93
Am Cot 011 debenture 5s_
1931 M N 85 Sale 85
107 10812
1
0
6
2
12
Sept'221
Am Dock & Impt gu 68
1043
8
1936 J J
10212 95 9712 10472
American Sugar Refining 68_ _1937 J J 102 Sale
8512 10 8078 88
Am Writ Papers f 7-68
1939 J .1 844 Sale 8414
9034 86 864 94
Armour & Co let real est 4 A8 1939 J D 9032 Sale 00
37
38
19 2312 504
Atlantic Fruit cony deb 7s A 1934_
39
D 36
40412 Aug'22 ---- 102 1097s
Atlas Powder cony 7%s g
1936 F A
1 9918 1034
103
Baldw Loco Works 1st 5s_ _ _ _1940 M N 101'4 103 103
Oct'22 ____ 7714 8512
Bush Terminal 1st 45
1952 A 0 8618 - - 85
21
8214 94
8712
89
88
Consol58
Sale
1955 J J
9,34 32 8614 9534
Building 55 guar tax ex__ 1960 A 0 9134 Sale 0014
8914
8914
1 76
9212
Cent Foundry let s 16s
1931 A 0 8918 9012
9434 86 9314 99.4
Cent Leather 20-year g 58_ _ _ _1925 A 0 9838 9812 9838
9514
974 31 89 100
Computing-Tab-Rec 5 f 68„ _1941 J .1 9614 97
Corn Prod Refg s f g Is
9914
99 ---- 994 Aug'22 ___. 95
1931 MN
10188 Oct'22 -.-- 96 10184
1st 25-year 5 f 5s
91
1934 M N
857s 11 60 91
Cuba Cane Sugar cony 78_ _.1930 I J
85,8
897s 45 8714 95
Cony deben stamped 8%
884 Sale 88
Cuban Am Sugar 1st coll 8s_ _1931
107': 10734 10/53 1074 24 10112 108
Diamond Match a f deb 7%8_1936 M N 10634 10,12 10718 10712 19 10634 1104
55
Distill Sec Cor cony 1st g 58_1927 A 0 55 Sale 53
6 33 634
E I du Pont Powder 4%8___ _1936 J D 8812
95
9% A92
10
'
8212
du Pont de Nemours & Co 7%2'31 M N 10814 Sale 108
2 -18
-6
-1104 10812
r
1.1 A
BONDS
N. Y STOCK EXCHANGE
Week ending Nov 10
.11
rz
2147
Price
Friday
Nov 10
Week's
Range or
Last Sale
Range
Since
Jan, 1
High No. Low High
Ask Low
Bid
Fisk Rubber 1st s 1 8s
25 9972 10812
10452 10434 10412 105
Frame,le Ind & Dev 20-yr 7%8
19
8912 65 89 103
'42
41 ..1
M S
J 88 Sale 89
21 9914 10354
Francisco Sugar 7%8
102
1942 M N 10134 102 10134
General Baking let 25-yr 6s_ _1936 J D 9512 _
934 10012
1004 Oct'22
Gen Electric deb g 3%s
_ 7034 82
7618 80
8,02 Nov'22
19421 F A
Debenture 55
19521M S 10012 Sale 10012 102,8 48' 95 103
20-year deb 6s
41 10278 109
105
Feb 1940 F A 105 Sale 105
Goodrich Co 6%s
10134 130 9778 104
10118 Sale 101
Goodyear Tire & Rub lets 1 81
78' 11014 117
;9
'4
17
13
M N
1 11538 11534 11514 116
10-year s f deb g 8s
971 9714 10314
99
e1931 F A 99 Sale 9812
Holland-American Line (is _1947 MN 8534 Sale 86
86% 72: 8512 9414
Int Agric Corp 1st 20-yr 5s_1932 M N 78
68
7818 78
78
Internat Cement cony 8s____1926 .1 D 108 110 10812 109
7 17
0212 18
16
254
Inter Mercan Marine s f 68..1941 A 0 9038 Sale 90
9014 88 89 994
International Paper 5s
9012
41 86
884
1947 J J 8712 8818 88
1st & ref 5s B
8734 621 8314 9012
1947 J J 8714 Sale 8718
Jurgens Works (Is
7734 120 76
96
1947 J J 7612 Sale 76
Kayser & Co 7s
171102 108
107
1942 F A 1(15 ,01 'II 578
Kelly-Springfield Tire 8s_
10812 17110178 110
1931 M N 1( 738 10734 10714
Kinney Co 75s
10,-12 -;ate 10012
10 9634 101
101
Liggett de Myers Tobac 7s_ _ _ 1194
117341 271 112 120
936
43
A D
O 11712 Sale 11714
5.
98 1 30 9178 1004
1951 F A 9718 9878 9534
Lorillard Co (P) 78
11634'
11112 11914
1944 A 0 1)334 11678 1,634
5s
98 1
41 924 100
1951 F A 96 9778 9714
Manati Sugar 7%s
Sale
98 1 30 9612 101
1942 A 0
MOTHS & CO 1st 9 f 4%s
e 8
8972
:4 Salle
994
7
894, 58, 78
1939 J .1 9
9112
Nat Enam .ir Stampg let 5s_ _1929 1 D 97 ____ 97
31 9212 9714
97 1
Nat Starch 20-year deb 5s
Sept'22
Sept'22_-___ 95
95
1930 J .1 902
N Y Air Brake 1st cony (1s......1928 M N 100 10012 10012
10012
5 97 10212
_ 7,34
N Y Dock 50-yr 1st g 4s
7834
1 76
1951 ,
I A
824
Packard Motor Car 10-yr 8s_ _1931 A 0 10-711-2 1075s 10712
10.34 20 98 10814
Porto Rican An Tob 8s
10434 0(0'22
99 10434
1931 M N
Punta Alegre Sugar 78
106 I 47 10114 11134
1937 3 J 106 Sale 10514
Remington Arms (is
96 1 67 9312 99
1937 M N 9514 Sale 9414
Saks
10118 10 98 10334
_ 16014
1942 M S
hCP
oo7
rs
to Rico Sugar 7s_ _ _1941 J D 99 Sale 9834
10.02 52 94 103
9714
9114
Standard Milling let Si
1 96 100
1930 M N 1,612 97
Tobacco Products s f 7s
11 9714 108
105
1931 J D 10412 105 104
union Bag & Paper let 58_ _ _1930 J .1
10312
02 110)473142 Inns:1'8/
2 _3
_6
_ 0
86
812
140
104
178
(is
98
1942 M N
Union Tank Car equip 78_ _ _1930 F Al 10334 101 10312
10414 23 10134 105
United Drug cony 8s
11212 78 104 113
194111 D, 1124 sale 112
U S Hoffman Mach 8s
3 98 105
10452
1932 J J 10412 10434 104
US Realty & I cony deb g 5s_1924 J .1 9912 Sale 9834
9,58 49 92 9958
U S Rubber 5-year sec 7s
2
102
1923 J 13, 102 Sale
13 10012 10412
1st & ref 5s series A
8958 82 86 92
1947 J J1 89 Sale 8812
10-year 7%s
10912 29 104 11012
1930 F A 108 Sale 10714
Va-Caro Chem 1st 15-yr 5s_ _1923 J D 10038 10058 10014
101158 27 93 10112
Cony deb 6s
e1924 A 0 10104 10038 1(1014 Nov'22 ---- 92 102
7s
9714 81 96 9978
1947 J D 9914 Sale 96
12-year s f 7%s
94
95
37 9012 10754
1932 M N
Warner Sugar 7s
1941 J 0 10334 104 1u312 10412 12 9912 10412
West Electric let 5s_ _ _Dec 1922 J J 100 10014 100
100 1 27 99 1004
Westinghouse E & M 75
10712' 43 105 109
1931 M N 107 Sale 16678
Wilson & Co 1st 25-yr s 1 (is_ _1941 A 0 10014 Sale 99
10034 42 93 10234
10-year cony s f 65
9778 103 84 1004
1928 J D 96 Sale 9534
Temporary 78s
166 1 111 9412 110
1911 F A 10512 Sale 105
Winchester Arms 7%s
10234, 4 102 1044
1941 A 0 10214 Sale 102
Oils
Atlantic Refg deb 5s
98 Sale 98
98341 109 9712 10414
1937 J .1
Humble Oil& Refining 5%til _1932 J J 9814 Sale 9712
9834 65 9714 10032
Invincible 0118s
110
16 9
1931 M S 110 Sale 1 - 0
0
90
8 1111078
Marland Olis f 8s with war'nts '31 A 0 113 114 114
114
7 :
381122
006
04 1112
8
04
Mexican Petroleum s f 8s_ _ _ _1936 M N 106 10334 106
107
11
Pan-Amer P & T 1st 10-yr 78_1930 F A 102 10212 102
10212 14
Pierce Oil s f 8s
9612 97
9614
9634
3
Prod & Ref s f 8s(with warnts1)
119 1
7
9
'3
311 3
J D 118 11912 118
Sinclair Con Oil cony 7%s 1925 M N 10212 10314 ,0278
10278'
1
15-year 7s
10034 230
1937 M S 100 Sale 10014
Sinclair Crude Oil 588
9812 60
1925 A 0 9818 Sale 98
Standard 01101 Cal 78
106
83 1999
a1931 F A 10514 Sale 1054
0
94988
41122 1111°90602239::18411
Tide Water Oil 638
10314 14 WO 1044
1931 F A 103 Sale 10234
Mining
Alaska Gold M deb Os A
9
912
1925 M S
Cony deb 6s series B
9
9313
1926 M S
Am.Sm & R Ist 30-yr 5s ser A 1947 A 0 9234 Sale
Braden Cop M coll tr s f 6s 1931 F A 09 Sale
C
do
epPpas
ereo
10.
Cyorp
122 sale
c8
o2ny 78_ 193
21
33
M N
3 11312 +de
CCheC
rirloeoll tr & cony (is ser A _ _ _ _1932 A 0 97 Sale
Granby Cons M S & P con 6s A '28 MN 92 95
Stamped
1928 M N 88 114
Cony deben 8s
96
1925 M N 95
Tennessee Cop let cony 6s
100
1925IM N
U SSmelt Ref & M cony 68_ _1926 F A 1024 Sale
Coal, Iron and Steel
Beth Steel 1st ext a f 58
192611 .1
let & ref 5s guar A
1942 M N
20-yr p m & Imps f 5s
1936.1 .1
48 F A
Bu6rf &
A Susq Iron s f 5s
119932 J D
Debenture 5s
al926 M S
Colo F & I Co gen ft f Si
Col Indus lit dc cell 5s gu_ _ _ _ 194
33
4F A
Cons Coal of Md 1st & ref 59_1950 J D
Elk Horn Coal cony 6s
1925 J D
Illinois Steel deb 4%s
1940 A 0
Indiana Steel 1st 5s g 5s
N
A o
2M
10
95
23
Lackawanna Steel let
1st cons 5s series A
1950 M 5
Lehigh C & Nay a f 43.s A_ _1954 .1 .1
Midvale Steel & 0 cony a f 58_1936 M 5
National Tube 1st Si
1952 M N
Otis Steel 8s
Jj
F A
Pocah Con Colliers 1st s f 58_1949571
Repub I de 5 10-30-yr Si s f 1940 A 0
St L Rock Mt dr P Si stmpd_ _1955 J J
Sharon Steel Hoop 1st 8s ser A1941 M S
Steel & Tube gen s f 78 ser C_1951 J J
Tenn Coal I & RR gen 5s..
1951 J .1
U S Steel CorpicouP
d1963 M N
s f 10-60-yr oslreg
Va Iron Coal & Coke let g 585
S
3M
MN
_1
196
49
Wickwire Sven Steel 1st 7s_ _1935 ____
Telegraph and Telephone
Adams Express coll tr g 48_ __1948 M S
Am Telep & Teieg coll tr 48_ _1929 J J
Convertible 48
1936 M S
20-year cony 4%s
1933 M S
30-year temp coll tr 58_ _ _ _1946 J D
7-year convertible Oft
1925 F A
Bell Teleph of Pa 8 f 78 A_
1945 A 0
Cent Dist Tel 1st 30-year 5s_ _1943 J D
Commercial Cable 1st g 4s
2397 Q .1
Cumb T dr T 1st & gen 5s___ _1937 J J
Mich State Teleph 1st 5s
1924 F A
New England Tel & Tel 58 I952 J D
N Y TeleP 1st & gen 5 100-1939 M N
30-year deben s f Os__ _Feb 1949 F A
20-year refunding gold 6s_ _1941 A 0
Northwest'n Bell T 1st 7e A_1941 F A
Pacific Tel & Tel 1st 5s
1937 J J
5s
.1952 MN
South Bell Tel de T lets 1 58_1941 J J
Western Union coil tr cur 5,3_ _1938 .1 J
Fund & real estate g 4 Ms 1950 M N
15
-year 6%8
1936 F A
_
8
912 Oct'22
124
9
2 6
9
1072
9272
9358 121 8612 96
98
11 93 10014
90
12052
124
240 110 129
10818
116 23.,4 99 116
9514
9734 895 84
9734
87
92 Sept'22
94
95 Sept'22
87
99
9512
96 1
1 86 102
9978
9972
5 9212 101
10014
101
20 9512 10338
9918 Sale ,
98
078
9
9,9
81312
8 6
13
728, 9
8995
::
:
218 10058
9712 39 894 100
- - -- -- 93
95
133 86
94 Sale 93
95
9,08 Sale 99
9958 210 98 10112
9014 ......
17
41 tu
pitr:'2 -_-_-_-_11661
155-ill -91
79
7314 79
79
2 71
824
894 90
8912
39 86
90
93
984 - - - - 1 84
:90
0:
23
9112 91,
91
8
9212 36 864 9378
10058 Sale 10012 10 18
9978 100
9972 13 9354 10012
9978
91 Sale 91
914 171 82
9434
9012 ____ 94 June 24 -- _ _1 90 94
8914 130 83 9234
89 Sale 89
101 1
9934 100 101
1 9453 ,011r
10.14
10014 Sale 10014
5 9612 103
9258
9252 95 9258
7 874 95
924 9312 9312
9312
2 90 9812
8314 87
8314
8312
4 78
88
9918 Sale 9834
9912 18 9312 102
10134 Salo 101
16212 24 97 106
10,112 ___ 100 Nov 22 .. 9112 10058
10234 Sale 1102
02 1023
12
4 174
2 9
00
912 10
04
412
2
__
95
-9
-512 96
9512
9552
8 87
955
97
9652 Sale 9638
14 9653 1014
8018 814 80
9138 Sale 91
8112 8672 8632
10114 10214 102
9712 -'ale 97
11, 12 Sale 11614
10812 .-isle 108
9934
9953 100
7912 7512 75
93 Sale 92
8012
9178
8678
10234
9734
11718
10612
9934
75 ,
93 '
S1ille 1 9
99
98
85214 8a
912
94 Sale 9312
10434 Sale 10434
10472 Sale 10438
1074 gale 107
97
9714 9678
9214 Sale 9134
9458 1/514 95
9434 96
9534
91
9212 91
109 Bale 109
91172
9434
10572
10478
10734
9714
9214
9514
96
9118
1094
I
12
125
72
261
109
75
8034
8614 94
8014 93
9534 10412
9112 10014
11
20
2
35108
63 1017
3 9718 10014
15 72
78
18 8812 96
23
40
5
134
70
95
133
26
146
10
6
6
11
94
74
1 19
00
972
8814 9714
10134 10878
10172 1084
1054 109
9178 100
91
95
93 9934
9054 101
8812 9458
10618 114 _
•No price Friday; latest bid and saked. aDue Jan. dDue April. cDue Mar. eDue May. gDue June. hDue July. kDue Aug.
oDue Oct. qDue Dec. sOption sale.
2148
BOSTON STOCK EXCHANGE Stock Record seXf,...
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday, 1 1117ndau,
Nov. 4.
Nov. 6.
*146 14712 14712 147,2
8414 841 1 8114 8112
•1011, 102
10112 10112
122 122
122 122
•103 104
103 103
21
1912 20
21
*2712 29
27
2712
35
35
35
35
54
5412 *54
5412
50
5012 50
50
69
69
69
69
_ *160
_•1602214 23
- 34 2212 2212
71
72
70
70
5912 59,2 *5812 5912
35
35
3512 3512
51
51
51
51
2812 2918
29ss 30
84
ioo- 1-66- *1*03 ---•___..87
87
87
-56-12 -9-6-12
-
-98
- -
Tuesday,
Nov. 7.
Wednesday. Thursday,
Nov. 8.
Nov. 9.
Friday,
Nov. 10.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Shares
*____ 147121 147 147
100
147 147
16 Boston & Albany
412 8412 84
8*
841
100
8318 8412
214 Boston Elevated
102 102
101 10112 10112 102
100
Do pref
33
122 122
121 122
100
Do 1st pref
121 121
93
105 105
10312 10312 10312 10312
100
Do 2d pref
24
20
21
2034 21
100
2012 2/
545 Boston & Maine
2612
100
Do pref
24
-:-Iii4 id- 3412 27
3412
Do Series A 1st pref__ _100
88
54
55
*4912 ____
Do Series B 1st pref._ _100
166
*4812
Do Series C 1st pref__ _100
300
*68
____ -7- 67 Do Series D 1st pref_ _100
332
*160
___- *160
100
Boston & Providence
22
23
2212 2212 -22
22
---231 East Mass Street Ry CO._100
"70
7012 .70
100
7012
Do 1st pref
24
*58
59,2 *56
100
59
Do pref 13
.25
*35
37
100
Do adjustment
14
51
51
*51
100
52
52
60 Maine Central
29
2918 2834 -213100
4 2818 2834
735 N Y N H & Hartford
84
84
*81
_
15 Northern New Hampshire 100
*100
___- *100 103
12 Norwich & Worcester pref_100
87
85
100
85
83
85
SO Old Colony
*37
40
100
------ Rutland prof
96
97
*98
64 Vermont & Massachusetts _100
Range since Jan. 1.
Lowest
13014 Jan 4
73 Feb 20
9414 Mar 1
116 June 22
102 June 10
14 Jan 10
20 Jan 9
22 Jan 5
36 Jan 17
30 Jan 9
40 Jan 12
12.5 Jan 12
18 July 13
66 Aug 14
51 July 13
28 July 14
2712 Jan 30
1214 Jan 3
69 Jan 10
58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23
Highest
152 May 22
8912Sept 12
105 Sept 13
126 Sept 27
109 Sept 13
3112May 20
37 Apr 8
4412 Apr 26
62 May 20
54 May 25
7712May 1
163 July 17
265* July 31
77 July 14
5134 Nov 3
47 Aug 17
55 Oct 21
347sMay 22
96 July 19
100 June 1
9814May 23
5278June 5
9912 Aug 10
Range for previous
year 1921
Lowest
Highest
Apr 133
119
617s Jan
79
78
Jan 100
--1314
1612
19
27
24
36
1_1_0
Nov
Nov
Deo
-- Dec -253; -Feb
Nov 30
Jan
Aug 33
Jan
Nov
47 Feb
Nov
Jan
40
Nov 58
Jan
Jan
133
_
_
.1..!!
Dec
30
12
60
51
Dec
Apr
Nov
43's
2314
75
76
Feb
Jan
Feb
Jan
50
15
69
Oct
Apr
Nov
75
21
78
Jan
Jan
Dee
-Miscellaneous
234 Feb 4
414 Jan 27
314 -- 297 Amer Pneumatic Service__ 25
2
Jan
534 Dee
50 13 Feb 20 2014 Aug 10
18
argef m ig
Dooskep
1,725 A m
812 Jan
1538 Nov
12412 123'a123'a 12-412 2.720 Amer Telephone & Teleg_ _100 114N Jan 3 12814 Aug 31
9318 Jan 11912 Nov
11478 1_11
104
117
Jan
10
Jan
24
._ 11434
74
Jan 109 Dee
80 Nov 6 91 Aug 24
85
78 Feb
8414 Dee
0
a
1412 Fen 20 2012May 19
.
.
2%1_g_ pp1
15
Do
MetParlerConstrue IncN
3 Art
12 . Jan
16 Sept
par
No
19
13
Corp
Jan
7
22
May
4
Atlas Tack
1234 Dec 24
0 j
A p:
10
.15 Jan 30
.75 Feb 21
Beacon Chocolate
.15 Dec
-;.1-5
io --.-1-6 .25
.I0Sept 14
.50May 4
1,800 Boston Mex Pet Trus_No par
.15 July
--- .95 An
n
10
.05 Jan 20
.20 July 17 .0812 Oct
Century Steel of Amer Inc_
118 Jan
16- 25* 255
10 1534 Jan 4 2938Sept 8
2
912 July 1778 Deo
_ i-, 66 Connor (John T)
*334 264 i:6:
'334 4 *334 4
*334
4
10
3 Jan 4
Land
Boston
6
Apr
21
East
3
Oct
412 Feb
-- - 838
838 *812 9
714 July28 1414 Feb 10
812 9
934 10
Eastern Manufacturing_ _ _ 5
918 Oct 23
410 Eastern
Jan
86
868 "85
87
8514 86
86
25 3812 Jan 4 89 Oct 26
8678 iii_
SS Lines Inc
g7-8 fii_
16
-id - ---3_66
Jan 42 Deo
50 42 Jan 7 48 Sept 1
Do pref
42 Nov 45 Dee
17613 fi
1752 177 17634 178 17634 fi 100 156 Mar 2 185 Sept 1 1_12:4_0
.c_.
394 Edison Electric Ilium
t. 1_6_51_ 3_ Dec
1034 10% 1012 10,2
1012 10,2 *1038 11
No par
3 Mar 14 13 May 17
3 Nov
265 Elder Corporation
17
Jan
*29
30
30
30
"29
30
2912 2912 -- - 2812 Oct 24 39 Aug 15
1
15 Galveston-Houston Eleo_00
*934 11
10
10
10
10
par
No
912 Oct 26 1614 Apr 6
*912 10
Gardner Motor
10
95* Sept 2314 Apr
25
10
2014 2014 *19
20
*19
20
19
25 18 Aug 30 2714 Feb 27
20
1914 Dec 29 Nov
82 Greenfield Tap & Die
*4812 49
47
48
48
48
*43
43 Mar 0 5314 Mar 20
No par
49
-_--12 4..
8
.!
-1182 Hood Rubber
- - - ----"3112 3212 32N 32N
3234 3234 3212 3278
26 Jan 20 3712May 13 -19
Internal Cement Corp_No par
July -28
90
41
24
24
23
23
50 20 Nov 1 32 Jan 27
---- 24
32 Dec
15 Internat Cotton Mills
-80
80
*78
80
*78
80
80
100
60
Aug
5
80
pref
82
Oct 18
Do
74 Dec 8611 Mar
122
DFee15°214 214 "2
312
3
"2
3
*2
2 Sept 9
,....!...
612Mar 25
2 Sept 13
45 International Products_No par
Jan
*914 15
*914 15
100
7 Jan 5 17 Apr 1
*9,4 15
*914 15
914 914
Do pref
5 Nov 32
10
Jan
10
Corp
.62
Transp
Apr 15
3 Jan 21
Oil &
2 Sept
478 Mar
77 --814
8
8
71,
734
10
72 75*
15* Apr 24 1112June 3
8
---293 Libby, McNeill & Libby
518 Dec 13
Jan
*z10
1012 10
10
1012 1012 10
25
8 July 1
10
13 Jan 16
148 Loew's Theatres
0814 Dec 18 June
1012 1012
87
8612 8612
87
8658 89
8834 001, 8712 8912 3,690 Massachusetts Gas Cos ..100 63 Jan 3 9018 Nov 9
533
4
Sept
Jan
85
72
7214 72
72
72
74
100 62 Jan 3 74 Oct 19
7112 72
Do prof
678
5812 Oct 64 May
177 177
178 17934
17912 180
179 17978 *70
17112 179
172
220 Mergenthaler Linotype_ 100 130 Jan 3 181 Oct 13 117 Sept 136 Nov
9
1214 1212 *1214 1334
Stock
1314 1334 1334 1334
10 12 Sept 28 273*June 26
Mexican Investment Inc
80
1312 Sept 3518 Apr
---__
2934 2934 2812 28,2
2812 2912 28
29
_2_3_ ,
158 Mississippi River Power__ _100 13 Jan 6 34 Aug 31
2112
11 Sept 1412 Mar
*84
8514 Exchange *84
84
84
8538 8512 8512
100 7212 Jan 9 8512 Oct 6
Do stamped pref
8
60 June 84
Apr
814 812
812 858
858 834
834
814
10 713/f8Sent 26 115* Jan 21
23 National Leather
214 Dec
814 -81,f;
914 Jan
*.50
Closed;
114 *.50
*.50
1
1
1 July 17
112
5 Jan 28
150 New England Oil Corp
4 Aug
6 Aug
11812 11812
119 119
118 120
_100
Telephone_
109
Jan
4
11812 11812 17;2
125 Sept 19
1 7
1... --- 1_80_ New England
9512 Jan 11234 Deo
*6
7
*6
7
Election
*6
7
6 Sept 9 14 Mar 16
----Ohio
Body & Blower _No par
7 July
1134 Deo
- -- *2212 23
23
23
*2212 23
-23- 13-1 13 Jan 10 28 Oct 5
50 Orpheum Circuit Inc
1412 Dec 3014 Apr
166 16612 16612 168
Day
168 16812 16712 168
1543
4 Oct 4 17412 Mar 11 146
122 Pacific Mills
Jan 171
Deo
---*21414 1412 *21414 15
1414 1414 15
15
10 1212 Apr 18 16 July 17
3 Apr 13
1212
70 Reece Button Hole
1514 1514
414mJa
an
y
*2
3
3
*2
3
"2
112 Nov 10
5
2
2
718 Apr 5
Dec
260 Sirnms Magneto
10812 10834 10812 10912
10812 10912 109 10912 108
100 9214 Jan 3 11012SeDt 12
8813 July 10534 Jan
112 1029
486 Swift & Co
1
*44
4414 *44
4214 44
44 2
25 v39 July 3 8112June 5
*4212 4312 44
47 June 61
44
103 Torrington
Feb
10 *____ 10
10
"9
5
8 Mar 29 1414 Feb 3
10
*9
10 Dec 22
Union Twist Drill
Jan
42
4214 42N
4234 42
4212
25 34 Mar 3 45 Mar 24
4212 4314 -,-33 Sept 3914 Jan
6
4278 3,895 United Shoe Mach Corp
2612 2612
27
"z26
26
2658 2558 26
25 25 Jan 3 2712July 15
2214 Apr 2512 Deo
2512 2614 1,345
Do prof
2678 2718 27
2658 2714 2614 2714 2512
21%
Jan
5
2712
27
Fields_
3312June
Oil
2
Consol
1614
Ventura
July
2412 Dee
265* 7,157
3212 3212 *3214 33
3114 3212 3112 32
10 2612 Jan 4 3438Sept 16
167 Jan 2978 Dee
3112 3112 3,196 Waldorf System Inc
338
312 312
312
212 Oct 26
100
312 4
1434 Apr 26
6 Dec 17
334 4
418
418
655 Waltham Watch
Jan
17
*16
17
17
18
12
17
Oct
100
24
40
16
Apr
25
36
17
Sept 75
Do prof
15
161836
Jan
785
*1112 1212 *1112 1212
12
712 Feb 7 13 Oct 0
12
*1112 1212 1112 1112
8 Sept 17 Feb
Waarlwreon Brosrth Nlanufacturing_ 20
W
2912 2912 30
3012 3012 3012 3012
50 1712 Jan 3 3534Sept 25
11
Apr 2212 Apr
3012 29_ 2912
2
*35
3412 3434 36
36
3612 *35
50 3012 Jan 4 3814 Oct 9
17 Aug 3312 Dee
3612 _3
..6
._ ....3
."6
Do 1st pref
1:45
*40
42
"40
*40
42
42
50 3312 Feb 18 4434July 12
*40
16
Oct 3534 Deo
42
Do 2d pref
*912 11
984 Nov 6 21 May 13
*912 10,2 1012 1012
934 934
8 July 18,4 Jan
!()_ Wickwire Spencer Steel__ _ 5
.80June 16
5
134 Jan 4
.35 Oct
134 Dee
Wollaston Land
Mining
*.50 .80 ".50 .80
*.50 .80 *.50 .80
50 Jan 31
1 Apr 15
.4 Mar
.75 Max
Ad venture Consolidated___ 25
59
59 *z58
*z58
59
59
25 5712 Nov 1 66 May 29
58
58
40 Aug 63 Dee
58
58
45 Ahmeek
*a.I0 .25 *a.10 .25
*a.10 .25 *a.10 .25 *a.10 .25
25
.03 Sept 25
.50 Apr 17
.15 July
Mining
.50 Apr
Algornah M
*21
*21
20
24
20
25 20 Oct 30 3212 Jan 26
24
*21
Apr 2412 Nov
24
16
"21
24
102 Allow
212 212 *214 212
25
2 Mar 10
45sMay 23
2'%, 2k', *2I4 212 *214
118 Sept
334 Jan
212
105 Arcadian Consolidated
714 714
5
7
6 Nov 2 1012June 5
714
714 714 *712 734
67s Jan
714
10 Apr
714
1,560 Arizona Commercial
*1634 1712 1714 1714
5
13
Jan
10
1718 1718 17
1812Sept
11
8
Mines
17
Mar
14
Bingham
Oct
1718 17%
325
270 270
27012 275
25 265 Jan 5 301 Aug 25 210 Apr 21
270 278
270 270
86
014 Deo
273 273 ,
n
59 Calumet & Ilecia
658 678
634 7
1
612 Oct 16 1634 Mar 29
7
71s
11 Dec
678
7
634 7
1,850 Carson Hill Gold
*8
9
9
*8
9
*8
*8
Nov
9
25
1
8
1312
Feb
1
7
Jan
Centennial
*8
10
9
Jan
3838 39
38
3812
25 37 Oct 27 4634May 31
3814 39
27
Jan 4034 Dee
37
38
37
3734
851 Copper Range Co
312Nov 8
10
334 334
312 33r
914 Jan 26
334 334
514 Mar
312 35*
712 Jan
38 358 2,165 Davis-Daly Copper
834 9
9
9
812 Nov 2 1214 Jan 26
834 87
7 Aug
9
9
1134 Dec
812 834
830 East I3utte Copper Mining_ 10
37
*112
17
17
*112
13 Apr
1' Apr 11
25
*112 17
Apr 15
112 1 12
112 - 112 2,000 Franklin
314 Jan
*214 212 *214 212
312Mar 16
*214 212 *214 212 "214
112 Sept
Hancock Consolidated_ _ _ _ 25 112 Aug 18
212
312 Jan
*.90
*.90
I
I
.75 Oct 10
214 Apr 17
25
..90
114 *.90
1 June
114 *.90
Helvetia
2% Nov
114
10412 10514 1058 1051*
1 8112 Jan 10 116NJune 21
105 10512 105I 10518 1043 105
48
Jan 8812 Dec
588 Island Creek Coal
88
Feb
1
14
97
**9512 96121 *9512 96
Oct
19
96
9534 9534 96
75
pref
Jan 9012 Dee
96
Do
96
47
20
20 1 20
20
25
18 Nov 1 2634May 31
*19
20
*19
1614 Jan
20
*19
2412 Dee
20
30 Isle Royale Copper
47 Apr 17
*3
*3
4
4
3 Feb 6
5
*3
4
*3
238 Mar
4
*3
4 Sept
4
Kerr Lake
112
112 *112
1 Feb 24
25
578May 5
112 112 *112 2
134
.98 Sept
2 Dee
*112 2
115 Keweenaw Copper
*35*
25
214 Feb 18
534May 31
*35* 334 *338 334
334 *33* 312 *314
2
114 Jan
312 Deo
Lake Copper Co
312
112
1121 *I
25
*1
1 Nov 2
214 Apr 17
112 *ILL
112 *1
Jan
*1
214 Fob
La Salle Copper
1,2
138 Jan 4
5
*112 112 *1
234May 19
112
*1
112 *1
114 Jan
11, *1
Sept
Mason Valley :Wine
112
"2
212
2121 *214
2 Mar 24
25
434 Apr 13
2
2
2
.55 Apr
*214 212 *214
35*
212
10 Mass Consolidated
214 Jan 20
25
6 May 22
312
312 *3
*3
3
3
258 Aug
*3
514 Jan
312
3
314
335 Mayflower-Old Colony
.75July 10
25
*212 3 I
21* 212
7 Apr 13
*212 3
114 Aug
*212 3
312 May
212 212
110 Michigan
25 5312 Jan 7 68 June 5
"25512 57
4312 Jan 59 Dee
57
5712
56
5634 *256
5712 56
57
68 Mohawk
Oct
31
16
2012June
5
2
1214
Sept
183
Copper
17121 1612 173*
4 Deo
17
Cornelia
1634 1634 *21612 1714
1612 17
305 New
.10 July 7
218 Mar 23
.40 Nov
2 Dee
".10 .25 ".10 .25
*AO .25 *.10 .25 *AO .25
New Idrla Quicksilver_ _ _ .. 5
100 37 Jan 6 40 Feb 9
40 Feb 57 May
___. *35
____
____ *35
*35
*37
*35
New River Company
74 Dec 95 Ma:
100 73 Jan 7 85 Oct 16
*__ 78 "____ 78
-_
Do prof
*78
4 July
-;554 6
7 Jan 4
5 July 8
812 Jan
5
57
57
6
6
*512 6
140 NipIssing Mines
534 - 534
93
812 Oct 31 15 May 29
8 Mar 1414 Dee
15
914 10
914 912
812 914 1,197 North Butte
934
914 912
1
418
Nov
Apr
15
112
1 Aug
212 Deo
25
*112
178 *134 2
"112 18
, Mining
134
134 *112 2
47 Ojibwa)
I55* Jan 2534 Nov
25 19 Oct 19 27 Jan 25
19
1912 19
19
20
*19
20
20
*1812 1912
100 Old Dominion Co
21 Aug 3512 Deo
25 2912Nov 10 38% Aug 23
3012 3012 3012 3034
2912 2912
31
30
3014 "30
160 Osceola
3312 Aug 46 Dee
25 32 Nov 2 50 May 31
3414
34
34
34
3312 3312 *3314 3412 33
33
310 Quincy
28
Jan 45 Deo
4012 4012 40
40
*40
*40
42
42
40
44 St Mary's Mineral Land_ 25 40 Oct 28 4812May 31
40
134May 18
.75 Jan I% Deo
.25 Mar 10
10
'1..60 .70 *.60 .70
*.60 .70
.70 .75
.75 .80 1,140 Shannor.
114May 18
.50 Jan 31
.35 Nov
25
2
Jan
1
8
:1
1 4 *.30
South Lake
1
•.30
*.30
*.30
1
1
434July 13
2 Sept
2 Mar 29
412 Feb
2
*4
41
414
418
418 *4
414
60 Superior
334 334
234 Oct 19
1 June
.90 Mar 31
•134 2
214 Feb
4.15
2
*1N
2
134
134
250 Superior dr Boston Copper_ 15
134
134
0
114June 5
318 Apr 3
1
July
412 Nov
134
*15*
13s
138
112
138
350 Trinity Copper Corp
15* *114
112 *114
5
.40Nov 10
.92May 22
.34 Aug
•.45 .50
.45 .45
.85 Dec
•.45 .50 *.45 .50
.40 .45 1,050 Toulumne Copper
5
4 Mar 22
258
11,f8 Oct 20
134 Aug
278
*234 3
312 Oct
258 234
278 318 1,755 Utah-Apex Mining
278 318
5
312June 5
1 Feb 21
112 Nov
134 134
2
5
2
Jan
2
2
*2
212
2
2
275 Utah Consolidated
1
1
1 Feb 15
212 Apr 13
1
.95 Jan 2'Xi Jan
1
1 /1 ,,
1
"1
1f4
VA; 1-f
1i', 1,510 Utah Metal & Tunnel
•I
112 "1
212 Jan 30
1 Sept 16
.40 May
112
21
214 Feb
112 *1
112 "1
112
*1
Victoria
*I
114
1
234 Apr 15
1
.25 Jan 16
.35 Jan
25
*1
112, *1
.80 Mar
112 •I
112
4001 Winona
8
9
*8
9
16 May 31
8 Oct 31
*8
25
9 1 *8
812 July
14 Feb
9
8
8
751 Wolverine
* 1116 and asked prices; no sales on this day. s Ex-rights. b Ex-divide
a Assessment paid.
nd and rights. a Ex-dividend. g Ex-stock dividend. s Ex-dlvldend
*3
318
*1714 18
12434 125
10912 110
84
*80
*14
15
*17
19
*3
1714
12414
110
80
*14
*17
*15
314
1714
12478
110
80
15
19
_
.16
**1
*3
'17
1235*
110
"80
*14
*17
338
18
12412
113
83
15
19
3
*17
12378
114
"80
*14
*17
Sales
rtaa
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Concluded)-Par Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.--Transactions in bonds at Boston
Stock Exchange Nov. 4 to Nov. 10, both inclusive:
Bonds-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
92
92
Amer Tel dr Tel 4s___ _1929
1925
116% 117
6s
Atl G & W I SS L 581-959 53% 53 53%
Chic Jct & Stk Yds 55_1940 914 914 9214
E Mass St RR Co 5s, B '48
71% 72%
1936 99% 99% 10034
Hood Rubber 75
Internat Cement 88_ _ _1926
108 108
K C Mem dc Birm inc 55'34
90% 90%
1929
Moss Gas 4115
95% 95%
1931 90% 90% 90%
4345
Miss River Power 55_ _1951 93;4 924 9311
New Eng Tel 5s ser A_1952
96% 97
1944 94% 94% 96
Swift & Co 55
Warren Bros 734s..1937 109
108 109%
Western Tel 55
1932 96
954 9634
Range since Jan. 1.
