Full text of Commercial and Financial Chronicle : October 7, 1922, Vol. 115, No. 2989

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financial

IV

ommfrdH
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

VOL. 115.

Railway & Industrial Section
Bankers’ Convention Section

SATURDAY, OCTOBER 7, 1922

Chronicle

Electric Railway Section
State and City Section

NO. 2989

011ly 8et & just measure of what New York is and
whose, and why New York is, the narrowness of vis­
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Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y . temporarily); instead, it must be kept out working
President, Jacob Seibert; Business Manager, William D . Riggs; Secretary, Herbert
D. Seibert; Treasurer, William Dana 8elbert. Addresses of all, Olllce ol Company. and earning. But it is the general public, and espe­
cially that part of it outside the large cities, that most
CLEARING HOUSE RETURNS.
needs enlightening. The outside world should learn
Returns of Bank Clearings heretofore given that the old notion of a bank as soulless, grasping,
on this page now appear in a subsequent part narrow and fattening on the people, was and is
of this paper. They will be found to-day on pages wholly wrong; that banking in its best and its grow­
ing functions is not only conservative but construc­
1601 to 1604, inclusive.
tive, far-seeing as well as stabilizing, and that it
both helps along development and initiates it. Bank­
THE FIN AN C IAL SITUATION.
ing is “union,” and union rightly handled is both
The 48th annual convention of the American Bank­ strength and progress.
ers Association, held here this past week, has been
Never before have capital and experience, joined
remarkable, considered merely as a meeting, by the in banking, found themselves facing such deep-down
great size of the attendance (about 10,000), by the and far-reaching world problems, nor possessed of
hospitality shown, both public and private, and by such powers of influencing and such a weight of re­
the enjoyment of the occasion by the participants. sponsibility in solving those problems; it is hardly
What is of far larger consequence is the effect pro- exaggeration (and is certainly no belittling of any
dimed upon them by the meeting and the better other force) to say that banking and finance have
understanding which both they and the nation ought the ability to rehabilitate this shaken world and
to gather concerning the function of banks and bank­ must undertake its task. To realize this and gird the
ing and the potency of both for good to the world. loins for it is now a duty which cannot be either
Somebody once said that a great city is “a bath of avoided or deferred. The bankers did well in taking
other souls,” a figure whose oddity may cause a care­ up the problems of labor and of transportation, and
less laugh and whose mysticism may seem a bit hard in going beyond their local side to consider the still
to understand. Apply it to this greatest city, and heavier and harder problems of the unhappy nations
however either the visitor or the resident may judge and, in particular, the subject of inter-governmental
either the sweetness or the tonic qualities of this debts. Concerning these there has been much foolish
“bath,” it is at least so huge that immersion iu it babble as a handy means of paying an unmeasured
should wash off some of the provincialism that is one bonus without anybody’s feeling it, but it is time the
of our troubles, for we are too little national and far subject were taken up seriously and broadly. The
too sectional. We may point out, once more, that addresses of Ambassador Herrick, just returning to
this city does not own itself, any more than it owns I’aris, ivho holds that this country, through its bank­
this port; each is an inlet and an outlet for com­ ers mainly, can restore the world; of Mr. Lamont,
merce, material and human, and each belongs to the who spoke from much first-hand observation and
nation, in which this huge pile of dwellings and tow­ pleaded for a combined friendliness and enlightened
ering marts of trade are just a member and a partner. self-interest in dealing with Europe; of Mr. Krech,
If every person, adult or child, on our continent could who suggested a holiday of ten years for the Conti­
PUBLISHED WEEKLY




—

1564

THE CHRONICLE

[V ol. 115.

With reference to the further reduction in the esti­
mate of the prospective yield of the growing crop, as
indicated by the foregoing, we will make no com­
ment other than what we said in the months imme­
diately preceding, namely that we regard the figures
as too low. Further, they are negatived by the Cen­
sus returns of ginning, even allowing for the fact
that maturitj' the present year has been early. These
returns show 3,883,006 bales ginned up to Sept. 25
the present year against only 2,920,302 up to the
same date in 1921 and but 2,249,606 bales in 1920, in
The Government’s forecast of the size of the cotton which latter year the product was 13,439,603 bales.
crop for the current year again shows a reduction,
Once again the Near East has attracted more at­
and the yield is now placed at 10,135,000 bales. This
tention
than any other situation or problem in Eu­
contrasts with 10,575,000 bales, the estimate by the
rope.
Until
yesterday morning the cable advices were
same authority based on the reports of a month ago,
reassuring
in the main. Mustapha Kemal Pasha,
a decrease during the past month of 440,000 bales.
The report now made by the Crop Reporting Board leader of the Turkish Nationalist forces, agreed to a
of the Department of Agriculture is the final esti­ preliminary peace conference, which began its ses­
mate of the year. It relates to the oondition of the sions at Mudania on Tuesday, and also proposed a
growing cotton crop on Sept. 25 1922. It is the opin­ more general conference for Oct. 20. According to
ion of the Board that at that date the condition was Constantinople dispatches yesterday morning, how­
only 50.0% of normal. This contrasts with 57.0% on ever, a “hitch” developed at the former gathering on
Aug. 25 1922, a loss of seven points, but with only Thursday over the insistence of the Turks “for the
42.2% on Sept. 25 1921, when the reduction from the occupation of Eastern Thrace before the peace con­
condition shown in the preceding month was about ference.” Official announcement was made in Lon­
the same as this year, 7.1 points. The reduction in don yesterday, following the Cabinet meeting, that
condition from Aug. 25 to Sept. 25 has averaged each “the Mudania armistice conference is not ended, but
year for the past 10 years 5.8 points. With the ex­ deadlocked, and cannot be resumed before the Brit­
ception of 1921 the condition of the cotton crop this ish and French Governments have conferred over the
year, as indicated by the Sept. 25 report, is the low­ situation.” Lord Curzon, British Foreign Secre­
est of any year of the latest 10-year period. In four tary, left London for Paris yesterday to confer with
years of the ten years the Sept. 25 report indicated a Premier Poincare. The Associated Press corre­
condition of 54 to 60%; in four years between 60 spondent at London cabled last evening that “the
and 70%; one year, 1914, the high point since 1911, situation was variously described in official circles
it was 73.5%, and one year, 1921, as stated above, as ‘very difficult’ and ‘serious,’ but it was urged that
42.2%. At 50% of normal the yield this year is too grave a view should not be taken of the position
as it stands to-day.”
placed at 139.2 pounds per acre.
The situation in the Near East, particularly as be­
A crop of 10,135,000 bales this year contrasts with
an estimated yield last year of 8,039,000 bales. The tween the British and the Turkish Nationalists, at
Government report of Sept. 25 1921 estimated the the end of last week, was characterized in European
yii Id at that time at 6,537,000 bales, but as noted cable advices as having been more critical that at
above, the Agricultural Department gave the final any previous time since the present trouble started.
yield at the close of the saeson as 1,502,000 bales The Associated Press correspondent at Constantino­
higher, at 8,039,000 bales. The U. S. Census made ple cabled a week ago last evening that it was “ex­
the crop, based on the ginning returns, 7,953,641 tremely tense.” This message was sent after Mus­
bales, not including linters. The product of 1920, ac­ tapha Kemal’s reply to General Harington’s note
cording to the Government’s ginning report, was 13,­ had become known. In that reply the Turkish Na­
tionalist leader requested “the retirement of all the
439,603 bales.
British
troops from the Asiatic side of the Straits,
The loss in prospective production this year in
Texas, according to the Government’s report of Sept. following the example of the French and Italians,
25, as contrasted with the forecast made a month and says in case of acquiescence he will withdraw the
earlier, is 232,000 bales, the yield in that State for Nationalist forces ‘slightly’ from the neutral zone.”
this year’s crop now being placed at 3,412,000 bales. Tile correspondent said that “it also demands the ces­
In 1921 the yield in Texas was estimated by the Gov­ sation of what are termed the arbitrary measures of
ernment at 2,179,143 bales and in 1920 at 4,221,692 the British authorities in Constantinople in dealing
bales. A late frost this year may increase the pro­ with the Turkish population and a solemn under­
duction in all sections of the cotton belt very mate­ taking that no Greek vessel should be permitted to
rially. A reduction in comparison with the report pass the Dardanelles. It concludes with a protest
of a month ago of 95,000 bales is also indicated for against the destruction of Turkish war material in
Oklahoma; of 58,000 bales in Georgia, where the con­ the Straits.” He added that “it is felt in military
dition throughout the entire season this year has circles to-night that England would be forced to
been very low; of 67,000 bales in South Carolina, and modify her conciliatory attitude at the moment when
20,000 bales in North Carolina. On the other hand, the Turks should bring up heavy artillery, with which
the latest figures for Mississippi and Alabama show they would be able to threaten the European side of
some gain in contrast with the indicated yield a the Dardanelles and also hamper passage through
month earlier; for Mississippi the increase is 26,000 the Straits of British vessels.”
In another Associated Press dispatch from Con­
bales and for Alabama 17,000 bales. Changes for the
.other States in the cotton growing section were stantinople the naval preparation of the British to
smaller and do not affect the net result materially. guard the Dardanelles was outlined in considerable

nental allies during which the debt would be consid­
ered as non-existent; and of ex-Chancellor McKenna,
who declared what he deems the British view of
the British debt and of the wise treatment
of Germany’s obligations—these were especially
timely.
Taking all considerations together, this year’s
A. B. A. convention should be the most fruitful for
good, as well as the most notable in numbers and con­
ditions, that has ever been held.




O ct.

71922.]

THE CHEONICLE

1565

detail. It was characterized by the correspondent as King Constantine of Greece resided during his visit
“a formidable fighting force in floating fortresses to Smyrna last year.” Mustapha Kemal was quoted
and powerful bombing and combat aircraft/’ and as as having said to his visitor, “you have been a long
“Britain’s gigantic armada.” The Associated Press time coming. I have purposely delayed my return to
representative observed that “the British are confi­ Angora to discuss the present situation with you.”
dent that this formidable line of fighting ships will
That the British Government has regarded the
easily prove a stone wall barrier to the Kemalists if Near East situation as critical all along has been
the latter attempt to cross the Straits. It is also easily discernible in the London cable advices. A
thought that they will be a sufficient protection for week ago to-night the British Cabinet held “a twothe troops entrenched at Chanak and other points.” hour council, beginning at 11 o’clock and adjourning
Describing still further the preparations for defense until 10 o’clock Sunday morning.” The Associated
made by the British, he said that “ Constantinople, Press correspondent added—“this, after many hours
too, will have air battles in the event of war. The of intensive study of the situation throughout Satur­
British airplanes will fly over Stamboul and other day.” He also asserted that “tension remained un­
Turkish centres of population for the purpose of relaxed pending Avord from General Harington, ‘the
quickly observing any threatened uprisings. News of man on the spot,’ in whose judgment the British Gov­
these would be wirelessed to the naval and military ernment places full confidence. The Cabinet ex­
police. These observing airplanes will be reinforced by pected to receive a dispatch from him this afternoon,
a fleet of bombers, combat airplanes and seaplanes.” but Avaited vainly, after which the Ministers sepa­
The New York “Herald” representative in London rated, remaining within call.” The New York
cabled in part as follows last Friday night relative “Times” representative cabled the following relative
to the attitude of the British Government: “The to the French attitude: “Canceling his week-end
Turks must get out of the Chanak neutral zone or trip to the Vosges, Premier Poincare sent to-night to
face war with the British. This was the ultimatum Angora a message urging Kemal Pasha to accept im­
issued by the Cabinet to-night. The situation cre­ mediately the Allied proposals sent to him on Sept.
ated by the Kemalists hemming in the British and 23. This is indicative of the French uneasiness.”
pressing so close that they can talk with each other
The cable advices from Constantinople Monday
over the barbed wire entanglements cannot be al­ morning were still more reassuring. Announcement
lowed to continue, it was stated officially. The Gov­ Avas made that “orders for the cessation of military
ernment has notified Brig.-Gen. Sir Charles Haring- movements in the Chanak region of Asiatic Turkey
ton that he will have full support in demanding the and for the suspension of the activities of the Turk­
Turkish withdrawal, in whatever steps may be neces­ ish irregular forces in Thrace have been issued by
sary. The time has come for a show-down. That Mustapha Kemal Pasha, the Turkish Nationalist
was the'substance of official opinion after the second leader. The Turkish Nationalist authorities have
meeting of the Ministers in Downing Street this af­ argeed to an armistice conference in Mudania on
ternoon. As a result General Harington is expected Tuesday and have requested the Allied High Com­
within a few hours to notify the Turks they will have missioners to appoint delegates. The Nationalists
to withdraw.”
will be represented by Ismet Pasha and possibly by
Hamid Bey.” The text of Mustapha’s reply to the
-------i
The news from the Near East Sunday morning ap­ Allied joint note of Sept. 23 was made public in Paris,
peared to be much more favorable. The Associated by the Foreign Office Sunday evening. The New
Press representative at Constantinople cabled that York “Times” correspondent at that centre cabled
“the Kemalists have evacuated Eren Keui, and the that “the French Government makes it known this
British now control the whole coast of the narrows evening that it has accepted the proposals. All de­
from Chanak to Kara Bourkov.” He explained that pends on what the British Government decides. I t is
“the latter point possesses an excellent harbor, en­ expected here that London will accept the confer­
abling warships to anchor in deep water.” The cor­ ence.” From London came the statement that, “with
respondent also stated that “Hamid Bey, the Angora ihe virtual acceptance by Kemal Pasha of a confer­
representative here, announced that Kemal would ence at Mudania Tuesday, or as soon as possible
confer with the Allied Generals at Mudania early thereafter, the whole Near Eastern situation is con­
next week. He [Hamid Bey] declared, however, that sidered temporarily easier. After several Cabinet
the Nationalists would remain in the neutral zone meetings Saturday, one of them lasting until 1
pending settlement at Mudania of the controversy.” o’clock Sunday morning, information from the Near
General Harington had “suggested the establishment East Avas considered not altogether satisfactory, and
of a provisional line, which would insure avoidance two additional meetings were held to-day. It is pos­
of conflict pending a conference between the Turkish sible that others will be held Monday, although Pre­
and Allied Generals, and in his note to Kemal Pasha mier Lloyd George went to Chequers Court, his sum­
added: ‘I thank you for your assurance that you mer residence, late this afternoon.”
wish to avoid aggression and incidents.’ ” To Henri
It became known on Monday evening that General
Franklin-Bouillon, the French emissary hurriedly Harington, the British Commander-in-Chief, General
dispatched to Smyrna, was given the principal credit Charpy for France and General Mombelli for Italy,
in French circles for having secured the concessions had left Constantinople for Mudania “on battleships
made by Mustapha Kemal in his original demands. of their respective navies. The Angora Government
The Associated Press correspondent at Constantino­ will be represented by General Ismet Pasha, Com­
ple cabled that “when M. Franklin-Bouillon arrived mander of Turkish armies on the west front.” In an
at Smyrna he was met in the harbor by Mustapha Associated Press cablegram from Constantinople on
Kemal, who saluted him and kissed him on both Tuesday morning it was said that the Extraordinary
cheeks.” He further stated that “after a further ex­ Council had decided that the Kemalist proposals
change of amenities, the pair went ashore and held which were to be considered at the conference at Mu­
a long conversation in the house in which former dania during the day Avere “discussable but not ac


1566

THE CHKONICLE

iVou lift,

General Harington, Commander-in-Chief of the
ceptable.” Henri Franklin-Bouillon, tlie French en­
voy, was quoted as expressing the opinion confidently Allied forces in the Near East, said that the objects
that qn agreement could be reached and as asserting of the conference were three-fold: “First, to obtain
i fiat “Kemal will make an even greater effort for a cessation of hostilities; second, to fix a line in
peace than he lias made for war.” The Associated Thrace behind which the Greek troops would be in­
Press correspondent also said he had learned that vited to withdraw, to arrange the details of evacua­
the French envoy “has secured Kemal Pasha’s pledge tion and to transfer the administration to the Turks,
to suspend military movements during the armistice the plans of -which would be submitted to the Powers;
conference, provided the Allies accept the following third, to pave the way for a future peace conference.”
conditions: 1. Formal guarantees concerning the The British Government received a note from the
evacuation of Thrace. 2. The establishment of Al­ Turkish Nationalist Government on Thursday “pro­
lied garrisons in the larger towns of Thrace. 3. The posing that a peace conference be held at Smyrna
occupation of Thrace by Turkish Nationalist gendar­ Oct. 20.” The more complete advices yesterday morn­
merie. 4. The transfer of the civil administration of ing made it clear that this announcement was not as
Thrace to Kemalist functionaries. 5. The evacuation favorable as it appeared at first, and in its detached
of Thrace within eight days by the Greek army. 6. form. In fact, the Associated Press correspondent
The occupation of the western line of the Maritza at Constantinople cabled that “abruptly, though not
unexpectedly, the Mudania conference came to a halt
River by Allied troops.”
The conference at Mudania, which was character­ this [Thursday] afternoon. When it will be re­
ized as a “preliminary” gathering, began at 3 o’clock sumed is a matter of conjecture.” He added that
Tuesday afternoon, “but was shortly adjourned to “the question of the evacuation of Thrace was the
Wednesday to permit the attendance of the Greek cause of the rupture in the conference, it was an­
representatives.” The assertion was^made in a news nounced late to-night. The attitude of the Turks
agency dispatch from Constantinople made public and the Greeks was very bellicose, threatening the
in London Wednesday afternoon that “an agreement success of the conference. Brigadier-General Har­
has been concluded between the Allied Generals and ington, Commander of the Allied forces and head of
Ismet Pasha, the Turkish Nationalist representa­ the Allied delegation, returned this evening on the
tive.” It was added that “it was expected the proto­ battleship ‘Iron Duke,’ and the Italian delegation
col will be signed to-day.” The report that a general also came to Constantinople. General Charpy, the
agreement had been reached appeared to be substan­ French delegate, also returned and he, with General
tiated by Associated Press dispatches from both Mu­ Harington, went immediately to the British Em­
dania, where the conference was held, and Constanti­ bassy for a conference with the Allied High Commis­
nople. In an official communique issued at the for­ sioners, which began shortly afterward. Members of
mer centre it was stated that “the Nationalists have both British and Italian delegations declared that
accepted the Allied note in principle and have re­ the conference had proceeded satisfactorily, but that
issued orders to the Nationalist troops to avoid con­ the first hitch -was caused by the Turkish demand for
tact with the British.” Practically the same asser­ the occupation of Eastern Thrace before the peace
tions were made in an official statement issued in conference. The French representatives were em­
Constantinople. The dispatches the next morning, powered by their Government to concede this point,
while somewhat more definite, did not indicate that but the British and Italian delegates lacked the nec­
* a complete agreement had been reached. The Asso­ essary authority.” Upon receiving a dispatch from
ciated Press correspondent at Constantinople cabled General Harington, the New York “Times” corre­
Wednesday evening that “the Mudania conference, spondent in London said that “the Cabinet Minis­
it is understood this evening, will probably reach an ters who had adjourned till to-morrow after a meet­
agreement on all points of the Turkish proposals ing in the afternoon were hurriedly summoned to­
upon which M. Franklin-Bouillon secured Kemal gether again late to-night to consider it. They sat
Pasha’s pledge to suspend military movements dur­ for nearly two hours, at the end of which it was an­
ing the negotiations, with the exception of the provi­ nounced that unfortunately General Harington’s
sion relating to the occupation of the western line of wireless message had only been received in part.
the Maritza River, in Thrace, by Allied troops. Ar­ There were sections of it missing and the Cabinet
gument on this point is still proceeding.’ ’ He stated did not know what was the exact position or General
definitely that “the Allies have agreed to turn over Harington’s own view. They have therefore wired
Thrace to the Turkish army in 30 days.” He added, to him to repeat the message and await instructions.”
“the delegates agreed this afternoon to establish a The Central News, in a cablegram from London yes­
definite line of demarkation between the British and terday morning said: “The full dispatch of Gen. Sir
Kemalist forces in the Chanak'zone. The space be­ Charles Harington, the Commander of the Allied
tween the opposing forces will be sufficient to place forces at Constantinople and head of the Allied dele­
them out of rifle shot, thus lessening the danger of gation to the conference at Mudania, telling of the
immediate conflict.” The correspondent explained demands of the Turkish Nationalists, was received
that “General Mombelli of Italy presided over the in London to-day. The complete report only tends
session to-day in accordance with the arrangement to heighten the unfavorable impression created last
by which the Allied Generals will rotate in occupy­ night by the mutilated text of Gen. Harington’s first
ing the chair.” Commenting upon the spirit pervad­ dispatch regarding developments at the conference
ing the gathering he said that “the keynote of today’s at Mudania. The opinion prevailed in Downing
proceedings was ‘peace.’ The only serious hitch was Street that the adjournment of the conference at
on the question of the occupation of Thrace by Allied Mudania was tantamount to a breakdown of the pro­
detachments.’ ’ Ismet Pasha, representative of Mus- ’ceedings. It was gathered from opinions expressed
tapha Kemal Pasha, was quoted as saying that the that the demands of the Turks were impossible, as
Turks “had no intention of creating incidents with they would result in their emergence from the con­
the English.”
flict stronger than they were before the war.”



Oct.

71922.]

THE CHRONICLE

1567

Turks were murdering Greeks and Armenians—to
say nothing of the trail of murder and destruction
left behind in Anatolia by the fleeing Greeks.” As to
what he believed the League actually had done, the
correspondent asserted: “Nevertheless, despite the
apparent failure to reach tangible results in any of
these fields, the League’s work actually does mark
several not inconsiderable steps toward gaining the
ends it had in view. Take disarmament. By its
work the League has done more than express a mere
platonic desire to bring about a reduction of the al­
most unbearable burden. It has by preparing tech­
nical, political, economic and social schemes actu­
ally prepared the way for a realization of what the
whole world cannot but sincerely desire. It is now
up to tiie Governments, for the League, having no
executive powers, naturally cannot do more than
point out the way. Yet by having shown the world
this way is not Utopian, but both feasible and prac­
tical, the League certainly has facilitated matters
for the Governments. Then, by declaring the neces­
sity to deal with the economic situation created by
reparations and inter-Allied debts the League has
gone very far toward soothing French susceptibili­
ties and fears—and without French public opinion
behind it any plan for reduction of armaments in
Europe is less than worthless. But of far greater im­
portance still than all this is the question of Austria.
It is apparent that Austria is the greatest danger
spot in Europe—at least immediately.” Chancellor
Seipel of that country was quoted as having declared
in a Council meeting that “if Austria must perish she
will go down fighting.” The “Times” correspondent
added, “yet no single country, not even the Allies,
concertedly seem able or willing to find a solution.
So finally the matter was handed over to the League
Council, which produced a plan which now has re­
ceived assent of all interested parties. Had the
League done nothing else, that would have been a
great work—and one which the League’s strongest
opponents cannot well belittle. If the position is
regarded fairly, one cannot therefore to-day deny
the League stands stronger, in better position and
with a more hopeful outlook than ever was the case
before.”
In his closing address as President of the Third
Assembly, Augustin Edwards, the Chilean Minister
to Great Britain, said in part: “The League is
growing day by day. Many at first believed it om­
nipotent. They expected too much of an institution
they hoped would reform in a moment the age-old
customs of peoples. But when hope is abandoned in
the chancellories and darkness seems to fail on the
spirits of men, the lights of Geneva illumine the way
and re-establish confidence in the future. In the ju­
The Third Assembly of the League of Nations dicial sphere the Third Assembly has developed
came to a close a week ago this afternoon. The New the master thought of a covenant which seeks the
York “Times” correspondent at Geneva was disposed peace of nations by every possible avenue, offering
to take an optimistic view of the accomplishments to States having good-will the means of conciliation.
at the gathering. He said th.it “destructive criticism In response to the suggestion of Northern European
is far easier than constructive, and cynics unhesitat­ countries, the Third Assembly has just placed at the
ingly reply the League has achieved nothing. Yet, if disposal of the world a new mechanism, wholly im­
the situation is fairly reviewed, that will quickly be pregnated with the basic idea that the League of Na­
seen to be both unfair and misleading. It is true the tions is not a super-institution, but a centre where
League has spent many ho ars discussing limitation all good-will and peaceful desires of all nations can
of armaments at the very time when the British Em­ converge. Let us have faith in the destinies of the
pire was dispatching troops to the Dardanelles. It League, because all that is great, all that seeks the
is also true that the League has been spending many good of mankind and tends toward perfection is im­
hours discussing the question of minorities and refu­ perishable. The origin of humanity is divine and its
gees at the very time Smyrna was burning and the end in the beyond is divine. Perfection must, there-

Definite announcement was made in Athens on
Tuesday that “general elections to constitute a new
Parliament to succeed that deposed by the revolution
will be held Nov. 13.” The Associated Press corre­
spondent cabled that “the revolutionary committee
still continues all-powerful and there are daily evi­
dences of stern martial law, armed patrols slowly
marching through the streets.” He added that “gen­
eral indications are that the Venizelists are a waiting
to see how the internal situation develops, preferring
to remain outside the Government until the Venizelist party is definitely summoned to power at the
naitonal elections.” In a London cablegram it was
asserted that former Premier Venizelos was not able
to persuade Lord Curzon, British Secretary for For­
eign Affairs, and Sir Laming Worthington-Evans, Sec­
retary for War, to change the policy of Great Britain
“as expressed in the note to Kemal suggesting a con­
ference at Mudania.” The New York “Herald” cor­
respondent at the British capital said that “M. Veni­
zelos particularly expressed grave fears for the fate
of the Greek inhabitants of Thrace if the Greek army
were withdrawn, but Lord Curzon assured him that
events had changed the British policy and that it was
now prepared to recognize certain Turk claims, but
that the British were prepared to do their utmost to
protect Greek nationals. He thought M. Venizelos’s
fears at least premature.”
The London correspondent of the Associated Press
cabled Wednesday evening that during the day for­
mer Premier Venizelos had called on Ambassador
Harvey “and asked him to send a message to Wash­
ington requesting the United States Government to
intercede with the Allies and request them to occupy
Thrace pending the final disposition of that terri­
tory.” The Ambassador told the newspaper men, in
his weekly conference with them, that “the former
Greek Premier had told him that he had sent to the
Greek revolutionary Government an ultimatum con­
taining three points.” They were: “ (1) The Allies
must occupy Thrace. (2) The revolutionary Greek
Government must recognize that Eastern Thrace
must eventually be returned to Turkey. (3) Greek
troops must evacuate Thrace immediately.” Ambas­
sador Harvey then added that “M. Venizelos stated
that if these terms Avere accepted he would represent
Greece abroad and also undertake to get Allied sup­
port.” A dispatch was received in Constantinople
from Athens Wednesday evening stating that “the
Greek Government has ordered a general remobiliza­
tion of the classes of 1917 and 1918. It has also can­
celed all leaves.” According to a London cablegram
yesterday morning, M. Venizelos left London for
Paris Thursday night.




1568

THE CHRONICLE

fore, be the goal. When the whirlwind has passed,
that hate-laden cyclone loosed over the world by the
breath of the Great War then will end, and the mech­
anism of the covenant will be more clearly perceived
and the serene, limpid atmosphere in which the
League has its being will become more apparent.”
It was stated in the accounts of the closing ses­
sion of the Third Assembly of the League of
Nations that the conferees had not been able
to complete all of the details of the agree­
ment relative to helping Austria. In an Associated
Press dispatch from Geneva filed Wednesday even­
ing announcement was made that “Ignaz Seipel, the
Austrian Chancellor, and the representatives of
Great Britain, France and Italy this afternoon
signed the protocol making effective the plan of the
League of Nations to save Austria. Dr. Seipel had
tears in his eyes as he signed the document, and the
representatives of the other States were scarcely less
affected.” He added that “the protocol consists of
three documents. The first is a declaration by Great
Britain, France, Italy and Czechoslovakia, the prin­
cipal guarantors of the loan which will be made to
Austria, that they will respect the territorial integ­
rity, independence and sovereignty of Austria and
will seek no special or exclusive financial or economic
advantages that would compromise Austria’s inde­
pendence. The other documents authorize Austria
to issue for sale bonds sufficient to produce the
equivalent of a maximum of 650,000,000 gold crowns
and to provide for the guarantee of interest on the
sinking fund by Great Britain, France, Italy and
Czechoslovakia of 80% of that sum. Austria pledges
for the payment of the interest on the bonds her cus­
toms receipts and the tobacco monopoly, and agrees
to undertake reforms necessary to balance her
budget. The Austrian Government accepts supervi­
sion in the application of reforms by a commissioner
of the League of Nations, whose authorization wTill
be necessary before the Austrian Treasury proceeds
to realize on loans guaranteed by the Powers. It
abandons all rights to issue paper money or negoti­
ate loans and accepts supervision by a commission
composed of representatives of each nation guaran­
teeing a. portion of the plan.”
Definite announcement was made in Moscow Mon­
day morning by Acting Premier Kemenev and Mme.
Lenin that during the day Premier Lenin would re­
sume his duties. It was stated that “to-morrow
[last Tuesday] he will preside over a meeting of the
Council of Commissars, when important questions
bearing on the international situation will be dis­
cussed.” It was recalled that his last public appear­
ance before he was stricken ill was at the Metal
Workers’ Congress last March. Subsequent cable
advices from Moscow stated that he kept the engage­
ment.
One of the principal developments in the Irish po­
litical situation the present week has been the an­
nouncement from Dublin that “the Irish Govern­
ment has issued a proclamation offering full amnes­
ty to all offenders who surrender their arms by Oct.
15.” At its session on Tuesday “the Parliament
passed by a large majority the clause of the new
Irish Constitution containing the oath of allegiance.”
I t follows: “ ‘I . . . do solemnly swear true faith
and allegiance to the Constitution of the Irish Free



[V ol. 115.

State as by law established, and that I will be faith­
ful to H. M. King George V., his heirs and successors
by law in virtue of the common citizenship of Ireland
with Great Britain, and her adherence to and mem­
bership of the group of nations forming the British
Commonwealth of Nations.’ ”
Announcement was made in a cablegram from
Dublin yesterday morning that “Parliament in its
session to-day [Thursday] reached and adopted Ar­
ticle 48 of the proposed constitution, which is under
discussion. This article says that except in cases of
actual invasion the Free State shall not be committed
to active participation in any war without the assent
of the Free State Parliament.”
Official discount rates at leading European cen­
tres continue to be quoted at 8% in Berlin; 5]^% in
Madrid; 5% in France, Denmark and Norway; 4 Yi%
in Belgium and Sweden; 4 % in Holland; 3]^% in
Switzerland and 3% in London. Open market dis­
count rates in London again exhibited a lower trend
and declined to 2^@ 2 3-16% for short bills and
2 7-16@2]^% for three months, as against 2 5-16@
2% % and 2%@2 11-16% last week. Money on call
at the British centre was also easier, having been re­
duced to 1M%> as compared with 2% a week earlier.
In Paris the open market discount rate has been ad­
vanced to 4 ^ % , against 4 % , the previous quotation;
but in Switzerland there has been a reduction to
against 1M% last week.
Rather noteworthy changes, including a decided
reduction in the reserve ratio, were shown by the
Bank of England statement this week. Gold
holdings fell £9,364. Note circulation expanded
£733,000; hence total reserve was reduced £742,000,
to £22,671,000. At this time a year ago the total
was £21,197,151, and in 1920 £13,841,479. Heavy
increases in some of the deposit items were registered,
although public deposits fell £134,000. In “other”
deposits there was a gain of £18,336,000, while loans
on Government securities were increased £16,204,000
and loans on other securities £2,203,000. The pro­
portion of reserve to liabilities fell to 16.33%, which
compares with 19.40*% a week ago and a high record
for the year of 19.97% in the week ending June 22.
Last year the reserve ratio stood at 14.40%, and a
year earlier at 8.87%. Bankers quite generally at­
tribute the unfavorable showing made this week to
the strain attendant upon preparations to meet the
Near East emergency. Gold stocks now held amount
to £127,422,231, as against £128,413,841 a year ago
and £123,195,454 in 1920. Loans stand at £73,­
590,000, which compares with £84,948,639 a year ago
and £96,018,994 in 1920. Note circulation has
reached a total of £123,200,000, as contrasted with
£125,666,690 and £127,803,975 one and two years
ago. Clearings through the London banks for the
week totaled £745,797,000, against £610,352,000 last
week and £790,403,000 a year ago. The Bank’s of­
ficial discount rate has not been changed from 3%.
We append a statement of comparisons
pal items of the Bank of England returns:
BANK OF ENGLAND’S COMPARATIVE STATEM ENT.
1918.
1922.
1911.
1920.
1919.
Oct. 17.
Oct. 12.
Oct 13.
Oct. 15.
Oct. 16.
£
£,
£
£
££
C irculation............123,200,000 125.66ii.690 127,803,975 84,405,790 62,796,035
Public deposits.......... 16,698,000 19 26<i,387 21,249,755 23,151,037 28,327,818
Other deposits.......... 122,646,000 127 771 217 134,762,490 120.331,701 137,585,970
59,243,045
Govt, securities------ 60,765,00058’54(t’907
63,789,255 57,231,013 59.243
OAK
Other securities------ 73,590,000 84 94F. 639 96,018,994 81,707,450 95,511,344
Reserve notes & coin 22,671.000 21 197 151 13,841,479 22,170.904 28,762,971
Coin and bullion— 127,422,231 128',41? ’841 123,195,454 88,126,694 73,109,006
Proportion of reserve
17.30%
to liabilities.........
16.33%
14 40%
8.87%
15.50%
Bank rate..................
3%
5H %
7%
5%

Oct.

71922.]

THE CHRONICLE

The Bank of France in its weekly statement shows
a further small gain of 156,450 francs in the gold item
this week. The Bank’s gold holdings, therefore,
now aggregate 5,532,672,325 francs, comparing with
5,523,303,774 francs on the corresponding date last
year and with 5,481,107,716 francs the year previous;
the foregoing amounts include 1,948,367,056 francs
held abroad in each of the respective years. During
the week increases were registered in the various
items as follows: Silver, 273,000 francs; bills dis­
counted, 728,478,000 francs; advances, 758,981,000
francs, and general deposits, 162,353,000 francs. On
the other hand, Treasury deposits fell off 2,601,000
francs. An expansion of nearly one billion francs,
911,591,000 francs to be exact, occurred in note
circulation. The total outstanding is thus brought
up to 37,514,493,000 francs, contrasting with 37,­
792,328,875 francs at_this^ time last year and with
39,567,316,105 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
1^.ms j n this week’s return with the statement of
last week and corresponding dates in both 1921 and
1920, are as follows:
BANK OF FRANCE’S
Changes
for Week.
Gold Holdings—
Francs.
In F ran ce...............Inc.
156.450
A b ro a d .................
No change

COMPARATIVE STATEM ENT.
----------------------Status as of---------------------Oct. 5 1922.
Oct. 6 1921.
Oct. 7 1920.
Francs.
Francs.
Francs.
3.584.305,269 3.574.936,718 3,532,740,660
1,948,367,056 1,948,367,056 1,948.367,056

158,450
TotaI................... Inc.
................. —Inc.
273.000
Biiiadiscounted...Inc. 728.478,000
A d v a n ce s..,.........Inc. 758,981,000
Note circulation..Inc. 911.591,000
Treasury dcposlts.Dec. 2 ,601,000
General deposits..Inc. 162.353,000

5,632,672,325
287,470.495
2,832.365,000
2.845,239,000
37,514,493,000
17,124,000
2,341,445,000

5,523,303,774
277,618,707
2,273.709,430
2,289,737,959
37,792,328,875
35,037,031
2,326,330,020

5,481,107,716
256,453,192
2,330.453,192
2,090,723,289
39,567,316.105
45,600,652
3,156,484,153

The Federal Reserve Bank statement, which was
issued at the close of business on Thursday, showed
a gain in gold for the system accompanied by a loss
in the local bank and a sharp drop in the ratio of
reserve. Bill holdings continue to expand, but only
moderately—gains of about 811,000,000 being shown
both locally and nationally. For the twelve report­
ing banks earning assets increased $44,000,000, de­
posits $37,000,000 and the volume of Federal Reserve
notes in circulation $31,000,000. Gold reserves in­
creased $13,000,000. At the New York institution
a decline in gold was shown of $26,000,000. Here
also, however, earning assets and deposits recorded
material additions. Notes in circulation were $6,­
000,000 larger. As a result of the increases in bill
holdings, the total for the New York bank stands
at $139,153,000, against $294,889,000 last year,
while for the combined system it is now $669,654,000,
which compares with $1,440,191,000 a year ago.
Large gains were shown in member banks’ reserve
account, $12,000,000, to $702,210,000 at the local
bank and no less than $45,000,000 to $1,842,508,000
for the system. The reserve ratio for the system
was not materially changed, there having been a
decline of 1.0% to 77.4%, but locally there was a
drop of 3.5% to 80.2%. All these changes, however,
were regarded as merely the result of seasonal
activities.

1569

of $2,050,000. As against this, net time deposits
showed a loss of $13,003,000, to $441,623,000;
thus partially offsetting the gain in demand deposits.
Concurrently with this member banks increased
their reserve credits at the Federal Reserve Bank
$26,000,000 and the result was an addition to sur­
plus of $18,953,900, bringing excess reserves up to
$58,536,750, as compared with $39,582,850 the
previous week. There was an increase in cash in
own vaults of members of the Reserve Bank, aggre­
gating $1,898,000, to $55,860,000, (not counted
as reserve). Reserves of State banks and trust
companies in own vaults declined $150,000, but
reserves of these same institutions kept in other
depositories, increased $145,000. The figures given
above for surplus are based on 13% reserves above
legal requirements, for member banks of the Fed­
eral Reserve System; but do not include cash in
vaults amounting to $55,860,000 held by these banks
on Saturday last.
The local money market did not attract special at­
tention. Developments having a direct bearing upon
it were not of a striking character. Naturally, there­
fore, fluctuations were not wide. Following the Oct.
1 disbursements and the return of funds to the cus­
tomary channels, the relaxation in rales for call
money until yesterday was expected and logical. The
temporary drop in time quotations from 5 to 4%%
for the longer periods, in the case of conservative
borrowers, attracted special attention and wras re­
garded as more significant than the recessions in
call money rates. There was particularly active
bidding for time money for 60 and 90 days at 4%%,
but it was understood that most lenders were in­
clined to discriminate against a large percentage of
industrial stocks as collateral, and to hold rather
firmly for 5%, except for particularly conservative
borrowers, as already indicated. Some surprise was
expressed over the renewed firmness of time money
yesterday, when 5% was the prevailing rate. Call
money advanced to the same level, and a demand for
between $5,000,000 and $6,000,000 was reported.
Nothing definite has been heard this week about the
probability of our Government making a large bond
issue in the near future, although it was reported in
a Washington dispatch yesterday that the Treasury
might offer $500,000,000 bonds within a few weeks.
Through addresses at the convention of the Ameri­
can Bankers Association by several prominent bank­
ers, the question of a scaling down, a 10-year holi­
day, and complete forgiving even, of international
war debts has been rather actively revived. Accord­
ing to Washington dispatches, Secretary of the
Treasury Mellon and other prominent Administra­
tion officials do not look with favor upon the ideas
along these lines advanced by former Chancellor of
the British Exchequer Reginald McKenna and oth­
ers. The statement by Ambassador Herrick that the
solution of Europe’s big problems had reached the
banker and business man stage wms received with
special favor and hopefulness in the financial dis­
trict. The consideration of these matters is likely
to be a factor in our money market, in a broad, if not
specific, way.

Last Saturday’s statement of New York Clear­
ing House banks and trust companies was about as
had been expected. Loans declined $1,248,000.
Net demand deposits, however, expanded $57,Referring to money rates in detail, loans on call
I?P.i000 >_whjch__brought the deposit total to $3,­ have covered a range of 4@5%, the same as a week
936,917,000. This is exclusively of $39,887,000 ago. On Monday 5% was the high, with 4%%
of Government deposits, a decline in the latter item the low, and the rate for renewals. Tuesday the



1570

THE CHRONICLE

[V ol. 115.

renewal basis was still 4%%, but this was the considerable nervousness and hesitancy prevailed,
highest for the day, while the low was 4%%. In­ with demand bills ruling at only a small fraction
creased ease was shown on Wednesday, so that call above the low point of a week ago, and dealers
funds renewed at 4%%, which was the maximum, still holding aloof as much as possible. Intimations,
with the minimum 4%. Thursday’s range was however, on Wednesday that the Turkish National
4@4%%, with the renewal basis down to 4%. A Assembly had apparently agreed to the armistice
slight temporary stiffening was noted on Friday, terms laid down by the Allies had a reassuring
which carried the quotation to 5% at the close; effect on market sentiment and price levels were
although the ruling figure was 4%, and this proved materially raised, although at the extreme close
the low for the day. Trading was quiet and feature­ unsettling rumors of possible complications at Muless. The above figures are for mixed collateral and dania caused a loss of several points. Early in the
all-industrial loans without differentiation. In time week several large international houses entered the
money also there was very little doing and no large market as buyers of moderate amounts, while specu­
loans were reported in any maturity. During the lative interests became more active. London banks
greater part of the week quotations were not changed also increased their activities, and, concurrently,
from 4%@4%% for sixty and ninety days, but cable rates from London were advanced. A feature
four, five and six months on Thursday declined to of the dealings was the covering of short commitments
4%%, as against the previous range of 4%@5% which followed rumors of a practical settlement of
the Turkish trouble. Taken as a whole, however,
last week.
Commercial paper rates continue to be quoted the market was a narrow affair, as many dealers
at 4%@4%% for sixty and ninety days’ endorsed seem disposed to await the outcome of the con­
bills receivable and six months’ names of choice ference negotiations. The feeling seems to be that
character, the same as last week, while names not so in the present state of unrest, further unpleasant
well known still require 4%%, unchanged. A fair eventualities are not entirely out of the question.
degree of activity was noted, but as offerings were In banking circles the assumption is that diplomacy
not large, on^y a moderate amount of business was will triumph in the end and actual warfare be pre­
vented, but it is quite possible that a good deal
transacted.
Banks’ and bankers’ acceptances were in good of time will be required to arrive at a satisfactory
demand and a larger turnover was reported than solution of this as well as other troublesome problems.
during the last week or two, mainly because of the In any event, it is clearly understood that Great
easing in the call market. Purchases were made by Britain has already incurred heavy expenses in the
both local and country banks. Brokers are pre­ movement to protect neutral territory from the
dicting a broadening in operations shortly. For inroads of the Turks, so that it is quite likely sterling
call loans against bankers’ acceptances the posted values may remain on a slightly lower level, at
rate continues unchanged at 3%%. The Acceptance least for some time to come. While the TurcoCouncil makes the discount rates on prime bankers’ British situation has of course been the controlling
acceptances eligible for purchase by the Federal factor in the week’s operations, minor elements
Reserve banks 3%% bid and 3%% asked for bills of interest were the comparative ease in money,
running for 150 days, and 3%% bid and 3%% asked suggestions at the American Bankers Association
for bills running from 30 days to 120 days. Open convention which came to a close yesterday (Friday)
regarding inter-Allied debt and other vitally im­
market quotations follow:
portant financial matters, also advices from London
SPOT DELIVERY.
90 Days.
60 Days.
30 Days.
to the effect that the British Treasury had already
Prime eligible bills____________________ 3VS@3VS
3 VS@ 34
3VS@3%
deposited funds sufficient to pay the $50,000,000
FOR DELIVERY WITHIN' TH IRTY DAYS.
installment of interest which falls due this month.
Eligible member banks------------------------ ------- ----------- -------------------- — 3VS bid
Eligible non-member banks_______ __________ ____ - ......... - ....................... 3M bid
It is believed that Britain expects to make this
payment on or about October 15, or three days
There have been no changes this week in Federal
before the debt conference.
Reserve Bank rates. The following is the schedule
Referring to the day-to-day rates, sterling exchange
of rates now in effect for the various classes of paper on Saturday last was easier and demand did not
at the different Reserve Banks:
get above 4 37%, with the low 4 36%; cable trans­
DISCOUNT RATES OF TH E FEDERAL RESERVE BANKS
fers ranged at 4 37@4 38 and sixty days at 4 35%
IN EFFEC T OCTOBER 6 1922.
@4 36%; trading was dull and inactive. On Monday
Discounted bills maturiny
within 90 days (incl. mem­
although weakness was noted at the opening, a
ber banks' IF,-day collateral
Ayrirul
Bankers’
notes) secured by—
rally later in the day carried prices up, and the
Trade tnral an
lire
- star
tanc.es
accep­
Treasury
federal Reserte
range was 4 38 3-16@4 39% for demand, 4 38 7-16
Other­ disc'u d tance*
paper
notes and Liberty
Bank of—
for
certifi­
maturino matti'in
wise
bonds
@4 39% for cable transfers and 4 36 11-16@4 38
secured member tvtttiin 4 1 to
cates of
and
90 day*
banks
and
dans
indebt­ Victory
for sixty days. Further improvement took place
notes unsecured
edness
4
4
4
4
4
on Tuesday and the result was to carry prices up
4
4
4
4
4
4
4
4 IS
4 VS
4 VS
4 VS
another % point; demand moved within 4 38 %@
4 VS
44
4 VS
4VS
44
44
4 VS
4 VS
4 VS
4 VS
4VS
4 VS
4 VS
4 IS
4 40, cable transfers at 4 39%@4 40% and sixty
4 VS
4VS
4 4
4 VS
4VS
4VS
4VS
4VS
4 VS
44
4 VS
44
days at 4 37%@4 38%; better European news was
4
W
4VS
44
4 4
44
44
4VS
4VS
4 VS
44
4VS
4VS
held responsible for the strength. Wednesday’s
4VS
4
VS
4
VS
4VS
4VS
4VS
4 VS
4 4
Dalian...... ........................
4 4
4VS
4 Mi
4 VS
market was strong and still higher, with a further
4
4
4
4
4
flan Francisco____
4
advance to 4 39%@4 41% for demand, 4 40@4 42%
for
cable transfers and 4 38%@4 40% for sixty
The sterling exchange market continues to wait
days;
trading was more active than for some little
upon European politics, and quotations responded
time
past.
The movement towards higher levels
promptly to the more hopeful news from the Near
continued
on
Thursday and demand bills sold up
East by advances aggregating nearly 5 cents, bringing
to
4
42%;
the
low was 4 41%, while cable transfers
demand bills up to 4 42%. In the initial dealings



Oct. 71922 .]

THE CHRONICLE

ranged between 4 41 %@4 42% and sixty days at
4 39%@4 41%. On Friday the market quieted
down on less favorable foreign news and quotations
indicated a slightly sagging tendency, so that there
was a decline to 4 40 3-16@4 41 % for demand,
to 4 40 7-16@4 41% for cable transfers and to
4 38 11-16@4 39% for sixty days. Closing quota­
tions were 4 39% for sixty days, 4 41% for demand
and 4 41% for cable transfers. Commercial sight
bills finished at 4 40%, sixty days at 4 39%, ninety
days at 4 38, documents for payment (sixty days)
at 4 39%, and seven-day grain bills at 4 40%.
Cotton and grain for payment closed at 4 40%.
The week’s gold movement attained only moderate
proportions, being limited to a shipment of $2,500,000
on the Aquitania from England, $4,500,000 on the
Ryndam from Rotterdam, and gold bullion, currency
and gold coin, also a small amount of silver, totaling
in all $43,000, on the Calameres from Colombia.
The Metapan arrived yesterday with 5 cases of
gold from Cartagena.

1571

which, after early weakness, once more commenced
to advance. The quotation, however, is well under
the high point established some w’eeks ago, and it is
said that bankers are making strong effort to prevent
any further important upward movement. Addi­
tional advances in the value of the Czech krone are
likely, it is thought, to occasion economic friction,
since the wide discrepancy between this and the cur­
rencies of other surrounding countries will interfere
with exports. Strength in Finnish marks was explained
by more favorable trade returns. Greek exchange
showed an improving tendency; although the quo­
tation is purely nominal, with no business transacted.
The London check rate in Paris closed at 58.01,
which compares with 57.68 a week ago. In New'
York sight bills on the French centre finished at
7.58%, against 7.59%; cable transfers at 7.56%r
against 7.57%; commercial sight bills at 7.56%,
against 7.54%, and commercial sixty days at 7.53%,
against 7.51% last week. Closing rates for Antwerp
francs were 7.11% for checks and 7.12% for cable
transfers. Last week the close was 7.11% and
7.12%. Reichsmarks finished at 0.04% for both
checks and cable transfers, which compares with
0.06 1-16 a week ago. Austrian kronen closed the
week at 0.0015 (one rate), against 0.0014 last week.
Lire finished at 4.28% for bankers’ sight bills and
4.29% for cable transfers. Last week the close was
4.22% and 4.23%. Exchange on Czechoslovakia
closed at 3.41, against 3.09; on Bucharest at 0.61%,
against 0.62; on Poland at 0.00110, against 0.00113,
and on Finland at 2.25, against 2.21 the preceding
week. Greek exchange finished at 2.80 for checks
and 2.85 for cable remittances, in comparison with
2.15 and 2.20 a week earlier.

Continental exchange followed the lead of sterling,
and though the improvement was less marked, gains
were established in some of the leading European
currencies. French checks opened at around 7.55,
broke to 7.50%, then moved up nearl3r 12 points
on better news from abroad, but sagged off again
m the final dealings. Belgian francs, on the other
hand, were barely stable with the quotation down
at one time to 7.08%. The rather pronounced
broadening of the difference between exchange on
Paris and that of Antwerp has aroused some com­
ment. No more specific reason is offered for this
phase of the situation, however, than heavy selling
of Belgian currency by London, which is said to have
occasioned reports of somewhat less satisfactory
In the former neutral exchanges movements were
financial conditions in Belgian. Reichsmarks were in line with those in sterling and some of the other
subjected to considerable pressure and for the first Continental currencies and advances were registered
time in many weeks broke sharply, touching 0.04%, all through the list, while at the close a recession set
a drop of approximately 0.02% points from the level in and some of the gains were lost. Guilders and
prevailing during the last month or so. This was Swiss francs were firm and fractionally higher, while
held to have been almost entirely due to a selling gains of as much as 60 points were made in some of the
movement at London and other foreign centres, as Scandinavian rates. Copenhagen remittances were
dealings in this market have continued very light. up about 25 points, as also was Stockholm. Ex­
It is noted with some interest that the break took change on Christiania moved up from 17.05 to 17.79,
place at a time when sharp increases occurred in partly on buying by German interests, also the
some of the Scandinavian currencies, notably Nor­ decision of The Hague Court, granting Norwegian
wegian, and this gave rise to the belief that Germany shipping a large ayvard on war claims. Pesetas were
was again transferring capital to Norway and other steady, though not materially altered.
neutral countries. It is claimed that the present
Bankers’ sight on Amsterdam closed at 38.71,
shortage of money in Germany has had even more to against 38.66; cable transfers at 38.80, against 38.75;
do with the stability in mark exchange than the commercial sight bills at 38.70, against 38.65, and
reparations adjustment with Belgium, since reichs­ commercial sixty days at 38.36, against 38.31 last
marks are in active demand internally. This week’s week. Swiss francs finished at 18.68% for bankers’
decline in the mark caused little or no surprise, it sight bills and 18.69% for cable transfers, in com­
being argued that in view of the huge accessions to parison with 18.64 and 18.65 the week previous.
note circulation this was inevitable. Lire quotations Copenhagen checks after advancing to 20.60 receded,
hovered alternately above and below 4.26 for checks. and closed at 20.21, and cable transfers at 20.26,
Trading showed a moderate increase in activity, but against 20.23 and 20.28. Checks on Sweden moved
the volume of business transacted was not large. up to 26.60 and then finished at 26.44 and cable
Speculative operations figured prominently in the transfers at 26.49, against 26.23 and 26.28, while
week’s movements, advantage being taken of the checks on Norway closed at 17.59 and cable transfers
present unsettlement, and it was said that persistent at 17.64, against 17.05 and 17.10 a week ago. Final
efforts at profit-taking had much to do with sending quotations on Spanish pesetas were 15.17 for checks
prices down in the opening of the week, while cover­ and 15.18 for cable transfers. Last week the close
ing of shorts naturally aided in the later recovery. was 15.14 and 15.15.
Exchange on the Central European countries ruled
As to South American quotations, the situation
comparatively steady and without important change, remains without important change. Argentine cur­
with the exception of Czechoslovakian currency, rency has been firmly held, with a slight net advance,



THE CHRONICLE

1572

[V ol. 115.

OF NEW YORK FEDERAL RESERVE BANK
while Brazil remains pegged at the low levels of the DAILY C RED IT BALANCES
AT CLEARING HOUSE.
preceding week. The check rate on Argentina fin­
Aggregate
Monday, Tuesday, Wednesd’y, Thursday, Friday,
Ocl. 5.
Oct. 6.
for Week.
Ocl. 4.
Oct. 3.
Oct. 2.
ished at 35.58 and cable transfers at 35%, against Saturday,
Sept. 30.
$'
$
$
S
$
S
35.38 and 35.42 a week earlier. For Brazilian checks
$
58,000,000 59,000,000 54,000,000 48,000,000 70,000,000 64,000,000 Cr. 353,000,000
the final rate was 11.70 and for cable transfers 11.75, Note._The foregoing heavy credits reflect the huge mass of checks which come
New York Reserve Bank from all parts of the country In the operation of
the same as a week ago. Chilean exchange was tothetheFederal
Reserve System’s par collection scheme. These large credit balances,
show nothing as to the results of the Reserve Bank's operations with the
down sharply, closing at 11.80, against 14.25, while however
Clearln^House Institutions. They represent only one side of the account, as checks
on the Reserve Bank itself are presented directly to the bank and never
Peru declined to 3 94, against 4 03, the previous drawn
go through the Clearing House.
quotation.
Far Eastern rates were as follows: Hong Kong,
The following table indicates the amount of bul­
57%@57%, against 57%@57%; Shanghai, 77%@ lion in the principal European banks:
78 , against 77%@77%; Yokohama, 48%@48%,
Olt. 6 1921.
G e t . 5 1922.
against 48 % @48 %; Manila, 49%@49% (unchanged); Banks of—
Silver. | Total.
G o ld .
Silver.
|
Total.
G
o
ld
.
Singapore, 51%@52, against 51%@52; Bombay,
£
£
£
£
i
£
£
29%@30, against 28%@29, and Calcutta, 29%@ England - - 127,422,231
128,413,841
..'127,422.231 128.413,841
11,480,000154,852,711 142,997,469 11,080,000 154,077,469
143,372,711
France
a_.
29%, against 29@29%.
803.000 51.988.000
Germany . 50,111,330 1,250,150 51,361,480 51.185.000

Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretan
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 C ER TIFIE D BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TA RIFF ACT,
SEPT. 30 1922 TO OCT. 6 1922, INCLUSIVE.
Noon Buying Rate for Cable Transfers In New York.
Value In United States Money.
Country and Monetary Unit.
EUROPE—
Czechoslovakia, krone___
England, pound................
Germany, reichsm ark.__
Holland, g u ild e r..._____
Jugoslavia, krone_______
Norway, krone...................
Poland. Polish mark_____
Portugal, escuda________
Spain, peseta___________
Sweden, krona__________
Switzerland, Iranc______
ASIA—
China, Chefoo tael. .........
•• Hankow tael..........
“
Shaughal t3el____

Sept. 30.| Oct. 2.

Oct. 3.

Oci. 4. | Oct. 5. | Oct. 6.

S
S
S
$
$
S
$.000014 $.000014 S.000014 S.000014 $.000014 S.000014
.0714
.0711
.0713
.0715
.0712
.0711
d03317 .00339 .006317 .008333 .006314 .005386
.030817 .030997 .031528 .032717 .03375 .033833
.2042
.2054
.2059
.2038
.2045
.2027
4.3749 4.3869 4.3949 4.4149 4.4212 4.4082
.021975 .022119 .022388 .022488 .022613 .022506
.0761
.0758
.0760
.0758
.0757
.0758
.000551 .000517 .00046 .00046S .000455
:0006
.0288
.0286
.0286
.0287
.0280
.0260
.3875
.3876
.3881
.3878
.3870
.3S73
.000411
.000393 .000404 .000401 .000399 .0004
.0426
.0428
.0428
.0426
.0430
.0424
.003403 .003419 .003475 .003767
.003378 .0034
.1777
.1744
.1785
.1763
.1716
.1713
.000114 .000118 .000114
.0383
.0383
.0369
.0372
.0380
.0379
.006119 .006138 .006108 .006113 .006164 .006163
.013486 .013642 .013643 .013729 .013986 .015029
.1515
.1513
.1517
.1520
.1513
.1511
.2649
.2659
.2650
.2642
.2639
.2631
.1868
.1868
.1865
.1870
.1867
.1865

.8000
.7933
.7648
.8050
"
Hong Kong dollar. .5702
*■ Mexican dollar___ 5568
•• Tientsin or Pelyang
.5650
.5633
•• Yuan dollar__
India, rupee........................ .2835
.4802
Japan, y e n ..................... ..
Singapore. S. S. dollar___ .5135
NORTH AMERICA—
Canada, d o lla r................. 1.000081
Cuba, peso_____________ .999375
Mexico, peso.......... ........... .4830
Newfoundland, dollar___ .997578
SOUTH AMERICA—
Argentina, peso (gold)___ .8023
.1145
.7062
Uruguay, peso...................
Chile, peso (p a p e r).......... .1368

.000112 .000110 .00011

.8008
.7942
.7644
.8058
.5697
.5566

.7996
.7929
•766S
.8046
.5710
.5567

.7996
.7929
.7666
.8046
.5712
.5563

.8008
.7942
.7674
.8067
.5716
.5569

.7983
.7917
.7653
.8042.5711
.5560

.5671
.5604
.2849
.4S03
.5108

.5688
.5658
.2842
.4795
.5150

.5692
.5663
.2856
.4805
.5171

.5667
.5600
.2867
.4798
.5175

.5692
.5671
.2860
.4796
.5179

1.000137
.998828
.481812
.997656

1.000139
.999125
.482969
.997813

1.000139
.9990
.482656
.997344

.8044
.1154
.7674
.1340

.8032
.1149
.7681
.1352

.8048
.1152
.7634
.1350

1.000122

1.000174
.99875 .99875
.482083 .482325
.997578 .997578
.8086
.1149
.7628
.1346

-S090
.1152
.7631
.1364

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,338,514 net in cash as a result of the cur­
rency movements for the week ending Oct. 5.
Their receipts from the interior have aggregated
$4,655,314, while the shipments have reached $1,316,­
800, as per the following table:
CURRENCY RECEIPTS AND SHIPM ENTS BY NEW YORK BANKING
INSTITUTIONS.

Week ending Ocl. 5.
Banks' Interior movement__ ______

Gain or Loss
to Banks.

Into
Banks.

Out of
Banks.

$4,655,314

$1,316,800 Gain $3,338,514

As the Sub-Treasury was taken over by the Fed­
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera­
tions on the Clearing House institutions. The Fed­
eral Reserve Bank of New York was creditor at the
Clearing House each day as follows:



2.369.000 13.313.000
Aus.-Hun. 10.944.000 2.369.000 13,313.000 10.944.000 24,977,000
125,050,000
Spaln____ 100,933,000 25,877,000126,810,000 100,073,000
2.974.000 36.377.000
33.403.000
3.077.000
37,701,000
34.624.000
Italy .........
51.294.000
797.000
50.497.000
753.000 50,241,000
Netherl’ds 49.488.000
10.663.000 1.595.000 12.258.000
N at. Belg- 10.664.000 1.856.000 12,520,000 21.790.000
26.751.000
4.961.000
4,588,000!
24,800,000
20.212.000
Swltz’land
15.337.000
Sweden — 15.203.000 1 ............... 15,203,000 ' 15,337,000
230.000 12,913,000 12.642.000 ‘ Vos',666 12.837.000
Denmark - 12.683.000
8,115,000
8,115.000
...1
8,183,000
8,183,000
Norway
Total week'583,840,272 51,480,150635,320,422 586,060,310 49.751.000 635,811,310
Prev. week584.8S5.378 51,367,150636,252,528586,487.516 49.261.000 635,748,516
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
held abroad.
_____________ _ _ _ _ _ _ _ _ _ _ _ _

A PREMIUM ON SANITY.
The general feeling of relief felt over the adjourn­
ment of Congress is not due altogether to its acts. It
lias had to deal with grave questions of public con­
cern over which there has been everywhere much be­
wilderment. It is not strange if the wind of debate
in Washington and in the State Capitols has at times
blown wild, and the multitude of counsels has not al­
ways produced wisdom.
Little as we realize it, the mob spirit has shown
itself widely present and we are all more or less
ready for explosive excitement. Whether it is that
the war, with its “treason, stratagems and spoils”
still upsets us, or its aftermath of insolvable problems
and misery and suffering that appalls the world is
too much for us, we are driven and tossed in all our
thoughts and feelings. Kot knowing what to think,
we find relief in bursts of emotion when occasion
arises. Above all these is the constant temptation to
lose all sense of individual duty or responsibility un­
der the appeal to stand by the group or the class, or
to side for, or against, obscure and little understood
relations and evils. When it is all over and we are
free to ask what are the facts, and what it really
means; and we find that we do not know, as is ofteu
true, we are content to feel that we were properly
stirred. We felt with the cause and “are one with
our kind.”
All this is destructive of sanity. It may not be at
once recognized, but it appears the moment the test
of appropriate action is applied. This is the charac­
teristic that marks the strong man, and the great
leader. How calm and self-contained is the captain
of the ship when the crash comes. When the gener­
als rushed to him in the height of the German drive
on Amiens, Marechal Foch showed no undue concern
and no haste; he gave his orders quietly and without
hesitancy. President Lincoln never w’as greater than
when in the dark hours of the Rebellion and the
storm of adverse criticism he wrote to Horace Gree­
ley in September 1862, “my paramount object in this
struggle is to save the Union. If I could save the
Union without freeing any slaves I would do it, and
if I could save it by freeing all the slaves I would do
it, and if I could save it by freeing some and leaving
others, I would also do that. I shall do less whenever

Oct.

71922.]

THE CHRONICLE

1573

I shall believe what I am doing hurts the cause, and 1 being “mad all over.” Passion may be as unworthy
shall do more whenever I believe doing more will as dulness. The mad bull and the stupid ass may be
help the cause. I shall adopt new views so fast as alike useless for human emergencies.
they shall appear to be true views.” Here was the
Power to act in a definite way clearly grasped and
undaunted American, the sanest man of his time, be­ understood is the last faculty to be acquired and the
cause he knew what he had to do, nd he had such first to be lost, as it may be disturbed by bodily weak­
control of his faculties and such singleness of pur­ ness or by any letting down of moral rectitude. Any
pose that he could not be diverted.
relaxing of self-control, or confusion of the relations,
This is sanity in its highest form. There is no be­ in matters of sex, or society, or business dealings,
wilderment, no vague or reckless activity, no excite­ will instantly appear here. Sanity, the guide of
ment that storms, or would attack any or everybody; “common sense,” loses its grip, and we then have the
and it gives a sense of supreme contentment. It has assiduous effort at self-justification and all the soph­
at least sought to accomplish a worthy purpose in a istry of the wrongdoer or the consciously weak that
manner worthy of the participant. On a lower plane appear today in ridicule of “old fogeys” and “raidit is the feeling of the well-trained athlete who, \ ictorians,” the repudiation of the conventional, and
whether he has wron or lost, has put forth strong ef­ the assertion of our “individual liberty” to resent
fort in the right way and at the right time, and has rules or laws that would restrict it for the general
done his best. How different this from the exultant good. Passion relieves itself in the diatribes of the
spirit of the clever critic who has flung his sneer and Radical against the Capitalist, and hatred of those
aired his wit; or the blatant politician wrho has de­ who have succeeded in the individual relations in
livered his deadly accusation or defiant jibe.
which one has failed. Squandered emotions and em­
Democracy to-day is meeting a supreme test; and bittered discontent relieve themselves in opposition
America, not Russia, is its protagonist. Viscount to Society and the normal life. They are the breed­
Grey said recently in response to the question ing ground of the Bolsheviki and all the social and
whether we cannot now trust democracy, that “after economic “isms.”
the experience of the war we wait for some one or
Mr. Walter Rathenau, the late German Minister of
more of the great Democracies, who will show us how Reconstruction, in an address to the Reichstag said:
it will respond in the cause of peace. We have seen I am convinced to-day as ever that our whole sys­
what that response can be to the cause of war.”
tem of business organization is destined to undergo
That earlier response must be accepted as rela­ a great transformation within the lifetime of men
tional to the responsibility of America to-day wher­ now living not only in Germany, but in every other
ever that is in debate.
country. Radical business reforms, however, can­
Here, then, is the need of sanity. Public opinion not be made until the people are solidly back of
without it is flighty and ineffective. It worships them.”
false gods and follows leaders who lack sense. The
Kultur,” that is, highly developed and enforced
people must do their own thinking, and the question, authority, must give place, even in business, to a cul­
where is sanity to be found, presses home upon all. ture which, teaching self-control, and opening the
It may be a gift of God, but obviously its value de­ mind to knowledge and the larger relations of life,
pends on its cultivation.
leads to a sense of individual responsibility and a
For example, there must be habitual control of the sanity which are vital elements in the life of a De­
feelings. That does not mean suppression of feeling. mocracy.
Dulness, lack of emotion, deadness of response, mark
The strain which these troublous days imposes on
loss of vitality. It is the penalty for waste, when the all, and the sense of inadequate leadership, may
flood of feeling has found no definite purpose, has arouse the nation to the existent need, and stir it to
gone wild in excitement and left only the weakness of supply the training in which it has been made appar­
sentimentality. Emotion is given us to meet the de­ ent to us we have of late fallen sadly short.
mand for resultant and measured action. Only so
does it contribute to that cleanness of thought, that TOIL IN CITY AND I N COUNTRY— THE AD­
steadiness of purpose, that sureness of judgment,
VANTAGE THE FARMER POSSESSES.
which insure contentment and strength.
In the early morning, in the “downtown district,”
This involves also recognition of the inner im­ as the subways begin to discharge their human
pulses to which we are constantly exposed—because freight, the streets thicken with peoplfe. Men and
these are always more or less in action; are, in fact, women, old and young, hurry to their work. Call
so truly part of ourself, that we are not aware of from seven to eight the “rush hour,” though the daily
them. Quick emotion gives us pleasure; we like to procession has begun long before this. It is very
be stirred; the opportunity for immediate action ap­ early, now, at seven o’clock in the morning, and
peals to our self-importance. The problems of the there is usually a journey of from 20 minutes, let us
day, social, political, economic, are generally pre­ say, to an hour’s duration, in contemplation. One
sented in moving form, as involving injustice, or cannot dawdle along, and it is necessary to estimate
wrong, or widespread evil, or personal attack; we time in “going to business” very accurately. Time
find ourselves stirred together with the audience. and the employer wait for no man. So, there is no
We go out full of talk, only to find that other things place for talk and laughter on the way. The weight
confront us, and we are content to carry the impres­ of the wrorld of work rests on the shoulders of each
sion that “something should be done” ; perfectly will­ of these city dwellers. Almost, it is a silent and grim
ing to wait until we are stirred again.
procession, that knows not summer or winter—only
Before our feelings represent sanity we need new toil! Pale-faced girl or underfed youth—it is the
standards of self-respect. This does not consist in same with all, well-paid or ill-paid, the ceaseless
the gratification of “self-expression,” nor in intensity round.
of feeling as a measure either of wisdom or of
How remote seem the laws we call “protective” to
strength, nor in simply “getting mad,” though it be the majority of these city workers! And how tor




1574

THE CHEONICLE

[V ol. 115.

away are the golden harvests that give them bread! may be, the enjoyment therein? It is the liberty of
On the lower line of the mid-West, as the summer man to work when, where, and for whom he pleases.
gets into full sway, the cutting of the wheat begins. Send all men to the country and the cities perish.
It is rather a joyous time. Thousands of detached Send all men to the cities and the fields dry up;
workers follow the machines at “good pay” as the har­ there is no food. Petrograd and the peasant of the
vest proceeds northward through the wheat belt. barren plains are very close together—in prosperity;
Careless of to-morrow they are; working long hours in adversity!
in the “broiling sun” ; yet independent of time and
Go a little farther with this thought. Create
tide. Not so with the owner-farmer. He sends the classes of workers by factitious means, such as laws
machines to the fields with vigorous command. He and unions, and as you drive men in or out of one
utilizes every hour of daylight possible, sometimes class to another you destroy the only process of equi­
the moon’s light. For now he garners his year of librium possible, the process of free choice. You can
toil, and the winds and clouds cause him anxiety. not artificially aid one class save at the expense of
But this lasts only until the wheat is in shock; then another, somewhere, somehow. As the country and
there is more work, ’tis true, but not under such high city are necessary to each other, as they mutually
pressure. He can, if he wishes, “loaf with his soul” support each other, they co-operate. It is the same
in the wide spaces where there is song of bird with workers. As each seeks and finds that which is
in the morning and the calm of new stars at most to his liking, best suited to his needs and ambi­
eventide.
tions, he contributes most of his fulness to the sum
Work in city and country! We wonder if the of production and this aids his fellow in largest
“farmer” knows of the grind in the city, where the measure—thus co-operates!
only oasis of life is a short vacation in the “country”
A story went the rounds during the war of a
to hundreds of thousands of workers! We wonder if farmer who refused to charge more for honey, saying
the manager in shop and store ever realizes, quite, the bees did all the work and cost him nothing in
the independence and content of life where fields wages. It is fantastic, but it suggests a truth. There
ripen, and mornings dawn without thought of the is no power in that collectiveness which is attempt­
time-clock! And more, we wonder if the dweller in ing to solve our labor problems to estimate how much
the country realizes how much nature works for him a man should put into his work to render equal val­
without charge, while the iron of environment closes ues to his fellows, how much nature and machine aid
in around the dweller in the city. Protection of laws him, how much environment controls his efforts. The
that will equalize work and the joy of life? Even only measurement left is in the individual’s own esti­
Infinity failed, it would seem.
mate of what his own time and toil are worth to him,
Yet here come these “farmers” hammering at the what gives him most satisfaction in his work, and the
doors of Congress for laws of equalization in work private ownership of what he can save out of wages
and worth. Do they ever think that these city work­ and p r o f i t s . ________________
ers have no aides but their own hands and brains?
Mechanics there are in large numbers among them, W IIAT I S REQUIRED OF THE FACT FINDING
trades workers, that make demands through “organi­
GOAL COMMISSION.
zation,” and, securing them, clamor for more, as care­
One of the most important duties before the Presi­
less of their fellows as the country is of the city. dent in the too-brief recess which he as well as the
Only a pampered part are these among city workers, country needs is laid on him by the law providing for
who have not even the help of a machine as an aid in a fact-finding inquiry into the whole subject of fuel.
the product they create in the economics of our mul­ He is left unrestricted except as to the number of
tiple life. Does the farmer staking his all on the men to compose this commission; there must be
power of blocs to secure higher tariffs and larger seven and no more, although there is no limit to the
credits know or care? Not Nature’s silent slow number of whom they may ask information and
growth by soil and sun comes to aid these city dwell­ opinions. This number seven is well determined; it
ers.
is large enough to secure different angles of view,
And this is why the city’s consumption in one way not too large to allow hope of agreement on essen­
is a tax upon the country’s production. Working, as tials at least, and it cannot be a tie upon any vote.
certain classes do, in the city from morning to night, It need not include any operator or any miner; it
summer and winter the year round, they do not con­ escapes the past solecism of trying to assemble repre­
tribute equally to the garners of consumption. Be­ sentatives of capital, of labor, and of the public; it
side these, on the contrary, the workers in forest, offers at least hope, and is ostensibly addressed to
vineyard and field enjoy a patrimony of nature they
something real, “facts.”
do not earn, and for which the city worker pays.
It is a job for men. The country still has men,
What “law,” what “organization,” can ever equalize and if it has seven wise men the President’s duty is
the joy of life as each must secure it in his own en­ to find them. They must be serious, bent upon escap­
forced environment? What power, what opportun­ ing the superficial and getting down to the sub­
ity, save in himself—the right to choose his kind of stance, and (above all else) be men who will be inde­
work, the right to establish himself in a chosen en­ pendent and be unbiased by any present convictions
vironment, a right to his savings that turned into which they will be loath to change and will try to
property give him freedom ?
confirm by the facts. The statistician who takes up
“All kinds of people to make a world”—and all
figures with intent to find those which support his
kinds of work. Perhaps we have overlooked one fac­
previous aims or convictions is like the Biblical stu­
tor impossible of measurement. The machine he
“tends” does work for the man. The country can no dent who seeks his own confirmation rather than the
more exist in to-day without the enlarged output due tru th ; such seeking always finds what it seeks. In
to machinery than the city. And the reverse is true. this matter of universal importance no such “fact­
What levels the whole of this production, distributes finding” is wanted, for no such can be helpful to
the work and worth in things, equalizes, as far as anybody.




Oct.

71922.]

THE CHRONICLE

Senator Pepper of Pennsylvania, who took quite an
important part in concluding the anthracite tangle
there, writes of the coal problem in the current issue
of the “Nation’s Business,” and he argues that this
subject is really the business of the nation. After
five months of struggle and suffering, he warns us
that though “we breathe a sigh of relief” as if we
were done with it, we have not done with it, but
shall have the same thing over and over again in both
the coal fields “unless there is an intelligent and sus­
tained public opinion respecting the tremendous in­
dustrial problems that are involved.” The normal
course in a deadlock, he says, is to invoke third-party
intervention, but lack of confidence is the first ob­
stacle; the unions insist that they cannot trust any
third party, but must reserve the right of decision,
with the strike power behind it, while the operators
are reluctant to make any agreement that does not
outlaw the strike. It is utterly futile to either echo
or ignore the charges flung back and forth between
the two sides. Wherever many men are under hire
to few employers the union “is both necessary and
desirable” ; “attempts to crush unionsism are both
foolish and wicked,” but “in the long run the em­
ployee cannot be more prosperous than his em­
ployer.”
Further, continues Senator Pepper, everybody
wants coal and wants it cheap, but nobody wants to
“consign the miner to a treadmill existence” ; yet,
even if the commission’s recommendation as to wage
scales is really fair, public opinion will largely gov­
ern its acceptance, “for in the last analysis a strike
against a scale is an appeal to public opinion, while
the willingness of the operators to raise a scale de­
pends on their estimate of what the traffic will prob­
ably bear.” Three facts, he thinks, should be kept in
mind: the tendency of employers of men in masses
to keep down labor costs “can be met only by organi­
zation among the workers or by the apprehension
that they will organize unless properly treated ’; 2nd,
to the wage-earner the corporate treasury “looks like
a gold mine, as the paternal purse does to the small
boy” ; 3rd, labor leaders will never willingly exchange
the bargaining power and the strike back of it for
what seems to them the slim chance of a square deal
from any court or other decree-making tribunal.
Now and then we read of a “John Slifko” earning
$321 in mining during the first two weeks of Septem­
ber and $360 in the next two weeks; of a “Mike Han­
dier,” earning $291 in one week and $238 in the two
proceeding weeks; also, that many are digging at
over $100 a week. This is all credible, and makes us
look grimly back to the wails about “starvation”
wages and the palpable fact that out of such wages
the miners managed to get through five months of
idleness. Yet, let us be just, and remember that the
real question is not the transient rate of earning, but
the average. This brings us to observe the great de­
fect in our coal mining, its irregular work and its
terms of shut-down for both miners and operators,
during which the mines must be conserved and the
men concerned in them must live.
This leads to the clear deduction that our mining
industry has long been on a basis less sound and
businesslike and stable than comports with Ameri­
can practical sense. As in other mining fields and
as in transportation, there are “fat” and “lean,” and
market prices upon which the latter can live will
yield comparatively large profits to the former. We
have had the same immovable condition of fact in



1575

railroading, and in that field we seem to be now real­
izing the solecism of trying to put all on the same
basis of treatment; too much centralizing in railway
handling attempts to get like results out of unlike
factors. So our problem appears to be to somehow
make coal mining more continuous instead of spas­
modic—perhaps to devise a scheme of operating
groups. Assuredly, we do not want and must hold
unthinkable the “nationalization” which unions
would like, in other utilities as in railways, for the
plainest of selfish reasons.
As Senator Pepper sees it, the coal inquiry must
find all the facts, must in doing so win confidence
from both sides, must “educate the public to see what
the commission sees,” and must devise a way of so
focusing public opinion upon burning controversies
“that it will burn itself into the consciousness
(would he also say consciences?) of both parties.”
PRESIDENT LOREE ON LABOR UNIONS.
To the session of the American Bankers Associa­
tion here President Loree of the Delaware & Hudson
Company spoke on labor unions, a burning topic of
concern to bankers as such and one on which official
contact has qualified Mr. Loree to speak earnestly.
He traced the development of unionism to show that
the leadership has gradually shifted “from the casual
enthusiast and agitator to a class of permanent sala­
ried officials,” of whom, he said, there are about 20,­
000, subordinate to about 1,000 association execu­
tives, these being in turn dominated by an inner cir­
cle of a few score. He pointed out, as the “Chron­
icle” has over and over pointed out, that unionism
continually inculcates and dins false teachings,
which are certain to breed mischiefs as setting units
under tens would be certain to upset statistical work,
and the further such errors go the larger their mis­
chiefs. The union teachings, as Mr. Loree well puts
it, “are rank economic heresies—the creation of an
artificial scarcity of labor by limiting the number of
apprentices and limiting their progress, by keeping
out aspirants, while opposing as a deadly curse all
labor-saving devices or the efforts of management
for efficiency through piece work, bonuses or other­
wise.” We are not quite clear in concurring with
him that the very formalism and rigidity of union­
ized labor prevents the wages of union members from
rising as rapidly as the wages of free labor when
business is brisk; but he is right and he confirms the
“Chronicle” in adding, as the other half of the in­
jury, that “when business is slack their efforts to re­
tard the decline in wages affect the nominal rather
than the real wage, the pay check rather than the
purchasing power.” We have steadily insisted that
the wage deflation which unionism resists so bitterly
is a decline in nominal wage only, and that action
based on economic truth instead of falsehood would
further rather than fight this nominal decline be­
cause that increases the size of the wage dollars
though reducing their number. The heads of some
of the railway brotherhoods seem to perceive this,
but they do not allow it to influence their headstrong
struggle against economic laws.
Mr. Loree would provide by law that voluntary
associations of seven or more persons may sue or be
sued. Here he is on solid ground. The unions have
thus far constantly striven, and by the cowardice of
politicians have succeeded, to avoid compulsory
incorporation; responsibility before the law of every
person and organization except themselves is. their

1576

THE CHRONICLE

idea of liberty. They should be in position to enforce
their rights against others, and others should be able
to enforce rights against them. They cry that any
attempt to resist them is part of a conspiracy to “de­
stroy” them. As shown anew during the last three
months, they protest that railway executives who
will not give them their way are the tools of Wall
Street “interests.” They accuse any judge who seeks
to resist or restrain them of being unfair and im­
properly influenced. They protest against favorit­
ism, but constantly seek exemptions for themselves,
as in the Clayton law, for example. As Mr. Loree
well puts i t :
“The labor unions cry to heaven that they have the
right to organize. ]STo one denies it, but let them in
the exercise of the right assume the responsibilities
it entails. If they claim the latitude and advan­
tages, let them also share the restrictions and bur­
dens of organizations of capital.”
Mr. Loree would “make the records and accounts
of such associations subject to public authority and
make political use of union funds a criminal offense.”
In this also he is on solid ground. The records and
accounts of banks of deposit and savings banks, of
railroads and other public utilities, and of insurance
companies, are subject to official inspection. Labor
unions get exemption from income tax as being vol­
untary associations without capital stock and not
organized for profit; but when they undertake to
control labor, which underlies even the existence of
man in a social state, they reach a stage where so­
ciety must for its own safety know things about them
and have some supervision over their activities. As
for putting union funds to “political uses,” it is
clearly time the public knew something of union
funds and outlays. For instance, what is done with
the “check-off” money in coal mining, estimated to
run into possible millions? Who knows how much
may go from union funds into the direct or
indirect purchase of votes, next month, and in 1924?
Here we have a colossal “secret” society, publicly us­
ing much power and ever boasting its power; quite
time the country knew more of its inner facts and
secrets.
Mr. Loree is right in urging that State authorities
should have better facilities for investigation of la­
bor disputes through power to subpoena witnesses.
The weakness of law in this particular (probably
plus lack of backbone in some officials) has been
shown in the difficulty of effective action to uncover
and punish the guilt of the Herrin massacre. Gov­
ernor Allen’s Industrial Court in Kansas is still in
the test of trial; but that it has “teeth” in it is proven
by the violent objection of union leaders to it, de­
nouncing it in the same breath as subversive of indi­
vidual rights of work and as ridiculously unenforce­
able.
Mr. Loree lays stress upon State supervision of
strike or lockout votes and would require 14 days’
notice of every such action; this, he thinks, is neces­
sary for safeguarding capital and labor alike. Yet
safeguarding the general welfare is not to be attained
by supervising and regulating strikes, but by gradu­
ally doing away with strikes through a sane modus
vivendi for both parties in industry.
It is indisputably clear that the union has devel­
oped into a tyranny which it is no exaggeration to
call slavery, the rank and file being deceived, de­
prived of their natural free agency, and exploited by
the leaders for their own gain. The late railway re­



[V ol. 115.

volt proves that perhaps a majority of the partici­
pants joined unwillingly, not daring to stand out
against the supposed wish of others, and that the
leaders held out in the hope of saving themselves.
The men have lost time and earnings; they return
at the wage scale from which they revolted, and with
at least no better prospect of revision upward than
if they had kept at work; they have not won out even
on the seniority issue, upon which they insisted
longest.
The move was utter folly and is a dismal failure. Is
it conceivable that the men do not already know this
or will not gradually find themselves forced to see it?
After how many more strike victories which are un­
deniably defeats will union leadership be able to
maintain itself? Success has sustained many bad
causes in the world’s history; but lost causes natur­
ally mean the downfall of that for which the grapple
was dared. Consider another factor: the increasing
vehemence of language by Mr. Gompers and the few
whose future is at stake with his, their denunciation
of the courts, their protestations that there is a con­
spiracy against labor, their demands for wild consti­
tu to r al changes, their absurd boasts of political
power, their warnings that national calamities will
come unless labor can have the domination they as­
sert is within its “rights.” Men who really believe
themselves on firm ground and sure of winning can
smile blandly and wait. According to human nature
and human experience, does not the excitement of
these despots prove that they foresee their own down­
fall?
Taking the long look ahead, is it not reasonably
certain that the end of unionism as we now have it is
to come, not from the outside, as Mr. Loree seems to
believe, but from the inside, by gradual conviction
that the principle of collective bargaining has been
perverted to the injury of all and that the open shop
is the basis of permanent peace and general thriving?

®\xxxmt g ue nts mxfl iP sa issim x s
W E E K L Y R E TU R N OF FE D E R A L R E SE R V E BANKS.

Continued gains of $12,300,000 in gold and of $9,900,000 in
total cash reserves, accompanied by increases of $37,000,000
in deposit liabilities and of $31,300,000 in Federal Reserve
note circulation, are shown in the Federal Reserve Board’s
weekly bank statement issued as at close of business on Oct.
4 1922, and which deals with the results for the 12 Federal
Reserve Banks combined. Discounted bills show an increase
for the week of about $14,000,000, bills purchased in open
market a decrease of $2,700,000, and Government securities
an increase of $31,900,000. The reserve ratio, because of the
considerable increase in both deposit and note liabilities,
shows a decline for the week from 74.8 to 77.4%. After not­
ing these facts the Federal Reserve Board proceeds as fol­
lows :
The week witnessed considerable shifting of gold through the settlement
fund away from New York, Boston and Cleveland. Of the total decrease
of $35,500,000 shown for these three banks, the New York Bank alono shows
a decrease of $25,900,000. St. Louis reports the largest accession of gold
for the week, viz.: $11,664,000, followed by Philadelphia with an accession
of over $10,000,000. Smaller increases in gold reserves aggregating
^26,100,000 are shown for the remaining soven banks. Gold reserves of
ill the Reserve banks reached a new high record total of $3,089,300,000, a
gain of $214,300,000 since Jan. 1 of the present year, compared with a gain
of $669,800,000 for the corresponding period in 1921.
Holdings of paper secured by Government obligations sliow an increase
for the week from $139,100,000 to $156,300,000. Of the total held $110,­
000,000, or 70.4%, were secured by Liberty and other United States bonds.
$4,000,000, or 2.5%, by Victory notes, $36,500,000, or 23.4%, by Treasury
notes, and $5,800,000, or 3.7%, by Treasury certificates, compared with
$109,900,000, $3,700,000, $19,300,000 and $6,200,000 reported the week
before.

The statement in full in comparison with preceding weeks
and the corresponding date last year will be found on subse­
quent pages, namely pages 1609 and 1610. A summary of
changes in the principal assets and liabilities of the Reserve
banks on Oct. 4 1922, as compared with a week and a year
ago, follows:

Oct . 7 1922.]

THE CHRONICLE

Increase ( + ) or Decrease (— )
Since
Oct. 5 1921.
Sept. 27 1922.
Total reserves____ _____________________ +$9,900,000 +$330,100,000
Gold reserves________________________ + 12.300,000
+356,700,000
Total earning assets____________________ +43,200,000
—509,000,000
Discounted bills, total________________ +14,000,000
—963,900,000
Secured by U. S. Govt, obligations___ + 17,200,000
—339,500,000
Other bills discounted______________ —3,200,000
—624,400,000
Purchased bills_______________________ —2,700,000
+ 193,400,000
United States securities, total_________ +31,900,000
+261,500,000
Bonds and notes___________________ +23,900,000
+217,600,000
Pittman certificates________________ —2,500,000
— 119,400,000
Other Treasury certificates_________ + 10,500,000
+ 163,300,000
Tota Ideposits_________________________ +37,600,000
+ 181,400,000
Members’ reserve d ep osits..____ ______ +44,500,000
+229,400,000
Government deposits______ 1 _____ . . —5,000,000
—44,100,000
Other deposits _____________________
—3.900,000
— 1,900,000
Federal Reserve notes in circulation______ +31,300,000
—207,700,000
Federal Reserve Bank notes in circulation,
net liability__________________________ — 1.300,000
—54,900,000
W E E K L Y R E T U R N OF TH E M EM BER B A N K S OF THE
FED ERAL RE SERVE SYSTEM .

Continued increases of $34,000,000 in loans against stocks
and bonds, of $19,000,000 in other, chiefly commercial, loans,
as against net liquidation of $5,000,000 of loans secured by
Government obligations, are shown in the Federal Reserve
Board’s weekly consolidated statement of condition on Sept.
27 o f 790 m e m b e r b a n k s i n l e a d i n g c i t i e s . It should be noted
that the figures of these member banks are always a week
behind those for the Reserve banks themselves. Investments
in Government securities declined by about $45,000,000, while
other investments, mainly in corporate securities, show an
increase for the week of $10,000,000. For the four weeks
since Aug. 30 the reporting member banks show’ increases
of their loans secured by stocks and bonds by $108,000,000,
and of their commercial loans by $116,000^00, as against re­
ductions of $36,000,000 in Government securities and of $31,­
000,000 in other securities. Member banks in New York City
report a reduction for the w’eek of $5,000,000 in total loans,
accompanied by net liquidation of $30,000,000 of Government
securities, largely Treasury notes and certificates, and by an
increase of $15,000,000 in other securities. Since August 30
the New York banks have increased their loans against
stocks and bonds by $78,000,000 and their commercial loans
by $10,000,000, while liquidating $54,000,000 of Government
securities and $15,000,000 of other securities.
As against reductions of $2,000,000 each in Government
and time deposits, net demand deposits show an increase of
$24,000,000. For member banks in New York City, notwith­
standing the decline in loans and a considerable w’ithdraw’al
of bank balances, an increase of $10,000,000 in net demand
deposits is noted.
Borrowings of the reporting banks from the Federal Re­
serve banks declined during the week from $164,000,000 to
$159,000,000, or from 1.1 to 1% of their total loans and in­
vestments. New York City banks report a decrease in their
borrowings from the local Reserve bank from $26,000,000 to
$24,000,000, or from 0.6 to 0.5% of the banks’ combined loans
and investments.
Reserve balances of the reporting institutions show an in­
crease for the wreek of $19,000,000, and their cash on hand a
reduction of $2,000,000. For member banks in New York
City an increase of $36,000,000 in reserve balances with no
change in cash is noted. On a subsequent page— that is, on
pase 1610— we give the figures in full contained in this latest
weekly return of the m e m b e r 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
20 1922. S e p t . 28 1921.
Loans and discounts------------------------- ------------------ +$48,000,000 —8585.000,000
Secured by U. S. Government obligations —5,000,000 —315,000,000
S n p n r w l hv stocks and b o n d s_________
4-34.000.000
+ 593,000,000
All other---------------------------- -------------- - ..........
—863,000,000
Investments, total— ------------- ------------------- -------—35,000,000 + 1,082,000,000
United States bonds......... .................. ------- — 1,000,000
+503,000,000
Victory notes ----------------------------------------------- ----------- — 4,000,000 — 130,000,000
United States Treasury notes------------- ............... — 12,000,000
+469.000,000
Treasury certificates------------------------------ ----------- — 28,000,000
+ 15,000,000
Other stocks and bonds----------- --- ----------- +10,000,000
+225,000,000
lv
n
lo
T
iP
A
c
w
i
t
'l
l
T?
Ti.
R
q
n
l
f
s
4
1
q
non
n
n
n
ivOvSOTve Daiances » v i m r . i v . D a u n s — ----------- t i y , u u u , u u u
+ 117,000,000
Cash in vault .............. ......................................................
—24,000,000
Government deposits---------------------- ----------- —2,000.000 — 401,000,000
Not demand deposits............................................... ......... +24,000,000 + 1,220,000,000
Time deposits-------------------------------------------------- ----------- —2,000,000
+648,000,000
Total accommodation at F. R. Banks. ............... —5,000,000 —716,000,000
S e p t.

GERMAN

BON DS D ISC O U N TE D

BY

B E LG IU M .

Associated Press advices from Paris Sept. 29 stated:
The Belgian Government announced to-day that German bonds, repre­
senting nearly 100,000,000 gold marks, have been discounted in English,
American and Swiss private banks, according to the “Temps's" Brussels
correspondent. The names of the banks were not made public nor was the
rate of discount.
A Brussels dispatch to the Havas Agency reporting the discount of the
bonds asserts that they were discounted by a consortium of Swiss bankers.




CO M PA R A TIV E

1577
F IG U R E S

OF

C O N D IT IO N

OF

CANA­

D IA N BAN KS.

In the following we compare the condition of the Canadian
banks under the August 1922 statement with the return for
July:
ASSETS.
Aug. 31 1922.
$
60,610,014
14,667,979

July 31 1922.

Total — ................................- ....................... 75,277
75,277,993
Dominion notes__________________________. 159,475,205
159,475
Deposited with Minister of Finance for se­
curity of note circulation________________.
____
6,435,605
Deposit of central gold reserves____ _____ . 52.402,533
52.402
Due from banks_________________________. 153,815,310
153,815
Loans and discounts______________________.1,413.773,877
1,413,773
Bonds, securities, &c_____________________. 330.646,435
Call and short loans in C a n a d a ..................... 99^939
99,939,844
Call and short loans elsewhere than in Canadai 176,838,615
176,838
Other assets_____________________________. 106,961
106,961,651

76,666,889
162 290,955

Gold and subsidiary coin—
In Canada............... ............................ ............
Elsewhere____ ____________ ____________.

Total......... .......................

$

60,480,113
16.1S6.776

6,435,605
52,402,533
172,629,623
1,436,698,899
323,470,922
96,770,236
175,219,091
105,264,862

2,575,567,068
.2,575,567,068
LIABILITIES.
$
authorized.........................
- 187,175,000
subscribed______________________ ■ 125,310,800
paid up_______
- 124.989,982
124,989,982
fund...... .................................................. 130,207.395

2,607,849.615

Circulation...............................................
- 158,086,569
Government deposits_____________________- 92,595,142
Demand deposits..............................
- 815+0+136
815,401,136
Time deposits........................ ..............................-1,164,069,400
1,164,069,400
Due to banks_______________________
- 43,421,218
Bills payable......................................
6!75o!755
6,750,755
Other liabilities__________________________- 19,241,969

161,887,327
87.546,161
839,971,903
1.175,781,711
43,662.396
7,528,828
16,671.661

Capital
Capital
Capital
Reserve

S

187,175.000
125.272.300
124,893.342
130,175,000

Total, not including capital or reserve fund.2,299,566,189 2,333,049,987
Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
N o te .

B E LG IU M

CONFERENCE ON A L LIE D

DEBTS.

While it was stated on Oct. 3 that the opening of the
Belgium Conference to be held in Brussels for the discussion
of the inter-Allied debts and the German indemnity had been
tentatively fixed for Dee. 1, Associated Press advices from
Brussels Oct. 5 indicated that the conference might be
delayed until next year. These advices stated:
The possibility of convoking an international conference on inter-Allied
debts and reparations for next year is being considered in political circles iii
Belgium, as there is growing pessimism regarding the advisability of trying
to hold one this year. It can be said that Premier Theunis would prefer
not to convoke the conference in the near future rather than run the risk
of it proving a failure.
The calling of a conference depends on the result of preliminary conversa­
tions between the Paris and London Governments, and the pessimism that
is felt in Belgium is due to uncertainty as to the attitude Great Britain will
adopt with regard to inter-Allied debts. Another discordant factor is the
belief prevailing that France will exact the execution of the financial reforms
suggested by the Allied Guarantee Committee as a condition preceding
any concessions to Germany.

The earlier Associated Press advices (from Paris, Oct. 3)
reporting that Dec. 1 had tentatively been decided upon as
the date for the conference said:
The preliminary plans provide for a strictly European meeting without
America’s presence.
Premior Poincare strongly favors a meeting of the European nations first
for there is a growing feeling on the part of the Allied Governments that at
least one European conference on reparations and debts will have to be held
before the co-operation of the United States can bo expected.
Despite the anxiety over the Near East crisis, the Allied Powers, especially
in Belgium, aro beginning to give considerable attention to the forthcoming
meeting. Exchange of views have already taken place between the French
and Belgian Governments over the questions to be discussed. As soon as the
Turkish problem is fairly on the way to settlement, conversations will be
held periodically between representatives of the Paris and London Govern­
ments.
Premier Poincare’s present plan is to offer to reduce the German indem­
nity to a figure between 40,000,000,000 and 50.000,000.000 gold marks in
return for the cancellation of the French debt to Great Britain and the sur­
rendering by the latter Power of her share in reparations, which amounts to
2 2 %.
One of the most important factors toward the success of the Brussels con­
ference is thought to be the mission to Washington of Sir Robert Horne, the
British Chancellor of the Exchequer. A satisfactory arrangement between
the United States and Great Britain for the consolidation of the British debt
would insure the success of the Brussels gathering, is the view of the Allied
observers. The outcome of Sir Robert’s Washington 'visit is therefore
awaited with the keenest interest.
While the Allies are said to realize that there is no possibility of the can­
cellation of the British debt, any definite agreement for funding it would
place Great Britain in a position to seriously consider acceptance of the
French Premier’s proposal.
The British Chancellor of the Exchequer is expected back about the
middle of November. On account of this it is felt that the conference could
very handily begin on Dec. 1.
The French Government has made no announcement concerning any fur­
ther debt missions to Washington, although it has been generally accepted
that Jean V. Parmentier, who recently headed a French debt mission to
America, and some other official would return to Washington this fall with
details which the United States Funding Commission requested. It is not
improbable that these details will be withheld until after the Brussels meet­
ing, when France hopes to be in a more favorable position to discuss her
debts to the United States.

1578

THE CHRONICLE

Although America will not be discouraged from sending a representative
to Brussels, M . Poincare and other Allied officials are believed to be con­
vinced that the best way to engage the active interest of the United States
in the question of inter-Allled debts is for the European nations to get to­
gether first, reduce the indemnity, and settle their own respective war obli­
gations.
Just how many nations will be at Brussels is, as yet, undetermined.
France favors limiting the meeting to tho Allied Powers, while England
would make it broader by including in the meeting representatives from Po­
land tho the Little Entente States. The attendance of Germany is practi­
cally certain to be requested during the sessions.

The proposed Belgium conference was referred to in our
issue of a week ago, page 1477.
W I T H D R A W A L OF U N IT E D S T A T E S L IF E
A N C E C O M P A N IE S FROM EUROPE.

IN SU R ­

[V ol. 115,

The submarine cables turned over by Germany are estimated in the
figures given in the pamphlet at 49,000,000 marks; real estate, including tho
Sarro mines and German Government property in the colonies and allied
countries, 2,500,000,000 marks; deliveries in kind, including coal and dyes,
1,811,000,000 marks; deliveries at the armistice, 1,186,000.000 marks. ’
These figures, it is explained, are provisional and approximative, as the
Commission has yet to fix finally the value of the merchant ships and the
Sarro coal mines’ output given to Great Britain and Franco.
G E R M A N C O N SU L A R O F F IC E IN N E W Y O R K A S S E R T S
R E P A R A T IO N S F IG U R E S A R E L A R G E R
THAN
I N D IC A T E D B Y R E P A R A T I O N S C O M M ISSIO N .

In its issue of the 6th inst. the New York “Times” had the
following to say:

The figures showing the smallness of German reparation payments, which
were mado public in Paris by the Reparation Commission, were disputed
The withdrawal from operations in continental Europe yesterday by the German Government through its Consular ofrices in New
York City. Consul Lang made public “figures recently prepared in Ber­
of the New York Life Insurance Co., tho Mutual Life In­ lin,” which indicate that the German reparation payments in monoy to
surance Co. and the Equitable Life Assurance Society, it date aggregate approximately three-fourths of a billion gold marks more than
became known last week, has been effected through a process the figures given in French reports. Total payments are put at 38,242,­
970,000 gold marks.
of the cancellation of insurance risks brought under way
The figures of the Reparation Commission indicate that Germany up to
some eight years ago. Tho New York “Herald” of Sept. 27 the present has paid in money 1,425,000.000 gold marks, while Berlin
maintains that “total payments in money” amount to 2,193,470,000, a
in reporting their retirement from Europe said in part:
difference of 768,470,000 gold marks.
Continental Europe has been abondoned by three of the great American
Tho office of tho German Consul, 11 Broadway, issued the following
life insurance companies.
statement:
Months of investigation by experts of the New York Life, the Mutual and
“In view of the figures given out in Paris as to total payments made by
the Equitable and information accessible to no other persons or groups of Germany on reparations, it may be of interest to compare with them tho
persons except Government chancelleries convinced tho companies that following figures recently prepared in Berlin:
Europe, except for the British Isles, is a hopeless field of business endeavor
Payments in Property.
now and probably for years to come.
Gold Marks.
Surrendering a business figuring up to 81,000,000,000 at the start of the
Public
assets
in
ceded
provinces_________________________
5.400.000. 000
world war and reluctantly turning their backs on decades of brilliant
pioneering and development by Americans in continental Europe, the three Merchant shipping (not including shipping interned in United
States ports)________________________________________ 4.400.000. 000
companies already are practically out of the Continent from Scandinavia
Property restored__________________________________ - ­ 1.800.000. 000
to the Dardanelles.
Rolling stock and railway material______________________ 1.501.000. 000
Transferred, to Native Companies.
000.000
Their onco vast business has been reinsured or transferred to newly organ­ Sarre mines----------------------------------------------------------------- 1 . 0 00 .
Plant
and machinery for restoration purposes_____________
871.000. 000
ized native companies with the consent of policy holders and under laws
692.000. 000
which relieve the American companies from responsibility. This has been Coal, coke and by-products_______ ______________________
Live stock____________________________________________
299.000. 000
done throughout Europe, the British Isles excepted.
Barges,
harbor
material,
Rhine
railway
bridge
and
submarine
In Groat Britain the New York Life Insurance Company, tho Mutual Life
cab les________________________________ _____________
218.000. 000
and the Equitable Life Assurance Society maintain old contracts and seek
new because of their confidence in the solidity of the British industrial, com­ Dyes, colors, agricultural machinery and shares deposited in
United
States
Federal
Reserve
Bank__________________
132,000,000
mercial and financial recovery and, hardly less important, their confidence
in British fair play toward foreign business concerns.
Total......... .............................................................................. 16,313.000,000
The New York “Evening Post” of the same date said:
Payments in Money.
Officials of the New York Life Insurance Co., the Mutual Life Insurance
Co., and the Equitable Life Assurance Society of the United States con­ To May, 1 9 2 1 Securities________________________________ 150,000.000
firmed to-day the published report that the companies had withdrawn their
G o ld -.................................. .................................. 68,000.000
business from continental Europe. The process has been going on for nine
B ills ......... ..............- ............. - .............................. 270,000,000
years, however, and is not new to insurance circles, tho officials said.
488.000,000
The movement for withdrawal of European business began at tho out­
break of the war, when the companies saw that the business field in Europe To Aug. 31 1 9 2 1 Gold bullion............. ...................
. 15.000,000
would no longer be profitable, according to Darwin P. Kingsley, President
. 58.000.000
Silver--------------------------------of the New York Life Insurance Co., and has been going on gradually ever
.439,000,000
Securities___________________
. since. At the present time tho New York company has practically no
. 87.000,000
Other payments........................
outstanding insurance left in continental Europe.
599.000. 000
“Tho company has been gradually withdrawing from Europe since 1914,”
248.000. 000
said Mr. Kingsley. “We have been reinsuring either with some local com­ Eight installments of 31 millions
Three
installments
of
50
millions
.
150.000. 000
pany in the country in which the insurance with us was carried or with
33.000.
000
companies formed in Europe for tho purpose. All the reinsuring has been One installment of 33 millions---done with the approval of the governments of tho countries in which we 26% under tho Recovery Act—
To
Dec.
31
1921........................
36.000.
000
reinsured and with the approval of the State Insurance Department. In
To June 1 1922.........................
41,300,000
some cases it has been dono by a special Act of the State Legislature.”
Export duties—
Continues English Business.
To end of 1920 -------------------164.000. 000
To end of 192 1 -------------------The business of the New York Life Insurance Co. in Europe at the
304.000. 000
To end of June, 1922-----------beginning of the war amounted to something like $400,000,000, according
120 . 000 . 000
Since Juno, 1922-----------------to Mr. Kingsley, who said he thought that $1,000,000,000 was too large
10 . 000 .
000
an estimate for tho business in Europe of the three companies combined.
Tho company is continuing to take on new business in England.
Total......... - ..............- .............................................................
598,000,000
Officials of the Mutual Life Insurance Co. said that tho company was at Total payments in money--------------------------------------------- 2,193,470,000
present maintaining only a few offices in Europe for the purpose of collecting
Indirect Payments.
premiums on old policies still remaining. The company has not been writing
any new insurance in Europe or In England since the outbreak of tho war German property liquidated abroad---------------------------------11.700,000,000
Surrender of German claims under war treaties...................
7,000,000,000
and had not been doing any business in Franco since some years before that Loss
of German colonies, German rights in foreign countries,
time.
loss
owing
to
Allied
occupation-----------------------------------1,036,500,000
The Equitable Life Assurance Society of tho United States discontinued
writing new business in European countries many years ago and began
Total payments in property and monoy, direct and indirect 38,242,970,000
withdrawing from Germany twenty-five years ago, according to a statement
issued by that company.
“ The Equitablodis continued writing new business in most European F R E N C H C H A R G E G E R M A N Y W I T H D E C E I V I N G A L ­
countries many years ago, and shortly after tho outbreak of the war with­
L IE S ON R E P A R A T IO N S P A YM E N T S.
drew from all of tho remaining countries excepting Great Britain,” said the
statement. “Since 1921 no new business has been: accepted from that
From the New York “Times” of the 5th inst. we take the
country. At the present time new business is being sought only within
the continental limits of the United States. The small amount of out­ following copyright cablegram from Paris:
The discovery in New York that Germany, by tho depreciation of tho
standing business in the European countries is being liquidated as rapidly
mark, has garnered in the United States nearly 31,000,000,000, and that
as possible.”
>
she has amassed by tho same means large sums in other countries should
enable Americans to appreciate better tho French reparations policy.
R E P A R A T IO N S
PAYM ENTS
BY
GERMANY
U P TO
By tho side of criticism of tho French attitude toward Germany which
comes so often across tho Atlantic must be placed tho fact that whereas Ger­
A P R I L 30, S E V E N B I L L I O N G O L D M A R K S .
many has perhaps realized abroad gold credits of nearly $2,000,000,000 since
Gold marks to the amount of 7,000,000,000 in round figures the end of the war, she has paid in cash for reparations less than 1,600,000,­
constituted the total payments made by Germany on repara­ 000 gold marks or $400,000,000.
Up to May 1 1921, Germany had paid 110,120,000 gold marks; between
tions up to April 30 of this year, according to statistics print­
that date and April 15 1922, she paid 1,315,660,000 gold marks and between
ed by the Reparations Commission in a pamphlet just issued, April 15 and July 15, 150,100,000, making a total of 1,575,880,000 gold
it is learned from an Associated Press cablegram from Paris marks.
It has been no secret to tho French Government that Germany has foreign
Oct. 4, which also says:
credits. For two years the French have been trying to halt tho flight of
This amount included cash and deliveries in kind and tho value of railway capital from Germany but unsuccessfully. Tho French Government esti­
rolling stock, automobiles and other property turned over at the time of the mates that tho German nation possesses abroad and beyond reach of tho
armistice.
.
allied bill collectors a total of 15,000,000,000 gold marks.
The cash payments totaled 1,425,000,000 marks, less than half the cost
Loss by Speculation in Marks.
of the military occupation of the Rhineland, which up to April 30 had
It must not bo supposed that Frenchmen have not .experienced regret at
reached 2,131,000,000 marks for the Allies and 1,000,000,000 marks for
having placed confidence in the Germany mark. Tho 300,000,000 gold
tho United States.




THE CHRONICLE

O ct . 7 1 9 2 2 .]

marks France has received from Germany is probably less than what French­
men have lost in mark speculation.
It has always worried the French Government each time it has demanded
reparation payment from Germany that Germany’s tears created so muc
effect in the United States. It has always been the belief of the Govern­
ment that knowledge of the facts would cause a change of feeling, and there
is much satisfaction accordingly.
While Paris doubts the ability of Germany at the present moment to pay
over a huge sum in gold, it is the belief of Paris that Germany has wi u y
put hcrsolf in that position of incapacity in order to cheat tho Allies o t ieir
dues, and that is why France opposed granting the present moratoi ium o
Germany without undertakings by Berlin to stop the possum game.
In arguments upon documents supplied by tho Bolsheviki, Chancellor
Wiith has been trying to throw on the French, British and Russians the b ame
for Deginning tho 1914 conflagration. Tho French see in that an effort o
preparo tho way for fighting against a resumption of reparation payments a
the end of the moratorium granted until tho first of next year.
L O SS E S S U S T A IN E D B Y A M E R IC A N S T H R O U G H G ER­
M A N M A R K S R E C O V E R A B L E T H R O U G H R E V I­
S IO N

OF T R E A T Y , A C C O R D IN G
B E R T GUTMANN.

TO H E R ­

The following is reported from Berlin Oct. 5 by the Associated I^ross i

1579

tho rate of exchange because the storekeepers have fixed their quotations
on what they expect tho new stocks to cost.
On the basis of these observations tho Federation of Christian Workers
demands tho prompt issue of a decreo forbidding the practice. The prohibi­
tion would apply not only to goods made from domestic products for domes­
tic consumption, but also commodities used in Germany, the production of
which requires imported materials. It is demanded also that export goods
be strictly required to bo quoted on tho basis of the currency of the country
to which they aro shipped.

In reporting continued opposition to the proposal, the New
York “Times” in a copyright cablegram from Berlin Oct. 1
stated:
Tho American dollar continues to make headway for use as currency in
German homo transactions. Tho latest authoritative utterances, however,
kro against tho practice. Tho Reichswirtschafts Ministry last week sum­
moned the hoads of tho Cartels and of the manufacturers' organizations
and insisted that they follow the Roichswirtschaftsrat’s recommendation
to use only mark currency in home sales of home-produced goods.
This tho organizations promised to do. At tho same time, the Associa­
tion of Retail Toxtilo Dealers issued a proclamation denouncing home
payment in dollars. As against this, however, the manufacturers, who
themselves need dollars for payment of imported materials, aro inclined
to take tho opposite line. Prominent j'urists continue to declare that trans­
action of home business in dollars is punishable as violation of the exchange
law of February 1922, but thero are other jurists who deny this.

In revision of the “unbearable” economic stipulations of the Versailles A M E R I C A N G E R M A N C L A I M S C O M M I S S I O N T O M E E T
Treaty lies the possibility of Americans recovering the lossesjusta
IN W A SH IN G T O N N E X T W E E K — P E R SO N N E L
through the possession of German marks. Phis decara 10
to The Associated Press to-day by Herbert Gutmann, Managing D
OF C O M M ISSIO N .
of the Dresdener Bank, relative to recent newspaper repor s °
_
The
appointment
by
President Harding of Edwin B. Par­
suffered in the United States through depreciation of German curre y.
He maintained that not Germany, but the lrealy, was o :i .uno.
ker, a lawyer, as United States Commissioner on the Ameri­
While saying that he was unable to verify the amountt o:hta3 American can-German Claims Commission was announced by the State
losses as announced, he expressed the opinion that *960.000,000 repre­
sented a great exaggeration.
.
. , .
fTlpir Department at Washington on Sept. 2G. Mr. Parker’s ap­
“Especially,” he added, “inasmuch as Americans ^vested hero their pointment completed the personnel of the mixed claims com­
marks in stocks, houses and other property values—an
.
mission which will adjudicate outstanding American claims
estimates states that one-third of the total investment was in
bonds—it is to bo considered that these investments have kept thur against Germany. Dr. Wilhelm Kiesselbach of Hamburg
intrinsic worth.
.
,
. __
was chosen as the German representative. The agreement,
“Stocks, the prices of houses and other real values
raen rtw n ^ y,
which, as we reported in our issue of Aug. 19, page 817, had
and evon if tho riso has not been in the same proportion as the ep c
of tho mark, this makes no difference, sinco the intrinsic value remal s been signed by representatives of United States and Ger­
the same. Furthermore, I call attention to the fact that
c
' many, provides for a mixed commission of two, and the nam­
in which the mark showed depreciation gave to the entire outside world
the possibility of the cheapest imports from Germany, and this was util
, ing of an umpire to decide upon any points of difference
greatly to tho damage of Germany, and led from limo to time to selling which might arise. Associate Justice Day, of the United
German products at tho lowest prices, while at the same time Germany
had to buy nocessary raw materials abroad for new production at muen States Supreme Court, was, as we indicated in our issue of
Aug. 19, named by President Harding as umpire. President
too high prices.
He regretted if Americans were to lose through the possession of marirs, Harding has appointed Robert C. Morris of the law firm of
but believed that the German losses, on account of depreciation, were Morris, Plante & Saxe, New York, as agent of the United
immensely heavier, and, besides, Germany had to stand very great losses States Government before the commission. The initial meet­
in tho United States through the sequestration and liquidation of German
ing of the commission will be held in Washington on Monday
property— “losses which represent profits to American citizons.”
_________________________
Herr Gutmann then doclared: “If further depreciation of the mark next, Oct. 9.
is to bo avoided the economic stipulations of the Versailles Treaty, which
are unbearable for Germany, must be revised. This revision must come S P E C U L A T O R S S E I Z E D W H E N R U B L E F A L L S F R O M
quickly before it is too late. Then, perhaps, the possibility will develop
4,000,000 T O 10,500,000 T O T H E D O L L A R O N
for the recovery by Americans of their losses on the mark through im
“ B L A C K B O U R S E .”
provement of the mark.”
R E N E W E D D E C L IN E IN M A R K A T T R IB U T E D TO L E ­
G ITIM A T E B U Y IN G OF F O R E IG N CU R RE N CIES.

Under date of Oct. 4 the Associated Press in a Berlin cable
gram said:
The legitimate buying of foreign currencies by industrial and importing
interests is designated as virtually the exclusive reason for the renewed
slump in the mark, financial writers observing that the stagnant political
situation is a non-contributing factor in the present crash.
It is also pointed out that the speculative element is wholly absent at
present owing to control measures adopted by the Government which
restrict’ traffic in foreign moneys to a specific number of major banks
definitely accomplishing tho elimination of irregular and curb speculation
A further contributing factor to the drop in tho German mark is dis­
covered by some writers in the circumstances that the reparations issue
continues to remain in abeyance, despite the temporary moratorium
achioved through tho issuance of Treasury bills payablo to Belgium, for the
ultimate redemption of which the German Government is already making
necessary provision.
•
As the banks are no longer supplying industrialists with foreign currencies
in open account, buyers now are obliged to put up cash when buying
dollars, as tho banks are not willing to assume tho risks involved in con­
vulsive fluctuations.
While tbo frosh demand for foreign currencies by importers and manufac­
turers is believed to bo tho primary causo of tho acute drop in the mark, tho
writers concur in blaming the unfavorable internal economic situation and
tho unonding currency inflation for contributing to tho new level of the
mark, which”to-day officially touched 2,127.33.
O B JE C T IO N

IN

G E R M A N Y TO D O L L A R
G ER M A N T R A D IN G .

B A SIS

FOR

On Sept 13 the Associated Press (Berlin cablegrams)
stated that dollar exchange was the subject of a concerted
attack that day by German consumers, who protested against
using the dollar as a basis for fixing domestic prices. The
cablegram said further:
The Federation of Christian Workers took the initiative by presenting a
memorial to tho Government, declaring that confidence in tho German mark
was undermined when prices were fixed on a dollar basis and that foreign
countries could hardly bo expected to have faith in the mark’s value when
this was so underestimated at homo. The use of the dollar exchange, it
said, brought the dollar into an over-increasing demand, which made a
consequent riso in its prico.
Many buyers aro stocking up on dollars in advance, owing to tho uncerain markot in other moneys. Retail prices have risen more rapidly than




A copyright cablegram from Moscow Sept. 3 to the New
York “Times” says:

The authorities havo raided the curb money market, "Black Bourse,” as it
is called, where dealings have been transacted more or less openly in the last
six months in foreign exchange and Czarist gold. Yesterday and Thursday
there were over eighty arrests, with seizure of considerable sums of gold
and foreign currency.
At the same time thero havo been arrests of persons accused of “specu­
lating” in apartments. Premiums of *1,000 havo commonly been asked
for fivo-room apartments, and Government officials are implicated on
charges of bribery.
The reason for tho arrest of "Black Bourse” dealers was the recent start­
ling fall in value of Soviet paper. At tho end of August the rate was 4,000,­
000 to tho dollar; to-day it is 10,500,000. With naive readiness to suspect
darkjy hostilo forces working against them, one of the most curious char­
acteristics of the Soviet authorities, it was taken for granted here that the
fall in tho paper ruble was duo to tho nefarious action of speculators. In
point of fact it was caused by tho return from tho provinces of large amounts
of paper currency sent there during tho late summer to handle the crop move­
ments. Anyway, the arrests, instead of “knocking the dollar back to
5,000,000,” as one official of tho Government Bank confidently predicted,
only made it recede from 10,600,000 to 10,500,000.
S O V I E T S E T S 1925 F O R R U S S I A T O R E C O V E R .
The New York “Evening Post” of Oct. 3 prints the follow­
ing from Moscow Sept. 1:

The Soviot Government has set 1925 as tho year when the production of
Russian industries should be brought up to an output approaching the pre­
war normal.
Transport and agriculture and all auxiliary industries connected with
them are to bo ro-established first. Special attention and liberal expendi­
ture are recommended for oil and coal production.
Oil,
which in 1922 yielded 263,000,000 poods (a pood is 36 pounds), is
expected to yield 497,000,000 in 1925, and coal, which in 1922 yielded
670,000,000 poods, is expected to give 1,670,000,000 poods in 1925, as
against 570,000,000 poods of of oil in pro-war times and 2,097,000,000 poods
of coal in 1916, tho year of maximum production.
The metal industry, which in 1922 yielded 30,000,000 poods, is expected
to yield 120,000,000 in 1925, as against 257,400,000 poods in 1913. In the
textile industry, where 1,368,500 spindles and 36,000 looms are working in
1922 producing 500,000,000 yards of cloth, 3,000,000 spindles and 80,000
looms are oxpocted to yield 1,400,000,000 yards of cloth in 1925.
This plan, however, cannot be accomplished without money, says a re­
port to the recent Communist party conferences. Money is needed from
tho start, both as fundamental and working capital. The sum to bring the
various industries through till 1926 is fixed at 3,500,000,000 gold rubles. As
no such money can be found in tho country, tho report urges the necessity
of attracting money from abroad.

THE CHRONICLE

1580
NEW

GERMAN

T R U ST H E A D E D B Y OTTO
R I V A L TO S T I N N E S .

WOLFF A

The N ew York “ Times” reports the following cablegram
(copyright) from Berlin Sept. 24:
A new and powerful so-called “vertical trustification,” a combination
rivaling the famous Stinnes concern, has just been engineered. The
organizing genius is the industrialist Otto Wolff, head of the similarly
named iron merchants’ firm of Cologne.
The new concern includes coal and iron mines, iron and steel works,
machinery and electrical manufacturing works, electric light and power
plants, overland electric power transmission lines, gas plants, a great
export organization and far-going partial control of shipping lines. The
capital of the new Wolff concern is 684,000,000 marks, which is shortly
to be increased to 984,000,000. The capitalization of the Stinness “RheinElbe-Siemens-Schuckert-tTnion” concern is 1,138,000,000.
Economic and financial pressure welded this new German business
giant together out of mutually dependent or mutually interested parts.
It is signifacant as marking another fresh step in the concentration policy
of German economics. It is also hailed as “forming a new front against
foreign competition.”
The new concern divides logically into two allied groups, the coal and
Iron group and the electrical group, with Otto Wolff at the common apex.
The keystone of the coal and iron group is the Phoenix Corporation,
owning and operating coal mines and iron and steel works. The con­
trolling interest in the Phoenix is owned by Otto Wolff, together with
the industrialist Von Hansel and the Royal Dutch Iron & Steel Works.
The Phoenix in turn has a controlling interest in eight other concerns,
including manufacturing works, quarries, iron and steel tube works and
a shipping company. Now linked up with the Phoenix through Otto
Wolff is the Rheinstahl Corporation, a mixed concern of coal mines and
Iron and steel works, the majority controlled by Wolff, who in turn owns
three-quarters of the Arenberg Corporation, operating coal mines and
iron works in Essen and likewise controls four other concorns.
The electric group, linked up with the coal and iron group through
Otto Wolff, consists of the Dessauer Gas Corporation, which controls
thirteen gas and electrical works and overland power lines. It consists
further of tho Theydt Electro-Technical Manufacturing Co. This latter
is allied by mutual interchange of stock with the Sachsenwerk, the biggest
electric light and power concern of Saxony and through it the Wolff con­
cern has intimate affiliations with the North German Lloyd and Lcland
Line.
^
_____
M ETHODS

OF P A Y I N G

FOR G E R M A N

EXPORTS.

The following copyright cablegram from London, Sept. 17,
was published by the New York “ Times” of Sept. 18:
So far as regards the future of German exchange, it has all along been
assumed that some support could be depended on as a result of purchases
of marks to pay for British imports from Germany. It is true that the
practice of German exporters to accept payment only in foreign currencies
has increased very largely with the depreciation of the mark. Nevertheless,
business is by no means exclusively conducted in such currencies, and tho
feeling exists that it is never likely to be wholly restricted to them. In
fixing the value of German exports, no hard and fast rule is followed. In
general, buyer and seller alike have to run the risk of exchange fluctuations.

1.
Under date of Sept. 17, press advices from Washington
stated:
ADVANCE IN

GERMAN

POTASH

P R IC E OCT.

German potash prices will be raised 3% on Oct. 1 to meet the rising
costs of coal and labor, the Commerce Department was avdised yesterday
by Trade Commissioner Alfred I’. Dennis at Berlin. The reported accord
between German and Alsatian potash groups to establish a monopoly and
raise prices, however, be said, has been denied by officers of the German
potash syndicate.
The output of German potash for 1922 was estimated in tne advices at
1,250,000 metric tons, as compared with 921,000 tons last year, while the
former German potash mines in Alsace will yield 120,000 tons of potasn in
1922. The Alsatian export capacity this year was estimated at 60,000 tons
and the German export capacity at 400,000 tons.
D O U B L IN G OF C A P I T A L B Y
C O M P A N IE S.

GERMAN

DYE

Press advices from Berlin, Sept. 24, stated:
New stocks in the German dye industry to the extent of 1,800,000,000
marks are expected to be thrown on the market in the near future.. As a
forerunner of this the directorates of two large firms have already decided to
virtually double their capital stock.
The firm of Farbwerke, formerly known as Meister, Lucius & Bruening,
of Hoechst-on-Main, nas voted an increase of 470,000,000 marks, which
will make a total capital stock of 940,000,000 marks. Other concerns in
th.'s group have similar increases in prospect.
Tho directorate of the Chemiche Fabrikan, formerly Weiler-ter-Meer in
Lt-rdingen, has decided to increase its total stock from 33,000,000 to
64,000,000 marks. ________________
G E R M A N “ E F F I C I E N C Y ”— A S S E R T I O N T H A T I N D U S ­
T R IA L W O R K E R S A R E M A T C H I N G P R E -W A R
C A PA C ITY.

According to a cablegram (copyright) to the New York
‘Times” from Berlin, Sept. 24, the “ Frankfurter Zeitung”
publishes details indicating a recent extraordinary increase
in the per capita efficiency of industrial workers in Ger­
many. The cablegram adds:
P Its figures appear to show that the present per capita output in many
shops is double that of 1920, and that, as compared with 1913, it is higher
by 10 to 30%, and in one case by no less than 90%.
The "Frankfurter Zeitung” reaches the positive conclusion that only a
very incautious man would dare to affirm that Germany’s total industrial
working power is not now equal to that before the war.
S W I S S R E J E C T L A W TO D E A L
R E VO LU TIO N A IR E S.

W ITH

From Berne, Switzerland, Sept. 25, the New York “Times”
announced the following advices:



[V ol. 115.

The law giving the authorities drastic powers to deal with revolutionaires,
which was voted by both chambers of Parliament, has been rejected on a
referendum by 373,000 votes against 300,000. The result of the referendum
came as a surprise to the Government.
The law would have empowered tho authorities not only to repress acts
against the public security, but movements considered likely to disrupt
public order, such as general strikes of a political character. Ninety per
cent of the citizens voted.
'
IN C O M E -T A X
E X E M PT IO N
OF F O R E IG N I N V E S T ­
M E N T S I N I T A L IA N IN D U S T R IE S .

From “ Commerce Reports” of Sept. 18 we take the
following:
The latest information as to the status of a bill, introduced in the Italian
Parliament in July, for the exemption from Italian income tax of foreign
investments in domestic industries, is to the effect that despite much
favorable support the bill will not be passed at the present session.
This bill, known as the Bertone bill, provides, in brief, tnat interest on
tho securities of Italian corporations placed abroad up to Dec. 31 1925 shall
be free of income tax, and that such interest may also be deducted from
corporate gross revenues in computing the net income subject to taxation.
These special privileges shall apply to bonds the proceeds of which are
invested in:
1. Construction and extension of industrial plants of general benefit
to the national income.
2. Harbor construction and improvements.
3. Railroad construction.
4. Improvement of agricultural land.
In view of the heavy income taxation it is difficult for Italian corporations
to place loans abroad except at almost prohibitive rates. The Bertone bill
seeks to remove this serious obstacle to the efforts of Italian industry in
attracting much-needed foreign capital.
IS S U A N C E

OF G R E E K PA PE R NOTES.

The American Legation at Athens, under date of June 15,
sent the following advices to the Department of Commerce
at Washington:
According to Law 2766, rocently passed, paper notes of 10-lepta denomnation to tho amount of 500,000 drachmas may be printed and circulated
until suitable new coins can be put into circulation.
In all private transactions these notes must be accepted as legal tender at
their face value up to the sum of 2 drachmas, while in any public treasury
they shall be acceptod without limit.
Upon the circulation of the new metallic coins these notes shall be retired
by a royal decree stating the time and method. All 10-lepta notes remain­
ing in circulation after the expiration date shall be accepted only at the
central treasury within a period of one year. After this period they shall
be definitely withdrawn in favor of the Government.
GREEK

CO N SO RTIU M OF B A N K S — E X T E N SIO N S
P R IV IL E G E S OF N A T IO N A L B A N K .

OF

The Department of Commerce at Washington recently
made public financial information relative to Greece (re­
ceived from Consul-General W. L. Lowrie at Athens, under
date of April 3) of which the following was a part:
The Governor of the National Bank of Greece in his annual report, which
appeared in the “Exchange Gazette” of Athens, gives considerable material
relative to the financial and commercial conditions of the country.
Throughout the years, says the report, the National Bank has not only
stood by the Government, but has kept its doors open to all the needs of
national finance. The consortium of banks, which was established in May
1921 with the object of controlling operations in foreign exchange, was,
it is claimed, especially influential in restraining speculation.
From June 1 to Dec. 31 1921 exchange was bought to the value of £8,­
271.620, 827,327,293, 98,139,239 francs and 63,028,178 Italian lire, or an
equivalent of £17,283.811. The amounts disposed of were as follows:
For provisions, equivalent of----------------------------------------------- £2,176,264
918,063
For the services of the foreign loans of the State....... ............
For various other State needs--------------------------------------------- 3,394,868
For commerce___________________________________________ 10,452,905
Total_______________- - - ..............- ..........................................-£16,942,100
Balance undisposed of on Dec. 31 1921-----------------------------341,711
The capital of the consortium (in which there were 25 banks) amounted
on Dec. 31 1921 to an equivalent of £1,636,519, the share of the National
Bank being £1,000,000.
Circulation of Bank Notes.
On Dec. 31 1921 the total authorized circulation of the Bank for its own
account was 1,363,405,000 drachmas (1 drachma equals SO.0423 at present
exchange). The total actual circulation of bank notes from all sources
for the last five years were as follows:
Circulation of Bank Notes from 1917 to 1921, inclusiec.
Proportional
Years—
Drachmas.
Increase.
1917 ........................................................................ 848,127,000
___
__________________________________ 1,257,825,000
1.48
1919” ” ......................................
1.375,247,0001.62
1920
1,508,366,0001.78
1921 II-------............................................... -.2,161,183,000
2.55
Public Debt of Greece— Receipts.
The public debt of Greece on Dec. 31 1921 amounted to 5,863,000,000
drachmas, as follows:
Drachmas.
In gold...............................................................................................1,491,000,000
In bank notes, representing issuance of bonds.........................2,156,000,000
Against circulation of bank notes............................................... 2,216,000,000
Total....................... - ........................................ ............................5,863,000,000
About 27% of tho whole public debt in gold, the service of wliich is sub­
ject to the International Financial Commission, was deposited in the
National Bank on Dec. 31 1921, either for safety, or as a pledge, or as
property of the Bank. The per capita public debt is estimated at approxi­
mately £42.
Tho collection of revenue (customs duties and State monopolies), subject
to the International Financial Commission, amounted in 1920 to 208.-

Oct.

7 1922.]

1581

THE CHRONICLE

and 1 0 0 A and interest for the balance, $3,000,000. Tho
bonds are dated Oct. 1 1922, are due Oct. 1 1942 and are
redeemable as a whole on any interest date at 107. They
are callablo by lot for sinking fund in equal installments
beginning in April 1928 at 105. Tho entire issue to be re­
deemed by maturity. Interest is payable in American
V a lu e o f G r e c ia n I m p o r ts a n d E x p o r ts .
Tho value of Greek imports and exports for the years 1920 and 1921 was funds in gold in New York and Philadelphia on April 1
as follows: Imports, 2,131,038,321 drachmas in 1920 and 1,673,619,410 and Oct. 1. Tho bonds are in denominations of $1,000 ar.d
drachmas in 1921; exports, 664,112,647 drachmas in 1920 and 816,991,190 $500. The official announcement says:

215,817 drachmas and to 259,929,905 drachmas in 1921. Collections not
subject to the International Financial Commission were 63,549,099 drachmas
in 1920, as against 102,657,528 drachmas in 1921. Thus the total collec­
tions were 271,764,916 drachmas in 1920 and 362,587,433 drachmas in
1921, showing an increase in 1921 of 90,822,517 drachmas over tho 1920
receipts. Tho total taxation in Greece is about 700,000,000 drachmas,
or 126.44 drachmas per capita.

drachmas in 1921.
.
Although imports in 1921 decreased by 21.46% from 1920, exports in­
creased by 23.02%. The Governor of tho National B a n k ascribes the
decrease in imports as partly due to the fall in prices in the international
markets, the limitation of the allotment by the consortium of foreign ex­
change to applicants and the raising of the “agio.” Tho development of
the agricultural products of the country is advised in order that a n equilib­
rium in the foreign trado of Greece may be attained. New capital invested
in 1921 in agrarian credit under one form or another amounted to 73,­
241,309 drachmas.
A c t i v i t i e s o f t h e N a t i o n a l B a n k i n 1921.
By a convention of April 19 1921 the privileges of the National Bank
were extended to the end of 1950 and were made to cover the new territories.
The same convention raised the capital and reserves of the Bank to 100,­
000,000 drachmas. The productive business of the Bank at the end of
1921 showed an increase in all branches over 1920, tho average capital en­
gaged being 379,088,000 drachmas in 1920 and 442,661,000 d r a c h m a s in
1921, an increase of about 16.8%. During 1920 the Bank continued i s
services with respect to the feeding of the country, paying out 500,143,650
drachmas for the supply of 365,813 tons of wheat and 29,533 tons of flour.
The total deposits in the Bank at sight, at fixed terms, and savings ban
deposits amounted on Dec. 31 1920 to 1,191,258,000 drachmas and o n (%1®
same date of 1921 to 1,696,312,000 drachmas, an increase of 505,054,000
drachmas. During 1920 26,501,000 drachmas were allowed as nit crest
and in 1921 42,681,000 drachmas were allowed, an increase of 15 ,580,000
drachmas. Deposits in other Greek banks amounted to 1,099,153,000
drachmas in 1920 and 1,415,695,000 drachmas in 1921, or an increase of
316,542,000 drachmas.
Although the profits of the Bank during 1921 were satisfactory, the Goxernor stated that the results must be considered as abnormal, as they aioso
from extraordinary business on the one hand and on the other from latent
profits deriving from previous years. The dividend distributed to the share­
holders for the first half year amounted to 250 drachmas per share and for
tho second half year to 300 drachmas per share. During tho year 85,000,000
drachmas wero transferred to the reserve capital. On Dec. 31 1921 the
total of the share and reserve capital of the Bank was 155,000,000 drachmas.
L E G A L IT Y OF E X P O R T IN G GOLD F R O M A R G E N T IN A .

The Department of Commerce at Washington made public
on Aug. 7 the following from Consul-General William "W.
Robertson at Buenos Aires:
Press reports from Argentina indicate that, although the exportation of
gold from Argentina has been judicially declared legal, tho matter has assum­
ed a rather unusual phase in view of the fact that the Minister of Finance has
issued a circular to the Argentine customs officials announcing that Jaw
No. 9483, which prohibits the export of coined gold, is still in force. The
circular in question seems to have been sent to the customs authorities on
account of the decision of tho Federal judge, which set forth that law No.
9483 had expired on account of the cessation of hostilities in Europe, the
claim of the Minister of Finance being that the state of war has not ceased,
according to tho standards of international law, which requires for this
purposo tho conclusion of treaties of peaco and an expressed declaration
of the termination of hostilities by tho Governments participating.
B R A Z IL IA N L A W

F O R T H E P E R M A N E N T V A L O R IZ A ­
T IO N OF COFFEE.

The following is from “Commerce Reports” of Aug. 7:
Decree No. 4548 authorizing the permanent valorization of coffee and
tho protection of national production of certain other agricultural and pastorial products, was signed by the President of Brazil on June 19 1922.
This law represents to a large extent the outgrowth of the valorization
principle, which has hitherto been applied only to coffee. The fund pro­
vided for tho valorization of coffee is set at 300,000,000 milreis.to be drawn
from profits on coffee operations, from State contributions, from internal
and external credit transactions, and from tho issue of paper currency to
be made for the completion of tho fund and to be based on that part of the
gold deposit for guarantee of paper currency not already guaranteeing
issues made by virtue of Decree No. 3546 of Oct. 22 1916. A translation
of tho law may bo obtained from tho Latin American Division, or from any
of tho district and co-operative offices of tho Bureau, by referring to "Tho
Brazilian Permanent Valorization of Coffee,” file No. 3549. (Commercial
Attache W. L. Schurz, Rio de Janeiro.)
STRIKE IN PORTUGAL A G A IN S T N E W CEREAL LA
M I L I T A R Y B A K E R I E S TO S U P P L Y B R E A D
TO P E O P L E .

IF—

Lisbon (Associated Press) advices August 8 state:
A general strike is in effect here, and the Chamber of Deputies has ap­
proved suspension of tho Constitutional guarantees for a fortnight with
tho object of limiting the movement. The workers are protesting against
the new cereals law and the rise in the cost of bread.
Nearly all traffic in tho capital is at a standstill and most of the shops are
closed. Port activities have been paralyzed for the last two days. Trains
are oxpected to bo suspended. The Government has ordered tho military
bakeries to supply bread to the population if a serious shortage arises.
PREFERRED

LOAN

OF

STATE

OF

BAH IA,

BRAZIL.

On tho 6th inst. announcement was made by Fincke,
Bangert & Co. of Philadelphia of an offering of a preferred
loan of $5,000,000 State of Bahia, United States of Brazil,
8 % sinking fund preference gold bonds. The bonds wore
offered subject to favorable legal opinion of Brazilian and
American counsel at 99)4 anti interest for the first $2,000,000



These bonds are the direct and general obligations of the State of Bah a
and in addition they are secured by deposit of the revenues of the State on
exports of hides, skins, sugar and on statistical and agronomical services.
These revenues amounted to an average of $963,740 per annum for the p -s',
five years based on current rates of exchange. Should exchange become
normal this would be increased to $2,000,000. The proceeds from the sale
of these bonds are to be used to complete tho construction of State high­
ways. It takes but $400,000 to pay (ho annual interest on the present
issue of bonds and when sinking fund starts (in 1928) a total of $650,000.
We quote from the agreement between tho Government and tho bankers :
"Tho Government of tho State of Bahia is obligated to satisfy the conditions
of this loan, interest and amortization in preference to any other loans
present or future.”

Temporary bonds will be delivered pending the engraving
of the definitive bonds. It is expected the former will be
ready for delivery about Oct. 12. Application will be made
in due course to list these bonds on the New York Stock
Exchange.
_________________________
NEW
ORLEANS
BANKERS
ANNOUNCE
$2,000,000
B O N D I S S U E OF S T A T E OF C E A R A , B R A Z IL .

The following comes to us from the Interstate Trust &
Banking Co. of New Orleans, under date of Oct. 1:
With tho announcement yesterday of a $2,000,000 bond issue of the State
of Ceara, Brazil, which is to be handled through the Mortgage & Securities
Company of New Orleans, with the Interstate Trust & Banking Company
as trustees, fiscal agents and registrars. New Orleans entered into a new
phase of its financial history. This is the first time a foreign bond issue has
been handled in America by any city outsido of New York.
Tho signatories parties of tho issue were Sidney W. Souers, President of
the Mortgage & Securities Company of New Orleans, and Ildefonso Albano,
Vice-President of the State of Ceara and Mayor of Fortaleza, capital of
Ceara. Ceara is a prosperous Brazilian State with an area of 64,000 square
miles and a population of 1,300,000. Tho chief industries are agriculture
and cattle breeding.
The proceeds of the issue are to bo used in the State of Ceara in public
improvements of tho docks and sewers in Fontaleza, to bo constructed by
the C. A. D. Bayley Construction Co. of New Orleans.
Under tho terms of the contract, all materials and supplies must be pur­
chased in tho United States or Brazil. All freight shipments moving to
Ceara must move in American ships or in ships of the Lloyd-Braziliero
Line, owned by the Government of Brazil. All steel workers, engineers,
superintendents and others employed in tho work must be Americans,
except such workmen as can be procured in Brazil.
O F F E R IN G OF

STOCK

OF C O M M E R C I A L

CREDIT

CO.

Robert Garrett & Sons, of Baltimore; Cassatt & Co., of
Philadelphia and New York; and Spencer Trask & Co., of
New York, offered on the 6th inst. $1,000,000 7% Cumula­
tive Preferred Stock of the Commercial Credit Co. (incor­
porated under the laws of Delaware) of Baltimore and San
Francisco. The issue was offered at $26 50 and accrued
dividend per share, to yield 6.60%. The stock, exempt
from normal Federal income tax, is in shares of $25 par.
Dividends payable quarterly the last day of December,
March, June and September. Redeemable, upon 60 days’
notice, at $30 per share (par value $25) and dividend. Com­
pany refunds State, county and city personalty tax up to
A % per $100 assessed value in any State, or in lieu thereof
State income tax up to 12)4 cents per share, on each issue of
Preferred stock, wherever held. Registrar, The Fidelity
Trust Co., Baltimore. The circular states:
Capitalization and Surplus—Cash Paid and Outstanding—Including
present issue:
$3,000,000 Preferred Stock 7% Cumulative.
3.000. 000 Preferred Stock Class “B” 8% Cumulative.
3.000. 000 Common Stock (present dividend rate 14%).
2,098,220 Surplus and Profits after 15% Common Stock Dividend Oct. 21
1922.
.\11 threo stock issues are listed on the Baltimore Stock Exchange, and
application will be made in duo course to list the Preferred now offreed.
Subscribers to the above Preferred stock are offered the privilege of
buying one share of Common Stock at $52 50 flat per share for each four
shares of Preferred which they are allotted.
“ D A I L Y M A I L ” STOCK OVERSUBSCRIBED.
According to a press cable received in the United States
Oct. 5 from London, the offering of £1,600,000 “ Daily Mail”
Trust 7 % Debenture stock, made in that market by the
British Foreign Colonial Corporation, has been oversub­
scribed thirty times. Applications totaling 32.000 were
listed, representing upwards of £50,000,000, actual deposits
for which have been lodged with the issuing house by in­
vestors. The London press, the cable says, endorses and
regards the result of the offering as a testimony to tho
belief on the part of the public in the stability of sound
newspaper enterprises. The “ Daily Mail” trust was formed
LONDON

1582

THE CHRONICLE

to acquire the controlling interest held by the late Lord
N orthcliffe in Associated Newspapers, L td. The board
includes Lord Rotherm ere, Sir Leicester H arm sw orth,
brothers of Lord N orthcliffe, and also Frederick Szhavasy,
M anaging D irector of the British Foreign Colonial Corpora­
tion.
_______________________

[V ol. 115.

C U L V E R & C O ., P H I L A D E L P H I A , I N B A N K R U P T C Y .

On Wednesday, Oct. 4, an involuntary petition in bank­
ruptcy was filed in the United States District Court against
Bertrand Barnett, individually and as doing business under
the firm name of Culver & Co., with offices in Philadelphia,
Pittsburgh, and at 25 Broad Street, this city. The petition
alleged, it is said, that liabilities are upward of $100,000 and
NEW
Y O R K C L E A R IN G H O U S E Y E A R L Y FIG U RES.
assets of $3,000. On Tuesday afternoon (Oct. 3) President
A t the annual meeting on Tuesday last of the Now York W. S. Silkworth of the New York Consolidated Stock Ex­
Clearing House Association W alter E. Frew, President of the change announced the suspension of Mr. Barnett from that
Corn Exchange B ank, was re-elected President of the Asso­ body, following an investigation by the Bureau of Auditing
ciation, and Lewis L. Clarko, President of the American
& Accounting of the Exchange, which found that the capital
Exchange N ational Bank, was re-elected Secretary. The
of Culver & Co. had been impaired by the failure on Sept. 13
following reappointm ents were made: William J . Gil­
last of J. C. Rabiner & Co. of this city. According to the New
pin, M anager; Clarence E . Bacon, A ssistant M anager, and
York “Journal of Commerce,” President Silkworth said there
Charles A. H anna, Examiner. Stephen Baker, President
was no evidence to show that the firm had done anything
of the B ank of the M an h attan Com pany, was elected Chair­
other than a legitimate brokerage business and the action of
man of the Clearing House Committee, succeeding Francis
the Exchange was taken for the protection of the firm’s cus­
L. Hine; the other members of the Com mittee are Gates
tomers and to prevent it from accepting new accounts.