Low.
High.
5,000 8651 Jan 9311 Aug
Nov
3,000 10834 Jan 117
Mar 65 May
10,000 47
Aug
9,000 8934 Jan 97
Aug 7614 Aug
1,100 69
6,000 9554 Jan 10154 Sept
3,000 101 June 114 May
1,000 7914 Feb 9134 Oct
Jan 9634 Sept
7,000 86
Jan 9454 June
3,000 86
Sept
Jan 96
12,100 88
Sept
29,000 9611 Nov 100
Oct
10014
Jan
91
2,000
Sept
10,000 974 Feb 118
Jan 974 Oct
11.000 90
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Nov. 4 to Nov. 10, both inclusive, compiled from official sales lists:
1,11....•
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alabama Co 1st pref_ _ _100
Arundel Sand & Gravel-100
Preferred
100
At! Coast Line (Conn)-100
Bait & Ohio, pref
100
Bait Tube, pref
100
Cent Teresa Sugar, pref_10
Celestial Oil
1
Ches & Pot Tel of Balt_100
25
Commercial Credit
25
Preferred
25
Preferred B
Cons Gas El & Power 100
100
7% preferred B
100
8% preferred A
Consolidation CoaL __ _100
100
Continental Trust
5
Cosden & Co, pref
*
Eastern Rolling MM
50
Fidelity & Deposit
Finance Co of Am com_ _25
Houston 011 pref tr ctfs_100
I Benesch common.._.10O
Preferred
25
Kentucky Counties OilCommon
5
Preferred
5
Mfrs Finance 2d pref....100
Maryland Casualty Co_ _25
Mercantile Truitt
50
Mt V-Woodb Mills v t r 100
Preferred
100
New Amsterdam Gas _10
Pennsylv Wat& Power_100
Public Service Bldg pf_ _100
U S Fidelity
50
United Ry Sr Electric__ _50
Va Ry & Power corn.....100
Preferred
100
Wash Ball & Annap__ _ _50
Preferred
50
BondsAlabama Co gen 65„..1938
Balt & Cum Val Ry 651929
Consol Gas gen 411s_ _1954
Cons Gas E L & P 411s_'35
6s, Series A
1949
1st ref 75, Series C_ _1931
Consol Coal re' 5s_ _ _ _1950
Conv 6s
1923
Cosden dr Co Ser A 65_1932
Elkhorn Coal Corp 65_1925
Fair & Clarks Trac_1
58938
Fairmont Coal 58
1931
Lake Roland El gu 58_1942
Maryland Eke Ry 1st 5531
Monon Val Trac 5s Ser A'42
75
1923
Nor & Ports Trac 5s.. _ 1936
Potomac Valley 5s.._ _ _1941
United EL & P 4315_ _1929
United Ry & Elea 4s_ _1949
Income 45
1948
6s, when issued____1949
Funding 5s
1966
6t.
1927
Wash Balt & Annan 551941
• No par value.
41
97
62
109
60
2634
274
108
9634
175
110
8934
3234
253-4
.25
.50
2734
105
1634
58
3234
14734
204
90
102
10751
90
1104
983-1
9434
74/34
102
98
78
80
80
4034 41
97
97
116 116
62
62
48
48
24 3
.34 .34
1084 109
60
6034
2634 2634
2734 2734
11334 114
10734 108
11734 11734
93
9611
175 175
5
5
21
21
10934 110
3634 3634
8911 8934
32
3234
2511 26
.15 .25
.50 .50
27
2734
9734 109
224 224
134 1634
5534 60
3211 3234
10634 107
9911 994
145 153
2014 2131
30
30
7614 7611
1414 144
31
3134
90
90
1023-4 1023-4
90
90
924
90
10134 1024
1074 1074
90
90
100 10034
1104 11034
984 9894
924 9234
96
96
99
99
9434 9434
83
83
984 9834
89
8911
9714 9734
94% 9411
744 7411
5651 5634
10114 102
7834 783-4
98
98
78
7851
.
w. .w
.
.
w8
.
.ww..mw.www..=wwmw.com.wc.
. -4.1o.t3
-3,-'
1w.w. '...c...
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.
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.wcowmcbm.w.wwo,ww.oww
000w000. o. 0,00.. oo.ow ooc.o.000tpowo-lvww000ts:cnowt.
ow00000w .
, .w00000
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0000000.000000o
Stocks-
Range since Jan. 1.
Low.
High.
Apr
30
Jan
27
Mar
86
804 Jan
Nov
62
Nov
48
2 Sept
.34 Nov
105 June
Mar
49
Jan
25
2554 Jan
Jan
91
July
102
Jan
105
Jan
80
Sept
175
394 Sept
2011 Sept
10934 Nov
35 Sept
Feb
78
19 May
24
Jan
July
80
44 . June
Oct
98
Oct
121
Nov
62
974 Aug
Mar
4
.74 May
1104 Oct
7034 Oct
Apr
28
Apr
28
Aug
120
10811 Sept
12211 Sept
9734 Oct
Sept
175
514 Sent
Aug
25
Sept
113
Oct
37
July
92
Sept
33
28
Aug
.25 Sept
.50 Sept
2734 Oct
Nov
109
Nov
224
1734 Apr
Nov
60
3234 Sept
Sept
118
9934 Nov
Nov
153
Oct
23
Sept
31
764 Nov
AK
19
3414 Apr
Sept
Sept
Jan
Sept
Sept
io Jac
Jan
44
Sept
31
9234 Jan
Apr
93
Oct
141
Jan
9
2911 Nov
Oct
72
1311 Aug
Jan
29
.15
.50
24
904
21631
so
10234
814
8534
100
10134
86
9634
984
998447
9334
mar 10211
Nov
Mar
Jan
July
June
Feb
Jan
Mar
Mar34
Jan
July
Nov
Sept
Oct
Sept
Sent
Sept
June
Oct
Aug
9
3y,
Yi Octcg
96
. 9234
9411
107
1091/
9234
1004
11034
97 June 9914 Oct
Sept
Jan 98
86
Sept
Feb 85
75
Aug
994
•
Jan
95
Oct
Apr 91
71
Apr 973-4 Nov
95
Sept
9534
Jan
894
Sept
664 Jan 77
Jan 59 4 Sept
46
9811 Apr 10334 Sept
Sept
Mar 81
66
98
Jan 10034 May
Nov 84 May
78
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Nov. 4 to Nov. 10, both
inclusive, compiled from official sales lists:
Stocks-
2149
THE CHRONICLE
Nov.11 1922.]
Last Week's Range for
Sale.
Week.
of Prices.
Par. Prke. Low
High. Shares.
Alliance Insurance
10
25
American Can
100
76
American Gas of N J__ -100 75
74
American Railways
50 13
13
American Stores
* 157
153
Anaconda Copper
50
5134
Buff de Susq Corp pf vtc_100
50
Cambria Iron
50
41
Chesapeake & Ohio__.A00
7511
Chile Copper Co
25
274
96
Continental Can
100
Davidson Chemical
*
324
Electric Storage Batt'y_100
5534
Erie RR
113-4
100
General Asphalt, corn...100
4534
General Motors
*
149-4
Hudson Motor Car
*
2134
Hunt & Broad Top, pfd_50 154 154
Insurance Co of N A_ _ _ _10 41
40
J G Brill Co
46
100
Kennecott Copper
*
35
Lake Superior Corp--- _100
694
651
Lehigh Navigation
74
50
Lehigh Valley
50
673-4
Little Schuylkill ,.
42
50
Minehill & S H
52
50
Otto Eisenlohr
77
100 77
Preferred
inn 00
00
254
76
75
13
1647-4
5134
50
41
754
274
9734
324
564
1254
5634
1494
213-4
16
41
46
35
611
75
6734
42
52
7934
On
118
100
225
51
1,394
100
6
6
50
100
300
200
270
645
330
500
100
55
261
5
20
370
270
50
62
21
245
10
Range sin
Low.
19
64
47
4
83
5134
4714
3734
7234
2514
96
31
3714
113-4
4534
14
21
83-4
30
36
3134
6
664
57
38
48
63
9431
Jan. 1.
High.
Jan 27
Oct 76
Jan 814
Jan 17
Oct 167
Nov 52%
Feb 55
Apr 53
Sept 75%
Sept 274
Oct 9751
Oct 32%
Mar 5814
Sept 15%
Nov 73%
Nov 154
Oct 21%
Sept 16
Jan 42
Mar 59
Nov 35;1
Nov 124
Feb 79%
Jan 71%
Apr 4214
Feb 53
May 86
Mar 99%
Sept
Nov
Oct
June
Oct
Oct
Apr
Sept
Nov
Nov
Nov
Nov
Oct
Oct
July
Oct
Nov
Nov
Sept
Aug
Oct
May
Aug
Oct
Sept
Sept
Oct
Oct
Pacific Oil
*
Pennsylvania Salt Mfg_ _50 85
Pennsylvania
50
Penn Seaboard Steel
*
431
Penn Traffic
211
Phila Co (Pitts), pref 6%50 42
Phila Electric of Pa
25 31
Preferred
25 314
Phila Insulated Wire
* 4511
Phila Rapid Transit.. _ _ _50 3374
Philadelphia Traction... 50 674
Pierce Arrow
*
Radio Corp of America---- -----Reading
50
Tono-Belmont Devel_ _._ 1
11,16
Tonopah Mining
2
1
Un Trac, pfd,$17% pd_ _50 4174
United Cos of NJ
100
United Gas Impt
50 51%
Preferred
50 554
US Steel Corporation_ -100
Weber dr Heilbroner
•
Wheeling & Lake Erie_ _100
Wm Cramp & Sons_ _ _ _100 50
BondsAmer Gas& Elect Ss__ _2007 873-4
Bell Tel of Pa lst&ref 7s'45
Beth Steel p m 65
1998
Elee & Peep tr ctfs 45_1945 69
Lehigh Nat,cons 445..1954
Leh Val gen cons 445_2003
Penn RR cons 411s_ _ _1960 983-4
Peoples Pass tr ctfs 4s_1943
Phila Electric 1st 5s_ _ _1966 100
65
1941 1043-4
5345
1947 10034
Reading gen 4s
1997
48
85
474
414
2
42
31
314
40
32
664
11%
-434
411
8234
1%
2
4014
19911
51
5514
109
1211
1034
50
48
85
4851
44
2
43
314
3134
46
3374
6754
1134
44
8294
17
4
234
4174
19934
52
5534
110
123-4
11
50
8734 884
108 1084
114 114
69
72
9434 95
9034 9034
9894 993-4
744 7414
9914 100
1044 10414
10011 10034
834 8334
Range since Jan. 1.
Low.
10 474
230 6934
3,842 3334
34
400
2
900
400 36
662 23
848 274
310 30
4,499 1734
258 58
25 ION
35fi
50
50 72
540
134
14
299
343 34
180 177
1,090 38
136 38
110 10234
50 11
45
214
460 40
$6,000
2,000
6,000
8,700
3,000
1,000
10,000
1,000
52,200
9,000
39,000
1.000
81
10734
113
64
9034
8834
9434
64
9131
102
10034
7534
High.
Nov 5234 Oct
Nov
Jan 85
Oct
Jan 50
64 Oct
Nov
July
2
July
Jan 454 Sept
Feb 324 Aug
Jan 3234 Sept
May 504 Jan
Jan 354 June
June 69 Sent
Nov 1234 Sent
Nov
834 May
Jan 8214 No's
July
1'14Juur
211 Sept
Jan
Jan 4174 NO
Oct
Jan 201
San 554 Sept
Jan 584 Sept
Oct
Sept 111
Oct 1234 Nos
NON
Oct 11
July
Jan 70
Jan 9234
Sept 10834
Sept 114
Jan 7431
Jan 96
Mar 984
Mar 9934
Jan 75
Nov 101
Oct 10511
Nov 10314
Sept • 84
Anil
Bern
Oct
Sept
Oct
July
NON
Oel
Sept
Oct
Sept
NON
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Nov.4to Nov.10,both inclusive,
compiled from official sales lists:
Stocks-
rrtaay
sates
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price.Low. High. Shares.
Am Vitrified Prod, com_25
Am Wind Glass Mach_ _100 8894
Preferred
100 95
Arkandas Nat Gas, com_10
934
Carnegie Lead & Zinc._ _ _ _5
5
Consolidated Ice, corn.. _50
Harb-Walk Refrac, com100
Indep Brewing, com_ _ _ _50
7
Preferred
50 1134
Lone Star Gas
25 28
Mfrs Light & Heat....100 57
Middle States Oil
10
Nat Fireproofing, corn _50
Preferred
50
Ohio Fuel Oil
1 16%
Ohio Fuel Supply
25 59
Oklahoma Natural Gas_ _25 2194
Pittsburgh Brew, pref_ _50
Pittsburgh Coal, corn....100
Preferred
100
Pittsb & Mt Shasta Cop_ _1 24e
Pittsburgh Oil & Gas__ _100
9
Pittsburgh Plate Glass_ _10 175
Silt Creek Consol Oil- -10
Tidal Osage Oil
•
Union Natural Gas_ _ _ _100
U 5 Steel Corp, com___100
West'house Air Brake_ _ _50 99
W'house El & Mfg,com_50
West Penn Rys, pref....100
W Penn Tr & W P,com.100 3311
Preferred
inn
Range since Jan. I.
Low.
8
120
8
8
1,026 643-4
84
90
944 95
171 84
89.4
934 97-4 2,940
234
5
514 1,244
100
314 334
23-4
87 91
115 115
111
7
615
4
611
104 1111
290
485 20
2711 28
515 45
58
57
854
1251 12%
25
8
50
634
8
115 15
1854 19
760 1336
169.4 17
58
594 1,660 4411
613 19
21
21%
5
8
20
8
100 584
5814 5834
10 903-4
100 100
23c 25e 10,000 190
6
9
125
9
175 175
10 130
854
15
11
11
100 11
12
12
20 11514
165 165
500 8294
1084 1093-4
400 8011
97
99
85 4936
61
61
115 6994
8054 81
130 18
3311
33
stntr gn IA
25 72
Feb
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Sept
Jan
Jan
Feb
Nov
May
May
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jac
Jan
High.
244
90
95
1234
634
4
115
7
17
3134
58
1534
94
2114
23
60
264
10
79
100
310
1134
180
144
1434
165
11136
10354
693-4
82
36
8636
Apr
May
Oct
Apr
Sent
Apr
Nov
Oct
Sept
June
Aug
Apt
Apt
Aug
June
Oct
Apt
Sent
Sept
Sent
Apr
JUDE
Aug
May
Apr
Nov
Oct
Sent
Apt
Aug
Aug
Apr
Chicago Stock Exchange.-This week's record on
the Chicago Stock Exchange will be found on page 2133.
New York Curb Market.-Official transactions in the
New York Curb Market from Nov.4 to Nov. 10, inclusive:
_........
...•......,
Last Week's Range Pr
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending hrov. 10.
Stocks-
Industrial & Miscell.
Acme Coal Mining
1
Acme Packing
10
Aluminum Mfg, pref_ _..100
Amalgam Leather. com_ _•
Preferred
100
Amer Gas & El, pref.
50
American Hawaiian SS_ _10
Amer Thread, Prof
5
Am Writing Paper,com 100
Arnold, Constable dr Co..•
Atlantic Fruit when famed*
Brit-Amer'rob ord bear_gl
Brooklyn City RR
10
Bucyrus Co
Buddy-Buds,Inc
•
Car Lighting & Power__ _25
Celluloid Co, pref
100
Cent States Elec,com_ _100
Cent Teresa Sug. corn....100
Chic Nipple Mfg, Cl A_ _10
Cities Service, com..--100
Preferred
100
Preferred B
100
Preferred B B
100
Cities Serv, Bankers'sh_•
Cleveland Automobile...*
Colombian Emerald Synd_
Colombian Syndicate
•
Conley Tin Foil
Continental Motors____10
Cuban-Dominican Sug wl •
Davies(Wm A) Co,Inc...5
Del Lack & West Coal_ _50
Denver & Rio Gr pref_ _100
*
Durant Motors, Inc
Durant Motors of Ind__ _10
•
Earl Motors Inc
5
Federal Tel & Tel
Fidelity-Phenix Fire Ins _25
*
Gardner Motor
Gillette Safety Razor....5
Glen Alden Coal
Goodyear T & R,com_ _100
Grt Western Sug cora_ _100
Preferred
100
* No par value.
56c
40c
144
514
394
213',
174
1994
x874
25
13-4
211
14
334
19934
7034
67
2034
60c
1014
574
33
102
5134
144
100
254
5694
54e 65c
37c 40c
10234 10294
1411 1514
514 514
4511 4531
193-4 194
334 4
394 4
2134 2234
174 2
1994 1934
x854 954
25
25
1% 131
211 23-4
102 102
10
10
14 2
33.4 4
197 201
6911 704
611 654
67
67
2014 203-4
2954 294
55c 65c
2
2
14
153-4
1014 114
574 6
33
33
102 103
600 600
5011 52
133.4 15
114
111
734 734
99 101
94 10
253 256
544 57
10
10
303 303
1081? inn
47,200
6,000
100
3,200
100
25
100
600
200
4,600
1,300
700
4,000
100
11,400
400
10
100
2,000
700
770
1,300
300
400
1,200
100
14,400
100
1,300
23,800
1,200
100
75
800
6,700
2,300
200
500
500
300
1,325
2,300
100
20
Range since Jan. 1.
Low,
500 Aug
200 Mar
Mar
85
74 Apr
Mar
33
42 June
194 Nov
331 June
Feb
3
214 Nov
154 Sept
1294 Feb
434 Jan
25
Sept
45c
Jan
50e July
95
July
634 July
194 Aug
13-1 Apr
158
Jan
Jan
51
454 Jan
664 Oct
Jan
17
Jan
20
50e Apr
l946 June
10
Feb
511 Feb
534 Oct
25
Jan
86
Apr
38c
Jan
2274 Jan
84 Jan
134 Nov
594 Mar
98
Nov
Nov
9
189 . Jan
Jan
42
734 Aug
Oct
255
2011 7.1115
Rent
High.
19-4 Apt
734 Mal
103
Sent
Nov
16
49
Nov
484 Oct
34 June
57-4 Sept
511 May
2234 Nos
3 June
2014 Aug
104 Oct
Sept
25
API
2.4
1
331 Sept
May
111
Mar
16
311 Feb
63-4 Jul]
242 May
72 June
634 Oct
Oct
67
2451 Oct
35 .111114
13-4 May
334 July
1534 Sept
114 Oct
124 May
34
Sept
105
Oct
75c Apt
5234 Oct
164 Apr
834 Jan
Oct
9
No's
101
164 Api
266
Oct
83/1 Bev
154-May
305
Ocl
109;4 No's
2150
THE CHRONICLE
Friday
Salts
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded). Par. Price. Low. High. Shares.
Hall Switch & Slg,corn _100
234
Hanes(PH)Knitting Cl A. 18
38
Hayes Wheel
•
Heyden Chemical
100 124
Hudson Cos, pref
Intercontinental Rubb_100
454
Keystone Sole Leather_ _10
Kupp'h'iner (u) Co, com _5
Preferred
100
Lehigh Power Securities_ _• 1915
Libby, MoN & Lib, new-10
Lucey Mtg. Clam A - - - -50 --- MacAndrews & ForbesCommon
100
Macy(Rthdc Co,Inc,com_• 6014
100
Preferred
May Dept Stores new w 150 6334
Mercer alotom
"
Voting trust Certifs
Mesabi Iron Co
• 1055
Morris(Philip)Co,Ltd__10 1834
Nat Biscuit, new. w I
3634
10
Nat Leather. new
834
Nat Mot Car & Vehicle_-• __New Fiction Pub Corp w I.
734
Preferred w 1
New Mex & Arizona Land 1
N Y Tel 6%% pf w 1_100 11055
Packard Motor Car,com_10' 184
Preferred
100 94
Peerless Truck & Motor_50 62
Philipsborn's Inc. com- •
Preferred
ibt 100
Prima Radio Corp
194
Pyrene Manufacturing__10 10
Radio Corp of America__ _*
451
Preferred_
5
3'46
Reo Motor Car
10 1334
5
Repeal, Inc
13-4
*
Republic Rubber
St Lawrence I.eldspar_ _10
Schulte Retail Stores__ __ ..4 52
Southern Coal dr Iron..._5 43c
Standard Motor Constr_10
3
100
Swift dc Co
Swift International
15
Technicolor, Inc, w I
25
Tenn Elec Pow,corn. w 1.•
Second preferred
•
Timken-Detroit
_10 2934
rob Prod Exports
Axle_.
Corp....
514
Todd Shipyards Corp_ _ __• 61
United Profit Shar'g, new.1
6
Un Retail Stores Candy-'
63's
U S DIstrib Corp corn .50
U S Light & Heat,cora _ _10
13
Preferred
10
Universal Leaf Tobacco-100
Preferred
100
Utah-Idaho Sugar
10
Wayne Coal
5
27-4
West End Chemical
.1 66c
Winther Motors, Cl A_ _• 1094
Youngst Sheet dr T, corn.'
Former Standard Oil
Subsidiaries
anglo-American Oil.. _ _£1
Borne Scrymser Co,new w i
Buckeye Pipe Line__ .50
Continental OH
100
.100
Eureka Pipe Line
Galena Signal 011 corn..100
Illinois Pipe Line
100
Indiana Pipe Line
50
gational Transit_ _ _ _12.50
25
3hio Oil
100
Prairie 011 & Gas
100
Prairie Pipe Line
100
3olar Refining
100
South Penn 011
Southern Pipe Line_-_100
Standard Oil(Cal) new w i.
Standard Oil(Indiana)._25
Standard 011 (Kansas).100
Stand Oil(Ky)new _-. 25
Standard 011 (Neb)_ _ _ _100
nand Oil of N J, new -25
Standard 011 of N Y__.100
New stock
25
Standard ,,II (Ohio)_.. _100
i Preferred
100
7acuum • id__
. 100
New stock
Other 011 Stocks
ilcan Oil Corp
5
illen Oil
1
killed Oil Corp
1
New
10
imer Fuel Oil, corn
10
irk Natural Gas, com _ _10
itiantic Lobos.ni. cow...
Semen Oil & Gas
1
Sig Indian Oil & Gas
bone 00
5
Soston Mex Petrol
loston-Wyoming Oil---1
3rit-Amer 011, Ltd
25
3arib Syndicate
3olumbla Petroleum
-Jonsolidated Royalties.._10
3ontinental. Refining
)osden & Co,old pref_ ___5
)reole Syndicate _
5
:Walling Petroleum Corp-5
3arby Petroleum_
)ominlon 011
10
)uquesne 011
:ngineers Petrol Co__ .1
;quity Petrol Corp,pre-110
'ederal 011
5
'ensland Oil
•
illilland 011, corn..
•
llenrock Oil
_10
Iranada011 Corp class A100
iulf 011 Corp of Pa w l____
Eudson 011.
1
lumble 011
mperial Oil (Canada)coup
aternational Petroleum_ _•
:eystone Ranger Devel_l
Irby Petroleum
•
.ance Creek Royalties__ .1
atin Amer 011 Develop...
Avingstone Oil Core
1
dvingston petroleum....•
•
.yons Petroleum
dagnolla Petroleum_ _ _100
dammoth 011, Class A_ _ __
daracalbo oil Explor. •
dargay Oil
•
2034
96
55
173
99
310
294
400
179
9514
61
120
655
1095-4
195
4155
585
4931
675
4254
174
3c
9c
99-4
9c
23c
97c
37
434
5
251
151
20c
88c
155
234
5731
120
116
233-4
28c
4
4c
55c
19c
1
65c
253
4394
254
18
3734
234
1234
434
2
30
98
1934
855
534
255
100
18
200
3834 3,600
235
1,500
1254
100
454
300
255
200
30
400
98
100
20
1,000
835 '• 100
200
6
128 128
599-4 6234
111X 112
6034 6551
2
234
2
234
1034 11 11
1855 1934
3434 37
84 834
2
2
54 734
424 43
4
294 23
110 1104
174 1834
9234 94
6155 6254
4055 41%
No loo
194 11 4
10
10
454 431
3346 334
13
1334
14 134
45e 45c
834 9
4734 52
40c 43c
3
35,5
1071,5 10755
21
21
25
2534
15
154
4394 44
2734 31
534 6
61
6355
57-4 6
63-4 7
35
35
134 17/46
17-4
13-4
11934 121
10334 10334
33-4 334
29-4 3
640 66c
1034 104
69
71
100
2,900
500
8,600
600
1,000
2.e00
2 000
55,000
300
100
9,430
200
100
821
8,100
310
1,200
300
loo
6,400
200
12,100
2,900
1,500
1,400
1,000
400
1,500
22,000
1,400
10
100
8,700
400
500
1,200
1,800
705
1,200
3,700
100
6,700
100
40
200
100
14,400
9,500
8,000
300
20
2034
600 610
96
9655
146 150
93
93
50
554
172 175
95
9954
25
2534
301 311
670 675
292 301
400 410
178 181
95
96
61
6334
119 12234
623 670
10131 11051
192 195
4134 4354
570 590
48
50
545 560
119 11954
655 678
4134 4334
2,400
10
780
95
50
565
200
1,295
800
200
30
745
40
325
110
5.500
73,700
305
3,500
35
18,900
260
16,900
120
200
330
15,400
134 2
35c 350
2c
3c
10c 10e
9c 10c
951 934
734 755
20
2c
19c 19c
8c
100
200 23c
96e
1146
3634 37
531
434
70c 70c
155
134
2
2
5
5
23-4 255
4c
4c
134 154
7
7
1
255
14e 21c
1534 1534
81c 93c
145.4 1454
434 454
19.4
134
134 355
5734 6055
12c
13c
245 248
116 11954
2334 2431
260 32c
4
434
4c
4c
54c 55e
190 19c
1
155
64c 67c
246 259
4134 4434
18
1835
1
1
11,000
2,700
12,000
3,000
2,000
3,700
400
3,000
2.000
44,000
2.000
3,900
200
7,800
100
1,500
100
400
900
1,000
100
100
200
21,000
200
32,500
400
700
4,000
5,100
4,400
29,700
30
2,205
42,000
25,000
1,100
10,000
6,500
1,000
2,500
5,100
2,415
44,400
1,200
200
Range since Jan. 1
Low.
23.',
16
2734
800
74
355
2
30
95
1534
754
4
High.
Mar
5
Oct 18
Aug 41
Feb
334
Feb 21
Aug 1134
Nov 13
Oct 3754
Oct 101
Aug 2034
Aug 10
Oct 26
105
Aug
53
Sept
10534 Aug
60Ia Nov
19-4 Apr
2
Feb
94 Sept
535 Jan
30
Oct
794 July
2 June
435 Nov
4234 Nov
134 Feb
106
July
555 Feb
6334 Mar
333/ Feb
3834 Sept
um
Aug
4 Aug
1,
834 July
235 Jan
2
Jan
a1255 Sept
50c Mar
20c Feb
734 Oct
33
Apr
30o July
3
Nov
95
Jan
1755 Apr
25
Oct
10 June
35 Sept
2694 Aug
3
Jan
60
Sept
5
Mar
434 Jan
1234 Feb
750 Jan
960 Feb
107
Oct
10334 Nov
231 Aug
85e Mar
50o July
9
Oct
64
Aug
1634 Jan
600
Nov
8454 Jan
125
Jan
7955 Jan
40
Jan
160
Aug
84
Jan
85
Oct
257
Jan
520
Jan
224
Jan
340
Aug
173
Feb
77
Jan
5854 Oct
8334 Jan
560 June
76
Apr
170
Jan
4151 Oct
341
Jan
4634 Nov
390
Jan
115
Feb
299
Jan
4055 Oct
Apr
Nov
Oct
Oct
May
Feb
May
Sept
Sent
Sept
May
Mar
128
Nov
6434 Oct
11234 Oct
6551 Nov
555 May
434 May
1355 Aug
2334 July
37
Nov
1134 Jan
355 Sept
754 Nov
Nov
43
34 May
11134 Oct
19
Oct
94
Nov
6212 Nov
4434 Oct
1004 Aug
134 Sept
1434 May
634 Apr
33% Mar
29
July
155 Nov
I
May
11
Sept
65
Sept
234 Jan
6
Apr
111
Sept
2434 Sept
2634 Sept
1755 Oct
44
Nov
31
Nov
1055 May
8034 Feb
9 May
854 May
35
Oct
20
,16 Apr
13.4 Apr
12455 Oct
107
Oct
334 Oct
334 Sept
87c
Jan
1034 Nov
72 May
25
610
100
15255
10354
62
198
106
3134
365
750
302
410
249
104
6334
135
670
117
220
46
675
57
585
11951
710
4234
June
Nov
Apr
Oct
May
May
Apr
Mar
Apr
Oct
Oct
Oct
Nov
June
MaY
Nov
Oct
Nov
Oct
Oct
Oct
Oct
Oct
Oct
Nov
Oct
Oct
75e Sept 1535 July
21c Sept 60c May
20 Jan
Sc
Feb
10c Nov 250 June
9c Nov 48c Feb
83.4 Jan 13
Apr
755 Nov 1251 May
le Aug
4c Aug
15c Nov
35c
Apr
80 May 290
Jan
20c Nov 25c Sept
67c Mar
134 Oct
29
Jan 37
Nov
354 Jan
955 June
50c
Oct
251 Mar
1% Feb
154 May
1
Aug
4 Mar
4
Mar
555 July
154 Jan
331 Sept
3c
Jan 12o Mar
75c M ix
155 July
8
Feb 11
Apr
1
Nov
454 June
180 Sept 720 Jan
1254 June 16
Oct
650 Oct
214 May
9
Mar 1954 June
334 June
954 Apr
830 Feb
154 June
1
Sept
334 Apr
5354 Sept 7154 Oct
70 Jan 50e Mar
21234 Feb 287
Sept
9734 Mar 13054 Oct
14
Mar 2754 May
2003 Nov
15f Jan
4
Aug 2634 Feb
3c June
10c
Jan
50c Nov 55c Nov
8c Aug 270 mar
1
July
134 Mar
58c
Jan
154 June
175 June 259
Nov
40
Oct 4434 Nov
1534 Aug 279't Mar
890 Nov
2t4 Jan
[Vol,. 115.
Friday
Sales
Last Week's Range for
Sale.
Other 011
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Marland Oil_
5
lb
Merritt Oil Corp
734
10
155
Mexico 011 Corp
3
Mid-Columbian Oil& Dev.
1 300
Midwest Texas 011
Mountain Producers..__10 1655
Mutual 011
1134
New England Fuel Oil.... 7355
New York 011
1 23c
Noble Oil & Gas
5
2
North American Oil
1
Northwest 011
1
Ohio Ranger
16
155
Omar 011 dr Gas
10
Pennok 011
814
Producers & Refiners_..10
Red Bank 011
•
455
Ryan Consolidated
11
Salt Creek Consol Oil
Salt Creek Producers__ _10 1894
5
33(
Sapulpa Refining
5
234
Seaboard Oil dr Gas
119-1
Shell Union Oil, corn, w 1_
* 1134
Simms Petroleum
16c
South Petrol & Refining-Southern States 011
179-4
5
Tex-Ken Corp
1 37c
Texon Oil dr Land
Tidal Osage non-voting stk
1
Turman Oil
134,
.5
1
vulcan Oil
Western States 011 & Gas_l
6
5
Wilcox oil & Gas
• 170
Woodburn 011Corp
Woodly Petroleum
1 110
''Y" Oil & Gas
Mining Stocks
2
Alaska Brit-Col Metal5-10
454
Alvarado MM & Mill__ _20
Amer Corn M & M
American Exploration__ -1 _ _ ___
Beaver.Consolidated__
100
Belcher Extension
6c
90
Big Ledge Copper Co _5
16c
Bison Gold Inc
Boston & Montana CorP.25 78c
80
Boston & Montana Dev--5
•
1
Caledonia Mining
120
Calumet & Jerome Cop--I
5
Canada Copper Co
10
234
Canario Copper
Candelaria Silver...l 35c
Cash Boy Consolidated_ _1 12c
Combination Fraction -- 20
4
Consol Copper Mines new.
3e
c onsol Novada-Utah Cop.
5
Continental Mines. Ltd _.
1
Copper Canyon
Oork Province Mines....1 200
Corp Mines of America_
1
154
Cortez Silver
Cresson Con Gold M Jr M.1
1
Crown Reserve
Dean Consolidated CorP-1 700
Diam'f'd Blk Butte reorgi 113 .onilfield Daisy G M ..
1 11c
Divide Extension
5
234
Dolores EsPeranaa
9%
Dryden Gold Corp
3c
El Salvador Silver Mines-1
Ely Consolidated
1
ac
Emma Silver
1 27c
Eureka Croesus
1
Mining
Forty-Nine
Galena Mining
7c
3oldflel1 Cons Mines__ _10
100
)oldfield DeeP
50
3oldfield Development - -.
1
120
3oldfield Florence_
Goldfield Oro Mining
]old Zone Divide_ ___ 1
7c
Green Monster Mining.50c
68c
liallfax Tonopah
1
40
lard Shell Mining
100
7c
Elarmill Divide
250
851
lied& Mining
750
lienrietta Silver
1
lilltop-Nevada Mining...
Rollinger Cons Gold Min.5 1255
1
234
Elowe Sound Co
:ndependence Lead Mining 270
1
255
iero me Verde Devel
10c
4c
Knox Divide
1
60
,one Star Congo'
dacNamara Creso Min_ 1
1
dacNamara Mining
1 I0c
darsh Mining
.....
Mines_
-5
1%
Valley
dason
_
19c
dohican Copper
qational Tin Corp_ ---50c 250
1 15c
qevada Ophlr
40
qevada Silver Horn
Cornelia
qew
354
qew Dominion CopPer---5
100 16855
qew Jersey Zinc
q Y Porcupine Mining-- 540
5
554
gipissing Mines10 39c
)hlo Copper
?ark Utah Mining
155
lay Hercules, inc..
led Hills Florence
70
lex Consolidated Mining.1
27c
Richmond Cop M & Dev-410
luby Rand Mines
30
3andstorm Kendall
.1
3c
3an Toy Mining
Silver King Divide (reorg)
150
Sliver Mines of Amer
1
Silver Pick Consol
1 32c
31mon Silver Lead
Plat..1
dr
Gold
Amer
South
70
3pearhead
3tandard Silver-Lead... 1
1
Mining
itewart
1 47e
iuccess Mining
880
Ceck-Hughes
Temiska.nIng Mining
155
Tonopah Belmont Dev__ 1
1 800
Tonopah Divide
1
314
Tonopah Extension
Tonopah Midway
1
234s
TonoPall Mining
7c
Tonopah North Star_ _ __ 1 42c
Tuolumne Copper_
inived Eager
,
mining__ _1
19-6
Jnited Verde Extension_ _1
1
Jutted Zinc Smelting
16c
713 Cont Mines. new
6
455
Bitty Gold Mines
West Dome Cons
..,... ..,..... ne....Mifintorl A
19/6
5
731
134
3
26c
163-4
1135
7355
2055
22c
2
15c
4c
95c
731
8
170
43-4
1034
1854
3
294
1131
1155
100
1654
42c
300
11
19-1,
1
2c
5
15c
123-4
10c
6
5.900
8
3,800
ni 3,200
3
400
31e 42,100
17
6,800
123.4 51,900
7955 1,600
2054
100
24c
6,000
200
214
15c
1,000
4c
2,000
1% 80,300
855 5,500
8
100
180 16,000
554
800
114
800
19
5,300
34 11,200
354 6,100
1255 2,100
125-4 33,100
16c 20,000
1855 9,300
50c
1.500
49c 185,000
11
100
151 4,400
1
200
23c
2.000
54 4,400
6,000
25c
200
1274
11c 14,000
Range since Jan. 1.
Low.
High.
Jan 10 June
1
6X Oct 1455 May
,1, Oct
1,
434 Mar
2
Feb
431 June
8c June 38c
Oct
954 Jan 19
Oct
534 Jan
133-4 Oct
40 May 83 [Sept
1134 Mar 38 June
13c
Jan 35c Mar
334 June
134 Apr
150 Jan 35o May
2c July
I2c Mar
67c Mar
3 June
855 Nov
43-4 Jan
5
Jan
934 Sept
lie July 35c
Jan
4
Feb
834 June
10
Apr 15 May
1234 Jan 2155 Oct
235 Feb
5 June
800 Mar
334 Nov
1034 Oct 14
Sept
854 June 1234 Jan
60 Aug $5
Jan
123.4 Jan
21
Oct
42e
Nov
2
Apr
30c Nov
1
May
10
Apr 14
May
1
July
154 Oct
50c Jan
65c
Apr
22c Mar 500 may
231 Jan
7
Jule
15e Nov
1
Feb
1234 Apr 16
June
To Aug 38o
Jun
.
2
235
451 455
40
40
95c 95c
29c 29c
60
7c
8c 10c
140 16o
75c 84c
8c 10c
8c
8c
120 12c
3c
3c
234 294
33c 370
lie 12c
le
lo
35
434
30
3c
434 5
550 (50o
180 200
65c 650
154
134
27
4 255
26c 23c
64c 700
lc
lo
20
2c
110 12c
294 3
9X 954
30
3c
Sc
50
30
3c
26c 30c
12c 12o
24c 24c
70
7c
8c 110
30
70
12c 14c
lo
lc
90
9c
7c
70
67c 690
40
7e
7c 100
73-4 85
650 75c
1
1146
117-4 124
255 3
220 280
255 251
4c
40
50
7c
00
8c
70
8c
100 11c
134
134
190 190
20e 260
80 15c
30
4c
16
16
3
34
16455 16955
540 65c
534 6
390 46c
554 555
155
13-4
3c
4c
70
70
240 270
330 41c
2c
3c
20
3c
12c 20e
13c 15c
70
70
290 320
455 491
Sc
7c
180 19c
70
7c
450 49c
880 990
300 300
134 1946
68c 820
33-1, 354
90
90
234 23-1,
70
8c
400 430
13-1, 1%
264 2655
1
1
14c 16c
37.4 44
200 21c
PA 1%
1,800
200
2,000
200
1,000
3,000
21,000
2,000
38,800
37,000
2.000
2,000
2,000
3,800
98,000
3,000
1,000
12,700
1,000
7,900
1,500
16,000
3,200
18.100
2,200
4.000
15,700
2,000
2,000
2,000
6,300
700
51,000
1,000
43,800
86,000
1.000
2,000
1.000
85,000
16,000
6,000
1,000
2.000
1,000
3,509
19,400
54,000
7,100
4,600
3,000
1,200
800
43,000
200
1.000
38.000
9,000
3 000
10,000
1,800
3,000
49.000
26,000
25,000
100
4,500
920
27,800
2,600
36,000
200
29.300
79,000
6,000
14,000
28,000
6,000
2,000
5,000
14,000
2,000
11,000
1,100
18,000
5,000
11,000
18,000
13,400
1,000
1,300
28,900
7,900
1,000
600
8,000
3,600
23,100
300
700
5,000
1,900
3.000
27.900
134 Jan
53.4 mar
334 Nov
8
jail
3c July
10c • Apr
950 Nov
334 Apr
29c Nov 390 Apr
20 Mar
9c Aug
80 July
29c
Jan
140 Nov
16c Nov
710 Sept
5
Jan
80
Oct 94o
Jan
4c Feb
20c Aug
8c
Oct 30c Feb
10 Sept 650 Apr
194 July
334 July
190
Jan 71c
Oct
4c Feb
120 Oct
10 My
Sc Aug
354 Sept
5
Oct
2c Fen
9c May
43-4 Oct
5 -Nov
500
Oct
I
Mar
150 Sept 22c Aug
550
Oct 750 Nov
840
Jan
1,
44 Oct
254 Oct
3
Jan
lbe
Jan 280 Nov
300 Aug 7043 Nov
lc Sept
le Sept
lc Aug
2c Sept
100 Aug 21c
Jan
82c Feb
354 Aug
834 Sept
9% Oct
2c mar 22c
Atli
30 Mar 12o Aug
lo Mar
50 Aug
18c
Jan 41e July
80 Mar 30e May
20c June 37e May
30 Jan
120 Apr
10 Jan
lie Nov
30 June 600 Sept
9c Jul). 300 Apr
lc June
40 July
7o May
lbc Apr
7c Sept 22c Mar
370
Oct 52c Nov
40 Nov
480 Mar
• 60 Aug 18e June
454 Jan
854 Nov
300 Aug
1.12 Oct
750 June
la( July
734 Jan
1434 Sept
234 Jan
354 May
60 Jan 76o May
255 Nov
5
Feb
30 Jan
70 Aug
10 Jan 140
Oct
le Feb 140 Sept
00 Jan
140 Mar
40 Jan 310 May
Oct
1
334 May
15c Mar 47c
Jan
200 Sept 670 may
8o Nov 52c Mar
20
Jan
14o May
15
Oct • 20
June
2
Jan
335 Sept
141 June 172
Oct
51c Sept 680
Oct
554 July
635 Mar
6c
Oct
Aug
540
534 July
535 Oct
1
Feb
234 June
lc July
Sc Aug
50 Jan
120 May
24o Nov 28c
Oct
26c
Oct 41c Nov
le Aug
6o
Oct
100 Mar
2c Nov
150 Nov
20c Nov
10c Aug
200 Mar
3o Sept 230 Mar
290 Nov 90e Apr
534 Jan
434 Apr
10 May
19c Sept
10c
Jan 24o May
20
Jan
160 Apr
lc Mar
700 Oct
200 Jan
990 Nov
27o July 45c Sept.
lq. Jan
19-4 June
460 Mar 9443 Atte
11
4 Feb
334 Oct
5o Feb 14o Apr
19-1, Jan
23f. Sept
20 Feb
120 June
400 Nov
1
May
135 Apr
254 Jan
2554 Oct 3034 May
75c June
151 May
90 Oct 550
Jan
254 Mar
534 Feb
110 June 21c Aug
700 Feb 113/. Mar
Nov. 11 1922.]
THE CHRONICLE
Friday
Sales
Last 1Week's Range for
Sale.
of Prices.
Week.
Mining (Concluded) Par Price. Low. High. Shares.
6c
West End Extension Mg__
Western Utah Copper__ _1
10c
White Caps Mining- _ _ _ -10c 13e
Wilbert Mining
10
Yerringten Consolidated
Yukon Gold Co
5 SOc
Bonds
Allied Pack cony deb 68'39
1939 S7
Ss Series B w 1
Aluminum Mfrs is
1925 loug
76
1933
Amer Cotton rill 6s _ _1924 98%
Amer G&E deb B 68_2014 100
Amer Light & True 6s _1925
Without warrants
1003
Am Republic Corp 68w 1'37 91
AmerBnielt & Refin 55 1947 93%
A in er Sittiat '100 4 L,s.1925
Amer Tel & Tel 68_ __ _1924 100%
Anaconda Cop Min 75.1929 103%
6% notes Series A. 1929 100%
Anglo-Amer Oil 7%s_ _1025 103%
Armour & Co 7% notes1930 104)4
Atl Gulf & W I SS L 5s 1959 53
Beaver Board 85
1933
Certificates of deposit. _ _
70
Beaver Products 7%s.1942
Bethlehem Steel 7s_ _ _1923 105%
Equipment7a
1935 102%
/Canada SS Lines 7s w 1194
Canadian Nat Rye 78_1935
58
1925
Canadian Pacific (is__ _1924 101%
Central Steel 88
1941 106%
Charcoal Iron of Am 8s1931 95%
Cities Serv 78 Ser B_ _1966
Debenture 78 Ser C.1968
Deb 78, ser D
1968 91%
Colum Granhophone Ss '25, 32%
Certificates of deposit__ _'
Cons GE L&P Balt 6s '49 102
5%8 Series E
1952 99%
is
1931 107
Consol Textile 8s _ _ _1941
Copper Export Assn 881924 102
8% notes Feb 15_ _1925 103%
Cuban Tel 1st 7%s _ _19411 '106%
Cudahy Packing 7s_ _1931
Deere & Co 7%e.,.....1931 102%
Detroit City Gas 68._ _1947 10034
Feti'l Land Bank 4%s_1942 100%
°air (Robert) Co 78_ _1937 98
Galena-Signal 011 78_ _1930
General Asphalt 8s_ _ _1930 10031
Grand Trunk Ry 6343_1936
Gulf Oil Corp 7s__
I933 10331
Gulf 011 of Pa 5s
1937 97
Hershey Chocolate 7348'30 103
Hocking Valley RR 6s.1924
Hood Rubber 7% notes '36,
Hydraulic Steel 8s_ _ _ _1930 91
Indiana Gen Ser bs__ _19481 90%
Interb It T Ss J P M recta i
Certificates of deposit _ -1 95%
Kansas City Pow & Lt 5s'52, 9031
Kansas City Term 6s_1923'
Kansas Gas & El 68_ _1925
6s Series A w 1
2022 899-1
Kennecott Copper 78_1930 103%
Kings County Ltg 8%
Laclede Gas Light 7s_----- 10131
LibbyMcNeill&Libby78'31
Liggett-Winchester 78_1942
Loulsv Gas & Lice 55_ _1952 91%
Manitoba Power 7s_ _ _1941
Merch & Mfrs Exch 7s 1942
Missouri Pacific Ry 68.1949, 99%
Morris & Co 7448_ _1930
Nat Acme Co 7148.._ .1931
Nat Cloak & Suit 88_ _1930
National Leather 88_1925 101,51
New Orleans Ser Co 5s 1952
NYNH&H 7swi__ 1925
500 franc bonds
7031
Penn Pow & L 5s B__ _1952 9231
phila Elect 5 41 ,8 w I_ . _ _ 1947
' 9931
First lien 6s
1941 104
Phillips Petrol 734s.. _ 1931
Without warrants
101
Public Serv Corp 7s w 11941 102%
Sears. Roebuck & Co 78 '23
Shawsheen Mills 7s._ _1931 1039-1
Sheffield Farms 6315.1942 100%
Solvay & Cie 8s
1927 1053-s
Southw Bell Telep 7s _1925
South Calif Edison 5s_1944 9431
Stand 011ot N Y deb 6)0'33 106
7% serial gold deb_ _ 1925
7'0 serial gold deb_ _1926 101%
7% serial gold deb_ _1927 105%
7% serial gold deb_ _1928 106%
7% serial gold deb_ _1929 107
7% serial gold (leb_ _1930 108
7% serial gold deb_ _1931 109%
Sugar Estates Oriente 78'42 9731
Sun Co 7s
1931 101%
6s.
1929
Swift & Co 7s-Aug 15 1931 1023-1
55, when issued_ _1932 94%
Tidal-Osage Oil 7s.._ .._ 1931
UniOn 011 of Calif 88_1942 101%
United 011Produe 8s_.1931
United Rye of Hay 7%s'36
1936 107
Vacuum 011 78_
1937 713-4
Wayne Coal 68
Wickw Spen Steel 7%s 1932
6e
10e
10c
7c
3c
70c
Sc
11c
13c
Sc
30
80c
6,000
6,009
17,000
3,000
1,000
1,100
77
78 615,000
87
1,000
87
103% 103% 10,000
105% 108% 10,000
9334 98% 50,000
100 100
25,000
110% 111
6.000
109% 100% 23,000
5.000
90% 91
93% 94
64,000
90 1.4 9931
5.000
10034 101
30,000
103 103% 24.000
100% 100% 30,000
102% 103% 31,000
104% 10434 84.000
53
54
113,000
71
71
1.000
70
70
1,000
99
99
12,000
105% 105% 63.000
102% 102% 14,000
96% 96%
8.000
109% 110% 25,000
98% 98% 6.000
101% 101% 10,000
108% 107
11,000
95% 96% 31.000
129 133
7,000
9534 96
4,000
91% 924 6,000
30% 3331 29,000
28
28
1,000
101% 102
37,000
99% 999-1 21,000
107 10731 30,000
98
98
2,000'
101% 102% 13,0001
103% 103% 24,0001
106 106% 3.000'
101% 101% 3,000
102% 102%
7,000
100 101% 43,000
100% 100%
5,000
98
98% 12,000
103% 104
18,000
100 103
26,000
105 105% 16,000
103% 103% 66,000
96% 97
19,000
105 105
3,000
100% 100%
5,000
9914 99% 16,000
90% 91% 45,000
00% 91%
5,000
95% 97
12,000
95% 9734 372,000
9044 91% 94,000
100% 100%
2,000
95% 97
24.000
89% 9031
5,000
10331 103% 13,000
9934 9931
4,000
101
101% 32,000
101% 102
25,000
102% 103
6,000
919-4 91% 19,000
9834 9834 3,000
99
99%
2,000
9934 99% 46,000
105% 105%
1,000
9434 959--4 15,000
105% 106
3,000
101% 101% 25,00
90
90
2,000
82
83% 78,00
889-4 70% 390,750
92% 92% 10,000
9931100% 20,000
1037-4 104
15,000
10034 101% 6,000
102% 102% 57,000
1013.1 101% 9,000
103% 104
11,000
100% 100% 28,000
105% 105% 25,000
102% 102% 95,000
94% 95
12,000
106 106% 35,000
104% 104%
1,000
10434 104% 6,000
105 105% 8,000
106% 106% 22,000
10734 108
11,000
108 108
1,000
10934 109% 6,000
97% 99 108,000
101% 102
10,000
99
99
1,000
102% 102% 30,000
94% 95 154.000
103% 103%
4.000
101% 101% 25.000
9934 99)i 2,000
105 105
2,000
107 107% 43,000
71
71% 15,000
98
98
2,000
Foreign Government
and Municipalities
99%
Argentine Nation 7s__1923 100
Chile (Republic of) 78_1942 96% 96%
50c
50c
Danzig 4s
37
1943
French Govt 48
36
1931
Victory 55
24c
'Hamburg 4315
1945 35
34%
Mexico 4s
10%
10%
3s
14%
14
5s
5334 53
ds 10-year series B
Netherlands(Kingd)88 II 72 95% 95%
98%
Peru (Republic)Sew 1_1932
12
Russian Govt 6318 _1919
11
11
Rt18811111Govt 5)4s1921
11%
Certificates
Serbs, Croats and Slovenes
(Kingdom of) Ss wl _1926 74
74
Switzerland Govt 53151929 10131 101
100%
96%
50c
37
36
25c
35%
10%
15
5.3%
96
98%
13
12
12
102,000
21,000
0100000
2,000
2,000
g21,000
123,000
12.000
12,000
3,000
812.000
8.000
12,000
27,000
11,000
80% 43,000
101% 180,000
Range since Jan. 1.
Low.
High.
Quotations for Sundry Securities
All bonds prices are "and Interest" except where marked
Sc
Sc
3c
lc
2c
70e
Sept
May
Feb
Jan
Apr
Nov
Feb
Feb76
10
9699
2)1
93
100
96
100
90%
93%
19%
9
)0
10034
9631
102%
101%
61
50%
61
99
100%
100%
94
104%
98%
9989%
jjaa:
Feb
Oct
Jan
May
Nov
Nov
Nov
Jan
Jan
Jan
Jan
Jan
May
May
Sept
Jan
Jan
July
Feb
June
Feb
92% Mar
Jan
100
87
Feb
Mar
85
24
2% Jan
2
Oct
99% June
9831 Nov
102% June
Feb
94
101% Nov
103% Aug
102% Jan
100% Jan
Feb
)
95
99
9934 Nov
100
May
Feb
95
1,9034 Jan
Nov
100
Jan
102
102% Jan
96% Nov
100% Feb
19050
Jan
Oct
90
89% Oct
Jan
72
89% July
t
,9
90% Oct
907'à Jan
95% Oct
Nov
10
891)1 Jan
96% Mar
94% Feb
9
681 Apr
Mar
91% Nov
89
Jan
Sept
99
99% Nov
1024 Jan
Mar
.fan
92
95
95)4
90
77
64%
92%
99
100%
Jan
Nov
Mar
Mar
Oct
June
Jan
99
Apr
96% Feb
Jan
97
Jan
101
100% Sept
102% Jan
100% Jan
9434 Nov
105% Mar
103
Oct
Jan
104
104% Feb
Feb
105
Mar
105
Apr
103
10734 'Mar
97;fil Nov
98% Jan
94)4 Feb
Jan
101
92% Oct
99)4 Jan
100% June
90
Feb
Jan
100
Jan
106
50
Jan
98
Nov
97
9634
50c
37
36
200
34%
10%
14
50
94
98%
10%
11
11%
Oct
Sc
Jan
17c
Oct
18e
15c July
5c May
1% June
90
99%
105
107
99%
100%
112
101%
93%
94%
10031
101%
104%
102%
104%
105%
664
81
76
101
106%
108
98
112
99%
101%
108
99%
150
98
92%
49
40
107%
101%
110
100%
103%
105
10731
102
103
103
101%
100
107
107
108%
104%
97
105%
101
102
92%
92
98
98%
93%
101%
100%
90%
106%
101%
103
10234
104%
9114
100
100%
100%
107
100
106
102
90
92%
78
93
103
106%
Apr
May
Aug
Aug
Julv
Oct
Oct
Aug
Aug
Nov
oi
Apr
Aug
Aug
Aug
July
May
Sept
July
Sept
Aug
Aug
Oct
Aug
Aug
Jan
Sept
Apr
June
Sept
Nov
Mar
Mar
Sept
Sept
Sept
June
Apr
Mar
June
July
Aug
Sept
Aug
May
Sept
Apr
Aug
May
Oct
Sept
Sept
Aug
Oct
Oct
Oct
Oct
Sept
June
Oct
Oct
Jan
Sept
Aug
Sept
Sept
Nov
MaY
May
Oct
May
Sept
Sept
Oct
May
May
Oct
Sept.
Sept
104% May
105% Sept
Apr
102
106% Sept
101% Sept
107% July
104% Aug
NON'
95
109% July
108
Aug
106% Sept
107
May
108
Sept
109
Aug
1094 (Jet
111 Puly
99% Sept
Sent
103
Sept
100
103% Apr
97% Sept
106
Sept
102% Oct
Apr
110
108
Oct
109% Aug
Sept
76
100
Sept
Jan 101% Aug
96% Nov
Nov
50c Nov
Nov
Nov 61% Apr
Mar
Nov 68
5% May
Oct
52% Apr
Nov
Sept
13
Nov
Nov 23 June
July 56% Sept
Sept 96% July
Nov wog July
Oct 30% Apr
Apr
Nov 28
Apr
28
Nov
Aug
Nov 96
74
9531 Jan 1077-1 Mar
v Odd lots. • No par value. I Dollar per 1,000 marks. a Ex-100% stock dividend. Q Marks. k Correction. ra Dollars per 1.000 lire flat. 1 I.isted on the Stock
Exchange this week, where additional transactions will be found. o New stock.
sc When Issued. s Ex-dividend. y Ex-rights. s Ex-stock dividend
2151
Standard Oil Stocks Par Rid. Ask.-RR. equipments-Per CI Baste.
Anglo-American Oil new. Lii *2014 2012 Atlan Coast Line Os & 6348 5.60 5.20
Atlantic Refining
100,1375 1425 Baltimore & Ohio 4315 & 68_1 5.65 5.00
Preferred
100 116 118
Buff Roch & Pitts 4s & 4 M5
I 55
:11 4
5.15
50
Borne Scryrnser Co
100 610 620
Equipment as _
Buckeye Pipe line Co__ _ 50 *96
97
Canadian Pacific 4345 & 611
5.50 5.00
(Ihesebrough Mfg new..100 220 240 Caro Clinchtield & Ohio 58_ _ 6.00 5.25
Preferred new
100 10) 112 Central of Georgia 4 %s_
5.75 5:2
20
5
Continental 011
100 147 150 Central RR of N J 68
5.60
Crescent Pipe Line Co
50 *37
39 Chesapeake & Ohio(1s & 6348 5.6
40
5 5.
.10
00
Cumberland Pipe Line. _100 150 154
Equipment 5s
Eureka Pipe LIDO Co_..100 92
94 Chicago & Alton 6s
6.25 5.50
Galena Signal 011 corn_ _ _100 55
57 Chicago Burl & Quincy fis .. 5.60 5.15
Preferred old
100 101) 112 Chicago & Eastern Ill 5%s.. 6.10 5.50
Preferred new
100 106 110 Chicago Ind de Loulev 444m.
5.60 5.20
Illinois Pipe Line_
100 170 175 Chicago St Louis & N 0 be..
5.35 5.00
Indiana Pipe Line Co...50 *98 100 Chicago & N W 444s
. 5.25 4.75
International Petrol (no par) *2312 2334
Equipment On & 69-4s____
5.60 5.15
National Transit Co_ _12.50 *2412 2512 Chic R I :ft Pac 4%s, 5s, tie 5.75 5.20
New York Transit Co_ ..100 170 175 Colorado & Southern 5s, 65
5.70 5.25
Northern Pipe Line Co_ _100 110 112 Delaware & Hudson Os....
5.60 5.20
Ohio °Deo
25 *308 312 Erie 4448, 5s & 65
6.00 5.25
Penn Mex Fuel Co
25 Great Northern 68
25 *20
5.60 5.20
Prairie Oil & Gas
100 665 675 Hocking Valley 4)i et, 5s& 6( 5.60 5.20
Prairie Pipe Line
100 292 296 Illinois Central 43.4s, be & eo 5.50 5.10
Solar Refining
_100 395 405
Equipment 7s & 631s_ _ .
5.30 5.00
Southern Pipe Line Co_ _100 95
97 Kanawha & Mich 431s, 68... 5.65 5.20
South Penn 011
100 177 1 180 Louisville & Nashville Is... 5.20 5.00
Southwest Pa Pipe Lines 100 59
62
Equipment 68 & 6148_ _ _. 5.50 5.00
Standard Oil (California) 25 *121 122
Michigan Central 58, Os.... 5.50 5.00
Standard Oil (Indiana)._ 25 11834 120
Minn St P &SS M 494s& Sc 5.70 5.20
Standard Oil (Kansas)..100 6611 670
Equipment 631s & 75_ _ .„ 5.70 5.25
Standard Oil (Kentucky) 25 *109 !110
Missouri Kansas & Texas 5, 5.75 5.20
Standard 011 (Nebraska) WO 190 200
Missouri Pacific Se
5.75 5.10
Standard 011ef New Jer_ 25 206 '208
Equipment Os & 6)4s_ _ _
5.75 5.35
New st ock w 1
25 *4112 42 Mobile & Ohio 4%8, be__ _...
5.70 5.25
Preferred
_100 11712 11812 New York Central 4%e, be
5.30 4.90
Standard 011of New Y'k.100 580 590 .
Equipment Its & 75
5.50 5.00
New stock w 1.)5 *49
4914 N Y Ontario & Western 4%
6.00 5.50
Standard Oil (Ohio) _ _100 570 575 Norfolk & Western 431s,_.
5.10 4.60
Preferred
100 118 120 I Northern Pacific 7s
5.30 5.00
Swan & Finch
32 , Pacific Fruit Express 7e_ _ .
100 30
5.40 5.10
Union Tank Car Co_ _ _ _ 100 113 117, Pennsylvania RR 4s & 4348
5.20 5.00
Preferred
100 108 112 1 Equipment68
5.60 5.20
Vacuum 011
100 670 675 Pitted)& Lake Erie 65
5.50 5.00
New stock
25 *4•458 427s Reading Co 4%s
5.2 1 4.85
Washington Oil
28 St Louis Iron Mt & Sou 58_. 5.85 5.15
10 *25
I St Louis & San Francisco 53. 5.50 5.10
Other 011 Stock.
Seaboard Air Line 431s dc 5g. 6.00 5.40
Atlantic Lobos Oil (no Dar) *7141 734 Southern Pacific Co
5.25 4.75
4315...
Preferred
30
50 *25
Equipment 78
5.30 4.95
Gulf Oil (new)
8.734 5'04 Southern Ry 43-0, 58 & Se_
5.75 5.35
Humble Oil & Refining_
242 246 Toledo & Ohio Central Os___
5.80 5.35
Imperial Oil
25 *116 118 Union Pacific 78
5.25 4.80
Magnolia Petroleum... _100 253 253 Virginian Ry Os
5.75 5.40
Merritt 011 Corporation_ 10 *712
8
Mexican Eagle 011 _
5 *1012 1212 I
Tobacco Stocks
Mountain Producers Corp. *1638 1612 American
eferreC
ciigar common.100
Salt Creek Producers
1838 1812
74
2
96
761'
100 0
Amer Machine & Fdry_ _100 .
1014
,
81,4 10
9;
Public Utilities
15
American Tobacco scrip_ __. •116
*45 151i4
Amer Gas & Elm corn__ 50 *17212 176
British-Amer Tobac ord. £1
Preferred
46 , Brit-Amer Tobac. bearer £1 •1834 1914
50 *45
Amer Light & Tree,com.100 142 144 ,Conley Foil (new)__(no par)
Preferred
100 9712 9912 Helme (Geo Vv') Co, com.100 170 177
Amer Power & Lt,com_ _100 136 139
Preferred
100
Preferred
100 89
91
1114
Imperial'rob of 0 B & Ire . *
434 11
15
61z
Amer Public Ut11, corn_ _100
15
20 Johnson Tin Foil dc Met _100 80
3
95
0
Preferred
35 MacAndrews & Forbes...,100 127 '130
100 32
BlackstoneValG1.&E.com 50 *7212 75
0
Preferred
100 100 1:143
Carolina Pow & Lt,com _10C 5712 60 Mengel Co
3
100
Cities Service Co, com_ _ 100 190
9 27
00
112 pore
pirip
toRican-Amer Tob_ _100 70
Preferred
100
Cline Service BankersShares 2014 2034 Schulte Ret. Stores(no
par) :1487:9 1528225
Colorado Power, com___100 20
21
universal Leaf Tob com_100
Preferred
95
10( 92
Preferred
100
Com'w'th Pow.Ry & Lt_10( 30
32
Young (J 13) Co
100 95 100
Preferred
10( 66 _6_7_ _
Preferred
rred
100
Elec Bond & Share, pref _10(
99
9719)0
3
2
:78o1124r ices)
l00
975
:00
48
7__4
Rubber Stocks (Cietel ant
Federal Light & Trac _101
45
72 _7
__
5 _ Firet
6
Preferred
10C
preferred
10(
101
Lehigh Pow Sec. (no par )_ *1914 20
7% preferred
101 8714 89
Mississippi My Pow corn lot
8
28
4
6 Gen'e
l frred
Tire Rub,com_ _100 250 300
Preferred
10(
Preferred
10(
First Mtge bs, 1951.J&2
9212 9312 Goodyear Tire & R. com.100
10
S f g deb 7s 193S. .M&
101 103
51112
2
743
6
8709
5
314 1609
2
Preferred
101 6
Northern Ohio Elec.(no par) .7
9
Prior preferred
100
Preferred
29 Goodyear TAR of Can pf 100
10( 27
North'n States Pow,com.10C
98 100
Miller Rubber
100
Preferred
92
94
10C
Preferred
Nor Texas Elec Co,com_10( 8212 8512 Mohawk Rubber
10 ---100
Preferred
8212 5
84,2
Preferred
106 5
Pacific Gas & El. let pref 100 89
91
22
Swinert Tire & R.com_100
Puget Sound Pow & Lt 10(
Sugar Stocks
6% preferred
83
10C
Caracas
16
s Sugar
50 *14
7% preferred
103
10(
105 Cent Aguirre Sugar corn_ 20 *77
79
Gen M. 7%e 1941_ _ _Meeh 103 101555
.14
8 ,2 Central SugarCorp.(no par)
114
Republic Ry & Light__ _10(
1412
212
1
100
Preferred
106 4312 4512 CuOeY Sugar comtnon
35
25
10C
South Calif Edison,corn.10 106 107
65
Preferred
100 45
Preferred
IOC 122 125 Fajardo Sugar
7812
100 77
Standard Gas & El (Del). 50 :
4
18
8314
4 4
19,34 Federal
106 110
Ref,
com
_100
Preferred
50
Preferred
100 106 110
Tennessee Elm Pow (no par) *14
16 Godchaux Bug Inc- _(nu Dar) *14
17
2d preferred
(no par) *43
45
85
Preferred
100 80
United Lt & Rye,com _ _ _100 68
70 Great Western Bug,com_100 330 350
1st preferred
100 78
80
Preferred
100 1014 110
Western Power Corp_ _ _ _ 100 8
44
5
87,,
46
17
Holly Bug Corp,com(no par) *15
Preferred
57
100
Preferred
100 55
Juncos Central Sugar__ _100 50 100
Short Term Securities-Pe r Cent
National Sugar RefWing _100 155 157
Am Cot Oil Os 1924..M&52 9814 9812 SantaCecillaSugCorp.pf.100 10
15
Amer Tel& Tel 6s 1924 _F&A 10054 101 Savannah Bug,com _(no par) *40
45
Am Tob 7% notes '23.M&N 101 1011g
94
Preferred
100 92
Aiaa000daCopMlnee'211...1&J 1005s 10078 West India Sus Fin,com.100 35
70
78 1929 Series B
50
J&J 103 10314
Preferred
100 45
Anglo-Amer 0117%821 A&O 103 10338 IndustrIal&MIscellaneous
1043
Arm'r&Co7sJuly15'30J&J15
8 1043s American Hardware__ _ _100 208 212
Deb Os J ne 15'23 J&D15 100 101
65
Amer Typefounders.com.100 60
Deb fie J'ne 15'24_J&I)15 100 101
Preferred
100 98 102
10514
Beth St 7% July 15'23J&J15
10512 Atlas Powder
100 148 155
Canadian Pac(1s 1924.M&S2 101,8 10132 Bliss(EW)Co.new.(no par) *39
41
Federal Bug Ref 6s'24.M&N 10038 10078
65
Preferred
50 *60
Hocking Valley 6s 1924.M&S
Borden Company,co_
corn._100 112 114
Interboro R T 851922_ M&S *96 1107
9
Preferred
100 100 103
C Term Ry (3s'23.M&N15 170:0
Company
0778
s
100 100 106
J&J 10212 104 Celluloidrefer
6348 July 1931
rel
P
100 107 110
Laclede Gas 7s Jan '29_F&A 101 )10138 Childs Co, corn
100 114 117
Lehigh Pow Sec Os'27_F&A
9314 9112
Preferred
100 107 111
Sloss She!! S & I 6s '29.F&A
Hercules Powder100 195 205
92
9121 19
09
21
34
4'
Swift & Co 78 Aug 15 1931 _ 10
100 102 105
:3 El Rubber 734s 1930_F&A 108 1109
International Salt
100 75
International Silver. pref 100 100 105
Joint Stk. Land Bk.Bonds
Lehigh Valley Coal Sales. 50 879
81
99l
Chic Jt Stk Land Bk 58_1939 10
9
5112
2 10012 Phelps Dodge Corp
100 165 175
fis 1951 opt 1931
10314 Royal Baking Pow.com_100 122
be 1952 opt 1932
10234 10312 ! Pr
Preferred
100 98
159-4s 1951 opt 1931
10612 Singer Manufacturing _100 117 119
io05-
•Per share.
S Basis. 6 Purchaser also pays accrued dividend. e New stock.
Flat !mice. kLast sale. 13 Nominal. zEx-dlv.
E,-ghts. I E*--stoek div.
Sin:cement ana gailitcrati intelligence.
2152
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
last two
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the railways
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Current
Week or
Month. I Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
SS
8
182,756 178,668 1,625,057 1,201,700
Akron Canton & Y'n September
214.447 298,823 2,199,723 2,450.345
Alabama & Vicksb_ September
97,779 116,027 3,972,973 4,012,460
4th wk Oct
Ann Arbor
Atch Topeka & S Fe September 17827530 17164878 133794999 139756570
770,674 911,176 5,567,051 6,987,504
Panhandle & S Fe September
Gulf Colo & S Fe_ September 2,292,687 2,381,700 16,587,083 22,491,591
Atlanta Birm & Atl_ September 363,719 252,904 2,859.061 2,253,028
242,266 215,134 1,827,096 1,885,883
Atlanta & West Pt_ September
483,819 503,039 3,799,303 3,874,235
September
Atlantic City
Atlantic Coast Line_ September 5.266,434 4,449.867 51,464.507 49,790,336
Baltimore & Ohio September 13619379 17648612 140346795 14817% 774
B & 0 Ch Term September 243,351 247,660 2,241,513 1,877,229
445,375 704,880, 5,717,373, 5,256,344
Bangor & Aroostook September
6,999i
9.982
47,976
66,1331
Bellefonte Central August
Belt Ry of Chicago_ September 529,693 532,0551 4,367,086! 4,018,059
Bessemer & L Erie September 1,892,209 1,522,174i 9,555.981 10.630,393
154,234! 142,654
28.072
Bingham & Garfield September
Boston & Maine_ September 7,072.244 7,130,528 58,474,927 57,931,223
975,827
124,471 104,405 1,186,194
Bklyn E D Term_ September
Buff Roch & Pittsb_ 4th. wk Oct 748.430 456,594 12,896,223 12,845,274
September
172.415 171,630. 1,037,772 1,485,232
Buffalo & Susq
Canadian Nat Rys_ 4th wk Oct 4.451.702 4,169,420 96,954,063 102497069
Canadian Pacific_ 4th wk Oct 7.410,0007,351,000 144213000 154810000
578,914 650,416 5,660,343 5,484,391
Caro Clinch & Ohio_ September
Central of Georgia September 2.088,289 1,896,438 16,719,217 16,810,078
Central RR of N J September 4,270,335 4.800,960 34,952,975 39,469,157
503,726, 687,481 4,869,980 6,181.121
Cent New England_ September
September 658,4611 675,109 5.215,3221 5,262,369
Central Vermont_
235,500 257,210 2.420,116 2,453,838
Charleston & W C September
Ches & Ohio Lines.... September 5,874,732 7,013.666 62,504,95763,974,313
Chicago & Alton_ _ September 1,811,615 2 881 466 19 697 110 23,070,474
Chic Burl & Quincy_ September 15398172 1581(1094 1114g301 124731266
Chicago & East Ill September 2.062,688 2,510,692 17,565,066 20,124,087
Chicago Great West September 2,137,762 2,295,313 17.580,178 18,247,818
Chic Ind & Louisv September 1,347.6751,360,979 11,587,330 11,324,841
292,6691 409.419 2,045.955 2.042.576
Chicago Junction May
Chic Milw & St Paul September 14821141'14271444 112545176 108620224
Chic & North West.. September 13189311 14008144 106391636 108705575
130,169 199,4521 1,569,160 1,530,505
Chic Peoria & St L_ September
Chic River & Ind_ September 540,474
2,458,331
Chic R I & Pacific September 10689360 12418806 87,582,818 99,237,268
524,5741 720,1051 4,307,758 5,864,228
Chic R I & Gulf September
September
2,497.933 2,687,154'20,608,862 20,817,151
Chic St P M & Om_
Cinc Ind & Western September 348,5411 339,209 3.078,002 2.609,261
Colo & Southern_ September 1,198,568,1,159,924 9,618,461 9,636,559
865,4631,036,439 6,895,510 8,355,767
Ft W & Den City_ September
Trin & Brazos Val September
224,2391 333,812 2,114,817 2,210,682
121,542 133,430
Wichita Valley_ September
882,182 1,190,687
,.