W. M cG arrah, Chairm an of the Board of the M echanics &
M etals N ational Bank; William A. Simonson, Senior Vice­
President of the N ational City Bank; William W oodward,
President of the H anover N ational Bank; and Jam es H.
Perkins, President of the Farm ers’ Loan & T rust Co. The
chairmen of the other committees are—Conference Com­
m ittee, Edw ard C. Delafield, President of the Bank of
America; N om inating Com mittee, E . H ayw ard Ferry,
Vice-President of the H anover N ational Bank; Committee
on Admissions, O. H . Cheney, President of the Pacific
Bank; A rbitration Com mittee, Samuel H. M iller, Vice­
President of the Chase N ational Bank. According to the
report presented, the total transactions for the year ended
Sept. 30 1921 were $234,359,060,704; made up of $213,­
326,385,752 exchanges and $21,032,674,952 balances.
For the year ended Sept. 30 1921 the total transactions had
been $224,942,584,498, while the previous year the total
transactions had aggregated $277,554,461,852,—establish­
ing a record for the twelve month period. The largest
daily transactions on record were those for January 3 1921,
when the total was $1,524,339,212. The total transac­
tions since the organization of the Clearing House, 69 years
ago reached $4,236,728,163,209. The following is from
the M anager’s annual report:
The Clearing House transactions for the year have been as follows:
Exchanges........................................................................ .. $213,326,385,751 57
Balances............ ................................................................
21.032,674,951 96
Total transactions....................................................... $234,359,060,703 53
The average daily transactions:
Exchanges........................................................................
$706,378,760 76
Balances....................................................................... —
69,644,619 04
Total............................. ............................................ ..
$776,023,379 80
Total transactions since organization of Clearing House (69 years):
Exchanges......................................................................- -«$3.987,566.087,717 01
Balances---------------- -----------------------------------------249,162,075,491 67
Total---------------------------------------------------- ------- $4,236,728,163,208 68
Largest exchanges on any one day during the year
$1,125,561,884 90
(May 2 1922)........................... .................... ..................
Largest balances on any one day during the year
(Dec. 16 1921)................. .......................... ..................
113,984,618 79
Largest transactions on any one day during the year
(July 1 1922).............................................................
1,218,911.274 32
Smallest exchanges on any one day during the year
299,755,004 83
(April 15 1922)---------------- --------------- -------------Smallest balances on any one day during the year
(April 15 1 9 2 2 ).................... ......................................
43,347,971 90
Smallest transactions on any one day during the year
(April 15 1922)..........................
343,102,976 73
Largest daily transactions on record______________
Jan. 3 1921
Exchanges---------------------$1,423,063,788 35
Balances---------101,275,424 02
Total transactions-----------------------------------------$1,524,339,212 37
Largest exchanges, Jan. 3 1921_____
$1,423,063,788 35
Largest balances. Juno 17 1920..............
157,020,486 37
Transactions of the Federal Reserve Bank of New York:
Dobit exchanges------------------------------------------------$2,933,962,838 99
Credit exchanges__ :-----------------------------------------18,839,142,319 91
Credit balances------------------------------------------------15,905,179,480 92
The Association is now composed of 18 national banks, 11 State banks
and 12 trust companies. The Federal Reserve Bank of New York and the
Clearing House City Collection Department also make exchanges at the
Clearing House, making 43 institutions clearing direct.
There are 7 banks and trust companies in the city and vicinity, not
members of the Association, which make their exchanges through banks
that are members, in accordance with constitutional provisions.
B O S T O N F I R M O F J O H N R . K I E L T Y & CO. F A IL .

An involuntary petition in bankruptcy was filed recently
in the Federal District Court against John R. Kielty & Co.,
at G8 Devonshire Street, Boston. The firm was organized in
1921 and was a member of the Boston Curb Market and the
Consolidated Stock Exchange of this city.



T E X A S S T A T E D E P O S IT G U A R A N T E E S Y S T E M C R IT I­
C I S E D B Y C. O. A U S T I N — D E F E N S E O F S Y S T E M .

Criticising the Texas state banking system, and more par­
ticularly the deposit guaranty feature, Charles O. Austin,
Vice-President of the Dallas Trust & Savings Bank, of Dal­
las, and formerly State Banking and Insurance Commis­
sioner, declared recently that “guaranteeing non-interest
bearing funds of a bank and forcing a bank to pay all losses
of such funds due to bank failures is unbusinesslike, unscien­
tific and unfair.” Amendments to the law are necessary to
maintain the State banking system in Texas, he asserted.
Mr. Austin’s declarations were made before the Texas Bank­
ers’ Association at its annual convention at Fort Worth on
May 18. A defense of the State banking system was offered
at the same time by the present State Banking and Insur­
ance Commissioner, E. Hall. As to the comments of the two
we take the following from the Dallas “News” of May 19:
In dealing with what he considered the faults of the system, Mr. Austin re­
viewed the development of the State banking system and the development of
the national banking system. He asserted that the reason State banks in
Texas are not os strong as National banks is that the National banks were or­
ganized here as early as 1866, while State banks have been in existence only
since Aug. 2 1905. He pointed out that though there are 21,504 State banks
and only 8,155 National banks the balance of power, gauged by the money
controlled by the banks, is in the hands of the National banks.
The system of guaranty in short is a system of insurance where all State
banks are required to become members of a mutual insurance organization
under State laws. The trouble with the guaranty scheme is that we are try­
ing to insure a hazard that can not be determined, that is, business ability.
You can not insure that which can not be reduced to a table of hazards and
of rates.
“The record of Oklahoma has given the guaranty plan all over the United ’
States a black eye, but that system has been the victim of unscrupulous po­
litical highbinders. In 1909 the guaranty law was adopted and in Texas it
has been successful for so many years that it was pointed to as an outstand­
ing success. Until about a year ago, $1,600,000 had been paid from the
guaranty fund and from this total a large percentage of recovery had been
made, but since January 1921 $7,467,740 has been paid out. This money has
come from other banks of the State which are operated by upright business
men on a sound basis.”
Guaranty Amendments Urged.
Mr. Austin pointed out that the only hope to reduce the hazard of banks
operating under the guaranty fund is through the amendment of the present
law. Trouble has developed in wildcat bank3 in Ranger and other sections
of the oil fields, he declared, and said that liabilities of State banks should
be reduced and that it should be made more difficult for State banks to ob­
tain charters.
“The payment of assessments from guaranty funds has been find for depos­
itors,” according to Mr. Austin, “but it has not been so fine for bankers
who, in some cases, have paid out as much as 20% of their capital to save
the funds of depositors.” He recommended the separation of the department of
insurance from the department of banking. Only two other States in the
country have similar departments, and a better working department of bank­
ing would result from their separation, he said.
“The Banking Commissioner should be a man of eminent capabilities and
should be paid not less than $10,000 a year, and he should have at his com­
mand a corps of examiners to be paid not less than $4,000 and from that
$6,000, the increase to induce examiners to remain with the commission,” Mr.
Austin said.
One of his most revolutionary suggestions was that the amount of deposits
to be protected by the guaranty fund should be limited. He asserted that
the man with $50,000 in a guaranty fund band should not be protected on
the basis that he should be able to take care of his own money. The limit
should be made high enough to protect the average man, according to Mr.
Austin’s plan, but should offer no protection for the merchant, the lawyer,
the neighboring banker, the manufacturer. It should be made optional, he
said, whether a State bank with capitalization of $100,000 or less should be
come a member of the guaranty system, the bond system or a member of
neither.
Wants Minimum Raised.
“Unless we do this,” Mr. Austin continued, “we eventually will lose some of
the best bankers in Texas from the State bank ranks. We should go to the
Legislature with the proper organization and see to it that the proper amend­
ments are made to the law.
“The time has come to fix the minimum capitalization of State banks at
$25,000, instead of $10,000,” he declared.
Opening his address with the statement that he had no apology to make
for the State bank system, or the guaranty fund system, Mr. Hall asserted

THE CHRONICLE

O ct . 7 1 9 2 2 .]

that bankers of the State are seeing the beginning of a new era, and that the
banking business is improving.
Mr. Hall declared that the guaranty fund system in State banks has been
a means of rendering a great service to the people and, though the losses
during the last year have been heavy, that the system practically is “out of
the woods” now, and that there is no reason to complain.
Referring to the Mexia oil field, where it has been expected banks would
fail, Mr. Hall pointed out that the guaranty system has not lost a dollar
there. He declared that he has turned down many applications for charters
to organize banks there.
H a ll U p h o ld s S y s te m .

“I’ve determined not to have wild-cat banks in Texas during my adminis­
tration,” Mr. Hall asserted.
Liquidations of the system have depleted the fund, he admitted, but^be
asserted that there now is on hand $2,700,000 and “we are not busted yet.
“I am not an enemy of the National bank system, and I believe the Na­
tional bank system should not be an enemy of the State bank system,’ Mr.
Hall said. He then made a comparison of payments made by State and Na­
tional banks, where banks have become insolvent.
Mr. Hall concluded with a suggestion that the State banks of Texas form
organizations in 24 districts, and that such organizations should work to­
gether for the .betterment of the banking business. He declared that he will
co-operate with the bankers in forming such an organization, and pointed out.
that later a State organization could be made.
P R O T E S T A G A IN ST D E P O SIT O R Y L A W OF T E X A S A T
T E X A S B A N K E R S ' C O N V E N T IO N — A M E N D ­
M EN TS SUGGESTED.

Discussing the State depository law of Texas at the recent
annual convention of the Texas Bankers’ Association at Fort
Worth, B. A. McKinney, Governor of the Federal Reserve
Bank of Dallas declared it to be “the most iniquitous piece
of legislation of its character on the statute books of Texas.
Governor McKinney’s denunciation of the law was in line
with protests against it made at the convention by Warren
P. Andrews, President of the Association, and W. W. Wood­
son, a former President. The latter offered a number of
suggested amendments to the law, and President Andrews
appointed a committee of five to draft resolutions on the sub­
ject. According to the Dallas “News” of May 20, the Asso­
ciation at its final session gave renewed emphasis in the
form of a resolution to the demand that has been made
throughout the convention for amendments to the law' which
would effect radical alterations in the operation of the stat­
ute. The “News” stated:
In no particular was the program presented Thursday in 12 sugges
amendments to the act by W. W. Woodson of Waco altered and the support
of them was uniform and demonstrative. The committee of *ne n ...
Thursday by the retiring President, Warren P. Andrews of Fort \ or ,
Mr. Woodson heading it, will press the demands before the Legislature ana
Governor Pat M. Neff calls a special session of the Legislature an appe.
be made for submission of that question.

In its issue of May 19 the “News” said:

R ig h t to T e r m in a te C o n tr a c t.

Requiring depositories to remit to State Treasurer drafts on Fort
Dallas, Austin, Waco, Galveston, Houston and San Antonio in p j
State items or withdrawals by the Treasurer.
_at
Giving the Board the right to terminate a contract with a depository
any time they deem it to the interest of the State upon lo • y
Requiring the Board to show in their published statement the amount of
State funds on deposit.
. . , .
Allowing depository banks to execute surety bonds for one ins
.
years as now required and allowing the withdrawal of securities in p op
to the amount of funds withdrawn. Allowing surrender of contrac a
.
cellation of surety bonds whenever the Treasurer gives notice to ie p
tory that further deposits will not be made during the year.
.
.
Extending depository laws to cover country funds in hands of tie^
y
Treasurer; bonds and securities to be approved by the Commissioners o .
Forbidding granting of funds to banks whose liabilities for orrow
money exceeds their capital stock.

We also quote the following from the “News” of May 19:
Mr. McKinney argued that public funds should not be held as a source o
revenue for banks, and that permanent funds should be invested in Liberty
bonds or other securities of a character that would insure immediate liquida­
tion. He suggested that the amount of funds to be deposited in a single bank
should be limited to a sum commensurate with the capital stock of the bank
concerned, except in the case of bond issues, and they should be invested in
such a way as to insure prompt liquidation.




Second in importance to the iniquities of the depository law, Governor
McKinney said, are the abuses existent in the matter of cotton buying and the
handling of cotton accounts. It would be far better, he said, for the banks
themselves, if it were possible, to engage in the business of buying cotton,
than to issue money to irresponsible cotton buyers in the zealousness to move
the crop. Buying by banks would, he said, eliminate the scalper, and subject
the banks to less jeopardy than now exists when the scalper stands to win or
let the bank lose, and the bank stands to break even or lose.
JOH N

W . C H A LF A N T S A Y S F R IC T IO N B E T W E E N
T R U S T C O M PA N IE S A N D B A R IS E N D E D .

According to John W. Chalfant, of the Colonial Trust Com­
pany of Pittsburgh, and Chairman of the Trust Company
Section of the Pennsylvania Bankers’ Association, friction
no longer exists between the members of the Pennsylvania
State Bar Association and the trust companies. The Pitts­
burgh “Dispatch” of May 26, in reporting Mr. Chalfant as
stating this at the annual convention in that city of the Penn­
sylvania Bankers’ Association, added:
At the last convention of the State Bar Association, Mr. Chalfant said, a
committee was named to investigate the charges that laymen, trust companies
and title insurance companies were practicing law and to recommend reme­
dies for the correction of this evil. The committee named by the bar associa­
tion held a series of conferences with the committee representing the trust
companies, at which this matter was gone into thoroughly.
“We made a suggestion that it would perhaps be advisable for the Pennsyl­
vania State Bankers’ Association to take some action upon the subject which
would formally show to the public and to the members of the bar that the
banking institutions of Pennsylvania are quite satisfied to continue their own
business and have no intention of trespassing upon the profession of the law,”
said Mr. Chalfant. “Accordingly, it was mutually and unanimously agreed
that the best means to bring that desired end about would be by a code of
ethics upon the subject to be made a by-law of the Pennsylvania State Bar
Association. The code which we drafted was submitted to the members of
the committee representing the bar association. After some slight changes it
was approved by both committees and this code of ethics will be presented to
the convention to-morrow for adoption.”
•

From the Pittsburgh “Gazette” we quote the following :
It [the code of ethics] provides that a bank or trust company shall not
draft or prepare for another a deed of trust or mortgage to secure an issue of
bonds ; draft or prepare for another wills, agreements of sale, deeds, contracts
or documents for use in court proceedings, except when reasonable inquiry
discloses that such person does not have an attorney or except at the request
of and for approval by the attorney of the requesting person <t interested
estate; nor shall a trust company in any manner advertise a will without the
services of an attorney, prepare any of the foregoing mentioned documents or
otherwise represent an estate; nor shall a trust company appear in person or
of record in any court in any proceedings without representation by counsel;
nor shall it favor its regular counsel in the matter of employment of attorneys
for interests or estate, nor advise a customer to leave counsel already retained,
or dissuade a client from employing counsel already decided upon unless it
has valid reasons for believing there is lack of competency or honesty.

Mr. Chalfant, it is stated, urged the forming of group trust
company sections as a means of serving the best interests of
the trust companies.

,

These are the proposals made in the twelve amendments to t le a ,,
pository law, suggested by Mr. Woodson, which he said has been con
unsatisfactory since its enactment three years ago:
, ,,
Give the State Depository Board more discretion in selecting an
with State depositories.
,
»
Fix interest charges annually by State Depository Board at a ra .
.
ceeding 4% and requiring that all depositories pay the same rate o '
and giving the board authority to place excess funds at a rate less
fixed for the year.
Surrender C l a u s e .
Give depositories the right to surrender their deposits to the State Treas
urer at the end of a year by giving 30 days advance notice.
Jt l
Forbidding the deposit of funds in excess of 50% of the combined capital
and surplus of the depository bank; any reduction in t e com 1
and capital to diminish the deposit accordingly.
cf f
M a k i n g funds on deposit subject to withdrawal at any ’™e
,
re
Treasurer but requiring advance notice of 15 days for wit raw
than 25% of the total on deposit in any one month.
Requiring the State Depository Board to select one or
c®"*ra *
cated banks for clearing checks and other obligations due i
•
quiring that sufficient funds shall be kept in clearing banks to meet
rent demands upon the State; the State Board to fix the rate of interest to
be paid by agreement on net balances.

1583

S U L P H U R E X P O R T A S SO C IA T IO N .

Negotiations which have been in progress for some time be­
tween the three sulphur producing companies of the United
States, namely the Union Sulphur Co., Freeport Sulphur Co.
and Texas Gulf Sulphur Co., providing for the creation of an
export association under the Webb law, have been finally
concluded and an agreement signed. It is proposed that all
of the sales of these three companies in foreign markets shall
be handled by this new export association. It is thought that
this step will result in substantial benefits to the companies.
The executive officers of the newly organized Sulphur Ex­
port Association will be: President, C. A. Snider; executive
committee, Henry D. Whiton of the Union Sulphur Co., E. P.
Swenson of the Freeport Sulphur Co., and W. H. Aldridge of
the Texas Gulf Sulphur Co. A board of directors will be se­
lected shortly comprising two representatives from each of
the three companies. ■
-----------J
/
FEDERAL

P A C IF IC B A N K I N G C O R P O R A T IO N f-F IR S T
EDG E B A N K O N ~PA C IF IC COAST.

The Federal Reserve Board has issued a preliminary per­
mit authorizing the organization of “The Federal Pacific
Banking Corporation,” with a capital of $2,000,000, under
provisions of Section 25a of the Foderal Reserve Act and the
regulations of the Reserve Board. During tho period of
organization, and for the purpose of maintaining close touch
with the Federal Reserve Board and other Governmental
agencies, a temporary office will be maintained in Washing­
ton, at Room 350 Munsey Building. On receiving the final
permit to begin business, the head office will be located at
San Francisco, and permission will be sought to establish
agencies at other cities in this country having trade relations
with the Far East, and foreign branches in the principal
ports of China, Japan, the Philippines and other countries
of the Far East. The Continental Trust Company, Wash­
ington, will act as trustee for tho receipt of subscriptions to
the capital stock during organization. Subscriptions are
conditioned upon the procuring of subscriptions for the full

t-

1584

THE CHRONICLE

amount of the authorized capital stock, and are callable onlyafter receipt of notice that the full amount of $2,000,000 has
been subscribed.
The official announcement regarding the
new organization also says:
Corporations organized under the Edge Act, in their foreign operations
have not only the powers of commercial, savings and exchange banks, but
are also empowered to do an investment banking business. They have the
following advantages: (1) Thoy are authorized to act as fiscal agents and
depositaries of the United States Government; (2) they have tho pretige
o f a Federal charter; (3) they may grant long-term acceptance credits;
(4) their activities are supervised by the Federal Reserve Board; (5) they
are subject to periodic audits by Federal Reserve examiners; (6) they may
have as their directors and officers the directors and officers of other estab
lished banks; (7) they may have the co-operation of foreign capital.
The Federal Pacific Banking Corporation, in addition to tho foregoing
will have the following special advantages: (1) It will bo the first Edge bank
with offices on the Pacific Coast; (2) it will be the first American bank hav­
ing a Federal charter to enter the Far East; (3) it will be the first Edge bank
to dea 1 in foreign securities, affording an investment banking service and
assisting the financing and sale of American products in the Far East
(4) it win be the first Edge bank incorporated with foreign capital partici
pating, (5) it will be the first Edge bank to open foreign branches.
The corporation will be especially serviceable to Webb Law export com­
binations and agricultural co-operative marketing associations, by provid­
ing a method of increasing their foreign sales—namely, by long term financ­
ing through purchase and sale of foreign securities, or through the granting
of acceptance credits.
To American banks subscribing to its capital it will offer all the facilities
o f foreign branches and direct representation in China, Japan and other
countries of the Orient. To manufacturers it will offer a method of finan­
cing the foreign purchaser who requires long term credit, thus increasing the
sale of his products in tho Far East. The corporation will sell tho securities
of foreign industrial or other enterprises wherever their sale is necessary
to raiso capital to buy American machinery or other equipment. It will
also offer to manufacturers as well as to exporters and importers accurate
and up-to-date trade and credit information regard'ng Far Eastern markets
and customers.
The corporation will seek to secure as its Chinese shareholders native
banks desiring American connections, Chinese manufacturers desirous of
securing help in financing the purchase of American machinery and equip­
ment for their plants; and Chinese merchants desiring to make connections
with American manufacturers or exporters or importers.
Tho activities of tho corporation, it is hoped, will bring added business to
American ports and provide increased tonnage for American ships plying
between the ports of the United States and the Orient.
N O T IC E OF F E D E R A L R E S E R V E B A N K OF N E W Y O R K
O N IN C R E A S E I N P R IC E OF T R E A S U R Y S A V IN G S
C E R T I F I CA T E S.

The attention of the financial institutions in the Federal
Reserve District of N e w York to the advance in the price
of Treasury Sa\ ings Certificates (to which we referred in our
issue of Saturday last, page 1485) is called by Benjamin
Strong, Governor of the New York Federal Reserve Bank
in the following circular (No. 491), issued Oct. 2:
ADVANCE IN PRICE OF TREASURY SAVINGS CERTIFICATES.
Interest Basis Readjusted.
Sale of $1 Treasury Savings Stamps Discontinued.
To A ll Banks, Trust Companies and Savings Banks in the Second Federal
Reserve District:
Your attention is directed to the increase in the purchase price of Treasury
Savings Certificates which became effective on Oct. 1. The new prices are
$20 50 for the $25 certificate, $82 for the $100 certificate, and $820 for the
$1,000 certificate.
The $1 Treasury Savings Stamp was withdrawn from sale at the close
of business Sept. 30 1922. Accordingly, you are requested to return to
us for credit, not later than Oct. 31 1922, any unsold Treasury Savings
Certificates or stamps you may have had on hand Sept. 30 1922, and to
obtain a supply of tho new certificates which go on sale to-day.
Apart from the change in price tho new Treasury Savings Certificates
correspond in all essential respects to the certificates which have been on
sale to the public. At the new prices the certificates will yield about 4%
compounded semi-annually if held to maturity and about 3% simple
interest if redeemed before maturity.
Banks may handle the sale of Treasury Savings Certificates in either
of two ways:
1. You may obtain a consignment of unissued certificates from us
upon deposit of certain designated collateral, such as I.iberty Bonds &c
and have the use of the procoeds of sale until the 20th of tho following month
an average of 35 days, or
2. We will issue certificates and mail them to you or to your customer,
as you may elect, upon receipt of the name and address of the purchaser'
together with your check to our order, or authority from you to charge
your reserve account, if a member bank.
A number of banking institutions are already assisting in the sale of
Treasury Savings Certificates and the co-operation of all would be cordially
welcomed.
Very truly yours,
BENJ. STRONG, Governor.
S E C R E T A R Y OF A G R IC U L T U R E W A L L A C E O N F A R M E R
R E PR E SE N TA T IO N O N F E D ER AL RESERVE BOARD,
AND
OTHER
GOVERNMENTAL
A G E N C IE S ’
I N IN T E R E S T OF A G R IC U L T U R E .

Special reference to the work of Congress and other
Governmental agencies to bring relief to agriculture was
made by Secretary of Agriculture Wallace in addressing a
meeting of farmers and business men at Springfield, 111., on
the 3d inst. The amendment to the Federal Reserve Act
to provide farmer representation on the Federal Reserve
Board was one of the measures referred to by Secretary
Wallace, as to which ho said:
The law which created the Federal Reserve Board provided that in ap­
pointing members of that Board tho President should have duo regard “to a
fair representation of the different commercial, industrial and geographic




[V ol. 115.

divisions of the country.'' The experience of tho years 1919 and 1920
showed very deariy that agriculture as well as commerce and industrv
should have fair consideration by the Federal Reserve Board in determining
S / ; T Clal P°1;C1CS; ConKrcsR' therefore, passed a law amending the
TVes-1 1 f
^
y provlding that in appointing the members the
President shall have due regard “to a fair representation of the financial
agricultural, industrial and commercial interests.” There was some oppo­
sition to this amendment by those who felt that the result would be to
weaken the Federal Reserve Board, and that a provision for agricultural
representation had the appearance of class representation. Congress verv
propcrly, however, acted upon the theory that this Federal Reserve Board
is the most powerful financial institution in the country; that the manner in
which it administers its credit machinery can make or unmake any business
or industry; that agriculture, being the basic industry of the country! the
industry upon which our entire civilization depends, should have more
careful consideration than it has had in the past. It is not the thought that
agriculture should receive benefits to the injury of any other business or
industry. The law as it now stands provides for a Board which shall
represent in fact a cross-section of our financial, agricultural, commercial
and industrial life.

Secretary Wallace also referred to the resumption of the
activities of the War Finance Corporation, saying:

Addressing itself to the imperative need for relieving the financial tension
as it related to the farmer, Congress breathed new life into tho War Finance
Corporation. Tho story of the activities of this corporation is well worth
telling in considerable detail, but I can not do more than to sketch it briefly
It was originally created as an agency to help finance exports, agricultural
and industrial. It functioned very effectively for a time in assisting
exporters, working in harmony with and tinder the general supervision of
tho Secretary of the Treasury. In tho spring of 1920 the Secretary of the
Treasury, having power through the control of the finances of the War
Finance Corporation, suspended its activities. Later in the year, as prices
of agricultural products began to crumble, efforts were made to induce the
proper officials to revive the corporation. These efforts failed, tho excuse
being given that there were no funds and no legal authority. Also it was
intimated in high quarters that this was simply agitation to maintain
inflated prices. It is, of course, impossible to say to what extent the
precipitous decline in farm prices might have been averted had the War
Finance Corporation been permitted to act vigorously during the spring
and summer of 1920, and it is impossible also to measure the extent to which
certain policies of other Government financial institutions contributed to
the crash which came tho following winter. I refer to uch policies, for
example, as the almost entire discontinuance of Government bond pur­
chases for the sinking fund during the last half of 1920, and especially to
the refusal of the Federal Reserve Board to longer accept paper of the
cotton factor as eligible for tho Federal Reserve System. That decision
forced hundreds of thousands of bales of cotton on the market, with a con­
sequent break in prices, and the embarrassment to bankers who had loaned
on such paper was felt indirectly throughout the country. When Congress
met in December 1920 it promptly passed a resolution directing the Secre­
tary of the Treasury to revive tho activities of tho War Finance Corpora­
tion. This met opposition not only by him but by the President, who ve­
toed it. Congress, however, promptly repassed tho resolution over the
Presidential veto. But the Corporation did not function with any great
activity until after March 1921. Later in the summer. Congress added
greatly to the powers of tho War Finance Corporation and made it possible
for that institution to carry financial help directly to domestic agriculture.
This help was extended through banks in the agricultural districts. In
thirty-three States committees of business men and bankers were promptly
organized for the purpose of passing upon paper submitted for rediscount
in their respective States. Tho banks in these States, overloaded as they
were with farm paper which could not be paid, and which, therefore, con­
stituted what has come to be known as “frozen assets,” found immediate
relief through this agency. It was not possible to loan to farmers direct.
Long before the machinery necessary to make such loans could have been
set up, tho crisis would have been passed. Within a few months nearly
,000 loans were made to banks in agricultural sections, in a total amount
of $161,000,000. Eighty-four million dollars was loaned to live-stock
companies and banks upon live-stock security. Sixty-four million dollars
was loaned direct to farmers’ co-operative marketing associations. In­
cluding advances to finance agricultural and other exports, a total of more
than $355,000,000 was loaned by tho Corporation.
Tho actual help given through the loans made by the War Finance Cor­
poration does not begin to measure the help which came through this agency.
Immediately tho Act was passed which enlarged its powers, a feeling of
renewed confidence swept through the country. Money became easier to
obtain. A more liberal policy on farm loans was generally adopted. The
sacrificing of grain and live stock was checked and tho hope of farmers was
renewed.
Tho story of tho service rendered by this agency serves to illustrate the
importance of taking tho affirmative rather than tho negative view in times
of difficulty. There were many people who wero disposed to accept the
disastrous break in farm prices as inevitable and impossible to relieve by
Government action. They wero people of the same mind as those pious
folks in days gono by who looked upon a death in the family from tuber­
culosis or typhoid fever as a visitation of the wrath of Divine Providence,
and not at all as a thing which they might have avoided by an observance
of the now well-known laws of sanitation and health.
Because of a legal attack upon the functioning of the Federal Land
Banks and the Joint Stock Land Banks, these agencies, which loan upon
farm mortgages, had for a time suspended operations, thus greatly nar­
rowing tho opportunity to borrow money, just at a time when mortgage
loans wero most urgently needed. The withdrawal of these agencies from
the loan market also contributed to a pronounced increase in the interest
rate on such loans. Tho decision of the courts finally upheld the Act, but
the need for loans was so great that it could not be met in an adequate way.
Congress promptly took note of this condition: First, by providing for
loans from the Treasury to the Federal Land Banks it practically doubled
their ability to make loans. Second, Congress passed a law which provided
that the Joint Stock Land Banks might reduce their interest rate on bonds
to 5 X % without making a corresponding increase in the interest rate
charged tho farmer. Those two measures wero most helpful, not only by
increasing the loans made by these institutions, but because of their influ­
ence in reducing the high interest rates and tho grossly unjust commissions
of one sort or another which wero being charged on farm mortgage loans.
THE

F E D E R A L I N C O M E S T A T I S T I C S FOR
CORPORATE A N D PERSO N A L.

1920

Complete statistics of income for the calendar year 1920,
showing the number of returns filed and taxes paid by cor­
porations, as well as by individuals, have been issued by the

1585

THE CHRONICLE

Oct. 7 1 9 2 2 .]

Bureau of Internal Revenue. A preliminary report on statis­
tics of income for the calendar year 1920 compiled from
returns of net income filed by individuals was issued under
date of June 14th. The number of corporation income
tax returns for the calendar year 1920, was 345,595. Of
these, 203,233 reported net income, amounting to $7,902,­
654,813; income tax, $636,508,292; war profits and excess
profits tax, $988,726,351; total tax, $1,625,234,643. For
the calendar year 1919, the number of corporation returns
was 320,198, of which 209,634 reported net incomes, total­
ing $9,411,418,458, and tax aggregating $2,175,341,578.
The total number of corporations filing returns, the number
filing returns of net income, and the net income of each,
and the per cent reporting net income, as divided into industrial groups, is shown by the following table:
Total Number Number Per Cent
of Corpora Reporting Reporting
Industrial Groups—
tions Repor, Net Income. Net Inc.
3,874
42.17
Agriculture and related industries.. 9,186
39.54
6,933
Mining and quarrying.........- ......... - 17,534
Manufacturing:
55.04
7,551
Food products, liquors & tobacco. 13,718
54.79
5,545
Textile & textile products............10.121
56.89
1,230
Leather & leather products........... 2,162
279
41.58
Rubber & rubber goods.................
6<1
72.95
5,300
I,umber & wood products............. ~.26j
1,349
79.68
Paper, pulp & products........ ..
1.693
6,393
79.04
Printing & publishing.................. 8,088
3,047
52.30
Chemicals & allied substances... 5,826
2,661
72.67
Stone, clay & glass products-----3 fib i
10,135
66.98
Metal & metal products--------- 15,131
5,935
60.35
All other manufacturing industries 9,834

Net
Income.
871,480,276
702,073,788
404.847,051
458,612,900
61,028,189
26,677,976
321,269,579
241,616,315
163,159,986
441,369,660
151,173,127
1,411,647,483
435,022,063

Total manufacturing................... 78,171
Construction------ -------------- -—
Transport'n & other public utilities. 20,599
Trade ............................ - ................. 78,885
Public service: Professional, amuse­
ments, hotels, &c---------17-490
Finance, banking, insurance, & c ... 78,902
Combinations: Predominant Indus­
try not ascertainable--------------- 8,ius
Concerns in liquidation...... .............
Inactive concerns------------------ — 25,4b/

49,425
7,010
12,922
52,278

63.23
70.38
62.73
66.27

84,116,424,329
8113,552,012
829,130,927
911,173,330

11,914
55,484

68.12
70.32

145,490,862
933,304,119

1,436
1,926
31

46.20
30.61
.12

66,902.914
13,005,230
117,026

Total...................................... .........345,595

203,233

58.81

87,902,654,813

There were 160 corporations that filed returns for 1920,
reporting net income of $5,000,000 and over; 836 that filed
returns of from $1,000,000 to $5,000,000; 1,142 that filed
returns of from $500,000 to $1,000,000; 2,124, from $250,000
to $500,000; 5,497, from $100,000 to $250,000; 7,092 from
$50,000 to $100,000; 35,994, from $10,000 to $50,000;
27,615, from$5,000 to$10,000; 46,868, from $2,000 to $5,000,
and 75,905 that reported net income to $2,000. The state­
ment proceeds as follows:

panies with 233 to 100, followed by national banks, 209 to 100, and State
banks, 155 to 100. Lowest in order are the electric railway group with
a ratio of 31.75 in fair value to each 100 par value of capital stock.
In consideration of these data in determining the relationship of the
fair value to the par value of the capital stock, the abnormal financial condi­
tions of the period July 1 1920 to June 30 1921 should be kept in mind.
The report shows that 67 corporations filed returns showing a fair value,
each in excess of $90,000,000.
Under the heading of “Federal estate tax returns,” the report shows that
thero were filed 42,230 returns of resident decedents from Sept. 9 1916 to
Jan. 15 1922. The total net taxable estates shown by these returns was
$5,407,673,531, on which the tax was $351,138,323. Twenty-three estate
tax returns were filed showing a net estate in excess of $10,000,000. The
number of estate tax returns of non-resident decedents filed was 2,896.
The total net estate shown by such returns was $101,848,712 and the tax
was $5,377,928. One return showed a net estate of over $10,000,000.
Personal Returns.
The number of individuals who filed income tax returns for the calendar
year 1920 was 7,259,944. The aggregate net income reported by these re­
turns was 23,735,629,183, and the tax (normal and surtax) amounted to
$1,075,053,686. As compared with 1919, the above figures show a growth
of 1,927,184 in the number of returns filed, and an increase in the total net
income reported amounting to $3,876,137,735, but a decrease of $194,576.­
418 in the total tax.
As evidence of the increased scope of the work of the Bureau of Internal
Revenue and an increasing knowledge of taxpayers from year to year as to
the requirements of the income tax law, the report shows that in 1917 there
were filed 3,472.890 personal returns, showing net income of $13,650,000,­
000, while in 1920 there were filed 7,259,944 personal returns showing a net
income of $23,736,000,000.
The report contains a number of tables showing distribution of personal
and corporation income tax by States, sources, industrial groups, &c.
The Revenue Act of 1918 prescribes that neither the returns filed by part­
nerships nor personal service corporations be taxable, but that such income
shall be reported for taxation in the returns of net income of individual
members or stockholders, according to their discriptive shares, whether
distributed or not.
The number of returns of net income for 1920 filed by these two forms of
association was, partnerships, 240,767, personal service corporations, 5,542.
PERSONAL AND CORPORATION INCOME AND TAX BY STATES AND
TERRITORIES, CALENDAR YEAR 1920.
States and
Terrilories.
Alabama.
Alaska
Arizona .
Arkansas
Califor'a.
Colorado
Connec’t.
Delaware
Dist.Col.
Florida,.
Georgia .
H aw aii..
Idaho__
Illinois. .
Indiana .
Iowa___
K ansas,.
K ent'ky.
Louisiana
Maine__
M aryl'd _
Mass___
Michigan
Minnes’ a
Mississlp.
Missouri.
M ontana
Nebraska
Nevada ,
N. Hamp
NewJers.
New Mex
NewYork
No. Car,
No. Dak.
Ohio___
Okla’ma.
Oregon, .
Penna__
Rhode Is.
So. Caro.
So. D ak.
Tenn’see.
Texas__
U tah___
Vermont.
Virginia..
W ash__
W. V a ..
Wi3Con_.
Wyoming

Net Income.
Personal.

8

Corporation*

S
156,604,933
39,003,402
19,400,775
524,184
67,280,486
6,687,885
118,060,710
19,704,635
1,329,006,594 282,825,053
210,277,184
66,034,834
451,737,702
99,993,495
55,633,321
25,227,425
208,388,174
24,366,573
141,105,124
22,417,123
228,619,716
61,718,452
55,572,896
58,284,660
67,391,639
9,783,905
1,836,956,942 677,180,274
556,061,991 12S,164,213
631,560,789
59,945,718
306,413,429 104,600,732
74,869,079
243.879,230
237,109,145
67,291,639
143,455,545
43,835,668
482,195,448
76,902,019
1,368,406,648 402,527,511
895,679,238 402,047,385
453,212,241 148,473,971
83,954,352
17,374,055
548,130,178 226,302,500
109,348,194
11,531,723
306.362,706
31,690,995
25,337,934
2,032.080
100,431.539
17,061,850
977,853,627 190,785,595
36,923,120
3,985,982
4,030,623,696 1,95S,629,723
163,799,837 102.277,769
66,188,434
6,867,604
1,407,388,003 560,556,917
295,790,791
50,880,894
39,521,816
193,652,281
2,212,178,029 971,581,884
180,303,990
55,944,450
109,246,657
53,342,402
103,578,036
7.703,223
212,600,105
52.402,287
720,720,162 127,546,820
82,278,389
15,513,096
59,303,302
11,268,793
93,353,038
273,235,225
375,979,893
79,194,723
287,729,460 134,304,029
436,436,810 163,938,038
5,652,692
63,244,529

Tax.

Personal
% for
Personal
and
Each
and
Corporation. State. Corporation.
C*
$
S
195,608,335 0.62
12,608,686
19,924,959
.06
316,993
73,968,371
.23
2,391,070
137,765,345
.44
6,859,339
1,611,831,647 5.09 110,021,520
285,312,018
.90
19,56S,766
551,731,197 1.74
34,139,327
80,860,746
.26
5,785,028
232.754,747
.74
12,213,301
163,522.247
.52
9,161,761
290.338.16S
.92
21,202.031
113,857.556
.36
23,304,284
77,175,544
.24
2,464,536
2,514,137,216 7.94 234.457,801
684.226,204 2.16
43,243,514
691,506,507 2.19
28,191,557
411,014,161 1.30
24,989,163
24,257,337
318,748,309 1.01
304,400,784
25,054,198
.97
13,701.193
187,291,213
.59
559,097,467 1.77
35,068.720
1,770,934,159 5.60 157,216,067
1,297,726,623 4.10 143,114.046
38,508,358
601,686,212 1.90
.32
5,776.136
101,328,407
70,027,575
774,432,678 2.45
3,277,161
120,879,917
.38
13,577.346
1.07
338,053,701
.09
622.543
27,370,014
117,493,389
.37
6,028.752
76,576.597
1,168,639,222 3.69
.13
40,909,102
1,107.961
5,989,253,419 18.93 639,799,964
266,077,606
.84
33.590,927
73,056,038
.23
1,837,356
1,967,944,920 6.22 182,547,719
352.671,685 1.12
23,102.480
233,174.097
.74
15,152,541
3,183,759,913 10.06 327.521,835
236,248,440
.75
23,309.052
162,589,059
18,917.619
.51
111,281,259
.35
3,271,198
19,247,944
265,002,392
.84
48,665,244
848,266,982 2.68
4.014,003
97,791,485
.31
70,572,095
4,365,308
.22
25,614,986
369,588,267 1.17
24.414,571
455,174,616 1.44
46,425,333
422,033,489
1.35
600.374.84S 1.90
51,619,926
1,979,654
68,897,221
.22

% for
Each
State.
%

0.47
.01
.09
.25
4.08
.72
1.26
.21
.45
.34
.79
.86
.09
S.SS
1.60
1.04
.93
.90
.93
.51
1.30
5.82
5.30
1.43
.21
2.59
.12
.50
.02
.22
2.84
.04
23.69
1.25
.07
6.76
•S6
.56
12.13
.87
.70
.12
.71
1.81
.15
.16
.95
.91
1.72
1.91
.07

New York filed the greatest number of returns, both individual and
corporation, and reported the greatest amount of net income, followed by
Pennsylvania and Illinois. The tqfal number of returns filed by New
York was 1,103,129, of which 1,047,634 were personal and 55,465 were
corporation.
Pennsylvania filed 691,573 returns, of which 672,746 were personal and
18.827 were corporation.
The total number of returns filed in Illinois was 563,594, of which 542,467
were personal and 21,12/ were corporation.
The aggregate net income reported by New York was $5,989,253,419,
on which the tax amounted to $639,799,964. The net income reported
by individuals was $4,030,623,696 and by corporations $1,958,629,723.
The net income reported by New York was 18.93% of the total reported
by the United States, and the tax was 23.69% of the total paid by the
United States. The total net income reported by Pennsylvania was $3,­
183.759,913. of which $2,212,178,029 was from personal returns and $971,­
581,844 from corporation returns.
Pennsylvania reported 10.06% of the total income reported by the United
States, and the tax paid was 12.13% of the total paid by the United States.
The total net income reported by Illinois was $2,514,137,216, of which
$1 836 956,942 was personal, and $677,180,274 was corporation.
Illinois reported 7.94% of the total net income of the United States,
and the tax paid was 8.68% of the total paid by the United States.
The number of returns filed by non-resident aliens, resident aliens,
and foreign corporations in business or holding investments in the United
States was 12,432, showing a total net income of $148,449,199, on which
the Federal tax was $21,065,882.
The number of returns of American citizens and domestic corporations
reporting foreign incomes was 39,256, the income amounting to $117,­
474,765.
Data compiled from the capital stock tax returns for 1922 is contained
iu the report. The law provides that the capital stock tax shall be measured
by the fair average value of the capital stock of a corporation as of the
T o ta l.. 23,735.629.183 7,902,654.813 31,638,283.996 100.00 2.700.288.329 100.00
yoar immediately preceding the taxable period in the returns used. In
this compilation, the fair value is reported for the year July 1 1920 to
* Does not Include net Income reported by personal service corporations: the net
income of such concerns is included in personal returns.
June 30 1921.
.
The report shows that out of approximately 345,000 capital stock tax
returns 326,100 were tabulated, showing a fair value of $75,406,625,174.
Of this aggregate fair value, the manufacturing group reports approxi­ S. P . G I L B E R T J R . O N T R E A S U R Y D E F I C I T A N D
mately $30,500,000,000, or 40%. The next highest is finance, banking,
R F F O R T S TO O V E R C O M E I T .
insurance, &c., with $13,700,000,000, or 18%, transportation and other
public utilities representing $11,400,000,000, or 15%, mining and quarry­
In an article dealing with the financial affairs of the
ing. $6,700,000,000, or 9%. The agricultural group reports only $1,­ Government, S. P. Gilbert Jr., Under Secretary of the
000,000.000, or 1 1-3%.
Following this table is a table which shows in percentage the ratios of Treasury, refers to the estimated deficit of $672,000,000.
the Common, the Preferred and the fair value of the capital stock to and declares that it must be overcome, since the United
the total par value of the capital stock, both in the aggregate and by States “owes it to itself and the rest of the world to keep its
industrial groups, and exhibits the relative position of the various industrial
divisions with respect to the par value and the fair value of their capital finances clean and to make every effort to balance its
'Leading in this respect are the life insurance companies with a ratio
of 273 to 100, this is immediately followed by the group of accident, fire,
and marine Insurance companies reporting 272 to 100. The “all other
insurance” group shows 236 to 100. (For the insurance groups, how­
ever, a disproportionately high ratio of the fair value to the par value of
the stock is shown, due to mutual or non-slock organizations having
been included in the tabulation.) The next in order are the trust corn-




budget in 1923 and 1924.” “ It would be,” he says, “a
national calamity to impose additional taxes, and yet if
there were persistence in any program of expenditure beyond
the limits of the Government’s income there would be no
other course ope11 than the introduction of new taxes to
restore the balence-” “From now on,” says Mr. Gilbert,

1586

THE CHRONICLE

“ the liquidation of the debt will have to be accomplished
largely from surplus revenue receipts, through the operation
of the sinking fund and other similar accounts.” According
to Mr. Gilbert, the most immediate problem affecting the
debt has been the refinancing of the short-dated debt, and
he indicates what has already been accomplished with respect
to the Treasury’s refunding program. Mr. Gilbert’s review
is contained in the October issue of the “Nation’s Business,”
the official organ of the Chamber of Commerce of the State
of New York, and we reprint the same herewith.

[V ol. 115,

equipment still held by the War Department, the Navy Department and
the Shipping Board, and to a much larger extent through realization on
the Government’s investment in war emergency corporations, such as
the War Finance Corporation, and in securities of various classes, par­
ticularly those of the Federal Land banks and the obligations of carriers
acquired under tho.Federal Control Act and tho Transporation Act.

The Nation’s'Debt.
The sinking fund and other similar accounts must be relied on, however,
to accomplish most of the debt retirement in the years to come, and the
Treasury has already established the proposition, in tho first budgot
submitted to Congress by the President in the Fall of 1921, that expen­
ditures on these accounts must be made out of ordinary receipts and bo
The Treasury began the current fiscal year, on July 1 1922, facing on included in tho ordinary budget on that basis. This means that provision
the one hand an estimated deficit for the year, on the basis of the latest has to be made for theso items of expenditure before the budget can balance,
budget figures, amounting to well over $600,000,000, and on the other and a balanced budget each year thus means a reasonable amount of
hand the necessity of refinancing about $4,450,000,000 of short-dated debt retirement out of current revenues.
debt maturing within the year, in the form of Victory notes, War Savings
The most immediate problem affecting the debt has been, of course, the
Certificates and Treasury Certificates of Indebtedness. With these vast refinancing of the short-dated debt, and the Treasury’s refunding program
refunding operations to carry on, it is, of course, of the first importance has now progressed to such a point that I believe it is worth while to recite
that the budget should balance for the year, making provision at the what has already been accomplished and call attention to what remains
same time for meeting regular annual charges like the sinking fund and to be done within the current fiscal year.
leaving no deficit to be financed by new borrowings. The primary problem
On April 30 1921, when the situation was first outlined in the Secretary’s
of the year, therefore, has been to reduce expenditures to such an extent letter of that date to the Chairman of the Committee on Ways and Means,
as to bring the budget into balance, and to this problem the whole admin­ the gross public debt, on the basis of daily Treasury statements, amounted
istration, under the leadership of the President, is addressing Itself.
to about $23,995,000,000, of which over $7,500,000,000 was short-dated
These efforts, under the budget system, are concentrated and co-ordinated debt maturing within about two years. By Aug. 31 1922, the gross
through the Bureau of the Budget, which has now become established public debt had been reduced to about $23,042,000,000, a reduction of
as the arm of the Executive to enforce economies in the administrative about $953,000,000 during the peroid of 16 months. This reduction
expenditures of the Government.
has taken place, for tho most part, in the short-dated debt, and has been
The table below, giving the latest budget estimates of receipts and accomplished in the manner already outlined.
expenditures for the present fiscal year, shows the dimensions of the
At tho same time the Treasury has been engaged, through its refunding
problem.
operations, in distributing substantial amounts of tho remaining shortEliminating the Deficit.
dated debt into more convenient maturities, and in this manner has
These estimates, It will be noted, include among the receipts, payments rofunded about $2,742,000,000 of early maturing debt into Treasury
of about $225,000,000 as interest on foreign obligations, about $200,000,000 notes of various series maturing in 1924, 1925 and 1926- As a result of
of which represents interest on the British debt to the United States, these operations tho amount of outstanding Victory notes has been re­
and also $100,000,000 of expected returns to the Treasury as a result duced from over $4,050,000,000 on April 30 1931 to about $1,838,000,000
of the gradual liquidation of the War Finance Corporation. On the on Aug. 31 1922, and tho amount of outstanding Treasury certificates
other hand, the estimates of expenditures, which are based on the figures from over $2,800,000,000 to about $1,551,000,000. In addition there are
received from the several spending departments and establishments, about $625,000,000 of War Savings Certificates of the series of 1918
make no allowance for extraordinary expenditures not already provided which became payable on Jan. 1 1923, so that on Aug. 31 1922, there
for by legislation, as, for example, a soldiers’ bonus, and the indicated still remained outstanding about $4,000,000,000 of short-dated debt,
deficit of $672,000,000 is entirely without regard to any charges of this all maturing in tho current fiscal year, as compared with about $4,450,­
character.
000,000 outstanding when the fiscal year began.
As a result of short-term refunding operations already undertaken for
To reduce the deficit, and if possible eliminate it by the end of the
year, is the end toward which the whole Administration is striving, and Sept. 15 in connection with tho quarterly tax payment and Treasury
the best hope of accomplishing it will be through increased revenues from Certificate maturities falling on that date, about $227,000,000 of this
realization on securities and surplus property, and more particularly in amount will bo refunded into one year Treasury Certificates maturing
further reduction in expenditure.
Sept 15 1923, at 3 3A % . so that on Sept. 30 1922, the gross public debt
An analysis of tho figures given in the accompanying statement shows ought to stand at about $22,870,000,000. of which $3,596,000,000 would
which direction these efforts can take and how difficult it is to deal with be debt maturing within tho fiscal year, $1,805,000,000 of it in tho form
many items of expenditure. To a large extent, for examplo, expenditures of Victory Notes, $1,166,000,000 in the form of Treasury Certificates,
are not subject to modification by executive control, particularly such and $625,000,000 in tho form of War Savings Certificates.
Of tho Victory Notes still outstanding, about $900,000,000 fall duo
items as interest on the public debt, $975,000,000, trust fund invest­
ments, $34,362,000, pensions, $271,850,000, Indians, $32,487,682, customs on Dec. 15 1922, having been called for redemption on that date, while
and internal revenue funds, $52,962,195, good roads, $125,684,000, and, tho balance becomes payable at maturity on May 20 1923. Tho re­
for tho most part, veterans’ relief, amounting to $532,168,160. Of tho financing of theso obligations will require important further refunding
remainder, $349,706,000 represents estimated expenditures of the War operations by the Treasury during the year, but enough progress has
Department, $305,236,200 estimated expenditures of the Navy Depart- already been made in the handling of tho Victory Liberty Loan to show
met, $284,453,847 for the railroads, and $137,031,765 estimated expen­ that the Treasury’s refunding program is well adapted to meet tho noods
ditures of the Shipping Board and Emergency Fleet Corporation, leaving of the situation. Its successful development should roliove tho markets
only a relatively small amount for all other departments and establish­ of the fear of spectacular refunding loans and permit necessary financing
of business and industry to proceed without undue interference from
ments subject to executive control.
The deficit, however, must bo overcome, for nothing can be clearer Government operations.
Related to this refunding is tho problem of refunding tho large maturity
than that this Government owes it to itself and to the rest of the world
to keep its finances clean and to make every effort to balance its budget of War Savings Certificates which falls on Jan. 1 1923. In this connection
in 1923 and 1924 as successfully as in the three previous fiscal years. The the Treasury is offering to tho public a new issue of Treasury Savings
sound way to accomplish this is to reduce expenditures and to avoid new Certificates in convenient form and denominations and yielding an at­
avenues of expenditure to such an extent as may be necessary to wipe tractive interest return, and hopes that by this mean it will bo posssible
out tho indicated deficts. It would be a national calamity to impose to refund a largo part of the War Savings maturity into obligations of the
additional taxes, and yet if there were persistence in any program of same general character and with the same appeal to tho needs of tho small
expenditure beyond the limits of the Government’s income, there would investor.
This sketch of the Government’s refunding operations shows the course
be no other course open than the introduction of new taxes to restore
the balance. During the fiscal year 1922 the Government made a record of the Treasury's program and the general direction in which its policy
of reduction in the tax burden, and there are still larger reductions for of orderly funding and gradual liquidation is leading. Thoughtful people,
the fiscal year 1923, amounting to about $800,000,000 as compared with I believe, are coming more and more to realize that a sound policy in
what would have been levied under tho old law, but it will not bo possible this regard is fundamental not only to the economic development of the
to hold these reductions, and certainly not to make the further reductions country, but also to its preparedness for future emergencies, and probably
that are so necessary to the restoration of normal conditions in business never before has tho world furnished so many examples of its importance.
and industry, unless all hands unite to keep Government expenditures The budgets and currencies of many of tho countries of Europe are still
down to the minimum and to avoid all manner of useless and extravagant in chaos, and this has led to corresponding disturbance in international
financial'relations and instability in the foreign exchanges. This, in turn,
expenditure.
The fundamental condition of tho Treasury’s program since the war has proved ono of tho greatest obstacles to tho re-establislimcnt of normal
has been a sound policy with respect to current receipts, and expenditures, relationships and rehabilitation of international trade.
It has been tho constant effort of this Government, on tho other hand,
and having been able for the three full fiscal years sinco tho cessation of
hostilities to balance its budget, tho Treasury has been in a position to to keep its own house in order, to maintain the gold standard unimpaired
make important progress within the samo period in the handling of the and unrestricted, to finance the war on sound lines through taxation and
public debt. The keynote of its policy in that regard, as tho President through the absorption of Government obligations out of savings, and after
stated in his first address to Congress, has been orderly funding and gradual tho cessation of hostilities to balance its Budget, current expenses against
liquidation. It has been the traditional policy of this Government sinco current income, and, at the same time to carry out a reasonable program
its very foundation to set about paying its debts, and that policy it has for the gradual liquidation and orderly funding of tho war debt. This policy
consistently followed since the ending of the World War, with results tho Treasury has persistently followed from the beginning of tho war to this
that have a far-reaching significance in the development of our economic date, and as a result this country has como through tho greatest war in
history and through the exceedingly difficult period of readjustment which
and financial situation.
This country came through the war with a gross public debt at tho followed the war, with its credit not only unimpaired but greatly improved,
high point, on Aug. 31 1919, of $26,596,000,000, an increase of over with tho dollar recognized as the standard throughout the world and with
twenty-five billion dollars during tho war period. On Aug. 31 1922, tho its banking system in sound condition to meet the peace-time demands of
total gross debt stood at $23,042,000,000 a reduction sinco the peak of business and Industry. Thus there has been laid the foundation for a
about $3,554,000,000. The greater part of this reduction has been ac­ healthful revival of business on normal levels.
At the same time it is, I think, becoming more and more recognized that
complished through (1) the reduction In the balance in the general fund
of the Treasury, (2) the operation of the sinking fund and other debt tho best hopo for the gradual restoration of business and industry in Europe
lies
not only in the maintenance of sound financial conditions in tho United
retirements chargeable to ordinary receipts, and (3) tho application to
debt retirement of receipts from salvage and other liquidation of war States, but also in tho gradual adoption of similar principles by the Govern­
assets and, to a much smaller extent, through the use of ordinary revenues. ments of Europe, many of which still persist in policies of budgetary deficits
From now on the liquidation of the debt will have to be accomplished and currency inflation. With the financial markets hero able to absorb
largely from surplus revenue receipts, through the operation of the sinking new issues of securities on reasonable terms, the countries of Europe which
fund and other similar accounts. The Treasury balance has already are willing and able to put their own finances in order are gradually finding
been reduced to about as low a figure as is consistent with the proper themselves in a position to get tho necessary capital for their rehabilitation
conduct of the Government’s business, and there is little hopo of being through tho sale of obligations to investors in this country.
able to accomplish further debt reduction by cutting down tho working
Through this means rather than by spectacular gold loans or far-reaching
balances in depositaries. Some further realization on war assets may be inter-Govemmental operations, this country may be expocted to contribute
expected, to a limited extent, through the sale of surplus supplies and to the rebuilding of Europe.




Oct. 71922.]

THE CHRONICLE

E s t i m a t e d , G o v e r n m e n t R e c e i p t s a n d E x p e n d i t u r e s , F i s c a l Y e a r 1923
_
(O n B u d g e t B a s is . R e v is e d i .
Customs....... ...........................................................................
$375,000,000
Internal revenue:
Income and profits taxes........................
$1,300,000,000
Miscellaneous internal revenue__________
900,000,000
R e c e ip ts —

„

----------------------------

Miscellaneous revenue:
Sales of public la n d s.....................................
$1,500,000
Federal Reserve Bank franchise tax receipts
lO,OOO,OO0
Intorcst on foreign obligations__________
225,000,000
Repayments of foreign ooligations_______
31,3O0,OO0
Sale of surplus war supplies_____________
6O.O0o,000
Panama Canal_____ ___________________
12,315,000
Other miscellaneous____________________ 183,710 311
--------------------

2 . 200 , 000.000

523,825.311

Total receipts____ ______________
$3,098,825,311
E x p e n d itu r e s —
Ordinary expenditures not subject to Executive control:
„ ___
L eg isla tiv e.._____ ______
$13,643,626
Ordinary expenditures for operation of the routine business of
government generally subject to Executive control:
Executive o f fic e ..._________
$334,645
State Department______________________
16,207,193
Treasury Department___________________
132,356,986
War Department, exclusi veof Panama Canal 305,236,200
Panama Canal_________________________
7,147,673
Navy Department_____________________ 349,706,000
Interior Department proper____________
42,911,429
Indian Service_________________________
32,487,682
Department of Agriculture, exclusive of
1rGood Roads”_______________________
60,023.100
Department of Commerco____ __________
19,200,360
Department of Labor___________________
7,192,558
Department of Justice_________________
4,834,450
Judicial..............................
14,979,891
Independent offices:
„„„
United States Veterans’ Bureau_______
532,168,160
Shipping Board and Emergency Fleet ______
Corporation_______________________
137,031,765
Foderal Board for Vocational Education.
5,711,042
All other.
_
_____________
16,825,989
li708.263.135
District of Columbia.......... ......................- ____23•.g.08^
Deficiencies in postal revenue___________________________
36,004,566
Operations in special funds:
Railroad Administration and Transporta­
tion Act_____________________________ $284,453,847
War Financo Corporation____________ - ­ *100 , 000,000 184.453.847
Expenditures not subject to modification by
Executive control:
52,962,195
Customs and internal revenue refunds----271.850.000
Pensions______________________________
125.684.000
Good roads____________________________
38,735,173
■Bbcreaso of compensation_______________
489,231.368
Reduction in principal of public debt, chargoable to ordinary receipts:
Sinking fund___________________________ 284,000.000
Purchaso of Liberty bonds from foreign re­
31,300.000
paym ents___________ _______________
Redemption of bonds and notes from estate
5,000,000
taxes_______________________________
Redemption of securities from Foderal Re­
10,000,000
servo Bank franchise tax receipts______
330,300,000
Investment of trust funds.
26,162,000
Government life insurance fund_________
Civil 8ervice retirement fund and District
8 , 200,000
of Columbia teachers’ retirement fu n d ..
34,362,000
975,000,000
Interest on the public debt.
Total expenditures chargeable to ordinary receipts.

$3,771.258,542

Excess of expenditures_____ j . __________________
* Excess of credits, deduct. J n
•

7 $672,433,231

J
CHINA

j
TRADE

AC T APPROVED BY
H ARDING— TEXT.

PRESIDENT

Just before the adjournment of Congress President Harding
on Sept. 19 signed the so-called “ China Trade Act” authoriz­
ing the creation of corporations for the purpose of engaging
in business with China. A bill appropriating $29,825 to
enable the Department of Commerce to carry out the
provisions of the Trading Act was subsequently signed by
tho President. The efforts to secure the enactment of tho
new Trading Act extended over a period of three or four
years. As to the now Act, Dr. Julius Klein, Director of tho
Bureau of Foreign and Domestic Commerce, on Sept. 23
was reported in tho “Journal of Commerce” as saying:

1587

The new law provides a means of incorporation for American capital
desiring to participate in tho commercial and industrial development of
China. It places American corporations formed under the Act, whose
owners are Chinese or American residents in China, on .an equality with
corporations of other nations who now are exempt from corporation income
tax on profits derived from business dono wholly within China. It furnishes
an incentive to American capital invested in such corporations to build up
the corporation reserves and thereby increases their operations in China
by providing that tho profits of such corporations, as long as they are
undivided among tho individual stockholders, shall remain free from
American incomo tax. It encourages tho co-operation of American and
Chinese capital in the formation of zinc companies, by exempting the
Chinese shareholders of such companies from American income tax, both
corporation and, of courso, personal. This should benefit greatly the
manufacturers of American industrial machinery who are thereby enabled
to engage in such enterprises as electric lighting, hydro-electric, cement
manufacture, cotton mills and other industries whose number is greatly
increasing in China.
Tho law places the control of China trade corporations under tho Secretary
of Commerco and provides for strict supervision by the Secretary over their
formation and operation. Twenty-fivo per cent of the capital stock must
bo paid up in cash or property and securities whoso value has been properly
investigated and certified by tho Secretary of Commerce. The American
character of corporations formed under tho Act is insured by the provision
which states that tho majority of tho directors and all of the officers must
bo American.
The peculiar conditions surrounding trado in China where Americans are
under extra territorial jurisdiction of their own courts, make such a law as
this necessary, and the Act is so drafted as to insuro tho most careful super­
vision, not only by tho American officials in Washington, but also through
a registrar in China, who is immediately under the authority of Secretary
of Commerce.

The following is the text of the Act:
In. R. 4810.]
AN ACT To authorize tho croation of corporations for the purpose of
engaging in business within China.
B e i t e n a c te d b y th e S e n a te a n d H o u s e o f R e p r e s e n ta tiv e s o f th e U n ite d S ta te s
o f A m e r ic a in C o n g re ss a s s e m b le d .

That this Act may be cited as the “China

Trado Act, 1922.”
D e fin itio n s .

Sec. 2. When used in this Act, unless tho context otherwise indicates—
(a) Tho term "person” includes individual, partnership, corporation,
and association;
(b) Tho term “China” means (1) China including Manchuria, Thibet,
Mongolia, and any territory leased by China to any foreign Government,
(2) tho Crown Colony of Hong Kong, and (3) tho Province of Macao;
(c) The terms “China Trado Act corporation” and "corporation” mean
a corporation chartered under tho provisions of this Act;
(d) Tho term "Federal District Court” means any Federal District
Court, tho United States Court for China, and tho Supremo Court of the
District of Columbia;
(e) Tho term “Secretary” means tho Secretary of Commerce; and
(D The term "Registrar” means the China Trade Act Registrar appointed
under Section 3.
R e g is tra r .

Sec. 3. Tho Secretary is authorized to designate as China Trade Act
Registrar an officer of tho Department of Commerce. The official station
of the Registrar shall be in China at a place to be designated by the Sec­
retary. All functions vested in the Registrar by this Act shall bo admin­
istered by him under the supervision of tho Secretary; except that upon
appeal to the Secretary, in such manner as ho shall by regulation prescribe,
any action of tho Registrar may be affirmed, modified, or set aside by the
Secretary as ho deems advisable.
A r tic le s

o f I n c o r p o r a tio n .

Sec. 4. (a) Fivo or more individuals (hereinafter in this Act referred
to as “incorporators”) , a majority of whom are citizens of the United States,
may, as hereinafter in this Act provided, form a District of Columbia cor­
poration for tho purposo of engaging in business within China.
(b) Tho incorporators may adopt articles of incorporation which shall
bo filed with tho Secretary at his office in the District of Columbia and may
thereupon make application to tho Secretary for a certificate of incorpora­
tion in such manner and form as shall bo by regulation prescribed. The
articles of incorporation shall state—
(1) Tho name of the proposed China Trade Act corporation, which
shall end with tho legend, “Federal Inc. U. S. A .,” and which shall not,
in tho opinion of tho Secretary, bo likely in any manner to mislead tho pub­
lic.
(2) Tho location of its principal office, which shall be in the District of
Columbia;
(3) Tho particular business in which the corporation is to engage;
' (4) Tho amount of the authorized capital stock, tho designation of each
class of stock, tho terms upon which it is to be issued, and the number
and par valuo of tho shares of each class of stock;
(5) Tho duration of tho corporation, which may bo for a period of not
more than twenty-five years, but which may, upon application of the cor­
poration and payment of the incorporation fee, be successively extended by
the Secretary for liko periods;
(6) Tho names and addresses of individuals, a majority of whom are citi­
zens of tho United States, and at loast ono of whom is a resident of the Dis­
trict of Columbia, to bo designated by the incorporators who shall serve as,
temporary directors; and
(7) Tho fact that an amount equal to 25 per centum of the amount of the
authorized capital stock has beon in good faith subscribed and paid in cash,
or, in accordance with tho provisions of Section 8, in real or personal prop­
erty which has been placed in the custody of the directors.
(c) A China Trade Act corporation shall not engage in the business of
discounting bills, notes, or other evidences of debt, of receiving deposits,
of buying and selling bills of exchango, or of issuing bills, notes, or other
evidences of debt, for circulation as money; nor engage in any other form
of banking business; nor engage in any form of insurance business.

Tho purposo of this legislation is to give needed urgent relief to American
merchants engagod in tho development of American foreign trade with the
Republic of China. Boforo the European War there were only three or
four important American firms located in China and our percentage of
China’s foreign trade amounted to but 6 %. the balance going to Great
Britain, Germany, Franco and Japan, with small amounts to various other
countries.
Under tho stimulus of tho war and also due to the fact that European
markets were closed, American merchants were able to gain a substantial
foothold in tho foreign commerco of China, our percentage at tho present
time boing about 17%, or $287,000,000. The number of American firms
interested in China, as indicated in the membership of tho American
Chamber of Commerce of China at Shanghai, has increased from 48 in
1915 to 313 in 1920.
America is tho only country, with tho exception of Japan, that has mado
any gain over pre-war figures, and Japan's gain is insignificant when com­
pared with ours.
The great majority of these companies are small firms which represent
manufacturers in tho United States, and they are pushing tho sale of
American products such as machinery, hardwaro, cotton and cotton manu­
C e r tific a te o f I n c o r p o r a tio n .
factures, food products, motor cars, typewriters and offico supplies, wearing
Sec. 5. The Secretary shall, upon tho filing of such application, issue a
apparel such as shoes, underwear, hosiery, shirts and collars and clothing
materials, paints and varnishes, building equipment such as lumber and certificate of incorporation certifying that the provisions of this Act have
nails, electrical equipment, locomotives and freight cars, general railroad been complied with and declaring that tho incorporators are a body corpor­
equipment such as rails, bridgo materials and timber, dyes and chemicals, ate, if (a) an incorporation fee of $100 lias been paid him, (b) he finds that
kerosene, tobacco products and products of our mines such as iron and the articles of incorporation and statements therein conform to the require­
steel, which are used for construction purposes. China at her present state ments of, and that tho incorporation is authorized by, this Act, and (c) he
of development Constitutes a market for practically everything produced in finds that such corporation will aid in developing markets in China for goods
produced in tho United States. A copy of tho articles of incorporation shall
America, and her markets are expanding rapidly.
be made a part of the certificate of incorporation and printed in full thereon.
The Department of Commerce in an earlier statement Any failure, previous to tho issuanco of tho certificate of incorporation, by
regarding the Act said:
tho incorporators or in respect to the application for the certificate of in­




THE CHRONICLE

1588

corporation, to conform to any requirement of law which is a condition
precedent to such issuance, may not subsequent thereto be held to invali­
date the certificate of incorporation or alter the legal status of any act o f
a China Trade Act corporation, except in proceedings instituted by the
Registrar for the revocation of the certificate of incorporation.
G en eral P o w ers.

Sec. 6. In addition to the powers granted elsewhere in this Act, a China
Trade Act corporation—
(a) Shall have the right of succession during the existence of the cor­
poration,
(b) May have a corporate seal and alter it at pleasure,
(c) May sue and be sued,
(d) Shall have the right to transact the business authorized by its
articles of incorporation and such further business as is properly connected
therewith or necessary and incidental thereto,
(e) May make contracts and incur liabilities,
(f) May acquire and hold real or personal property, necessary to effect
the purpose for which it is formed, and dispose of such property when
no longer needed for such purposes,
(g) May borrow money and issue its notes, coupon or registered bonds,
or other evidences of debt, and secure their payment by a mortgage of
its property, and
(h) M ay establish such branch offices at such places in China as it
deems advisable.

[V ol. 115.

(t») The registrar shall file with the Secretary copies of all reports, certifi­
cates, and certified copies received or issued by the registrar under the
provisions of this Act. The Secretary shall file with the registrar copies
of all applications for a certificate of incorporation, and certificates received
or issued by the Secretary under the provisions of this Act. All such papers
shall be kept on record in the offices of the registrar and the Secretary, and
shall be available for public inspection under such regulations as may lie
prescribed.
D iv id e n d s .

Sec. 13. Dividends declared by a China Trade Act corporation shall bo
derived wholly from the surplus profits of its business.
R e v o c a tio n

o f C e r tific a te o f I n c o r p o r a tio n .

Sec. 14. The registrar may, in order to ascertain if the affairs of a China
Trade Act corporation are conducted contrary to any provision of this
Act, or any other law. or any treaty of the United States, or the articles
of incorporation or by-laws of the corporation, investigate the affairs of the
corporation. The registrar, whenever he is satisfied that the affairs of any
China Trade Act corporation are or have been so conducted, may institute
in the United States Court for China proceedings for the revocation of the
certificate of incorporation of the corporation. The Court may revoke
such certificate if it finds the affairs of such corporation have been so
conducted. Fending final decision in the revocation proceedings the Court
may, at any time, upon application of the registrar or upon its own motion,
make such orders in respect to the conduct of the affairs of the corporation
S h a r e s o f S to c k .
as it deems advisable.
Sec. 7. Each share of the original or any subsequent issue of stock of
Sec. 15. ( a ) For the efficient administration of the functions vested in
a China Trade Act corporation shall be issued at par value only, and the registrar by this Act, he may require, by subpoena issued by him or
shall be paid for in cash or in accordance with the provisions of section under his direction. ( 1 ) the attendance of any witness and the production
8, in real or personal property which has been placed in the custody of of any book, paper, document, or other evidence from any place in China
the directors. No such share shall be issued until the amount of the at any designated place of hearing in China, or. if the witness is actually
par value thereof has been paid the corporation, and when issued, each resident or temporarily sojourning outside of China, at any designated place
share shall be held to be full paid and nonassessable, except that if any of hearing within fifty miles of the actual residence or place of sojourn of
share is, in violation of this section, issued without the amount of the such witness, and (2) the taking of a deposition before any designated person
par value thereof having been paid to the corporation, the holder of such having power to administer oaths. In the case of a deposition the testi­
share shall be liable in suits by creditors for the difference between the mony shall be reduced to writing by the person taking the deposition or
amount paid for such share and the par value thereof.
under his direction, and shall then be subscribed by the deponent. The
Sec. 8. No share of stock of a China Trade Act corporation shall, for registrar, or any officer, employee, or agent of the Unitod States authorized
the purposes of section 7 or of paragraph (7), of subdivision (b) of section in writing by him. may administer oaths and examine any witness. Any
4. be held paid in real or personal property unles ( 1 ) a certificates de­ witness summoned or whose deposition is taken, under this section, shall be
scribing the property and stating the value at which it is to be received paid the same fees and mileage as are paid withnesses in the courts of the
has been filed by the corporation with the Secretary or the Registrar in United States.
such manner as shall be by regulation prescribed, and a fee to be fixed
(5)
In the case of failure to Comply with any subpoena or in the case of
by the Secretary or the Registrar, respectively, to cover the cost of any the contumacy of any witness before the registrar, or any individual so
necessary investigation has been paid, and (2) the Secretary or the Regis­ authorized by him. the registrar or such individual may invoke the aid of
trar, as the case may be, finds and has certified to the corporation that any Federal District Court. Such court may thereupon order the witness
such value is not more than the fair market value of the property.
to comply with the requirements of such subpoena and to give evidence
touching the matter in question. Any failure to obey such order may be
By-Laws.
punished by such court as a contempt thereof.
Sec. 9. The by-laws may provide—
(c) No person shall be excused from so attending and testifying or de­
(a) The time, place, manner of calling, giving notice, and conduct of, posing, nor from so producing any book, paper, document, or other evidence
and determination of a quorum for, the meetings, annual or special, of on the ground that the testimony or evidence, documentary or otherwise,
the stockholders or directors,
required of him may tend to incriminate him or subject him to a penalty
(b) The number, qualifications, and manner of choosing and fixing or forfeiture, but no natural person shall be prosecuted or subjected to any
the tenure of office and compensation of all directors, but the number penalty' of forfeiture for or on account of any transaction, matter, or thing
of such directors shall be not loss than three, and a majority of the directors as to which, in obedience to a subpoena and under oath, he may so testify,
and a majority of the officers holding the office of President, Treasurer, except that no person shall be exempt from prosecution and punishment
or Secretary, or a corresponding office, shall be citizens of the United for perjury committed in so testifying.
States resident in China, and
( d ) For the efficient administration of the functions vested in the registrar
(c) The manner of calling for and collecting payments upon shares of by this Act, he. or any officer, employee, or agent of the United States
stock, the penalties and forfeitures for non-payment, the preparation of authorized in writing by' him, shall at all reasonable times for the purpose
certificates of the shares, the manner of recording their sale or transfer, of examination have access to and the right to copy any book, account,
and the manner of their representation at stockholders’ meetings.
record, paper, or correspondence relating to the business or affairs of a
China Trade Act corporation. Any person who upon demand refuses the
S to c k h o ld e r s ' M e e ti n g s .
Sec. 10. (a) Within six months after the issuance of the certificate registrar or any duly' authorized officer, employee, or agent such access or
of incorporation of a China Trade Act corporation there shall be held opportunity to copy, or hinders, obstructs, cr resists him in the exercise
a stockholders’ meeting either at the principal office or a branch office of such right, shall be liable to a penalty of not more than $ 5,000 for each
of the corporation. Such meeting shall be called by a majority of the such offense. Such penalty shall be recoverable in a civil suit brought in
directors named in the articles of incorporation and each stockholder the name of the United States.
Sec. 16. In case of the voluntary dissolution of a China Trade Act cor­
shall be given at least ninety days’ notice of the meeting either in person
or by mail. The holders of two-thirds of the voting shares stwill constitute poration or revocation of its certificate of incorporation, the directors of
the
corporation shall be trustees for the creditors and stockholders of the
a quorum at such meeting authorized to transact business. At this
meeting or an adjourned mectiug thereof a cade of by-laws for the cor­ corporation, except that upon application to the United States Court for
poration shall be adopted by a majority of the voting shares represented China by any interested party, or upon the motion of any' court of compe­
tent jurisdiction in any proceeding pending before it, the court may in its
at the meeting.
(b) The following questions shall be determined only by the stock­ discretion appoint as the trustees such persons, other than the directors,
as it may determine. The trustees are invested w ith the powers, and shall
holders at a stockholders’ meeting:
do all acts, necessary to wind up the affairs of the corporation and divide
(1) Adoption of the by-laws,
among the stockholders according to their respective interests the property
(2) Amendments to the articles of incorporation or by-laws,
of
the corporation remaining after all obligations against it have been
(3) Authorization of the sale of the entire business of the corporation
settled. For the purposes of this section the trustees may sue and be sued
or of an independent branch of such business.
in the name of the corporation and shall be jointly and severally liable to
(4) Authorization of the voluntary dissolution of the corporation, and
(5) Authorization of application for the extension of the period of the stockholders and creditors of the corporation to the extent of the
property' coming into their hands as trustees.
duration of the corporation.
(c) The adoption of any such amendment or authorization shall require
R e g u la tio n s .
the approval of at least two-thirds of the voting shares. No amendment
Sec. 17. (a) The Secretary is authorized to make such regulations
to the articles of incorporation or authorization for dissolution or extension
shall take effect until (1) the corporation files a certificate with the Secretary as may' be necessary to carry into effect the functions vested in him or in
stating the action taken, in such manner and form as shall be by regulation the registrar by this Act.
(b)
That the Secretary is authorized to prescribe and fix the amount
prescribed, and (2) such amendment or authorization is found and certi­
of such fees (other than the incorporation fee) to be paid him or the regis­
fied by the Secretary to conform to the requirements of this Act.
trar
for
services
renderod by the Secretaty or the registrar to any person
(d) A certified copy of the by-laws and amendments thereof and of the
minutes of all stockholders’ meetings of the corporation shall be filed in the administration of the previsions of this Act. All foes and penalities
paid under this Act shall be covered into the Treasury of the United States
with the Registrar.
as miscellaneous receipts.
D ir e c to r s .
P e n a ltie s .

Sec. 11. The directors designated in the articles of incorporation shall,
until their successors take office, direct the exercise of all powers of a
China Trade Act corporation except such as are conferred upon the stock­
holders by law or by the articles of incorporation or by-laws of the cor­
poration. Thereafter the directors elected in accordance with the by-laws
of the corporation shall direct the exercise of all powers of the corporation
except such as are so conferred upon the stockholders. In the exercise
of such powers the directors may appoint and remove and fix the com­
pensation of such officers and employees of the corporation as they deem
advisable
R e p o r ts a n d

I n sp e c tio n

o f R ecords.

Sec. 12. (a) For the purposes of this Act the fiscal year of a China
Trade Act corporation shall correspond to the calendar year. The cor­
poration shall make and file with the registrar, in such manner and form
and at such time as shall be by regulation prescribed, a report of its business
for each such fiscal year and of its financial condition at the close of the
year. The corporation shall furnish a true copy of the report to each of its
stockholders.
G&tfll




Sec. 18. No stockholder, director, officer, employee, or agent of a China
Trade Act corporation shall make, issue, or publish any statement, writ­
ten or oral, or advertisement in any form, as to the value or as to the facts
affecting the value of stocks, bonds, or other evidences of debt, or as to
the financial condition or transactions, or facts affecting such condition
or transactions, of such corporation if it has issued or is to issue stocks,
bonds, or other evidences of debt, whenever he knows or has reason to be­
lieve that any material representat ion In such statement or advertisement is
false. No stockholder, director, officer, employee, or agent of a China
Trade Act corporation shall. If all authorized capital stock thereof has not
been paid in, make, issue, or publish any written statement or advertise­
ment. in any form, stating the amount of the authorized capitsl stock
without also stating as the amount actually paid in, a sum not greater
than the amount paid in. Any porson violating any provisions of this
section shall, upon conviction thereof, bo fined not more than $5,000 or
imprlosoned not more than ten years, or both.
Sec. 19. No individual, partnership, or association, or corporation
not incorporated under this Act or under a law of the United States, sh a l\

Ocx. 7 1922.]

t linage in business within China under a name in connection with which
the legend “Federal Inc. U. S. A.” is used. Any person violating this sec­
tion shall upon conviction thereof be fined not more than SI.000 for each
violation.
J u r is d ic tio n

o f S u its A g a in s t C o r p o r a tio n .

Sec. 20. Tiiat the Federal district courts shall have exclusive original
jurisdiction of all suits (except as provided by the Act entitled “.An Act
creating a United States Court for China and prescribing the jurisdiction
thereof.” approved June 30 1906, as amended) to which a China Trado
Act corporation, or a stockholder, director, or officer thereof in his capacity
as such, is a party. Suit against the corporation may be brought in the
United States Court for China, or in the Supreme Court of the District
of Columbia, or in the Federal district court for any district in which the
corporation has an agent and is engaged in doing business.
F ederal

T a x a tio n .

Sec.21. Title II of the Revenue Act of 1921 is amended by adding at
the end thereof a new section to read as follows:
“ C h in a

T r a d e A c t C o r p o r a tio n s .

“Sec. 261. (a) That for the purpose only of the tax i m p o s e d by section
230 there shall be allowed, in the case of a corporation organized under
the China Trade Act, 1922, a credit of an amount equal to the propor­
tion of the net income derived from somces within China (determined in a
bears to the par value of the whole number of shares of stock of the cor­
poration outstanding on such date: P r o d d e d , That in no case shall the
amount by which the tax imposed by section 230 is diminished by reason
of such credit exceed the amount of the special dividend certified under
subdivision (b) of this section.
.
„_
_
“ (b) Such credit shall not be allowed unless the Secretary of Commerce
has certified to the Commissioner (1) the amount which, during the year
ending on the date of filing the return, the corporation has distributed
as a special dividend to or for the benefit of such individuals as on the last
day of the taxable year were citizens of the United States or China, restdent in China, and owned shares of stock of the corporation, (2) that suen
special dividend was in addition to all other amounts, payable or to be pay­
able to such individuals or for their benefit, by reason of their interest
in the corporation, and (3 ) that such distribution has been made to or
for the benefit of such individuals in proportion to t he par value of the snares
of stock of the corporation owned by each: except that if the corporation
has more than one class of stock. the certificate shall contain a statement
that the articles of incorporation provide a method for the apportionment
of such special dividend among such individuals, and that the amount
certified has been distributed in accordance with the method so provided.
“ (c) For the purposes of this section shares of stock of a cornoration
shall be considered to be owned by the person in whom the equitable rigni
to the income from such shares is in good faith vested.
“ (d) As used in this section the teraVChina’ shall have the same mean­
ing as when used in the rhina Trade Act. 1922.”
_
Sec. 22. Subdivision (b) of section 230 of the Revenue Act of 1921 is
amended to read as follows:
,
. “ (b) For each calendar year thereafter. 12)4% of the amount of the net
income in excess of the credits provided in sections 236 and 264.
Sec. 23. Subdivision (f) of section 238 of the Revenue Act of 1921 is
amended by adding after the figures “262” the word and figures “or 264.
Sec. 24. Subdivision (c) o f section 240 of the Revenue Act oi 1921 is
amended by adding at the end thereof a new sentence to read as follows:
“A corporation organized under the China Trade Act, 1922 shall not be
deemed to be affiliated with any other corporation within the meaning oi
this section
Sec. 25. That section 2 of the Revenue Act of 1921 is amended by
adding at the end thereof a new paragraph to read as follows:
"(12) A corporation organized under the China Trade Act, 1922 shall,
for the purposes of this Act, be considered a domestic corporation.
Sec. 26. Subdivision (b) of section 213 of the Revenue Act of 1921
is amended by striking out the period at the end of paragraph f 12) thereof
and inserting in lieu thereof a semicolon, and by adding after paragraph
( 12 ) a new paragraph to read as follows:
“ (13) In the case of an individual, amounts distributed as dividends
to or for his benefit by a corporation organized under the China 1 rado Act,
1922, if, at the time of such distribution, ho is a citizen of China, resident,
therein and the equitable right to the income of the shares of stock ot tne
corporation is in good faith vested in him.”
,
Sec. 27. Subdivision (a) of section 216, paragraph (6) of subdivision
(a) of section 234, and paragraph (3) of subdivision (a) of section 245. of
the Revenue Act or 1921, are amended by inserting in each after the word
and figures “section 262” a comma and the words “and other than a cor­
poration organized under the China Trade Act, 1922.”
R e s e r v a tio n

o f R ig h t

to A m e n d .

Sec. 28. The Congress of the United States reserves the right to alter,
amend, or repeal any provision of this Act.
Approved, September 19 1922.
G E O R G E II . S U T H E R L A N D S W O R N I N A S A S S O C I A T E
J U S T I C E O F U. S . S U P R E M E C O U R T .

With the reconvening of the U. S. Supreme Court on Mon­
day last, Oct. 2, former Seuator George H. Sutherland was
sworn in as Associate Justice succeeding John Hessin Clarke,
whose resignation was noted in our issue of Sept. 16, page
1274. All the members were present except Justice Pitney,
who is seriously ill. After the swearing in of the new Asso­
ciate Justice by Chief Justice Taft the Court adjourned to
call at the White House to pay its customary visit of respect
to the President.
NEW

1589

THE CHRONTOLK

MEMBERS

OF

TAX

SIM PLIFICATION

BOARD

N A M E D TO F IL L VACANCIES.

Secretary Mellon announced on Sept. 26 that the President
has appointed Henry H. Hilton, of the firm of Ginn & Co.,
publishers, Chicago, and William S. Moorhead, member of
the law firm of Moorhead & Knox, Pittsburgh, as members of
the Tax Simplification Board, representing the public. These
appointments are made to fill the vacancies caused by the
deaths of Colonel W. T. Abbott, of Chicago, and James H,
Beal, of Pittsburgh. The Tax Simplification Board was es­
tablished in the Treasury Department under the Revenue
Act of 1921, to consider the regulations, forms and procedure
relating to the administration of the tax laws in the Bureau
of Internal .Revenue. With these appointments the Board



is complete, witli William S. Moorhead, Henry II. Hilton and
J. E. Sterrett appointed by the President to represent the
public, and C. P. Smith, George W. Skilton and E. W. Chatterton, appointed by the Secretary, to represent the Bureau
of Internal Revenue.
R E SU M P T IO N OF TH E PN EU M ATIC TU BE SER VIC E
B Y T H E N E W Y O R K P O S T OFFICE..

Postmaster Edward M. Morgan announced on Sept. 30 that
the pneumatic tube system which was in operation by the
New York Post Office from 1898 until service was suspended
by former Postmaster-General Burleson June 30 191S (ex­
cept during the year 1903) would resume operation with the
opening of business Oct. 2. The resumption of service was
recently recommended by the Joint Commission on Postal
Service of the Senate and Congress, of which Senator Charles
E. Townsend is Chairman, and through the action of Post­
master-General Hubert H. Work, after being strongly rec­
ommended by the officials of the New York Post Office as
a means of expediting the transmittal of the mails between
the General Post Office and various stations and terminals.
An announcement by the New York Post Office says:
When the service was discontinued, the machinery in the different stations
was removed, but the tubes which run underground, several feet below the
surface, were not disturbed. New equipment has been provided by the
operating company, known as the Pneumatic Service Company, to take the
place of the equipment that was removed, and experimental tests made dur­
ing the last two days have been made with success.
It will not be possible to resume service throughout the entire city Oct. 2.
but the Brooklyn office will then be connected with t 1-.. City Hall Station
of the New York office, and this station will in turn lie connected with Sta­
tions P and Wall Street, lying south of it. and with the General Post Office
and all the West Side stations to the north, including Varick Street Station,
the Times Square Station, the Grand Central Station and Stations A, C.
G, II, I, J, N , O and W. These are the most important distributing and
dispatching postal centres in the country. As promptly as possible the route
running up the East Sido of the city will also be opened, connecting most
of the stations on the upper East Side of the city with those that have been
mentioned. When the system is complete there will be a circuit of double
lino tubes connecting all the principal stations in Manhattan with the Gen­
eral Post Office and with the spur to the Brooklyn office. The postal au­
thorities represent that the advantage of the pneumatic tube system is
tho continuous movement of the mails, free from interruption of street con­
gestion and liability to depredation, which it affords. The tubes are 8 )s
inches in diameter. Through these tubes cylinders with an inside measure­
ment of 7 by 21 inches, which contain tho mail, arc forced through by com­
pressed air. These arc dispatched ordinarily at 10-second intervals, and
travel at a velocity of approximately 30 miles an hour, as against the motor
vehicles’ 10 or 12. The capacity of each tube is about 600 letters.
The reinstallation of tho tubes is regarded by Postmaster Morgan as an­
other accomplishment in tho resumption of postal efficiency.
FEDERAL

TRADE

COM M ISSION'S
GRAIN TRADE.

INQUIRY

INTO

Tlie Federal Trade Commission, which is conducting an
inquiry into the grain trade in response to a resolution of
the U. S. Senate, announced on Oct. 2 that Commissioners
Victor Murdock, John F. Nugent, Huston Thompson and Ver­
non W. Van Fleet would hold a series of public conferences
with representative grain men at Washington, New York and
Chicago. The Washington conference was scheduled for
Tuesday, Oct. 3, followed by the New York conference on
Oct. 0 and 7, and the Chicago conference from Oct. 10 to 16.
J. L. lteplogle and Albert C. Field and others were asked to
attend the Washington conference. Those who are invited
to attend the New York conference are: Julius H. Barnes,
Jesse L. Livermore, Gerald F. Earle, Alex Hansen, Prentiss
N. Gray, John H. Simon, all of New York; August F. Gruber
and William M. Richardson, of Philadelphia, and George W.
Eddy, of Boston. The attendance at Chicago will be an­
nounced later. These conferences are for the purpose of ob­
taining information pertinent to that part of the Senate reso­
lution calling for “all the facts concerning market manipu­
lations, if any, in connection with large export transactions,
or otherwise.” The facts concerning the slump in grain
prices during the last six months of 1920 after future trad­
ing in wheat was restored, as well as the reasons for the se­
vere fluctuations in the price of May futures of 1921 and
1922, will be inquired into.
P U R C H A S E OF W A R M E M O I R S OF L L O Y D GEORGE B Y
N . Y. “ T IM E S ” I N C O N JU N C T IO N W IT H
C H IC A G O “ T R IB U N E ."

A contract has been entered into botween Prim e M inister
Lloyd George of G reat B ritain, and the N ew Y ork “ Times”
in conjunction w ith the Chicago “ T ribune” for the pur­
chase of the American rights to tlie publication of the W ar
Memoirs of tho Prim e M inister. The purchase price will
be in the neighborhood of one pound Sterling a word accord­
i n g to a. copyright cablegram fiom London to the “ Times’*

1590

THE CHRONICLE

Sept. 14, which gavo tho following details regarding the
purchase.
A contract between the Right Hon. David Lloyd George. M. P .. ot 10
Downing Street, London, and tho Now York “Times,” acting in conjunc­
tion with tho Chicago "Tribune,” for serial rights in the publication of
the work comprising the war momoirs of the British Primo Minister has
now been signed by Mr. Lloyd George, and a duplicate of the contract is
on its way to the United States to receive the signatures of tho other con­
tracting parties.
Reports in irresponsible quarters that the matter had been settled some
time ago ca^i be dismissed as baseless. The contract has just been signed
and delivered.
That it is the biggest contract of its kind need hardly be stated. Tho
Prime Minister will receive a total sum for his memoirs which will not fall
very far short ot one pound sterling per word, and every penny of tho profit
he is going to distribute in war charities. The figure £90,000 has been
mentioned in public print as tho price to be paid, but that was more or loss
intelligent guesswork and represents only part of the total sum which the
world is willing to pay for the interest of reading the personal records of
the great war by the ono statesman who played a great role from Aug. 4
1914 to Nov. 11 1918, and still remains at the head of affairs in his own
country.

[V ol. 115.

joinod forces, with the result that offers made for tho book exceeded bv
many hundred thousands of dollars any figure over previously paid for an
individual work.
E a r lie r

P r e m ie r s

O u td is ta n c e d .

The British publishers, whose top notch prices in the past had been paid to
^ illiam Lwrart Gladstone and Lord Beaconsfisld, both predecessors of Mr
Lloyd George in the Premiership, were staggered by the new scale with
which they wero confronted as the outcome of the international competition.
However, their hesitation soon disappeared in the face of considerations
which could not be disregarded.
Disraeli had received £10,000 down for “Endymion," written while he
was Prime Minister. “Endymion” was only a novel, whereas what Mr.
Lloyd George, whoso share in making the history of the world in his time has
been much more important than was Lord Beaconsfield’s in bis day, had to
offer was an inside record of events which wero unparalleled in their gravity
and interest for humanity. The consequence was that a new high water
mark has been set in the chronicles of English publishing houses.
A

N ew

R eco rd fo r A m e r ic a .

New records have been established also in the history of American news­
paper enterprise as measured by tho expenditure of dollars and cents.
AVhen the Premier found himself confronted with the possibility of the
protracted Allied conferences in London he decided that he had better put
P r ic e s D o u b le T h o s e E x - K a is e r G o t.
all
the preliminary arrangements in the hands of a literary agent who would
The interest shown by Continental Europe in Mr. Lloyd George's memoirs
has been extraordinary. Curtis Brown, Limited, the well-known inter­ relieve him of details to which he could give no time. He selected for this
national publishing bureau, which is acting as the British Prime Minister’s purpose Curtis Brown, who at once got to work to complete such arrange­
literary agents, states that tho demand for the memoirs both in regard to ments as were already under way and to extend his operations to every
serial publication and book rights is unprecedented in the history of pub­ available field.
Curtis Brown began his operations first with the New York “Times” as
lishing.
It is safe to say the work will be translated Into the language of every the major client in the transaction and a contract was speedily drawn up for
signatures.
Other arrangements followed with a rush with the result that
country which owns a printing press. South America jumped at the
opportunity and most of the rights of publication in that part of tho world Curtis Brown has been able to announce the conclusion of what is declared
have already been or are being disposed of. Every country in Europe is to be the largest transaction ever made for one book.
The British serial rights were disposed of to Sir William Berry, Bart., for
making contracts for serial and book publication. Even Bulgaria and Fin­
the London “Sunday Times,” the British book rights to Cassell & Co., and
land have applied.
the
American book rights to Sir William Berry for Funk & Wagnalls.
It looks as if a total more than $500,000 will be attained, not one cent of
which will be retained by the Prime Minister. Nearly every contract so
Previous reference to th e proposed war records of the
far made has been exactly double the corresponding contract made for the Prim e M inister as well as of the former Kaiser, appeared in
ex-Kaiser’s book on tho war. and the deal is by far the largest ever made
our issue of Aug. 26, page 938.
for a single book.
What Mr. Lloyd George is going to say is more or less hiw own secret,
but gossip is very busy with speculation on tho subject.
M.
Clemenceau, according to a reported Interview, has stated that heT O B A C C O C O M P A N I E S C H A R G E D B Y F E D E R A L T R A D E
could not write the whole truth about the war and tho peace treaty without
C O M M I S S I O N W I T H U N F A I R M E T H O D S OF
stirring up trouble, and he hoped Mr. Lloyd George would bear that fact
COM PETITION
IN
THE
M AIN TE­
in mind when writing his momoirs. Tho British Premier may or may not
need lessons in discretion from “The Tiger,” whose caustic tongue and
N A N C E OF R E S A L E PRIC ES.
vitriolic pen have been known occasionally to make mischief. Stories aro
Tho Federal T rade Commission has issued formal complaints
still current in diplomatic circles of remarks and characterizations by the
then French Premier of certain of his colleagues at the Peace Conference, against the American Tobacco Co., P . Lorillard Co. and tho
which, unlike Mr. Lloyd George’s memoirs, will probably never bo put into Association of Wholesale Tobacconists of Milwaukee, m anu­
cold print.
S u r p a s s in g ly

I n te r e s tin g .

Mr. Lloyd George will doubtless be discreet, but every ono knows he can
hit out when he wants to, or has occasion to, and it is quite on tho cards
that certain personalities will smart under the last of his whip when his
book comes to bo published.
This, it should be emphasized. Is merely a speculative view deduced from
the character of the man as he has shown himself in public life. All that can
yet be stated for certainty is that those few favored persons of his intimate
circle who have seen what Mr. Lloyd George has already written of his
memoirs pronounce it surpassingly interesting.
During the respite which the parliamentary vacation has latterly given
to him he has been putting in a good deal of work on his book. The “New
York Times” is in a position to state definitely that “P. M .,” as the Prime
Minister Is generally spgken of by his entourage and in political circles
generally, is taking tho keenest personal interest in his memoirs. Ho is
not giving points to a literary hack who is left to elaborate them, he is writing
his memoirs himself and without the assistance of anybody else. It is
understood that he dictates the material from notes which he took through­
out the course of the war and then works over the typescript.
W ill D is c u s s

A m e r i c a ’s

P a r t.

While there is no cut-and-dried plan for the work, it may be said that
some of the special points which tho Prime Minister will deal with will bo
the entry of the United States into the war and the business of geiting
American troops across In 1918, the meetings that led up to a united com­
mand, the submarine peril and how It was dealt with, and American assist­
ance in very important respects, and the supply of munitions and America’s
contributions in that way even in tho early periods of tho war.
C a b in e t

W illin g

lie

S h o u ld

T e ll.

Then some part of tho work will be devoted to tho story of tho signing
of the armistice and the events and discussions which procedod it. Recent
reports from America have recorded some controversy on this point. If
anybody can settle the matter Mr. Lloyd George ought to be in a position
to do so. It will at least bo of the highest interest to see whether ho sides
with Marshal Foch or with General Pershing ahd General Bliss in their
reported view that the Allies should have marched to Berlin.
Caporetto and the Rapallo meeting will bo treated and the much vexed
question of the appointment of tho Supreme Council of Allies will bo dis­
cussed. And finally there is the promise of certain glimpses of tho Peace
Conference in Paris, which should be a revelation.
When his idea of writing his war memoirs was first considered, it was
Mr. Lloyd George's intention to withhold publication until the vicissitudes
of politics should have relieved him of tho cares and responsibilities of office;
but after consultation with his colleagues of the Cabinet, it was dccldod
that there was no valid reason why as Premier he should be debarred from
recording his personal story of the war, in which he had played so consider­
able a part.
The universal interest in the projected memoirs which spoodily manifested
itself as soon as hints of tho Primo Minister's intentions were bruited
abroad was one of tho factors which influenced Mr. Lloyd George In his de­
cision not to leave the issuo of his book dependent upon his retirement from
office. From all parts of the world publishers sent inquiries and probably
no author in history ever received so many advance offers as were made to
Mr. Lloyd George before oven a single word of his book bad been penned.
M any

B id d e r s f o r

th e

W ork.

The New York "Times" was among the first, and probably was actually
the first, of the great newspapers in the world to approach the British Pre­
mier on the subject of tho American serial rights in his projected work.
There were others, many others, however, and in some cases their emissaries
went to 10 Downing Street with bids for what were rightly described as
fabulous amounts. Book and newspaper publishers in some instance#




facturers and distributors of tobacco and tobacco products.
Tho respondents are given th irty days in which to answer the
oharges after which the cases will be tried on their merits.
The Commission in the complaints charge the respondents
w ith unfair m ethods of com petition in the maintenance of
resale prices by entering into agreements among themselves
to fix and m aintain certain uniform prices a t which their
tobacco products shall bo resold. The com plaint further
the charges th a t the respondents refused to sell to sub-jobbers
who would n ot agree to resell their products a t the prices
fixed by respondents. The Association of Wholesale To­
bacconists is composed of the jobbers of the city of Mil­
waukee, w ith officers and members as follows:
C. Schneider Jr., President.
G. Schmitt, Vice-President.
Charles Cohen, Secretary.
A. Peekarsky, Treasurer.
M. L. Annenberg and A. Troesch.
Nathan Stein, Benjamin Stein,
William Stein and Benjamin Gill,
partners trading as Stein Brothers.
Tho Lowis-Leidersdorf Co.: Harry
W. Lewis, President; E. C. Hoe,
Emil Kellner, Carl B. Leidersdorf,
Vice-Presidents; A. W. naeuser.
Secretary; E. B. Josephson. Treas­
urer.
M. II. Swoet. doing business under
the name and style of Sure & Sweet.
Schmitt Brothers.
A. S. Goodrich Co.: Christian L.
Heintz, President; Harry B. Rich­
ards, Vice-President; Herbert J.
Cordes, Secretary and Treasurer.

PETROLEUM

J. M. Sher and Oscar Vinograd, a
partnership doing business under
the name and style of Sher &
Vinograd.
George Panagis, Peter Panagis and
Stanley Stacey, a partnership,
doing business under the name and
style of Cavalla Tobacco Co.
D. Kurman Tobacco Co.: D. Kurman, President and Treasurer; Ben
Burmann, Vice-President; Phil
Kurman, Secretary.
Peekarsky Brothers: Abrahan Peckarsky. President; Peter Peekarsky,
Vice-President; Herman Peekarsky!
Secretary and Treasurer.
Badger Tobacco Co.; E. Cohen
President; William Cohen, Vico^
President; Charles Cohen, Sec­
retary.
Schneider Tobacco Co.: O. Schnoider
Jr., President; Milda Kahnit,
Secretary.

R E F I N E R Y S T A T I S T I C S FOR J U L Y
( U N I T OF G A L L O N S ).

1922

W . C. Hill, Potroleum Economist of the Bureau of Mines
reports th a t a daily average of 1,593,000 barrels of oil was
run through the stills of 305 refinerios reported operating
during July. This shows an increase of 46,000 barrels of
2.96% in tho am ount of oil run and a decrease of 5 in the
num ber of operating refineries as compared w ith June.
P lants operating in Ju ly ran an average of 89.55% of their
daily indicated capacity, it is stated. In addition to the
plants referred to above, it is estim ated th a t probably ten
plants of small total aggregate capacity were operating in
the Louisiana and M id-Continent fields during July from
which no reports were received b y tho Bureau.

THE CHKONTCLE

Oct. 7 1922.]

1591

effective when the existing contract expires on Mar. 31 1923.
No action was taken, Mr. Lewis said, regarding tho deman s
to be made on behalf of the 155,000 anthracite mine workers,
whose contract with the operators expires next fa .
e
said that is entirely a separate matter and will have to be
taken up by the anthracite miners’ organization.
The announcement that the miners were prepared to fight
to maintain tho minimum of $7 50 a day came, it is said, to
the operators as a complete surprise, as it had been supposed
that, in accordance with past custom, a national wago con
vention would be called in Indianapolis to formulate new e
mands.
The action of the Policy Committee taken upon the recom-,
mondation of President Lewis, followed the successful con­
clusion of a joint convention between the miners and oper­
.....- - 8 S f e a s s
ators of the country, in which both sides united in a move­
Total
1,399.517,969 1,386,534,357 L171.413-969 ment to reorganize the wage-negotiating machinery in the
58,63 o.4o2
52.730.889
27 .3s 2.798 industry, with the view of lessening the danger of strikes.
With regard to developments at the Cleveland conference
Shipment to insular possessions
1-866.789
* 24.966.450 684,236,695 this week and the action of the miners, press dispatches said:

Gasoline production during July, the largest over recorded,
showed an increase of 44,000,000 gallons, or S.32% over 10
June figure, and 56,000,000 gallons above the May pro­
duction. Stocks on hand July 31 were 5 2 ,0 0 0 , 0 0 0 gallons,
or 6.31% less than at the end of the previous month.
Domestic consumption for July was also tho larges e
recorded, amounting to 566,000,000 / » ^ n s as compared
with 507,000,000 gallons for June and 4 9 9 ,0 0 0 , 0 0 0 gallo
for May. This shows for July an increase of 11 x > i J o °
the June figure and compared with July 1921 an lnf-ro^so
of 23.67%. A similar comparison of the June figures s o
an increase of 13.92% over the consumption for June 1

ga^saa^:::::::: S S S

Total
...1,399,517,969 1.386,534,357
lo t a i---------------- --- 1Q roo non
17 664,242
a Dally average production----18.533,9-0
10 ’T,Q 0qn
b Daily average consumption . .
20,213,193 ____ ’
'
Excess consump. over produc.
a Including imports,
possessions.

b

1,679,273

Taken by surprise by the action of the miners’ organization, coal operators
here to-night declined to comment. They indicated, however, that they
were pleased with the advance warning of what to expect next spring, and
would Immediately attempt to reassemble their forces, which were badly
split, and disorganized by the recent strike settlement. While no steps
have as yet been taken In this direction, it was learned to-night that a
group of operators contemplate calling a meeting in the near future for the
purpose of forming a permanent national association to deal witn labor
problems. The joint conference ended late to-day.
Tho abandonment of tho usual wago scale convention and^substitution
of the now joint negotiating board, union leaders to-night stated, would
result in a saving of more than $125,000 to tho union.
The wago scale conventions usually held in Indianapolis and attended by
2,200 delegates, it was explained, cost the union in expenses about* .
a day. They generally lasted a week. The money saved through tho aban­
donment of the convention, it was stated, will bo made available for defense

413.969
13.573.210
15.715.396

1,054,688

-.1 4 -, 186

Including exports and shipments to insular

Following are comparative

co n su ^

^

1f ^

\

21

M ay

J u ly '22 J u n e ’22

.
,
X,
85 76% 22.21%
Increase domestic pro-------- ------------35.7b/o
Increase domestic cons. ----- -------- 16.09%
Increase domestic pro. & imports----- 36.o5% - • /o
Increase domestic con. & exports &
15>69%
s h i p . . . . . . . . ...........................
- ■
9.9%
Increase in sto c k s...........— ................ l i . v v , o
Kerosene production showed a daily avorage in ,
in July as compared with June. Stocks were increased
during tho month. Exports for July were 50,3 .
ments to our insular possessions amounted to 419.
jointly a decrease of 2 1 ,000,000 gallons from t e “ne
t o * * S 'S i f S b
O u t p u t ..........................- ............................ r. 923 368

’21

A p r il

'21

M a y '22 A p r il '22

14.51% 10.96%
40
.97% 15.74%
13.43%
4Q - 6% 13 .61%
7.01% 19.41%
,185 000 gallons
-gallons
UonSi showing
|

'j

u iy

1921.

m S i.« 9 2
138 .7 2 4 .1 3 2
5 788 .3 2 0
4 .4 7 4 ,9 7 2

Daily average— - - - - - .....................324 586 128 3 i?’.574.464 412.201.674
Stocks end of month------------------- 324,58b,lz s
re nnn nfif) gallons

0s r

....... S S

"

The output of lubricating oils increased UA77.00CI gallo
averago Increase of 2S7.000 gallons. ,
“ r t 1921L nM cU nO m j S
5
65.893.228
9 671 275
2.125,588
Output...................... - - - - - - .............. 9QKRS48
Daily average production...... 2.958,548
-•
2 258>638,298
Stocks end of month......................... 226.690,749 - 2b. Jiw.oiO U T PU T O F R E F IN E R IE S IN T H E U N IT E D STA TES F O R
East Coos, Pa.. N Y . W .O hio.Ind.. Oklahoma
(N .Y ..P h lla . East Ohio
III-. KvK 2„3as
1922.
and Hallo.) &-. W . Va.
*
645
6 340.484
C rude r u n .___(bbl.) 9,202.201
1,784.544 4.034.645 o . w .

“ a f f r '.lb M .)

981.872

Gasoline........ (Ral.lll2.583.297

141.515

476.580

JU L

,.

Texas.
9,116.160

««•«».

26.669.989

r jiia e s f

K erosene------- (gal.) 50.404,861
12.532.956
123,196,636 214.372.966
16.598,554 6fi-‘ 9()'784
7,261,988 23,568.296
G as and fu el..(g al.) 180.756,457
Lubricating— (gal.) 27.598.673 13.816.003 6.790.784
'i g57 290
3 ,367.602
Wax ..................(lb.) 15.033.999
7,552.067 3.061.845
i.*
14.340
C o k e ................(ton)
16.719
1.540
14.598
±.
28,436
A s p h a lt........... (ton)
99.811
308
77 g '296 12,703,728
9,591.004
M iscellaneous-(gal.) 10.449,247 4,38''§ 9 9
’168 727
305.056
378,828
____ D ally Average
............<b b l >
413’514 „
33>° 39
Louisiana Colorado
,022.

s

i

.

w ffm .

% "'« ■

w 22'

1021-

C"“’°T b b l.l 3.356.673 2,093.183 8.450.515 44,378.405 1.431.56,
Oils purchased
& re-run(bbl.) 217,904
Gasoline (gal,)37,787,337
Kerosene)gal.) 14.985.125
Gas&fuel(gal 168.886.854
Lubricating
r- • •
(gal.) 2,770,647
Wax „ . . ( l b . ) 4.644.299
Coke — (ton)
7.311
A sphalt (ton)
23.342
Mlsccll. (gal.)12.290.685
Losses..(bbl.)
41,004

_
, S8 <; nf)5 787
161,477
1.174.209
334.188 56-g711' 415 18,377.788
51.974.618 59.063.530 5 6 9 7 ^ 1 ^ 6 223.368
10.979.954
15.313.48 “ 028' 518 3o,936,404
41,036.932 250359,422 959U28.oio oo,
,
„
- „ „ fio7 01 714 987 2.958,548
2,270.910 7,837,687 91.714,98/ 1 247,200
3,046,088
............ 38’ fii 627
1 988
5.703
-----, ^ ’^ 4
6 ,074
27.684
10 0 . 4 1 4 6 , 0 7 8
25.004.151 44,358.500 128528.41J 4,
115,861
156.918 l.o iz .a * /
•

1.162.606
85.463
13,536.833
4,474.972
26,046,077
2,125,588
808.733
1.403
3.598
2.709,660
51.944

C O N F E R E N C E O F M I N E R S A N D ° / E R A T 0 R S W I 77/
R E F E R E N C E TO A G R E E M E N T FOR
'E X
EAR.

A

1

John L. Lewis, President of the United Mine W ot ers,
and other officials of the union held a joint conference
week at Cleveland with spokesmen for the bituminous opt ators. After sessions on Oct. 4 Mr. Lewis announced that
demands of the bituminous miners for continuation ot t
present wage scale for two moro years, a six-hour
five-day week, with time and one-half for overtime, wi
e
submitted to the operators of the country early in January.
He said the miners’ Policy Committee had reaffirmed these
demands, which were the wage proposals of 1922, and they
will bo tho basis of negotiation of a new agreement, to become



Abandoning the proposal of the miners for the appointment of a com­
mittee of inquiry within tho industry, the joint conference of operators
and miners to-day decided to support tho governmental Fac^Flnding
Commission. While the ccal operators declined President Harding s
invitation to submit the names of possible candidates for service on tne
Commission, the miners decided to present such names, and telegrapnca
them to the White House to-night.
H
Mr. Lewis said the miners’ union would give every possible co-operation
to the Fact-Finding Commission. He declined to mako public the names
of tlie men selected, as tho President had requested that they be held
confidential.
,
. „
Harmony prevailed in to-day’s joint conference. Tho coal operators,
representing the bituminous industry of the country, appeared to have
perfected a workable organization to deal with the union. Personal
animosity growing out of the recent coal strike appeared to have been
swept aside, and representatives of the miners and the operators announced
that they would co-operate to stabilize the industry and prevent another
nation-wide coal strike next Spring.
The commhtoe to take up the work of reorganizing the wage negotiation
machinery in the Industry will consist of two operators and two miners
from each of the twenty-seven organized mining districts in the country.
It will hold Its first session in Chicago at the Great Northern Hotel on
Nov. 14 and will make its report, with recommendations, to a joint con­
ference of operators and miners on or before Jan. 3, and wage negotiat o
are to be started not later than Jan. 8.
. _ . . x- j
President Lewis said the miners’ wage demands would be submitted
to the operators as soon as the reorganization committee bad completed
its work. This committee will determine whether wage contracts in
future are to be negotiated on the basis of the old central competitive
field or on a national or separate district basis.
...
The declaration of demands adopted by the miners Policy Committee
to-dav asserted “in the most emphatic manner our opposition to any
reduction in mining prices and insist that the present basic wage schedules
be maintained,” and recommended that all new agreements be based
upon six hours per day. five days a week, and that “where emergencies
require such service, overtime shall be paid for at the rate of l me an
one-half, with double time for all work on Sundays and legal holidays.
They also demanded that the mine workers’ representatives put forth
their best efforts to secure a clause in the next agreement providing for
tho weekly pay. The statement added:
. .
“Because of the abuses to which it has been subjected, we demand tnat
tho automatic penalty clause be eliminated from the wage agreements.
“We recommend that the next wage scale cover a period of two years,
beginning April 1 1923, and ending March 31 1925.”
..
While President Lewis declined to discuss tho possibility of a strike
next April in event the operators failed to meet the miners deman s,
was learned that if no agreement is reached the question of a general sus­
pension of mining operations would be submitted to a referendum vote
of the membership of the United Mine Workers. This was tho procedure
followed in the recent strike.

The operators in caucus on Oct. 2 rejected the proposal
of tho Federal Government that a panel of twenty names of
persons disassociated with the coal industry be submitted to
President Harding for use in creation of a committee pro­
vided under the Borah-Winslow law recently passed by Con­
gress. At the caucus a telegram was read from Herbert
Hoover, Secretary of Commerce, and James J. Davis, Sec­
retary of Labor, addressed to Thomas K. Maher, temporary
chairman of tho joint conference of operators and miners,
asking the conference to submit to the President a list of
twenty names. The telegram, a copy of which was sent to
President Lewis of the United Mine Workers, requested
in the name of President Harding that this panel be submit­
ted by the joint conference. A motion was adopted creat­
ing a committee of three to decline the invitation.

1592

THE CHRONICLE

Soft coal operators, after the joint conference on Oct. 4,
wired to Secretary of Commerce Hoover th a t they believed
th e suggestion to nam e a fact-finding commission was not
a m atter for the consideration of the conference and th a t
they “prefer to leave its selection to the President w ithout
suggestion from the coal operators.” In addition to the oper­
ators and operator associations of the central competitive
field, outlying districts were represented in the meeting of
th e operators on Oct. 2. This was the first tim e in history,
it was stated, th a t operators of both sections of the mining
industry got together in a national conference.
C O A L FOR H E A T I N G B U I L D I N G S G I V E N P R E F E R E N C E
B Y D E P A R T M E N T OF C O M M E R C E .

The D epartm ent of Commerce, in an am endment to the
priority coal orders, has placed coal for heating buildings in
th e preferred classification. The am endm ent to Service
Order No. 23 of the D epartm ent of Commerce is the result
of a campaign conducted by the N ational Association of
Building Owners and M anagers to secure adequate coal
supplies. Earle Schultz, M anager of the Commonwealth
Edison Building, and President of the N ational Association
of Building Owners and M anagers, in recent letters to
Secretary H oover of the D epartm ent of Commerce, pointed
out the dangers to American business if office buildings were
not given a preferred classification. In order to supple­
m ent the effect of this new service order am endm ent, M r.
Schultz has been advised by the D epartm ent of Commerce
to get in direct communication w ith the S tate Fuel Adminis­
trators so th a t the priority of our householders and office
buildings will be given general recognition throughout the
U nited States.
F A IR

P R I C E S FOR C O A L F I X E D

IN

O H IO .

F air prices for Ohio coal will range from $3 56 to $4 86
a ton a t the mines, under the Emergency Fuel Law recently
enacted a t the request of Governor Davis, and will become
effective on Oct. 10, it was announced on Oct. 3 a t the
G overnor’s office a t Columbus. Seventy-five to eighty per
cent of coal mined in the S tate under the schedule of prices
prepared by Fuel A dm inistrator Neal and approved by Gover­
nor D avis will be lim ited in price to $3 56 and $3 75 a ton,
it was said. The schedule provides th a t 25 cents more a ton
m ay be charged for lump coal and 25 cents less for slack.
GOVERNOR

OF

M A IN E PROTESTS SE N D IN G
C O A L TO C A N A D A .

HARD

Protesting strongly against the shipm ent of anthracite coal
to Canada, Governor Baxter of M aine on Sept. 28 said in
a message to Federal Fuel D itributer Spens a t Washington
th a t his S tate should have priority in anthracite shipments,
due to its extreme W inter climate, the Governor telegraphed,
adding th a t the fuel situation a t present was “critical.”
“ I t is necessary to ship practically all the coal by water,
and our rivers freeze N ov. 15,” the message said. “After
th a t date it is alm ost impossible to distribute coal in many
sections of the S tate .”
H E N R Y FORD OFFERS E M P L O Y E E S CO K E A T $8 A TON,
W I T H R E T A I L P R I C E I N D E T R O I T $15.

The Ford M otor Co. has begun supplying its employees
with coke a t $8 a ton, w ith the announcement th a t the
com pany again was m aking coke. A rush of orders flooded
the offices. Coke is retailing in D etroit a t $15.

[V

ol.

115.

In a communication from the'M aryland Fuel D istribution
Com mittee, offering the fullest co-operation to Federal Fuel
D istributer Spens, the statem ent is made th a t no really
acute emergency, so far as soft coal is concerned, exists in
th a t State. The largest users of bituminous are said to be
able to obtain practically sufficient supplies for their present
needs. Dealers are said to be complaining, however, re­
garding high prices charged a t mines for low-volatile bitum in­
ous suitable for domestic purposes. The claim is made th a t
these prices are such th a t, even if very slight margins are
charged for handling and profit, the price to the consumer
makes bitum inous coal un attractiv e for household use.
Because of this situation, the Committee is experiencing
difficulty in persuading M aryland householders to purchase
early winter supplies of soft coal to make up for an expected
shortage of anthracite during the next two months.
Governor John M . Parker, of Louisiana, states th a t no
acute coal shortage exists in th a t State, owing largely to the
extensive use of fuel oil by industrial interests. Conserva­
tion measures are, however, being p u t into effect.
F E D ER AL FU E L D IST R IB U T E R RE VISE S REG U LA­
T IO N S R E G A R D IN G D A I L Y REPORTS FROM
PRODUCERS.

Federal Fuel D istributer Spens on Oct. 4 issued a regula­
tion relieving producers of coal from making daily reports
of names and addresses of all consignees, with car numbers
and initials, if the producers themselves keep and preserve
full and detailed records showing such facts. The revised
regulations issued by M r. Spens follow:
I, Conrad E. Spens, Federal Fuel Distributer, in performance of the
duties upon me imposed by the Act of Congress of the United States,
entitled “An Act to declare a national emergency to exist in the production,
transportation, and distribution of coal and other fuel, granting additional
powers to the Inter-State Commerce Commission, providing for the
appointment of a Federal Fuel Distributer, providing for the declaration
of car-service priorities during the present emergency, and to prevent
the sale of fuel at unjust and unreasonably high prices," approved Sept.
22 1922, and under and in the exercise of the authority upon me con­
ferred thereby, do hereby, for the purposes of the said Act, make and
promulgate the following rule and regulation, effective forthwith:
IV.
(A) To facilitate reporting and assure the earliest possible receipt by
the Federal Fuel Distributer of the more essential Information immediately
required, compliance with that provision of clause (b) of Regulation No.
II requiring the daily report of names and addresses of all consignees,
with car numbers and initials is hereby waived as to all producers who
shall themselves keep and preserve full and detailed records showing
such facts, in such form as to enable them promptly to furnish such in­
formation as to any shipment if and when required in any particular case.
All such producers, when reporting upon the form prescribed by Regula^
tion No. I ll, may at their option:
Omit any, entry in the columns headed respectively “Consignee" and
“Office Address”; and in the column “Car Nos. and Initials” state merely
the number of carloads in each shipment.
The “Nature of Consignee's Business" should be designated, where
applicable, as “Steam Railroad.” “Public U tility,” “Wholesaler,” “Dealer,”
for Domestic Use,” “Industrial” fsuch as “Iron and Steel,” “Textile,”
&c.), and like designations.
In giving the “Destination of Shipment,” state place of destination or
“Tidewater” or “Lake,” as the case may be.
(B) In all cases where the coal is shipped from the mine to scale, to
tidewater or lake ports for trans-shipment, or to selling agents or other
representatives of the producer for sale and | or reconsignment, the pro­
ducer shall make daily report of all mine shipments upon the form required
by Regulation III, giving as to such coal all of tho information required
by such form as is possible at time of shipment from mine; and the selling
agent or other representative of the producer or person acting for his
account, shall also make daily reports upon the same form of all sales
and consignments of coal made for the account of such producer (this
latter to include all persons or agencies by whom such coal is originally
sold for the account of the producer, wherever the same may be located.)
In all cases such as above mentioned, the producer will be held re­
sponsible for the prompt making of such reports by the sales agent, or
other representative, or other person, firm or corporation through or by
whom such coal is sold.
Given under my hand this fourth day of October 1922.
CONRAD E. SPENS, F e d e r a l F u e l D i s t r i b u t e r .

N O C O A L S H O R T A G E I N M A R Y L A N D OR L O U I S I A N A .

Final figures received by Federal Fuel D istributer C. E.
Spens, according to a statem ent from Washington, dated
Oct. 4, show to ta l dumpings of 1,219,500 tons of coal a t
Lake E rie p orts, for trans-shipm ent to the upper lakes
region, last week. Dumpings of lake coal a t these ports
were 200,000 tons less than for the preceding week, b u t were
very satisfactory in view of the strike situation on lake
vessels engaged in the coal-carrying trade. Revised esti­
m ates indicate a to ta l production of 9,900,000 tons of bi­
tuminous and 1,965,000 tons of anthracite coal last week.
The week’s production of soft coal was the highest of any
similar period since the settlem ent of the strike. Production
of anthracite was 100,000 tons above th a t of the preceding
week and was the largest for any week since the ending of
th e coal strike. The anthracite figures exceed the weekly
average m aintained in th a t field in September and October
of 1920 and 1921.



S E C R E T A R Y OF L A B O R 'S V I E W S O N F A C T -F I N D I N G
IN Q U IR Y I N COAL IN D U S T R Y .

In a letter to Senator Shortridge made public on Oct. 1
Secretary of Labor Jam es J. Davis, outlines w hat he thinks
should be the scope of an investigation of the coal industry
by a special fact-finding commission. His recommendations
cover the following points:
1—Ownership— (a) Estate mineral holdings leased to operating coal com­
panies, (b) Corporation mineral holdings held in undeveloped reserve, (c)
Holdings of operating companies in fee, mineral or leased, (d) Original valua­
tions of said holdings when first acquired for mining purposes, (e) Present
valuations, (f) Royalties paid by the lessee operating with detailed compari­
son of changes in royalties during the last 10 years.
2. Sources of coal supply— (a) List and map of location of present bitum­
inous operating fields in very State with annual production each year since
1910, also anthracite fields, (b) Special characteristics of the coals of
tho different fields, as well as their special commerical uses, (c) Compe­
tition between different coal fields in seeking and finding a market.
3. Average cost of production—f. o. b . cars at the mines in each producing
field. This cost to be shown in detail, (a) Labor, (b) Management (lo
cal), Management (executive), (c) Supplies, fd) Repairs, (e) Fixe^

Oct. 7 1922.]

THE CHRONICLE

charges—taxes, insurance, interest on bonds, &c., sinking fund, (f) Royal­
ty. (g) Depreciation.
4. Wholesale sales—Mine selling expenses— (a) Coal company agencies,
(b) Commission or brokerage paid to agents, (c) Producing company part­
nership or control of wholesale selling agencies, (d) Duplication or mul­
tiplying of commissions through rehandling, (e) Proportion of sales under
contract, (f) Proportion held for spot market, (g) Relative shares of pro­
ducer and brokers in ultimate “spot sales.”
5. Retail Sales— (a) Number of dealers in each State, (b) amount of grade
of coal handled, (c) detailed cost of operating each yard, including delivery,
sales, expenses, &c., based on each ton sold, (d) average sale prices charged
each month of each year for the last five years, (e) average mine price paid
f. o. b. mines each month, plus freight, plus cost of operation, as per “c”, (f)
margin of final profit for each month, (g) storage capacity and when yard is
fully stocked.
6. Freight Rates—Transportation and distribution— (a) From each pro­
ducing field to the leading markets of the country, with the special purpose
to show extent of competition between the different coal fields by comparison
of competitive rates and mileage in transit, (b) ratio of consumption for each
producing State and where surplus finds market.
7. Stabilization— (a) Ratio of production in tons produced in each State
sold on all year contracts, (b) ratio of production sold in the summer months
for storage, how stored, by whom or how carried, (c) ratio of production
held for “spot” or free market, during each month of the year, (d) what is
actual capacity of mines in each Stato if mines could work regularly five
and one-half days per week?
8. Coat of Living—There should be a special quarterly report issued
regularly by the Bureau of Labor Statistics of the Department of Labor
that will show the relation of the cost of living in said mining district to the
“earnings” made in the same district, based upon the average work time
for the same period. Such tabulated comparison will be helpful to arrive
at a fairer understanding to the true relation of the prevailing wage to the
cost of living, or vice versa.
FAIR

PRACTICE CO M M ITTEE N A M E D B Y
S Y L V A N I A COAL C O M M IS S IO N .

PENN­

Tho F air Practice Committee of the Pennsylvania Fuel
Commission, which will deal w ith all anthracito coal sales
where producers ask more than $8 50 a ton a t the mines,
was appointed on Sept. 28 by W. D . B. Ainey, Chairman
of tho Commission. Seven of the nine members of the body
are Philadelphia men. Tho committee will organize a t once,
to begin consideration of the claims of the operators. Among
tho first of its duties will be price-fixing for tho independent
operators, who say the base rate of $8 50 a ton fixed for the
big coal companies is too low for thorn. The com mittee is
as follows:
Edgar G. Felton, Chairman, Philadelphia, a member of the Pennsylvania
Coal Commission; Hugh A. Dawson, Scranton, a member of the Pennsyl­
vania Fuel Commission; Franklin Spencer Edmonds, attorney, Philadel­
phia, a member of tho Pennsylvania Legislature; John Giibbcl, Philadel­
phia, ex-Presldent of the Union League and trustee of the Franklin Institute;
Nathan Hayward, Philadelphia, President of tho American Dredging Co.;
Francis A. Lewis, Philadelphia, a Federal Fuel Administrator for Phila­
delphia during tho war; Hood McKay, Philadelphia, a coal expert; Howard
W. White, Philadelphia, former Assistant Fuel Administrator for Phila­
delphia.

The Federal representative appointed by the Federal
Fuol A dm inistration of Washington is B. M . D urham of
Virginia. Commenting on the appointm ent of the Fair
Practice Com m ittee, the Philadelphia “Public Ledger’’ had
the following to say:
^ Appointment of tho Fair Practice Committee is regarded by State and
Federal officials as a most important step. For tho first time since 1917
the inquiry of tho committee will, it is hoped, reveal tho actual cost of
hard coal production at tho mines.
In recent years tho business of the anthracite operators has been a closed
book so far as the public is concerned. Frequently, during tho coal sus­
pension, union leaders called on the operators to reveal their profits, but
without success.
If tho operators are willing to supply tho Fair Practice Committee with
all tho information it seeks the investigation will bo enlightening on hard
coal production in many respects.
The $8 50-a-ton at tho mine price, on which the inquiry will centre, was
fixed in a proclamation by Governor Sproul. To determine whether tho
independent operators can profitably produco coal at this figure, tho com­
mittee must havo all factors of the production before it. Its findings will
be made to tho Pennsylvania Fuel Commission and reported by tho Com­
mission to tho Federal body.
None of tho committee members has a connection with tho railroad or
coal industries. They will give their timo to the investigation without pay-,
in the interest of fair play to tho public. Chairman Ainey suggested that
tho body organize as soon as possible and tho first meeting may bo held
before tho end of this week.
N E W YORK FUEL A D M IN ISTR A T O R A G A IN ADVISES
C O N S U M E R TO P U R C H A S E C O A L S U B S T I T U T E S .

S tate Fuel A dm inistrator W. H. Woodin issued a state­
m ent on Sept. 29 complaining th a t tho public had shown
indifference to all appeals to use substitutes for coal during
the emergency. “ We are worried by this coal situation,” he
said, in warning the people of the serious consequences of
indifference. The statem ent follows:
best that wo can discover is that sufficient soft coal is available for
all, and there is considerable wood in the rural districts. There is even
sufficient hard coal, domestic sizes, for household use, while tho weather
holds fino.
But there is no immediate prospect of sufficient hard coal to warrant any
considerable modification of General Order No. 1, limiting deliveries to two
weeks supply at a time. Tho plain fact is that if there is a severe winter
there will surely be a real shortage of anthracite domestic sizes.
in this situation, with substitutes such as soft coal, coke, wood and gas
available as to tho household consumer. I earnestly advise all household




1593

consumers with any storage facilities whatever to purchase substitutes while
they can be certain of deliveries.
I urge tho public not to Ignore tho fact that tho railroads, which were
already working to full capacity when the strike was terminated, received
not only the increased coal tonnage but tho additional burdens incident to
this season of the year.
There is no reason for a panic of buying, neither is there any excuse for
failure to face the facts, which I repeat, we are not likely to have more
than 60% of our needs in anthracite, to wait, hoping for favoritism or to
obtain an unfair proportion by encouraging tho dealer to profiteer, is to
invite the penalties of several fines, with their attendant disgrace, if not
actual imprisonment. The peddler trade is going to receive preference,
because its customers have no facilities for storage. It will be each person's
own fault if a sudden cold snap finds him wholly unprepared.
I urge consideration of these conditions as a duty owed by all good citizens
to themselves and to the State.
FED ERAL FUEL A D M IN IS T R A T O R URGES COAL-CAR­
R Y I N G R O A D S TO S P E E D S H I P M E N T TO U T M O S T .
^ Coal-carrying railroads were urged on Sept. 29 by Federal

Fuel Distributer Spens to make every effort to break .all
records for coal shipments during October. To date the
toads have made a splendid showing in coal movement,
Mr. Spens said, but he urged that this be bettered even at
the cost of increasing normal railroad expenses and without
requiring the use of the Inter-State Commerce Commission’s
power to lay down compulsory systems of preference for
coal movement. Mr. Spens notified the Inter-State Commeice Commission that in the judgment of his offico it would
bo unnecessary to lay any restriction on present systems
ot reconsigment of coal in transportation. The question
of bunker coal supplies for fuel and cargo coal to foreign ships
las also been taken up with Mr. Spens by representatives
of foreign owners and Governments concerned, and an
understanding reached that for the present such vessels
v i 1 be expected to stow coal in American ports only to the
amounts necessary to get them to foreign ports. The best
provision possible will be made for the ships to that extent.
I uel Distributer Spens in his appeal to the executives of the
various coal-carrying railroads, said:
i

Ltfi?rCCia^eI U,ly thc,current conditions on the railroads; the ravages of
th? t to ' d a y ?ho offerings of tonnage of all character
■ ‘ ,s , d the furtIler fact that, in spito of these circumstances tho car­
, thT° agf* * a te . are making a splendid showing in the transportation

are lnrlo ™

even
1
t0 SUggCSt the poSslbUlty of
, ° u.° to the dual strikes there is, of course, a dearth of coal. Consumers,
it ,“
aS W<31 aS ndustria1' have been urged only to purchase coal for
n T d sh ,!? requirements. Current transportation is adequate for current
nl-ivhnv^ " ? l SUfflCIent to permit of reserves. An early cold snap would
P y l a , OC \ lth consumers, as well as with the power of i he railroads. There
might be actual distress.
_ bas been suggested that, perhaps, there should be a temporary cessa™ V n transportation of certain other classes of traffic, that more equip­
* and Power might be applied to coal. In my judgment, it would bo
regrettable, if any action in that direction should become necessary.
- re jou willing to see if something can possibly be done to increase the
coal movement over your line?
*h
suggested by the President, we are extremely anxious to make October
1110 banner month. A personal word directly from you to each member of
your operating staff, down, if you will, at least to the division superintend­
ent, that coal shall, so far as practicable, be moved through to destination or
junctions with connecting lines, without set-outs, and that empties shall not
. delayed at terminals or junctions, but shall bo promptly returned to mines
v-1 ' . U1*}. confident, accomplish all that could be reasonably expected.
' our traffic department could undoubtedly also be of great assistance by
urging prompt unloading by consignees.
Extraordinary movement of coal, loads and empties, during the next few
woeks, in view of the heavy traffic in all commodities, will probably tend to
increase the cost of handling, but I believe this additional cost might prove
to be a good investment, as compared with a much greater cost that might
111 th° ° VOnt 14 should become necessary to adopt more drastic
measures to care of the situation.
* 3 cry P°ssibly to accomplish increased handling of coal, delays to other
ra, 1C,I,"ai cccur, but this is contemplated, or at least should be expected
under the existing orders of the Inter-State Commerce Commission, which
provides priority in transportation on coal, equal only with food and feed
and some minor public necessities.”

In response to an inquiry from the Inter-State Commerce
Commission regarding the advisability of modification of
the reconsignment practices on shipments of coal in open-top
cars, Fuel Distributer Spons has declared that, unless there
should be an unfavorable change in the present situation
as to reconsigning, tho existing rules, should, in his opinion,
be permitted to stand without revision. He said:
It is true, that at about the time the coal strike was ended there was at
certain terminals quite a quantity of coal on hand awaiting disposition, but
this was due largely, I think, to the fact that this coal had been purchased
at high prices, with the result that the breaking of the strike made it difficult
for the operators or jobbers to find customers.
To-day there appears to be an exceedingly small percentage of the total
loading of cars for reconsignment, approximately one-third of \ < y and !
am inclined to the opinion that, with the big demand for coal that now
exists and with the instructions that you have extant that consignese -im c
unload within 24 hours or be embargoed, that we need not just at this
tune, have much apprehension that the privilege will be dangerously abused
As a matter of fact, in many instances it perhaps works tow ard areduction
in prices, and likewise in many instances, actually makes for
.

S

K

i

by eaut.on.n* handlers

'

cm

**<’

that » „ t e

might become necessary for us to recommend to the Inter-State Commerce
Commission, the cancellation of the present privileges, or drastic restrictions.
G R A N D J U R Y , I N F I N A L REPORT, B L A M E S M IN E R S '
UNION
FOR H E R R I N O U T R A G E S — M O R E
IN DICTM ENTS.

The Special Grand Jury, which, for the past several weeks,
has been investigating the outbreaks in and near Herrin,
Ills., last June, when many miners were murdered in cold
blood, made its final report on Sept. 23, placing responsi­
bility for the outrages on the union. Simultaneously the
Grand Jury returned six more indictments for murder,
thirteen more for assault with intent to commit murder
and thirty-three other indictments, making the total 214,
with those announced previously. The report also charges
the authorities with failure “ to protect life and property,”
and criticises the owners of the mine as either woefully
ignorant of the danger or blindly determined to risk strife
and conflict if profit could be made.” The Grand Jury
declares, however, that the rioting and murders at the South­
ern Illinois Coal Company mine were the result of a con­
spiracy, which it says originated among the mine union
officials. A union official is said to have guaranteed the
union would pay for the guns and ammunition commandeer­
ed from the local hardware stores before the march on the
mine by the strikers. The report details the part the Ad­
jutant General’s office played in the affair. Colonel Hunter,
sent to Marion to report on the need of troops, asked lor
soldiers several times, the Grand Jury finds, but each time
the Adjutant-General refused to send them because the
Sheriff, Melvin Thaxton, holder of a union card and candi­
date for county treasurer, did not join in the request. ‘ The
Adjutant-General’s office and the Sheriff alternated in pass­
ing responsibility,” the report states, “with neither taking
decisive action to prevent disorders and protect property.
Hugh Willis of Herrin, member of the State Executive
Board of the United Mine Workers of America, and Will
Davis, Secretary-Treasurer of the Herrin District Union,
are indicted for murder. Willis is also indicted for assault
with intent to murder. These are the first important
officials of the union reached by the investigation. Willis
was on the State Policy Committee for the miners in Cleve­
land. The four others indicted for murder on Sept. 23
were: Enos Yates, Town Clerk of West Marion Township,
a miner, who refused to testify before the Grand Jury, and
James Taylor, Alex Ray and Charles Thomas, minors.
Those indicted for assault with intent to murder, besides
Willis, were A. L. Stivers of Carterville, former Constable
and Supervisor; David Williams, Ed Williams, Rollo Crav­
ens 0 . Price, Lew Corbin, Charles Hancock, Gerald Ber­
nard, Moody Fox, McKinley Beasley, Herbert Stokes and
Cline Gent.
.
.
The total result of the investigation is 44 murder indict­
ments, 58 for conspiracy to murder, 58 for rioting and 54
for assault with intent to murder. The first trial is expected
to begin about the middle of October. The text of the
Grand Jury’s report was:

Either because of loyalty to the union or from fear for his candidacy
the Sheriff would make no demands for troops nor did ho take adequate
measures to preserve the peace.
From the evidence heard, the attack of June 21 upon the men employed
at the strip mine was the result of a conspiracy which had been several days
in the perfecting, the object of which was the closing of the strip mine.
Sheriff Thaxton could not have been unaware of the developments of this
plan.
On Monday, June 19. State Senator W. A. Sneed, District President of the
United Mine Workers of this district, received from John L. Lewis, Presi­
dent of the United Mine Workers of America, a telegram as follows:
“ W i l l i a m S n e e d , P r e s i d e n t S u b - D i s t r i c t 10. D i s t r i c t 13, U n i t e d M i n e W o r k e r s
o f A m e r ic a , H e r r in ,

° f The coaTCompany aggravated this resentment by employing armed
* rt, ^“ d closing the public established highways traversing the mine
property and treating as trespassers citizens attempting to use the accusof

IUTlie18 u te AdSrt Mraf l on’

—n

»-

*»«"> o* t . - —

It undoubtedly reullzed the ncuto »lt-

Oeneral’s staff This representative of the State testified that he recog
nlzed upon his‘arrival in Marion the imminence of a conflict, and Imme­
diately asked tho Adjutant General to send State troops to protect property
and conserve the peace. This request Colonel Hunter renewed .several
times before the actual conflict, and was invariably asked by the Adjutan
General of Illinois if tho Sheriff of Williamson County had asked for troops,
ft The Adjutant-General denied his authority to order them into William­
son County except upon the Sheriffs request, which, as your Honor knows.
is not the law.
, ,, ,
, „
t, Melvin Thaxton. tho Sheriff of Williamson County, is the holder of a
card in the miners’ union and a candidate for County Treasurer at the fort icoming election.




I I I .',

Your wire 18th. Steam Shovel Men’s Union was suspended from af­
filiation with American Federaton of Labor some years ago. It was ordered
suspended from the Mining Department of the A. F. of L. at the Atlantic
City convention.
“We now find that this outlaw organization is permitting its members to
act as strikebreakers at numerous pits in Ohio. This organization is fur­
nishing steam shovel engineers to work under armed guards under no agree­
ment which exists by and between this organization and the mining depart­
ment or any branch of the A. F. of L. permitting them to work under such

We, the special Grand Jury ot Williamson County empaneled to mako an
investigation ot the crimes committed in and about the strip mine near and
in about Herrin on Wednesday and Thursday, June 21 and 22 1022, and
heedful of the instructions given by your Honor to make a thorough investi­
gation of the facts and circumstances with a view of fixing the responsibility
of the killing of some twenty-four persons and the wounding of many others,
beg to report that we have examined approximately 300 witnesses, and
from their testimony learned these conditions:
About the middle of June of this year, after suspension of tho coal in­
dustry as the result of a strike of tho United Mine Workers of America the
Southern Illinois Coal Company decided to operate a strip mine owned by it
and located about midway between Marion and Herrin. Hie miners appar­
ently raised no objections to the mining of coal by the use of steam shovels
but when tho company began to ship there was bitter resentment on tho part

“rx

[Y ol.118,

THE CHRONICLE

1594

“We have through representatives officially taken this question up with
the officers of the Steam Shovel Men’s Union and have failed to secure any
satisfaction
“Representatives of our organization are just'fied in treating this crowd as
an outlaw organization and in viewing its members in tho same light as they
do any other common strikebreaker.
,1JonN L LEW1S.„
A copy of this telegram was posted and road in various places. I olio wing
the publication of tho telegram from President Lewis preparations for an at­
tack upon the mine were made. The hardware stores m all the cities of
Williamson County were searched for firearms The weapons were either
taken by force or upon a verbal assurance that the local would pay for them.
The men working at the strip mine were evidently ignorant.of being
strike-breakers. The men operating the steam shovel wero affiliated with a
union, even though unrecognized by the A. F. of L.
. ...
The guards were told they were to protect valuable machinery and did not
wake to the real situation until noon of June 21, whon bullets were flying
in the mine in such volume as to compel them to take refuge in o office and
to seek safety under the steel railroad cars on the strip mine property.
Superintendent McDowell telephoned a number of times to Colonel
Hunter for protection and was invariably informed by the latter that the
Sheriff could not bo found. Finally, Colonel Hunter suggested a flag ot
truce, which was displayed by the mine defenders, but caused no abatement;
° f In the evening of June 21. upon the return to Marion of Sheriff Thaxton, a
conference was held between tho Sheriff. Colonel Hunter and officers of the
miners’ union, at which it was stated that tho officials of tho coal company
were willing to discontinue tho operation of the strip mine and tho union
officials were willing that the workmen employed there should be permitted
to depart in safety. Tho substance of this agreement was transmitted to
Superintendent McDonald at tho strip mino.
.
Nevertheless at tho break of day tho following morning firing began in a
severe volume, tho attacking party having crept up in tho cover of the dark­
ness They were checked sufficiently to permit of a parley, and after a
time a spokesman for the strip mino workers asked to speak to tho leader.
A long range conversation was held and it was agreed by tho spokesman of
tho attacking party that safo conduct would be accorded the men if they laid
down their arms and marched out with hands up.
...
This was done and from behind the earth embankments created by the
shovel operators camo a great number of unarmed men and more from the
surrounding hills until tho forty-seven surrendering men wero surrounded
by the many hundreds of men mostly armed.
The capitve men were marched down the road toward nerrin in double
file After they nad marched about one mile Superintendent McDonald,
being crippled and unable to keep up with the procession, was taken by
members of the mob and shot to death. The remainder ot tho captives
were marched on tho public road and were stopped at the power house ot
the lnterurban railroad, about three miles trom Herrin. Here a change
in tho leadership took place and tho man who had guaranteed the safety of
tho men who had surrendered was deposed and another leader installed.
The new commander ordered the captive men to march into the woods
adjacent"to and around the power house. Here the new leader directed
that only those in the crowd who had guns should follow into tho woods,
and those who wore unarmed should remain without.
The surrendered men were then marc led some 200 yards back of the
power house to the vicinity of a barbed wire fence, where they were told
they would be given a chance to run for their lives under fire.
Tho firing began immediately, and thirteen of the forty-seven non-union
men were killed and most of tho others severely wounded.
The mob pursued those who had escaped and two wero hung to trees,
six were tied together with a rope about their necks and marched through
the streets of Herrin to an adjacont cemetery, where they were shot by the
mob and the throats of throe were cut. One of six survived.
The atrocities and cruelties of the murders are beyond the power of words
to describe. A mob is always cowardly, but the savagery of this mob in its
relentless brutality is almost unbelievable. The indignities heaped upon
the dead did not end until the bodies wore interred in unknown graves.
On tho first day of attack upon the mine two union miners wero killed
by answering from the men in the strip mino and another so seriously
injured as to die subsequently from his wounds.
It has been difficult for this Grand Jury to determine who fired tho shots
from the strip mine which caused the deaths of tho union miners. When
asked to present evidence to tho Grand Jury which would tend to fix
responsibility, counsel for the miners’ union announced that they would
lend no aid to the Grand Jury.
The Grand Jury has made no attempt to determine the equities between
the operators and the miners in the strike controversy. It has had but the
sole thought of bringing to the bar of justice the persons who committed
the crimes which have brought such universal criticism upon tho people
of Williamson County.
Without discrimination, we feel keenly the horror of the tragedy. Wo
protest, however, against the intimation that all the people of Williamson
County are lawless and un-American. The development of the mining
industry in Williamson County and tho surrounding counties has tre­
mendously increased the population within the last decade.
All of the adjoining counties contributed their quota of marauders, and
the entire shame of the inhuman murders should not rest upon Williamson
County alone.
It is true the electorate of the county is responsible for those of its supine,
weak and cowardly officials who permitted tho disorders to grow from the
desultory rioting into a hideous massacre. Those evils can be corrected

O ct . 7 1 9 2 2 .]

THE CHRONICLE

1595

by the great majority of the population who believe in law and order special body, according to a report to Circuit Judge H artw ell
asserting themselves and no longer consenting to bo intimidated by a
Oct. 2 by the regular Williamson County Grand Jury. In
disorderly minority.
The Adjutant-General’s office and the Sheriff’s office alternated in its report the regular ju ry congratulated the miners’ union
passing responsibility, with neither taking decisive action to prevent dis­
for providing “food and comforts for their members now in
orders and protect property.
The ease with which firearms were obtained causes the Grand Jury to jail, therefore taking this expense from the taxpayers of the
believe that legislation should be enacted to regulate or prohibit the manu­ county.” The jurym en expressed confidence and hope th at
facture or indiscriminate sale of firearms.
BfcWo condemn the laxity of the local police in the various cities wherein those guilty of the killings “may be brought to, a speedy and
stores were looted for firearms without interference by them.
ju st tria l.” The trial begins Nov. 8.
We commend the State’s Attorney of Williamson County, Delos Duty,
for his courage and fidelity to his oath of office, and we express our grati­
tude to the Attorney-General of Illinois, and his efficient assistants, who C I T I Z E N S ’ C O M M I T T E E I N A N T H R A C I T E R E G I O N T O
have greatly facilitated the great task confronting the Grand Jury.
C O N F E R W I T H C A R R I E R S L O O K I N G TO S E T ­
In concluding this report the Grand Jury begs to state that it has in­
T L E M E N T O F S H O P M E N ’S S T R I K E .
dicted some forty persons for murder, fifty-eight for conspiracy to commit
murder, fifty-eight for rioting and five for assault to murder, and your jury
At a conference held in Scranton on Sept. 30, a committee
asks leave for a recess of thirty days for the purpose of completing its labors.
The Grand Jury is deeply grateful to the many representative law abiding was appointed by anthracite miners, striking railroad shop­
citizens of Williamson County for their assistance and encouragement in its men and representative business men to take up with the
efforts to enforce the law fearlessly and impartially.
Piesidents of the anthracite-carrying railroads the immediate

A demonstration of the power of the miners’ union in
Williamson County and the sympathy with men accused
of murder in the Herrin massacre felt by the community
was staged in the court house at Marion on Sept. 25, when
35 defendants were arraigned and their bonds guaranteed by
theoffer of sureties worth in the aggregate|$10,000,000. With
respect to the incident Marion (111.) dispatches to the N. Y.
“ Times” said:
For days a committee of miners, headed by Mayor A. T. Pace of Herrin, a
member of the union, has been making the rounds of the merchants and
bankers seeking sureties for the prisoners on the plea that this would show
who stood with tho union. The response when the defendants were lined
up before Judgo D. T. Hartwell was impressive.
Eighty-six men, including most of Herrin’s business community, stepped
forward. They offered bonds to the extent of $3,000,000. Some of the
surities are worth little, others are millionaires.
Tho question of the opening of the trial will be taken up to-morrow. Tho
prosecution will move to proceed to trial on Oct. 1. The defense will seek to
have trials put off until February, on the ground that there are 500 witnesses
to interrogate. The date probably will be set for the latter part of October,
and a special court will be held.
The eight men held without bail are Otis Clark, Bert Grace, James Brown,
Leva Mann, Philip Fontanetta, Peter Hiller, Oscar Howard and Jess Child­
ers. These were the men found by tho Grand Jury to be the leaders in the
riots. They wero in court to-day, with tho exception of Howard and
Childers, who have not been apprehended.
Clark is a serious-looking, middle-aged miner who wears glasses. He was
building a new home when he was arrested. Since then carpenters have
donated their services. Brown is a negro who might lead in psalm singing.
Fontanetta is a badly frightened young Italian. Hiller is a rough-looking
youth with a bullet-shaped head. Mann is a clean-looking, intellectual
chap. Grace is a prosperous-looking citizen who held a cigar in his mouth
during the proceedings.
As these men stood up half ol the crowd in tne courtroom surged forward.
Tno room was filled with a mixed assemblage; abovci which tho crying of
babies could be heard. Many of the defendants who occupied the front row
wore moro boys, some of them of well-groomed appearance. There was noth­
ing of tho ordinary criminals’ cage scene. John Kelly of the green shirt
and the sneering smile, is said to have a record as a “six-notch man.” He is
constable at Zeiglor. There was John Rushing, of an old family of farmcrniiners; Darby Babbington and Fred Cooper, officials of tho union: Bill
Ugle, citizen of Cartervllle; Fred and William Travelstead. Tnere was a
family atmosphere about tne whole thing. The sureties were brought for­
ward and their names taken by the Judge, who said it was “like taking tho
census.” He had to call in a stenographer to help him.
Many of the prisoners wero known to the Court and he called them by
their first names in friendly fashion. Hugh Willis and Will Davis, high
officials of tho State union, wore in court when the session opened. They
were indicted last Saturday but did not surrender until to-day.
An agreement wa9 reached between attorneys, ratified by the court, in
which eight men wero held unbailable. Six obtained freedom on $20,000
bonds, twenty moro were bonded at $10,000 and eighteen at $5,000 each.
In addition, eleven men are out on bonds at $1,000 on rioting charges,
linking a total bail of $421,000.
At tho court to-day twenty-eight of seventy-four persons indicted were
unaccounted for. These include seven indictments for murder. Men
known to be in Marion or in this county failed to come into court. It is
now promised by the attorneys for tho miners that all who can bo found
will bo surrendered at once, and the county officials promise to make more
vigorous efforts from now on to get tho “absentees” into custody. They
havo been allowed to drift in at their convenience.

settlement of the shopmen’s strike. The committee, which
includes the Mayors of the five principal cities in the region,
would communicate, it was said, with E. E. Loomis, Presi­
dent of the Lehigh; L. F. Loree, of the Delaware & Hudson;
W. II. Truesdale of the Lackawanna; W . G. Besler of the
New Jersey Central, and John B. Kerr of the New York
Ontario & Western, and attempt to arrange meetings with
the striking shoperafts workers on these lines. In urging
these meetings the committee, which will be known as the
Emergency Committee on Coal, will stress the need for meet­
ing the coal shortage by maximum production at the mines
and efficient transportation service. The miners are ready
and anxious to work, it is said, after their five months’ strike,
and the striking shopmen are in a conciliatory spirit, asking
an “honorable peace.”
I or the time being the projected alliance between the Illin­
ois union and the shop mechanics will be held in abeyance
and the efforts at settlement confined to work of the emer­
gency committee. The members of tho committee, which
is headed by Mayor John F. Durkan of Scranton, are hope­
ful of bringing together the railroad officials and the strike
leaders, it is said.
ith regard to the meeting at which the committee was
appointed on Sept. 30, dispatches from Scranton said:
Although at the outset of the meeting the railroad managements were
criticized for their attitude in refusing to meet tho strikers, a more concilia­
tory tone was adopted later. An attempt to send telegrams to President
Harding and Attorney-General Daugherty, denouncing tho railroad man­
agements and tho issuing of tho Chicago injunction, failed.
Several hundred miners and striking shopmen crowded the Labor Temple
and cheered when various speakers told how little success the railroads had
in moving coal. Reports from the anthracite region were that yards and
tracks wero crowded with loaded cars which the roads were unable to move
because of a shortage of serviceable locomotives. At one point, it was said,
a train of loaded cars three miles long had been on the track for more than
a week. This condition, the speakers declared, was due directly to the re­
fusal of tho roads, most of which are included in tho so-called “die-hard”
group, to settle with the shopmen.
Martin J. McMahon, a member of the strikers’ general policy committee,
was particularly emphatic in his arraignment of the railroads and their re­
fusal to meet with tho strikers, although the men were now willing to make
practically all concessions, and wanted only an honorable peace.
In making his charge that a conspiracy had been formed to prolong the
strike, Mr. McMahon alleged that a plot had been formed to throw some
of the weaker roads into bankruptcy by halting settlements.
The Rev. J. J. Curran of St. Mary’s Roman Catholic Church, WilkesBarre, I’a., after telling of the longlinesof loaded cars he had seen, insisted
that the roads answer whether “they had been left there for a purpose” or
whether the railroad managements found themselves unable to move them.
th e sesssion was presided over by Mayor Durkan, who urged the right
of citizens and public officials to inject themselves into the contest, be­
cause of the great menace of a fuel shortage and the suffering that further
s oppage of work at the mines would brine:. He counseled moderation
and conciliation, however, and asked that the denunciatory resolutions
and telegrams which had been prepared be laid aside and the citizen comnu eo e permitted to handle tho negotiations. His suggestions were
favorably acted on and the following committee appointed:
James Paul, banker and President cf the Chamber of Commerce of Car­
bon dale, Pa., E. J. Lynott, publisher of Scranton, the Rev. J. J. Curran,
Mayor P. R. Brown of Pittston, Mayor Daniel Hart of Wilkes-Barre, Mayor
Jonn Lioftus or Carbondale, Mayor James Harvey of Hazelton. William A.
conlon of the Pittston Chamber of Commerce, and Burgess William Pay­
ton of Dunmore.

The general defense which the Illinois mino workers will
present at tho Herrin trials was made public on Sept. 24
in a statement issued by A. W . Kerr, chief counsel for the
miners, after a conference with attorneys and union officials.
The defense in brief is that this is a “ private persecution by
a political boss and labor-hating organizations.” A bitter
attack is made upon States’ Attorney Brundage and the
Illinois Chamber of Commerce which is raising funds by S H O P M E N ’S S T R I K E E N D E D O N C H E S A P E A K E A N D
OHIO.
State-wide subscription for the prosecution. The Grand
Jury report is declared to have been prepared in advance by
The shopmen's strike on the Chesapeake & Ohio Railway
Mr. Brundage at tho instigation of the Chamber of Com­ was officially ended on Sept. 25 when road officials were
merce. Governor Small’s trial and the death of Mrs. Small notified by the Executive Committee of the Federated Crafts
are referred to in this document, tho first statement to come that the men would return to work the following day.
from the minors’ counsel.
REGULAR

GRAND

JURY

SAYS

REPORT

ON H E R R IN

O U TR A G E S B Y SPE C IA L G RA N D JU R Y W A S NO T
JU STIF IE D B Y RECORD.

The criticism of the State and county officials made in the
p artial report of the special Grand Ju ry investigating the
H errin mine killings was not justified by the record of the



S T A T E M E N T O N T E R M S OF E R I E S T R I K E
SETTLEMENT.

With striking shopmen of the Erie Railroad refusing to
return to work despite the announced settlement reached
at Youngstown, Regional Manager Robert E. Woodruff
on Sept. 30 at Elmira, issued his first statement relative to
the terms. Manager Woodruff said:

THE CHRONICLE

1596

The Shop Crafts Committee and manager met and negotiated an agree­
Such an agreement was reached and mutually
signed on Sept. 27.
The agreement provides for the immediate return of men to work and
outlines what men are eligible to return to work, although tho methods for
prevention of misunderstandings are left to future conferences.
It was not intended to cover working rules of matters of that nature. The
men are to return to work as rapidly as possible and then the shop crafts
representatives and railroad representatives are to get together and draw up
a set of satisfactory working rules.
It is, of course, impossible for all men to return to work at once, but as
many as possible will be put to work from to-day on.
.
No examinations, either medical or mechanical, are to be required of those
men who were in the Erie service on June30 1922. No others aro involved
In this settlement.

m ent for settling tho strike.

Previous to the issuance of this statement, strike leaders
in Hornell and Elmira, and, it was stated, at other points
along the Erie, had addressed the men not to return to work.
However, in Elmira a number of employees who had been
idle are said to have sought work and been accepted.
John J. Kelly, General Chairman of the Erie shopmen at
Dunmore, Pa., on strike since March 15 last, issued orders
on Oct. 1 to all Dunmore Federation men to disregard the
settlement made by union officials and Erie Railroad execu­
tives at Youngstown, Ohio, and refuse to return to work.
Thirty-nine resolutions, demanding that a special conven­
tion be called to consider the agreement made at Youngs­
town, have been forwarded to international railroad shop­
men’s executives and general chairmen along the Erie Sys­
tem. The Dunmore Chairman questions the validity of the
agreement on the ground that it was not placed before the
men for consideration. Tho Erie shopmen at Dunmore
were discriminated against in this agreement, they charge.
LEHIGH
VALLEY
REACHES
AGREEMENT
W ITH
STRIKING SHOPM EN THROUGH C O M PA N Y
UNION.

The Lehigh Valley Railroad shoperaft employees, effective
Oct. 1, have been placed on a piece-work basis, it became
known on Oct. 4, through an announcement that the man­
agement had made new agreements with the Association of
Maintenance of Equipment Department Employees, the
new company union which was recently formed, covering
wages and working conditions.
These new agreements provide for a sliding scale of wages
based on the qualifications of the different employees.
These are grouped under three heads, the highly skilled
mechanics, those not so highly skilled, and those considered
as handy men and helpers.
“ There is no provision in the agreement against the pay­
ment of bonuses,” the statement reads. This means in
effect that such bonuses will be paid for output over a cer­
tain amount. It further states that “ all of the unfair and
restrictive features of the national agreement, unsatisfactory
alike to both management and employees, have been elimin­
ated.”
_______
—
FURTHER

SETTLEMENT

IN

SH OPM EN'S

STRIKE.

Eighty-three railroads, operating approximately 05,000
miles and employing between 125,000 and 130,000 members
of tho federated shoperafts, have settled the shop crafts
strike with their system federations, according to a special
bulletin sent on Oct. 4 to all members of the organization,
over signature of B. M . Jewell, President. The latest
additions to the settling roads were the Fort Smith & Western,
the Goergia, Florida & Alabama and the Chicago Great
Western. With regard to the bulletin press dispatches said:
Replying to numerous requests for an Interpretation of the Baltimore
plan upon which tho strike leaders say the settlements have been made, the
circular declares three reasons actuated tho executive in accepting this
agreement basis. It gives, first, a split in the Association of Railway
Executives—one group agreeable to a settlement and the “other bent on
destroying theso organizations” : second, willingness of the liberal group to
negotiate national agreements and lay down a basis for settlements on other
roads- third that no justification could be found for keeping 125,000 men
on strike who could return to work and assist in financing those who remT s Cecond°soecial circular to the membership contained an interpretation
in detail of Federal Judge James II. AVilkerson's decision on the injunction
bill filed against the organization by Attorney-General Daugherty. It was
supplied by Donald R . Richberg, attorney for the shop crafts.
“We cannot interpret the temporary injunction, drastic as its terms are,
said Mr. Richberg’s opinion in part, “as in any way restraining or preventing
tho officers and other representatives of tho shop crafts organizations
from doing all in their power to maintain an orderly discipline and conduct
of the lawful work of tho organizations, to continue to call for and expect
to receive tho loyal support of each and every member and to continue to
work in harmony with a common lawful purpose to advanco tho common
interests of the organized shop craft employees.
B A L T IM O R E A OHIO F R E I G H T E M B A R G O L IFT ED .

Announcement was made Oct. 4 that the Baltimore & Ohio
Railroad is now free from all embargoes and is prepared to
handle business to and from all system points, as well as to



[V ol. 115.

and from all connections, and with every expectation that
the service will be near to normal. While the Baltimore &
Ohio was one of the first roads to put on an embargo, Presi­
dent Willard, it is said, primarily took this step in anticipa­
tion of a settlement of the coal strike and the subsequent im­
portance and necessity of rendering full service in moving
the large volume of bituminous coal which would be offered.
This has been accomplished.
LEH IG H VALLEY M ODIFIES FR EIG H T EMBARGO.

The Lehigh Valley Railroad on Oct. 2 modified its embargo
on carload shipments established last week. The priority or­
der of the Interstate Commerce Commission covering coal,
food and perishable freight remains in force. This new or­
der became effective at midnight on Sunday, Oct. 1, after the
four-day general embargo expired, and will be modified fur­
ther as soon as conditions permit.
R A IL R O A D B R O T H E R H O O D S TO N E G O T IA T E N E W
WAGE SCALES W ITH ALL ROADS THAT HAVE
SETTLED W IT H SHOPMEN.

At a conference at Cleveland Sept. 30 Warren S. Stone,
President of the Brotherhood of Locomotive Engineers; D. B.
Robertson, President of the Brotherhood of Locomotive Fire­
men and Enginemen, and T. C. Caslien of Buffalo, President
of the Switchmen’s Union of North America, decided to nego­
tiate new wage contracts and working agreements with all
individual roads which have reached agreements with the
shopmen. Negotiations are now being conducted with the
New York Central Railroad Co. and other trunk line roads
which have reached a settlement with the shopmen, it was
officially announced, for new wage contracts and working
agreements for the engineers, firemen and switchmen.
W. G. Lee, President of the Brotherhood of Railroad Train­
men, and L. E. Sheppard, President of the Order of Railway
Conductors, it wa3 said would meet managers of Western
roads in Chicago on Monday, Oct. 2, and executives of South­
eastern roads in Washington on Oct. 5, to consider new
wage contracts and working agreements for the trainmen
and conductors.
_____ _
SO U T H E A ST E R N ROADS SIGN N E W A G R E E M E N T S
W I T H B R O T H E R H O O D S OF T R A I N M E N A N D CON­
DUCTORS— OTHER ROADS REACH AGREEM EN T.

Railroads of the Southeastern section of the United States
and brotherhood organizations of conductors and trainmen
on Oct. 5 signed an agreement settling all outstanding dif­
ferences between them and extending present wages and
working regulations until Oct. 31 1923. The agreement
was reached at a conference between officials of the lines and
heads of the Order of Railway Conductors and the Brother­
hood of Railroad Trainmen.
The contract was signed in behalf of the railroads by L. A.
Downs, Vice-President of the Central Railroad of Georgia,
as Chairman of the Railroad Committee, and L. E. Shep­
pard, President of the Order of Railway Conductors, and
W . G. Lee, President of the Brotherhood of Railroad Train­
men.
Railroads assenting to the agreement were the Atlantic
Coast Line, Central of Georgia, Chesapeake & Ohio, Louis­
ville & Nashville, Mobile & Ohio, Nashville Chattanooga &
St. Louis, Norfolk & Western, Norfolk Southern, Richmond
Fredericksburg & Potomac and Seaboard Air Line.
Conclusion of an agreement in the Southeast, it was said,
practically concluded the process of getting agreements be­
tween the two labor organizations and all of the larger rail­
roads in the United States, Western roads as a group and
larger lines in the East individually having signed up pre­
viously. The Southern Railroad, the only large line in
the Southeast which did not participate in to-day’s confer­
ence, has an individual agreement.
In addition to agreeing to maintain the present rates of
pay and rules, the Southeastern agreement provides that
all disputes over wages and working conditions now pending
before the Railroad Board, submitted by either party, shall
be withdrawn. Committees of the labor organizations and
managements of individual railroads were given authority
to take up and consider elimination or modification of local
rules affecting efficiency of railroad operation or pay of em­
ployees during the tenure of the general agreement.
It was also announced on Oct. 5 at Cleveland that the entire
Baltimore & Ohio Railroad system has signed an agreement
with brotherhood organizations of trainmen and conductors
extending present wage and working agreements for one year.

Oct. 7 1 9 2 2 .]

THE CHRONICLE

Tae Baltimore & Ohio was the only trunk line of the Eastern
group of roads not previously reaching an agreement with
the trainmen and conductors, it was said.
Present pay rates and W'orking rules for members of the
Brotherhood of Railroad Trainmen and the Order of Rail­
road Conductors employed by forty-nine roads and their
subsidiaries will be maintained for another year under an
agreement reached in Chicago on Oct. 3.
The agreement specified time-and-a-half pay for overtime
after an eight-hour day, and other features which have
been knocked out of agreements reached by the roads and
certain other classes of labor recently.
Negotiations were conducted for the unions by L. E.
Sheppard, President of the the conductors, and W. G. Lee,
President, of the trainmen. These two organizations are
among the most powerful railroad unions. Representing
the roads were the managers, headed by W. M. Jeffers,
General-Manager of the Union Pacific Railroad. The
lines affected include all the principal systems entering
Chicago and running west of the Mississippi River. A
similar agreement has been signed by eastern roads and
southern systems are expected to sign soon. Under the
agreement all disputes now pending between the roads and
the union before the Labor Board are withdrawn forthwith.
The settlement also contains a clause by which the agree­
ment may be terminated by either side upon thirty days’
notice.
la b o r b o a r d a g a i n

r u l e s a g a i n s t c o n t r a c t in g

O U T W O R K ON RAILROADS.

The Railroad Labor Board on Oct. 5 handed down three
decisions holding, as in former cases, that the contracting
out of railroad work to outside agencies was illegal because
the practice attempted to evade the provisions of the
Transportation Act.
Two of the eases involved grievances of the Maintenance
r>f Way Union against the St. Louis & San Francisco Railroad.
The third case involved the New York Central Railroad, the
Brotherhood of Railway and Steamship Clerks maintaining
that the carrier contracted its freight handling to the New
York Marine Co. and to William Spencer & Sons at certain
points in New York City.

A N N U A L C O N V E N T I O N OF A M E R I C A N B A N K E R S ’
A S S O C I A T I O N — D I S C U S S I O N O F A L L I E D ID E B T S .
Vv ith a record attendance, approximating 1 2 , 0 0 0 delegates,
the forty-eighth annual convention of the American Bankers’
Association, held this week at the Hotel Commodore, New
York, assumed transcending international importance, with
the question of the Allied debt as the major topic of discus­
sion. The subject was injected into the proceedings with
the start of the general convention on Tuesday, by Thomas
W . Lamont and by Thomas B. McAdams, President of the
Association and Vice-President of the Merchants’ National
Bank of Richmond. Mr. McAdams, in pointing out that
the United States must co-operate wholeheartedly in ending
international chaos, declared that permanent prosperity for
the United States can come if this country uses her “resources
m brain and money to help bring about a practical solution
of the chaotic situation now threatening to destroy the eco­
nomic life of Europe.” Isolation and selfishness are not
Qualities of tho true American, asserted Mr. McAdams, and
then added: “ I do not believe there is anything in the history
or ideals of our people which can justify our failure to help
in a situation where our counsel and assistance are so essen­
tial to the restoration of world order.” Mr. McAdams
summed up existing conditions in the world, four years after
the armistice, “while we stand idly by, noither offering as­
sistance nor making a suggestion.” England, he said, de­
spite the suspicion cast upon her motives, must be regarded
as a stabilizing influence “in protecting the wrecks of Euro­
pean statehood from further demoralization.” France can­
not be blamed ontirely for refusing “ to assent to Germany’s
reconstructing her wnrld trade at the expense of French in­
dustry. ’ declared Mr. McAdams, “ but even so, the Allied
nations, if they would maintain the civilization for which
they fought, must throw aside unnecessary prejudices and
reach an agreement as to modifying reparation payments
vdiich will fairly care for the needs of France and at the same
time not utterly demoralize the industrial life of Germany.”
Yfter expressing the optimism he felt for the success of the
November conference, suggested for discussion of world
problems, Mr. McAdams said-




1597

Has not the time arrived for the United States to cast aside her policy
of aloofness and throw herself whole-heartedly into the situation, that a cure
for social disorder and financial demoralization may be speedily devised
" e may picture for ourselves all the prosperity which is in our grasp to-day,
so far as our international situation is concerned, but we must realize there
can be no permanency in it unless a sound foundation can be laid upon
■which the structure of future international commercial relations may
be safely built

It may be that Europe is not yet ready to have us partici­
pate or to accept conditions which necessarily must be laid
down as a basis for our co-operation, but even so this does
not relieve us of tho obligation to offer to assist and so soon
as possible to outline, as we see them, the essentials to an
ultimate solution of the situation.” These essentials, in
the opinion of Mr. McAdams, must be the further reduction
of armaments, the balancing of the French budget, realization
by France of the unlikelihood of new German military aggres­
sion, and the preparation by all countries for a readjustment
of leparations and inter-Allied debt “ upon a basis which
fully recognizes the rights of the creditor and which will
relieve the immediate burden of the debtor countries.”
Mr. McAdams also said:
England in discussing her indebtedness should not overlook the some
four hundred thousand square miles of new territory she gained through
the war and it must be remembered that America settled upon a basis of
receiving nothing except the ultimate repayment of money advanced.
Complicated as the situation appears, it should be possible, through mak­
ing a fair analysis of assets and liabilities, to prepare a readjusted balance
sheet which will prove acceptable and furnish a proper starting point for
the re-awakening of international trade.
Though often deliberate in action, we have never failed to respond and
render the maximum of service when once convinced of our duty. Such
an opportunity is the present emergency. * * * The determination of
our international policy, whatever it may be, should be based upon the
broadest possible conception of service and should not be restricted or
hampered by party platform or political expediency.

Speaking of the internal problems of the United States,
Mr. McAdams declared that the two tendencies of the day
which require the most careful diagnosis and handling are
the following:
Class Movements.—“The outgrowth of social and economic unrest,
which tend to advance the interests of one group at the expense of the
nation as a whole.”
Paternalism in Government.—“The assumption that government is
the final resting place for all tho trials and tribulations of tho people.”

Mr. Lamont in his address declared that “ there is no
concrete problem more vital for us to study with clear and
generous vision than that of the so-called inter-Allied in­
debtedness.” He added in part:
1<rom tho purely American view there are certain points important for
us to bear in mind. It has been said many times in the last twelve months
that the one adjustment essential to tho settlement of Europe is the German
reparations question. I agree that this has been, and is, a question of great
importance, but it seems to me that it has now become secondary to the
general one of inter-Allied debts. Of course, in a way of speaking, it is
simply a part of the latter question, because Germany’s indebtedness to
the Allies is international in character.
In our discussions of reparations over here, the American attitude has,
on the whole, been critical of the French for apparently not realizing more
quickly the facts of the situation and thus drastically scaling down the
reparations payments. In fact, many critics over here have been advising
hranee to forgive a good part of the German debt. To these critics French­
men have not unnaturally replied: “It is easy for Americans to advise us to
forgive German debts due to us in repair of the frightful havoc caused by
Germany upon our homes and industries, but what about America, in turn,
doing a little of the debt-forgiving business, especially as the debts that
were contracted with the American Government were made in order to
enable us, in large measure, to do America’s fighting before her own soldiers
got into the firing line.” I am not going to argue this point. I simply
bring it up so as to ask you to give it your further thought and study—
whether there may not be some reason in the French attitude.
The reason why I say that reparations have now reached a stage secondary
to the larger question of inter-Allied indebtedness is that, while no repara­
tions adjustment has yet been reached, nevertheless public opinion on the
other side has now advanced to a state where, when the reparations question
comes up again next November, it ought not to be impossible to settle. In
other words, over a year ago the British realized that the Germans could, or
would, never pay anything like the reparations total fixed in the Versailles
T reaty. Later the Belgian Government became similarly convinced, and
now in France, as I have talked there with many classes of representative
Trenchmen, there has come to be tho same recognition of the fact that
Germany cannot pay the huge totals set forth.
Tito French Government, however, has, not unnaturally, taken the
position that it could make no official acknowledgment of such a general
fact until such time as a possible settlement was offered. The French
thesis is that if Germany cannot pay what she has promised to pay. let her
come forward and state just why she cannot, and what and when she can
pay. Up to date the French declare they have not received any clear-cut
proposition from Germany covering these points. They say that when
they receive such a proposition they will be prepared to act. I bring out
this point of view because I feel that, while to many there may have
appeared to bo something “hard-boiled” in the French attitude, it is only
fair to analyze that attitude and see what it really is.
I think it behooves us to scrutinize this situation and to look into the
various factors bearing upon it, Let us. by investigation, determine what,
rr ?y ’ 0f, theS° debts are in any cveut uncollectible, and so should be written
olf in order to “quit fooling ourselves.” Let us decide what others of these
aro. good in Part- ^ t must be given ample time to pav in—far
longer, perhaps, than twenty-five years. Emphatically, let us figure to
see whether the payment of those debts (which inevitably must mean a great
increase in our import and a heavy decrease in our export tradeHs going o
prove an asset or a liability for American business

On Wednesday the subject again came prominently before
the convention when Reginald McKenna, formerly Chancel­
lor of the British Exchequer and now Chairman of the London
Joint City & Midland Bank, Ltd., of London, addressed the
gathering on “Reparations and International Debts.” In
his treatment of the subject Mr. McKenna said he spoke
“as a banker expressing my personal views,” adding “ I have
nothing to do with politics and I do not appear here in any
representative character.” In asserting that Great Britain
alone of the debtor nations is able to meet its obligations Mr
McKenna said:
“The Inevitable conclusion is that these international debts are far too
great for the capacity of any of the debtor countries except England. She
alone in her accumulated foreign investments has adequate resources with
■which to discharge her liability to the United States. Of the others, France
has the greatest resources, but they are, I believe, quite insufficient to meet
her obligations. The whole subject requires a rational reconsideration by
the creditors, who must keep steadily in view immediate effect of the pay­
ment of these debts of the general trade of the world.”

Mr. McKenna in the course of his remarks also said:
“In their report to the Reparation Commission the Bankers’ Committee
which sat early this summer in Paris laid stress upon the need to resume
normal trade conditions between countries and to stabilize exchanges, and
they came to the conclusion that neither of these aims could be accomplished
without a definite settlement of the reparation and other international debts.
Here, then, it seems to me was a subject for my address. There will be gen­
eral agreement that there is no matter of more deep concern to tho world’s
trade at the present time than reparation payments and international debts,
and I trust, therefore, you will not deem it out of place that I have chosen
this subject for discussion to-day.
*

[V ol. 115.

THE CHRONTCLE

1598

*

*

*

*

*

*

*

“I recognized that these are objections which I must answer and I
believe that I can do so conclusively. In the course of my argument I
shall show that England has the ability to pay, and, once that is established,
I can unbestitatingly assert her determination to honor her bond in full.
I believe I am Justified in asking you to treat England’s debt to the United
States as certain to be provided for, and, if this be conceded, wo shall be
free to consider the question of the remaining international debts, as one in
which America and England are equally concerned and in which both have
the same interest as creditors.”
To sum up: The conclusion to which I am driven is that Germany can
only pay now whatever she may have in foreign balances together with
such amount as she can realize by the salo of her remaining foreign securities;
that this payment is only possible if all other demands are postponed for
a definite period long enough to insure the stabilization of the mark; and
that future demands at the expiration of this period must be limited to
tho annual amount of Germany’s exportable surplus at that time.
Further, that England has the capacity to pay to the United States
interest and sinking fund on her debt; but that the other debtors are nono
of them in a position to meet more than a small part of their external
liabilities, and in the existing conditions of Europe a definite postponement
of any payment by them is desirable in the interest of all the parties.
The actual amount which the other debtors could ultimately pay should,
as in the case of Germany, be ascertained by inquiry into their exportable
surplus at a full and frank conference between creditors and debtors.
It remains now only for me to thank you for the patience with which
you have heard me. I have strictly confined myself to a consideration
of the economic aspect of reparations and international debts, how they
are payable, the general capacity of a debtor country to pay, and the
effect of payment. If 1 have become convinced that an attempt to enforce
payment beyond tho debtor’s ability is injurious to the international trade
of the whole world, lowers wages, reduces profits and is a direct cause
of unemployment, the conclusion is founded solely on economic grounds
and is uninfluenced by any political considerations or any regard to the
moral obligations of the debtors.

The adoption by the National Bank Division of a resolu­
tion urging a conference on the question of international war
obligations figured in Wednesday’s proceedings of that Di­
vision, the latter recording its views as follows:
W h e r e a s . The liquidation of international war obligations and the restor­
ation of tho economic order of tho world depend upon profitable production;
and
W h e r e a s , The production of new wealth, tho only permanent basis of
world recuperation, is dependent upon the uninterrupted flow of products
and material everywhere; be it
R e s o l v e d , That efforts to restore international world relationships having
thus far failed to achievo tangible results, tho urgency of the situation de­
mands the same deliberations of business statesmanship, and that with
Governmental sanction the leading business brains of America should bo
joined with those of Europe in a conference, out of which would surely como
at least the basis for a better understanding of tho problems involved and
for an early and practical solution of theso problems.

The general convention at its concluding session on Thurs­
day adopted a resolution as follows, expressing tho belief that
the time had come for our Government “ to formulate the
principles on which it will be able to co-operate with other
nations to bring about the needed rehabilitation of European
countries and peace in the world.
We call attention again to tho seriousness of the foreign situation,
especially of Europe, which is affecting detrimentally our own conditions
and preventing even those industries in our country «hich are not de­
pendent upon foreign trade from recovering fully from tho depression
which otherwise would be rapidly disappearing.
There is no possibility of a healthy and normal situation in this country
until the nations with whom we trade are ablo to pay us for what they
import. As this can bo done in the main only by tho means of exports
to us, we trust that the President will not hesitate to mako use of tho
power granted him by tho new tariff law to mako such adjustments in
the schedules as may be necessary from time to time for a restoration of
our international commerce.
We believe that tho time has como for the Government of our country
to formulate the principles on which it will bo able to co-operate with
other nations to bring about the needed rehabilitation of European countries
and peace in the world.




To this end we urge the Administration to consider the advisability of
promptly making its representative upon tho Reparations Commission,
an official of that body; we also recommend to Congress that there be
granted to the Debt Funding Commission such further powers as will
enable it to negotiate more effectively with the foreign nations now debtors
of the United States.

At the meeting of the Trust Company Division on Thurs­
day, Alvin W. Krech, President of the Equitable Trust Co. of
New York, proposed that “we take a leaf out of Secretry
Hughes’s book and declare a holiday of ten years for our
Continental Allies, during which time the debt should be
considered as non-existent. After the ten years have
elapsed,” he said, “ the question of cancellation should
be taken up again. I believe that these ten years of an
absolute suspension of the effects of the debt would create
an atmosphere of judicious aloofness. We should then be
in a much better mood to approach so vast a proposition.”
Myron T. Herrick, Ambassador to France and former
President of the American Bankers Association, in addres­
sing the convention, expressed confidence that the Associa­
tion had the key to the solution of the problem of a broken
world and within a year that problem would be solved.
Thomas B. McAdams, who presided at the convention,
said in introducing Ambassador Herrick, whose name was
not on the program, that the latter was sailing for his post
in Paris the succeeding day and had como in to say good-bye.
Ambassador Herrick said:
I shall carry to my post the picture of this splendid audience this morning,
for I assure you, my friends, that you are not in the least conscious your­
selves how theso years of turmoil and trouble resulting from the war have
finally resulted in giving not only to your own country but to tho people
abroad, the confidence in tho business men, the economists and the bankers
of the world.
For I believe, firmly, that tho problem which we have tried to solve
which seemed in tho crisis, in the intense moment in the war, beyond the
solution of human brain, that that solution now has come to you. We
have spoken of yesterday. We have quarreled over tho past. Wo know
tho mistakes of our own country only too well in these years. Wo are
not out of this, Mr. President, because It was not, because we did not
know, it is because wo fumbled in these years.
But it is to-morrow of which we speak and I return to my post with
all that is ahead, with a feeling that back here tho problem now reaches
the banker and business man of the reorganization of this broken world,
for wo cannot build ideals upon anything but a firm financial and com­
mercial foundation.
It is going to bo solved in the next year. I am not ono of those without
hope and it is going to be solved by the level-headed, steady, business
man and banker of these different countries, who meet calmly, without
political prejudice to consider as you consider on your bank boards, the
hard, practical questions of the day. That is where the settlement is
going to come in my opinion and the world turns to you Instinctively now.
I didn’t come before you to mako a speech, but I camo simply to say
this: My associates and friends, tho people who are not emotional are
the people who have expressed themselves once in a crisis in this country
when all our country seemo set on fire, swayed by political parties.
It was the bankers who came together and forgot everything except the
economic question and saved our country from financial disaster and ruin.
So when we meet these problems of to-morrow, I am sure that when
you make your own decisions, when you decide how this reconstruction
will take place (and your President has well said that it cannot take place;
tho balance cannot be redressed without America and America does not wish
it to bo done without her) when that time comes, I am sure that the one
great practical problem will always be recognized by you outside of politi­
cal party, national interest for the adjustment which is necessary for the
world to go forward.
AVo are like a great express train on a railway, ready to move and carry
the express, tho freight of the world, but thero are throe or four bridges
out and they havo got to be put in and America has got to help to do it.
America is willing and is now making tho plan and making the way.
I beg your pardon for saying so much but when your President so kindly
asked me to come here for a moment and face my old associates and friends,
I could not resist, but I go back, as I said in the beginning, with tho feel­
ing that assembled in this room this morning is the ability, tho patriotism
and the desire to make a plan together with other strong men who are
outsido of political influence, to mako a strong reorganization plan that will
carry us out of the difficulty and enable us, after tho loss of the millions of
men, enable tho world to reap the fruits of that victory which wo shall very
soon lose unless this is done.

The subject of brunch banking, which also came prominent­
ly before the Convention, is referred to in another item,
and wo give elsewhere to-day the messages to tho Convention
of President Harding and Secretary Mellon.
T h e p ro c e e d in g s in fu ll of th e C on vention , w ith th e p a p ers
a n d a d d re ss e s d e liv e r e d b efore th e d iffe r e n t D iv is io n s or
S ectio n s, w ill be g iv e n in ou r sp e cia l B a n k ers' C on ven tion
n u m b e r to be i s s u e d on O ct.

PRESIDENT

21.

H A R D I N G ' S M E S S A G E TO
B A N K E R S CONVENTION.

AM ERICAN

W ith his inability to accept an invitation to atten d this
week’s annual convention of the American Bankers’ Asso­
ciation P resident H arding sent to President McAdams of
the Association a telegram expressing his regret th a t he
could n o t address the convention in person. In his message
the President expressed his adm iration and appreciation
of the p a rt which the banking interests played during and
following the w ar, and appealed to the organization in behalf
of “ a more difficult opportunity of service” presented to it

Oct. 7 1 9 2 2 .]

THE CHRONICLE

to-day. In seeking the enlistm ent of the bankers’ co
operation in “ those social, moral, ethical problems which
are crying for understanding atten tio n ,” President H arding
stated th a t the demand calls “ for an application of the same
spirit of wise and willing co-operation which is the very basis
of the bank.” “ In recom m itting our people to same ex­
penditures, to ways of economy and th rift, to the consider­
ation of municipal and national problems in th a t conscience
which builds the temples of confidence, the banking forces,’
said the President, “ m ust lead, and we m ust have the widest
com mitm ent to the prudence, the deliberate understanding
and the preference for useful service which make for the
security of our people as a whole.” The following is the
President’s message in full:

1599

through this difficult period of post war adjustment. It has been the fixed
policy of this Government since the war not only to balance its budget at
o end of each fiscal year, but to provide for the gradual liquidation and
funding of tho war debt.
In order to avoid spectacular refunding operations, disturbing to the
coun ry, tho Treasury has offered, at convenient intervals during the last
eighteen months, short-term notes which were used to retire Victory notes
and other early maturing obligations. The response with which these ofer ngs havo been met on the part of the banks and the investing public
has been reassuring, both as regards the Treasury’s plans for the refunding
° n*iear y maturing debt and also as regards the soundness of financial
conditions in the country at largo.
.
]rads me
believe that a foundation has been laid for an early and
healthful revival of business along normal lines.
A M E R IC A N

BANKERS

C O N V E N T IO N

AND

BRANCH

B A N K IN G .

The question of branch banking, on which delegates to
the Convention of the American Bankers Association hold
Thom as
B . M c A d a m s , P r e s id e n t A m e r ic a n
B a n k e r s A s s o c ia tio n , H o te l
varying views came up at the meeting of the State Bank
C om m odore, N e w Y o rk
Division on Oct. 2, presided over by R. S. Hecht, Presi­
M y D e a r M r . M c A d a m s —Public duties and personal cares seem to havo
oombined to render impossible, once more, my acceptance of the invitation dent of the division, with the reading of the report of the
to the annual gathering of the American Bankers’ Association. My Federal Legislative Committee of the Division. Guy E.
regrets aro the more poignant, because I hoped to be able to say some
Bowerman, Chairman of the Committee, was unable to be
few things to your members on this occasion.
I havo so many times expressed my admiration and appreciation of present and the report was read by George E. Allen, Deputy
tho part which the banking interests played during and following the Manager of the Division. Mr. Allen said:
war, that I do not need to remind you of my sentiments in that regard.
T h e W h ite H o u s e , W a s h in g to n , D . C .,
O c to b e r

3 1922

Rather, I wish to appeal to your great organization in behajf of my con­
viction that another, a more inclusive, and perhaps a more difficult oppor­
tunity of servico is to-day presented to you.
To tho patriotism, steadfastness and right thinking of its financial
leaders, the country has owed very much in connection with financing
the war, and later in restoring stability, confidence and security throughout
our economic structure. The banking community has always co-operated
splendidly in dealing with these problems. But to-day our country, tho
world, all human kind, are demanding that this co-operation bo extended
to wider realms; to those social, moral, ethical problems which arc crying
for understanding attention. They cannot bo denied; they grow in­
creasingly insistent. They call for an application of the same spirit of
wiso and willing co-operation which is tho very basis of the bank.
I havo often thought of the bank as first among modern institutions
of social unification. On tho basis of a complete confidence in its integrity
and aims, it aggregates together in vast, available masses, the scattered
bits of credit and resources which otherwise would bo unavailable for
great undertakings, and makes possible the huge producing organizations
which characterize tho modern industrial community. We have come
to times which require a like aggregation of the social sense, the ethical
ideals, the moral inspirations and tho best intelligence, in order to promote
the truo welfaro of men individually and in communities. This I have
como to regard as the most pressing requirement of our day; and to its
accomplishment I invite tho assistance of you men who have been fore­
most among social co-operators. The world is not given to rewarding
those who serve it, with opportunities for ease and pleasure. Instead
on those who have been tested and found useful, it is wont to place yet
greater burdens. To full share in these obligations I am now urgently
inviting you. By experience, knowledge and aims, you bankers are
peculiarly equipped to render largest service in this wider sphere. It
has long been my observation that the leadership of the banking forces
in tho local community is ever effective and devoted to community welfare
and the samo helpful relationship must be maintained throughout tho
nation, and in tho nation’s outside relations. Therefore in recommitting
our people to sane expenditures, to ways of economy and thrift, to the
consideration of municipal and national problems in that conscience which
builds tho temple of confidence, the banking forces must lead, and we
must have tho widest commitment to the prudence, the deliberate under­
standing, and tho preference for useful service, which make for the security
of our peoplo as a whole.
The banker in extending credits looks not alone to the schedule of his
customer’s tangible assets. lie gives thought also to moral considerations,
to those elements of character which constitute the most commanding
of all securities. So he is concerned to help develop these qualities through­
out his constituency. Every good citizen aspires to the same end, and
therefore it is permissible to impose a special obligation on the bankers,
organized and trained as they aro in such affairs, to take a very special
part in this work.
There is everywhere a disposition to scrutinize, to question, to examine
minutely into social and economic institutions, to interrogate methods
of human integration and procedure which have been so long accepted as
to have seemed axiomatic. We shall gain nothing by charging that his
spirit proceeds from malevolence and testified a disordered state of mind
We ought to recognize that it largely represents sincere wish to improve
conditions. History teaches that blind effort to obstruct such movements
has often produced momentary disaster, but never prevented ultimate
advance. Tho world is too old, and ought to be too wise, to resort to
such tactics now. Rather, its best intelligence should be given to openminded co-operation in overy earnest project of inquiry and analysis which
looks to tho general betterment. Thus will its most capabe leaders help
guide society away from pitfalls and dangers, while keeping it moving
on the upward path. I count the men of your profession as among such
leaders, and I know that whoover can effectively impress you with the
full importance of the duty I am suggesting, will find satisfaction in the
prompt and eager response which will come to him.
Most sincerely yours,
WARREN G. HARDING.

S E C R E T A R Y OF T R E A S U R Y M E L L O N I N M E S S A G E
TO A . B . A . C O N V E N T I O N L O O K S FOR E A R L Y
A N D H E A L T H Y R E V I V A L OF B U S I N E S S .

In expressing tho conviction th a t “a foundation has been
laid for an early and healthful revival of business along
normal lines,” Secretary of the T reasury Mellon in a message
to tho American B ankers’ Association, read by President
M cAdams a t W ednesday’s session, said:
Please extend my greetings to tho members of tho American Bankers’
Association in convention in Now York and express to them my apprecia­
tion of the way in which they havo worked together to bring tho country




.. * approach with some hesitation the question of branch banking, aloug u nas discussed at the Chicago meeting where thero was an absence
0 comp ( e larmony of thought but, after all, no such divergence of opinion
a s( to prevent an amicable agreement.
None of the committee present have been in the past, are at this time,
or expec to bo in the future, advocates of branch banking as an integral
°.U,r Breat financial system. At the samo time we all acknowledge,
1 think, that we are confronted by a fact and not a theory We recognize
•!? ranch banking has arrived. We recognize that ten or twelve States
ei ler a oi\ or authorize State chartered institutions to engage in branch
tan -mg, and, such being the case, we believe there should be no discrimin­
ation against national banks in those States. The spirit of justice and right.
le spin ° air play, and the American spirit of equal opportunity make
no other attitude tenable.
. ,? ut t*1*s committeo, and this Division stand unanimously for the pro­
ne tv,°n,<3 ^^1-being of that great body of American citizens designated
. ic . ina 1 Town Banker’ who must abandon his chosen profession and
ited ° '°r mCans
livelihood if branch banking is not in some way lim-

Question now is not, ‘Shall we havo branch banking?’ but rather,
„T1 , a* sha11 've d0 with branch banking?’ It isn’t ‘going’ to arrive, it’s here
, i d those who do not look this fact squarely in the face are, I think, stand
ing in their own light.
. . . r!'llere "ill be no attempt in this report to discuss the merits or demerits of
tills mooted question. The American Bankers Association is on record as
is ’nf’ aPP°sed to branch banking. This Division has taken a very posiR a , af?ainst it, and yet the practice grows rapidly and it is gaining
g ound almost daily. It has ceased to be a matter of ethics, resolutions
0 ecommendations and has resolved itself into a matter of Federal and
1 a ?i *S afl°n State legislation in fact almost exclusively and this rests
largely with the bankers in their respective States.
,,
y™ do
wanf branch banking in your State, since you aro alive to
e pro labilities of tho situation, you should use your best efforts to prevent
e enactment of legislation which makes it possible. If the present laws
are unsatisfactory, endeavor to correct them by elimination or amendment.
oth this Association and this Division are bound by resolution in general
convention and will, I am positive, use all honorable means to protect the
nterests of the unit banker who constitutes such a majority of its member
s lip, but as I see it, the future expansion of branch banking or its regulation
an control rests with the bankers themselves in their respective States.
, ,0r^O1?a'*y ' * have two well-established convictions, tho first of which is
lat it is supremely selfish and unworthy of us and just bordering on
cowardice, to deny national banks the privilege which their competitors
o ktato banks, enjoy; second, that just ordinary business prudence and
foresight as well as our own protection in the future, prompt us to direct
our effort toward circumscribing branch banking to cities of 100,000 popu­
lation or more and lim it them to this field.
Again, I feel sure that the city banker, in his espousal of branch banking,
does not seek to monopolize the banking business of the country but is
a<m te by th° slncere desire to more effectually serve his community and
w ' ’ !f wo ald or, at least, not oppose, this worthy ambition. I have
sufficient confidence in the fair-mindedness of this class of bankers to
iciiovo that they will respect our wishes in return and leave undisturbed the
field now occupied by tho smaller banks.”

In a resolution against branch banking, the State Bank
Division on Wednesday declared itself as follows:
Be it resolved, That the State Bank Division of the American Bankers*
Association views with alarm the establishment of branch banking in the
mted States and the attempt to permit and legalize branch banking, that
we hereby express our disapproval of and opposition to branch banking in
any form in our nation.
Resolved, That we regard branch banking or the establishment of addi­
tional offices by banks as detrimental to the best interests of the people of
the United States. Branch banking is contrary to public policy and vio­
lates basic principles of our Government, as it concentrates tho credits of the
nation and the power of money in the hands of a few.

The previous day a group of independent bankers from
various sections of the country adopted the following reso­
lution in protest against branch banking:
Resolved, by the representatives of the banks here present, that we view
with alarm the large increase in the number of branch banks in the United
States and tho growing tendency toward legalizing and permitting branch
banking, that we desire to express our disapproval of an opposition to
branch banking in any form in our nation.
Resolved, that we regard the branch banking system as un-American and
as detrimental to the best interest of both the banks and the peoplo of the
United States and as tending to concentrate the power of money in the
hands of a few centralized interests.
Resolved, that a committee be appointed to prepare a resolution in accord
with the above stated resolution for presentation before the American
Bankers’ Association, to combat the opening of additional branch banks
or offices.

1600

THE CHRONICLE

T he com m ittee to present the resolutions to the convention
consisted of I. H . Powell, Chicago, who presided a t the meet­
ing; Samuel B . Jeffries, St. Louis; A. W. Tremain, Bridge­
port, Conn.; A. J . Fram e, W aukesha, Wis.; F rank T . Hodg­
son, Missouri; W . J . R athje, Chicago; A. R. Emerson, M il­
waukee; John E . W agner, Neosha, M o.; Vernon Loucks,
Chicago, and William J . Couse, Asbury P ark, N . J.
R. S. H echt, P resident of the H ibernia B ank & T ru st Co.
of New Orleans, and President of the S tate B ank Division,
addressed the independent meeting on the 1st and while
expressing himself as personally opposed to branch banks,
stated th a t he considered the adoption of the resolution as
inadvisable.
On W ednesday, a t the General Convention, when the
subject was brought up for discussion by th a t body, Andrew
J . Fram e, Chairm an of the Board of W aukesha N ational
B ank, W aukesha, W is., presented his views in opposition to
branch banks, and W aldo Newcomer, President of the
N ational Exchange B ank of Baltim ore, spoke in support
thereof. Following the presentation of other views pro and
con, the Association adopted the following resolution
expressing its opposition to branch banking in any form:
R e s o l v e d , by the American Bankers’ Association, that we view with alarm
the establishment o f branch banking in the United States and the attempt
to permit and legalize branch banking; that we hereby express out dis­
approval of and opposition to branch banking an any form by State or
national banks in our nation.
R e s o l v e d , That we regard branch banking, or the establishment of addi­
tional offices by banks, as detrimental to the best interests of the people
of the United States. Branch banking is contrary to public policy, violates
the basic principles of our Government, and concentrates the credits of the
nation and the power of money in the hands of a few.

A M E R I C A N B A N K E R S ' C O N V E N T I O N — L. F. L O R E E
U RG ES S T A T E CO N TRO L OF S T R I K E B A L L O T S .

[V ol. 115.

Bank of this city, was elected Second Vice-President of the
Association.
_______________________
W ALDO

N EW CO M ER ELECTED PR E SID E N T
T I O N A L B A N K S E C T IO N , A . B. A .

OF N A ­

Waldo Newcomer, President of the N ational Exchange
B ank of Baltim ore, was elected President of the National
Division of th e American Bankers Association on the 4th
inst., succeeding John G. Lonsdale of St. Louis. Thomas
R. Preston, President of the Ham ilton National Bank of
C hattanooga and for the pa,st year Chairman of the Execu­
tive Com mittee of the N ational Bank Division, has become
Vice-President of the N ational Bank Division.
The following members were elected to the Executive
Committee: E . P. Passfore, President of the Bank of N orth
America, Philadelphia; A. F . M itchell, Vice-President of the
N orthern N ational Bank, Toledo; C. W . Carey, President of
the F irst N ational Bank, W ichita, K an., and E . C. Melvin,
President of the Selma N ational Bank, Selma, Ala.
S A V IN G S B A N K D I V IS I O N OF A M E R IC A N B A N K E R S
A S S O C IA T IO N R E SO L U T IO N S— N E W L Y ELE C TE D
O F F IC E R S.

The Savings B ank Division of the American Bankers
Association, a t its annual meeting on the 2d in st., declared
itself against “ any legislation looking to actual or pretended
guaranty of bank deposits.” The following are the resolu­
tions adopted by the Division:
1. R e s o l v e d : That the Savings Bank Division of the American Bankers
Association lenders to the United States Government its full co-operation
in the redemption and refunding operations incident to the War Savings
Certificates maturing Jan. 1 1923.
2. Also, B e I I R e s o l v e d , That a policy of giving priority to investment
of savings deposits in real estate mortgage loans for homes preferably on
an amortization plan be recommended.
3. R e s o l v e d : That the promotion and extension of school and industrial
savings by banks be endorsed and in the operation of such plans the prin­
ciples recommended by the Executive Committee of this Division for
official A. B. A. school and industrial savings systems be approved.
4. R e s o l v e d : That the public should be warned for investment purposes
against any class of contract involving the principal of lottery and in
particular against that form of real estate mortgage contract issued by
what are popularly known in many States as “Three and Four Per Cent
Contract Loan Companies.”
5. R e s o l v e d : That we disapprove of any legislation looking to actual
or pretended guaranty of bank deposits because it violates the sound and
economic principle that the competent and good shall not be taxed to
pay for the inefficient and bad.
6. Finally, B e I t R e s o l v e d , That we express our appreciation of the
ability and earnestness displayed by President Raymond R. Frazier of
Seattle and his associates in the retiring administration, and all who con­
tributed in any way to the pleasure and profit of those attending this, our
twenty-first annual meeting.

S tate supervision of every vote cast for a strike or lockout
in this country m ust come if the best interests of American
industry—labor and capital alike— are to be safeguarded,
it was declared by L. F . Loree, President of the Delaware &
H udson Co., speaking on “ Labor Unions” before the Clear­
ing House Section of the American Bankers Association
convention in the H otel Commodore on the 2d inst. He
proposed th a t laws be enacted to this effect. Such control,
“ to insure a secret ballot free from intim idation or misrepre­
sentation, and its honest count,” was urged by M r. Loree
following a declaration th a t the American worker needs to
be reseured from w hat he term ed the tyranny of “ labor
professionally organized—where the great mass responds
The following are the oficers elected:
to pressure from above, exploiting and being exploited for
President, Samuel H. Beach, President Rome Savngs Bank, Rome, N .Y
. the benefit of its rulers.” He quoted President H arding’s
Vice-President, Chas. H. Deppe, Vice-President Union Savings Bank
coal strike address to Congress to show th a t thee labor rulers & Trust Co., Cincinnati, Ohio.
Members of Executive Committee for term expiring 1925:
are seeking to impose on the country their policies which,
Thomas F. Wallace, Treasurer Mechanics Sc Farmers Savings Bank,
M r. Loree said, “ for the m ost p art are rank economic here­ Minneapolis,
Minn.
sies.” The rescue of labor, “from an organization th a t has
John S. Broeksmit, Treasurer Harris Trust & Savings Bank, Chicago, 111.
W. R. Morehouse, Vice-President Security Trust & Savings Bank, Los
become its ty ra n t” can only be accomplished from the o ut­
Calif.
side, said M r. Loree, and he urged his hearers to devote Angeles,
Member of Executive Commitoe for term expiring 1923, to fill vacancy:
time and thought to ways and means of helping the laborer
John H. Dexter, President Society for Savings, Cleveland, Ohio.
“ in his safety and comfort . . . intellectually and
spiritually.” In addition to his recommendation for S tate
O F F IC E R S O F T R U S T C O M P A N Y D I V I S I O N O F A . B. A .
supervision of all strike balloting, M r. Loree urged th a t the
Theodore G. Sm ith, Vice-President of the Central Union
following provisions be made in new laws:
1. To provide that voluntary associations of seven or more members T rust Co. of New Y ork and previously First Vice-President
may sue or be sued.
of th e T ru st Com pany Division, was chosen President of
2. To make the records and accounts of such associations subject to public the Division on T hursday. E vans Woollen, President of
authority, and to make political use of union funds a criminal offense.
the Fletcher Savings & T ru st Co. of Indianapolis, and
3 . To give State authorities better facilities for labor dispute investiga­
tion through the power to subpoena witnesses; also to make available to the heretofore Chairm an of the Executive Com mittee, was
public full reports of such Investigations; then to compel fourteen days
chosen Vice-President.
notice of intention to strike or locbkut.
On the 5th inst. the Association voiced as follows its views
on the rights of labor to leave his employment:
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
We are glad to note an end of the recent strikes in fundamental indus­
tries, and we hope that the period of peace in industrial life will be used for
the purpose of careful investigations to serve as a basis for a permanent
method of adjustment of the questions arising between employer and
worker.
It is our belief that in those industries whose continued operation is
essential to the well-being of the whole people, organized strikes should be
regarded as against the welfare of the State. We make a sharp distinction
between the right of the worker to leave his employment and the attempts
made by intimidation to compel those employees to leave their posts, who
otherwise would be willing to work.

J.

H . P U E L IC H E R E L E C TE D

P R E S I D E N T O F A . B. A .

On the 4th inst. John H . Puelicher, President of the
M arshall & Ilsley B ank of Milwaukee, W is., was elected
President of the American Bankers Association for the
ensuing year. W alter W . H ead, President of the Omaha
N ational Bank, Omaha, N eb., was nam ed Firs tVice-Prosident. William E . Knox, President of the Bowery Savings



A New Y ork Stock Exchange member ship was reported
posted for transfer this week,the consideration being stated as
$91,000. The last previous sale was a t $90,000.
A New Y ork Curb M arket membership |was reported
sold this week for $9,750. The last previous sale was for
___
$8,500.
The U nited States M ortgage & T ru st Co. announced on
the 3d inst. the opening of its new M adison Ave. and 73d St.
branch in charge of Jo h n A. Hopper, Vice-President. The
building housing the new uptow n branch is considered one
of the finest and m ost modern banking structures in the
country. It was designed by H enry Otis Chapm an, archi­
tect, and m uch of the work of supervising the construction
was in charge of H enry L. Servoss, Vice-President of the

O ct . 7 1 9 2 2 .]

THE CHRONICLE

U nited States M ortgage & T rust Co. The cornerstone of
the building was laid early last Jan u ary . As a complete
anking unit the new building contains practically everyneeded in the way of comfort, convenience and safety.
M odern devices have been installed throughout. The United
tates Safe D eposit C om pany’s vaults, which occupy a p art
o the basem ent, embody all of the latest features such as
combination emergency door and forced air ventilation in
e m ain vault. To meet the needs of women clients of the
ru st com pany, the new branch is equipped w ith a special
a ies departm ent in charge of M rs. William Laimbeer,
A ssistant Secretary of the com pany.
' °hn T. Dorrance and Edw ard D. Duffield have been
e ected directors of the N ational B ank of Commerce in New
ork. M r. D orrance is President of the Joseph Campbell
o., Camden, N . J ., and M r. Duffield is President of the
Prudential Insurance Co. of America.
V e publish elsewhere in our pages to-day the condensed
statem ent of the C entral T rust Co. of New York as"of
^ 1922.
The statem ent shows total assets of
•$262,131,616; cash on hand, in Federal Reserve B ank,& c. of
•1536,064,448; loans and discounts of $149,613,557; United
States bonds of $39,954,467; deposits of $219,147,750, and
combined capital, surplus and undivided profits of $31,o79,570.
The Discount Corporation of New Y ork this week issued
Jts statem ent of condition as of Sept. 30 last showing total
assets of $92,321,167, and surplus and undivided profits of
$2,248,250. Acceptances discounted and U nited States
trea su ry certificates held by the corporation am ounted to
$75,098,990; U nited States Treasury and Victory notes a t
par, $14,059,350; and cash and due from banks, $1,623,261.
Doans payable and deposits of the corporation as of Sept. 30
am ounted to $20,751,023. Its turnover during the past
thirty-six m onths exceeded $4,600,000,000.
The Mechanics Bank of Brooklyn, N . Y ., on Sept. 28
opened its new Bedford branch a t Bedford Ave., corner of
D eK alb Ave.

1601

Treasurer and Secretary; Edw ard B. Lynch, Alfred B.
M ahoney, Carl H . Thorne and M elvin H . Prior, Assistant
Treasurers; Jas. F .Quinn, A rthur Lovering, Edw ard D .
C arter, Anders T. Tellstrom and J . Phillips M urray, Assist­
a n t Secretaries.
E . J . Buck, Vice-President of the In terstate T rust & Bank­
ing Co., of New Orleans, in charge of the commercial and
savings accounts, has resigned. M r. Buck will enter busi­
ness in M obile, A la., his former home, where he will direct
the activities of a m ortgage finance corporation.
THE CURB M ARKET.

Standard Oil stocks absorbed the attention of the Curb
M arket this week, sensational advances being record^ number . of the issues.
The announcement
of a -00% stock dividend on Standard Oil of New York
caused a sharp rise; the stock, after moving up from 528 to
581 during the week, jum ped to 640 to-day, the close being
a t 635. S tandard Oil (Indiana) ran up from 1 1 7 * 4 to 133,
and S tandard Oil (Kentucky) from 107 to 115%, the final’
figure to-day being 114%. Ohio Oil sold up from 305 to
329 and a t 328 finally. Prairie Oil & Gas advanced from
640 to 685 and Prairie Pipe Line from 265 to 277, the latter
closing to-day a t 276. Standard Oil (Ohio) from 490
reached 525. Vacuum Oil was heavily traded in up from
518 to 600. A tlantic Lobos Oil Common weakened from
9% to 7 * /2 and sold a t the close to-day a t 8. Gulf Oil of
P a. rose from 62 to 7 1 * 4 and ends the week a t 70% . In ter­
n a l P et. improved from 20% to 23% and rested finally
a t 22% . M agnolia Petroleum was erratic, advancing some
16 points to 238, then reacting to 219. To-day it advanced
to 235 and finished a t 234. M aracaibo Oil gained 1 * 4
points to 19%. Industrials were w ithout definite trend"
Schulte R etail Stores developed weakness after the announce­
m ent of the abandonm ent of the merger w ith the WhelanD uke interests. The stock dropped from 55% to 45 and
closed to-day a t 46% . D u ran t M otors sold up from 43%
to 51% . Glen Alden Coal advanced from 54% to 60%.
Bonds were quiet.
A complete record of Curb M arket transactions for the
week will be found on page 1621.

An im portant bank am algamation was consummated in
C O U R SE OF B A N K C L E A R IN G S .
Boston on Oct. 2 when the Federal T rust Co. took over the
B ank clearings still continue their record of increase over
business and assets of the M etropolitan T rust Co. and the last year. Prelim inary figures compiled by us, based upon
Back Bay N ational Bank. The enlarged Federal T rust Co.
telegraphic advices from the chief cities of the country, indi­
under the merger plan is increasing its capital from $1,000,000
to $1,500,000. I t joins the Federal Reserve System and has cate th a t for the week ending S aturday, Oct. 7, aggregate
total resources of approxim ately $20,000,000. Its present bank clearings for all the cities in the U nited States from
banking quarters in the Federal T rust Company Building a t which it is possible to obtain weekly returns will show an
W ater and Devonshire streets are to be enlarged to meet increase of 22.1% over the corresponding week last year.
the requirem ents of the increased business of the institution The to tal stands a t $8,175,469,650, against $6,693,898,479
resulting from the merger. In addition to the branch it for the same week in 1921. This is the tw enty-eighth suc­
already had a t tho Fish Pier, South Boston, the institution
now has two new branches—the Back Bay branch (the cessive week in which our weekly aggregates have shown an
former quarters of the Back Bay N ational Bank) and a improvement as contrasted w ith last year. Our com para­
branch in M averick Square, E ast Boston, formerly a branch tive summ ary for the week is as follows:
of the M etropolitan T rust Co. The former main office of
C le a r i n g s — R e tu r n s b y T e le g r a p h .
P er
the M etropolitan T rust Co. a t 19 M ilk Street, has been given
W e e k e n d i n g O c to b e r 7.
1922.
1921.
C e n t.
up. Joseph IT. O’Neil, for m any years President of the New York__
83,909,000,000 $3,187,000,000 + 22.7
Chicago____
Federal T rust Co., is Chairm an of the Board of the enlarged Philadelphia
541,335,910
452,081,685 + 19.8
409.000.
000 330.000.
000+ 23.9
bank, and Daniel C. Mulloney is its President. M r. M ul- Boston_____
327.000.
000 236,958,486 + 38.0
Kansas City_____
124,130,076
loney, who is b u t 37 years of age, was born in Portland, M e., St. Louis
124,150,516
a
a
Francisco.'__
"
And received his early education in the public schools of th a t San
136,400,000
113.000. 000 + 20.7
Pittsburgh_____I
*170,000,000
*127,000,000 + 33.0
city. A fter graduating from Georgetown University in Detroit_______
100,102,119
77,951,700 + 28.4
Baltimore____I "
88,146,852
61,486,868 + 43.3
1910 he entered the office of the Comptroller of the Cur­ New Orleans___’ "
52,812,018
50,518,613
+4.5
rency in W ashington, serving in every departm ent, and acting
Eleven cities, 5 days
84,760,147,868 +23.1
as Secretary in 1912 to Lawrence O. M urray, the then Other cities, 5 days___III.*’ ........ ... $5,857,927,065
954,964,310
818,100,865 + 18.2
Comptroller. In 1913 M r. M ulloney entered the field .Jotoiali cities, 5 days____
86,812,891,375 $5,578,248,733 + 22.1
All cities, 1 day________
1,362,578,275
service as a national bank examiner, spending a num ber of
1,115,649,746 + 22.1
Total all cities for week______
years in the M aine d istric t. Ho was transferred to New York
$8,175,469,650 $6,693,898,479 + 22.1
Estimated, a No lontrer rpnnrf, p]pin 1917, where he served until Jan . 1 1918, when he was
called upon to assume the office of Chief N ational Bank
Complete and exact details for the week covered by the
Examiner of the F irst Federal Reserve D istrict. In January foregoing will appear in our issue of next week. W e cannot
last the Boston Clearing House Association asked him to
furnish them to-day, inasmuch as the week ends on S aturday
accept the position of examiner of the then newly organized
and
the S aturday figures will n o t be available until noon
Clearing House System. This position ho resigned to accept
the Presidency of the Federal T rust Co. The following are to-day, while we go to press late Friday night. Accordingly
the officials of the enlarged Federal T rust Co.: Daniel C. in the above the last day of the week has in all cases had to
Mulloney, President; John C. Heyer, Vice-President; Geo! be estim ated.
W. Shepherd, Vice-President; H arrie M . Richmond, Vice­
In the elaborate detailed statem ent, however, which we
President; Geo. W . Fulks, Vice-President; Albion F. Bemis, present further below, we are able to give final and complete



[V ol. 115,

THE CHRONICLE

1603

The course of bank clearings a t leading cities of the country
results f o r th e w e e k p r e v io u s —the week ending Sept. 30. For
th a t week the increase is 6.7% , the 1922 aggregate of the for the m onth of Sept, and since Ja n . 1 in each of the last
clearings being $7,213,452,111 and the 1921 aggregate $6,­ four years is shown in the subjoined statem ent:
BANK CLEARINGS AT LEADING CITIES.
758,289,932. Outside of this city, however, the increase is
-Septtmber- J a n . 1 to S e p t . 30--------15.0% , the bank exchanges a t this centre having recorded a
(000,000s
1922. 1921. 1920. 1919. 1922.
1921. 1920.
1919.
S
S
$
omitted.)
$
S
S
S
S
gain of only 1.0% . We group the cities now according to
New York............... 17.284 15,079 18,602 19,610 162,001
143,006 182,059165,523
the Federal Reserve districts in which they are located, and Chicago................... 2,309 2,073 2,723 2,570 20,484 19,357 24,626 21,467
from this it appears th a t in the Boston Reserve D istrict Boston___________ 1,305 1,083 1,444 1,441 11,679 10,376 14,261 12,593
1,912 16,186 15,118 18,821 15,850
the increase is 16.6%, b u t in the New York Reserve D istrict Philadelphia........... 1,902 1,646 2,053
a
a
a
a
a
a
St. Louis_________ a
a
(including this city) the gain is only 1.2% . In the Phila­ Pittsburgh________ 700 640 776 644 5,146 5,567 6,503 5,230
delphia Reserve D istrict the increase is 16.1%, while the San Francisco____ 640 552 712 662 5,292 4,865 6,078 5,092
282 2,181
2,093 2,715 2,279
Cleveland Reserve D istrict makes the best showing of all Cincinnati________ 254 223 305
2,911
381
2,826 3,647 3,147
420
B altim ore________
367 274
w ith an expansion of 23.8% . The Richmond Reserve Dis­ Kansas City_____ 582 688 963 1,080 4,977 5,786 9,126 8,089
3,369
3,612
582
511
5,179 3,886
Cleveland________
409
359
trict has a gain of 17.0%, the A tlanta Reserve D istrict
1,611
247 1,668
2.535 2,143
267
Orleans_____
205
198
15.4% and the Chicago Reserve D istrict 9.8% . The St. New
2,455 2,808
228 2,366
407
1,553
M inneapolis_____
310
327
967
889
Louis Reserve D istrict shows 12.6% improvement, the Louisville________ 108 94 126
65
930
706
3,913
3,453
417
562
4,669
3,111
Dallas Reserve D istrict 17.4%, and the Minneapolis Reserve D etroit....................... 482 407
1,073
1,309
125 1,140
149
1,133
M
ilwaukee_______
128
116
D istrict 4% . The Kansas C ity Reserve D istrict is the only Los Angeles_______ 430 337 347 208 3,701 3,062 2,904 1,604
a
a
a
a
a
a
one reporting a decrease, although it is quite small, being Providence_______ a
a
1,474 2,474 2,263
1,452
only 1.7% . The San Francisco Reserve D istrict enjoys a Omaha___________ 173 176 245 295
1,344
1,442
1,721
161
189
1.118
B uffalo__________
161 139
1,164
1,235
gain of 14.5%.
1,355
85
675
190
St. Paul__________
139 133
724
659
567
72
590
77
In the following we furnish a summ ary by Federal Reserve Indianapolis-------- 74
65
1,065
895
1,433
150
1,139
177
D
e
n
v
er___________
85
80
districts:
1,493
1,493 2,321 2,022
282
230
Richmond________
205 158
SUMMARY OF BANK CLEARINGS.

W eek e n d in g S e p t.

30.

1922.

1921.

Inc.or
Dec.

$

S

%

F e d e ra l R e se rv e D is tr ic ts .

(1st) B o s to n ...............10 cities
(2nd) New Y ork............ 9
(3rd) Philadelphia------10
(4th) Cleveland______ 9
(5th) Richmond______ 6
(6 th) A tla n ta ................12
(7th) Chicago................19
(8th) St. Louis----------- 7
(9th) M inneapolis____ 7
(10th) Kansas City------11
(11th) D allas...................5
(11th) San Francisco__ 14

3 3 0 , 8 0 9 ,9 4 1

2 8 3 , 6 0 3 ,7 1 7

+
+

3 7 7 , 7 2 6 ,7 8 0

3 0 5 ,2 1 4 ,7 8 6

+

1 6 4 , 8 3 6 ,9 2 8

9 6 , 6 9 6 ,2 1 1
1 4 4 ,0 0 9 ,6 0 8

+

1 6 6 , 1 7 3 ,9 9 9
6 6 ,0 3 7 ,7 3 5

6 6 7 , 1 3 5 ,0 1 9
5 8 ,6 6 1 ,1 8 6

1 2 2 , 9 9 8 ,3 9 0

1 1 8 , 2 8 7 ,7 5 3

2 3 5 , 3 2 5 ,5 0 1

2 3 9 , 5 0 2 ,7 3 1

7 3 2 . 5 0 4 ,5 6 3

1 6 .6
+

4 , 1 0 9 , 1 6 2 ,8 5 6 4 ,0 5 9 ,3 0 4 ,6 4 2
4 0 0 ,0 3 4 ,3 6 3
4 6 4 4 1 6 ,9 9 2

1920.
s
3 9 3 ,0 8 5 ,0 6 4

M em phis..........—
80
70
Seattle___________
142 132
H artford ....................
41 38
Salt Lake C ity----55
53

1919.
3
3 9 0 , 7 4 6 ,2 6 2

1 .2 5 , 1 1 3 ,0 8 8 6 4 7 5 , 6 8 6 , 5 4 2 ,8 3 5
5 3 0 , 7 2 7 ,2 3 7
4 9 0 ,2 0 6 ,6 9 9
1 6 .1
3 6 9 , 4 5 9 ,3 8 2
4 2 7 , 9 8 7 ,7 9 0
2 3 .8
1 7 .0 % 1 8 5 , 8 7 5 ,9 4 0
1 9 2 , 5 5 1 ,0 9 6

1 9 0 , 7 3 8 ,0 9 6

8 3 1 , 7 2 6 ,3 2 3

2 0 2 , 5 5 2 ,6 0 2
8 0 1 , 5 7 0 ,9 4 4

1 2 .6

6 4 , 2 5 2 ,7 2 9

5 6 , 5 4 0 ,7 3 5

+ 4 .0

1 5 7 , 3 8 6 ,7 9 6

— 1 .7

9 9 , 3 7 6 ,5 5 9
3 5 6 , 9 5 3 ,1 2 0

+ 1 5 .4
+ 9 .8
+

6 8 , 6 2 0 ,2 1 2

5 8 , 4 5 0 ,3 9 8

+

1 7 .4

3 5 7 , 8 8 2 ,5 3 3
7 0 , 8 1 2 ,2 5 7

3 7 4 , 8 3 8 ,2 1 6

3 2 7 , 3 8 9 ,5 1 8

+

1 4 .5

3 9 2 , 8 1 2 ,7 6 9

7 , 2 1 3 , 4 5 2 ,1 1 1 6 , 7 5 8 , 2 8 9 ,9 3 2
3 , 1 6 2 , 9 9 6 ,0 6 0 2 , 7 4 9 , 7 5 8 ,1 7 2

+

Other cities______ 2,363 2,142

7 2 , 1 9 4 ,2 0 6

79
202
36
73

74
176
46
69

599
1,216
360
460

1,911 31,818 257,891 234,612
1,178 3,789 19,437 18,946
3,089 35,607 277,328 253,558
r,487 15,997 115,327 110,552

3 0 7 , 0 8 3 ,7 6 0

3 8 2 , 1 1 1 ,6 8 1

3 7 2 ,6 9 9 , 4 6 2

The following compilation covers the clearings by m onths
since Ja n . 1 in 1922 and 1921:

Stock (No. of shares
(Par value..
Railroad b o n d s...
U. S. Govt, bonds.
State, for’n , &c., bds

J.JJ.U

C le a r i n g s O u t s id e N e w Y o r k .

C le a r i n g s , T o t a l A l l .

1922.

1921.

1921.

1922.

%

339,494 294,220
157,435 128,697

N in e M o n th s .

%

V U iu u iu

w*

--- ------------------------------- --------- -------------------~

39,200,499,752 36.399,358,348
2d q u . 97.285,253.711 84.631,857,209 + 15,0
75,321,119,499
74,615,761,159
+
7.0
172631907681
6 m os. 184761963 227

+ 7.7
+ 0.9

+ 15.5 13.200,521,928 11,869,564,162 + 11.2
July . . 31.537.965.091 27,224,793,653
+ 13.9 13,156,629,182 11,863,708,498 + 10.9
Aug... 30,094,941,118 26.419,647,457
+ 11.8
S e p t. . 30,933,162,269 27,282,124,437 + 21.1 13,648,391,725 12,203,238,126
+ 11.4
3d q u . 92,566,068,478 80,926,565,547 + 14.4 40,005,542,835 35,936,508,786
+ 4.3
115326
662
334
110
552
269
945
+
14.7
253
558473
228
277
328031705
9 mo3.

'

" s a l e s OF STOCK AT T H E NEW YORK STOCK EXCHANGE.
1921.

1922.
P a r V a lu e .

N o . S h a re s.

36,120,619,747 38,216,402,811 — 5.5
12,394,912,026 12,385,897,549 + 0.1
13.183,640,077 11,786,718,969 + 11.9
13,621,947,649 12,226,741,830 + 11.4

1921.

190,824,771
12,924,080
126,996,222
21,712,046
$1,908,875,700 $1,003,466,032 $16,760,714,089 $9,546,535,084
761.278.000
97.601.500
662,475,600
158,522,000
208,385,300 1,283,719,765 1,367,362,400
88,418,465
474.084.000
30.937.500
212,208,200
58,561,500
$2,214,377,665 $1,340,390,332 $19,179,795,854 $11,788,581,284

New Y ork Stock Exchange each m onth since Jan . 1 in
1922 and 1921 is indicated in the following:

S
S
S
S
13,840,863.127 — 10.6
Jan — 29,673,793,613 32,413,901,452 — 8.5 12,377,729,779
—3.9
10.727.396.219
11,168,517,812
+
1.4
26.067,849,202
25,697,138,881
F e b ...
March 31,735.066,701 29,889,010,139 + 6.2 13,015,493,749 13,207,021,872 — 1.5
1st q u . 87,476.709.516 88,000,050,472 —0.6
April.. 31.153,956,381 27,921,712,690 ++ 11.6
M ay.. 32,398,452,931 27,634,023,687 17.2
J u n e ._ 33,732.844,399 29,076,120,832 + 16.0

301,773 264,284
37,721 29,936

1922.

1921.

1922.

Total par value.

MONTHLY CLEARINGS.

M o n th .

689
1,466
325
561

3 5 0 , 0 8 3 ,1 1 2

+ 6 . 7 8 . 7 7 3 . 2 1 9 .1 8 1 9 ,0 6 6 ,9 6 4 ,5 1 9
1 5 .0 3 . 7 3 1 . 8 4 6 .1 8 2 3 , 4 4 8 , 4 7 6 ,0 6 3
— 1 .8

3 1 2 , 7 9 1 ,8 3 1

926
1,605
397
647

Our usual m onthly detailed statem ent of transactions on
the New Y ork Stock Exchange is appended. The results
for the nine m onths of 1922 and 1921 are also given:
M o n th o f S e p te m b e r.

Grand to ta l.......... ..119 cities
Outside New York C ity. ..

535
1,109
340
471

N o . S h a r e s .\

P a r V a lu e .

16,144,876 $1,327,513,750
M onth of January............... 16,472,377 $1,494,639,000
February--------- 16,175,095 1,413,196,925 10,169.671) 795,420,453
M arch ------------ 22,820,173 2,013,907,820 16,321,131; 1,178.823.470
Total first quarter-------- 55,467,645 $4,921,743,745 42,635,678 $3,301,757,673
15,529,709
Month of April..................... 30,634,353 $2,733,531,850
M ay __________ 28,921,124 2,532.995,600 17,236,995
June__________ 24,080,787 1,938,579,750 18,264,671
Total second quarter----- 83,636,264 $7,205,107,200 51,031,375
Month of J u ly --------------August-----------September--------

$1,044,593 648
1,218,686.980
1,369,519,461
$3,632,799,989

15,118,063 $1,262,256,143 9,288,054 $731,205,604
17.862,553, 1,443,286.500 11,117,035
877.306,068
21,712,0461 1,908,875,700 12,924,080. 1,003,466,032

CLEARINGS FOR SEPTEMBER , SINCE JAN. 1, AND FOR WEEK ENDING SEPTEMBER 30.

1921.
$
F irst Federal Rese rve D istric t— B oston—
3,041,817
3,127,371
M aine—Bangor...........
12,061,600
13,581,243
Portland-------------Mass.—Boston-------- 1.305,000,000 1,OSS,312,162
7,075,252
7,209,193
Fall River...............
2,858,551
3,385,538
Holyoke...................
4,338,174
4,629,903
Lowell.......................
a
a
Lynn-------- ---------5,654.161
6,049,741
New Bedford...........
14,534,411
18,077,346
Springfield----------13,310,038
14,067,000
Worcester-----------37,709,794
40,719,848
Conn.—H artfo rd ----20,701,391
23,945,471
New Haven-----6,783,600 Not included
W aterbury-------38,269,600
45,293,300
R. I.—Providence.
1,204,597,411
1,439,7S3.654
Total (11 cities)-----

Week ending September 30.

Nine Months.

September.
C le a r i n g s a t —

Inc. or
Dec.

Inc. or
Dec.

%
+ 2.8
+ 12.6

29,073,293
118,146,576
+ 20.5 11,679,000,000
+ 1.9
67,586,195
+ 18.4
31,096,322
+ 6.5
42,378,316
a
a
+ 7.0
55,422,933
+ 24.4
164,806,923
+ 5.7
134,273,971
+ 8.0
300,012,371
+ 15.7
216,346,898
in total
63,629,100
+ 18.4 Not included in
+ 19.5 12,898,143,798

$
32,801,731 — 14.4
104,515,872 + 13.0
10,376,413,721 + 12.6
55,600,087 + 21.6
33,145,564 — 6.2
+ 2.7
41,244,169
a
+ 8.9
50,884,172
159,235,776 + 3.5
133,174,158 + 0.8
339,649,339 + 6.0
+ 3.9
208,273,226
Not Included in total
total
11,534,937,815 + 11.8

1922.

1921.

Inc. o r
Dec.

1920.

$

S

%

$

694,377
3,433,623
302,000,000
1,825,103
a
1,180,939
a
1,176,319
4,217,528
3,207,000
7,8S3,433
5,191,619
a
330,809,941

508,421
3,000,000
255,827,004
1,718,520
n
1,002,131
a
1,139,273
3,488,709
3,140,000
9,115,835
4,662.924
a

a

283,603,717 + 16.6

Y ork—
3,004,600
Second Federal Re serve D istrict —New
4,447,572
165,259,964 + 4.6
172,780,909
16,200,520 + 10.8
17,957,816
744,618
f838,934
N . Y.—Albany.
35,389,621 + 10.3
3,400,700 + 23.0
39,037,978
4,183,466
31,060,802
Binghamton..
c37,371,729
+
7.2
139,364,638 + 15.4 1,441,516,186 1,344,266,703
160,841,682
Buffalo_____
516,118 Not incl. In
+ 9.7
*19,191,692
+
16.5
21,061,949
*
2
,
000,000
2,330,246
E lm ira _____
927,172
e l , 108,743
35,547,054 + 14.7
4,102,124 + 15.8
40,760,261
4,748,742
Jamestown_______
+ 1.3 4,050,456,051 4,008,531,670
17,284,770.544 15,078,8S6.311 + 14.6 162,001,369,371 143,000,203,283
New York___
+
3.1
37,419,791
+
10.9
38,572,660
4,450,000
4,836,216
Niagara F alls..
8,363,645
8,382,197
+ 4.7
341,811,515
357,840,774
33,610,864 + 17.1
39,374,420
Rochester____
3,721,345
3,717,141
150,334,776 + 4.9
157,772,842
14.218,031 + 15.9
16,480.434
Syracuse_____
d2,400,522
2,461,352
10,013,613 — 1.2 Not Included In total
9,913,631
Conn.—Stamford___
454,315
475,000
17,011,692 — 6.0
—
13.8
15,995,309
1,965,965
1,693,777
N . J .—Montclair___
In
total
58,325,984 Not Included
N ew ark ___
+
17.5
32,311,842
.............
37,962,856
3,432,641 + 19.9
4,114,423
Oranges ___
+ 13.2 4,109,162,856 4,059,304,642
Total (11 cities)___ 17,541,331,766 15.301.631,794 +14.7 164,324,671,095 145,184,747,933




+ 36.6
+ 14.5
+ 18.1
+ 6.2
a
+ 17.8
a
+ 3.3
+ 20.9
+ 2.1
— 13.5
+ 11.3

+48.0

+ 12.7
+ 20.3

1,058,091
4.070.000
357,577,463
1,889,659
a
1,033,900
a
1.624.001
5,586,649
4,882,349
14,137,040
6,225,912
a

1919.

S
887,925
3,700,000
352,822,427
2,421,308
a
1,117,579
a
1,734,125
5,230,901
4,500,451
11,377,375
6,954,171
a

398.085,064

390,746,262

4,643,372
1,256,900
42.2S5.456

5,645,428
1,709,400
37,695,509

total.
+ 12.0
1.067,956
+ 1.0 5,041,372,999 5,618,488,486
—0.2
12,797,775
16,649',485
+ 0.1
6,507,950
5,933,245
—2.5
2,629,517
—4.4
526,722
421,222

........
+ 1.2 5,113,088,647 5,686,542,835

Oct. 71922.]

THE CHRONICLE

1603

CLEARINGS ( Continued).

1922.
T h lrd Federal R<
Pa.—A ltoona______
Bethlehem __
Chester_____
Harrisburg____
Lebanon___
Philadelphia_____
R eading_________
Scranton__
Wilkes-Barre
Y ork....................
N. J .—Camden.
T ren to n _________
Dela.—Wilmington . .
Total (12 cities)___

1921.

S
S
serve District —Philadelph
4.918.43C
4,298,194
11,850,45(
9,962,15'
3,051,704
4,043,014
17,160,551
14,022,85
11,244,56;
9,642,461
1,991,614
2,292,33
3,339,99C
2,713,78;
1,902,361,00C 1,646,000,00C
12.001,261
8,781,88;
17,828,664
19,497,474
11,379,861
11,748,862
5,664,135
5,253,725
a
a
18,221,58c
14,233,337
a
a
2.017.962.129

1,748,447,06?

F o u rth Federal Re serve D istrict —C levelandOhio—Akron___ .
28.058.00C
24,690,OOC
C anton. . .
19,346,634
13,864,376
C incinnati..............
254,255,791
222,602,789
Cleveland................
358,723,169
409,282,90C
Columbus______
55.470.70C
61,056,70C
D ayton__________
H am ilton_______
1,404,171
2,428,09'
3,276,946
3,644,91!
Lorain..........
942,94f
1,559,482
Mansfield________
5,596,759
7,205,657
Springfield___ .
a
T oledo_____
Y oungstown_____
17,232,684
18,277,724
Pa.—Beaver County.
2,414,675
2,800,664
E rie ...
Franklin_______
1,186,826
1,425,884
4,860,745
8,958,163
*700,000,000 *640,000,000
Ky.—Lexington____
5,095,051
4,352,060
W. Va.—Wheeling__
16,484,284
16,171,313
Total (15 cities)___

Nine Months.

September.

Clearings cu—

Inc. or
Dec.

1921.

S
%
%
la—
+ 14.*
39,485,511
37,192,205
+6.2
108,994,31,
4-11.
112,982.43;
+3.7
—24.f Not included tr total
148,905,335
145,930,495
+22.*
+ 2.0
99,240,15* + 10.7
106,275,351
+ 11.'
23,530,855 — 17.8
19,334,71;
— 13.
27,912,74?
24,903,12' + 12.1
+ 23.
+ 15.( 16,186,390,001 15,118,229,47.'
+ 7.1
93.303.25C + 11.1
103,655,335
+ 13.'
168,524,382
178,596,43f —5.6
—8.C
105,761,912
99,738,081 + 10.6
—3.
50,369,014 —0.7
50,031,22;
+ 7.5
a
a
a
a
149,326,64^
134.409.87S + 11.1
+ 28.C
a
a
a
a

558,086,231

678,124,489

Seventh Federal R eserve D lstric
807 251
Ann Arbor..............
3,372,0S1
481,699,342
Flint
_____
7,219,858
25,377,547
5,547,835
7,865,668
Ind. — Fort Wayne—
9,025,585
G ary___ ._..............
10,440,141
74,393,000
South Bend--------9,440,000
8,152,433
Wis.— Milwaukee----128,338,539
2,713,908
5,699,544
7,663,400
Iowa—Cedar Rapids.
9,104,376
45,416,516
39,292,907
2,732,394
Iowa C ity________
2,222,588
24,603,929
5,790,475
HI.—Aurora................
4,244,814
Bloomington.........
5,405,574
2,308,703,020
Peoria___________
Springfield.............
Total (26 cities)___

4,856,079
16,512,019
8,142,547
8,823,298

Indiana—Evansville .
New A lbany...........

S

%

S

+ 15.
—5.(
—7 /

1,200,69
4,874,26
1,644,36(

1,466,055

2,663,70'

2,439,13;

+9.S

3,239,85:

3,524,218

378’,b"ob,66c + 164
2,427,085 + 13.S
4,643.851 —7.5
2,873,157 — 124
1.3S2.571 —o.os

503,443,48;
3.044,99'
5,109.52f
2,602,83C
1,715,044

467,427,389
3,180,936
5,199,901
2,957,363
1,620,528

442,000,001
2,748,471
e4,279,95*
e2,515,86(
1,382,313

2,929,444
a

+ 22.:
a

3,852,18:
a

3,678,154
a

400,034,363

+ 16.1

530,727,237

490,206,699

6,227,000
+ 4.7
2,465,301 + 61.8
48,473,682 + 23.9
74,160,203 + 17.1
10,776,300 + 19.S
*

8,724,OOC
4.329.98C
69,967,499
130,566,476
14,326,400

9,890,000
4,202,393
59,413,308
120,182,250
14,816,600

1,050.000

1,286,147

C
3
4,371,503

4,935,769

189,040,323

148,370,300

249.008.00C
135,550,581
2,093,164,324
3,611,667,301
493,773,500

—7.5
+ 1.9
+4.2
—6.7
+ 9.3

e6,518,OOC
3,989,041
60,072,79?
fS6,826,60?
12.909.20C

+ 72.9
+ 11.2
+ 16.5
+ 28.7

26,668,435
30,039,556
12,006,869
*48,379,087

22,815,846
33,161,018
12,381,620
48,793,144

+ 16.9
—9.4
—3.0
—0.8

573,890

+ 6.1
+ 15.9

137,953,463
24,210,978

150,440,340
24,931,293

—8.3
—2.9

e3,044,243

13,047,769

—2.9

+ 28.2

a

a

59,424,096
a
263,582,122
1,615,677,099
a
01,690,665
a
89,249,308
75,059,627
2,911,308,680
14,802,456
24,299,273
714,927,237

65,472,472 —9.2
a
a
261,532,103 + 0.8
1,492,812,274 + 8.2
a
a
44,685,165 + 38.1
a
a
96,093,269 —7.1
74,282,392 + 1.0
2,825,685,007 + 3.0
18,814,174 —21.0
24,675,007 — 1.5
635,013,218 + 12.6

5.830,080,563

5,539,065,141

5,476,286.960

+ 5.3

5,280,107,159

+ 3.7

t — Chicago —
826,602 + 4.9
8,064,857
7,598,511 +6.1
2,601.801 +26.9
26,492,474
22,352,242 + 18.5
406,698,242 + 18.4 3,912,890,196 3,452,847.598
7,136,931
+ 1.2
60,752,238
55,968,861 ^/ f j '3
24,935,926 + 1.8
235,148,134
218.098.879 +7.8
5,063,748 + 9.6
48,874,838
+ 3.3
11.064.000 — 2S.9
67,754,791
71,396,000 — 5.1
7,353,723 + 22.7
73,258,422
68,150,843 + 7.5
3,818,529 —72.7
79,105,158
45,851,810 + 72.5
65.306.000 + 13.9
658,961,000
567,496,000 + 16.1
8,803,717 . +7.3
76,338,610
89,236,447 — 14.5
Not Included 1 h total.
115,795,485 + 10.8 1,140,395,295 1,073,418,472
+ 6.2
2,893,141 —6.2
23,768,279
Not Included 1 n total.
7,452,329 + 2.8 Not included In total
7,555,200 + 20.5
79,523,080
80,829,835 — 1.6
390,974,171 Not included in
36,010,599 +9.1
404,597,044
338,496,509 + 19.5
2,490,053 + 9.7
22,679,356
22,449,253 + 1.0
19,634,123
1,969,860 + 12.8
20,750,945 —5.4
22,268,195 + 10.5
213,603,929
223,280,321 —4.3
5,527,045 + 4.8
50,411,135
52,940,954
3,697,163 + 14.8
36,736,796
34,318,120 + 7 +
5,365,653
50,018,513
+ 0.6
53,2t)i, 136 —6.1
2,072,916,031 + 11.4 20,484,301,226 19,357,1S6,182 + 5.8
4,712,314 + 3.0
43,071,584
44,011,158 —2.1
149+75,837
14,857,928 + 11.1
145,006,627 + 3.0
7,433,775 +9.5
72,479,000
73,285,635 + 1.1
88,787,825
9,753,393 —9.5
95,487,908 —9.1

165,283,933
4,871,887

Springfield____
Kentucky — Louisville
Owensboro_______
Paducah.
Tennessee — Memphis
Arkansas—LI ttie Rock
Illinois—Jacksonville.
Quincy _

17,887,274
496,565
a
a
108,340,970
1,390,922
8.833,733
80,325,397
48,132,218
1,409,859
5,432,622

19,637,424
386.330
a
a
94,415,832
1,192,828
6,594,211
69,770,635
42.196,760
1,391,059
4,790,777

—8.9
+ 28.5
a
a
+ 11.5
+ 16.6
+ 34.0
+ 15.1
+ 14.1
+ 1.4
+ 13.4

a
967,261,747
16,841,414
63,136,680
598,846,838
325,577,942
12.221.S04
49,418,582

Total (9 cities).........

272,249,560

240,375,802

+ 13.3

2,203,460.827

a

C

a

—4.3

1,152,155

3.583.46C
a

230,334,OOC
138,135,604
2,180,869,996
3,368,929,807
539.498,400

5,567,302,491 —7.6
55,714,483 + 15.8
166,078,844 + 5.2

S

1,050,001
3,325,615
963,50

+ 13.C
+ S9.f
+ 14.2
+ 14.1
+ 10.1

12,670,354
+ 20.1
+ 43.2
+ 9.4 *5,146,336,000
64,504.872
+ 17.1
174,727,318
— 1.9

1919.

1,213,13
3,140,08
*890,00

464,416,99s

2,222,682 + L

*200,000,000 *156,000,000 + 28.2
3,792,998
377,726,780
1,602,408
e6,567,754
47,959,638
e l,717,684
89,334,856

4,089,618

—7.3

5,611,609

6,362,615

305,214,786 + 23.8

427,987,790

369,459,382

1,486,263

+ 7.8

1,831,499

5,812,720 + 13.0
1 24.4

9,144,960
53,744,695

2,211,674 —22.3
67,087.783

+ 33.2

9,050,403
68,737,053

4,000,000

4,200,000

101,157,796

92,480,151

17,654,586

16,243,444

+ 8.7

15,996,990

16,270,489

164,836,926

96,696,211

+ 17.0

185,875,940

190.73S.096

4,275,382 + 24.3
2,433,968
15,130,063 + 17.6
45,475,440 + 5.0
2.646,578 —28.2

7,022,407
3,017,228
21,000,000
54,670,281
3,250,528

6,166,329
3,565,026
17,160,709
77,218,100
5,900.000

*1,500,000

*1,800,000

5,315,010
2,319,103
17,800,927
47,752,023
1,899,698
1,375.287

—8.3

*2,200,000

8,323,911

7.230,726 + 15.1

10,270,156

8,538,721

24,967,985
1,839,449

19,368,907 + 28.9
1,500,000 +22.6

18,532,653
2,824,580

15,827,082
1,677,687

a

830,741

696,727 + 19.2

624,325

821,311

353,928
53,395,937

433,402 — 18.3
43,318,415 + 23.3

348.424
68,792,514

475,821
63,401,816

163.173,999

144,009,608 + 15.4

192,551,096

202,552,602

168,128
710,443
105,350,003

197,092 — 14.7
634,718 + 11.9
86,935,789 + 12.1

220,818
452,560
115,238,974

135,862
480,000
97,329,965

5,467,676

5,745,892

—4.8

6,802,600

5,641,349

1,701,842
2,412,400

2,008,852 — 15.4
1,755,40S + 37.4

2,100,000
1,839,887

1,750,000
1,836,148

16,264,000
1,925,023

15,210,000 + 6.9
4,609,996 —58.2

16,747,000
1,814,514

14,041,000
1,429,229

27,646,301

26,384,619

+ 4.8

32,835,325

28,766,878

1,860,261

2,005,986

—7.3

2,249,983

2,959,752

8,374,324

8,052,869

+ 4.0

11,270,213

12,596,502

5,604,054
1,438,572

5,509,127 + 1.7
1,201,795 + 19.7

8.309,534
2,012,324

12,051,879
2,087,365

1,763,400
666,069,165
a
1,502,380
4,910,481
2,525,b 11
3,061,554

1,763.667
606,493,799
a
1,522,664
4.477,032
2.617,808
2.690,038

1,116,517
543,939,90S

1,186,601
497,971,765

1,072,947
3,685,558
1.752.39S
2,014,208

1,064,483
3,500,000
1,482,675
1,677,352

—5.9
+ 9.2
a
+ 0.8
+ 5.3
+18.2
+20.1

+ 7.0

732,504,563

667,135,019

+ 9.8

881,726,323

801,570,944

158,314,503 + 4.4
4,555,006
+ 7.0
a
a
a
888,811,765 + 8.8
15,963,958 + 5.5
58,782,250 + 7.4
534,647,770 + 12.0
337,538,304 —3.5
13,641,540 — 10.4
51,105,369 —3.3

4,372,588

3,871,295 + 12.9

5.497,813

4,338,093

3,206,740,775 2,856,865,054 + 12.2 28,125,299,068 26,287,153,946




1920.

S

+ 6.9

613,420,970 + 10.5

Eighth Federal Re serve D istrict —St. L ouis—

Inc. or
Dec.

16,114,437,286

Sixth Federal Rese rve D istrict — A tla n ta —T enn.— Chattanooga.
24,127,293 —6.7 Not Included in total.
22,519,871
105,288,714
111,556,900 —5.6
12,063,248 —0.6
11,990,270
622,623,644 + 3.9
646,922,858
64,419,066 + 16.9
75,331,358
176,588,978 + 11.4 1.509,229,145 1,516,784,268 —66.4
196.654,986
74.053,729 — 14.4
63,940,197
8,217,395
12,365,614 —33.5
Columbus________
27,937,664 —3.1
3,799,987 — 1.3
27,060,042
3,751,737
M ac o n __________
45,574,651 —0.3
45,438,255
6,236,293
5,850,633 + 6.6
Fla. — Jacksonville__
371,122,541 + 1.8
377,746.957
37,263,188
32,839,839 + 13.7
Tam pa__________
86,320,824 + 0.9
87,107,649
7,513,592
7,297,000 + 3.0
Ala.— Birmingham —
637,843,081 + 18.3
102,291,957
754,379,777
80,363,190 + 12.7
61,798,888
7,694,193
6,377,134 +20.7
66,112,042
+ 7.0
6,250,578 + 12.9
49,131,595 + 1.0
49,619,608
7,053,990
M lss.-— J ackson..........
4,316,078
31,979,998
25,879,190 + 23.6
3,363,970 + 28.3
M eridian________
3,878,839
2,479,558 + 56.4
31,472,034
26,234,620 + 20.0
Vicksburg________
1,311,129
11,178,969 + 6.4
1,475,701 — 11.2
11,896,806
La.—New O rleans...
204,619,4.84
167,880,465 + 3.4 1,668,092,878 1,611,466,595
+ 3.5
Total (15 cities)-----

1921.

+ 15.-1 17,218,585,589

1,530,608,816 1,368,242,379 + 11.9 12,135,264,738 12,677,830,563

715,421,561

1922.

S

F ifth Federal Rese rve D istrict— R ichm ond—
W. Va.—H untington.
6,432,671 + 6.6
6,857,167
Va.—Newport News.
a
a
a
Norfolk....................
27,749,970
25,845,458 + 7.4
Richmond
.
205 338,018
158.136,666 +29.8
N . C .—Asheville____
a
a
a
Raleigh___ . _.
7,702,024
5.832.35C + 32.1
Wilmington______
a
a
a
S -C .— Charleston___
7.429,054
8,754,640 — 15.1
Columbia________
10,002,843
8,001,354 + 12.4
M d. — Baltimore____
307,095,005
274,010,837 + 34.0
Frederick________
1,732,487 + 0.03
1,733,057
Hagerstown__ ___
2,504,937
2,525,739 — O.f
D . C.— W ashington..
66,754,029 + 18.4
79,009,480
Total (10 cities)___

1922.

Week ending September 30.
Inc. or
Dec.

2,003,360,465

+ 6.8

a

a

a

a

a

24,639,736
269,880

21,374,126 + 15.3
201,673 +33.8

28,800,176
366,017

16,414".8l2

22,739,529
12,493,548
328,457

1,193.997

21.288.279 +6.8
10,606,762 + 17.8
300,227 + 9.4
1,018,824 + 17.2

17,459.001
9,903,622
598,239
1.627,861

22,377,663
10,321,071
714,697
1.844,304

66,037,735

58,661,186 + 12.6

64,252,729

56,540,735

529,875

[V m„ m

THE CHRONICLE

1604

C L E A R IN G S (Concluded).

Inc. or
Dec.

1921.

1922.

S

Week ending September 30.

Nine Months.

September.
Clearing* nt—

1922.

1921.

Inc.or
Dec.

S

$

%

N in th Federal Res erve D istrict — M lnneapoli
40,116,798
37,506,930
Minnesota—Duluth
327,238,609
310.204,292
Minneapolis-----1,661,153
1,601,114
Rochester--------133,095,995
139,400,668
St. Paul_______
8,743,089
8,018,S40
5,376,000
4,297,000
Grand F o rk s.-.........
1,966,711
1,304,121
Minot, — ............
5,339,297
5,621,093
So. Dal;.—Aberdeen
8,617,625
10.476,760
Sioux Falls--------2,889,973
2,454,302
M ontana—Fillings —
5,068,848
3,878,901
Great F alls..
15,557,840
14,484,000
H elen a-----2,162,454
1,591,113
LewJstown. -

%
s—
—6.5
—5.2
—3.6
+ 4.7
+ 9.0
—20.1
—33.7
+ 5.3
+ 12.2
— 15.1
—23.5
—6.9
—26.4

211,162,421
2,365,834,745
16,066,535
1,103,658,656
68,410,487
40,151,000
10,251,868
44.895,439
100,980,249
22,608,417
29,492,227
114,780,813
11,410,005

244,728,305
2,454,863,808
16,093,822
1,234.664,766
73,732.592
46,475,262
10,532,452
46,418,422
86,751,173
28,887,466
42,175,071
112,039,588
17,985,927

—13.7
—3.6
—0.2
—5.8
—7.2
—13.6
—2.7
—3.3
+ 11.6
—21.7
—30.1
+ 2.5
—36.6

557,110,143

—2.8

4,199,702,862

4,415,348,654

erve D istrict — K ansas Git
1,897,578 — 18.5
1,548,594
2,607,706 + 9.2
2,847.752
13,398,630 + 32.5
17,753,557
176,484,954 — 1.9
173,156.367
18,165,946 + 13.4
20,605,436

14,376,368
21,750,038
149,337,526
1,452,232,773
104,062,159

S

541.563,392

Total (13 cities). . .
Nebraska—Fremont .
Hastings.................
Lincoln------ ------O m aha-------------Kansas—Kansas Clt
Lawrence...............
Pittsburg_______
Topeka..................
W ic h ita ________
Missouri—Joplin —
Kansas C ity_____
St. Jo se p h ...........
Oklahoma—Lawton.
Me Ale stc r______
Muskogee----------Oklahoma C ity—
T u ls a __________
Colo.—Colorado
Denver_____
P u eb lo _____

a
12.143,224 —1.7
48,953.768 — 13.0
4,150,716 + 35.4
688.329,496 —15.4
a
a
a
a
a
a
a
105,839,764 —7.3
a
4,308,547 + 13.8
79,550.410 + 7.4
+ 8.2
3,213,931

11,937,431
42.609,555
5,583,000
582,479,549
a
a
a
98,093,569
4,904,000
85,421,784
3,476,691

Total (13 cities)---- 1,050.415.285 1,159,042,670
Eleventh Federal Reserve D lstr ic t—Dallas—
7,416,935
8.880.159
Texas—A u stin ------B eaum ont---------116,826,952
145,110,597
D allas__________
19,281,710
18,192,220
El P a s o ...............
52,828,530
53,568.834
Fort W orth--------41,046,437
33,049,072
Galveston...............
120,757,820
135,821,875
Houston. . . ------1,606,465
1,751,494
Port A rthur-------2.494,375
2,999,552
Texarkana______
14.841.200
19,036,287
W aco___________
7.319,179
7,S80,49S
Wichita Falls-----19,946,305
16.443.965
Ix>uis Sana—Shrevepor

a
108,719,980
405,656,174
46,887,000
4,977,052,304

a

a
a
a
774.112,706

a

39,908,970
1,065,089,241
29,268,017

1921.

Inc. or
Dec.

1920.

S

S

%

S

8,509,314
69,822,918

+ 3.0
+ 5.1

12.523.330
92,197,082

8,515,949
58.991,910

33,596,252
2,098,781

32,589,675 + 3.1
1,791,004 + 17.2

44,135,684
3,270,260

22,549,640
3,204,637
2.147,134

1,280,108

—9.3

2,019,493

581,145

614,734

—5.5

1,391,979

1.378,741

3,453,000

3,700,000

—6.7

1,S49,168

2,588,545

—4.9

122,998,390

118,287,753

+ 4.0

157,386,796

99,376,556

19,510,104 —26.3
22,713,970 —4.2
133,067,118 + 12.2
1,473.919,383 — 1.5
lo7,513,158 + 4.2

292,810
491,775
3,962,637
40,273,641

382,640 —23.5
+ 0.3
490,443
2,732,717 +45.0
35.103,273 + 14.7

669,829
842,252
4,901,059
53,557,525

780,195
716,104
6,148,481
59,663.231

e2,585,580
9,567,912

2.337.9S3 + 10.6
10.197,065

2,685,804
15,846,050

3,469,321
15,627,265

a

a

108,490,963 — 1.6
419,786,354 — 3.4
39,130,716 + 19.8
5,785.927,450 — 14.0
a
a
a
a

131,418,183
a

142,895,475
a

—8.0
a

211,489,939
a

232,338,250
a

904,767,464 — 14.4

e23,780,893

24,017,277

a
—0.2

+ 7.3
37,242,511
894,773,474 + 11.9
31,749.952 —7.8

1,044,269
21,235,494
672,307

800,000 + ” 3.1
19,921,102
624.753 e s

a
31,227,061
a
1,000,000
35,000,000
1,023,014

a
13,822.233
a
699,446
22,959,+56
729,138
356,953,120

a
a

a

a

— 1.7

357.882,533

1,650,000 + 10.0

1,858,250

2,010,510

36,934,740

32.30S.861

+ 14.3

39,988,236

40,456,413

14,473,267
10,818,010
a

10.03S.477 + 44.2
10,139,635 +6.7
a
a

13,307,292
11,560,926
a

17,004,184
8,809.462
a

—9.4

9,240,513,256 10,028,592,617

—7.8

235,325,501

+ 19.7
a
+ 24.2
—6.6
+ 1.4
+ 7.9
+ 12.5
+ 9.0
+ 20.3
+ 28.3
+ 7.7
+ 21.3

52.142,219
a
a
919.006.403
930,190,342
198,873,452
180,184,747
452,051,412
408,883,879
288,760,967
243,976,487
Not included in total
15.196,083
14,967,105
18,640,660
16,738,883
92.262.903
92.086,806
83,055,819
67,909,532
145,041,052
103,446,696

+ 13.5
a
+ 1.2
—9.4
—9.5
— 15.5

1,814,208

59,184,264

— 1.5
— 10.3

239,502,731

.........

—0.2

— 18.2
+ 12.7

C A N A D I A N C L E A R I N G S FOR S E P T E M B E R , S I N C E J A N . 1, A N D

+ 6.2

4.127,553

3,913.63

68,620,212

58,450,398 + 17.4

70,842,257

72.104.206

31,584,417
a

28,009,111 + 12.8
a
a
a
1,660.783 —20.2

41,532,122
a
a
1.G10.217

44,384,048
a
a
1,892,210

4.579.9S7

1,225,100

4,313.425

34,738,512

32,235,787

+ 7.9

39,375.415

39 ,sio .o is

12,848,152
a
a

11,773,338
a
a

+ 9.1
a
a

17.935,609
a
a

16,991,407
a
a

5,995,000
4,083,665
102,878,000

4,935,361 + 21.5
2,990,889 + 56.6
79,979,000 + 12.9

6,019,871
3.462,307
SO,838,000

5,312.310
2,022.972
47,197.000

14,579,136
3,454,592

10,077,898 + 44.8
2,674,935 + 29.1

11,249,473
2,625,838

9,920,895
1,467.561

7,456,458
a
140,000,000
2,528,90S
781,486

5,321,857 + 28.1
a
a
140.000,000 + 6.9
1,897,361 + 33.3
667,598 + 14.1

6,758,687
a
171,800,000
2,331,792
863,138

2,451,700
374,838.216

1922.
Montreal — .........
T o ro n to________
W innipeg----------Vancouver--------O ttaw a............ - - Quebec_________
Halifax_________
H am ilton----------St. John.......... —
C algary...............London_________
V ictoria________
Edm onton______
Regina ..................
Brandon________
I.ethbridge............
Saskatoon..............
Moose Jaw ______
Brantford_______
Fort William____
New Westminster.
Medicine H a t___
Peterborough____
Sherbrooke........ ...
Kitchener_______
W indsor-----------Prince Albert____
Moncton________
Kingston *---------

8
381,265.257
368,479,758
217,539.252
55,897,890
26,412,162
23,126.972
11,883,333
23,798,484
10,929,371
19,477,772
11,357,846
8,409,549
18,782,844
3,010,655
2,717,394
7,641,395
5| 180,797
3,385,180
2.425,882
1 371.532
2 !934,712
3,244,435
3,974,987
13,500,775
1,307,198
4,532,231
2,756,538

1921.

Inc. or
Dec.

S
417,352,371
379,360.589
231,934,636
60,788,234
27,898,003
23,623,912
13,345,726
22.643,531
11,832.331
20,944,524
11,475,785
9.36S.854
22,393,455
17.274.935
3,562,319
3,167,221
8,383,911
6,337,760
5,059,506
3,479,562
2,457,956
1,731,076
3,450.228
3,663,637
3.863,634
12.737.2S9
Not included
4,543,724
3,276,742

%
—8.6
—2.9
—6.2
—8.0
—5.3
—2.1
—11.0
+ 5.1
—7.6
—27.7
— 1.0
—9.6
— 16.1
—8.8
—15.5
— 14.2
—8.9
— 1S.3
—19.S
—2.7
— 1.3
—20.2
— 15.2
—11.4
+ 2.9
+ 5.7
In total
—0.3
—15.9

1922.

1921.

6.000,000
169,295,194
3.015.227

4,665,600 —47.5

5,880,300

2.767,664

+ 14..'

392.S12.769

350,083,112

327,389,518

+ 6.7 8.773.219.181 9,066,964,549
+ 15.0 3.731.846.182 3.448.476,063

FOR W E E K E N D I N G S E P T E M B E R 28.
Week ending September 28.

Nine Months.

September.

$

8,766,673
73,359,229

7,213,452,111 6,758,289.932
30,933,162,259 27,282,124,437 + 21.1 277,328,031,705 253,558,473,228 + 14.7 3.162,993,060
2,749.758.172
13,648,391,725 12,203,238,126 + 11.8 115,326,662,334 110,552,269,945 + 4.3

Clearings at—

1919.

1,143,310

318,412,383
277,108.383 + 14.9 2,177,568,741 2,265,036,970 —3.9
Total (10c itie s)...
T w elfth Federal F cserve D istric t —San Fran
a
a
a
a
a
a
Wash.—Bellingham.
+ 9.7
1,109,362,714
131,887,323 + 7.4 1,210,443,231
141,60S,595
Seattle — ...........
Not
included
in
—5.4
48,221,332
total
45,608,000
Spokane________
a
a
a
a
a
a
T aco m a...............
45.276,336 + 13.1
51,210,675
5,922,615
6.553,246 —9.6
Y ak im a...............
a
c
c
c
c
Idaho—Boise--------10,750,800 + 5.2
11,199,705
1,147,387
1,339,011 — 14.3
Oregon—Eugene----1,105,568,473
+ 4.1
141,181,490 + 1.0 1,150,623,281
142,652,948
Portland................
64,577.637 —24.4
48,835,502
6,817,0S4 + 12.1
5,990,000
Utah—O gden...........
471,104,561 — 2.5
459,552,820
52,574,301 + 4.5
54,937,292
Salt Lake C ity----a
a
a
a
a
Nevada—R eno-----5,619,658 Not included in tot°I
Arizona—Phoenix—
4,365,116 — 12.0 Not included in total
3,841,319
Calif.—Bakersfield - .
a
a
a
a
a
Berkeley-----------148,385,331 —6.5
22,945,376 + 1.7
138,808,227
23,342,000
F re s n o ...... .......... +
28.4
133,228,210
+
53.2
171,102,097
14.3S7
,,532
22,059,400
Long Beach-------336,748,006 + 27.7 3,700,737,00C 3,061,786,000 + 20.9
430,141,000
Los Angeles-------25,312,174 + 5.3
3,287,173 + 12.1
26,044,050
3,683,239
Modesto________
390,981,752 + 25.9
43,564,704 + 36.0
492,133,50c
59,252,220
O akland............—
119,228,293 + 22.0
11,881,575 + 31.3
145,497,127
15,598,622
Pasadena----------19,440,508 + 16.0
1,800.00C + 16.8
22,552.515
2,103,036
Riverside ----------+ 14.5
199,101,893
+
28.9
227,968,207
24,737,31C
31,891,357
Sacramento-------103,353,6S7 + 1
11,360,844 + 11.4
115,042,486
12,658,127
San D iego............
+ 8.8
4,854,700,000
+
16.0
551.600.00C
5,291,700,000
639,900,000
San Francisco----63,152,320 + 28.0
80,864,569
7,618,580 + 29.8
9,888,910
San Jose............... 31,446,090 + 12.5
3,298,335 + 20.5
35,391,727
3.974,237
Santa B arbara----14,050,700 + 10.2
1,813,288 + 27.C
17.028,783
2.319,741
Santa Rosa-------186,467.200 —52.2
80,082,700
21,801,300 —47.4
11,477,700
Stockton________
Total (20 cities)---- 1,620,548,459 1,397,196,472 + 16.0 13,492,454,208 12,167.854,679 + 10.9
Outside New York.

1922.

Inc. or
Dec.

S
%
S
3,737,310,348 4,240,218,739 — 11.9
3,834,161,629 3,691,675,846 — 1.6
1,782,640,653 — 10.7
1,592,461,293
531,619,142 —5.3
503,501,151
297,549,807 —9.0
270,716,751
228,629,021 — 10.4
204,817,445
134,789,215 — 11.1
119,767,834
223,493,243 —6.7
208,511,708
109,664,379 —2.2
107,278,581
248,583,236 —26.6
182,580,607
119,983,131 —7.9
110,540,341
91,718.468 — 13.5
79,340,561
187,283,822 — 12.7
163,534,907
141,064,840 — 14.9
120,012,084
28,010,732 — 19.6
22,529,180
25,828.742 — 19.6
20,776,211
70,894,679 —13.7
61,196,685
52,4,82,743 —20.2
41,903,303
— 14.5
46,294,898
39,586,142
31,619,871 —9.0
28,788,965
22,933,884 — 10.9
20,424.311
15,744,325 —23.9
11.985,904
33, .'83,901 — 19.3
27,692,197
42.3S0.719 —22.8
32.707,143
+ 3.1
37,393,788
38.587,108
121,490,715 + 6.0
128,839,725
12,677,875 Not included in total
+ 1.5
42,814,489
43,454,883
gl0,947,101 + 52.5
25,837,838

1922.

Inc. or
Dec.

91,154,344
88,200,700
95,457,712 —4.9
90,762,327
57,975,172 + 7.9
62,567,049
12,654,625 —2.2
12,378,458
5,484,935 +2.7
5,635,491
4,805,389 + 5.5
5,070,171
3,008,044 — 13.2
2,611,591
4,728,530 + 15.4
5,455,791
2,533,122 — 2.6
2,467,773
6,149,101 —20.9
4,862,577
2,446,600 + 5.0
2,569,168
1,912,975 — 0.6
1,901,044
6,555,826 —36.9
4,134,077
3,337,242 + 14.1
3,808,935
672,293 + 1.9
685,390
828,207 — 12.4
725,381
1,837,771 — 1.5
1,810,567
1,308,052 +3.3
1,350,782
985,111 — 6.0
925,755
891,846 — 8.8
813,586
545,567 + 1.4
553,196
400,530 — 17.5
330,282
790,291 —7.3
732,729
769,143 — 10.3
690,656
875,888 —1.7
861,759
3,011,569 + 19.5
3,599,764
292,205 Not included in total
982,435 + 10.4
1,019,711
689,511 — 12.9
559,050

1919.
123,907,264
94,490,155
75,935,611
17,002,296
7,473,921
6,134,106
4,708,581
7,372,675
3,009,030
10,471,565
3,170,784
2,705,857
4,829,666
4.047.304
742,939
1,016,677
2,304,816
2,024,663
1.402.305
855,115
705,064
626,124
967,586
1,326,415
1,098,534
3,014,717

139,182,392
88,644,385
59,965,080
14,296,878
13,829,381
5,391,071
4,623,741
6,483,938
2,789,100
7,589,108
3,326,791
2,427,374
4,815,051
5,138,598
974,908
913,062
2,202,250
2,033,748
1,292,448
1 , 000,000

650,34S
552,939
890,105
919,329
867,437
1,900,000

767,911

307,083,760 312,791,831 —1.8 382,111,681 372,699,462
Total (28cities).
1,253.905.315 1,342,001,451 —6.6 11.578.222.835 12,617,538,459 — 8.2
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.
Do not respond to requests forflgures. d Week ending Sept. 27. e Week ending Sept. 28. f Week ending Sept. 29. gFivem onths. * Estimated.




O ct. 7 1922.]

THE CHRONICLE

1605

New York City Banks and Trust Companies.

® flw m e r c iir t a tiflP 6 lis c e lX a « c o ttS | | m f

All prices dollars per share.
Banks—N .Y Bid Ask
Banks
Bid As*
Bid
America *___ 210 215 Harrlman .
375 385
Hew York
Exch.I 285
__ _ Im p * T ra d .. 5S0 600 American___
national banks is from the office of the Comptroller of the Amer
Battery Park 135 142 Industrial*
Bank of N. Y.
Currency, Treasury Department:
Bowery*____ 430 450 Irving N at 01 148
& Trust Co. 453 458
Broadway Con
145
N Y .
204 208 Bankers Trust 362 367
A P P L IC A T IO N TO O R G A N IZ E R E C E IV E D
Bronx
Boro*.
166
—
M anhattan *. 258 263 Central Union 415 420
C a p ita l.
Bronx N a t.
155 ---- - Mecb & M et. 399 401 Columbia___ 320 310
Sept. 30- -T h e N a tio n a l B an k of T arp o n Springs, T arp o n Springs,
F l a ________________________ _______ _______________ $50,000 Bryant Park* 153 165 Mutual*___ 590
105
Butch * Drov 130 138 Nat American _ 150 Commercial..
C orrespondent: K . I. M cK a y . T am p a, Fla.
Empire_____ 2 E8
Cent Mercan. 210 —
National City
345 Equitable T r. 287 293
A P P L IC A T IO N S TO O R G A N IZ E A P P R O V E D .
Chase
___ 345 350 New N eth*. 340
125
Farm L * T r. 490 505
S ept. 27—The F irst N atio n al B ank of Soa Isle C ity , N . J ________ 15,000 Chat & Phen. 262 268 Pacific *___ 300
Fidelity Inter. 204 212
Q , , „„ C orrespondent: II. S. M ourer, Ocean C ity , N . J .
Chelsea Exch* 100 110 Park...........
455 Fulton______ 240 255
S e p t.3 0 —T h e F irst N atio n al B ank of Phoebus, V a_____ _____ _ 50,COO Chemical___ 507 515 Public............ 445
320
340
Guaranty
T r. 229 234
C orrespondent: W . J . II. T ennis, Phoebus, Va.
Coal * Iro n .. 200 — Seaboard____ 315
170
Colonial *___ 325 — Standard *__ 230 260 Hudson____
A P P L IC A T IO N TO C O N V E R T A P P R O V E D .
Law
Tit
*
Tr 187 195'
Columbia*__ 220 240 State*___
S ept. 30— F irst N a tio n al B ank in S outh Bend, W ash ____________ 25,000 Commerce_
310
Metropolitan. 300 310
_
287
2T73
Tradesmen's
♦
C onversion o f T h e F irst G u a ra n ty B ank of S outh Bend.
Com'nwealth* 220 235 23d Ward* . 200
W ash.
260
115 130
C ontinental.. 130 140 United States* 100
C orrespondent: F irst G u a ra n ty B an k of S outh Bend,
N Y T ru st... 351 356
Com
Exeh*__ 418 425 Wash'll H’ts * 325
W-aih.
Title
Gu
&
Tr
415
425
Cosmop’tau*.
85 Yorkvllle *__ 420
C H A R T E R S IS S U E D .
. . . U S Mtg * Tr 305 315
East River__ 170 ‘ -----United States 1110 1170
S e p t. 25— 12253 T h e F irst N atio n al B ank of E a st San G abriel, Calif. 50,000 Fifth Avenue* 1010 —
Brooklyn
<=
P resid en t, C. C. T hrelkeld; C ashier, J . A. Threlkeld.
Fifth............... 175 ------! Coney Island* 155 165
•-ept. _<— 12254 T h e N a tio n al B ank of L um pkin, G a ____________ 25,000 First............... 1190
------, First......... ..
355
e
P resid en t, J . S. M o rto n : Cashier, H . J . Peagler.
Garfield.......... 240 250 1Mechanics' *. 320
Brooklyn Tr. 450
S e p t. 30— 12255— Bergen N a tio n al B ank of Jersey C ity , N . J ___ 250,000 Gotham____ 180 185 j Montnuk *__ 110
125
__ Kings County 750
„
P resid en t, Jo h n W arren, C ashier, G. E . Bailey.
Greenwich *. 265 ------1 Nassau___
225 240 Manufacturer 240
S ept. 30— 1225G T h e C assia N atio n al B an k of B urley, Id a h o ____
50,000 Hanover.. . . 62
People’s ____ 160
. Pflonlp’fl _. J 350 370
P resid en t, L. L. E v an s, C ashier, F . W . horgantz.
Vpw at,nek r Kx-dlvidend 1/ Ex-rights.
C O N S O L ID A T IO N S.
S e p t. 30— 5045 T h e F o u rth N atio n al B ank of A tla n ta , G a., $1,200,000,
Chicago Stock Exchange.— Record of transactions at
and 12249 T h e N in th N a tio n al B ank of A tla n ta , G a., $325,000. Con­
solidated un d er th e Act o f N ov. 7 1918 a n d un d er th e ch arter and cor­ Chicago btock Exchange Sept. 30 to O t. 9, both inclusiveporate title o f “ T h e F o u rth N atio n al B ank of A tla n ta ” (5045), w ith
F r id a y
S a le s
cap ital sto ck of $1,200,000, w ith five branches, four located in A tla n ta
L ast
W e e k ’s R a n g e
fo r
R a n g e s in c e J a n . 1 .
and one in D e ca tu r. G a.
S a le .
o f P r ic e s .
• 30—940.3 T h e C o n tin en tal N atio n al B an k of S alt Lake C ity , U ta h ,
Stocks—
P ar. P r i c e . L ow .
H ig h .
s.
Low .
H ig h .
$250,000, and 4310 T ho N atio n al B ank of th e R epublic a t Salt Lake
U ta h , $300,000. C onsolidated un d er th e A ct of N ov. 7 1918 and
Shipbuilding. 100 78
74
78
>7
60
June 90
Aug
d n d e r th e c h arte r ond co rn o rate title of “ T h e C o n tin en lal N atio n al B ank American
A rm our & Co, p r e f . . . 100 100
4
91
9954
10054
Jan 110
Sept
of S a lt L ak e C ity ” (9403) w ith cap ital sto ck of $600,000.
A rm our L eath er________ 15 12K
1254 1254
r7
12
Feb
1254
Feb
Preferred___________ loo
S7
8754
0 S3 May 10254 May
Fisheries, pref
100
46
46
5 34 May 50
A u ctio n S ales.—Among other securities, the following, Booth
Aug
Case (J I), 1st p ref___ 100
22
22 54
0 20
July 2954 M ar
n o t u s u a lly d e a lt i n a t th e S to ck E x c h a n g e , were recently sold C ent Pub Serv, pref___
85
87
7 S4-L Sept 87
Oct
Chic C&Con Ry p t sh pf
6
6
5
4 % June
at auction in New York, Boston and Philadelphia:
954 Feb
Chicago Elev R y, pref.lOO
754 754
0
1)6 Jan
12 May
By Messrs. Adrian H . M uller & Sons, New York:
Comm onwealth Edison. 100 13954 13054 140
8
11456
Feb 140
Oct
Consumers Co, com __ 100
S h a re s.
S lo c k s .
P r ic e . S h a re s.
554 8
S to c k s .
P r ic e .
5
5
Feb
9 May
Preferred_______
ioo
56 Low Moor Iron Co. of Vir­
75
7054 67
200 Jones, Mounts & Jones, Inc.,
0 5956 Feb 7554 June
ginia, common................$02 lot
954 1054
$3 lot C ontinental M otors __I_10 1054
preferred.................
5
5
Feb 1054 Oct
C udahy Pack Co, com . i 00
100 Low Moor Iron Co. of Vir6254 64
66 Jones, Mounts & Jones, Inc.,
5 55
Jan 68
Feb
100
7354 7454
common_______________$1 lot D eere & Co, pref.
8 60
r f ‘nia- Pref-----------$356 Per sh.
Feb 7954 June
_____
100
D
iam
ond
M
atc
h
116
117
14 Forsythe Jewelry Co., Inc__ $3 lot E arl M otors C o______
5 105
Jan 118 May
n
Cook Co- Ino- ...........$50 lot
•as lartrid g e Singer & Baldwin,
154
156 254
5 Bullet-Proof & Non-Shatter5
156 Oct
6
Jan
Sugar, c o m ..
14
14
able Glass Corp_______ $15 lot Godchaux
0 10
1454
rA « In c“ no Par value____ $170 lot
Feb 18 May
Gossard, H W , pref___ 100
26
28
o’rn Realty Associates____S151 per sh.
10 Jerseyman, Inc___________ S5 lot G
7 25
July 28 J May
reat
Lakes
D
&
D
___
100
-oO The Importers & Exporters
86
88
500 Mid-West Devel. Synd., In c .$5 lot
0 8156 Jan 10G
Feb
H artm an C orporation. 100
85
Ins. Co. of N. Y., $25 each
85
0 77)6 Jan 103
M ar
H a rt, Schaffner & M arx,
B on ds.
P e r c e n t.
e c„n r,
$5 per sh.
C om m on___________ioo
■0,500 Boston Mexican Petroleum
80
85
$2,000 Buffalo City Gas Co. 5s.1947 4%
5 73
Jan 85
Jan
crican Sugar.10
Trustees Ord. stock, $1 ea.
554 554
$79,000 Deep Sea Fish., Inc., 1st 8s. 10% H olland-Am
0
456 Jan
756 June
upp M o to r___________io
o00 Green Monster Mining Co.,
2254 2254 2354
$8,000 Low Moor Ir.Co. 1st 6s, 1924 1754 H
5
1056
Jan
2354
Sept
Illinois B rick_________ioo
50c. each________ _____
74
75
54.000 Southern Illinois & Missouri
5 56
Feb 76
Sept
100
10 Liberty Starters Corp., prof_. )$450
48
48
Bridge Co. 1st 4s, 1951................. 80% Inland Steel____
0 47
Sept 5854 May
Libby,M cN eill& Libby.new
10 Lib.Start.Corp.,com.,no par. | lot $1,000 Trans-Mlsslsslppl Term. Co.
954
756
1054
Sept
6
756
1054 Oct
Lindsay L i g h t_________ io
10 Incorp. Land Co., pref
|
554 6
756% Gold Note, 1923..............
98% M
0
356
Mar
654 Sept
iddle W est U til, com . 100 4756 47
, 1 0 Incorp. Land Co., com____ I
48
51.000 U. S. of Mexico, States of
4 27
Jan 5354 May
Preferred......... .......... ioo
$500 Internat. Sporting ClubCorp.l
8854 85
Tamaulipas & San Luis Potosi 7s,
8854
) 53
Jan 8854 Oct
Prior lien_____
_ ”
96
96
t ........
.............
...........
6 % Deb. Bond_________ |
97
18S5.
______
________ ____ _$10 lot
1 82
Jan 99
Apr
M itchell M otor C ol 11
354 354
0
356 Feb
7 }-6 June
By Messrs. Wise, Hobbs & Arnold, Boston:
N ational L eather, new
” 954
754 10>4
1
756 Aug 115-6 July
Orpheum
C
ircuit,
Inc
1
S h a re s.
S lo c k s .
P r ic e . S h a re s.
27
27
S lo c k s .
P r ic e .
0 1256 May 27
Oct
People’s G as L t & C oke.ioo
94
5 First National Bank__________ 318 W 25 Merrhnac Chemical Co______ 91
9454
0 6256 Jan 9654 Sept
P hillpsborn’s, Inc, com
0 Ludlow Mfg. Associates______ 15154 5 Tampa Electric Co___________135 56
4354 4054 45
9 39
Sept 45
Oct
Pick
(Albert)
&
Co
27
27
J? k ° we11 Bleachery_________
130
2654
5 Converse Rubber Shoe Co., pref. 9256 Plggly Wig S t, Inc, “A”
0 19
Jan 2854 Apr
^ Hill Mfg. Co. rights_______ H I 151J 20 Liggett's Internat., Ltd., p ref.. 55
4254 4254 4454
5 2356 Mar 5456 May
Serv of N 111, co m .io o 10354 10154 10354
nr ,,aco Lowell Shop3___________ 14811 6 Columbian Nat. Life Ins. C o .. 11954 Pub
5 8056 Jan 10354 Oct
Preferred____
ioo
95
-> Boston RR. Holding Co., prcf__ 45
9354 95
28 New England Co____________ 43
8856 Jan 9854 June
Q uaker O ats Co, preflllO O
, Cnl.ed Elec. Rys. of Prov____ 74
9854 9854 99
4,000 Italian lire ...........$4.23 per 100 Reo
9356 Mar 9954 Sept
M o to r____________ io
1 Providence & Worcester R R . 1 2 7 ^
1354 1254 14
4,750 French francs....... _$7.55 per 100
' 1256 Sept 2854 July
ears-Roebuck,
com
"l0
0
89
91
o Greenfield Tap & Die, p re f... 93
16,100 German marks____ 554c. per 100
59 56 Feb 9454 Aug
S tandard G as & E lectric 50
I 1J: v1 1 „. Millings
Prod.
2054 21
B on ds.
M}11^
Prod. Corn
Corp., np«
pref. 60
P e r c e n t.
13
Jan 21
Oct
P referred .____ ______ 50
6 call River Gas Works________ 2 16
4954 4854 4954
42
$3,000 Mass. Ltg. Cos. 7s, 1924.. 10056 Stew
Jan 4954 July
W arn Speed, co m .io o
5156 4954 5254
24
Jan
5254
Oct
Swift & C o______
ioo 10854 10654 109
By Messrs. R. L. D ay & C o . , Boston:
9156 Jan 110
Sept
Swift In tern atio n al! H " 15 2356 23
S h a r e s ■ S to c k s .
P r ic e .
24
17
S h a res.
S to c k s .
P r ic e .
Apr 25
Sept
Thom pson, J R , com ' ’ 25
5 First National Bank..................31854
49
4954
40
1 Peppercll Mfg. Co_____ ____ 165
Jan 5556 Aug
Union Carbide & Carbon.10 6454 6054 6454
. Second National B ank____ 32054-54
43
5 N orwich* Worcester R R., pref. 99)4 U
Jan 6454 Oct
nited Iro n W orks v t c 50
754
American Trust Co__________330
654 8
6
10 Boston RR. Holdings Co., pref. 4554
Jan
956 Feb
JoO 7054 68
r
Colony Trust Co________ 25354 10 Draper Corporation_________ 1675s U nited Light & R y
29
7154
Jan 7154 Oct
F irst preferred______
7754 7754 7754
0 Commonwealth Trust C o ... 18054 25 G raton* Knight Mfg. Co., pref.6354
7656 Sept 7854 Sept
P
articipating
preferred
81
-6 Merchants Trust Co., Lawrence 18554
70
8154
3 New England Power Co., pref. 9654 U S G ypsum , c o m ...
Mar 8156 May
26 5854 5854 5854
T “ W Siate Nat. Bank, Lawrencel8054
2 New England Co., 1st pref___ 89
5356 Aug 5854 Aug
Preferred.
104 105
1 Pacific Mills______ _____ ...1 5 5
104
11 Mcrrlmac Chemical Co______ 9054 W ahl
Oct 105
Sept
C o......... H I ..........
5854 5754 59
30 Lunn & Sweet Co., 1st pref___ 91 >4
•5 l 2 * eU Bleacbery-----------------16054
5756 Sept 7156 Apr
W ard, M ontg, & Co. pf.lOO
“ Androscoggin Mills_________ 141
10254 10256
40 Morse T Drill & Machine C o .. 150
76
Jan 10256 Oct
■When
Issu
ed
..
_
10
2254
1 Saco Lowell Shops, p r e f ...___ 104
2154 2256
10 Converse Rubber Shoe, pref__ 92 54 W estern K n ittin g Mliia"
1256 Jan 2554 May
0 Great Falls Mfg. C o ..
84
954
854 ‘
5
12 Hood Rubber Co.. pref.lOm-10154 Wolff M fg Co, com _____
Jan 1054 May
6 Corr Mfg. Co.............................40
2854 28
2856
100 Mexico Cons. Min. & S m elt..$5 lot Wrlgley J r , com __
28
Sept 29
Sept
25
10656
109
1 Great Falls Mfg. Co________ 8454 100 Eric Consolidated Mining___ $5 lot
10854
97
May 11056 Feb
Y ello w C ab M fg , “B ”
10 198
197 200 56
940 132 May 146
Feb
Yellow T a x i.............
By Messrs. Barnes & Lofland, Philadelphia
7554
7656
73
56
10,750
50
Jan SO56 Aug
B o n d s—
S to c k s .
P ric e .
i n v CS' S ‘° a s P r ic e . S h a re s.
Chic C ity & Con R ys 5s ’27
1 0 Pennsylvania RR. Co................. 4 8 54 25 Lumbermen’s Insurance Co___ 11154
49)6
$4,000
49
56
Aug
4656
53 J4 Apr
Chic R ys adj Inc 4s
1927
26
26
s Pennsylvania RR. Co................. 4854 62 2-3 Curtis Publishing Co______ 117
4.000 17
Jan 32
Apr
Chicago Telep 5s____ 1923
99 56 9956 1.000
- Philadelphia Elec. Co., pref___ 3 254 B o n d s .
P e r c e n t.
Jan 100
Aug
Commonw Edison 5s 1943
99 % 9956 6 ,0 0 0 9856
5 Cambria Iron Co......................... 4054 $2,000 West Chester Kennctt &
9356 J an 9956 Sept
M etr W Side E l 1st 4 sll9 3 8
67
1 Atlantic Refining Co., pref......... 113
66)6
12,000
52
Wilmington Elec. Ry. 5s, 1935.. 10
Jan 6754 Sept
Peo G L & C ref g 5s 1927
95
95
<• renthN ational Bank................... 204
1,000
$6,000 Tlndel Morris Co. 6s, 1923.. 1
Apr 9654 Sept
P u b Serv Co 1st ref g 5s '56
9256 92 56 1,000 8756
6 Philadelphia National Bank___ 400
51.000 Phlla. Elec. Co. 1st 4s_____ 8354 Swift
Aug 9254 Oct
8756
&
Co
1st
s
f
g
53.1944
98
98
40 Northern Liberties Gas Co_____ 36
2,000 8056 Feb1
$2,000 Empire Lumber Co.6s, '30. 3954
Aug
* N o p ar value.
**ctory Insurance Co
105
$1,000 Citizens’ Lt. H. & P. Co.
-5 Abbott's Alderney Dairies Co.,
5s, 1934..____ ______ ____ _
S3
1 1 Aulst Preferred................ ............9 25 4
$1,000 United Railway Inv. Co. 5s,
r ., ..
DIVIDENDS.
t t Aberfoyle Mfg. Co., common__ 105
1926................................ ............... 8954
3 Laclede Gas Light Co., p r e f .... 55
$1,000 Harrisburg L. H . * P. Co.
aF ° grouped in two separate tables. In the
Corn Exchange Nat. Bank____ 420
“s, 1924_____________________97 54
first we bring together all the dividends announced the cur­
ok T?nk of North America_______ 29354 $1,000 The Lynchburg Gas Co. 5s,
2» Mutual Trust C o .. . ..................... 5 0
rent week. Then we follow with a second table, in which
1930____________ _____ _____ 91
5 West End Trust C o ..
170
51.000 Wilmington Gas Co.5s, '49. 86*4 ve snow the dividends previously announced, but which
3 Women’s Trust Co. of Phlla. H I 55
$800 Electric & Peoples Traction
havo not yet been paid.
cn
4 Phoenix Trust C o ..........
.
4 3 ig
Co. 4s, 1949_________________71
A i,i(lel'ty Trust C o .................-II5 1 0
$1,000 Eastern Penn. Rys. Co. 1st
The dividends announced this week are:
to Northern Central Trust Co____ 62 54
Mtge., 1936____ ____________ 7554
19 Franklin Securities Corp......... 1 1 2 5 4 $1,000 Suburban Gas Co. of Phlla.
•>0 Donner Steel Co., pref................... 48
P er
When
5s, 1952.................. ................... .. 9554 ________ N a m e o f C o m p a n y .
B o o k s C lo s e d .

National Banks.— The following information regarding

C e n t.

New York City Realty and Surety Companies.
__________
Bid
85
Amer Surety
81
Bond & m a l 256
City Investing 59
Preferred . . 88

Afi prices dollars per
As*
Bid
90
176
84 Mtge B ond.. 120
262 Nat Surety
215
62 N Y Title 4
91
Mortgage.
170




share.
As* Realty Assoc
282
(Brooklyn).
130 U S Casualty225 U 8 Title Guar
West Cbester
175
Title * M G

Bid
150
170
105
190

A**

157

_ .
R ailroads (Steam).
Belt RR. & stk . Yds., Ind., com. (qu.)_ 2
Preferred (quar.)........................ ..
156
Morris & Essex Extension__________
2
Passaic & Delaware Extension________
2
Pere Marquette, prior pref. (quar.)
156
Preferred (quar.)____ ____ _
156
Pref. (acct, accumulated dividends)” Al
Syracuse Binghamton & N. Y. (quar.).I
3
tlca Cbenanvo <t- Susonebanna.
3

P a y a b le .

Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
N"0v .

D a y s I n c lu s iv e .

1 Sept. 21
to
1 Sept 2!
t0
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.

Oct.
0ct<
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

1

x
24a
24a
14a
14a
14a
24a
14a

[V ol. 115.

THE CHRONICLE

1606
P er
C e n t.

N a m e o f C om pan y.

B o o h s C lo s e d .
D a y s In c lu s iv e .

W hen
P a y a b le

T r u s t C o m p a n ie s .

S t r e e t a n d E l e c t r i c R a ilw a y s .
•X
Bangor R y. Elec., com. (q u ar.)---------3
Cape Breton Electric Co., pref-------- . . .
X
Carolina Power & Light, com. (quar.). .
Green & Coats Sts. P. Ry •, Phlla. (qu.). $1 30
IX
Io w a R y . A Light, pref. (quar.) - - - - - ­
2X
Omaha A Council Bluffs St. Ry.. pf.(qu.)
IX
Public Service Invest., com. (quar.)----IX
Preferred (quar.).................. —------ IX
Rutland R y., L t. A Pow., pref. (quar.)

Nov.
Nov.
Nov.
Oct.
Sept.
Oct.
Nov.
Nov.
Oct.

♦Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Sept. 23 to Oct.
Holders of rec. Sept.
Sept. 16 to Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Sept.

B anks.

14
11
16

8

20a
1
16
16
15

Holders of rec. Oct. 31

Corn Exchange (quar.).........- ...............
M iscellaneous.
Allis-Cbalmers Mfg., com. (qu.)------American Cigar, com. (quar.)...... .........
Amer. Coal of Allegany Co. (quar.) —
American Glue, pref. (quar.)------ —
Amer. Light A T ract., com. (quar.) —
Common (payable In common stock)..
Preferred (quar.)............................
Art M etal Construction (quar.)-----Binghamton L., H . A Pow., pref. (qu.).
Black A Decker Mfg., pref. (quar.) —
Brown Shoe, pref. (quar.)...................
Collins Co. (quar.)..............................
Commonwealth-Edison (quar.)-----Congoleum Co., common-------------Consolidated Ice, Pittsb., pref. ( q u .) ...
Consolidation Coal (quar.)-----------Cudahy Packing, pref------------------Electrical Utilities, pref. (quar.)-----Eureka Pipe Line (quar.)-------------Exchange Buffet (quar.)--------------Fajardo Sugar (quar.).........................
Fall River Gas Works (quar.)--------Fisher Body Corp., com. (quar.)----Preferred (quar.)--------------------F t. Worth Power A Light, pref. (quar.).
Herring-Hall-Marvln Safe, com. (quar.)
Common (extra)-------------------------Preferred (quar.)-----------------------Homestake Mining (monthly).............
Houghton Co. Elec. Lt., pref-----------Preferred (par value $25)-------------Hupp Motor Car, com. (quar.)-------Ingersoll-Rand, com. (quar.)----------International Nickel, pref. (quar.)----Kelly-Springfield Tire, pref. (quar.)----Kelsey Wheel, pref. (quar.).....................
Kentucky Utilities, pref. (quar.).............
Lanett Cotton Mills______________
Lowell Electric Light (quar.)...........
Maple Leaf Milling, com. (q u a r.)...
Preferred (quar.)______________
Metropolitan Edison, pref. (quar.)..
Missouri Gas A Elec. Serv. prior lien (qu)
Moon Motor Car, com. (quar.)----------Preferred (quar.)..................................
Mullins Body Corp., pref. (quar.)----New Jersey Power A Light, pref. (quar.)
Northwestern Electric, 6% pref. (quar.)
Seven per cent pref. (quar.)-----------Pennsylvania Edison, pref. (quar.)-----Plymouth Cordage (quar.).......................
Russell Motor Car, pref. (quar.).........
Salt Creek Consol. Oil (q u a r.)............
Salt Creek Producers Assn, (quar.)----E x tra ---------------------------------------Sandusky Gas A Elec., pref. (quar.)----Sayre Electric Co., pref. (quar.).............
Seaboard Oil A Gas----------------------Seaboard Oil A Gas----------------------Seaboard Oil A Gas----------------------Shaffer Oil A Ref., pref. (quar.)...............
Sierra Pacific Elec., pref. (quar.)...........
Steel Co. of Canada, com. A pref. (qu.)
United Drug, 1st pref. (quar.).................
Second preferred (q u a r.).....................
United Eastern Mining (quar.)...............
U. S. Rubber, pref. (quar.)------ ------Warner (Charles) Co., com. (quar.)----First preferred (quar.)-------------------Wilcox Oil A Gas (quar.).........................