Cumb Val & Martin September
673,5961,064,745
4
Delaware & Hudson September 2,971„i?0
3.834,60126,459641 34,554,575
September
Western
6,564,549
7,508,417
&
Del Lack
53,770,523 64,882,823
Deny & Rio Grande September 3,328,741 3,540,373.23,820,965 23,633,577
179,7371 327,526
Denver & Salt Lake September
945,214 2,092,425
September
Mackinac
192,3981 192,224 1,390,338 1,492,822
Detroit &
Detroit Tol & front_ September 666,1391 621,247 6,687,749 4,781,210
Det & Tol Shore L_ September 293,483 268,325 2,590,833 2,021,335
Dul & Iron Range September 811,117 666,141 5,584,337 4,367,213
Dul Missabe & Nor_ September 2,160,036 2.015.029 11.912.194 10,772.709
Dul Sou Shore & Atl 4th wk Oct 154,243 113.432 3,645,030 3,791,791
162,576 159,789 1,471,710 1,798,105
Duluth Winn & Pac September
153.704 130,163 1.505,446 1,192,307
East St Louis Conn_ September
August
863,802 826.658 3,867.110 3,455,285
Eastern SS Lines
Elgin Joliet & East_ September 1,707,341 1,427,322 15,044,516 14,556,862
El Paso & Sou West September 964,070 745,820 8,348.969 8,455,792
September 7,380,297 9,294,170 66,083,455 76.754,664
Erie Railroad
Chicago & Erie September 897,748 946,938 8,118,388 7,978,141
126,906 130,311 1,118,687 1,121,920
NJ&NY RR September
758,584 717,730 10,213,238 10,446,173
Florida East Coast_ September
Fonda Johns & Glov September 121,331 114,665 1,029,402 1.012,938
156,980 140,736 1,174,984 1,293,968
Ft Smith & Western September
September
142,157 214,009 1,071,9822,083,622
Galveston 'Wharf
Georgia Railroad.. _ _ September 456,034 477,009 3,684,841 3.953,583
11,410 123,640
982,857 1,048,834
Georgia & Florida_ _.September
Grand Trunk Syst_ _ 4th wk Oct 3,347,872 3,028,900 92,905,041 92,495,708
September
201,157 2.017.044 2,106,044
219,906
Lawrence
St
Atl &
September
135,286 182.563 1,628,844 1,438.259
ChDetCanOTJct
Deb G H & Milw_ September 408,070 359.384 3,851,187 3,172,050
1
12,105,415 10.984.653
Grand Trk West_ September „
Great North Syst September 11180139 1102234 72,810,074 70,678,141
105,350 119,829 1,011,256 1,039,192
Green Bay & West_ September
358,775 324,761 3,270,387 3,018,178
Gulf Mobile & Nor_!September
267.416 263.395 2,216,245 2.125,278
Gulf & Ship Island_ September
Hocking Valley_ _ _ _ September 1,354.572 1.252.550 9,670.595 10.424.138
Illinois Central Syst September 16550546 13920300 124016651 119829225
Illinois Central_ _ _ _ September 14710349 12121232 110428008 104949272
Internat & Grt Nor September 1,494,369 1,408,812 10,362,574 13,875,549
152,504 177,170 1,952,722 2,096,794
Internat By of Me_ _ September
116.186 163,523 1,007,013 1,389,128
Kan City Mex & Or September
112,652 187,084 1,080,449 1,613,767
K C Mex &0 of Tex,September
1.590,329 1,632,985 13,210,926 14,931,283
Kansas City South..
191.231 192,770 1,514,939 1,661,029
Texark & Ft Sm September
Total system-.._. September 1,781,560 1,819,418 14,725,864 16,560,967
264,567 180,364 2.057.195 1,710,565
Kan Okla & Gulf_ September
161,739 105,211
897,465
281,100
Lake Sup & Ishpem_ September
67,263
September
72,563
778,988
930,296
Lake Term By
185,703 252,466 1,689,635 2,386,122
Lehigh & Hud River September
387,946 494,852 2,881,670 3,542,919
Lehigh & New Eng_ISeptember
September 5,656,065 6,686,105 45,833,132 56,437,575
Lehigh Valley
14,253,008 14,674,906
Los Ang & Salt Lake September 1,634,700 1,487,218
237.253 3(l.298 2,443,655 2,497,595
Louisana & Arkan September
Louisiana By & Nay September 323,197 362,964 2,491,775 2,981,883
Louisville & Nashv_•September 9,534,463 101:09126 90.134,839 87,663,705
311,723 263,790 2,424,134 2,156,759
Louisv Hend Sz St L'September
1September 1.762,208 1,806,421 15,269,304 15,503,469
Maine Central
408,462 356,402 3,402,646 3,312,105
Midland Valley.._ _ _1September
247,757
249,941
3,473
14,247
4th wk Oct
Mineral Range
13,566,865
Minneap & St Louis 4th wk Oct 426,478 478,188 12,857,197 31.360,918
Minn St P & S S M_Septernber 5,253,092 4,487.933 33.296,947
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or !Current Previous
Year.
Year.
Month.
Current
Year.
Previous
Year.
83%.310
Mississippi Central_ September 1 133,588 133,448 1,0A,791
102,498
362,978
Mo & North Arkan_ September
Missouri Kan & Tex September .2,780,639 2,900,914 22,720 719 24,998,535
Mo K & T Rv of Tex September 1,915,971 2,233,874 15,138.428 20.198,544
Mo Kan & tex Syst September 4,830,923 5,368,667 38,966,712 47,335,080
Missouri Pacific_ __ _ September 8,049,230 10082713 73,122 930 82,034.788
4th wk Oct 547,306 587,792 14,504,616 15,213,862
Mobile & Ohio
140,774 141,456 1,124,470 1,098,572
Columb & Greens September
September 399.645 418,810 2,518,106 2,976,481
Monongahela
120,144
61,361 1,181,981
524.175
Monongabela Conn_ September
209,181
94,229
September
596,269 1.108,454
ouCrhatt & St L September 2,038.629 1.826.040 16,126,717 15,853,279
Naosnhtv
M
23,936
14,877
269,513
361,271
Nevada-Cal-Oregon 4th wk Oct
74,343
23,2511 387,235
263,513
Nevada Northern September
131,441 129,7651 1,416.014
961,520
Newburgh & Sou Sli September
189,024 219,060 1,883,963 1,930,691
New Or! Great Nor_ September
284,098 186,3161 1,961,432 1,915.851
N 0 Texas & Mex September
127,396 164,3741 1,469,327 1,647,009
Beaum S L & W September
1361 4.61 .528
St L Brownsv &M September
2847314 246582
' 435 240123955
xNew York Central.. September 3111i39
998,465 836,281 7,303,536 6,670,869
Ind Harbor Belt._ September
Michigan Central September 7,578,188 6,563.379 59,354,546 54,107,636
Clev,C C & St L.._ September 7,200,006 7,111,625 61,379,687 60,038,893
235,554 391,270 2,442,257 2,871,182
Cincinnati,North_ September
Pitts & Lake Erie September 3,026,790 1,719.158 18,919,524 17,294,561
Tol & Ohio Cent_ September 1,365,296'1,015,227 6,097,593 7,987,016
Kanawha & Mich September 448,560 452,368 2,577,481 3,644,106
N Y Chic & St Lou_ September 3.283.203.3,198,074 28.640,024 26,822,575
N Y Connecting_ _ _•September 307,335 246,309 2,145,807 2,573,405
NY N H & Hartf September 11086238 10242144 89,944,465 85.575.656
N Y Ont & Western September1,182.769,1,229,019 9.193,95410,943,496
325.747 336,325 2,933,026 3,215.563
N Y Susq & West September
664,373 637,633 6,122,293 5,869.084
Norfolk Southern.._ September
Norfolk & Western_ September 7,857,559 6,567,272 69.335,378 59,352,288
Northern Pacific.. _ _ September 9,846,468 9,864,472 68,294,756 67,090,286
Northwestern Pac_ _ ,September 800,169 868,976 6,026.369. 6,478.242
Pennsylv RR & Co September t0712345 50390745 459752494 453870521
151,126 151,6121 1,223,7421 1,284,684
Balt Ches & Atl_ _ 1September
707,715' 747,173
97,728 104.402
Cinc Lob & North August
September 2,980,012 2,842,257 23,587.475 22,124,788
Long Island
125.710. 127,3071 894,7171 974,242
Mary Del & Va_ _ September
953,3371 518,138 6,120,180 4,668.250
N Y Phila & Norf September
141,069, 149.851 1,210,502 1,235,191
Tol Peor & West_ September
W Jersey & &ash September 1.574,061 1.365,120 10,890.240 10,428.578
Pennsylvania Syst September 66804712 55713922 505036721 496265517
157,8251 147,177! 1,308,999, 1.234,851
Peoria & Pekin Un_ September
Pere Marquette......_ September 3,370,584 3,901,902 27,894,584 28,339,147
September
119,851 100,133
952,611
neadi
957.317
meR
erkaiosz
phil
P
ng
September 6,782,866 6,502,411 55,691,782 62,757.369
88,761 135,0381 765,6421 923,071
Pittsb & Shawmut •September
92,3551 830,7641 879,483
Pitts Shaw & North September • 153,646
Pittsb & West Va September 251,655 228.256. 2,049,145 2,094,157
'September
149,527 194.403 1,293,205 1,697,603
ead
pulltiaRan
Port
Company.. September 5,912,208 5.748.168 48,759,023 49,918,058
128.715 115,142; 822,241, 975,151
Quincy Om & if C _ _1September
946,638 718,837! 8,084,749' 7,639,686
Rich Fred & Potom_1September
'September
538,139 4,280,835 4.291,379
538.064
d
&
lan
tos
Rtuj
8
274,371 338,248 2,288,938 2,449,255
Grand Isl ISeptember
St Louis San Fran September 6,414,570 7,207,470 58,891,289 61,241,916
146,292 166.772
974,513 1,303,811
Ft W & Rio Gr'de September
September
210.888! 1,248.854' 1,442,070
,
temer 6,730,514 7,609,425 61,316,955 64:
s•
as
xy
2
17 43
ofFTreS
9161:7
Louis
totiS-San
StSL
12,871,797
St Louis Southwest_1September 1,690,367
711,383 657,4651 5,359,194 5,552,392
St L S W of Tex_ _1September
Total system_ __ _ 4th wk Oct 878,149 910,140 20,802,840 20,589,967
85,288. 546,396
57,590
830,000
St Louis Transfer September
San Ant& Aran Pass'September 681,127 647,435 4,146,6671 4,675,860
86.620,
San Ant Uvalde & G September
Seaboard Air Line.._ September 3,700,004 3,326,663 32,034:520 31,657„459
Southern Pacific.. _ _ September 16808629 171551641132684350 143241 175
Atlantic S S Lines September 1,062,196 878,6381 8,559,0571 7,748,445
Arizona Eastern September , 244,498 196,980 2,306,4671 2,110,167
1
0,493
Galv Harris & S A September 1,985,158 2,067,936!15,968,577,18,85
September 1,425,588 1,290,435 10,639,066 9,677,512
Hous & Tex Cent_ Sepmber
Hous E & W Tex_ September 282,318 276,616 2,286,0131 2,166,996
355,070 348,224 3,064,744 3,256,859
Louisiana West._ _ September
,
5,761,891 6,398,994
,
Morg La & Tex September
746,756 672,308 6.398,765 6.349.131
Texas & New Orl_ September
wk
133672080
4,955,684
4th
Oct
Railway
5,187,398
139232347
Southern
„
759,082, 6,088,431 6,966,910
Ala Great South.. September
CM N 0 & Tex P_ September 1,090,76E 1,354,02511,828,027 12,921,233
317,302 361,839 3,358,943 3,351,486
Georgia Sou & Fla September
303,136 507,015 3,878,183 4,774,003
New Orl & Nor E _ September
70,644
989,973
128,231
Northern Ala..-.. September
643,354
122,8134 119,124
864,253
976 A64
Spokane Internat'l_ September
Spok Portl & Seattle September 659.625 839.945 5,323,461 5,712.998
202,183 222,331 1,850,415 1,910,462
Staten Island R T.... September
4
:
9
0
1
8
3
1:3
2
3
1
86
81
254,925
044,8
82
2 3
97
84
1:
00
377
7
22
820
4:
Tennessee Central September
.
Term RR Assn ofStL September
418.650 325.191 2,785.261,,
St L Mer Bdge T.. September
Texas & Pacific_ _ _ _ 4th wk Oct 1,018,959 1,060,505 25,023,054 29,445,735
Toledo St L & West_ September 1,102,485 791,319 7,942,4741 6,773,809
mber 11125
tem
epte
88
0,0
85
9 121789, ,_ , ,
46
I 1,375,925
Ulster & Delaware_ _ ge
'September
483 75,012,189 82.790.882
Union Pacsi
Oregon Short Line September 3.614,100 4.197,306 25.690,735.25,977,986
September
19297036
_
21519132 135455656 145049041
Total system-..Ore-Wash RR&N September 2,767,385 3,075,125 20,499,723 21,605,265
Union RR (Penn)._ September 1,016,401 753,784 8,320,821 7,294,318
126,948 131,763 1,243,947
September
853,241
Utah
277,918 352,976 „ 3,068,977
Vicks Shrev & Pac September
Virginian Railroad_ September 1,297.386.1,271.709 14,542,992 13,866,537
September 4,763,8775,259,295 42,740.987 44,361,073
Wabash RR
Western Maryland.. 4th wk Oct 593,718 454,69614,875.587 14,845,633
September 1,411.951 1,281,436 8,729,245' 9,093,090
Western Pacitic_
Western Ry of Ala September 249,671 241,906 1,892.3281 1,879,647
Wheel & Lake Erie_ September 935,247 1,358,446 9,930,429 11,166,805
134,313 233.879 1,107,565 2,138,002
Wichita Falls & N W September
Yazoo & Miss Vali_ _ September 1,840,1971.799,067 13,588,643 14,879,952
p
p
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Monthly Summaries.
Curr.Yr.
Mileage.
December......225,619
January -235,395
February _-_235,625
234,986
March
234.955
April
234.931
May
935.310
June
235,082
July
235,204
August
92A 95n
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Prev.Yr.
$
$
224,784 406,864.055 527,480,047 -120,615 992 22.87
234.636 393.892.529 469,195,808 -75.303,279 16.05
234,880 400,430,580 405,203 414 -4,772,834 1.18
234,202 473.433.886 457,374,460 +16.059,426 3.51
234,338 416,240,237 432,106,647 -15,866,410 3.67
234,051 447.299,150 443.229.399 +4,069,751 0.92
234.568 472,383,903 460,007,081 +12,376,822 2.69
234,556 442,736,397 462,696,986 -19.960,589 4,31
235.090 472,242,561 504,154,065 -31,911.054 6.33
225.205 498.702.275 496.978.503 -4-1.792 '779 n AA
3
S
$
I
3d week Aug (15 roads)---- 10,270.028 10,945.368 -675,340 6.17
13,662,589 14.678,846 -1,016,257 6.92
4th week Aug (13 roads)
1st week Sept (15 roads)---- 10.103.215 11.259,917 -1,156,702 10.27
2d week Sept (15 midi)
10 712.110, 11,632.506 -590,396 7.65
3d week Sept (16 roads)____ 12,233.461 12.819.788 -586.327 4.58
4th week Sept (12 roads)---- 15.679,3661 14,361.643 +1,317,723 9.18
1st week Oct (14 roads)_ _ _ - 16,190.357 15.502,759
+687,628 4.44
2d week Oct (13 roads)_ _ 16,543,468, 15,361,125 +1,182,343 7.69
3d week Oct (16 ro ids)_ _ 17.532,5971 15,846,378
+885,'?19 5.32
4th week Oct (18 roads)_ _
24.891,958 23.710,585 +1,181.373 5•40
* Grand Rapids & Indiana and Pitts. Cinc. Chic. & St. Louis included in Pennsylvania RR. z Lake Brie & Western included in New York Central
Nov. 11 1922.]
2153
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of October. The table covers 18 roads and shows 5.40%
increase in the aggregate from the same week last year.
Name of Road
or Company.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Prevsous
Year.
$
$
$
$
Ft Worth Pow & Lt.... August
203,073 209,077 *2,475,155 *2,821,956
El Co September 257.662 299,008 *3,322,816 *3,850,760
Galveston-Hous
1921.
Fourth Week of October.
I 1922.
Gen G & El & sub cos_ September 1063,170 986,598 8.921,302 9,453.676
Georgia Ry & Power_ September 1197.858 1125,337 *14748802 *14253266
Great
Western Power June
617.327 580.479 3,660,507 3,633,414
18,247
116,026
97,779
Ann Arbor
Havana El Ry,Lt&Pr August
1057,418 1045,148 8.594,424 8.454,897
456,594 291,836
748,430
Buffalo Rochester & Pittsburgh_
Haverhill Gas Light__ September
47,582 51,666 *539,574 *504,599
282,282
Railways___
Canadian National
4,451,702 4,169,420
700,377
Honolulu Rap Trans_ September
721,657
83,193 80.615
59,000
Canadian Pacific
7,410.000 7,351,000
Houghton Co Elec Lt September
41,631 43,809 *548,168 *585,831
40,811
113,432
154,243
Duluth South Shore & Atlantic_
7,739.425
&
Hudson
8,133,374
Manhattan
851,395
888,188
September
Grand Trunk of Canada
Hunting'n Dev & Gas August
97,467 84.959 *1,136,909 *1,161,528
Grand Trunk Western
3,347,872 3,028,900 318,972
Idaho Power Co
September 270,389 248,723 1,854,062 1,748,850
Detroit Grand Hay & Milw_
Illinois Traction
1831,752 16,340,635 16,195,370
1877,092
September
Canada Atlantic
763,318
Indiana Power Co
846.303
June
58.632 60.590
10,774
3,473
Mineral Range
14,247
Indiana Service Corp_ May
238,617 1,225.052 1,250.030
247,986
51,710
Minneapolis & St. Louis
478,188
426,478
28.062.543
Rap
Interborough
Tr
35,197,947
June
4387,398
4322,480
Iowa Central
40,486 Kansas City Pow & Lt September 608,313 491,948 *7,543,294 *6,626,264
587.792
Mobile & Ohio•
547,306
34,249 33,642 *382,552 *369,783
9,058 Keokuk Electric Co.._ September
Nevada California & Oregon _
23,935
14,877
147,052 157,430 1,592,294 1.614.871
31,9J1 Kentucky Trac & Ter June
910,940
St. Louis Southwestern
878,949
Keystone Tele') Co September 142,418 143,182 1,249,751 1,297,122
Southern Railway
5,187,398 4,955,684 231,714
21.356 21,466 *249,254 *265,411
41.546 Key West Electric_ _ _ September
Texas Pacific
1,018,959 1.060,505
Lake Shore Electric September 230,855 219,201 1,866,400 1,979,426
454,696 139,022
Western Maryland
593,718
Lexington Ut Co&Sub September 104,505 103,032 *1,093.312 *1,092,349
Long Island Electric_
162,977
182,604
36,644 36,636
Total (18 roads)
24,891,95 23,710,585 1,374,411 193,038 Lowell El & Lt Corp.. June
September 111,912 95.602 *1.263,157 *1,166,780
1.181,373
Net increase (5.40%)
Manhat Bdge 3c Line June
143,246
141,971
24,176 24,463
Manhattan & Queens June
160;720
182,321
33,555 30,014
Net Earnings Monthly to Latest Dates.-In our "Rail- *Market
Street Ry September 804,041
7,093,837 ---- --Edison_ September 260,086 230,360 2,072,783 1,960,792
way Earnings" Section or. Supplement, which accompanies Metropolitan
Elec Ry & Light September 1550,944 1462,663 18,898,130 19,084,941
to-day's issue of the "Chronicle," we give the Septemberfigures of Milw
Miss River Power Co_ September 232,641 238,092 *2,890,563 *2,782.567
earnings of all steam railroads which make it a practice to issue Munic Serv Co & subs August
355,505 197,721 1,886,380 1,641,913
Nashville Ry & Lt Co June
325.355 310,854 *3,975,128 *3,743.143
monthly returns or are required to do so by the Inter-State Nebraska
Power Co. _ August
280,232 246,633 *3.294,487 *3,076,723
Nevada Calif Electric September 281,392 280,584 2,634,581 2,483,652
Commerce Commission. The reader is referred to that Supple- New
0& Lt. July
624,716
97.697
ment for full details regarding the September results for all the New Bedford
Eng Power Sys_ September 477,737 455,221 *5,596,282 *5,439,828
335,868
N J Pr & Lt & sub cos September
482,380
separate companies.
63,55% 45.139
N & Hamp Ry September 181,067 201,619 1,568,694 2,034,185
In the following we give all statements that have come NewP
York Dock Co_ _ September 298,170 383,550 2,974.157 4,079,219
New
in the present week. We also add the returns of the indus- Nor Caro Public Serv Atfgust
95,510 88.010 1,286.612 1,185,954
Nor Ohio Elec Corp September 797.487 665,679 6,836,892 6,504.559
trial companies received this week.
Ohio
Nor
Trac
&
Lt
June
752.120
690.635 4,405.803 4,408.531
- Nor W Ohio Ry & Pr_
-Grossfrom Railway- -Net from Railway- -Net after Taxes
September
48,422 43,549 *467,135 *475,300
1921.
1922.
1921.
1922.
Nor Texas Elec Co__ _ September 250,907 275,320 *3.111,285 *3,737,090
1921.
1922.
$
$
$
$
Ocean Electric
72,224
94,525
May
29,793 23.231
Pacific Power & Light August
Chicago Great Western260,375 250,313 *2,952.013 *2,799,758
374,881 Paducah Electric..
164,396
458,261
*548,102 *516,188
246,377
44.524
September
September _ 2,137,762 2,295,313
49,529
From Jan L17,580,178 18,247,818 2,059,691 2,801,554 1,329,842 2,148,290 Palmetto Power & Lt September
49,712 47,655 *583.881 *589,507
Penn Central Lt & P. September 189,938 182,188 1,396,160 1.342,157
Lake Superior & IshpemingPenn
Edison
&
50,873
_
subs_
83,320
September
207,980 *2,526,302 *2,534,847
219,390
56,231
161,739
105,211
88,806
_
September
357,035 -204,647 Philadelphia Co and
281,100
407,821 -155,483
From Jan 1
897,465
Natural Gas Cos.... August
895,185
434,284 9,154,256 7,053,093
Navigation
&
Louisiana Ry
818.281
697,573
60,546 49.979
100,501 Philadelphia Oil Co September
61,046
116,564
77,352
362,964
September _ 323,197
603,665
608.241
74,743 71,379
September
496,975 Phila & Western
231,080
641,917
From Jan 1 2,491,775 2,981,883
377,837
Phila Rapid Transit_ September 3448,084 3340.688 31,238.143 31.511,638
Missouri Kansas & Texas LinesPine Bluff Co
63,058 75,207 *810,943 *785,882
823,574 1,054,320 Portland Gas & Elec_ August
September _ 4,830,923 6,368,667 1,031,246 1,283,491
August
277,102 250,658 *3,342.691 *3,323,177
From Jan 1 38,966,712 47,335,080 10,903,283 9,850,844 8,843,002 7,923,020 Portland Ry, Lt & P. August
793,940 781,547 *9.939.588 *10064468
Puget Sd Power & Lt_ September 808.126 763.498 *10292522 *10148154
New York Central SystemRead Tr&LtCo&subs
Kanawha & Michigan246,056 245,650 2,194,384 2,243,801
48,657 Republic Ry & Light_ Spetember
55,979
82,622
September _ 448,560
452,368
81,858
September 668,187 535,306 *7,643.551 *7.727,959
244,276
From Jan 1_ 2,577,481 3,644,106 -177,426
267,488 --418,721 --39,443 Richmond Lt & RR June
373,053
71.384 74,205
Rutland Ry, _Lt & Pr_ September
54,741 54,758 *572,536 *565,524
Toledo & Ohio CentralL
St
Rocky
&
Mt
1.912.798
Pac
151,567
June
1.522.444
192,598
277,037
423.634
September.. 1,365,296 1,015,227
213,873
243,120
688,548 Sandusky Gas & Elec September
492,310
562,081
51.062 47,062
From Jan 1_ 6,097,593 7,987,016 --267,788 1,206,276 -747,656
Savannah Elec & Pow September 129,825
*1,475,465
Pennsylvania SystemSayre
138,987
Electric
Co..
_
_
_
133,593
15,733
6,134,444
14,956
September
September _66,804,712 55,713,922 11,452,031 • 9,397,523 7,937,792
Second Avenue
457.181
484,215
89,849 91.005
FromJanl 505,036,721 496265,517 94,351,374 59,942,187 69,915,988 37,269,429 17th St Incline Plane_ June
33.902
29,258
4.169
September
3.542
Pullman CompanySierra Pacific
September
77,490 75,807 *888,384 *853.461
984,533 Southern CalifElectric
September _ 5,912,268 5,748,168 2,623,044 1,256,513 2,116,403
Edison September 1547,001 1604,682 *16713281 *16332108
1,015,440
From Jan 1 48,759,023 49,918,058 7,605,791 3,469,066 4,928,979
South Canada Power_ August
71,368 65,486 z773,028 x681.289
l Southw Pow & Light August
Tennessee Central777,200 *9,658.265 *10220419
13,826 Tampa Electric Co September 770,805
48,801
16,113
142,275 1,755,923 *1,684,628
63,900
September _ 254,317
146,112
210,416
284,572 -124,074 Tennessee Power Co_ May
From Jan 1_ 1,613,559 1,770,222
220.342 205,272 1,039.277 1,031.378
319,797 -83,435
Tennessee Ry.Lt & P May
576.837 558.256 2.881.441 2,861.366
Electric Ry.. September 246,431 248,528 2,373,052 2,583,413
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Texas
Texas Power & Light_ August
374.181 362,388 *4,787,315 *5,184,051
Third Ave Ry System September 1199,804 1196,251 10,643.887 10,364,837
Twin
City
Rapid
Tran
June
793.542 844.890 6.998.654 7.015.223
Date.
Latest
to
Jan. 1
Latest Gross Earnings.
United Gas & El Corp September 1031,998 924,901 9,216.818 8,500,313
Name of Road
United L & Rys & Sub September 956.394 882.768 *11467995 *11671 171
Previous
Current
Previous
Current
Week or
or Company.
Utah Power & Light_ September 612,819 563,137 5,121,425 4,973,540
Year.
Year.
Year.
Year.
Month.
Utah Securities Corp- J1113
,
700,852 656.532 *8,521,480 *8.775.552
Vermont Hy-El Corp September
368,712
408,790
58,673 52,449
Virginia
Ry
&
Power_
837,153 6,830,821 7.609,054
September
846,780
4,753,917
Adirondack Pow & Lt September 500,768 398,496 *5,431,879 * .320.743 West Penn Co & sub.. September 1665.412 1098,796
*15454181 '14437024
3
Alabama Power Co_ _ September 537.311, 364.327 3.931.330 *25389384
Winnipeg Electric Ry June
.2753.4R8 2.856.715
417.754 446.269
1984,218 1903.514 *25676670
nt .yrin .1 ino Knmt1 022 100
Amer Power &Light_ July
'An nr,
..,..,...-.....
Yadkin River PAIMPT o.
1636,065 1595,343 *19952410 *20048652
Amer Water Wks Elec July
213,582
244.601
Sentonber
Appalachian Pow Co_
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid
TransitSyem,
Arkansas Lt & Power September 130,598 90,548 1,203,233 1,111,940
the receiver of the Brooklyn Heights RR. Co. having, with
the
79,921 71,359 *885,738 *849,139 ar
Asheville Pow & Light September
s ee
cltoghe
,a
ro6
l Court,declined to continue payment of the rental: therefore
*1,709.083
*1,940,673
147,865
158,514
Associated Gas & Elec August
owners.
its
the
by
919
operated
been
has
RR.
Brooklyn
City
*1,386.540
121,227 117,561 *1,462,411
Bangor Ry & Electric August
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
kBarcelona Tr. Lt & P September 3810,785 3164,126 33,633.681 27,032,902 leased to the New York Railways
Co., but these leases were terminated
48.488 44,489 *579,466 *540,923 on July 11 1919, respectively, since
Baton Rouge Elec Co September
which dates these roads have been
506.488
470.592
53,291 50,627
Beaver Valley Trac_ _ September
separately. f Earnings given in milreis. g Subsidiary companies
*989,361 *889,619 operated
Binghamton Lt II & P September
only. I Includes both subway and elevated lines. I Of Abington & Rock*3,495,751
*3,918,955
97
2
321,
Blackstone Val G & E September 329:805
land (Mass.). k Given in pesetas. I These were the earnings from opera17168000 15744000 126338000 111420000 tion of the properties
fBrazilian Tr, Lt & P August
of subsidiary companies. •Earnings for twelve
Bklyn Rapid Transit_ September 2926,649 2805,3 I:
months. t Started operations April 1 1921. x Earnings for ten months.
Bklyn City RR_ _ September 1017,207 981,173
36,510 y Earnings for 11 months.
43,915
6,079
7,449
Bklyn Heights(Rec) June
216,775 213,477 1,284,073 1,078,121
Bklyn Qu Co & Sub June
271,618 267,507 1,381,351 1,313.514
Electric Railway and Other Public Utility Net
Coney Isl & Bklyn_ June
45,907
47,961
17,443 16,294
Coney Isl & Graves June
416,752 2,503,465 2,294,376 Earnings.-The following table gives the returns of
451,026
June
_
_
Electric..
Nassau
11,040,717
1955,669 1896,158 11,688,691
ELECTRIC railway and other public utility gross and net
N Y Consolidated_ June
529,512
445,148
111,042 91,521
South Brooklyn__ _ June
52,299 62,332 *631,631 *700,278 earnings with charges and surplus reported this week:
CapeBretonElCo,Ltd September
*1.658,288
Balance,
Fixed
Net after
Gross
Carolina Pow & Light September 166,658 132,418 *1,871,554
222.766 210,222 1,274,875 1,186,199
Surilus.
Charges.
Taxes.
Earnings.
Central Illinois Lt___ May
47,175 45.506 *538.622 *513.992
$
Cent Miss Val El Co.. September 125.931
111,845 *1.461.798 *1,345.769 Cleve Painesv &
4,117
13,685
Sept '22
Chattanooga Ry & Lt May
17,802
64,259
14,417,560 15,866,065
East Ry System
1.193
13,960
15,153
'21
65,368
Cities Service Co..--- September 1006,673 720,869
678,500
684,282
65,333 62.221
9 mos ending Sept 30 '22
35,532
125,203
160,735
551,155
City Gas Co: Norfolk September
618.023
64,131 62,212 ' 606,482
34,519
124,853
159,372
589,522
'21
Citizens Trac & subs.. August
551.155
589,522
65,368
64,259
Idaho Power Co
Cleve Painesv & East September
56,729
105,778
270,389 z162.507
Sept '22
84,431 77,495 *986,033 *1,084.344
September
Colorado Power
57,332
118,530
248,723 z175,862
'21
13.402,357 10,973,780
12 mos ending Sept 30 '22 2,403,954 z1,367,381
692,739
674,642
Columbia Gas & Elec September 1334,597 1108.248
*1,923,509
*1,687.282
156,980
Columbus Electric.. _ September 165,851 2511,572 23,488,428 23,105,161
652,702
658.197
2.282,351 z1,310,899
'21
Com'w'lth Pr.Ity&Lt September 2692,293
91,197
249,759
158,561
608,313
*1,486,031 Kansas City Power Sept '22
Connecticut Power Co September 154,523 133,849 *1,673,994
92,525
128,584
221,109
491,948
& Light
'21
10,853,193 10,379,952
Consumers Power Co September 1259,907 1114,844 *3,386,444
12 mos ending Sept 30 '22 7,543,294 2,353,341 1,220,373 2,232,968
*3.251,200
292,855 283,508
Cumb Co Pow & Lt_ _ August
'21 6,626,264 2,736,143 1,047,967 1,688.176
2.508.362
2.380,509
295.485
311,857
Dayton Power & Lt.._ July
34,422
57,248
230,855
Lake Shore Electric Sept '22
22,826
Detroit Edison Co_ _ _ September 2034,196 1750.782 18.794.545 16,778,876
1,340,580
49,687
219,201
'21
34,691
Ry System
14,996
Duluth-Superior Trac September 146,659 143,220 1,293.941 11,983,942
469,720
310,826
9 mos ending Sept 30 '22 1,866,400
158,894
DuquesneLtCosubsid September 1356,260 1234,314 12,151,011
'
21 1,979,426
315,440
365,707
50,267
273,367 294.108 *3.565,112 *4,240,924
East St Louis & Sub_ August
328,679 Southern Cali367,491
Sept '22 1,547,001
993,231
48,941 41,440
318,007
East'n Shore Gas & El August
615,224
fornia Edison
East Texas Elec Co_ _ September 145,379 135,464 *1,719,918 *1,702,028
'21 1,604,682
985,937
331,165
654,772
Edison El Ill of Brock September 112,822 101,260 *1,338,822 *1,229,588
12 mos ending Sept 30 '22 16,713,281 9,837,825 4.025.440 5,812,385
*2,259,217
*2,278,627
192,253
Paso
El
'21 16,332,108 9,608,423 3,591,532 6,016,891
Electric
September 191,092
*342,830
El Lt & Pr of Ab&Roc September
33,453 32,091 *366,666
Sept '22
612,819 z330,247
160,899
169,348
657,962 Utah Power &
725,471
Erie Lt Co & subsid_ _ August
95,233 65,333
'21
Light
563,137 x280,019
141,646
138,373
Fall River Gas Works September
88,044 92.385 *994,157 *1,014,232
mos
ending
Sept
'22
30
6,894,256
12
z3,598,532 2,589.711 1,008,821
Federal Lt & Trac Co September 394,116 380,565 3,636,331 3.549,140
'21 6,921,429 z3,445,122 2,347,732 1,097,390
Increase. Decrease.
[vol.. 115.
THE CHRONICLE
2154
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
Nov. 4. The next will appear in that of Nov. 25.
Atlantic Coast Line Co.
(Report for Year ended June 30 1922.)
COMPARATIVE CONSOL. BAL. SHEET SEPT. 30 (INCL. SUB. COS.).
1922.
1921,
1922.
1921.
IS
Liabilities$
$
$
AssetsPlants,equip.,&e_x7.067,187 8,050,338 Preferred stock.. _ _y2,975,200 3,226,900
68,412 Common stock (no /
Cash in bank, Are__ 185,336
z4,057,503 5,413,439
64,538
par value)
Cash in div. acct..
255,587 Notes payable_ __ _ 183,824
160,000
Notes & accts. rec.. 382,836
91,370 Accts. payable_ _ _ _ 167,825
111,295
Trade acceptances
27,729
597,638
625,366 Accr. exp.& taxes
Inventories
51,329
48,905 Res, for ins., &c_ _
22,098
Stock in sink. fund
199,905
30,235
29,927 Sink,fund reserve. 474,716
Deferred charges
8,241 Res. for pref. diva_
64,538
60,304
Advances
7,402
26,600 Suspense account_
8,681
Houses sold empl's
48,326 Car trust notes pay
149,657
36,411
Unadjusted debits
66,856 Capital surplus.. _ _ a248,942
Investments
Tam asses__
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1918-19.
1920-21.
1919-20.
Tht. Received On-1921-22.
$2,000
$62,000
$62,000
$62,000
A.0.L.RR.Co.of S.C.4s
50,160
50,160
50,160
50,160
A.C.L. RR.Co. Cons 4s
A. C. L. RR. Co. Gen.
135.360
135,360
135,360
135,360
Unifying 43's
33,254
2,9200
29,075
28,950
Amalgam. Phos. Co. .5.s_
78,375
78,375
78,375
78,375
Internat. Agric. Corp_ _ _
114,990
141,365
133,410
116,879
Miscellaneous
Dividends on Stocks5,880
5,880
5,880
5,250
West'h'se Air Brake Co_
1,301,342
1,301,342
1,301,342
A.C.L.RR.Co.Com.&"A" 1,301,342
72,000
72,000
72,000
Ch.& W.Caro. Ry. Co..
17,619
42,416
12,669
9,669
Other dividends
Total credits
$1,787,985 $1,888,226 '$1,910,143 81.870,980
$19,176
$19,107
$19,321
Expenses
$19,501
26,883
25,824
30,335
Taxes
18,435
250,000
250,000
250,000
250,000
Interest on 5% certifs
2,472
Int. on 4% certifs. "B"..
2,472
2,472
2,472
120,000
120,000
Int. on 4% certifs. "C"_
52,810
48,748
8,263,232 9,384,465
Total liabilities.. 8,263,232 9,384,465
a Capital surplus arising from retirement of Preserved stock. x Real
estate, oil and gas wells, plants, equipment, &c., $10,585,916: less reserves
for depreciation, amortization and depletions of $3,518,729. y Pref. stock,
authorized, $4,000,000; canceled, $1,024,800. z Common stock: a nth..
300,000 shares, no par value, represented by excess of assets over liabilities,
issued and outstanding, 198,770 shares.-V. 115, p. 2055. 553.
Tide Water Oil Company.
(Results for Nine Months ended Sept. 30 1922.)
CONSOLIDATED INCOME AND SURPLUS ACCOUNT FOR THE
NINE MONTHS ENDED SEPT. 30.
1922.
1921.