N a m e o f C om pan y.

*1
*1X

♦SI
*2

1

n
IX

25c.
IX

2
*1X

2
*2
$1

IX
IX
*3X
IX

2

50c.
*1X

3
$2.50

IX
*1X
IX
IX
IX

25c
3
75c.
*2X
2X
IX

2

•IX
•IX

5

2X

2

IX
IX
IX

•25c.
•IX

•2

IX
IX
IX

2

2X
•IX

*250
*25c.
♦10 c.
IX
IX
*2X

*2X
*2X
•IX
IX
*I X
*87 X c
•IX

*15c.
2

50c.
IX

•2

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
Sept.
Nov.
Oct.
Nov.
Oct.
Oct.
Oct.
Nov.
Oct.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov,
Oct.
Oct.
Oct.
Nov.
Dec.
Oct.
Nov.
Nov.
Nov.
Dec.
Oct.
Oct.
Oct.
Oct.
Nov,

♦Holders of rec. Oct. 24
♦Holders of rec. Oct. 14
♦Oct. 12 to Nov. 1
♦Holders of rec. Oct. 14
Oct. 14 to
Oct. 26
Oct. 14 to Oct. 26
Oct. 14 to Oct. 26
Holders of rec. Oct. 13a
Holders of rec. Sept. 25
Sept. 28 to Oct. 1
♦Holders of rec. Oct. 20
Oct. 15
Oct. 4 to
♦Holders of rec. Oct. 14
Holders of rec. Oct. 10a
Holders of rec. Oct. 10a
Holders of rec. Oct. 16a
♦Holders of rec. Oct. 21
Holders of rec. Oct. 6
Holders of rec. Oct. 16
Holders of rec. Oct. 21a
♦Holders of roc. Oct. 20
Holders of rec. Oct. 16a
Holders of rec. Oct. 21a
Holders of rec. Oct. 2 la
♦Holders of rec. Oct. 14
Holders of rec. Oct. 2a
Holders of rec. Oct. 2a
Holders of rec. Oct. 2 a
Holders of rec. Oct. 20
Holders of rec. Oot. 11a
Holders of rec. Oct. 16a
♦Holders of rec Oct. 14
Holders of rec. Oct. 14
Holders of roe. Oct. 13
Holders of rec. Nov. 1
♦Holders of rec. Oct. 20
♦Holders of rec. Sept. 30
Holders of rec. Sept. 29
Holders of rec. Oct. 13a
Holders of rec. Oct. 3a
Holders of rec. Oct. 3a
Holders of rec. Sept. 20
Holders of rec. Sept. 30
♦Holders of rec. Oct. 16
♦Holders of rec. Oct. 16
♦Holders of rec. Oct. 16
Holders of rec. Sept. 15
Sept. 19 to Oct. 1
Sept. 19 to Oct. 1
Holders of rec.. Sept. 20
Holders of rec . Oct. 2a
♦Holders of rec . Oct. 12
♦Holders of rec . Oct. 20
♦Holders of rec Oct. 16
♦Holders of rec Oct. 16
Holders of rec Sept. 20
Holders of rec Sept. 15
Holders of rec . Oct. 15
Holders of rec . Nov. 15
Holders of rec Dec. 15
♦Holders of rec. Sept. 29
Holders of rec. Oct. 14
♦Holders of rec. Oct. 9
♦Holders of ree. Oct. 16
♦Holders of ree. Nov. 15
♦Holders of rec. Oct. 7
Holders of rec. Oct. 31
Holders of rec. Sept. 30
Holders of rec. Sept. 30
•Holders of rec. Oct. 15

Below we give the dividends announced in previous weeks
and not yet paid. This list d o e s n o t include dividends
announced this week.
______________________
N a m e o f C om pan y.

P er
C e n t.

W hen
P a y a b le .

Boohs C lo s e d .
D a y s In c lu s iv e .

R a i lr o a d s ( S te a m ) .

Dec. 1 Holders of rec.
IX
Atchison Topeka A Santa Fe. com. (qu.)
Nov. 1 Holders of rec.
2
Cleve., Cln., Chic. A St. L., com-------Oct. 20 Holders of rec.
IX
Preferred (quar.)-------------------------Feb 15'23 Holders of rec.
3
Cuba H R., preferred...........................—Delaware Lackawanna A VVe3t. (quar.) _ $1.50 Oct. 30 Holders of rec.
Oct. 15 Oct. 1 to
3
Georgia Railroad A Banking (quar.)----Oct. 16 Holders of rec.
1
Kansas City Southern, pref. (quar.)----Nov. 1 Holders of rec.
IX
New York Central RR. (quar.)-----—
New York Chicago A St. Louis—
Dec. 30 Holders of rec.
I
X
C o m m o n __________________________
Dec. 30 Holders of rec.
IX
First preferred (quar.)------------------Dec. 30 Holders of rec.
IX
Second preferred (quar.)----------------Nov.
18 ♦Holders of rec.
*1
Norfolk A Western, adj. pref. (quar.)—.
Nov. 1 Holders of rec.
IX
Northern Pacific (quar.)----------------—
Philadelphia A Trenton (quar.)............... 2 X Oct. 10 Oct. 1 to
Nov. 29 Holders of rec.
IX
P lttsh . & West Virginia, pref. (q u a r.)..
Feb. 28 Holders of rec.
IX
Preferred (quar.)--------------------------Nov.
9 Holders of rec.
S
I
Reading Co., common (quar.).................
Oct. 12 Holders of rec.
Reading Co., 2d pref. (quar-)-- — - - - - ­ 50c Oct.
21 to
United N. J. RR. A Canal Cos. (quar.) — 2 X Oct. 107 Sept.
Sept. 14 to
3
Vermont A Massachusetts--------- -----Oct. 16 Holders of rec.
3X
Warren
-------------------------------Western Pacific RR. Corp., pref. (quar.) I X Oct. 20 Holders of rec.
S t r e e t a n d E l e c t r ic R a ilw a y s .

Cln. Newp. A Cov. L. A T r., com. (qu.).
Preferred (q u ar.)--------------- - - - - - - ­
Columbus R y ., Pow. A Lt., pref. B (qu.)
Duquesne Light, pref. (quar.)— -------Kentucky Securities, pref. (quar.)------ Manchester Trac., Light A Pow. (quar.)
Monongahela Power A R y ., pref. (quar.)
Ottumwa Ry. A Light, pref. (quar.)----Philadelphia Co., com. (quar.)----------6% cum. preferred________________
Philadelphia Rapid Transit (quar.)-----Philadelphia A Western, preferred-----Puget Sound Pow. A L., com. (quar.) —
Preferred (quar.)_________________
Prior preferred (quar.)____ ________
Washington Water Pow., Spokane (qu.)
West Penn Power, preferred (quar.)----York Rys., common (quar.)--------------Preferred (quar.)_-...............- .............




Oct. 14
Oct. 14
Nov. 1
Nov. 1
Oct. 15
l'X
Oct. 16
2
37 HiC Oct. 8
1 x Oct. 14
75c Oct. 31
SI.50 Nov. 1
75c Oct. 31
6245c. Oct. 14
Oct. 16
$1
Oct. 16
IX
Oct. 16
IX
Oct. 14
IX
Nov. 1
IX
50c Oct. 16
6 2 X e Oct. 31
IX
W s
IX

Oct. 1 to
Oct. 1 to
Holders of rec.
Holders of rec.
Sept. 21 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.

Oct. 27a
Sept. 29a
Sept.29a
July 20a
Oct. 7
Oct. 14
Sept. 30a
Sept. 29a
Dec. 19a
Dec. 19a
Dec. 19a
Oct. 31
Oct. 2a
Oct. l i
Nov. la
Feb. 21
Oct. 17a
Sept. 26a
Sept. 30
Oct. 6
Oct. 4a
Oct. 10a
Oct. 15
Oct. 15
Oct. 14
Oct. 1
Oct. 12
Oct. 2
Sept. 26a
Sept. 30
Oct. 2a
Oct. la
Oct. 16a
Sept. 30a
Sept. 27a
Sept. 27a
Sept. 27a
Sept. 25
Oct. 16
Oct. 5a
Oct. 21a

Bank of New York A Trust Co

P er
C e n t.

W hen
P a y a b le

B o o k s C lo s e d .
D a y s In c lu s iv e .

Holders of rec. Oct. 10

M iscellaneous.
Oct. 20 Holders of rec. Oct. 10
Abitlbl Power A Paper, Ltd., com. (qu.) $1
Oct. 15 Holders of rec. Sept. 30a
Air Reduction (quar.)............................... $1
All America Cables (q u a r.).....................
XX Oct. 14 Holders of rec. Oct. 2a
Oct. 18 Holders of rec. Oct. 10a
Alliance Realty (quar.)............................. 2
Nov. 1 Holders of rec. Oct. 16
Allied Chem. A Dye Corp., com. (qu.)— S I
I X Oct. 16 Holders of rec. Sept. 25a
Allls-Chalmcrs Mfg.. pref. (quar.) —
75c Oct. 10 Holders of rec. Sept. 30a
Amalgamated Oil (quar.)-------------I X Oct. 15 Holders of rec. Sept. 30a
American Art Works, com. A pref. (qu.)
Nov. 15 Holders of rec. Nov. la
SI
Amer. Bank Note, com. (quar.).........
3 X Oct. 15 Holders of rec. Oct. 5a
Amer. Fork A Hoe, 1st preferred----Oct. 1 to Oct. 9
Amer. Fuel Oil Transp., pref. (In scrip). 02
75c. Nov. 1 Holders of rec. Oct. 14
Amer. Gas A Electri ;, pref. (quar.) —
I X Oct. 25 Holders of rec. Oct. 6
American Ice, com. (quar.)-----------I X Oct. 25 Holders of rec. Oct. 6
Preferred (quar.)--------------------Amer. La France Fire Eng., com. (quar.) 25c. Nov. 15 Holders of rec. Nov. la
Oct. 14
I X Oct. 14 Oct. 5 to
Amer. Laundry Machinery, prof, (quar.)
Dec. 31 Dec. 17 to Dee. 30
IX
American Manufacturing, pref. (quar.).
Oct.
15
50c.
Holders
of
rec.
Sept. 30a
Amer. Rolling Mill, com. (quar.)...........
I X Oct. 15 Holders of rec. Sept. 30a
American Rolling Mill, pref. (quar.) —
Oct. 15 Holders of rec. Sept. 30a
1
American Seeding Machine, com. (qu.)
I X Oct. 15 Holders of rec. Sept. 30a
Preferred (quar.)-----------------------Nov
Holders of rec. Oct. 15
American Shipbuilding, common (quar.) 2
2 F eb. 1'23 Holders of rec. Jan.15’23
Common (quar.)----------------------2 M ay 1’23 Holders of rec. Apr.14’23
Common (quar.)----------------------2 A ug. 1’23 Holders of rec. July 14’2o
Common (quar.)----------------------I X Nov. 1 Holders of rec. Oct. 14a
Preferred (q u a r.)______________
75c Oct. 14 Holders of rec. Oct. 2a
American Steel Foundries, com. (quar.).
I X Dec. 1 Holders of rec. Nov. 30a
Amerlcan Telegraph A Cable (quar.)
American Telephone A Telegraph (quar.) 2X Oct. 16 Holders of rec. Sept. 20a
2 X Jan 15’23 Holders of reo. Dec. 20a
Q uarterly_____________________
2 X Aprl6'23 Holders of rec. Mar.16’23
Quarterly_____________________
2 X J ly 16'23 Holders of rec. June 20’23
Quarterly_____________________
Oct. 14 Holders of rec. Oct. 10a
1
Amer. Type Founders, com. (quar.) —
I X Oct. 14 Holders of rec. Oct. 10a
Preferred (quar.)______________
I X Oct. 16 Sept. 16 to Sept. 26
American Woolen, com. and pref. (quar.)
I X Oct. 15 Holders of rec. Oct. la
Asbestos Corp., common (quar.)............
I X Oct. 15 Holders of rec. Oct. la
Preferred (q u a r.)....................... ........
Nov. 1 Holders of rec. Oct. 14
1
Associated Dry Goods, com. (quar.) —
I X Dec. 1 Holders of rec. Nov. 11
Firet preferred (quar.)____________
Dec. 1 Holders of reo. Nov. 11
IX
Second preferred (q uar.)....................
I X Oct. 25 Holders of rec. Sept. 30a
Associated Oil (quar.)--------------------IX Vov. 1 Holders of rec. Oct. 16a
Atlantic Refliing, preferred (quar.)----I X Nov. 1 Holders of rec. Oct. 20a
Atlas Powder, pref. (quar.).....................
I X Nov. 1 Holders of rec. Oct. 16a
Aus.in, Niihols A Co., Inc., pref. (qu.)
Barnhart Bros. A Splndler—
Holders of rec. Oct. 2«Q
I X Nov.
First and second pref. (quar.)-------Holders of rec. Sept. 30a*
Oct.
Bayuk Bras., Inc., 1st A 2d pref. (quar.) 2
Holders of reo. Sept. 30a
Oct.
4c.
Beech-Nut Packing, common (monthly)Holders of rec. Sept. 30a
I X Oct.
Preferred (q u a r.)_________________
Holders of rec. Sept. 23a
Oct.
2
Bell Telephone of Canada (quar.)-------Sept. 17 to Oct. 14
Oct.
20
Bome Scry mser (annual)................ ..........
Holders of rec. Nov. la
Brandram-IIenderson, Ltd, common— I X Dec.
Holders of rec. Oct. 14
I X Nov.
British Empire Steel, pref. B (quar.)----Holders of reo. Sept. 30a
Oct.
2
Brooklyn Borough Gas (quar.)-----------Holders of rec. Oct. 20a
I X Nov.
' urns B ris., prior pref. (quar.)----------Holders of reo. Sept. 30
Canada Cement, Ltd., common (quar.). I X Oct.
Holders of rec. Sept. 30a
I X Oct.
Canadian Explosives, common (q uar.)..
Holders of rec. Sept. 30a
I X Oct.
Preferred (q u a r.).................... .............
O ct.dl 6 to Oct. 31
I X Oct.
Carder, Inc., preferred (quar.)...............
Holders of rec. Sept. 39a
IX Oct.
Central Coal A Coke, pref. (quar.)...........
Holders of rec. Sept. 30a
I X Oct.
Central Ills. Public Service, pref. (quar.)
♦Holders of rec. Sept. 30
Central Power, preferred (quar.)............ • I X Oct.
Holders of rec. Oct. 14
Oct.
1
Chicago Pneumatic Tool (quar.)--------Cities Service—
X Nov. 1 Holders of rec. Oct. 15
Common (mthly, pay in cash scrip)..
I X Nov. 1 Holders of rec. Oct. 15
Common (payable in com. stk. scrip).
X Nov. 1 Holders of rec. Oct. 15
Pref. and pref. B (payable In c a s h )...
Oct. 16 Holders of rec. Sept. 13
Colorado Power, common (quar.)...........
Holders of rec. Oct. 2a
Commonwealth Gas A Elec., pref. (qu.).
Holders of rec. Sept.25a
Computing-Tabulatlng-Recordlng (qu.).
Oct. 20 ♦Holders of rec. Oct. 15
Consolidated Royalty (quar.)................... •3
Oct. 15 Oct. d5 to O ct.dl 8
IX
Continental Motors, preferred (quar.)..
Oct. 20 Holders of rec. Oct. 2a
Corn Products Refining, com. (q u a r.)... S I
50c Oct. 20 Holders of rec. Oct. 2a
Common (extra)--------------------------Oct. 14 Holders of rec. Oct. 2a
IX
Preferred (quar.)...................................
Nov. 1 Holders of roc. Oct.’ 3a
Cosden A Co., common (quar.)............... SI
Creamery Package Mfg., common (qu.). d50c Oct. 10 Oct. 1 to Oct. 10
in Oct. 1 to Oct. 10
Oct.
d
I
X
Preferred (quar.)-------------------------Cresson Cons. Gold M. A M. (quar.) — 10 c. Oct. 10 Holders of rec. Sept.30a
1 to Oct. 16
1 A Oct. 16 Oct
i uban Telephone, com. A pref. (quar.).
Del. Lack. A West. Coal (quar.)............. $1 25 Oct. 16 Holders of rec. Sept. 30a
Oct. 16 Holders of rec. Sept. 20a
Detroit Edison (quar.)----------------------- 2
Oct. 15 ♦Holders of rec. Sept. 3o
Detroit Motor Bus (quar.)....................... *2
Oct. 15 ♦Holders of rec. Sept. 30
E xtra___________________________ *1
Oct. 10 O ct. 1 to Oct. 9
2X
Dolores Esperanza Corp. (quar.)...........
Dome Mines, Ltd. (quar.)....................... 50c. Oct. 26 Holders of rec. Oct. 6a
Nov. 1 Holders of rec. Oct. 12
IX
Dominion Coal, pref. (quar.)............ —Nov. 1 Oct. 15 to Nov. 1
IX
Dominion Steel, pref. (quar.)............ —
Oct. 16 Oct. 1 to Oot. 7
IX
Dominion Telegraph (quar.).....................
Oct. 16 Holders of rec. Sept. 30a
IX
D om lilm 't'ex Ite, pref. (quar.)----------duPont (E.I.)deNem.ACo.deb. stk . (qu.) I X Oct. 25 Holders of reo. Oct. 10a
Oct. 16 Oci
7 to Oct. 15
1
X
Eagle-Pioher Lead, pref. (quar.).............
Oct. 16 Holders of rec. Sept. 30
IX
East Bay Water, cum. pf. cl. A. (quar.).
i x Oct. 16 Holders of rec. Sept. 30
Non-cum. pref. class B (quar.)-------Nov. 1 Holders of rec. Oct. 16
3
Edison Elec. Ilium., Boston (quar.)----i x Nov. 1 Holders of rec. Oct. 20a
Electri-alSecurPicsCorp., pref. (quar.).
Nov. 1 ♦Holders of rec. Oct. 20
Elgin National Watch (quar.)................. *2
Oct. 10 ♦Holders of ree. Sept.30
Equity Petroleum Corp.. pref. (quar.).. *3
Nov. 1 Holders of reo. Oct. 16a
2
Famous Players-Lasky Corp.. pf. (qu.).
Oct. 15 Holders of rec. Oct. la
IX
Firestone Tire A Rub. 6% pref. (quar.)..
Oct. 10 Holders of rec. Oct. la
Fouids Mil Ing, pref. (quar.)................... 2
Oct. 14 Holders of rec • Sept. 7a
2
General Electric (quar.)..........................
Oct.
14 Holders of reo. Sept. 7a
e
5
Special (payable In special s to c k )----Nov. 1 Holders of rec. Oct. 9
IX
General Motors, preferred (quar.)-------i x Nov. 1 Holders of rec. Oct. 9
Six per cent debenture stock (q uar.)..
Nov. 1 Holders of rec. Oct. 9
IX
Seven per cent debenture stock (quar.)
Dec. 1 Holders of rec. Nov. 1
Gillette Safety Razor (stock dlv.)-------- e5
Oct. 15 Holders of rec. Sept. 30
IX
Globe-Wernicke, pref. (quar.).................
Hall (C. M.) Lamp.............................. — ♦50c. Oct. 25 ♦Holders of rec. Oct. 21
Oct. 20 Holders of rec. Oct. 10a
IX
Harblson-Walker Rcfrao., pref. (quar.).
Oct. 15 Holders of rec. Sept. 30a
IX
Hillcrest Collieries, com. (quar.)--------Oct. 15 Holders of rec. Sept. 30a
IX
Preferred (quar.)------------------ -----Oct. 25 Oct. 16 to Oct. 25
IX
Hillman Coal A Coke, 1st pref. (q u ar.)..
Oct. 25 Oct. 16 to Oct. 25
i x
Second preferred (quar.) ...............
Oct. 7 Holders of rec. Sept. 22
hi
Hollingcr Cons. Gold Mines, L td—
50c. Oct. 7 Holders of rec. Sept. 28a
Hurley Machine, com.'(q a r . ) . . . . .
Illinois Northern Utilities, pref. (q u ar.).. • I X Nov. 1 ♦Holders of rec. Oct. 14
Oct. 18 ♦Holders of rec. Oct. 5
Independent Brewing, lltts b ., common. ♦4
Oct. IS ♦Holders of rec. Oct. 5
Preferred________________________ *8
Nov. 15 Holders of rec. Oct. 20
Indiana Pipe Line (quar.)........................ 2
Oct. 16 Holders of rec. Sept. 25a
I X
International Harvester, corn, (quar.) —
Oct. 16 Holders of rec. Oct. 6aIX
International Paper, pref. (quar.)...........
Oct. 15 Holders of rec. Sept. 30
IX
Interstate Pub. Serv, pr. lien stk. (q u a ­
1 X Oct. 16 Holders of rec. Sept. 30a
inter oat. relep. A Teleg. (q u a r.)... . . .
Intertype Corp., com. (in com. stock).. f 10 Nov. 15 Holders of rec. Nov. la
Johnston (R. F.) Paint, 7% pref. (qu.) — • i x Oct.
Oct.
8% pref. (quar.)--------------------------- *2
Oct. 16 Holders of rec. O ct. 2a
Jones oros. Tea, common------------------ SI
Kerr Lake Mines (quar.)........................... 1244c. Oct. 16 Holders of rec. Oct. 2a
Oct. 16 Holders of rec. S ept.30
Laurentide Power (quar.)........................
IX
Nov. 1 Holders of rec. Oct. 19a
Loose W1 es t,D:ul , 2d nref. (quar.)----IX
Oct. 14 Holders of rec. Oct. l
Louisville Gas A El. of K y., pref. (q u .)..
IX
MacAndrews A Forbes, common (quar.)
2 X Oct. 14 Holders of ree. Sept. 30a
Oct. 14 Holders of rec. Sept. 30a
Preferred (quar.)...................................
IX
Macy (R. H.) A Co., Inc., pref. (quar.).
Nov. 1 Holders of rec. Oct. 14
IX
2
Manufacturers’ Light A Heat (quar.)__
Oct. 14 Holders of rec. Sept. 30a-

Oct. 7 1 9 2 2 .]
N a m e o f C om pan y.

THE CHRONICLE
P er
C e n t.

W hen
P a y a b le .

B o o k s C lo s e d .
D a y s In c lu s iv e .

1607

Weekly Return of New York City Clearing House

Miscellaneous (C o n c lu d e d ).
Banks and Trust Companies.
Mason Tire & Rubber, prel. (quar.)
Oct. 25 Holders of rec. Sept. 30
IX
Mass. Lighting Cos. 6% pref. (quar.j!.
The following shows the condition of the New York City
Oct. 16 Holders of rec. Sept. 25
IX
Eight per cent pref. (quar.).............
2
Oct. ie Holders of rec. Sept. 25
May Department Stores, com. (quar.).
2
Dec. 1 Holders of rec. Nov. 15a Clearing House members for the week ending Sept. 30. The
Mexican Petroleum, common (quar.).
3
Oct. H Holders of rec. Sept. 15a figures for the separate banks are the a v e r a g e s of the daily
Miami Copper (quar.)___________
50c Nov 16 Holders of rec. Nov. la
Michigan Gas & Electric, pref. (quar.). *1H Oct. 2C ♦Holders of rec. Sept. 30 results. In the case of the grand totals, we also show the
Prior lien stock (quar.)..
*154 Oct. 15 ♦Holders of rec. Sept. 30
Michigan Limestone* Chem., pf. (q'u'.j
154 Oct. 16 Holders of rec. Sept. 30a a c tu a l figures of condition at the end of the week.
Midway Gas, com. (quar.)
.
50c. Oct. 11 Holders of rec. Sept. 30 1
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Preferred (quar.)
81 40 Oct. H Holders of rec. Sept. 30a
com- &pref.‘(q"uar.j:::::
4c. Oct. 16 Holders of rec. Oct. 2
( S ta t e d i n t h o u s a n d s o f d o l l a r s — t h a t I s . t h r e e c i p h e r s (000] o m i t t e d . )
Miller Rubber, pref. (quar.)
*2
Dec. 1 ♦Holders of rec. Nov. 10
Mohawk Mining (quar )
$1
Nov 15 Holders of rec. Oct. 14
2
^„°J1K
trxe,a,.Telegrar)h (quar.)IIIIIZIIII
Oct. 16 Holders of rec. Sept. 30
Nash Motors, pref.(quar )
Week ending
154 Nov 1 Holders of rec. Oct. 20a Sept.
N et
T im e
B ank
National Biscuit, com. (quar.j!.!!!!!!
30 1922
Oct. 14 Holders of rec. Sept. 30a
154
D em and
D e­
C ir c u ­
Nat Enam. A Stpg., pref. (quar.)__
Dec. 30 Holders of rec. Dec. 9a
IX
D e p o s its . p o s its .
la ­
(000
o
m
i
t
t
e
d
.
)
National Paper A Type, com. A pf. (qu.; 2
Oct. 1-1 Holders of rec. Sept. 30a
tio n .
New England TlreA Rubber, prof
2
Oct. 15 Holders of rec. Sept. 15
Members of Fe
New Jersey Zinc (quar.)_________
*2
Nov 10 ♦Holders of rec. Oct. 26
A vera g e
A verage A v g e .
Bank of N Y A
New York Telephone, pref. (quar.)...
Oct. 16 Holders of rec. Sept. 20
IX
$
S
$
New York Transit
Trust Co___
4
Oct. 14 Holders of rec. Sept. 20
47,592 8,139
New York Transportation (quar.).
50c. Oct. 16 Holders of rec. Oct. 2a Bk of Manhat’n
99,547
18,829
Mech
A
Met
Nat
Niagara Falls Power, pref. (quar.).
154 Oct. 16 Holders of rec. Sept. 30a Bank of America
157,339 5,418 '§92
Nlplsslng Mines (quar.)
3
Oct. 20 Oct. 1 to Oct. 18
62,978 2,651
Nat City Bank.
Extra
3
Oct. 20 Oct. 1 to Oct. 18
*526,922
40,698 l',968
Chemical
Nat
Northern States Power, common (quar.
2
Nov. 1 Holders of rec. Sept. 30
107.549 6,426 346
Nat Butch A Dr
Preferred (quar.)__________
154 Oct. 20 Holders of rec. Sept. 30
3,465
5 297
Amer
Exch
Nat
Ohio Brass, common (quar.j___
SI Oct. 15 Holders of reo. Sept. 30a Nat Bk of Com.
83,012 9,953 4,930
Preferred (quar.)............. '
Oct. 15 Holders of rec. Sept. 30a
IX
279.881 16,978
Ohio Fuel Supply (quar.).......... .......... 2 X Oct. 15 Holders of rec. Sept. 30) Pacific Bank.. .
22,569
739
Chat APhenNat
Extra (payable In Victory 4 X % lids.). 12
Oct. 15 Holders of rec. Sept. 30
119,636 23,249 5,621
N at..
Otis Elevator, common (quar.)
2
Oct. 16 Holders of rec. Sept. 30a Hanover
100,551
100
Corn
Exchange.
Preferred (quar.) .
"
Oct.
16 Holders of rec. Sept. 30a Imp A Trad Nat
IX
153,491 22,134
Overseas Securi ies Corp., common.III 4
Oct. 16 Holders of rec. Oct. 2
25,266
485 "s i
Pacific Gas A Elec., common (quar.)__ 154 Oct. 16 Holders of rec. Sept. 30a Nat Park Bank.
129,891 5.289 5,410
Pacific Telephone A Teleg., pref. (quar.) I X Oct. 16 Holders of rec. Sept. 30a East River Nat.
12,140 1,921
50
First Nat Bank.
Pan-Amer. Petrol. A Transp,. Class A A
187,556 38,601 7,398
Nat Bank
B (quar.)______________ ____
$1.50 Oct. 10 Holders of rec. Sept. 15a Irving
184,229
7,650
2,509
Continental
Bk.
Peerless Truck A Motor (quar.)_______
75c Oco. 31 Holders of reo. Deo. la Chase Nat Bank
5,678
380
Penmans, Ltd., common (quar.). '
2
Nov. 15 Holders of rec. Nov. 4 Fifth Ave Bank
296,155 30,180 1,092
. ...
Preferred (quar.)...........
Nov. 1 Holders of rec. Oct. 21
IX
20,649 ___
Commonwealth.
Pennsylvania Salt Manufacturing (quar.) 2 X Oct. 14 Holders of rec. Sept. 30a
9,020
Nat Bk
Peoples Gas Light A Coke (quar.).
$1.25 Oct. 17 Holders of rec. Oct. 3a Garfield
13,179
'81 396
Nat Bank
& Camden Ferry (quar.)__.
5
Act. 10 Holders of rec. Sept. 29a Fifth
14,775
882 246
Seaboard
Nat..
Phllllps-Jones Corp., pref. (quar.)
*154 Nov. 1 ♦Holders of rec. Oct. 20
71,286 1,920
65
Coal
A
Iron
Nat
Pittsburgh Coal, pref. (quar.).
Oct.
25
Holders
of
rec.
Oct.
6a
IX
665 415
11.880
Bankers Trust.
Pittsburgh Term. Whse. A Transf. (qu.) ♦SI Oct. 7 ♦Holders of rec. Sept. 30
*260,074
20,756
U
S
Mtge
A
Tr.
Postum Cereal, common (quar.)
♦SI.25 Nov. 1 ♦Holders of rec. Oct. 20
45,963 6,494 __
Guaranty Tr Co
Preferred (quar.)____________
2
Nov. 1 ♦Holders of rec. Oct. 20
*392,626 50,171 ____
Tr.|
Prairie QUA Gas (quar.)______
3
Oct. 31 Holders of rec. Sept. 30a Fidel-Intern
17,556
530
Columbia
Tr
Co
_
_
Extra
2
Oct. 31 Holders of rec. Sept. 30a N Y Trust C o..| lolooo
75,539 7,134 __
Prairie Pipe Line (quar.)” ! ........
3
Oct. 31 Holders of rec. Sept. 30a Metropolitan Tr 2,000
134,582 14,752 ____
Extra........
‘
2
Oct. 31 Holders of reo. Sept.30a Farm Loan A Tr|
34,850 3,651
Garab’l'e- 8 Pref."(qu'ar.jIZZI 2
Oct. 1 1 Stpt.24 to Oct. 13
*90,456 29,500 ____
Columbia Bank
PPbJIcScrv. Co. of Nor. Ills., com.(qu.)_ *154 Nov. 1 ♦Holders of rec. Oct. 14 Equitable
27,526 1,850
Tr
Co
„ Preferred (quar.)............
*1K Nov. 1 ♦Holders of rec. Oct. 14
*193,745 12,976 —
vumker Oats, common (quar.)...
2
Oct. 16 Holders of rec. Oct. 2a Total of a v e r a g e s
Preferred (quar.).....................
Nov. 30 Holders of rec. Nov. la
IX
ot. Joseph Lead (quar.)__
25c. Dec.*20 Dec. 10 to Dec. 20
Totals, a c t u a l co
Extra____________
25c. Dec. 20 Dec. 10 to Dec. 20
Totals, a c t u a l co
afla„Y1Plgan Water A Power (quar.j!!!! 154 Oct. 10 Sept. 27 to Sept. 30
a c t u a l co
Sinclair Consol. Oil, com fquar.)
50c. Nov. 15 Holders of rec. Oct. 14a Totals,
State Banks
Smith (Howard) Paper Mills, com. (qu.) AH Oct. 20 Holders of rec. Oct. 10a Greenwich
Bank
Preferred (quar.)....................... .
2
Oct. 20 Holders of rec. Oct. 10a
Bank..
Southern Canada Power, pref. (quar.j-' I X Oct. 15 Holders of rec. Sept. 30a Bowery
State Bank___
Southern States Oil Corp. (monthly)___
1
Oct. 20 Holders of rec. Oct. 1
a u.t?.ern Wisconsin Elec., pref. (quar.).
Oct. 15 Holders of rec. Sept. 30
IX
Total of a v e r a g e s
Spaltilng(A .G .)* Bros. .oldAnewstk(qu) I X Oct. 16 Oct. 6 to Oct. 10
Span Riv^puip&p M(ijs com &p{ (qU > *154 Oct. 16 ‘ Holders of rec. Oct. 7
Totals, a c t u a l co
Sterling Products, Inc. (quar.)
. 75c. Nov. 1 Holders of rec. Oct. 14
Totals, a c t u a l co ndltion
Standard Underground Cable (quar.j. . 3
Oct. 10 Oct. 4 to Oct. 10 Totals, a c t u a l co nditlon
Steams (F. B.) Co. ( q u a r .) ............ 50c. Oct. 20 Holders of rec. Sept. 30a Trust
Compan
Sullivan Machinery (quar.)
75c. Oct. 16 Oct. 2 to Oct. 16
Title Guar A Tr
Superior Steel, 1st A 2d prcf'.'fquar.j” ' 2
Nov. 15 Holders of reo. Nov. 1 Lawyers Ti A Tr
Ahompson (John R.) Co., com. (extra)!' *1
Nov. 1 ‘Holders of rec. Oct. 25
Common (extra)...............
*1
Dec. 1 ‘Holders of rec. Nov. 25 Total of a v e r a g e s
Nov.
15 Holders of rec. Oet. 23a
ix
Tonopah Mining3 Corp'’ prcf'
5
Oct. 21 Oct. 1 to Oct. 8
Totals, a c t u a l co
Extra..
' ........................ 2X
Oct. 21 Oct. 1 to Oct. 8
Totals, a c t u a l co
Transue A WllIiami's'twrFo'r"ge'('q'w.): 50c. Oct. 10 Holders of rec. Sept. 30 1 Totals, a c t u a l co
Truscon Steel (quar.)_____ . . . . .
1
Oct. 16 jHoldcrs of rec. Oct. 5a
iimketts Tobacco, common (quar.j
Oct. 14 Holders of rec. Sept. 30
1
Gr’d aggr.,avge
Preferred (quar.)..............
—
I X Oct. 14 Holders of reo. Sept. 30
Comparison wit
AUrniaii oil (monthly)
_
*lc. Oct. 20 ‘ Holders of rec. Sept.30a
TTn!«n ? ag * Paper (quar.j!!!!!!........ I X Oct. 16 Holders of reo. Oct. 6a Gr’d aggr., a c t'l cond'n
S ?^N1HUral GM (<lUar )..................... 2H Oct. 14 Holders of rec. Sept. 30a Comparison wit
50c. Oct. 10 Holders of rec. Sept. 25a
nStert
i l ° y f tecI’ common (quar.)----united nCigar
Stores, common (quar )
Dec. 1 Holders of rec. Nov. 15 Gr’d aggr., a c t ' l _____
2
TT£omm°n (extra)................. ..
1
Dec. 1 Holders of rec. Nov. 15
Gr’d aggr., a c t ’l cond’n
Un ted Fruit (quar.)........................
2
Oct. 14 Holders of rec. Sept. 20a Gr’d aggr., a c t'l cond’n
Uidted Gas Impt., com. (quar.j!!!!!!! 50C. Oct. 14 Holders of reo. Sept. 30a Gr’d aggr., a c t ' l cond’n
Preferred (quar.)
Dec.
15
Holders
of
rec.
Nov.
30a
87Mo.
Gr'd aggr., acf7|cond’n
' T S i y w t o Extension Ml'nlng'(q'ua'r'.j! 25c. Nov. 1 Holders of rec. Oct. 5a
n a ™ <acc°unt accumulated dlvs.)... ft25c. Nov. 1 Holders of rec. Oct. 5a
• o- can, common (quar.)____
50c. Oct. 15 Holders of reo. Sept. 30
Referred (quar.) ...................ZZZZZZZ I X Oct. 15 Holders of rec. Sept. 30
U S ' 8m„U.f ri al Alcoh°l- P^f. (quar.)... I X Oct. 16 Holders of rec. Sept. 30a
Ventor?^16- Refg- * Min- Pref - (quar.). 8 7 X c . Oct. 14 Holders of rec. Oct. 5
Sept. 23, 8394,
Holders of rec. Oct. 14
vfetor -rS??301- 011 Flelds (quar.).......... 50c. Nov.
8318,953,000.
Oct. 15 Oct. 1 to Oct. 5
10
I^fttred "(quar )hlUe’ C0UJm°n (QU') - 154 Oct. 15 Oct. 1 to Oct. 5
NMiwmiIcaty*Ba<
nktSS94
Tm*nnnbrfoi?ibe3
Ino‘uded
ln totaI footing
as follows:
♦Holders of rec. Oct. 23
* 50c. Nov.
“ an*;
894,339,000;
Bankers ^0t
Trust
Co., $10,592,000G uarantv
Trust
& n T o T ^ r n' ^ : : : : : : ; : : * 50c. Dec.
♦Holders of rec. Nov. 22
common (monthly).
♦Holders of rec. Dec. 22
* 50c. Jan.
w Sf®fe.7ecl (quar.)................................ * 1 X Jan.
♦Holders
of
rec.
Deo.
22
wells, 1-argo & Co______ ______ ___ * 2 X Dec. 20 ♦Holders of rec. Nov. 20
I X Oct. 15 Holders of rec. Sept. 30a
154 Oct. 14 Holderj of rec. Sept. 30
154 Oct. 16 Holders of rec. Sept. 25a
Ufanfi e
n tl
V'|UarJ . ...........
SI Oct. 31 Holders of rec. Sept. 30a on^hn S i
n ? ? ? of the dlfferent groups of institutions
Oct. 31 Holders of rec. Sept. 30a
Mf‘ ” com- <duar-> $1
b0t5 toeavMages for thQ week and the actual
Oct. 16 Holders of rec. Sept. 30a condition
$1
Holders
of
rec.
Sept.
30a
50c.
Oct.
10
Extra a8lC 011 *
(quar.j
25c. Oct. 10 Holders of rec. Sept. 30a tables*1011 1 the ° Ud ° f the Week 1S shown in the following two
*154 Oct. 20 ♦Holders of rec. Sept. 30a
rlrley (Wm.) Co., com. (monthly)___ 50c.
Nov. 1 Oat. 2(5 to Oct. 31
STATEMENT OF R E S E R V E O P CLEARING HOUSE BANKS
Common (monthly)
50c.
Dec. 1 Nov. 26 to Nov. 30
OMPANIES.
Common (monthly)
50c. Jan. 1 Dec. 26 to Dec. 31
"ur^frer (Rudolph) Co.—.....................
Averages.
Eight per cent preferred (quar.)..
2
Dec. 1 Holders of rec. Nov. 21
Eight per cent preferred ( q u a r . )
2
Marl’23 Holders of reo. Feb. 19 '23
C ash
R eserve
a
Eight per eent preferred (quar.) ”
2
J’nel’23 Holders of rec. May 22 '23
R eserve
In
T o ta l
R eserve
seven per cent preferred (quar.)
S u r p lu s
Janl'23 Holders of reo. Doc. 22
D e p o s it a r i e s
in V a u lt.
R eserve.
R e s u lte d .
Seven per cent preferred (quar ) ........ 154
R eserve.
Holders
of
rec.
Mar.
22
154 Aprl'23
Members Federal
S
S
S
S
$
Reserve banks.
will notJhwU,?,n.^1r,ia! "SF*!?’ J Tho Now York Itook Exchange hn3 ruled that stock
514,624,000 514,624,000 506,314,880 8,309,120
5,420,666 3.709.000
books no?
?x'<J.u.de!',d on tflls date and not until further notloe. a Transfer State banks*... .
8,501,040
627,960
■ooks not closed for this dividend. * Less British Income tax. i Correction.
Trust companies...! 2,278,000] 5.362.000 9,129,000
7,640,000. 7,625,850'
14,150
Total Sept. 30___ 7.698.000 523,695,000 531.393.000 522,441,7701
acooTi'ru'of'tJ.?.,,1!^0?'^ j,P!\rabI? ,n common stock, g Payable In scrip, h On
accumulated dividends. <Payable in Liberty or Victory Loan bonds.
1 7,738,000 522,278,000 530.016.000 523,987,13o! 8,951,230
; 7,016,000 541,016,000 548.032.000 528,734,990' 6,028,870
1 Payable In New York funds. * Payable In Canadian funds.
Total Sept. 9!!!! 7.361.000 522,005,000 529.366.000
514.065 14ll! 50,821.010
14,700,800
iornl AtLOU
Pajai*ua
Hunlr
m F o r Quarters ending June 30 and Sept. 30 1021.
*•sW
CUCiai
VO DitUA•
a l ms is the reserve required on net demand deposits in the
. v.
and trust companies, but in the case of members of the Fodera^e,er5 a»e b,?°k8
P a U e n ^ v ld e n d ^ o “
era. L°ndoa
0r before * * • ' 4 * U *
eludes also amount in reserve required on net time deposits wMe?O3Lrv0
5 ln"
Se^t. 30,811.732.610; Sept. 23, $12,016,890; S e p t ^ : ^ ? ^ . ^ ; Sep^O^
°W8:
i Made up of two quarterly dividends of 75 cents each.
, $13,158,-




[V ol. 115.

THE CHRONICLE

1608

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

Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries

b
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

BOSTON CLEARING HOUSE M EM BERS.

$
$
$
$
568,661,000 568,661,000 510,641,190 58,019,810
452,540
5,"440,666 3.634.000 9.074.000 8,621,460
64,400
2,226,000 5.411.000 7.637.000 7,572,600
7,666,000!577,706,000 585,372,000 526,835,250 58,536,750
7.816.000 551,561,000 559,377,000 519,794,150 39,582,850
7.112.000 572,444,000 579,556,000 532,647,060 15,384,940
7.517.000 537,766,000 544,283,000 511,578,790 33,704,210
$

Members Federal
Reserve banks----State banks*--------Trust companies----Total Sept. 30----Total Sept. 23----Total Sept. 16----Total Sept. 9-----

• Not members of Federal Reserve Bank.
.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Sept. 30,
511,631,510: Sept. 23, $12,026,190: Sept. 16, 513,057,530: Sept. 9, $13,175,820.

State Banks and Trust Companies Not in Clearing
House.— The State Banking Department reports weekly-

Changes from
previous week.

Oct. 4
1922.
C ap ital_________ - _____ -Surplus and profits________
Loans, dlsc’ts & investments.
Indlvldunl deposits, lncl. U.S.
Due to banks_____________
Time deposits_____________
United States deposits...........
Exchanges for Clearing House
Due from other banks.............
Reserve in Fed. Res. B an k ..
Cash In bank and F. R. Bank
Reserve excess in bank and
Federal Reserve Bank-----

$
58,850,000
87,069,000
842,894.000
614,850,000
123,880,000
118,056,000
10.233,000
27,519,000
71,716,000
71,388,000
9,779,000

Dec.
Inc.
Inc.
Inc.
Inc.
Dec.
Dec.
Inc.
Inc.
Inc.
Inc.

Sept. 27
1922.

Sept. 20
1922.

$
670,000
65,000
4,387,000
12,571,000
6,948,000
325,000
757,000
7,391,000
7,432,000
577,000
49,000

$
59,520,000
87,004,000
838,507,000
602,279,000
116,932,000
118,382,000
10,990,000
20,128,000
64,284,000
70,811,000
9,730,000

$
59,520.000
86,751,000
839,619,000
604,816,000
122,728,000
118,213,000
12,288,000
22,488.000
69,880,000
70,731,000
9,762,000

70,000

3,135,000

3,000,000

3,205,000 Inc.

figures showing the condition of State banks and trust com­
panies in New York City n o t i n th e C le a r in g H o u s e as follows:

Philadelphia Banks.— The Philadelphia Clearing House
return for the week ending Sept. 30, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
( F i g u r e s F u r n i s h e d b y S ta te B a n k i n g D e p a r t m e n t . )
are 10% on demand deposits and 3% on time deposits, all
D if f e r e n c e s f r o m
to be kept with the Federal Reserve Bank. “ Cash in
S e p t . 30.
p r e v io u s w e e k .
L i n n s and Investments............................^38,252.500
Inc. $1,865,400 vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes “ Reserve
Deposits^with Federal°Reswve"Bank of Niew Yorkl | K
g . t
Total deposits--................................................. .... 775,046,100 Inc. i,u/o,^uu with legal depositaries” and “ Cash in vaults.”
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust companles In N. Y. City exchanges and U. S. deposits 732,149,500 Inc 3,530,000
Reserve on deposits...................
115,386,000 Dec. 1,094,300
Percentage of reserve. 19.3%. REgERVE
------ S ta te B a n k s ------- — T r u s t C o m p a n i e s —
Cash In vault
____
*$25,191,800 15.17%
$81,006,100 14.12%
21,551,700
4 .9 8 %
Deposits in banks and trust cos----- 7,636,400 4.63%
Total............................................ $32,828,200 19.80%
$82,557,800 19.10%
* Includes deposits with the Federal Reserve Bank of New York which for the
State banks and trust companies combined on Sept. 30 were 563,545,700.

Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies c o m b in e d with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:

Week ending Sept. 30 1922.
Two Ciphers (00) omitted. Membersot Trust
F.R.System Companies

Sept. 23.
1922.

Sept. 16.
1922.

Total.

$39,675,0
Capital________________ $35,175,0 $4,500.0
97 912,0 14.332.0 112.234.0
Surplus and profits______
Loans, dlsc’ts & Investm'ts 645.842.0 39.549.0 685.391.0
672.0 26.711.0
Exchanges for Clear .House 25.039.0
26,0 90.721.0
90.695.0
Due from banks________
503.0 129.587.0
Bank deposits__________ 129.081.0
544.021.0
25.728.0
518.293.0
Individual deposits.............
532.0 21.402.0
20.870.0
Time deposits--------------686.010.0
26.766.0
659.244.0
Total deposits------ --------9.302.0
9.302.0
U. S. deposits (not in c l.)..
3.922.0
3.922.0
Res’ve with legal deposlt’s.
55.277.0
55.277.0
Reserve with F. R. B ank..
1.032.0 10.334.0
9,302,0
Cash In vault*--------------4.954.0 69.533.0
Total reserve and cash held 64.579.0
3.856.0 58.277.0
Reserve required— ........... 54.421.0
1.098.0 11.256.0
10.158.0
Excess res. A cash In vault.
* Cash In vaults not counted as reserve for Federal Reserve

$39,675,0 $39,675,0
112,000,0 110.739.0
684.089.0 687.264.0
27.491.0 28.090.0
91.701.0 92.643.0
119.605.0 120.325.0
542.742.0 550.604.0
20.628.0 20.376.0
682.975.0 691.305.0
9.277.0 10.717.0
3.328.0
3.781.0
55.287.0 54.435.0
10.153.0 10.195.0
68.768.0 68.411.0
57.921.0 68.668.0
10.847.0
9.743.0
members.

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
W eek en ded—

June
June
June
July
July
July
July
July
Aug.
Aug.

10__________
17.....................
24.......... ..........
1 ....... ................
8 .......................

15.....................
22.....................
29.....................
5 ----------------12----------------Aug. 19---------------Aug. 26.....................
Sept. 2 -----------------

Sept. 9....... ................
Sept. 16.....................
Sept. 23.....................
Sept. 30.......................
• This Item Includes
Reserve notes.

Demand
Deposits.

*Total Cash
in Vaults.

93.253.000
6.408.101.600 4.852.544.100
91.486.700
6.372.704.700 4.853.005.100
90.155.600
6.491.415.000 4.980.544.500
88.730.000
5,370,259,900 4,816,507,000
92.436.900
5.457.357.300 4.808.047.500
95.874.700
5.421.565.700 4.792.536.500
88,862,800
6.408.203.300 4,762,119.600
89.033.900
5.350.876.600 4.700.542.500
87.948.700
5.406.610.600 4.714.814.300
89.403.600
5.383.432.700 4.646,854,700
86.459.800
5.372.803.000 4,613.652,400
86.492.800
5.334.972.100 4.599.909.500
86.259.400
5.311.517.600 4.596.237.500
88.946.400
5,297,744,400 4,566,272,800
90.326.700
5.297,309,200 4.615.836.300
86.359.200
5.338.205.100 4.640.919.500
88.271.200
5.317,017,500 4.634.695.500
gold, silver, legal tenders. naUonal bank notes

Reserve in
Depositaries.
660,162,300
646.059.900
663.100.900
657.840.800
651.619.800
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
and Federal

New York City Non-Member Banks and Trust Com­

panies — The following are the returns to the Clearing House
by clearing non-member institutions and which are not in­
cluded in the “Clearing House Returns” in the foregoing:
RETURN OF NON-M EM BER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers [000] omitted.)

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 Oct. 4 1922 in
comparison with the previous week and the corresponding
date last year:
Oct. 4 1922. Sept. 27 1922. O ct. 5 1921.
3
3
3
Resources—
. 155,687,140 157,403.618 357,210,000
Gold and gold certificates--------119,656.602
_
97,931,042
32,474,000
Gold settlement fund—F. R . Board----. 253,618.183 277,060,221 389.684.000
_ 771,616,898 771,841,398 575.828.000
7,694,017
5,487.504
15,000,000
Gold redemption fund-----------------------.
1,056,595,636
.1,030,722,586
980,512,000
Total gold reserves------------------------. 34,540,202
38,334,034
61,538,000
Legal tender notes, silver, &o...................

.1,065,262,788 1,094,929,670 1,042,050,000
Bills discounted: Secured by U. S. Gov­
24,750,144
96.990.000
ernment obligations—for m em bers...I 36,529,447
19.518.000
For other F. R. banks----------21,885", 901 159,714,000
* 21,247,820
All other—For members..........
80,545,330
. 81,376,367
18.667.000
.. 139,153,635
. 77,534,950
U. S. certificates of indebtedness—
..
11,500.000
One-year certificates (Pittman A ot)..
73,656,500
All other..................................... .
301,845,085
Total earning assets..................
9,646,095
Bank premises-------------- . . . . . . .
j
574,060
5% redemp. fund agst. F . R . bank notes.
145,639,353
2,147,599

127,181,376
56,549,350

294,889,000
2,527,000

12,500,000
71,758,500

49.276.000
15.801.000

267,989,226
9,643,905
624,060
131,105,510
2,223,470

362.493.000
5.777.000
1.791.000
138.017.000
3.078.000

..1,525,114.982 1,506,515,844 1,553.206,000
| Net Loans,
Reserve Net
Nat'l
Net
Capital. Profits. Dis­
CLEARING
with Demand Time Bank
counts, Cash
NON-MEMBERS
Legal
De­
in
De­ C ircu ­
N at.bks.Septl5 Invest­
posits. posits. la tio n .
Week e n d in g StatebksJune30 ments, Vault. Deposi­
tories.
Sept. 30 1922. Tr. cos. June 30 &c.
Average Average Average Average Average Average
Members of
3
S
$
$
$
$
$
$
Fed’l Res. B ank.
7,894
195 1,197
353
196
Battery Park N a t. 1,500 1.219 10,464
24
1,392 8,836
499
500 1,245 11,157
W R G ra c e* Co. T otaL .................

2,000

2,465 21,621

219

1,696

N ot Me mbers of Fed. Res’ve Bank.
S ta te B anks
303
697
315 4,988
200
Bank of Wash. Hta
800 1,715 17,439 2,299 1,322
Colonial Bank----2,996 1,625
Total................... 1,000 2,030 22,427
Bank.
T ru st Companies Not Me mbers of Fed. Rcs’ve
102
422
606 8,952
200
Mech.Tr..Bayonne
102
422
606 8,952
200
Total...................
Grand aggregate. . 3,200 5,102 53,000
Comparison with p revlous week. . +564
Gr’d aggr. Sept. 23 3.200 5.072 52,436
Gr’d aggr. Sept. 16 3.200 5.072 51,923
G r'd aggr. Sept. 9 3.200 5.072 51,196
Gr’d aggr. Sept. 2 3.200 1 5,072 51.041

9,286

9,189

5.057
18,466

552

23,523
3,410

5,373

3,410

5,373

3,423 a36,219 15,114
+ 287 + 141
—52

196
—2

3,441
3,492
3,309
3,293

3,475
3,514
3,524
3,414

198
1 '9
200
199

14,973
14,821
14,724
14,449




27.086.000
59.318.000

2,596,007
690,325,535
11,171,664

18.961.000
629,765,000
11.026.000

704,093,207 659,752,000
604,480.982 642,293,000
9,842,200
29,284,000
94 987,354 111,208,000
o, 142,623
24,265,000

80.2%
14,849,975

83.7%
10,084,569

80.0%
12,122,305

....

3,637
+ 196

a35,<J32
a35,69i
a34,801
a35,187

27,772,350
60,197,127

Total UablUUes....................................... 1,525,114,982 1,506,515,844 1,553,206,000
Ratio of total reserves to deposit and
F R . note liabilities oomblned-------Contingent liability on bills purchased
for foreign correspondents...................

552

« d * » M U h 8829,000.
Excess reserve, $103,190 increase.

196

Liabilities—
. 27,805,200
Capital paid In---------------------60,197,127
Surplus-------------------------------Deposits:
4,943,517
G overnm ent--------- . . . . . ----. . 702,210,582
Member banks—Reserve account----10,222,746
AU other.....................................
Total deposits
............................... 717,376,846
F R notesinactual circulation............... 610,762,529
f 'R bank notes In clrcul'n—net liability
9,647,200
D e fe rre d avaHablllty Items.......................
^,231,236
AU other llabUltles.....................................
5,094,843

C U R R E N T N O T IC E S .
__Walter Dreyfus and F. Vernon Foster, both members of the New
York Stock Exchange, have formed a co-partnership to carry on a floor com­
mission business under the firm name of Dreyfus & Foster, with offices
at 5 Nassau Street.
—Announcement is made that Major M. N . Blakemoro has been elected
Vice-President of Moody’s Investors Service, and i addition to his duties
as managing editor he will be in chargo of sales.

Oct.

1609

THE CHRONICLE

7 1922.]

WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon,, Oot.,6,.and showing ^he^condRion
of the twelve Reserve Banks at the close of business the previous day. In the first table wo present the results for the system
aa a whole in comparison with the figures for the seven preceding weeks and with those of the
The second table shows the resources and liabilities separately for each of the twelve banks. Phe 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. T h e R e serve B o a r d s c o m m e n t u p o n th e r e tu r n f o r M e la te s t
w e e k a p p e a r s o n p a g e 1576 b e i n g th e f i r s t ite m i n o u r d e p a r tm e n t o f C u r r e n t E v e n ts a n d D i s c u s s io n s .
C o m b in e d R e s o u r c e s

and

L ia b il it ie s

le t.
R ESO U RCES.

Gold and gold certificates........ .......... - ­
Gold settlement, F. R. Board.................

4 1922

• c p t.

S
270.158.000
588.241.000

F ederal R

of th e

27 1922.

le p t.

S
272,000,000
592,494,000

20 1922.

eserve

le p t.

13 1922.

t
$
275.307.000 281.408.000
536.176.000 525.340.000

811,483,000
Total gold held by bants..................... 838,399,000 864,494,000 2,202,25.8,000
Gold with Federal Reserve agents------- >,194,932,000 ,160,522.000
51,927,000 48,127,000
55,949,000
Total gold reserves_______________ 5,0S9,280,000 t,076,943,000' 1,031,868,000
Legal tender notes, silver, &c...... ........... 123,725,000 126,184,000 128,002,000
1,213,005,000 1,203,127,000 1,189,870,000
Bills discounted:
139.102.000 133.021.000
Secured by U. S. Govt, obligations— 156.318.000 281.078.000
290.586.000
All other_______________________ 277.878.000
220.267.000
Billalbought In open market-------------- 235.458.000 238.116.000
644.174.000
658.296.000
Total bills on hand............................. 669.654.000 229.158.000 213.555.000
253.042.000
U. S. certificates of Indebtedness:
48,000,000 50,500,000 52,000,000
One-year certificates (Pittman Act)-182,299,000 171,788,000 173,399,000
16,000
15,000
15,000

B

a n k s at t h e

S e p t.

C l o se

6 1922. 4 v o . 30 1922.

$
285.316.000
530.135.000

S
293.751.000
534.420.000

of

B

u s in e s s

Oct14_1922-----

23 1922. 4u g . 16 1922. Jet. 5 1921.
S
S
$
300.470.000 306.286.000 448.472.000
520.556.000 474.662.000 415.175.000

4 up.

807.748,000 815,451,000 828,171,000 821,026,000 780.948,000 863.647.000
!,219,162,000 2,206,468,000 2,197,658,000 2,197,316,000 2,238,893,000 1,756,582,000
46,593,000 112.370.000
40,324,000 38,914,000 37,585,000 43,420,000
1,067,234.000 3.060,833.000 3,063,414,000 ),061,762,000 3,066.434,000 1,732,599,000
130,204,000 125,854,000 132,474.000 130,902,000 131,424,000 150,343,000
1,197,438,000 3,186,687,000 3,195,888,000 3,192,664,000 3,197,858,000 2,882,942,000
123.960.000
263.213.000
204.663.000

130.447.000
274.636.000
188.365.000

591.836.000
198.835.000

593.448.000
207.514.000

55,000,000
243.045,000
18,000

56,500,000
244,178,000
21,000

133.651.000 125.738.000
270.717.000 264.189.000
171.706.000 166.488.000
576.074.000 556.415.000
193.750.000 198.418.000
63,000,000 66.000,000
241,220,000 222,342,000
21,000
21.000
1,074,065,000 1,041,196,000
43.456.000 43.344.000
6,572,000
6,567,000
510,807.000 530.240,000
17.410.000
17.841.000

125.440.000
257.045.000
149.600.000

495.866.000
902.255.000
42,070,000

532.085.000 1,440,191,000
35,433,000
202.973.000
67,500,000 167,375,000
19,054,000
218,144,000
9,000
1,020,711,000 1,662,053,000
29.501.000
43.296.000
8,842,000
6,640,000
593,930,000 558,105,000
15.906.000
16.666.000

1,109,757,000 1,083,174,000 1,088,734.000 1,101,661,000
Total earning assets______________ 1,153,010,000
43.636.000
44.392.000
43.808.000
44.473.000
44.522.000
Bank premises____________________
4,698,000
4,742,000
4,483,000
3,917,000
3,852,000
6% redemp. fund agst. F. R. bauk notes 631,701,000
669,563,000 661,605.000 576,078.000
593,911.000
Uncollected Items_________________
18.193.000
18.520.000
14.194.000
15.076.000
14.604.000
5,005,676,000 5.014.847,000 4,930.953,000 4.848,624,000 4,831,426,000 4,879,101,000 5,157,349,000
Total resources_________________ 5,060,694,000 4,970,261,000
LIAB ILITIES.
106.041.000 105.983.000 103.046.000
106,220,000 106.172.000 106.177.000 106.070.000 106.085.000 106,086,000 215.398.000
Capital paid in________ __________
215.398.000 213.824.000
215.398.000 215.398.000 215.398.000 215,398,000
Surplus................................................... 215,398,000, 215.398.000
Reserved for Govt, franchise tax--------59.004.000
43.972.000
32.935.000
37,730,666
57.019.000]
39,294,000
51.553.000
19,945,666
14.901.000
Deposits—Government_____________
1,774.997,000 1,811,237,000 1,796,081.000 1,807,008,000 1,785,489,000 1.790,260,000 1,613,149,000
Member banks—reserve account------ 1,842,508,000 1,797,975.000
24.179.000
23.770.000
22,986,000
23.125.000 22.390.000
21.773.000] 21,572,000
20.238.000 22,213,000
1,696.332,000
1,851,851,000
1,846,965,000
1.856.797.000 1,881,686,000
1.877,697,000 1.840,133,000 1,853,789,000'l,872,103,000 2.211.889.000
2,153,181,000
F. R. notes in actual circulation— ........ 2 274,651,000 2,243,3S4,00U 2,;sis,(o*,uuu
99.602.000
58,130,000
52.793.000
53.960.000 56.953.000
46.834.000 50.222.000
44,726,0001 46,065,000
F.R.bank notes In circulation—net llab.
518,334,000 495,471,000 541,633,000 534,674.000 465,764,000 415,762,000 432.286.000 488,613,000 488,741,000
73.491.000
22.223.000
22.227.000
22.551.000
23.081.000
22.765.000
23.638,000
23,668,000
5,060,694,000 4,970,261,000 5,005,676,000 5,014,847,000 4,930,953,000 4,848,624,000 4,831.426,000 4,879,101.000 5,157,349,000
Ratio of goid reserves to deposit and
65.4%
76.6%
76.9%
75.2%
75.2%
75.1%
75.9%
75.3%
74.4%
Ratio of total reserves to deposit and
69.0%
79.8%
80.2%
78.3%
78.3%
78.3%
79.2%
78.4%
77.4%
F. R. note liabilities combined---------

$
S
5
5
S
S
S
S
S
22.847 000
36,063,000
56.155.000 55.118.000
45.053.000 43,565,000
53.112.000
55,875,000
53,255,000
813,342,000
181,367.000
190,786,000
195,219,000
200,952,000
206,038,000
230,408.000
225.972,000
243,163,000
1,470,000
38.721.000 39.928.000
11.069.000
11.712.000
9,034,000
1-15 days U. 8. oertlf. of Indebtedness. | 23,550,000
3,000
1,000
1-15 days municipal warrants - ............
6,229,000
25.201.000
23.083.000
38.938.000
34.463.000
33.228.000
42.809.000
53,496,666
47.950.000
16-30 days bills bought In open market.
47.642.000 49.268.000 55.179.000 44.391.000 39.177.000 42.787.000 161,863,000
51.960.000
52.493.000
16-30 days bills discounted__________
12,500,000
8,336,000
7,624,000 32.559.000 1 39,018.000 36.169.000
19.662.000
22.552.000
4.250,000
16-30 days U. S. certlf. of Indebtedness.
2,000
3,000
9,000
6,000
3,000
7,271,000
63.931.000 61.105.000
53.998.000 50.942.000 46.462.000
64.058.000 60.514,666 64.992,665
31-60 days bills bought In open market.
235,802,000
70.655.000
79.993.000
77.490.000
78.259.000
81,042,000
81.740.000
76,305,000
73.414.000
11,006,000
14.624.000
39.432.000
35.604.000
8,890,000
38.380.000
34.287.000
2,631,000
1,298,000
31-60 days U. S. certlf. of Indebtedness.
4,000
3,000
3,000
3.000
31-60 days municipal warrants_______
5,652,000
38.298.000
34.756.000
49.439.000
36.022.000 42.925.000 39.178.000
53.087.000 53.524.000
31-90 days bills bought In open market.
154,862,000
52.232.000
56.242.000
43.476.000
45.372.000
42.579.000
50.962.000
47.102.000
47.193.000
18,850,000
8,084,000 34.284.000
3,398,000
1,498,000
63.787.000
10.420.000
6S.932.000
62,045,000
61-90 days U. S. certlf. of Indebtedness.
3,000
3,000
3.00C
61-90 days municipal warrants..........—
71,000
4,814,000
3,855,000
7,341,000
9,915,666
2,923.000
3,405,000
14.707.000
17,10S,090
Over 90 days bills bought in open market
32,252,000
31,434,000
27,739,000
21,720.000
23,028,000
19,443,000
26,323,000
18.841.000
17,953,000
124,944,000
198,167,000
200,338,000
211,986,000
121,348,000
213,248,000
215.845,000
Over 90 days certlr. of Indebtedness___ 139,156,000 119,139,000
12,000 _______ ________
12,000
12,000
12,000
12,000
12,000
12.00C
Over 90 days municipal warrants_____
D is tr ib u tio n b y M a tu r itie s —
1-16 days bill bought In open market.

F e d e ra l R eserve N o te s —
Outstanding______________________ 2,682,940,000 2,653.544,000
408,2S9.00fl 410,160,000
Held by banks.. _________________
2,274,Ool.OOO 2,243,384,000
Amount chargeable to Fed. Res. Agen 3,481,292,000 3,466,306,000
798,352,000 812,822,000
In hands of Federal Reserve Agent---2,653,544,000
2,682,940,000
Issued to Federal Reserve banks___

2,636,112,000 2,652,313,000 2,639,293,000 2,603,919,000 2,601,281,000 2,590.069,000 2,795,943,000
417,348,000 438,698,000 427,404.000 450.738.00C 454,607,000 447,766,000 313,630,000
2,218,764,000 2,213,615,000 2,211,8S9,00C12.153,181,000 2,146,674,000 2.142,303,000 2,482,313,000
3,472,244,000 3,444,730.000 3,388,980,000' 3,379,246,00C 3,379,538,000 3,373,411,000 3,633,702,000
836,132,000 792,417,000 749,687,000| 775.327.00C 778,257,00C 783,342,000 837,759,000
2,636,112,000 2,652,313.000 2,639,293,00C 2,603,919,000 2,601,281,000 2.590.069,000 2,795,943,000

H o w S ecu red—

416.522.000 450.163.000
416.507.000 416.508.000 416.507.000 416.508.000 416,522,00C 416,522,000 416,522,00C
By gold and gold certificates.... ..........
432,825,000) 406,261,000 403.965.000 351.176.000 1.039.361.000
488.098.000 493.022.000 433.854.000 433.151.000
126.505.000
ilAJU IZZ,US3iUUl 128.675.000 130.531.000 120.199.000
125,188,000 133,652,000 132.017.000 1,676,149,000
Gold redemption fund_____________
1,665,292,000 1,659,048,000 1,652,119,000 1.691,840.000 1.186.220.000
With Federal Reserve Board--..........- 1,653,237,000 1,610,362,000 1,653,134,000
Total.................................................. 2,682,940,000 |2.653,544,000 2,636,112,000 2,652,313.000 2,639,293,000 2,603.919,000 2,601,281,000 2,590,069,000 2,795,943,000
Eligible paper delivered to F. R. Agent 654,235,000"1 643,693,000 630,172.000 5S0,211.000l 578,210,000 503,226.000 545,245,000 512,927,000 1,403,142,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 4 1933
T w o c ip h e rs

(00)

o m itte d .

B o s to n .

S
R ESO U RCES.
Gold and gold certificates______ 15.890.0
Gold settlement fund—F. R. B'd 38.350.0
Total gold held by banks____ 54 240.0
Gold with F. R. agents_______
Gold redemption fund............... - 9]474,0
Legal tender notes, silver, <tc___

240,240,0
1L270]0

Total reserves_______ _____ 257,510,0
Bills discounted: Secured by
9,379,0
16,778,0
Bills bought In open market____ 17,924,0
Total bills on hand_________ 44,081,0
U. S. bonds and notes________ 11,289,0
U. 8. certificates of Indebtedness
One-year ctls. (Pittman Act). 2,750,0
16,709,0
Municipal warrants__________
Total earning assets.-_______




N e w Y o rk .

P h lla .

C le v e la n d R ic h m o n d

$
S
S
$
155,687,0 6,082,0 13.758.0 3,927,0
97,931,0 40,951,0 62.121.0 35,279,0
253,618,0 47,033,0 75,879,0 39,206,0
771,617,0 158,833,0 176.490,0 63,038,0
51488,0 10,728,0 3,899,0 3,441,0
1,030,723,0 216,594,0 256,268,0 105,685,0
34,540,0 15,935,0 9,258,0 6,762,0
1,065,263,0 232,529,0 265,526,0 112,447,0

A tla n ta .

C h ic a g o .

S t. L o u is . M ln n e a p . K a n .C tty .

$
S
S
5,458,0 25,£59,0 3,804,0
31,616,0 122,969,0 22,606,0
37,074,0 148,528,0 26,410,0
93,609,0 386,797,0 62,666,0
1,124,0 11,549,0 2,107,0
131,807,0 546,874,0 91,183,0
6,239,0 19,565,0 5,712,0
138,046,0 566,439,0 96,895,0

14,034,0 4,305,0 25,216,0 7,498,0
36,529,0 27,247,0 14,694,0 28,742,0
32,800,0 41,399,0 19,158,0
21,248,0 10,339,0 11,697,0
784,0 5,269,0 17,151,0 10,544,0
81,376,0 21,188,0 37.091,0
139,153,0 58,774,0 63,482,0 43,560,0 42,374,0 83,766,0 37,200,0
151,0 10,394,0 18,761,0
77,535,0 24,617,0 27,895,0 1,241,0
11,500,0 3,000,0 3,000,0 3,460,0 2,999,0 6,667.0 3,571,0
2,031,0 18,504,0 4,446,0
73,657,0 6,763,0 29,065,0

74,829,0 301,845.0 93,154.0 123,442.0 48,261.0 47.555.0 119.331.0 63,978,0

D a lla s .

S an F ran .

8
$
S
7,473,0 2,758,0 9,575,0 20.187.0
25,308,0 33,587,0 21,849,0 35.674.0

T o ta l.
$

270.158.0
568.241.0

32,781,0 36,345,0 31,424,0 55,861,0 838,399,0
36,391,0 53,812,0 26,022,0 183.131,0 2,194,932,0
1,383,0 1,836,0 1,063,0 3,857,0
55,949,0
70,555,0 91,993,0 53,509,0 242,849,0 3,089,280,0
978,0 3,479,0 6,183,0 3,804,0 123,725,0
71,533,0 95,472,0 64,692,0 246,653,0 3,213,005,0
1,961,0 2,189,0 1,613,0 11,653,0 156,318,0
22,570,0 20,028,0 24,222,0 28,897,0 277,878,0
101,0 6,303,0 37,727,0 235,458,0
..........
24,531,0 22,318,0 32,138,0 78,277,0 669,654,0
13,124,0 27,537,0 2,816,0 37,682,0 253,042 ]0
3,000,0 3,321,0 1,900,0 2,832,0
48,000,0
2.8S6.0 13,011,0 3,765,0 11,462,0 182,299,0
15,0
15,0
43.556,0 66,187,0 40,619,0 130,253.0'1.153.010.0

[VOL. 113

THE CHRONICLE

1610
RESOURCES (Concluded)—
Tiro ciphers (00) omitted.

Boston.

Cleveland Richmond Atlanta.

Phlla.

Mew YorX.

S
603,0

$
9,646,0

S
5,251,0

Bank premises...............- - - - - - - ­
3% redemption fund against fe d ­
250.0
239,0
574,0
422.0
eral Reserve bank notes-------56,291,0
Uncollected items........................... 60,970,0 145,639,0 54,036,0
534.0 1,178,0
2,143,0
494.0
All other resources-----------------Total resources........................... 399,476,0 1,525,115,0 331,156,0 453,107,0
LIA B IL IT IE S .
27.805.0 9,194,0 11.689.0
Capital paid In----------------------- 8,090,0
60.197.0 17,945,0 22.509.0
Surplus--------------------------------- 16,483,0
823.0 1.889.0
4,944,0
79.0
Deposits: Government-------------Member bank—reserve acc t . . 126,842,0 702,210,0 115,432,0 146,180,0
654.0 1.190.0
10,223,0
635,0
All other___________ ______
Total deposits............................. 127.556.0
F. R . notes In actual circulation. 196.347.0
F. R . bank notes In circulation..
2,100,0
net liability............................ ..
Deferred liability Items................. 47,335,0
1,565,0
All other liabilities........................

717.377.0
610.763.0
9.647.0
94,231.0
5.095.0

S
2,571,0

S
6,431,0

C h ic a g o .

Si. Louis. M inneap. Kan.City. Dallas. San Fran.

5

$

1,766,0

7,703,0

s
.
951,0

s
5,060,0

S
961,0

$
1,486,0

%

2,093,0

Total.
S
44,522,0

94,0
146,0
400.0
3.852,0
223.0
198,0
665.0
468.0
173.0
53,594,0 23,632,0 75,815,0 38,560,0 16,390,0 42,639,0 26,741,0 37,344,0 631,701,0
1,908,0
4,744,0
1,316,0
642.0
14,604,0
505.0
406.0
145.0
523.0
217,569,0 211,612,0 770,419,0 201,113,0 133,954,0 210,400,0 138,199,0 420,574,0 5,060,694,0

5,623,0 4.343.0 14.745.0 4.787.0 3.562.0 4.567.0 4.199.0 7,616,0 106,220,0
11,030,0 9.114.0 29.025.0 9.388.0 7.468.0 9.646.0 7.394.0 15,199,0 215,398,0
703.0 1,018,0
30,0
58,028,0 52,354,0 268,632,0 62,276,0 47,542,0 81,314,0 50,457,0 130,541,0 1,842,508,0
558,0
229,0 3,901,0
749,0
290,0
20,288,0
302.0 1,314,0
243,0
136.154.0 1.877.697.0
116.909.0 149.259.0 58.901.0 53,359,0 270.964.0 64.199.0 48.643.0 82.653.0 51.723.0
186.928.0 215.999.0 90.506.0 121.500,0 385.445.0 80.272.0 55.204.0 65.573.0 43.092.0 223.019.0 2.274.651.0
6.217.0 2.387.0 1.545.0
44.726.0
2.458.0 2.931.0 2.733.0 2.779.0 6.113.0 3,431,0 2.335.0 40,545,0
25,743,0 34,724,0 518,334,0
46,060,0 48,630,0 47,592,0 19,301,0 60,785,0 38,115,0 15,267,0
23.668.0
921,0 1.425.0 1.199.0 1.661.0 2.317.0
1.662.0 2.084.0 1.184.0 1.216.0 3.339.0

770,419,0 201,113,0 133,954,0 210,400,0 138,199,0 420,574,0 5,060,694,0
Total liabilities.......................... 399,476,0 1,525,115,0 381,156,0 453,107,0 217,569,0 211,612,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com­
68.2
68.7
64.4
77.4
68.9
67.1
86.3
78.9
75.3
76.5
72.7
80.2
79.5
bined, per c e n t ......................
Contingent liability on bills por­
703.0 1,244,0
1,298.0
31,966,0
730.0
1,271,0
3,218,0
973,0
1,325,0
2.217,0
2,163,0
14,850,0
ch asedforforeleneoiTPSpondt^' 1,974,0
S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S IN E S S O C T O B E R 4 1922.

Cleve. Rlchm’d Atlanta Chicago. St.Louis M inn.
S
S
S
$
$
S
S
82,720 25,360 101)30
347,410 40.820 32,340 23,650 68,134
58,272
99,641
425,932
126,894
93,207
845,157 206,181 232.167
11,610 13,052
2,400
13,275
363,184
16,152 2,756 3,339
37,433 "9,944 13,215 2,243 4,709
20,000
371,000 148,889 150,000 60,795 86,500 370,645 48,300
36,975 21,881
39,135
33,285
35,169
55,677
47,348
73,540
225 1,703
44,629
58,449 8,159 8,648 7,846 8,916

Boston. Mew York Phlla.

Federal Reserve Agent at—
Resources—
(.In Thousands of Dollars)
Federal Reserve notes on hand-------------------------------Federal Reserve notes outstanding.............- ---------------Collateral security for Federal Reserve notes outstanding
Gold and gold certificates-----------------------------------Gold redemption fund---------------------------------------Gold fund—Federal Reserve Board...............................
Eligible paper/Amount required.............— .................
1Excess amount held________________

8
79,200
210,§13
5,300
14,226
163,000
28,287
15,794

516,620 2,056,173 459,341 503,322 230,910
Liabilities—
Net amount of Federal Reserve notes received from
124,857
Comptroller of the Currency-------- ------------------------ 290,013 1,192,567 247,001 264,507
158,833 176,490 03,038
Collateral received from/Gold............ - .............................. 182,526 771,617
44.031 131,989 53,507 62,325 43,015
516,620 2,096,173 459,341 503,322 230,910

K.Clty. Dallas. San Ft .

Total.

?
S
S
S
13,650 15,128 56,910 798,352
74,598 46,413 258,665 2,682,940
7,686
416,507
3,452 3,336 14,383 125,188
50,360 15,000 168,748 1,653,237
20,786 20,391 75,534 488,008
1,528 11,588 2,742 166,227

330,838

979,213 224,867 128,277 164,374 119,542 576,982 6,330,459

195,028
93,609
42,201

508,652 125,001 68,302 88,218 61.541 315,575 3,481,292
388,797 62,663 36,391 53,812 26,022 183,131 2,194,932
83,764 37,200 23,584 22,314 31,979 78,276 654,235
979,213 224,867 128,277 164,374 119,542 576,982 6,330,459

330,838
46.413 258,665 2,082,940
845,157 206,181 232,167 98,207 126,894! 425.932 99,641 58,272 74,598
234,394 19,253 16,168 7,701 5,394| 40,484 19,369 3,068 9,025 3,321 35,646 408,289
610,763 186,928 215,999 90,506 121,500 385,448 80,272 55,204 65,573 43,092 223,019 2,274,651

Federal Reserve notes outstanding------ --------------------- 210,813
Federal Reserve notes held by banks------------------------ 14,466
Federal Reserve notes In actual circulation----------- 196 347

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 790 member banks, from which weekly returns tire obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items iu the statement were given in the statement of Deo. 14
1917, published in the “ Chronicle” Dec. 29 1917, page 2523. T h e c o m m e n t o f th e R e se rv e B o a r d u p o n th e f i g u r e s f o r th e la te s t
v c e k a p p e a r i n o u r D e p a r tm e n t o f “ C u r r e n t E v e n ts a n d D i s c u s s i o n s ” o n p a g e 1576.
1. D a t a f o r a ll r e p o r t i n g m e m b e r b a n k s In e a c h F e d e r a l R e s e rv e D i s t r i c t a t c lo s e o f b u s in e s s S e p t e m b e r 27 1922.

Federal Reserve District.

Boston. New York Philadel. Cleveland .Richm ’d
105

56

84

79

S
S
84,551
13,408
222,301 1,655,884
574,218 2,224,811

$
16,251
216,012
321,668

$
29,510
350,462
647,072

s'
9,632
115,499
306,098

809,927 3,965,246
94,792 563,532
11,039
1,759
24,015 389,539
58,808
6,355
172,788 773,955

583,931 1,027,074
58,730 163,428
3,025
1,672
26,380
37,512
9,394
7,310
184,097 281,294

431,229
59,187
184
4,154
3,975
56,034

370,506 1,573,982
29,027 131,287
4,109
b28
71,461
3,048
.35,989
7,935
33,117 405,148

419,859
37,589
4,601
7,224
9,315
84,878

243,783
24,606

431,210
58,257

254,071
34,792

9,878
6,145
26,986

10310
62,140

7,452

865,557 1,518,290
69,178 107,610
15,267
28,695
695,195 875,701
56,194 503,405
10,208
14,168

554,763
35,267
13,131
326,791
145,266
4,512

444,261 2,224,974
29,006 189,656
51,911
9,424
260,425 1,437,964
153,920 700,355
4,621
17,983

563,466
35,104
7,250
323,167
172,033
6,415

311,686
21,612
6,052
198,286
•80,803
5,254

578,586
46,683
12,117

2,130

43
Loans and discounts, including bills
rediscounted with F. R. Bank:
Secured by U. S. Govt, obligations
Secured by stocks and bonds-----All other loans and discounts-----Total loans and discounts------

u! s’. Certificates of Indebtedness.Other bonds, stocks and securities..

Total loans & dlsc’ts & investm’ts,
incl. bills redisc’d with F.R . Bk. 1,109,666 5,760,119
85.219 626,948
Reserve balance with F. R. Bank—
88,124
18,522
808,608 4,847,523
246,742 779,049
51,181
11,909
Bills payable with F. R. Bank:
15,294
2,411
Secured by U. S. Govt, obligations
Bills rediscounted with F . R . Bank:
Secured by U. S. Govt, obligations
All other............................ ..............

T h r e e c i p h e r s (000) o m i t t e d .

Total.
Atlanta. Chicago. St. Louis. Mlnneap. Kan. CUy Dallas. San Fran.
52
79
68
33
37
790
109
40
S
S
S
S
S
S
$
16,562
10,322
4,273
8,344
15,227
261,442
46,280
7,052
40,539 142,743 3,589,810
39,243
72,126
58,407 519,930 126,681
305,017 1,007,772 277,988 196,190 348,762 209,259 717,404 7,136,275

54
13,082

474
17,694

9,405

10,027
145

5,468
500

595

8,150

3,738

88

105
6,855

81
6,684

106!
8,434|

51
7,531

77
9,216

502
6,225

3,217

1

117,821
u,u43

48
5,418

876,709 10,987,527
122,776 1,381,003
21,061
617,943
23,794
184,127
159,323 2,247,210

312,008 1,210,267 15,453 ,643
88,159 1,358,358
23,916
10,451
20,405
281,349
6.39,987 11,085,421
3,57.3,401
146,493
880
5,555
63,741
168
813

6

4,861

405
3,485

1,910
92,682

2. D a t a o f r e p o r t i n g m e m b e r b a n k s I n F e d e r a l R e s e r v e B a n k a n d b r a n c h c i t i e s a n d a ll o t h e r r e p o r t i n g b a n k s .
New York City.
Three ciphers (000) omitted.

City of Chicago.

Total.
All F. R. Bank Cities. F. R. Branch Cities. A ll Other Report.Bks.
Sept. 20. Sept. 27. Sept. 20. Sept. 27. Sept. 20. Sept. 27’22 Sept. 20'22 Sept. 28’21

Sept. 27. Sept. 20. Sept. 27. Sept. 20. Sept. 27.

314
314
790
790
209
209
809
267
S
$
$
S
S
S
S
S
S
261,442
266,199
40,968
41,271
47,301
48,100
576,626
177,627
172,374
31,285
386,874 2,650,764 2,619,038 491,517 490,121 447,529 446,441 3,589,810 3,555,600 2,996,667
7,136,275
7,117,434
1,297,033
1,294,486
1,397,240
1,406,940
4,425,708
7,999.600
627,196 4,432,302
1,782,198 10,987,527 10,939,233 11,572,893
3,496,074 3,500,811 1,063,343 1,045,355 7,255,440 7,222,373 1,946,557 1,934,662 1,785,530
877,894
800,803 313,015 307,594 273,025 273,298 1,381,003 1,381,695
794,963
59,471
02,412
491,804 497,231
4,126
35,833
39,553
4,531
7,551
8,110
166,064
27,471
23,597
3,616
15,070
3,956
9,908
617,943
630,304
48,116
71,231
46,501
71,335
149,320
510,957
50,089
500,107
382,972
50,100
373,259
184,127 211,902
19,547
23,185
54,468
49,836
134,249
169,296
114,744
19,198 20,372
60,023
50,540
581,862 567,433 171,682 177,477 1,212,588 1,199,526 620,713 621,368 413,909 415,960 2,247,210 2,236,854 2,021,789

64
50
64
Loans and discounts, lncl. bills redis­
S
$
S
counted with F. R. Bank:
37,124
77,728
Loans sec. by U. S. Govt, obllg’ns 73,826 1,479,008
Loans secured by stocks & bonds. 1,479,554 1,944,075 394,786
631,433
All other loans and discounts----- 1,942,694

50

267

Total loans and discounts-------U. S. bonds--------- -------------------U. S. Victory n o tes...........................
U. S. Treasury notes.........................
U. rf. certificates of Indebtedness..
Other bonds, stocks and securities..
Total loans &. diac’ts & lnvent'ts,
1,359,672 9,901,439 9,895,379 3,009,560 2,996,874 2,542,638 2,547,288 15,453,643 15,439,541 14,957.256
lncl.billsredlsc’ted with F. R. Bk. 5,003,447 5,023,540 1,367.399
956,645 217,798 221,472 158,654 160,783 1,358,358 1,338,900 1,241,664
133,390 141,220 981,906
Reserve balance with F. R. B an k .. 580,573 544,822
73,468
78,242
281,349
56,615
55.8S0
283,128
149,005
304,912
29.646
151,266
28,791
73,838
74,377
Cash In vault___________________
7,679,016 1,771,390 1,778,952 1,609,835 1,602,797 11,085,421 11,060,765 9,865,599
990,053
7,704,196
4,347,413
983,158
4,357,471
N et demand deposits------ ----------766,307
762,394
1,048,754
1,046,360
3,573,401
3,575,296
1,766,442
2,295,188
328,505
330,693
1,758,340
Time deposits___________________ 551,949 557,65S
27,048
12,860
14,227
26,946
146,493
107,714
148,449
11,385
547,173
106,687
46.406
11,419
46,606
Bills payable with F. R. Bank:
21,294
10,960
24,481
12,370
63,741
28,378
62,042
223,609
2,410
28,300
2,464
6,455
10,030
Sec’d by U. S. Govt, obligations..
645
168
170
145
813
315
1,078
Bills rediscounted with F. R. Bank:
305
752
130
418
94
1,910
817
1,028
228
56,255
474
Sec'd by U. S. Govt, obligations..
20,727
21,265
21,666
60,845
92,682
19,064
6,090
100,636 594,329
49,751
19,281
7,114
13,277
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
1.3
1.4
1.6
0.9
0.6
l.o
0.6
0.8
1.2
1.1
0.7
0.5
5.9
and Investments, per c e n t---------




O ct . 7 1922.]

THE CHRONICLE

_ _ _ _ _ jB c O i iu e r s ; <i>a ? c t t > _ _ _ _ _ _
6 1922.
Railroad and Miscellaneous Stocks. —If there were
doubts as to the cause of last week’s decline in security values
they m ust have gradually disappeared as day by day this week
the m arket steadily recovered not only all of last week’s
losses, b u t in m any cases substantially more. A t the same
time there has been a corresponding increase in the volume
of business. On M onday 660,000 shares were traded in
on the Exchange and by Thursday this had increased to
1,340,000. A similar change took place in the bond depart­
m ent where on Thursday the transactions aggregated $12,­
265,000 as against $8,575,000 on M onday. More signifi­
cant than the above, perhaps, as illustrating the changed
European situation has been the advance in foreign exchange
in this m arket. Sterling bills sold on Thurdsay a t $4 42%
against $4 36% last week.
This rapid recovery is a perfectly natural response to re­
cent favorable development in the domestic situation,
including a quietus on the much-talked-about bonus bills,
and the coal and railway strikes, the really magnificent
crop prospects, the rapidly increasing steel production and
railway traffic. Reports of car loadings show th a t they
are now larger in num ber than a t any time since Oct. 1920
and th a t nearly 100,000 more were loaded during the week
ending Sept. 3d than in the corresponding week last year.
M oreover, of this excess nearly one-half, or to bo exact,
45,000 were loaded w ith general merchandise.
There seems to be nothing in sight, therefore, likely to
cast a shadow over the prospect for decidedly active, healthy
business conditions during the remainder of the year.
The following are sales made a t the Stock Exchange this
week of shares not represented in our detailed list on the
pages Avhich follow:
W a l l S tr e e t, F r i d a y N i g h t , O ct.

STOCKS.
W e e k e n d i n g O c t.

6.

S a le s
fo r
W eek

Range fo r

Tl'Cc*.
H ig h e st.

R a n g e sin c e J a n .
L o w e s t.

|

1.

H ig h e st.

R ailroads—
Par S h a r e s 8 p e r s h a r e
S per share S p e r s h a r e S p e r s h a r e
Canada Southern___ 100
550 53 % Oct 4 53% Sept 30 50
Jan 72 Sept
Ches & Ohio, pref.-.lOO 10,200 104% Sept 30105% Oct 3 104% Sept 105% Oct
Ches & Ohio rights
Sept 30 1 Oct
% Oct 1
Oct
27,450
C S tP M & O , pref. .1 0 0
83
Feb 107 Sept
100 10G Oct 2 100 Oct
Colo & South 2 d pref. 100
59 Oct C 59 Oct
49
Jan 59% Sept
Illinois Central pref
104% Jan 115% Oct
L500 113% Sept 30 115% Oct
Leased line stock. .100
71
Jan 76% Sept
00 70 Sept 30 76% Oct
Interboro Hap Tran (w 1) 2,800 28% Oct 3 29% Oct
22% July 31% Aug
In t & Gt No lty(wD.100
22% June 26% June
300 23% Oct 5 24% Oct
Knoxville & Ohio______
77% Oct 6 79% Oct
77% Oct 79% Oct
M anRyEqTrCoofN Y cd 1,900 51% Sept 30 53% Oct
44
July 55% Aug
Michigan Central__ 100
6:245 Oct 2 245 Oct
Feb 245
120
Oct
M St l’ & S S M pref-100 300' 87% Oct 3 89 Oct
70 June 94% Sept
Morris & Essex_____ 50
25' 79% Oct 2 79 % Oct
76% Feb 79 BOct
Jan 100% Aug
100 M l Oct 3 101 Oct
N Y C h & S tL ls tp f .1 0 0
N Y L & W _____ _____
Oct 100
4 7 TOO
Oct 2 100 Oct
100
Oct
Tol St L & W Series B__ 1.800 70 Oct 4 74 Oct
14
Jan 74
Oct
Preferred Series B ___ 1.800 57 Sept 30 61 Oct
22% Jan 61% Oct
In d u stria l & Miscell’s
70% Feb 79% Oct
Am Metal temp ctfs__ * 2,300 47% Oct
44
48% Oct
Sept 52% Sept
Am Metal tem ctf pf.100 2 0 0 M9% Oct 5 110% Oct
Aug 113% Sept
107
Jan 80
61
Amer Sugar 1st pref. 100
55! 77% Oct 3 77 % Oct
Aug
Feb 70
64% Oct
54
Am Teleg & C able.. 100 200 03% Oct
Mar
2 % Aug
Am Tel & Tel rights___ 86,000 3% Sept 30 4% Oct
4% Oct
1 % Aug
AtlFruLCoITCo ctfofdcp. 1 ,300 1% Oct 0 2 Oct
2% July
30 July- 45% Oct
Beech-Nut Packing.. .20 20,100 40% Sept 30 45% Oct
Brown Shoe Inc, p f.. 1 0 0 ; 2 0 0 97 Sept 30 97 Sept 30 90 % Apr 98% Sept
Oct n' ‘
Casc(JI)Thresh Mach.*
100 36 Oct 2 39 Oct 6 3o
Aug
Com Solv class A.
4,770 49 Sept 30i 50 Sept 30 44% Sept 5 0
Oct
Com Solv class B .
1,100 40% Sept 30 47 Oct 2 46% Oct 7 9 ^ Apr
100
Oct
5101%
Oct
6
93%
July
1
0
2
%
Sept
Cosden & Co, prof_____
000
3
Cosden & Co rights____ 43,900 1 Sept30 1%'Oct
y* SeP* 1% Sept
3 73% Oct 3 61
Feb 80 May
Deere & Co, pref___100
100 73% Oct
Oct 4 20
Durham IIos Mills"B’’50
100 22 Oct 4 22
26 May
Emerson-Brant pref. 10 0
100 35 Sept 30 35 Sept 30 23
Febj 44% July
14 beP1! 20% Sept
18% Oct
Fairbanks Co (T h e )..25 2,900 16% Oct
102%
Oct
2
96
102%
Oct
Gen Am Tk Car 7%pf 100 200
J u u e 103 Sept
102 June 129
129 Oct 6 129 Oct
General Baking C o ...
Oct
11% Sept 12 Sept
Gen Elec special_____
‘400 11% Sept 30 11 % Oct
6 % Sept
Goldwyn Pictures___ 34,700 6 % Oct 2 8 % Oct
8 % Oct
81
Sept 103
Hartman Corp_____100 1,200 81% Sept 30 8 6 % Oct
Mar
20% Sept 23% July
Hudson Motor Car___ 9,700 20% Sept 30 21% Oct
175
Oct 175
40 175 Oct 4 175 Oct
Ingersoll Hand_______
Oct
90% Jan 106
100 1C2 Oct 6 102 Oct
Kelsey Wheel, Inc, pflOO
Mar
36
Jan 65% Oct
Loose-Wiles Biscuit____ 5.600 61% Oct 2 65% Oct
Jan 103
100 102 Sept 30 102 Sept 30 97
First preferred___ 100
Aug
Magma Copper__ n o p a r 5.600 33 Sept 30 34% Oct 5 32% Sept 35% Sept
Malllnson (H It) & Co
Oct 6 92 Oct
62% Jan 94% Sept
100
Preferred................ 100
Oct 6 114 Oct
Jan 138% Sept
101
May Dept Stores p f.. 100 100
800,108 Oct 3 141% Oct
100% Jan 141% Oct
Montana Power pref.100
13
Aug 17% Oct
13,000 14% Sept 30 17% Oct
Moon Motors___
10% Oct 11% Aug
6.300 10% Sept 30 11 Oct
Mother Lode Coal
264 June 290
22 283 Oct 3 290 Oct
N atB k of Commerce.100
Oct
200 92 % Oct 2 100 Oct
Jan 100
Nut Cloak * Suit pf.100
69
Oct
% Oct 6 1% Oct
N Y Air Brake rights----- 14,500
% Oct 4 Sept
100 54 Oct 4 54 Oct
42% Jan 06% Apr
Otis Steel pref_____ 100
Phillips Jones Corp pflOO 100 95 Oct 6 95 Oct
88% Jan 95
Oct
Prod & Ref Corp pref. 50 500 44 Oct 2 47 Oct 5 36
Marl 49
Sept
P S Corp of N J pref----- 1.300 104% Sept 30 106% Oct 3 104% S ept'108
Sept
100 90 Oct 4 90 Oct 4 55
Rem Type, series S..100
Jan 9 9
Aug
Reynolds Spring C o .. . * 300 25% Oct 5; 27 Sept 30
24% Aug 50% June
85 Oct 6 1 85 Oct 6 70 May 85
Reyuolds(RJ) Tob Co.25
Oct
Shell Un Oil, pref............ ‘900 95% Sept 30 95% Oct 2 95% Sept 96% Sept
Sinclair Cons Oil, pref.. 1.700 98 Oct 2 100 Oct 6 97% Sept 101 Sept
Standard Milling pf.100
200 94% Oct 21 95 Oct 5 84
Apr 96
Sept
Tex Pac Land Trust. 100
11 360 Oct 4360 Oct 4 315
Jan
Mar
Tidewater O IL ..........100 2.700 140 Oct 31154 Oct 6 109% Mar 420
Oct
Timken R B____ n o p a r 77,700 28% Oct 30! 32% Oct 5 28% Sept 151
Oct
32%
United Cigar Stores. 100
100 175
Oct
175 Oct 5 130
Feb
Sept
U S Tobacco_______ * 100 60 Oct 3 60 Oct 3 45% May 175
63% Sept
Preferred............... 100
10 0 1 1 2
6 112
Oct 6 110 Mar 115% Aug
Van Raalte B______ 10 0
1 0 0 19% Oct
5 19% Oct 5 19% Oct 19% Oct
V aC aroB _________
300 18% Oct 3 19% Oct 3 18% Oct 25% Aug
West Elec 7% cum pf 100 1 2 ,1 0 0 108% Sept 30 109% Oct 4 107
Aug 112 June
Woolworth (FW) pf. 100
100 125
Oct 6 125 Oct 6 117% Apr 125
Oct
* No par value.




1611

TRANSACTIONS AT TH E NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
W ee k e n d in g
O c t. 6 1922.

S lo c k s .
S h a re s.

S a tu rd a y ________
M onday.
Tuesday___
W ednesday______
Thursday 1.
F rid a y __
T o tal.. .

362,235
663,363
921,432
1,130,399
1,343,939
1,356,500

P a r V a lu e .

R a ilr o a d ,
& c ..
B on ds.

827.728.500
61.047.000
72.122.000
119.879.500
135.509.500
142.725.500

S2,771,000 SI,009,500 S2,475,300
4.809.000 1.532.500 2.232.700
5.802.000 1.568.000 3,658,500
7.670.000 2.402.500 2,194,100
7.131.000 1.973.500 2.659.700
4.094.000 3.468.000 4,085,000

S ta l e , M u n .
a n d F o r e ig n
B on ds.

V . S.
B onds.

5,777,868 8559,612,000 832,277,000 SU .954.000 S17.305.300

S a le s a t
N e w Y o r k S to c k
E xchange.

W e e k e n d i n g O c t.

1922.

6.

J a n . 1 to O c i. 6

1921.

1922.

.

1921.

Stocks—No. shares__
5,777,808
2,971,3S2
196,239,739
129,367,604
Par value_________ 8559,612,000 $196,186,117 $17,279,395,589
89,742,721,201
Bonds.
Government bonds__ 817,305.300 S67.468.150 81,298.529,765 $1,434,730,590
State, mun., &c., bonds 11.954.000
7,922,500
75,950,700
220,130.700
UR. and miso. bonds.. 32.277.000 19,792,500
790,784,000
682.268,000
Total bond3 _______ 861,536,300 $95,183,150 82,165,264.465
S2.337.129,290
DAILY TRANSACTIONS AT T H E BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Wect
O c to b e r

B o s to n
e n d in g
6 1922.

S h ares

Saturday _______
M onday__ ___
Tuesday____ . .
V ednesday . . .
Thursday___ . .
F rid a y _________

9,051
11,559
16,265
16,326
14,468
11,566

Total_________

79,175

P h ila d e lp h ia

B o n d S a le s

S h ares

814,650
30,0501
58,550
15,600
25,450
26,000
S170.300

D a i l y R e c o r d o f L i b e r t y L o a n P r ic e s

S e p t.

First Liberty Loan
(High
3%% bonds of 1932-47..(I.nw.
(First 3 %s)
(Close
T o t a l s a l e s In $1,000 u n i t s . . .
Converted 4% bonds of [High
1932-47 (First 4s)___ (Low.
(Close
T o t a l s a le s i n $1,000 u n i t s . . .
Converted 4 % % bondsfHIgh
of 1932-47 (First 4%s)(I.ow.
(Close
T o t a l s a l e s In $1,000 u n i t s
.
Second Converted 4% % (H lgh
bonds of 1932-47 (First! Low.
Second 4%s)____ ..(C lose
T o t a l s a l e s in $1,000 u n i t s . . .
Second Liberty Loan
flllgh
4% bonds of 1927-12___ (Low.
(Second 4s)................. (close
T o t a l s a le s i n $1,000 u n i t s
.
Converted 4%% bondsflligli
of 1927-42 (Second (Low.
4%s ) _____ _ ______ (Close
T o t a l s a le s In $1,000 u n i t s . .
Third Liberty Loan
(nigh
4%% bonds of 192S. ..(L ow .
(Third 4 %s)
(Close
T o t a l s a l e s i n SI,000 u n i t s
F o u rth L iberty Loan
[High
4 %% bonds of 1 933-38.. ( Low
(Fourth 4 %s)
(Close
T o ta l s a le .s i n 81,000 u n it*
Victory L iberty Loan
[High
4%% notes of 1922-23..(Low
(Victory 4%s)
(Close
T o t a l s a l e s in $1,000 units

30

B a lt i m o r e

B o n d S a le s

S h ares

B o n d S a le s

1,585
5,648
7,125
9,704
6,753
3,364

885,000
56,200
13,850
61,700
22,600
26.000

2 ,1 0 1

41,500

34,179

8265,350

8,097

S357.600

O c t.

2

O c t.

3

437
1,130
2,155
9S3
1,291

O c t.

4

O c t.

5

100.80 100.80 100.70 100.70 100.60
1 0 0 .6 6 100.70 100.62 100.52 100.48
100.60 100.70 1 0 0 .6 6 100.52 100.52
156
133
30
286
470
99.90
99.90
99.90
1
100.14 100.14 1 0 0 .1 0 100.06 1 0 0 .1 0
99.98 1 0 0 .0 0 1 0 0 .0 0 100.04 100.04
99.98 1 0 0 .0 2 100.04 100.04 100.06
154
31
141
24
59

1 0 0 .6 8
1 0 0 .6 8
1 0 0 .6 8
2

. . . .

. . . .

99.24
99.24
99.24

99.94
99.70
99.70

99.78
99.6G
99.74

656

99.90
99.80
99.84
373

5

675

— . . . .

99.80
99.72
99.78

623

99.88 99.98
99.78 99.SO
99.82 99.84
433 1,059
1 0 0 .1 0
100.04 100.04
99.94 99.94 99.96
99.94 100.04 10 0 .0 0
574
5.19
863
100.50 100.48 100.46
100.48 100.46 100.46
100.50 100.48 100.46

323

99.84
99.76
99.78
348
99.86
99.84
99.86

353

O c t. 6

100.64
100.52
100.52
433

100.30
100.04
100.04
100.60

— - 100.60
99.64 99.66
99.60 99.66
99.60 99.66
99.90
99.78
99.84

436

1 0 0 .0 0

99.76
99.76

1,008

99.94 100.06
99.84 99.80
99.90 99.80

384

574

895

1,533

100.04 100.16 100.28
1 0 0 .0 2 100.04
1 0 0 .1 0
100.04

1 0 0 .0 0
1 0 0 .0 2

472

100.46 100.42 100.42
100.42 100.42 100.40
100.44 100.42 100.40
229
279
81
74

110

N a t e .—The

bonds.

above table includes only sales of coupon
Transactions in registered bonds were:

179 ls t3 % s ...................... 100.40 to
14 1st 4%s_.................... 99.70 to
® 2d 4s_.......................... 9 9 .2 4 to
34 2d 4% s._................ 9 9 .5 8 to

100.541149 3d 4% s..................... 99.68 to 99.80
100.001 66 4th 4%s_________ 99.88 to 100.12
99.24 I 39 Victory 4% s..............100.18 to 100.40
99.741

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.

Int.
Rate.

June 15 1924__ 5 %%
Sept. 15 1924... 5 %%
Deo. 15 1922... 4 % %
M ar.15 1925..
4%%
Mar. 15 1926... 4% %

Bid.

A sk ed .

102%
102%
100%.
101
101%

102%
102%
1007^
101%
101%

Maturity.
M ar.
Juno
Dec.
Sept.

15
15
15
15

1023...
1923...
1925...
1923...

lo t.
Rate.

Bid.

4%%
3%%
4% %
3% %

100%
100
100%
100

100%
100%
100%
100l4e

Foreign Exchange.—Sterling exchange responded to the
more reassuring foreign news by an advance of about 6 cents
in the pound, on moderately active trading. The Conti­
nental exchanges were somewhat irregular, b u t also showed
an improving tendency.
1 m v 5 y s / ! ri5ay's) actual rates for sterling exchange were 4 38 11-16©
4 39% for sixty days, 4 40 3-16@4 41 Vs for cheques, and 4 40 7-16@4 41 %
Commercial on banks, sight 4 39 7-16®4 40% sixty davs
®.®438' ninety days 4 36 13-i6@4 38, and documents for paySi,CtJ daj:s) 4 38 3-ld@4 39%. Cotton for payment 4 39 7-16®
4 40%, and grain for payment 4 39 7-16©4 40%.
t -o , / ‘!.y s (Friday’s) actual rates for Paris bankers’ francs wore 7 50% @
i 53/4 for long and 7 53%@7 56% for short. Germany bankers’ marks

& k i ss t t g & a / w r ‘a-rar ww“
WfV a n d T 8 .0 3 7 r I n « ntow;“d“ 58 01 ,r“ os: 'v“ k's r“ * e 58 00
The range for foreign exchange for the week follows:
Sto-UTiff A c t u a l —
S ix ty D a y s .
C h eq u es.
C a b le s .
High for the week______________ 4 41 %
4 42%
4 42%
Low for the week______________ 4 35%
4 36%
4 37
P a r is B a n k e rs' F ra n c s—
High for the week______________ 7.57%
7.62%
7.63%
Low for the week______________ 7.50 *
7.55
7.56
G erm an y B an kers’ M a rk s—
High for the week______________
0.06%
0.06%
Low for the week_____________ I
0.04%
0.04%
A m s te r d a m B a n k e r s ' G u ild e r s —
High for the week________________38.46
38.81
38.90
Low for the week________________38.23
38.68
38.67
Dom estic Exchange.—Chicago, par. St. LouIs7"l5@25c°ner
non
Boston, par. San Francisco, par. Montreal stFsiwk1 ’
$1,090 premium. Cincinnati, par.
^
ontroal, $0.312o per

The Curb Market.— T/ie

g i v e n t h i s w e e k o n p a g e 1601 .

r e v ie w

o f th e

C u rb

M a rk et

is

16 12
H IG H

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G F O U R P A G E S
F o r s a le * d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t i v e , s e e p r e c e d i n g p a g e .

A N D

S a tu r d a y ,
S e p t . 30.

LOW

M on day,
O c t. 2.

SALE

P R IC E — P E R

T u esday,
O c t. 3.

SH ARE, N O T

W ed n esd a y,
O c t. 4.

PER

T h u rsday,
O c t. 5 .

CENT.
F r id a y ,
O c t.
.

6

S a le s
fo r
th e
W eek.

STOCKS
.
NEW YORK STOCK
EXCHANGE

PER SH A R E
R a n g e s i n c e J a n . 1 1922.
O n b a s i s o f 100 -s h a r e l o t s
L ow est

S p e r s h a re $ p e r sh a re $ p e r sh a re $ p e r sh a re $ p e r sh a re S p e r sh a re S h a re s
P a r $ p e r sh a re
Railroads
*1!) 21
*20 21 *19 21 *19 21 *18 24 *19 21
.100
46 46 *45 46% 46 46
*44 47 *44 47
46*s 46%
300 Preferred___________ .100 28% Jan 26
103 103% 10334 105 10434 105% 105 105*4 105*4 106 105% 107*4 19,000 Atch Topeka & Santa Fo. .100 91*4 Jan 3
93 93
92% 92% 92% 93
92% 93% *92 93
92 92
2,200 Do pref___________ . 10(1 84% Jan 3
*4 Jan 14
2% 2% 2% 2% 238 2% 2*8 23g 2% 2% 2% 2% 1,700 Atlanta Birm & Atlantic. _10G
117% 11734 118% 11834 119% 121% 121%12134 120%122 120% 121% 3,200 Atlantic Coast Line RR - 10C 83 Jan 9
53 54% 53% 54% 54% 55% 55 55*4 55% 56% 55% 56 24,900 Baltimore & Ohio_____ .100 33% Jan 27
*6412 65% 65 65 *64 65% 64 64 *64 65% 64% 64%
400 Do pref___________ . 10c 52% Jan 11
71>2 71% *72 ___ *72 ___ 73 73 *72 ___ *72
160 Buffalo Roeh & Pitts___ .100 50 Jan 4
23% 24% 24% 24% 24% 25% 24% 24% 24% 24% 7,000 Brooklyn Rapid Transit.. .100
24 24
6 Jan 4
*19 1938 20% 203j 20% 20% 20% 21
20 20% 20*4 20*1 2,200
Certliicates of deposit..
5% Jan 11
142% 14314 144 146 145% 147 146% 1473s 146*4 147% 145% 146% 15,900 Canadian Pacific_____ . 10c 119% Jan 6
*185 203 *190 203 202% 202% *196 203 *196 202% 202% 204
500 Central RR of N .1........... . 10c 184 Mar 31
71 7134 72 72% 7234 74% 74% 74% 74% 74% 74 74*4 9,300 Chesapeake & Ohio......... . 10c 54 Jan 10
3% 3% 3% 3% 3
3
3% 314
3*4 314
3% 3
1% Jan 21
2,400 Chicago & Alton______ . 10c
*4i2 5
5
5
5
5
O
5
5
b
5
0 2,200 Preferred___________ . 10c 3% Jan 25
*35 36
36 36% 37 38
41 41% 40*1 41
38% 39
12% Jan 25
3,600 Chic & East 111 RR (new).
56% 56% 58 58
59 59
60 60
61% 03% 62 62% 1,800
Do pref___________
32 Jan 30
6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 2,000 Chicago Great Western.. .100
5% Jan 11
14 14% 14% 15
15 15% 15 15
15 15% 14% 14% 2,400
Do pref___________ .100 13*4Sept 29
3034 31*2 31 32% 32% 33% 32% 33% 32% 32% 32% 33% 14,000 Chicago MUw & St Paul. .100 17% Jan 9
48 487s 48^*8 50% 50 51% 50% 51% 50% 51% 49% 50*4 23,400 Do pref...... ................ .100 29 Jan 10
89% 90% 90% 92% 92 92% 92% 93% 92% 93
92 93% 14,500 Chicago & North Western.100 59 Jan 9
*121 121 *120 125 *120 125 *121 125 122% 122% 122 122
300 Do pref___________ .100 100 Jan 9
4234 43% 43% 4414 44% 44% 44% 447S 44*4 45% 43% 44*4 28,500
Chic Rock Isl * Pac____ .100 30*4 Jan 11
101 10138 100% 101 101 101 100% 101 100 100% 100 100
7% preferred_______ .100 83% Jan 10
3,100
891" 90
91 92
90% 91
92 92% 92% 93
92% 93
.3,600 6% preierred_______ 100 70% Jan 9
*85 87 *8534 86% 86% 87 *87 88 *86% 87
87 87
600 Chic St P Minn & O m ... .100 51 Jan 10
*70 79 *74 79 *73 SO
78 79
78 78 *78% 80
300 Clev CIn Chic & St Louis. .100 54 Jan 4
*93 99 *95 97 *95 97
97 97 *96 97% 97% 97%
72*4 Jan 3
400 Do pref.... .............. .
*48 50% 48% 49% 49 4934 50% 50% 50% 50% 49% 50
1,600 Colorado & Southern___ .100 38 Jan 10
*6212 63 *62% 64 *63 64 *62% 64
62% 62% *62% 63
100 Do 1st pref...... ......... .100 55 Jan 16
*128 134 13334 13334 13334 136 13634 136*4 136% 136% 136% 136% 1,100 Delaware & Hudson____ 100 106*4 Jan 4
13312 135 133 13534 136 142 139% 143 139 141*4 137% 139% 30,100 Delaware Lick & Western. 50 108 Feb 14
*3
4
*3
4
3% *3
3% *3
3% *3
3% 3%
100 Duluth S S & Atlantic... .100
2% Jan 27
*5
6
*6
8
*5
8
7
100
7
*412 6
16% 15% 16% 16% 16% 157g 16% 8,900 Erie________________
15% 15% 15% 15% 15%
7 ' Jan 9
23% 2334 24 24% 24% 24% 2434 25% 25% 25*4 25 25% 7,900 Do 1st pref_______ 100 11% Jan 9
167g 17% 17% 1734 17% 18% 17*4 18% 19 19% 19 19% 4,600
Do 2d pref________ .100
7% Jan 10
93% 94% 92*4 93% 1S.S00 Great Northern pref____ .100 70% Jan 10
90% 91% 90% 92% 92% 93% 93 94
39 39% 39% 40% 40 40% 40 40% 39% 40% 4.910 Iron Ore properties.Nt> p a r 31% Jan 6
38% 39
*15 16% *14% 17 *15 16
15% 15% *15% 10% 15% 16
5 Jan 4
400 Gulf Mob A Nor tr ctfs.. .100
43 43 *43% 45 *43% 45
*40 41% *40 43
43 43%
300 Do pref___________ .100 16 Jan 5
11234 113 113% 114 114% 115% 115 115 115 115% 115 115
2,200 Illinois Central________ .100 97% Jan 3
I Jan 10
1'4 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 6,800 Interboro Cons Corp..,Vo p a r
4
334 3*4
Do pref___________ 100
3% 3*4
4
3% 3% 5,700
3%June 20
3% 3% 3% 4
24 24
*23 23% 23% 24
24 24% 24 24
23*4 24% 2,500 Kansas City Southern__ .100 22% Jan 11
*55 57 *56 58 *56 58 *56 58
58 58
58 58
52#4 Jan 5
500 Do pref............. .......
*4 10
*4 10
*4
*4
6
Keokuk & Des Moines.. .100
6
*4
6
*4
6
5 Jan 17
*35 35% 35% 35% 35% 36
35% 36 *35% 36
35% 35% 2,500 Lake Erie A Western___ .100 10 Feb 2
*75 77 *75 76
76 78 *76 77 *76% 77 *76 77
100 Do pref___________ .100 26 %Feb 8
68 68% 13,600 Lehigh Valley_________ 50 56% Jan 3
6578 65% 66% 6734 6734 69
6812 69% 6734 69
*133 146 *136 139 138 138 *137% 139 *137% 139 137 138
300 Louisville A Nashville... .100 108 Jan 9
52 52
51% 51% 54 54 *52% 53
54 54 *52 53%
400 Manhattan Ry guar____ .100 35 Jan 6
*7
7% *7% 7% *7% 8% 8% 8% *7% 8% 7% 7%
3% Jan 28
200 Market Street Ry______ .100
*35% 41% *35% 41 *35% 42% *36 51% 41% 41% *35 43
100 Do pref___________ 100 17 Jan 9
68% 67
66% 66% 67 67
67% 67% 68 68*4 *67 68
900 Do prior pref............ .100 35% Jan 7
2134 2434 24 25% *20 25
5% Jan 9
*20 25 *21% 25 *24 25
1,100 Do 2d pref________ .100
834 9% 9
834 834
5 Jan 6
8% 8% 1,600 MInneap A St L ( n e w ) __ .100
9% 9% 9% 8*4 8*4
69 70
71% 73*4 *72% 74 *71 73
*68 70
72% 72%
850 Minn St P A S S Marie__ .100 55 June 29
*12% 13% *1234 13% *13 13% 13% 13% *13
13% *12% 13%
% Jan 16
100 Missouri Kansas A Texas. .100
1734 17% 18 18
17% 18% 18% 18% 18% 18% 18% 18% 5,200 Mo Kan A Texas ( n e w ) __
7% Jan 11
44 44% 44-% 45% 45% 45% 45% 45*4 45 45% 4,900
24% Jan 27
Do pref ( n e w ) _____
43% 44
2034 20-% 20% 21% 21% 21*4 21*4 22
21% 22
21% 21% 3.900 Missouri Pacific trust ctfs .190 16 Jan 10
56% 5734 57 58*4 58% 59% 59 59% 59% 59% 58% 59% 11.200 Do pref trust ctfs___ .100 44 Jan 10
4
3 Jan 28
4
4
4% 2,300 Nat Rys of Mex 2d pref.. .100
*3% 334
3% 3% 3% 3% *3*4 4
78% 80% 80 80% 80% 81% 81% 82% 81*4 82% 8,300 New Orl Tex A Mex v t c. .100 5478 Jan 10
77 78
97 9734 97% 97*4 96*4 98% 22,900 New York Central........... .100 72*4 Jan 4
94% 94% 94% 96% 96% 97
87 89*4 89% 90
*84% 95% *85% 86
86 86% 87 87
3,000 N Y Chicago A St Louis.. .100 51% Jan 5
89 89
91 91 *90 92
*87 90 *87 90 *89 92
200 Do 2d pref________ .100 61*4 Jan 5
N Y N H A Hartford___ .100 1212 Jan 5
31%
31%
2934
29%
30%
30%
30%
31%
30%
30%
31%
20,900
29%
24 24% 25% 25% *26 26% *25% 26% 25% 25% *25 26% 3,400 N Y Ontario A Western.. .100 19*4 Jan 9
.100
8*4 Jan 3
18 *151* 19 *16 18*2 *lf> 181" *151" 18 *1512 18
*118 119 119% 120 120 121% 120*4 121% 120*4 121% 120 120*4 4,500 Norfolk A Western_____ .100 96% Jan 9
82 82
100 Do pref----------------- 100 72 Jan 9
*75 83 *75 85 *75 85 *75 85 *75 85
86 87 12,900 Northern Pacific______ 100 73*4June 19
85 85% 84 85% 85% 86% S6 86*4 86 87
47% 47% 4734 48% 48 48% 48% 48% 48% 48% 4S 48% 20,200 Pennsylvania-------------- 50 33% Jan 3
21 21
20 20
21*4 21*4
20 20
400 Peoiia A Eastern______ .100 10*4 Jan 14
*19 20 *19 •20
8,400 Pere Marquette----------- .100 19 Jan 10
35 35% 35% 36% 36% 3734 37% 3734 37% 37*4 37% 38
77 77% 77% 78
77% 78%
800 Do prior pref---------- 100 63 Jan 17
*77 79 *77 78 *76 78
73 73% 7334 74
74 74
73 73
1,000 Do pref___________ .100 50% Jan 6
*71% 73 *71 73
38 38% 38% 39% 39 39% 38% 39% 4,400 Pittsburgh A West V a... .100 23 Jan 27
37 37 *37% 39
91 91 *91 92% *91% 92% 92% 92% 1,500 Do pref___________ 100 76 Jan 13
*90 91 *90 91
78% 79% 78*4 7934 78% 79% 26,200 Reading_____________ 50 71% Jan 3
7534 76% 76% 77% 77% 79
52% 52%
700 Do 1st pref_______ 50 43 Mar 27
*52 54% 52 52 *52% 5334 53 53 *52 53
53*4 53*4 *53 53% 52% 53
52% 54
1,500 Do 2d pref________ 50 45 Jan 27
*52 52% 52 52
Rutland RR pref______ 100 17% Feb 6
*35 45 *35 45 *35 45 *39 45 *39 45
29 31% 28% 29% 29% 29% 28% 29% 29 29% 6,20) St Louls-San Fran tr ctfs. .100 20% Jan 15
2734 28
49-% 49*4 50 50% 50% 51% 3,3t0
Do pref A trust ctfs.. .100 36 Feb 1
49% 49% 48% 49% 49% 50
32% 32% 32% 33
32% 33*4 5,900 St Louis Southwestern__ .100 20% Jan 3
29 31% 31 32
29 29
Do pref___________ 100 32% Jan 10
47 49
49% 50% 50% 52% 53 54% 52 53% 8,000
46% 47
2% Jan 4
7% *6*4 7% 7% 7% 1,600 Seaboard Air Lino_____ .100
6% 678
7
*6% 7
*6% 7
4% Jan 13
11 11
11 11% 2,400 Do prof.................... 100
10% 10% *10% 10% 10% 1034 11 11
93% 93% 9334 94% 94% 94% 94% 94% 93% 94*4 22,000 Southern Pacific Co____ IOO 78% Jan 10
92% 93
24% 24% 2434 25% 25% 2534 25% 26% 26 26% 25% 25% 17,700 Southern Railway______ .100 17% Jan 10
63% 64% 63% 64
62% 63
6,600 Do pref............... ....... .100 46 Jan 10
60% 61
60% 61% 61% 62
24 June 16
27% 27% 28% 28% 29 29% 297s 29% 30 30% 29% 30% 2,700 Texas A Pacific...... ......... .100
21*4 22% *21% 23
700 Third Avenue................. .100 14 Jan 5
2QI2 20% *21 23 *21 22 *21 22
.100
34 Jan 12
Twin
City
Rapid
Transit.
*58%
59%
59%
60
59%
*58
*58%
*58%
300
60
60
57 57%
151% 150% 151% 13,400 Union Pacific_________ 100 125 Jan 10
147% 148 148% 150 150 150% 150% 151*8 150*4
78% 78% 78% 78%
77% 78
900 Do pref.................... .100 71% Jan 7
75% 75% 77 77
*75 77
7% Jan 6
14% *14% 15 *14% 15
700 United Railways Invest.. .100
1334 1334 *14% 1434 1434 1434 14% 32
32 33
32
32% 32% 1,000 Do pref...................... .100 20% Jan 9
31% 32
*30j4 32 *30% 32
6 Jan 30
12 12% 12 12% 12 12
4,800 Wabash------ --------------- .100
11lg 113g 1134 12% 1134 12
19 Jan 25
30*4 301“ 31 3134 31% 32% 32% 32*4 32% 32*4 32 32% 8,000 Do pref A-------------- .100
Do pref B............... . .100 12*4 Jan 25
21% 21% 21% 21% *21% 23
200
22 *21 23 *21 23
8% Jan 30
14% 14*4 14% 14% 2,100 Western Maryland ( n e w ) . .100
14% 14% 14% 14% 14% 15
14 14
23 23 *21 23 *21% 23 *21% 23
1,100 D o 2d pref________ .100 13 Jan 17
2112 21% 23
IOO 14% Jan 30
17 17% 17 17% 17 17% 17% 177g 17% 17% 2,700 Western Pacific----------- .100
17
51% Feb 1
62% 62% 1,300 Do pref___________
*613$ 62% 62% 62% 62% 62% 62% 62*4 62% 63
6 Feb 2
12% 13
127g 13% 13 13
3,400 Wheeling A Lake Erie Ry.100
12% 13
12
12
9% Jan 4
23 23
22% 23 *22% 23
1,100 Do pref...................... .100
22% 23
22 22
.100
25
Jan 10
29%
29%
Wisconsin
Central_____
31
31
31
*29
32
200
*28% 31 *30 32 *30
Industrial & Miscellaneous
82% 79*4 83
8,800 Adams Express............... 100
79*4 81*4 81*4 82% 82 82% 79%
*78
19% 19% *16 19
400 Advance Rumely---------- 100
19 19 *18 20 *18 20
*1712
55 56 *54 55%
500 Do pref.................. . .100
56 56
55 55
*5312 55 *54 55
r
6034 61*8 61% 61% 61 64% 64 65% 7,500 Air Reduction, Inc___ N o p a50
57 " 57
57
1534 16% 15% 16
1578 1634 16% 16% 15% 16% 15*4 16 36,200 Ajax Rubber, Inc--------Alaska
Gold
Mines------5g
%
l
2
l
2
1.40C
*u
h
h
%
58
*3
1% 1 % 1% 2,300 Alaska Juneau Gold Min. - 10
*1% 1 % 1*2 1*2
1% 1% 1% 1% 1 % 86%
84% 85% 17,700 Allied Chem & Dye___ N o p a r
86% 85%
so% 81% 82% 84% 83% 84% 84
112%
112 112
Do pref...... ................
*112
113
500
*112 113% *112 113 112 112% *112
6,800 AUla-Chalmers Mfg------- 10(1
55 557g 55% 56% 567g 58% 57% 58% 57 58
53% 54
Do pr.f.....................
300
102 102 *100 103 *100 10034 *101 103 *102 103 *101 103
38 38% *38% 39
2,200 Amcr Agricultural Chem. .100
38% 38% 38% 38% 37% 37% 38 38
Do pref---------- -----700
66 66
67 67
69 69% *68 69 *68 69
67% 69
. 50
74 *73 74
74 *71
..50
54 *52%
43% 43% 45 ' 45
900 American Beet Sugar----- 100
44 44
43 43
45% 46 *45% 47
78 78 *75 80
IOC Do pref___________ .100
*73% 80 *73 80 *75 78 *76 80
40% 4078 *40% 40% 41 42% 42 42% 42% 43*8 43% 43% 2,400 Amor Bo^ch Macrneto. . N o p a r
• Bid and asked prices; no sales on this day. t Ez-rlgbta. } Lesa than 100 shares. a Ei-dlvldend and rights,
■hare (or share to stook ol Glen Alden Coal Oo. at 90 per share and ex-dlvldend 100% In (took (Aug. 22).




H ig h e st

3

PER SH A R E
R a n g e f o r p r e v io u s
y e a r 1921
L o w est

H ig h e st

p e r sh a re

52 Aug 25
108%Sept 14
95)2 Aug 21
5% Apr 17
12478 Sept 11
60% Aug 21
66% Aug 23
73 Oct 4
29 June 30
247sJune 30
151% Aug 31
209*4 Sept 11 186 cw
79 Aug 21
12*4May 26
207gMay 25
6% Dec
43*4 Aug 21
6412 Aug 22 33% Dec
10*4May 27
24%May 29
36% Aug 22
17% Dec
55 Aug 22
9 )%Sept 11
125 Aug 21 95 July
50 Sept 14 22% Mar
105 Sept 14 68*4 Mar
95 Sept 14 5612 June
90 Sept 15 50 June
80%Sept 15 32 June
100 Aug 21
60 Feb
53% Apr 24 27 Jan
66 Mar 23 49 Jan
l41%Sept 8 90 Apr
143 Oct 4 93 Aug
6 Apr 25
1% Mar
10% Apr 18
3% Nov
18*4May 23
10 Dec
28% Aug 21
15% Dec
20%May 23
10 Dec
95%Sept 15 60 June
45% Apr 13 25%June
19 May 22
4*4 Dec
41%Sept 16
15 Dec
115*4 Sept 15 85(2 Mar
5 Apr 8
1% Dec
12*4 Apr 8
3% Dec
30% Apr 25
18 >2 Feb
59% Apr 26 45*2 Jan
9*4Juno 6
4% Nov
397gJune 6 10 Mar
77 Sept 27
17% Aug
72 Sept 9 47%June
141%Sept 9 97 Apr
53 Aug 30 32 Dec
11 Mar 14
2*4 Dec
50% Apr 11
12 Aug
69 Sept 23 27 Aug
32 Apr 10
4% Aug
14% Apr 29
5% Dec
75 Sept 11 63 Aug
14 May 23
1 Dec
19*4 Aug 25
8 Dec
43*4 Aug 30 22*4 Dec
25% Apr 18 16 Mar
63*4 Sept 12 33% Mar
7%May 27
2*4 Dec
827gSept 15 46 June
100% Aug 21
64%June
91 Aug 21
39 June
93 Sept 15 54 June
35%May 20
12 Nov
29% Apr 10 16 Mar
22%June 6
125%Sept 9 88%June
82 Oct 6 62 June
90% Aug 24 61%June
49%Sept 15 32%June
26% Aug 23
8 Nov
40% Aug 21
16*4 Mar
82 Aug 21 50 Apr
74*4 Aug 23 35 Jan
41% Aug 8 23 Oot
92% Oct 6 70 Mar
83 Sept 9 60*4 June
57 May 31
3612 June
59%May 31 38% Aug
53%June 1
32% Aug 21
19% Mar
56 Aug 21
2778 June
36 Aug 21
19%June
54% Oct 5 28 June
10 Apr 15
2% Oct
14*4 Apr 15
3 Dec
9578 Aug 22 67%June
28% Aug 21
17^8 June
64%Sept 1 42 June
36 Apr 21
16% Jan
25% Apr 25
12% Aug
62*2 Sept 15 31% Dec
151*4 Sept 11 111 June
80 Aug 30 62% July
1978 Apr 11
6 Aug
30% Apr 11
17 Aug
14%May 26
6% Dec
35*2 Aug 21
18 Mar
247g Aug 21
12% Mar
17% Aug 30
8% Dec
257g Aug 30
14% Dec
247g Apr 24
15 Dec
647gSept 13 51% Dec
16%June 7
6% Dec
29%Juno 7 12% Dec
33%Mar 13 23 Oct

12*4 Feb

37 Nov

77 " Dec

110% Nov
249 May
22% May
79% Dec
34% Nov
26 Feb
100% Nov

60*4 Dec

74% Nov
23% May
6% Feb
77% Feb
76 Deo

1047g Feb
88

Jan

65% Dec
66.% D m
80

Dec

41

Jan

28 Mar

70% Jan
11%May
37%May

48 Jan 12 83 Oct 6 26% Jan
1078 Jan 19 23 Aug 18 10% Dec
31% Jan 12 6012 Aug 18 31% Dec 52% Fnh
45% Jan 3 65% Oct 6 30 June
9%July 28 18*4 Apr 25
16% Dec
% Jan 13
7gMay 10
% Dec
% Jan 24
2 May 17
% Oct
55% Jan 3 91*4 Sept 5 34 Aug
101 Jan 3 115%Sept 19 83 June 103*4 Dec
37*4 Jan 4 59*4Sept 7 28% Aug
86I2 Jan 5 104 Sept 21 67% Aug 39*4 Dac
29*4 Jan 3 427gjune 1 26% Aug
56 Jan 16 72%Sept 11 51 Aug
58% Jan 7 77% Apr 7
31*4 Jan 3 49 June 9 24% Oct 50% Deo
61 Jan 11 78 Oct 5 54*4 Dec
31% Jan 31 49 April
29% Aug 65%Mav
» Ex-dlvldend. b Ex-rlghte (JuDe 15) to suhsoni—

New York Stock Record—

Continued—Page 2

1613

F o r sale s d u r in g t h e w eek o f s to c k s u s u a lly In a c tiv e , see s e c o n d p a g e p re c e d in g .

m a il

AN D

S a tu r d a y ,
S e p t . 30.

LOW

S A L E P R IC E S — P E R

M on day,
O c t. 2.

1

T u esday,
O c t. 3.

SH ARE, N O T PER

W ed n esd a y,
O c t. 4.

T h u rsday,
O c t. 5.

CENT.
F r id a y ,
O c t. 6.

fo r
th e
W eek.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH A R E
R a n g e s i n c e J a n . 1 1922.
O n b a s i s o f 100-sftare l o t s
L ow est

H ig h e st

PER SH A R E
R a n g e f o r p r e c io u s
y e a r 1921
L ow est

H ig h e st

iffO
O
<N




cl

$ p e r s h a r e S p e r s h a r e 5 p e r s h a r e $ p e r s h a r e S p e r s h a r e S p e r s h a r e S h a r e s Indus. & Mlscell. (Con.) P a r 5 p e r s h a r e
$ p e r sh a re $ p e r sh a re $ p e r sh a re
*76 80 *77 78
78 78
79 80
80% 81% 82 83% 3,100 Am Brake Shoe & F N o par 51 Jan 4 88%Sept 12 42 Jan 56% Deo
*108% 112 *110 112 *110 112 112 112% *113 114% *113
200 Do pref........................ 100 98% Jan 18 112% Oct 4
114
88% Jan 100 Deo
56% 57% 57% 5834 59 623S 623g 65
65 66% 64% 65% 72,800 American Can_____
100 32% Jan
66% Oct 5 23%June 35% Deo
*108 109% 109% 109% 108% 1093g 109% 109% 109% 10934 109% 109%
900
Do pref.................1 .1 .100 93% Jan .3 110% Aug 28
76%June 97 Doc
*183*2 18b 186 186% 186 187 187 18834 18734 188‘2 188 1S9
3,100 American Car & Foundry. 100 141 Jan 10 193 Sept 11 115%June 151% Deo
*121 122 *121 122 122 122 122 122 122 122 122 122
550 Do pref........................ 100 11512 Jan 0 125 Aug 17 108 May 116% Deo
*8% 9
8% 8% *8% 9
9
9
*9
9% 9% 9%
800 American Chicle_____ N o p a r
7 Jan 27 14 May 5
6% Nov 29 Jan
25% 26% 26% 27
26% 27% 27 27% 27 27
3,000 American Cotton Oil
100 11)'4 Jan 10 30%May 31
27 27
15%June 24% Nov
53*2 53*2 *53 55 *53 55
52 53 *53% 55
400 Do pref........................ ioo 41 Jan 11 61 May 31 35% July 67 Apr
55
*6% 6% 6% 63s *6% 6% 6% 6% 6% 6% *53%
400 Amer Druggists Syndicate.. 10
*6% 6%
8% Jan
4<2 Jan 13
4 June
7 Sept 13
*136% 138% *137% 140 140% 141% 141% 144 142 143 142
143% 2,200 American Express___ ____100 120 June 23 145 Sept l 114 July 137 Dec
*1234 13% *13 14 *13% 14% 13*4 14
143g 1433 14% 14%
700 American Hide & LeathorllOO 12 Jan 18 17% Apr 13
8 Apr 16 Deo
68% 68% 68% 6S% 71 7134 71% 72% 71% 72% *71% 72% 1,500 Do pref.........................ioo 58
Jan 3 7434Sept 13 40% Feb 62% Dec
108% 108% 109 111 111% 113 11234 113% 113 113% 111% 115
7,600 American Ice______
100 78 Jan 12 122 Sept 8 42 Jan 83% Dec
*88 92
90 90 *91 91% 90% 90% 90 91
1,300 Do prof......... .........IIIlOO 72 Jan 13 95% Aug 4 57 Jan 73% Nov
90 90
34 35
33% 35% 34% 35% 35% 36% 37% 383g 37% 38% 19,500 Amer International Corp.,100 33%Sspt29 50%June 2 21% Aug 53% May
*12% 13
12% 12% 13 13
12% 12% 12% 12% 12% 12% 1,200 American La France F E..10
9% Jan 16 14 July 26
7% Aug 11% Apr
36*2 36*2 36% 39
38% 39% 3S 38% 37% 38% 37% 38% 12,100 American Linseed_______ 100 293s Jan 10 40-%June 1 17%
Aug 82% Jan
•56 57
67% 58% 59% 59% *5S 60
58 58% 58% 58% 2,1001 Do pref... .....................ioo 52>2 Aug 14 60%Iune 1
39% Aug 93 Jan
122% 124% 12334 126% 124% 126% 126% 1283g
127 128i" 45,600 American Locomotive___ 100 102 Jan 5 128% Oct 5 73%June 110 Dec
119 119 *119 121 119 119 *118 120 119 119 119 119%
800 Do prof........................ ioo 112 Jan 12 121%Sept 13
June 115 Dec
122 122 122 123 123 126 126 128% 126 128 127 127% 9,309 American Radiator_______ 25 82 Jan 30 123% Oct 4 98%
66% Jan 91 Nov
*7% 7% 7% 7% 7
7% 7
7% V
4
5,600 American Safety Razor____25
684 7
334 Jan 31 8% Apr 6
3% Au:
10 Jan
21% 21% 2134 223S 22 23% 22% 24% 41,900 Am Ship & Comm____ N o p a r
20% 21% 21% 22
5i« Jan 3 24%May 31
4% Aug 14 Jan
59 60% 5934 61
60% 62% 6234 63% 6234 63 % 62 62% 13,200 Amer Smelting & Refining. 100 43% Jan 6 67%Mav 19 29% Aug 47%
Deo
100 100 *100 100% 100% 100% 100% 101% *100% 101% 101% 101%
Do pref____________ 100 86is Jan 4 103%Sept 15 63% Aug 90 Dec
800
*97 97% *97 97% *97 97% 97% 97% *98% 99
98% 98%
200 Am Smelt Secur pref scr A. 100 87 Feb 8 98% Oct 6 63 Jan 88 Deo
*137 143 143% 144 *14411 148% 14934 149% *147 152 *147 152
600 American Snuff_________100 109ij Jan 3 153%Sept 6
Jan 114% Dec
4434 45% 44% 44% 22,400 Am Steel Fdry tem ctfs.33 1-3 3034 Jan 26 45%Sept 11 95
43% 44% 43% 44
43% 44% 4434 45
18 Aug 35 Dec
*104 105 *104 105 104% 104% *104 105 104% 10434 *104 105
300
Do preftem ctfs_____ 100 91 Feb 8 106%Sept 11
78 Aug 95% Dee
77% 77% 78 79% 80% 81% 80% 81
81 81% 80% 81
5,600 American Sugar Refining.. 100 54ig Jan 4 85% Aug 21
47% Oct 96 Jan
*109 111 *108 110% 109% 109% 109% 110 109% 109% 10934 1093*
500 Do prof......................100 84 Jan 3 112 Aug 18 67% Oct 107%
Jan
37% 37% 39 39
39% 40% 40% 41 *40 42
39% 39% 1,100 Amer Sumatra Tobacco__100 2314 Feb 14 47 May 29
28% Dec 88 Mar
Do pref____________ 100 5212 Jan 27 71 Jan 16
*6512 70 *65% 70 *65% 70 *65% 70 *65% 70 *65% 70
84% Nov 91% Feb
120% 121% 121 1213, 121% 1223S 122% 123% 124% 125% 12334 124% 31,500 Amer Telephone & Teleg..l00 11412 Jan 4 128% Aug 31
95% Jan 119% Nov
159 159% 160 161% 161% 162 163 166 163 164% 162% 163% 5,600 American Tobacco..........100 129's Jan
169%Sept 1 111%June 136% Dec
106 106 106 100 *105% 106 106 105 106% 105% 105% 1033g
500 Do pref( j t e w ) ________ 100 9SI2 Jan
107%Sept 7 86 Aug 99% Dec
15934
161%
159
161%
158
153 153 155 155 157% 158
159
4,700 Do common Clas3B__100 126 Jan
16534s ept 5 110 Jan 131% Dec
25 28% 27 28
21% 21% 22 22
6,200 Am Wat Wks & El v t c__100
21%' 24% 24% 25
6 Jan
23% Oct 5
4 Sept
6% Oot
*85 92 *89 9H- 91% 91% *91 9L% 9134 91% 91% 91%
500 Do 1st pref (7%) v t c .100 67 Jan
93%Sept 13 48 8ept 63% Dec
52 53
51 55% 54 54% 9,700
46% 47% *47% 47% 47% 52
Do partlcpf (6%) v tc 100 17'4 Jan
55% Oct 5
8% Sept 20 Dee
99 99% 100 101% 99% 100% 27,000 Amer Woolen___________100 78U Jan 10 105 Sept 13 57 Feb 83% Deo
96% 97% 97% 98% 98% 99
*108% 110 *10S 110 10934 109% *108% 110 10934 10934 110 110
500 Do pref____________ 100 1021a Jan 11 110%Sept 14 93 Feb 104% Deo
33*2 33%
*31 33 *32 34 *33 33% 34 34% 34 34
700 Amer Writing Paper pref_100 22 '2 Jan 13 37% Apr 15 20t2 Aug 39% Jan
19% 20% 19% 19% 3,600 Amer Zinc, Lead & Smelt__ 25 12% Jan 3 20%June 1
*17% 18% 18% 19% 19% 20% 191c 20
6% Sept 14% Doc
55 55
56 56 *52% 57
Do pref_____________ 25 30 Jan 18 57 Sept 20 22% Aug 40% Dec
51% 51% 55 55
800
55 55
51 51% 52 52% 52% 5338 52% 53% 53 . 53% 52% 53 23,200 Anaconda Copper Mining..50 47 Jan 31 57 May 31
31% Aug 50% Dec
58% 58% 59 59% 59% 59% 60% 61% 61% 63% 63 63% 9,100 Associated Dry Goods___100 43 Jan
63% Oct 6 24 Jan 50% Dec
86 86 *86 87
86 86
*83 89 *84% 85
400
Do 1st pref_________100 75 Jan 6 83 Oct 5
85 85
55% Jan 763* Dec
91% 91%
*89 98 *89 95 *90 94 *90 95 *91 97
100 Do 2d pref_________ 100 76 Jan 17 91% Oct 6 45 Jan 78 Dec
*115% 116% 115% 116 118 121% 1243g 126 124 126% 122 121% 7,600 Associated Oil__________100 99 Jan 31 135%May 3 91 Sept 107% Mar
2% 1% 2
*2
2% 2
2% 2-2 1,900 Atlantic Fruit________ N o p a r
*2
2% 2
2
178 Oct
5% Apr 17
1% Oct
9 Jan
30% 31% 3034 32
31% 31% 8,000 Atl Gulf & W I S S Line... 100 2.3'2 Mar 2 43%May 29
28% 29% 29% 30% 30 30
18 June 76 Jan
22 22% 22 22
*18 19% 19% 20% *20 22 *20 22
600 Do pref____________ 100 17i2Sept23 31%Mav 29
15%June 44% Jan
133 Atlantic Refining............100 900 Mar 7 1250 Oct 6 a820 June al 125 May
*1150 1200 *1150 1200 1175 1200 1200 1225 1230 1250 *1275 1325
200 Do pref____________ 100 113 Jan 9 118%June 30 103% July 113% Nov
*115 118 *115 118 117% 117% *116% 118 *116% 118 *116-2 118
17 17
19% 20% *19% 20
*16 17 *15 17
900 Atlas Tack________ . . N o p a r 13'2 Feb 28 22%May 4 12% Dec 20 Apr
17 17
8,800 Austin Nichols & C o __ N o p a r
34% 35% 35% 35% 3534 3638 36% 37% 3634 37% 35 36
3934Sept 21
9'4 Jan
8%June 13% Jan
Do pref____________ 100 68 Jan 9 91 Sept 12 50% Aug 70 Jan
*85 89
87 87 *85 89 *85 89 *85 89 *85 89
3% *2% 3%
Auto Sales Corp__________50
*2% 3% *2% 3% *212 3% *2% 3% *3
3 Sept 12
7 Mar 17
2% Sept
5% Dec
*12
12%
*11%
12%
*11
12%
Do pref_____________ 50 IOI2July 27 15%Mar 16 10 Apr 15 Jan
*11 12% *11% 12% *11% 12%
131% 133% 133 134% 133% 136% 135% 137% 136% 138% 136% 138-2 78,600 Baldwin Locomotive Wks. 100 9312 Jan 13 145%Sept 13 62%June 100% Deo
400 Do prof..................... ..100 10 4 Jan 13 115% Oct 6 95 June zl05 Deo
*116 118 *116 118 116% 116% *116 117 *116 117 115 116%
61 64 *62 64
61 61 *60 63
1,300
*59 62 *59 62
40 Jan 19 07%Sept 11
29 Jan
Aug
......
Do pref.
*96 ___ *96 ___ *96 ___ *96
*96
.100
89 Apr 12 97 >2Sept 13 70 Jan
Deo
37 40% 37 38 21,000 Barnsdall Corp. Class A___ 25 19*8 Jan 16 56% Apr28l 20 Dec 27 May
38 39% 38% 40
36 37% 37% 38
26%
27
26%
27%
*25
27
1,000
Do Class B................... 25 19*4 Jan 9 39 Apr 27
*25 28 *25 29 *26 27
14%June 35 Jan
84 34 *34 % 200 Batopllas
Mining............
20
*% 1
% % *% 1
*% 1
12 Jan 14 1%Mar 23
1 Jan
% Aug
300 Bayuk Bros............... N o p a r 33 Apr 28 05 Sept 22 27 June 29 June
59% 60 *61 65 *62 65
*56 60 *56 62 *56 62
7434
75%
73% 73%
900 Bethlehem Steel Corp........100 51 Jan 10 79 May 12 39%June 6212 May
72% 72% *73 74%
70 70
7D2 72
Do Class B common__100 5513 Jan 3 82%May 12 41%June 65 May
71 733* 73 743g 74% 74% 7434 75% 74i4 75% 42,200
69% 73
99% 99% 100 103 *100 103%
200 Do pref_________ ...100 9078 Mar
105 Aug 31
97% 101 100 100
97% 101
87 June 93% Jan
200
Do cuin conv 8% pref. 100 104 Jan
110%June 14 90 June 112 Sept
111 111 ♦111 114 113% 113% ♦111 113% *111% 11334 *111% 113%
8% 8% 8% 8%
600 Booth Fisheries_____ N o p a r
484 Jan 10 10% Aug 30
*8% 8% *8
8% *8% 8% *8% 9
7% Dec
3 Aug
*11
13
11%
*10
13
11%
100
British
Empire
Steel.........
100
13 *12 13%
8*2 Jan 9 14%Sept 14
*11 12% *12
9 Deo
8% Dec
75
Do 1st pref_________100 58 Mar 2 76% Apr 15 55 Dec 58% Dec
*72 74 *71 75 *71 75 *74% 76% *72% 76 *71
33% 34 *33 33%
700 Do 2d pref................... 100 19is Mar 17 39 Sept 14 22 Dec 23% Dec
34% 34% 34 34
*33% 36 *34 36
*118
119%
*116%
117%
1,103 Brooklyn Edison, Inc____100 100 Jan
124% Aug3J
116% 116% 116% 117 117 117 117% 118
88 Jan 101 Deo
490 Brooklyn Union Gas_____100 70 Jan 31 122% Aug 30 51 Jan 76% Nov
‘ 112 116 *114 117 116% 116% *116 117 116*4 117 *116 117
1,803 Brown Shoe Inc_________100 42 Jan 16 64%Sept 11 33 Feb 46% Nov
6034 61% 61% 62% *61% 62% 62 62% 61 61
59% 60
*2% 3
*2% 3
*2<2 3
Brunswick Term & Ry Sec 100
*2% 3
2%Mar 3
5%June 6
*2% 3
*2% J3
5% Jan
2% Aug
3,900 Burns Bros____________ ioo 11312 Jan 10 139%June 5
1% Jan 122% Deo
132% 133% *133% 133% 133% 134 134 134% 134% 135% 135 135
47% 47% 47*8 4838 4734 47% 1,300 Do new Class B com____ 28% Jan 19 51% Aug 18
47% 48
1% Dec 33% Dec
48 48
47% 48
99 99% 98% __
1,350 Bush Term Bldgs, pref___ 100 87% Jan 3 100%Scpt 23 z87% Dec 90 Nov
96% 100
9634 96% 96% 98
96 96
7% 7% 7% 734 7% 7% 7% 6.700 Butte Copper <fc zinc v t C...5
5%Mar 1
3% Aug
8%June 7
6% Dec
7% 7
7
7
7
21 21
21% 21% 1,300 Buttoriek_____________ 100 18 July 27 34 Feb 3 1412 Jan 33% Dec
20% 21
*20 21
20% 20% 20 20
34 35% 33% 34% 19,500 Butte & Superior Mining' 10 20% Jan
35% Oct 5
10%June 22 Dec
31% 32
32 34% 33 33% 33% 34
7% Aug 19% Apr
10% 11% 11% 11% 11% 11% 11% 12% 9,800 Caddo Central Oil&Ref N o p a r 10%Aug 30 15% Apr 15
10% 10% *10% 11
85 85%' 85% 85% 84% 85% 3,100 California Packing........ N o p a r 68 Jan 11 86%Sept 12 53% July 74 Nov
S3 83
8412 84% 84% 85
61% 62% 62 63
62% 64% 64% 05% 64% 65% 6334 65 29,200 California Petroleum____100 43% Jan 10 71%June 2 25 Jan 50% Doe
760 Do pref__________ 100 83 Jan 3 98% Apr 17 68% Jan 88 Dec
95% 95% *94 96 *95 90
*95 96
96 96
96 98
9% 9% 9% 9% 9,600 Callahan Zinc-Lead..
10 5% Feb 14 ll%May 27
9% 9% 9i« 9% 9% 934 9% 934
334 Aug 7% Jan
200 Calumet Arizona Mining 10 5734 Apr 5 66%June 1 41% Jan 60 Dec
5934 59% *00 62% *00 62%
*58 60 *59 60
60 60
10
10
Carson II111 Gold.
1 10 Aui* 29
ID
*434
534
5 % 534
300 Case (J I) Plow______N o p a r
3 Mar 8
4% 4% "*4% 5% ”*4% 534 *4% 534
9%June 6
3 Nov 10% Apr
Case (J I) Thresh M, pf ctf ioo 68 Feb 21 93% Aug 23
*90 96 *90 92 *90 92 *90 92 *90 92 *90 92
63 Dec 85% Feb
41% 4U2 5,500 Central Loather...........
100 29% Jan 10 44%Sept 13 22% Aug 43% Jan
4138 42
39% 40% 40% 41
40% 41% 41% 42
1,200 Do pref..................... ..100 633s Jan 6 8234Sept 14 57% Aug 96 Jan
*78% 79% 791" 79% 79% 80
80% 80% 80% 80% 79% 80
37% 37% 38% 39% 39% 40% 39% 40% 39S4 40% 3834 397a 7,700 Cerro de Pasco Copper.-Vo p a r 3234 Jan 4 41%Sept 7 23 Mar 36% Deo
IOO Certain-Teed Prod___ N o p a r 31 Feb 14 53%Juue 7 22 Aug 44 Jan
47% 47% *47 48
*44 48 *45 48 *45 48 *46 48
60% 61% 60% 02
61% 62% 61% 62% 62% 64% 62% 63% 18,000 Chandler Motor Car . . . N o p a r 4734 Jan 5 79% Apr 6 38% Oct 86 Apr
900
83
*83
85
Chicago Pneumatic Tool.. 100 60 Jan 14 89%Sept 8 47 Aug 70% Jan
83
82%
82%
*78ic 79
79% 79% 81% 82
25 15% Jan 5 27 Oet 5
26 26% 51,600 Chile Copper______
9 Mar 16% Deo
24% 25% 25%
25% 26% 26% 26% 26% 27
s 25% Feb 21 33%June 1 19% Mar 29% Dec
29 29% 4,900 Chino Copper_____
29% 30
281" 28% 28% 29% 29 3034 30% 31
7434
100
Cluett,
Peabody
&
C
o
...
ioo
6
434
63%
63%
*63
43 Jan 11 6.8% Aug 31 36% June 62% Jan
*60 64 *62 65 *62 6434 *62
19 Feb 43% Deo
71 72
7134 72% 72% 73% 75 78% 78 7934 *7734 78% 84,600 Coca Cola_________ N o p a r 41 Jan 5 7934 Oct 5
100 24 Jan 10 36%VIay 19 22 July 3234 May
33% 3334 1,600 Colorado Fuel & Iron..
321.1 321.1 33% 33% 33% 33% 33% 33% 3334 34
107% 1093s 1081- 110% 1098a 111% 111 112 10934 111% 108% 10934 22,300 Columbia Gas & Electric.. 100 6434 Jan 4 114%Sept 14 52 June 6734 Deo
Columbia Grapbophone N o p a r
1% Jan 26
5*4June 5
2% Aug 12*4 Jan
3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 6,900
12% 1,200 Do pref.........................100
12% 12
12
.5 Feb 9 2034June 2
8% Dec 62% Feb
12 12 *12 14% 12 12 *12% 13
*70% 71
71% 72% 72% 72*4 73% 7334 72% 73% 3,8)0 Computlng-Tab-Rocord-Vo p a r 55% Jan 3 7934 Apr 26 28s4 June 58% Deo
71 72
41 4234 391" 40% 16,400 Consolidated Cigar___ N o p a r
13ij Dec 59% Jan
18% Feb 10 42*4 Oct 5
39 41
r 3 5 % 30% 36
36% 35% 39
100 Do pref__________ 100 47 Feb 27 8D4 Oct 5 63 Dec 80 Feb
8134 S134 ♦so 82
*78 82 *78 82 *73 82 *78% 82
Consol Distributors,Inc N o p a r
%Sept 10 Mar
% Feb 17
2%Mar 16
3.
*%
%
*%
3s
*L
*%
h
% * % % *%
Consolidated Gas (N Y) 100 85% Jan 3C 14534Sept 15 77% Jan 95 Nov
13334 136% 136% 138% 138 140 138% 14012 138% 139% 137% 138% 44,500
1234 Aug 21 Jan
9 July 25 15% Apr 19
934 *• 97s
9% 934 9% 984 10 10% 10 11% 10% , 11% 13,300 Consolidated Textile__ N o p a r
8434 85
88% 903.1 88 89% 11,900 Continental Can, Inc.. .106 45s4 Jan 4 92 Sept 9 34-% Aug 66 Jan
85% 86s4 8684 89% 89% 90
200 Continental Insurance
.25 66 Jan 20 9334 Aug 22 68% Aug 73 Deo
901» 90% *89 91 *90% 9034 90% 90% *90% 9U34
*90 91
113 114% 114% 115% 115 11634 117% 121 U834 120% 11831 126 50,100 Com Products Refining... 100 91% Jan 4 126 Oct 6 59 June 99% Dec
10c 111 Jan 1C 120% Oct 6 90 June 112 Deo
400 Do pref..........
*119 122 *116 121 118% 118% *118 122 120% 120% 120% 120%
N o par
31% Jan 10 53%June 7 22% Aug 4334 Apr
48% \ 49% 49% 50% 48 49
4834 49% 483.i 49% 48% 49% 62,200 Cosden & Co..
81% { 85% 82 8434 83% 85% 85% 86% 85% 86% 84t.i 86% 32,900 Crucible Steel of America 100 5234 Feb 27 98%Sept 5 49 Aug 1071* Jan
Do pref...............
ior 80 Jan 17 100 Sept 6
500
77 June 91
*94 190
96 96
96 96
96
96
94 94
95 95
N o par
8% Jan 1) 19%Mar 15
5% Ocl 26 Feb
13% 13% 13% 14% 14% 14% 14% 14% 14% 1134 13% 14% 5,500 Cuba Cane Sugar.. .
Do pref............
10C 15% Jan 3 41%July 27 68% Dec 13% Feb
35%?35% 36% 37
36% 37% 5,300
36% 37
37% 38
3012 37
22% 22% 22% 23% 23% 24
10% Ocl 3334 Feb
24 24% 23% 24% 23% 23«4 9,800 Cuban-Amerlcan Sugar___10 14% Jan 3 28 Aug 4
Do pref_______
10C 78% Jan 17 99 Oct 6 68 Oei 95 Feb
*94 97 *93 97 *95 97 *96 97
60(
97 97% 98 99
47% 48% 48% 49
49 49
49% 50% 49 4934 48% 483.1 4,00( Davison Chemical v t c . N o p a r 43 June 1? 65% Apr 6 23 Mar 59% Nov
20% 20% 2134 22% 22% 22% 22% 22% 22% 23 *22l*> 23% 2,10i Do Beers Cons Mines..No p a r 15% Jan 3 2838May 2
13%June 21
112 112 112 112 112% 113 113 113% 113% 114% *113% 113% 1,10: Detroit Edison...... ............ 10C 100% Jan 11 118% Aug 30 93% Nov 100
35 35% 3634 37
3734 38% 38% 38% 3734 38% 373.1 38 13,60( Dome Mines. Ltd_______ If 1812 Jan 4 39% Aug 31
10% Jan 21*4
84% 84% 84% 86
85 86
85 85% 85% 86% 85% 86% 12,30( Eastman Kodak Co___ N o p a r 70 July 3 88% Aug 28
*145 150 147 147 147% 149 150 152% 151 154% 154 159% 5,100 E 1 du Pont de Nem & Co.. 10C 115 May 27 159% Oet 6
*88 90 *991* 99*1 *99* < 90 *991-( 90 *88% 90
200 6% cumul preferred___100 80 June 12 , 90%Sept 8 —
88% 89
_______
* Bid and naked price* netales on thla day. * Ex-dlvldend and rights. « Assessment paid, t Ex-rights. « Ex-dividend. • Par value S10 per shar«.

§

New York Stock Record—

1614

Continued— Page 3

F o r aa les d u r in g t h e w eek o f s to c k s u s u a lly I n a c tiv e , see th i r d p a g e p re c e d in g .
H IG H

A N D

S a tu r d a y ,
S e p t . 30.

LOW
M on day,
O c t. 2.

SALE

P R IC E — P E R

T u esday,
O c t. 3.

SH ARE,

W ed n esd a y
O c t. 4.

NOT

PER

T h u rsday,
O c t. 5.

CENT.
F -ld v i,
O c t. 6.

S a le s
fo r
th e
W eek.

PER SH ARE
R a n g e s i n c e J a n . 1 1922.
O n b a s i s o j 100-share l o t s

STOCKS
NEW YORK STOCK
EXCHANGE

• Bid and asked prices' no aulea on this day.




I Leca tiun 100 saaren,

a Ei-d)vMend *ud rigm s

Highest

L ow est

$ p e r s h a r e $ p e r s h a r e s p e r s h a r e $ p e r s h a r e S p e r s h a r e S p e r s h a r e S h a r e s Indus. & Miscell. (Can.) P a 3 p e r s h a r e
52% 52% 53 5534 53 573s 5o*>8 07*^ 55% 56% 5534 53 34,800 Electric Storage BatteryNo p a r 40%Juner
20 21% 20 20 *20 21 *20 21
*19% 1934 *19% 20
90! Elk Horn Coal Corp_____5C
14% Jan 2.
7*2 *5
*6
7*2 *6
7% *6
7% *0*2 7%
7% *5
Emeraon-Brantlngham___10C
2% Jan
843* 86
8534 86
83 83% 83% 84
85*8 85% 84*4 85*4 6,90! Endloott-Johnson........... . 5C 76 %Jan U
*11312 116 *113% 116 *113% 116 *114 116 *113% 116 *114 116
104 Jan
9S%
97% 993 93*8 93*4 97% 99% 18,603 Famous Player3-I.asky_.V0 p a
93U 94% 94% 9634 96%
75% Jan If
100i2 101>4 102 102 103 103 *103% 104% 103% 10 4%*191 104
Do preferred (8%)___10C 91% Jan 25
1,203
15 15 *12*2 15*2 *13
16 *13 16
*1212 14 *12% 16
30C Federal Mining & Smelting 10i
0 Jan
58i2 583 58% 59*4 59% 60% 60% 60% 60% 61
60% 60% 1,30C
Do pref...... ..................10i
37%Marl
118 118 *117 118 118*4 119 120 125% 125 12a 125 135% 8.60C Fisher Body Corp........ N o p a
75 Jan
94 94
947S 9 4% 94% 95
*110 116 *100 116 ’ 1U0 116
80C Fisher Body Ohio, pref___10C 76% Jan
13 13% 13% 13% 13% 13% 13 13
12% 121
13 13
11% Jan 1(
2,403 Fisk Rubber________ __ 2.
21’% 22% 22% 23
2234 2334 23% 2 41. 23U 23% 20,903 Freeport Texas Co........N o p a
21 *4 22
12% Jan2i
♦64U 66 ’65 67
66 67'. 68% 67% 66>8 671 67% 67% 2,303 Gen Am Tank Car____ N o p a
45*4 Jan 1
627s 64% 63% 6 4% 613, 65*4 33,403 General Asphalt................. 10C 55% Jan 2t
59*4 60* 60*2 62*2 61*2 63
*91*4
94% 94% 94ij *95 99
96'2 95% 93% 99
Do prof____________ 101
90 Jan 1(
60!
7712 771 7734 79% 78% 79 *79% 79% 79*4 80
SO 80% 2,303 General Cigar, Inc...........101
65 Mar
107
107 *102 107 *103 108 *102 107 *102 107
*175 175 177 177% 179 179 179 180 179% 183 I 178*4 173*4 1,500 1General Electric................. 10C 136 Jan
14 141
14 14% 14 14% 14% 14% 14% 14*4 14% 14*4 51,200 General Motors Corp..No p a r
S% Jan 5
84% 84% 85 85
85 85
85 85
8.5% 85%
70C Do pref........................ 10C 60 Jan 21
84 84
85
84% 85
85^3 85% 85 85% 85 85
l.SOC Do Deb stock (6% )... 10C 07*4 Mar 6
98 98
93 98
98% 98% 93% 98% *97% 99
50C Do Deb stock ( 7 % ) __IOC 79%Mar {
14 14
14 14% 14a8 14%
14% 14 14
2.30C
3334 337s 33% 34% 33% 35% 35 35% *14%
3434 35% 34% 35% 6.300 Goodrich Co (3 F)___ N o p a r 32% Aug 7
81 >2 82 82 *81% 82
82 82
81% 82>»
83% 1.103
Do pref____________ 10C 83*4 Aug 7
30 30*4 30 3078 30 31% 31% 31% 39*4 31% *33
31*8 31% 2,603 Graabv Cons M. Sm Sc PowlOC 26 Apr 3
12 12
12% 12% 12% 12% 12% 13% 12
12% 3,203 Gray & D ivls fac____ Vo p a r ll%Sept 23
31 *30% 31
30% 31
31% 31% *30% 31% 30% 30*8
703 Gresne Cananea Copper.. IOO 25*4 Feb 27
10*2 10*4 10*4 11% 11% 11% 11-8 12 12% 12% 12% 1,103 Guantanamo Sugar . ..Vo p a r
7 Feb 16
86
85 87% 85% 87-% 85% 8934 87% 89% 86% 91% 40,303 Gulf States Steel tr ctfs... 100 44% Jan 9
134 134 *178 2% 1% 1% *1% 2%
703 Harblshavv Elec Cab...Vo p a r
1*4 134i 1*4 1*4
*4 Jaa 20
25% 2534 26% 26% 26-% 25% 27
2a'8 27% *26% 27
2,400 Hcndee Manufacturing__100 15 Jan 12
74*2 71% 72 *70% 73 *70% 73 *70% 73
721* 72%
Homestake Mlnlug..........100 55 Jan 14
393
77% 78% 79% 80% 80% 82% 82% 83% 84% 86% 83% 90% 63,500 Houston OH of Texas____100 70 Jan 9
2134 22*3 22% 22% 22'% 22% 22% 23
22% 22% 7,900 Hupp Motor Car Corp___ 10 10% Jan 6
22% 23
6*2
6% 7% 7% 8
7% 8
*7*4 8
3% Feb 9
734 7% 6,600 Hydraulic Steel............No p a r
438 4% 4% 4*4
4^2 4% 4*2 434
4% 4% 4% 4»8 5,100 Indlahoraa Refining..__ 5
3% Jan 27
*8*4 9
*8% 8% 8% 9
*8% 9% 8*4 8*4 8% 8*4 1,009 Indian Ririnlng_______ _ 10
5 Jau 20
*38 39
38% 39% 39% 40% 40 40% 40 40% 39% 40% 5,009 Inspiration Cons Copper .. 20 37% Feb 11
*9 10
8% 8% 8% 8% *8% 10
*8% 10
*8% 10
7% Jan 6
1,700 fnternat Agrtcul Corp___100
*36% 37
37 37 *36% 37 *36% 37 *36% 37
36% 33%
200 Do prof____________100 33 Jan 16
*31 31% *31% 32 *31% 32
31% 32% 32% 33
32*8 33
1,800 International Cement..No p a r 26 Jan 23
2734 28% 27% 28% 28% 29% 29% 30
27'2 28
29% 23,400
21*4 July 22
*105% 107 107% 10734 107 108 110% 111 112 112% 110% 111% 2,000 Internat Harvester ( n e w ) . . 100 79% Jan 3
*11812 119 *118% 119 *118% 119% *118% 118% 118% 118% 119 119
Do pref ( n e w ) ______ 100 105% Fob 14
200
14*4 14*2 14 14% 14% 14% 14% 15
15% 16
13%Aug 9
15% 16% 6,300 Int Mercantile Marina___100
58 59*4 58 59% 57% 58% 581.1 61
61% 64*4 62 6 4 50,400
Do pref____________ 100 54%Sept 12
16% 17
16% 17
16*4 17
17 17% 17
17% 16*4 17% 18,600 International Nickel (The) 25 11% Jan 9
*81 82% 82% 82% 82% 82% *82 83% *82 8 4
83% 8'3%
500 Preferred____________ 100 60 Jan 4
55*2 5Q78 5534 57% 57 58% 58 53
58% 50% 53% 59% 11,100 International Paper_____ 100 43%Mar 8
76% 76*2 *77*2 81% *77% 79% *77 78 *78% 79% *77 78
100 Do stamped pref_____100 59 Mar 9
15% 157s 15% 15% 15% 16% 16% 1634 16
16^8 16% 17% 24.909 Invincible OH Corp______50
12%July 2 4
45*2 45*2 45 46*4 45% 47% 46% 43% 47% 48*4 47 49% 30,400 Iron Products Corp___ N o p a r 24 Jan 19
58
34
84
5S
*1
34
*3
%Apr 6
% *4
% *4 8,200 Island OH Sc Transp v t c__ 10
1934
1934
19% 20% 20 20% 19 19*4 19% 19% 1,700 Jewel Tea, Inc_________ 100 10 Jan 4
19*2 19*2
*63 65 *63 65
65 65*2 6534 65*4 *64 65 *64 (»5
Do pref____________ 100 38% Jan 4
800
4884 49
48% 49% 48% 49% 49% 49*4 49% 49% 43% 49*4 3,300 Jones Bros Tea, Inc_____100 31% Feb 11
4
4
4
4% 4
4% 4
4% 3% 4% 4
4 4,700 Kansas Sc Gulf_____ ___ 10
3%Aug 0
43 43% 43% 44% 43% 45 45% 47% 46% 47
46 43% 9,500 Kayscr (J) Co. (n e w ) . . N o p a r 34 May 1
*102 105 *101 105 103 101%*101 103 *102 103 *102 103
1st preferred ( n ° w ) . . N o p a r
400
40% 40% 41 41% 42 43% 42% 44% 43% 44*8 41% 43% 18,800 Kelly-SprlngfleldTlre........25
34% Jan 4
’ 100*2 104 *100 102% 102 102%*101 102 *102% 104 *101 101
200 Temporary 8% pref___100 90% Jan 4
’ 81
85
*81 85 *81 85 *81 85
85 85 *82 90
6% preferred....................... 71% Jan 3
100
95 95
95 95 *96 98 100 100 109 20J 101 103% 1,500 Kelsey Wheel, Inc_______100 61 Feb 9
33% 34% 34 34% 34% 35% 35% 35*4 35% 35*.| 35% 35% 16,3.00 Kennecott Copper........ N o p a r 25% Jan 4
8% 8% 7% 8% 7% 8% 7% 8% 7% 8
7*2 8
7%Sept 27
4,900 Koystona Tire Sc Rubber.. 10
175 175 176 176'.i 17934 187 187 189 187% 187% 184*4 186
2,900 Kresgo (S S) Co................. 190 110 Jan 10
76% 78-% 77% 7934 79% 80% 80% 81% 81 81
80*4 82 11,500 Lackawanna Steel______ 100 44% Jan 4
*88 90 *88 90
89 89
89% 89% *89 90
90 90%
900 LaoJedoGas (St Louis)___100 43 Jan 13
25% 25% 25% 26
*25% 26
26% 26% 26% 26% 26 28
1,500 Lee Rubber Sc Tire___ N o p a r 24*4 Sept 7
*210 225 *210 225 *210 225 *210 225 *210 225 *210 225
Liggett Sc Myers Tobacco. 100 153% Feb 18
*119% 122 *119% 122 121% 121% *117 122 *118% 122 122 122
Do pref__________ ..100 108 Jan 10
300
59 60% 60 61
60% 62% 61 62
57% 59
60*4 6178 19,700 Lima LocoWksterapctfsNo p a r 63*4 Aug 3
*114
*114
*114
*117
*117
93 Jan 30
*116
227S
22
21 21%
23
22% 23% 21%
213g 22
11% Jan 26
213g 22% 55,100 Loew's lueorporatod-.-No p a r
*11% 13% 12% 12% 12% 123.4 12% 12% 12*4 12"8 13% 13% 1,400 Loft Incorporated____ N o p a r
0 Jan 9
*167 169 16S34 169 172 174 *173% 178 *173 178 170% 171
800 Lorlllard (P)............... .......100 147% Jan 6
*110 130 *110 130 *110 130 *110 130 *110 130 *110 ISO
109 Jan 13
*90 99 *98 100 100 100 *100 105 *95 105 *99% 101
IOO Mackay Companies_____100 72 Jan 5
68% 69 *68% 69
*69 69% *68% 69
69 69
69 69
Do pref____________ 100 57 Jan 13
600
*55 56
56% 57% 57 57% 58% 59% 5834 59% 58% 59
6,300 Mack Trucks, Inc____ N o p a r 25% Jan 1.3
*89 90% 90 90% 91 91% 92 92% 93 93
92% 92% 1,200
Do 1st pref..................100 63% Feb 27
*82 85 *82 86 *85 86 *85 88 *86 88 *86% 87*2
54 Jan 6
32 32% 33 3334 34 34% 34% 36*4 3534 36% 35% 36*4 16,400 Malllnson (H R) & C o.. N o p a r 15% Jan 16
41% 41% *42 43% 42% 42% 43% 43% 42 43
42% 43
1,100 Manatl Sugar__________ 100 30% Jan 3
80 80 *80 82 *80 82 *80 82 *S0% 84 *80% 82
100I Preferred____________ 100 73% Apr 3
*53 543g 54% 54*2 *53% 57% 54 57*4 58% 58% 57% 571- 1,400
41 Mar 13
*40% 41% 41% 41% 41% 42% 42% 43% •42% 43% 42*8 42*8 3,400 Manhattan Shirt............... 25 32 Mar 6
39%
39%
40%
40% 39%
39% 40% 40 41
39%
22% Jan 6
39 40% 32,700 Marland Oil________ N o p a r
*14
17
18% *17% 18% 17
17 *16
17
17% 16*4 16*4 1,200 Marlln-Roekwell_____ N o p a r
5%Mar 4
*29% 34% 29% 30
30% 30'« 31% 31*8 31 31% 31 31*8 1,500 Alartlu-Parry Corp___ N o p a r
20% Jan 4
4834 48% 49 49
46 46
47 48
48*4 50
59% 49% 2,700 Malhlsson Alkali Works.. 50 22 Jan 11
*56% 57% 57% 57% *57% 58% 57% 57% 5734 58% 57 57% 1,100 Maxwell Mot Class A___ 100 48 Mar 17
18
18 18
18
18
18% 19
18
17% 18
18% 18*4 2,300 Maxwell Mot Class B._,Vo p a r 11 Feb 15
129% 129% 131 132% 133 134% 136 13734 137*4 13834 1373.1 141% 6,400 May Department Stores.. 100 101 Jan 3
17% IS
17*4 18% 173l 18
17% 17% 17% 18 *17% 18
4,000 McIntyre Por Mines............. . 10% Jan 10
176 182% 177 180% 180% 183% 182% 185% 184 189% 178% 185 177,500 Mexican Petroleum______100 100% Jan 10
*97% 99% *9534 97% *90 97% *96 973.1 *96 97% *96 97%
Preferred.. ................. . 100 79% Jan 12
14% 19% 15 16% 84,500 Mexican Seaboard OH..N o p a r
18%Sept 6
20 20% 20% 2()3.i 19% 20% 19% 20
16% 16% 17% 17% 16% 17% 16% 1634 12 16% 12% 13% 21,100
Voting trust ctfs...... ........... 12 Oct 5
28*8 29
27% 27% 27% 28% 2S% 28% 28% 29
28% 28% 3,900 Miami Copper._________ 5 25*4 Feb 15
11% Jan 11
13% 13% 13% 13% 13% 13% 13% 13*4 13% 1334 13% 13*4 36,000 Middle States Oil Corp___ 10
31% 32% 3234 35% 33% 34% 34% 35% 34 34*4 33% 33% 67,800 Mklvale Steel Sc Ordnance. 50 26% Jan 6
74 74
74% 74-’g 73 73 *73 74
*71% 75 *72% 74
600 Montana Power................. 100 63 Jan 4
12 Feb 11
21% 21% 21% 21% 21% 22% 22 22% 22*8 22% 21% 22% 18,200 Mont Ward AColIlsCorp.Vo p a r
19 20% 21 21
19% 19% *20 21 *20 21
*19 22
600 Mullins Body________ V o p a r 19% Jan 7
15% 15% *15% 16 *15 16 *1434 15%
14% 14% 15 15
400 National Acme_________ 59 10*8 Jau 9
173 78 176 77% 178 1873,1 189% 199*4 189% 203 195 208 12,800 National Biscuit_______ 100 123% Jau 4
Do prof____________ 100 11.3% Jan 4
*123 124% 124% 24% 125 125% 125% 125%*124 12.5 125 125
700
59% 59% 5934 60
61% 61% 1,100 National Cloak A Suit___I00i 26 Jan 17
59 59 *58 59
*58 59
1% Jan 16
800l
Nat
Conduit & Cable...Vo p a r
*1%
1%
1%
1% 1% 1%
1% 1%
*1% 2
1% 1%
61 61% 61% 62% 62% 63% 63% 65% 64% 65*8 63% 65% 25,100 Nat Enam’e A Stamp'g... 100 30*4 Jan 11
103 103 103 03% *104 105 1057s 106 107 109% 107 109% 7,100 National Lead_________ 100 85 Jan 12
17 110 116 *116 118 117 117 *116 117
100! Do pref........................ 100 108 Jan 10
*113 117 *113
16
16*4 16% 16% 16% 16% 2,900 Nevada Consol Copper---- o 13% Feb 16
15 15%
15% 15% 16
N V Air Brake (ncw)-.Ao p a r 31%Sept 29
40%
41%
40%
38
39
33
39
5,900|
35 35
37%
36 37%
34% 34% 34% 34% 35 35% 36 36*4 37 38% *36*i 37% 1,500 New York Dock...... .......... 100 28 MarlO
60 60 *58 59%
*55 60 *57 60
200: Do pref_______ ____ 100 53% Jan 17
59% 59% *58 60
13 Jan 3
*15 17
17 *15 17 *15 17
1001 N Y Shipbuilding........ N o p a r
15 *15 17 *15
92% 93% 94 94% 94% 94% 95 96% 96*4 981.i 96*4 98 17,600 North American Co_____ 50 44% Jan 4
Do pref____________ 50 38 Jan 7
*45% 45% 45% 453.t 45% 46
46% 46% 1,700
46 46
46 46
26% 26% *26% 28 *26% 28 *27 30 ♦27 29 *27 30
3% Jan 13
1001 Rlgnts----------------- -------*34 36 *34 30
200 Nova Scotia Steel A Coal.. 100 20*4 Feb 2S
35 35 *35% 36% *33 35% *34 35%
8 July 14
10% 10% *10=4 11% 10% 10% *11
500! Niinaally Co (The)___No p a r
11% 10% 10% *11% 11%
73.1
*7
*6*4 71.1
6 Aug 5
6% 7
700 Ohio Body A Blow___ N o p a r
6% 634
6% 6*4 *6% 7
21* 2% 2% 2U
2%Sept 8
2% 2% 2% 2% 2% 2% 2% 2% 8,700 Oklahoma Prod A Ref of Am 5
Ontario rillvei Mining___10!)
*7% 8
4% Jan 6
*7% 8
7*8 *7
7%
*7'i 7% *7% 7% *7
25% 26% 26% 26% 26% 26% 26% 27% 2634 28
25% 25*4 25,200 Orpheum Circuit, Inc____ I 12% Jan 0
150 155% 154% 161 155% 163 15734 158 *155 159*4 159 60
4,700 Otis Elevator.................... 100 116 Jan 4
10% 10% *10% 10% 10% 10% 10=4 1034 10% 10% 10% 12% 5,100 Otis Steel__________ N o p a r
9% Jan 7
39% 39% 39% 41% 41 42% 41% 42% 41% 42% 40% 41% 15,400 Owens Bottle.................... 25
24% Jan 27
434
*4% 5
4% 5
4% 4% 3,500 Pacific Development...... .........
4% 5
4% 4% 4
3%Sept 2
84
83 % 84% 84% 85% 85 85% 85 863g 85% 85% 7,100 Pacific Gas A Electric....... '00
83
60 Jan 30
* E x -m i.

>d.

PER SH AKE
R a n g e f o r p r e v io u s
g e a r 1921
L ow est

H ig h e st

$ p er sh a re
57% Oct 4
23%June 1ll%June 5
89%Sept 1
IXG Sept 22
107 Sept 5
107*8 Sept 5
16%May 17
62*4 Sept 2(
135% Oct 6
103'iJune U
19% Apr 25
26%June 3
71 Sept 11
7.3*4July 2(
111 July 2(
82%Sept 5
106 Sept 15 80*8 Ap
188 Aug 22 109% Aut 14334 Deg
15%July 15
9% Aug
86 Sept 2 63 June 75 Dec
86 Sept 1 60 Aug
100 Sept 1 69 Aug 86 Dec
lt%May 31
26%June
91 Apr 22 62%June 86 Doc
35 May 24
15 Aug 34% Nov
19%May 31
9% Jan 16*4 Mar
31%May 29
19 July 29% Dec
14%Mar 15
5l2 Deo
91% Oct 0 25 June 50*8 Dec
3%M ir 16
%Nov 13% Jan
23*4 Sept 16 13 Juno 25% Apr
75 Anr 11 49ls Mar 61 May
90% Oct 6 40% Aug 86 May
23>sSept 12
10%June 16*4 May
14 June 2
6 Dec 20*4 Jan
2 June
5%May 26
7% Jan
6% Dec 15*4 Jan
11%June 7
45 June 1 2958 Mar 42% Dec
6 Aug 13*4 Jan
ll*4May 4
43 Mar 15 31 Dec 57 Jan
38*4Mav 8 21 June 29 Nov
30%Sept 20
115% Aug 14 07% Aug 100% Feb
119 Sept 18 99%June 110 Jan
27%May 3
7% Aug 17% Jan
87%May 3 36 Aug 07*4 Dec
11% Aug 17 May
54%Sept 12
85 Jan 20 60 Dec 85 May
61%Sept 12 38*s Aug
80%Sept 11 67 Aug
20% Apr 17
5% Aug
50 Sept 15 22% Sept
3 Jan 25
2 Sept
4 Jan
22%May 2
73%May 26
8%# Jan
57%Sept 21
14% Jan 3S34 Dee
4% Oct
7% Jaa 3
48% Aug 3
53*4Mav 5
107*4M»y 9
86 June 5
111 Apr 6
39%May 31
24%May 4
189 Oct 4
82^8Sept 20
91% Aug 28
35% Mar 16
220 Sept 19
122 Sept 9
65%Sept 1
125% Aug 30
23%Sept 19
14%May 3
ISO Sept 8
120 Sept 12
107 Aug 30
69 June 1
61%Sept 11
91%Sept 11
87*4 Sept 19
40 Aug 28
52 Mar 13
84%Sept 13
69*4 Apr 24
43% Oct 4
46%June 19
26%Mar 27
36%Jutie .3
50%Scpt 8
74*4May 17
25%Juno 8
141% Oct 6
21% Mar 2,3
204%June 26
99 Sept 5
34%July 13
32%July 13
31%May 31
16 Apr 17
45%May 17
70%Sept 1
2,i*4 Aug 11
34 Mar 31
21% Apr 25
203 Oat 6
125% Oct 4
66%Sept 13
4% Apr 13
05% Oct 6
110%Allg 29
117 Oct 5
19%Juno 1
41%Sept 20
46 June 9
0S%Juno 0
25 Feb 28
99%Sept 15
47% Aug 29
23%Sept 15
40 Sept 14
12%Mar 30
14'.i Apr 17
4*sJuue 2
9%Mar 25
23 Oct 5
161 Aug 30
91%Sept 15

•* Ux-rlghte.

32%. Aug
70% May 94 Jan
70 May 80 June
35 Mar 69 Nov
10 Mar 27% Dec
8% Jan 17%May
130 Jail
32 June
40 Jan 57%May
17% Jan 30 Dec
138% Jan 164 Dec
97% Jan 110 Nov
100*4 Dftr
10 June 21% Mar
7*4 Aug
136 Feb 104% Feb
111 Dec
59% Jan 72 Dec
55 June 62 Dec
25% Oct
63% Oct 76 Jan
54 Oct
10 Jan 18 Sept
21 Oct 89% Feb
92 Jan 93 Jan
18 June
12% Aug
5 Oct
13 Sept
11% Aug
38 June
8 June
65% Jan

24 Nov
45% Dec

84% Aug
15% Jan 28 Doc
10 July
22 June
43 Aug 04% Dec
12% Dec 25 Mav
17*.i July
10% Dec
102 Jan
105 Aug
15 Sept 35% Jan
•%Sept
26 Aug 05 Feb
67*4 July 87 Dec
100 June 108 May
9 Mar
20% Feb
45 Jan
13 Dec
32% Aug
31% Aug

39 May
•16

Dec

68

Deo

S Nov
46% Jan

New York Stock Record—

1615

Concluded— Page 4

For (a le s d u r in g t h e w eek o f s to c k s u s u a lly In a c tiv e . »ee f o u r t h p a g e p re c e d in g .
H IG H

AN D

S a tu r d a y ,
S e p t . 30.

LOW

M on day,
O c t. 2.

SALE

P R IC E — P E R

T u esday,
O c t. 3.

SH ARE, N O T

W ed n esd a y,
O c t. 4.

PER

T h u rsday,
O c t. 5.

CENT.
F r id a y ,
O c t. 6.

S a le s
fo r
th e

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH ARE
R a n g e s i n c e J a n . 1 1922.
O n b a s i s o f 100- s h a r e l o t s
L ow est

H ig h e st

PER SH ARE
R a n g e f o r p r e v io u s
y e a r 1921
L ow est

H ig h e st




.

e r sh a re
Indus. & Miscell. (Con.) P a r $ p e r s h a r e $ p e r s h a r e $ p e r s h a r e $ p17*4
$ p e r s h a r e S p e r s h a r e S p e r s h a r e 5 p e r s h i r e S p e r s h a r e $ p e r s '1i r e
Jan
8 Aug
11 Jan 18 19 June 3
15 15*8 1,600 Pacific Mail SS____ ____ 5 44%
*13% 14% *13*2 14 *13% 14 *13% 15*8 15 15
27*2 Mar 503g Dec
69%May
4
Jan
10
Pacific
Oil_____________
33,000
59*2
1
53%
60%
5434 55% 55% 56% 56*2 58*4 59 00=4 59*8
79*s
Feb
38*s
Aug
86
*
2
June
26
487g
Jan
11
Pan-Am
Pet
&
Trans____50
75*4 76*4 75*2 7734 77% 78*2 78% 79% 78*2 80*2 75*4 78% 85,900
34*8 Aug 71*4 Jan
Do Class B.............. 50 44 Jan 10 82*2June 26
74->8 20.300
70*4 71*2 71 72% 72% 73*2 73 74% 74 75*4 71
6 Aug 13*2 Deo
5%July 25 12*’ Jan 4
Prod & R e t . N o p a r
7*8 2,000 Panhandle
7
6% 6% 7
*6
7
7
6*2
9*8 June 15*2 Apr
17
Apr
12
101*
Aug
10
Parish
&
Bingham____
N
o
p
a
r
500
11*2 11% *11% 12*2 11 % 11*2
11 11 *11% 14 *11% 14
6%June 17 Jan
OigSept 20 133gMay 24
St’l v t c N o p a r
6*4
6*2
6*8 6% 12.300 Penn-Seaboard
6
6
6*8 6% 6*2 6*4 6*’ 6*2
33% Jan 64% Deo
99
Sept
15
People’s
G.
L
&
C
(Chic)..
100
59»4
Jan
4
1,500
95 95*8 95 96*2
94 95
95 95*2 94 94*4 94 94*2
26*2
Aug 35*2 Jan
453gSept
21
31'*
Jan
4
Philadelphia
Co
(Pittsb)..
50
43 43*2 42% 43% 43% 44*2 44*4 44*2 43% 44*4 43*2 43% 4,400 Phillip-Jones Corp........ N o p a r
75 Aug 3 105*8 Jan 3 37*2 Apr 105*8 Dec
*75 93 *75 91 *82 91 *82 91*2 *75 91*2 *75 91*2
34*4 Deo
16
June
59
*
4
June
7
28U
Jan
11
Phillips
Petroleum____
N
o
p
a
r
32.800
49*4 50*4 50*4 51*’ 51*2 52*8 52 5334 53*8 53=4 52U 53*4
9*4 Aug 42*4 May
8 July 24 24% Apr 25
14*i 14*« 16,300 Pierce-Arrow M Car__ N o p a r
13 13% 13% 13% 13% 1334 13% 14*’ 14*4 15
21 Oct 88 Mar
49
Apr
15
187
8
July
24
Do
pref____________
100
9,800
35
34
36%
33 33
32 33
33 35% 34*2
33 33
5*4 Aug 14*8 Not
6 Sept 21 12 Jan 12
Oil Corporation___25
734 33,600 Pierce
7
6% 6% 5% 6% 5% 6
6
6% 6% 7*2
Do pref.........................100 32 Sept 27 71 Jan 3 30** Aug 78 Jan
4934 55 11,100 Plgg
51 54
39 40
38% 40
38*4 41
37% 39
49
*2Juno
3978
July
14
Wigg
Stores
Inc..Wo
par
5.000
423.1
44
43*8
42*4 43
43 43*2 43 43% 43% 43% 42*2
Pittsburgh Coal of Pa____100 5734Sept 27 7238 Sept 15 52 July 66 Dec
60*4 61*4 60*2 61*4 60% 61*4 60*4 01
60*4 61*4 5934 60*2 10.800
Dec
Do pref____________ 100 90'g Feb 3 100*2Sept 13 827g Jan 93
200
*99 100 *99 100 100 100 *100 102 *100 105 *100 105
12*8 Mar 16*2 May
Pond Creek Coal________ 10 14'4 Feb 2 243gJune 22
2.000
20
18% 19*2 19*2 19% 20 20=4 20*4 21 „ 20% 20% 20
Cereal______ N o p a r 65*8 Apr 19 116*2 Oct 5
10934 112 111 111% 111*4 116*2 113 114% 10,925 Postum
107*2 109 109 n o
8% preferred_________ 100 10512 Apr 29 111*2 Oct 5
110 110 110 n o *110 1103.4 110*2 110% 111 111*2 111*4 111*4 2,100
Pressed
Steel
Car------------ 100 63 Jan 12 95*4Sept 13 48 Aug 96 Jan
1,400
90
89%
91
91
90
90
87*4 87*4 87 S7*4 88% 90
Do pref____________ 100 91 Feb 16 106 Sept 12 83 June 104 Jan
200
*102 105 *102 105 *102 106 105 105 *103 105 104*i 104*4 52,800
Producers
&
Refiners
Corp. 50
Jan 10 51 Sept 12 20*8 Oct 34*2 Deo
44*2 45*4 45*2 46% 46*4 47*2 47*2 48*2 48*4 49*2 47% 50 12,500 Public Service Corp of N J.100 24*8
66 Jan 7 9884Sept 15 54 Jan 70*4 May
92*4 93
9334 94% 94% 96% 96 97*2 95% 97*8 95 9(v8 17,200 Pullman Company______ 100 105*2 Jan 6 13934Sept 12 89*8 Aug 114U N ot
128% 129% 130 132 132 133% 130% 13134 131 131*4 130 131*8 3.300 Punta Alegre Sugar........... 50 29%July 14 53*4June 9 24*4 Oct 51*2 Jan
45*4 45*4 46 46% 47 47% 47*2 48*’ 48% 49% 48 48 19,100 Pure Oil (The)..................... 25 2 6 3 4 J u l y 2 1 38r>8 Jan 3 21*2 Aug 40% Dec
31*4 32’s
30*4 31
31% 31% 31% 32*’ 32% 32% 32*8 32*4 *100
Apr 25
1,500 8 % preferred--------------100 94 July 20 102*4
101
*9934100
99*4 9934 9934 99*4 100 100% 100 101
Jan 10 126i4Sept 13 67 July 99*2 Deo
122% 1,700 Railway Steel Spring........100 94
122*2
122*4
123
122*2
122%
*116% 117 118 118 120 122*2
19 Apr 26*4 Sept
3
6
*
2
Sept
7
19*2
Jan
26
Rand
Mines
Ltd------N
o
p
a
r
1.300
*31 33 *31 32
33*2 34% *33*2 35 *33 33=4
33 33
11 Mar 16 May
Ray Consolidated Copper. 10 1334 Feb 11 19 May 31
14*4 14*2 14*4 14*2 14*2 1434 15% 15% 15% 15% 15% 15*2 5.300
24 Jan 6 42 M ar 14 17%June 38*4 May
Remington
Typewriter
v
t
clOO
600
37
37
37*2
*36
37
35%
*34 36 *34% 35 *35 37
47*4
Nov 80 Jan
99
Aug
26
55
Jan
12
1st
preferred
v
t
c_____100
90 90 *90*2 94 *91 93=4
May
*90 90 *89 91 *90 94
100 2d preferred__________ 100 501* Feb 23 80 Sept 7 4734 Nov 75
73=4
73 73 *71
*68 72 *56 73 *70 73 *70 73
18 June 39*2 Jan
38*2May 18
2312
Jan
3
47,500
Replogle
Steel---------N o par
33
‘4
35
36
3234 33
32*4 33*2 33*2
73*4 Jan
32*8 33
32% 33
41's
June
78*2May
29
46*4
Feb
25
61,400
Republic
Iron
&
Steel____
100
54% 567 56*4 58*2 57% 593s 57*2 58=4
54% 57*4 53% 57
Oct 96*4 Mar
’800 Do pref____________ 100 74 Feb 24 95*2June 2 75*4
86 86*4 *87 88 *87*s 88 87 87*2
5 Deo 24*2 Jan
85 85* *85 86
2 Sept 30 14%June 2
4,900 Republic Motor Truck. Wo p a r
2*4 2% 2*4 3 13,800:
2
27,
234 27f
234 2=4 2=4 3*2
5
S
7
g
Sept
12
43
Mar
27
Reynolds
(R
J)
Tob
Cl
B__
25
53*4 55
54% 56b 56*8 56% 56*2 57 *a 56*4 57*s! 56*4 56*4
5001 7% preferred.................. 100 111*8 Apr 11 118 Sept 8
*116*4 117*, *116*4 117 116% 1167 117 117 *117*4 118 | 117*8 Ho 26,0001 Royal Dutch Co (N Y shares). 47<2 Feb 1 66%May 3 40*2 Oct 69% May
55*4 563| 56*4 573l 57*2 58 1 57*2 587b 58*2 59*{ 57J8 58*2
18*2 Aug 14*8 Dec
12% Jan 9 20*4Sept 25
5*2 Feb
1*4 Oct
18*8 18% 18*2 18% 18% 18% 18% 18% 18% 18% 18*2 18=4 3,903
6*4Mar 21
li2 Jan 10
2=4 3U
3*4 3*4
*23s 3
3*4 3*4
’2*2 3
3
3*8
8% Oct 23% Jan
247g Apr 1
10
Aug
26
1,800
16*4
16
15*4
*15%
6*4 Apr
14% 15
2*8
OCt
*15*4 16
15*4 15*4 15*2 15%
5
<
4
June
2
1*8
Feb
23
7,800
434 4 '8
4% 5
4% 4*4
4*4 4% 4*2 4% 4*2 4'8
60*8 Jan 27 947g Aug 14 54% Dec 98*4 Jan
87 87*2 873,1 89
89*s 89*2 89*4 91% 91 91*4 93 91*2 13,600
112 Aug 22 85 Nov 104 June
Preferred____________ 100 91 Jan
*106% n o *106l.i n o *106*4 n o *106*4 n o *106*4 n o *106U 110
9% Oct 3 23*4 fan 3 12*4 Mar 25% Nov
10 10*8 10 10*8
10% 10% *10% 11
9% 10% 10 10
9% Dec
478 Jan
7% Feb 28 12 June 2
9*2
9*? *9*8 9*2
9*4 9*4 *9
9% 9% *9
9*2 *9
3538 Jan 30 48*2May 3 3078 Oct 49 May
38 38 *38*2 39*4 *38*2 39% *38*2 39*2 39*4 39*2 38*2 38*2
28%
May
16%
Aug
38%Juno
9
18*4
Jan
10
3134 36% 35% 37 ;zi/,ouu
33 33% 33*8 33% 33% 34*2 34*2 35
9>8 Aug 3 1178 Oct 4
10% 10% 10*8 10*2 10*2 10% 11*4 11% 11% 11=4 11*8 n% m .iuj
50 Jan
June
32*8
54*2
May
13
3412
Mar
7
*46 48
49*2 49*2 *48*2 50*2 50 50
50 50 *49 50
66 Mar 21 80 Aug 29 68*4 June 75 Nov
Do pref.
*70 80 *70 80 *70 80 *70 87 *70 81 *77 80*4
43 Jan 9 57*4 Mar 3 26 Oct 103 Jan
400
45 45
48 48
*44 49 *45 49
47 47 *46 43
17 Apr 27 24 Juno 5
20*8 20*8 19% 20% 20*4 21*4 20*4 21% 20% 20=4 20% 20*2 4,100
Preferred................... ...100 84 Apr 28 933gSept 15
92*2 93*8
*90*2 93 *90*’ 93 *90*2 93 *90*2 93 *92 94
Dec
110*2
Jan 26 141 Sent 15 88 Aug 119 Deo
200
*134
137
*138 139 135 135 *135 137 135 135 *135*4 138
67*4 June 98%
9134 Jan 10 135 Oct
117 119 118% 120 121 128 131 135 129=4 133*8 12.8*8 130% 233,500
Dec
124*?
June
192%
169*4 Jan 5 225 Oct 6
195% 198*4 196 197*2 197*2 204 204*1 210*4 20634 222 216 225 145,600 Do pref non voting___100 11338 Jan 7 H 8I4 Aug 23 105% Jan 114% Deo
117 117% 116% 117% 117 117% 117 117% 116*4 117*8 118 118*4
Dec
Sept
85*4
66
90
May
25
68
MarlO
400
*80 83% *80 84 *80 83*4 *80 83*4 *80 83*4 79 8!)
45*gMay 4 5S34 Oct 6
56 57=4 57*2 58=4
*54 54*2 54*’ 54*2 55 55% 56 56
119 Aug
Oct
81
100
May
4
81
Jan
3
1001
Stern
Bros
pref
(8%)..........
*99 102 *99 102 *100 102 101 101 *100 102 100 100
37 Jan
5,300 Stewart-Warn Sp Corp.Wo p a r 24*2 Jan 5 52% Oct 4 21 ,June
49% 50*4
51*4 51*4 52% 52 52% 51% 52*4 51*4 51% 7,800
Stromberg Carburetor.Wo p a r 35*4 Jan 5 59% Apr 12 25*4 AUg 40 Apr
56 57*4 55% 58*4
55% 56
52 52
52% 53*4 54*4 56
423s1 Jan 93*4 Apr
139*2
July
18
100
Studebaker
Corp
(The)__
79'g
Jan
5
125*8 126*4 126*4 127% 127*4 128% 128*2 129% 128% 134 131% 133%
83 Jan 103% Deo
Do pref......................... 100 100 Feb 17 118 June 21
*115 118 *115 118 *115 118 *115 118 *115 117 *115 110 --3 Oct 10% Jan
8*4June 30
Submarine Boat_____ N o p a r
3*2 Jan 31
8
6=4 6=4 6*’ 6*2 ♦6% 6% 6% 6% 634 7*8 7
334 Aug 13*4 Jan
5
Feb
20*
10*4June
7
Oil________
N o par
Superior
6*4
6*2 6% 6*4 6% 6% 6*4
534 5=4
5*4 6
June 43 Jan
26
26
Jan
3|
39*2
Apr
7
Superior
Steel___________100
*3134 34 *32 35
33*2 33*? *33 35 *33 35 *33*2 36
2
Aug
3
5
Mar
14
Sweets
Co
of
America____10
2*2
0 Dec 25% Jan
2% 2% 2% 2% 2*2
2% 2*2
2*2 2% *2*2 234
i
*
4
Feb
1
Temtor
C
&
F
P,
Cl
A.
.Wo
par
%
Oct
4
400
*4
% *4
*% % *!*
*4
*4
*'=4 1*4
**4 1*4
6% Aug 11 Dec
9%Sept29 12%May 19
1,600 Tenn Copp & C tr ctfs. N o p a r
9*4 10
934 10*4 10*4 10*4
9% 10
9% 934 *9=4 10
29 June 48 Dec
Texas Company (The)____ 25 42% Jan 10 50%May
46*2 47
46*4 47*4 47*s 4734 37% 48*4 48*4 49*4 48% 50% 146,100
r32%
Dec 42% Dec
60%
Oct
6
Texas
Gulf
Sulphur...........10
38*2
Jan
4
32,150
59 61*8 59*2 60*2
56% 59
55 56
56*2 56% 57
15*4 Aug 36% Jan
Texas Pacific Coal * Oil.. 10 23 Jan 9 32%June 3
24*8 24% 24*8 25*4 25 26*8 25% 26% 2534 26% 25*2 27*2
67
Sept
13
*52*4
Aug
2
Tobacco
Pioducts
Corp__
100
63*4
60=4 61*8 61*4 6334 63 63% 63% 64*4 63*4 64% 62*2 85*2 22,200 Do Cl A (since July 15) 100 76% Aug 2 89%Sept 13
843S 8434 84*2 84's 84% 85*2 84%
83 83*2 83*4 85
91 Jan
400 Do pref......................... 100 88 Mar 2 110 Sept 12 76I2 June
106 106 106*8 106*8 *106*2 no *107 109= 108*2 108*2 *109 110
6 Aug 13 Apr
7*2 Mar 3 20%May 22
Oil. . . N o p a r
13 133s 13*4 1334 1334 15% 14*» 15*’ 14*2 1434' 14% 15% 59,600 Transcontinental
44*2! Apr
June
23
45%
Apr
4
Transue
4
Williams
St
.
N
o
p
a
r
33
Jan
16
Jan
*30 37 *30 35 *31 37 *31 37 *32% 36 *32% 36
900 Union Bag & Paper Corp.. 100 55 Mar 25 78 Sept 12 57 Sept 75
73 73*4 *74% 74*4 75 75%| 73*2 73*4
71*’ 71% 73 73
25*2 May
15%
Aug
25
June
3
17*4
Mar
4
Union
Oil--------------W
o
p
a
r
9,600
18*8 1934 19*4 19% 19% 1934 19 19%
Mar
18 18
18*8 18*
107
87*2
Sept
116
Sept
12
500 Union Tank Car.................... 10096 Jan 13
ot
*110 115 *112 116% *112 116% 112 114=4 115 115 1 114*4 114=
100 102 Feb 9 113 Sept 8 92 Oct 104 NJan
150 Preferred............
*110 115 *110*4 111 *110*4 111 111 111 111*2 111* *110*4 112
25 Jan 11 41*4May 13 19 June 34
600 United Alloy Steel___ Wo p a r
*37*2 38 *37*2 38 *3734 37% 37% 37*2 37% 37*. . 37*4 37*4
1 46 Sept 106 Jon
3,700 United Drug___________ 100 60%Mar 3 85
83 83
82% 85
81 82
80 80’s 80% 80=s *80*2 81
1 36% July 47 Feb
1st preferred...................50 41*8 Feb 18
2,800
*48 49*. 49*’ 49*. 49 49*s *49 493 50 51= *493.4 50
z95*4June 207 Jan
United
Fruit...................100
119*4
Jan
4
2,900
148 148 14934 150 *150 152 151 151 152 152 152*2 157
United Paperboard Co___ 100 14% Apr 21
*16 20
*16*3 18
18
46=8 Aug; 62*4 May
United Retail Stores___ N o p a r 43*2 Feb 28
81 ig 83ia 82 8234 81% 8234 81*2 82*8 25,800 U
1 11% Jar1 19 May
S Cast Iron Pipe & Fdy.100 16% Jan 13
33 34% 3412 34% 347g 353g 34% 34% 4.900
1 38 Aug; 57*2 N ot
Do pref...... .................. 100 50 Jan 11
300
731.1 7314 *73 75 *72 74
*72 74
11 5%Juml 7 Jan
5 Feb 1
100 U S Express........................ 100
*7*4 8
*7U 734 *7U 8
*714 8
I
8*2 Sept1 27*4 Jan
2*4 Feb 8
1,100 U S Food Products Corp_.100
634 634
67g 67g
6*2 6*8
6*4 6 34
217g 213g 2212 22U 22U 21 % 22*8 2.900 USHoffmanMachCorp N o p a r 19%Aug 23
21
' 35*4 Novr 74*2 May
63 63l2 63l2 64'i 641.1 65i2 64% 66% 17,000 U S Industrial Alcohol___ 100 37 Jan 6
. 84 Juljr 102 Mar
Do pref......................... 100 90 Jan 9
20 0
*96 100
98U 9814 *96*4 98*4
*96 102
i 41*8 Mair 63% Doc
8634 87% 86 87*8 17,900 U S Realty & Improvement 100 56 Jan 3
82 8212 83 87
■ 40*2 Aug; 79*4 Apr
67*2
Apr
i:
United
States
Rubber.........
100
49%Sept
28
16,600
52*2
53
527g
5312
52l2
53U
52lg 53>2
74 Aug; 103% JaD
Do 1st prof............. 1100
91 Sept 14
99 99l2 100 100*2 4,700
99 100
98l2 99
l| 2G Apir 38*8 Dec
423,, 43
48l2 4S34 *13 43l2 42*2 43% 2 ,000 U S Smelting, Ref & M .I.’ 50 33 Feb 27
Aus; 44*2 Jan
il
37
Do
pref..............
50
300
42*4
Feb
9
*47%
48*4
*45
49
48% 48% 48l2 4834
. 70*4 Jumj 86*2 May
102 103l2 103ig 1037g 1033g 1043g 103% 106 100,900 United States Steel Corp. 100 82 Jan 6
1 105 Jun<3 115 Dec
Do pref......................... 100 114*4 Jan 3
122*4 12238 122l2 12234 122 122U 122*4 122*8 2 ,100
i 41% Aui; 66% Dec
Utah Copper.... ..........
10 60% Jan 5
601* 67% 68 681’ 68 6834 67% 68*4 9,100
>
7 AUI; 12% Mar
9% Jan IS
___ . Utah Securities v t c.
.............__________
.100
21% 2234 217g 221’ 2134 22% 21*4 22 , 3,100:
) 25 1. Jume 41 Jan
43*8
47*8
21,300,
Vanadium
Corp............
N
o
p
a
r
30*4
Jan
10
47
48
40
lg
47«i
4514 46*4
Mar 88% Deo
i
72
93
400 Van Raaite 1st pref______100* 92 Jan 17
98 98
96«4 97
*95 97 *95 97
42*2 Jan
700 Vlrglnla-Carollna Chem__ 100 26 Sept 22 36%Mar 13 20*4 July 102*4
29 •28*4 28*4
*26% 27*2 27*2 28% *28 29 *28 66
Jan
500 Do prof......................... 100 58 July 28 82 Apr 10 57*4 July
* 66 % 68
66
66% 66*8 66 68 *52
*6512 69
95 Jan
59
Au:
94*2
Jau
18
100
43
Mar
27
Virginia
Iron,
C
&
C..........100
*51
55
55
54 54
*53 55 *53 55
Preferred____________ 100 66 Mar 13 82 Sept 8
*80 83
*81 85 *81 85 *81 85 *81 85
9*4 May
5% Mar
Vlvaudou (V)_______ N o p a r
6*8 Jan 6 14 May 8
13 13*4 13*8 13*8 13 13% 6,100
12% 12% 12% 13
8*2 Jan 13*2 Oct
10*4 Jan 16 17 Apr 24
12*4 12% 12*4 12% 3.400 Weber & Hellbroner__ N o p a r
12% 12% 12% 12% 12% 13
93 Oct 6 49*2 Jan 72 Jan
8 ,100 Wells Fargo Express
6
6
*4
Jan
4
..100
90*4
93
90
86
%
86
%
86
84*2 85%
82*4 85
7.100 Western Union Telegraph. 100 89 Feb 8 121% Aug 29 76 Aug 94 Apr
114% 114% 118
112 112 112%113*2 113% 114% 114
1.300 Westlnghome Air Brake.. . 50 80 Marl6 104 Sept 13 81*2 Sept 967s Jan
100 100 100
100 100 *100*4 101 100 100 100
7.400 Westlnghouse Elec & Mfg. 50 49% Jan 4 65% Aug 22 38% Aug 52% Dec
62%
62*4
62*2
62*4
62%
61*2 62% 62 62*2 62%
25*4May 4 33 Oct 5
6.300
White Eagle Oil_____ N o p a r
32 32%
31*2 32*2 31% 33
30*2 31
30 30
White Motor..................... 50 35% Jan 6 54 Sept 12 29*4 June 44 May
51 51% 51 51*4 *50*4 50% 3.400
50 50
50*4 51
7 July 17% Jan
4.300
7*2 Jan 20 12 May 5
White
Oil
Corporation
.
N
o
p
a
r
7*2
7*4
8
778
8
7% 7% 7% 7% 8
217gMay 12
8*2 Nov 18% Deo
12
12% 10,800 Wlckwire Spencer Steel . . 5 12 Sept V
12% 13*4 12% 13
12% 13
12% 13
4% Nov 10*2 May
10 May 29
4*2
Feb
17
9,700
Willys-Overland
(The)___25
7*8
7%
7%
6
%
6% 7% 7
7% 6% 7*8
49%
July
19
23
Aug 42 May
24
Feb
17
9,000
Do
Preferred
(
n
e
w
)
___100
42
44*2
42 44%
42 43% 43 44% *43% 44
27*4 Jan 4 50%Sept 15 27*2 Nov 47 Jan
2.100 Wilson & Co, Inc, v t c . N o p a r
45% 46
46 46
46% 47
46 47
*45 46
90
Augii
66
Jan
10
65
Oct 89% Feb
Preferred........................
100
*88
95
95
*88
*88 95 *88 95 *88 95
Woolworth Co (F W)........100 137 Jan 6 199% Oct 6 105 Aug 139*4 Dec
188*4 188% 189 192% 193% 194% 193% 194 195 199% 4,400
40%Sept 28 55%June 2 30*2 Aug 55*4 May
1,700
Worthington
P
&
M
v
t
C ..100
40*4
40*2
41
*40*2
40%
40%
41%
40%
40% 40*2
200: Do pref A......................100 83 Mar 31 94 May 4 70*2 Aug! 85 Deo
89
*86*4 89 *86*4 88*2 89 89 *86*2 91 *87*2
500' Do pref B......................100 64*4 Jan 9 89 Oct 4
54 Aug 70 N ot
71
70*8 70*s 70*4 70*4 70*4 70*2 70 70
*70
6 Jan 27 11 Aug 22
900' Wright Aeronautical...Wo p a r
6*2 June! 9*4 N ot
10
%
1
10
%
10
%
10
%
10*2
10
%
10*2
10%
1 Ex-rtghta. a Ex-dividend and rtghu. « Kx-dlvld«ud < Reduced to basis of (25 par
t Range since merger (July 15) with United Retail Stores Corp.

1616

Jan.

NewYork Stock Exchange— Bond Record, Friday, Weekly and Yearly

1 1909 th e

E x c h a n g e m e th o d o f g u o tin g b o n d t w a s c h a n g e d a n d p r i c e s a r e n o te — " a n d i n te r e s t" — e x c e p t f o r i n c o m e a n d d e f a u l t e d b o n d s .

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct 6

P ric e
F r id a y
O ct 6

W e e k 's
R ange or
L a s t S a le

R ange
S in c e
Jan. 1

L o re
H ig h N o . L o w
H ig h
U. S. Government.
First Liberty Loan—
100.62 Sale 100.48 100 80 1508 94.84 10168
3M% of 1932-1947..........
99.90 99.90
4 95.70 101.68
Conv 4% of 1932-1947..
100.30 Sale 99.98 100.30 497 96.04 101 78
Conv 4M% of 1932-1947
100 60 Sale 100.60 100.68
7 96.82 102.00
2d conv 4M% of 1932-1947___
Second Liberty Loan—
M N 99 66 Sale 99.24 99.66 11 95.76 100.80
4% of 1927-1942..........
M N lOU.bO Sale 99.66 100.00 3746 95.32 101.50
Conv 4M% of 1927-1942
Third Liberty Loan—
M S 100.00 Sale 99.78 100.06 3176 96.74 101.118
4M% of 1928.................
Fourth Liberty Loan—
A O 100.28 Sale 99.94 100.28 4876 9588 101.86
4M% of 1933-1938..........
Victory Liberty Loan—
J D 100.40 Sale 100 45 100.50 1096 100.02 101.00
4M% Notes of 1922-1923
99.93 June’22
J D
99.96 100.30
3M% Notes of 1922-1923.
102% Apr'22
2s consol registered_______ dl930 Q J
102*1 103*4
103*4 Mar’22
3a consol coupon_________ d!930 Q J
103% 103%
105*8 Mar’22
4s registered____________ 1925 Q F
105 105
105*8 Feb’22
4a coupon.....................
1925 Q F
104 105%
100
July’21
Panama Canal 10-30-yr 2 s..*1936 Q F
921*4 Sept’22
92% 92%
Panama Canal 3s gold.........1961 Q M
79 Feb’22
Registered......................... 1961 QM
79 79%
Foreign Government.
106 99 102%
Argentine (Govt) 7 s...
1927 F A 101% Sale 101% 102
17 77 87%
82
Argentine Internat 5s of 1665 . . M S *81 ----- SO
Sale 101*4 105 257 101% 109%
Belgium 25-yr ext s f 7443 8 1945 J D 10334
99% 92 94% 104%
5-year 6 % notes..........Jan 1925 J J 99% Sale 99%
101% 198 101 108%
20-year s f 8s.................... 1941 F A 1031- Sale 101
11 105 112
Bergen (Norway) s f 8 s ... 1945 M N 109 Sale 108i» 113
Berne (City of) s f 8s_____ 1945 M N 112 113% 113*4 113% 12 106 115
97% 156 95 101%
Bolivia (Republic of) 8s.
1947 IWN 97% Sale 96
81% 90 76% 90
Bordeaux (City of) l,>yr 63. 1934 MN 81% Sale 78*2
102% j 188 99% 108
Brazil, U 8 external 8s.
1941 _J _D 102 Sale 101
91 103 89 96%
73-.................................... 1952 J D 90 91 89
S9 101 84% 90
'H s................................... 1952 A O 8634 Sale 84%
99% 77 96 101%
Canada (Dominion of) g 5s. 19261A O S9% 99% 99
99% 76 94% 101
do
do
do
5s.. 1931 A O 9934 Sale | 98%
10-year 544s...................... 19291F A 101%Sale 100% 101% 122 95% 103%
99* 466 97% 106%
68............................ ......... 1952 IVI N 993g Salo I 9834
Chile (Republic) ext s f 83. . . 19411F A 104 10412 103% 104% 48 100% 106
89 98% 104*2
102%
External 5-year a f 8s____ 1926 A O 102 102% 102
53 100 106%
25-year s fSs.......................19461m N 104 Sale 103% 104
Chinese (Hukuang Ry) 5s of 1911 J D t 51% Sa 0 50% •51% 49 44 68
" " 109% 111% 7 100 112%
Christiania (City) a f 8s........1945 A O 109% Sale
Sale 91*2
92% 57 85*2 95%
Copenhagen 25-year sfS Ms 1944 J J 92
90% 3 84*2 99
Cuba—External debt .5s of 1904 IVI 8 96% Sale 96
77 90*4
Exterdebtof 53 1914Ser A.1949 F A 90 ----- 90 Sept’22
*3 70 85
85
External loan 4 Ms.......... 1949 F A 85 ___ 85
95 249 91% 100%
Czechoslovak (Repub of) 8s. 1951 A O 95 Sale 91%
107
108*2 12 105% U4
Danish Con Municipal Ss "A” 1946 F A 108 109 107
108*2 33 105 113
Series B.............................. 1945 f a 108*2 Sale
110% 115 107% 112%
Denmark external a f 8s
1945 A O 110 110*2 109
99% 176 90% 100*4
20-year 6s...........................1942 J J 98% Sale t 98
97% 6 85% 97%
96*»
97*2
?o%
Dominican Rep Cons Adm s f 5s’58 F A
96 271 94 97
Dutch East Indies ext 6s. _ 1947 J J 96 Sale 94%
95% 555 93% 97%
95% Sale 94
40-year 63____________ jg62
French Republic 2o-yr ext Sa. 1945 M S 101 Sale 99% 102*4 525 99 108%
97% 947 94 106
20-year external loan 7Ms. 1941 J D 97% Sale 95
Great Brit A Ireland (UK of)—
20-year gold bond 5*^8... 1937 F A 103% Sale 100% 104 475 90 1067*
10-year conv 5Ms........... 1929 F A 107% Sal.- 105*4 108% 705 98-%HI
5 99% 110%
3-year conv 5M s............ pl922 F A 99% 100% 99% 100*2
96% 25 92% 96%
Italy (Kingdom of) Ser A 6Msl925 F A 96% Sale 1 96
93% 184 86% 95%
Japanese Govt—£ loan 4^3.1925 F t 93% 93% 91%
92% 145 86% 94%
Second 8eries 4,%s........
1925 J J t 92% 93% 91%
8134 225 72% 83%
Sterling loan 4s_____
1931 J J 6 81 Sale 79%
Lyons (City of) 15-year 6a ... 1934 M N 81% Sale 79
81*41 79 76% 90
81%' 97 76% 90
Marseilles (City of) 15-yr 6s. 1934 M N 81% Sale 79
55*2 195 52*2 70%
Mexico—Extern loan £ 5s of 1899 Q J t 54 Sale 53%
l 39 Sale
33%
40% 95 38% 82
Gold debt 4s of 1904...
1954 J
93
2 2 92% 94%
Montevideo 7a___________ 1952 J D 92% 93 92%
95-% 451 93% 98%
Netherlands a f 6a...... ........... 1972 M 8 95% Sale 94%
112%
39 107% 115
Norway external s f 8s___I"Il940 A O 112 112% 111
*101
102
100
100
l 99 105
Porto Alegre (City of) 8 s ... 1961 J D
Queensland (State) ext a f 7a. 1941 A O 103 Sale 107% 110% 56 106% 112%
64 99 105
25-year 6s_____________ 1947 F A 103*4 Sale 100% 104
100
Sale
100
101 %
17| 99 105%
Rio Grande Do Sul 8s............1946 A O
Rio de Janeiro 25-year a f 8a 1946 A O 99% 100% 99% 100% 541 98*2 105%
8a........................................ 1947 A O 99% 100% 99% 100% 69, 98% 10478
n 99 106%
San Paulo (City) s f 8s..........1952 Wl 8 102 Sale 100% 102
33 100 106
San Paulo (State) ext a f 8s.. 1936 J J 101% 102% 100% 102
89% 2721 84% 98
Seine (France) ext 7s_______1942 J J 88 Sale , 85%
Sale 103% 105%| 89 94 107
Sweden 20-year 6s_________1939 J D 103%
75 112% 123
Swiss Conferer’n 20-yr s f 8a. 1940 J J 121% Salo 121% 122
70
21 67
Tokyo City 5s loan of 1912............M S * 69% 70% 70
76%
16 102% 108%
Uruguay Republic ext 8s___1946 F A 107 Sale 106% 107
U4%
8 106 115
Zurich (City of) s f 8a............1945 A O 113 Sale 113
I
( T h e s e a r e p r i c e s o n th e b a s i s o f $5 to £)
State and City Securities.
101 j100% 100% 25 98 103%
N Y City—4Ms Corp stock.. 1960 IVI S 100%
4 Ms Corporate stock_____1964 M S 102%103% 104 Sept’2 2 .
97*2 104
4Ms Corporate stock_____1966 A O 102*2 104 1105 Sept’22 .
99 105
4Ms Corporate stock_____1971 J D ’107% 10834 109% sept’221.
103% 109*4
108% 108% sept’22 108%
44is Corporate stock..July 1967 J J 107%
103%
446s Corporate stock_____1965 J D 107% Sale 1107% 197%' 2. 103 108%
446s Corporate stock_____1963 IVI S 107% 108%108% Sept’22 . J 103 108%
4% Corporate stock... . 1959 IVI N 99% 100% 99% 991,
93% 100 %
4% Corporate stock..........1958 M N 93*2 100% 100% 100%
9334 101
4% Corporate stock..........1957 IVI N 99% 100 | 99% 99%'
9£% 100%
4% Corporate stock reg__ 1956 M N 99% 100% 100% Aug’22|.
94 100%
107
107%
107%
lo
7
i,l
New 446s............................1957 M N 197 10)34 106% 1971,'
103% 108
446% Corporate stock___ 1957 IVI N
103% 108
346% Corporate stock. . 1954 M N 91 93% 91 Sept’22 .
82 93%
Oo Dec’20
New York State—4s..............1961 M S
lO.a Junc’22
102 102
Canal Improvement 4s___1961 J J
109%
Apr.22
Highway Improv’t 446s... 1963 M S
109% 110
101*2 Apr'22
104% 104*2
Highway Improv't 446a... 1965 IVI S
Railroad.
70
Ann Arbor 1st g 4s...... ........ *1995 Q J 68
58% 80
9?
7014
9134
Atch Top A 8 Fe—Gen g 4s.. 1995 A O 91% Sale Si
86 95*4
92
Registered___________ 1995 A O
87*4 92%
82%
Adjustment gold 4s_____*1995 Nov 81% 837* 82%
77*2 86
78*2 86 %
Stamped______
*1995 Nov 82*4 83
8378
8412
85%
861*
76
Conv gold 4s...................... 1955 J D
91% 10734
Conv 4s Issue of 1910..........1960 J D 104% 106 104% 107
Sept’22
91% 95%
East Okla DIv 1st g 4s___1928 IVI 8 93*4 95 95%
84%
Sept’22
85%
78
Rocky Mtn DIv 1st 4s___1965 J J 84% 84*4 87%
88%
Trans-Con Short L 1st 4s. .1958 J J 88 88% 90%
79*4 90
90%
86 % 94%
Cal-Arlz 1st A ref 446s “A” 1962 M 8 907* 92% 90
91%
86 93
AU Coast Line 1st gold 4s..*1952 M S 90% 91%
’22
104*2 108%
10-year secured 7s_______ 1930 IVI N 107% 108% 108 Sept91%
83*2 91%
General unified 446s..........1964 J D 90% 91% 91
98% 100
Ala Mid 1st guar gold 5s__1928 M N 100% ____ 100 Aug’22
Sepc’22
86 91%
Bruna * W 1st gu gold 4s.. 1938 J J 91 __ _ 91
83%
86%
78
L A N coll gold -Is...........al952 MN 83% 84 82%
95%
88 % 96
Balt A Ohio prior 346s........ 1925 J J 95 Sale 93%
Sept’22
92%
91
Registered.........................*1925 Q J 91% - - - - 92
85%
76** 88 **
1st 50-year gold 4s............*1948 A O 85 Sale 84%
84 Sept’22
84
75
Registered..............
*1948 Q J
8434
86%
87*4
74
10-year conv 446s............. 1933 !W S 857* Sale
90*4
Refund A gen 5s Series A 1995 J D 90 90*2 88%
77 93
102
94% 102
Temporary 10-year 6s.
1929 J J 102 Sale 101
93%
87 94*8
P June AM DIv 1st g 346s. 1925 M N 93% 94 93%
32%
72*4 85
P L E A W VaSys ref 4s. ..1941 M N 82 83 81%
93%
86
94*8
Southw DIv 1st gold 3 46s. 1925 J J 93 J3% 92%
Clev Lor A W con 1st g 5s. 1933 A O 98% ____ 99% Aug’22
99%
92
Ohio River RR 1st g 5 a... 1936 J D 96% __ _ 98% Aug’22
96% 9S%
General gold 5s................1937 A O 90*4 - - - - 97% Sept’22
98
90
70
70s4
Tol A Cln DIv 1st ref 4s A. .1959 J J
62% 73

•N o prloe Friday; latest old aod asked.




a D ue J a n .

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct 6

P r ic e
F r id a y

Oct 6
B id

W e e k 's
R ange or
L a s t S a le

A sk Low

H ig h

13

R ange
S in c e
Jan.

N o . Low

1

Buffalo R A P gen gold 5s__ 1937 M S 101 103% 103 Sept’22 -----1 98% 103*"
94% 43 88 % 96
Consol 4Ms................. .......1957 N1 N 93% 94 93
84% 89% 82** Mar’22
Alleg A West 1st g 4s gu__1998
82% 82%
97 . . .
Clearf A Mah 1st gu g 5s.. 19 43
90% Jan’22
90% 93%
100 . . . 100*4 Aug’22
Roch A Pitta Con 1st g 6s. . 1922
100%
99% 100 99
99% 39 99%
Canada Sou cons gu A 5s___ 1962
93 102
113% 113% 113% 113%
Canadian North deb 3 f 7s__1940
}
0
S%
115
113% 113% 113
113%
25-year s f deb 6 Ms_____ 1946
,1 ^ * 1 1 4 * 4
83% 207
82*2 Sale 82%
Canadian Pac Ry deb 4s stock__
77 85
£
91% 91% 91%
Car Clinch A Ohio 1st 3-yr 5s 1938
3 83 94
100 101 100 Sept’22
Central of Ga 1st gold 5s pi945
95%
102%
Consol gold 5s__________1945 M N 100 Sale 99% 100
89% 101%
10-year temp secur 6s.June 1929 J D 100*4 Sale 100% 101
101 %
Chatt Div pur money g 4s.1951 J D 82 ___ 78% June’22
’ i * 81%
Mac A Nor Div 1st g 5s__ 1946 J J 96%___ 96% Sept'22
93 96%
95*2 June’22
Mid Ga A Atl Div 5s...........1947 J J 90%
95 951,
94%
96%
IV
I
N
97%
Sept
’22
Cent RR & B of Ga coll g 5s.1937
88% 977*
Central of N J gen gold 5s__ 1987 J J 109% 110 109% 110% 23 103% l l 0%
Registered .................._./il9S7 Q J 106% . . . 109 Sept’22
105 n o
91
July’
22
l
90*2
­
N Y A Long Br gen g 4s__ 1941 M S
91 91
Ches A Ohio fund A impt 5s.. 1929 J J 95% 98% 96% Sept’22
90% 98
1st consol gold 5s________1939 M N 102% 103 102% 102%
94% 103*2
___
103
100
May’22|
Registered___________ 1939 M N
.1 100 100
89%'
General gold 4Ms_______ 1992 M S S9%Sale 89
4 82% 9i
___
91%
86
Nov’
21
1
M
S
Registered___________ 1992
90
20-year convertible 4Ms__ 1930 A 89% Sale 88%
82% 92%
84% 993.
30-year conv secured 5s__ 1946 O 97% Sale 95% 98 I
Big Sandy 1st 4s________1944 D 85%___ 86 Sept’82
76% 86%
Coal River Ry 1st gu 4s__ 1945 D 86% 88 87% Sept’22
78
87%
91%___ 86% Juue'22j
J
Craig Valley 1st g 5s_____ 1940
887* 887*
82%
84
79
June‘22
J
Potts Creek Branch 1st 4s.1946
71
79
J 84% 91% 84% Sept’22
R A A Div 1st con g Is___1989
82*4 841*
2d consol gold 4s______ 1989 J J 76%___ 80 Sept’22
<5% 80%
Greenbrier Ry 1st gu g 4s..1940 M N 85%___ 69 Apr'21|
94%___ 80% Deo’21i
Warm Springs V 1st g 5s__1941 IVI S 54%
51%
55%
Sale
Chic A Alton RR ref g 3s___1949 A O
51 67
33 I
3z% Sale 32
R a i l w a y 1st lien 3 Ms_____1950 J J
32 52
84
Chic Burl A Q—111 Div 3 Ms. 1949 J J 82 86% 84
77% 85
91%
91%
90%
91%
Illinois Division 4s______ 1949 J J
87% 93
Nebraska Extension 4s___1927 M N 96%___ 96*4 Sept’22
93 98
90% Oof 19 .
Registered___________ 1927 IVI N
90%
92
I
General 4s_________
1958 n,i s 91% 917*
86% 93'
102 I
1st A ref 5s.......................1971 F A 101*2 Sale 101
96% 102%
Chic A E III—
102 1091,
1st consol gold 6s_______ 1934 A O 107% 108%107% Sept’22 .
90 July'22 General consol 1st 5s_____1937 M N
96 g6%
83*2 85 1
68
86
C A E 111 RR ( n e w c o ) gen 53.1951 MN
51% 53 I
Chicago Great West 1st 4 s...1959 M S
53
641,
107% 103%'
Chic Ind A Loulsv—Ref 6s.. 1947 J
101
115
99% 99%I
Refunding gold 5s............. 1947
87% 997*
J
86 Sept’22!.
J
Refunding 4s Series C___1946
75 86
77% 77%
J
Ind A Louisville lstgu 4 s.. 1956
75 79
87 Sept’22
J
Chic Ind A Sou 50-year 4s__1956
86% 87
91% Sept’22
D
Chic L S A East 1st 4 Ms___1969
98 91%
77
77
Ch M A St P gen g 4s Ser A ,el989
J
71% 80
I 71% Sept’22
J
General gold 3Ms Ser B..el989
64 71%
J
General 4Ms Series C___el989
79 90
O
Gen A ref Series A 4Ms__a2014
54% 697*
Gen ref conv Ser B 5s___ O2014 A
62 80
Convertible 4Ms________ 1932 D
60 77
Permanent 4s__________ 1925 D
69% 87
J
25-year debenture 4s_____1934
54 69
J
Chic A Mo Rlv Div 5s___1926
89 97%
C M A Puget Sd lstgu 4s..1949
J
63% 77
Mllw A Nor 1st ext 4)33__ 1934 D
84% 91%
D
Cons extended 4 Ms____1934
85 92%
A
Chic A N’west Ext 4s...1886-1926
92% 98
A
Registered_______ 1886-1926
93% 93%
General gold 3 Ms................1987 M N
72 81
Registered__________ pl987 Q F
General 4s_____________ 19S7 M N
82% 91
Stamped 4s___________1987 M N
81% 88
Sale
General 53 stamped______ 1987 M N 106%
-j 997* llo
102%
106
Sinking fund 6s_____1879-1929 A O
---1
0
2 103
Registered_______ 1879-1929 A O 101% ___
—-! 101 1017*
98 ___
Sinking fund 5s..........1879-1929 A O 99
96% 104
___
Registered_______ 1S79-1929 A O
95*8 100
Sinking fund deb 5s______ 1933 IVI N 100% ____
96 101*4
Registered___________ 1933 M N 96%___
..
98*2 100%
10-year secured 7s g..........1930 J D 109% 110% 109*4
“ 105 110%
_ __
15-year secured 6>$s g___ 1936 IVI S 111% 112% 112
8 106 115
93%----93*4
Sept'22
Des Plaines Val lstgu 4Ms 1947 M S
— 93% 93%
Frem Elk A Mo V 1st 6S..1933.A O 111% 114 110% Aug’22 — 1057* 110*4
Man G B A N W 1st 34^8..1941 J J 80 ____ 70 Mar’21
80
___
66%
Aug'21
Mllw A SL lstgu 3 Hs___1941 J J
Mllw L S A West Imp g 5s. 1929 F A 99%____ 100% 100%
98% 108%
Ashland Div 1st g 0s___1925 IVI S 101%____ I 99 Mar’21
Mich Div 1st gold 6s___19241J J 101%____ 101% Mar'22
101
%ioi%
Mil Spar A N W 1st gu 4 s.. 1947 IVI S 91*2 Sale 91% Sept’22
85% 93
St L Peo A N W 1st gu 5s.. 1948 J J 104% 104*4 106% Sept’22
95 105%
85
Chic R IA P— R a il w a y gen 4s 1988 J J 85 Sale 84
79
87%
Registered________
1988 J J 82% Sale . 82% 84
78
84%
Refunding gold 4s_______ 1934 A O 85 Sale ! 84% 85%
75% 87%
R I Ark A Louis 1st 4HS..1934 M S 83% 84 ! 82*4 83%
76*4 86%
100
Burl C R A Nor 1st 5s___1934 A O 99%_____100
90 100
Choc Okla A Gulf cons 5 s.. 1952 IVI N 98%____ 98 Sept'22
89
98
93
Keok A Dcs Moines 1st 5s. 1923 A O 93 937* 93
72
94%
St Paul A KCShL 1st 4Ha 1941 F A 84% 85 84*2 85
76
86*4
Chic St P M A O cons tls.........1930 J D 108 n o ,109 Sept’22
104% 109%
Cons 6s reduced to 3 Ms__1930 J D 90 ___ I 92 Sept'22
92
977* 20 87
Debenture 5s___________1930 IVI 8 97% 97*4 97
91% 93
North Wisconsin 1st 6s___ 1930 J J 100%_____118 Nov’10
Superior Short L 1st 5s g..dl930 M S 97%____ 95" May’18
84
5 73*4 8
Chic T H A So East 1st 5 s ... 1960 J D 84 Sale 84
Chic Un Sta’n 1st gu 4Ms A ..1963 J J 92% Sale 917* 93% 25 87*i 9
114% 1 111% 11
1st Ser C 6Ms (ctfs)...........1963 J J 114 Sale 114
Chic A West Ind gen g 6s...«1932 QM 105 ___ 105 Sept’22!____ 103 10
77%' 29 67% 7
Consol 50-year 4s________ 1952 J J 77% Salo ! 77
15-years f 7 Ms__________1935 M S 102%102% 102*4 Sept’2 2 ___ 997* 10
91
A u g ’22l
Cln H A D 2d gold 4Ms____ 1937 J J 89% .
86 £
88 Mar’17 ..
C Find A Ft W 1st gu 4s g. 1923 M N
Day A Mich 1st cons 4MS-1931 J J 92%___ 93% Sept’221..
81% 83% 84 Sept’22 ..
Cleve Cln Ch A St L gen 4s__1993
91*4 Sale 91*4
92*2
26-year deb 4Ms............ -.1931
102 ____ 101
101
General 5s Series B______ 1993
102 102% 101
102
Ref A lmpt 6s Series A___1929
87 897* 89 Sept’22
Cairo Div 1st gold 4s____ 1939
81% 82*4 82
82
Cln W A M Div 1st g 4s...1991
St L Div 1st coll tr g 4s___ 1990 M N 81% 827* 83% Sept’22
Spr A Col Div 1st g 4s........1940 M S 85%----- 85% Aug’22
83%----- 85% Aug’22
W W Val DlV 1st g 4s........1940
90*4 - __ 89*2 Aug'22
C I St L A C 1st g 4s........*1936
------------ 86%May’22
Registered__________ *1936
96*4 ----- 99 Aug’22
Cln S A Cl cons 1st g 5s...1928
1057* 108% 105% May’22 — 1
C C C A I gen cons g 6s___1934
83%___ | 90 Jnne'22 .
Ind B A W 1st pref 4s........1940
80 80% 83*2 Sept'22
Peoria A East 1st cons 4s. .1940
35%
Income 4s------------------1990 Apr. 35% 357* 34*4
97%
Cleve Shor Line lstgu 4MS-1961 A O 97% 99 I 97%
Cleve Union Term 5M s........ 1972 A O 105*8 Sale 104*4 107 I
93*,'
Colorado A South 1st g 4 s ... 1929 F A 93*4 Sale | 93%
Refunding A exten 4 Ms.-.1935 IVI N 89*2 90% 88*4
90 I
Ft W A Den C 1st g 5MS..1961 J D 104 105% 105*2 Aug’22
Cuba RR 1st 50-year 5s g_..1952 J J 87 Sale 85%
87
10 i
1st ref 7Ms...... ..................1936 J D 1 0 6 7 * _____ 107 Sept’22
D L A W—M A E 1st gu 3Ms 2000 J D 79%___ 8678 Sept’22 .
N Y Lack A Western 5s__ 1923 F A 100% ___ 100% Sept’22
Terminal A lmprove’t 4s. 1923 IVI N 99% 100 99%
99*2
Warren 1st ref gu g 3 M s...2000 F A 76i, 82% 78 Aug'22

4D ue A pril. «Due M ay . jD u e Ju n e. ADue Ju ly . *D ue Aug. oDue O at. pl.iie N ov. zD ue Deo.’*Ti

BO ND S
N . Y . STOCK E X C H A N G E
Week ending Oct 6

P r ic e
F r id a y

Oct 6

Week’s

Range or
Last Sals

Bonds
Sold

New York Bond Record—
Range
Since
Jan. 1

1617

Continued— Page 2

BONDS
N . Y. STO C K E X C H A N G E .
Week ending O ct 6

Price
F r id a y

Oct 6

Range
Since
Jan. 1

Week’*
Range or
Last Sale

Bid
H i g h N o. Low High
A s k Low
Bid
A s k Low
High NO Low High
Delaware & H udson—
Leh Val R R 10-yr coll 6 e ..n l9 2 8 M S 103 104% 103*4 104%
6 100% 105
91% Sale 91
le t & ref 4s.............................1943 IW N
11 83% 94
Leh Val C oal Co 1st gu g 5 a .. 1933 J
101 102 102 S ept’22
90*8 102
3G 89*4 103%
1933 J
R egistered................
101
30-year conv 5e.............. ...1 9 3 5 A O 100 ___ 100
105 O ct’13
42 99 103%
5 M s .......................................... 1937 in N 101% 102 100% 102
1st ln t reduced to 4 s . . .
1933 J J
83% O ot’21
7 107 113%
110
10-year secured 7s.................1930 J D 110 Sale 110
Leh A N Y 1st guar gold 4 s .. 1945 M S 85% 87%
Aug’22
83% 86
82i4 84 82 .
Alb & Susq conv 3 H s ......... 1946 A O
76*8 82
9 8 % ____ 100 Aug’22
Long laid 1st cons gold 5 s../il9 3 1 Q J
95% 100
R enns & Saratoga 20-yr 6 s . 1941 M N 108i2 . . .
9078 ____ 89% J u n e ’22
1st consol gold 4s
A1931 Q J
£89% 90
95 73
82%
78ig Sale 77
78
D en & R G r— 1st cons g 4 s .. 1936 J J
G eneral gold 4s...................... 1938 J D
87
88
88
86 I
77
89*4
81s4 82i2 81*4
7 76% 84
Gold 4 s ___
1032 J D
Consold gold 4 H s ................1936 J J
85S4 ____ 84% A ug’22
82% 84%
57 74% 85
8I34Sale 81*2
Im provem ent gold 5s____ 1928 J D
Unified gold 4 s . : ; ................1949 rvi s 82% 82% 82
82
73% 82
1023 42
52%
1st A refunding 6s___
1955 F A 51 Sale 46
D ebenture gold 5s
” ‘ 1934 J D
95
95 S ept’22
45
10 40'* i l
T ru s t Co certlfs of deposit_____
4612 73 45
20-year p m deb 5 s .. .
1937 IVl N
84% 84*s 84
84%
76*4 87%
80% 89
85% 88 87
R io G r Ju n e 1st gu 5s......... 1939 J
G uar refunding gold 4s___ 1949 IW S 82% Sale 81*4
82%
72
84%
R io G r Sou 1st gold 4s___ 1940 J
10»g 1712 61% Apr’11
N Y R & M B is t con g 5s. 1935 A O 9 8 % ____ 96% S ep t’22
95% 96%
10% 10%
1414 . . .
G u aran teed ..............
1940 J
£ Y * R B 1st gold 5s___ 1927 M S 91% 99% 99% S ept’22
99% 99%
47 73*4 f6%
79
80*2 S13g 781*
R io G r W est 1st gold 4 s ...1 9 3 9 J
96% 98
N or Sh B 1st con g gu 5 s ..o l9 3 2 Q J
96 A ug’22
89% 96
19 62‘*
65 7612 65
M tge & coll tru s t 4s A .. 1949 A
Louisiana A Ark 1st g 5s
1927 M S 93 Sale 93
93
78
95
74
78
75 ___ I 70
D e t & M ack— 1st lien g 4 s ...1 9 9 5 J
Louisville A N ashville__
67
67
70’s 78 67
Gold 4 s.................
1995 J
Gold 5s_________________ 1937 IW N 101*4____ 102 Ju n e’22
98% 102%
22 82
93
D e t R lv T er T un 4 H e..............1961 IW N
90U 90% 90U
Unified gold 4s___ ” ”
1940
93
Sale
92*4
93% 43 87% 95
J
95% }00
D ul M lssabe & N or gen 5 s . . . 1941 J J 100 ___ 100
J
Registered______: : : : : : : i 9 4 o
90% J u n e ’2 2 -----% 90%
95% 102
D ul & Iron Range 1st 5 s......... 1937 A O 100 10034 102 Sept’22
Collateral tru s t gold 5s__ :i9 3 1 M N 98*4____ 99*8 Aug’2 2 ____ 95% 99%
________
,10512
Mar'08
108%
109%
R egistered........................... 1937 A O
10-year secured 7s._ . 1930 IVl N
108% 108%'
1 106% 109%
82% Sept’12
81% 87
D ul Sou Shore & Atl g 5s___ 1937 J J ----- 83
re{„5 H s............................2003 A O 105 Sale 104*i 105 I 17 101 107%
95 100
Elgin Jo liet & E a st 1st g 5 s . . 1941 M N 100 101 Uoo
L Cin A Lex gold 4 H s .........1931 M N
98*4 Aug’221------ 98*4 98*4
9 100% 108
Erie 1st consold gold 7s e x t .. 1930 M S 106 106*4 1057g
N O A M 1st gold 6s . . 1930
J 105% ____ 105*4 J u ly ’22;-----% 106%
91 ___ I 87
_ _
80% 87
2d gold 6s......... .................1930
N Y & Erie 1st ext g 4s___ 1947 IW N
J 101 ___ 101 Ju ly ’2 2 ------ 98% 101
99*8 99 V 983g June’22
96»a 9912
3rd ex t gold 4 H s ................. 1943 M S
P aducah A M em D lv 4s 1946 F A 85% 90
J u ly ’2 2 ------ 80
91%
90%
95%
98*4 9912 95U June’22
67
07
2 58
4 th ex t gold 5s......................1930 A O
S t Louis D lv 2d gold 3 s . . . 1980 IVl S 63% 67
67%
9234 ___ I 9434 Nov’15
Sale 86% 86*4’
6 th ex t gold 4s___________ 1928 J D
A t' Knoxv A Cin D lv 4 s . . .1955 M N
9 79*8 88
102%
102%
103lg___
1
102
>
8
Aug'22
9
o
*4
____
J
D
N Y L E & W 1st 7s e x t . . . 1930 M S
A tl Knox A N or 1st g 5 s . . . 1946
99% M ay ’2 2 ------ 98*4 99%
65% 66% 64
66I2 88 54% 71
Erie 1st cons g 4s prior___ 1996 J J
H ender Bdge 1st s f g 6 s . . . 1931 M S
104 Ju ly ’2 2 ------ 103 104
57
57
8 4 % ____
67 Mar’22
R egistered........................... 1996
K entucky C entral gold 4s 1987 J J
Aug’2 2 ------ 79*8 86
278
54
39%
58
52ig
54%
99%
100
Sale
Lex A East 1st 50-yr 5s gu.1965 A O
1st consol gen lien g 4 s ..1996
99 S ep t’2 2 ----- 93 100
51
51
51 Aug'22
97
R egistered......................1996
97 S ept’2 2 ------ 92% 97
L A N A M A M 1st g 4 H s 1945 M S 96
79
91
89% 89*4
86*4 Sale 83% S ept’2 2 ------ 74 86%
L A N South M Joint 4s
1952 J J
Penn coll tru s t gold 4 s ..1951
33 34% 57
51% 52 I 50*4
52
50-year conv 4s Ser A . . . 1953
R egistered.........................A1952 Q
95
f e b ’0 5 -----51% dale 49%
5134
98% 100 101 M ay ’2 2 ------ 100% 101%
31|
F
do Series B __________ 1963
N
F
la
A
S
1st
gu
g
5s.........
1937
55
76 34% fg
55 Sale 5234
59
94% 95*4 93% Aug’2 2 ------ 89
Gen conv 4s Series D ___ 1953
N A C Bdge gen gu 4 H 8 ...1 9 4 5 J
93%
80
99
98
98% 99 S tpt'22
100% 102% 102% S ept’2 2 ------ 96 102%
Chic & E rie 1st gold 5s___ 1982 M N
S A N Ala cons gu g 5s___ 1936 F
90% 90*8
94%
90% Jan'22
Cleve & M ahon Vail g 5S..1938 J J
Gen cons guar 50-yr 5 s .. 1963 A O 100 ___ 97% S ept’2 2 ------ 95% 100%
i
i
88%
98%
96%
95%
97
97
83%
84
E rie & Jersey 1st s f 6s___ 1956 j
Lou A Jeff Bdge Co gu g 4 s. 1945 IW S
83%
83%
1 77
85
5 79*8 97*4
9o% 96 | 95*8
9612
Genessee R iver 1st s f 6 s . . . 1957 J
Mex In tern al 1st cons g 4 s . . . 1977 M S
77 M ar'IU
109% 113% 109 Sept’22
109 109
Long Dock consol g 6s___ 1935 A
Stam ped g uaranteed.
1977 M S
75 N ov'10
9t,*8
83la Doc’21
M idland T erm — 1st s f g 5 s. 1925 J D
Dock & Im p t 1st ext 5s___ 1943 J _
99 Ju ly ’20
86“ 88
86
86
90%
M inn A S t Louis 1st 7s____ 1927 J D 104 ____ 104 Ju n e’22
N Y & Green L gu g 5s___ 1946 M N
101 104
8 54
72
68% Sale 68l2
68I2
N Y Susq & W 1st ref 5 s . . . 1937 J
1st consol gold 5s........... ’ l934 M N 81 Sale 80%
81%
69*8 83
47%
53%
63% 66
63 Sepe’22
43%
2d gold 4 H a....................... 1937 F
1st A refunding gold 4s___ 1949 IVl S 43% 44
44
31
50%
13 38% 60
50
61
60
% Sale 44
55
Ref A ex t 50-yr 5s Ser A . . . 1962 Q F
G eneral gold 5a..................1940iF ..
44%
50
75
83%
90
90
S
ept’22
57
Sale
56
Term inal 1st gold 5s___ 1943 IW N
D es M A F t D 1st gu 4s . 1935 J J
62
56
93
94%
94
93 J u ly ’22
81
81% 81*4
M id of N J 1st ex t 5s_____ 1940 A
Iow a C entral 1st gold 5s .1938 J D
82%
85
53
73
68 Sept’22
66
68
Wllk A E a st 1st gu g 5s___ 1942
.R e fu n d in g gold 4s........... 1951 IW S 43% 43*4 44
44
50*8
88
A pr’21
90% Sale 89*4
E vans A T H 1st gen g 5 s ...1 9 4 2
M S t P A S S M con g 4s ln t gul938 J J
—90
- 85% 91%
691* Apr’21
------ 105% 101% Sept’2 2 ------ 96% 106
M t Vernon 1st gold 6s___ 1923
1st cons 5 s_________
1938
6912 A pr’21
Sale
104%
Sul Co B ranch 1st g 5s___ 1930
103*4
104%
27
M
S
100% 107
10-year coll tru s t 6 H *—
1931
8912 911, 90
6 S0% 91%
91 >2
Florida E C oast 1st 4 H e___ 1959
1st Chicago Term s f 4 s . . 1941 M N 91*4 93
89% J u ly ’22,—
% 89*4
83*8____ 66
Apr’21
F o r tS t C D Co 1st g 4 H s . . . 1941
9414!
2 94% 97%
96
97% 94%
M 8 S M * a l s t g 4s ln t g u .1926 J J
80*8 J u ly '22
83U 84
"78“ 88
S7s 92
F t W orth A R io G r 1st g 4 s .. 1928
Mississippi C entral 1st 5s
1949 J J
85% M ay ’22,—82*4 88%
!
86
89
90 Sept’22
83
90
G alv H ous A Ilend 1st 5s___ 1933
83*4 Sale 83
M o K an A Tex— 1st gold 4 s. 1990 J D
85%'
28 73
85%
113lg 113U 112
11312 56 103% 115
G rand T ru n k of C an deb 7 s .. 1940
2d_?°ld 4s............................. pl990 F A
% Aug’2 2 ------ 48*s 68%
104*8 88 inn 108
' 7 4 ' ‘ 78% 77% S ept’2 2 ------ 48% 77%
15-year a f 6 s......................... 1936 M S .............. .. 1031a
T ru s t Co certlfs of deposit__
G reat N or Gen 7s ser A ......... 1936 J J 112% Sale 110*4 112*4 354 107% 113*4
1st A refunding 4 s . . .
2004 M S
% Ao r’221------ 73
86%
94
9412 35 88
9312 94
96
*92 " *95*% 92 Sept’2 2 ------ 68
1st A ref 4 H s Series A ___ 1961
J
T ru st Co certlfs of d e p o s it..
92
R egistered........................... 1961
J
Gen sinking fund 4 H e____ 1936
64%
Ju
u
e’2
2
____
52%
64%
1041, 319 96% 106
6 % s .......................................... 1952
J 103<2 Sale 102*g
T 4 " "78
77 Sept’2 2 ------ 62% 77
. T r u s t Co certifs of deposit
93U 94 92*a Aug’22
90% ,? 25*
J
S t P aul M A M an 4s............1933
S t Louis D lv 1st ref 4 s . . . 2001 A O
27
44
44 Jutie'22
105% D l
J 111*8____ H I Sept’22
1st consol g 6 s . . . ............ 1933
80
84
5% secured notes "e x t” .
% S ept’22
68% 88*4
_
99 8ept’20
R egistered....................... 1933
J
90% M ay'22
M N
80
90%
~ 4 '93% 100%
S
H
!
W
caC0
ls
t
8,18
5
s
.
.
1940
99
991a
99
99
Reduced to gold 4 H s — 1933
J
^.an C ity A P ac ls t g 4 s . . . 1990 F A
77% J u ly ’22
70% 77%
97 Aug’22
95
97
J
R egistered................
1933
A O
83 M ar’22
77
83
91*8 93 92lj Sept’22
92%
M°KK*<tn v il8f 8U 8 51.......... 1942 M N
M o n t ex t 1st gold 4s___ 1937
D
94% 97% 88%
88%
78% 94%
80 M ar’21
D
R egistered___________ 1937
85 Ju ly ’2 2 '------ 77
M S
97*8
83 M ar’20
J
Pacific ext guar 4s........... 1940
40
J D 35
42 A u g '2 2 ------ 34% 42
‘
89*4
E M inn N or D lv 1st g 4 s . . 1948
O 89*8 90%
34
34
2
32*4
45
M S
7*4 36%
112
Sale
112
112
109%
D
3
M o n t C 1st gu g 6s_______ 1937
J
% Sale 85%
86%' 68 76% 88*s
J J
136% M ay ’06
R egistered_____________ 1937
J
72
72% 71%
75
72 I 12
J J
9 9 '1 0 3
1st guar gold 5s......... — 1937
J IOH4 ___ 103 Sept’22
10-year 6s Series C . . .
1932
97% Sale 97
99%
97*4' 481
99%
102%
10134
____
102%
J
u
ly
’22,----Will A S F 1st gold 5 s . . . 1938
D
63% Sale 62
C
um
ad
ju
st
5s
Series
A
.
1967
43*4
66
64%
1245
70ig A pr'2 2 ------ 67% 70%
70
G reen B ay A W D eb ctfs " A " ___ Feb 60
Pacific (reorg Co)­
13i2'
3
6% 17%
13U 1312 13%
D ebenture ctfs " B ” __________ Feb
91* 92% 91
92*4! 6 84% 93%
* !e£,n d 08 5s Ser A . . . 1965 ■ ~
80 I
5
8 2 lg ____ 80
G ulf A S I 1st ref A t g 5S..61952 J J
i
S5
5
reJundlng
5s Ser B _ .a l9 2 3 ,F A --------------- 99% J u ly ’22------ 97% 100
88% 8884 87*4
88 V 23 81% 90
Hocking Val 1st cons g 4 H s . . 1999 J J
9744 8 95% 100
l8 ‘ * f i n d i n g 6s Ser C _ ..1926 F A 97% Sale ! 97%
73*2
June’18
R egistered_______________ 1999 J J
63, Series D__
iq 4Q F A 101*8 Sale 100*4
102 I 225 98 103%
85*8____ 85lg S ept’22
7 8 '' 85%
Col A H V 1st ext g 4 s.........1948 A o
General 4 s . . . ........................ %
66*4
Sale
I
65%
67%'
207 59% 69*4
78% 83
Col A Tol 1st ex t 4s_______ 1955 F A 84 % ____ 84% S ept’22
Missouri Pacific— ....................
|
95ig S ept’22
95
96
89*4 96
H ouston B elt A T erm 1st 68.1937 J J
78%
85%
85%
S
ept’2
2
'-----76% 85%
4
%
.........
1938!
m
N
a
t
85
86I4
76
88%
H u d A M an b at 5s ser A____ 1967 F A 851, 86
C®nt B r U P 1st g 4s......... 1948 J D
75
78
75%
75%
1 74
77*8
6212 607g
62%
47% 67*4
A djust Income 5s_________ 1957 A O 62
8 7 % ------ 89 S ep t’2 2 ------ 1 83
89
F
la
t
ext
8
4a-1938
9
8
lg
____
,
98%
100
92
98*4
N Y A Jersey 1st 6s----------1932 F
92
98
97*8
100
I
97*8
97*s
1
J
801(1 5s......... 1938
93 ____ 96 Scpt’22
83% 96
Illinois C entral 1st gold 4 s . . . 1951 j
99
99% 98%
99% 34 94% 99%
™
8en con 8 5s. 1931 A
___I 83>g S ept’21!
R egistered ----------------1951J
®°n 8ta“iP 8u g 5 s .. 1931 A
~83 ” 8612 82% Ju ly ’22
76*8 827g
1st gold 3)48............................ 1*51 J
21 78% 92%
88%
88%
88*s
89%
J
J
82
? oldtz 4s
4a— -1929
84 84 Nov’15
R egistered______________1951 J
R lv & G D lv 1st
iqQQ IW N 86% Sale 1 86%
87% 82 75*8 88%
79 ig 86 72
Oct’21
Extended 1st gold 3 H s ----- 19511A O
Verdi V I A W 1st g 5s
1928 IW S 9 5 % ------ 1 98 S ep t’22
1 90% 98
R egistered_____ _______ 1951'A O
Mobile A Ohio new gold 6s ‘ 1927 J D 103% 106 105
105 1 3 101% 105
____ 80 July’09
1st gold 3s sterling _______1961 M S
1I 97% 103
1st ext gold 6s__
'ftl9 ° 7 Q J 100% ------ 103 S ept’22'
86
86%
85i2
85i2
80%
95
C ollateral tru s t gold 4s__ 1952 M S
General gold 4 s . . . ......... igjjg M S 78% 80
78%
78% ' 2 1 67*8 78%
R egistered........................ 1962 A O
~ -------8OI2 96% Sept'10
95*4
7 86% 96%
96%
2 lv l s t' 8 £ " 1 9 4 7 F A 96% 97
89%
82% 91%
1st refunding 4s__________ 1955 M N 90 90% 89
S t Louis D iv 5s_____
1927 J
94%
97
96%
a 87% 96%
96%
77% 81*8 80 Sept’22
76*g 80%
P urchased lines 3 H s ______ 1952 J
St L
Cairo guar tr 4a ~~ ~i qq i J
4 1 81
90% Sale 90%
90%
93
83*4'
78% 84%
L N O A Texas gold 4s------ 1953 M N 831, Sale 83*4
N ashv C h a tt <fe S t L 1st
A
100*4 101% 101% S ept’22
1 97 103*8
82
Aug'22
82
82
M
N
R egistered_____________ 1963
.
.
.
J
100%
-----100%
J
u
ly
’22
100
J
100%
J “ por^
noh l s t 8 68— : 1923
102 Sale 101
102*8
96*4 103*s
J
15year secured 6 H a.1934
29
34
N a tR y s o f M e x p r lle n 4 H s 1957 J
30% S ept’22
21% 45
112% Sale 112% 112U
99*4 113
16- year secured 6 H a g------ 1936 .1
291,
G uaranteed general 4 s . . . . ' 1977 A
29% 33
9012___ 92ig S ept’22
81% 93
C airo Bridge gold 4s..........1950 J
: : : : 28
N
at
of
M
ex
prior
lien
4
H
s
.:
:i9
2
6
32
31*8
M
ar’22
J
7 1 1 ,____ 6038 June'22
63*g 09*4
Litchfield D lv 1st gold 3S..1951 J
1st consol 4s_________
1951 A
25 J u ly ’22
____ 28
21% 33*s
78
79*4
___ 78% Sept’22
Loulsv D lv A Term g 3 H a . 1953 J
73*4 81
84
84
S4%
14
J
84%'
79
86*4
S
°
E
ls
t
ref
4
,raP
4
H
s
*A
’62
691g
70%
69%
697g
71
O m aha D lv 1st gold 3s------ 1951 F
New Orleans Term ls t 4s
1953 J
78*4 Sale 78*4
1 70% 81%
78%,
70% 7414 72% Aug’22
63*g 72%
S t Louis D lv A T erm g 3 s .. 1951 J
N O Texas A Mexico ls t 6 s " 1926 J
1 1 95% 101%
100*8 101% 101
101
70 i g ____ 79*8 Sept’22
76% 79*8
Gold 3 H a ........................... 1961 J
78 Bale 77
82 62
N o n ^ u m Income 5s A .._ :i9 3 5 A
80%
78
7612 ____ 78% Ju ly ’22
78% 78%
Sprlngf D lv l s t g 3 H a --------1951 J
N Y C ent R R conv deb 6s
1935 IW N 106% Sale 10-4*4 106*4 352 98 108%
8 3 ig ____
% Sept’22
82
86%
W estern Lines 1st g 4s------ 1951 F
10-year coll tru s t 7s___
1930 M S
106 Aug’22
105 108
F
92
N
ov’10
R egistered.....................
1951
Consol 48 Series A ..............'1 9 9 8 F A 84*4 Sale 82%
84% 31 78% 86%
99*4 100%
10018 IOOI2 100% Sept’22
Bellev A C ar 1st 6s............ 1923 J
89% Sale 89%
5 ® '4 ' “ P t ^ H s "A ’’.......... 2013 A
90 1 26 85% 92
92
92% Sept’22
92% 92%
C arb A Shaw 1st gold 4 s . . . 1932 IW S 90
99
Sale
99%
1024 93*4 99%
97*4
A
X
T
i.®5fp
ref
4
Im
pt
5s___
2013
Sept'22
C hic S t L A N O g o l d S a —_ 1951
99*8 104
99 104*8
N
Y
C
entral
A
H
udson
R
iver—
99
a u k ’21
R eg istered .------- ------------1951
M ortgage 3 H s .................... 1997
79% Sale 79%
74% 83%
79*8
7 5% ____ 65*4 Dec'21
Gold 3 H a ........................... 1951
R egistered_______
jg97
75
81% 77 Aug’22
76
77%
J o in t 1st ref 5a Series A .1963
98%
99
28 90% 100
98% 99
D ebenture gold 4 s ..............1934 M N
91 Sale 90%
84
93
91*8
M em ph D lv 1st g 4s-----1951
81% 84
82 M ay ’22
78*4 82
R egistered______: "
1934 IW N
66%
Jnne'20
66%
74%
S t Louis Sou 1st gu g 4 s . . .1931 M S
90% 80 Sept'21
90%
90% Sept’22
83
91 ,
30-year debenture 4 s " : ' ” i942 J J
83
91
In d 111 A Iow a 1st g 4s_____ 1960 J J
Sept’22
85
86
Lake Shore coll gold 3 H S ..1 9 9 8
76%
A 76% Sale 76%
69% 79*4
I n t A G reat N or 1st g ext 7 s. . 1922 M N 100 100*4 100% 100%
97 101%
74%
Aug’22
A
72
74%
v
r
?
n
gMtered
................
—
1998
A djust 6 s................................ 1952 J J
50% 66%
53% Sale 52
54%
So
80%
8IS4
A 78
71% 81*4
M ich C en t coll gold 3 H e 1998
Jam es F ran k A C lear 1st 4 s ..1959
87% 89
D
80% 86%
% Aug’22
R egistered_____
199s
79
74% J u ly ’22
A 75
72
74%
K ansas C ity Sou 1st gold 3 s .. 1950
O 70% Sale 69*s
70%
63
72
D 60 _
60 J u ly ’22
g a t t ’®Cr A S tu r 1st gu 3 s " l9 9 8
60 162
R egistered_______________ 1950
o
78
Oot’OO
J
Beech Creek 1st gu g 4 s . . . 1936
91*8 92% 91*8
91%
84*4 91%
R ef A Im pt 5s_____--A p r 1950
J
94 Sale 92%
94
84
94%
R egistered...........
1936
J
76% J u ly ’21
K ansas C ity T erm l s t !4s__ 1960
84
84% 83%
79*g 86*g
J
84%
82% . . . . 104 M ay ’16
J
2d guar gold 5 s.
” l936
Lake Erie A W est 1st g 5s--- 1937
95%
J
96*4 97
95%
85
99
O 72% ___ 60 J u ly ’22
60
60
2d gold 5s........................1941
J
____
% 87*4 88% S ept’22
77
87*8
D 83
C a rt A Ad 1st gu g 4 s......... 1981
82% M a r’22
82% 90
N o rth Ohio 1st guar g 6S..1945
o 74% 85 73% Ju ly ’22
68
78
J 99%
K » A 4 G R 1st gu g 5 s . . .1935
Leh Val N Y 1st gu g 4 H 8 —.1940
j 92*4 97 96 S ept’22
90»s 97
79% 80
D
Lake Shore gold 3 H s
.1997
81 S ept’22
76% 81%
R egistered............................ 1940 1J j ------ 94
80 July'21
R egistered___
1997 J D
78*i . . . . 80*4 A ug’22j
74% 80*4
Lehigh Val (Pa) cons g 4 s ...2 0 0 3 IW N
84% Sale 84%
84%
77*4 90
95% 94%
D ebenture gold 4s ___ 1928 M S 95
95*8*
80% 96
923g 93
G eneral cons 4 H a______ 2003 IW N
92%
93
85
96
25-year gold 4 s..................193L____
IW N 93% 94
93%
93%
% 95*4
Leh V T erm R y 1st gu g 5 a . . . 1941 A O 102 % ____ 102% S ept’22
98% 102%
R egistered___
1931 M N
85%
J
u
ly
’21j.
R egistered....... ....................... 1941 A O
113 Mar’12

86

m
m
m
m

88

88

—
__

102

—

86

8634

86

32

_

—

_

44

....

_

88

8

68
86

__
__
—

88

__
— 88

2 88

86

72 22

1

....
__

66

86

....

99*4

86*8

__

88

86

__

86

88

• No price Friday; latest bid and asked this week.




a Due Jan.

» Due Feb.

9 Due June.

» Due July.

a Due Sept.

1 Due Oct.

• Option sale.

New York Bond Record— Continued— Page 3

16 18
bonds

N. Y. STOCK EXCHANGE
' Week ending Oct 6

P r ic e
F r id a y
O cl 6

W e e k ’s
R an ye or
L a st S a lt

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct 6

R ange
S in c e
Jan. 1

P r ic e
F r id a y
O cl

6

W e e k 's
R ange or
L a s t S a le

R m «e
S in c e
Jan. 1

A sk Low
B id
H ig h
Low
H ig h
As* jOW H i g h
B id
Low
H ig h
V Y Cent <fc H R RR (Con)—
77
66% 78
853s. _ 82M Jan’22
82% 82% St Jos «fc Grand lsl 1st g 4s__1947 J J 77 78 77
Moh <fc Mill 1st gu g 43----- 1901 M S 100'8 L01 102%
Aug’2
96
102%
St
Louis
&
San
Frau
(leorg
Co)
—
J
J
Mahon C*1 RR 1st 5s-------1934
74% Sale 74%
75%
76%
100
Prior Hen Ser A 4s_______ 1950
100 100
Michigan Central 5a...........1931 M S 983s __ :00
89% Sale 8S% 90
91%'
98% NoV18
Prior lien Ser B 5s.............. 1950
Registered___________ 1931 Q M 90
96%
96% Sale 95
98
90%
9014
5M s................................... 1942
82%
90%
J
J
la_____ _____________ l 940 1 J 88%
101%
101 % 102 100%
94% 102%
74% 8ept'20
Prior lien Ser C 6s.......... ..1928
Registered__________1940
82 Sale 80
84 I 182 71 86%
85% 66% Mar’20
Cum adjust Ser A 6s____ M955
JL & S 1st gold 3Ms----- 1951 M S 83
68
69%
Sale
75%
828
*
5
54 79%
813S
81%
82
83%
Income
Series
A
6
s______
M960
Oct
76=4
8134
1st gold 3M8--------------- 1942 M N S93s 92% 94 Aug'22
86% 94
St Louis & San Fran gen CS..1931 J J 103%----- 104 Aug’22j___ 101% 104
20 year debenture 4s----- 1929 A O 80%
97% 100 99 Aug'22l___ 95 99%
70*4
Apr’21
J
J
General
gold
5s_________
1931
F
A
N J June RR guar 1st 4s— 1986
__ 81 Sept’22
St L A S F RR cons g 4 s ... 1996 J J S0%----- 67% Oct’20!---78% 81
N Y & Harlem g 3 Ms.......... 2000 IWN 80%
99% __ 95 Dec-21
Southw Dlv 1st g 5s___ 1947 A O 92%___ 90 Feb’2 2 ___ 90* *90*
N Y & Northern 1st g 5s..1927 A O 85
8312
Aug'22
101 104
863S
77%
84
K C Ft S & M cons g 6s__1928 M N 103% 104 103% Sept’22
N Y & Pu 1st cons gu g 43-1998
82
120 72,% 84%
85% Sept’22
84%
K C Ft S & M Ry ref g 4s.. 1936 A O 82 Sale 81
78 85%
Rutland 1st con g 4 Ms----- 1941
96 100 95 Sept’22
74% 74% 23 66 75%
88% 95
73%
74%
O
KC
&
M
R
&
B
lstgu
5
s
..1929
Og &L Cham 1st gu 4s g. 1948
72'% 8034
72 74 72 Sept’22;---- 73% 73% St L S W 1st g 4s bond ctfs__1989 M N 78% 7334 79% 7934
Rut-Canada lstgu g 4s. 1949
70% Sept’22|__ 64% 72
96 Sept’22
92
89% 96
2d g 4s Income bond ctfs.pl989 J J 71 72 78%
St Lawr & Adlr 1st g 63__ 1996
78 78%
79% 27 68% 82%
97%
103
Nov’18
Consol
gold
4s__________1932
2d gold 6s....................... 1996
SO 81 7.534 80% 77 71 84
y&34
97 Apr’22
97
1st torminal & unifying 5 s ..1952
Pitta & L Erie 2d g 5s___al928
78% 31 70 81%
75% 7,8% 7734
110%
S A & A Pass 1st gu g 4s.........1943
Pitts McK & Y 1st gu 6a.. 1932
58% 62% 65 Aug'22 ___ 50 7334
100
%
96%
June’20
Seaboard
Air
Line
g
4s..........
1950
2d guaranteed 6s______ 1934
59
59 I 7 48 62
59
Sale
843S 83% 84%
84%
78% 87
Gold 4s stamped________ I960
West Shore 1st 4s guar___2361
2834 Sale 20
29 150! 13% 33%
84 83% Sept’22
76% 8334
Adjustment 5s_________ol949
Registered___________ 2361
453s1 185; 31% 48%
44% Sale 421*
99%
Feb’19
Refunding
4s.....................
1959
N Y C Lines eq tr 5s.. . 1920-22
334
70 I 224! 41
67% June’20
1st A cons 6s Series A.......... 1945 M S 69 Sale 05%
Equip trust 4 Ms__1920-1925
73 7084 Scpt’2 2 -----j 59% 75%
91 92 91% 91%
8234 917s
Atl A Blrm 30-yr 1st g 4s.el933 M S 70
N Y Chic A St L 1st g 4s___1937
63
geb’22
..
63
63
71
___
0184
Sept’22
90
86
%
9134
J
J
Caro Cent 1st con g 4s___ 1949
Registered_____________ 1937
1 96 99%
99%___ 99% 99%
00 Sale 87% 8734
80 89
Fla Cent A Pen 1st ext 6s ._1923
Debenture 4s...... ........... -.1931
94 ___ 93% Aug'22j----- i 89 93%
91% 92% 92
92
81% 94
1st land grant ext g 5S..1930
N Y Connect 1st gu 4Ms A ..1953
91%
91%
'
2i
9134
----82% 91%
Consol gold 5s................. 1943
N Y N H & Hartford—
84%
1| 71 S3%
84% Sale 84%
60
60
60
45 63%
Ga A Ala Ry 1st con 5s__ol 945
Non-conv deben 4s_____ 194
91%
Sept’2
2
----84 91%
9034
----44
56
5U% 53%' 53
53%
Ga Car A No 1st gu g 5s__1929
Non-conv deben 3Ms........194
92%___ 91"s Juiy’22|---- 8434 95
50% 51% 51
517*
38% 651*
Seaboard A Roan 1st 5s__1926
Non-conv deben 3 Ms____1954
59
59
58
Sale
40U
60%
Southern
Pacific
Co—
Non-conv deben 4s_____ 1955
8 Sale 88% 88% 13, 78 94%
5634 57 57
58
41 ' 60
Gold 4s (Cent Pac coll)__*1949 J D 887
Non-conv deben 4s_____ 1956
92% Sale 91% 93% 139 80 95S4
50% 52 51
51
37% 54
20-year conv 4s................. 01929 M S 104
Conv debenture 3 Ms_____1956
Sale 102 Sept’2 2 -----1 95% 105
82% Sale 82%
8334
57
85%
J
D
20-year
conv
5s__________1934
Con v debenture 6s_______ 1948
90
63 81% ? 1%
90 S9%
50 Oct’17
Cent Pac 1st ref gu g 4s__1949 F A 89
Cons Iiy non-conv 4a____ 1930
92
18 S6 93
92% 93 92
00 July’18
J
D
Mort
guar
gold
3
Ms..
.*1929
Non-conv deben 4s____ 1955
83 847g 86%Sept’2 2 -----! 78% 87%
53 50
50
’38%
53%
Through
St
L
1st
gu
4s..1954
A
O
Non-conv deben 4s____ 1956
98s4
Aug’22
94% 99%
97%
100
oU 54 51% 51%
31 57
G II A S A M A P 1st 5s.. 1931 M N 9584 100 9534 Sept’22
4% debentures__________1957
92 98
80% 82% 81% Sept’22
71 81%
2d exten 5s guar............ 1931 J J 99%___ 99% Aug’22
Harlein R-Pr Ches 1st 4S..1954
97 99%
72% 76 76
76
59 79
Gila V G A N 1st gu g 5s. 1924 M N 90%___ 941* May’22
B & N Y Air Line 1st 4s...1955
94 94%
62?8
63
60
63
51%
68
%
Hous
E
A
W
T
1st
g
5s___1933
I
V
J
N
Cont New Eng 1st gu 4 s ... 1961
97%___ 86 Mar’21
80
Dec’21
1st
guar
5s
red..............1933
M
N
Housatonlc Ry cons g 5S..1937
93*4
Apr'22
9334 9334
9834
___
87 July’14
08%
H A T C 1st g 5s Int gu___ 1"37 J J
Naugatuck RR 1st 4s____ 1954
96 Sept’2 2 ----- 8684 98
...
V7% . __ 83 Aug’13
A A N W 1st gu g 5s_____ 1941 J J 9(,34
N Y Prov & Boston 4s___1942
96
103%
101
Apr'22----9934
.
.
.
49
53%
55
55%
A
O
No of Cal gu"’’ g 5s........... 1938
N YW’ches&B lstSerI4Ms’46
100% 18 95% 101
90%
Ore & Cal 1st guar g 5s___1927 J J 1003S 10034 100
New England cons 5s____1945
'70............
76%
Sept’17
M
N 99%___ 103% July’22i----- 100% 103%
So
Pac
of
Cal—Gu
g
5s___1937
Consol 4s____________ 1945
May’2 2 ----- 88% 92%
49%
52 Sept’22
56
So Pac Coast 1st gu 4s g__1937 J J 90% 92 90
Providence Secur deb 4s__ 1957
89 90%
94%___ 94% Aug'22!
76%
88% Feb’18
Tex A N O con gold 5s___1943
Providence Term 1st 4s__ 1956
9034' 73 83% 92%
90
0434 __ 65 May’22
90%
Sale
65
So
Pac
RR
1st
ref
4s____
193"
80 79
W & Con East 1st 4 Ms___1943
84%
18
83%
SO 86%
84%
84%
75%
74%
75
75
O
San Fra.n Terml 1st -Is___1950
69
N Y O & W ref 1st g 4a___01992
99% 207 87% 100%
98% Sale 98
69% Nov’20
J
Southern—1st cons g 5s____1994
Registered 35,000 only__yl992
Apr’22!---90
88
% 90
68%
68%
68%
J
603
4
Registered....................... 1994
65
General 4s_____________ 1955
7 1 % 222 61% 723s
69
0»l 09% 65%
09
O 71 Sale 102
Develop A gen 4s Ser A__1956
5° 71
Norfolk Sou 1st & ref A 5s. ..1961
1033* 115 94% 105
103% Sale
91%
94%
91%
o
94?s
Temporary
6
Ms_________1956
79U
J5
Norfolk & Sou 1st gold 5s___1941
78% 19 66% 78%
78% 78%
108% Sept 221___ 104 109*8
. 108%
Mob A Ohio coll tr g 4s___1938 M S 78%
Norf & West gen gold 6s___1931
96%j 1 89 98%
96% 92% 96%
109%
109% Sepf22
10-j 109%
Mem Div 1st g 4Ms-5s___1996 J J 81%
Improvement & extg_____1934
81%' 1 73 89
82 I 81%
108
Sept'92
1
108%
J
St
Louis
dlv
1st
g
4s_____1951
i0434
108
New River 1st gold______ 1932
99 98 Aug'22j---- 04% 98
9234' 158 8478 94%
9134 93% 91%
Ala Gt Sou 1st cons A 5s..1943 D 90
N A W Ry 1st cons g 4s__1996
93 94%' 94 Sept’221----- 87 94
74
Oct"
2
dl--J
Atl
A
Chari
A
L
1st
A
4MS-1944
Registered___________ 1996
10034 6 91 101
89% 93% 90% Sept’2 2 ----- 83 91
J 100 10034 100
1st 30-year 5s Ser B____1944
Dlv’l 1st lien & gen g 4s. 1944
SO
72 82%
80 80% 80
100% July’2 2 ----- 92 106
J
Atl A Danv 1st g 4s_____ 1948
10-25 year conv 4Ms___1938
68
%___ 71% Sept’221----- 60 71%
117%
121
I
131
?
120%
Sale
J
2d
4s................
............1948
103%
1;4*4
10-year conv 6s_______ 1929
7534 82
80%___
82
Sept’2
2
----,
89
88
%
89
I
8
90
O
84 89
Atl A Yad 1st g guar 4s__1949
Pocah C A C Joint 4s...1941
99% 100% 100% 100%
1 9334 100%
J 89 93=8 91% Sept’2 2 ___j 83% 917S
J
E T Va A Ga Dlv g 5s........1930
Sclo V A N E 1st gu g 4s. .1989
99%___ 94% Sept’221..
93 99%
M
N
Cons
1st
gold
5s_______
1956
Northern Pacific prior Hen rail­
100% 4 93% 96%
,\
89% Sale 89%
89%' 83
91%
E Teun reorg lien g 5s____ 1938 M S 9534 98 100%
way A land grant g 4s____1997
03 Aug'22----- 58 63
89 Sept’22 ___
89
Ga Midland 1st 3s............ .1946 A O 611.
Registered.................. 1997
6
43j
24
J
J 100% 101 10034 July’22 ___ 987* 10034
p| 64% Sale 64
65
Knoxv
A
Ohio
1st
g
0s____
1925
General lien gold 3s_____a2047
95% 98% 75% Aug ’21
62 June’22!-----i
62
Moh A Bit prior lien g 5s.. 191 J J 82
Registered................ n204"
77
77 * 1 ’73% 77
r,1 109 Sale 108% 10D34 353 10£34 1 1 6 %
Mortgage gold 4a_____ 1945 J J
Ref A lmpt 6s ser B............ 2047
81 78 Aug 22
66 78
M
N 77
89%
S93
4
19!!
;
89%
90
Rich
A
Meek
1st
g
5s.......
194,8
Ref A Imp 4 Ms Ser A........ 2047
5 94 101
moss
ioc%
io
:)38
100
M
N
■ 99% Sale 98%
99% 130 ; oos,, 100%
So Car A Ga 1st ext 5MS..1929
5s.................................... 2047
Mov'O’
I
i __
-% 64%
viln
99%ion 09'4 Aug'22 — 97 99%
rv
i
S|
84
%
May
'22
,
87%
—
Virginia
Mid
Ser
K
5s
_
_
1926
79
St Paul-Dulutb Dlv g 4s.. 1996
99 Allg'2« —
95% 99%
103% July’2 2 ----General 5s___________ 1936 (VI N 99%
N P-Gt Nor Joint 6Ms___1936
Sepi'22 —
80 97
997s 10034 100%Sept’2 2 ___ 1°3%
Va A So’w’n st, gu 5s.. .2003 J J 94 3384 86%
100% 191
St P A N P gen gold 6s___1923
89% Sept’22 —
83
74 89%
100
May’21
___
1st
cons
50-year
5s_____
1958
A
Registered certificates.. 1923
98*4
97%
Aug'22
97%
941* 97%
___
100
100
June’22
___
W O A W 1st cy gu 4s___1924
-99%loo
F 8534 ___
3t Paul A Duluth 1st 5s__ 1931
83 Sept’22 ___ 77% 83
83
86
May’2
2
___
Spokane
Internal
1st
g
5s___1955
823
4
86
D
1st consol gold 4s______ 196S
83%___ 84 May’22 . . .
9334 95% 94% Sept’22 ..... 92 9778
82 80% Term assu of - t L 1st g 4Ms.19.39
Wash Cent 1st geld 4s---- 194S Q M
99 100% 99 Sept’22 —
88% 100
108%June'22___ 107 10834
1st cons gold 5 s .................1944
Nor Pac Term Co 1st g 6 s ... 1933 J J 109%___
81 83 81% Sept'22 ___ 76% 83%
83%
Sale
83%
84
|
193
88
%
Gen
refund
s
f
g
Is_______1953
Oregon-Wash 1st A ref 4s___1961
---1
90%
AUg'22
96%
108
43% 97%
83
83 % 2 77 75
837«
83%
837
8
St L M Bridge Ter gu g 5s. 1930
20 87% 100%
Pacific Coast Co 1st g 5s___ 1946
99
97% 99 97%
9134 93% 93 Aug'22 ___ 90 93
Texas A Pa- 'fit gold 5s____ 2000
Paducah A Ills 1st s f 4 H a... 1956
50 WeV22 ___ 50 50
Mur 60
73
76
503
75
Sale
85
2
d
gold
Income
os_______
#2000
703
4
Parls-Lyons-Med RR 6s____1958
90 93% 93% Sept’22 —
79% 93%
99%___ 99% Aug’22
La Dlv B L 1st g ,5s............1931
96% 9938
Pennsylvania RR 1st g 4s__ 1923 M N 91
76% 86% 86% Aug'22 . . . . 861* 90
90 Aug'22
W Min W A N W 1st gu os. 1930
87% 92%
Consolgold 4s___________1943 M N 92% 93
—
100
Sept’22
98%
9S
91 100
93
91%
91%
9
38
4
Tol
&
Ohio
Cent
1st
gu
5
s
...1935
85%
Consol gold 4s___________1948 M N 98% 101 100% 100%
95% 9834 95% Sept’22 —
90 95%
Western Dlv 1st g 5s____1935
9 2 % ‘ 103
Consol 4Ms____________ I960 F A 93 Sale 92% 93%
8S% 95 901* Sept'22 . . . . 813s 90%
General
gold
5s________
1935
90%
95
General 4 h s . . . _________1965 J D 101%dale 10u% 102
75% 33
80% 83% 80% Aug'22 —
Kan AM 1st gu g 4s......... 1999
93%103%
General 5s_____________ 1968 J D 110% Sale 109
L 91 99%
97%
97% 1)9 97%
2d 20-year 5s................ 1927
i° 5%113%
10-year secured 7s_______ 1930 A O 111% Sale 11034 110%
94
94
94
1117s
98
84 94
Tol
St
L
A
W
pr
Hen
g
3Ms..
192"
103%
11^4
15-year secured 6 'A s_____ 1936 F A 91 94 94 Aug'22!___ S8 94
17 56 78
76
75 75% 75
50-year gold 4s.............. .. 1950
Alleg Val gen guar g 4s___1942 M S 91%___ 87 May "22
15%June'2! ___
Coll
trust
4s
g
Ser
A...........1917
87
8
/
D R RR A Bdgclst gu 43 g-1936 F A
31% '-'et>’22 ___ *2*4*‘ *3134
Trust co ctfs of deposit
Pennsylvania Co—
84*4 Sept’22 ___ 77% 85
83%
___ 81»4 July’22
Tor Ham A Buff 1st g 4a__*1040
81»4 81=4
Guar 3 Ms eoll tru3t reg A. 1937 M S 8234
95% Sept’22 —
96
89 95%
82%
84%
84%
Aug'22
85
Ulster
A
Del
1st
cons
g
5a___1928
72%
Guar 3>2-s coll trust Ser B.1941 F A 81% 83% 83 July’2 2 ...
70 Aug'22 —
70
6634
65 70
83
1st refunding g 4s_______ 1952
75%
Guar 3M» trust otfs C___1942 J D 83%_____ 82 Aug'22
96 86 9G34
94
93% Sale 93%
Union Pacific 1st g 4s_____ 1947
82 82
Guar 3Ms tmst ctfs D___1944 J D 92% 93% 92% 93
92*4 June’22 ___‘ 88 90
93
Registered....
..................1947
84%
Guar 15-25-year gold 4s__1931 A O
957g 250 89 96
95 90 95%
89% 87 Sept’22
20-ycar conv 4s................ 1927
80 88 %
40-year guar 4s ctfs Ser E..1952 M N 87%
S8% 12 81% 100
83 8834 S734
___ 8678 May ’22
1st A refunding 4s_____ g 2003 M S 105
80% 867g
Ctn Leb A Nor gu 4s g___1942 M N 86
105% O 102 106
107% 105
J
J
9678
___
88%
Dec'21
10-year
perm
secured
6
s__1928
Cl A Mar 1st gu g 4Ms___1936 M N 965s____ 91 Nov'21
89%
89% 3 83% 93%
90%
89%
J
D
Ore RR A Nav con g 4s__1946
|
Ol A P gen gu 4Ms Ser A ..1942 J J 9638____ 104 Dec’16
Ore Short Line—
Series B........................... 1942 A O 77%___ 96% Feb'12
10 96% 106
104
104%
104
104%
J
J
1st consol g 5s...............1916
Int reduced to 3 Ms__ 1942 A Oj 803s___ 90% Deo’12
___
104%
Scpt’22
Sale
105
97 106
Guar con 5s_________ 194(1 J J
Series C 3Ms.................. 1948 M N 80%___ 67 Jan’21
32 86% 9518
93
Guar refund la...... .........1929 J D 92% 93 92
Series D 3 Ms..................1950 F A
103% Scpt’22 ----I 96% 100%
88 87 Sept’22
Utah A Nor gold 5s........1926 J J 95%
87* 87
Erie A Pitts gu g 3Ms B...194U J J 80
_
_
J
87% 79% May’19
1st extended 4s......... 1933 J J 91% 91% 86% I eb’22 __.1 80% 80%
Series C........................... 1940 J J 86
80 Apr‘22
F A 85%
7 « % 86
95 I92% Aug'22
86 * 92*% Vandalla cons g 4s Ser A___1955 M
Gr R A I ex lstgu g 4MS..1941 J J 91%
86
86
N 3534
1, 86 86
9o78 ___ 98 Juue’22
Cousol 4s Series B_____ 1957
98 98
Pitts Y A Ash 1st cons 53-. 1927 M N 90% 97% 94 May’22
33% 30*4 37% Sept’22
.1
J
26
47%
Vera
Cruz
A
P
1st
gu
4M8...1934
92%
94
Tol W V A O gu 4Ms A ...1931 J J 977s___ j 82 Dec'20
93%' 76 88% 100
Virginian 1st os Scries A---- 1962 jM ^ 98% Sale I 98
Series B 4Ms_________ 1933 J J 8634 ____ 77 Sept'21
99% 100%' 9!>% 100 I 19 93% 101
Wabash
1st
gold
5s----------1939A1
N
M
S
Series C 4s___________1942
93% 9 81% 93%
9S I96%
96%
1 88% 93
2d gold 5s..........................1939K A 92% 94% 93%
P C C A St L gu 4Ms A ...1949 A O 95%
71%' 3 67% 71%
96% 98% 9534
97% 16 88% 98
1st lit n 59-vr g terra 4s__ 1954!-* J 74 ___ | 71%
Series B 4Ms guar...........1942 A O 95% 98% 91% Apr'221----- 89%
9678 ___ 96 May'221...... 91 90%
Det
A
Ch
Ext
1st
g
5s---10411
J
J
913a
Series C 4Ms guar-------- 1942 M N S9 ___ 88% Apr’22;___ 84% 91%
76 ___ | 74 May’2 2 ---- 74 74
Des
Moines
l)lv
1st
g
4s__1939|J
J
Series D 4s guar-----------1945 M N 91
91Aug’22;___ 89% 91
Ora Dlv 1st g 3 Ms............ 1941 A O 69 71 | 69% 69% 11 66 % 72
Series E 3 Ms guar gold..1949 F A
89% June'22;___ 84 92%
Tol A Ch Dlv g 4s. ..........1941 M 8 78% 80% 79% Sept’22,----- 60 80
Series F guar 4s gold----- 1953 .! t>
80 May’2 ii__
Wash Terra 1st gu 3Ms....... 1945|F A 78% 83 84 Sept’22!----- 72% 84
series G 4s guar............. 1957|M N 95%___ 96 Aug'22,___ 8*9% 90*
38%
85 89
1st 40-year guar 4 s .........1945: F A 88 % ___ 8 »%
Series I cons guar 4M9--1963;F A 100% 102 100
6634
100 I 12 90 101% a eat Mnryla d 1st g 4s----- 1952:A O 66%Sale 05%
58% 69
General 5s Series A____1970, J D
May’2 2 ___ 99 10034
95 100
est N V f t Pa 1st g 5s...... 1937 J J 99% 100 9934 100 I
C St LA P 1st cons g 5 s ...1932 A O 1007S ----- 100
79 80 80
913g Sept’221___ 897S 92
80
I
Gen
gold
4.r-----------------1943
,
A
O
3
I
72% 80%
92%___
Phlla Balt A W 1st g 4 s ... 1943 M N 92 9434 80% June’2 1 ___
60 84% 88%
80
Western Pac 1st Ser A 5s___1946,Nt S 85% Sale 85%
U N J RR A Can gen 4s__1944 ;Wl S 98% 99 98% 98% 18
A L E 1st g 5s____1926 A O 99% 99% 99 Sept’2 2 ----- 82% 101%
PereMarquette IstSer A 5s.. 1956,J J) 82 84% 82% 83% 18 88% 101% Wheeling
Wheeling Dlv 1st gold 5s..l928|J J 993g ___ 93 Aug'22----- S9«4 97%
76 85
1st Series B 4s...................1956 J i \
50% 51 |
6 41% 59
Exten A lmpt gold 5s____1930,F A 95% 98% 94% Sept’22,----- 89 94%
Philippine Ry 1st 30-yr s f 4s 1937 J J! 50 51S4 100
Mar'22_
_
;
Refunding
4Ms Scries A...1960|M S 67% 69 66% 67 I 8 52 72%
1003s----95*4
100
Pitts Sh A L E 1st g 5s........_1940iA O!
8 62 7G34
RR 1st consol 4s.............. 1949, M S 73% 75% 72% 73 I
99%___ 97% Dec’171___ 1
1st consol gold 5s_______ 1943! J
85% Sale 8434 85% 151 80 " *8734 Winston-Salem 8 B 1st 4s_1960% J 84 ___ 81% July’2 2 ___ 77 80
Reading Co gen gold 4s_____1997 jJ
Wls
Cent
50-yr
1st
gen
4s___1949
J
J
84«4
Aug’22,___
82
84
81
82%
7 74% 86%
82
84*4
Registered...... .............. .. _1997 J
88 I
l 1 81% 90
Sup A Dul dlv A term 1st 4s ’36 M Nl 81% 83 82% S3 I 7 75% 847*
Jersey Central coll g 4s___1951 A O __ 87% 8734 88

* % j?1*
* *%% %
%

• No price Irlday; late?' Md and a k d this wi k.