Increase.
business
$38.539,809 $31,372,152 $7,167,656
of
volume
xTotal
33,104,533 32,626,087
478,446
yTotal expenses incident to oper
Operating income
Other income
$5,435,276loss$1,253,935
564.616
705,535
$6,689,210
dec.140,919
$5,999,892 loss $548,399 $6,548,291
Total income
3,655,814 dec.1,019,826
Depreciation & depletion chgd. off.. 2,635,988
Net income
$1,448,829 $1,533,288 $1,492,741 $1,452,448
Previous surplus forward$15,418,880 $14,792,067 814,241,571 $13,836,192
Alachua Phoa. Co. stk.
126,637
net credit
;
Profit on Woodside Cot'n
mills stock
42,135
11,430
Prof.on Amal.Phos.bds_
525
Disc't on A. C. L. 4%
Deb. certifs. of indebt.
pur. by co. & retired
161,755
10,259
Tide Water Oil Co. stockholders'
proportion of total net income......$3.294,517loss$4,202,508 $7,497,024
18,660,087 dec.6,592,262
12,067,825
Surplus, beginning of year
260,975
Surplus-adjustments during period Cr.68,398 Dr.192,577
Total surplus
$16,877,968 $16,487,634 $15,903,182 $15,300,071
Miscell. deductions
12,759
Loss on U. S. Lib. bonds
39,958
Pd. add. U:S. inc. taxes
4,980
10,354
1,058,400
Dividends paid (12%)-- 1,058.400
1,058,400
1,058,400
Total surplus
Dividends paid in cash
Profit and loss surplus.$15,814,588 $15,418,880 $14,792,067 $14,241,671
BALANCE SHEET JUNE 30.
Assets1922.
1920.
1921.
Securities deposited with Safe Deposit
& Trust Co. of Baltimore
a$5,136,960 $5,136,960 $5,136,960
Railroad bonds
1,220,835
b1,220,835
1.220,835
Other bonds
c2,315,930
1,820,530
1,815,930
Railroad stocks
d21,074,283 21,074,283 21,074,283
Other stocks
e42,063
42,033
42,063
of
f
indebtedness
Certificates
I,563
1.498,327
1,563
Accrued interest paid
3,643
Deposits for int., divs. & inc. tax ret'd
27,200
63,803
30,886
Dividends accrued
650,671
650,671
650,671
Cash on deposit
376,283
675,964
229,053
Total
$30,845,789 830,649,155 $31,740,168
1922.
1921.
1920.
$8,820,000 $8,820,000 $8,820,000
5,000,000 5,000,000 5,000,000
61,800
61,800
61,800
1,122,200
1,312,000 3,000,000
27,090
30,764
63,439
111
121
363
2,499
5,589
15,814,588 15,418,880 14,792,067
Capital stock (176,400 shares at $50)_
Certificates of indebtedness(5%)_ _ Certificates of indebtedness(4%)- - Debenture ctfs. of indebtedness (4(7)
Divs. on stock & int. on ctfs. unpaid_
Income tax retained
Federal taxes
Profit and loss surplus
$3,363,904loss$4,204,214
Net income
1,706
z69,387
Minority stockholders' proportion..
$14,265,002
,
outsid$15,430740
•
e
Add: Through acquisition of
Dr. 7,245
Cr. 844
interests of subsidiary cos
$7,568,117
71,093
$1,165,738
8,088
$15,431,583 314,257,757 31,173,826
3,178,128 dec.3.178,128
$15,431,583 $11,079,629 dec$4,351,954
x Figures of the company and its subsidiaries as represented by the combined gross sales and earnings exclusive of inter-company sales and transactions. y Including repairs, maintenance, pensions, administration,
insurance costs and all other charges, exclusive of depreciation and depletion and Federal income and excess profits taxes. z Their proportion of
the total income of $3,363,904.
Surplus-end of period
CONSOLIDATED GENERAL BALANCE SHEET.
Sept.30'22. June30'22.
Sept.30'22. June30'22
Liabilities$
AssetsCapital stock
49,672,100 49,672,100
Refining Properties
and equipment-17,451,832 17,178,355 6)i% 10-Yr. bds_12,000,000 12,000,000
10,839,217 10,760,561 Bank loans
7,000,000 8,000,000
Pipe lines
Oliprod.properties26,764,472 26,885,649 Notes payable._ _ _ 915,920 1,494,479
Gasolineprop.&eq. 7,505,894 7,034,582 Accts. pay.(trade) 1,518,828 2,328,266
Wages &
Railroad and lightaccts. payable
767,041 1,366,575
erage properties_ 1,507,173 1,510,031
Accrued taxes_ __ _ 181,483
107,218
Marketing properties & equipment 4,639,566 4,549,801 Due to cos. affil.,
not consolidated 417.188
34,057
Timber properties 1,418,474 1,406,054
Tank steamships._ 4,271,086 4,270,440 Payments on cap.
stock subscrip'ns 569,831
539,868
Less Res. for depr.
& depletion_ _ _ _17,013,773 16,609,667 Deferred liabilities 1,016,542 1,059,005
Res'ves for conting 3,650,684 3,641,194
15,431,583 14,184,472
Total prop.&equip.57,383,942 56,985,780 Surplus
Other investments 2,809,431 2,809,431 Minority int.in sub.
359,000
361,433
capital stock
Invest.incos.affil.,
68.692
35,489
not consolidated 6,328,282 6,332,782 Surplus
1,775,446 1,498,007
Cash
1,857 1,506,237
Govt.bonds & ctfs.
Accts.& notes rec.. 6,287,214 6,063,152
Crude oil & prod_ _15,070,934 16,401,735
Mat'ls & supplies.. 1,448,384 1,492,406
Duefrom ens.affil.,
not consolidated 1,583,456 1,078,204
636,413
879,946
Deferred items__
$30,845,789 $30,649,155 $31,740.168
Securities Owned June 30 1922.
Safe
with
Deposit & Trust Co. of Baltimore to
a Securities deosited
secure 5% and Class "B" 4% certificates of indebtedness,
Par.
Book
Att. Coast Line Cons. 4% bonds..._ _ $1.25),000
Value.$1,125,000
Atl. Coast Line RR.of S. 0.4'7 bds_ 1,550,000
1,395,000
% unit bds_ 3.008,000 2,616,960-$5,136,960
Atl. Coast Line RR.
b Other railroad bondsColum. Newb. & Laur. RR. Co.3% _ $318,000
$190,800
285,000
Northwestern RR.Co. 1st Consol.4%
228,000
93,568,891 94,804,153
93,568,891 94.804,153 Total
Total
75,000
Northwestern RR.Co. 1st Consol.5%
67,500
4,000
-V. 115, p. 756. 770.
-Ad. Coast Line RR. Consol.
3,600
340,000
Atl.C.Line RR.Co.L.&
256,335
Charlestown & West Carolina Ry. 1st
Improvement Co., New York.
791,000
Cons. Mtge. 4-5% bonds ser. "A"_
474,600- 1,220,835 United States Realty &
c Other bondsTrinity Bldgs. Corp. of N.Y.)
and
Co.
Fuller
A.
George
_
_
%
6
M.
(Incl.
1st
Corp.
500,000
Peninsular Phos.
500,000
103,000
U.S.2d Liberty Loan Cony. 43%..
103,000
(Semi-Annual Report 6 Months Ended Oct. 31 1922.)
3,000
U. S. 4th Liberty Loan 4 X %
3,000
80,000
U. S. "Victory Loan" 4%%
80,000
For information regarding the new Preferred stock, rights
1,567,500
International Agricultural Corp.
1,097,250
579,000
Amalgamated Phos. Co. 1st M. 0 _
532,680- 2.315,930 to stockholders,&c.,see under "Industrial" news items below.
Shares.
d Railroad stocksCONSOLIDATED INCOME ACCOUNT FOR STATED PERIODS.
500
Northwestern RR. Co
$50,000
11
1,100
Atlantic & North Carolina RR
U. S. Realty & Impt. Co., George A.Fuller Co. and Trinity Bldgs. Corp.)
(Incl.
2,137
213,700
Atl. Coast Line RR. Co. Corn."A"....
6 Mos.End. -Years Ending April 30
183,769 19,717,127
Atl. Coast Line RR. Co. Common.._ _
1919-20.
Oct. 31 '22. 1921-22.
1920-21. •
1,046
88,751
South Carolina Pacific Ry.Preferred_
productive
from
Income
12,000
960,000
Charleston & West Carolina Ry
estate:
real
480
Ry_
L.
St.
&
Nashville Chattanooga
43,605-321,074,283
Net operating income_ $1,265,715 $2,511,032 $1,998,565 $1,449,272
Par.
e Other stocksLess interest on mort$840
$42,063
$43,063
Westinghouse Air Brake Co
690,447
684,883
673,764
309,254
gages thereon
Par.
f Other assets$127,200
$1,272
$1,313,682
$758,824
$956,461
$1,837,268
Colum. Newb. & Laur. 5% ctfs
_
invest..
Net from said
294
291$1,563 Other
503,205
544,902
311,532
546,706
Atlantic Coast Line RR.4% ctfs_ _
investment
1,384,839
458,141
1,617,936 2,439,106
--V. 109, p. 1526.
Bldg., &c., contracts_ _ _
Carrying charges on
17,957
13,117
364,666
property sold
Panhandle Producing 85 Refining Co., Dallas, Tex.
40,468
220,448
8,881
Miscellaneous
Total
(Financial Statement for Quarter and Nine Months ending
•
Sept. 30 1922.)
EARNINGS OF COMPANY AND ITS SUBSIDIARIES FOR PERIODS
ENDING SEPT. 30.
1922-3 Mos.-1921 1922-9 MO3.-1921
$869,933 $3,470,294 $3,692,351
$1,147,894
Operating revenues
531.384 2,666,657 2,291,167
874,227
Operating expenses
185,114
209,626
65,397
55,091 •
Admin.,selling and taxes
Net earnings
Other income
$218,576
1,940
$273,152
954
$618,524 $1,191,558
5,469
5,195
Gross income
Deductions from income
Preferred dividends.. _ _ _
$220,516
12,648
60,304
$274,105
14,523
64,538
$623,993 $1,196,753
50,218
50,735
196,762
184,796
Net inc. available for
surplus & reserves._
$147,564
$195,045
3388.461
3949.773
$2,090,799 $4,235,474 $4,356,115 $2,655,749
Total income
Deductions$44,072
$5,646
$74,813
Interest on loans, &c_ _ _
7,717
it 6,308
30,238
25,143
Exp. of unprod. real est.
46,327
44,396
Deprec. of bldgs., &c_ _ _ J
75,791
404,009
1,183,773
1,011U112
x Gen'l & corp. expenses
Total deductions
Net income
Int, on debenture bonds_
$434,247 $1,034,073 $1,279,958 $1,162,157
1,656,552 3,201,401
3,076,157
1,493,593
496,750
222,057
588,354
596,500
$1,434,495 $2,704,651 $2,487,803
$897,093
Surplus
x Includes Federal and State taxes.
STATISTICS OF GEORGE A. FULLER COMPANY,
Years Ended April 30-6 Mos.End.
Oct. 31 '22. 1921-22.
1919-20.
1920-21.
Bldg.contractsunexec'd327,848,083 $14,569,256 $19,185,215 332.602.898
Nov.111922.]
THE CHRONICLE
• CONSOLIDATED BALANCE SHEET.
(Incl. U. S. Realty & Impt. Co., Geo. A. Fuller Co., and Trinity Bldgs. Corp.)
Oct. 31
Apr. 30
1922.
1921.
Assets$
Real est. & bldgs_117,338,0261y21582961
Real est. secur.,&c.10,852,2165
1,719,766 2,147,883
Cash
Acc'ts receivable 1,470,371
769,167
Building, Plant,
stores, &c
459,333
486,619
Def'd open charges
95,291
63,681
Bills receivable
718,720
Int. dr diva. accr'd
120,256
Miscellaneous
475,093
Bills & acc'ts receivable, der& _ 1,021,828
Deficit
836,325
Apr. 30
Oct. 31
1921.
1922.
Liabilities16,162,800 16,162,800
Capital stock
5% deben. bonds_ 8,384,000 9,254,000
481,929
Acc'ts payable_ _ __ 384,061
883,753
Taxes & int. accr'd 844,205
5,755
Rents rec. in adv_
Res. for accid't &
168,442
plate gl. in.s.,&c_
244,029
Miscell. reserves
Res.for poss.losses
or depr. in value
of capital assets_ 5,014,196
2,167,568
Surplus
Total
32.956,831 27,200,707
32,956,831 27,200,707
Total
x Real estate and bldgs. (at cost), $28,772,026, less mortgages thereon of
$11,434,000, which amount to only about 40% of the cost of the real estate;
about 88% of the mortgage indebtedness, subject to reasonable amortization payments, has been extended over a period of years.
y Includes real estate & bldgs., after reserve for depreciation, &c., $19,766,467; other real estate investments represented by securities of, or advances to, controlled and affiliated cos.' mortgages receivable, investments
in stocks and bonds, $9,319,478; deduct reserve for estimated shrinkage in
value of above real estate and other investments, $7,502,984.-V. 115. P.
1953, 1741.
Barnhart Brothers & Spindler, Chicago.
(11th Annual Report-Fiscal Year ending Aug. 31 1922.)
• President W. H. French, Chicago, Ill., Oct. 30, wrote
in brief:
The printing industry, from which we derive a large part of our business,
in marked contrast to many other industries,.has enjoyed good business
throughout the past year. The trade in general is in a healthy condition.
This was evidenced not only by a considerable increase in buying capacity,
but also by a marked improvement in collections.
Sales during the past year showed a satisfactory increase over those for
the preceding year. The major part of the increase fell in the last months
of the fiscal year, with the result that the balance sheet shows an increase
in accounts and bills receivable and in current trade liabilities.
Due to the railroad and coal strikes, the directors deemed it wise to increase the stock on hand of finished merchandise, raw materials and sup-.
plies, beyond the normal amount, in order that maintenance of service to
our customers might be assured. This increase of stock has enabled us to
handle promptly the increase of business which has come to us during the
opening months of the new fiscal year.
We have secured valuable contracts from several manufacturers of wellknown lines of printing machinery and appliances for the sale of their products in our branch territories.
The export business with countries of Spanish America and the Far East
continues in good volume, and, with the gradual adjustment of the exchange situation, we look for a material increase during the present year.
Canadian business also held up well and the prospects are good for a continued growth in that field.
Our typo department is being called upon to supply increasing amounts
of type for the Latin-American countries,
cast to match the standards of
body and height used by Continental foundries,
who have heretofore been
the main source of supply, and which are different from those employed in
this country and England. This is a promising field for further development.
At the present time all our manufacturing departments are running full
time and to normal capacity. The labor situation has adjusted itself
satisfactorily. Your directors feel that the prospects for the present fiscal
year are very good.
[American Typefounders Co. owns $1,000,000 Barnhart Bros. & Spindler
Common stock and guarantees $1,250,000 7% 1st Pref. (par $100; diva.
Q.-F.); also $750,000 7% 2d Pref. stock, prin. and dim,according to terms
of an agreement with Guaranty Trust Co. of N. Y. dated May 19 1911-Ed .)
INCOME ACCOUNT YEARS ENDED AUG. 31.
•
1918-19.
1919-20.
1921-22.
1920-21.
Net profits, after taxes__
$201,568
$254,738
$237,312
$235,339
Pref. (Mrs. (7%)
140,000
140,000
140,000
140,000
Balance, surplus
$61,568
$114,738
$95,339
$97,312
BALANCE SHEET AUG. 31.
Assets1921.
1922.
1922.
1921.
Plant & equipm't_ $662,078 $661,412 1st Pref. stock_ _ _ _31,250,000 $1,250,000
Cash
750,000
270,150
284,001 2d Pref. stock_ __ 750,000
Ace'ts receivable... 533,857
494,674 Common stock_ _ _ 1,000,000 1,000,000
Bills receivable_ _ _ 961,685
947,500
1,165,000
733,579 Bills payable
600,000
Merchandise, raw
8% Ser. gold notes 600,000
156,626
mat'l & supplies 1,694,904 1,594,567 Acc'ts payable..,...208,916
Stock investment_ 208,599
50,000
50,000
198,849 Reserve for taxes_
438,782
Deferred charges_ _
536,095
57,948
55,038 Surplus
Trade-marks and
good-will
1,170,789 1,170,789
2155
imposed on all anthracite coal mined within the Commonwealth of Pennsylvania.
By this action the company in effect elects to continue to care for any
surface obligations arising from its own operations in lieu of contributing to
a general fund to be used for paying damages and expenses arising from the
operations of itself and others, which fund the Act requires shall be administered by a Commission.
The Kohler Act.-The Kohler Act approved May 27 1921 imposes certain arbitrary limitations upon the mining of coal and upon the exercise of
the rights of coal land owners. These limitations would reduce the ultimate production of the land and are more severe upon the operations not
accepting in full the provisions of the Fowler Act.
In an equity case arising,in Luzern° County, the Court of that county
held that the "Kohler Law,'applied to the case stated in the bill in equity
filed, involved an unconstitutional impairment of the contractual right of
one holding the absolute right to mine and remove coal free from all liability for injury thereby inflicted, accompanied by the taking of private
property for private benefit without compensation. An appeal to the
Supreme Court of Pennsylvania has been taken from this decision.
COAL PRODUCTION YEARS ENDED. DEC. 31.
From Lands From Lands From Other
Mined byControlled. Lands.
Year. Owned.
Total.
Company
8,769,085
1921
451,865 1,357,015 10,577,967
Company
1920 8,939,371
499,879 1,347,011 10,786,261
Decrease
Tenants
Tenants
170,285
1921_
1920
Decrease
•
Company & tenants_ _1921
Company & tenants_ _1920
48,013 Inc.10,004
208,294
137,644
118,659
1,010,033
1,032,281
41,232 Inc.18,985
22,247
872,389
913,622
9,641,474
9,852,993
589,510 1,357,015 11,588,000
618,538 1,347,011 11,818,543
Decrease
211,518
29,028 Inc.10,004
230,542
INCOME AND PROFIT AND LOSS ACCOUNT YEAR ENDED DEC. 31.
1920.
1921.
Coal sales
$71,088,983 $74,101,759
Operating and other expenses (less rentals, &c.)- _ _ 63,897,354 65,400,369
Operating revenue
Other income-Interest and dividends
$7,191,628 $8,701,390
626,879
755,512
Gross income
$7,947,140 $9,328,269
Deduct-Depletion of coal lands and leasehold_ _ _ _ $1,195,341
$492,649
Federal, State and local taxes
2,353,266
2,388,603
Interest on funded debt
33,608
34,803
• Net income
$4,364,926 $6,412,212
Previous surplus
25,685,428 19,013,206
Gross surplus
$30,050,354 $25,425,419
Adjustments Applicable to Prior YearsAdditional depletion of coal lands
Dr.883,138
Recovery of royalties
Cr.260,010
Profit and loss surplus
$29,167,217 $25,685,428
BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
Assets$
$
Liabilities$
$
Prop. acct., coal &
P.& R.coll. sk.fd.
timber l'ds, &c_69,225,108 64,551,430
loan, 1892-1932_ 840,000
870,000
Reading Co. spee'l
Capital stock
8.000,000 8,000,000
loans
2,500,000
Reading Co
69,357,018 69,357,018
Stks., bds.&mtges. 490.260
490,385 Pay-rolls & vouch_ 2,901,211 2,892,039
Secur. of atiii. cos_10,944,408 9,920,261 Due for coal purch.
36,344
U. S. Lib'ty bonds 6,499,289 6,506,955 Due for royalty on
Cash
6,396,462 8,245,174
coal mined
58,566
Bills receivable_
9,223 Freight & tolls due
Coal accounts..___ 7,267,513 8,015,094
foreign roads
17,681
Rent accounts
46,735 Cos. & individuals
397,484
Cos. dt individuals
4,768,627 Int. due & uncoil_
280
Coal on hand
9,643,578 1,727,566 Depletion
6,198,964
Supplies & mans_ 3,015,503 3,925,492 Accr. Int. & taxes_ 1,362,949 1,312,652
Miscellaneous ____ 247,394
76,752
37,493
Miners' benef'l fd_
Accrued interest__ 104,001
65,516 Workmen's cornDepletion fund.._ 2,360,279 2,039,990
pensation fund_ 1,649,750 1,454.007
Workmen's fund__ 1,649,750 1,454,007 Contingent funds.. 1,533,741 1,608,203
Deferred items_ .._ 717,443
Profit & loss surp_29,179,859 25,685,428
Total
121.060,986 111766,454
-V. 114, p. 2477.
Total
121,060,986 111706,454
Pittsburgh Steel Co. and Subsidiaries.
(Annual Report-Year ended June 30 1922.)
President Willis F. McCook, Pittsburgh, Sept. 25,
wrote in substance:
Income Account.-Net earnings after deducting all charges for operations
and idle plant expenses. including $1.547,240 for maintenance and repairs.
were $902.300; interest and income from investments, miscellaneous
revenue, appreciation of Liberty bonds to par value, and other adjustments,
brought the total earnings up to $1,907,152. After deducting reserve
for depreciation of $800,697, reserve for depletion of mine properties of
$65,633, interest on unmatured installments of purchase price of Alicia
Total
$5,560,011 $5,192,908
$5,560,011 $5,192,908 properties of 375,625, loss on sale of capital assets-Chicago warehouse
Total
-V. 115, p. 2050.
property-of $38,250. and reduction of inventory values of $65,063, net
Income for the year amounted to 3861.883. From this was deducted
dividends
on Preferred stock of $735,000 and on Common dividends of
Philadelphia & Reading Coal & Iron Co.
$560,000, leaving the balance from undivided surplus $433,117.
Shipments.-The value of materials shipped during the year is shown
(Annual Report for Fiscal Year ending Dec. 31 1921.)
in the following comparative table:'
gt President W. J. Richards, Philadelphia, April 20 1922,
1921-22.
1920-21.
Pig iron and billets
$2.254,192 $5,768,359
reports as follows:
Hoops, bands and cotton ties
1,424,738
898,421
Production.-Total production of anthracite coal from lands owned, Wire rods, plain wire, nails, fencing, &c
15,729,996
12,631,810
leased and controlled by the company for the year ended Dec. 31 1921 was
11,588,001 tons, compared with 11,818,543 tons mined during the previous
$15,784,423 $22,923,093
year. During the year company mined 10,577,967 tons and sold 9,450,278 Miscellaneous products
306,935
81,640
tons, as compared with 10,786,262 tons mined and 11,191,259 tons sold the
Total
previous year. There was a decrease both in production and sales for the
$15,866,062 $23.230,027
Domestic Buisiness, &c.-The year opened., with a continuance of the
year as compared with the previous year. The decrease in production is
relatively small. The cause of the decrease in sales is found when con- general depression in business referred to in last year's report. This
sideration is given to the mild winter months of the year, together with the unsatisfactory condition prevailed until Dec. 1921. Demand was light;
fact that all manufacturing was much depressed during the entire period. competition keen; prices unstable and on a gradually declining scale,
The depression was reflected in the marketing of steam sizes of anthracite, rendering operation difficult and costly.
In Jan. 1922, there began an improvement in the demand for wire
both as to tonnage used and as to the prices at which they could be disproducts which continuously increased during the rest of the fiscal year.
posed of.
Funded Debt.-The funded debt has been reduced by, the payment of This constant and increasing demand, exclusively from domestic sources,
was due mainly to the revival in general business, particularly the boom
$30,000 Philadelphia & Reading Collateral Sinking Fund loan.
Pennsylvania Law Taxing Anthracite Coal.-Durinr.T the year there was in building construction. As the demand grew, market conditions
enacted by the General Assembly of the Commonwealth of Pennsylvania strengthened and prices increased, although at the end of the fiscal year
an Act entitled the "Williams Act," approved May 11.1921 and effective but little profit resulted from operations. The total value of sales deJuly 11921. imposing a tax of 13i% on the value thereof on each and every creased $7,363,965 as compared with the year 1920-21. Lower prices
ton of anthracite coal mined and prepared for market in Pennsylvania. account for practically all ofthis decrease, the tonnage of products shipped
This Act has been declared constitutional by the Dauphin County Court of during the year being only 5.6% less than that of last year, while the
Pennsylvania, even though two prior Acts, the Act of June 27 1913 and the ayerage price received during the current year shows a decrease of 27.82%.
Act of June 1 1915, were both declared unconstitutional; the first by the The market for hoops and bands was an exception to the general trend,
Supreme Court of Pennsylvania, on the ground that it made an artificial remaining inactive with business poor and prices low, and it was not until
and arbitrary distinction between anthracite and bituminous coal, subject- the month of May 1922 that any real betterment was seen in these coming the former to tax for public purposes and not the latter; and the second modities. The year's operations were spasmodic, depending upon conby the Dauphin County Court, for the reasons assigned by the Supreme ditions. As sales justified, production was increased. No. 1 blast furCourt in passing on the Act of 1913: From the decision of the Dauphin nace was down 29.3% of the year, while No. 2 was not in blast during
County Court on the "Williams Act" an appeal will be taken to the Supreme the year. The net result being that this department operated only to
the extent of 35% of capacity for the year. The open hearth furnaces
Court of Pennsylvania.
'The Fowler Act.-In accordance with the provisions of the Act of General also show an unsatisfactory performance, with an average operation for
Assembly of the Commonwealth of Pennsylvania, approved May 27 1921, the year of but 45% of capacity. The corresponding percentages for
known as the "Fowler Act," which establishes the Pennsylvania State the previous year were 63% and 51%.
Export Bustness.-Export business in the year 1921-22 was practically
Anthracite Mine Cave Commission, this company seasonably signified to.
the Pennsylvania State Anthracite Mine Cave Commission its non-accept- nil, owing to a continuance of the liquidation of stocks, financial conprovisions
of
ditions
of foreign countries, unfavorable rates of exchange, and aggressive
the
Section
8,
this
Act.
By
of
Section
8
rejection•of
ance and
of this Act, a tax of 2% of the market Price, when prepared for market, is European competition.
2156
Effect of Coal Strike.-Operations were further restricted during the last
quarter of the fiscal year by the strike of coal miners on April 11922.
The reduced production, together with the necessity of purchasing fuel
In the open market at excessively high prices, added materially to manufacturing costs. The Monessen mine closed on March 31 and the Alicia
mines Nos. 1 and 2 on April 4 1922. The latter mines resumed operation
on May 25 1922, and have been progressively increasing their output
since that time.
Comparative Inventories, June 301922.
1921.
1920.
Ore and limestone
$1,888,891 $2,368.577 $1,837,675
Coal and coke
147,258
132,085
177,511
Pig iron and scrap
384,027
1,458,269
832,372
Semi-finished products
269,272
979,738
1,142,747
Finished products
1,364,382
1,128.178
1,936,922
Supplies and stores
1,544,427
1,582.870
1,744,457
Total
$5,598,257 $7.995,572 $7.325,827
The aboye totals show reduction in inventories for the year of $2,397,316.
As usual, inventory values are calculated at the cost or market price,
whichever was lower, and no inter-departmental profits are included-.
Capital Expenditures.-During the year there were expended in betterments and improvements, and in the acquisition of additional property,
less credits for property sold, the following net amounts: (a) Steel
plants.
$237,595; (5) coal properties $801,283, (less Freeport coal lands covered
by mortgages, $371,547), $429,736: (c) fuel transportation, $28.369; total,
$695,701; less extraordinary replacements charged to operations. $51,033;
Chicago property sold, 8100,000; balance, $544,668. Add part cost
Freeport coal tracts covered by mortgages, $371,547. Increase in capital
account, $916,215.
The principal items in these cash expenditures were: (1) Steel plants:
Erection of building and installation of equipment for production of fabric
for reinforcing concrete roads. $155,533; purchase and installation of ten
new nail machines, $21,284; employees' houses at Monessen, balance of
cost, $25,282; purchase and installation of galvanizing machinery, $8,237;
purchase and installation of three machines for making steel wire reels,
$5,942; slag and refuse disposal wharf, $10,000; (2) Coal properties: Additional Upper Freeport seam, $744,073 (less covered by mortgage, $371.547), $372,526; water sprinkling system at Alicia mine No. 2, $10,027;
purchase and installation of two Babcock & Wilcox boilers at Alicia mine
No. 1, part cost, $18,137; stoker equipment, etc.. on above, part cost,
$11,111; new drainage line in Alicia mine No. 1, $7,055.
Employees and Payrolls1922.
1921.
Average number of employees at steel works
3,311
2,825
Average number of employees at coal properties_ _ _
435
718
Total salaries and wages paid
$5,354,074 $9,241.336
Unfilled Orders June 301922.
1921.
Tons
72,020
18,369
Value
$3,756,346 $1,161,829
Outlook.-The outlook for business for the year 1922-23 is promising.
There is, as shown above, a satisfactory volume of orders on the books.
An unusually excellent demand exists, and with the improved purchasing
power of the farmer from the abundant crops now assured and the ability
of the railroads again to order freely, it seems reasonable to look forward
to more favorable results from the operations of the year now under way.
Always provided that the labor difficulties with the coal miners are adjusted
and that the service of the railroads will prove adequate for the traffic
offered.
General.--The physical condition of the plants was fully maintained
during the year, $1,547,240 having been expended on maintenance, repairs
and replacements.
Mines.-On March 311922, the third annual installment of $550,000 on
the Alicia Coal & Coke properties was paid, leaving the balance to be
paid during the next two years, $1.100,0041
Acquisitton.-During the year directors purchased an interest in the
Plymouth Mining Co. The iron ore from the mines of this company is
well suited to the requirements of your furnaces; is supplied at reduced
cost and further strengthens the company's ore reserves. President
Willis F. McCook has become a member of the board of directors of that
company.
The company's coal reserve has been augmented during the year by
the purchase of 2,634 acres of the Upper Freeport Vein of coal,. all advantageously located to your Monessen plant. It is the opinion of the
directors that the coal reserves are now sufficient for present scale of
operation for a great many years.
Reference was made in last year's report to the acquisition of the National
Steel Fabric Co., a corporation engaged in the sale of reinforced wire
fabric for road and building construction purposes. The development
of this business has been such as to require the erection and the equipment
of a special building for 3the manufacture of this fabric. The amount
exgn
mdeedyt
e nOy was $155,533.
ehrs
aereo
an
goto
company accepted in part settlement of a doubtful
account a piece of warerouse property in Chicago, which was carried on
its books at a valuation of $100,000. While not suited to business of
company, it was used for a time as a warehouse. Recently there was an
opportunity to dispose of it for $61,750 net, and the offer was accepted.
The difference between the book value and the amount realized has been
charged to the income account for the year.
Taxes.-A demand by the Treasury Department of the U. S. Government
for the payment by the company of an additional substantial amount for
income and excess profits taxes for the year 1917 was satisfactorily adjusted
by the payment of $65,576.
The comparative consolidated income account for years
ending June 30 was published in V. 115, p. 1846.
CONSOLIDATED BALANCE SHEET JUNE 30.
1921.
1922.
1922.
Assets$
3'
Liabilities$
Real est.,plant,dm.27,667,408 26,751,190 Preferred stock_ __10,500,000
Invest'ts (at cost)_ 1,086.713
894,263 Common stock....14,000,000
Lib.bds.& U.S.sec. 3,190,000 2,875,467 Accounts payable_ 1,793,720
1,108,255 1,140,958 xUnmatured instal 1,463,016
Cash
Bills & accts. rec 2,137,206 1,245,162 Depreciation res_ _ 6,127,530
5,598,257 7,995,572 Res., war prof. tax
Inventories
Prepaid ins.& tax_
62,344
64,291 Deferred credits__
11,771
Notes receivable
837,936
405,276 Corn. div. pay_ _ _ _ 140,000
18,178
28,662 Res. for exting't of
Advances
mine property__ 362,010
92,891
Sale of houses
Repairs,dm res__ 510,888
Profit and loss__ 6,865,775
1921.
10,500,000
14,000,000
1,386,590
1,650,000
5,332.975
498,509
296.377
530,390
7,298,892
Total
41,774,711 41,493,733
41,774,711 41,493,733
Total
x Unmatured installments on purchase price of coal and coke properties.
-V. 115, p. 1846. 1738.
American Window Glass Co.
(Report for Year ended Aug. 25 1922.)
Pres. William L. Monro reports in substance:
Operations.-For the first two months of the fiscal year we continued
to operate only a few of the furnaces on account of the continued business
depression and the consequent small demand for window glass. In the
Fall of 1921 the demand for window glass improved and we placed a
number of additional furnaces in operation in order to enable us to make
prompt shipment of our orders. This demand gradually increased throughout the balance of the fiscal year, so that shortly before its close we felt
Justified in placing in operation the remainder of the furnaces that could
1oerated.
E fect of Coal and Rail Strikes.-The operations of the factories proceeded without any special difficulties until some weeks after the beginning
of the coal strike. In preparation for that event we had laid in a supply
of coal at our various factories where we were using producer gas, to the
limit of the storage capacity of each factory. Unfortunately, this was
not sufficient to carry the factories over for more than six weeks, when
we were obliged to change over to natural gas at all the factories at which
we could secure an adequate supply, in order to conserve our coal stocks
for the factories where we could not secure sufficient natural gas. In
this manner we were able to maintain in operation throughout the balance
of the fiscal year all the furnaces that had
been placed in operation.
In addition to this we were able to secure
a sufficient supply of natural
gas to start two additional furnaces, with the assurance
of a continuation
of the supply at least until the coal
weather.
Consequently, the coal
strike did not cause any curtailment of our factory
operations; but the
[VOL. 115.
THE CHRONICLE
very great increase in the cost of natural gas over the price at which we
were buying coal resulted in an increased fuel cost.
While our operations were seriously inconvenienced by the railroad
strike, yet we were fortunate enough not to be obliged to lose any production on account of failure to receive raw material promptly. Prior to
this strike we had filled our storage bins to capacity, and the service that
we secured from the railroads on which our various factories are located
enabled us to keep the furnaces in continuous operation. Our outbound
shipments were but slightly interfered with.
No efforts were spared at any of our factories to produce the very best
grade of glass possible. The product turned out was maintained at the
high standard of grading set by the Company, which is recognized as
the standard for the United States.
Improvements.-It is very gratifying to be able to report that the new
furnaces and machine installations at the various factories that were
first placed in operation during the past fiscal year have produced very
satisfactory results, and demonstrated that our furnace construction
leaves nothing to be desired, from the view point of efficiency and economy
of operation. With the results obtained on our various 8-machine and
12-machine furnaces, we feel that no further experimenting in the construction of these furnaces is necessary with the present machine installations.
Our new producer installations have also given great satisfaction and
we are able to operate the new furnaces with equally as good results on
producer gas as on natural gas. With our new producer installations
at our factories in the Pittsburgh district, located as they are so close
to the supply of coal, when the price of coal becomes normal again we
we will be able to produce glass at a very favorable fuel cost per box.
Wages.-In conformity with the wage increases granted by all other
lines of manufacturing, we have granted similar increases to our employees, which take effect at the close of the present fiscal year.
&les.-The sales of our products during the past year have demonstrated again the wisdom of the company in maintaining its high standard
of grading. This was proven by the very large concessions in price that
many of our competitors were obliged to make in order to induce buyers
to purchase their glass instead of ours. These concessions during the
past year were larger than ever before. We gained many new customers
and strengthened our position with our old customers by the excellent
service we gave on our orders. The trade was very reluctant to place
orders a long time in advance of the time when the glass was needed.
It demanded shipments very soon after the orders were placed. This
made it very difficult for the factories. Special efforts were made, however, to furnish the service required. That we were successful in these
efforts is shown by the many commendations we received from the trade
for this prompt service.
Our specialities continue to meet with increasing favor. So successful
have we been with the quality of our 16-oz. picture glass that there is
practically none of that glass being imported. Prior to 1914 practically
all of the high-grade picture glass was imported from Belgium and
England.
in the
.To-day, notwithstanding a very considerable difference against us
price of this product, we have been successful in almost completely stopping
the import of this quality of glass.
The production of our photo glass has also been very satisfactory.
While the demand for this glass has fallen off very considerably, we are
supplying nearly all of the glass required by the photo dry-plate people.
A limited quantity of this glass is still imported, due to the lower prices
at which it can be purchased, but the quality of this glass is not equal
to our own.
Foreign Competition.-During the calendar year 1921 most of the single
strength and double strength glass consumed on the Pacific Coast was
Imported from Belgium. This was rendered possible partly by the depreciation of the Belgian franc partly by the lower selling price for window
glass in Belgium, but principally on account of the very great difference
in freight rates from Antwerp to Pacific Coast points over the rates from
Pittsburgh to the same points. This difference was so great that it was
absolutely impossible for us to compete at that time against Belgian glass
on the Pacific Coast. Practically the only business which we secured
in that market was fill-in orders, which, of course, were not of any great
volume.