«D ueJ»n

»Du« F-ti.

0 Due June. ADue July. * Due Aug. oDue Oot. ?Duo Nov. 4 Due L“o.

*001(00 sale

New York Bond Record—
BONDS
N. Y. STOCK EXCHANGE
Week ending Oet G

£ -S:

P ric e
F r id a y
O ct

6

1619

Concluded— Page 4

BONDS
N. Y STOCK EXCHANGE
Week ending Oct 6

W e e k 's
R ange or
L a s t S a le

P ric e
F r id a y
O ct

6

fa

R ange
S in c e
Jan. 1

A s k 'L o r e
H ig h \ N o
Street Railway
N o . Low
H ig h
B id
A s k L o ts
"
G434Sept ’22 . . . .
Brooklyn Rapid Tran g 5s...1945 •
Cuban Am Sugar 1st coll 8s..1931 M S 10712 107*4 107*2 108 , 28 lol*t 108"
60i4 ooi4! ;
Ihi refund conv gold is ___ 2002 •
8 107 110*2
Diamond Match s f deb 7>$s.l936 M N 107 Sale ,107
107*2
9
1
957g
15<
3-yi 7% secured notes___*1921 •
1 33 03*2
Distill Sec Cor conv 1st g 53.1927 A O 5934 Sale 59*2
59*4
90
94I0' 12;
C<rtlficates of deposit...........
E 1 du Pont Powder 4*^s___1936> J D 88*2___ 95
kug’22 .__ 87*j 96
86 *2 90
10
CVrtfs of deposit stamped___
du Pont de Nemours A Co 7 'A o *31 M N 108*8 Sale 1073s 10814, 108 103*8 108*2
86*2 S3 1(
Bklyn Un El 1st g 4-5s___ 195(1
26 99V„ 108*?
Fisk Rubber 1st s r Ss........1.194 I 1 S 106*4 Sale *100
107
87i2 87*21 E
Stamped guar 4- 5s_____ 1956
Frame*lc Ind A Dev 20-yr 7 j.<ja '42 J J 9334 Sale I 92*2
94*2 30 91*2 103
7934
79*2
Kings County E 1st g 4a__1949
_
_
General Baking 1st 25-vr Hs 1936 J D 99 ___ 1100 i
100*8
7934 ou 79*4 Sept’22 L_
Stamped guar 4s........__J!H9
__ 93*2
Gen Electric deb g 3Hs........ 1942 F A 79*s 82*2 80*2 i
70*4 81
63io G4I4' 63
63
Nassau Elec guar gold 4s__ln51
Debenture 5s..........
1952 M S 101 101*2 100
13 95 103
101*2
82
81
33,
Sale
82*4
Chicago Rys lst 5s_____ ..1927
20-year dch 09. .".".'..Feb*1940 F A 10512 106 1027g 107*8 15 1027s 109
82*8
76*2 June’22
1|
Goodrich Co 6><s_____
Conn Ry a L 1st A rcr g 4*Hs 1951
1957 J J 102i4 Sale 1101
102*4 162 977g 104
73 Apr'22
82*4
Stamped guar 41^s______ 1951
Goodyear Tire A Rub’list Vf 8- '41 IVI N| 115*2 Sale 115*4 116*4 61 110*. 117
85 *85*2 85
85 ~*32
99*4
Sale 1 99*4
Del United lst cons g 4 Us 1932 •
....
100
F
A
174 9734 103U
,,
Is
1
del>
K
_____e
i
931
58 Jan *20
---Ft Smith Lt & Tr 1st g 5 s.II1936 I
Hollund-Amcrlcan Line Or ..1947 M N l 89 Sale 8878 89
36 88 94*4
84
16 Sale 15*8
16
(nterhoro Metrop coll 4y , s._ 1956
Int Agrlc Corp 1st 20-yr 5s. 1932 IVI N 80 81 80
17 72*2 82
81
.
16 Sale 15
16*4 150,
Cenuieates of deposit'
Jnternat Cement conv 8s__] 1926 J D 107 109 107
3 102 116*4
10/*2
73 Sale 71*8
73*8 449!
Inttrt oro Rap Tran 1st 5 s... 1906 .
Inter Mercan Marines f 0s. .1941 A O 9334 94 i 02*4
94 j 126 89 99*2
79 80 79*2
64
10-joar 6s i _________
SU*4
: ss *4
International Paper 5s
1947
901s' 31 86 90*2
J
98*8 26 J
97/3 Sale 97*4
rS1932
1st A ref 5s B..........IIII!' 1947
90 i 121, S3** 90*2
*1 883s 90 l 88*4
68
15
65*2 68 66*2
Manhai Ity (> Y) cons g 4s__199(!
80 Sale j 80
Jurgens Works Os_________ 1947
J
96
80V 82,
May’22]....!
stamped tax exempt......... 1990
Kayser A Co 7s ..........
1942 A 105*4 Sale 105
106
31 102 108
00*8 68*2 00 Aug'22;__ I
2d 4s...........................
2013
Kelly-Sprlncfleld Tire 8s.IIIl931 1MN 107ta Sale 107*2 108
12' 10J7g IK)
80 84 I 89S4
96
98
I
98
!
Manila Elec Tty & Lt s f 5S..1953 I
Kinney Co 7J^R..................... 1930 J D
— p| 96*4 98*4
9034 Sale 89
Market St Ry lat cons 5s___1924
Liggett A Myers Tobac 7sl ” l944 A O 117*4 119*4 118
118*4
112 120
9378 941J 9378
90*4 97
5-year 0% notes______ .1921 ■
99*2 ig! 9178 100*2
5s................
1951 F A 99*2 Sale 9S78
Metropolitan Street Ry—
Lorlllard Co (P) 7s................ 1944 A G 118 1 1S*2 118
118 : 2! 112 119*4
B’way A 7tli Av 1st c g 5s. 1943 4! 92*b 10(1
98*2
5s............................... ..11.1951 F A 97 Sale 67
*-*> | “Y
Col A 9th Av 1st gu g 5s. 1992 •
Manati Sugar 7 V ia ..................1942 A O 98 98*4 977®
98*2, 29- 97*8 1003s
5312 56*2 5i>l2
S Sept’22
4 78 91*2
—
Morris A Co 1st s f 4Hs........1939 J J 88 Sale , 8
Lex Av * p F lSt gu g 5s - -1993 J
.. Sept’221___ 921? 97 *4
Mllw Elec Ry A Lt eons g 5s .1926 !
Nat Enam A Starnpg 1st 5s 1929 J D 97 99 . 97U
___ ] 95 95
RcfundJne A exten 4HS...1931 •
Nat Starch 20-year deb 5s... 1930 J J 95 ___ ! 95
1; 97 102*2
Montreal Tram 1st A ref 5s. .1941 •
N Y Air Brake 1st conv Os... 1928 M N 101*8 101*2 101*8 101*4
New Orl Ry A Lt gen 4 4 s . . 1935 •
N Y Dock 50-yr 1st g 4s........ 195 j F A 82*8 Sale 81*2
S2l2 2] 78 82*2
72 ___ 34 060*21..
107*2 10734 107*2 107*2
n Y Munlc Ry 1st s f 5s A. 1960 •
98 108*4
Packard
Motor
Car
10-yrKs..J
93
J
A
O
37l« 38 3712 Sept’22'._
,103i2 103*2
Porto Rican Am Tob 8s.
1931 M N 103
N YRys 1st R E A ref 4 s ... 1942 ■
i| 99 104
35*4
10S
Punt.a Alegre bugar 7 s ____1937 J J 103 Sale ,100
Certificates of deposit_______ ____ 35*2 38 | 3j 12
101*4 111*4
10
Sale
Remington Arms 6s ____
1937 1V1 N 97*4 Sale I 97*4
30-year adj Inc 5s____IIal942 A O
97*8 39 93U 99
7% 8
Saks Co 7s.............................1942! M S 102*4 Sale 100*2 102*4 24 98 103*4
Certificates of deposit__________
42 94 103
South Porto Rico Sugar 7s. . . 19411.1 D 1017s 102 IUU4 102
N Y State Rys 1st cons 4 Us.Ifiik'j^1 N 72*s Sale
95
96
lj 96 100
Nor Ohio True A Light Gs___1947 M S
99*2
Standard Milling 1st 5s. .
1930 M N 08 997s 0o*4
91
9il2 9U2
Portland Ry 1st A ref 53
1930 M N 87*4
Tobacco Products s f 7s........1931 J D 105*2 106*8 105 Sept’22 ----- 97U 108
187*4
_ _ 104*4 June’22 j—
88*2 >047a
Union Bag A Paper 1st 5s 1930 J J 99
Portland Ry Lt A P 1st ref 5s 1942 F A 107 Sale
___
'
107*4
1st A refund 7 4 s Ser A__ 1946 M N
96*4 101
T. 6.3 - - .........................
1942 M N 100*8 100*8 100
94'2 .
^ 10134 105
Union 1 ank Cur equip 7s___1930 F A 103*2 103*4 I03i4
Portland Gen Elec 1st 53 1936 J J 88*2
j
88
Sale
883
4
United Drug conv 83.............. 1941 J D 111 Sale 110*4
481104 113
Pub Serv Corp of N .1 gen 5s. 1959 A O 6/
b734
48,| 1*2 98*2
Third Ave 1st rcr 4s............. I960 J J 63 67*4 67
U S Realty A I conv deb g 5sl 1924 J J 98 98*2 97*2
65
Sale I1 61*2
7, 1(.012 104*2
Adj Income 5s________ ulflGG A O
U S Rubber 5-year sec 7s__ 1923 J D 102*s 10.6*4 10
98 98*2 98
98 I
'
257 86 92
1st A ref 5s series A.
~1947 J .] 89*4 Sale 89
Third Ave Ry 1st gas. IIIII 1937 *1 J 100
U
10038!
......
10-year 7 V ia ..............
1930
F A 108*4 Salo 107*2
Trl City Ry A Lt 1st s r 5s. . . 1923 A ~ 77 100*4 1 U
76
Jan’22
Undergr of London 4 4 s ___ 1933 J
Va-Caro Chem 1st 15-yr 5s.. 1923 J O 10U*8 Sale 1U0*4
1 70*2 Sept’22|
Conv deb 6s.....................el924 A O 100*4 100*2 100*8
Income 6s...........................194S J •' 65
0b*8 Sale I 9734
United Rys Jnv 5s Pitts Issue"1926 M s 88 89*2 89*4 Sept’22
7 * ................... - ...................1947 J C
65*8 66*2 64*2
63*41
12-year s f 7 V i s ............... 1932 M N 105 1051s1105
Unltecl Rys St L 1st g 4s___1934 J J
62
65 | 08 May’2<
Warner Sugar 7s............... 1041 J O 102*4 Sale 102*4
St Louis Transit gu 5s......1924 A n
86*4
80*8
86*4
' a Ry Tow 1st * ref 5s........ 1934 T
We3t Electric 1st 5s___Dec 1922 -J J 100 100*4 100
.1931 M N 108 Sale 10712
Westlnghouse E A M 7s.
Gas and Electric Light
85l2 80^ 84i2
lul *2 Sale 101
Wilson A Co 1st 25-yr .3f Hs.. 1941
J"! VV»t Wks A Elec 5s........1934
96i2 Sale I 98
98*8 Sale 98
10-year conv a f 6s.............. |92S
liKlyn Edison Inc gen 5s A .. 1949
1U
3>2
104
1031
2
lU0*j___ 10534
2 "Temporary 7 4 s " I H ........1931
Ger eral 6s series B.............. 1930
106*8 107 106*8
2
oils
General 7sserlesC.............. 1930
** A
t.hinM Refg deb 5s_______ 1937 J 9934 Sale 983s
108*8 Io9*8iI0734
Atlantic
.G e t cral 7s series D ______ 1940
99 Sare I 98*2
Humble Oil A Refining5 V is 1932
Bklyn Un Gas 1st cons g 5s.. 1945
J 99 Sale 987g
103 10334 102
24 101 10512 invincible Oil 8s......................1931 IVI s 104 Salo 98*2
Canaria Gen Elec Co 6s_____ 1942
7 92 101 Marland Oil s f 8s with war nts '31 A O 122 124 119
99
98*4 Sale
( Ineln Gas A Elec 1st A ref 5s 1956
96
13 88*4 97
9^68 Sale
Mexican Petroleum s f 8s
1930 IVI N 105*2 107 105*Columbia G & E 1st 5s..
1927
95ts 96
95*2 10 88 97
St-ami ed______________ 1927
P A T 1st 10-yr 7s. 1930 F A 102 102*8 101
92 ___
__ Pan-Amer
dept’21
Pierce OH s r 8s............. .......1931 J D 99 99*2 98
ColumI us Gas 1st gold 5 s ... 1932
Aug'22 __ 103 125
117*4 122*2 HO
Prod A Ref s t 3s (with war'nts)'31
Consol Gas 5-yr conv 7s.........1925
100*8 2 93 10058 Sinclair Con Oil conv 7 V i a . 1925 JM D
Detroit City Gas gold 5s.. 111923
N 108 I08*s 106
9 93 101*2
100
15-year 7s...............
1937 IW S 101*4 102 ,1005s
Detroit Edison 1st coll tr 5s. 1933
9734 13 89*4 99
Sinclair Crude Oil 5 V ia
” l925 A O 99*8 Sale I 987s
lnt A ref 5s ser a ............. *1940
105*4 62 99*2 100*2 Standard Oil of Cal 7s
u 1931
lat A ref 6s scries B ......... *1940
A 105*? 106 !105*4
104*2 39 ion 105*4 Tide Water Oil OHs.III111.1931 F
F A 103*8 103*2 103
Dnntifsne Lt 1st A coll 6s 1049
... ... G3 10434 10834
107*4
Debenture 7 4 s ............. 1936
90*4j 658 90 98*4
Mining
Empire Gas A Fuel 7 4 s ___1937
98*41 1 94*2 100 > Alaska Gold M deb C u ___ 1925 IVI S
9
9*4 Sept’2 2 ----Great Falls Power 1st s f 5s.. 1940
<J2l2
3 , 7714 024
87S 3
8 Sale 8
Conv deb 0s scries B_____ 1920 IVI S
Havana Elec consol g 5s___ 1952
Aug’22 ---- - 85t2 90
Hudson Co Gas 1st g 5s____ 1949
Am. Sm AR Ist30-yr5sser A 1947 A O 95 Sale 9338 95 , 123
---- : 91*2 98
Braden Cop M coll tr s f tin. .1931 F A 99*4 100 98*2 100 j 2 |
Kings Co El L & P g 5s........ 1937
---- 106*2 1111* Cerr°de Pasco Cop Ss_____1931 1 J 124 Sale 12U2 126 ' 291
Purchase money Os..
1997
---- II 98 107
Sale 107*2 111 1 432
Convertible deb 6s............ 1925
Cil i enC.OP,Per 10_yr conv 7s-- 1923 IVI N 110*4
— 8i*« no
9678 322
Ed El 111 Bkn 1st con g 4s 1039 J J
( 0L
conv ,J3 ser A___1932 A O 96*2 Sale 95
13 86 95*8 ^
Granby Cons M S A P con 0s A ’28 M N 87*2___ 92 Sept’2 2 ----Lac Gas L or St L ref A ext 5s 1934 A O
10 87*2 9414
-- Sept’2 2 ----Stamped........ ............ ____192S!M N 92 95 |, 95
Milwaukee Gas L 1st 4s____ 192/ >VT' T
52 93 9978
Conv deben 8s...................1925;M N
97*2 98*2 98
98*2 A7
Montana Power 1st 5s A__ .1943 J
11 105*4 112*4 Tennessee Cop lat conv 0s:... 1925 M N 99 100*4 100 Aug'22 . . .
N Y Edison lst A ret64 s A. 1941 A
45 92*8 10l58 U S Smelt Ref A M conv 0s.. 1926 F A 101*4 Sale 1101*8 101*4
N Y G E LA P g 5s ..............1948 T
29
76
85*4
Coal, Iron and Steel
Purchase money g 4s........... 1919
---- 100*2 10F* Beth Steel lat ext s I 5s
1920 J J 99*8 99*2 99% 99*2 1
Ed Elec 111 1st cons g 5 s.. .1996
100*4 ■
30 94 101*4
Niagara Falls Power 1st 5s.. 1932
1st A ref 5s guar A .. _I '' *1912 IVI N 98*8 98*2 I 97*2 98*2 1
Sale
20 100*2 105
94*4 Sale I 93
20-yr p m A Imp s f 5s___11936
94*4 4
Ref & gen fis....................ol932
1 95 08*8
A.................................
100i2 Sale 1100*8 100^ 9
Niag Lock & O Pow 1st 5s.. 1954
28 88*2 95
Sale
92*4___ 78 Aug’2 1 --Buff A Susq Iron a f 5s
1032
Nor States Power 25-yr 5s A. 1941
131
2Sale
90 90*2
.....................100
Debenture 5 s...
........niQ20
Apr’22---No Aiuer Edison 6s________1952
s 9S*s
92 Sale 42i2
j* 90 99
92l2
Ontario Power N F 1st 5s___1943
Colo F A 1 Co gen a f SsIIII. 1943
. . . . 79 91*2 Col Indus 1st A coll 5a gu
80 Sale i 78
1934
81
Ontario Transmission 5 s... 194/'
Paciric G A K Co—Cal G A E—
12*8
Sale^jj
90
93 . 17S
gf.^CoMof
Md
1
st
A
ref
5sll950
4 03 98*? Elk Horn Coal conv 6s
98b8 ___ 0 7 ‘h Aug'22
Corp unifying A ref 5s___1937
i<r>5
S2
87
97
Pacific G A El gen A ref 5s.. . 1942
9258 Sale , 92
-93
.525
Illinois
Steel
deb
4
.
0
4
0
O
7 87*4 9512 Indiana Steel 1st 5s ...........
Pae Pow A Lt 1st. A ref 20-yr 5s ’3u
. 1052 M N 10153 1017s 101*8 103 j 13
1 101*4 110
Peop Gas AC 1st cons g Gs.. 1943
Lackawanna Steel lat g 5a...1923
100
14
10
0
10
0
*
8
10
0
O
7
85 96*1
1st cons 5s series a .
Refunding gold 5a.......... . 1947
93*4 20
...1950 M S 93 93*4 93*8
97!8 Scpt’22i. - ._i 89 99
Lehigh C A Nav s f 4 Us~a .1054
i u*h J J 9 3 * 2 ____ 94 June’2 2 ---- .
Cta G L A Coke 1st gu g 5s. 1937
99 Aug'22 _
92 09
S97g Sale 8834
Con G Co of Cli 1st gu g 5s. 1936
9()i*> 78]
Midvale
Steel
A
O
conv
S
f
5
sl
193
?
.
M
5
.
78*2
Junu’22
.
78*2 78*? National Tube 1st 5s
Mu Fuel Gas 1st cu g 5s. .1947
195° N 100*4 100*; 10l5k 101 1
, 100*4 10212' 01 90*2 102*2 Otis
S s........................ jnl. j M
Philadelphia Co 6s A_........... 1944
F A I0ti78 Sale 100*8 101*2
97*2 Sep! ’2_' . — 92*2 9712 PocahSteel
Stand Gas A El conv s f Gs...l92ti
92*8 ___. 92*4 Aug'22 .
Con
Colliers
1st
s
f
5
«
1957
J
.
94-8
Sept
22J
_
85 0458 Repub I A S 10-30-yr 5s f 1910 JA O
Syracuse Lighting 1st g 5 s ... 1951
967g
95 Sale 95
107*8 L()7*8j 5 104*2 109
Toledo Edison 7 s ..................1941
S3 I
St L Rock Mt P 5s Stmiul 1955 J J 853s 90 86
73
June’
2
i
Trenton G A Kl 1st g 5 s .___
qjiar.°” ®tu?! IIo°P 1st 8s scr A1941 IVI 0 101 Salo , 99*2 IOU41
93
93
Union Elcc Lt A P latg 5 s ... 1932
at,«
el
A
1
ube
gen
s
f
7s
ser
C
1951
j|
101*2
Sale
'
101*2
103
j
J
Ut.
99841
United Fuel Gas 1st s f Os__193.
,100*8 100*2
92*2 937a!
rreSn<S°3i1
RR Ben 5s__11951 J J ' 103
Utah Power A Lt 1st 5s........1944
103
Side
102
103*2
M
N
„ r V Sn CorP(cO**D..........rf1903
9* Juno’22 _
Utica Gas A Elec ref 5s........1957
102 .
02
..j 3TV°"5P'yr 531 reg............rfj963 , M N ____ - - - 1lin-2
99*8
90*4
Wash Wat Power s f 5s_____1939
93 94*2 94*2
S J ro?
* Coke 1st g 5s. 19491IV3
94*2
96 Sept'22|_
West Penn Power Ser A 5s__1946!
99
----j
987s
WlOkwirc
Spen
Steel
1st
7s
1935
99*4
. 10 0 * 4 Sept’22|.
1st series D 7s................... cl946
*Anomie£
raph
and
telephone
Manufacturing & Industrial
Adams Express coll tr g 4s__1948 im s 80 80*2' 8u Sept’22
9934 Sale 98*2 9934 50
Ajax Rubber 8 a ..................... 1936,
Am Telep A Telog coll tr 4sl"l929 j j 92l2 Salo 92l4
95 97 97
9734
4
Am Agrlc Chem 1st 5s_____ 1928
2
Convertible 4s__
j 03Givi 3 89*4 92 88
88
103
104*8
Sale
IQSlg
43
1st refs f 7 4 s g_________ 1941
20-yeur conv 4^3.11111111933 M S 103 __ lOiSg 1017S 18
89
90 I 2
Am Cot Oil debenture 5s___ 1931
ou-yeur temp col! tr 5s
1946 G 99*4 Sale 98*4 9934 ho ;
108*2 Sept'22]
Am Dock A Tmpt gu Gs..........1936
A 118 Sale 114*4 118*4 86,
n.n-n'Y cpnvi-ttlble 0s_____1925
103 Sale 102*4 103*4 157
American Sugar Refining Gs. .1937
Bell re eph of Pa s f 7s A .... 1945 O 108 Sale 107*2 108*2 102,
85 80 84
85*2 37
Am Writ Paper s f 7-6s_____ 1939
D 100 100*4 99 Sept’22 ».._!
Cent Diet Tel 1st 30-year 5s. .1943
91*2 91*4 005g
91*4’ 27
Armour A Co 1st real cst44-s 1939
76*8 7«S 77
77
10
Commerce1 Cable 1st g 4s. 2397
32 bale 3J*2
35*2 29
Atlantic Fruit conv deb 7s A. 1934
94 Sale 93*4
94*4 39
104*8 Aug i.«:
xnn»bcT
A' TTeleph
lat & Eun
5s___1937
Atin* Powder conv 7 4 s S ___ 1930 - -__
Mich
Btate
1st
5s.
.
1924
6
99*4
99*4
103*4T03
naldw Loco Works 1st 5s__191()|W N
New England Tel A Tel 5s ..1952 ^ ~
D 9934 Sale 99*8
100 190
Bush Terminal 1st 4s........ ..1952 A O
987g 3S
^ A rt,le,) lst <&gen s f 4^ s .l 939(M U 9034 Sale 96*2
Consol5s........................... 1955 J J
30-year deben s f 6s.. .Feb 1949 F A \ 106*8 lC6t2° 105*2 107 | 25
Building 5s guar tax ex---- 196!)!A O 93*4 93*2 93
10058
20-year refunding gold 6s. .1941 A O.
Cent Foundry 1st s f 6s..........1931 j-A O 87*2 86*2 02l2
Northwest’ll Bell T lst 7a A. 1941 F A 107*2 10S*4 107*8 1077g
98*2
98*8
98i4
Cent, Leather 20-year g 5s---- 1925 A O
98*
99
|
98*8
Pacific
Tel
A
Tel
lst
5s
I837»J
-L
99*8
Computlng-Tab-Rcc s f 6s— 1941 J J 97*4 Sale 1 97
5s.................... _
1952IM N| 93*4 Sale I 92*4
93*4
99 99*2 9914
Corn Prod Refg s f g Is____ 1931|M N
South
Bell
Tel
A
T
1st
a
f
5a.
1941
J
J
97*2
98
97
0712
1st 25-year s f 5s............... ]934j*W *j 99*8 101*2 10134 Sept’22 .
Western Union coll tr cur 5s.. 1938!J J 99*2 100*2 99
UK)5s
85U 8G78
Cuba Cane Sugar conv 7s— 1930, J J
Fuud A real estate g
.1950 M N 94 94*2 94 Sept’22 ___
Conv dehen •/trimned 8 %
. . . - - -- ------------------8S*2--------90*2::----—— ----- —______ 15-year
6Ks g_
1936 F
111 112 110*8
t"** *-------------------------xix
nu»8
111&8 15 106*2 114

I

ii

®Nt* price F rid a y ; la te s t b id a n d ask ed




aDue Jan. dDue April. cDue Mar, eDue M ay.

0Due June. ADue July. *l>ue Aug. oDue Oci, 4 Due Dec. j Option sgle.

BOSTON STOCK EXCHANGE— Stock Record sJES*—

1630
m an
S e p t.

a n d

30.

l o w

M on day.
O c t. 2.

s a l e

p r ic e

T u esday,
O c t. 3.

—

p e r

s h a r e

W edn esday,
O c t. 4.

,

n o t

p e r

T h u rsday,
O c t. 5.

146 148 148 148 147*2 14734
147 147 146 147
84 84*2 84*2 85
85*4 85*2
8412 8412 83*2 84*? 103
103 102*2 103 102*2 103
102 102 102*2
125*2 125% *125*4 125-2 125*4 125*4
125 125 *125*4
104 105*2 105*2 105*? 105*2 105*2 105 105*2 105 105
23 23** 23 23'4 23% 23*4 24 24% 24*2 24*2
30 30
*30 34 *30 34 *30 34 *30 34
37 37
37 37
36*2 37
36*2 37
37 37
___
54
54
54
54
54
54
*54%
52*4
52*4
*
50 *46*2 50 *48 50
50 50 *46*2 50
*
69
69 *
69 *__
69 *
67*2 68
*161 165 *161 165
*rl6l
*161
*zl61
22*4 22*4 22*2 22*2 23 23*4 23*2 24 *23*2 24
72 72
73 73
*71 73
71*4 71*4 72 72
55 56
53 53 *52*2
55*2 55*2 *55*2 56*2
*37 38 *37 39*? *37 40 *37 40 *37 40
47 47
49 50 >8 *50
50*4 50*4 *50 54
29** 29*8 29*i 29*4 30*2 31 *30% 30% 30*2 31*4
83 83
*z82
*81
*81
*96 —
*97*2 os'
97*2 97*2 99*2 99*2 *97 —
89 90
89*4 89*4
*z90
90 90 *89 90
*40 ___
*36*4
*40
*36*4
*36*4
*z95 98 *z95 —
96 96 —
— *z97 98
3
3
3
3
3*4 3*4
3*4 3*2
*18 18*2 18 18 *18 18*? 18*4 18*4
120*2 121 121 121*4 121 122M 122*2 123%
3%
3% 3% 4*8
3*2 3*8
3*2 3*8
110 110 108 109 *108
107 108*2
*
89
89 *
89 *
89*2 *
14*2 14*?
*1412 16 *14*2 10 *14*2 16
18 18
*17 18 *17 18 *17 18
.15 .15
*.12 .20 *.12 .20 *.12 .20 *.12 .20
.10 .10
24*4 24% 25 25*4
24*4 24*4 25 25
4% 4*8 *3*4 4*2
*3*4 4
*3*4 4
9% 9*4
9*4 934
9*4 9*4 *9*8 9*4
82 83
81 82
79 79 *78 82
180 181
180*2 181*2 181*2 182*2 182 183
*11 11*2 11
11*8 11 11*2 11*2 11*4
32 32
31 31
30 30*4 30*2 30*2
107* 107* 107* 10% *10*4 10*4 10*4 10*4
19*4 191.1 19 197g 19*2 20*8 20 20*2
47*4 47*4 46*2 471.1 *46*2 47*2 47*2 48*2
31% 32*4
*30*2 32 *30*2 32 *30*2 32
*20 25 *20 25 *20 25 *20 25
80 80 *78 81 *78 82.?
80 80
2*4 2*4
*2*4 2*2 *2*4 2*2 *2*4 2*4
*9*2 11
*7*2 11
*9*2 11
*9*2 11
8*?
8
7*4 7*4 *734 8
7*4 8
10*2 10*2 10 10*4 10 10*? 10 10*2
88 88*2
87 88
*86*2 88
86*2 87
71 71
71 71
71 71*4 71*2 72
*155 157 157 160 161 161 162 165
14 14% 15 15%
*13 14
13*4 14
31*2 31*2
31 31 *z29i2 31
30*2 31
*84 84*? *84 85 *84 84*? 84*4 85
9*2 10*2
8*4 9
7*2 7%
7*4 8*8
1 1 Vis
*1
1
U?
1*4
1*2 *1
116 116 110 116 116 117 116*2 117*2
*6*2 8
*6*2 8
*6*2 8
*6*2 8
25*4 26*4 26*8 26*4 26*2 267g 26*4 271?
155 155 155 156 155 155 154*4 155
15*2 *zl5
15*2 16*r *zl5
15*2 15 15
4
4
4
*3
3*4 3*4
3*2 4
106*2 107 106*2 107*4 107*8 108 108 108*?
41 42
42 42
40 40*4 42 42
*10 11 *10*4 11 *10 11 *10 11
4234 437* 43*4 43*? 43*2 44% 44 44*4
27 27
265g 26% 267g 27
*22658 27
28*2 29*4 28% 29*8
27*4 28*2 27*4 29
32 32*8 32*4 32*2
31*2 31*? 31*4 32
7I0 7
634 7
7
7*2
7
7*2
30 30 *28 30 *28 30
*30 33
*11
12
11*2 11*2 11*2 ll*? 11*2 11*2
33*2 33*4 33*2 337g 33*2 33*4 33*2 33%
•z35 37 *136 37*? 37*4 38*4 37*4 38
39 40 *40 42
•x40 42 *z40 42
*12*2 13 *12*4 12*4 *12*4 13*4
*.50 .75
*.50 1
*.50 1
*.50 1
62*2 63
62 62
61 61
• 6H2 64
.05 .05
.03 .03 *03 .10
*.03 .10
23% 23%
23 *23 25 *23 25
23
2
2*4 2*4
2*4 2*2 *2*4 2*2
2*4
8
8
8
*7*4 8*2
8
7*4 734
18 18%
*17*2 18 *17*2 18 *17*2 18
280 280 280 280 286 290 286 286
8%
8*4
8*8
8*2
8*4
8*2
8*4
8*4
*8
10
9*2 9*2
*9
*9
10
10
40*2 40*2 39*2 397g 39*2 39*4 39% 40
4*8 4*8
4% 41?
4*4 4*2
4*8 4*2
934
9*4 10
9*4 10
10 10
9*4
178 1% *1% 2
17* 17* *1*4 2
*2*4 2*4 *2*4 2*4 *2*4 2*4 *2*4 2*4
1*2
1*2 *1
*1
11? *1
1*2 *1
104 1041* 103*2 105 105 106 105 105*2
96*2 96*2 96 96 *96 96*? *96 96*2
23 23*2
23 23
*21*2 23 *21*2 23
*23*4 4 *z3*2 4 *z3*2 4
*3%
1*4 1*4 *1*4 2
1*4 1*1
1*4 1%
3*2 3*2 *3% 4
3*2 3*4 *3*2 4
1*4
*1*8
*1*8 134 *1*8 1*4 *1% 21«4 *1%
2
*1%
*158 2
2% 2% 2*2 2*? *2*2 3
3
3
3*4 3*4 *3*4 3*4
*3*8 3*2
3
3
2*2 2*2
*2*2 3
2
2
2*2 2*2
60 61
60
60
60*2
59*2
60*2 60*2
18*4
18
18*4
18
17*4
18*4
18 18
.40 *___ .40 ♦___ .40 *___ .40

3*4 3*4
18 18*4
123% 125%
414, 4%
107% 108
8S
*14*» 16
19 20




.

148 148
85 86
102 102
125*2 125*2
105*4 105*2
*24*4 25

_

22 2212
71*2 71*.
37
51
___
___
—

—

40
—

40
—

37
51

ju r
th e
W eek.
S h ares

169
550
192
26
175
346
8
70
87
10
15
550
41
100
13
70
176
22
10
47
1
2

262
18 18'
145
123*4 124% 5,544
___ ___ S5.845
106 109*2
167
___

___

*.12

40
215
10

.20 *.12 .20
200
25 25
24*2 25
1,470
*3*4 4*2 *3*4 4
100
9
9
255
9*4 9*4
82*4 84% 84*2 85*4 2,835
179 182 178*2 179*4 1,009
11*4 11*4
610
140
—
30*2 30*2 —
125
*10*4 11
19*2 20% 20*2 21% 1,933
48 48 ___ ___
479
472
32*4 32% 32*4 32*4
*20 25
18
80 80 _
510
2*2 2*2
2*4 3'
*9% 15

STOCKS
BOSTON' STOCK
EXCHANGE

R a n g e s in c e J a n .

9% 9*4
10 10
87*2 87*2
72 72
174 174
16*4 16*4
31% 32
85*2 85*2
9% 10
1*4 1*4
117*2 118

.50 .50
*62 64
.05 .05
*23 25
2*4 2*2
*7*4 8*4
*17*2 18
285 286

.50 Jan 31
*.50 1
150 Adventure Consolidated__ 25
63 63
93 Ahmeek___________ . . . . . 25 59 May 11
.03 Sept 25
*.05 .10
700 Algomah Mining_________ 25
25 22 Jan 9
23 23
125 Allouz..............................
2 Mar 10
2*2 2% 1,200 Arcadian Consolidated___ 25
734Sept 30
*8
310 Arizona Commercial_____ 6
8*4
*17*2 18
130 Bingham Mines__________ 10 13 Jan 5
285 287
69 Calumet A Hecla_________ 25 265 Jan 5
8ig Oct 6
8*g
8*2 1,495 Carson Hill Gold................. 1
9 Aug 18
*9
10 Centennial---------------------- 25
10
39% 40
387 Copper Range Co________ 25 37*2 Jan 3
4*2 4*. 1,970 Davls-Daly Copper_______ 10 4M«8ept 13
934 Oct 2
*9*4 10*4
642 East Butte Copper Mining. 10
1 April
2Mi 2?4i
155 Franklin____ ____________25
1*2 Aug 18
Hancock Consolidated___ 25
*2*4 2*4
.99 July 13
Helvetia_______
25
104% 105
982 Island Creek Coal_______ 1 81*2 Jan 10
1 88 Feb 14
*95*2 96*2
23 Do pref__________
*22% 24
235 Isle Royalo Copper----------- 25 21«2Sept 18
3 Feb 6
Kerr Lake.____ _________ 5
1 Feb 24
2*4 2*4
350 Keweenaw Copper------------25
2*4 Feb 18
♦3*2 4
78 Lake Copper Co................. 25
1*2 Feb 6
La Salle Copper.............
25
*1% 1*4
1% Jan 4
Mason Valley Mine---------- 5
2 Mar 24
72 Mass Consolidated_______ 25
2*2 3
2*4 Jan 20
—
___
60 Mayflower-Old Colony___ 25
.75 July 10
69 Michigan________________ 25
2*4 2*4
60 60*2
190 Mohawk......... ........................25 53*2 Jan 7
18*4 18*2
940 New Cornelia Copper------ 5 17 Feb 21
.40 .40
100 Now Idrla Quicksilver---------- 5 .10 July 7
New River Company_____100 37 Jan 6
Do pref.____ ________ 100 73 Jan 7
5 July 8
6
478 Nlplssing Mines_________ 5
*10% 11
1,182 North Butte____________ 15 10*2Sept 29
lfgSept 25
2*4 2*4
43 OJlbway Mining....................25
23% 23*s
105 Old Dominion Co-------------25 23 Jan 4
34 34
85 Osceola---------------------------25 30*2 Jan 5
39
40
186 Quincy..........- ....................- 25 38 Sept 30
*44 45
10 St Mary’s Minoral Land.. 25 415* Jan 9
.75 .75 1,280 Shannon........... ............. — 10
.25 Mar 10
.50 Jan 31
*.50 1
South Lake..... .................. 25
4*8 4*8
2 2 Mar 29
210 Superior............................
1
.90 Mar 31
257 Superior A Boston Copper, lj?
1!8
l>4June 5
1% 1*2 3,435 Trinity Copper Corp-------- "
.45 Sept 28
*.52 .60
550 Toulumne Copper----------- ?
2*2 Jan 19
Utah-Apex Mining............. "
*2*8 2*4
*3% 3*2
1 Feb 21
468 Utah Consolidated---------- 5
1 % 1*4 2,271 Utah Metal A Tunnel____ 1 1 Feb 15
♦lU 1*4
1 Sept 16
Victoria................................... 21
.25 Jan 16
1*2 1*2
275 Winona_________________ 25
9
25
9 Oct 6
9
28 Wolverine_______
BJEx-dlvldend and rights, s Ex-dlvldend. »Ex-stock dividend,

8*8

8*.

*9
10
39*4 40
4% 4*2
9*4 10
1% 1%
*2*4 2*4
*1
1*2
105 105*2
*96 96*2
*22*2 23
*z3*2 4
1*4 1*4
3% 3%
*1%
*1% 2
2% 2%
*3
3*2
2*2 2i2
60 60
18*4 18*2
.40

738
362
341
160
130
1,105
217
175
6,012
1,205
247

26*4 26*4 5,197
411
156*2 157
45
15*4 15*4
___
405
108 109
620
___
676
*10 n
43% 44*4 0,613
26% 27*s
435
28*2 29
4,681
668
32*4 32*4
___
1,395
___
10
12 12
385
847
33*4 33%
___ ___
102
—
6
—

1.

H ig h e st

Railroads
Boston & Albany________100 13014 Jan 4
Boston Elevated________ 100 73 Feb 20
Do prel____________ 100 9414 Mar 1
Do 1st pref_________ 100 116 June 22
Do 2d prof................. 100 102 June 10
Boston & Maine________ 100 14 Jan 10
Do pref____________ 100 20 Jan 9
Do Series A 1st pref__100 22 Jan 5
Do Series B 1st pref__100 36 Jan 17
Do Series C 1st pref... 100 30 Jan 9
Do Series D 1st pref__100 40 Jan 12
Boston & Providence____ 100 125 Jan 12
East Mass Street Ry Co.. 100 18 July 13
Do 1st pref................ .100 66 Aug 14
Do prefB__________ 100 51 July 13
Do adjustment______ 100 28 July 14
Maine Central__________100 27<2 Jan 30
N Y N H & Hartford........100 12U Jan 3
Northern New Hampshire. 100 69 Jan 10
Norwich & Worcester pref. 100 58 Jan 17
Old Colony____________ 100 57 Jan 6
Rutland pref......................100 15 Jan 20
Vermont & Massachusetts. 100 78 Jan 23
Miscellaneous
234 Feb 4
Amer Pneumatic Service.. 25
Do pref_____________ 50 13 Feb 20
Amer Telephone <fe Teleg._100 1143* Jan 3
23* Aug 24
Rights (w 1)........................
Amoskeag Mfg_________ N o p a 101
r
Jan 10
Do pref.......... ....... N o p a r z80*2 Jan 17
14i2 Feb 20
Art Metal Construe Inc__10
Atlas Tack Corp_____ N o p a r 13 Jan 7
.15 Jan 30
Beacon Chocolate________10
Boston Msx Pet Trus_.Wo p a r
.lOSept 14
Century Steel of Amer Inc. 10
.05 Jan 20
Connor (John T)_________10 1584 Jan 4
3 Jan 4
East Boston Land________10
Eastern Manufacturing__ 5
7'4 July28
Eastern SS Lines Inc____ 25
38*2 Jan 4
Do pref............
50 42 Jan 7
Edison Electric Ilium____100 156 Mar 2
3 Mar 14
Elder Corporation____ N o p a r
Galveston-Houston Elec.. 100 33 July 11
Gardner Motor_________ N o p a r 934 Aug 24
18 Aug 30
Greenfield Tap & Die____25
Hood Rubber___________ N o p a r 43 Mar 9
Internat Cement Corp.No p a r 26 Jan 20
241232pt 19
Internat Cotton Mills____50
Do pref____________ 100 80 Aug
International Products.No p a r
2 Sept 9
Do pref.......................100
7 Jan 5
Island Oil <&Transp Corp.. 10
.62 Apr 15
Libby. McNeill & Libby.. 10
15* Apr 24
Loew’s Theatres________ 25
8 July 1
Massachusetts Gas Cos__ 100 63 Jan 3
Do pref........................100 62 Jan 3
Mergenthaler Linotype__100 130 Jan 3
Mexican Investment Inc.. 10 12 Sept 28
Mississippi River Power__100 13 Jan 6
Do stamped pref_____100 72*2 Jan 9
National Leather..................10 71% Sept 26
New England Oil Corp___
1 July 17
New England Telephone. .100 109 Jan 4
Ohio Body A Blower. .No p a r
6 Sept 9
Orpheum Circuit Inc____ 1 13 Jan 10
Pacific Mills............................ 154*4 Oct 4
Reece Button Hole_______ 10 12*2 Apr 18
3 Feb 20
Simms Magneto_________ 5
Swift & Co............................100 92*4 Jan 3
Torrington_____________ 25 c39 July 3
8 Mar 29
Union Twist Drill............... 5
United Shoe Mach Corp.. 25 34 Mar 3
Do pref______________ 25 25 Jan 3
Ventura Consol OH Fields. 5 217* Jan 27
Waldorf System Inc______ 10 26*2 Jan 4
634 Oct 2
Waltham Watch------------- 100
Do pref_____________ 100 26*2 Aug 14
7*2 Feb 7
Walworth Manufacturing- 20
17*2 Jan 3
Warren Bros_____ . . . ___ 50
Do 1st pref__________ 50 30*2 Jan 4
Do 2d pref....................... 50 33*2 Feb 18
Wickwire Spencer S te e l... 5 1334 Mar 27
.80June 16
WoUaston Land_________ 5

8
9*4
10 10*2
87*2 88
71*2 72
166 168*2
16 16*4
32 32%
85 85
10 10*4
1
I
117 117*2
*6*2 8
27 28
156 157
15 15
4
*3
108 109
41% 42
*10 11
44 44%
26% 26%
28% 29
32 32%
7
7*2
*28 30
*1U2 12
33*4 33*4
*38 39
*41 42
*12*2 13

6
6
57S 6
5*4 6
11*8
10% 10*4 10% 107g 11 nu 10%
1% 1%
*2
178 17g *1*4
2*2
*23 24
23 23 *23 24 *23 24 *33
34
33
33*2 33*2 33*2
33
33
33
33
40 40
38
39 40 *40 41 *44
38
39 39
45
44 45 *44 45
*43*2 45 *43 45
.80 .80 ♦.70 .90
.75 .75
.72 .72
.76 .80
*.50 1
*.50 1
*.50 1
1
*.50
4%
*4*8 4*? *4*8 4*2
4*8 4*4 *4*8 4*2 *4*g
1
1
1 % 1%
1*8 l*? *1
1*8
1*4 *1
1*8 1*2
1*8 1*2
1*4 1 X,
1*4 1*4
1*4 1*4
.50 .52
*.50 .60 *.50 .60 *.50 .57 *.52 .60
*2*8 27* *2% 27S *2% 2*4 *2% 2% *2% 234
2*2 2*2
2*4 2*2 *2*4 2*4
2*4 2*2
2*2 2*2
1*8 1%
1*4 1*4
1*8
1*4
1% 1% *1*8 1*4
*1*4 1*4 *1*4 1*4 *1*4 1*2 *1*4 1*4 ♦1*4
1*4 1*4
1*8 1*8 *1*4 1%
1*4 1*4 *1*4 1*2
*9 11
10 10 *10 10*2 *9 10
*10 11
9Bid and aaked price*: no sales on thle day. t Ex-rlgbte.
6*4 6*4
10*2 1034
2
2
*23 24

c e n t

F r id a y ,
O c t. 6.

Mining

R a n g e f o r p r e v io u s
y e a r 1921
L ow est

H ig h e st

152 May 22 119 Apr 133 Nov
8912Sept 12 61% Jan 79 Nov
105 Sept 13 78 Jan 100 Deo
126 Sept 27
109 Sept 13
31*2May 20
13*4 Doc
Feb
37 Apr 8 16*2 Nov 25*4
30 Jan
44*2 Apr 26
19 Aug 33 Jan
62 May 20 27 Nov 47 Feb
54 May 25 24 Nov 40 Jan
77*2May 1 36 Nov 58
163 July 17 110 June 133 Jan
Jan
2G5gJuly 31 — —
—
—
77 July 14
•57 Aug . — - . . . . — - . . . . .
47 Aug 17
51 Oct .
30 Dec 43*2 Feb
34%May 22
12 Dec
Jan
96 July 19 60 Apr 23*4
75
100 June 1 51 Nov 76 Feb
Jan
98UMay 23 50 Oct 75 Jan
52%Tune 5 15 Apr 21 Jan
99*2 Aug 10 69 Nov 78 Dec
4*4 Jan 27
2 Jan 5*4 Dec
20*4 Aug 10
8*2 Jan 15% Nov
128*4 Aug 31 96*8 Jan 119*2 Nov
412 Oct 5
117 Jan 24 74 Jan 109 Dec
91 Aug 24 78 Feb 84*4 Deo
20*2May 19 12 Jan 16 Sept
22 May 4 12*4 Dec 20 Apr
.75 Feb 21
.15 Dec
4 Jan
.50May 4
.15 July
.95 Jan
.20 July 17 .08*2 Oct
1** Jan
293g Sept 8
9*2 July 177S Dec
6 A 21
3 Oct
4*2 Feb
14*4 F-. O10
9*8 Oct 23 Jan
8 334 Oct 6
16 Jan 42 Dec
48 Sept 1 42 Nov 45 Dec
185 Sept 1 142*4 Oct 165*2 Dec
13 M ly 17
3 Nov 17 Jan
39 Aug 15
9*8 Sept 23*4 Apr
16*4 Apr 6
27*4 Feb 27 19*4 Dec 29 Nov
53*4 Mar 20
37*2May 13 19 July 287* Dec
32 Jan 27 32 Dec 41*2 Feb
80 Sept 11 74 Dec 86 Mar
2 Sept 13 Jan
6*2Mar 25
5 Nov 32 Jan
17 Apr 1
2 8ept
3 Jan 24
47« Mar
5*g Dec 13 Jan
lligJune 3
13 Jan 10 *8*4 Dec 18 June
90 Sept 18 53*4 Sept 85 Jan
72 Oct 5 58*2 Oct 64 May
174 Oct 6 117 8ept 136 Nov
27%June 26
13*2 Sept 35** Apr
34 Aug 31
11 Sept 14*2 Mar
8512 Oct 6 60 June 84 Apr
115* Jan 21
2*4 Dec 9*4 Jan
4 Aug
5 Jan 28
6 Aug
125 Sept 19 95*2 Jan 112*4 Deo
7 July 11*4 Dec
14 Mar 16
28 Oct 5 14*2 Dec 30*4 Apr
174*2 Mar 11 146 Jan 171 Dec
16 July 17 12*2 Apr 14 Jan
7*g Apr 5
3 Dec
9*4May
110*2 Sept 12 88*2 July 105*4 Jan
81*2June 5 47 June 61 Feb
14*4 Feb 3
10 Dec 22 Jan
45 Mar 24 33 Sept 39*4 Jan
27*2 July 15 22*4 Apr 25*2 Dec
33*gJune 2 16*4 July 24*2 Dec
33*4Sept 25 167g Jan 297* Dec
14*4 Apr 26
6 Dec l Jan
49 Apr 25 36 Sept l75
Jan
12*4June 15
8 Sept 17 Feb
35*4Sept 25 11 Apr 22*2
Apr
38 Sept 21
17 Aug 33*2 Deo
44*4July 12 16 Oct 35*4 Deo
21 May 13
8 July 18*4 Jan
1*4 Jan 4
.35 Oct
1*4 Deo
1 Apr 15
.4 Mar
.75 Mar
68 May 29 40 Aug 63 Dec
.50 Apr 17
.15 July
•50 Apr
32*2 Jan 26
16 Apr 24*2 Nov
4%May 23
1*8 Sept
3*4 Jan
67g Jan 10 Apr
10*2June 5
18*2Sept 11
8 Mar 14 Oct
301 Aug 25 210 Apr 280 Deo
16*4 Mar 29 11 Dec 16*g Jan
13*2 Feb 1
7 Jan 10 Jan
46*4May 31 27
.. Jan 40*4 Dec
9*4 Jan 26
5*4 Mar 7*2 Jan
12*4 Jan 26
7 Aug 11*4 Dec
37* Apr 16
1*8 Apr
Jan
3*2Mar 16
1*2 Sept 3*4
Jan
2*4 Apr 17
1 June 3*2
2%
Nov
1165*June21
48 Jan
Dec
96*2Sept 21 75 Jan 88*2
90*2 Dec
16*4 Jan 24*2 Dec
26*4May 31
47* Apr 17
2** Mar
4 Sept
57gMay 5
.98 Sept
2 Dec
534May 31
2 Jan
3*2
Dec
2*4 Apr 17
1*4 Jan 2*4 Feb
2*4May 19
1*4 Jan 2 Sept
4*4 Apr 13
.55 Apr
3*a Jan
25* Aug
6 May 22
5*4 Jan
7 Apr 13
1*4 Aug 3*2 May
68 June 6 43*2 Jan 59 Dec
20*2June 2 12*4 Sept 18*4 Dec
2*8 Mar 23
.40 Nov
2 Dec
40 Fob 9 40 Feb 57
May
83 Sept 23 74 Doc 95 Mar
7 Jan 4
4 July
8*2
Jan
15 May 29
8 Mar 14*4 Deo
4** Apr 15
1 Aug
2*g Dec
27 Jan 25
15*s Jan 25*4 Nov
38** Aug 23 21 Aug 35*2 Deo
50 May 31 33*2 Aug 46 Dec
48*2May31
28 Jan 45 Dec
l*4May 18
.75 Jan 1% Deo
l*4May 18
.35 Nov
2 Jan
4*4 July 13
2 Sept
4*2 Feb
2 Apr 15
1 June
2*4 Feb
3** Apr 3
1% July
4*2
Nov
.92May 22
.34 Aug
.85 Dec
4 Mar 22
1*4 Aug 3*2 Oct
3*gJune 5
1*2 Nov 5 Jan
2*2 Apr 13
.95 Jan 2% Jan
2*2 Jan 30
.40 May
2*4 Feb
.35 Jan
2*4 Apr 15
■80 Mar
16 May 31
8** July 14
Feb
s Ex-dlvldends.

1621

THE CHRONICLE

Oct. 71922.]

Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds a t Boston
Stock Exchange Sept. 30 to Oct. 6, both inclusive:

Stocks (C o n c lu d e d )

P a r.

F r id a y
L ast
S a le .
P r ic e .

S a le s
fo r
V e e k 's R a n g e
W eek.
o f P r ic e s.
a w .
H ig h . S h a r e s .

R a n g e s in c e J a n .
Low .

1.

H ig h .

Jan 7054 Aug
300 5 7
Lehigh Valley________50
6854 69
25 19 Mar 25 June
19
19
Leh Val Transit, pref__50
Apr 4254 Sept
10 38
4254 42 %
Little Schuylkill______ 50
Fob 53 Sept
17 48
52
53
Minehill & S H_______50
R a n g e s i n c e J a n . 1.
Jan 8054 June
10 73
8054 80 54
North Pennsylvania RR.50
200 03 May 68 Sept
68
68
Otto
Eisenlohr_______
100
H
i
g
h
.
L
o
w
.
Bonds—
20 1254 Sept 15
Oct
15
15
Pierce Arrow
4754 47 54 3,715 3354 Jan 4954 Sept
Mar 65 May Pennsylvania R R _____50
54%
Atl Gulf A W I SS L 5s 1959
5554 $9,000 4 7
38 6954 Jan 8354 Sept
56
5554
Penn
Cent
Lt
A
Power
Aug
97
Jan
6,000
95
96
8954
C J Ry A U S Yds 5s, 1940
71 6954 Jan 8354 Sept
8154 8054 1854
2,000 7454 Feb 84 Sept Penn Salt___________ 50 .43
84
84
Jnn 4 5 % Sept
44
270 36
42%
Aug 7654 Aug Phl'a Co, nref (cum 6%) 50
Eastern Mass ref B 5S.1948 7354 7354 7354 1,200 69
87 30 May 5054 Jan
37
54
3754
Phila
Insul
Wire_______
*
Sept
Jan
10154
17,000
9554
Hood Rubber 7s____1936 10054 10054 10154
Feb
3,189
23
31
3154
Phlia
Elec
of
Pa_______25
'3154
3254 Aug
May
6,000 101 June 114
Internat’l Cement 8s. .1926
107 107
3154 1,414 2754 Jan 3254 Sept
Preferred_________ 25 3154 31
K C Clin A Springf 53.1925
7654 7654 1,000 75 May 77Y t June
Jan
3,965
1754
3354
3554 June
3354
3354
Phila
Rapid
Transit___50
sepi
Feb
8854
K C Mem A Birm 4s__1934
8854 88 54 1,000 7954
352 58 June 69 Sept
67
67 54
Jan 9654 Sept Phila Traction________50 67
Mass Gas 454s____ .1929 9554 9554 95 54 3,000 S6
Jan 3454 June
50 29
34
34
Jan 96 Sept Phila & Western pref..50
Miss River Pow 1st 5s 1951 9454 9454 9554 9,000 88
4
Aug
36
4
4
654 May
Jan 9954 Aug Radio Corp of America
New England Tel 5s.. 1932 9854 9754 9854 6,000 93
Jan 8154 May
15 72
7654 76 54
Reading____________ 50
Oct 93
1,000 93
93
93
Norf A Ports Tr 5 s... 1936
100 35
Oct 35
35
35
Oct
Sinclair
Oil..........
Oct
Jan
91
10054
11,000
Swift A Co 1st 5s____1944 98
9754 9854
50 2554 Oct 2554 Oct
2554 2554
Railway
10,500 9754 Feb 118 Sept Southern
Warren Bros 754s___1937 11554 11554 116
125 126
Oct 13154 Oct
126 13154
1,000 11254 Sept 11854 Sept Studebaker Corp
116 116
454s...... ..........
9 190 June 193 Sept
193 193
Jan 9754 Sept 13th & 15th Sts Pass_____
Western Tel A Tel 5s. 1932 97
9654 9754 20,000 90
154 July 1>V* June
154 l ‘W« 1,825
Tono-Belmont........... .....
U '%
610
154 Jan
2 54 2sic
25-4 Sept
254
Baltimore Stock Exchange.—Record of transactions
300 1554 Oct 1554 Oct
1554 1554
Jan 43 May
25 34
Union Traction______ 50 4154 4154 4154
34
Jan
1,061
43 May
4154 42
Union Trac. $1754 paid.50
S a le s
Jan 5554 Sept
2,059 38
F r id a y
United Gas Imp______ 50 5254 5054 53
R a n g e s i n c e J a n . 1.
fo r
W e e k 's R a n g e
699 38
Jan 56 54 8ept
L a st
Preferred ...................50 5554 5554 56
W
e
e
k
.
Jan
o
f
P
r
i
c
e
s
.
175
2754
S a le .
3954 Aug
West Jersey A Sea Sh__5C 3654 3654 3754
H ig h .
Low .
Jan 75 July
H ig h . S h a re s.
90 40
P r ic e . Low .
Stocks—
52
52 54
Wm Cramp A Sons___10C
Jan 36
86
9
27
36
36
Oct
York
Railways...............50
July
May
8554
7
50
81
81
Alabama Co 1st pref.. . 100 81
13 36 Mar 6954 Oct Amer GasBonds—
Jan 92 54 Aug
2d preferred_______ 100
6954 6954
9054 $4,000 81
90
Elec 5s__2007
Jan 44 June Bell Tel ofAPa
1,254 27
40
Sept
38
4.000
Arundel San & Gravel. 100 40
10754
107 108
10854 Sept
ref 7s.. 1945
Oct
10 86 Mar 98
98
98
Preferred................... 100
9454 94 54 5,000 9154 July 94 54 Sept
1st 5s........1926
35 8054 Jan 115 Sept Beth ASteel
Jan 74 Sept
Atl Coast L (Conn)...100
11,350 64
11454 115
65
71
Peop Trac Co 4s '45
284 19 May 30 June Elec
20
Jan
20
Baltimore Tube............ 100 20
30
6,500
3954 June
3154 3 1 %
Sup Corp 5s___1924
100 2254 Apr 30 May Lake
30 : 0
Baltimore Brick pref__100
1,0)0 9054 Jan 96
Oct
96
96
Nav cons 4 % s 1954
Feb 4254 Sept Lehigh
40 37
Baltimore Electric pref..50
1.000 8854 Mar 99
4254 4254
99
Oct
99
Gen 4 54s____
2003
Aug
26
Jan
24
2
26
26
Oct
Benesch (I) pref_______25
1,000 96
Oct
96
96
96
Lehigh
Valley
annuity
4
54s
Mar
4
Oct
1
920
1
Jan
Central Teresa Sugar__10
1
254
5,000
77
84
84
Sept
8554
Gen
consol
4s_____2003
222 49 Mar 7054 Oct
68
Commercial Credit68
7054
9254 9254 5,000 8854 Mar 9854 July
Gen consol 454s___2003
Apr
Jan 28
SO 25
Preferred______
2654 2654
10054 10054 2,000 9854 Feb 10054 Sept
Aug Lehigh Vail Coal 5 s...1933
Jan 120
372 91
116
Oct 102 May
11554 11654
5,000 91
91
91
N
Y
Cent
A
Hud
6s..1934
104 102 July 10854 Sept Phila City 4s_______ 1930 10054 10054
107
10654 107
10054 3,000 100 Sept 10054 Oct
Jan 12254 Sept Phi v '’'ms 5s, glp1__1951
126 105
_____ 11554 117
w/C P* t l t l t CU--------85 July 93 54 Sept
2,00)
9254
9254
Oct
Jan 91
192 80
Consolidation Coal...
91
Jan 101 Sept
9054 91
62,10C 93
9954 101
Elec 1st 5s ’66
70
554 Sept Philadelphia
354 Sept
5
554
554
Oct
1.00C 83 54 Sept 84
84
84
1st 4s..................... 1966
Aug
50 105 June 110
.......... 108 54 108 54
Sept
16,500
10254
102
54
10254
554s.........
1947
10354 Sept
10254
52 2054 Sept 25 Aug
21
21
21
10554 106)4 12,400 10054 Jan 10654 Sept
6s...................... ...1941 106
Sept
113
Sept
1
110
112
112
..........
8554 85 54 4.00C 7554 Sept 86 Sept
Oct Reading gen mtge 4s. .1997
25 35 Sept 36
3554 36
1.00C 7154 Mar 90 Sept
89
89
Rys inv 5s___1926
30 12 Sept 15 Sept United
15
.......... 15
3.00C 89
Ocl 10654 Sept
89
89
Inv
6s______________
Oct
291
Oct
26
291
.......... 291 291
1,000 9754 Jan 99541 Oct
9954
9954
Welsbach
Co
5s_____1930
July
145 78
Feb 92
9154
9154 91
* No par value.
66 24 ’Jan 2754 Oct
2754 2754 2754
Oct
71 9054 Sept 93
93
93
93
Jan 5354 Apr
32 44
Chicago Stock Exchange.— T h is w e e k ’s r e c o r d o n th e
_____ 50
5054
7 3 31 Sept 3254 Sept
.......... 3254 3254
200 72 June 79 Sept C h ic a g o S to ck E x c h a n g e w i l l be f o u n d o n p a g e 1605.
79
7854 79
Oct
Jan 25
4 20
25
.......... 25
153 9254 Jan 118 Sept
Pittsburgh Stock Exchange.— Record Sept. 30 to Oct. 6:
.......... 113 116
25 102 Sept 10254 Oct
.......... 10254 10254
S a le s
F r id a y
Oct 142 54 Sept
78 141
.......... 141 141
W e e k ’s R a n g e
fo r
L a st
R a n g e s i n c e J a n . 1.
Jan 2254 Oct
9
22
2054 2254 2,588
"001160 Ry A Elec.
o f P r ic e s.
W eek.
S
a
le
.
Oct
Oct 72
25 72
72
72
____
Stocks—
P ar. P r ic e . L o w .
Low .
H ig h . S h a r e s .
H ig h .
Jan 3454 Apr
30 29
.......... 3154 32
Bonds—
Am
Wind
Glass
Mach.
770
Jan
83
May
.100
90
87
5
4
6455
8154
Oct
$2,000 S3 Mar 92
92
.......... 92
Preferred.
__ inn
01 % 92
150 84
93
100 80 Mar 9354 July Arkansas
90
.......... 90
Nat
Gas,
com.
10
5,268
Mar
Apr
10
%
1054
954
854
12
54
Sept
Jan
2,000
93
10054
10054 10054 10054
5 130 July 137
135 135
50
............ 9254 9254 7,000 8154 Mar 9254 Sept
125
554 554
254 Jan
654 Sept
554
Oct Carnegie Lead A Zinc. ...5
15,000 8554 Jan 93
93
9254 93
Apr
67
4
Ice, com..50
354 3 54
254 Apr
105 10554 3,000 100 July 107 Sept Consolidated
6% notes Series A.
Preferred _.
26 Sept
26
50 23
26
__50
Jan 11054 Sept Indep
11054 11054 11054 8,000 106
754% notes Series :
Oct
7
Jan
Brewing, com.. ..50
70
7
654
154
Sept
2,000
June
109
10954
109
10154
7% notes Series C.
Preferred_____
510
6)4 Feb 17 Sent
50
1554 1554
7,000 8554 Jan 9354 Aug Lone
92
.......... 92
Jan 3154 June
Star Gas_____ ..25 27
27
210 20
26
13.000 86
Feb 9254 Sept Mfrs Light
.......... 9154 92
Jan 58
Aug
A Heat.. .100 56
910 45
55
56
2,000 9654 Jan 10054 June Nat Fireproofing,
! .......... 100 100
130
com -.50
8
8
854
954 Apr
654 Jan
11054 110 11054 68,500 9854 Mar 11054 Sept
Jan 2154 Aug
Preferred______
310 15
19 54
1954 19
10,000 87
Jan 92 Sept Ohio
.......... 9154 92
Fuel O il...
225 1354 Sept 23 June
-.-1
1654 1854
Jan 9654 Oct
.......... 9654 9654 l.OOC 94
Fuel Supply.. -.25 5254 5254 5354
220 4454 Jan 5654 Sept
9154 9154 1.00C 8354 Mar 96 June Ohio
) ____
Jan 26 54 Apr
382 19
2254
Oct Oklahoma Natural Gas ..25 2254 22
.......... 9954 9954 2.00C 97 June 9954 Sept
4 Sept
480
Pittsburgh
Brew,
com
4
4
4
154 Jan
..50
2.00C
86
Jan
98
96
.......... 96
775
Feb
5
10 Sept
Preferred____
954
954
954
10.00C 75
Feb 85 Sept
85
.......... 85
10 59 Sept 79 Sept
6054 0054
Jan 9954 Aug Pittsburgh Coal, com .100
9954 19.00C 95
.......... 99
27c 21,000 lCc May 31c Apr
24c
Oct Plttsb A Mt Shasta Cod. . 1 26c
5.00C 71
Apr 91
91
_____ 91
Feb 1154 June
6
530
854 9
854
Jan 99 May Pittsburgh Oil A Gas .100
1l.OOC 92
99
99
) ____
Jan 180
50 130
174
Aug
Pittsburgh
Plate
Glass
174
..10
17354
Sept
Jan
2.00C
9554
8954
9554
9554
____
Jan 1454 May
2,600
12
11
Salt
Creek
Cons
Oil
..
..10
854
1154
Sept
Jan
77
7654 7654 7654 12.00C 6654
*
785 11
Jan 1454 Apr
1354 14
Jan 5954 Sept Tidal Osage Oil.
5954 24.00C 46
_____ 59
80 11554 Jan 14754 Aug
145 145
Natural G as... .100
80
8054 16.70C 66 Mar 81 Sept Union
Funding 5sl
20 40
Jan 55
50
50
100
19.00C 9854 Apr 10354 Sept U S Glass______
3 10254 10254 103
210 8254 Jan 10554 Sept
102 102 54
Jan 10054 May U S Steel Corp, com.. .100
7 ..........
9854 9854 6.00C 98
205
102
Mar
100
Wes’’house
Air
Brake.
8054
..50
10354 Sept
Oct
94
Jan
1,000
9954
5 _____ 9954 9954
300 49 54 Jan 6954 Apr
Oct W’house El A Mfg, com.50 6254 6254 6254
2.00C 7754 Feb 87
87
4 _____ 87
95 6954 Jan 82
West
Penn
Rys,
pref.
74
74
54
Aug
.100
May
Mar1
84
31,000
7854
8054
8054 8054
360 18
Jan 36
Aug
3554
Apr1 9054 Oct WestPennTrAWP.comlOO 3554 35
7 .......... 9054 9054 2,000 83
82
15 72
82
-100
86 54 Apr
Bonds—
jrn u a a e ip m a stocK jsxcnange.—ivccuru ui uausauuu
$1,000 105
Dunuesne Light 754s. 1936
105 105
Oct 10654 May
Sept. 30 to Oct. 6, both inch, compiled from official lists:
Indep Brewing 6s___ 1955 _____ 77
77 54 20.000 67
Jan 70
Sept
*
No
par
value.
S a le s
F r id a y
R a n g e s i n c e J a n . 1.
fo r
W e e k 's R a n g e
L ast
S a le s
F r id a y
fo r
W e e k ’s R a n g e
L a st
W eek.
o f P r ic e s.
S a le .
H ig h . S h a r e s .
P ar. P r i c e . L ow .

Stocks

W eek.
o f P r ic e s.
S a le .
H ig h . S h a r e s
P a r. P r ic e . L ow .

25
Alliance Insurance____ 10
85%
Allied Chemical______
64
American Can_______
68
Amer Gas of N J_____ 100 70
122%
Amer Locomotlvo Co____
American Railways____ 50 1454 13
59
Preferred________ 100 01
American Ship.............
22%
American Stores_____
152
165
52
Preferred ..................100 52
Amer Tel & Tel______
1954
Anaconda Copper______
52%
Baldwin Locom, pref..100
115%
Catawissa 1st pref............
43
Cambria Iron________ 50
41
Chandler Motor..........
63%
Chesapeake A Ohio___
72%
Chile Copper Co_____
26%
ConsTrac of N J.......... 100
51
Cuban Cane Sugar___
14%
Elec Storage Battery.. 100
52
Erie Lighting Co..........
25%
Erie R R ...................... . . .
15%
Famous Players Corp, pref
102
Ceneral Motors
........
14%
Insur C o ofN A ............. 10 4154 4 1 %
Interboro Cons Corp_
1%
Invincible Oil...............
16%
J G Brill.,....................ioo
54
Keystone Telephone___ 50
8%
Lake Superior Corp__ 100
6%
Lehigh Navigation____ 50
74%




25
85%

64
70
123

14%

61

22%

165
52
1954
52%
115%

43
41

63%
72%
26%
53%
14%
57%
25%
15%

102

Low .

100
100
100
337
40
565
304
10

3,335
52
20

100

8

10

5

10

18
300
395
10

3,206
28
500
200

14%

100
187

1%

200

42

16%

54

8%
7%

78

50
185
55
2,520
380

H ig h .

Jan 27
Oct 8554
Oct 64
Jan 76
122%
Oct 123
4
Jan 17
23
Jan 63
2254
1 9 % Sept
83
Oct 165
52
Oct 1 2 1 %
19%
Oct 1 9 %
5254 Oct 5 2 %
115
Oct 5 2 %
35 % Mar 43
37 % Apr 53
63%
Oct 6 3 %
72 % Sept 7254
2654
2 5 % Sept
44
Jan 5 6 %
14)4 Oct 1 4 %
57%
2 7 % Mar
25 July 27
15%
1 5 % Sept
93 % Sept 102
14%
1 4 % Sept
30
Jan 4 2 %
154
1 % Sept
1654
1 6 % Sept
36 Mar 59
7
Jan 1254
6%
Jan 1254
66%
Feb 7954
19

85%

64
47

Sept
Oct
Oct
Sept
Oct
June
June
Sept
Aug
May
Oct
Oct
Sept
Sept
Sept
Oct
Sept
Sept
Apr
Oct
Sept
May
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Mar
May
Aug

New York Curb Market.- —Official transactions in the
New York Curb M arket from Sept. 30 to Oct. 6, inclusive:
W e e k e n d i n g O c t.

Stocks—

6.
P ar.

S a le s
F r id a y
fo r
W e e k ’s R a n g e
L ast
o f P r ic e s.
W eek.
S a le .
H ig h . S h a r e s .
P r ic e . Low .

R a n g e s in c e J a n .
Low .

1.

H ig h .

Industrial & Mlsccll.
Acme Coal Mining_____1 92c
5Sc 92c 48.500 50o Aug
154 Apr
Acme Packing.... ............10 38c
36c 39c 18,000 20c Mar
754 Mar
22
23
Jan 25 June
300 15
Aluminum Mfrs, common* 23
300 85 Mar 103 Sept
Preferred....................100 10254 102 54 103
754 Apr 14J4 Oct
Amalgam Leather, com *
1354 1454 2,800
300 33 Mar 48
Preferred................... 100
4354 48
Oct
19 % Jan 34 June
200
23
25
Ameri ao-Haw*llau88..10
75 11354 Feb 165 June
136 141
Amer Light A Trac.com 100
15
5254 Mar 66 Sept
62
62
Amer Type Fdrs, com. 100
1.400
154 S«n
' tlan’l • FdiP. when i<sued*
154 2
3 June
154
300 95 Rent 96
Bang & Aroos RR, pf_.i00 96
9554 96
Oct
400 71 Sept 82
Betb Steel new com w 1___
71
7154
Aug
New preferred w i..........
95
9754 2.400 9454 Aug 10054 Aug
Brit- 4 mer Tob ord bear .£1 1954 1854 19 54 1,600 1254 Feb 20 54 Aug
Ordinary_____
£i 19
1854 1954 2,100 1254 June 20
Aug
Brooklyn C ity R R __ ~ 10
954 1054 6,600
1054
454 Jan 1054 Oct
Buddy-Buds, Inc...........
154
l;1a 1M« 5,700 45c Jan
2%
Apr
Car Lighting A Power..25
254
25is 254 5.500 50o July
3 54 Sept
New preferred w 1 ___
700
854
754 854
6 Sept
854
Sept
Celluloid Co. com__ 1.100
94
94
10
90 June 107 May
Preferred__________100 10554 10554 106
45 95 July 111 May
Cent Teresa Sug, com.. 100
300
154 154
154 Aug
354 Feb
Chie Nipple Mfg, Cl A .. 10
400
4
454
154 Apr
654 July
Cities Service, com___100 200
196 202
1 , 2 1 0 158
Jan 242 May
Preferred_________ 100 70
6954 7054 1.500 51
Jan 72 June
Preferred B...... .......... lo
400
654 654
454 Jan
654 Oct

1623
Stocks

THE CHRONICLE

F r id a y
IVeel's R a n g e
L ast
S a le .
H ig h .
( C o n c l u d e d ) — P a r P r i c e . l*o io .

Cities Serv, Bankers' sh_ _* 2 0 %
Colombian Emerald Synrt. 90c
Colorado Power, com.. 100
14
Conley Tin Foil.............*
Continental Motors---- 10 10%
Cuban-UomlnieanSugwl *
6%
Daniels Motor, com........ * _____
Davies (Wm A) Co, Inc.. *
Denver & Rio Ur pref.. 100 5.5c
Dublier CondenscrARadlo*
a
Durant Motors. Inc___.*
51%
Durant Motors of Ind_. .10 13H
7
Firestone T A R , pref.. 100
75c
Gillette Safety Razor---- *
Glmbel Bros, com, w I__ *
60%
Goodyear TAR , com. . 100 10
28 %
Great West Sugar, pref. 100 106 %
Griffith (D W), Class A. . *
Hayes Wheel when Issued .* 33 %
Heyden Chemical........... *
IK
Hudson Cos, pref____ 100
15%
Intercontinental Rubb.100
International Carlton__ *
Kuppenheimer(B)Co ,pf 100 100
Lake Torpedo Boat, pf. _10
benign Power Securlties. .* 18
Lehigh Valley Coal Sales.50
Libby, McN A Lib, new. 10
9%
Old stock_________ 10
Lincoln Motor. Class A .50
2%
Macy(RH)A Co.Inc.com.* 61
Mercer Motors________ *
Voting trust certits.......
Me8abl Iron C o ............. *
Milllken Tractor Co.........
Morris (Phillp)Co, Ltd.. 10
Nat Leather new............10

3
2%
11
2%
18 'A
10

N Y Air Brake new cl A ..* 52
V Y Tel 0%% pi w i 100 109%
North States Power, pf. 100
Packard Motor Car .ooiu.iu 16%
Perfection Tire A Rubber. *
Phlllpsborn's. mo., tom .*
Prlma Radio Corp---------Pyrene Manufacturing.. 10
Radio Corp of Mnerlca.. .*
Preferred...................-.5
Reo Motor C a r ---------- 10
St Lawrence Feldspar__ 10
Southern Coal A Iron---- 5
Standard Gas A El, pref.50
Standard Motor Constr.lu
Stutz Motor Car............*
Swift <<fe (Jo.................. 100
Swift International........ 15
Technical Prod Corp------

1
IK
4%

3%
13%
9%
46%
49c
UK

21%
5K

S a le s
fo r
W eek.
S h a res.

Low .

21
2,600 1 7
Jan
78c 90c
3,600 50c Apr
27
27
50 13% Mar
13 % 14
200 10
Feb
10% 16,000
0%
6% Feb
6% 9,400
5%
5% Sept
11
10%
400 10% Sept
32%
400 25
31%
Jan
55c 55C
1,000 38c Jan
6
900
4% Sept
3%
44
51% 24.100 22% Jan
700
13>$ 13%
8% Jan
7
7% 2,400
5% Mar
88 % 88%
10 81
Aug
75c 80c
300 56c May
232 240
240 169
Jan
400 40% Sept
43
43%
60% 2,500 42
Jan
56
7% Aug
9 % 10% 1,100
700 24
28%
20%
200 n o s
1 0 0 % 106 %
Sept
3%
400
Aug
3%
3
33% 1,900 27% Aug
33%
1% 72,000 80c Feb
1%
14
15% 1,100
7% Feb
5
1,900
4K
3% Aug
400
10%
9% Sept
11%
1,000 100 Sept
100
100
100
1
Feb
1%
1%
18%
18
400 15% Aug
39 66
79%
80
Feb
900
Aug
8
10
7%
July
100
2
2%
2%
900 75c Fen
2
2%
60 X 61H 2,000 53
Sept
now. 1 000 105%
3
3.900 1% Apr
2%
12,300
3
2
Feb
2K
9% Sept
11% 2,700
10%
2%
800
2K
2% Sept
19
2,000
6% Jan
17%
2,100
10
7% July
7%
3% 1,500
2%
1% Feb
500 52 Sept
53%
52
1,650 100 July
10 i 109 %
10 92
97
97
Apr
5% Feb
14%
16% 4,200
89%
110 63% Mar
87
809
1
1
Oct
1%
40% 44% 1,200 38% Sept
1% 16,600
l'4 e Aug
m
800
8 % July
10
10%
4% 18.900
4%
2% Jan
8,600
2
Jan
3%
3 k
13% 5,400 al2% Sept
12%
S*4 Aug
10% 2.300
0%
Apr
55% 13.000 33
45
39C 49c 51.000 30c July
100 44 Mar
48 5ii 48%
3%
3% 2,800
3% Sept
19% 21% 8,200 11 July
50 95
Jan
109 109
24
1.400 17% Apr
23
900
Aug
5%
5
5K
25% 2,100 25% Sept
25%
1,600 10 June
15%
17
100 20%; Aug
27
27
Jan
3
7
7% 5,200
405 60 Sept
63% 67
1,000 16c Jan
25c 25c
64
100 44
64
5 Mar
6% 7% 5,600
4% Jan
6% 7% 14,500
29% 30
300 12% Feb
IK
1% 14,300 75c Jan
1
100
Jan
1%
1%
400 40
48% 49%
Jan
2% 3.400 85c Mar
2K
63c 65c
4,000 50c July
10
500
6
8%
Apr
16
200
6
16%
200 13
15% 18%
Apr
9% 9% 15,200
9% Oct
200 64
69% 70
Aug
20%

25%
Tenn Elec Pow. com. w i.* 17
Timken Detroit Axle------27
Tob Prod Exports Corp..*
7%
Todd Shipyards Corp---- * 64 %
Triangle Film Corp v t c .. 5
Union Carbide A Carbon.*
7 Vx
United Profit Sh.tr’g, new.l
Un Retail Stores Candy.. *
U S Distrib Corp. com ..50
US Light A Heat, com.. 10
1J6
U S Metal Cap A Seal---Van Raalte Co, Inc..........*
Wayne C o a l..................6
2K
West End Chemical. . . . 1 63c
Western Knitting Mills..*
8%
Wlllys Corp. 1st prel— 100
First pref certlf of deposit 15 %
Wlnther" Motors, Cl A..*
9%
Youngst Sheet A T, com.* 70
Former Standard Oil
Subsidiaries
Anglo-American Oil---- £1 22% 19% 23% 2.,000
20
205 215
Chesebrough Mfg------ 100
65
148 148
148
98
20
97
Eureka Pipe l ine------- 100
55
52 M 53
Galena Signal Oil com.. 100
171 : • 173
175
172
96
98
70
Indiana Pipe Line..........50 97
100
26% 26%
National Transit...312.50
965
305 329
Ohio O il........................ 25 323
29
29
100
Penn-Mex Fuel---------- 26
250
Prftirifi Oil Gas
_ 100 685
640 685
450
265 277
Prairie Pipe Line_____100 276
20
Solar Refining---------- 100
380 380
10
220 220
South Penn Oil---------- 100
25
South West Pa Pipe L .. 100
60% 60%
117% 133 255,100
Standard Oil (Indiana)..25 133
65
Standard Oil (Kansas).100
600 610
Stand Oil (Ky) n e w ... 100 114% 107 115% 14,700
190 220
100
Standard OH (Neb)-----100
528 640
8,290
Standard Oil of N Y ...100 035
75
Standard Oil (Ohio)...100 555
490 555
518 GOO
3,145
Vacuum Oil----100 600
Other Oil Stocks
100
2%
Aetna Consol Oil----------2*^
2 'A
1M 1% 2,700
ik
1,000
21c 21c
Allen Oil
............... 1
4,000
3c
3c
100
American Fuel Oil pref.. 10
i% 1%
2,500
Arkansas Nat Gas. com .10
9% 11
8
Atlantic Lobos Oil, com..*
7% 9% 5,500
10c 13c 23,000
Boone Oil-------------------5 10c
99c
91c 1.03 39,300
200
35%
35
Brlt-Amer Oil, Ltd------ 25
5% 6% 7,000
6%
100
9
9
Continental Petroleum.-.5
9
500
2% 2%
3 % 2% 3% 10,800
100
1
1
300
2% 2%
24c 27c 49,000
Engineers Petrol Co____ 1 24c
500
14% 15
Equity Petrol Corp, pref.. 15
76c
87c
1 % 101,800
7,100
14% 15
15
700
Gilliland Oil, com............*
4% 5
4%
1% 1% 11,100
i%
1
GranadaOll Corp class A100
1% 1,200
Gulf Oil Corp of Pa when Is 7 0 %
62
71% 120,400
Hudson O il... ........... ...1
14c 15c 29,000
14c
10,475
Imperial Oil (Canada) coup 121
110% 122
International Petroleum..* 2 2 K
20% 23% 54,700
Keystone Ranger Devel-.l 35c
35c 41c 45,100
400
6
3.000
4c
4c
Lance Creek Royalties__ 1
4c
2.000
19c
2c
Livingston Petroleum___ * ..........
i% 1% 4,000




R a n g e s in c e J a n .

16%
175
125
79%
40
160
84
26
257
17
520
224
340
173
52
83%
560
76
170
341
390
299

1.

H ig h .

24% Apr
1% May
Oct
27
15% Sept
10% Oct
12% May
14% June
34 Sept
75c Apr
9% May
51% Oct
10% Apr
7% Aug
July
89
99c June
Oct
240
40% Aug
63% Sept
15% May
40
107 Sept
7% Jan
34% Sept
1% S3pt
21 May
11% Feb
13% July
101 Sept
Aug
2
20% Sept
82 June
10 May
7 % Mar
Jan
8%
63^2 Sept
1101$
5% May
4% May
13% Aug
2% Sept
23% July
11% Jan
3% May
60 Sept
110% Sept
97 Sept
10% Oct
91% Sept
4 % May
44 %
Oct
1% Sept
14% May
6% Apr
3% May
29 July
11 Sept
05 Sept
2% Jan
40 Sept
Apr
0
45 June
111 Sept
24% Sept
0% AUg
20% Sept
Oct
17
29% Aug
10% May
80% Feb
50c May
Oct
64
9 May
8% May
Oct
30
Apr
2%
2 May
Mar
61
3% Sept
87c Jan
10 May
31 July
30 July
9% Oct
72 May

Jan 25
Jan 215
140
Jan 103%
Jan 62
Aug 198
Jan 106
July 31%
Jan 332
Jan 44%
Jan 685
Jan 277
Aug 380
Feb 249
66
133
June 610
Apr 115%
220
Jan 640
Jan 555
JaD 600

June
Oct
May
May
May
Apr
Mar
Apr
May
July
Oct
Oct
Oct
June
Oct
Oct
Oct
Oct
Oct
Oct
Oct

1 June
3
Aug
75c Sept 15% July
21c
60c
2C
5c Feb
i June
3
Jan
8% Jan 13
Apr
7% Oct 12% May
8c May 29c Jan
57c Mar 1.06 Oct
29
Jan 36 Sept
3% Jan
9%
5% Jan 17 Mar
1
Aug
4 Mar
1% Jan
3% Sept
75c Mar 1% July
Jan
4% June
18c Sept 72c Jan
12% June 15
Oct
76c Oct
2%, May
9 Mar 19%
3% June
9% Apr
83c Feb
1%
1 Sept
3% Apr
53% Sept 71% Oct
7c Jan 60c Mar
97% Mar 127% Mar
14 Mar 27% May
32c Aug
1‘4 . Jan
4
Aug 26% Feb
3c June 10c Jan
8c Aug 27c
1 July
1% Mar

Other Oil
Stocks (C o n c lu d e d )

[V ol.

P ar.

F r id a y
L a st
W e e k 's R a n g e
S a le .
P r ic e . L o w .
H ig h

S a le s
fo r
W eek.
S h a res.

Lyons Petroleum............... 80s
73c SOc
7,700
10C
Magna Oil & Refining___1
1% 1%
219 238
2,805
Magnolia Petroleum__10C 234
Maracaibo oil Explor___*
17% 19% 2,600
Marine Oil, new____ _ .
100
6% 0 %
5
Marland Oil___________
5%
6% 5,200
Merritt Oil Corp........... 1C
8%
3,700
8%
6,000
Mexico Oil Corp........... 1C
1%
1*6
Midwest, Texts Oil_____1 34c
25c 3ic 65.100
Mountain Producers---- 10 16% 15% 16% 20.000
11% 11
12% 93,900
Mutual Oil........................
79
New England Fuel Oil---77
SOM 3,200
600
New York Oil__
22% 21% 2 i
20c 25c 61,000
Noble Oil A Gas............. 1 25c
100
65c 65c
300
Noco Petroleum, com ... 10
1%
2% 2% 3,100
North American Oil........5
2%
4,000
6c
4c
62,109
Omar Oil A Gas______ 1C 1"4*
1% 2
7% 8% 8,700
8%
22c 26c 58,000
Red Bank Oil..................... 25c
2,000
Ryan Consolidated------- *
6% 7
7
Halt Creek Consol Oil------ 11% 10% 11% 4.400
18% 16% 18% 5.100
Salt Creek Producers-----3%
Sapulpa Refining_______
3% 3% 3.300
1% 2% 6.100
2%
12,800
12% 14
Shell Union Oil, com, w 1.. 13
Simms Petroleum........... * 10% 10% 11% 47,400
17c 18n 25,000
SouthPetroiA Refining... 18c
18% 19% 3,700
19
Southern States Oil...........
lc
1,000
Tcxa-Rangir...................5 —
lc
100
63c 63c
45c 53c 57,300
Texon Oil A Land------- 1 48c
100
13% 13% 13%
Tidal Osage Oil............ .*
Turman O il............... — 1
1%
1% 1% 19,200
600
60o
60c 61o
1,000
Western States Oil A Gas. 1 25c
25c 25c
Wilcox Oil A Gas............. 5
5%
5% 0% 9,600
11c 12c 21,000
"Y” Oil A Gas.................1 lie
Mining Stocks
2,200
Alaska Brlt-Col Metals.. 10
2% 2 A
2%
400
Alvarado M <fcM - ------- 20
6M
(io 13,000
American Exploration ..1
i% i% 2,000
Sc 54.200
Belcher Extension........ 10c
7c
5c
9c
Big Ledge Copper Co---- o
8c lie 58,000
Boston A Montana Corp.25 83
72e 83c 94.400
Boston A Montana D ev..5 10c
8c 10c 99,000
1,000
Butte A New York_____1 350
35c 35c
3.000
Calumet A Jerome Cop..l
16c 18e
3o 18,000
2c
Canada Copper Co......... ;> _____
2' $
2
2% 2.400
Canarlo Copper______ 10
4Sc 60c 239,700
Candalaria Silver______ 1 59c
10c 11c 10,000
Cash Boy Consolidated..! 10c
5,000
2c
Consol Arizona_______ 5
2c
4%
4 M 4 M 5,442
Consol Copper Mines new.
1,500
60c 60c
Cork Province Mines___ 1 16c
15c 18c 18,000
1%
1‘4 1% 25,40!)
Cresson Con Gold M A M.l
2%
2% 2% 3,100
6,000
Crown Reserve_______ 1 _____ 25c 27c
200
Davis-Daiy Ml ling. ...1 0 _____
4% 4%
Dean Consolidated Corp.l 54c
4,100
51c 54c
14c 16c
8,000
Divide Extension---------- 1 15c
2
VA
2
1,100
9%
Drydcn Gold Corp...........
9K 9% 3,200
9% 9%
100
East Butte Mining..........
Ei Salvador Sliver Mines. 1 —
93
5.000
9c
7c
1.000
7c
2c
3c 60.500
2c
Emma Sliver-------------- 1
30c
25c 33c 76,000
55c 55c
100
First Nat Copper---------- 5 55c
10c
5c 12c 49,600
Fortuna Cons Minins-----°c 77,000
8c
6c
Goldfield Deep...................
8c
8c 13c 65.500
Goldfield Development---13c 15c 32.000
Goldfield Florence........... 1 14c
2c
2c
1,000
Goldfield Oro Mining-----8c 10c
6.000
Gold Zone Divide............1 10o
2.000
Green Monster Mining..50 _____ 10c 11c
8c
10c 62,100
Hard Shell Mining........... 1
7o
6c
7c
7,000
7%
7% 7% 2,100
Hecla Mining............... 25c
61c
50c 70c
8,000
Henrietta Silver...............
85c 95c 18,700
Hllltop-Nevada Mining ... 95
13% 2,300
Holilnger Cons Gold Miu .5 13 H 12
3% 1,200
46c 49c 50,000
Independence Lead Mining 47c
2,200
2%
2% 3
Jerome Verde Devel---- .1
Cc
1.000
6c
7c
7c
7c
1,000
jumbo Exteasioa---------- 1
500
3
3%
3%
Kerr Lake........- ...........--5
4c
2,000
25c 25c
4.000
La Rase Consol Mines__5
Sc
11c 14c 177,000
Lone Star Consol______ 1
Sc
Sc 10c 41,000
MacNamara Cresc Min.,1
9c
7c
2.000
MacNamara Mining........1 _____
12c 14c 34,000
400
Mason Valley Mines------5
1% 1%
1%
26c 26c
2,000
McKinloy-Darragh-Sav ..1 2Go
21c 24c
6.000
Mohican Copper...............
2c 14.000
2c
6o
6c
2,000
21c 30c 51.000
National Tin Corp-----50c 28c
20c 20c
7,000
Nevada Ophlr------------- 1 20c
3c
3c
4,000
18% 18% 18%
100
New Cornelia.-------------3% 4,200
3
3
New Dominion Copper----530
New Jersey Zinc..........100 165% 154 167
59c 65c 1C,000
6% 3.900
5%
Nlpisslng Mines.............. 5
3c* 3c
5,000
27c
22c 29c 77,000
5% 5%
900
Pnrk Utah Mining.............
Ray Hercules, Inc.............
i%
1% 1% 12,900
4c
4c
6c 25,000
Red Hills Florence---------17c 17c
1.000
Rescue-Eula Mining------1 .........
7.'
7c
Sc 21.000
Rex Consolidated Mtiling. 1
20c
18c 20o
5.000
3c
3e
6c 99,000
Sandstorm Kendall.........
15c 15c
1,000
35c 39c 20,000
silver Queen M Corp........ 39o
11c 11c
4,000
10c 103
1.000
31c 37c
3,000
Simon Silver Lead---------1 37c
4% 4% 1.300
South Amer Gold A Plat-1
10c 14c 130,000
Southwest Metals........... * ___
13
12
34,000
Soearhead _____________ 12
(io
7c
8,000
44c
43c 46c
9,000
lc
lc
lc
Sutherland Divide.............
3.000
83c
84c 90c 39,300
37c 37c
Temlskamlng Mining........
3.000
2%
100
Tonopah Belmont Dev.. .1
1%
1%
2,800
78c
Tonopah Divide.............. 1 81c
85c 52,500
Tonopah Extension------- 1
2% 3% 33,400
3%
Tonopah Mining............. 1
2%
2% 1,200
8c
8c
Tri-Bullion S A D ............5
9c
8o
90
2,000
1% 1 %
600
Tuolumne Copper_____ i
50c 57c 12,900

ub.

R a n g e s in c e j a n . 1.
Low .

58c
50c
175
15M
5 >*2

H ig h

Jan
Apr
2 ‘ Aug
June 240 Sepl
Aug 37% Mar
Sept
i
Jan
8
July 1H5 May
1 z4 b Sept
8c June
9% Jan
5% Jan 12 M Oct
40 May 81
Sept
11% Mar 38 June
13c Jan 35c Mar
36c Mar
1% Sept
5 Mar
1% Apr
3% June
2c July 12c
Mar
67c Mar
3 June
4%
8%
Oct
lie July
4
Feb
10
Apr
12% Jan 20% May
2% Feb
5 June
80c Mar
2% Oct
12% Sept 14 Sepi
8% June
60 Aug 12% Jau
12% Jan 20
Aug
lc Mar
7c May
62c Aug
2
Apr
40c Jan
1 May
10
Jan
June
1 July 14%
1% Oct
50e Jan
22c Mar 50c May
2% Jan
7 July
7o Aug 38c
Jan
i% Jan
5% Mar
Mar
8
Jan
3c July 10c Apr
1% Aug
3% Apr
Mar
9o Aug
8c
Jan
71c Sept 29c
5
Jan
8c Oct 94c
Jan
2oC hCpi 75c Feb
13c ••an 30c Feb
Sept 65c Apr
July
3% July
Jan 60o Oct
4o Feb lie Oct
2c Jail 10c Apr
3% Sept
4% Sept
65o
1 Mar
15c Sept 22c Aug
84c
1X Sept
2% June
3
Jac
11c Jan 27c Oct
4*8 Sept
8% June
36c Aug 54o Sept
10c Aug 2ic Jau
2% May
82o
8% Sept
9% Oct
9% Sept 11 July
2c Mar 22c Aug
3c Mar 12c Aug
lc Mar
5e Aug
18c
41c July
48c Sept SI
Apr
5c Oct 2Gc Aug
ic Jan
9c Sept
3c June 60c Sept
9c July 30c Apr
lc June
4c July
7c May 15c Apr
7c Sept 22c Mar
5c Sept 48c Mar
6c Aug 18c June
4% Jan
8
Aug
30o Aug 70o Sept
75c June1 1% July
7% Jan !4% Sept
2%
_3% May
6c Jan 76c May
2% Jan
5
Feb
4c July 10c Feb
2c Jan
9c Aug
3 Mar
4% Apr
3c
7c Aug
25c Jan 63o Mar
lc Jan 14c Oct
lc Feb 14c Sept
5c Jan 14c Mar
4c
31c May
i% Jan
3% May
8c June 40c Apr
15c Mar 47c Jan
lc Sept 16c June
5c
11c June
20c Sept
12c Aug 52c Mar
2c
14c May
17%
Jan 20 June
2
Jan
3% Sept
141 June 167
Oct
61c Sept 65c Oct
5% July
0% Mar
2c July 18c Mar
6c Aug 29c Oct
5% July
5% Sept
Feb
1
2% June
lc July
8c Aug
14c Feb 17c Oct
OC Jan 12c May
12c
21c Jan
lc Aug
0c Oct
2c
SOc June
35c Gel 39c Oct
10c Aug 20o Mar
3c Sept 23c Mar
33c Sept 90c Apr
4% Apr
5% Jan
9c June 16c Feb
lc May 19c Sept
2c
lc Mar
lc Sepl 53c Aug
20o Jan 97c Sept
27c July 45c Sept
1% June
2% Oct
l s4 t Jan
46c Mar
2% Sept
1J6 Fet)
1*4> Jan
2 l i t Sept
5c Mar 26c May
1% July
45c Mar
1 May

THE CHRONICLE

Oct. 71922.]

Mlnlnt* (C o n c lu d e d )

Par

F r id a y
W e e k 's R a n g e
L ast
o f P r ic e s.
S a le .
H ig h .
P r ic e . L o w .

S a le s
fo r
W eek.
S h a res

R a n g e s in c e J a n .
Low .

1.

H ig h .

2*4 Jan
United Eastern Mining__1 x l %
1*4 Apr
1*4 1% 20,400
27 Mar 30*4 Jan
7,300
United Verde Exten____1 . . . . . .
29*4 29*4
1*4 May
<5c June
100
1
United Zinc Smelt____
1
11c AUR 55c Jan
14c
10.000
12c
U 8 Cont Mines, new____
13c
5*4 Feb
3.100
2*4 Mar
Unity Gold Mines........... 6
3*4
3*4
3M
6c Sept
2c Sept
3.000
2C
2o
2c
Victory Divide Mining. 10c
lie June 21c Aug
3.000
West Dome Cons_______
18c
17c
18c
Mar
West End Consolidated...
1*4 27,600 70o Feb
1*4
1M
7c Oct
5c Sept
7c 26,700
5c
West End Extension Mr..
6c
4c Aug
lc June
1.000
2c
2c
White Caps Extension. 10c .
3c Feb 18c Aug
11,000
White Caps Mining___ 10c
17c
15c
2,000
lc Jan 15c July
Wilbert Mining..........
l
Go
6c
6c May
2c Apr
Yerrington Cons_______
8,000
3c
3c
1*4 June
100 80c June
Yukon Gold Co................5
95c
95c
Bonds
Apr
Jan 90
Allied Pack conv deb 6s ’39 79
79 512.000 59
76
2,000
50*4 Oct 67 Sept
Certificates of deposit
50)4
50)4 50*4
Feb 99*4 May
76
17.000
8s Ser B w 1_______ 1939 90
90
85
Aug
Aluminum Mfrs 7s...1925
104*4 104*4 14.000 100*4 Jan 105
Aug
7 s ~ - .....................1933 106 M 106 106*4 30.000 102 M Feb 107
Feb
99*4
July
23.000
93
Amcr Cotton Oil 68...1924 99 H 99
99*4
Oct
Oct 100
5.000 100
Amer GAE deb B 68.2014
100 100
Jan 110*4 Oct
Arner Light* Traces.1925
107*4 110*4 44.000 96
Without warrants____ 1 0 0 X 100*4 100*4 7.000 100 May 101*4 Aug
Oct 93*4 Aug
3.000 91
Amer Repub Corp 6s w 1’37
91
92
Amer Tel & Tel 6s___1924 ioik" 101)4 101*4 45.000 99*4 Jan 101*4 Apr
9.000 101*4 Sept 103 May
American Tobacco 7s. 1923
101*4 102
Anaconda Cop Min 7s .1929 103 M 103*4 103*4 21.000 100*4 Jan 104*4 Aug
6% notes Series A .. 1929 101*4 101*4 101*4 25.000 96*4 Jan 102*4 Aug
Anglo-Amer OH 7Ms.. 1925 103 M 103 >4 103*4 17.000 102*4 Jan 104*4 Aug
80.000 101 M Jan 105*4 July
104*4 105
Armour* Co7% notesl930 105
9.000
Atl Gulf & W I SS L 5s 1959
63*4 Sept 66*4 May
53)4 57
1.000
61 May 81 Sept
Beaver Board 8s..........1933
73 >4 73*4
Bethlehem Steel 7s__ 1923 106 M 106)4 106*4 60,000 100*4 Jan 106*4 Aug
Aug
Equipment 7s_____1935 102 M 102 103 114.000 100*4 Jan 105
Bklyn Union Gas 6s w 1.’47 105 M 105 105*4 38.000 104 June 106*4 Sept
20.000
94 July 97 Sept
Canada SS Lines 7s w 11947 95
95
96
Aug
11,000 104 M Feb 112
Canadian Nat Rys 7s .1935 111
110*4 H I
98*4 June 99*4 Aug
99*4 99*4 12,000
5s----------------------1925
Jan
101*4
Jan
22.000
99*4
Canadian Pac Ry 6 s.. 1924 ioi" 100*4 101
Feb 108 Sept
7,000
98
Central Steel 8s..........1941
107*4 107*4
Charcoal Iron of Am 8sl031 96
95*4 06*4 21,000 92*4 Mar 99*4 Apr
Jan 150 June
1,000 100
130 130
Cities Serv 7s Ser B..1966
5.000 87
Feb 98 Sept
97
S7
Debenture 7s Ser C.1966
Oct
6.000
85 Mar 92
91
92
Debenture 7s ser D . 1966 ~ 9 1 K
2,000 100*4 Sept 107*4 Oct
8s----------------------1941
107*4 107*4
49 Mar
Colum Graphophone 8s ’25
30*4 35*4 23.000 22*4 Jan
5.000 100*4 Oct 101*4 Jan
Consol Gas N Y 7 s . . . 1922
100*4 100*4
Sept
Cons G E L & P Balt 7s ’31
108*4 109*4 19.000 10254 Jan 110
6s Series A w l____1949 105 M 105 105*4 28.000 9<U£ June iii7*4 Sept
5Ms Series E........ 1952 100*4 100 100*4 83.000 100 Sept 101*4 Sept
Feb 100*4 June
11.000 94
Consol Textile 8s____1941 99
98*4 99
Copper Export Ass’n 8s ’24 102*4 102 102*4 8.000 102 Mar 103*4 Apr
8% notes.. .Feb 15 1925 103*4 103*4 104*4 37,000 103*4 Aug 105 Mar
Cuban Tel 1st 7Ms.__1941 107 K 107 107*4
102*4 Jan 107M June
Cudahy Packing 7 s ... 1933
100*4 Jan 102 July
101*4 101*4
Feb 103 ’Aug
95
Deere A Co 7Ms........ 1931
101*4 103
101V4 Sepl 103 Sent
Detroit City Gas 6 s.. . 1947 102*4 102 102*4
Empire Gas & Fuel 68.1926
98*4 Apr 101*4 July
101 101
100 May 101*4 Aug
t ed 1Land Bk 4Ms w 11942
101 101
Feu 100 May
95
Gajr (Robert) Co 7s.. 1937
98*4 99*4
100*4 Jan 107 Sept
Galena-Signal Oil 7 s.. 1930
105*4 106
Apr
Jan 107
102
General Asphalt 8 s.. .1930
106 105*4
Goodrich (B F) Co 7 s.1925
96*4 Jan 103*4 July
102*4 102*4
Jan 103*4 Aug
102
Grand Trunk Ry 6 Ms. 1930 107
106*4 105)4
Gulf Oil Corp 7s........ 1933 104
102*4 Jan 104*4 May
10354 101
Hocking Val RR 6 s ... 1924
100)4 Apr 101 .Sept
100*4 100*4
Jau 102 Aug
95
Hood Rubber 7% notes ’36 ioo*4 100*4 101
Jan 97*4 Ana
72
Inter!) R T 8s J P M recta
97
66M 95
Oct
89*4 July 97
Certificates of deposit. . . 96)4 95*4 97
93 Sept 93*4 Sept
93
Kansas City Pow & Lt 5s’52 93
93*4
Oct
Oct 99
98
99
Kansas Gas & El 6 s.. 1952 98 % 98
101*4 Jau 106*4 Jan
Kennecott Copper 7 s.1930 104*4 104*4 105*4
Kings County Ltg 6His w
96*4 Mar 101*4 Sept.
100M 100*4 101*4
Aug
94*4 Feb 103
Laclede Gas Light 7s
101*4 100*4 101*4
9S54 Apr 102*4 Sept
Libby McNeill &Libby7s'31
101*4 102*4
98*4 Mar 104)4 Sept
103*4 104
Llggett-Wlnchester 7s. 1942
Jan 100 May
89
Manitoba Power 7 s.. .1941 99*4 98*4 99*4
99 Sept 100*4 May
Merch & Mfrs Exch 7s 1942
99
99*4
Morris & Co 7Ms___ 1930
10254 .1an 107 May
106
106*4
92 Mar 100 Sept
Nat Acme Co 7Ms_. .1931 97*4 97*4 98*4
95*4 Jail 101*4 Sept
National Leather 8 s.. 1925 101
100M 101*4
90*4 Oct 90*4 Oct
Nebraska Power 6s w 12022
90*4 90*4
77 Mar 92*4 May
N Y N H & H 7s w 1..192
84
85*4
85
600 franc bonds______
64*4 Mar 78 May
70*4 71*4
71*4
99 June 103 Sept
Phlla Elec 5>$s w 1___1947 102
102
102
Feb 126 May
101
Phillips Petrol 7>$s...l931
123
123
Apr 104*4 May
99
Without warrants_____ 103
102 M 103
96*4 Feb 105t4 Sept
Public 8erv Corp 7s w 11941 104*4 10354 104*4
98*4 Jan 101*4 Apr
100
Sears, Roebuck & Co 7s ’22
100
Apr
Jan 102
97
7s. ------------------- 1923 101*4 101*4 101*4
Jan 106*4 SeDt
101
105
ohawsheen Mills 7s.. .1931
105
100*4 Sept 101*4 Sept
Sheffield Farms Co 6Ms’42 101M 101 101*4
94
Oct 95 H Sept
Sinclair Pipe L 5s w 1. . 1942 95
95
94
93*4 Mar 99*4 Sept
97
Sloss-Sheff S & I 6s. .1929
97
102*4 Jan 107 *4 July
Solvuy & Cle 8s_____1927
107
106
100*4 Jan 104*4 Aug
Southw Bell Telep 7s. 1925
102*4 102*4
105*4 Mar 109*4 July
Stand Oil of N Y deb 6 Ms’33 109*4 109*4 109*4
Jan 108 Aug
104
7% serial gold deb.. 1925
105
105*4
104
Jan 106*4 Sept
7% serial gold deb.. 1926
106*4 106*4
104*4 Feb 107 May
7% serial gold deb.. 1927
106*4 107
108 Sept
Feb
105
7% serial gold del).. 1928
105*4 108*4
Aug
105 SMar 109
7% serial gold deb. 1929
108*4 108*4
1 106 Apr 109*4 Oct
7%serial gold deb.. 1930 108 M 108*4 109*4
111
July
Mar
1
107*4
109*4 109*4
7%serialgold deb.. 1931
Oct 99*4 Sept
98
99
sugar Estates Orlcnte 7s ’42 98*4 98
1 98*4 Jau 103 Sept
Sun Co 7s--------------- 1931
102)4 102*4
1 94*4 Feb 100 Sept
99*4 99*4
„ 68.......
...1929
1 KM)** Jan 102*4 July
Swift* Co 7s___
1925 101*4 101*4 101*4
Jan 103*4 Apr
1 101
7a...............Aug 15 1931 103
102*4 103
96*4 Sept 97*4 Sept
5s, when Issued___1932 96*4 96*4 97
1 99*4 Jan 106 Sept
104 104*4
Tldal-Osage Oil 7s___1931 104
1 100*4 June 102 May
Union Oil of Calif 6 s..1942 101
101*4 101*4
1 90 Feb 110 Apr
United Oil Produc 8 s.. 1931
98)4 100
Apr
Jan 108
100
United Rys of Hav 7 Ms ’36
104*4 105
Oct 91 Sept
88
88
89
U S Rubber 1st ref 5s. 1947
Jan 109*4 Aug
106
Vacuum oil 7s............1936
108*4 108*4
98*4 July 101 Sept
Valvollne OH6s, ser A wi’37 101
100*4 101
Jan 74*4 Sept
) 50
Wayne Coal 6s....... ... 1937 70
69*4 70
99 Sept 100 Sept
Wickwire-Spen St 7Ma ’32
99
99
Foreign Government
and Municipalities
Jan 101*4 Aur
97
Argentine Nation 7 s.. 1923 100*4 100*4 100*4
3 75c Oct 85c Aug
{Coblenz 4s____
75c
75c
Jan 61*4 Apr
J 46
French 4s_____________
47
47
3 37*4 Aug 62*4 Apr
Mexico 4s............I III1945 "38*4" 38*4 40
3s........
3 11 Sept 13 Sept
11
11
Oct 23 June
) 16
5s............IIIIIIIII!
16
16
3 50 July 56*4 Sept
63 10-year series B_........
54*4 55*4
3 94 Sept 96*4 July
94
Netherlands! Klngd)6s B ’72 95
95*4
3 99*4 Sept 100*4 July
Peru (Republic) 8s w 1.1932
99*4 100
Russian Govt GMs ..1919
) 11*4 Oct 30*4 Apr
11*4 13
3 10*1 Aur 26*4 Apr
Certificates.....................
11*4 13
Apr
Russian Govt 5 Ms___1921
12 Sept 28
12
13
Serbs, Croats and Slovenes
Aug
Oct 96
(Kingdom of) 8s w 1.1926 87*4 80
80
88
Switzerland Govt 5 Ms 1929 104*4
96*4 Jan
t Odd lots. • No par value. { Dollar per 1,000 marks, a Ex-IOO',* stock divi­
dend. g Marks. * Correction, m Dollars per l.ooo lire flat. I lusted on the Slock
Exchange this week, where additional transactions will be found. 0 New stock
“ When issued. i E J-tlvim r,, y.Ex-rlghis. 2 Ex-stoek dividend.




1623

Quotations for Sundry Securities
AH bonds prices are “and Interest” except where marked “f.1
Standard Oil Stocks P a r B id | A«» Joint Stk. Land Bk. Bonds
Anglo-American Oil-new. £1 •22 2212 Ohio JtStk Land Bk 5s. 1939 00«4 100lf
1021* 103*4
6s 1951 opt 1931........ .
Atlantic Refining______100 1275 1325
102*j 103*4
Preferred.....................100 1167.'118
6s 1952 opt 1932........
105 1 * lO O H
Borne Scrymser Co____100 420 435
6*48 1951 opt 1031....
Buckeye Pipe Line Co. . . 50 •97 98
Chesebrough Mfg new.. 100 225 250
RR. Equipments— P e r C t
Preferred new_______ 100 n o 115
Continental Oil............100 147 151 Atch Topeka A Santa Fe 6s. 5.50 6.10
Crescent Pipe Line C o.. 60 *35 37 Atlan Coast Line 6s A 6*48 5.40 6.10
Cumberland Pipe Line.. 100 150 160 Baltimore A Ohio 4*4s A 0a. 5.50 4.75
Eureka Pipe Line Co__ 100 90 98 Buff Roch A Pitts 4s A 4*48 5.00 4.50
Equipment 6s_________ 6 20 5.00
Galena Signal Oil com. . . 100 50 55
Preferred old_______100 108 112 Canadian Pacific 4*4s A 6 t.. 5.30 4.90
Preferred new.............100 103 106 Caro Cllnchfleld A Ohio 6s.. 5.87 5.40
Illinois Pipe Line............100 172 175 Central of Georgia 4*48___ 6.60 6.25
Indiana Pipe Line C o ... 60 •97 98 Central RR of N J 6s.......... 6.50 5.10
International Petrol.(no par) *2212 2234 Chesapeake A Ohio fls A 6 *Js 6.50 5.00
National Transit Co.. 12.50 •26 27
Equipment 6a................... 6.35 4 90
New York Transit Co__100 171 175 Chicago A Alton 6b............. 6.00 5.40
Northern Pipe Line Co .100 110 113 Chicago Burl A Quincy 6s.. 5.50 5.10
Ohio Oil Co...... ........... 25 •325 330 Chicago A Eastern 1116*4s.. 6.85 6.40
Penn Mex Fuel Co___ 25 30 35 Chicago Ind A Loulev 4*4s. 5.50 6.U)
Prairie Oil A Gas............ 100 680 690 Chicago 8t Louis A N O 6s.. 6 25 6.00
Prairie Pipe Line............ 100 275 280 Chicago A N W 4)4s............ 6.20 4.75
Solar Refining_______ 100 375 385
Equipment 6s A 6*4s___ 6.45 6.10
Southern Pipe Line Co.. 100 97 99 Chic R I A Pac 4*48. 6s. 6s 5.65 6.10
South Penn Oil.............. 100 220 225 Colorado A Southern 5a. 6s. 6.60 5.20
Southwest Pa Pipe Lines. 100 80 64 Delaware A Hudson 6a____ 6.50 6.10
Standard Oil (California) 25 130 130U Erie 4 *48. 5a A 6s................. 6.80 6.20
Standard Oil (Indiana).. 25 •132l2 133 Great Northern 6s............... 6.50 6.10
Standard Oil (Kansas). .100 610 1620 Hocking Valley 4*4s. 5a A 0s 0 5015.15
Standard Oil (Kentucky) 25 115 1117 Illinois Central 4 *4s, 5s A 6s 6.35 5.00
Standard Oil (Nebraska) 100 210 220
Equipment 7s A 6*48___ 5 25 5.00
Standard Oil of Now Jer. 25 *220 1222 Kanawha A Mlob 4Hs. «*__ 6.60 6.10
1173s
118l4)
Preferred________ 100
Louisville A Nashville 5 s... 6.10 4.40
Standard OHof New Y’k.100 635 650
Equipment 6s A 6*48___ 5.40 5.00
Standard OH (Ohio)___ 100 540 560 Michigan Central 58, 6s---- 6.30 6.00
Preferred__________ 100 119 1120 Minn St P A S B M 4 *4s A 6« 5.60 5.00
Swan A Finch_______ 100 30 32
Equipment 6*48 A 7s___ 6.60 6.25
Union Tank Car Co___ 100 113 1115 Missouri Kansas A Texas 6 j 5.50 5 00
Preferred_____ _____ 100 110U 112 Missouri Pacific 6e_._........ 5.60 6.10
6.60, 5.20
Vacuum OH_________ 100 595 605
Equipment 6s A 3 Me___ 5.50
5.20
Washington Oil............. 10 •22 25 Mobile A Ohio 4 *4». 5s___
Other Oil Stock!
New York Central 4*4e. 6s. 6.10 4.70
Atlantic Lobos Oil (no par) •712 RS12 Equipment 0s A 7s......... 6.30 5.05
Preferred ................. 50 *30 1 40 N Y Ontario A Western 4Mb 6 00 6.60
Gulf Oil (new)..........I .I __ *703s 71 Norfolk A Western 4M*__- 6.10 4 50
6.25 4.65
Humble OH & Refining___ 240 ,250 Northern Pacific 7s______
Imperial OH....................25 •120 1121 Pacific Fruit Express 7s___ 6.20 5 05
MagDOlla Petroleum
100 234 236 Pennsylvania RR 4s A 4*4«. 6.50 5.10
Merritt OH Corporation. 10 *8i8 83s Equipment 6s_________ 5.35 6.10
Mexican Eagle OH __
. •12 1 13 1 Plttab A Lake Erie 0? A 0M» 5.30 5.00
Mountain Producers Corp. *1634 17 Reading Co 4 Ms________ 5.10 4.75
Salt Creek Producers.,
1S58 187s' St Louts Iron Mt A Sou 5s.. 5.75 5.10
Tobacco Stocks
St Louis A San FrauclK;o 5s. 6.60 5.10
American Cigar common.100 70 79 ,Seaboard Air Line 4*4* A 6e. 5.75 6.25
Preferred..................... 100 89 93 Southern Pacific Oo 4*4s__ 5.00 4.60
Amer Machine A Fdry.,100 225 250
Equipment 7s................. .. 5.20 5.00
American Tobacco scrip___ •152 156 Southern Ry 4*4a, 6s A 6 s.. 6.65 6.25
Britlsh-AmerTobacord. £1 •ISlg 18I2 Toledo A Ohio Central Os__ 6.50 6.25
5.10 4.75
Brit-Amer Tobac, bearer £1 •181s 18l2 Union Paclflo 7s_________
Conley Foil (new)..(no par) • 12i2 14 I Virginian Ry 6s................... 5.60 5.20
Holme (Geo W) Co, com. 100 170 178
Preferred_______
100 113 116 |
imperial Tob of G B A Ire.. •1484 15>2
Public Utilities
Johnson Tin Foil A Met. 100 80 90 AmerGasAEIeo.com.. 50 *172 175
60 *4512 46l2
MacAndrews A Forbes 100 121 124
Preferred............
Preferred__________ 100 100 103 Amer Light A Trao. oom.100 141 143
Mc.ngel Co................... 100 37 39
Preferred___________ 100 95 97
Porto Rican-Amer Tob. . 100 68 74 Amer Power A Lt, 00m. . 100 140 144
•75 85
Scrip.......................
Preferred__________ 100 89 91
Reynolds (R j) Tobacco 25 ♦80 90 Amer Publio Util, com..100 16 20
Schulte Ret. Storos (no par) •44 47
Preferred............
100 33 36
Universal Leaf Tob 00m 100 122 124 BIackstoneValC.AE.com 60 *721j 75
58 61
Preferred...............
100 107 108 Carolina Pow A Lt, com. 100 201
203
Young (J S) Go.............. 100 87 93 Cities Service Oo. com.. 100
Preferred...............
100 05 100
Preferred________ 100 70 70t2
20>2 21
Rubber Stocks ( C l e t e l and v r <ce«) Cities Service BankersShares 221j,
24
76 Colorado Power, com__ 100
Firestone Tire A Rub.com. 10 7 5
Preferred..................... 100 91 95
0% preferred.............. 100 90 91
31
33
82
88
Com’w’th Pow, Ry A Lt. 100 65
7 % preferred........... 100
68
Preferred______
100
Gen’l Tiro A Rub, com 100 250 300
99
Preferred.........
' 100 95 97 Elec Bond A Share, pref.100 97
37
39
934
1034 Federal Light A Trao... 100
Goodyear Tire A R, com.100
72 75
Preferred..............
100 27l2 2912 | Preferred......................100 •18
1812
Prior preferred..
100 62 63'2 Lehigh Pow Sec. (no par.). 31 32
7712 Mississippi Rlv Pow,coin 100
Goodyear TAR of Can pf"100
Preferred__________ 100 84 86
Miller Rubber_____
100 _70’ 75
99 9934 First Mtge 5s. 1951..JAJ 9412 95l2
Preferred________
8 f g deb 7a 1936...MAN 102 104
Mohawk Rubber___
106 10 15
Swlnehart Tire A R.cotn. 100 20 25 Northern Ohio Elec.(no par) •9 12
Preferred__________ 100 28 31
Preferred ............. .
North’n States Pow .com.100 98 101
Sugar Stocks
Caracas Sugar................. so •15 17 i Preferred__________ 100 93 95
Cent Aguirre Sugar com. 20 •751* 77 ,Nor Texas Elec Co, com.100 84 87
•I,
1U Preferred......................100 82 84
Central Sugar Corp.(no par)
1
212 Pacific Gas A El, 1st pref 100 91 92
Preferred................ 100
Cupcy Sugar common . . . 100 25 35 Puget Sound Pow A Lt__100 54 56
6% preferred_______ 100 83 85
Preferred...................100 45 65
Fajardo Sugar................100 75 77
7% preferred.............. 100 105
Federal Sugar Ref, com. 100 104
OenM7*4s 1941...MAN 10412’106
Preferred__________ 100 104
Republic Ry A Light...100 12 j 14
Oodchaux Sug Inc..(no par) •14 16
Preferred__________ 100 45 | 47
Preferred__________ 100 79 83 South Calif Edison, eom.100 10S12 110
Great Western Sug, com.100 260 265
Preferred.... .........
100 124
Preferred..................... 100 107 108 Standard Oaa A El 1Del). 50 20 21
Preferred___________ 60 *48 49
Holly Sug Corp.com (no par) •19 21
Preferred__________ 100 57 59 Tennessee Elec Pow (no par) 16 17
2d preferred___.(no par) 38 3912
Juncos Central Sugar... 100 60 100
Nat ional Sugar Refining. 100 138 143 Uni ted Lt A Rys, com. . . 100 64 66
1st preferred________100 76 78if
Santa CcclllaSugCorp.pf. 100 12 16
Savannah Sug, com. (no par) 45 50 Western Power Corp___ 100 43 45
Preferred..................... 100 88 92
Preferred..................... 100 86 88
West India Sug Fin, com. 100 60 100
Preferred..................... 100 55 60 Short Term Securities— P e C en t
lud us trill 18c.Miscellaneous
Am Cot Oil 6s 1924. .MAS2 99 99*8
American Hardware___100 192 195 Amer Tel A Tel 6s 1924.FAA lOHs 101*8
Amer Typefounders.com. 100 68 62 Am Tob 7% notes ’23 .MAN 101*4'102is
Preferred__________ 100 96 100 AnacondaCopMln6s’29.JAJ 101*8 101?8
Atlas Powder........ ......... 100 142 150
7s 1929 Series B........JAJ 103*8 103*8
Bliss (EW) Co, new.(no par) *3012 32 Anglo-Amer Oil 7 *4s’25 AAO 103*8 103*8
Preferred___________ 50 •55
Arm’rACo7sJuly 16’30JAJ 15 10478 105>s
Borden Company, com.. 100 113 115
Deb 6s J ne 15 ’23 JAD15 100U 101
Preferred............
100 100 102
Deb 6s J’ne 15’24.JADI6 100U IOII4
Celluloid Company____100 90 95 Beth St 7% July 15’23JAJlfi 106*8 106*8
Preferre 1__________ loo 104 107 Canadian Pac 6s 1924.MAS2 1007s 10U8
Cbllds Co. com_______ 100 114 | 118 Federal Sug Ref 6s ’24.MAN 101 ion*
Preferred__________ 100 100 108 Hocking Valley 6s 1924.MAS 10078 101 >8
Hercules Powder______ 100 190 I200 Interboro R T 8a 1922.MAS •9612 971*
Preferred......................100 101 104 K C Term Ry 6s ’23.MAN16 100'8 101*8
International Salt..........100 70 75
6 *4s July 1931............ JAJ 102 104
l’nternatlonal Silver, pref 100 *1 0 1 103 Laclede Gas 7s Jan ’29.FAA 101 101i2
lelilgh Valley Coal Sales. 50 •781* 80 Lehigh Pow Sec 6s ’27.FAA 93U 94
Phelps Dodge Corp____100 165 il75 Sloss Sheff 8 A I 6s ’29.FAA 99U 99*4
Royal Baking Pow, com.100 110 |----- Swift A Co 7% 1925.AA016 IOH4 101*8
Preferred..................... 100 96 | 99
7% notes Aug 16 1931___ 103 103i8
Singer Manufacturing__ 100 98 100 o S Rubber 7*4s 1930.FAA 107*8 108
•Per share. 6 Basis, d Purchaser also pays accrued dividend, e New stock.
'Flat, price, k Last sale, n Nomina z Ex-div. v Ex-ritrbts. t Ex-stock dlv.

1624
RAILROAD GROSS EARNINGS
T h e following table shows the gross earnings of various STEA M roads from which regular weekly o r m onthly r e t u r n s
o a n b e obtained. The first two columns of figures give the gross earnings for tho latest week or m onth, and the last tw o
c o l u m n s the earnings for the period from Jan . 1 to and including the latest week or m onth.
The returns of electric railways

are brought together separately on a subsequent page.
L a te s t G ro ss E a r n in g s .

'jan. 1

L a te s t G ro ss E a r n in g s .

to L a te s t D a te .

Jan. 1

to L a te s t D a te .

R O AD S.

ROAD S.
W eek or
M o n th .

C u rren t
Y ea r.

P r e v io u s
Y ea r.

C u rren t
Y ea r.

W eek or
M o n th .

P re v io u s
Y ear.

.8
8
S
217,574 297,164 1,985,276 2,151,522
Alabama & Vicksb. August
Amer Ry Express.. May
13230860 16573250 64,968.715 86.696,253
Akron Canton & Y. August
186.745 208.145 1,442.301 1.023.032
Ann Arbor_____ __ 4th wkSept 117.493 142,793 3,677,668 3.674.197
Atch Topeka & S Fe August
16797939 17908777 115967469 122591692
Panhandle & S Fe August
683,249 1.106.343 4.796.377 6.075.828
Gulf Colo & S Fo. August
2,356.848 3,359,901 14,294,396 20,109,891
Atlanta Birm & Atl. August
329,435 230,888 2,495,342 2,000,124
229.1B7 21 5.5991 1 584 830 1.670 740
Atlanta & West Pt_ August
Atlantic City_____ August
737,050 752.749 3,315,484 3.371,196
Atlantic Coast Line. August
4,608.073 4,170,305 46,198,073 45,340.469
14104 231 17‘‘33438 126727416|j 30702 ■«?
Baltimore Sc Ohio. . August
B & O Chic Term. 'August
274,673, 232,303 1,998,102 1.629.569
Bangor & Aroostook August
377.037 404,116 5,271,998 4.551.464
Bellefonte Central..lAugust
0.982
6,000
66,1331
47.976
Belt Ry of Chicago. |August
500.7531 550,103 3,837.303 3,486.004
Bessemer Q L Erie. August
1.575.265 1,696.766 7.663,772 9,108,219
Bingham & Garfield,August
23,317
12,058
126,162
128,707
Boston & Maine__ August
6,975.504 7,029.588 51.402,682 50,800.695
Bklyn E D Term__ August
142,398 110,528 1,061,723
87,422
Buff Roch & Pittsb. 4th wkSept 567,646! 380,428 10,696,659 11,429,732
81,279 152,173
865,357 1,313,902
Buffalo & S u sa.__ August
Canadian Nat Rys. 4th wkSept 4.121,602 3,456,552 82,373,712 89.571,867
Canadian Pacific__ 4th wkSept 6,311,000 5,915,000 121362000 132918000
583.8821 607.280 5,081,429 4,833,955
Caro Clinch Sc Ohio. August
1 °J7.283I1,72" 685 14,630,928 14,913.640
Central of Georgia.. August
3,796.503 4.887.844 30,862,640 34.668.197
Central RR of N J . . August
446,743 691,588 4.366,254 5.491.640
Cent. New England. August
601.638 680,049 4.556,861 4,587.259
Central Vermont__ August
221.333 246,778 2,184,616 2,196.628
Charleston & W Car August
5.982,593 7,086,883 56,630,225 56,960.647
Ches Sc Ohio L ines.. August
1,891.713 3,091,248 17.885,495 20.189.008
Chicago & Alton__ August
14502539 16494579 101747129 108921172
Chic Burl & Quincy. August
1,810,522 2,547.973 15.502,378 17,613.395
Chicago & East 111.. August
2,204.138 2.320,927 15.442.416 15.952.505
Chicago Great West August
1,270.995 1,363,191 10,239.655 9.963,862
Chic Ind & Louisv..[August
292.669 4M9.419 2.045.955 2 (112.576
Chicago Junction. . iMa.v
14272 930 14381 659 98.124.034 94,348,779
Chic Milw Sc St Paul August
128( 0888 14875567 93.202.625 94.697.431
Chic & North W est. August
Chic Peoria & St L j August
133.209 195,579, 1.439.441 1,331,053
Chicago River & Ind August
563,291
. . 1.917,887; _______
Chic R I Sc Pacific.. August
10819211 12°22058 76,003.458 86.818.462
Chic R I & Gulf. . August
528,638 872,953. 3,783.184, 5.144.123
Chic St P M * Om. Jwlv
2.323.272 2.260 540 15 379,723 15 307 511
Cine Ind & Western August
344.135 345.2321 2.729,461 2.351.052
Colo & Southern__ 3d wk Sept
514,894 568.047 16.777,748 18,627.124
8 9 8 ,7 5 2 1 1 ,0 0 2 ,6 0 7 6 .0 3 0 .6 0 7 , 7 .x 1 3 '8
Ft W & Don City. |Aui’USt
Trin & Brazos Val August
152,4221 308,257 1,890,578 1,876.870
Wichita Valley__ lAugust
98,204 131,495
760,640 1.057.257
Oumb Val & Martin August
83.053 100.925
589.680
974.506
Delaware & Hudson August
2.399.758 4,137.445 23.487,150 30,513.775
Del Lack Sc esternl August
5.773.758 7.599.717147.205,974 57 37 >.106
Denv Sc Rio Grande August
3,133,441 3.114.321 20,492.224 20,093.104
Denver Sc Salt Lake August
165.896 325.681
765,477, 1.764.899
Detroit & Mackinac August
201.827 199.793 1,197,940. 1,300.598
Detroit Tol & Iront. August
719,708 802,771 6,021.610| 4 )l59.963
Det & Tol Shore L . . August
267.884 291.835 2,297.350 1.753.100
Dul Sc Iron Range.-lAugust
1,257,614 791,428 4,773.220 3.700.772
Dul Missabe Sc Nor. August
3,170.708 2,188.959 9.752.158 8.754.680
Dul Sou Shore & Atl 3d wk Sept
83.395
91.067 3.089.788 3.285,582
Duluth Winn & Pac August
170.152 141.870 1.309.134 1.638,226
East St Louis Conn. August
180,124 130,294 1.351,742 1,062,144
Eastern SS L in es... August
863,802 826.658 3 ,8 6 7 .1 m 1 3,455,285
Elgin Joliet & East. August
1,097,303 1,454,091 13,337,175 13,129,540
El Paso Sc Sou West August
964.628 729.569 7,384,899 7,709.972
__ ___ _
Erie Railroad—
N J Sc N V R R ... August
128,780 135,580
991.781
991,609
Florida East Coast. August
673.897 707,393 9.454,654 9,728.443
Fonda Johns <fe Glov August
113,583 119,226
908.071
898.273
Ft 8mlth & Western August
152,053 125.576 1,018,004 1,153,232
Galveston Wharf__ August
136,410 338,727
920,825 1,869,163
Georgia R ailroad... August
440,597 423,117 3,228,807 3,476.574
Georgia & Florida. . August
99.424 105,531
870,447
925.194
Grand Trunk S y st.. 4th wkSept 2,947.699 2,940,151 82,748,473 82.752,376
248,568 187,667 1.797.638 1,906,887
Atl & St Lawrence August
172,070 166,725 1,493.558 1,255,696
ChDetCanGTJct August
393,918 540,557 3.443,117 2,812,666
Det G H & Milw. August
1.694.960 1,559.225 10,660.651 0 675.199
Grand Trk West. August
9.884.359 9.606.158 61.629.935
•Great North System August
‘ 59,652.907
100.791 124,440
“
Green Bav & West. August
905.906.
919.363
319.249 324.650 2,911.612 2.693.417
-Gulf Mobile & Nor. August
258.616 236,428 1.948.829 1 861.883
Gulf Sc Ship Island. August
1.071,434 1,435.031 8,316,023 9.171.558
Hocking Valley___ August
14074640 12386163 95,717,659 92,828,040
Illinois Central___ August
15727039 13969381 107466104 1059089 >5
Illinois Central Syst August
1,177,179 1,405,157 8.868,205 12,466,737
Internal & Grt Nor. August
158,093 173.280 1,800,218 1.919.G34
Internat Rv of M e .. August
112,704 239.461
Kan City Mex Sc Or August
890,827 1,225.605
K O Mex & O of Tex August
113.988 207.583
967,797 1,426,683
1,549,661 1,670.784 11.620 597 13,268.208
Kansas City South. August
177,909 206.873 1,323.708 1.468,259
Texark & Ft Sm__ August
1,727.570 1,882.143 12.944.304 14.741,549
Total system___ August
268.425 176,863 1,822.628 1,530,201
Kan Okla & G u lf... August
259,386
71,633
735.726
Lake Sup & Ishpem. August
175,889
85.570
81 .496
Lake Term Ry____ August
711,725
857.733
153.639 267,681 1.503.932 2.133.656
Lehigh & Hud River August
276.091 437,76? 3.018,067 2.493.724
Lehigh & Now Eng. August|
4.697.562
6.592.931 40.177,067 49,751.470
Lehigh Valley.........August
___________
Los Ang & Salt Lake August
1,532,802,1,597.533,12,616.308 13,187.688
280.197 261,001 2.206.402 2,196,297
Louisiana & Arkan. August
26.3,588 456.1501 2,168 578| 2.618 919
Louisiana Ry & Nav August
8,973.394 10239879 80,600.376 77.454,579
Louisville & Nashv. August
301864 26.3,048i 2.112.4111 1.892.069
Louisv Mend Sc St L August
1.754.220 1,669,586 13.507,096 13.697,048
Maine Central____ August
345 714 36'>.5t 11 2,064 ixd 2 ,"55 10.3
M id la n d V a lle y ------ 'A u .-u s t
6.723
3.8541 203,127
225.794
Mineral Range-------3d wk Sept
Minneap & St Louis 4th wkSept 352,8371 363,870 11,283,119 11.874,401
4,526.505 3,959,470 28,043,855,26,872.985
Minn St P & S S M . August
118.3411 94,033; 965,2031 693.862
Mississippi Central. August
51 nr! __ _ .
me "oc;
Mo li N o r t h Arlran. Tnlv______

C u rren t
Y ear.

P r e v io u s
Y ea r.

C u rren t
Y ear.

P r e v io u s
Y ea r.

%
S
2,651,021 3,257.209 19,940.080 22,097,621
Missouri Kan & Tex August
1,645,628 2,379.554 13,222,457 17,964,669
Mo K & T R y of Tex August
4.450,166 6.035.298 34.135.788 41.966.412
Mo Kan Sc Tex Syst August
8,785.538 10591 860 65.073.700 71,952,075
Missouri Pacific___ August
494,798 482,545 12,777.351 13,472,064
M >bile & Ohio____ 4th wkSept
133,224 101,997 . 983,696
Colum Sc Greonv. August
957,116
251,293 363,275 2.118,461 2,557,671
Monongahela_____ August
96,035
49,719 1.061,837
Monongahela Conn. August
462,814
22.150 100,755
387.088 1.014.225
Montour . . . ------- August
2,099,888 1,807,919 14.808,088 13,757,230
Nashv Chatt & St L August
8,497
12,362, 208,742
Nevada-Cal-Oregon,3d wk Sept
271.180
64,101 . 16.825 . 312,892
Nevada Northern..lAugust
240,263
139,240 101,260 1,284,573
831,755
Newburgh & Sou Sh August
2 16,S 70 233 3.3 )| 1.4>i og>> 1.711 K31
Ne v Orl Great Nor. August
175,415 212,581 1,677.334 1.729.535
N O Texas & M ex .. August
150,985 184,057 1.341,931 1,482 635
Beaum S L & W . . August
537.150 590,272 3,518,341 4,011 798
St L Browns & M August
28948947 27811953 215441042 211646641
New York Central.. August
875.405 756,304 6,305,071 5,834.588
Ind Harbor Belt. August
856 605 771.517 4.588.021 4.454 359
Lake Erie Sc West June
7,622.377 6.713.198 51.776,358 47,544,257
Michigan Central August
7.003.195 7.091.001 54.179,681 52,927,268
Clev C C 5- St L._ August
228.887| 40 '.246 2.206.703 2.480.912
Cincinnati North. August
2,139,567 1.694.006 15.892.734 15.575.403
Pitts & Lake Erie August
628.022 1,047.499 4.732.297, 6.971.789
Tol & Ohio Cent. August
314.358 481.092 2.I28.9211 3.191,738
Kanawha & Mich August
3.399.713 3.217.272 25.356,821 23,624,501
N Y Chic .5- St Louis August
225,210 265,774 1.838.472 2,327,096
N Y Connecting__ August
10534282 10231624 78.858.227 75,333,512
N Y N II & H artf.. August
1,258,471 1,578,680 8,011,184 9.714,477
N Y Ont & Western August
298,429 373,847 2,607,279 2,879,238
N Y Susq & Western August
585.556 610.644 5.457,920 5,231,451
Norfolk Southern.. August
7.903.124 6.806.597 61,477.819 52,785,016
Norfolk & Western. August
8,539.793,8.921.239 58.448.288:57.225,814
Northom Pacific__ August
874.7851 959,849 5,226,200 5,609,266
Northwestern P a c.. August
56213502 51816506 397241 939 401955913
Pennsylv RR & Co. August
1 0 7 .S 4 8
2 12 .80 1) 1 ,0 7 2 .>i|« 1 ,1 8 8 .0 7 2
Balt Ches & Atl August
97,728 104.402
707,715
747,173
Cine Leb & North August
712.602 617.668 4,125.809 4,086.038
Grand Rap & IndlJune
3,277,691 3,199,695 20.607,463 19,282,531
Long Island____ August
146,405 1 5 6 .7 4 1 '
7«0.207
846 0.25
Marv Del & V a.. IAugust
818.575 477.556 5,166,843 4,150,120
N Y Phila & Norf August
147.012 150,218 1.069,435 1,085,340
Tol Peor & West. August
1.894.763 1,829.662 9.316.179 9,063,458
W Jersey Sc Seash August
8 .0 1 0 71917 942.514 47 521 417 48 177 641
Pitts C C A St L. June
63133868 58175 539 438823009 440551 595
Pennsylvania S y st.. August
33 i t >| 131 7 '
> 1 5! 17.11 1.O87 « 7 4
iV r ii A Pekin Un. August
3,386.042 4,016.422 24.614.000 24,437.245
Pere Marquette___ August
Perklomen________ August
119,515
98.145 837,466
852,478
Phila & Reading-. . August
5,400,60Sl7.1o2.009 48.900.094,66,254 958
117.491
96.798
676.881
788.033
Pittsb & Shawmut.. August
92.088 103.959 677,1,8!
787.128
Pitts Shaw & North August
192.090 226.305 1.797.490 1,865.901
Pittsb v West V a.. August
66.789 166.675 1.143.678 1,503.200
Port Reading...........[August
5,957.687 5,373.972,42,846,815 44,169,890
Pullman Company. lAugust
93 371 124,142
693.526
860 009
Quincv Om & K C..lAugust
895.213 705.140! 7.138.111 6,920 849
Rich Fred & Potom. August
519,718 574,270 3 .7 4 2 .7 7 J 3.853.240
R utland.....................August
275.271 296.9 >8 2.011.567 2.111,007
St Jos & Grand Isl'd August
6,309,073 7.515,558 52.476.719 54,034,446
St Louis-oan F ran.. August
122,8341 1«7.Midi
8 2 * 7211 1,137 039
Ft W& Rio Gran. August
164.256 177.030 1.103.7601 1,231,’202
St L-S F of Texas August
6 6 ’8 834 7.881 591 5 1 .c86 442 56,552 318
St Louis- Ran Fr S.vs August
St Louis Southwest.lAugust
1,503.532 1,323.935 11.181.430 10,950,955
607.934| 639,292 4.647,811 4.894,927
St L S W of Texas August
Total svstem___ '4th wkSept 766,291 680.305 17,828.789 17,911 567
60.972
90.<t36 „ 488.806
St Louis Transfer.. August
744.712
551.160 658.324 3,465 540 4,028,425
San Ant &Aran Pass August
102,523 125,166
714,028
843,759
San Ant Uvalde Sc G August
3.210.194 3,173.979 25.636.703 25.352.190
Seaboard Air L ine.. July
16717507 17544289 115875721 126086011
Southern Pacific__ August
977.042 910.391 7.496.861 6,869,807
Atlantic SS Lines. August
247.448 159.745 2,041,949 1.923 187
Ar zona Eastern. August
1,872,569 2,153,292 13,983,419 16,803 557
Galv Ha-ris Sc S A August
1,236,624 1,213.870 9,213,478 8.387 077
Hous & Tex Cent. August
308.215 278,554 2.003.6951 1,890 380
Hous E & W Tex. August
322,9481 432.3'3 2.700,674 2,908 6.35
Louisiana W est.. August
620.501) 7 07.013 5.013,226 5,694)336
Morg La & T e x .. August
680 3>7 713 387 5.652,009 5.676 823
Texas & New Orl. August
9.482.592 11122010 81.398,509 83.926'262
Southsrn Railway.. August
374.446 751.653 5.570.833 6.207)828
Ala Great Mouth. August
560,488 1,361.33 1 10.737,259 11.567)208
Cin N O Sc Tex P . August
315.620, 372.768 3.041,910 2.989.646
Georgia Sou & Fla August
183.115
519.637 3.575.047 4,266,987
New Orl & Nor E . August
99.141
69,571 861,742
Northern Ala___ August
572,710
107.943
118,611 741,449 , 857,340
Spokane Intemat'l. August
638.336
688.918 4.663.836 4.873.053
Spok Portl & Seattle August
239.582
237,739 1.648.232 1.688,131
Statej Island R T . . August
610
201.884 190.680 1.559,806
Tonnessee Central.. August
340.558 392.933 2.978 966 2.9152BA
Term RR Assn ofStL August
313.655
318.1851 2.366,411 2 338 065
St L Mer Bdge T . .August
2.617.790 3,050.1.30 19,302,585 23 601 737
Texas Sc Pacific___ August
1,0°5,764| 888.O05I 6,839,989 5,98? 490
Toledo St L & W est. lAugust
205.751
250.656 1.132.2841 1,217 774
Ulster & Delaware.. [August
1022306112008160 63,731.340 70,031 3QQ
Union Pacific...........(August
Oregon Short Line August
3.103.085 ,3537,404 22.076.635,21 780 680
17627803)20041541'1161583?0 123529909
Total svstem___ lAugust
2,758.855 2.898.442 17.732,338 18.530 140
Ore-Wash RR& N August
1,064,255 821.481 7,304.420 6 ,546)534
Union RR (Penn).. August
196,0191 95.033 1,116,999
U ta h .................
August
721 478
252.552 350.823 2.393.8201 2.716 001
Vicks Shreve & Pac. August
1.345.294 1.448,654 13,245,606 12.594,828
Virginian Railroad. August
4,703.310 5.406.857 37,977.110 39.101 778
Wabash Railroad.. August
Western Maryland. 3d wk Aug 373.H5 318 172 10.513,446 11,490.767
1,124,213 1,238.034 7.317.294 7,811.654
Wostern Pacific___ August
231,260 214,841 1,642,657 1,637,741
Western Ry of A la .. August
990,118 1,582,179 8.995,182 9.808,359
Wheel Sc Lake Erie. August
153,518 398,535
Wichita F ills Sc NW,August
973,252 1.904,123
1,652,400 1 583.291 11.748,446.13.080.885
Yazoo & Miss Valley August

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
W e e k ly S u m m a r ie s .

3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week
3d week
Ithlweek

July
July
Aug.
Aug
Aug
Aug
Sept
Sept
Sept
Sept

(17 roads)___
(16 roads)___
(14 roads)___
(15 roads)___
(i5 roads)___
(13 roads)___
(15 roads)___
(15 road0 ___
(16 roads)----(12 roads)-----




C u rren t
Y ear.

12,354,510
13,403.786
9.800.291
10,098.184
10,270,028
13.662.589
10.103.215
10 7H.410
12,233,461
15 679.366

P re v io u s
Y ear.

12,969,484
13,976,759
10.603.153
10,999,399
10,945.368
14.678.846
11,259.917
11.63 i.806
12.819.788
14.361.643

In crea se or
D ecrease.

Current
%

S
—614 974 4.74
—572 ,973 4.09
—802 .862 7.57
—901 215 8.19
— 675 340 6.17
— 1,016 257 6.92
— 1,156 702 10.27
—8m 3061 7.65
—586 327, 4 58
+1.317 .7231 9.18

M o n th ly S u m m a r ie s .
M ile a g e .

C u r r .Y r .

O ctober____236.228
November -.238,043
December___225,619
January____ 235.395
February ...2 3 5 ,6 2 5
M arch .......... 234.988
April............... 234,955
M a y ...............234,931
Juno............... 235,310
July________ 235.082

Y ear.

P r e v io u s
Y ea r.

In crea se or
D ecrease.

$
8
$
234.686 534.332,833 840.265,263 —105922430
234,972 464,440,498 590,468,164 —126027 666
224,784
406.864,055527.480,047
-120,615,992
234.636 393.892,529 469.195.808 —75,303,279
2.34,880 400,430,580 105,203 414 —4,772.834
234,202
473,433,886157.374.460
+ 16.059,426
234,338
116,210,237132.106.617
— 15,866.410
234,051
447,299.150443,229,399
+4,069,751
234.568
472.38.3,903460,007.081
+ 12,376.822
234.556
442.736.397462.696,986
— 19,960.589

%

P r e v .Y r .

16.54
21.34
22.87
16.05
1.18
3.51
3.R 7

0.92
2.69
4.31

Oct. 7 1 9 2 2 .]

THE CHRONICLE

1625

— G r o s s f r o m R a il w a y — — N e t f r o m

R a ilw a y —

---- N e t

a f t e r T a x e s ----

1922.
1921.
Latest Gross Earnings by Week.—In the table which
1922.
1921.
1922.
1921.
$
S
$
$
8
$
follows we sum up separately the earnings for the fourth week Denver & Rio GrandeAugust---- 3,133,441 3,114,321
863,595
368,482
696,417 218,185
of September. The table covers 12 roads and shows 9.18%
From Jan 1 20,492,224 20,093,104 5,330,240 2,487,439 4,056,050 1,299,052
Denver & Salt Lake—
increase in the aggregate from the same week last year.
Fourth Week of September.
Ann Arbor____
Buffalo Rochester & Pittsburgh
Canadian N ational Railways . .
Canadian Pacific .
Grand Trunk o f Canada _
Grand Trunk W estern_______
D etroit Grand Haven & M il
Canada Atlantic . . .
Minneapolis & St Louis
Iowa C e n tra l..
M obile & Ohio
St Louis Southwestern_________

1922.

1921.

Increase. Decrease.

8

$
117,493
567,646
4,121,602
6,311,000

$
142,792
380,428
3,456,552
5,915,000

187,218
665,050
396,000

2,947,699

2,940,151

7,548

352,837

363,870

494,798
766,291

482,545
680,305

$
25,299

11,003
12,253
85,986

T otal ( 1 2 r o a d s ) . ____________ 15,679,366 14,361,643 1,354,055
N et Increase ( 9 .1 8 % ) ___________
1,317,723

.......
36,332

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEA M railroad and industrial companies
reported this week:
— G r o s s fr o m R a ilw a y — — N e t f r o m

1922.

1921.

1922.

$

3

S

Alabama & Vicksburg—
A ugust----- 217,574
297,164
From Jan 1 1,985,276 2,151,522
American Railway Express—
A ugust-----12,929,459 16,403,191
_From Jan 1 77,898,174 103099,444
American Tel & Tel—
A ugust----- 5,564,300 4,910,485
From Jan 1 42,216,209 38,200,237
Atch Topeka & Santa Fe—
A ugust-----16,797,939 17,908,777
From Jan 1 115967469 122591,692
Gulf Colorado & Santa Fe—
A ugust----- 2,356,848 3,359,901
From Jan 1 14,294,396 20,109,891
Panhandle Santa Fe—
A ugust----- 683,249 1,106,343
From Jan 1 4,796,377 6,075,828
Atlanta Blrm & Atlantic—
230,888
A ugust----- 329,435
rrom Jan 1 2,495,342 2,000,124
Atlanta & West P o i n t 230,167
A ugust----215,509
From Jan 1 1,584,830 1,670,749
Baltimore <fc Ohio—
Balt & Ohio Ch T e rm in a lAugust ----- 274,673
232,303
From J a m 1,998,162 1,629,569
Bangor & Aroostook—
A ugust----- 377,037
404,116
From Jan 1 5,271,998 4,551,464
Belt Ry of C h icag o August ___
500,753
550,193
From Jan 1 3,837,393 3,486,004
Bingham & G a rfie ld 23,317
August ___
12,058
126,162
From Jan 1
128,707
Brooklyn E D T e rm in alAugust ___
142,398
110,528
From Jan 1 1,061,723
871,422
Buffalo Rochester <fe P ittsb u rg h A ugust----- 990,873 1,256,683
From Jan 1 8,815,025 9,479,874
Central Vermont—
680,049
A ugust----- 604,638
From Jan 1 4,556,861 4,587,259
Charleston & West Carolina—
A ugust----- 221,333
246,778
*rom Jan 1 2,184,616 2,196,628
Chesapeake & Ohio Lines—
A ugust----- 5,982,593 7,086,883
From Jan 1 56,630,225 56,960,647
Chicago & A lto n A ugust----- 1,891,713 3,091,248
from Jan 1 17,885,495 20,189,008
Chicago Burlington <fe Quincy—
A ugust-----14,502,539 16,494,579
i-rom Jan 1 101747129 108921,172
Chicago Great W e ste rn A ugust----- 2,204,138 2,320,927

13,546
310,488

R a il w a y —

1921.
S

64,714
145,563

275,590
383,672
1,695,210 2,128,612

---- N e t a f t e r T a x e s —
1922.
1921.
$
3
—2,933
153,288

46.422
—5,593

81,524
181,594
545,817 1,035,609

2,878,608 2,495,053 2,344,688 2,126,226
22,008,049 19,391,941 17,907,603 16,673,109
4,344,950 8,902,719 2,774,056 7,214,867
26,512,403 35,497,442 17,743,750 27,785,995
642,800 1.949,236
727,709 2,020,918
2,137,747 5,903,974 1,572,198 5,301,088
82,691
615,608
248,371 1,540,037

63,770
593,403
69,087 1,379,213

—6,501 —114,713 —20,510 —133,120
—235,045 -1,130,406 —352,208 -1,281,711
21,489
156,498

40,741
97,577

31,719 —60,103
—8,705
192,573 —152,725 —192,829

—6,636
-450,740

—69,328
1,625.832

81,278 —87,761
573,385 1,242,425

47,917
290,684

142,828
1,275,601

106,914
994,026

131,080
533,117

32,598
241,249

48,457
206,081

161,342
747,071

—5,859 —25,713 —10,095 —32,151
—116,457 —173,195 —155,969 —216,909
65,931
433,133
—430,198
—186,518

59,444
381,383

40,606
202,379

66,352 —465,671
284,079 —471,502

31,351
2,577

36,955
255,954

50,384 —21,255
426,575 —751,244

32,788 —42,708
285,071 —923,261

635
—83,131

—9,428
24
426,386 —163,509

11,132
515,118

803,113 1,319,398
1,072,279 1,549,145
13,937,987 11,000,971 11,789,382 9.153,267
710,275
796,604 —196,204
—120,277
2,428,176 2,394,476 1,824,969 1,727,840
2,295,551 5,415,114 1,369,748 4,375,960
23,312,824 25,659,115 15,945,741 19,004,488

480,641
262,573
558,543
341,944
From Jan 1 15,442,416 15,952,505 1,813,314 2,343,293 1,165,446 1,773,409
Chicago Mllw & st P a u lA ugust-----14,272,931 14,381,660 3,714,421 3,275,086 2,863,419 2,510,619
from Jan 1 98,124,035 94,348,780 15,858,303 8,955,948 9,351,945 2,928,636

Chicago Peoria <fc St Louis—
7,439
133,209
195,579 —19,531
A ugust----From Jan 1 1,439,441 1,331,053 —50,527 —287,788
Chicago River & In d ia n a 209,455
August ----- 563,291
...........
746,492
From J a m 1,917,857
- .........
Chicago Rock Island & P a c ific A ugust-----10,819,211 12.922,058 1,986,966 3,320,035
From Jan 1 76,903,458 86,818,462 14,774,909 15,053,846
Chicago R I & G u lf 377,644
109,028
A ugust----528,638
872,953
From Jan 1 3,783,184 5,144,123
711,209 1,196,232
Chicago Rock Island Lines—
A ugust-----11,347,850 13,797,646 2,095,994 3,700,452
From J a m ........................... .......
Cincinnati Ind & W e ste rn August ----- 344,135
345,232
52,742 —30,763
From Jan 1 2,729,461 2,351,052
321,892 —409,298
Colorado & Southern—
A ugust----- 1,182,087 1,159,381
246,487
225,631
From Jan 1 8,419,803 8,176,635
.
1,871,817 1,538,321
F t Worth & Denver C i t y A ugust----- 898,752 1,062,607
462,903
346,210
From Jan 1 6,030,047 7,319,328 2,078,158 2,402,440
Trinity & Brazos V a lle y August ----152,422
308,257
102,435
18,747
From J a m 1,890,578 1,876,870
228,463
211,421
Wichita V a lle y A ugust----9S.204
131,495
30,347
52,383
From Jan 1
760,640 1,057,257
201,393
315,209
Cumberland Valley & Martlnsb—
A ugust___
83,053
100,925
20,740
27,450
From Jan 1
589,680
974,606
101,654
393,550




—3,842
—29,103
—126,726 —366,715
164,813
598,142
1,441,101 2,815,182
10,490,997 11,420,490
364,734
95,187
616,133 1,093,563
1,536,288 3,184,559
33,153 —45,194
199,913 —530,074
159,351
1,331,372

188,560
949,432

404,297
302,890
1,748,410 2,147,859
11,743
172,315

94,195
154,141

24,331
153,356

41,600
264,485

14,468
67,255

19,509
350,003

August---165,896
325,681
765,477 1,764,899
From Jam
Detroit <fe Mackinac—
August---201,827
199,793
From Jam 1,197,940 1,300,598
Detroit Toledo & Ironton—
August---719,708
802,771
From Jam 6,021,610 5,159,963
Detroit & Toledo Shore Line—
August----- 267,884
291,835
From Janl 2,297,350 1,753,100
Duluth <fc Iron Range—
August---- 1,257,614
791,248
From Jan 1 4,773,220 3,700,772
Duluth Mlssabe & NorthernAugust---- 3,170,708 2,188,959
From Janl 9,752,158 8,754,680
Duluth South Shore & Atl—
August----- 438,596
409,716
From Janl 2,838,604 3,046,164
Elgin Joliet & Eastern—
August---- 1,097,303 1,454,091
From Jan 1 13,337,175 13,129,540
Fort Smith & Western—
152,053
125,576
August---From Janl 1,018,004 1,153,232
Georgia & Florida—
August----99,424
105,531
From Jan 1 870,447
925,194
Great Northern System—
August---- 9,884,359 9,606,158
From Jan 1.61,629,935 59,652,907
Gulf Mobile & Northern—
August----- 319,249
324,650
From Jan l. 2,911,612 2,693,417
Gulf & Ship Island—
August---258,616
236,428
From Janl. 1,948,829 1,861,883
Hocking Valley—
August----- 1,071,434 1,435,031
From Janl. 8,316,023 9,171,558
Illinois Central—
August---- 14.074,640 12,386,163
From Jan 1.95,717,659 92,828,040
Illinois Central System—
August-----15,727,040 13,969,382
From Janl 107466,105 105908,925
Internat'l & Great Northern—
August---- 1,177,179 1,405,157
From Janl. 8,868,205 12,466,737
International Ry in Maine—
August----- 158,993
172,280
From Janl 1,800,218 1,919,624
Kansas City Mex & Orients
August----- 112,704
239,461
From Janl. 890,827 1,225,605
Kan City Mex & Or of T e x August ----- 113,988
207,583
From Jan 1. 967,797 1,426,683
Kansas City Southern—
August.---- 1,549,061 1,679,784
From Jan 1 11,620,597 13,298,298
Texarkana & Ft Sm ithAugust ----- 177,909
206,873
From Jan l. 1,323,708 1,468,259
Kansas Oklahoma & G ulfAugust----- 268,425
176,863
From Janl 1,822,628 1,530,201
Lake Superior <fcIshpcmlng—
August---259,386
71,633
From Jan 1 735,726
175,8S9
Lehigh & New England—
August---276,091
437,362
From Jan 1 2,493,724 3,048,067
Los Angeles & Salt LakeAugust ---- 1,532,802 1,597,533
From Jan 1.12,616,308 13,187,68S
Louisiana & ArkansasAugust ---280,197
261,001
From Janl 2,206,402 2,196,297
Louisiana Ry & NavigationA u gu st.... 293,588
456,159
From Janl 2,168,578 2,618,919
Louisville Henderson & St LouisAugust ----- 304,884
263,948
From Janl 2,112,411 1,892,969
Minneapolis & St Louis—
August---- 1,277,886 1,502,760
From Jan l. 9,940,958 10,332,799
Minn St Paul & Sault Ste M—
August---- 4,526,505 3,959,470
From Jan 1.28,043,855 26,872,985
Mississippi Central—
August___ 118,341
94,033
From Jan l. 965,203
693,862
Missouri Kansas & Texas—
August----- 2,651,021 3,257,209
From Jan 1.19,940,0S0 22,097,621
Mo Kan <fcTex Ry of Texas —
August---- 1,645,628 2,379,554
From Jan 1.13,222,457 17,964,669
Mobile & Ohio—
Columbus & Greensville—
August----- 133,214
101,997
From Jan l. 983,696
957,116
Monongahela—
August___ 251,293
363,275
From Jau 1. 2,118,461 2,557,671
Monongahela Connecting1—
August----96,035
49,719
From Jan l. 1,061,837
462,814
Nevada Northern—
August----64,101
16,823
From Jan l. 312,892
240,262
New Orleans Texas & M u August ----- 175,415
215,581
From Jan l. 1,677,334 1,729,535
Beaumont Sour Lake & W—
August----- 150,985
184,057
From Jan l. 1,341,931 1,482,635
St Louis Brownsv & Mex—
August---537,150
590,272
From Jan l. 3,518,341 4,011,798
New York Central—
Indiana Harbor Belt—
August----- 875,405
756,304
From Jan l. 6,305,071 5,834,588

41,295
—90,248
52,284
54,349

51,882
32,294
43,882
—19,870 —162,278 —113,991
57,951
102,798

42,283
—28,009

46,951
8,704

—141,491
1,351,050

254,525 —154,054
954,237 1,050,283

236,165
861,303

135,538
1,204,659

159,427
121,526
666,875 1,092,587

145,427
562,875

719,504
1,815,061

462,499
635,300
549,577 1,480,886

413,612
314,559

2,241,355 1,554,050 2,030,283 1,438,978
5,010,315 3,432,396 3,995,674 2,592,326
126,068
36,137
211,364 —171,129

93,068
9,137
—40,906 —409,250

219,351
510,635
131,017
443,415
5,147,479 3,406,405 4,447,652 2,827,505
39,318
156,804

4,717
—37,797

12,256
129,585

412
—62,198

33,167
109,510

—302
—81,560

5,877
—7,563
79,049 —125,470

2,567,525 2,307,236 1,847,573 1,568,387
12,789,442 6,699,502 7,625,598
793,954
65,393
765.850

39,053
152,008

33,195
612,575

16,003
2,554

78,955
557,999

47,149
265,303

60,982
414,245

28,013
108,784

467.022
41,924
762,968 1,630,857

386,749
90,933

127,138
2,34S,578

2,950,862 1,941,774 2,182,355 1,268,838
22,169,292 16,569,665 14,758,951 11,229,857
3,101,996 1,973,452 2,216,034 1,180,836
23,288,152 17,512,264 14,931,070 11,286,088
212,105
1,407,381
—12,456
230,420

164,574
177,579
951,884 1,135,126
—29,931
118,287

—28,456
102.420

124,675
653,542
—44,931
—1,713

13,843
73,706
7,381
65,666
—77,974 —160,734 —142,702 —225,086
7,792
2.987
1,777
—3,163
—161,558 —318,847 —209,884 —368,072
324,965
481,911
229,512
404,243
2,753,160 3,605,257 1,976,914 2,986,696
117,877
517,345

105.022
512,132

105,308
432,315

96,845
452,376

90,022
493,544

14,754
47,528

80,425
414,487

5,685
—25,343

177,230
29,502
319,015 —211,714

171,744
24,143
273,715 —255,520

—690
107,951

—7,335
31,790

140,533
665,082

125.080
541,458

228,820
203,444
116,421
96,783
1,993,618 1,945,063 1,107,529 1,170,545
122,355
674,565

28,595
310,192

86,538
503,018

12,237
177,535

83,170
300,405

191,407
525,353

67,058
170,034

175,313
396,474

107,618
583,915

82,534
323,853

84,932
485,956

75,166
264,764

252,308
1,574,988

259,148
181,625
183,892
237,173 1,047,515 —370,331

1,641,560
5,674,779

630,951 1,390,756
367,876
469,040 3,646,114 -1,776,268

4,061
119,755

—4,398
—53,442

—2,198 —10,478
69.764 —104,264

746,371 1,106,654
619,532
810,437
6,896,16S 4,191,486 5,539,176 2,961,299
118,146
681,416
63,978
632,492
2,860,763 3,750,571 2,442,778 3,361,901
36,211
—9,441
198,116 —146,013

30,540 —26,250
158,975 —260,839

48,021
777,237

162,525
527,459

40,021
713,073

156,025
475,459

—22,102
201,145

3,580
—27,488

—24,026
183,848

1,935
—41,585

34,022
116,793

—7,268
—36,745

26,771
470,091

55,608
429,809

5,942
324,780

3' ,870
298,189

25,603
373,162

42,934
355,136

20,479
339,200

38,752
327,086

256,186
258,690
928,732 1,114,062

240,983
809,588

283,364
237,056
244,573
2,262,669 1,060,647 1,951,568

219,098
884,12

271,050
1,229.906

26,677 —12,307
66,637 —110.463

1

THE CHKONICLE

1626
— G ro ss fr o m R a ilw a y — — N e t f r o m

1922.
S

Cincinnati Northern—

1921.
S

August___ 223,887
402,246
From Jan 1. 2.206,703 2,480,912

Northern Pacific—

1922.
s

— 19,850
456,747

R a i l w a y ------ N e t a f t e r T a x e s -----

1921.
s

.

148,997
655,661

August___ 8,539,793 8,921,239 2,207,784 2,398,991
From Jan 1.58,448,288 57,225,814 9,819,982 4,972,482
Northwestern Pacific—
344.303
376,217
August___ 874,785
959,849
From Jan 1. 5,226,200 5,609,266 1,538,176 1,485,866
Pennsylvania RR & Co—
Cincinnati Lebanon & Nor—
—18,585
6,720
97,228 104,412
August___
From Jan 1. 707,715 747,173 —55,054 —129,789
N Y Phlla & Norfolk—
132,504 —124,126
August___ 818,575
477,556
655,612 —404,663
From Jan 1 5,166,843 4,150,120
Toledo Peoria & Western—8,214
6,140
August___ 147,012
150,218
From Jan 1 1,069,435 1,085,340 —28,031 —288,512
Pittsburgh & Shawmut—
27,217
2,777
August___ 117,491
96,798
From Jan 1 676,881
788,033 —99,055 —107,610
Pittsburgh & West Virginia—
16,509 —57,676
August___ 191,994
227,039
398,538 —248,737
From Jan 1 1,795,927 1,847,004
Pullman Company—
August___ 5,957,6S7 5,873,972 2,609,191 1,224,154
From Jan 1 42,846,815 44,169,890 4,982,747 2,212,552
Quincy & Omaha & Kansas City—
2,027 —49,082
August___
93,371
124,142
From Jan 1 693,526
860,009 —23,337 —128,389
Richmond Fred & Potomac—
170,435
274,315
August___ 895,213
705,140
From Jan 1 7,138,111 6,920,849 2,429,465 1,373,633
St Joseph & Grand Island—
46,568
33,756
August___ 275,271
296,928
252,392
163,938
From Jan 1 2,014,567 2,111,007
St Louis-San Francisco—
Ft Worth & Rio Grande32,954
7,259
August ___ 122,836
167,866
From Jan 1 828,221 1,137,039 —148,787 —84,489
St Louis-San Fran of Texas—
34,896
51,466
August___ 164,256
177,030
129,498 —57,148
From Jan 1 1,103,760 1.231,202
St Louis SouthwesternG32.674
506,531
August___ 1,503,532 1,323,935
From Jan 1 11,181,430 10,950,955 4,169,253 3,696,669
St Louis Southwest of Texas—
August___ 607,934
639,292 —23,986 —57,626
From Jan 1 4,647,811 4,894,927 —799,636 —805,633
San Antonio & Aransas Pass—
134,045
180,621
August___ 551,160
658,324
22,960 —22,372
From Jan 1 3,465,540 4,028,425
San Antonio Uvalde & G—
33,503
46,615
August___ 102,533
125,166
201,471
161,697
843,759
From Jan 1 714,028
Southern Pacific—
August--..16,717,507 17,544,289 5,364,619 6,032,740
From Jan 1 115875721 126086,011 32,638,848 30,673,096
Arizona Eastern—
—1,873
87,438
159,765
August___ 267,448
244,203
788,470
From Jan 1 2,061,969 1,923,187
Galveston Harrisburg & San Antonio—
499,080
390,523
August___ 1,872,596 2,153,292
From Jan 1 13,983,419 16,803,557 2,110,274 2,376,910
Houston & Texas Central—
305,674
220,759
August___ 1,236,624 1,213,870
884,804
From Jan 1 9,213,478 8,387,077 1,823,041
Houston E & W Texas—
78,744
73,482
August___ 308,215
278,554
299,838
244,479
From Jan 1 2,003,695 1,890,380
Louisiana Western176,543
70,871
432,343
August ___ 322,948
669,979
612,636
From Jan 1 2,709,674 2,908,635
Morgan’s Louisiana & Texas—
34,750
54,050
August___ 620,501
707,031
224,817
26,057
From Jan 1 5,013,226 5,694,336
Southern Pacific Co—
48,114
103,547
August___ 680,327
713,387
463,884 —69,182
From Jan 1 5,652.009 5,676.823
Southern RailwayAugust___ 9,482,594 11,122,010 2.126,101 2,397,365
From Jan 1 81,398.509 83,926,262 17,877,669 10,815,153
Cine New Orleans <fc Texas Pacific202,351
August - . 560,488 1,361,332 —375,764
From Jan 1 10,737,259 11,567,208 1,915,039 1,530,061
Georgia Southern & Florida—
5,003
34,452
August___ 315,620
372,768
501,368 —254,111
From Jan 1 3,041,910 2,989,646
New Orleans & Northeastern—
August
. 183,115
519,638 —167,145 —11,102
247,485
267,274
From Jan 1 3,575,047 4,266,988
Northern Alabama—
15,058
22,265
August___
99,141
69,571
61,201
301,128
From Jan 1 861,742
572,710
Spokane International—
33,252
37,605
August___ 107,943
118,611
234,605
209,854
From Jan 1 741,449
857,340
Spokane Portland & Seattle226,603
262,942
688,918
August ___ 638,336
From Jan 1 4,663,838 4,873,053 1,649,587 1,463,299
Tennessee Central—
______
9,748
—1,449
August___
640
202,884
From Jan 1 190,680 1,559,806 —171,131 —99,548
Term RR Assn of St Louis—
St Louis Merch Bridge Terminal98,472
111,192
August ___ 323,655
318,185
368,830
661,560
From Jan 1 2,366,411 2,338,065
Texas & Pacific—
„
950,347
620,581
August___ 2,617,790 3,050,130
From Jan 1 19,302,585 23,601,737 3,443,918 4,014,486
Toledo St Louis & Western— ____
295,517
413,401
August -_ 1,025,764
888,005
From Jan 1 6,839,989 5,982,490 2,362,056 1,196,184
Union Pacific—
4,684,744
August___10,233,061 12,008,160 3,312,588 21,297,345
From Jan 1 63,731,340 70,031,399 19,032,825
Oregon Short Line—
691,236 1,068,73S
August___ 3,103,085 3,537,404
From Jan 1 22,076,635 21,780,680 5,205,381 4,211,393
Oregon-Wash RR & Navigation—
420,812
267,607
August___ 2,758,855 2.898,442
809,671 1,393,209
From Jan l 17,732,338 18,530.140
U ta h 22,389
47,078
August___ 196,019
95,033
60,074
339.920
From Janl 1,116,999
721,478
Vicksburg Shrevep & Pacific104,047
18,625
August ___ 255,552
350,823
436,165
414,914
From Janl 2,393,820 2,716,001
Western Pacific—
358,765
194,746
August___ 1,124.213 1,238,034
From Janl 7,317.294 7,811,654 1.079,100 1,003,738




1922.

1921.

s

s

—31,532
330,344

131,167
528,400

1,483,312 1,707,077
4,008,914 —798,005
325,557
295,219
1,159,344 1,205,271
—2,568
—27,272
—111,925 —193,764
140,739 —145,830
510,079 —550,366
—4,861 —16,139
— 116,488 —368,627
2,621
27,062
—107,730 —116,509
—9,073 —84,958
189,476 —443,099
2,338,379
2,812,575

952,418
30,906

—1,898 —53,232
—54,792 —162,055
132,825
221,936
2,029,217 1,094,219
17,565
111,567

33,450
60,852

3,751
—178,836

29,368
154,141

49,504
113,690

32,901
—72,684

436,437
543,119
3,625,251 3,246,477
—48,100 —81,752
—992,555 —998,425
120,336
166,470
—89,615 —131,282
30,514
137,799

43,800
178,770

4,031,153 4,682,960
21,842,402 22,716,100
63,155
597,246

—23,746
68,198

339,985
457,415
1,698,053 2,030,877
259,621
1,468,719

192,490
563,508

66,650
249,898

73,703
211,427

38,636
413,704

152,771
456,986

8,209
178
—148,594 —316,661
25,583
86,216
281,060 —228,930
1,630,742 1,967,484
14,081,651 7,844,893
—444,894
150,932
1,336,574 1,130,601
15,722 —12,031
359,454 —391,343
—203,950 —62,371
—39,308 —114,445
18,266
268,773

11,249
33,754

32,128
165,920

25,625
175,986

142,460
975,801

167,927
765,964

—1,795
5,144
—177,412 —137,900
93,493
510,023

70,653
236,474

520,090
839,225
2,566,346 3,005,661
365,401
1,982,985

259,100
917,218

2,718,482 4,101,884
14,412,807 17,156,810
412,166
763,315
2,992,379 2,085,046
86,566
—639,969

240,126
—55,823

40,934
288,778

14,340
—5,617

1,211
261,395

80,264
302,870

118,498
407,876

263,857
369,032

[Y ou 116.

— G r o s s f r o m R a i l w a y ----- N e t f r o m

R a i l w a y — — N e t a t e r T a x e s ---1922.
1921.
1922.
1921.
1922.
1921.
S
I
I
*
*
Western Ry of AlabamaAugust---214,841
58,959
231,260
44,865
43,293
38,688
From Jan 1 1,642,657 1,637,741
352,343
172,498
267,265
107,359
Wheeling & Lake Erie—
August---990,118 1,582,179 —105,550
478,201 —193,692
369,151
From Jan 1 8,995,182 9,808,359 1,891,984 1,963,710 1.008,180 1,322,442
Wichita Falls & Northwestern—
398,535
49,409
August---153,518
229,832
38,429
218,869
115,107
From Jan 1 973,252 1,904,123
625,296
20,130
538,005
Yazoo & Mississippi Valley—■
151,132
August___ 1,652,400 1,583,219
31,678
33,679 — 88,002
From Jan 1 11,748,446 13,080,885 1,118,860
942,599
172,319
56,231

ELECTRIC RAILWAY AND PUBLIC UTILITY CO’S.
L a te s t G ro ss E a r n in g s .
N am e o f R oad
or C om pan y.

W eek or
M o n th .

Adirondack Pow & Lt August
Alabama Power C o .. August
Amer Power &Light. July
American Rys tJo----- March
Amer Water Wks Elec July
Appalachian Pow Co. August
Arkansas Lt & Power July
Ashevillo Pow & Light August
Associated Gas & Elec August
Atlantic Shore Ry— March
Bangor Ry & Elec Co July
^Barcelona Tr Lt & P August
Baton Rouge Elec Co August
Beaver Valley T rac.. August
Binghamton Lt H & P August
Blackstone Val G & E August
/Brazilian Tr, Lt & P . August
Bklyn Rapid Transit. August
Bklyn City RR___ August
BklynHeights (Rec) June
Bklyn Qu Co & Sub June
Coney Isl & Bklyn. June
Coney Isl & Graves June
Nassau Electric— June
N Y Consolidated- June
South Brooklyn— June
Cape Breton Elec Co. August
Carolina Pow & Light August
Central Illinois Lt— May
Cent Miss Vail E lec.. August
Chattanooga Ry & Lt May
Cities Service Co----- August
City Gas Co, Norfolk March
Citizens Trac & subs. June
Clove Paines & East. July
Colorado Power------- July
Columbia Gas & Elec August
Columbus Electric— August
Com’w’lth Pr.Ry &Lt August
Connecticut Pow Co. August
'Consumers Power Co August
Cumb Co Pow & L t. - July
Dayton Power & L t .. July
Detroit Edison Co__ August
Detroit United Ry---- March
Duluth-Superior Trac August
Duquesne L t Co subs
light and power cos August
East St Louis & Sub— July
Eas ter n Shore Gas &El June
Eastern Texas Elec— August
Edison El 111 of Brock August
El Paso Electric____ August
El Lt & P of Abington
& Rockland—
— August
Erie Lt Co & subsid— June
Fall River Gas Works August
Federal Lt & Trac Co August
Fort Worth Pow & Lt July
Galv-Houston Elec— August
Gen G & El & Sub Cos August
Georgia Ry & Power- July
Great Western Power June
Harrisburg Railway. . March
Havana El Ry.Lt&Pr August
Haverhill Gas Light. . August
Honolulu Ran Trans. June
Houghton Elec Light. August
Hudson & Manhattan August
Hunting'n Dev & Gas July
Idaho Power Co------- August
Illinois Traction------- August
Indiana Power Co— June
Indiana Service Corp. May
Interborough Rap Tr June
Kansas City Pow & Lt August
Keokuk Electric------ August
Kentucky Trac & Ter June
Keystono Telephono- August
Key West Electric Co August
Lake Shore Electric. _ July
Lexington Util & Ice- July
Long Island Electric. June
Lowell Elec Lt Corp. August
Manhat Bdge 3c Line June
Manhattan & Queens June
zMarket Street R y— August
Metropolltan Edison. August
Milw Elec Ry & Light August
Miss River Power Co. August
Munic Serv Co & subs June
Nashville Ry & Lt Co June
Nebraska Power C o .. July
Nevada Calif Electric August
New Bedford G & L t. July
Now Eng Power Sys. August
N J Pr & Lt & SubCos August
N ’p’t N & Hamp R y. June
N Y Dock Co......... .. August
N Y Railways............. June
^Eighth Avenue RR- June
ftNinth Avenue RR — June
N Y & Harlem (City L) June
New York & Long Isl. June
N Y & Queens County June
Nor Caro Public Serv August
Nor Ohio Elec Corp. . August
Nor Ohio Trac & L t .. June
Nor W Ohio Ry & Pow August
Northern Texas Elec. August
Ocean Electric-------- May
Pacific Power & Light July
Paducah Electric----- August
Palmetto Power & Lt August
Penn Central Lt & P . June
Penn Edison & Sub— August
Philadelphia Co and
Natural Gas C os.. August
Philadelphia Oil C o .. August

C u rren t
Y ear.

P r e v io u s
. Y ear.

460,534
452,603
1984,218
1587.888
1636,065
246,794
151.076
81,315
158,514
20,259
114.582
3599.168
46,577
49,903
79,964
306,154
17168000
3057,721
982,560
7,449
216,775
271,618
17,443
451,026
1955,669
111,042
49,640
146,083
222.766
43,212
125.931
1017,344
85,251
76.946
76,584
83,951
1311.347
160,557
2492,687
144,346
1171.987
309,041
311,857
2011,061
1758.129
153,309
1326,247
247,398
43,231
153,529
102,910
181,677

396,381
361,855
1903,514
1598.785
1595,343
205.264
128.283
79,089
147,865
20,715
113.379
2923,804
43,839
49,383
73,060
300,332
15744000
2849,127
946,717
6,079
213,477
267,507
16,294
416,752
1896,158
91,521
65,047
126,359

34,901
83.275
84,787
377,994
205,101
268,624
1023,723
1134,167
617,327
140,450
1057,418
44,387
80,662
39,321
872,971
91,225
232,918
1715,873
58,632
247,986
4322,480
575,258
30,498
117.052
140,275
19,420
246,178
110,482
36,644
96,397
24,176
33,555
828,874
228,637
1567,567
245,162
220,533
825,355
267,855
289,132
97,697
456,331
56,271
187,593
321.579
824,322
104,584
42,064
127,493
50,884
63,678
95,510
788.504
752,120
52,019
243.580
29,793
251,239
43,525
48,828
190,960
214,459

28,989
68,638
86,594
371,501
207.607
316,201
904,998
1078.785
580.479
144,350
1045,148
39,508
79,717
40,417
844,087
69,105
219,555
1745,698
60,590
238,617
4387,398
457,953
30,779
157,430
142.486
18,841
262,858
117,327
36,636
85,541
24,463
30,014

%

210.222

42,604
111,845
731,040
88.443
75,724
81,250
78,533
1026,310
152,276
2372,209
123,889
1068,107
296,956
295.485
1732,532
2084.196
142,916
1209,994
281,766
39.422
135,598
91,809
187,746

204’ 666
1443.628
221,729
197,838
310,854
237,171
300,604
431,807
37,139
240.283
395,454
847,788
104,728
46,376
143,103
54,109
114,578
88,010

689,401
690,635
49,760
279,135
23.231
235,282
41,050
46,812
183,078
186,862

Jan. 1

to L a te s t D a te .

C u rren t
Y ea r.

P r e v io u s
Y ear.

*5,329,608
3,394,011
*25670670
4.717.101
*19952410
1,916,333
*1,130,134
*877,177
*1,940,673
58,667
*1,458,075
29,822,896
*575,677
417,300
*993,328
*3,910,447
126338000

s

$
*4,790,826
2,956,416
*25389384
4.832,092
*20048 652
1.597,831
*1,165,845
853,641
*1,709,083
53.673
*1.379,186
23,868,776
*534,992
455,862
*875,834
*3,448,601
111420000

43,915
1,284,073
1,381,351
47,961
2,503,465
11,688,691
529,512
*641,664
*1,837.314
1,274,875
*536,953
*1,461.798
*14131156
266,350
472.466
416,325
*969,007
12,067.760
*1,914,638
20.796,134
*1,653,320
9,593,286
*3,398,529
2,508,362
16,760,348
4,990.099
1,147,282

36,510
1.078.121
1.313,514
45,907
2,294,376
11,040,717
445,148
_ 697,425
*1,661,085
1.186,199
*510,353
*1,345.769
*17219881
280,636
492,982
- 452,490
*1.114,232
9.865,532
*1.657,581
20,593,588
*1.480,396
9.265,107
*6.244,781
2,380.509
15.028.093
5.917.675
1,197,360

10,794,751
*3,585,853
273.323
*1,710,004
*1,327,259
*2,279,789

10,749,628
*4,323.137
248.094
*1.711,271
*1,233,467
*2,227,180

*365,305
553,160
*998,497
3,242,216
*2,481,859
*3,364,162
7,858,132
*14610329
3,660.507
410,021
8,594.424
*543,658
478,795
*550,341
7,245,187
*1,124.401
1,583,673
14,463,542
846.303
1.225,052
35,197,947
*7,427,265
*381,944
1,592,294
1.107,332
*249,634
1.390,782
*1,092,269
182,604
*1,246,846
141.971
182,321
6,289,796
1,812,697
*18809849
*2,896,014
1,310,176
*3.975,128
*3,260,888
2,353.189
624,716
*5.573,771
418,822
997,263
2,675,986
4,598,609
611,699
261,005
803,059
275,457
581,678
1.286,612
6,039,044
4,405.803
*462,262
*3,135,698
94,525
*2.941.951
*543,188
*581,823
1,206,222
*2,514,892

*344,282
530,787
*1,001,905
3,168,575
*2,865,860
*3,892,895
8,467,078
*14109108
3.633,414
422.958
8,454,897
*490,493
461,808
*593,764
6.888.030
*1.194.277
1,500.127
14,303,617
, 763.318
1.250.030
28,062,543
*6,577,492
,*367,577
1.614.871
1.153,940
*263.526
1,512,893
*1.071.898
162,977
*1.176.287
143,246
160,720
1,730,432
*19310411
*2,789,262
1,247,891
*3,743,143
*3,054.472
2,203,068
*5,543,418
290,789
1.352,448
3,695,668
4,710,075
595,356
272,520
874,411
278,450
616,631
1.185,954
5,838,880
4,408,631
* 3 j! l:4 6 8

*2,763:322
*512,493
*587,884
1,159,969
*2,544,178

895.185 434.284 9,154,256 7.053.093
60,696 51,286
637,027
768,303

Oct.

7 1922.]
L a te s t G r o s s E a r n in g s .

N a m e o f R oad
or C om pan y.

16^;

THE CHRONICLE
W eek or
M o n th .

Phila & Western____ August
Phila Rapid Transit.. August
Pine Bluff Co______ July
Portland Gas & Coke. July
Portland Ry. Lt & P_ July
Puget Sound Pow &I,t August
Read Tr&Lt Co&Subs August
Republic Ry & Light. August
Richmond Lt & RR __ June
Rutland Ry. Lt & Pr August
St L Rocky Mt & Pac June
Sandusky Gas & Elec. August
Savannah Elec & Pow August
Sayre Electric Co___ August
Second Avenue_____ Juno
17th St Incline Plane. August
Sierra Pacific Electric August
Southern Calif Edison August
South Canada Power. July
/Southwestern Pr & Lt July
Tampa Electric Co_. August
Tennessee Power Co. May
Tennessee Ry. Lt & P May
Texas Electric Ry__ August
Texas Power & Light. July
Third Ave Ry System August
Twin City Rapid Tran June
United Gas & El Corp August
United Lt & Rys Co
and subsidcos____ August
Utah Power & Light. July
Utah Securities Corp. July
Vermont Hy-El Corp August
Virginia Ry & Power. March
Western Union Tel Co April
West Penn Co & Sub. July
Winnipeg Electric Ry June
Yadkin River Power. August

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rren t
Y ear.

P re v io u s
Y ear.

532,286
533,498
27,790,059 28,170,950
435,493
448,549
*3,316,247 *3,271,414
*9,927.194 *10090673
*10247893 *10201218
1.948.328 1,998,151
*7,510,670 *7,913,684
244,276
373,053
*572,554 *570,346
1.522.444 1,912.798
445,248
511,019
1,345,639
117,860 ' 124,031
457,181
484,215
29,733
25,715
*886,701 *841,624
10,896,721 10,771.442
£36021471 z.34640488
*9,664,660 *10219869
*1,752,085 *1,658,558
1,039.277 1,031.378
2.881,441 2.861.366
2,126,621 2,334,885
*4.775,522 *5,229.697
9,444,083 9,168,586
6,998,654 7,015,223
8,184,820 7,575,412
863,810 *11380480 *11816182
519,226 3,917,152 3,861,123
656,532 *8,521,480 *8,775.552
316,263
350,117
38,474
851,734 2.078.328 2,578.200
8475,281 31,789.301 34,360,958
1106.143 *14199985 *14617229
446,209 .2753,488 2,856.715
92,180 *1,190.329 *1,032,376

69, 541 70,453
3315, 457 3276,323
81, 183 75,776
265, 997 260,461
812, 005 793,198
816, 896 758.039
254, 200 259.039
662, 006 558,220
71, ,384 74,205
50, 229 45.279
423, 634 277.037
52, 630 37,633
130, 742
14 ,128 14,108
89 ,849 91,005
4,380
3,,637
76 ,498 76,683
1547 ,804 1585,467
1819, ,457 1814,814
752 ,814 761,617
135 ,420 139,004
220 342 205,272
576, ,837 558.256
223 ,168 235,064
355 ,905 351,852
1193 ,257 1165.143
793 ,542 844,890
964 ,374 873,718
942,355
566,581
700,852
54,270
713.693
8091,170
l l l i , 752
417,754
107,651

The Brooklyn City RR. Is no longer part of the Brooklyn Rapid 1 ransit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 11 1919, respectively, since which dates these roads have been
operated separately. / Earnings given in milreis. g Subsidiary companies
only, i Includes both subway and elevated lines, j Of Abington & Kockiand (Mass.), k Given in pesetas. I These were the earnings from opera­
tion of the properties of subsidiary companies. * Earnings for twelve
months, f Started operations April 1 1921. £ Earnings for ten months.
V Earnings for 11 months.
a

E le ctric R ailw ay a n d O th e r P u b lic U tility N et
E a rn in g s .—The following table gives the returns of
E L E C T R IC railway and other public utility gross and net
earnings w ith charges and surplus roported this week:
------G r o s s
C o m p a n ie s .

C u rren t
Y ear.

E a r n i n g s ------------- N e t E a r n i n g s -----P re v io u s
C u rren t
P re v io u s
Y ear.
Y ear.
Y ea r.

Beaver Vail Tr Co a-.A ug
49,903
49.383
*12.127
* 326
417,300
455.862 *103,054
*35,222
Jan 1 to Aug 31________ Brazil‘an Tract Lt & auk £17168.000*15,744,000£11,024.000 £9.439,000
Jan Y to Aug 3'lY.Y.Y. . - - £l26338000£l 11420 000£78,379,000£59,136,000
D &1p^w°aLt C° * SUlAug 1,326.247 1.209.994 *429.051
*377,746
J a n l to Aug 3 1 . ________ 10.794,751 10,749.628 *4.288.920 *3,710,917
Illinois Tr Co a .................Aug 1.715,873 1,745,698
344,446
436,018
Jan l to Aug 3 1 _______ - t 14,463.542 14.363,517 3,985,433 3,709.006
L°Sepm % ?to Aug : n ’22-T 5,272.038
MSept lE’I21ttoCA<ii<g31 ’2 2 -.

807,821

4,837,050

2,472,394

2,188,949

739,957

272.459

238,738

M8 ^ t ai I?2Slt toeIi^g^3 fr’22°T’ 1,068,378
96S.006
348,909
283,877
Philadelphia Co & Sub Nat
Gas Cos a
...........Aug
895.185
434,284 *194.098 *—39,279
J a n l to Aug 31________ 9.154,256 7,053,093 *3,898,655 *1.983,988
Philadelphia Oil Co a ..A u g
60,696
51,286
*26,673
*25,010
Jan l to Aug 3 1 -............... 637.027
768,303 *444,800 *443,071
^ T e p V T ^ o Aug'lH’2 2 -.

167,896

169,947

37.650

24,206

'SaS e? tT ?2 ?toSAug 31^2217 3,853.128
17th St Inc Plane Co a--Aug
3,637
J a n l to Aug 31________
25,715
Southern Colo Pow Co—
S e p t 1 ’21 t o Aug 3 1 ’22-1,823,446
Standard Gas & Electric Co—
Sept 1 ’21 to Aug 31 ’2 2 -. 36,244,912
Utah Securities Corp (sub
cos only)___________ Aug 727,514
Sept. 1 ’21 to Aug 31 ’22-- 8,562,352
Western States G & E Co
Sept 1 ’21 to Aug 3 1 ’22-- 2,627,782

3.497,464
4.380
29,733

1.224,882
*480
*1,516

1.012,486
*—131
*9,836

1,802,250

680,934

572,060

34,734,254 13,215.527 11.743,041
686,642
8,766,982

347,893
4,221,275

311,969
4,147,122

2,451,335

847.708

829,302

a Net earnings here given are after deducting taxes.
* Does not include income from investments, and is before providing
for interest on debt and other income deductions.
G ross
E a r n in g s .

N e t a fte r
T axes.

F ix e d
C h arges.

$

S

$

Vmerican Wat Wks & Sub Cos—
(Incl West Penn Aug '22 2,219.491
21 1,605.913
Co)
12 mos ending Aug 31 [22 20 876.227
21 20,000,900
Ysheville Pow & Lt Aug ^
81,315
79,089
12 mos ending Aug 31 \
877,177
853,641
Binghamton Lt Ht Aug ’
79,964
73,060
& Pow
„„ ’
12 mos ending Aug 31 i
993,328
875,834
Carolina Pow & Lt Aug '
146,083
126,359
1,837,314
12 mos ending Aug 31 ]
1.661,085
2,492,687
Bommonw’th Pow A ug '
2,372,209
Ry & Lt
8 mos ending Aug 31 22 20,796,134
21 20,593,588




G ross
E a r n in g s .

J a n . 1 to L a te s t D a t e .

B a la n c e ,
S u r p lu s.

£799.746
684,208
115.538
£586,442
460,663
125,779
£7,897,665 6,454,068 1,443,597
£6,582,336 5,412.869 1,169,467
£32,519
5,209
27,310
£32,677
5,058
27,619
£343,901
100,328
243,573
99,944
1331,765
231,821
8,933
17,568
£229,868
121,221
108,647
£261,953
134,683
127,270
£36,406
18.209
18,197
14,864
17,814
£32,678
329,959
£691,574
361,615
296,416
349,339
£645,755
74,922
*658,800
733,722
97,938
723,249 *625,310
7,165,229 *5,243.823 1.921.406
6,698,881 *4,982,097 1,716,684

Consumers Power
Aug ’22
Co
’21
8 mos ending Aug 31 ’22
.
’21
Duluth-Superior
Aug ’22
Traction
’21
8 mos ending Aug 31 ’22
’21
Federal Light
Aug ’22
& Traction
’21
8 mos ending Aug 31 ’22
’21

Gen G & E & Sub
Aug ’22
Cos
’21
12 mos ending Aug 31’ 22
’21

N e t a fte r
T axes.

F ix e d
C harges.

S

$

467,209
,.,A .« r
378,774
1.068.107
9,593,286 4,298,587
9.265.107 3,627,608
£.32,852
153,309
142.916
£13,749
1,147.282 £154,880
1,197,360 £131.483
377,994
119,856
104,801
371,501
3,242,216 1,078,104
957,305
3,168,575
1.023,723
215.567
_____
__
_
904,998
226,792
11,908,816 £3,330,211
................ -

B a la n c e .
S u r p lu s.
$

200.455
266,754
178,083
200,691
1,630,050 2,668,537
1.532,944 2,094,664
14,627
18,225
— QQ>
14,741
38,348
116,532
14,712
116.771
56,258
63,598
54,530
50,271
443,172
634,932
441.620
515,685
2,109,122

1.221,089

92,723
83,150
714,609
655,662
56,827
57,285
675,245
650,733
95,897
92,562
831.072
727.073

460,307
327,934
3.738,526
2,829,634
69,573
79,717
705,490
654,551
125,150
92,720
2,594,297
1,920,870

639.140
611,885
65,266
66.331
794,222
769,035

560,113
412,526
84,610
97,924
908,116
922.590

98,341
74,761

91,623
79,167

7,109,913
4,961,206
14,633
13,995
170,577
166.859

9,338,563
6,024,108
11.058

68,549
68,650
23,347
17,693
227.152
210,531
20,232
259,426
243,707

7,542
—10,432
— 1,554
5,771
45,788
63,355
41,510
42,314
587,528
488,726

391,284
437,237

454,421
262,218

86,266
89.125
176,619
160,448
2,055.826
1.852,452

331,635
172.586
3,588
30,680
583,658
253,507

96,536
97,987

64,513
30.777

86,416
76,430

89.650
97,446

21,776
23,056
324,099
349,724
4,038,597
3.540,860

17.465
23,849
617,580
574,326
5,851,934
5.977.368

135,698
125.339
14,734
14,696
245,646
248,960

50.754
64,356
32,440
20,386
261,995
194,609

- .................

Havana Electric
A u g ’22
1,057,418 £553,030
Ry, Light & Power
’21 1,045,458 £411,084
8 mos ending Aug 31 ’22 8,594,424 £4,453,135
’21 8,454,897 £3.485,296
Idaho Power
Aug ’22
232,918 £126,400
Company
’21 219.555 £137,002
12 mos ending Aug 31 ’22 2,382,288 £1,380,735
’21 2,292,040 £1,305,284
Kansas City
A u g ’22
575,258
221.056
Power & Light
’21 457,953
185,282
12 mos ending Aug 31 ’22 7,427,265 3,425.369
’21 6,577,493 2,647,943
Metropolitan
Aug ’22
228,637
56,391
Edison Co
’21 204,006
71.228
12 mos ending Aug 31 ’22 2,748,512 £1,199.253
’21 2,771,964 £1,024,411
Nevada-California Aug ’22 289,132
150,876
Electric Corp
’21 300.604
164,255
12 mos ending Aug 31 ’22 3,327,229 1.702,338
’21 3,191,227 1,691,625
New Jersey Power Aug ’22
56.271
17,951
Lt & Subsid Co
’21
37,139
11.900
12 mos ending Aug 31 ’22 621,561 £189,964
’21
472,551
£153,928
North American Co & Sub Cos—
12 mos ending Aug 31 ’22 46,975,670£l6,448,476
’21 39,945,430£l0,985,314
North Carolina
Aug ’22
95.510
25,691
Public Service Co
’21
88,010
22,016
12 mos ending Aug 31 ’22 1,198,602
331,418
’21 1,097,987
299,284
Northwestern Ohio Aug ’22
52,019
14,319
Ry & Power
’21
49,760
12,433
12 mos ending Aug 31 ’22
462,262
£76,091
’21
489,696
£58,218
Palmetto Power
Aug ’22
48,828
£21,793
& Light
’21
46,812
£23,464
12 mos ending Uug 31 ’22
581,823 £272,940
587,884 £273,886
’21
Penn Central Lt
Aug ’22
199,938
61,742
& Pow & Subsid
’21
192,188
62,426
12 mos ending Aug 31 ’22 2,410,401
.846,954
’21 2,411,412
732,433
Penna Edison Co
Aug ’22
214,459
45,766
& Sub Cos
’21
186,862
47,115
12 mos ending Aug 31 ’22 2,514,892 £845,705
’21 2,544,178
£699.455
Reading Transit & Aug ’22
254,200
30,425
Lt & Subsid Cos
’21
259,039
23,518
12 mos ending Aug 31 ’22 2,940.504 £417,901
’21 3.013,791
£261,711
Republic Railway Aug ’22
662,006 £180,207
& Light Co
’21
558,220 £191,128
12 mos ending Aug 31 ’22 7,510,670 £2,639,484
’21 7,913,684 £2,105,960
Rutland Ry Lt
Aug ’22
50,229
3,547
& Power
’21
11,164
45,279
12 mos ending Aug 31 ’22
572,554 £161,049
’21
570,346 £128,764
Sandusky Gas &
Aug ’22
4,526
52,629
Electric Co
’21
7,083
37.633
12 mos ending Aug 31 ’22
756,636 £176,066
736,267 £173,876
’21
Sayre Electric Co Aug ’22
633
14,128
3,891
14,108
io
'21
12 mos ending Aug 31 ’22
£39,241
183,526
£46,905
194,502
’21
Southern CaliAug ’22 1,547,804
941,679
fornia Edison
’21 1,585,467
924,050
12 mos ending Aug 31 ’22 16,770,962 9,890,531
’21 16,271,814 9,518,228
Vermont Hydro
Aug ’22 54,270
23,302
Electric Corp
’21
38 474
11,571
12 mos ending Aug 31 ’22 557,376
£186,452
’21
524.690 £189,695
Yadkin River
Aug ’22 107,651
£47,174
Power Co
’21 92,189
£.35,082
12 mos ending Aug 31 '22 1,190,329
£507,641
’21 1,032,376 £443,569
£ After allowing for other income received.
h ixed charges include interest and dividends on
stock of constituent companies.

8.021

160,841
132,425

20,112

outstanding preferred

----------- G r o s s ---------- — N e t a f te r T a x e s -----■ S u r p lu s a f t e r
1922.
1921.
1922.
1921.
1922.
S
S
5
S
5
Baton Rouge Electric Co—
August----46,577
43,839
14,052
14,555
10,432
12 mouths. 575,467
534,992
215,547
160,274
167,290
Blackstone Valley Gas & Electric Co
August----- 306,154
300,332
95.16S
103,578
67,486
12 months . 3,910,447 3,448,601 1,433,110 1,023,904 1.098,952
Cape Breton Electric Co, L td August ----49,640
65,047
12,792
7,095
17,036
12 months . 641,664
697,425
67,295
120,982
—142
Central Mississippi Valley Electric O )—
8,945
August----43,212
42,604
10,749
5,286
12 months . 536,953
510,353
144,782
127,171
100.910
Columbus Electric & Power Co—
92,023
84,945
August----- 160,557
152,276
980,353
827,303
12 months . 1,914,638 1,657,581
Connecticut Power Co—
August----- 144,346
123,889
42,480
37,652
25,591
628,264
584,891
12 months. 1,653,320 1,480,396
408,664
Eastern Texas ElectricAugust ----- 153,239
135,598
55,678
44,271
37,167
588,684
12 months, 1,710,004 1,711,271
610,175
387.709
Edison Elec Ilium of Brockton
91,809
30,089
August..-'. 102,910
24,459
29,254
472,246
12 months. 1,327,259 1,233,467
324,308
460,801
El Paso Electric Co—
187,746
August----- 181,677
63,389
52.152
46,373
756,711
12 months. 2,279,789 2,227,180
.
696,072
546.246
Elec Lt & Pow Co of Abington & Rockland—
August___
34,901
28,989
8,4’ 0
4,359
7.832
12 months. 365,305
344,282
6 833
56,704
60,392

C h arges-

1921.
S

10,200
108,121
75,735
691,774
11,259
52,055
7.117
85,263

17,646
344,249
25,762
390,576
23,301
293,091
39,841
565,4R
3,64:
46.45S

THE CHRONICLE

16 2 8

[V ol. 115,

-G ro s s --------- ---- N e t a f t e r T a x e s -------- S u r p . a f t e r C h a r g e s —
1922.
1922.
1921.
1921.
1922."
1921.
S
S
S
5
S
$
Fall River Gas Works—
86,594
August----84,787
23,804
20,392
23,795
20,239
12 months. 998,497 1,001,905
264,017
204,687
202,788
262,113
Galveston-IIouston Electric Co—
August___ 268.624
316,201
44,112
83,093
47,708
4,375
12 months- 3,364,162 3,892,895
714,829 1,077,914
653,567
265,259
Haverhill Gas Light Co—
August___
44,387
39,508
11,138
7,145
6,251
11,132
12 months. 543,658
490,493
146,891
84,910
75,025
142,578
Houghton County Electric Light Co—
August___
39,321
40,417
6,606
7,105
2,321
1,802
12 months. 550,341
593,764
152,806
71,054
6,264
94,742
Keokuk Electric Co—
August___
30,498
30,779
5,710
7,707
2,059
4,080
12 months. 381,944
367,577
98,441
82,219
41,648
54,654
Key West Electrio Co—
August___
19,420
6,979
18,841
4,161
2,285
4,317
12 months. 249,634
78,227
263,526
78,024
55,299
49,726
Lowell Electric Light Corp—
August___
96,397
25,399
85,541
19,414
16,929
25,396
12 months. 1,246,846 1,176,287
402,849
308,411
288,014
383,480
Mississippi River Power Co—
August___ 245,162
221,729
186,486
162,550
83,505
59,084
12 months. 2,896,014 2,789,262 2,187,400 2,069,562
952,814
835,130
Northern Texas Electric Co—
August___ 243,580
279,135
72,974
99,232
73,902
47,958
12 months. 3,135,698 3.7S6.468 1,075,381 1,296,495
992,693
774,550
Paducah Electric Co—August___
43,525
14,760
41,050
10,816
6,329
2,220
12 months. 543,188
173,323
512,493
133,701
71,727
43,951
Puget Sound Power & Light Co—
333,757
August___ 816,896
758,039
286,922
189,140
140,666
12 months. 10,247,893 10,201,218 4,456,142 4,245,239 2,700,939 2,399,051
Savannah Electric & Power Co—
47,837
August___ 130,742
23,750
10 months. 1,345,639
472,780
238,498
Sierra Pacific Electric Co—
36,423
76,683
36,928
August___
76,498
31,533
30.7S0
366,709
841,624
398,011
12 months. 886,701
326,721
291,594
Tampa Electric Co—
49,222
139,004
56,316
August___ 135,420
44,872
56.872
637,424
714,720
12 months. 1,752,085 1,638,558
662,103
585,150

O r d e r s o n H a n d . —Company has orders for freight and passenger cars
sufficient to keep it busy until the development of the new buying move­
ment, which is expected to follow the removal of uncertainties produced by
the coal strike and railroad strike. There is still a great deficit in railroad
equipment, which must bo supplied beforo the normal business require­
ments of the country can be mot.
P e n s i o n P l a n . —As of Jan. 1 1914 a pension plan was adopted for the
benefit of old employees. Since that date there have been retired on pen­
sion 770 employees, and as of July 31 1922 there wero 528 persons on our
pension rolls. The sum of $1,266,252 has been distributed in pensions since
the inauguration of the plan.
L a b o r P o l i c y . —The plan of employee representation installed at Pullman
cor works two years ago is working satisfactorily and is being extended to
all departments. It is the plan to introduce shortly group or industrial
insurance for the benefit of employees.
S a n i t a t i o n o f C a r s . A c . —The methods and facilities provided by the com­
pany for the sanitation of its cars have met with the high commendation
and approval of all interested in this work; in fact, the accepted theorv for
ventilation of cars is based on experiments made for the company. 'The
officer in charge of the Department of Sanitation is in frequent touch with
the Health Departments of the various States and the Federal Government
and is constantly conducting tests and experiments in the effort to improve
our methods.
Red Cross first aid instruction has been started, and ultimately this in­
struction will bo given to conductors, porters and to everyone in Pullman
service who may have occasion to use this knowledge.
O t h e r D e v e l o p m e n t s D u r i n a Y e a r . —Other developments of the year have
been the establishment of “The Pullman News,” a magazine devoted to the
interest and doings of employees and to the upbuilding of the Pullman ser­
vice; and the organization among the porters of choruses, bands and orches­
tras. The latter activity has had a markedly beneficial effect upon the
esprit de corps of these employees.
S t r i k e o f E m p l o y e e s . —Notwithstanding your company had a definite
agreement with its employees in repair shops and cleaning yards, providing
for arbitration of all disputes on working conditions, on July 1 a considera­
ble number of employees in these departments, without warning and in vio­
lation of their agreement with the company, quit their positions in accord­
ance with the general strike of the shoperaft unions. This walk-out oc­
curred in spite of the fact that your company did not cut wages, nor did the
company in any way change the conditions under which these employees
were working. Your company quickly recruited its forces and has been able
to operate efficiently and without interruption.
O u t l o o k . —It is believed that with a settlement of the present labor dis­
turbances and a return to more normal conditions in this country, there will
be a large increase in passenger travel and a revival of car-building, which
will result in a satisfactory improvement in the business of your company.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G J U L Y 31.
1921-22.
1920-21.
1919-20.
1918-19.
Earnings of cars______ $62,548,406a$60,315,718
--------------------Federal compensation.. _______
y979,167 311,750,000 $11,750,000
Returnsfr’m mfg.int.,&c. 3,944,631 5,947,182
2,769,777
3,689,936

FINANCIAL REPORTS.

Gross incom e........... .$66,493,037 $67,242,066 $14,519,777 $15,439,936
Oper. expenses & taxes. _z55,182,022 z54,853,524
1,606,268
2,709,879
-------------------Depreciation in general. 7,039,248 x6,267,559
Dividends (8%)______ 10,499,840
9,599,820 9,599,800
9,599,792
b U. S. RR. Admin___ C r . 7,399,367
............. ........................
...............

F in a n c ia l R e p o rts. — 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 n o
include reports in the issue of the “ Chronicle” in which it is
published. The latest index will be found in the issue of
Sept. 29. The next will appear in that of Oct. 27.

Balance, surplus____ $l,171,294def$3478,836 $3,313,709 $3,130,265
a For 11 months ending July 31 1921. b Balance cf amount received
from tho U. S. RR. Administration in settlement of claim for period of
Federal control, Jan. 1 1918 to Mar. 1 1920, received during this year and
which had not been taken up in incomo accounts of prjvious years, x Tho
provision for depreciation during Federal control accrued under the contract
with tho Director-General of Railroads, and did not appear in tho incomo
account. This includes depreciation for tho month of August 1920.
y •’Guaranteed compensation under Transportation Act (Aug. 1920).”
z Represents “ operating expenses, repairs of cars, taxes and insurance
&c. On 1921-1922 and 1920-21], also corporate expenses and taxes, month
of August 1920 (last month of Guaranty Period).”
T h e P u llm a n C om pany, C hicago.
P R O P E R T Y A C C O U N T A S O F J U L Y 31 ( S H O W I N G D E P R E C ' N , E T C . ) .
{R e p o r t f o r F is c a l Y e a r e n d in g J u ly 31 1922.)
1920.
1921.
1922.
1919.
7,750
7,718
Total number of cars—
7,674
President Edward Francis Carry Sept. 30 says:
$
$
$
s7.643
148,935,729
138,949,086 136,217,101
Cars and equipment----- 149,941,236
R e s u l t s U n s a t i s f a c t o r y . —The results reflect the trying business conditions
which existed during the greater part of our fiscal year.
Reserve for depreciation 69,100,963 64,778,687 62,286,958 57,929,130
Travel, duo to various causes, was at a minimum and it was not until
the last few months of our fiscal year that it showed signs of improvement
Total______________ 80,840,273 84,157,042 76,662,128 78,287,971
5,150,234
4,996,756
in response to seasonal reductions in railroad passenger rates. This im­ Repair shops-------------- 5,135,020
4,147,399
980,874
875,569
provement, however, has been halted by the discouragement of travel Reserve for depreciation 1,089,142
736,952
incident to the shopmen’s strike commencing July 1.
4,169.360
4,121,187
T o t a l--------------------- 4,045.877
C o m p a n y M u s t B e A l w a y s O r g a n i z e d t o D o L a r g e B u s i n e s s . —The company
3.410,447
1,096,279
1,089,443
1,084,042
must be roady to respond upon very short notice to call for facilities to Pullman Building-------1,082,685
110,596
92,164
73,731
handle a peak load of Pullman travel. It must therefore always be organ­ Reservo for depreciation
55,298
ized and oquipped, both as to cars and personnel, to do business on a large
985,682
997,280
1,010,311
Total______________
scale, and it cannot, when travel is extremely light, curtail its expenses in
1,027,386
6,651
6,651
6,651
proportion to the falling off in travel. Only a system of thorough up-keep Other real estato---------6,651
of Pullman cars at all times, both as to equipment and condition of the
Total property account 85,878,483 89,330,332 81,800,277 82,732,455
cars, makes it possible to maintain under all conditions Pullman service at
its well-known high standard. The results achieved during the fow months
B A L A N C E S H E E T J U L Y 31.
in which travel was at a normal volume show conclusively the wisdom of
1921.
1922.
1922.
1921.
the company’s policy of being prepared to care for the maximum travel upon
L i a b i l i t i e s —•
S
S
S
Assets—
$
short notice; and also proved that this policy will yield satisfactory returns Property acct, (see
Capital stock___135,000,000 120000,000
under normal conditions.
above)_______ 85,878,483 89,330,332 Accounts payable. 15,199,061 18,216,477
C o m p a n y D o e s N o t S h a r e i n S u r c h a r g e . —Company does not participate in
Accrued dividends 2,699,960 2,399,960
supplies,
any way in tho surcharge on Pullman fares which it collects and turns over Operating
linen, &c_____ 9,082,976 10,673,342 Insurance & other
to the railroads. It is astonishing the number of Pullman stockholders Unexpired
insur.. 45,864
99,825 reserves............ 2,477,709 2,433,296
who still beliovo that your company shares this surcharge.
Equipment notes. 3,469,847
------- Net surplus..........21,370,550 20,199,255
S e t t l e m e n t W i t h U . S . G o v e r n m e n t . —The item of .$7,399,367 shown in tho
5,066,477 8,373,191
statement represents remainder of sum due in settlement with tho U. S. Securities_______
leases______
- ........ 4,700,218
Railroad Administration, covering the period of Federal control (Jan 1 Car
Cash___________ 31,534,866 20,086,452
1918 to Mar. 1 1920), which was received during this year and which has Bill
3 & acc’ts rec_. 5,023,561 9,849,221
not been taken up in income accounts of previous years.
Mfg.
dept, plants
C a s h , G o v t . , A c . , S e c u r i t i e s . —The cash, Government bonds and certifi­
and investments 36,645,806 20,136,408 Total each side..176,747,880 163248,989
cates of indebtedness held in the treasury of the operating department
amount to $31,500,000. However, in tho treasury of the manufacturing — V. 115, p. 1437, 1331department thero are additional Government bonds and cash amounting
to $6,500,000, which bring the total cash and Government securities held
P e n n sy lv a n ia S a lt M a n u fa c tu rin g Co.
up to $38,000,000. This is in addition to company’s holdings of other
(72d A n n u a l R e p o r t— Y e a r e n d in g J u n e 30 1922.)
stocks, bonds and car trust notes of a market value in excess of $20,000 000.
A c q u i s i t i o n o f H a s k e l l A B a r k e r C a r C o : —Acting under authority granted
President Arthur E. Rice, Phila., Oct. 1, reports in subst.:
by stockholders Dec. 20 1921, company took over the assets and business
of tho Haskell & Barker Car Co., Inc., as of Jan. 16 1922, and the position
R e s u l t s . —Operations resulted in net sales amounting to $6,083,055, which
of the company has been strengthened by the acquisition of tho malleable returned a net profit of $935,188 after all deductions for replacements
foundry, whoel foundry, brass foundry and other manufacturing facilities depreciation and Federal taxes had been made. Tho sum of $441,669 was
of the Haskell & Barker plant. To complete this purchase, tho capital stock used for new construction, compared with $607,327 for the previous year
of the Pullman Company was increased by $15,000,000, bringing the present $513,553 was spent in renewals or replacements; many units in long and
constant use were overhauled and renewed.
capitalization up to $135,000,000.
Tho industrial depression mentioned in tho 1921 report continued through
C a r s O w n e d . —At tho close of tho year, July 31 1922, company owned
7,674 cars, 202 old cars having been scrapped or sold and 126 new cars the latter half of 1921 and well into 1922. During tills period sales recorded
having been added to the equipment during the year.
the lowest figures for many years and factory operations were curtailed
R e p a i r S h o p s . —Company’s repair shops located at St. Louis, Mo., Buf­
accordingly. Brices of all chemicals wero marked down and every effort
falo, N . Y ., Wilmington, Del., and Richmond, Cal., as well as tho manu­ made to stimulate a demand for the company’s products. To partially
facturing plants located at Pullman and Michigan City, have been well meet this unusual and difficult situation, operating and administrative
maintained and their efficiency increased. Tho buildings and equipment expenses, wherever possible, wero also reduced and every possible economy
of tho repair shop at Chicago are old and not well adapted to present re­ was effected.
I n d u s t r i a l R e v i v a l . —Early in tho spring of 1922, and coincident with the
quirements. This shop will therefore bo abandoned and a new repair shop
improvement in tho steel industry, a better demand arose for industrial
provided in tho Chicago district.
A u t o m o b i l e B o d y B u i l d i n g P l a n t . —The capacity of tho automobile body­
chemicals. Stocks in many instances were reduced, and as a result
building plant which was started two years ago has been increased. This factory operations were increased and a more hopeful feeling prevailed
department is now in good production, with a well-filled order book.
generally. At the present writing, the improvement has continued and tho
M a g n i t u d e o f B u s i n e s s . — Indicative of the magnitude of company’s busi­
prospect for the future is encouraging. Caution, however, must continuo
ness, it is interesting to know that company, to care for the material re­ to be observed, as conditions doubtless will lack permanency until the manv
quirements peculiar to tho sleeping car businoss, maintains 125 principal grave economic questions now being considered, both home and abroad
’
storehouses. Its district offices, car-cleaning and repair forces and other are finally satisfactorily settled.
employees are to be found in every State in tho Union and extend into Can­
N o D e b t s . —All obligations have been promptly mot, no money having
ada and Mexico.
been borrowed for any purpose. Thero is no bonded debt nor prof stock
O u m b e r o f E m p l o y e e s . —Company employs approximately 35,000 persons.
A c q u i s i t i o n . — During the year there has been acquired bv purchase the
Y e a r a s a W h o l e A g g r a v a t i n g . —While the purchase of equipment by the
liquid chlorine plant (at Wyandotte, Mich.) of the Metal & Thermit Co
railroads during the year far exceeded buying during the last few years, it of New York, and the company is now in a position to greatly expand hi
did not approach normal. Scarcity of labor and materials made manufac­ this direction when the occasion requires. Tho necessary tank car eouinturing conditions very unsatisfactory. Tho coal strike seriously interfered ment is also bein" provided for this purpose.
1
with procurement of materials and on tho whole the year from a manufac­
C o a l M i n e s . —The bituminous mines adjoining tho plant at Natrona Pa
turing point of view has been a most aggravating one.
have been in constant operation, supplying coal also to factories at Wyan-




THE CHRONICLE

O ct . 7 1922.]

dottc and Philadelphia. Those mines are modern, electrically equipped
and have reserves sufficient for many years.
There has been completed at tho Natrona plant an installation of a new
modern turbine, and similar improvements are contemplated for tho other
factories, all with a view to further reduction of costs and increased efficiency.
L y e B u s i n e s s .—Company has enjoyed a prosperous lye business, both as a
result of an aggressive advertising campaign and fine plant facilities.
Modern machinery is being installed constantly.
K r y o l i t h C o n t r a c t .—The kryolith contract has been renewed for a number
of years, and thero has been no difficulty in securing ample supplies of other
necessary raw materials, such as pyrites, bauxite, nitrate of soda, &c.
The company owns all its own salt deposits.
,
O p e r a t i o n .—As a result of the improvement in the demand for copper ana
iron, tho metallurgical department at Philadelphia, which had been shut
down for some time, is again in operation.
R E S U L T S F O R F I S C A L Y E A R S E N D E D J U N E 30.
1921-22.
1920-21.
1919-20.
1918-19.
Sales................... ..............$6,083,055 $7,071,730 $8,289,164 $8,088,918
Income sale of products
after exp., repairs, &c_ 1,241,846
1,234,414
1,268,736
1,108,947
Other income___
.
99,090
80,386
131,711
119,632
_ Total earnings............... $1,310,936 $1,314,805 $1,400,447 $1,228,579
Depreciation_________
286,184
265,006
253,552
249,609
Inc. & oxc. profits taxes. xll9,564
79,132
144,026
i j n ’nno
Dividends (10%)_____
750,000
750,000
750,000
7o0,000
Insurance reserve_____
3,186
51,511
--------------Balance, surplus____
$182,002
$169,156
$252,869
S|()3.530
Total surplus June 30__y$5,819,807 $5,727,484 $5,784,137 $o,531,26/
x Income and excess profits taxes, including amount estimated for six
months ended June 30 1922. y After deducting $89,680 for adjustment
of taxes and claims.
B A L A N C E S H E E T J U N E 30.
1921.
1922.
1921.
1922.
s
L ia b ilitie s —
S
A s s e ts —
$
$
7,500,000
Capital
stock____
7,500,000
Real estate, incl.
466,674
469,595 Accounts payable- 238,658
coal lands_____ 465,156
74,969
Bldgs., inach., &c.a9,159,503 8,991,047 Accrued taxes___ 113,120
503,383 Special Insurance
Cash__________
984,519
51,511
54,697
160,000 appropriations..
U. S. Lib. bonds.. 160,000
51,511 Prov. for Green­
Trustees of Ins. fd.
54,697
578,390 wich impts____ 122,912
Bills & aects. rec._ 619,465
187,500
Inventory______ 2,452,561 3,024,356 Divs. pay. July 15 187,500
55,814
220,901 Deferred...............
Secur. of other cos. 260,901
8.955 Spec. acct, payable 260,000
Prepaid Insur., &c. 195,708
Surplus and undi­
5,727,484
vided profits__5,819,807
Total ........... ..14,352,509 14,003,139

Total ...............14,352,509 14,008,139

a Inc ludes in 1922 buildings, machinery and equipment at Plants located
at Philadelphia and Natrona, Pa., and Wyandotte, Mich., $ 18,c82,uui,
less depreciation, $9,622,497.—V. 113, p. 1673.

National Fuel Gas Co. (of New Jersey).
31 1921.)
President W . J. Judge says in substance:
( R e p o r t f o r F is c a l Y e a r e n d in g D e c .

The earnings shown below include only the proportion of the business of
underlying companies owned by National Fuel Gas Co. Said conmanies,
their capital and the percentage of each owned directly or indirectly
are as follows:
Provincial Nat.
United Nat. G as$15.125,000-100%
Gas & Fuel of
____
IroquoisNat.Gas 8,032,500-100%
Pennasylv’a Gas 7,200,000-50.84% Ontario, L td .. $600,000-58-84%
Iroq.Bldg.Corp.
255,500-100%
288.000- 50 84%
Pennsylvania Oil
The Mars C o ..
400.000- 100% NiagaraGasCorp. 3,100,500-100%
The total number of consumers supplied on Dec. 31 1921 was 208,190
of which 185,048 represent tho percentage of ownership of National fuel
Gas Co. Included therein are 21,404 consumers who are supplied with
manufactured gas by Niagara Gas Corp.
__
The principal places supplied with natural gas are: (a) In N. i . ntato—
Buffalo, Jamestown, Olean, Salamanca, Lackawanna, Lancaster, Depew,
Hamburg, East Aurora, Angola, Springvillo. (6) In Pennsylvania Erie,
Oil Cltv, Bradford, Warren, Moadville, Sharon, DuBois, Franklin, litii^ville, Carry, Clarion, Brookville, Reynoldsville, Tidioute, Youngsvillo,
Mercer. Greenville, Sheffield, (c) In Canada—Niagara tails, ' ' ellana
Bridgeburg, Fort Erie, Sherkston.
C O N S O L ID A T E D

IN C O M E

A C C O U N T

C A LE N D A R

1921.
1920.
Number of consumers..
208,190
186,873
P-C owned by N.F.G.Co.
185,048
lb3,646
From sales of gas_______ $9,390,661 $8,581,815
From miscellaneous IIII 1,391,184
L279.014

YE A R S.

1919.
184,610
Ifn ’oJy
161,433
159,217
$8,066,191 $8,417,089
669,180
996,992
$9,063,182 $9,086,268
$3,746,637 $3,781,343
1,359,311
1,285,380

„ Total earnings______ $10,7.81,845 $9,860,829
Expenses and taxes____ 1$7,151,493/ $4,098,008
Gas purchased________ /
1 1,185,751
Reserve for depr., dopl.,
1,550,069
amort., p. & 1. a d j ... 1,269,260
1,961.798 ____________________
_
Net earnings...............$2,361,092 $2,615,272 $2,481,096 $3,945,614
B A L A N C E S H E E T D E C . 31 (C O M P A N Y P R O P E R )
1921.
1920.
1921.
1920.
A s s e ts —
$
$
L ia b ilitie s —
S
$
Capital stock........18,500,000 18,500,000
Stocks & bonds of
462,430
underlying c o s..32,437,623 32,502,027 Div. pay. In Jan.. 462,478
Capital stk. prem­
Securities and ac­
360,120
360,120
ium account—
counts receivable 4,388,904 2,753,982
907
417
Cnsh---------------87,830 154,774 Def. divs. on war.
90
£0
Accounts
payable.
Office equipment.
730
757
Deferred charges..
16,855
11,613 Surplus.............. .17,608,848 16,099,605
Total ...............36.931.952 35,423,153 Total------------36,931,952 35,423,153
. I t is understood that tho company has been paying regular quarterly
dividends at tho rate of 10% per annum.—V. 113, p- 2728.

American Shipbuilding Co., Cleveland.
(23r d A n n u a l R e p o r t .— Y e a r E n d e d J u n e 30 1922.)
President M . E. Farr says in substance:
P l a n t o R e t i r e P r e f . S t o c k .—The efforts to carry through a plan for retir­
ing the outstanding preferred stock with cash or equivalent, were without
succoss. Tho holders of the common stock were unwilling to turn over
tho greater part of their interests in the accumulated surplus, to whicn
thoy wero legally ontitlod for the purpose of retiring preferred stock.
A compromise plan was effected which resulted in the exchange ol over
90% of preferred for common shares. The exchange plan received the
unanunous support of the officers (V. 114, p. 82, 951. 1410, 1655.)
N o N e w C o n s t r u c t i o n .—Tho company has boon without now construc­
tion wor c during the past fiscal year, and, in consequence, operating earn­
ings were derived solely from" dockages, reconditioning, replacements,
and repairs to Lake vessels.
, .
This class of work amounted to about 60% of 1921, which made tho net
earnings from operation necessarily small. Many Lake vessels were out
of commission during the entiro navigaolo season of 1921, and few were
fitted out at the opening of navigation in 1922. Tho revenue received
from mvestments and other sources shows a marked increase over the year
C o n t r a c t s .— During tho months of May and June of 1922, tho company
closed contracts for bulk freight steamers for Gieat Lake sorvieo, having
a total deadweight capacitv of 48,750 gross tons. Negotiations for new
business are under wav, with favoraDle prospects for obtaining other im­
portant orders.
R e p a i r W o r k . —Tl>oro wore 221 vessels, aggregating 621,909 tons, drydocked at the various plants of tho company during the year. Repair
plants locatod at Lake Erio ports wero operatod at full capacity during
the winter and spring of 1921-22. All repair work, with the exception
of extensive repairs to two large steamers, was completed with exceptional




1629

despatch. The repairs to these two steamers, delayed bv striking work­
men, were completed in ample time for use by their owner.
All of the type 11 ocean ships are still out of commission and in firstclass condition. Tho ships aro well designed, strongly constructed and
fully rquippod for economic operation. The low prices quoted for other
but inferior tonnage has prevented the sale of these ships, even at prices
greatly below the present cost of reproduction.
^SaZes.—Sales of regular plant equipment not neodod, amounted to $14,L e a s e .—A now lease of property known as Old Globe foundry and pat­
tern shop, was entered into for a period of 99 years, at an annual rental of
$4,000, the lossee assuming all taxes, assessments and other charges against
the property. The lessee has the privilege of buying the property at any
time within ten vears from date of lease, by paying $80,000 in cash therefor.
E x p e n d i t u r e s & I m p r o v e m e n t s .—An appropriation amounting to $201,500,
covering the cost of rearranging the Cleveland plant by replacing the pres­
ent punch shed, joiner shop and pipe shop with modern fireproof steel
structures, putting in new building berth foundations, and installing equip­
ment necessary to construct the largest size Lake type ship, was made.
These improvements will be postponed until needed for new construction
work. Miscellaneous appropriations amounting to $700 were made.
The expenditures for account of appropriations made prior to June 30 1921.
amounted to $15,903.
It will be necessary in the near futuro, to robuild one wharf at the Lorain
plant, and make general repairs to a nun ber of the wooden drv docks;
otherwise the propirty of the companv in uso is in good condition. The
property of the company is not encumbered. Tiro fire loss during the
year amountei. to $2,063, which on account of the nature of the damage,
was settled for $1,600.
I n v e n t o r i e s . —Inventories, with tho exception of broken lots, obsolete
and surplus materials left over from the war construction program, have
been taken on a basis of cost at the time of purenase, but not in excess of
the prevailing market price at the close of the fiscal year. The amount
received during tho year from sale of surplus war material was about 31%
of sales for the proceeding year.
W o r k m e n ' s C o m p e n s a t i o n .—The premium set aside during tho year to
cover workmen’s compensation and public liability risks amounted to
$45,722, and the disbursements, actual and estimated, aggregated $91,061Tho unusually high percentage of fatal and severe injury cases accounts
for the year's loss in carrying this risk.
IN C O M E

A N D

P R O F IT A N D

LOSS A C C O U N T
J U N E 30.

1921-22.

1920-21.

FOR

Y E A R S

1919-20.

E N D IN G

1918-19.

N et earns, all prop, after
mfg. expenses------------$1,369,758 $2,391,127 $11,039,803 $20,875,057
A d d —Interest earn ed ...
553,602
697,954
839,696
690,989
Adj. of Lib. bds., &c_
960,496
170,776
...........
...........
Miscellaneous (n e t)..
___ __
98,121
___ 93,906
Total income_______ $2
&c., exp.
State, county & misc.
taxes_______________
Prov. for amort. &c exp
(estimated)_________
Sundry charges (net)__
Depreciation__________
Maintenance & repairs. .
Fed taxes, &c (est ) __
Amort of perm assets
to pre-war value____
Adj of Lib bonds____
D e d u c t —Gen.,

883,857
480,491
226,583
74,736
466,258
125,313
20,000

N et income for y e a r .. $ 1 ,490,446

$3,357,979 $11,879,499 $21,659,951
784,525
1.899,097
2,624,518
315,366
386,683
261,277
181.436
500,665
313,896
150,000

$1,16 6 ,1 8 0

2,059.506
32,107
377,612
1,395.886

2 ,000,000

945,931
3,606,011
7,000,000

733,314

2,949,511
434,181

$ 2 ,995,294

$ 3 ,784,434

Previous surplus........... 11,363,320 12,821,424 11,856,988
9.947,829
Adjustments (not)____
______<Ze6a855,284
...........
482,724
Total........................... .$12,853,766 $13,132,320 $14,852,282 $14,214,988
Netchgs ag’stsurp acct
_____
_____
$261,857
_____
Pref dividends (7%).__
428.498
553,000
553,000
553.000
Common divs----- b (49%) 5,203,880 (16)1216,000 (16)1216,000(23%)1805000
Prof & loss bal fwd__ $7,221,388 $11,363,320 $12,821,424 $11,856,988
a Includes additional adjustment of inventories as of June 30 1920,
$588,351; overhead deferred at June 30 1920, subsequently charged off,
$151,753; plant property previously abandoned, but proper adjustment
determined subsequent to June 30 1920, $98,647; additional capital stock
taxes for prior periods, $16,534; total as above, $855,284.
b Common dividends paid as follows: (a) on $7,600,000 stock out­
standing: 4% each Nov. 1 1921 and Feb. 1 1922, and 21%% paid April
24 1922; (b) on $14,714,400 Common stock outstanding: 10% June 20
1922 and 2% each paid or to be paid as follows: Aug. 1, Nov. 1 1922, and
Feb. 1, May 1, and Aug. 1 1923.
C O N S O L I D A T E D S U R P L U S A C C O U N T J U N E 30 1922.
Surplus June 30 1921..........................................................................$11,363,320
A d ju s tm e n t C h a rg e s—
Reduction to appraisal basis of inventory value of
ships constructed from surplus war material_____ $3,316,753
Additional amort' claimed in final report to Govt__
429,913
-------------- 3.746.666
A d ju s tm e n t C r e d its —
Revision of property and plant accounts to basis of
final Federal tax return________________________ $1,487,003
Reduction of reserve for demobilization___________
500,000
Miscellaneous war facilities adjustments__________
7,519
Transfer of balance in reserves for additional cost of
completed ships______________________________
162,811
Transfer of po -tion of reserve for contingencies pro­
vided prior to Juno 30 1921 to cover various items
such as tho foregoing, the amount of Which, though
applicable prior, could not be definitely determined
1,589,332
at that d a te ..............................
3,746,666
Net for tho year ended June 30 1922_______________________ 1,490,446
L e s s —Preferred dividends (7%)____________________________
428,498
xCommon dividends (49% %)........................... ............................ 5,203,880
Surplus June 30 1922._____ ________________ ____________$7,221,388
x Paid as follows: (a) on $7,000,000 stock: Nov. 1 1921,4%, $304,000;
Feb. 1 1922, 4%, $304,000; April 24 1922, 21%%, $1,653,000; (b) on
$14,714,400 stock: June 20 1922, 10%, $1,471,440; Aug. 1 1922.2%,
$294,288; Nov. 1 1922, 2%, $294,288; Feb. 1 1923, 2%, $294,288; May 1
1923, 2%, $294,288; Aug. 1 1923, 2%, $294,288.
C O N S O L I D A T E D B A L A N C E S H E E T J U N E 30.
1922.
1921.
1921.
1922.
A s s e ts —
$
$
S
L ia b ilitie s —
$
Plants, prop., &c. 8,074,488 7,049,405 Stock, preferred.. a785,600 7,900,000
5,492,166 5,492,166 Stock, common__ 14,714,400 7,600,000
Govt, securities. _ 6,207,997 7,907,883 Accounts payable. 243,166
245,262
722,164 1,041,727 Acer, int.,taxes,<fcc 109,064
114,009
Accts. & notes rec. 853,540 1,346,851 Unpaid pref. divs.
13.748
138,250
do com. stock. yl,472,540
1,319,188
304,000
913,200
Deferred assets:
Reserves:
•Bldgs., mach’y,
Fire insurance . 148,752
148,752
cquipm't, &c_ X889.874 1,109,717
Workmen’s comPrepaid exp., &c_.
pens'n insur.. 991,103 1,009,355
57,647
63,389
Completed ships.. 2,085,000 5,401,753
Est. Fed’l taxes
& adj. amort. 1,930,284 4,297,366
Notes receivable &
accrued Interest- 1,990,140 2,157,800 Def. credits___ 377,821
Add'l cost ships
Bonds, stocks and
688,655
delivered___
accrued interest. 435,905
174,481
Other assets_____
74,016
127,993 Surplus________ 7,221,388 11,363,320
28,007,867 33,294,796 T otal.............. 28,007,867 33,294,796
a Reduced by exchange into Common stock as per plan in V 114
p. 82, 951, 1410, 1655.
‘
'
x This amount includes buildings, machinery, equipment, &c.. built and
installed on account of war production, $9,295,832; loss rcsorvo for amorti­
zation, $8,737,394; surplus materials, $111,428; spoclal stock $20 008.
dividend amounts to $294,288 and same are payable Aug 1 and Nov 1
1922, and Feb. 1, May 1, and Aug. 1 1923.—V. 115, p. 1535, 76.

1630

THE CHRONICLE

Cluett, Peabody & Co., Inc. (and Sub. Cos.).
( R e p o r t f o r H a l f Y e a r e n d in g J u n e
C O N S O L ID A T E D

IN C O M E

A C C O U N T

A N D

30 1922.)

SU R PLU S

A C C O U N T .

--------------- C a l e n d a r H e a r s --------------1921.
1920.
1919.
N et sales____________ $12,142,640 $25,714,618 $32,817,628 $32,421,816
Raw mat’ls, labor, suppl.,
oper. exp., K e n . & sell.,
exp., all adm. exp. &
res. for taxes. &c____ 10,518,803 24,686,288 30,048,701 x24,667,277
47,537
463,028
547,831
189,877
Interest paid, net_____
Depreciation_________
169,231
289,902
282,804
293,592
m os. en d .
J u n e 3 0 ’22.

Netprofit____ ______$1,407,074
$275,401 $1,938,292 $7,271,070
Federal taxes_________ Included in operating expenses
2,117,941
Deprec. in inventories..
_____
_____
2,356,060
_____
Res. for commitments..
_____
_____
637,758
____
Pref. dividends------ (3M%)295,470 (7)590,940 (7)574,070 (7)488,950
Common dividends____
_____ (U£)270,000 (8)1,440,000 (6)1,080,000
Balance_________ sur.Sl, 111,605 def585,540def3,069,596 sur3584,179
Balance brought forward 5,185,233
5,770,772
8,840,369
4,236,484
Add special surplus____
_____
_____
_____
1,019,705
$5,185,233

$5,770,772

$8,840,368

x Does not include tax reserves.
C O N S O L ID A T E D

30'22. D e c . 31’21.
$
$
Real estate-------- 4,319,575 4,238,336
Good-will, patents.
trade marks, &cl8,275,000 18,275,000
Cash..............
1,322,524 1,986,414
Accts. receivable.a3,742,731 2,864,886
Miscell. invest___
13,140
13,100
Merchandise____ 8,121,516 6,650,262
Pref. stk. in treas.
40,000
40,000
A s s e ts —

Tne

Total----------- 35,834.487 34.067,997

B A L A N C E

SH E E T.

J ' n c 30’22. D e c . 31*21.
S
S
Common stock... 18,000,000 18,000,000
Preferred stock__b8,482,000 8,482,000
Bills payable____ 2,550,000 2 ,000,000
211,505
Accounts payable41,746
41,524
Res. for taxes___ 316,169
147,735
Pref. dividend pay 147,735
Surplus________ 6,296,837 5,185,233
L ia b ilitie s —

t a l............... 35,834,487 34,067,997

a After deducting reserve for cash discount, b Preferred stock $9,000,­
000, less unissued $518,000, leaving $8,482,000 as shown above.— V. 115,
p. 1325.

Kentucky Securities Corporation and Subsidiaries.
K e n tu c k y T ra c tio n & T erm inal C o., L ex in g to n Ice Co., I n c ., an d
L ex in g to n U tilitie s C o., In c.]

(12th A n n u a l R e p o r t— Y e a r E n d e d J u n e 30 1922.)
PresidentP . M . Chandler, Phila., Sept. 15, says in subst.:

The usual comparative income account tables and balance
sheet were given in V. 115, p. 1530.
I N C O M E A C C O U N T Y E A R S E N D E D J U N E 30 1922.
[Kentucky Traction & Terminal Co., Lexington Utilities Co., Inc.,
Lexington Ice Co., Inc., and Blue Grass la rk Co., Inc.]
1920.
1921.
1919.
1922.
Operating revenue.
. .SI ,457,818 $1,479,906 $1,307,669 $1,135,781
934.466
757,278
669,102
Operating expenses.
..
781.043

C O N S O L ID A T E D

.Surplus for divs.,
-V. 115, p. 1530.

$545,440
82,609

$550,391
93.741

$466,679
51,600

..
.

$768,199
146,752

$628,049
140,165

$644,133
126,706

$518,279
65,615

.

283,434

$487,884
250,002

$517,427
254,394

$452,663
256,478

& .c . ..

$338,013

$237,882

$263,033

$196,186

Taxes, rentals, &c.




Y e a r E n d e d A u g . 31 1922.)
President Adolph Lewisohn, Sept. 20, said in brief:
C o b a l t M i n e S h u t D o w n . —During the year very little work was done on
the Kerr Lake property at Cobalt and only 3,113 ounces of silver were
produced. The development work gavo rather encouraging results for a
time, but no important new orebody was disclosed. The mine was ac­
cordingly shut down to await more favorable conditions.
T a h o e M i n i n g . —At the Tahoe Mine a crosscut tunnel driven at a depth
of 650 ft., measured on the dip of the vein, below the upper main tunnel is
developing ore fully equal in value to that in the upper levels, thus giving
encouraging evidence of the existence of a large deposit of silver ore. The
capacity of the mill has been increased and the mill is now treating in the
neighborhood of 250 tons of ore per day. During the period Aug. 31 iqoi
to Aug. 31 1922, the Tahoe Mine produced 977,606 ounces of silver and
2,676 ounces of gold, but so far the profits have been applied to the pay­
ments on account of the purchase price.
J
R i m u P r o p e r t y . —The dredge on the Rimu property has continued operat­
ing and during the year 6,734.20 ounces of gold have been recovered. The
value of the ground dug has been up to expectations, but, owing to certain
mechanical difficulties the yardage dug by the dredge was not as large as
was expected. As a result a relatively small profit was made for the first
eight months of the year. The dredge has now been strengthened and it is
expected that a better running time will be possible and that a larger yardage
will be handled In the future. The profit for the month of August for this
operation was tho largest yet realized, being estimated at about $14,000.
O p t i o n o n G o l d a l e M i n e s . —Company has recently secured an option on
sufficient share;; of the capital stock of the Goldale Mine,, Ltd., to give it
control of that company in case its option is exercised. This property con­
sists of 1,904H acres in various parcels in the Porcupine gold district, North­
ern Ontario, and at the present time development work on one group is
being pushed.
Data from Report of H. A. Kee, Manager, Cobalt, O nt.. Sept. 7.
P r o d u c t i o n . —The production for the year amounted to 3,988 oz. silver
in 4,445 lbs. of high-grade ore, and none of our low-grade mill ore was treated
during the year. These figures include 875 oz. silver on hand \u g. 31 1921.
E x p l o r a t i o n a n d D e v e l o p m e n t . —During the early part of the year develop­
ment work was carried bn, but all mining operations at Cobalt property
were discontinued on Feb. 1 1922- The total advance by drifting, cross­
cutting, raising and sinking amounted to 1,574 ft., as compared with 3,341
ft. during tho previous year.
*
Practically all exploration and development work was continued in the
northerly and southerly extension of No. 3 Vein System, both in the Diabase
above the contact and tho Keewatin below the contact, the results of which
were encouraging for the time but led to no important orebody being dis­
closed.
.
Work done on No. 3 vein structure m Keewatin formation about 125 ft.
below Diabese contact exposed small patches of high-grade silver ore in
several places on the 525-ft. level, at points in tho vein structure where
sheared Lamprophyre dikes were associated with, and intersected, CobaltCalcite vein fracture, which condition has always proven favorable in devel­
opment of other Kerr Lake veins in Keewatin of lower contact.
Total development from Sept. 1 1921 to Feb. 1 1922 amounted to 1,574
ft., as follows: Drifting, 1,185.0 ft.; crosscutting, 158.5 ft.; raising, 202.0 ft.;

'"Total development to Aug. 31 1922 amounted to 64,806 ft., as follows:
Previous to Sept. 1 1921. 63,231.80 ft.; total for year 1921-22 as above,
*^ G o l d a l e O p e r a t i o n s a t P o r c u p i n e . —Company has recently taken an option
oil certain blocks of Goldale Mines, Ltd., stock, which, if exercised, will
give the company a controlling interest. The holdings of Goldale Mines,
Ltd., comprise 1,904?< acres in 50 claims, consisting of a more or less
scattered acreage in the Porcupine gold district of Northern Ontario.

The comparative income account table was given in
V. 115, p. 1540.
B A LA N C E
A s s e ts —
Kerr Lake M. Co.,
Ltd., shares-..X
U. S. Liberty bds.
Acc'ts& bills rec_.
Invcstt’s in outside

1922.

A U G U S T 31.
L ia b ilitie s —
1922.
1921.
Capital stock____$2,400,000 $2,400,000
Kerr Lake Mining
50,359
Co., Ltd31,582
Sundry liabilities..
390
3,057
Unclaimed dlvs—
3,984
3,984
Profit and loss___ 1,228,085 1,114,214

SH E E T

1921.

90,853
268,127

$2,400,000
148,635
160,916

913,759
4,080

839,500
3,787

oS
5
§

R e s u l t s . —The results for the past fiscal year have been the most successful
in our history. This is particularly gratifying since it has covered a period
of somewhat unsettled general conditions, including bus competition with
the City and Interurban electric railway lines of our railway department.
L e z in tg e m
U t i l i t i e s C o . —Gross receipts continue to show satisfactory
growth, and, excluding inter-company accounts, the receipts increased
12.3%. The amount of current generated during the year was in excess of
28,000,000 k. w. h., an increase of 8.7%; the connected load is now 10,923
k. w., and the electric consumers total 5.374, or an increase of 20.3%.
During the year an extension to the power house was completed which
included the installation of a new B. & \V. boiler, with incidental equip­
ment. Extensive additions were made to the distribution system, including
a modern ornamental lighting system in the business section of Lexington.
K e n t u c k y T r a c t i o n & T e r m i n a l C o . —Has been operated under adverse
conditions during the year, and as a result the gross revenue decreased
$115,046. This was due largely to the unsettled conditions existing in the
territory served in the first part of the year, and to jitney competition.
To meet this competition, new light-weight one-man interurban cars were
purchased and placed in operation in the latter part of February. These
new cars have proven themselves especially well adapted for the sorvico of
the interurban lines and have been largely responsible for the elimination
of the jitney bus competition, with the result that the traffic conditions on
the interurban lines have reversed themselves as follows:
J u l y 1 t o M a r . 1. M a r . 1 t o J u n e 30
Gross revenue-----------------------------------Decrease 31.6% Decrease .03%
Passengers carried------------------------------ Decrease 25.8% Increase 19.4%
These figures show that the new one-man cars have appealed to the
public, and from an operating standpoint, they have permitted an increase
in service and warranted a reduction in the rate of fare.
For a number of years the company has been operating at a loss, 1.2
miles of track in the City of Winchester, and through agreement with tho
municipal authorities, the service has been discontinued and the property
abandoned.
.
,,
,
,
,
The physical condition of the railway department has been adequately
taken c.aro of through the expenditure of $154,801 for maintenance, equal
to 26% of the gross revenue.
. ,
L e x i n g t o n I c e C o . —The output was the greatest in its history, amounting
to 48,400 tons, representing an increase of 10,500 tons. Tho delivery
system has been materially increased and a number of sub-icing stations
have.been opened at convenient localities in the city. The cold storage
department has been further improved, and is showing a satisfactory
growth and better profits.
,
G a s D e p a r t m e n t . —This department shows a continued growth.
Tho
system to-day consists of more than 63 miles of line, having 7,780 connected
customers, an increase during the year of 503. Capital expenditures during
the year amounted to $14,491, comprising extensionsfand enlarging of lines
and equipment.
, , , ,
.
F i n a n c i a l . — During the year $210,000 underlying bonds were acquired,
including $8,000 Lexington Ry. bonds purchased by tho sinking fund, in
which there are now $289,000 Lexington Ry. bonds hold alive.
F u n d e d D e b t o f O p e r a t i n g C o m p a n i e s i n H a n d s o f P u b l i c J u n e 30 1922.
Kentucky Trac. & Term. Co. 1st & ref. 5s, 1951--------------$2,235,000
Kentucky Trac. & Term. Co. car trust notes, 7%, 1927..............
80,230
Lexington Railway 1st mtge. 5s, 1949--------------------------- 1,038,000
Blue Grass Traction Co. 1st mtge. 5s, 1934— ............................. 203,500
Lexington Utilities Co. 1st lien & ref. 6s, 1929----------------- 540,050
Lexington Utilities Co. 1st lien & ref. 6s, 1936----------------- 412,550
Lexington Utilities Co. 1st lien & ref. 6s, 1946----------------- 597,000
D i v i d e n d s . —Regular quarterly dividends of 1 A % each have
been paid
on the Preferred stock, and an initial dividend of 1 % has been declared on
the Common stock, payable Oct. 2 1922 to holders of record of Sept. 20
1922. A large amount of tho Preferred dividend scrip has been purchased
and canceled, and funds have been set aside for the payment of the remain­
der, upon presentation on or after Oct. 2 1922.

-. $676,774
Miscellaneous income___..
91,424

Kerr Lake Mines, Limited.
( A n n u a l R e p o r t,

6

Total surplus----------- $6,296,838

[V ol. 115.

$3,682,810 S3,552,838
Total
x Kerr LaKe A lin in g o u . , u w i ., u i w u w m u , v / a u . , m u i o '
m
consideration of the issue of capital stock of this company, $3,000,000; less
amount received from Kerr Lake Mining Co., Ltd., applied to the reduction
of the share capital per resolution at meeting held July 8 1919, $600,000,
leaving (as above), $2,400,000.—V. 115, p. 1510.
—----- —M3»■—----------

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which wero published in full detail in last week’s
“ Chronicle” either under “ Editorial Comment” or “ Current
Events and Discussions.”
E l e c t r i c R a i l w a y s R e v i v a l . — Robert I. Todd, President American Electric
Railway Association, presents favorable report of conditions at annual
convention in Chicago, 111. “Post ’ Oct. 3, p. 13.
B o a r a o f E s tim a te (N e w Y o r k C ity ) H e a r in g o n P la n f o r C r o s s lo w n S u b w a y
B e t w e e n L o n g I s l a n d C i t y a n d B r o o k l y n — ‘‘Times Oct. 3, p. 25.
I n j u n c t i o n A g a i n s t B u s e s O p e r a t e d b y N e w Y o r k C i t y . —See details under

“Rapid Transit in N . Y. City” below.

L e h ig h V a lle y R R .'s N e w O r g a n iz a tio n o f E m p lo y e e s R e s to r e s P ie c e J W o r k
S y s t e m i n S h o p s . —“Times’* Oct. 5, p. 34.
.
U . S . R R . L a b o r B o a r d G r a n ts W a g e I n c r e a s e o f T w o C e n ts a n H o u r to
x f n i n t p n a n c e o f W e ill
~’“Financial America
Oct. 6.
Headings on N e w E n g l a n d R a t e D i f f e r e n t i a l . — If I.-S. C. Commission and

U S Supreme Court uphold contention that extra rate charge on goods
for port of Boston and other N . E. ports is unconstitutional. New England
shippers will be able to collect millions of dollars in rebates from New
England railroads. “Boston Financial Nows'' Oct. 4. p. 3.
T r a c t i v e C a p a c i t y o f L o c o m o t i v e s . —U. S. Bureau of Economics reports
that while number of locomotives increased only 5.9% during last six years,
the tractive power per locomotive increased 10.9% during the same period
and aggregate tractive power increased 17.4%.
C a r L o a d i n g s . —Loadings of revenue freight for the week ended Sept. 23
totaled 973,291 cars, tho largest of any week since that of Oct. 29 1920,
and approximately 96% a? compared with the peak loadings of all time,
reported in tho week of Oct. 15 of that year. The total was 27,372 cars
over that of the week of Sept. 16.
Principal changes compared with week ended Sept. 10 were: Coal,
187 896 cars, increase, 15,655 (total was also largest of any week since
March 25 1922, which was tho week just prior to tho calling of tho coal
miners’ striko on April 1, and 17,740 cars, or \ 0 ' A % above tho total for
the same week last year, but 27,537 cars below the total for the same
week two years ago); merchandise and miscellaneous freight (which includes
manufactured products), 579,009 cars, increase, 11,202; grain and grain
products, 52,379 cars, increase, 289; live stock, 36,896 cars, increase, 1,967forest products, 58,853 cars, increase, 1,482; coke, 8,671 cars, increase, 483ore, 49,587 cars, decrease, 3,706.
F r e i g h t C a r s i n B a d O r d e r . —Fewer freight cars were in need of repairs on
Sept. 15 than on either July 1 this year, when tho shopmen’s strike began
or on Sept. 15 last year, when there was no strike.
Freight cars in need of repairs on Sept. 15 1922 totaled 304,548 cars or
13 4% of th j cars on line. This was a decrease of 20,035 cars compared
with July 1, when th? total was 324,583 cars, or 14.3% of tho cars on line.
On Sept. 15 1921 374,431 cars, or 16.3% of tho cars on line, iveie in need
of repairs, 09,883 moro than on the same date this year.

Oct. 7 1 9 2 2 .]

THE CHRONICLE

1631

A reduction of 17,126 was reported in the number of cars in need of applicant estimates that tho proposed work will cost $3,440,000 lor a
repairs on Sept. 15, compared with Sept. 1 last. Comparisons showed a single track, or $5,011,200 for a double-tracked line. Plans for financing
this construction have not been made and the applicant is unable to fix a
decrease in every district.
date at which work will bo begun.”— V. 115, p. 1320, 426.
M a t t e r s C o v e r e d i n “ C h r o n i c l e ” S e p t . 30.— (a) Judge Wilkerson grants
Government’s request for injunction against striking railroad shopmen,
Eureka Nevada Ry.— S a le .—
p. 1495. (b) Injunction against shopmen “ clear-cut victory,” says Attor­
See Eureka Smelting & Mining Co. under "Industrials” below.
ney-General, p. 1496. (c) Pennsylvania 11R. puts embargo on non-essential
freight, p. 1496. (d) Lehigh Valley and Delaware Lackawanna & Western
Gary & Southern Traction Co.— W a g e s C u t .—
place embargoes on westbound freight, p. 1496- (e ) Lehigh Valley adopts
4-day east-and-wcst-bound freight embargo except for freight specifically
Wages of employees at Gary, Ind.. have been reduced 10%, effective
mentioned in I. C. C. Priority Order No. 23, p. 1497.
OctM^ Tho employees have been receiving 60 cents an hour.—V. 104,
(f)
New York New Haven & Hartford ItR. rejects Baltimore terms for
strike settlement, p. 1497. (g) I- C. C. dismisses complaint against Pull­
man rates, p. 1497. (h) Erie RR. settles with striking shopmen; Great
Georgia Ry. & Power Co.— S to ck I s s u e A s k e d .—
Northern completes new shop organization, p. 1497- (i) Striking shopmen
The company has applied to tho Georgia State authorities for permission
plan joint action with miners to force acceptance by carriers of settlement, to issue $2,500,000 8% 1st Pref. stock of which $2,000,000 is to exchanged
P 1498.
for the existing 6% Pref. stock and $500,000 is to be used for extensions and
mprovements.—See V. 115, p. 1320, 988.
Baltimore & Ohio RR.— B o n d s S tr ic k e n O f f L i s t .—
Green Bay & Western RR.— A b a n d o n L a c r o s s e B r a n c h .
The $441,000 Pittsburgh Cleveland & Toledo RR. 1st Mtge. 6% bonds,
duo Oct. 1 1922, have been stricken from the list of the New \ ork Stock
The I.-S. C. Commission has issued a certificate authorizing tho abandon­
Exchange—V. 115, p. 1530, 1317.
ment of operation of a branch line of railroad between Marshland and
LaCrosse, Wis., about 30 miles.—V. 114, p. 738, 636.
Bingham & Garfield Ry.— T e n ta tiv e V a lu a tio n .—
Houston (Tex.) Electric Co.— F a r e A p p l i c a t i o n .—
The I.-S. C. Commission has placed a tentative value of $5,830,443 on
The company has made formal application to the City Council of Houston,
the property as of Juno 30 1916.—V. 100, p. 1671.
Tex., for authority to Increase fares from 7 to 9 cents, to do away with the
metal tokens now sold at tho rate of 16 for $1, and to increase children ’
Boston & Albany RR.— B a la n c e S h eet D e c . 31.­
faro from 3 M to 4 ^ cents.—V. 114, p. 1890.
1920.
1921.
1920.
1921.
8
Assets—
S
$
L ia b ilitie s —
$
000 Hudson River Connecting RR.— A s s u m p t i o n .—
Cost of road____ 46 445,915 46,446,698 Capital stock____25,000,000 25.000.
000The I.-S. C. Commission has authorized the company to assume obliga­
Securities owned.. 5 602,936 5,601,140 Funded debt------26,000,000 26.000.
tion and liability in respect of not exceeding $14,000 1st Mtge. 5% bonds
Cash___
__
67,073
63,645 Res. from income
N. Y. C. RR. Co.:
and surplus___ 5,500,000 5,500,000 issued by the Interborough Ice Co. under a mortgage dated Jan. 17 1906,
in
connection with the purchase of certain lands from the Knickerbocker
Divs. & int. mat’d
Claim for equip.
24,343 Ice Co.—V. I l l , p . 1566.
21,923
account____4 ,216,763 4,216,763 and unpaid----173,262
173,262
Open accounts. _ 1 431,456 1,431,456 Accrued interest.Interborough Rapid Transit Co.— F in a l N o t i c e . — The
Unext. prem. on
Acct, impts. on
38,063 committee for the holders of Interborough-Metropolitan
36,170
11. & A. RR.. 185,493
181,177 funded debt---Acct. accr. int.. 173,262
173,262 Inc. tax on interest
176 Collateral Trust 4J^% bonds and certificates of deposit
Ware Riv. RR. Co 365,164
365,164 on bonds.........
225
140,266 this week gave notice of the final expiration at the close of
Organization fund 147,861
1,603,195
Profit & loss____ 1,608.622
business to-day Oct. 7, of the time within which these,
Total_______ 58,488,062 58,479,305 bonds may be deposited under the Interborough-Manhattan
Total----------- 58,488,062 58,479,305
The comparative income account was published in V. 114, p. 2354. plan of readjustment and elections made to purchase new
— V. 114, p. 2354.
Interborough notes. Grayson M .-P. Murphy, Chairman
Buffalo Creek & Gauley RR.— C a r T r u s t s .—
of the committee, said in substance:
The I.-S. C. Commission Sept. 28 authorized the company (1) to assume
Deposits by Interborough-Motropolitan bondholders are already in
obligation and liability, as guarantor and otherwise, in respect of $340,000
0 % Car Trust Certificates, Scries D, to be issued by Fidelity Trust Co. excess of 91% of the total outstanding and more than 95% of those have
of Phila., under a car trust agreement dated Oct. 1 1922 and sold at not elected to purchase tho new notes. While sufficient deposits of tho other
less than par in connection with the procurement of 300 55-ton all-steel securities participating in tho plan have not as yet been received to enable
hopper-bottom gondola cars, and (2) to issuo not exceeding $86,000 in the committee to declare tho plan operative, these deposits of IntorboroughMotropolitan bonds were sufficient, so far as that issuo is concerned, either
the same connection.
The trust certificates are to be sold to the Fidelity Trust Co. of Phila. to put the present plan into effect or buy in for tho depositors the 339,128
of Interborough Rapid Transit Co. stock pledged as tho solo security
at par. To provide l’or the cash payment of $86,000 the applicant proposes shares
to issue at not less than par 860 shares of Capital stock of the par value of for these bonds.
i Under the agreement under which it is acting the committee has the
$100 each, which is now held free in its treasury.
right to do this regardless of whether tho present plan is or is not carried out.
Such a sale has been advertised for Oct. 9.
Chicago Attica & Southern RR.— O r g a n iz e d .—
The committee has since its organization in Feb. 1919 published repeated
See Chicago & Indiana Coal Rlt. below.
notices to bondholders and has granted four extensions since the plan was
Chicago & Indiana Coal RR.— P o r tio n o f L in e S o ld .— promulgated on May 15 1922. Tho committee therefore must conclude
The purciiasa has been concluded of that portion of the road between that all holders who do not deposit by Oct. 7 have deliberately chosen not
'Vest Meicher, Ind., La Crosso and Goodland, and the Illinois-Indiana to deposit.
The participation of these bonds has been underwritten and the necessity
Stato lino. This road, which was known as the Indiana Coal Division
of the Chicago & Eastern Illinois RR., will hereafter be known as the of closing tho accounts with the syndicate make it impossible to grant
further
extensions. The committee has therefore determined that, after
C h i c a g o A t t i c a & S o u t h e r n R R . , which has been incorporated in Indiana.
The stock in the new company has been sold to farmers, mine owners the expiration of tho present extension and tho sale of tho Interborough
and grain elevator operators who aro located along the line. The purchase stock on Oct. 9 no further extensions shall be granted except in individual
cases where it is shown that the delay is duo to no fault on the part of the
price was said to bo $250,000.
,
That part of the road between West Meicher and Brazil was recently prospective depositor and with tho consent of the syndicate.
I
bo Interborough stock, when acquired by the committeo, will be
purchased by the Cincinnati Indianapolis & Western.
The now company, it is stated, will have a capital of $1,000,000 and distributed among tho depositing bondholders, tho amount deliverable to
each bondholder electing to purchase new Interborough notes being approxi­
will spend about $250,000 for equipment.
Tne directors of the new company are Charles F. Probst, Chicago; mately 5 3-10 shares per $1,000 bond, although tho exact amount cannot
George AT. Barnard, Edward E. Gates, Indianapolis; J. Shannon Nave, be determined until tho settlement of the bankruptcy proceedings. For
Attica, Ind.; F. Lyons, Brook, Ind ; Roland G. Butler, Urbana, 111.; tnp convenience of its depositors the committeo is making arrangements
J- N. Rhode, Pino Village, Ind., and E. Scott Booe, Kingman, Ind.— whereby, if the plan is declared operative, dep sitors who elect to purchase
now notes will receive for each $1,000 bond, simultaneously with the
V. 115, p. 1099, 868.
payment pf their assessment of $160, temporary Interborough notes for the
Chicago Indianapolis & Louisville Ry.— E q u ip . T r u s ts full amount paid and temporary certificates for at least 5 shares of the
Interborough stock voting trust certificates issuable under the plan. In
S o ld . — Clark, Dodge & Co., New York, and Harrison, case
temporary notes and voting trust certificates aro not ready for delivery,
Smith & Co.. Philadelphia, announced
advertisement in negotiable interim certificates will be issued instead.—V. 115, p. 1532, 1321.
“ Chronicle” Sept. 30, p. xxvi, that the issue of $725,000
Kankakee & Urbana Traction Co.— S o ld .—
5 % Equip. Trust Certificates, Series “ D ,” recently offered
This road has been sold for taxes to Eugene Fowler, the principal stock­
by them, has been largely oversubscribed. Compare V. holder, for $5,000.—V. 105, p. 1104.
115, p. 1428, 1209.
Long Island RR.— I m p r o v e m e n ts .—
care for present requirements and to prepare for tho carrying out
Chicago Peoria & St. Louis RR.— M a y A b a n d o n L in e . — of To
a plan for improving and extending the electric service on tho Long
It is stated that this road, running between Peoria and Alton, 111 , Island, a 25,000-kw. generator is now being installed in the Long Island
may be abandoned unless it can be sold at once. The road has been in City power pland and additional feeders are being run in conduit along
tho hands of receivers since 1914.— V. 114, p. 1416.
tho right of way to Forest Hills. [See “Railway Ago,” Sept. 30.]—V.
115, p. 543.
Chicago Subway Plan.— N e w P la n S u b m itte d . —
City-wide extensions of surface and elevated lines and the building
Louisiana & Northwest RR.— E a r n i n g s .—
of an initial subway system are provided for in a comprehensive and
I n c o m e A c c o u n t f o r Q u a r t e r E n d i n g J u n e 30 1922.
detailed report submitted Sept. 29 to tho Chicago Citv Council Committee
Total operating revenues, $523,515; operating expenses. $330,0*1;
on Local Transportation bv the All-Chicago Council.
taxes,
$4,662;
operating income___________ i ----------------------- $188,809
Recommendation is made that the lines bo the property of the munici­
5,147
pality, but operated, controlled and supervised by a regulatory body Other income__________ ___________________________________
composed of representatives of all parties in interest, tho public, the
Total income____
________________________$193,956
employees, tho municipality and tho investors.
The city was divided into six districts and the needs of the respective Interest on bonds, $28,125; other deductions, $8,551; total_____ $36,676
territories aro pointed out in tho report.
Balance to surplus account________________________________$157,280
The total cost to carry out the program of the All-Chicago Council
was estimated at $154,575,000. Of this amount the initial subway sys­ —V. 115, p. 1321, 1210.
tems would cost $84,000,000; elevated line extensions, $44,875,000, and
Manhattan City (Kan.) & Interurban Ry.— S a le .—
surface lino extensions, $29,500,000.
The plans call for 255 miles of surface line extensions, 179 miles of _ The property rights, franchises, &c., of tho company were sold for
elovated lino extensions and 58 miles of initial subway construction.— $<0,000 on Sept. 27 at Manhattan, Kan., by W. A. Busch, St. Louis,
Receiver, to first mortgage bondholders, who were represented by Arthur
V. 114, p. 1532. 1406.
Hag of Kansas City.— V. 115, p 1321

Chicago Surface Lines.— D e v e lo p m e n t , E q u i p .. & c . —

Sec articles entitled “ Developing Chicago’s Street Cars,” “Heating and
Ventilating Chicago's Street Cars’’ in tho "Electric Raihvay Journal”
Sept. 30, pages 499 to 509, inclusive.—V. 115, p. 988, 759.

Manitowoc & Northern Trac. Co.— C o n s o lid a tio n .—

Sec Wisconsin Public Service Corp. below.—V. 115, p. 1532.

Market Street Ry. Co.— T e n d e r s .—
Community Traction Co.— N e w D ir e c to r . —
Bids for the sale of 1st Mtge. 5% Sinking Fund gold bonds dated Sept. 1
S.
O. Richardson lias been elected a director, succeeding W. L. Milner.—1894 to an amount sufficient to exhaust $160,000 will be received until
V. 115, p. 72.
Oct. 10 at the office of the company. 58 Sutter St., San Francisco, or office
of Ladenburg, Thalmann & Co., 25 Broad St.. New York.—V. 115, p. 759.
Delaware & Hudson Co.— D e f in itiv e B o n d s R e a d y . —
The United States Mtge. & Trust Co.’ announces that tho definitive
Memphis Street Railway.— M u s t F ile C l a i m s .—
15-year 5H % gold bonds, dated May 1 1922, are now ready for delivery
All creditors holding claims against the company (other than claims
upon surrender of temporary bonds.—V. 114, p. 1406, 1759.
arising on account of bonds, personal injuries or the deaths of persons or
damago to property) and especially holders of claims arising from any note
Delaware Lackawanna & Western RR.— S to c k . — A syn­ or
notes issued by the company, must file with clerk of the District Court
dicate headed by Chas. D. Barney & Co. has purchased and of the United States for the Western division of tho Western District of
rennessee, within 30 days from Sept. 14, a statement duly verified, setting
resold slightly over 30,000 shares of stock.
nature of their respective claims and the bases thereof.—V. 115
The purchase involves more than $5,000,000 and was made from an forth
ru l o i the
n noo
estate.—V. 115, p. 1528.
Menominee & Marinette Light & Trac. Co.— C o n tr o l .—
Erie RR.— C o n s tr u c tio n o f E x t e n s i o n .—
See Wisconsin Public Service Corp. below.—V. 115, p. 1532.
The l.-S. C. Commission has issued a certificate authorizing the con­
struction of a lino of road botween Sparrowbush, N . Y., and Lackawaxen,
1 ®., a distance of 20.8 miles. The report of the Commission says:
Milwaukee Electric Railway & Light Co.— B o n d s
' rhe proposed line is designed to relieve the congestion on the present
tracks by providing the equivalent of third and fourth main lino tracks S o ld . — Dillon, Read & Co., Harris, Forbes & Co., and
between those points. No cities, towns or villages would be served. Tho Spencer Trask & Co. have sold at 92)4 and int. to yield




THE CHEONICLE

1632

about 5H%» 5512,500,000 5% Ref. & 1st Mtge. Gold bonds,
Series B (see advertising pages).
Dated Juno 1 1921. Due June 1 1961. Interest payable J. & D. In
New York without deduction for any Federal normal income tax up to
2%. Pennsylvania 4-mill tax refunded. Central Union Trust Co.,
New York, trustee. Denom. $1,000 and $500 (c*). Red. all or part
by lot on any interest date to and including June 1 1923 at 105 and interest,
with the redemption price reduced K of 1% during each two-year period
thereafter.
L i s t i n g . —Application will be made to list on the New York Stock
Exchange.
S i n k i n g F u n d . — Company covenants to purchase and retire 1% per
annum of these bonds if obtainable at or below par and interest .
I s s u a n c e . —Approved by the Railroad Commission of Wisconsin.
Data from Letter of John I. Beggs, President of the Company.
C o m p a n y . —Owns or controls the entire central station electric light
and power and steam heating business in the City of Milwaukee and
suburbs. Also owns and operates substantially the entire street railway
business in this territory and furnishes most of the interurban railway
service throughout an extensive surrounding district, including city of
Racine, in which it likewise operates the local street railway system.
Recently acquired control of the Milwaukee Northern Railway, which
operates about 57 miles of interurban electric railway line from Milwaukee
north to Sheboygan, and does a large passenger and freight business in
the intermediate territory.
Company also supplies electric power to nearly all of the utilities in
the southeastern section of the State of Wisconsin. Population, 850.000.
E a r n in g s — C a le n d a r Y e a r s .
G ross
R even u es.

N et
In com e.

I n t. on
F u n d e d D e b t.

B a la n c e .

$2,988,044
$1,346,051
$1,641,993
191 2................ $7,009,823
1914 ............ - . 7,566.021
3,139,247
1,452,460
1,686,787
1916 ............ . 8,891,409
3,669,002
1.354,925
2,314,077
12,145,874
3,063,158
1,418,492
1,644,666
1918
1920 ------------ 19,064.335
4.275,442
1,733,766
2,541,676
1921 ------------ 18,463.532
5,149,158
1,896,887
3,252,271
The annual interest requirement on the total funded debt which wil1
be outstanding in the hands of the public upon completion of this financing
is $2,073,210. On the above basis net income for the 12 months ended
July 31 1922 was more than 2.82 times this annual interest requirement.
Moro than 62% of 1921 net income was derived from electric light and
power business.
C o n t r o l . —Company forms an important part of North American Co.
system, and operations have been under that company’s management
since organization in 1896.
D i v i d e n d R e c o r d . —Company has paid dividends as due since 1900 on
its Preferred stocks ($7,761,000 now outstanding) and commencing in
1903 has paid dividneds annually averaging 8% on its Common stock,
($9,850,000 now outstanding.)
V a l u a t i o n . —The Wisconsin Railroad Commission’s valuation of the
physical property of the company as of Jan. 1 1914, together with sub­
sequent capital expenditures to July 31 1922, aggregates $58,151,284
(exclusive of $2,545,266 of materials and supplies on hand).
S e c u r i t y . —The bonds will, under the mortgage provisions, become a
first lien on the company’s entire mortgaged property by Dec. 1 1931.
All underlying mortgages are closed except for use as collateral to the
Ref. & 1st Mtge. bonds and the company covenants not to extend any
underlying issues and to retire all underlying bonds by Dec. 1 1931.
P u r p o s e . —Proceeds will be applied to the redemption of $7,822,000
outstanding funded debt (including the $4,950,000 Series A Ref. & 1st
Mtge. bonds) to the reduction of floating debt incurred for property
additions and to provide funds for further additions.
All of the outstanding Ref. & 1st Mtge. gold bonds, Series A, dated June 1
1921, have been called for redemption Dec. 1 at 1024$ and int. at the officoof the Central Union Trust Co., 80 B ’way, New York.—V. 115, p. 1429.

[VOL. lift.

This rate remained effective until the reduction to $1 30 under the reorgan­
ized company Sept. 27 1922.
Rates for electricity will not be changed at present. They will remain
the same as those put into effect Oct. 9 1918, when there was a 30% increase
The properties of the New Orleans Gas Light Co. for the present will be
operated separately, but later these will be taken over by the New Orleans
Public Service, Inc., and all the utilities operated by that company.
The new company will control all tho street railways, gas and electric
light and power in New Orleans. A favorable contract with the city
provides revenues to produce 74$ % on $44,500,000 invested capital, agreed
upon for rate-making purposes, also 74$ % may bo earned upon new capital
Company is obligated to put $15,000,000 new capital into tho properties in
5 years.
The officers of the new company are: R. S. Hecht, Chairman of the
Board (and temporary President); A. L. Kempstor, V.-Pres. & Gen. Mgr •
H. A. Ferrandou, Treas.; J. H. DeGrange, Sec., and O. B. McCoard’
Auditor.
The board of directors are: J. P. Butler, Thomas F. Cunningham
D. D. Curran, Lynn H. Dinkins, R. S. Ilecht, A. M. Lockett Hugh
McCloskey, W. Irving Moss, Harold W. Newman, J. D. O'Keefe’ A D
Parker, W. S. Penick, Paul II. Saunders, W. P. Simpson, Charles J
Theard, all of New Orleans; Mortimer N . Buckner and G. M. Dahl, New
York.
E a r n i n g s 12 M o n t h s E n d e d M a r c h 31 1922.
R a ilw a y .

E le c tr ic .

G a s.

T o ta l.

Operating revenue________$8,705,029 $3,401,770 $2,737,496 $14,844,296
Operating expenses________ 5,484,501 1,921,472 1,569,822 8,975,796
Net operating revenue.-.$3,220,528 $1,480,298 $1,167,674 $5,868,500
T axes____ _____
735,592
290,295
263,002 1,288,889
Net operating income____$2,484,935 $1,190,002
740,000
260,000
R .& R . reserve___________
Gross corporate in com e-.$l,744,936
—V. 115, p. 988, 869.

$930,003

$904,672 $4,579,611
200,000 1,200,000
$704,672

$3,379,611

New York Central Lines.— S te e l R a il O r d e r s .—

Orders have been placed for 194,300 tons of steel rails for 1923 delivery,
distributed as follows: (1) Illinois Steel Co., Gary, Ind., 74,500 tons:
(2) Carnegie Steel Co., Bessemer, Pa., 16,464 tons; (3) Bethlehem Steel
Co., Steelton, Pa., 85,036 tons; (4) Inland Steel Co., Indiana Harbor,
Ind., 15,800 tons; (5) Cambria Steel Co., Johnstown. Pa., 2,500 tons.
—V. 115, p. 308.

N. Y. Chicago & St. Louis RR.— E q u i p . T r u s t A u t h .—

The I.-S. C. Commission has authorized the company to assume obligation
and liability, as guarantor and otherwise, in respect of not exceeding
$3,150,000 5% certificates to be issued by Union Trust Co., Cleveland,
under an equipment trust agreement dated Sept. 1 1922, and sold at not
less than 98, in connection with the procurement of certain equipment.
See offering in V. 115, p. 1321.

Pennsylvania RR.— S te e l R a il O r d e r s .—

The company on Sept. 30 placed an order for 170,000 tons of rails for
1923 delivery. Of the total order, 8,000 tons will be contracted for direct
by the Long Island RR. The orders are distributed as follows: United
Statos Steel Corp., 78,000 tons; Cambria Steel Co., 37,000 tons; Bethle­
hem Steel Co.. 37,000 tons; Lackawanna Steel Co., 9,000 tons; Inland
Steel Co., 9,000 tons; total, 170,000 tons.—V. 115, p. 1533.

Pere Marquette Ry.— P r e f e r r e d D i v i d e n d s . — The directors
on Oct. 4 declared tho following dividends payable Nov. 1
to holders of record Oct. 14, namely: (1) On 5% Prior
Preference stock, a quarterly dividend of 1J4%; (2) on 5%
Preferred stock, a quarterly dividend of 1 % % , and 1% on
account of the arrears of the cumulative dividends on said
Missouri Kansas & Texas Ry .-— S a le P o s tp o n e d .—
The sale of this road was postponed Oct. 4 for the second time. The Preferred stock, the amount of such arrears being thereby
postponement was necessary because the I.-S. C. Commission has beon
delayed in approving the securities of the road. The sale was reset for reduced to 2%*

November —V. 115, p. 1429, 1321.

Mobile Light &; Railroad Co. — F a r e s I n c r e a s e d .—

The Alabama P . S. Commission has authorized the company to establish
at once a street car fare of 8 cents instead of the present fare of 7 cents, to
charge 6 cents instead of 5 cents on county lino cars, to impose a charge of
2 cents for transfers except those to and from the Michigan Ave. line, and
to charge 7 cents for 8-cont tickets where four or more are purchased at once.
School tickets will be sold at 3 1-5 cents each as at present.—V .115, p .183.

Municipal Ry. of San Francisco.— B o n d I s s u e .—

The Public Utilities Committee of the San Francisco Board of Super­
visors on Sept. 13 instructed the City Attorney to prepare an ordinance out­
lining a $1,500,000 Municipal Ry. extension bond issue for submission to
the voters of San Francisco, Calif., at a special election. (“ Electric Ry.
Journal” Sept. 30.)—V. 114, p. 410.

Muscatine Burlington & Southern RR.— V a lu a tio n .—

The I.-S. O. Commission has placed a tentative value of $856,495 on the
property, as of June 30 1918—V. 115, p. 760, 544.

Nashville & Atlantic RR.— C o n s tr u c tio n .—

The I.-S. C. Commission has authorized the construction of a line of
railroad beginning at a connection with the Nashville Chattanooga & St.
Louis Ry. at Campaign, Tenn., and extending in a southeasterly direction
12 miles to a point on Rocky River in Van Buren County, Tenn. The com­
pany was organized in Juno 1921 and began construction of the proposed
lino immediately. At this time 80% of the work has been done on the first
104$ miles, and this portion is to be completed for operation by Dec. 1 1922.
The remaining 14$ miles are to be built before 1925. The cost of the entire
12 miles is estimated at $167,205, not including equipment. The funds are
being supplied by the Rocky River Coal & Lumber Co., which will own the
capital stock.

Nashville Chattanooga & St. Louis RR.— B o n d s . —

The I.-S. C. Commission has authorized the company to issue not ex­
ceeding $747,000 1st Consol. Mtge. 5% gold coupon bonds, to bo sold at
not less than 98% and int. and the proceeds to be used to provide for the
payment of $371,000 Jasper Branch 6% bonds and $376,000 Centroville
Branch 6% bonds, both due Jan. 1 1923. The company has made no
arrangement to sell these bonds, but states that in no event will the cost to
it exceed 6% per annum of the principal amount thereof, including all
charges— V. 115, p. 1321, 988.

New Jersey & Pennsylvania Traction Co.— M e r g e r .—

See Trenton-Princeton Traction Co. below.—V. 114, p. 1063.

New Orleans Public Service, Inc . — N e w C o m p a n y .—
See New Orleans Ry. & Light Co. below.

New Orleans Ry. & Light Co. — P r o p e r tie s T r a n s f e r r e d .—

Formal transfer of the property of the company to the New Orleans
Public Service, Inc. (incorp. Aug. 24 last), was effected in t h e y . S. District
Court at Now Orleans Sept. 21. The property' was deeded over to the
new company on application of G. M. Dahl and R. H. Ilecht, who pur­
chased it at public auction Aug. 17 on behalf of tho reorganization com­
mittee. The papers confirming the sale of the company s property were
signed on Sept. 19 before Judge Foster.
Joseph Bourdette Jr. and Freda Bourdette, owners of $63,000 44$%
Ixmds, withdrew tho suit brought by them attacking the legality of the
foreclosure sale.
.
Action brought by Augusta Du Buisson against the company for failure
to satisfy a judgment for $10,000, which sho had obtained against the
company for personal damages, was also withdrawn. It is understood that
the complaining parties have been assured that their rights would be fully
protected.
Effective Sept. 27 street car fares were reduced from 8 cents to 7 cents and
the price of gas from $145 per 1,000 cu. ft. to $1 30 per 1.000 cu. ft. Street
railway fares were increased from 5 cents to 6 cents Oct. 9 1918. On Oct.
22 1921 the fares were raised to 8 cents, remaining at that figure until
Sept. 27 1922. Gas rates were increased from $1 per 1,000 cu. ft. net to
31 30 net Oot. 9 1918. Another increase to $1 45 net was made July 1 1922.




The company in May and August last paid dividends of 1% each on
account of arrears on tho 5% Prof, stock; while in January last a dividend
of 10% was paid.—V. 115, p. 1533, 645.

Pittsburgh (Pa.) Rys.— I n te r e s t P a y m e n t .—

Judge Thomson in the U. S. District Court has authorized the receivers
of the Pittsburgh Rys. Co. to pay the Union Trust Co., trustee under the
Southern Traction Co. mortgage, $100,000, representing interest coupons
due Oct. 1 1922.—V. 115, p. 870.

Pittsburgh & West Virginia Ry.— S tock A u th o r iz e d .—

Tho I.-S. C. Commission has authorized the company to issue not
exceeding $4,571,600 6% Cumul. Pref. stock, par $100, to be deposited in
company’s treasury. The report of the Commission says:
“The applicant represents that from April 1 1917 to June 30 1922 It
expended from income $2,370,724 for additions and betterments to its
property, and that it proposes to expend from income for similar purposes
$2 200 972, the principal items of which are $310,000 for 14 steel passengertrain cars and $1,660,000 for 1,000 steel coal cars. It is proposed to
capitalize these past and prospective capital expenditures by tho issue of a
like amount of 6% Cumul. Pref. stock. Authority is also sought to issue
$328 304 of Pref. stock for future capital expenditures not yet authorized.
“The applicant does not propose to sell the stock at this time but to
place it in its treasury in reimbursement of expenditures made and proposed
to be made as aforesaid.
,
“If the $4,900,000 of Preferred stock were to bo issued, as contemplated,
$328,304 thereof would not be issued in respect of either existing or definitely
contemplated railway properties. Wo are of tho opinion that such amount
of stock not representing cither property existing or in definite contempla­
tion ought not to be issued. Our order will therefore authorize the issue
of not exceeding $4,571,600 of Pref. stock.—V. 115, p. 1100, 544.

Portland (Me.) Terminal Co.— B o n d s A u t h o r i z e d .—

The I -S C. Commission has authorized the company to issue not
exceeding $195,000 1st Mtge. 5% Gold bonds, to be sold at not less than
85 and the proceeds used to pay promissory notes as follows:
Demand note payable to Maine Centra , dated Jan. 2 1918.......... -$50,000
Demand note payable to Maine Central dated Jan. 2 1920-------- 30,000
90 day note payable to Fidelity Trust Co., Portland, Me., dated
July 11 1922—discounted------. . . . . . . . . . . . . . . . . . . ----------- 50,000
90-day note payable to First National Bank, Portland, M e--------- 50,000
The Maine Central RR., which owns all the capital stock guarantees
the payment of principal nad interest of the bonds.—V. 114, p. 2580.

Rapid Transit in N. Y. City.— I n j u n c t i o n A g a i n s t B u s e s .

Upon the application of Edward Schafer, in an action as a taxpayer
against the City of New York, Justice George V. Mullan of the New York
Supreme Court on Oct. 4 enjoined the city authorities from “appropriating
municipal funds for the purchase and operation of municipal motor buses
and from operating or assisting in or supervising the operation of privately
owned buses that are now being operated without franchise but with of­
ficial sanction.” Justice Mullan has set Oct. 15 as tho day to receive written
argument on the question of holding the city authorities accountable for
moneys spent in operation of buses.
The injunction, it is said, will force tho discontinuance of every bus line
in the city operated or supervised by the municipal authorities, and will
leave only the Fifth Avenue bus lines in operation and will affect more than
200.000 passengers.
Justice Callahan recently, on tho application of the Brooklyn City RR
the Brooklyn Rapid Transit Co., the Now York & Queens County Ry. and
the Long Island Electric Ry., handed down temporary Injunctions restrain­
ing the Manhattan Transit Co. from operating bus linos at Coney Island
Brownsville, Greenpoint, Long Island City and Jamaica.
R even u e P a sse n g e rs

C a r r ie d b y N . Y . C ity

T r a c tio n s .—

According to figures mado public by tho New York Transit Commission
the number of revenue passengers carried for the vear onded June 30 1Q22
by the surface, subway ar.d elevated lines of New York City was 2,590 313 728, an increase of 98,404,550 over the fiscal year ending June 30 1921
Of the volume of traffic approximately 60% was handled by the rapid transit
routes—subway and elevated lines—while 40% was carried by the surface
lines. A comparison with previous years is as follows:

Oct. 7 1 9 2 2 .]

THE CHRONICLE

-r
_.
N o . R evenu e
t *
—
P assen gers.
■June
........................................... - ..........1,000,767,483
§0 1 9 0 6 ..--------------------------------------- 1,251,841,173
Jiine 30 1910-----------1,531,262,914
yune §R
-------------------------------------------1,709,876.508
Juno 30 1916------1,898,735.615
] un° 3 0
--------------------------------------- 1,975,482,316
J“ne 30 1919------------------------------------------- 2,079,944,297
•Jpno ™
2,365,587,369
June 30 1921------------------------------------------- 2,491,909,178
Ju”e 30 1 922------------2,590,313,728
—V. 115, p. 1100.

A nnual
In crease.

61.777,519
120.838,479
128,845,272
88,962.573
91,102.889
56,670,087
104,461,981
285,643.072
126,321,809
98,404,550

Sabino & Neches Valley Ry. — A c q u i s i t io n , tt*c.—

T*16 I--8. C. Commission has authorized the company (1) To acquire
? ? \* op>erato
of road between Deweyvillo and Gist, Texas;
a t id1
10 *1PO,000 Common stock, par $100 ($82,000 to be delivered
eavy in part, payment for a certain lino of road, and the remainder
/.eS irS u i*0
subscribers for cash); (3) to issue 6 promissory notes
ea »
thfi Peavy Moore Lumber Co., in connection with the
a “urn 1011 of tao I*110 of road. The report of the Commission says:
eir.it i
incorp. Nov. 4 1921 in Texas, with an authorized
ot $100,000. Construction of the line to bo acquired was begun
Sabino Tram Co. (V. 88. p. 1314) prior to Sept. 1919, at which
i'joo 8 miles had been completed. It was then acquired by the Peavytpoore Lumber Co., which completed the lino to a connection with the
eiuii coast Lines at Gist. By the terms of a contract between the lumber
r?r111iany aDd flm applicant, the latter is to pay $106,000 for the road.
Ot this amount $82,000 is to be paid by delivering to A. J. Peavy, for
tno lumber company, 820 shares of the applicant’s Common stock, the
rei^3,m<fer is to be paid in 6 annual installments of $4,000 each.
iho unpaid balanco of the purchase price is to bo evidenced by 6
promissory notes of $4,000 each, which the applicant proposes to issue
tnoi , * eavy-Moore Lumber Co. The notes are to be dated Dec. 31
t y j l, to be payable to the Peavy-Moore Lumber Co., or order, to bear
interest at rate of 6% per annum, to mature, successively, at intervals
oi one year, in from one to six years from date, and to be secured by a
vendors lien to bo retained, upon the railroad and its appurtenances,
m ,,n .
, convoyance from the lumber company to the applicant,
ft is further proposed to issue $18,000 stock to stock subscribers.”
Officers are: R. J. Wilson, Pres. <fc Gen.-Mgr., Deweyvillo, Tex.;
a " -T,' "Joore, Vico-Pres., C. C. Cary, Vice-Pres., Shreveport, La.; Cecil
Smith, Sec.-Treas., Deweyville, Texas.

Sabine (Texas) Tram Co.— S u c c e s so r C o m p a n y . —

See Sabine & Neches Valley Ry. above.—V. 88, p. 1314.

St. Louis Southwestern Ry.— P r e s id e n t. —

Daniel Upthegrove, who has been acting as President since the death
oi J. M . Herbert, has been elected President.—V. 115, p. 870.

San Francisco-Sacramento RR.— B o n d s O ffe r e d . — M.
H. Lewis & Co. and Drake, Riley & Thomas, San Francisco,
.are offering at 99La and int., to yield about 6.05%, $200,000
1st Mtgo. 6 % gold bonds. (See advertising pages in last
week’s “ Chronicle.” )
f(P atcd Jan. j 1920. Due .Tan. 1 1940. Interest payable J & .T. at
oinee ot Union Trust Co., San Francisco, trustee, or Harris Trust <fc Savings
ioo ’ _%licaK0. Callable by lot, all or part, on any intorost date at
" " and Interest. Denom. $1,000 and $500 (c*). Company agrees to
Federal incomo tax to an amount not to exceed 2%. Taxexempt in California.
Data from Letter of Walter Arnstein, President of the Company.
,* r o p e r t i c s .—Consist of a modorn electric passenger and froight railroad
oi about 100 miles of main and branch lines extending from Oakland to
»acr*mento, Calif., forming a link botwoen the populous Bay section of
tno stato with tho capital of the State and the Sacramento and San Joaquin
valleys. Through trains are operated over the Key Route tracks in
Dak land, connecting directly with ferries to and from San Francisco.
I
he territory served, including San Francisco, and tho Bay Cities,
one of the most important in tho Stato, having a population estimated to
exceed 1,000,000 people. Various manufacturing industries, including
Plants, petroleum refineries, lumber and cotton mills and shipouilding yards, are served by the company. Deciduous fruits, grains,
vegetables and hay are the principal agricultural products produced in
the company’s territory.
The property is well maintained and the equipment is ample and of
standard modern construction. The entiro main line is protected by a
block signal system of high-class construction. Power Ls furnished under
advantageous contract by Great Western Power Co.
b e c u r i t u .—These bonds, together with $756,000 6% bonds previously
issued under the satno mortgage, are a first and only mortgage on all
Property.
E a r n i n g s .—Net earnings available to pay interest on all outstanding
bonds, including this issue, havo averaged during the past 5 years $236,386
Per annum, or over 4 times interest requirements on all bonds outstanding.
C a p ita liz a tio n a fte r th is F in a n c in g —
A u th o r iz e d . O u ts ta n d in g .
Preferred stock................................- ..................................... - 8 1 ,500,000 $1,243,710
Common stock.............- ................................ ................ 6,550,000 6,242,055
1st Mtge. 6% gold bonds-------------------------- ------- 3,000,000
956,000
—V. 115, p. 1430.

Southern Colorado Power Co.— B o n d s C a lle d .—

All of tho outstanding $4,475,300 1st & Ref. Mtge. S. F. gold bonds of
tho Arkansas Valley Ry., Light & Power Co. havo been called for pay­
ment Nov. 1 at 105 and int. at the First National Bank of New York
or at tho Continental & Commercial Trust & Savings Bank, Chicago.—
V. 115, p. 554.