The import of foreign glass began to increase also on the Altantic seaboard. With our reduced operations during the greater part of the
calendar year 1921, our costs were so high that it was impossible to lower
our selling price to a point where we could compete with this Belgian
glass even on the Atlantic seaboard, The increase in our operations,
however, during the latter part of 1921, due to the improvement in the
demand for glass, enabled us to materially reduce our costa. Consequently we felt justified in making a corresponding reduction in our selling
prices to our customers. On Jan. 18 1922 we announced a reduction in
prices of all our products, effective from that date, approximating 22%
on single strength and double strength window glass. This reduction
had the effect of giving more confidence to the buying trade in this country,
and stopped the placing of additional orders in Belgium in any large volume
for shipment to Altantic Coast points. IIaving secured about the same
time material reductions in freight rates from Pittsburgh to Pacific Coast
points, we decided to absorb some of the difference remaining between
the Pittsburgh freight rates and the Antwerp freight rates, but the allowance was not sufficient to seriously interfere with the import of Belgian
glass on the Pacific Coast.
Tariff.-Efforts were made to secure increased tariff protection which
would enable us to compete on the Pacific Coast. Such protection was
assured by the Fordney Bill, but in the Tariff Law which was finally
passed the increase in the tariff on window glass is not sufficient to enable
us to displace Belgian window glass under present conditions on the Pacific
Coast, although we are securing an increasing volume of business from
that market.
Indictments for Violation of Sherman Anti-Trust Laws.-During the
past year the company and its President were indicted in the U. S. District
Court for the Southern District of New York, along with a large number
of other defendants, representing the various organizations of window
glass workers in the linited States, and most of the hand-blowing window
glass companies, for a violation of the Sherman Anti-Trust Law, alleging
a conspiracy to restrict production and to regulate prices.
Directors are in a position to assure you that neither the company nor
any officer of the company has at any time committed any act or done
anything whatever that would justify such an indictment of this company
or any of its officials. The business of the company has been conducted
in a strictly legal manner, without any agreements or understandings or
negotiations of any kind with any of its competitors. At no time did
It ever make any agreement or arrangement with any labor organization
or any of its competitors for the curtailment of production.
At no time did the company ever change, fix, increase or decrease its
selling price by arrangement, understanding, or previous knowledge of
any kind on the part of any of its competitors; and the prices quoted
from time to time by the company have always been such as would, in
the opinion of the management, enable the company to secure an adequate return on its capital. It is perhaps needless to state that no efforts
will be spared to remove the stigma so wrongfully placed on the company
and its President by this most unjustifiable prosecution.
Western Pennsylvania Natural Gas Co.-Operations continue to show a
satisfactory profit. The only additional wells we have drilled have been
in the Kane field. The supply from that field, notwithstanding our
drilling operations, continue to decrease each year.
In the Jeannette field the production holds up very satisfactorily,
although we drilled no new wells there during the past year. The production from the Monongahela field continues to remain about the same
as it has been.
The comparative income account was published in V. 115,
p. 1841.
COMPARATIVE BALANCE SHEET.
Aug.25.22. Aug.26'21.
Aug.25'22. Aug.26'21.
Liabilities-$
$
AssetsPrts., g'dwill, &c.21,953,506 21,786,776 Common stock....13,000,000 13,000,000
Materials & supp_ 2,875,555 3,230,045 Preferred stock___ 4,000,000 4,000,000
70,687 1st Mtge. and Col70,267
Investments
5,000
lateral bonds_
5,000
Treasury stock
245,000
Cash,notes&c.,ree 3,872,287 2,627,286 Accts. payable____ 482,041
273,026
19,380 Pref. div. payable_ 140,000
Discount on bonds
140,000
67,554 Royalty accounts.. 479,156
92,501
Prepaid ins., &c
130,303
Res. for dep.,&c__ 2,576,732 2,474,539
U.S. Lib. bonds &
762,600 Tax reserve
1,097,742
980,412
U.S.Treas. Ws. 812,500
Profit dc loss sum_ 7,905,944 7,326,047
29,681,616 28,569,327
Total_
-V. 115, p. 1841.
•
Total
29,681,616 28,569,327
Nov. 11 1922.]
THE CHRONICLE
Riordon Company, Limited.
(Results for Eleven Months ended Sept. 30 1922.)
PROFIT AND LOSS ACCOUNT FROM NOV. 1 1921 TO SEPT. 30 1922.
(With Cost of Wood used. Revised to Estimated Current Value.)
Sales
Cost of sales, $5,603,657; less difference between book value of$5,790,108
wood used and estimated cost of replacement, $1,022,820_ _ 4.580,836
__
Net sales
$1,209,271
Other income
161.794
Gross income
$1,371,066
Expenses-Administration & gen. exp.,
$205,588; repairs, $33,115; selling expenses, $19,256;
expenses, $14,287
272,245
Interest(a) loans and mortgages,other
$440,058;(b) bonds,$754,754_ _ 1,194,812
Apparent loss for period under review
$95,991
Depreciation written off in Nov. 1921
44,500
Idle and starting up expense
222,216
Total deficit
$362,707
Add-(1) Loss for 3 months ending
Oct. 31 1921, $1,008,097;
(2) proportion of cost of timber limits
written off, $82,500:
(3) amount written off inventories,
$1,331,074;(4) adjustment
of value of wood consumed during
period under review,
$1,022,821
dr.$3,444,492
Deduct-(a) Surplus at July 31
1921,
$106,840;
(b) special reserve for contingencies, $2,902,617;
(c) adjustment of taxes,
$24,787
Cr. 3,034,245
Deficit as per balance sheet
$772,954
COMPARATIVE BALANCE SHEET.
Sept.30 '22. Ju/y31 '21.
Sept.30 '22. Ju/y31 '21.
Assets$
Liabilities$
Cost of properties:
8% cum. 1st pf.stk.10,000,000 10,000,0C3
Land,bidgs.,mach.,
7%cum.con.pf.stk10,000,000 10,000,000
equip., &c
22,537,433 22,528,038 Common stock_ _27,000,000 27,000,000
Timber limits and
1st M.& Ftef. £38_ _ 5,930,000 5,930,000
water powers,&c.34,711,836 34,709,656 Rior.P.&P.Lt
d.,bds.:
Inv.in Gat.Co.,Ltd.:
1st M.6% debs_ 1,828,800 1,828,800
Gen. & Ref. M.
Gen. Mtge. Cie.__ 3,987,500 3,987,500
bonds, ser. B, &
Mtges.on propert's
accrued interest 874,791
purchased:
Cap.stk. at cost.. 4,400,000 4,400,000 z O'Brien propert's 1,770,870 1,700,000
Advances
5,275,009 5,346,799 y Dom.Bank prop. 341,038
308,187
Inv. in other co's:
z Bronson Co
845,013
918,000
Ticon.P.& P.Co. 1,212,000 1,212,000 Other prop.
mtgs.
66,404
63,946
Other sub. co's
69,576
69,576 a Demand loan__ _ 864,577
Dom. Eng. Co.._
91,000
91,000 Current liabilities:
Adv. to sub. co s:
Bank loans (sec.) 2,450,990 5,236,655
Rior. Ann.H.Co_
98,407
75,506 Accts. pay., cur't 205,494
QuinzeR.Imp.Co.
3,972
17,029 Wages & salaries_
46,756
43,234
Rouge Boom Co_
25,379
27,061 Accrued liabilities
57,761
Inv. held in trust- 818,011
869,632 Susp.& def. liabil.:
Cash in hands of tr.
20,615
Secured loans and
Curr.&work.assets:
accrued interest_ 622,097
524,262
Inventories
3,627,751 8,680,040 Unsecured loans- 153,224
150,000
Accts. dr bills rec_ 143,109
144,153 Bond int,overdue
Rior.SalesCo.,Ltd. 170,000
516,787
and accrued_
1,068,756
108,148
Rior.SalesCorp.,Ltd 439,471
Dom. Govt., for
Rior.PuipCorp.,Ltd 13,143
business Prof. &
Mon.P.&P.Co_ _
4,000
7,891
inc. tax & int
838,419
874,152
Working funds
20,428
15,019 Prov. of Quebec,
Cash at banks &
for stump, dues,
on hand
31,413
7,294
itr'd rents, cap.
Deferred assets_ .. _ 187,041
264,560
tax & interest
548,595
523,362
Deferred charges
116,819
169,215 Accts. & bills pay- 3,800,981 5,613,794
Misc. susp. debits:
Creditors
with
Int. on timber
liens registered_ 1,557,648
limit mortgages_
12,500
117,500 Rlor.SalesCo.,Ltd.
17,705
Undistrib. expen- 770,603
801,265 Rior.P.&P.Co.,Ltd
13,785
Deficit
772,954
1st pref. dive_ _ _ _
1,818
1,818
Second pref. div_ 157,500
157,500
Reserves
2,263,489 2,099,245
b Spec'l reserve2,902,617
Surplus
106,840
Total
76,447,262 80,070,020
Total
76,447,262 80,070,020
a Demand loan and accrued interest (secured)
protective committee 1st
Mtge. 8% bonds. b For contingencies and
depreciation of properties as at
date of organization. x Two notes of
each, now overdue, and
note for $700,000, due Sept. 1923 with$500,000
int. and carrying charges. y Two
notes for $100,000 and $200,000,'
due Sept. 1922 and Sept. 1923, respectively, with int, and carrying charges. z Balance
purchase price spread
over 6 payments to Oct. 11927,$800,000;int. and carrying
charges,$45,013.
Contingent liabilities: Riordon Annex Housing
Co.,
Ltd., loan from
Ontario Housing Commission, $119,687; bills under discount
(Riordon
Co., Ltd.), $124.726; bills under discount (Riordon
Sales
Ltd.), $18,Co.,
500; total, 3262,913.
Note.-Pref. divs. in arrears from and incl.
July 1 1921: Sinking Fund 1st
8% bonds in arrears, due Mar. 11922. $199,500;
Sinking Fund 1st6% Debs.
in arrears, due July 2 1921. $50,895; Sinking Fund
1st 6% Debs. in arrears,
due July 2 1922, $95,741; Sinking Fund Gen. 6%
bonds in arrears, due
Jan. 1 1922, 3100,000.-V. 115, p. 655.
Empire Gas & Electric Co. and Empire Coke Co.
(Financial Statement-Year Ended Dec. 31 1921.)
Description of the Property (Much Condensed
).
No. 1. Steam station in Auburn. Rated capacity 2,000 k. w.
Operated
as an auxiliary to hydro plants and Niagara power and
during the heating
season to supply exhaust steam to heat the buildings in business
section.
No. 2. Niagara substation in Auburn. Rated
capacity 6,500 k. w.
No. 3. Operated under lease, hydro-electric station
erected in 1915 on
Seneca River in the village of Waterloo. A concrete
canal extends
from the plant about 600 ft. to the dam where Taintorlined
gates are installed
to control the level of Seneca Lake, 6 miles distant. Four Allis-Chalmers
water wheels rated at 740 h. p. each at
600 k. w. generators of the same make.14 ft. head direct connected to
No. 4. Steam station in Geneva located on the lake front in Geneva.
Rated capacity 1.000 k. Av.
No. 5. Steam plant in Newark. Rated capacity of 580 k. w.
No. 6. Lyons hydro and Niagara station, located on Geneva St. on
Clyde River and includes one 750 k. w. frequency changer which transforms
power from the Niagara Lockport & Ontario System. Also includes a
200 k. w. General Electric generator.
No. 7. Operated under lease, hydro station at Seneca Falls. Utilizes
all the flow of the Seneca River at 48 ft. head. Four single runner 2,700
h. p. S. Morgan Smith wheels are connected to 2,500 k. w. Westinghouse
generators.
Transmission Lines.-A 33,000-volt transmission line extends from Station 2 in Auburn to Station 4 in Geneva and Stations 3 and 7 connect with it.
From Geneva a 13,200-volt copper lino supported on wood poles extends to
Newark, where it runs west to Palmyra and east to Lyons and Cylde. A
33,000-volt steel tower transmission line extends across the north end of
Cayuga Lake from Seneca Falls to Cayuga, a distance of 5 miles to supply
service to Cayuga Village.
Water Supply.-A considerable portion of the power comes from Stations
3 and 7 on Seneca, River. The drainage area, including Lake Keuka, Comprises 750 sq. miles. Seneca Lake has an area of 67 sq. miles, an elevation
of 445 ft. above the ocean and its depth in places is over 600 ft.
INCOME ACCOUNT FOR CAL. YEARS(EMPIRE GAS ec ELECTRIC CO.)
1921.
1920.
1919.
1918.
$1,673,574 $1,599,905 $1,376,347 $1,258,272
Gross earnings
4,586
Other earnings
4,790
38
9
$1,678,160 31.604,696 $1,376,385 $1,258,281
Total earnings
2157
Oper.exp.,incl. deprec.&
taxes
1,249,795
1,017,349
1,045,378
1,334,240
Interest on funded debt
268,064
214,160
218,569
231,281
Other interest
20,826
1,908
2,020
1,608
Amortiz'n of bond disc't_
28,373
20,079
18,765
21,791
Adjustments
1,568
630
Cr 1,283
Preferred dividends (6%)
21,000
x63,000
21,000
Preferred divs. (73i%)
11,375
Common dividends
52,680
13,440
Balance, surplus
$25,417
$4,532
$28,613
x Includes $42,000 back dividends. def$18,664
The income account for the 12 months ending Dec.
Empire
the
of
1921
31
Coke Co. shows: Dividend revenue, $62,132; interest revenue,
$944; gross
earnings, $63,075; expense, $2,546; taxes, $4,960; gross income,
$55,569;
interest on bonds,$3,834; other interest,
$6,283; unamortized debt, discount
and expense, $338; net earnings, $45,114;
first pref., $18,000;
collateral trust bond expense, $15,740; dividends
adjustments additions,
Cr.1.208; profit and loss surplus, $52,127. misc,
BALANCE SHEET DECEMBER 31.
-Empire Gas & El. Co.- -Empire Coke Co.
Assets1921.
1920.
1920.
1921.
Cash
$32,413
$26,730
$345
$296
Bills receivable
3,890
3,890
Ace'ts Reedy. Sys. Corp_
7,136
23,294
Accounts receivable
330,970
346,273
47,014
65,878
Material and supplies_ _ _ _
559,031
383,068
Investments
563
3,563
2,133,760
2,214,460
Fixed capital
6,948,577
6,572,075
Sinking fund uninvested_
21,824
20,633
Prepayments
4,624
1,530
Unamortized debt, discount and expense_ _ _ _
535,457
420,060
6,483
6,821
Other suspense
2,970
2,086
Total
•
$8,447,455 $7,803,200 $2,206,417 $2,268,641
LiabilitiesInterest accrued
$61,966
$53,408
81,278
$4,068
Bills payable
83,250
134,548
Collateral trust bonds_
63,900
68,900
Consumers' deposits
18,434
17,184
Misc, accounts payable
132,114
163,389
41
Misc. bills payable
333,057
147,355
Acc'ts pay. Sys. Corp
7,136
22,814
Mortgage bonds
4,844,000
4,409,000
Misc. funded debt
623,000
547.000
Accrued amort. of capital 146,526
203,361
Other optional reserves
570
131
First Preferred stock_
300,000.
300,000
Preferred stock
490,000
490,000
948,725
948,725
Common stock
1,756.000
1,756,000
750,000
750,000
Corporate surplus
41,790
16,373
52,127
39,545
Total
-V. 115, p. 1947.
$8,447,455 $7,803,200 82,206,417 $2,268,640
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The folio wing news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Worcester St. Ry. (Mass.) Employees Demand Raise of 10 Cents an Hour
for Uniformed Men.-Other employees to get average
raise of 16%. Company proposes cut of 8 cents an hour off present rate,
making maximum
50 cents an hour.-"Boston Financial News" Nov. 3, p. 3.
I.-S. C. C. Continues Investigation of Air Brake Systems.-"Wall
St.
Journal" Nov. 9, p. 6.
Funded Debt of Railroads is $9,820,277,885, including mortgage bonds
and equipment trusts. All but $35,000,000 outstanding in hands
of
public. "Times" Nov. 5, p. 12.
Special Commission Studying Railroad Conditions in New England.
Merger with outside lines advocated and opposed. Hearing to be continued. "Boston News Bureau"
Nov. 9.
Maintenance of Equipment Cost Railroads
$120,000.000 in September.Increase of 15.7% over costs in
corresponding month last year made necessary by shopmen s strike. "Philadelphia News
Bureau" Nov. 6, p. 3.
Daugherty In)unction.-Chicago shopmen contend
strike no longer
exists and injunction should be dissolved,
but Asst. Solicitor-General
Blackburn files affidavits that conditions complained
of
in injunction still
exist. "Times" Nov. 7, p. 2.
Canadian Pacific Ry.
To Reduce Wages.-Notifies Minister of
Labor that it declines toPlans
accept recent ruling of Conciliation Board that
wages should not be reduced.
"Railway Review" Nov. 4, p. 642.
Locomotives in Repair.-On Oct.
15 1922 there were 19,231 locomotives,
or 29.8% of the total on lines, in need
of repairs. This is a reduction of
496 during the first half of October,
there having been 19,727, or 30.6%,
in need of repairs on Oct. 1.
Of the total number of bad-order engines on
Oct. 15, 15,935 were in
need of repairs requiring more
than 24 hours. This represented a decrease
since Oct. 1 of 378 locomotives
in the number requiring heavy repairs.
Locomotives in need of light repairs
the same period, and the number oftotal 3,296, a decrease of 118 within
serviceable locomotives on Oct. 15
stood at 45,187, as compared
with 44,703 on Oct. 1, or an increase of
484. From Oct. 1 to Oct. 15 there
were 11,404 locomotives turned out
of the shops, an increase of 191
over the last half of September.-Car
Service Division of American Railway
Association.
Car Loadings.-Loading of revenue
freight during week ended Oct. 28
amounted to 1,014,480 cars, the
largest number during any one week in
the history of the railroads, except
for the week of Oct. 15 1920, which
exceeded this total by only 4,059 cars,
or two-fifths of 1%. This also
was the second consecutive week
that freight loadings have exceeded the
million mark.
Loading for the week of Oct. 28
this year was an increase of 10,721
cars over the week before, and
an increase of 63,096 cars over the corresponding week last year. It
also
was
above the corresponding week in 1920,an increase of 33,238 cars, or 3.4%,
when the total was 1,008,818 cars.
Principal changes compared with week
ending Oct. 21 were: Merchandise and miscellaneous freight,
which
includes manufactured profucts,
602,018 cars, increase 5,626; grain and grain
decrease, 1,767: live stock, 42,644 cars, increase,products, 51,913 cars,
2.171: coal, 197,928 cars,
increase, 1,157: coke loadings,
cars, increase, 757: forest products,
60,584 cars, increase, 240; ore, 11,388
48,005 cars, increase, 2,537.
Matters Covered in "Chronicle"
4.-(a) The Labor Board and a
"Living Wage" (editorial), p. 1985.Nov.
United States Surrenders Control
of Chinese Eastern Ry. in Accordance(b)
with Resolution of Arms Conference.
p. 1991. (c) Shopmen on Nickel Plate
form new union, p. 2010.
(d) New agreement made with maintenanceRR.
employees by D. L. & W. RR.,
p. 2010. (e) Receiver of Chicago & Alton RR. asks U.
S. Railroad Labor
Board for 10-hour day, p. 2010. (f) Conference on amalgamati
on of railroad labor unions, p. 2010.
(g) Partial embargo on N. Y. N. H.& II. RR.. p. 2010. (h) U. S. Railroad Labor Board holds "living wage" theory untenable-would wreck
the,
railroads, p. 2010. (i) President Harding's views on "living wage"-conference with labor chiefs-Secretary of Labor
Davis's
views,
p.
2011.
(j) A. 0. Wharton's comment on "living wage" decision,
p. 2011.
(1c1, Death of Thomas De Witt Cuper, p. 2011.
AberdiVirRR.-Vote Against Mun-icipalOwnership.The citizens in Aberdeen, S. D.
on Oct.
voted against the taking
over by the city of the company's dnes, which20,
have been idle since July 31
1922.-V. 115, p. 644.
Algoma Central & Hudson Bay
The joint revenue account of the Algoma Ry.-Report.and Algoma Central Terminals for the year toCentral & IIudson Bay Ry.
June 30 1922, published by
the bondholders' committee, shows the following
comparative results:
•
2158
Year to June 30—
Receipts
Expenses
THE CHRONICLE
1921.
1922.
$1,722,949 $2,819,892
2,660,466
1,818,352
105495,403sur.$159,426
Balance
As the amount required to pay the full interest on both the railway and
terminal bonds at 5% is $753,635, the deficit for the past year amounts to
$849,039. After deducting from the year's loss the credit brought ftrward,
a net loss of $10,466 is carried forward. It will thus be seen that the company is not in a position to pay interest to either the railway or terminal
bondholders in respect of the year. Land sales to the amount of $10,398
-were made during the year, and there is some prospect of further sales.
The sum of $102,149 has been added to depreciation reserve for the past
year, making a total of $938,810, which has been charged to revenue since
June 30 1914. The balance ($48,000) of the equipment trust notes,amounting in all to $558,000, has now been paid off, and the whole of the railway
rolling stock is now free from any encumbrance.—V. 112, p. 157.
Algoma Central Terminals, Ltd.—Report.—
See Algoma Central & Hudson Bay Ry. above.—V. 115, p. 1836.
American (Electric) Railways Co.—Valuations.—
The Pennsylvania P. S. Commission has issued certificates of valuation
to the Altoona & Logan Valley Electric Ry.,(incl. the Home Electric Light
& Steam Heating Co.) amounting to $6,600,000, and to the Southern Pennsylvania Traction Co., amounting to $6,700,000, both as of Dec. 311919.—
V. 115, p. 182.
Atchison Topeka & Santa Fe Ry.—Lease.—
See Santa Fe & Los Angeles Harbor Ry. below.—V. 115, p. 2045, 1836.
Boston & Maine RR.—Bonds Sold.—Merrill, Oldham
& Co., Boston; Paine, Webber & Co., New York, &c.,
Blodget & Co., Boston, &c.; Cyrus Peirce& Co., San Fran.,
&c., and Reilly, Brock & Co., Philadelphia, have.sold at
953/i and int., to yield about 6.62%, $4,000,000 Mortgage
6% gold bonds (see advertising pages).
Dated Jan. 1 1923. Due Jan. 11933. Denom. $1,000 (c*&r*). Interest payable J. &. J. in Boston. Old Colony Trust Co. and S. Parkman
Shaw Jr., Boston, trustees.
Data from Letter of President James H. Hustle, Boston, Nov. 2.
Authorized Issue.—Mortgage authorizes the issuance of bonds to an
amount which, including underlying bonds and all pre-existing bonds
secured equally with this issue and then outstanding, shall not exceed
twice the aggreagte par value of the capital stock at that time paid in and
outstanding.
Purpose.—Proceeds are to be used toward the retirement of obligations
maturing in Jan. and May 1923, amounting to $3,991,000. viz:
$2,000,000 Boston & Maine RR. 3s, due January 1923.
969,000 Connecticut River RR. 3148, due January 1923.
250,000 Boston & Lowell RR. 314s, due May 1923.
772,000 Vermont & Massachusetts 314s, due May 1923.
With these maturities cared for. the Boston & Maine will be practically
free of further financing for refunding purposes until 1925, as the only 1924
mortgage maturities of the company or its leased lines are $573,000 Troy &
Boston First Mortgage 7s, and it is expected that the company will be able
to pay these out of cash on hand when they mature.
Capitalization (Upon Completion of Present Financing), Including Obligations
of Properties Operated Under Lease.
First Preferred stock_ -.138,817,900 Equipment notes
$7,719,600
Preferred stock
3,149,800 Leased line obligations:
Common stock
Stocks (dividend-pay39,505,100
Underlying bds. (153 m.) 2,838,000
2,,917,500
11
ing)
740,000
Mtge. bds. (1,651 miles). 112,985,979
Bonds
Ratio of Property to Indebtedness.—The tentative final valuation placed
on the Boston & Maine and leased lines by the I.-S. C. Commission, including additions since date of valuation, amounts to over $273,600,000.
In arriving at this valuation, the Commission deducted approximately
$50,000,000 for depreciation. As the funded debt, including equipment
notes and the par value of stocks of leased lines, amounts to only $138,201,079, there is practically $2 of property value for each $1 of indebtedness.
Property Mortgaged.—These $4,000,000 bonds are part of an issue of
$112.985,979 and are secured by a first mortgage on 1,651 miles of line
owned, subject only to $2,838,000 underlying bonds on 153 miles. In
addition to the above mileage, the B. & M. operates under lease agreements, trackage rights, &c., 636 miles of line, making a total operated of
2,287 miles. The lease agreements are pledged under the mortgage.
Other property on which these bonds are secured by a first mortgage
include:- railroad repair shops and valuable freight and passenger terminals
In and about the City of Boston, and at other important industrial centres.
Earnings.—In common with most of the railroads of the country, net
income, owing to abnormal operating and traffic conditions, has been
unsatisfactory since the termination of Government compensation in Sept.
1920 and has not yet returned to the pre-war basis. A decided improvement, however, has taken place in the current year and for the first8 months
of 1922 net railway operating income was greater.by $7.554,717 than for
the corresponding period of 1921, and is now in excess of fixed charges.
The three-year period ended June 30 1917, commonly known as the
"test period,' was used by the U. S. Government in determining the fair
compensation to be paid to the railroads under Federal control from Jan.
1918 to Sept. 1920 and the earnings of this"test period" were considered
an indication of normal earning capacity. For the so-called "test period"
the Boston & Maine had a balance—after fixed charges and after allowing
for normal dividends on Preferred stock—of $1,735,029,equivalent to 4.39%
on $339,505,100 Common stock.
The net corporate income for the "test period" before fixed charges was
$10,202.825, equivalent to 1.44 times the present charges of $7,070,815,
which includes increased interest charges due to refunding operations and
to large capital expenditures since the "test period." These capital expenditures amount to more than $21,000,000 for additions, improvements
and equipment and should materially increase the normal earning capacity.
[The company has applied to the I.-S. C. Commission for authority to
issue $41,000,000 Mtge. 6% bonds.1—V. 115, p. 1941, 1729.
Boston Elevated Ry.—Taxes Paid Under Protest.—
The cotrpany has paid $384658 taxes under protest to the City of Boston.
The company has pending with the assessors a petition for abatement of
increased taxation.—V. 115, p. 2045, 1209.
Brooklyn City RR.—Dividends Resumed, &c.--
The directors have declired a dividend of 20c. per share on the outstanding $12,000,000 Capital stock, par $10, payable Dec. 15, (out of surplus
earnings) to holders of record Nov. 8.
General-Manager Clinton E. Morgan has been elected 2nd Vice-President. The company paid dividends at the rate of 10% per annum from
July, 1917 to July, 1919, incl., none since.
a
The directors have voted to suspend the collection of second fare on the
Flatbush Ave. Line.—V. 115, p. 1096.
Canadian Northern Ry.—Debentures Called.—
° Land Mtge. Debentures due June 1 1923 have
All of the outstanding 57
and int. at Lloyd's Bank, Ltd.,72
been called for redemption Dec. 1 at par115, p. 1729, 70.
Eng.—V.
C.,
E.
London,
Lombard St.,
Chicago & Alton RR.—Protective Committee for 3% Refor the
funding Bonds Calls for Deposits.—The committee
issued a
above bonds (Charles A. Peabody: Chairman) has
bonds
notice requesting the bondholders to deposit their
with the committee (see advertising pages). The notice
says in substance:
of
.The company having made default in the payment of the installmentthe
interest due Oct. 1 1922 upon its 3% Refunding 50-Year gold bonds,
with the
committee has invited the bondholders to deposit their bonds
Oct. 1 1922 and subsequent coupons attached, on or before Dec. 22, with
or with
depositary,
York.
the New York Trust Co., 100 Broadway, New
Illinois,Trust & Say. Bank,233 South La Salle St., Chicago,sub-depositary.
The committee contemplates making arrangements for advancing to
depositors the amount of the Oct. 1 1922 Interest on the deposited bonds.
The members of the committee have undertaken to serve without compen-
[VOL. 115.
sation. The deposit with the committee of a majority of the outstanding
$45.350,000 of bonds is already assured. The Secretary of the committee
is Frederick S. Stevenson, 32 Nassau St., N. Y. City, and Root, Clark,
Buckner & Howland, counsel, 31 Nassau St., New York. (For members of
committee see V. 115, p. 1099.)
Suit by Independent Stockholders' Committee.—
The recently formed independent stockholders' committee of the leased
lines of the Chicago & Alton RR. (see Joliet & Chicago RR. In V. 115, p.
2046) has announced that an intervening petition has been filed in the
Federal District Court in Chicago against the Chicago & Alton company
and its receivers by the executors of the estate of William A. Slater, a large
holder of the guaranteed Preferred stock of the Kansas City St. Louis &
Chicago RR., on behalf of the minority stockholders of the road, for the
restoration of $598,912 alleged to have been wrongfully appropriated by the
Alton company shortly before it went into receiver's hands. It is stated by
the petitioners that this sum was the proceeds of the sale of terminal properties of the Kansas City road and was turned over to the Alton company
without consideration.
The committee in a statement said: "It appears from the petition that
the Alton company exercised complete control over the Kansas City company and its management. and that the President of the Alton company,
William G. Bierd, is also the President of the Kansas City company, as
well as being one of the receivers appointed by the Court for the Alton
company. On July 18 1922, it is alleged that Mr. Bierd executed an agreement on behalf of both the Kansas City company and the Alton company,
as President of both companies, by which the Kansas City company waived
all rights to the money in question in consideration of the undertaking oPthe
Alton company to expend an equal sum during a period of ten years next
succeeding the date of the agreement in improvements upon the leased
property. This agreement was executed within 6 weeks of the date when
the Alton company went into receivership, and the intervening stockholders
allege that at the time the agreement was made the Alton ,company was
insolvent and was known to be insolvent by Mr. Bierd.' —V. 115, p.
1941. 1531.
Chicago Aurora & Elgin P.R.—Equip. Trusts Authorized,
The Illinois Commerce Commission has authorized the company to issue
$470,000 equipment trust certificates.—V. 115, p. 1837, 1320.
Chicago & Eastern Illinois Ry.—Bond Application.—
authority to
The company has applied to the I.-S. C. Commission for to
bonds
reimburse
issue at not less than 95 $989,000 514% Prior Lien of
and
locomotives
purchase
the
for
made
be
to
about
payments
cash
baggage cars estimated to cost $1,099,300.—V. 115, p. 1428, 538, 542.
Chicago Great Western RR.—New Directors.—
Charles G. Dawes and John A. Spoor have been elected directors, succeeding Col. A. J. Sprague and Clyde M. Carr.—V. 115, p. 2045.
Chicago Rock Island & Pacific Ry.—Equip. Program.—
• It is reported that the company's program for the purchase of equipment
passenger
for 1923 includes 30 freight locomotives, to cost $1,500,000. 10
locomotives, to cost $500,000, 2.500 freight cars, to cost 55,000.000. and
115, p.
$8,000,000.—V.
of
total
a
50 suburban coaches to cost $1,000,000;
2042, 1941.
Cleveland Southwestern & Columbus Ry.—Franchise.—
Crawford
A 25-year franchise has been granted the company by the
County Commissioners. The company, it is stated, threatened to abandon
its line in Crawford County if the franchise was not renewed.—V. 115, p.
1099.
Colorado & Southern Ry.—Dividends on All Classes.—
A dividend of 3% has been declared on the outstanding $31,000,000
Common stock, par 3100, payable Dec. 30 to holders of record Dec. 16.
A similar dividend was paid in Dec. 1921, the first since 1912.
The regular semi-annual dividend of 2% on the 1st Preferred and the
usual annual dividend of 4% on the 2d Preferred were also declared,
payable Dec. 30 to holders of record Dec. 16—V. 115, p. 757, 429.
Columbus (Ga.) Electric & Power Co.—Officers.---
Harry H.
R. M. Harding of Columbus Ga. and Norman W. Mumford,
Boston, Mass., have been elected viceHunt and Henry G. Bradlee, all of'
presidents.—V. 115, p. 1941, 1428.
Connecticut Valley Street Ry.—To Sell Branch Line.—
The Massachusetts Supreme Court has authorized D. P. Abercrombie,
Receiver, to sell the company's Miller's Falls divition, which has a total
mileage of 9 miles.—V. 115, p. 1320.
Dallas (Texas) Ry.—Hearing Denied in Fare Case.—
vs. the company, in which the
A hearing of the case of F. J. Geller
car company from collecting the 6c.
plaintiff seeks to restrain the street on
grounds that the Civil Court
the
court
the
by
denied
fare, has been
115, p. 1531.
of Appeals has not made a final disposition of the case.—V.
Detroit United Rys.—Wages—To Pay Bonds.—
eight hours went
Working schedule fixing $5 a day minimum wage forlines,
as an expericity-controlled
into effect Nov. 1 on one of the principal
the plan for all
adopt
will
city
the
satisfactory,
If
ment for one month.
lines, with possibly some slight modifications.
the Detroit Ry., due Dec. 1,
Fifty ($50,000) 1st Mtge. 5% gold bonds of
Mich.—V. 115, p. 1941, 1837.
will be paid at People's State Bank, Detroit,
Erie RR.—System Rearranged.—
into three, with a ViceThe company has consolidated its four regions
division has been eliminated.
President in charge of each. The Hornell
of J. J. Mantell, extends from New York
The New York region, in charge
headquarters; the Ohio region, in charge of
to Buffalo, with New York as
Robert S. Parsons, extends from Kent, 0., to Hornell and Buffalo, with
headquarters at Youngstown, and the Chicago region, in charge of F. G.
headquarters in Chicago.
Robbins, extends from Chicago to Kent, with
t in charge of the operating, mechanical
W. A. Baldwin is Vice-Presiden
in New York.—V. 115,
headquarters
with
departments,
maintenance
and
p. 2046.
Fonda Johnstown & Gloversville RR.—Listing.--
The New York Stock Exchange has authorized the listing of 55.150.000
1st Consol. Gen. Ref. 414% Mtge. Coupon bonds, due Nov. 1 1952, with
authority to add 8550.000 on official notice of issuance, making the total
$7,000,000).
applied for $5,700,000 (auth. for
cash and netted $3,944,400, of which
The $5,150,000 were sold
at par of $1,000,000 Prior Mortgage
51.000,000 was used in the redemption
the balance, 32,944,400 was used for
and
Ry.
Street
bonds of Amsterdam
constructing, completing and equipping the present consolidated railroads
of the company.
value of bonds authorized under the mortOf the remaining 51,850,000 par
deposited with the New York Trust Co..
gage, (a) $350,000 have been
of which a like amount of 6% Cayaout
means
part
in
provide
trustee, to
due Oct. 1 1922 have been redeemed.
dutta Electric RR. Co. Mtge. bonds
for sale by the I.-S. C. Commisauthorized
been
have
bonds
$350,000
The
have been authorized by the I.-S. C.
sion at not less than 75. (b) $200,000
proceeds to be used as part redempCommission for sale at not less than 75,Mortgage,
due March 31 1923 (extion at par of $200,000 Consolidated(c) $500,000 reserved for redemption
tended at 6% from April 1 1921).
Mtge.414%,due July 11947. (d)$800.of like amount of 1st Consol. Ref.
amount 50-Year 1st Consol. Gen. Ref.
000 reserved for•redemption like 115, p. 1531. 868.
Mtge. 4%, due July 11950.—V.
Georgia Florida & Alabama Ry..—Abandonment.—
the company to abandon operaThe I.-S. C. Commission has authorized
and Apalachicola, Fla., a distance
tion of the boat line between Carrabelle
of 32 miles, which is operated as a part of its line of railroad.—V. 108, p.
1274.
Georgia Railway & Power Co.—Power Development.—
See article entitled "Power Development on Tallulah and Chattooga
Rivers" by Chairman H. M. Atkinson, in the "Manufacturers' Record" of
Nov. 2, page 99.
The Georgia P. S. Commission has denied apetition by the Atlanta
Board of Education requesting half fares for school children. The existing
fare in Atlanta, Ga., is 7 cents.—V. 115, p. 1941. 1631.
Nov.111922.]
THE CHRONICLE
Graysonia Nashville & .Ashdown RR.-To Resume.
The Arkansas Railroad Commission has ordered that operations on that
portion of the defunct Memphis Dallas & Gulf RR. (V. 115, p. 1210)
between Hot Springs and Glenwood, Ark., about 35 miles, must be resumed
within 90 days. At present the new owners are operating the road only
between Ashdown and Shawmut, Ark., about 60 miles under the above
name. The Commission, however, has held that the entire line between
Hot Springs and Ashdown, about 113 miles, is owned by one interest and
must be operated throughout.-Compare also V. 115,p.436,759, 1100. 1210.
Gulf & Ship Island RR.-Tentative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $9,036,302
on the property as of June 30 1916.-V. 114, p. 1286.
Indiana Rys. & Light Co.-May Consolidate.See Central Indiana Power Co. under "Industrials" below.-V. 115, P.
1210.
Interborough Rapid Transit Co.-Manhattan Ry.
Stockholders Approve Readjustment Plan.See Manhattan Ry. below.-V. 116, p. 1321, 869.
Interurban Railway & Terminal Co., Cincinnati.-
The Cincinnati 8c New Richmond Ry., recently incorporated with an
authorized capitalization of $10,000, will take over the eastern division of
the Interurban Ry.& Terminal Co.,from the East End to New Richmond,
Ohio. This division has been idle since March last, when services were
discontinued.-V. 114, p. 2241.
Kansas City St. Louis & Chicago RR.-Suit.--
2159
ment-trust certificates, Series of 1922, to 434% per annum; and by chaiing the minimum price at which the certificates shall be sold to 9534 o.
It is represented that the Virginia Holding Corp. will offer such securities
for competitive bidding, and that they will be sold at such price as to net
not less than 9534 instead of97% of par as previously contemplated.-V.
115, p. 2047, 1942.
Northampton-Easton & Washington Traction Co.-
This line has been purchased at foreclosure sale by the bondholders'
Committee, for 825,000.-See reorganization plan in V. 114, p. 1651.
Pennsylvania-Ohio Power & Light Co.-Tenders.-
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Nov. 27 receive bids for the sale to it of 1st & Ref. Mtge. Sinking Fund
Series A & B 734% gold bonds due Nov. 11940, to an amount sufficient
to exhaust $68,744, at a price not exceeding 110 and int.-V. 114, p. 2116,
80.
Philadelphia Rapid Transit Co.-Frankford Elevated.-
Operation of the Frankford Elevated lino by the Philadelphia Rapid
Transit Co. became effective Nov. 5, id accordance with the lease approved
and adopted in May last (V. 114, p. 2241).-V. 115, p. 1838, 1429.
Pittsburgh Youngstown & Ashtabula RR.-Tenders.
The Farmers' Loan & Trust Co., trustee, 22 William Street, N. Y. City.
,
will until Nov. 24 receive bids for the sale to it of 1st Consol. Mtge. 5%
bonds to an amount sufficient to exhaust $15,070, at a price not exceeding
par and int.-V. 109, p. 2357.
Plymouth (Mass.) & Brockton St. Ry.-New Officer.-
The eompany has begun operations of the street railway formerly known
as the Brockton & Plymouth Street Ry. which has been operated since
December 1919 by a receiver. C. W. Gifford, former manager under the
Lehigh & Hudson River Ry.-Guaranty Certified.receivership: has been elected Vice-Pres. & Gen. Mgr. of the new company.
The I.-S. C. Commission has certified the amount of this company's For reorganization plan see Brockton & Plymouth St. Ry. in V. 115, 13guaranty for the 6-months period following Federal control as $384,750, 644.-V. 115, p. 1429.
of which 8184,750 is still to be paid.-V. 112, p. 162; V. 111, p. 2520, 1949,
Portland Terminal Co.--Bonds.1852.
The I.-S. C. Commission Nov. 1 authorized the company to restore
Louisville & Nashville RR.-Equipment Order.
$15,351 to treasury to be used for corporate purposes. By an order dated
The company announces that it has placed an order, involving an Sept. 23 1922 (V. 115. p. 1632) the Commission authorized the company
expenditure of about $5,750,000, for 3,000 cars to be delivered during the to issue $195,000 1st Mtge 5% gold bonds to be sold at not leas than 85
early part of next year. The order was distributed as follows: American and.accrued int. and the proceeds to be used solely to pay promissory notes,
Car & Foundry Co., 2.090 coal cars; Chickasaw Car & Shipbuilding Co. aggregating $180,000. These bonds were sold at 100.18% and the proceeds
and Mt. Vernon Car & Mfg. Co.. 500 box cars each.-V.115, p. 1532, 988. were $15,351 in excess of the amount needed to pay the notes.-V. 115, P.
Readjustment 1632.
See Chicago & Alton RR. above.-V. 115, p. 2046.
Manhattan Ry.-Interborough-Manhattan
Plan Approved.-The stockholders Nov. 9 approved the
Interborough-Manhattan readjustment plan.
J. J.
The retiring directors were re-elected, except George J. Gould,
Slocum and W. A. Day, who were succeeded by Winslow S. Pierce, Finley
J. Shepard and Thomas I. Parkinson.
The ratification of the plan was accomplished only after Clarence H.
Venner, a minority stockholder, sought to obtain an adjournment of the
meeting on the grounds that no quorum was present.
Mr. Venner stated that last July, in anticipation of the proposed modification of the Manhattan lease, he began a suit to enjoin the company from
consenting to the plan. Papers in the suit were not filed, Mr. Vernier said,
although the company had answered the complaint.
Mr.'Venner contended that a proxy voted by Alvin W, Krech (President
Equitable Trust Co. and Chairman of the stockholders' protective committee) was improperly drawn and therefore incompetent. The proxy of Mr.
Krech represented 519,780 shares. There were 1,320 shares voted in opposition to approval of the plan.
The stock which Mr. Krech represented in proxy was stock which had
been deposited by 92% of the stockholders with Mr. Krech's protective
committee, and under the terms of the deposit was already pledged to
acceptance of the proposed modification of the lease terms. Mr. Venner
contended that a proxy for this stock would have to be signed by all of the
members of the committee. He obtained permission to have this objection
entered upon the records.
Approval of the Interborough-Manhattan plan would be illegal, Mr.
Venner stated, because the lease of the Manhattan lines contained a clause
to the effect that the modification of the terms could be accomplished only
on the unanimous consent of the stockholders. As long as 1% of the shareholders objected, said Mr. Venner, the plan could not be put into effect,
and he added that he, representing more than 1%, did object. (Compare
V. 114, p. 2011.)-V. 115, p. 2046, 1941.
Pottstown & Phoenixville Ry.-Reorganized.-
John J. Tyler has been elected P:esident, C. Taylor Leland Secretary
& General Manager, and Charles W. Rambo as Treasurer.
This road was sold at public sale in July last (V. 115, p. 544) to John
hi
ni5
a,
d
3
Coha
9.irman of the bondholders' protective coinj.
znitTeyel.e-V.
Public Service Corp. of N, J.-Stricken from List.The Phila. Stock Exchange on Nov. 2 struck off the regular list $97,000
Gen. Mtge, 5% bonds, due 1959, leaving the amount of said bonds listed
$33,942,000 and making a total of $3,558,000 of said bonds acquired for the
sinking fund to Oct. 30 1922.-V. 115, p. 1838, 1321.
Rome (Ga.) Railway & Light Co.-Fare Petition.-
The Georgia P. S. Commission has denied a petition by the citizens of
Rome, Ga., requesting a reduction in fares. The present fare on the lines
of the Rome Railway & Light Co. is 6 cents.-V. 108, p. 172.
St. Louis Southwestern Ry.-New Officer.-
W. E. McGraw has been elected Vice-President of the St. Louis Southwestern Ry. of Texas and General Superintendent of the St. Louis Southwestern Lines, with headquarters at Tyler, Texas.-V. 115, p. 1633,870.
Santa Fe & Los Angeles Harbor Ry.-Construction.
The I.-S. C. Commission Oct. 31 issued a certificate authorizing the
company(1) to construct a new line of railroad in Los Angeles County, Cal.,
and (2) to issue not exceeding $50,000 Capital stock,(par value $100) to be
sold at not less than par and proceeds used for construction purposes.
The Commission also authorized the Atchison Topeka & Santa Fe Ry.
to acquire control of the Santa Fe & Los Angeles Harbor Ry. Co. by purchase of its Capital stock, and also to acquire control of the railroad of the
Santa Fe & Los Angeles Harbor Ry. Co. by lease.
The proposed new line of railroad is to extend from a connection with the
Market Street Ry., San Francisco.-Traction Amendm't.
A dispatch from San Francisco gives the vote on the amendment per- Redondo branch of the Atchinson at or near El Segundo,in a southeasterly
The main
mitting the acquisition of traction lines by the city of San Francisco as direction to Wilmington (City of Los Angeles), 12.54 miles. Company's
purpose of the proposed construction is to connect the Santa Fe
73,906 in favor and 39,841 against.-V. 115. P. 1631.
system with the harbor of Los Angeles by its own tracks.
It is proposed to finance the construction cost by the sale of $50,000 of
Milford & Uxbridge St. Ry.-To Extend Bonds.
for that
The company has applied to the Massachusetts Department of Public Capital stock of the Harbor Co. The additional funds necessary
purpose
will be borrowed from the Santa Fe Co. and it is stated that they
Utilities for authority to extend for five years from Jan. 1 1923 the maturity
Capital
date of the $335,000 gold bonds and the $165,000 Milford Holleston & will be available as needed. No securities, other than the $50,000
are to be issued at the present time, but authority will hereafter be
Framingham St. Ry. bonds, the interest rate to remain at 7%• These f
or
qutes
he
ted
fu Issue
.or certificates of indebtedness to the Santa Fe Co.
bonds originally bore interest at 5% and matured Jan. 1 1918, but were re
tA)
nds
issu
devirn d
advanced
ed
s
extended -V. 112, p. 2083.
The Harbor Co. proposes to lease its railroad to the Santa Fe Co. for a
period of 10 years from the completion of construction, and thereafter
Minneapolis St. Paul & Sault Ste Marie Ry.-Orders. from
year to year,subject to the right of either party to terminate the lease
The company has placed orders for 500 box cars and 25C gondolas with
the Pullman Co., and for 500 box cars with the American Car & Foundry on 90 days' notice. The lease recites a consideration of $1 and further provides that the lessee shall pay all interest which shall accrue during the term
Co.-V. 115, p. 1532. 1429.
upon indebtedness, except to the lessee, incurred by the lessor with the
Missouri Kansas & Texas Ry.-Sale.written consent of the lessee; all taxes, assessments and rentals, etc.
The sale of the road already postponed four times will be held on Nov. 29.
South Carolina Gas & Electric Co.-Directors, &c.
The sale of the main line will be held at Colbert, Okla., and of the Texas
The directors of this company (formerly the South Carolina Light, Power
lines at Denison.-V. 115. p. 2047, 1942, 1838.
& Rys. Co.) are: Vice-Pres. Isaac Andrews, Dr. Ellwood F. Bell, Berk
Hill Brown, Baylis T. Earle, Henry M. Earle, Paul W. Fisher, Sec. Trans.;
Montana Wyoming & Southern RR.-Obituary.President Frank S. Gannon died at Staten Island, N. Y., Nov. 8.-V. Vice-Pres. F. B. Lasher, C. C. Hood, E. W. Moher; President, George B.
108, p. 973.
Tripp, and T. F. Wickman.-See also V. 115, p. 1943.
Newport News & Hampton Ry., Gas & Elec. Co.-
The New York Stock Exchange has authorized the listing of $1,500,000
7% Cumulative Preferred stock, par $100 per share (auth. $4,000,000).
Consolidated Surplus Account Nine Months Ended Sept. 30 1922.
Gross Earns. from Oper.Net Earns.
Oper. Exps.
Gross Earns.
Railway
398304
$335,046
$433,150
Gas, lighting and heating
116,336
ea
154,432
270,768
Electric light and power
323,347
220,514
543,861
Ice and miscellaneous
82,795
238,119
. 320,914
$948,111
$1,568,695
Deduct-Taxes, $59,999; Federal income taxes, $27,000
$620,584
86,999
Net income ___________________________________ _ _______ $533,584
4,517
_______________________________
Non-operating revenue
__ _ _ $538,100
_ _
Gross income _ _ __ _ -_ _ _ _ ___ _ __________
Deduct-Int. on fundeddebt and notes -p
il -219,901;
____
portion of bond and note discount, $9,077; on open accounts.
advances, consumers' deposits, 85.297; miscell. charges, $3,164 237,439
155,257
Depreciation
Divs. paid 1922-7%;________ stock. $49.-3-6-9-; Pref. aivs. payable
74,408
__________
Oct. 1 1922, $25,039
$70.996
Balance, surplus _ _ _ _ _ _ ___ _ _______________
On July 15 1922 $642,0003
_- - -Year
_7%; noes came aue and were retired,
together with other floating debt, by sale of $1,525,500 Common stock.
The annual fixed charges since this retirement of debt amount to $255,023,
a reduction of about $88,000 from the rate of charges accruing during 6
months of the above period.-V. 115, p. 1100.
New York Chicago & St. Louis RR.-Tenders.-
The Central Union Trust Co., 80 Broadway, N. Y. City, will, until
Nov. 27, receive bids for the sale to it of First Mtge. 4% gold bonds, due
Oct. 1 1937, to an amount sufficient to exhaust $100,000.-V. 115, p. 1632,
1321.
Norfolk & Western Ry.-Eguipment Trust.The I.-S. C. Commission Oct. 31 modified its order dated May 27 1922
(V. 114, p. 2470) by changing the dividend rate on the $6,700,000 equip-
Southern N. Y. Power & Ry. Co.-Bonds Authorized.-
The company, pursuant to petition to New York P. S. Commission to
issue $561,000 1st Mtge. 6% 10-year gold bonds, due April 1 1928. was
authorized by preliminary order entered Oct. 19 to issue $300,000 at 85 and
interest. Bonds have been sold to Associated Gas & Electric Co. to provide
funds to pay bills payable, which company has also agreed to acquire not
more than $200.000 additional proceeds to be used for same purpose and to
repair damage to flume which was washed out last spring and was temporarily repaired with timber.-V. 115, p. 74.
Southern Pacific Co.-Rail Order.President William Sproule announces that the company has placed
an order with steel plants in the East for 75,000 gross tons of rails for
delivery in 1923. The value of the order is between $3,000,000 and
$4,000,000.-V. 115, p. 2047, 1943.
Third Avenue Railway.-New Director.-
Harry Bronner has been elected a director to succeed the late E. M.
Burghard.-V. 115, p. 1943, 1938.
Tidewater Power. Co.-New Financing.-
The company proposes to increase its authorized Capital stock to $4,100,000 and to issue $3,000.000 bonds. An official announcement is expected next week. The company recently acquired three public utility cos.
as follows: St. Pertersburg Lighting Co., Clearwater Lighting Co. and
the Commonwealth Light & Power Co. It is stated that the company has
options on other plants.-V. 115, p. 2047.
Toronto Ry.-Retires 43/2% Bonds Due Aug. 311921.The company announces that it will redeem its 414% bonds on and
after Nov. 4 at par and accrued interest, at the rate of 6% ipler annum,
at the Canadian Bank of Commerce, 16 Exchange Pl., N. Y. City. If
they are not presented on or before Feb. 28 1923, interest thereon will
cease. (See also V. 113, p. 1157.)-V. 115, p. 1322.
Underground Electric Rys. of London.-New Issues.-
Further issues of (1) £2,250,000 43% London Electric Ry. 2nd Debenture stock, 1942-72, (2) £1,250,000 4
City & South London By. 2nd
Debenture stock, and,(3) £458,000 4
Central London Ry. Debenture •
stock, 1942-72 have been placed in London at 93.
2160
THE CHRONICLE
This is second installment and guaranteed by the Government. In
June last, there was Issued £1,000,000 04% London Electric Ry. 2nd
Debenture stock and £1,500,000 434% City & South London Ry. 2nd
Debenture stock, both at 94.-Further information in London "Statist"
Oct. 21)-V. 115, p. 1101, 309.
United Light & Railways Co.-Earnings, dec.Comparative Consolidated Earnings Statement.
Twelve Months endingSept. 30'22. Dec. 31 '21.
Gross earnings, all sources
$11,467,995 $11,374,816
Operating expenses (incl. maintenance and taxes)- 7.886,079
8.002,742
Net earnings
$3.581,916 $3,372,074
Fixed charges, subsidiary companies
. 869.865
867,708
Interest charges, United Light & Railways Co.._ _ _ 1,003,183
1,032,387
Prior Preferred dividends
60,500
35,540
Preferred dividends
605,444
603,238
Balance
$1,042,924
$833,201
Pattie. Pref. divs. (stock issued July 1 1922)
60,025
Balance, surplus
$982.899
$833,201
On July 1 1922 the Common stockholders of United
Light &
Co.
(Maine) were offered the opportunity to convert one-half of theirRys.
Into 7% Partic. Pref. stock, par for par. (V. 114, p. 2580; V. 115,holdings
184).
A very large majority availed themselves of the opportunity to do p.
and
as of Sept. 30 1922 the outstanding capitalization of United Light so,
& Rys.
Co. was as follows:
Authorized. Outstanding.
6% First Preferred stock
$12,500,000 $10,132,500
7% Participating Preferred stock
20,000,000
3,336,500'
Common stock
12,500,000
3,523,500
-V. 115, p. 761, 870.
Upper Merion & Plymouth RR.--Stock.-
The I.-S. C. Commission Nov. 1 authorized the company to issue $350,000 Common stock, par $50, said stock, or the proceeds thereof, to be
used
for the purpose of acquiring additional equipment and discharging certain
debt.
The company was incorp. in Pennsylvania July 81907,with an authorized'
Capital of $20,000, increased on Jan. 26 1910, to $400,000, and on July 25
1922 to $1,000,000. Capital stock now outstanding. $250,000. Owns
and operates a line of road, extending from Ivy Rock and Mill Road to
Swedeland, Pa., 5.34 miles. In addition owns second main tracks, yard
track and sidings of approximately 3.74 miles. Balance sheet June 30 1922,
shows investment in road and equipment $634,778, no funded debt, current liabilities $326.357, and profit and loss credit of $48,050.
The company has arranged to purchase 2 locomotives and 5 rebuilt 50ton steel hopper cars at a total cost of $61,599. Company is indebted to
the Alan Wood Iron & Steel Co. on account of advances for construction
and equipment not heretofore capitalized in the amount of $298,192.
Virginia Ry. & Power Co.-Fare Extended.-
The City Council of Richmond, Va. has granted permission to the
company to extend its 6-cent fare privilege for an additional 3 months
from Oct. 15 1922.-V. 115, p. 2048, 1733.
Washington Water Power Co.-Acquisition.Effective Jan. 1 1923, the company will take over the Okanogan
Power Co. The latter company was incorporated in Washington inValley
July,
1913 and operates two hydro-electric plants.-V. 115. p. 546,438.
West End St. Ry.-Taxes Paid Under Protest.-
The company has paid to the city of Boston, under protest, $180,915
taxes. The corporation has pending with the assessors
a petition for
abatement from increased taxation.-V. 114, p. 2719.
Western Maryland Ry.-Equipment Trust Certificates.-
The I.-S. C. Commission has authorized the company to issue $450,000
equipment trust certificates dated ()it. 15 1922,in connection
with the procurement of 10 consolidation freight locomotives, 2-8-0 type, at
an approximate total cost of $600,000. Arrangements have been made to sell
the certificates to J. S. Wilson Jr. & Co., Baltimore, Md., at not less than
973.
See offering in V. 115, p. 1733, 1943.
Wisconsin-Minnesota Lt. & Pow. Co.-Electric Rates.-
Appeal has been made to the Wisconsin RR. Commission for authority to
readjust and increase electric rates in 49 Wisconsin cities and villages,
affected by the recent U. S. Supreme Court ruling, which held the "loop
system" of rate making by the Commission illegal.-V. 115, p. 870.
Wisconsin Power Light & Heat Co.-Acquisition.
This company,(a subsidiary of Middle West Utilities Co.) has purchased
the Beaver Dam Fuel & Light Co.-V. 115, p. 310
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's 'Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
"Iron Age" Nov.9 said in brief:
Production.-"Pig iron production in October gives a good gage of the
rapid picking up of industry after the coal strike. There was a gain of
25% over the September rate and more blast furnaces are active to-day
than at any time since December 1920.
"In the 31 days of October the country produced 2,637,844 tons of pig
iron, or 85,092 tons a day, against 2,033,720 tons in September, or 67.791
tons a day. The steel companies increased their output 12.200 tons a day
over the September rate and the merchant furnaces gained 5,100 tons a
day, the largest increase for them in many months.
"The Steel Corporation made a net gain of6 in active furnaces last month.
the independent steel companies a gain of 14, and the merchant furnaces
a gain of 9-a total of 29. On Nov. 1 the capacity of the 218 furnaces in
blast was 87,935 tons a day, against 77,00 tons a day for 189 furnaces on
Oct. 1.
"Apparently the increase in steel output has corresponded to that in pig
iron and the steel companies are operating this week atfully 75% of capacity.
With the rate of pig iron production to-day close to 32,000,000 tons a year,
steel ingot production is probably not far from 38,000000 tons a year.
Prices.-"The effect of this increased output on prices, of both pig iron
and finished steel, is being watched closely by both 13uyers and sellers. In
particular, attention is being directed to the Steel Corporation's decision,
looked for this week, on sheet and tin plate prices for the first quarter of
1923. There has been an expectation of some advance above $4 75 per
base box for tin plate and above 3.35c. for No. 28 black sheets. This week
the effect of the decline to $38 for sheet bars is having consideration. Plans
of can makers for the first half of 1923 will call for large shipments of tin
plates.
"Recent price concessions have not stimulated buying in the pig iron
market and even the $25 price on Alabama iron has resulted in few sales.
The trend is still downward and among the reductions of the week are $1
on foundry grades and 50 cents on Bessemer in the Pittsburgh district;
$1 on malleable, foundry and basic at Chicago. and from $1 to $2 on silveries, following the recent reduction of $2. The market is dull and weak
at Cleveland and Cincinnati.
"Some standard Connellsville coke sold at $7 in the past week, but blast
furnace resumptions are lifting the free coke front the market and $7 50
is nearer to-day's market.
Orders.-"Bolt and nut manufacturers have been buying bars in the past
week,and there is inquiry from motor car works for forging and spring steel
bars for first quarter. Some bar business has come also from agricultural
works. due to implement sales in the South.
"Of 3.300 new cars ordered, the Louisville & Nashville bought 3,100.
"Six sizable fabricated
projects have added 12,000 tons to pending
lists, and awards of the steel
week amount to fully 16,000 tons. At Chicago
building permits for October exceeded those
'The rush to get iron and steel imports intofor September.
country before the new
Tariff Act went into effect rolled up '76,393 tonsthe
in 21 days of September-
,•49
[VOL. 115.
,
greater than the figure for any calendar month since the late eighties.
Pig iron accounted for 61% of the total, scrap for 16%, ferromanganese
for 14% and ferrosilicon for nearly 5%,leaving only 4% for all other items.'
Coal Production, Prices, &c.
The United States Geological Survey Nov. 4 1922 reported in brief as
follows:
"Preliminary returns on coal production in the week ended Nov. 4 indicate a total of 12,500.000 net tons, of which about 10,700,000 tons is bituminous coal and 1,800.000 tons is anthracite. Revised estimates for the 4th
week of October show 10,681,000 tons of bituminous and 1,773,000 tons of
anthracite. Thus a slight increase in the total coal raised is shown for the
present week as compared with the week before.
"Loadings of soft coal on Monday, Oct. 30, as reported by the railroads,
was 45,298 cars, the largest number reported for any day of this year.
On Tuesday loadings declined about 30% and continued to fall throughout
the remainder of the week.
"The increased rate of production during the past 3 weeks is principally
due to improvement in transportation. The rate of output of soft coal
is now about equal to that of 1918 and higher than in 1921 but lower than
in 1919 and 1920. Production of bituminous coal in the first
' week of November for the past 6 years has been as follows:
10,893,00011919
1917
12,111,00011921
9,327,000
10,716,00011920
1918
12,407,00011922, about 10,700,000
Estimated United States Production in Net Tons.
1922
1921
BituminousWeek.
Cal. Yr. to Date.
Week, Cal. Yr.to Date.
10,110,000
290.862,000
Oct. 14
9,711,000
314,285,000
10,378,000
301,240,000
Oct. 21
19,000
325,334,000
10,681,000
Oct. 28
311,921,000
10,956,000
336,290,000
Anthracite2,075,000
31,212,000
Oct. 14
1,813,000
73,179,000
2,003,000
33,215,000
Oct. 21
1,910,000
75,089,000
1,773,000
34.988.000
Oct 28
1,751.000
76,840,000
Beehive Coke185,000
5.144,000
Oct. 14
94,000
4.293,000
210,000
Oct. 21
5,354,000
102,000
4,394.000
236,000
Oct. 28
5,590,000
102,000
4,496,000
The "Coal Trade Journal" Nov. 8 said in brief:
"Control of the market in bituminous coal again swung to the buyers
last week, after temporarily slipping out of their grasp. The steady decline in spot quotations, checked for the moment during the week ended
Oct. 28, resumed its march last week. Comparing the figures for last week
with those of the week preceding, changes were shown in 53.6% of the quotations. Of the changes, however, over 77% represented deductions, averaging 34.6 cents per ton. The advances averaged 34.4 cents per ton. The
composite straight average of all the minimum mine prices quoted for the
week was $3 55 per ton, a decline of 12 cents from the preceding week's
minimum, while the maximum, $4 16, represented a drop of 18 cents.
"Milder tempetatures throughout the greater part of the territory east
of the M;ssissippi River last week took the edge off domestic buying. The
fact that the latest price-fixing efforts of the Government have centred
upon prices for coal for domestic consumption has also contributed to the
easing up in demand. Industrial demand is variable. In no market does
It show any marked strength, and in several it is more sluggish than during
the weeks immediately preceding. The nearest approach to recovery is in
the Pittsburgh and central Ohio districts. Reopening of routes to the Lakes
has been a boon to some markets, notably northern West Virginia.
"Cargo dumpings at the lower Lake ports during the week ended at 7 a. m.
Oct. 30 showed a slight gain over the totals for the preceding week-988.019
tons. against 967,004 tons. The total for the season to the close of business
Oct. 29 was 13,843,149 tons, against 20.760,593 tons for the corresponding
period last year, 19,090,827 tons in 1920 and 20,756.836 tons in 1919.
Even under the most favorable circumstances, there will be a deficit of between 2,000,000 and 3,000,000 tons to be made up on Dec. 15."
Oil Production, Prices, &c.
The American Petroleum Institute estimates daily average gross crude
oil production in the United States for week ended Nov. 4 as follows:
Nov.4 1922. Oct. 28'22. Oct. 21 '22. Nov.5'21.
In Barrels401,200
Oklahoma
404,400
410,900
312.250
87,950
Kansas
88.800
89,900
95,200
54.950
54,300
North Texas
58,300
62,150
137,500
137,300
Central Texas
136,900
116,750
Arkansas
160,250
Louisiana
and
142,600
North
126,500
109,400
121.400
123,600
114,600
Gulf Coast
103,180
116.000
116,000
117,000
Eastern
119,000
85,950
86,250
Wyoming and Montana
87,500
54,450
450,000
430,000
435,000 *220,000
California
Total
s.
1,615,200
1,583,250
1,576,600
1,192,380
*Daily average production off due to strike of oil field workers.
Gasoline Price Reduced.-Price of gasoline has been reduced lc. a gallon
to 25c. (filling station) at Richmond, Va., and 2c. a gallon to 21c. (filling
station) at Houston, Texas.
Crude Oil Prices.-A reduction of 25c. a barrel was made by Standard
011 Co. of La. for smackover crude. Price now 50c. a barrel.
Premium on Pennsylvania crude has been raised from 35 to 50c. a barrel,
making total price $3 50 a barrel.
Export Kerosene Price Again Advanced:-Standard Oil Co. of N. J. and
Texas Co. advance price ;4c. Standard white prices per gallon now are,
in bulk, 734c.; in barrels, 133(c., and in cases, 17c. Water white prices
are lc. a gallon higher in each instance. "Post" Nov. 4, Fin. Sec., p. 2.
Prices, Wages and Other Trade Matters.
Commodity Prices.-Wholesale cash prices in New York reached the
following high points during the week ended Nov. 9: Wheat, Nov. 3,6 and
8, $1 38; lard, Nov. 9, 11.55c.; lead, Nov. 3 and 4, 7.15c.; copper, Nov. 9,
13.75c.; tin, Nov. 6, 38.00c.; cotton, Nov. 9, 26.80c.; print cloths, Nov. 9,
7%c.
German Sugar Production.-During year ended August German production
was 1,296,620 metric tons. Estimates for year beginning Sept. 1 are
1,557,000 tons. "Boston News Bureau" Nov. 7, p. 3.
National Lead Co. Advance Prices.-Price of all lead products increased
50c. per cwt. ,effective at once, to offset increased price of pig lead. "Wall
St. Journal" Nov. 3, p. 8.
Women's Shoe Prices Advance 35 Cents a Pair.-"Financial America"
Nov. 3, 7.
Strike for Lower Wages.-Eighty employees of Roulston, Inc. (Brooklyn,
N. Y.), including chauffeurs and helpers, walk out because firm refused
to reduce wages $1 a week to conform with union rates and also refused to
declare a closed shop. "Phila. News Bureau" Nov. 4. p. 3.
Pressmen Refuse to Work Overtime to Get Out Extra Election Edition.-New
York "World" pressmen quit, whereupon Newspaper Publishers' Association requests other papers not to print extras. "Times" Nov. 8. p. 13.
Textile Situation.-(a) Amoskeag Mfg. Co. (Manchester, N. II.) reports
8,300 looms in operation, and 17 out of 20 mills working, at least in part.
(b) Pacific Mills (Dover, N. H.) rejected compromise. Superintendent
Newton said "the company has nothing to offer in the way of a proposal
for the settlement of the strike." The Pacific Mills at Lawrence, Mass.,
Is employing 8,000 operatives and approaching capacity output, and the
worsted division is doing as well.
Wage Advance.-Procter & Gamble Co., soap manufacturers, advance
wages of 10,000 employees in 4 plants. The increase will amount to about
$250.000. "Times" Nov. 7, p. 19.
Window Glass Makers' Wages Advance.-Membersofthe National Window
Glass Workers' Association are granted a 10% increase, effective Dec. 1.
"Financial America" Nov. 11.
Minimum Wage Law Declared Invalid in District of Columbia Court.Justice Van Arsdell in Appellate Court points out that to uphold power
to fix wages would be "a calamity." "Times" Nov. 7. p. 1.
Cigarette Production in September.-Ran 15% ahead of Sept. 1921 and
56% ahead of Sept. 1920. Cigarette production in Sept. 1922 was 5,555,736,943. "Wall Street Journal" Nov. 4, p. 4.
Italy May Give Up Government Operation of Railroads, Telegraph and
Telephone.-Because of continued operation at heavy losses, utilities may
be turned over to private companies. "Times" Nov. 10.
Court of Claims Allows $1,982.144 as "Just Compensatfaii" in 262 Suits
Against Government Rising Out of War Litigation.-7-"Times" Nov. 4, p. 8.
Government Sues Fur Dressers and Dyers Association, Inc., on Anti-Trust
Charges.-"Times" Nov. 9, p. 13.
Matters Covered in "Chronicle" Nov. 4.-(a) Change in conversion rates
for U.S. postal money orders payable in Great Britain and Ireland, p. 1989.
(b) German potash production expected to exceed 1913 output, p. 1989.
Nov.11 1922.]
THE CHRONICLE
2161
(c) B. H. Reynolds. Commercial Superintendent of All-America Cables.
Inc.. to represent Chamber of Commerce of the United States at Brazilian
Centennial Exposition, p. 1990. (d) Offering of $1,500,000 5% Atlantic
Joint Stock Land Bank bonds. p. 1994. (e) Offering of $5.000,000 5%
Southern Minnesota Joint Stock Land Bank bonds, p. 1994. (f) Offering
of $1,000,000 5% Bankers' Joint Stock Land Bank of Milwaukee's bonds.
p. 1995. (g) Offering of $1.000,000 5% Minnapolis Trust Joint Stock
Land Bank bonds, p. 1995. (h) Organization of Wichita (Kan.) Joint
Stock Land Bank. p. 1995.
(i) Chamber of Commerce of U. S. is committed to par check remittances,
p. 1995. (j) Consolidated Stock Exchange of New York, new requirements
in promotion deals. p. 1996.
(k) Failures: (1) L. J. Fitzgerald & Co., 67 Exchange Place. N. Y.:
(2) Geo. W. Eberhardt & Co.. Pittsburgh, Pa.
(1) Federal Reserve Agent at New York on:(1) increase in retail sales in
September; (2) increase in volume of wholesale trade; (3) increase in chain
store sales, p. 1996.
(m) Farm wages lower, p. 2009. (n) Dr. George Otis Smith resigns from
U. S. Geological Survey to take part in work of Federal Coal Commission,
p. 2009.
(o) John D. Rockefeller, Jr., thinks 12-hour day unnecessary, p. 2014.
Outline of Proposed Plan Adopted by Bondholders' Committee.
To carry out the plan of the committee, it is proposed to refinance on
a smaller scale or to sell the stock of the Louisiana Corporation for what
it may bring' or, if that cannot be done, and it is possible to obtain a loan
sufficient to pay the debts of that corporation that the bondholders will buy
such stock through the new corporation. It is also proposed to sell the
Missouri properties for what can be obtained for them, using the proceeds
of such sale to pay the moneys borrowed by the receivers, and the expenses
of the receivership, the remainder,if any,to be delievered to the corporation.
It is intended to buy for the bondholders, the Georgia properties in the name
of a corporation to be organized in Georgia.
The authorized Capital stock of the new corporation is to be $1,000,000
6% Preferred stock, and $500,000 Common stock (par $25). There shall
be issued immediately only $600,000 Preferred stock in exchange for the
present outstanding bonds and all creditor claims against the corporation.
For each $100 of bonds and all creditor claims there will be issued one share
of 6% Prefered stock (par $25), in full satisfaction thereof. And the
remaining $400,000 of authorized Preferred stock is to be kept in the treasury for such uses and purposes as the stockholders may from time to time
determine.
Out of the $500,000 Common stock, it is prop.sed that there shall be
immediately issued $400,000, and that the remaining $100.000 is to be
Alabama Power Co.-To Issue Stock.-New Line.kept in the treasury for such uses and purposes as the stockholders may
The Alabama P. S. Commission has authorized the company to issue 10,- from time tl time determine.
000 shares of Capital stock at not less than 95.
It is proposed that one share of Common stock (par $25) will be issued to
The Commission has also authorized the company to erect a new trans- each bondholder who is now the owner and will surrender one share of Commission line from Leeds to Lewisburg.-V. 115, p. 1734, 1535.
mon stock now held by him of the Appalachian Corp.
It is recognized that a lower capitalization is desirous, therefore a lesser
Allis-Chalmers Mfg. Co., Inc.-Earnings, &C.
amount of securities be issued against the present outstanding securities. It is also certain that if something of this kind is not done,the Georgia
The unfilled orders on hand as of Sept. 30 1922 aggregate $8,288,230.
properties will not bring sufficient to pay very much more than the expenses
Month of1922-Sales Billed-1921,1922-xNet Profits-1921 of the litigation and
the receivers' obligations as the committee is of the
January
$303,709 opinion that no
$74,393
$1,531,016 $2,816,506
outside interest would bid a fair price to equal the value
February
252,850
103,504
1,579,391
2,509,732
of
the
Georgia
property.
This plan, to a certain extent, is perhaps more
March
217,630 desirable than the
100,836
2,329,980
1,561,196
contemplated plan submitted July 8 for the reason that
under the former plan bondholders were to receive Common stock
$774.189
First quarter
$278,733
$4,671,603 $7,656,218
only, subject to a large mortgage covering all the properties, whereas under
.April
$214,926 the new
$85,547
$1.497,495 $2,330,427
the bondholders will receive Preferred stock without any
212,808 mortgage plan
May
87,757
1.565,844
2,336,134
ahead of the Preferred stock.-V. 115, p.1734.
208,145
June
126,492
2,347,812
1.715,525
Second quarter
July
August
September
$4,778,863 $7,014,373
$1,799,083 $2,063,243
1,785,901
1,817,402
1,863,440
1,520,468
$299,796
$133,459
163,411
153,545
$635,879
$201,344
118,488
101,534
$421,366
Third quarter
$5,479,925 $5,369,612 x$450,415
Total, nine months.._ _ _S14,930,391 $20,040,203 $1,028,944 $1,831,434
xThe not profit is after setting aside ample reserve to cover the quarter's
proportion of Federal income taxes. This profit is a 50% increase over that
reported for the second quarter, which amounted to $299.796.-V. 115,
p. 1841, 1323.
Appalachian Power Co.-Initial Preferred Dividend.-
An initial quarterly dividend of IV& % has been declared on the 7%
Preferred stock, payable Jan. 15 to holders of record Dec. 30. (See V.
114, p. 2472.)-V. 115, p. 1213, 991, 648; V. 114, p. 2721, 2472, 2119:
V. 113, p. 1363.
Arnold, Constable & Co., New York.-Reorganized.-
The reorganization of the company, one of the oldest dry goods houses in
New York City, has been completed. Stephen J. Leonard is President of
the new concern. Butler Sheldon is Vice-Tres. & Gen. Mgr. President
Leonard says:
"The merchandising policy is in the hands of Ralph Abercrombie, forwith John Wananaker, and
Aluminum Ware Mfg. Co., Inc., Elmira, N. Y.-Re- merly
F. Dowley, formerly of B. Altman & Co. Both are directors ofMichael
the corporation. The management of
ceiver's Sale.advertising and selling will be undertaken by Douglas Walker, formerly
with
John
at
property
By order of the Federal Court the receivers will sell the
Wanamaker, New York, as assistant manager, under the man
who probably ranks highest in the country
public auction on Dec. 5 at Elmira, N. Y.-V. 114, p. 200.
as a retail store publicity director,
Joseph H. Appel. Mr. Walker is also a director of the corporation. The
Orders.
other
American Car & Foundry Co.-Equipment
directors are W. Forbes Morgan, Duncan A. Holmes, Thomas W.
See Louisville &•Nashville RR. and Minneapolis St. Paul & Sault Ste. Trimble (who has been associated with the company for 30 years), and
Verlie H. Stafford, who will be in charge of the wholesale end of the business.
Marie Ry. under "Railroads" above.-V. 115, p. 1944.
"The new capitalization is 175,000 shares, no par value; no preferred
American Smelters Securities Co.-To Dissolve.-An stock, no bonds;
admitted to trading on the New York Curb Market
[Nov. 8, trading ranging from 22 to 22%], and provides
official announcement says:
sufficient working
capital for all present requirements."-V. 115, p. 1734, 1636.
The directors Nov.8 voted to disincorporate the company and haVe called
a meeting of stockholders on Dec. 14 to take action upon the subject.
Atlantic Coast Fisheries Co.--Transfer Agent,
As the American Smelting & Refining Co. already owns more than enough
The American Trust Co. has been appointed transfer agent and registrar
of the stock of the Securities Company to bring about such disincorporation and has decided to dissolve the Securities Company, the result of the for the company's Preferred and Common stock.-V. 114, p. 1066.
stockholders' meeting is already known.
Atlantic Gulf & West Indies S. S. Lines.There is now outstanding in the hands of the public approximately
A published statement understood by the "Chronicle" to be correct,
66,390 shares of"A" and "B" Preferred stock of the Securities Company
not owned by the Smelting Company. This stock, on dissolution of the says: "Operations of the Clyde, Mallory, Ward and Porto Rico lines in
Securities Company, is entitled to be paid par, plus accrued dividend to August resulted more favorably than in any preceding month for a long
the date of dissolution, which is fixed as Feb. 1 1923. The proceeds of the time. The stocks of these four subsidiaries are pledged to secure the $13.recent sale of $7,500,000 of the Smelting Company 5% bonds to Kuhn, 000,000 Atlantic Gulf 5% collateral trust bonds.
"Earnings for August for the four subsidiary lines were $147,019. This
Loeb & Co. will be used to pay off this outstanding stock of the Securities
result is arrived at after deduction of all operating expenses, including
Company. (V. 115, p. 2049.)
The direct annual saving to the Smelting Company by reason of the dis- depreciation and accrual of interest on bonds of those underlying companies.
solution of' the Securities Company is estimated at approximately $115,000. rentals and all other deductions paid or accrued. For the eight months
the corresponding bottom line is $270.718 deficit: (Boston News Bureau).
There will also be indirect savings of importance.-V. 113, p. 2314.
•
The Agwi Oil Marketing Co. (understood to be a subsidiary of the Agwi
Petroleum Corp., Ltd., which concern is a subsidiary of the Atlantic Gulf
American Telep. & Teleg. Co.-Stock Taken.It was announced Nov. 8 that subscriptions to the recent $118,000,000 & West Indies S. S. Lines, has been organized in Great Britain, with an
stock offering show practically all stock subscribed for, less than 1% being authorized Capital of £1,000,000, consisting of 700,000 Class "A" and 300,unsubscribed. Subscriptions were received from more than 135,000 000 Class "B" shares, of £1 each. Sir Joseph Davies, Chairman of the
persons, and about 85% of the stock was paid for in full Nov. 1. The Agwi Petroleum Corp., Ltd., has been elected Chairman of the Marketing
13alance will be paid for on the installment plan, which provides for final Co.-V. 115, p. 1945.
payment on July 1 1923.
Atlas Steel Corporation.-Resignation.-The Phila. Stock Excahnge Nov. 4 listed $49,124,800 additional Capital
Arthur H. Hunter has resigned as President.-V. 115. p. 1841. 1636.
stock issued-321,900 in exchnage for $23.900 Cony. 43's, duo 1933;
$156.500 in exchange for $156,500 Cony. 7-year 6s, due 19251270,900
Babcock & Wilcox Co.-To Increase Capital-33 1-3%
being part of 100,000 shares to be issued to employees, and $48,675,500
being part of 1,189,152 shares offered under circular letter dated Aug. 24 Stock Dividend Proposed.
1922, making the total amount of said stock listed at Nov. 4, $646,668,300.
The stockholders will vote Dec. 12 on increasing the authorized capital
and reducing the amount of Cony. 4%s listed to $7,384,900. and the amount stock
from
$15,000,000
(all
outstanding) to $25,000,000. par $100. If the
of Cony. 6s listed to $14,721,700.-V. 115, p. 1944, 1834.
increase is authorized it is the intention to declare a 33 1-3 Yi stock dividend.
The stockholders will also vote on authorizing the directors to pay a
Appalachian Corp. (of Georgia).-Reorganization Plan. cash
dividend of 1 % on April 2 1923, to holders of record March 20 1923
A new reorganization plan, dated Oct. 3 1,922 superseding the original plae
of July 8 1922, has been prepared and adopted by the Committee for thn on all shares then outstanding: this dividend to be in lieu of the quarterly
holders of the 20-year 6% gold bonds dated Jan., 1917, Louis B. Magid, dividend of 2% declared (in advance) on April 5 1922 and payable April 1
1923 on the present outstanding Capital stock.-V. 115, p. 1945. 1324.
Chairman. A brief outline of the plan is as follows:
Receivership, 4*c.-Louis B. Magid and Eugene R. Black were appointed
Baldwin Locomotive Works.-Bookings.receivers July 11922. The receivers have been authorized by the U. S. DisThe company in October last, booked $8,309,048 in new business, comtrict Court for the Eastern Division of the Northern District of Georgia,
to borrow sufficient money to maintain the Georgia and Missouri properties. pared with $14,437,147 in September. The total business booked for the
The amount which will be necessary to be procured before a sale can be had first 10 months of this year was $53,135,806, compared with $25.671,302
for the corresponding period of 1921.
will not exceed $50,000 and will probably not be in excess of $35,000.
Unfilled orders now on the books it is stated, total $41,400,000. The
Sale Postponed.-The properties of the Georgia corporation were advertised to sell Sept. 11 at an upset price of $500,000. No bid was obtained plant is operating between 65 and 70% of capacity.-V. 115, 1735, 1636.
and the sale has been potponed.
Bates Mfg. Co., Boston.-Extra Cash Dividend of 10%Outlook for Bondholders.-Under the conditions now existing, it is impossible for the committee to proceed along the line originally intended and some To Increase Capital Stock-50% Stock Dividend Proposed.
other plan must be adopted and the energies of the committee devoted
The directors have declared an extra cash dividend of $10 per share,
to its completion. The Louisiana properties are in such financial condition
Dec. 1 to holders of record Nov. 6.
and subject to mortgages, that it is not to be expected that anything like payable
The stockholders will vote Nov. 21 on increasing the authorized Capital
their present values can be saved to the bondholders on account of the
from $2,000,000 (outstanding $1,800,000) to $2,700,000, par $100.
needed refinancing of the warehouse property. It is believed the Missouri stock
in order to permit the declaration of a stock dividend of 50%. A similar
properties may be sold for sufficient cash to repay the money borrowed by stock
dividend
was distributed on Aug. 2 1920.-V. 115, p. 1536.
cost
of
the
receivership.
the
substantially
This
the receivers and to pay
leaves only the Georgia properties as a possible means of saving to the bondBeech
Nut
Packing Co.-Earnings.holders.
Results for 9 Months Ended Sept. 30 1922.
Bonds Outstanding Liabilities, &c.-Under the terms of the deed of trust
bonds were authorized to be issued in twice the value of loans procured by Net profits
$1.692,803 Previous surplus adjust't_$5,257,634
the corporations. Louis B. Magid and his family procured loans and ex- Cash dividend
157,452 IStock dividend
4,000,000
tended their credit as well as loaned securities, including that of members
Balance, surplus
of his family, to the Appalachian Corp. to the extent of $506,000 but did
Profit & loss surplus.._ _$2,792,985
$1.535,351
The balance sheet as of Sept. 30 1922 shows cash in banks and on hand
not obtain the bonds, which he was authorized to receive for such loans.
Bonds have been issued in the par value of $1,234,400,-adding to this of $1,817,676, accounts and notes receivable $823,180, inventories $3,075,the bonds authorized to be issued under the deed of trust of $506,000, 559, accounts payable $97,035, accruals, including Federal taxes to be
makes a total outstanding bond obligation under the deed of trust of $1,- paid in Dec. 1922, $225,901, and total assets and liabilities of $10,452,534.
-V. 115, p. 1214, 872.
740,400.
All bondholders, except Louis B. Magid and his family, have received
Bell Telephone Co. of Pa.-Acquisition Approved.interest for part of the time that bonds have run. Mr. Magid and his family
The I.-S. C. Commission Oct. 28 approved the acquisition by the comwaived their interest temporarily in order to assit the corportation. and to
equalize them with other bondholders' interest is due them in the sum of pany of the properties of the Pittsburgh & Allegheny Telephone Co. (V.
nearly $200,^00, which is a prior lien. Moneys have been advanced by 115, p. 1437) and the Chartiers Telephone Co. The report of the CommisMr. Magid and his family to operate the Georgia properties in cash total- sion says in brief:
ling about $200,000. There are general creditors of the Georgia corporThe Pittsburgh Co. owns and operates 21 telephone exchanges in Pittsation who have advanced money to that corporation or have sold goods to burgh. and vicinity, serving on Aug. 311922, 11.640 subscribers. It
also
it and their claim total about $100,000. These make nearly $300,000 of owns and operates 158.15 pole miles of toll lines radiating from Pittsburgh.
general creditors of the Georgia Corporation and make the total liabili- Investment in property and plant $6,723,034 as of August 311922,
ties of that corporation $2.240,400. This is exclusive of the money bor- date it had outstanding $4,000,000 Capital stock and $1,400,000at which
funded
rowed by the receivers and the expense of the receivership.
debt upon which there was $1.05,000 matured interest unpaid.
2162
THE CHRONICLE
[VOL. 115.
The Chartiers company owns and operates 7 exchanges, located in WashCampo Oil Co. of Texas.-Receivership.-ington County, Pa., and serving a total of 507 subscribers on Aug. 31 1922.
L. Goodwin of Los Angeles, Calif., has been apponited receiver
Also owns and operates 25.75 pole miles of toll line. On Aug. 31 1922, byWillard
Hahn, on the complaint of Fred C. Evans against Alonzo Cleaver
Investment in property and plant was $197,303 and it had an outstanding andJudge
M. Moore, who are charged with a stock selling campaign
Blanche
$199,000 Capital stock.
funds.
A tentative agreement entered into by the parties provides for the sale and misappropriation of
the
Company
of
tangible
Bell
property
the
of
to
the Pittsburgh company
Steamship
Lines, Ltd.-Listing.Canada
for $2,500,000, the former paying $1,100,000 in cash and assuming payThe New York Stock Exchange has authorized the listing of $6,000.000
ment of the funded debt of the latter amounting to $1,400,000. For the
Mtge.
Collateral
1st
Sinking Fund 7% Gold Bonds, due May 1
2C-Year
of
the
Chartiers
property
Company
the Bell Company is to pay
tangible
1942.-V. 115, p. 987. 763.
$100,000 in cash.-V. 115, p. 1636, 1432.
Bethlehem
Shipbuilding Corp., Ltd.-Purchase.-
The corporation has purchased the property of the Simpson Dry Dock
Corp. at Jeffries Point, East Boston, Mass. This plant will be operated as
part of the Fore River plant.-V. 114, p. 1894.
Black ec Decker Mfg. Co.-Price Cut.-
The company has made a reduction of $11 in the price of its standard
quarter-inch electric drill. The new price is $28. This is the only reduction which is contemplated and this is made possible owing to the fact that
the production of this one size drill has trebled in less than a year.-V. 115,
1636, 312.
Borne, Scrymser Co.-Balance Sheet Jan. 1 1922.[As published in the "Boston Transcript.")
• AssetsLiabilitiesReal eGtate
$256.634 Capital
$200,000
Machinery
128,673 Accounts payable
32,125
372,424 Profit and loss surplus.. _ _ _ 1,320,585
Merchandise
Cash
91,980
Accounts receivable
148,610
Securities
533,030
Notes
5,830
Furniture, fixtures & tools
13,787
1,602
Vehicles
Total (each side)
Prepaid expenses
140
$1,552,710
This is the only statement of the company published since the Standard
Oil dissolution.-V. 115, p. 1945.
Boston Consol. Gas Co.-GasOutput(Cu.Ft.),000Omitted.
1922-Oct.-1921.
726,842
804,895
-V. 115, p. 1636, 1536.
Increase.] 1922-10 Mos.-1921.
78,053(6,046,196
5,749,106
Increase.
297,090
Bourne Mills, Fall River, Mass.-Balance Sheet.Sept. 30'22. Oa. 29 '21. Liabilities- Sept. 30'22. Oct. 29'21.
AssetsCapital stock
Real est. <1,.. constr.,
$1,000,000 $1,000,000
machinery,&c__$1,048,096 $1,043,949 Reserve
227,2051 802,097
Cotton, stock in
Profit and loss
526,0155
process & cloth. 283,970
385,247
Cash
35,3261
Accts. & bills rec
135,827
372,900
TOtal(each side) $1,753,219 $1,802,097
Bonds
250,000)
Note.-Dividends paid year 1921-22. 5120.000.-V. 112, p. 375.
, Brunswick-Balke-Collender Co.-Contract.--
See Lake Independence Lumber Co. below.-V. 115, p. 1945, 1637.
Buckeye Pipe Line Co.-Extra Dividend of 4
An extra dividend of4% has been declared on the outstanding $10000,000
Capital stock, par 9150, in addition to the regular quarterly dividend of
4%,both payable Dec. 15 to holders of record Nov. 20.-V. 115, p. 440.
Calumet & Arizona Mining Co.-Litigation.-.
A suit in equity involving the title of the company to 8 of its mining
claims in the Warren District of Arizona has been filed in the Federal
Court at Tucson, by the Cunningham heirs, who ask for an accounting
of all ores taken from these claims since 1901, asserted to be valued at
approximately $50,000,000. The claims involved in the litigation are
the George Washington, the Old Republican, the Angel, the Senator, the
Senator No. 1, the Hope, Wagner, and the Pride.
The defendants name in the suit include the company and its directors
as individuals, the Lake Superior & Western Development Co., the James
Roe Co., a corporation, the James Smith Co., a partnership, and Mary
M. Costello, as executrix of the estate of Martin Costello.-V. 115. p.
2050, 1637.
Camaguey Sugar Co.(Compania Azucarera de Camaguey, S. A.).-Bonds Offered.-National City Co. is offering
at 97 and interest, to yield about 714%,$6,000,000 First
Mortgage Sinking Fund 7% Gold Bonds.
Dated Oct. 15 1922. Due Oct. 15 1942. Interest payable A. & 0. in
New York at National City Bank, New York. trustee, in U. S. gold coin.
Denom. $1,000 and $500 (c*). Fedeemable, all or part, at 105 on any int.
day on 30 days' notice. Int. payable without deduction for normal Federal
income tax up to 2%. Principal and interest payable free of any present
or future Cuban taxes. Penn. 4 mills tax refunded.
Data from Letter of Pres. George H. Houston, New York, Nov. 8.
Company.-Incorp. in Cuba and is about to acquire all the lands, mill,
machinery, railroads and other physical assets of Central Camaguey and
all the assets, both fixed and current, of Centrals Pilar and Estrella. These
mills and the lands which supply them with cane are located in the central
part of the Province of Camaguey, and are sufficiently close together to
permit easy intercommunication and effective operation under one general
management.
Compiny draws its cane supply from lands aggregating over 105,500
acres. Of this acreage 26,000 acres are owned and over 79.500 acres
are
controlled through long time leases and cane contracts. Lands, buildings.
machinery and other equipment on which the mortgage will be a first lien
are appraised at $10,750,000.
The capacity of the three mills owned will be 600,000 bags during a normal season, when improvements contemplated and provided for by this
financing are completed. The cane now planted is sufficient to supply the
mills when running at this capacity. The raw sugar production during the
last five years has been as follows: 1922. 475,465 bags: 1921, 356,502 nags;
1920, 320.151 bags; 1919, with only the Camaguey and Estrella mills opera-ting. 159,696 bags; 1918, when the only mill operating was Camaguey,
146,535 bags. All the mills of the company will be managed by the General
Sugar Co.
purpose.-Proceeds will be used to pay in part for the lands, mill, machinery, railroads and other physical assets of Central Camaguey, to complete
improvements at Centrals Pilar and Estrella, and to increase working capital.
Sinking Fund.-Company covenants that, beginning Oct.
1923. it
will, as a minimum sinking fund requirement, retire $150,C00 of15
bonds, and
if more than $6,000,000 bonds are issued the minimum annual sinking fund
payment will be increased so that the amount of bonds retired by this
minimum sinking fund will equal, at maturity, at least half the bonds
Issued. For the year ending Sept. 30 1927, and each succeeding
year, the
company will apply also 25% of Its remaining income after deducting
from
the net income 105% of the principal amount of bonds retired on Oct.
15
next preceding, an amount equal to 8% of the average amount of its Preferred stock actually outstanding during the year,
a sinking fund of
$75,000 applied to the redemption of the Preferred and
stock.
Balance Sheet as of July 1 1922 (After This
Financing).
AssetsI LiabilitiesCurrent assets, incl. ColoCurrent
liabilities
$354,000
no accounts receivable_ $2,682,455
M.is (this issue)
6.000,000
Prop.. plant & equip't___ 12,531,C00list
5-Year 6% notes
700,000
Deferred charges
444,000 8% Ctunul. Pref. stock__
750,000
Common stock
7.000,000
Total (each side)
S15,657,455 Surplus
853,455
Earnings.-Income available for depredation, interest and
income taxes
during the past five years ended Sept.
30 has been as follows: 1922,5631.394;
1921 (deficit), $1,134.595; 1920, 31,383.517;
1919. 51,076.730; 1918, $826,147. The year 1918 embraces the operations
the Camaguey mill only.
and 1919 the operations of the Camaguey and of
Estrella mills.
Directors: George H. Houston (Pres.), Edward
A. Deeds, Gordon S.
Rentschler, Charles E. Mitchell, P. A. Rockefeller,
Guy Cary, Eric P. Swenson, Ronald M. Byrnes. Moises B. Marchena,
Carbon Steel Co.-Report Year Ended Sept. 30 1922.-
Balance,surplus account, Oct. 1 1921
$2,119,355
Deduct loss on account of settlement of pig iron contract dated
April 30 1920
49,607
ending
Sept. 30 1922, incl. int. on borrowed
Net deficit for year
money
492,416
Balance,surplus account, Sept. 30 1922
-V.115, p. 186, 78.
$1,577,332
Central Arizona Light ct Power Co.-Bonds Called.-
All of the outstanding 8% 20-year 1st & Ref. Mtge. gold bonds, Series
"A," dated June 11921, have been called for redemption Dec. 1, at 105 and
int., at the Pacific-Southwest Trust & Savings Bank, Sixth & Spring Sts,
Los Angeles, Calif.-V. 115, p. 548.
Central Indiana Power Co.-Merger Negotiations.-
The company, it is reported, is negotiating for the purchase of a controlling interest in the Indiana Railways & Light Co., with a view to
finally consolidating the systems.-V. 115, p. 1214, 649.
Central Paper Co., Muskegon, Mich.-Bonds Offered.Continental & Commercial Trust & Savings Bank, Chicago,
and Halsey, Stua-t & Co., Inc. New York and Chicago, are
offering at 100 and int. $1,1045,000 1st Mtge. 63',% Serial
gold bonds.
Dated Oct. 2 1922. Due serially Oct. 1 1925 to 1942 incl. Int. payable
A. & 0. in Chicago without deduction for normal Federal income tax not
in excess of 2%. Denom. $1,000 and $500 (c*). Red. all or part on any
int. date on 60 days' notice at a premium of 34 of 1% for eachyear or part
of year that bonds have to run, but in no event at over 105 and int. Continental & Commercial Trust & Savings Bank, Chicago, trustee. Michigan
Trust Co., Grand Rapids, Mich., co-trustee.
Capitalization.-First Mtge. Serial 6%s (auth. $1,500,000), 51,100,000;
Common stock, $1,400,000; undivided profits July 31 1922, $721.932.
Data From Letter of, Vice-Pres. A. Pagenstecher Jr., Nov. 2 1922*
Company.-Incorp. in Michigan. Owns and operates at Muskegon.
Mich., a complete modern pulp and paper making plant with three paper
machines, present annual capacity approximately 18,000 tons of kraft,
miscellaneous wrapping and other paper. Upon completion of the improvements and installation of one more paper machine, largely provided for
through this financing, it is estimated that annual capacity will be increased
to 36,000 tons. Manufacturers' Paper Co., New York (directed by interests owning majority of stock of Central Paper Co.) is sales agent.
Purpose.-After providing for payment of $91,000 outstanding bonds
and bank debt, created to finance temporarily a portion of the cost of improvements and additions, remainder of proceeds will be used for the improvement of certain equipment of the present mill and for certain other
additions.
Earnings for Years Ending July 31.
•
x Profits.
Interest Paid. Federal Taxes. Net Profits.
$352,310
$31,667
$5,070
$315,573
1916
1,032,375
33,129
271,448
1917
727,798
516,511
26,984
227,765
261,762
1918
421,587
39,273
133,801
248,513
1919
907,328
20,892
328,096
558,339
1920
456,75416,793
93,303
1921
152,924
19,287
(est.)16,000 (e3t.)117,637
1922
After depreciation, but before deducting interest and Federal taxes.115, p. 2050.
Chalmers Motor Corp.-Receivership de Sale.B. E. Hutchinson, Treas. of Maxwell Motor Corp., has been appointed
receiver, on the application of the Fisk Rubber Co. The receivership,
it is understood, is only a mere formality in the contemplated merger of
the company with the Maxwell Motor Corp. under the reorganization
plan (V. 115. p. 1432). The receivership, it is stated, in no way affects
the business of the company and operations will be carried on as usual.
Federal Judge Tuttle at Detroit has appointed William S. Sayers Jr. as
special master to sell the entire property on Dec. 7 at Detroit at the upset
price, not less than $1,987,1)0 Maxwell Motor Corp., because it holds
more than 90% of Chalmers Motor Co. serial notes, aggregating $2,800,000,
and holding other claims against Chalmers, aggregating about $4,000,000
appears to be in a favorable yoosition to make a successful bid for the
property.-V. 115, p. 1432, 1735.
Choate Oil Corp.-Sale Ordered.-
Sale of all assets of the corporation has been ordered for Nov. 25 by
Isaac D. Taylor, referee in bankruptcy, at the company's plant and will
include all tangible assets, including the refinery and 5 filling stations, 6
tank trucks. all refinery equipment, 800 acres of Indian leases in Garvin
County, Okla., and 771 acres of land in Caddo Parish, La.
The corporation was declared bankrupt Feb. 26 1922 and Paul M.
Pope was appointed receiver. On April 25 Mr. Pope, W. W. Hepburn
and Claire W. Hardy were named trustees. It is stated that a plan of
reorganization acceptable to all- interests might be arrived at before the
property is disposed of.-V. 114, p. 2018.
Cincinnati & Suburban Bell Telephone Co.-Rights.-
Stockholders of record Nov. 23 will be offered the right to subscribe
at par in the proportion of one share of
to a new issue of $1,214,900 stock
new stock for each 10 shares of stock held. Right to subscribe will expire
Jan. 4.-V. 115, p. 548.
Cities Fuel & Power Co.-Refunding.-
6 states that it is the present intention
Henry L. Doherty & Co. Nov.
to refund the $5,613,500 6% secured notes
to put out a new issue of notes
which were paid at maturity Nov. 1 last. Negotiations are now in progress
looking to the formation of a syndicate of investment banking houses to
handle the new offering, which will probably be made within two or three
weeks.-V. 115, p. 763.
Coast Valleys Gas & Electric Co.-Acquisition.-
The Del Monte Light & Power Co. has applied to the California RR.
Commission for authority to sell its holdings to this company, for a consideration, it is stated, of $60,000 to be paid in bonds of the Coast Valley
Co.-V. 115, p. 441.
Columbia Graphophone Factories Corp.-Bonds Paid.
The 5125,0006% bonds, due Nov. 1, were paid off at office of Mercantile
Trust & Deposit Co., Baltimore.
Circuit Court at BalthnoreTto
In connection with the two suits in thestated
the matter is an interrestrain issuance of new securities, it is
to settle definitely in court whether
company proposal in a friendly way
Graphophone
Mfg.
Co.), which made
(Columbia
company
the parent
should be granted payment
advances in cash to the Factories Corporation,securities
holders
of
of Factories CorCertain
latter.
the
of
with stock
poration contend that by increasing the capital their equity would be
impaired. The Factories Corporation recently proposed to issue $1,441,800
Preferred and 8,750 shares no par Common for payment of plant construction.-V. 115, p. 1946.
Commonwealth Edison Co.-New Stock Issue.-
According to Chicago dispatches the company contemplates offering
$12,000,000 new stock to stockholders at par in the ratio of one new.share
for each five shares held.-V. 115, p. 2050, 1637.
Commonwealth Steel Co.-Obituary.-
George K. Hoblitzelle, Vice-Pres. & Treas., died at St. Louis, Nov. 6.•
V. 106, p. 926.
THE CHRONICLE
Nov.11 19221
Computing-Tabulating-Recording Co.-Earnings.The net earnings of this company and its subsidiaries for the 9 months
ended Sept. 30 1922, after deducting bond interest, but before Federal
taxes, amounted to $1,218,015, as compared with $707,985 for the same
period of 1921, or an increase of $510,020. Earnings by quarters are as
follows:
First Quarter.
Second Quarter.
Third Quarter. Total, 9 Months.
$402.774
$1,218,015
$412,019
$403,223
-V. 115, p. 1637, 650.
Conley Tin Foil Corporation.-Listing-Earnings.--
• The New York Stock Exchange has authorized the listing of 198,904
shares of Capital stock, no par value (auth. 200,000 shares), with authority
to add 1.096 shares, on official notice of issuance and payment in full,
making the total amount applied for 200,000 shares.
Consolidated Income Statement for Seven Months Ended July 31 1922.
Gross income (from all sources)$2,254,304
Net earnings, after deducting all expenses incidental to manufacturing and sale, repairs, maintenance of plants, allowance of
reserve for shortage and shrinkage of inventories, &c., but
• hefore provision for Federal taxes
$223,211
27,902
Reserve for Federal income and profits taxes, 1922
Net earnings available for dividends or improvements
$195,309
Surplus, Dec. 31 1921
30,670
Surplus July 31 1922
-V. 113, p. 1892.
$225,980
(John T.) Connor Co. Boston.-Larger Dividend.-
2163
The past 5 years the Fairmont Hotel has shown net profits of a yearly
average of over $200.000, or more than 14 times the maximum annual
interest on these bonds.
Fidelity & Casualty Co. of N. Y.-To Increase Capital
and Change Par Value of Stock from $100 to $25 Per Share.The stockholders will vote Nov. 20: (a) on increasing the authorized
Capital stock from $2,000,000 to $4,000.000, par $100, and (b) on reducing
the par value of the shares from $100 to $25.-V. 110. P. 81.
Foundation Co.-To Increase Capital.-
The stockholders will vote Nov. 27 on authorizing an issue of 20,000
shares of 7% Preferred stock, and on increasing the number of Common
shares from 40,000 to 75,000.
The stockholders will also vote on giving authority to the directors
to sell the Preferred or Common stock or other securities of the company
which may be convertible into Common stock without making aft offering
to stockholders-V. 113, p. 75.
General Motors Corp.-Buick Production.-
The Buick Co. in October last. produced 17,666 cars compared with
16,842 in Sept.-V. 115. p. 2052.
Genesee Lt. & Pow. Co., Batavia, N. Y.-Financing.-
The company has applied to the New York P. S. Commission for authority
to issue $15,000 Preferred and $70,000 Common stock, at not less than par.
Proceeds are to be used in acquiring the outstanding Capital stock of the
to Roy Hydraulic Electric & Gas Co.-V. 115, p. 188.
General Motors
Corporation.-Stockholders.A quarterly dividend of 5% has been declared on the outstanding ComThe number
of record Oct. 9 1922, by classes, follows:
mon stock, par $10, payable Jan. 2 1923 to holders of record Dec. 20 6% Preferred, of stockholders
6% Debenture,9,767;7% Debenture,8,470; Common,
1922. An initial quarterly dividend of 23% was paid July 1 1920; this 47,601; total, 3.379;
69,217.
This
CnIllnires
with a total (all classes) of 71,331
rate has been paid quarterly to and including Oct. 2 1922.-V. 115. P. stockholders at July 3
1922.-V. 115, p. 2052, 1843.
1745, 1433.
Consolidated Cigar Corp.-Pref. Dividends • Resumed.
The directors on Nov. 8, declared a quarterly dividend of 184% on the
Preferred stock payable Dec. 1 to holders of record Nov. 20. From Dec.
1919 to Dec. 1921, incl., the company paid quarterly dividends of 14%;
none since.
Quar. end. 9 Mos. end.
Earns.Sept.30'22. Sept. 30'22.
Net sales
$4,391,325 $11,474,824
Cost of sales
3,423,325 9,252,951
Selling expenses
Admin. & general expense
350,636
89,588
853,864
247,865
$527,776 $1,120,144
68,505
'20,656
307,010
118,227
Net operating profit
Miscellaneous income
Miscellaneous charges
Georgetown (D. C.) Gas Light Co.-Bond Application.
Application has been made by the company to the Washington (D. C.)
P. U. Commission for permission to sell approximately $100,000 50-year
5% gold bonds, dated Aug. 1 1911, proceeds to be used to retire certain
obligations held by the Washington Gas Light Co.-V. 106. p. 1347.
Gimbel Bros.-Obituary.-
Jacob Gimbel, Chairman of the Board, Philadelphia corporation, died
at Atlantic City. N. J.. Nov.7.-V. 115, p. 2052, 1948.
Great American Insurance Co., N. Y.-Stock Increased.
The stockholders voted Oct. 30 to increase the authorized Capital stock
from $10,000,000 to $12,500,000. It is proposed to distribute the additional
shares pro rata to stockholders of record Nov. 25.-V. 115, p. 1948.
Great Western Electro-Chemical Co.-Bonds Offered.-
An issue of $250,000 1st Mtge. 6% Serial gold bonds dated April 1 1919
and due April 1 1939 is being offered at 92% and int. by J. G. Tavares of
$881,639 San Francisco. Calif. A circular shows:
Net profit
$430,205
Interest payable A.& 0.at the Anglo-California Trust Co.. San Francisco,
The balance sheet as of Sept. 30 1922 shows current assets of $9,785,409,
which included $1,520,612 cash, $1,876,254 accounts receivable and trustees callable by lot on any int. date upon 30 days' notice at 102 and int.
Company is the only manufacturer west of the Mississippi River of caustic
86,005,925 inventories, representing leaf tobacco, cigars, &a., which are
carried on the company's 1)looks at cost, a large part of which at present soda, bleach,chloride oflime,liquid chlorine, calcium chloride and associated
market prices is worth considerably in excess of cost to the company. products extracted from salt by the Electro-Chemical process. Company
Current liabilities amounting to $4,992,317 include $1,400,000 notes owns and controls valuable patents and rights for the manufactire of propayable and $3,536,325 accounts payable.-V. 115, p. 1325, 1103.
ducts under the Electro-Chemical process.
Purpose.-Proceeds will be used to fund into long term obligations money
Cumberland Pipe Line Co.(Inc.).-Annaul Dividend.- expended in
construction, additional permanent income producing plants
The usual annual dividend of 12% ($12 per share) has been declared on and equipment.
the outstanding $1,500,000 capital stock, par $100, payable Dec. 15 to
Earnings.-Net earnings have increased from $82.438 in 1917, to $106.holders of record Dec. 1. Like amounts were paid in Dec. 1919, 1920 and 534 in 1921, which is over 5 times interest requirements on the total amount
1921.-V. 115, P. 441.
of bonds outstanding, including this issue. Net earnings for the first 6
months of 1922 were $77,769 and the company estimates net profits for
(William) Davies Co., Inc.-Bond Redemption.1922 will exceed $125,000.-V. 113, p. 541.
All of the outstanding Wm. Davies Co., Ltd., 15-Year 6% gold bonds,
Hart, Schaffner & Mars.-Div. Increased-Pref. Stock.
dated July 1 1911, have been called for redemption Jan. 1 1923 at 105
and int. See also offering of $2,500,000 1st Mtge. 20-Year, Sinking
The directors have declared a quarterly dividend of 1%% on the outFund gold bonds, Series "A," dated Nov. 1 1922 in V. 115. p. 2051.
standing $15,000.000 Common stock, par $100, payable Nov. 29 to holders
of record Nov. 18. Dividends at the rate of 4 per annum were paid on
Detroit Edison Co.-Debentures Offered-Earnings.the Common stock from March 1916 to Aug. 1922, inclusive.
The stockholders Nov. 10 voted to issue $15,000,000 6% convertible
The directors have also authorized the retirement of one-half of the
outstanding $3,160,000 7% Cumul. Pref.
debenture bonds.
stock.-V. 114, 13. 406, 416.
The stockholders of record Nov. 20 (subject to the approval of the Mich.
Hollinger Consol. Gold Mines, Ltd.-Production, dmP. U. Commission) are given the right to subscribe at par to the debenture
In the nine four-weekly periods up to Sept. 9 1922 the company milled
bonds equal to 20% of their holdings. The subscription privilege will
expire on Dec. 15 1922 and payments may be made in full on the latter 1,015,280 tons of ore, representing a gross value of $8,899,558, of which
date or in three installments: 50% on Dec. 15 1922, 25% on March 15 1923 $8,573,764 was recovered. Net current assets on Sept. 9 1922 were $7,and 25% on June 15 1923.
526,609. Compare V. 115, p. 1539.
The debenture bonds will be dated Dec. 15 1922, mature Dec. 15 1932,
Homestake Mining Co.-Dividend Increased.and will be convertible at par at the option of the holders into fully paid
The directors have declared a monthly dividend of 50 cents per share,
shares of the Capital stock of the company.
Arrangements have been made by the company for the underwriting payable Nov. 25 to holders of record Nov. 20. Since May 1921 monthly
dividends of 25 cents per share have been paid.-V. 114, p. 1413.
of such part of the issue as may not be taken by the stockholders.
Earningsfor October and the 10 Months Ended Oct. 31.
Honolulu Consolidated Oil Co.-To Increase Capital.1922-Oct.------1921. 1922-10 Mos.-1921.
The stockholders will vote Dec. 21 on increasing the authorized Capital
Gross revenue
$2,381,961 $2,070.124 $21,176,506 $18,848,999 stock from $5,000,000
($3,135,000 outstanding) to $15,000,000, par $1.
14,055,524
Operating expenses
1,797,291
1,494,551 15,623,413
It is generally believed that a 200% stock dividend will be declared, if the
increase is authorized.-V. 113, p. 2622.
Net income
$575,572 $5,553,093 $4,793.475
$584,670
2,826.840
2,952,565
Interest charges
290,234
302,393
(Geo. A.) Hormel &
Austin, Minn.-Bonds Offered.
Surplus
-V. 115, p. 1946.
$294,436
$273,179 $2,600,527 $1,966,635
Dome Mines Co
@FedFRASER