Tennessee Central Ry.— S e c u r itie s A u t h o r i z e d . —

The I.-S. C. Commission has authorized the company (1) T o issue
not exceeding $937,000 1st Mtge. 6% gold bonds, to be pledged with
the Secretary of the Treasury as part collateral security for a loan from
the United States; (2) to assume obligation and liability, as guarantor
and otherwise, in respect of $036,866 Equipment Trust certificates to be
issued by American Trust Co., Nashville. Tenn., under an equipment
trust agreement dated Sept. 1 1922; said certificates to be pledged with
the Secretary of the Treasury as part collateral security for a loan from
the United States.
The supplemental report of the Commission says in part:
The Tennessee Central Hallway Co., a common carrier by railroad
engaged in intor-State commerce, by amended supplemental application
filed in this proceeding on Sept. 21 1922, has duly applied for authority
under Section 20a of tho Inter-State Commerce Act to issue $937,000 of
1st Mtge. bonds, and to assume obligation and liability in respect of
$636,866 of Equipment Trust certificates by entering into an equipment
trust agreement under which the certificates will be issued, and into a
lease of certain equipment to be acquired, tho bonds and equipment trust
certificates to be pledged with tho Secretary of the Treasury as security
for a loan to tho applicant from the United States under Section 210 of
the Transportation Act, 1920, as amended. No objection to the granting
of the application has been presented to us.
By our order July 22 1922, (V. 115, p. 515) wo authorized the applicant
to issue stock and bonds and to assume obligation and liability in respect
of certain notes and Equipment Trust certificates for the purpose of effecting
in part its reorganization. At the same time we approved tho making
of a loan by the United States to the applicant.
We approved tho making of a loan of $937,000 by tho United States
to the applicant to enable it to make additions and betterments and to
purchase certain equipment. It is required that tho applicant pledge,
as collateral security for this loan, $937,000 1st Mtge. 6% Gold bonds,
series A, and $630,866 of Equipment Trust certificates, series B, con­
stituting a first lien on now equipment to be acquired with a like amount
of the loan.
The bonds are to bo secured by a first mortgage given to American
Trust Co., Nashville, Tenn., as of April 1 1922, on all of its properties.
Tho mortgage provides for the issue forthwith of $3.000,000 bonds and
of additional bonds from time to time to reimburse tho applicant for not
exceeding 80% of tho actual cost of expenditures made, for the purchase
or acquisition of additional linos of railway, rolling stock, equipment, &c.
In our previous order we authorized the issue of $2,003,000 of those bonds.
These $937,000 bonds are to be designated series A, dated April 1 1922,
bear intorost at rate of 6% per annum, payable A. & O, to mature April
1 1947.




1633

, TnhoeoE,auipmcnt Trust certificates are proposed to be issued as of Sept.
a s B - and will provide for the acquisition by the
applicant of the following equipment: 1 combination locomotive ditching
crane and pile driver, and 2 air dump cars, 300 50-ton coal cars, 3 steel
mail cars, and 6 steel coaches. See also V. 115, p. 545.

Tennessee Coal, Iron & RR. Co.— R a il O r d e r . —

The Southern Ry. system has ordered for delivery during the first six
months of 1923 40,000 tons of rail.—V. 105, p. 1583.

Tennessee RR.— B o n d s a n d N o te s A u t h o r i z e d .—

The I.-S. C. Commission has authorized the company: ( 1 ) To Issue not
exceeding $600,000 1st Mtge. 6% 15-year gold bonds, part to be plodgod
as collateral socurity for certain promissory notes and tho remainder ex?ha’U ? , f°r outstanding 1st Mtge. bonds and matured interest coupons.
(2) To issue not exceeding $100,000 Gen. Mtge. 15-year gold bonds, to be
delivered at par to holders of debentures for moneys advanced by them
(3) To issue 3 promissory notes aggregating not more than $142,249, to be
us eel to purchase certain outstanding 1st Mtgo. bonds and othor securities.
The report of the Commission says in substance: The company was
organized in 1918 as tho successor to Tennesseo Ry. First Mtge. bonds
due Aug. 2 1923, aggregating $476,900, are outstanding, of which $49,000
are held by City National Bank, Knoxville, Tenn.. $62,900 by J. N. Baker
$10,800 by the Harriman Construction Co. and $354,200 by othor persons.
It proposes to exchange new 1st Mtge. bonds for the last mentioned $354,200
bonds, par for par.
To purchase the $49,000 of bonds held by the City National Bank, on
which interest accrued to Feb. 8 1922 amounts to $7,800, the applicant
desires to issue a promissory note for $56,800 dated Feb. 2 1922, payable
5 years after date and bearing 6% interest. As security for this note there
will bo pledged $80,000 of tho proposed 1st Mtge. bonds. On payment of
the note there will be transferred and delivered to the applicant $24 500 of
its capital stock now held by the bank.
To purchase the $62,900 of bonds held by J. N. Baker, on which interest
accrued to Feb. 2 1922 amounts to $10,032, tho applicant proposes to issue
a promissory note for $72,932 dated Feb. 2 1922, payable 2 years after date
and bearing 6% interest. As security for this note there will bo plodged
$105,000 of the proposed 1st Mtge. bonds. On payment of the note there
is to bo transferred and delivered to the applicant $ 20,000 debenture bonds
and $30,700 capital stock now held by Mr. Baker.
To purchase the $10,800 1st Mtgo. bonds held by the Harriman Construc­
tion Co., on which interest accrued to Feb. 2 1922 amounts to $1,717, the
applicant contemplates issuing a promissory note for $12,517, dated Feb. 2
1922, payable 2 years after date and bearing 6% interest. As socurity for
this note there will be pledged $18,000 1st Mtge. bonds. On payment of
the_note there is to be transferred and delivered to the applicant $5,400
capital stock now held by the Harriman company.
The aggregate amount of proposed 1 st Mtgo. bonds thus to be pledged is
$203,000, which, together with the $354,200 of bonds proposed to be issued
in exchange for outstanding bonds, makes a total of $ 557,200.
. To secure tho proposed 1st Mtge. bonds tho applicant will execute an
indenture under date of March 31 1922 to Fidelity Trust Co., Knoxville,
Tenn., providing for tho issue of not exceeding $600,000 1st Mtge. 6 %
15-year gold bonds. As all of tho bonds now outstanding will bo taken up
and retired, the bonds issued under tho proposed indenture will enjoy a first
lien on the proporty. Tho proposed bonds are to be dated March 31 1922,
mature Feb. 2 1937; denom. $100, $500 and $1,000; red. on any int. date
at nar.
Tho applicant’s road and properties were in tho hands of receivers from
Jan. 21 1921 to Feb. 13 1922. By tho decree vacating the receivership
tho applicant was required to assume the costs thereof, including receiver’s
certificates in the amount of $9,643 and certain judgments. Funds neces­
sary to meet these obligations are to bo advanced by holders of the appli­
cant s debentures. To provido for repaying these advances tho applicant
desires authority to issue $100,000 of Gen. Mtgo. 6% 15-year gold bonds,
t s e c u r e d by an Indenture proposed to be made under date of March 31
19-2 to tho Riggs National Bank, Washington, D. C., which will provido
for a total issue of $500,000 of bonds. The lion of this indenture will be
subordinate to that of the proposed 1st Mtge. The Gen. Mtgo. bonds
are to be in tho samo denominations and redeemable on the same terms as
tho
is new 1st Mtge. bonds.—V. 114, p . 1409.

Topeka (Kan.) Ry.— E q u ip m e n t T r u s t s .—

The Kansas P. U. Comm, has authorized tho company to issue$66,793 in
investment trust notes to bo used for tho purchase of 10 new one-man Birney
cars.— V. 113, p. 1361.

Trenton-Princeton Traction Co.— M e r g e r . —

The New Jersey P. U. Commission has authorized the New Jersey &
Pennsylvania Traction Co. to consolidate its Princeton division into a cor­
poration under the above name. The lines included are: The Trenton
Lawronceville & Princeton R y., the Trenton Lawrenceville & Princeton
Extension RR. and the Princeton Street Ry.—V. 113, p. 732.

U. S. Railroad Administration.— F in a l S e ttle m e n ts . —

Tho U. S. RR. Administration has announced that final settlements have
been mado with the following roads. Tho payments of those claims on
final settlement is largely made up of balance of compensation due, but
includes all other disputed items as between the railroad companies and the
a<a5?JnlT^?'tl9n during the 26 months of Federal control.
The Illinois Terminal RR, $50,000; Pacific Coast Ry.. $40,000; Direct
Navigation C o., $40,000; Liberty White RR., $9,000; St. Johnsbury & Lake
Champlain RR. paid the Director-General $80,000, and tho Indian Creek
Valley RR. paid tho Director-General $7.800.—V. 115, p. 1322, 1101, 761.

United Electric Railways, Providence, R. I.— F a r e s . —

The company announces that fares on its lines will bo roducod through
the sale of ton tickets for 50 cents, effective Jan. 1 1923. Tho tickets will
bo good for rides in any 6-cent faro zone. Ticket holders will be permitted
to purchase transfers for 2 cents, as under the present system of cash fares,
which will remain at 6 cents.—V. 115, p. 310.

Valdosta, (Ga..) Street Ry.— B o n d I s s u e A u t h o r i z e d . —

nnn
r k(20rK*a % S. Commission has authorized tho company to issue $100.­
060 ot 6 ,'o bonds, tho proceeds to be used to extend the company’s lines and
to establish rocreation parks.—V. 115. p. 438.

Virginia Ry. & Power Co.— B o n d s O f fe r e d . — Blodget &
Co. and Stone & Webster, Inc., Boston, are offering at 93
and int., to yield about 4M % , $1,250,000 Norfolk & Ports­
mouth Traction Co. 1st Mtge. Sinking Fund 5 % Gold
bonds of 1906, duo June 1 1936, assumed by Virginia Ry.
& Power Co. A circular shows:
r , , ^ tho# od *8.000.000. issued $7,629,000 (incl. $381,000 alivo in sinking
fund). Denom. $1,000 (c*). Int. payable J. & D. in Philadelphia without
aeauction of any Federal or State income taxes required to bo deductod at
o « J i0Ur.C0- ,Bod- all or part for sinking fund at 110 on any int. date on
00 days notice. Commercial Trust Co., Phila., trustee.
. l i n k i n g F u n d . —A sum equal to H of 1 % of those bonds outstanding and
in tne sinking fund must be paid the trustee annually in two installments,
anu used for the purchase of bonds of this issue for tho sinking fund.
'—Norfolk & Portsmouth Traction Co. was incorp. in 1906,
ana 1»11 was merged with Virginia Ry. & Power Co. The latter company
aoes tho electric light, power and street railway business in tho cities of
uicnmond, Norfolk, Petersburg and Portsmouth and environs, anti
through stock of tho City Gas Co., the gas business in Norfolk. Popula­
tion, 450,000.
The property of the former Norfolk & Portsmouth Traction Co. is now
operated as tho Norfolk District of cho Virginia company. A portion o f
tno street railway business and a minor portion of the electric light and
power business in the Norfolk district is oporated through tho Norfolk Rv
& L iKht„ Co- UIlder a 99-year lease.
ioik cy‘
1
h'2* Virgl,nla company has a total of 92,250 k.w. electric generating
capacity and has a total of over 6,381 miles of wire, over 50% of which
is m the Norfolk district. Over 50% of tho k.w.h. output of the oonmanv
for 1921 was sold in the Norfolk district.
company
V a l u a t i o n . —The property owned and leased as of Dec 31 iqoi was
carried on company’s books at $47,701,695, of which $42 344 482 was
?ooodKPr0J?erty; Appraisal of Stone & Webster. Inc., made as of JaiT 1
m o , based on the average of tho unit prices of Jan. 1 1914 and Jan 1 1 9 2 0
shows a total reproduction property value of $49,674 122.
‘1 1

C a p i t a l i z a t i o n i s s u e d a s o f A u g . 31 1922.
Preferred stock---------------$8,954,700 Va. Ry. & Pr. 5s, 1934..$13,064,000
478,000
Preferred scrip-------------32,390 Norf. & Atl. Ter. 5s, 1929
x32,000
Common stock__________11,950,500 Rich. RR. & Elec. 5s___
x36,000
N . & P. Tr. Co. 5s, 1936.. 7,629,000 Rich. & Alleg. RR. 5 s ...
x Matured, and either bonds or cash held in treasury.
Norfolk Ry. & Light Co. has outstanding $1,650,000 Capital stock
and a total funded debt of $4,000,000 5% bonds.
E a r n in g s
12 M o n t h s E n d e d A u g . 31 1922.
Gross earnings----------------------------------------------------------------Operating expenses and taxas--------------------------------------------- xb,/4o,zio

Net operating income---------------------------- ---------- — ..........Other income____________________________________________

282,ooo

Net corporate income----------------------------------------------------Rentals_________________________________________________
y333,51o
Interest on all bonds outstanding--------------------------------------- z l ,058,550
B a la n c e __________________________________________________________ $1,530,560

x Includes $1,687,380 depreciation and maintenance,
y Under the terms of the 99-year lease of the property of the Norfolk
Ry. & Light Co., the company pays as an annual rental a sum sufficient to
pay 6% annual divs. on $1,650,000 Common stock, and int. and sinking
fund on $4,000,000 5% bonds.
.
,
, -0 .
x Includes $82,800 interest on bonds in the sink, funds.—V. 115, p. 1534,
983.
_

Washington (D. C.) Ry. & Electric Co.— N e w B ill.- —

A new bill for tho voluntary merger of the electric railway and electric
power companies of Washington, bearing the indorsement of the District ot
Columbia P. U. Commission, was introduced in the House before adjourn­
ment by Representative Focht. It is understood that this measure will
be urged before the District of Columbia committee to displace the several
other bills on this subject which are pending before that body, two of them
having been passed by the Senate.
„
The Focht bill would provide for the voluntary consolidation of all the rail­
way companies of the capital city upon a vote of t o % of thei stockhold­
ers of each of the separate corporations. It would provide that consolida­
tion with the Potomac Electric Power Co could not be had as a separate
merger by any of the individual railways, but would have to be effected, if
at all, after the consolidation of the car lines. The measure also would pro­
vide means for consolidation of the Washington Gas Light Co. and the
G TheC4°%ngross tax on receipts would be repealed after July 1 1922, and
the bill would levy a tax of 50% on net operating income in excess of 6%
and not above 7%, and a tax of 75% on net operating income in excess of t /o
of tho fair value of the property of all traction companies.
A clause in the new bill would impower the P. U. Commission to control
the salaries of officials of the merged properties. V. 115, p. 1322, 1211.

Western Pacific RR . — B o n d A p p l i c a t i o n . —

The company has applied to the I.-S. C. Commission for authority to
issue and sell $5,000,000 bonds for the purpose of purchasing 2,000 rcfr
gerator cars and 100 automobile cars.— V. 115, p. 989, 3iu.

West Penn Co. (Incl. Sub. Cos.).— E a r n i n g s .—-

----------- A u g u s t ---------------- 12 M o s . e n d . A u g . 3 1 1921.
1922.
1921.
1922
$1,111,799 $14,887,565 $14,531,904
Operating revenue____ $1,489,140
799,970 10,349,576 10,782,411
Oper. exps., tax. & dcpr. 1,041,502
$311,830 $4,537,989 $3,749,493
N et operating revenue $447,638
527,512
40,837
616,821
54,588
Non-operating incom e..
P e r io d en d e d —

D e d u c tio n s —

$502,226

$352,666

$5,154,810

$4,277,005

$2,262,139
Interest & amortization . $322,894
Prop, of earns, accr’g to
578,927
743,856
51,419
85,284
minor, stock of subs’s .
N et income......... ........
$94,048
$110,419 $1,458,527 $1,435,939
N o t e .—Monongahela Power & Ry. Co. included from July 1 1922.
$190,829

$2,952,427

N e w S u b s id ia r y O r g a n iz e d i n M a r y l a n d .—

The company recently organized in Maryland the IV e s t M a r y l a n d P o w e r
to take over the municipal electric plant at Oakland, M d., which it
purchased for 840,000. The Maryland P. S. Commission has authorized
the acquisition and has approved tho execution of a mortgage for $40,009
unon the property. The new company has secured a 50-year franchise
from the municipal authorities.—V. 114, p. 2826.
Co

Wheeling & Lake Erie H R . — B o n d A p p l i c a t i o n .-—•

The company has applied to the I.-S. C. Commission for authority to
pledge with the Secretary of the Treasury $850,000 refunding mortgage
5% bonds as security for a Governement loan of $500,000 to meet maturing
indebtedness.—V. 115, p. 1095, 989.

Wisconsin Public Service Co.— C o n s o lid a tio n .—

Seo Wisconsin Public Service Corp. below.—V. 115, p. 1534.

Wisconsin Public Service Corp.— B o n d s O f fe r e d . — Hal­
sey, Stuart & Co., Inc., and Blodget & Co., New York,
and’ First Wisconsin Co., Milwaukee, are offering at 99K
and interest, to.yield about 6.05%, $5,495,000 I irst Lien &
Ref Mtge. 6% Gold Bonds. Series “ A .” (see adv. pages.)

Dated Oct. 2 1922. Due Oct. 1 1952. Interest payable A. & O. in Chicairn N pw York and Milwaukee, without deduction for normal Federal
income tax not in excess of 2%. Denom $1,000, $500 and $100 (c*).
Redeemable, all or part, at any time ttpon 60 days notice at the following
prices and interest: on or before Sept. 30 1932 at 107Hi on and after Oct. 1
1932 to and including Sept. 30 1942 at 105; and thereafter at 105 loss y 2 of
1% during each year to maturity. Penn, and Conn, personal 4 mills and
Mass income tax on the interest not exceeding 6% refunded.
I s s u a n c e . —Authorized by the Railroad Commission of Wisconsin.
Data from Letter of Clem ent C. Sm ith, Milwaukee, O ct. 4 1922.
C o m p a n y . — Incorp. in Wisconsin.
Is a consolidation of Wisconsin Public
qervice Co (V 115 P- 1534), Oshkosh Gas Light Co. (V. 115, p. 444),
Mhebovean Gas Light Co (V. 115, p. 1543). Calumet Service Co., Penin­
sular Service Co., Manitowoc & Northern Traction Co. (V. 115, p. 1532),
and certain other connected properties. Now owns all the bonds and oyer
99% of the capital stock of the Menominee & Marinette Light & Traction
r ^ r /° (~ v
11^ n 1ri32) of Menominee, Mich., and Marinette, Wis.
C<H n X iis is essentially the suplying of electricity and gas for light, heat
and powe? f o r X m e X a n d Commercial needs. Over 97% of the consoli­
dated net operating revenue is now being derived from the above sources.
Population served, approximately 310,000.
C a p ita liz a tio n A f t e r T h is F in a n c in g —

A u th o r iz e d .

Preferred stock 7% cumulaUve........... *1.500.000
^ ^ M

b o n d s " - - : : : : : : : : ___________ (c lo se d )

O u ts ^ a n d ^

2 ,m 0 0 0
x 3 ,555,000

First L^en& Ref. Mtge. 6s, Series “A” (this issue). (y)
5,495,000
„ -N T„.
«1 in s 000 1st Mtge. & Ref. 5% Bonds of Wisconsin
Public Service Co. pledged as additional security for
F^ s t Lien & ^ f .
of^reen* Bsfy*Ga^&°Electric Co.npledged as additional security'under said
“r iX M

[V o-l. 115.

THE CHRONICLE

1634

S u n i ; Hmited " b y^ re^ riction s of the Mortgage Series A

1*"purpose .—Vkoceeds^v i11 be used in the acquisition of the properties, for
refunding purposes and for other corporate u
s
e
s
,
S e c u r i t y . —Secured by a mortgage covering as
erty now or hereafter owned. This mortgage will be a first lien on import
ant parts of company’s properties, and will bo a direct lion, subject to out
standing closed prior liens on the balance of the Property. As additional
security all of the outstanding bonds and not less
stock of the Menominee & Marinette Light, & Traction Co .w ill be deposited
with the trustee, as will also $1,308,000 First Mtge. & Ref .G old Bonds of
the Wisconsin Public Service C o., the latter being approximately 27 % of the
total outstanding underlying bonds




E a r n i n g s 12 M o n t h s E n d e d J u l y 31 1922.
Gross earnings (including other income)----------------------- ------- $3,039,710
Operating expenses, including maintenance and taxes-------------- 2,019,124

N et earnings before depreciation----------- ------- --------------------$1,020,586
Annual interest requirements on funded debt to bo outstanding
in the hands of the public upon completion of this financing
requires------------------------------- - - - - - - ------r------4 — -.---------, 510,450
F r a n c h i s e s .—Company operates in Wisconsin under indeterminate per­
mits created by the statutes of the State. Under tho Wisconsin law, rates
shall be fixed to earn a fair return on the capital invested and the company
is protected against any competition so long as its service is reasonably
satisfactory. The Menominee & Marinetto Light & Traction Co. at tho
present time is operating in part without a franchise in Menominee.
P r o p e r l y .—Physical property includes five electric generating plants,
aggregate installed normal capacity of 28,600 k. w., of which 12,000 k. w. is
hydro-electric; 23 substations with transformer capacity of over 52,890
k w • 349 miles of 3-phase high tension transmission lines, and adequate
distribution linos. Gas properties include four gas manufacturing plants,
combined daily capacity 4,900,000 cu. ft.—V. 115, p. 1534.

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important devel­
opments in the industrial world during the past week, to­
gether with a summary of similar news published in full
detail in last week’s “ Chronicle” either under “ Editorial
Comment” or “ Current Events and Discussions.
S te e l a n d I r o n P r o d u c t io n , P rice s, & c.

Tho “Iron Age” Oct. 5 said in substance:
C o n n e c t i o n —"‘Car shortages and tho piling of finished steel at a number
of rolling mills aSre featured in market reports from the Pittsburgh and
Youngstown districts this week. A few shutdowns have resulted and the
nossibility of others is mentioned. Specific cases are the piling of 100,000
tons of finished steel by the Carnegie Steel Co., a 10% reduction in operat?nns of the American Sheet & Tin Plate Co., considerable accumulations
of sfock at tubTmills and a 50% shutdown at a sheet mill in the Youngst0"Muchroftthis congestion is due to the 10-day embargo imposed by the
Pennsylvania RR. on shipments west of Altoona and there is a promise
of somo relief at least, when that embargo is lifted.
—“The production side of the Industry, so far as Pjg ironand steel
ingots are concerned, has shown furthor improvement, in spite of the short­
a g e of
at rolling mills, and blast furnace and steel works managers are
evidentlycounting on being able to keep up the present rato ot operations,
evmenuy count s
early starting of several blast furnaces.
In'' fg’i m f o u to u f ? r th e 30°days of September was 2,033,720 teas, or
67 791 tons a day a sharp advance over the 1,816 170 tons in August,
w h i c h was an average of 581,586 tons a day.
The steel works furnaces made
moit of the e-iin or 8 200 tons a day, against 1,000 toas a day gain for morfurnac^W hichbrought them back practically to the rate of May.
“The estimated capacity of tho 190 J^naMS active o n O c t .l was 77,500
tons a dav against 54,645 tons a day for 144 furnaces on Sept. 1.
l i l t O r d e r s —“Railroads have furnished so much of the now business of
t- h 'f 1m S t1(Wtnitrht that other buying is without significance.
Every im­
portant line in the country and many small ones took on rails for 1923
before the 83 advance to $43 on Oct. 1, and the total of rail and track supply
C° “Purchases 1<)V&
5 800°rar^ by Iflve railroads have been uncovered in tho
week
o X s have been given for repairs to 2.300 and fresh inquiries
represent 11.800 cars. The Santa Fe has bought 59 locomotives
Prices — “Apart from the cutting off of a few peaks, price? of finished
steel are quite well maintained. Sales above 2.25c. for plate? are fewer
and involve smaller lots than in early September A few makers of lapwelded tubes have made a $4 advance and charcoal bo ler tubes are up $10
a ton in some cases. Tie plates are higher at 2.35c. 1 ittsburgh, and angle
bars have been sold as high as 2.75c. An advance of S3 a ton on painted
barbed wire has been generally adopted. The sheet market has worked
^ “T he^ow lng in o f a numbe^of^mrehant blast furnaces, the distribution
of a round tonnage of pig iron made at Duluth to points in New England
and New York and somewhat easier conditions in the coke market have
contributed to the sagging tendency of pig Iron prices A steel company
in western Pennsylvania has been an active factor in selling at concessions.
The largest transaction was the purchase of 16.000 tons of basic by an
Eastern steel company. The recent buying of Alabama iron by soil pipe
manufacturers amounted to 15.000 tons.
C o a l P r o d u c t io n , P r ic e s , & c.

The United States Geological Survey Sept. 30 reported in brief:
“Production of both bituminous coal and anthracite appears to have
found a temporary level, bituminous at around 9,750.000 net tons and
anthracite at 1,850,000 tons a week. The total of all coal raised is therefore
about 11 600 000 net tons, still somewhat less than tho amount required
to meet current consumption and the heavy movement up the Lakes,
and at the same time to rebuild consumers stocks.
“The total production of anthracite during the week Sept 25-30 was
from 1,800,000 to 1,900,000 net tons, as against 1,856,000 tons in the
W^Theroutnut?of bituminous coal for the current week is estimated at from
9 600 000 to 9,900,000 tons. The present weekly rate of production is
nearly a million tons above that of the year of depression, 1921 but is from
one and one-half to three million tons below the other years shown.
E s tim a te d

U n ite d

S ta te s P r o d u c tio n

in

N et

T on s.

-------------1922---------------------------- 1921------------ B itu m in o u s —

W eek.

C a l. Y e a r ,
to D a t e .

W eek.

C a l. Y e a r
to D a t e .

7.083.000 269.836.000
8,791,000 241.710.000
8.187.000 278.023.000
. 9,737,000 251.447.000
8.527.000 286.550.000
_.
9,702,000 261.149.000
A n th r a c ite —
1.483.000 64.285.000
. .
50,000 22,261,000
Sept. 9 ---------1,749,900 66.034.000
. . . 1,107,000 23.368.000
Sept. 16------------------. . . 1,856,000 25.224.000
1.725.000 67.750.000
B e e h iv e C o k e
4.366.000
60,000
...
138,000
3.900.000
Sept. 9 ------4.489.000
64.000
. .
123,000
3.964.000
Sept. 16
4.625.000
70.000
...
135,000
Sopt. 23____ - ________
iuu,vuv
------ ----■. . . . . .
.4.034.000
,wur ,uuu
The “Coal Trade Journal” Oct. 4 received market conditions as follows“The buyers’ ‘strike’ is the outstanding feature of tho bituminous coai
market. Operating strongly in the steam division at New York and
Philadelphia,
Buffalo-Pittsburgh
territory, p ithe
Southern
loading
Philadelpnia,
liunaio-riiisuiuKu
piers
—, , 1
ii.
.........../.o
r.rw L i/1 Iin
n tdepressing
\ i m m e e i n tr nprices
p o c ffrom
r o m nprevious
r m r m m llevels
m r r ,l n ___.»
and. Chicago,
it uhas
succeeded
and
in holding production in check at approximately 9,<50,000 tons per week.
Tn the latter phase, it finds a willing accomplice in transportation conditions.
In almost every field, complaint is made of poor car supply. Tho fact that
Industrial consumers are purchasing sparingly increases the number of
unbilled loads and thereby aggravates the equipment deficiencies. Em­
bargoes against westbound movement of Eastern coals also contribute to
softening demand in the East and it is only the poor car supply that prevents
. . .

fU'“Those* 'retaU coal merchants and their trade that use bituminous for
household purposes are paying the cost of the strike of tho industrial pur­
chasing agents. The falling off in the demand for fine coal has decreased
tho tonnage of prepared sizes available and shot up prices far beyond normal
differentials over mine-run. In large cities like Chicago, the trade is paying
tho piper but many country dealers find that they have ordered coal for
which the consumer indicates no immediate demand, and in some sections
the buyers’ ‘strike’ movement has spread to tho householder.
“Shipments to the Head of the Lakes have been proceeding at an aug­
mented rate during the past fortnight. In one week the docks at Superior
and Duluth handled 54 cargoes. Dumpings at the lower lake ports for
the week ended Sept. 24 totaled 1,409,648 tons, against 1,057,671 the week
preceding, and 682,724 tons the week ended Sept. 10. Shipments to date
however, are still about 10,000,000 tons behind last year. What effect the
strike of tho men employed by tho lake carriers will have upon this move­
ment is still problematical. At the upper docks last week, there was a
disposition to regard it lightly.
. - “The absence of keen demand for steam sizes is having a bad effect upon
" c anthracite domestic movement. For the prepared sizes, demand is
rin excess of the present ability of the mines to produce.”

O ct . 7 1 9 2 2 .]

THE CHRONICLE

Oil Production, Prices, &c.
The American Petroleum Institute estimates the daily average gross crude
oil production in the United States for the week ended Sept. 30 as follows:
______1922______ __1291__
( I n B a r r e ls .)
S e p t . 30.
S e p t . 23.
S e p t . 16.
O c t . 1.
Oklahoma------------------------------ 400.700
400.650
400,600 309,900
Kansas ------------------------------87,100
86.900
86,650
96,150
North Texas-----------------56,850
57,350
54,250
63,200
Central Texas------140,900
141,800
144,600
93,100
North Louisiana and Arkansas.. 122,050
120,750
123,700 108,500
Gulf Coast--------------------113,950
113,350
107,800
95,100
Eastern------115.000
113,000
113,000 121,000
Wyoming and Montana----------77,500
83,250
78,100 49,650
California..................
395,000
390,000
385,000 a220.000
Total........... ..............................-.1,509,050 1,507,050 1,493,700 1.156,600
a Daily average production off approximately 100,000 barrels due to
strike of oil field workers.
i . C a l i f o r n i a P r o d u c t i o n B r e a k s R e c o r d . —Total produced during August was
11,848,882 barrels, or 257,464 barrels more than during July, previous
high rocord. Production was from 9,006 activo wells, against 9,361 active
wells in July. Southern California fields showed greatest increase.—Amer­
ican Petroleum Institute.
G a s o l i n e P r i c e R e d u c e d . —Standard Oil Co. of New Jersey reduces whole­
sale price 2 cents a gallon in North and South Carolina. Tank wagon
price at Charleston after said cut is 2 1 cents a gallon.
. A cut ranging from U c . t o lc. a gallon has also been reported in Vir­
ginia. “Financial America” Oct. 3.
. C r u d e O i l P r i c e A d v a n c e d . —South Penn Oil Co. and Joseph Seep Purchas­
ing Agency announce increase on Somerset crude 6c. a barrel. “Financial
America” Oct. 3, p. 1.
A m e r ic a n O il C o m p a n ie s R e fu s e to P a y V e ra C r u z O il T a x o n G r o u n d s T h a t
I t I s C o n t r a r y t o F e d e r a l L a w s o f M e x i c o .— “Times” Oct. 3, p. 30.
R u lin g o f N a t i o n a l A u th o r ity i n M e x ic a n O il T a x M a tte r S e ts A s id e V e ra
C r u z T a x . —“Sun” Oct. 3, p. 11.

1635

The company announces that it has completed plans to double the
capacity of its plants at Buffalo and Minneapolis. Contracts have been
let and the work is now in progress.
It was also definitely announced that these additions, as well as the
new plants at Milwaukee, Pittsburgh and Birmingham, would be paid for
547 °]g^urrent funds, so that no financing will be necessary.—V, 115, p

A jax R u b b e r Co.— E a r n i n g s .—
I n c o m e A c c o u n t 6 M o n t h s E n d e d J u n e 30 1922.
N et sales, $5,447,193; operating expenses, &c., $5,131,969;
^ 1 ^ 994.
gross profit_______
Otherincome------------------------ 1111111.111111111111111111"
53i265
cqcq acq
Total income_____
Interest charges_____________________________________________ 176 953

N et profit_______________ _
$191 536
V Tlhie5 bn CM
as of 'fll"° ^ i922"was"given in V. 115, p. 762.—

A*P|n e Ice & F u e l Co., K an sa s C ity , Mo. — B o n d s

O f f e r e d —- H

. P. Wright Investment Co. and Prescott &
~H,sas City, M o., are offering, at 99 and int.,
S-,70,000 7% 1st Mtge. Sinking Fund Gold Bonds.
Dated Oct. 2 1922. Due Oct. 1 1937. Denom. $1,000, $500 and $100
*r,i=ir.o
PSyab o A ■& CL at First National Bank, Kansas City, Mo.,
an o r M
M
W to 2%, . Redeemable.
be determined byToT°

" uuus ua,lou lor sinking

D ata fro m L e tte r o f R o b e r t M. M cC a n d lis h , K a n sa s C it y , M o „ S e p t.2 2 .
C a p ita liz a tio n

—

Issu ed.
W ages, Prices and Other Trade M atters.
7^4
\ xr
H°n d s ............................................- §500,000
C o m m o d i t y P r i c e s . —Wholesale cash prices reached the following high
//{> o-Year Serial
Notes_________
37 000 $270,000
37,000
points during week ended Oct. 5: Wheat, Oct. 3, 1.25K: corn. Oct. 3 .84: Coei S s t n Cw 7% Cumulative----------- " " " I I " x400j)00
225,000
sugar, Oct. 5, .066: lard, Oct. 5, 12.10: pork, Oct. 2, 27.00: lead Oct. 3, Common Stock (no par value)____________________5,000 shs. 5,000
shs.
6.70; tin. Oct. 3, 33.00: cotton, Oct. 5, 21.25.
R e f i n e d S u g a r P r i c e A d v a n c e s . —On Oct. 2 the American, National,
the
serial^
notes
110
*
ssued
Preferred
stock
has
been
pledged
as
collateral
for
Franklin, McCahan, Edgar and Revere sugar companies advanced price 15
points to 6.40 cents a pound. Warner and Pennsylvania companies ad­
? t l y «rSanized t0 take over the properties of the Alpine
vanced 10 points to 6.35 cents a pound, while Arbuckle and Federal kept T r . ^ PainA’~ Re^
CA t y i M.°iA p lin e Ice Co. of Kansas City, Kan.; and Crytheir quotation at 6.25 cents a pound. On Oct. 3 an advance of 10 points thn
®raln & Fuel Co., of Kansas City, Kan. Is engaged in
to 6.50 cents a pound was made by American, National, Warner, Pennsyl­
?ale and distribution of ice in North Kansas City, Mo.,
vania, Revere, McCahan. Arbuckle and Edgar companies, followed by
Nan., as well as in Kansas City, Mo. Combined plants
a further advance on Oct. 4 of 10 points to 6.60 cents a pound by American,
caPacity of 260 tons of ice per day. In addition,
National, Warner, Revere and McCahan companies. Pennsylvania ad­ r i h f S ''ill conduct a retail coal business from its yards In North Kansas
vanced 25 points to 6.75 cents a pound, while Arbuckle and Edgar remained c it y ana in Kansas City, Kan.
at 6.50 and Federal at 6.25 cents a pound.
B a l a n c e S h e e t S e p t . 1 1922 (A f t e r T h i s F i n a n c i n g ) ,
P r i c e o f L e a d . —Price in wholesale market has risen from 6.60 to 6.70 cents
A s s e ts —
L ia b ilitie s a pound and the American Smelting & Refining Co. quotes increase from
Real
estate
&
buildings, &c.$590,306lFirst Mortgage 7s________ $270,000
6.35 to 6.50 cents a pound. “Eve. Post” Oct. 6, p. 8.
U n im ortf^ 'H ?----- - — - — 33,000 7% 5-Year Serial Notes___ 37,000
C a s t I r o n P r i c e R i s e s . —U. S. Cast Iron Pipe & Foundry Co. advanced
price in South $3 to $43 a ton. Prices in North vary but $55 a ton is rep­ unamortized discounts, &c. 72,000,Preferred s to c k ............... .. 225.000
------------ Common stock, 5,000 shares
resentative of market.—“Wall Street Journal” Oct. 2, p. 1.
B r a s s P r i c e A d v a n c e s . —New American Brass Co. price schedule shows
Total (each .W o,............... s e s s . a o e U p m r
advances of J-f to M cent per pound. “Financial America" Sept. 30. p. 2.
Lopper C o n s u m p t i o n . —Total copper consumption in building industry net enrn7i n i T ^ t tu r
c?rtain adjustments so as to reflect the actual
i ,Z e,ar estimated at 150,000,000 pounds, compared with 50,000,000 lbs. t a x e s ^ ? ^ ? / , . ^ individual companies from operation after payment of
in 1921, 54,000.000 lbs. in 1920 and 77,000,000 in 1919.—Copper & Brass S M
J " 1uterest and depreciation, it is indicated that the average
Research Association.
1921 havegbeen < w n w blned properties for the four years ended Doc. 3l
A m e r i c a n W o o l e n C o . A d v a n c e s P r i c e s .—Changes vary from 2 y 2 to 37 'A
vear 1991 ^ « , n ¥ l:3<?r,pcrrilIlnul,!1V? n(1 that slmilar net earnings for the
Oct 5a
0n m cns wear over prices at spring opening. “Times” for the fn,Tr ,^ $ 104V589ao,^SRreciai 1Oen char"° amounted, on tho average
denreciation
el6^ 8’ is
} ° S31 i i 80’ and for the year 1921. $35,930.
This
depreciation charge
considered very generous.
S h o e P r o d u c t i o n H i g h . —28,077,392 pairs of boots and shoes manufactured
during August compared with 23,044,727 pairs in July. Total for the Hrver1St ^ dVntcd th'lt- th? earnings of the company will be substantially
larger tnan the combined earnings of the individual companies.
8 months, 210.536,187 pairs.—Department of Commerce.
K e l l y S p r i n g f i e l d C u t s P r i c e s .—Cord reductions range from 5% to 6%
and company assumes war tax. This brings line to same plane with other
American Gas & Electric Co . — B o n d s O f f e r e d .— Bonstandard makes of tires. “Wall Street Journal" Oct. 5, p. 1 .
bngnt & Co., Inc., and Electric Bond & Share Co., New
A u t o m o b i l e P r i c e R e d u c t i o n . —Jordan Motor Car Co. reduces price of
Cosed car to lovel of open car models. “Boston News Bureau” Oct. 4, p. 8. York, are offering at 100 & int. $7,500,000 6 % Gold’ Deb.
W a g e I n c r e a s e s . —Eagleville Lock Co. (Terryville, Conn.) increased
wages 10% for its 1,600 employees, thereby averting strike. “Times” (A m e t lean series). DuoMay 12014. (Seeadvertising pages.)
Interest payablo M. & N . in New York. This series is redeemable as
Oct. 3. p. 27.
°n nn
any int. date at 110 and int. upon 30 days’ notice DeV hitakcr, Glessner Co. (West Va. and Ohio) increases wages 10%. retro­
active Sept. 15. “Financial America” Oct. 7.
q
t$et!x°or
$i° 2 (<V-&
r*) SdidM
. Pennsylvania
State tax or 4i $5m
mills an?
refunded.
Guaranty
Trustan'l
Co.,$5,000)’
New York,
trustee.
M in im u m
W a g e i n K a n s a s . —$11 a week minimum and 4914-hour per
week maximum upheld by District Court as constitutional and within
Data from Letter of President R. E. Breed, New York, Oct. 3.
s ta te s powers. “Times” Oct. 1 .
P.r*anized in N °;v York Dec. 20 1906. Controls a diversified
P l a s t e r e r s ' W a g e . —Chicago plasterers getting $26 a day under present
electr>c p°wer and light companies operating in 8 States and
conditions in Chicago building industry, says II. II. Hettler, President of
a Population in excess of 1,200,000. Principal companies con­
Illinois Manufacturers’ Association. “Times” Sept. 30, p. 20.
trolled areas follows: Atlantic City (N. J.) Electric Co., Ohio Power Co
I e x l i l e S i t u a t i o n . — (a) Strike at B. B. & R. Knight mills officially declared
Indiana General Service Co., Indiana & Michigan Electric Co., Kentucky
over as result of vote taken night of Oct. 4. Workers accepted 54-hour & West Virginia Power Co. Rockford (111.) Electric Co., Scranton (P a ’)
week and 20% wago increaso—that is. the wage in effect prior to Feb. 13. Electric Co., Wheeling (W. Va.) Electric Co.
(b) Woonsocket Falls Mills raise wages 10% to scalo in effect prior to Feb. 13.
Capitalization After This Financing—
Authorized. Outstanding.
Mills running 48 hours per week, (c) Amoskeag Mills reports substantial
increase in operation. In formal statement, Treasurer Dumaine reiterates Preferred stock, 6% cumulative, $50 par.................$25,000,000 $10,639,700
there will be no change in hours of work. Mills are running 54 hours Common stock, $o0 par______________________ . 25,000 000 6 1‘>6 ODD
per week.
7erhpStt5 % K
0nrtS’ due
1 Ueo2014___________
m I ------------------ 6,282,000
O^.'OOO
6% Cold T
Debenture
bonds,
x
12,581
000
T o b a c c o D e a l e r s C h a r g e d w i t h P r i c e F i x i n g . — Federal Trade Commission
x No additional debentures may be issued unless annual net income
has wholesale tobacco dealers of Chattanooga, Tenn., indicted. “Financial (after
expenses,
incl.
rentals,
license
charges
and
taxes,
and
int.
on out­
America” Oct. 2, p. 7.
standing secured debt maturing 5 years or more from date of issue) shall
S a n i t a r y P o t t e r y P r o d u c e r s I n d i c t e d . —Monopoly of 85% of trade charged
against 23 companies and 24 individuals. Result of investigation of housing and°to'be'issued^ tban 3 times interest charges on debentures outstanding
situation shows price fixing and restriction of trado in industry manufactur­
Purpose.— Proceeds will be used to reimburse company for the cost of
ing porcelain and earthenware fixtures. “Times” Sept. 30 p 15
properties recently acquired and for other corporate purposes.
S h i p O w n e r s S e e k N e w F r e i g h t R u l e s . —American Steamship ’ Owners’
Consolidated Earnings Statement Year ended August 3 1 .
Association prepares proposed rules for carriage of goods by sea for pre­
sentation before the London Conference Comite Maritime and the Brussels
Conference. “Times” Oct. 2, p. 31.
, M a t t e r s C o v e r e d i n "C h r o n i c l e , r S e p t . 30.— (a) New capital flotations dur­ B iT o f7 1 b ”S i ? Uo S ^ “ f c w i - * l *14l“ ° :962
*18,241,030
ing August and the 8 mos p. 1472. (b) New issue of $75,000,000 Federal
ductions, incl. deprec., applicable to
Land Bank bonds, p. 1483. (c) Offering of $3,000,000 California Joint
this company___________________ o 069 949 9 oqi Q.r
2,969,844
Stock Land Bank bonds, p. i484.
1,039,155
(d) Failure of King & Scott, brokers, 250 West 57th St., New York N Y Other income of this co., less exps___ *"’926,296 ” '964/229
. 1485. (e) Failure of Edward Brady & Co., brokers, 45 Devonshire St ’
oston, Mass., p. 1485. (f) Failure of Winthrop, Smith & Co. brokers’ Aimu°aTint^charges on funded debt " .
. S^ 196_
’074 *4;°°§ ;999
1540 Broadway, Now York, N . Y., p. 1485(g) American rights to Baku oil properties, p. 1491.
B alan ce--------------------------------------------------- _
£2 940 039
(h)
Designation of bituminous coal producing districts; data required
from soft coal producers, p. 1492. (i) Governor Edwards (N. J.) issues
proclamation fixing coal prices, p. 1492. (j) Burns Bros, offer British coal
at $13 25 in New York City, p. 1492. (k) Henry Ford says public should
buy coal sparingly. “Prices are tumbling and will go much lower," p. 1493. In-stock d iv k ie ^ ^ 'h ^ ^ ^ ^ a n n ^ fr o m J M t? 1 9 1 6 ° CInad^tltm f59S]tf%
(1) Federal Fuel Administrator asks co-operation of States in enforcing now Revidar dilTH^HdSnhav<l b0en P lid on this Common stock since 1914.
c,e?d?-have been Pald on the Preferred stock.
coal price and distribution legislation, p. 1493. (m) Anthracite distribu­
Operating Statistics—
Dm 3 1 ’ 1 7
Tmm
’ 90
tion plans adopted at Philadelphia conference, p. 1493. (n) New York Electric
consumers________ ________
Uec’
E a Ju neA%
to get only half of normal supply of hard coal, p. 1493. (o) President Hard­ Kilowatt generating capacity_________ I . I . I I "
119662
282
819
ing signs coal bills; appoints Conrad E. Spenso Federal Fuel Distributer, xYiiY’ generating station output for 12 months__ 439,439,000 813 862 722
P. 1494. (p) Fuel Distributer appoints advisory committees, p. 1494. M1les
o
f
eiectrie
distributing
pole
lines
(less
than
(q) Senator Pepper’s idea of what is required in the coal trade, p. 1494.
11,000 volts) in service, irrespective of tho num­
(r) Employment of selected industries in August, p. 1497.
ber of circuits carried_____________________
1.450
2,395
Miles
of high-voltage transmission pole and tower
A d iro n d a c k P ow er & L ig h t C orp.— E a r n i n g s .—
lines ( 11,000 volts or over) in operation, irre­
I n c o m e A c c t . 12 Mos. e n d i n g A u g . 31—
1922.
1921.
spective of the number of circuits carried_____
609
1 V7Q
Gross earnings............. ...................
$5,329,608 $4,790,826
Operating expenses, taxes and rentals__________ 3,780,473
3,397,923 acquired? aS ° f Jun° 30 1922 d° n0t lnclude service or properties recently
Control.— Controlled by interests closely identified with General v w
Net earnings------------------------------------------------- $1,549,135 $1,392,903 trie
C o. Electric Bond & Share Co. acts as fiscal agent —V . 1 15 p ' i S 2 3
Accrued mortgage bond & debenture interest____
816,240
757,576
v referred dividends_____
461 718
---------337,567
American International Corp.— S t a t u s .—
The following statement is understood to be substantially correctAvailable for Common stock and surplus______
$271,177
S297.760
The corporation on June 30 last had approximately $6 391
' • 115, p. 762, 648, 547.
Government securities on hand, an increaso of $336,000 over Jrni°e ^ffiQ "id
m e companies in
% iinterest
n te r s
il f9' 1i,.
‘n. wnicn
which tne
the corporation has a 100
100%
®9*> I n c . — T e n d e r s — A d d i t i o n s .—
$5 905,000 In the 12 months’ period, or from’! 12,620 OOO^o ff, 7??k
until T\iweCoan cs- &
National Bank, N . Y. City, as trustee, will loansJhu
Parent company s loans to affiliated companies increased 8969'"
bonds <?no ArT,en0i
for tho sale to ft of 7 % Conv. Gold Debenture 500, while loans to fully-owned companies decreased S4 rinx nrn
$36“’
not exceeding 1051and int °
amount sufficient to absorb $50,000 at prices
In the 7 months ended July 31 last the corporation and
c,’, h i m •
iced receivable® fmm si 7 Ti b s non
«,/■gSVaA!8P and lts subsidiaries reLoans were reduced

S




American Light & Traction Co.— S to ck D i v i d e n d . —

The directors have declared a cash dividend of 1H % on the Pref. stock,
a cash dividend of 1% on the Common stock, and a stock dividend at the
rate of 1 share of Common stock on every 100 shares of Common stock
outstanding, all payable Nov. 1 to holders of record Oct. 13. Quarterly
cash dividend of 1 % and stock dividends of 1 % each have been paid on the
Common stock since Feb. 1921. This compares with 154% in cash and
a like amount in stock paid in Aug. and Nov. 1920. Dividends of 2 \ 4 %
in cash and 2 1 4 % in stock were paid quarterly from 1911 to May 1920.
—V. 115, p. 1099, 642.

American Pneumatic Service Co.— M a i l T u b e s O p e n .—

Partial resumption of the pneumatic tube service for the transportation
of first-class mail and small packages in New York City, suspended since
July 1 1917 because of lack of appropriations, was resumed Oct. 2.—V. 115,
p. 1535.

American Telephone & Telegraph Co.— E m p lo y e e s '
S u b s c r i p t i o n s .—

The company has advanced the price of stock to employees from $110
to $115, effective Oct. 1.—V. 115, p. 1535, 1431.

American Tobacco Co.— M a n d a m u s D e n ie d . —
Judge Martin T. Manton in the Federal District Court has denied the
application of the Federal Trade Commission for a peremptory mandamus
directing this company and the P. Lorillard Co. to surrender their books
for the purpose of inspection. Tho Federal Trade Commission made the
application in connection with tho recent resolution of the United States
Senate demanding the Commission to investigate the operations of the
American tobacco industry.
Judge Manton, in denying the motion, said that surrender of the books
would constitute an unreasonable infringement of the defendants’ constitu­
tional rights. Ho further said that Congress was not vested with authority
to institute actions of the character brought against the American Tobacco
Co. and tho P. Lorillard Co.
.
Tho Federal Trade Commission, in a formal complaint issued Oct. 5,
charged tho company and 9 wholesale tobacco dealers of Chattanooga,
Tenn., with unfair methods of competition in the maintenance of resale
prices.
V ic e - P r e s id e n t .—

Arthur C. Mower has been elected Vice-President.—V. 115, p. 1535.

American Water Works & Elec. Co., Inc., & Sub.
Companies.— E a r n i n g s . —
C o n s o lid a te d I n c o m e A c c o u n t
(I n c l u d i n g IVesf P e n n C o . ) .
Y e a r s e n d i n g A u g . 31—
1922.
1921.
In crea se.
Gross operating earnings__________ $20,876,228 $20,000,901
$875,327
Oper. exp., tases & depreciation___ 13,808,636 14,161,209 dec.352,573

N eteam ings______ _____________$7,067,591 $5,839,691 $1,227,900
830,075
742,646
87,429
Miscellaneous income_____________
$7,897,666 $6,582,337 $1,315,329
Gross income.........................
amort.of Disct.sub.cos $4,345,534 $3,531,730
$813,804
Int. o n A .W .W . A E. Co. coll. tr. bds
788,874
800,056 dec.11,182
Proportion of earns, accruing to minor­
ity stockholders of sub. companies. 1,319,660
1,081,083
238,577

D e d u c t —Int.&

Not Income_____ _______________ $1,443,597
$1,169,467
$274,130
N o t e . —Monongahela Power & Ry. Co. included from July 1 1922 and
Potomac Public Service Co. from Aug. 1 1922.
Andrew V. Stout, of Dominick & Dominick, has beon elected a director
of the following subsidiaries: West Penn Co., West Penn Power Co. and
West Penn Rys. Co.—V. 115, p. 439, 186.

Amoskeag Manufacturing Co.— F in a n c ia l S ta te m e n t .—
Y e a r s e n d in g —
M a y 28 '22. M a y 28 ’21. M a y 29 ’20. M a y 31 T9.
Cotton & worsted cloth
produced (yds.)_____ 132,576,849 147,548,074 160,566,549 143,209,121
Sold (yds.)_________ 138.117.958 146,934,297 161.450,505 139,696,222
11,754
700,995
630,848
Cotton bags produced.. ------------do
do
so ld .. ...............
82.114
662,735
632,048
Gross sales............... ........$24,838,805 $31,287,074 $56,319,933 $44,015,912
C o s t of manufacturing..
23,449,925 28,984,549 52,467,644 37,124,078

Operating income___$1,388,880 $2,302,525 $3,852,289 $6,891,834
Other income_________ deb.740,792debl,029,878
516,628 1,053,110
Net income.................
D ividends......... ..............

$648,087 $1,272,647
2,523,600 2,523,600

Balance, deficit_____ $1,875,513

$4,368,917 $7,944,944
1,684,800 1,166.400

$l,250,953sur$2684,117sur$6778,545

C o n s o lid a te d G e n e r a l B a la n c e S h e e t.
A s s e ts —

28 ’22. M a y 28 '21. M a y 29 ’20. M a y 31 T9.
Real estate & mach’y . . . $3,000,000 $3,000,000 $3,000,000 $3,000,000
M dse., cash & accts. roc. 35,680,283 37.455.399 39,521,612 37,162,531
M ay

T o ta l............................$38,680,283 $40,455,399 $42,521,612 $40,162,531
Nmas^fe acc’ts payable.. $6,250,000
Profit & loss & reserves. 32,430,283

$280,000
40,175,399

$1,818,942
40.702,670

$2,682,522
37,480,009

_____ ______$38,680,283 $40,455,399 $42,521,612 $40,162,531
Total
— V. 114, p. 2828.

A rn o ld , C o n sta b le & Co., New Y ork.— N e w

I n te r e s ts .—

It is understood that negotiations have been practically completed
whereby strong financial and business interests will become identified
with tho company’s affairs. Full details are expected to bo officially
announced in tho near future.—V. 102, p. 1164.

A tla n tic G ulf & W est In d ie s SS. L in es.— N e w

S e c r e ta r y .

J G. Grodler has beon elected Secretary, succeeding C. N . Wonacott,
who has rosigned as Vice-President and Secretary.—V. 115, p. 1324.

A tla n tic Lobos Oil Co.— O il

E x p o r t s .—

The company in September last is reported to have exported 160,000
bbls. of oil from Mexico, a decrease of 11,000 bbls. as compared with
August last.—V. 115, p. 1324.

A tla n tic Oil P ro d u c in g Co.— A c q u i s i t io n .—

This company has acquired control of tho Shreveport-Eldorado Pipe
Line Co.— V. 110, p. 972.

A tla s C ru cib le S teel Co.— M e r g e r .—

See Electric Steel Co. below.—V. 115. p. 1431, 1213.

A tlas S teel C orp.— C o n s o lid a tio n . —

See Electric Alloy Steel Co. below.

B ald w in L ocom otive W orks.— B u s in e s s . —

Tho company, it is stated, booked $14,437,147 of new business during
September, compared with $12,292,342 in August. The total business
booked for the first 9 months of tho year was $44;826,758. Of this amount
$33,002,071 was booked in the third quarter. The plant, it is stated, is
operating at about 60% of capacity.—V. 115, P- loob, 14o2.

B a rn s d a ll C orp.— I n t e r n a t i o n a l

B a r n s d a ll C o r p . C o n tr a c t.

See under "Current Events” in last week’s "Chronicle,” p. 1491.—
V. 115, p. 991.

B a ta v ia (N. Y.) R u b b e r Co.— R e c e iv e r s ’

S a le . —

John Woodward, receiver, by order of the court, will sell the entire
property at public auction on Nov. 9 at company’s plant at Batavia,
N . Y.— V. 114, p. 2119.

Bell T elep h o n e Co. of P e n n sy lv a n ia .— N e w

D ir e c to r . —

Edwin S. Stuart, former Governor of Pennsylvania, has been olectcd a
director, to succeed the later Francis B. Reeves.— V. 115, p. 1432.




Best-Clymer Co.— O r g a n iz a tio n . —

This company, successor to the Best-Clymer Mfg. Co. (V. 115, p. 1536).
will have 30,000 shares of Common stock, no par valuo, which has been
underwritten by tho directors. Company has a real estate mortgage o f
$350 000, which has been taken by the Missouri State Life Insurance Co.
of St. Louis. This is a six year loan, $10,000 payable each six months,
bearing 6% interest. Tho company starts out free of debt, other than the
real estate mortgage, and with quick assets amounting to some $600,000,
in addition to fully equipped plants in St. Louis and South Fort Smith.
Directors are: W. S. Thomas, Pres. & Treas.; M. G. Clymor, V.-Pres.;
Louis Rosen, V.-Pres.: James Campbell, Sec.; W. Frank Carter, W. C.
D ’Arcy T. P. Bates, W. C. Huber, L. P. Best. General office, St. Louis.
Mo.— V. 115, p. 1536.

Bethlehem Steel Corp.— B e th le h e m -L a c k a w a n n a M e r g e r
Eugone G. Grace, in a statement issued
Sept. 29, pointed out that the abandonment of the plan
to merge the Republic, Midvale and Insland Steel companies
because of the objections raised by the Federal Trade
Commission, will in no way affect the recent taking over of
the Lackawanna Steel Co. by Bethlehem. Mr. Grace said:
S t a n d s . — Pres.

Tho decision of Midvale, Republic and Inland not to merge should
have no significanaco whatever for persons interested in our acquisition
of Lackawanna. The Bethelehem-Lackawanna combination already is
virtually a fact, and the last step, tho actual exchange of securities, will
he made lust as soon as possible, presumably within tho next two or three
weeks. The stumbling block for Midvale. Republic and Inland floating
securities of a new company in tho face of a Federal Trade Commission
comnlaint we have not had to contend with and will not have to content
with at any time. The additional $15,000,000 Preferred stock for plant
improvements, which it is planned will bo a regular Bethlehem security,
will bo beyond the pale of any Federal Trade Commission action.
[The Bethlehem Steel Export Corp. was organized in Delawaro Sept.
23 1922 with an authorized capital of $1,000,000. Tho action of the
corporation in organizing an export subsidiary, it is stated follows the
decision to liquidate the Consolidated Steel Co.) V. 115, p. lo36, 143~.

Black & Decker Mfg. Co.— D i v i d e n d s . —

An official statement says: “ A dividend of 2% on the Prof, stock has
been declared for the third quarter of 1922. This makes a total of 4
dividends on the Pref. stock this year, totaling 8%, with the likelihood
of an additional dividend to bo paid at the end of the year.
. . . . .
“A tremendous increase in sales, due to a considerable extent to the
reduction in prices made Jan. 1 1 9 2 2 , has enabled the company to get
on a production basis, which enabled it to put out a higher grade tool
than over before at a lower price, and at the same time enabled it to pay
dividends.”—V. 115, p. 312.

Black Lake Asbestos & Chrome Co., Ltd.— B o n d ­
h o ld e r s ’ C o m m itte e .—

a maiority of tho holders of the income bonds. It is stated, havo deposited
their bonds with the National Trust Co.. Toronto, with a view to take
concerted action in the Quebec Courts against J A. Jacobs and associates,
who in 1921, secured stock control by purchasing tho shares held by the
Asbestos Corp. No bond interest has boon paid on tho bonds since March

1 Th'n committee who will direct tho action on behalf of the bondholders
consists of G. J. Cuthbertson, Montreal: John B. Kay and R. F. Massie,
Toronto.—V. 113, p. 2618.

Boston Consolidated Gas Co.— G a s O u tp u t. —

M o n th o f —
.Sept. 1922. A u g . 1922. J u l y 1922. J u n e 1922.
Gasoutput (cu. ft.)___ 706.851,000 602,660,000 579,447,000 483,593,000
—V. 115, p. 1536, 1103.

Brier Hill Steel Co., Youngstown, Ohio.— B o n d s S o ld .
__Cuaranty Co. of New York have sold at 100 and int.
$10 000,000 1st Mtge. 5 K % bonds (see advertising pages).
Dated Oct. 1 1922. Duo Oct. 1 1942. Denom. $500 and $1,000 (c+).
Red.
nil nr nart at any time upon 30 days’ notice at 105 and int. Market fund
nf <tise 000 semi-annually, beginning Oct. 1 1924. to bo used for the purc L s e of bondsM not exceeding 103 and int prior to Oct 1 1927 and 104H
and int. thereafter, any moneys not so used to bo credited in reduction of
tho next payment.
, „
,
Data from Letter of Chairman James B. K ennedy, September 30.
C o m v a n y .—Organized in 1912 and purchased the physical properties of
four companies manufacturing merchant pig iron and sheets. Comnanv’s principal plant, located at Youngstown, O., situate on a tract of 195
ncres has a total annual capacity of approximately 360,000 net tons of
coke '500 000 gross tons of pig iron, 720,000 gross tons of ingots, 600,000
ctoss tons of blooms, billets and bars, and 360.000 net tons of plates. Tho
nrincinal units include 3 blast furnaces, one of which was erected in 1918
nnd 2 rebuilt about 1912: 84 by-product coke ovens with complete benzol
rofinery, built in 1917; 12 75-ton open hearth furnaces and rolling mill plant
with a 40-inch blooming mill and 2 24-inch billet and bar mills, all erected
in 1913: and a plate mill plant built in 1918 equipped with one 3-high 132inch mill and one reversible 84-inch mill.
. . .
,
Company is one of tho largest independent producers of sheets, owning
3 sheet mill plants, 2 of which are located at Niles, O., and one at Warren,
o
These plants embraco 28 stands of hot mills and havo an annual ca­
pacity of 200,000 not tons of black sheets and 95,000 not tons of galvanizod
Tnt p a y ab le A. & O. at Guaranty Trust Co., Now York, trustoo.

Sf e c u r i t v . —Secured by first mortgage upon tho real property of the com­
pany and are to bo secured upon the remaining property through pledge
of all stocks of subsidiaries.
^
. ,.
The depreciated value of tho property to be covered by direct mortgage
annears on tho books of the company at over $24,000,000; stocks to be
nled-ed of subsidiaries wholly owned havo a value shown on their own books
of about $2,300,000, and ore rights held through other subsidiaries are
carried at an amortized cost of about $2,800,000, making a total of over
coq n00 000 beforo giving offoct to tho proceeds of this issue. These prop­
erties, as recently estimated by independent interests, represent a present
f a ' o v e ^ a t i o n s a n d ' p u f p o s e o f ’P ^ u e .—Company is well integrated in regard to
raw materials. It produces about 75% of tho coko consumed by its blast
furnaces and supplies from tho mines of its subsidiaries about 72% of tho
rnarnecessary for this coko. Its oro requirements are met almost entirely
from properties of subsidiaries situato in tho Mesabi Range. Transporta­
tion of raw materials is facilitated through ownership by tho company or
subsidiaries of approximately 200 coal cars and a 12,500 ton ore ship.
Company is not so well balanced in regard to finished production, and it
is the nurposo of this bond issue to provide mills for a wider range of prod­
ucts Hitherto tho company has finished only plates and black or galvan­
ized sheets but it is proposed to construct at a cost of about $5,000,000 a
94-inch strip mill with about 200,000 tons annual capacity and two lapweld tube mills, handling 2-inch to 16-inch tubes, with an annual output of
^ T h is1construction will put tho finishing mills in balanco with ingot ca­
pacity and should materially incroaso tho stability of earnings through
diversification of products. Supplementing this now construction, the
company also proposes to expend approximately $1,000,000 in modernizing
its Thomas sheet plant at Niles, O., making it ono of tho best in tho country.
The remaining proceeds of tho issue will be used to provido additional work­
ing capital.
E a r n i n g s Y e a r s e n d e d D e c . 31.
N e t S a le s .

D e p r e c ia tio n .

F ederal
T axes.

N e t A v a ila b le
f o r I n te r e s t.

1915 „ ..................$10,714,615
$490,768
$15,773
$1,260,701
1916 '
25,942,870
758,365
206,306
9,466,110
1917
51,671.913
2,266,857
9,308,442
10,634,385
1918
41,570,228
5,650,863
1,595,300
3,643.721
1919 ‘ ' ............... 24,225,645
1,973,693
94,466
916,171
2,361,527 • 1,169,894
5,083,156
1920 '
44,422,219
1921 " I ________ 12,525,837
1,179,940
- .......... (loss)3,107,478
For tho 8 months ondod Aug. 31 1922 there was a loss of $118,914 before
depreciation. During this period operations were affected by tho coal
striko and for most of this time only one blast furnace was in uso. At
present company is operating at 100% of capacity with about 4,400 mon
.

$1 900,000, inventories $1,200,000 and combined operating expenses 45%.
—V. 114, p. 1173.

N ew

[V ol. 115.

THE CHRONICLE

1636

Oct. 7 1922.]

THE CHRONICLE

employed. It Is expected that this month -will establish a new record of
ingot production, and it is believed that operations since Aug. 31 have been
conducted at a profit.
C o n s o l i d a t e d B a l a n c e S h e e t D e c e m b e r 31 1921.
A s s e ts

L ia b ilitie s .

Preferred 7% stock____ $5,000,000
Rea^est., bldgs., mach’y
& equip., less deprec’n
Common stock (750,175
shares, no par)----------x l2,500,000
reserve of $9,157,784 .$27,763,851
608,000
Mineral rights (unamort.
Steamship Co. 10-yr. 6s.
382.500
balance)------------------ 3,033,678
do 10-yr. 6% n otes..
873.229
Invests, in & ad vs. to af­
Ore prop. pur. 6-yr. contr.
614,463
filiated c o s .________
931,872 Accounts payable-------328,123
C a sh _____________ _
225,727 Accrued payables---------500,000
Marketable secu rities...
40,701 Bills payable__________
611.118
Accounts & notes receiv . 2.071,138 Oper. & conting. reserve.
Inventories------------------ 5,249,028 Surplus______________ 18,216,944
268,151
Other assets---------------Total (each side)____ $39,634,377
Deferred charges______
50,231
x Common stock authorized, 1,250 ,000 shares, no par value.—V. 115,
.1536.

Brooklyn Edison Co., Inc .— N e w S te a m T u r b in e S ta tio n .

g^The company has begun the construction of a 400,000 k. w . steam turbine
Ration, the initial installation in which will call for an expenditure of
$8,000,000. Orders have already been placed for two 62,500 k. v. a . turoogenerator sets with the Westinghousa Electric & Mfg. Co. and 1 with
the General Electric Co., 81,695 h. p. boilers and 8 stokers.
The power house structure will cover two blocks on Hudson Ave., Brook­
lyn, N. Y., adjoining the Brooklyn Navy Yard. The completion of the
first section is scneduled for Nov. 1923 —V. 115, p. 985-

Brunswick-Balke-Collender Co,— N e w W a r e h o u s e .—

The company has purchased a 5-story warehouse on the S .W . comer of
Pershing Boul., and Federal St., Chicago, 111., for a price said to be in
excess of $300,000—V. 115, p. 433.

1637

every five now held. Application has been made to the Illinois Public
Service Commission for authority to issue the new stock.
Tho directors have authorized the enlargement of the new Calumet
generating station by one-third and the construction of a giant new plant
on Chicago’s west side, which ultimately will be by far the largest central
station in the world. The expenditure is expected to exceed $53,000,000.—
V. 114, p. 2722.

Commonwealth Light & Power Co.— A c q u i s i t i o n .—

The sale of the Phillips County Light & Power Co. to the company
has been authorized by the Kansas P. U. Commission.—V. 114, p. 1412.

Computing-Tabulating-Recording Co.— P u r c h a s e .—

President T. J. Watson states that the company has purchased a factory
at vinengen, Germany, where it will manufacture its products for European
consumption.—V. 115, p. 650.

Connecticut Light & Power Co.— B o n d s C a lle d .—

^Sixty-tw o 1st & Ref. Mtge. 7% S. F. gold bonds, series “A,” dated
May 1
*900 each and 4 of $500 each, have been called for redemp­
tion Nov. 1 at 110 and int. at the Bankers Trust Co., 16 Wall St., N . Y
Gity.— \ . 115, p. 1433.

Consolidated Gas, Electric Light & Power Co. of
Balt.— O ffe r to P u r c h a s e S e r ie s “ B ” 7 1 4 % B o n d s .—
In connection with formal notice, already given [V. 115. p. 14331. of the
intention of this company to redeem on Dec. 1 1922 all of its outstanding
® ? £ & Ist
Mtge. Sing. Fund gold bonds at 110 and int.
(namely $1.1,37 50 for each $1,000 of bonds), notice is given that the com­
pany will Purchase such bonds before Dec. 1 1922 on the basis of $1,137 50
f o t 1 *L 000 of bonds, less a discount of 12.6 cents per day (at the rate
annu.ni) from the date of sale and surrender thereof to Dec. 1
Inoo holders who desire so to sell and surrender their bonds before Dec. 1
1922 may do so at Alexander Brown & Sons, Balt., Md., or at the Bankers
Trust Co., N. Y. City.— V. 115, p. 1433.

Bucklin Lumber Co., New Westminster, B. C.,
Consolidated Light & Power Co., Kewanee. 111.— S a le .
The company has offered to sell its entire property, including electric
Canada. — B o n d s O f fe r e d .— Carstens & Earlss, Inc., San
1
•4.-powor’*gas anc* heating plants, to the city of Kewanee, III.
Francisco, are offering at 100 and int., 1300,000 7 Y i %
- ®ioeCAAr?ns*S? Kewanee, 111., recently voted in favor of a bond issue
of $125,000 with which to begin the installation of a municipal electric
1st Mtge. Sinking Fund Gold bonds. A circular shows:
light plant.—V. 98, p. 1075.

Dated Oct. 2 1922. Due Oct. 2 1932. Interest payable A. & O. at
offices of above bankers. Denom. $100. $500 and $1,000 (c). Callable
Continental Mines, Ltd.— S to c k O ffe r e d .— Slionnard &
all or part by lot, on any interest date on 60 days’ notice at 105 and interest.
Company agrees to pay the United States normal income tax up to 2%. Co., New York, are offering at $5 per share 250,000 shares
Q. Austin Haskell, Seattle, Wash., trustee.
,
,
. of capital stock (par 555).
C o m p a n y .—Established in 1905.
Owns a modern Allis Chalmers band
— Authorized. $3,500,000; issued, $ 3, 100,000 (par $ 5).
mill, with a daily capacity of 125,000 feet, located at New Westminster, NoC apitalization
preferred stock or funded debt.
B. C., and controls through the ownership of Crown Grants, and per­
petual licenses, approximately 750,000,000 feet of standing timber situated Data from Letters of R. C. Warriner, Pres., and William W. Mein.
P r o p e r t i e s .—At Kirkland Lake. Ont., company holds 27 claims comprising
°n Upper Pitt River, Raven Creek and Jervis Inlet, B. C.
The licenses which control the company’s timber holdings have peen an area 3 miles m length, averaging three-fifths of a mile in width, and im­
surveyed and perpetuated by the British Columbia Government and tne mediately adjoining tne producing gold mines of the district. At Cobalt.
Ont., company operates through its ownership of a subsidiary the properlegal title thereto is held by Bucklin Development Co., Ltd., which join? tu»
of the Colonia1 Mining Co., comprising 68 acres.
Bucklin Lumber Co., Ltd., as makers of those bonds. All the capital
Explorations conducted on the claims of the company have established
stock of Bucklin Development Co., Ltd., is controlled by the owners ot geological
conditions similar to those found on the producing properties.
Bucklin Lumber Co., Ltd.
. .
. J
s.
holdings are greater in extent than the present producing
S i n k i n g F u n d .—Mortgage provides for a sinking fund payment to tne
Jf^trlct'
*,n Vlew of their proximity to actual production,
trustee, of $1 50 per thousand feet, British Columbia log scale, cut from tne management
has laid Its plans for large-scale operations.
standing timber, payable monthly beginning Sept. 1 1923, with an annual
t beginning of this year Kirkland Lake production amounted to
minimum payment of $30,000.
«.
.
^ 4,033 tons, the average value being $12 51 per ton. Surface sampling
E a r n i n g s .—Annual net profits available for interest charges after ade­
trenching on the Continental claims have given most encouraging re­
quate provision for depreciation and taxes, averaged for the period lUUo and
.assays of $15 20 to the ton.
to 1920 inclusive, $33,430.
,
^ sults, with M
m e.— ln the Colonial Silver property at Cobalt the company
P u r p o s e .—Proceeds will be devoted approximately one-half toward
“
■
A
valuable
asset. The O Bnen mine, immediately to the west, is one
the payment of current obligations and one-h ilf to the purchase of necessary
ih«Si?I8est.s^t?pers, ° f silver at Cobalt. There is excellent authority for
Jogging machinery and equipment to open the company’s tracts of timber, ?n
statement that the O’Brien management is mining, at the Colonial
in tho latter case adding a like amount to the company’s assets under the
boundary, a high-grade vein of considerable width, carrying a verv rich
this mortgage.
characteristic of the gest Cobalt ores. A throe-compartmont shaft
18
sunk on the Colonial property between two fracture planes
Cadet Knitting Co.— S a le s — E a r n i n g s .—
The company reports that sales for the first six months of 1922 were av coming from the O Bnen. It is expected that the O'Brien-Colonial contact
a rate of 70% groater than in the same period last year. Profits for 111° earlv'inTgz ? '4 at a depth of 800 feet in this shaft. which should be completed
six months after charges were said to be in excess of $1 a share on the com ­ ^ u r?.rJ ci y . P apital-—Wlth ,the completion of the present financing there
mon stock.—y , 114, p. 2017.
will be in the treasury of the company $ 1 ,000,000 and leave unissued and
available for corporate purposes 80,000 shares of stock.
California Oregon Power Co.— P r e f . S to ck O f fe r e d .—
D i r e c t o r s .—Ruel Chaffee Warriner, Pres, (former Cons’g Eng. & Gen.
The company, in a letter to its customers, states that in June last tne ?£gr‘T
£.f Cr?,wn Mines, Ltd., Johannesburg, South Africa); Thomas Riggs,
management offered a block of $200,000 7% Preferred stock to its em­ Vlce-Pres.
(former Governor of Alaska); Frederic Bull, Treas. (director of
ployees, customers and friends, which was largely oversubscribed.
Consolidated Mining Co., Norfolk Southern RR., &c.); George
The company has again obtained permission to issue an additional Oriental
•
Buchanan,
K.C., Sudbury, Ont.; Frederick DeC. Faust (director Na­
amount of Preferred stock to customers and friends. This stock is oeing tional, Metropolitan
Bank, Washington, D. C.); Charles McCrea, K.O.,
offered at $92 per share, and may be purchased either for cash or lor a Ontario, Can.; R. Home Smith (Pres. Toronto Land Corp.); A. o . WadPayment of $5 per share per month.—V. 116, p. 1214.
hams (International Nickel Co.).

Calumet & Arizona Mining Co.— 1922 O u tp u t ( i n L b s A -

Continental Motors Corp., Detroit.— T o C r e a te N o P a r
S h a r e s .— Tlie stockholders will vote Oct. -18 on
authorizing 3,000,000 no par value shares of which 1,500,000
are to bo exchanged share for share for the present Common
stock, par 810. The unissued shares will be held in the
Cambridge (Mass.) Gas Light Co.— S to ck A p p r o v e d .—
The Mass. Department of Public Utilities has approved the issuance treasury for future issuance as the directors may determine.
a t,$170 a share of 1,400 shares of new stock (par $100). Tho proceeds A letter to the stockholders says in brief:

September ...3 ,5 9 8 ,0 0 0 1Juno________ 3 ,362,000 M arch............3,056,000
A u g u st...........4,038,000 M ay. ______ 3, 566,0001February-------2,462.000
July-------------3,310,000| A pril_______ 3,756,000)
.
,
N o t e .—Operations wore suspended in May 1921 and resumed early
in February 1922.—V. 115, p. 1324, 1214.

will be applied to the payment of existing indebtedness incurred for additions
to the plant.—V. 115, p. 992.

V a lu e

Tho directors and officers have for some time been earnestly considering
plans whereby the company should bo placed in a position to handle the
increasing volume of business tenderod to it. and to thus maintain its
relative position and prestige in its field of activity.
The company’s plant at Kingston, Ont., which has been closed for over
Corporation has outstanding $4,500,000 7% Gold notes, maturing
a year, has been reopened.— V. 115, p. 1319. 1214.
as follows: $750,000 each on April 1 1923 and 1924, and $3,000,000
April 1 1926.
.
Canadian Woollens, Ltd . — B a la n c e S h eet J u n e 30.
stock6™ are ln th€> hands of the public about $2,006,000 7% Preferred
1921.
1922.
1921.
1922.
$
A s s e ts —
L ia b ilitie s —
$
The annual output of motors should approximate 350.000. The capital
S
$
Cash...... ..........
13,735 Bk. of Mont, bills
resourcos should be ample to enable the company to freely conduct and
2,108
100,000 properly develop Its business.
payable______
271,000
*
Bills 4 accounts
104,353
277,565 Bills payable trade 178,047
receivable.......... 348,443
It is proposed to provide for 3,000,000 shares of no par Common stock.
327,088 Each
Inv en to ries.............
858,737
share of tho 1,500,000 shares presently outstanding Common stock
701,093 Accounts payable- 333,195
4,000
Deferred llabll---3,000
in v . in other com­
bo exchanged for a share of the newly authorized no par stock. Cor­
20,530 will
22,229
panies, &c.........
9,740
17,411 Surplus.................
poration will have, authorized but unissued, the remaining 1,500.000
D eferred a s s e ts ..
24,995
20,820 7% Pref. stock... 1,098,900 1.750.000
shares of Common stock, which may be, from time to time, disposed of
1.750.000
P ro p ., p it. & equip 2,353,813 2,081,377 Common stock— 1,750,000
ei requirements. The directors are satisfied that there should be
25,000 to I?,er
Govt, tax reserve.
31,584
I to c ., tr.-m k8. &
difficulty in disposing of substantial portions »f this new stock on
405,307 no
goodwill.............. 1,440,938 1,440,938 Depreciation res.. 098,029
te 2 ?ls that justify Its creation.
lies, for red. of
The directors are not unmindful of the expectation of Common share­
Pref. stock........
52,849
holders to participate in a fair proportion of the net earnings, through
declaration of dividends. If the proposed amendments are adopted
Total.................... 5,038,834 4,019,538
Total.................... 5,038,834 4,019,538 by the shareholders, the determination of the right policy, under all the
„ N o t e . — Contingent liability in respect to bills receivable discounted, circumstances, win be easier of solution should the board bo assured of
$41,940.
. . . . « the existence as a potential asset of the additional Common stock avail­
The income account for the year ending June 30 1922, was published able for Issuance and sale, from time to time, to meet capital Investment
requirements.
in V. 115, p. 1324, 1432.
The directors would regard it as decidedly to the interests of the cor­
C h ilds ( R e s ta u r a n t) Co. of N. Y. C ity .— L e a s e .—
poration if the amendment could be effectuated as soon as possible. Im­
The company has leased the property at 27-29 Beaver St. from the. portant commitments, which meanwhile must be held In abovance are
John R. Amyar Estate for a term of 21 years, at an aggregate net rental dependent upon the adoption of the amendment.—V. 114, p. 310, 405.
it is stated, of over $500.000.—V. 114, p. 406.
Corn Products Refining Co.— E a r n in g s , & c .—
A published statement believed by the "Chronicle’Fto be correct savsC lev eland R u b b e r C orp.— R e c e iv e r s h ip S u i t .—
“Earnings
during the third quarter should more than cover tho dividend
Stockholders who claim to own $400,000 stock have filed suit against of $1 50 a share
on the $49,784,000 Common, but will not equal tho
the company, asking for tho appointment of a receiver. Mismanagement shown
in
the
three months ended June 30. With the $3 47 earned in the
Is tho principal chargo. Company was incorporated in 1918 with an first quarter, total
for the first six months was $6 83 a share acainct m m
authorized capital of $1,500,000 Preferred stock and $1,500,000 Common in
the first half of 1921. Nine months’ statement In 1921 showed earning
stock- At present $1,400,000 Preferred stock, $800,000 Common stock equal
to
$7
54
a
share.
earnings
and $364,000 bonds are outstanding.
“The directors have authorized the expenditure of $3 000 non for im
C om m ercial C re d it Co.— P r e f e r r e d S to ck O ffe r e d .—
provements and betterments at the three plants now operating—Edgewator*
For offering by Robert Garrett & Sons, Baltimore; Cassatt & Co., Phila., N . J.; Pekin and Argo, 111. These refiners are operating around
and Spencer Trask & Co., Now York, of $1,000,000 7% Cumulative Pref.
stock at $26 50 and div. (par $25) to yield 6.60%, see under “Current K a ^ C i t y plant.“ rtalD Wh°n operatlons wiU be resumld at the new
Events” above.—V. 115, p. 1538.
B o n d s C a lle d .—
C o m m o n w ealth E d iso n Co., C hicago.— S to c k O f fe r in g .
One hundred fifteen ($115,000) 25-year 5% Debenture Sinking Fund
It is stated that the company, will shortly offer $12,000,000 of new Gold bonds, dated Nov. 1 1906, have been cafled for p a r e n t Nov i ^ t
stock to its stockholders on the basis of one share of now stock for par and int. at the Title Guarantee & Trust Co. N ^ —V . l 15, p 1438

Canadian Locomotive Co., Ltd . — R e s u m e s O p e r a tio n s .




1638

THE CHRONICLE

[V ol. 115.

Crex Carpet Co.— N e w O f fic e r s , & c .—

miles. This road was formerly the Eureka & Palisade R y ., which was sold
under foreclosure in Nov. 1910. The purchase price is said to bo $750,000.

(Thomas) Cusak Co. (Advertisers).— R e c e iv e r s h ip S u it.

Tho report for the year ended July 31 1922 shows total sales of $29,273 254
compared with $37,836,473 in 1921. Net earnings after charges, $5 006 521 compares with $1,533,757 in the previous year. Profit and lass surplus
as of July 31 last, totaled $12,537,972. Output for tho year was 45 000
cars and 1,192 tractors, compared with 46,000 cars and 3,063 tractors in
1921. The balance sheet as of July 31 1922 shows: Cash, $6,147,715- in­
vestments. $3,971,184; receivables, $1,017,192; plant, $4,560,908- and
materials and supplies, $9,806,276.—V. 115, p. 313.

The following officers have been elected: Myron W. Robinson, Chairman;
James H. Baldwin, President; H. Esk Moller and R. C. Gambee, Vice­
Presidents; William A. Pfeil, Secretary and Treasurer.
All of the directors were re-elected with the exception of Maurice Veuve.
Mr. Baldwin has also been elected a director.— V. 115, p. 1318.
Alleging mismanagement, Clarence D. Costello, a director and stock­
holder, has filed suit before Vice-Chancellor Griffin in Jersey City asking
for a receiver for the company.
At a hearing it developed that the stockholders at an adjourned meeting
Juno 7 authorized the creation of a bond issue amounting to $6,000,000,
the issuance of which was enjoined pending the receivership proceedings.
It also developed that the complainant is an employee of the O. J.
Gudo Co., a competitor. Vice-Chancellor Griffin stated that it seemed
to him that the complainant, an employee of a concern doing a similar
business, did not come into court with clean hands and that it did not
seem to him that a company, represented by two-thirds of Its stockholders,
could take any such action as the said bond issue without injury to the
same stockholders.—V. 106, p. 1129.

Cuban-American Sugar Co.— M e r g e r P o s tp o n e d .—

The directors of Cuban-American Sugar Co. and National Sugar Re­
fining Co. have met with legal difficulties and so far have failed to agree
upon terms that could be recommended to stockholders for merger of the
two companies. A director of Cuban-American says the plan has not
been altogether abandoned, but it is believed that the combination has
been indefinitely postponed.
The difficulty of inducing large holders of stock in the National Sugar
Refining Co. to agree to plans for trading each share of their holdings
for one share of 7% Preferred stock of Cuban-American and 2 3A shares
of Cuban-American Common, that at present pays nothing, may have
had something to do with postponing the merger. (“Wall St. Journal.”)
—V. 115, p. 1325.

F o rd M otor Co. of C a n ad a, L td .— E a r n i n g s .—

(H. H.) F ra n k lin M a n u fa c tu rin g Co.— S h ip m e n ts .—

Tho Franklin Automobile Co. during the year ended Sept. 1 1922 shiDDed
7,359 cars, of which 52.7% were of the closed type.—V. 115, p. 986.

F re e p o rt

T exas

(S u lp h u r)

Co.— E x p o r t

oee Union Sulphur Co. below.—V. 115, p. 992, 765.

A s s o c ia tio n .

G e n e ra l A m erican T a n k C ar Co.— O r d e r .—

The corporation is reported to have received an order from the Chicago &
Northwestern Ry. Co. for 1,000 steel coal cars.—V. 115, p. 1435, 765.

G en e ra l E le ctric Co.— 5 %

C o m p e n s a tio n P la n .—

President Gerard Swope, Sept. 29. says in substance: "Upon the
recommendation of the officers of the company, the directors have approved
the following plan, effective as of July 1 1922. Each employee receiving
compensation of $4,000 or less per year who has completed five years or
more of continuous servico at Jan. 1 and July 1 of each year and is still
in the company’s employ at tho date of distribution will be paid 5% supple­
mentary compensation semi-annually on or about Feb. 1 and Aug. 1 of
each year in cash or in securities redeemable in cash upon presentation
by the employee. No change in this policy will be made without one
year’s notice.”—V. 115, p. 992, 765.

G en e ra l M otors C o rn .— B u ic k P r o d u c tio n .—
Daytona (Fla.) Public Service Co.— B o n d s O f fe r e d .—
During tho week of Sept. 23 the Buick Co. plants at Flint and Detroit
John Nickerson, Jr., New York, and A. C. Allyn & Co., turned out a total of 4,058 cars, which is an average for the 5J4 working
Chicago, are offering at par and interest, $600,000 First days of 737 cars per day.—V. 115, p. 1538.
G erm a n G en e ra l E le ctric Co.— T o I n c r e a s e D i v . , <fcc.—
Mortgage 7 % Gold Bonds (see advertising pages).
The directors, it is stated, propose to increase: (o) the annual dividend
Dated Jan. 1 1922. Due Jan. 1 1942. Int. payable J. & J. at National
City Bank, New York, without deduction for the normal Federal income from 16% to 25%; and (6) the authorized Capital stock from 1,200,000,000

tax up to 2%. Redeemable, all or part, on any interest date upon 30 days’
notice, at 110 on or before Jan. 1 1927, at 107J-3; thereafter to Jan. 2 1932
at 105: thereafter to Jan. 2 1937; and at 102H% thereafter to maturity,
plus interest in each case. Denom. $1,000 and $500 (c*). Florida National
Bank, Jacksonville, Fla., trustee.
D a ta from L e tte r o f P re s id e n t A r t h u r E. C h ild s , B o s t o n , S e p t. 1.
C o m p a n y . —Incorp. Oct. 12 1912 in Florida.
Purchased the property
and succeeded to the business of the Schantz Electric Tee & Water Co.
Owns a steam-driven generating station, a gas manufacturing plant and an
ice manufacturing plant in Daytona, Fla. Furnishes, without competition,
electric light and power service in Daytona, Daytona Beach, Seabreeze,
Ortona, Kingston and Holly H ill. Service will shortly be supplied to Wilbur.
Furnishes, without competition, gas in Daytona, Daytona Beach and
Seabreeze. Distributes ice, without competition, in Daytona, Daytona
Beach, Seabreeze, Kingston and Holly Hill.
The generating station has an aggregate capacity of 2,600 k. w. steam
turbine and engine driven units. The boiler plant is being rebuilt, modern
water tube boilers being installed. Oil is used as fuel. Distribution sys­
tem comprises approximately 50 miles of polo lines with 3,581 customers
connected. Gas plant consists of one 4-ft. and one 6-ft. water gas machine,
one 49,000 cu. ft. relief holder and one 200,000 cu. ft. storage holder with
purifier, &c. Distribution system aggregates 63.4 miles of mains, with
2,637 customers connected. Ice manufacturing plant contains two ammo­
nia compressors with an aggregate capacity of 50 tons of ice per day.
C o n t r o l . —Controlled through stock ownership by Massachusetts Lighting
Companies through a subsidiary holding company. Light, Heat & Power
Corporation.
C a p ita liz a tio n A f t e r T h is F in a n c in g —
A u th o r iz e d . O u ts ta n d in g .
Capital stock_________________________________ $1,500,000
$700,000
First Mortgage 7% Bonds______________________ 1,500,000
600,000
E a r n i n g s 12 M o n t h s E n d e d J u n e 30.
1922.
1921.
1920.
Gross earnings_____ ____________ ________$326,728 $290,352 $242,621
P p e r a t in g e x p e n se s, m a in te n a n c e a n d ta x e s . 211,683
217,410
164,906

$72,942
$77,714
Neteam ings................. .................. ..............$115,045
dividends paid on stock averaged 6.4%.
1 1923 and on A. & O. 1 each year
thereafter, there will be paid to tho trustee an amount equal to 1 % of the
amount of bonds outstanding on the preceding Jan. 1 and July 1, which
shall be applied to the purchase of bonds in the market at or below the call
D i v i d e n d s . —During past six years
S i n k i n g F u n d . — Beginning April

P f P u r p o s e —Proceeds from bonds, together with the proceeds from the sale
of approximately $200,000 additional stock, will be used: (a) to retire present
$300 000 bonds; (&) to pay notes; and fc) for additions and improvements.
F r a n c h i s e s —Operates under seven franchises without burdensome re­
strictions. All franchises (except two expiring in 1938) extend beyond the
maturity of these bonds.

Dominion Coal Co., Ltd.— S e n t e m b e r O u t p u t .—

The output for September totaled 278,583 tons, as against 149,917 tons
in August and 374.000 tons in July. In September 1921 the output was
374,603 tons —V. 115, P- 313.

Duesenberg Automobile & Motors, Inc., Indianapolis.

The Massachusetts Department of Public Utilities has revoked its finding
of Aug. 3, which prohibited the sale of securities by this company in Massa­
chusetts. The sale of securities was barred because of failure of company to
file certain information required. Since that date the information has been
submitted.—V. 115, p. 764.

Edison Elec. Illuminating Co. of Boston.— N e w S to c k .

The stockholders will vote Oct. 16 on authorizing the application to the
Mass Department of Public Utilities for authority to issue additional
capital stock "for the purpose of realizing funds to bo applied to tho pay­
ment of liabilities heretofore or hereafter incurred for additions to and
extensions to the plant and property of the corporation.”
The call for the stockholders meeting does not indicato tho amount of
new stock to be issued.
, ,. . ,
,.
....
Pres C L Edgar says the companv has decided to proceed immediately
with it's new'generating station in Woymouth so as to have it ready for
regular service by the autumn of 1924. The initial capacity will probably
b°T ho wor?i°wmVbeUunder the direct supervision of E. I. Moultrop of the
Edison Co and Stone & Webster, Inc., have been engaged to design
and build the plant in collaboration with the company s engineers.—
V. 115, p. 1538, 992.

Electric Alloy Steel Co.— M e r g e r . —

The stockholders of both the Electric Alloy Steel Co. and Atlas Crucible
Steel Co have formally approved the merger into the Atlas Steel Corpora­
tion , to be organized in New York. It is stated that the Youngstown offices
of the Electric Alloy company will be closed and quarters established at
Dunkirk —V. 115, p. 1435. 1215.

Electric Railway Equipment Security Con>.—

Fifty-seven ($57,000) Equipment gold certificates, duo Feb. 1 1923, and
30 ($30,000) certificates due May 1 1923, have been palled for redemption
N ov. 1 at par and interest at the Fidelity Trust Co., trustee, I hiladelphia,
Pa.—V. 115, p. 188.

Empire Gas & Fuel Co.— N e w W e l l .—

The company has opened up a new oil pool with the completion of its
Brown No. 1 in the northeast quarter of Section 13, Township 31, Range 7,
Cowley County, Kan. The well Is flowing at the rate of 500 barrels
per day and has been drilled one foot in the sand.— V. 115, p. 1435.

Eureka (Nev.) Smelting & Mining Co.— P u r c h a s e .—

This company, recently organized, has purchased the Eureka Nevada
Ry., which extends from Palisade to Eureka and Ruby Hill, Nev., about 88




to 1,500,000,000 marks.—V. 113, p. 2317.

B a la n c e S h e e t .—
Sept. 9 ’22. Dec. 31 ’21
Liabilities—
$
S
Common stock— 1,903,186 1,903,286
Preferred stock__ 6,830,400 0,830,400
Stock of sub. cos..
915
915
N otes* ace’ts pay. 4,893,562 5,597,504
Deferred liability.
186,543
186,543
Res’ve for contlng.
140,826
_____

G ra to n & K n ig h t Mfg. C o.— C o n s o l.
Assets—
Plant, mach’y, &c.
Inv. in other cos. _
Cash___________
Government bonds
Ace'ts & notes recalnventorles____
Prepaid lnsur., &c.
Deficit_________

Sept. 9 ’22. Dec. 31 '21
$
S
3,963,670 4,173,257
371,897
370,484
708,269
958,211
375
9,375
1,552,320 1,135,217
5,339,746 5,942,601
124,028
196,668
1,895,127 1,732,835

T o t a l.................13,955,432 14,518,648

a At cost or market, whichever lower.— V. 115, p. 1539.

G ray & D avis, I n c .— E a r n i n g s .—

R e s u lts f o r —
Net profit after all charges................. .................
—V. 115, p. 1539.

G re a t W e ste rn P ow er Co.— C a r ib o u

1922. 8 M o s . 1922.
$26,586
$180,710

A ug.

D e v e lo p m e n t .—

A four-pago article, by J. A. Koontz, electric engineer, regarding the
Caribou station and the 165,000-volt steel transmission lino to Carquinez
Strait, together with graphs, will be found in the “Electric World,” Sept. 23.
—V. i 15, p. 540, 442.

H a r tm a n n C o rp o ra tio n .— S a le s I n c r e a s e .—
Tho corporation reports sales for the third quarter ended Sept. 30 of
$3 029 690, as against $2,268,273 for 1921, an increase of 34%. Total
sales for tiie 9 months ended Sept. 30 1922 are $9,693,720, as against
$8 307,719 for 1921, an increase of 17%.—V. 115, p. 985, 550.
H ill M a n u fa c tu rin g Co., B o sto n , M ass.— A n n u a l

R ep o rt

O p e r a t i n g S t a t e m e n t 12 M o n t h s E n d i n g M a y 31 1922.
$2,120
S a les_____ ____________ $1,889,634 Hill Mfg. Co. dividends..
7,500
Inventory (net)------------- 260,482 Lewiston Bl. & D. W. div
Tenement rents________
5 440
Total......................
$2,150,116 H. B. Claflin Co. (stock
450
p rofit)..............
C o s t o f m a n u f a c tu r e ---------1,917,487
42,848
D e p r e c ia tio n -----------------Profit period of 12 m os. $205,293
N e t p r o f i t ________________
189,780
B a l a n c e S h e e t M a y 31 1922.
L ia b ilitie s —
A s s e t s —■
Reai est., mach., plant, &c$2,015,342 Capital s t o c k .. .......... ......... $750,000
104,807
C a sh __________________
125,946 Draper corn, accounts___
197)276
A c c o u n ts receivable-------250,398 Unpaid bills not due______
I n v e n t o r i e s . . ...............— 1,231,011 Notes payable---------------- 1.189,600
323,207
Deferred charges----------29,265 Depreciation reserve____
8,372
Investments....... .............. - 253,8b0 Res. Federal taxes 1921..
Surplus............. ................... 1,332,560
Total (both sides)____ $3,905,822
Charles Walcott, H. W. Owen and W. F. Moore have been elected
directors.—V. 115, p. 1539, 1435.

Illinois Pipe Line Co.— P ip e L in e C o m p le te d . —

The company's pipe line into the Montana oil fields to take care of
increased production in the newly opened Kevin Sunburst field in Toole
County, was completed Sept. 12.—V. 115, p. 442.

Inland Steel Co.— C o m p la in t D i s m i s s e d .—

See Midvale Steel & Ordnance Co. below.—V. 115, p. 1539, 1435.

Jahncke Dry Docks, Inc.— G e n e r a l M a n a g e r . —

See Sinclair Refining Co. below.—V. 115, p. 189, 80.

Kansas City Power & Light Co.— B o n d R e d e m p tio n . —

All of the outstanding $10,000,000 1st & Ref. Mtgo. 20-Year 8% Gold
bonds, series “A,” due Dec. 1 1940 and the $670,900 1st & Ref. Mtge.
05-Year 6% Gold bonds, series “B, due Dec. 1 1945, have been called
for Dayment Dec. 1 at the Chase National Bank, N . Y. City, or at the
Continental & Commercial Trust Commercial & Savings Bank, Chicago,
111 The series “A” bonds will be redeemed at 107^ and int. and the
series “B ” bonds at 103 and int.—V. 115, p. 1539.

Knickerbocker Ice Co.— B o n d s A s s u m e d . —

See Hudson River Connecting RR. above.—V. 112, p. 2542.

(S. S.) Kresge Co.— S a le s — N o te R e d e m p tio n . —

I n c r e a s e . | 1922---- 9 M o s . ---- 1921.
In crea se.
iq 22- ---- S e p t . ------ 1921.
$5,423,491 $4,299,954 $1,123,537|$42,344,749 $36,868,609 $5,476,140
The company announces that it will redeem on Jan. 1 1923 all of the
outstanding 7% Serial gold notes due Jan. 1 1923 to 1926, incl. Notes due
on Jan 1 i923 will be paid at par and Lit., while those bearing Jan. 1 1924
tn 1926 maturities will be paid at 102 and int. These notes are part of an
Issue of $3,000,000 originally offered in July 1920 (V. I l l , p. 393).—V.
115, p. 1216.

Lackawanna Steel Co.— B o o k s W i l l N o t C lo s e .—

The company has issued a notice to stockhloders announcing that it
has been determined that the books for tho transfer of the stock of this
company will not be closed at tho close of business on Oct. 9 1922 and
notice of such closing heretofore published has been withdrawn. (See
advertising pages, last week's “Chronicle.”)
In order to facilitate the distribution to stockholders of Lackawanna
Steel Co. of the stock of Bethlehem Steel Corp. which will be received in
consideration for the sale and conveyance of tho property of tho former
to the latter, and in view of the great amount of work necessary in order
to make such distribution and the necessity of having at an early date p
ist as complete as possible of stockholders entitled to receive such stock

THE CHRONICLE

Oct. 7 1 9 2 2 .]

of Bethlehem Steel Corp., owners of stock of Lackawanna Steel Co. who
have not caused the samo to be transferred into their names on the books
of the company have boen requested to do so if possible on or before Oct.
9 1922, and in any ovent as early as possible.—V. 115, p. 1436. 1329.

Lake of the Woods Milling Co.— E a r n i n g s .—

The company reports for the fiscal year ended Aug. 31 1922 total revenue
of $713,087, against $762,073 in the previous year and a surplus after
interest, dividends, &c., of $15,587, as compared with $64,573 fn 1921.
The balance sheet as of Aug. 31 shows current assets amounting to $5,­
199,621, current liabilities $1,270,681, surplus account $1,278,455 and total
assets and liabilities of $9,949,136-—V. 113, p. 1682.

Lehigh Portland Cement Co.— N e w P l a n t .—

It is announced that the company will begin immediately the con­
struction of a plant to have a yearly capacity of approximately 1,000,000
barrels of cement. The plant will be located on a large tract of land
within a radius of five miles of the centre of Birmingham, Ala.—V. 112,
p. 938; V. 106, p. 2348.

Lewiston (Me.) Gas Light Co.— S to ck D i v i d e n d . —

The Maine P. U. Commission has authorized the company to make a
stock distribution of 1 2 % on its present $400,000 Common stock, par
$100, payable in 7% Cumul. Preferred stock.
The present capital consists of $400,000 Common stock, $50,000 Pre­
ferred stock (not incl. the above distribution), and $200,000 bonds.—
V. 113, p. 2318.

Lindsay Light Co.— S to ck I n c r e a s e A p p r o v e d . —

The stockholders have authorized the issuance of $200,000 7% Cum.
Prof, stock, proceeds to be used for the purchase of the Block Mantle Co.
Compare V. 115, p. 1436.

Loft, Incorporated.— E a r n i n g s .—
30.
1922.
1921.
1920.
Net sales...........__..................................$3,027,733 $3,124,476 $3,376,681
Costs, expenses, depreciation, &c___ 2,609,639
2,806,460
2,727,837
$648,844
$318,016
Net income_____________________ $418,094
57,860
Other income_____________________
24,407
15,307
R e s u lts f o r th e S ix M o n th s e n d e d J u n e

Profits_________________________

$442,501

$333,323

$706,704

1639
C o n s o lid a te d

G e n e r a l B a la n c e

S h e e t.

June 30 ’22. Dec. 31 ’21

June 30 ’22 Dec. 31 ’21
$
S * -«
Capital assets &
Capital stock.........22,422,550 14,750,000
Investm ents...x84,686,711 67,790,141 Cap. stk. of sub.
392,955
C a s h .................... y412,667
cos. not owned.
_____ 1,426,931
Accts. rec. (prln.
Accts. payable___
40,000
25,000
oil runs not col.) 1,570,000 1,299,417 Res. (incl. Fed.
Bills receivable... 312,000
167,849
taxes).
100,000
160,000
Wareh’se oil & gas
Consol, surplus..z64,711,395 53,790,430
matl. & equip.. 292,568
502,000
Assets —

S

S

Liabilities—

T otal.............87,273,945 70,152,361
Total................. 87,273,945 70,152,361
xCapital assets represented by stocks of subsdiairv companies which
hold: Leaseholds producing and developed, $80,694,085; not producing
or developed $1; gathering lines & storage. $211,000: miscellaneous in­
vestments, $3,781,624. y Cash in hand (after deducting $671,912' for
d*v*dends at rate of 30 cents per share on 2,239,705 shares of capital stock
of Middle States Od Corp., payable July 1 1922 go stockholders of record
June 10 1922. z Cons, surplus includes minority interests' equity, $2,­
026,761; Middle States Oil Corp. interest, $62,684,634.
See income account statement for 6 months in V. 115, p. 1540, 1106.

Midvale Steel & Ordnance Co.— C o m p la in t D i s m i s s e d .—

The Federal Trade Commission announced Oct. 5 the dismissal of its
complaint against the Midvale Steel & Ordnance Co., Republic Iron &
Steel Co. and Inland Steel Co., in which it was alleged that the proposed
merger of the companies was an unfair method of competition. Attorneys
for the companies filed a formal statement that the merger had been aban­
doned.—V. 115, p. 1540, 1437.

M ontgom ery W ard & Co., C h icag o .— S e p te m b e r S a le s .—

1922— S e p t . —1921.
$7^88 684
$0,363 455
— V. llo , p. 1106, 654.

I 1922—9 M o s .— 1921
In crease
$725.229|$59,552,224 $53,3467423 $6,205,801

In crease.

N a tio n a l F u e l G as Co.— R e p o r t — R u m o r s

D e n ie d . —

For annual report see under “Financial .eports” above.
President W. J. Judge, Sept. 25, denied a report that the company was
contemplating the distribution of a 100% stock dividend.—V. 113, p. 2728.

N a tio n a l L ead Co.— A c q u i s i t io n . —

acquired an interest in the Compania Minera do Llallagua Mines of Bolivia [capitalized at £475,000, par £1], the largest single
tin
producer
in
the
world.
The National Lead Co.’s holdings together with
June
30’22
Dec.
31
'21
June 30'22 Dec. 31 ’21
those of senor I atino, the largest individual tin mine owner in Bolivia
Assets —
$
s
Liabilities—
S
8
’
'’apltal stock____ a6,500,000 6,500,000 represent control.
hand, buildings,
Senor Patino, the National Lead Co. and English interests at present each
mach’y, &e___ 6,281,905 6,137,04( 10-yr. 6% real est.
mortgage_____ 1,250,000 1,250,000 own one-third interest in Williams Harvey Co., Ltd., of England, the
Leashold acq. for
largest tin smelters in the world, and also in Williams Harvey Corp. of
125,000
-------------cash--------------41,262
45,935 Notes payable___
184,168
406,891 New York, also a tin smelter.
G’dwlll, trmks., Ac 2,394,952 2,394,952 Accounts payable.
The acquisition of control of tho Bolivian tin mines has enabled the
169,377
230,461
Treasury sto c k ...
50,166
50,166 Federal tax res__
Accrued llab____
84,041
178,763 Williams Harvey interests to secure long-term contracts for more than 75%
Govt, securities.-.
176,225
_________
97,013
93,766 of the tin ores originating in South America. National Lead’s investment
Investments____
14,384
16,541 Contingency res__
N otes* accts. rec.
30,496
40,218 Surplus_________ 1,526,417 1,406,416 in Llallagua Mines is about $1,500,000.—V. 115, p. 994, 654.
C o m p a r a tiv e B a la n c e S h e e t.

Inventory..............

Prepaid rentals...

Casfl ............ -

723,060

170,691
52,875

722,713

154,246

504,450

N a tio n a l S u g a r R e fin in g Co.— M e r g e r

Tot. (eachsidel. 9,936,016 10,066,298

a Capital stock, 650,000 shares o f no par value.— V . 115, p. 314.

(P.) Lorillard Co.— M a n d a m u s A g a i n s t C o m p a n y D e n ie d .
See American Tobacco C o. above.— V . 115, p. 1329.

Los Angeles Gas & Electric Corp.— E a r n in g s .—
31—
1921.
$9,158,864
7,150,165

— Y ear E nded A u a .

(Gas A Electric Departments)—
1922.
Gross earnings.................................... .................... ..............$11,440,031
Operating expenses and taxes ________________________ 8,0 0 8 ,9 5 5

„ Net earnings.................................................- ..........$3,431,076 $2,008,698
Bond interest________________________________ 1,025,581
556,971
815,049
728,206
Depreciation................... ............................................ ..
Balance for dividends_______________________$1,590,446
—V. 115, p. 994, 767.

(Jam es) M cCreery & Co.— N e w

$723,521

O f f ic e r .—

J. J. Buell, Chicago, has been elected Vice-Pres.—V. 114, p. 312.

(J. F.) M cElw ain Co., B o sto n .— O r g a n iz e d .—

This company has been chartered under Massachusetts laws to deal in
boots, shoes, slippers, rubbers and other footwear. The company has
$300,000 Preferred stock, par $100, and 7,500 shares of no par Common.
Incorporators are: J. Franklin McElwain, Pres., Boston; Seward N.
1 aterson, Treas., Wint.hrop; Arthur E. Swan, Manchester, N. H.; Francis I.
Bursley and Clifford P. Warren, West Roxbury.
A modern brick factory with a capacity of 300 dozen pair shoes per
aay. It is stated, will be constructed at Nashua, N. H ., at once, and the
company plans to begin shipping shoes by Jan. 1. The company, it is said,
will manufacture a complete line of men’s Goodyear welt shoes to rotan
for about, $5 per pair.
.
,
.
The W. H. McElwain Co., which was absorbed by the International
Shoo Co., consents to the adoption of the name, but does not waiver any
rights in the name of McElwain or in trado marks on shoes.

(R. H .) Macy & Co.— I n i t i a l

P r e f e r r e d D i v i d e n d .—

An initial dividend of 1 V, % has been declared on tho 7% Cumul Pref.
stock, payable Nov. 1 to holders of record Oct. 14. [See offering of stock
m V . 115, p. 876.1—V. 115, p. 1329.

M agna M etals Co.— R e c e iv e r s h ip

M aine & New B ru n sw ic k E le c tric a l Pow er Co., L td .—

The company has applied to tho New Brunswick Board of Public Utilities
for authority to increase its Capital stock by $250,000.—V. 106, p. 91.

(H. R.) M allin so n & Co., In c .— B u s in e s s — S a le s . —

Preliminary figures for September, it is stated, show shipments for the
. °ntn approximately 60% in excess of shipments for corresponding month
m
■n 1921, and sales, including thoso yet unfilled, approximately 200% in
excoss of those for the same month last year.—V. 115, p. 1106.

M a n h a tta n P iggly-W iggly C orp.— S a le

o f S e c u r itie s .—

The Massachusetts Department of Public Utilities, upon filing of certain
Information required of the Manhattan Piggly Wiggly Corp. and satisfac­
tory explanation of delay, revoked the recent finding which declared the
sale of securities of company within tho Commonwealth to bo fraudulent.

M e rc h a n ts’ H e a t & L ig h t Co.— T o

I s s u e S e c u r itie s . —

The company has applied to the Indiana P. S. Commission for authority
to issue $118,800 Common stock and $356,500 bonds at not less than 90%
par. The proceeds are to bo used for improvements, &c.—V. 115, p.
1216, 653.

M exican S e ab o a rd Oil Co.— E x p o r t s . —

Tho company in September last, it is stated, exported about 536,000
barrels of oil from Mexico, or about 521,000 barrels less than in August last
— V. 115, p. 653. 303.
& c .—

At a meeting of tho directors Sept. 20 a resolution was adopted in
substance: “Whereas, this Oct. dividend payment is the fifth anni­
versary of regular cash dividend payments, beginning with Oct. 1917.
Gomputed on $1,000 par value of stock the cash dividends paid amounted
to $1,327 77. During this period additional free stock given stockholders
amounted to $1,921, and whereas, corporation recently sublet a large
amount of its non-producing lease acreage to Oil Lease Development Co.
ioi1, mtmediate development, and from which tho stockholders will be
entitled to profit; now, therefore, bo it resolved, that all profits to be
“™ d from such development are hereby assigned to tho dividend fund
. ii j corP°ration, to bo distributed to tho stockholders as rapidly as
realized, and tho executive committee is hereby instructed to carry this
resolution into effect.”




National Surety Co.— T o I n c r e a s e C a p ita l— O ffic e r s . —
, *000 no°n^o°i 7ennoWnnnVOt2f
2 ,on ‘".'Teasing the capital stock from
$5,000,000 to $7,000,000. Stockholders will be given the privilege of sub­
scribing to the extent of 40% of their holdings, or two new shares for everv
p a n d X business*150 &
The procc«ds wl» ^
William B. Joyce, formerly President, has been elected Chairman.
!?•
-r(° ?.?rly Vice-President and Assistant to the President
has been elected President.—V. I l l , p. 2527.
'

New C o rn elia C o p p er Co.— 1922

P r o d u c tio n ( i n L b s . ) . —

1 082 *7q

September ----- 3,065,3901June......... ..........1,565,442 IMarch

^Operations were suspended in May 1921' and resumed early in Feb. 1922.

New Y o rk T elep h o n e Co.— T e n d e rs — R a te

C a s e .—

. 0 farmers’ Loan & Trust Co. of N. Y ., trustee, will, until Nov 1
receive bids for the sale to it of 1st & Gen. Mtge. Sinking Fund bonds, dated
Oct. 1 1909, to an amount sufficient to absorb $750,000, and at a price
not exceeding par and int.
p
State and City of New York, through tho Attorney-General and
the Corporation Counsel, have filed a motion with the U. S. Supreme
Gp"™ to advance the hearing of tho city’s appeal for a review of the order
of the Federal District Court, denying the city’s right to intervene in the
case brought by the company to have the recent rate order of the New
\ork 1 S. Commission declared confiscatory. Tho Court took the
motion under advisement. See also V. 114, p. 1415, 2477; V. 115, p.
190- V. 115, p. 1330.

N o rw alk I ro n W orks Co.— M e r g e r . —
c"mpany, South Norwalk. Conn., and the Automatic Carbonic
Machine Co. of Peoria, 111., have been merged.—V. 114, p. 1898; V. 115,

N o rth e r n S ta te s P ow er Co. of M inn.— C a p ita l

In crea se

voted Sept. 28 to increase the capital stock from
$40,000,000 to $50,000,000. Of this amount, $14,000,000 is classified as
Common stock and $36,000,000 as Preferred.—V. 106, p. 1800; V* 111!

S u it D i s m i s s e d .—

The application for a receiver brought against tho corporation by certain
stockholders was recently dismissed by Vice-Chancellor Backes at Newark,
JN*
with the consent of petitioners.—V. 115, p. 80.

M iddle S ta te s Oil C orp.— S ta tu s ,

P o s tp o n e d . —

See Cuban-American Sugar Co. above.—V. 113 , p. 1894.

Nova S co tia S teel & Coal Co., L td .— B o n d s

O f f e r e d __

Goodbody & Co., New York, are offering a block of SlOO OCX)
6% Perpetual Debenture bonds at a price to yield 6 4 0 c/
This company a subsidiary of British Empire Steel Corp was inco?porated in Nova Scotia in 1901 and holds Crown leases on lands containing
?VOo t o n s
of coal and in addition owns outright land contain^
inf?pu00’020 ’0?0 tons of iroP ore and 80,000 acres of timber lands COntAln
I s e
secured b y a second mortgage on pronertv valued at
over $30,000 ,000 and after providing for prior liens there remain assets of
over $5,000 behind each $1,000 bond o f this issue.— V . 113 p 425

Coal ^ ° - ~ C a P i i a l I n c r e a s e a n d C h a n g e i n N a m e .

Injunction proceedings have been instituted before Supreme Court
Justice Wagner by Thomas J. O'Gara, Chairman, and his daughetr Vivian
to restrain Frank II. Woods, Pres., and his associates from carrying out a
plan to increaso the capital stock of that company from $6 000y000 con­
? stel5
5,000,000 Common and $1,000,000 5% Cumulative Pref stock
to $16,000,000, the $10,000,000 to be Second Pref. stock. It is allured
among other things that the proposal to Increase the capital stock is a
part of a plan to eliminate O’Gara as a factor hi the company and to

or

“ •»* b* "» ‘~ ™ .

It is claimed by the plaintiff that tho company cannot legally Issue the
proposed amount of 2d Pref. 7% Cumulative stock, inasmuch as the com
pany would have to receive $100 (par) for each share of tho proposed new
' ^ e
ami that the present outstanding 5% Cumulative Pref stock
which there are accumulated dividends amounting to 85% has never L u
than C$25 ^per5s h a ^ ° ' ^
^
“ “ C° mm° n St° Ck h a S ^ W r m o r e
burg Coil°CorOPOSed t° ChaDge thG DamC ° f th° company to the HarrisAction has also been taken in the Chicago courts to prevent the
in tho capital stock.—V. 115, p. 768.
prevent, the Increase

O hio P o w er Co.— B o n d s S o ld .— Dillon Read & CV>
Lee, Higginson & Co., New York, and Continental & To™’
mercial Trust & Savings Bank, Chicago, have sold at Q w
and mt to net about 5.45%, SG,132,000 1st & Ref Mhre
° % gold bonds, Series B (see advertising pages).
^ *

1640

THE CHRONICLE

Dated July 1 1922. Due July 1 1952. Denom. S I.000, $500 and $100
c* & r*). Int. payable J. & J. in New York without deduction for the
Federal normal Income tax up to 2%. Penn. 4-mill tax refunded. Cen­
tral Union Trust Oo., New York, trustee. Red. all or part on any int. date
on 4 weeks’ notice at 105 and int. on or before July 1 1927; at 104 and int.
In next 5 years; at 103 and int. in next 5; at 102 and Int. in next 5; at 101
and int. in next 5, and at 1Q0M and int. thereafter prior to maturity.
I s s u a n c e .—Approved by the Ohio Public Utilities Commission.
D ata from Letter of President R. E. Breed, New York, October 2.
C o m p a n y .—Owns and operates large electric power and light generating
and distributing systems in important manufacturing and mining sections
of Ohio. Transmission and distributing lines amounting to over 1.345
miles serve communities having a total population of approximately 375,000,
including in all 75 cities and towns, among which are Canton, Mt. Vernon,
Newark, Fremont, Lancaster, Bucyrus, Steubenville, East Liverpool
and the Wheeling district west of the Ohio River.
S e c u r i t y .—Secured equally and ratably with $10,000,000 Series A bonds
due Jan. 1 1950 by direct mortgage on all the company’s properties, con­
servatively appraised at over $30,000,000. They are secured by direct
first mortgage lion on a substantial part of the property and by a second
mortgage on the balance, subject only to three divisional lien issues still
remaining unexchanged, and aggregating only $2,540,000, outstanding
under closed mortgages.
Company’s principal power station, located at Windsor, 12 miles north
of Wheeling, W. Va., is one of the largest steam generating turbine stations
in this country. Has a present generating capacity of 120,000 k. w ., of
which 90,000 k. w. is owned by company and is subject to the lien of this
mortgage, 30,000 k. w. being owned by West Penn Power Co.
E a r n i n g s Y e a r s e n d e d A u g . 31—
1922.
1921.
1920.
Gross revenues___________________ $8,048,270 $8,154,096 $6,818,089
xNet revenues___________________
3,247,395 2,939,614 2,226,938
x Net revenues after taxes, maintenance and depreciation.

[V ol. 115

P e n n sy lv a n ia E d iso n Co.— P r e f . S to c k O f fe r e d .— -John
Nickerson Jr., New York, is offering at 105 per share and
div., to yield over 7.60%, 5,000 shares Cumul. Pref. (a. & d.)
stock. Divs. $8 per share per annum. (See adv. pages.)
Dividends cumulative, payable Q.-.I. This stock, which has no par value
is entitled, in case of liquidation, to $100 per share and divs. before any dis­
tribution is made to the Common stock. Red. all or part on any div date
on 30 days’ notice at 110 and divs.
'
’
L i s t i n g . —Appliction has been made to list the present outstanding Pref
stock on the Now York Stock Exchange and application will be made to
list this additional stock.
’

D a ta from L etter o f Pres. W. S. B arstow , N ew York. S e p t. 20.

in Pennsylvania June 22 1921 and acquired bv mo'r°-or
the properties, franchises, &c., of Pennsylvania Utilities Co Svstom
comprises an extensive system for the generation and distribution of elec
trie light and power in Easton, Nazareth, Stroudsburg, Pa Phillipsburof
N. J., and 14 other communities; gas manufacturing and distribution
tems for supplying Easton. Nazareth, Pa., Fhillipsburg, N. J. and suburbs'
and a steam heat system in the nusiness section of Easton Population
served approximately 100,000. Main generating station on Lehigh River
in Easton, has capacity of 35,000 k. w. Three hydro-electric plants located
at Stroudsburg, Pa., Columbia. N . J., and Easton, Pa., have aggregate
2,125 k. w. capacity. The various generating plants are connected by an
extensive transmission system aggregating 109 miles in length. The gen
erating plants produced 80,285,253 k. w. h. in 1921. Water-gas plants
are located in Easton and Nazareth, Pa. Distribution system comprises
80 miles of high and low pressure mains, 3 holders with a joint storage ca­
pacity of 647,000 cu. ft. Total gas sales in 1921 were 271,657,200 cu. ft.
C a p ita liz a tio n A f t e r T h is F in a n c in g —
A u th o r iz e d . O u ts ta n d in g
Common stk. (all owned by Metropolitan EdisonCo.) 30,000 shs. 25,161 shs
Preferred stock------------------------- ------------------------30,000 shs. 19,777 shs’
C a p ita liz a tio n
O u ts ta n d in g
A fte r
T h is
F in a n c in g .
Subsidiary Gas Co.’s bonds--------------------------------x
$745,000
1st & Ref. M . Ser. A 7 s .-$10,000,0001 Bucyrus Lt. & Pr. 5s, ’40 $133,000 1st Mtge. bonds due April 1 1946......... ..................y$50,000,000 y 4 ,169,700
Closed
925,000
do do Ser. B 5s___ 6.132,500 6% Preferred stock____ 4,239,700 10-Year Secured N o t e s ..- ____ __________________
Canton Elec. 5s, 1937__ 1,253,5001Common stock------------- 4,950,600
x None of the authorized but unissued bonds will be sold to the public,
OhioLt. & Pr. 5s, 1944. - 1,153,5001
y Of these bonds, $4,629,000 have boon issued, of which $281,800 are held
C o n t r o l .—American Gas & Electric Co. owns entire Common stock.
alive in the sinking fund and $177,500 are in the treasury. Of the out­
P u r p o s e .— Proceeds reimburse the treasury in part for capital expendi­
standing amount $3,747,900 bear 5% and $421,800 6% interest.
tures Heretofore made, including extensions to power house and trans­
P u r p o s e . —The 4,795 shares of Preferred stock to be presently issued will
mission lines.—V. 112, p. 2757, 476.
provide funds to retire funded debt and for extensions and additions.
E a r n i n g s 12 M o n t h s E n d e d —
Oklahoma Gas & Electric Co.— P r e f . S to ck O ffe r e d .—
A u g . 31 ’22. D e c . 31 ’21. D e c . 31 ’20. D e c . 31 ’19
H. M . Byllesby & Co. are offering: at 91 and div., to yield Gross (incl. other in c .).. $2,544,730 $2,465,089 $2,313,135 $1,835,100
Oper. exp., maint., depr.
about 7.69%, a block of between 3,000 and 5,000 shares of
and taxes..................... 1,699,024
1,723,480
1,759,113 1,271,122

7% Pref. (a. & d.) Cumulative stock, par $100.
shows:

A circular

Red. on 60 days’ notice at 125 and divs. Divs. payable Q.-M.
Incorp. Feb. 27 1902 in Oklahoma. Owns and operates modern and
efficient electric plants and distributes electricity and natural gas for com­
mercial and industrial purposes, serving many important cities and towns of
Oklahoma, including Oklahoma City, Muskogee, Enid, Sapulpa, El Reno
and Drumright, with a total population estimated to be In excess of 234,000.
E a r n i n g s 12 M o n t h s E n d e d J u l y 31.
1916.
1922.
Gross earnings------------------------------------------------- $2,100,778 $5,587,488
Oper. exps., maint. & taxes, excl. depreciation-------- 1,329,049 4,182.018
Net earnings............................... .................. ................ $771,729 $1,405,470
Interest charges------------- ------- - --------------- -----------------------837,443
Balanco
............... ....................................................
Preferred stock dividends--------------- ---------------------------------

$568,027
312,840

C a p ita liz a tio n .

Common stock-------------- $4,500,00011st & Ref.M. 7 ^ s , S.A,’41$6,750,000
Preferred 7% stock-------- 4.806.400]
do
6s, Ser. B, ’41 500 000
1st Mtge. 5s, 1929______ x2,788,000(8% Conv. notes, 1931-.. y2 366 900
x $1,800,000 additional 1st Mtge. bonds are pledged (as additional se­
curity) under the mortgage securing the 1st & Ref. Mtge. gold bonds.
y There are $3,750,000 Gen. Mtge. 6% gold bonds due Feb. 1 1931 issued
and pledged to secure these $2,366,900 bond-secured conv. notes
Oklahoma Gas & Electric Co. guarantees principal, interest and sinking
fund payments of $2,750,000 Oklahoma General Power Co. 1st Mtge gold
bonds. 6%. Series “A .” duo April 1 1952. $825,000 Oklahoma Gas &
Electric Co. 6% gold notes, duo 1927, are deposited as additional security
for these bonds. Company owns over 90% of the capital stock of Okla­
homa General Power Co.—V. 115, p. 1437, 552.

Old Dominion Co., Maine.— C o p p e r P r o d u c tio n .—

Smelter production in September amounted to 2,636,000 lbs of copper,
of which 2,056,000 lbs. was Old Dominion and 580.000 lbs. Arizona Com­
mercial.—V. 115, P- 1217 , 654.

Oshkosh Gas Light Co.— C o n s o lid a tio n .—

See Wisconsin Public Service Corp. above.—V. 115, p. 444.

Pacific Coast Steel Co.— M e r g e r .—
See Pacific Steel Corp. below.—V 113, p. 857.

Pacific Power & Light Co.— P r e f . S to c k . — Blyth, Witter
& Co. are offering at 100 $500,000 7% Cumul. Pref. (a. & d.)
stock. This does not constitute any new financing, the
stock having been acquired by the bankers from some estate.
Earnings for the 12 months ended Aug. 31 1922 show: Gross earnings,
$2,952,013; net income, $1,367,456; balance, after fixed charges, $690,982;
Preferred dividends, $288,595. Earnings available for Preferred stock
dividends for 12 months ended Aug. 31 1922 were more than 2.3 times
annual dividend requirements on all Preferred stock now outstanding.
—V. 115, p. 1330.

Pacific Steel Corp.— P r o p o s e d M e r g e r .—
This company was incorporated in Delaware Sept. 6 1922 with an
authorized capital of $20,000,000 Preferred stock and 200,000 shares
of no par Common. The corporation is formed for the purposo of aenuiring
the Pacific Coast Steel Co., San Francisco, Calif. (V. 113. p. 857), the
Southern California Iron & Steel Co. (V. 110, p. 1649) and the Milner Corp.,
Salt Lake City. It is stated that possibly Judson Mfg. Co., Oakland,
Calif, will be added to the merged companies.
Wm. Pigott. V.-Pres. of the Pacific Coast Steel Co., says:
“For several months there have been discussions and conversations
between Pacific Coast mills and promoters regarding the possibility of
merging Pacific Coast properties and while It Is reported in press dispatches
that a corporation has been formed in Delaware by some of my associates
in San Francisco. I have nothing in the way of reliable information on
the subject. It is my opinion, however, that up to the present time
there is nothing tangible, simply a company on paper.
“While I believe in time blast furnaces will be erected at Salt Lake,
Utah where the only commercial bodies of iron ore and coking coal are
to be found tributary to the Pacific Coast, and that when pig iron is made
there it will mean much to the coast cities, including Seattle, still I am
not convinced that the promotions now going on at San Francisco or
the plans outlined now will materialize.

Pacific Telephone & Telegraph Co.— P u r c h a s e .—

The California RR. Commission has approved the sale to this company
of the plant and systems in Tulare, Calif., of the Tulare Home Telephone
& Telegraph Co. for a price said to bo $82,000 plus cost of additions from
April 15 1922 to date or consummation of the sale.—V. 115, p. 768.

Pathe Freres Phonograph Co.— S a le . —

It is stated that this company, which was placed in the hands of receivers
In Dec. 1921, may be reorganized as a radio corporation, with manufacture
of phonograph records as a possible side line.
Wilbut L. Ball, attorney for the receivers, at a meeting of creditors before
Federal Judge Edwin L. Garvin, stated that a group of creditors reproenting about $3,000,000 of claims were planning to have the reorganization
arried out and their claims paid by stock in the new firm. Sale of the
company’s assets is set for Oct. 11.—V. 113, p. 2511, 300.




C o m p a n y . — Incorp.

Total income----------Fixed charges.................

$845,706
369,476

$741,609

$554,022

$563,978

$476,230
x Balance---------------Prof, stock div. roquirem’t 158,216
x Balance available for divs., and additional depreciation, after eliminat­
ing interest charges, for the 12 months, on indebtedness retired from the
proceeds of the sale of Preferred stock.
V a l u a t i o n . — Day & Zimmormann, Inc., reported valuo of the property
of company and subsidiaries as or June 30 1921 as $10,724,854. From
June 30 1921 to Aug. 31 1922 $962,850 have boon expended for additions
and betterments. Compare previous offering in V. 114, p. 955.

P ierce, B u tle r & P ierce Mfg. C orp. — N e w F i n a n d n q . __
A. C. Allyn & Co. have purchased $2,500,000 1st Mtge.
6 } 4 % Sinking Fund 20-Year Gold bonds. It is oxpected
that a public offering will be made shortly.— V. 109, p. 685.
P ierce Oil C o rp . — F ig h t f o r C o n tr o l— C o m m itte e o f P r e f .
S to c k h o ld e r s C la im s E le c tio n o f N e w O f f ic ia ls I l l e g a l .—
*
With the announcement of the formation of a protective committee repre­
senting the Preferred stockholders, together with the announcement on the
part of the company that new directors and officers had been elected
was brought to light that a fight for control of the management had been on’
The circulars to the Ikeferred stockholders from both Alton B. Parker and
the committee seeking proxies, are outlined as follows:
D ata fro m L e tte r o f A lto n B. P a rk er D ated O c t. 4.

As an owner of Preferred shares, I have viewed with some concern the
course of events in the corporate affairs of the company, and particularly
since the corporation has failed to maintain Preferred dividend payments
It has seemed to me that conflicting interests, rather than any structural
defect in the corporation itself, were to blame for the condition of restricted
working cash capital which was making It impossible for the corporation til
show proper earnings Therefore, as the time approached when a fourth
dividend payment would be in arrears, it soemed wise to me, as a Preferred
stockholder having the interests of my own investment and of others in
mind, to endoavor to bring about some constructive solution of the situation
"When the fourth Installment of dividend was about to fall due I felt that
the time had arrived to put into operation a plan which had been under
consideration.
unaer
I
therefore communicated mv views to the officials of the corporation and
Henry Clay Pierce, Chairman, and Judge Henry 8. Priest of St LouIr
called upon me, and in the exchango of views which followed it develoDod
that a strong, helpful and unified board of directors would bo welcomed
and I was requested to spoak my mind on the subject.
I
was also advised that Henry L. Doherty of Now York had just evidenced
a willingness to co-operate toward the consummation of the same purpose
and that in connection therewith ho had expressed his willingness to under’
take the procurement of sufficient banking credit to enable the company to
function without embarrassment and for such crude oil supplies and othmraw or semi-raw products as it might require in the normally largo onera
tion of its business.
This promised a solution of the corporation's troubles, and with these
gentlemen I worked out the following board of directors: Honrv VV Ander
son, Henry L. Doherty, Warren W. Foster, A. B. Leach, Alton B Parker'
H. Clay Pierce, Clay Arthur Pierco, Henry 8. Priest, Eben Richards
E. W. Rollins and Chas. 8. Thomas.
rds’
We requested that the above gentleman be forthwith elected and that
their consent to serve be secured. Our request was promptly complied with
and all of the gentlemen above named were elected directors. They have
since accepted their election and at the present time constitute the board
You now have an opportunity to place the stamp of your approval ution
the work which I and those associated with mo have already done as Proforred stockholders Li the Interest or the corporation and Its future success
I believo that the affairs of this corporation are in such shape that under
the able guidance of the board of directors, which has Just been installed
pursuant to our request, coupled with the financial and business support of
Henry L. Doherty and his largo interests, success such as this largo and
valuable corporation warrants will result.
(At meeting held Oct. 5 the new board of directors elected the following
committees and officials: C h a i r m a n , H. Olay Pierce; m e m b e r s o f E x e c u t i v e
C o m m i t t e e , Ilenrly L. Doherty, Alton B. Parker, Olay Arthur Piercem e m b e r s o f F i n a n c e C o m m i t t e e . E. W. Rollins, A. B. Leach, H. L. Dohertv
Eben Richards; c o r p o r a t e o f f i c e r s , C. A. Pierce. Pres.; Ebon Richards'
Vice-Pros.; C. Walter Randall, Vlce-Pres. & Sec.; Harold 8. Swan Treas •’
H. It. Waterbury, Asst. Treas. & Asst. Sec.; J. L. Snoar, Compt. and
Alton B. Parker, General Counsel.]
1 ’ na
D ata fro m C ir cu la r o f C o m m itte e D a te d O c t. 4.

On Oct. 1 1922 Pierce Oil Corporation was in default in the payment or
four quarterly dividends on its Preferred stock, and thereupon the exclusive
voting power for the election of directors became vested in the holders of the
Preferred stock and will remain so vested until those defaults and all default*
subsequent thereto are made good A meeting of Preferred stockholder^
will shortly bo callod at which the Preferred stockholders will, among o t w
things, eloct 11 directors to succeed the directors now in office
8 ner
The affairs of the company are such that the undersigned believo It U
essential that control of its business and affairs be vostod as soon as possible
thoaPreferred stoclf0™ a“d managoment elected by and in the inm ost of
D a ta fro m C ir cu la r o f C om m ittee D a te d O c t. 5.

Alton B. Parker appears on the stock list as of Oct. 1 1922 as the holder r ,r
100 shares out of the 150,000 shares of Preferred stock! With the oxcopdon

1641

THE CHRONICLE

Dated Sept. 1 1922, due Sept. 1 1952. Int. payable M . & S . in Los
Angeles, San Francisco and New York, without deduction for Feder.
normal income tax not exceeding 2%. Red. at lOo nnci int. for f st 10
years and 102 K and int. thereafter. Denom. $1,000 and $500. union
Bank & Trust Co., Eos Angeles, trustee.

of Henry Clay Piorce, who appears as the holder of 1 .G10 shares and w h o ™
Hnlv ndVisod* aerain and again that ho would be deposed frorn the 4
_
gentlemen who have been selected by b to as directors, 1
t^co
the Preferred stockholders, appears upon the stockAist as or
i r
as the holder of a single sharei of Preferred stock, e x c e p t for
are registered in the name of Mr. Rollins firm either lo
a UntUwlthin the past 10 days Mr. Doherty had no in te r ^ In the c o m ­
pany. Whether he has acquired any such ^ ^ F ^ n ^ d P r^ r record Our
began we do not know. He is not ,a Preferred
_ to nay the divianxiety lest Mr. Pierce, having lost the contr° \k y fa w«*\ x Air> Doherty
dends on the Preferred stock, has made an arrangome
,
disastrous
to perpetuate the Pierce management, which we would regard as aisasiro
to your and our interests, and, for that matter, to nis o •
company
If Mr. Doherty or any other oil Producer disires to control this>^omp^v
w ith its im p ortan t p ip e lin e s, refineries and distribution ag
offer
for his oil production, there is no reason why he should not ^ e n i s 011^
in tho open and give the Preferred stockholders a c^an ♦he V1iv idends and
on it. If the offer is one that will assure the w ym ent of ihc dividOTia s a m i
the protection of tho investment of theL Preferred stod£ the latter womu
doubtless approve it. No suggestion of;that kindl has
committee and until that time comes it is difficult to understand u
Doherty's interest in this company.
aprvt 1Q1Q through

D ata fro m L e tte r s o f A . B . M a cb e th , V .-P re s. & G e n . M gr. o f C om p a n y .
C o m p a n y .—Serves gas in 3 counties in Southern California, including
37 cities and towns, prominent among which are Los Angeles, San Bernardino
and Riverside. Population more than 800,000. Company owns two
modern and efficient plants for tho manufacture of gas. Distribution
system consists of 1,466 miles of mains, serving 80,319 domestic ana ~ 1U
industrial and wholesale consumers.
.
. . . , .__ ..
Company’s business is further protected by a contract which gives it
first call on all natural gas which may be transmitted to its territory by tne
Midway Gas Co., tho only company now bringing gas to Los Angeles proper.
S e c u r i t y .—Secured by a direct mortgage on all the property and by a
deposit with tho trustee of $2,000,000 1st Mtge. 6% gold bonds, due

$14,400,000 in cash.
stock had ceased on Oct. 1
It was after the voting power of the
T>ierce by virtue of
that the directors who have now
It Is
his holdings of Common s t ^ , , ^ ? . ®ut"ken 1without consulting the Prethis action, thus hastily and UlegaUy taite ,
d -whlcdi will, if necessary,
ferred
stockholders
without
p ^kw
^ ’isn
have
be contested
in theand
cpurte,
t h ^notice
Mr. Pw
is now
o ^ seeking
^ end to
^
yQUyou
be
confirm and which we are endeai■ormg: to p
^ and to Rcloct your own

E a r n i n g s .—N et earnings for 12 months ending Aug. 31 1922, from all
sources were 3.08 times the bond interest; from the selling of gas alone, net
earnings were 2.99 times bond interest requirements. In the 10 years
ending Dec. 31 1921 not earnings from operation increased 4o0%, while
the bond interest increased only 192%.
.
.
,
,
.__
S i n k i n g F u n d .—A sinking fund is provided under the mortgage securing
thoso bonds.—V. 115, p. 769.
Southern California Iron & Steel Co.— M e r g e r .—
See Pacific Steel Corp. above.—V. 110, p. 1649.

c— .
that this new board was hand-picked.
t that from j an. 1 1920 to
It appears from the profit and low accounts r
howoveri includes a
Dec. 31 1921 the company sustained a net toss ^
timo and up to
substantial loss on inventory) of $5,535,
• ^ losses to the extent of
ScPt- i 1 ?^Minn1nnff)m^ S s showing^rwtthout takin^into^ccount a claim
upwards of $800,000. IR *8s5
& Great Northern Ry. against
of about S2.000.000ini favor o f G r ^ t N o r t h e r
the company. This claim
“ i)f„„ rrsrards the comnany as amply
Notwithstanding these facts the^OTM^tteeregiro^ ™ A p a r t
solvent, although it is in urgent need o ^ ^ " ^ ^ ^ $ 1 0 , 2 5 0 : 0 0 0

a”

claim involved in the [lawsuiti ^
erb“ rtnII Lehman (Chairman). Waddill
^ l J ef ; S t o c k h o l d e r s Gomimdce. ^ e r ^ R Tinker, Ambrose Tighe and
AMnhuftermy°e" w iW o w a rd F Walsh Secretary, Chase National Bank.
57 Broadway, N. Y. City.—V. 115. P- Id30.
P o n d C r e e k C o a l C o ^ - ^ r ^ u c h o n ^ o d u c e ^ j a b o u t 65 ,00o tons,

64.000 teas in July and 107.474 tons
in June.— V. 115, p. 553.
P n liiie ijn rv irp C o

o f N o r t h e r n 111.— B o n d s P a i d . —

JrUpllC b erv iC e G •
, m jnois Trust & Savings Bank, trustee,
fn^Un^S
^nT°f!fe<
rhnU$l,SM,ui/y
|flP8f)l 000 o/o
5% bonds o f th o N o rth Shore E lectric
for
payment
of the
Co., which matured Oct. 1 .—V. 115, p.
444.
P u l l m a n C o — C o m p la in t A q a i n s t P u llm a n R ates D is m is s e d

SM undS- "Current Events” in last week’s "Chronicle
—V. 115, p. 1437, 1331.
n n i i i f i t t M ill C o r p ., N e w B e d f o r d —

page 1497.

$50 C a s h D i v . —

y u i s s e t t m i n declared a S50 cash dividend. Tho company paid a
s
in 1920, $8 in 1921 and has paid $2 per share
quarterly to dato this year.—V. I l l , p. 5UU.
R a d i o C o r n , o f A m e r ic a .— N e w O fficer.—
DavidSarnoffhas been elected V.-Pres & Gen. M g r .-V . 115, p 1437.
H o rm b lic I r o n

Southwestern Gas & Electric Co.— T o P a y B o n d s —

Pres. Henry M. Dawes states: Cash has been deposited with the
trustee for the retirement of tho Shreveport Gas Electric Light & Power
Co. gold mortgago bonds on Oct. 1. There are no refunding arrangements
to bo announced at the present moment.—V. 103, p. 244.
Spiegel, May, Stern Co., Chicago.— B o n d s O f f e r e d .—

& S te e l C o .— C o m p la in t D ism is se d

Sce AUdvale S tL l & Ordnance Co. a b o v o .-V . 115, p. 1542. 1437.
H n c it- a C o a l & C o k e C o . — B o n d s C a l l e d . —

K O S lta G o a t < * .
5.Year 6% Sinking Fund Gold bonds, dated
A ' i fiQiq havobcen called for payment on Nov. 1 at par and mt. at
GuIranty Tm st Co.. 140 Broadway. N . Y . - V . 109. p. 1799.

A. G. Becker & Co., New York, &c., are offering at 96^2
& int., to yield about 7% , $2,500,000 10-Year Sinking Fund
6 Y i % Debenture gold bonds (see advertising pages).
Dated Sept. 30 1922. Due Sept. 30 1932. Int. payable A. & O. at
offices of A. G. Becker & Co., Chicago and Now York, without deduction
for normal Federal income tax not exceeding 2%. Denom. $1,000, $50U
and $100 (c*). Red. as a whole or in part on 30 days’ notice at 105 and int.
on or before Oct. 1 1927, less ^ of 1 % for each 6 months elapsed thorearter.
Corn Exchange National Bank, Chicago, trustee.
.
Sinking Fund.—Indenture provides for a sinking fund sufficient to re­
deem $150,000 bonds semi-annually on and after Oct. 1 1925.
D a ta from L etter of P r e sid e n t M. J. S p ieg e l, C h icago, S e p t. 30.
Company.—Incorp. in Illinois, successor to business formerly conducted
under tho names of Spiegel, May, Stern Co., Spiegel’s House Furnishing
Co. and Martha Lane Adams Co. All tho assets of tlio first two companies
and all the capital stock of Martha Lane Adams Co. have been acquired.
Business, founded in 1882, Is devoted to the salo of household goods,
usually on credit. Company docs a natlon-wido business by mail, and in
addition operatos 5 successful retail furniture stores in various sections of
Chicago. Through tho Martha Lane Adams Co., a rapidly expanding
mail-order business in women’s wearing apparel also is dono. Business has
been largely built up out of earnings, there having been put back Into the
property and carried to surplus since Jan. 1 1916 out of earnings alone ap­
proximately $ 2 ,000,000.
Capitalization After This Financing—
Authorized. Outstand'g.
10-Year Sinking F u n d D e b e n t u r e gold bonds.$2,500,000 $2,500,000
Common stock (par $100)_______________________ 3,000,000
3.OOO.OO0
Purpose.—Proceeds will be used to retire debt created for tho acquisition
of certain minority Interests and for additional working capital.
Consolidated Sales and Earnings Statement, Calendar Years
N e t P r o fits .
x Net Profits.
S‘ a l'e s .
$727,598
$784,714
1916
$5,417,385
392,626
473,119
1917
5,638,164
666,950
758,769
1918.............
6,351,941
1,364,262
1,459.611
1919................
8,373,169
663.982
813,394
9,169,293
1920...........
loss 341,433
loss 263,834
19 2 1 ---..........................
6,324,825
578,997
670,962
tjany average_______
average_________ 6,879,129
Yearly
x N et profits before interest and Federal taxes. y N et profits after all
deductions oxcept Federal taxes.
...................
Tho loss
N o t e . —The first six months of 1922 show a profitable business,
in 1921 was due principally to inventory adjustments.
C o n s o l i d a t e d B a l a n c e S h e e t J u n e 30 1922 (A f t e r T h i s F i n a n c i n g ) .

y

. .

O ct . 7 1 9 2 2 .]

A s s e ts .

L ia b ilitie s .

L an d __________________ $224,598 Capital stock___________$3,000,000
B uildings______________ 757,609 l(PYear 6H s___________ 2,500,000
394,430
Furn., fixtures & equip__
170,468 Accounts payable______
<?nit C r e e k P r o d u c e r s ’ A s s o c i a t i o n . — E x t r a D i v i d e n d . —
Amts, due officials and
In Westminster
dividend of 10 cents per share has been declared in addition Investm’t
stockholders-------------90,303
Bldg., 40% interest___
398,097
to the
quarterly dividend of 20 cents both payable Nov. 1 to holders
19,747
1,009,933 Accr’d gen. & Fed’l taxes.
of record Oct lO. Like amounts have been paid quarterly since Jan. Inventories____________
Acc'tsrec., less reserve__ 3,531,292 Reserve for contingencies. 154,130
31 1921.—V. 113, p. 290.
Life insur. policy, &c___
3.121 Surplus------------------------ 611,927
C a sh __________________
141,623
A r m s C o r p . — M a y Sell S h a r o n P l a n t . —
due from officials
,\ nilfehnre-h dispatch of Oct. 2 states that it is reported that the West- Amts,
Total (each side)-------- $6,770,537
and
stockholders_____
168,635
inihnuseElectrlc & Manufacturing Co. is planning to acquire the Sharon, Int., disc’t & prep’d exps. 365,162
^ . h p la n t of tho company, and will place it in operation.—V. 114, p. 1543.
S c h u l t e C i g a r S t o r e s C o r p .— M e rg e r N e g o tia tio n s O ff

—

S ta n d a rd Oil Co. of California.—

T o I n c r e a s e C a p ita l

100% S tock D i v i d e n d — The stockholders
will voto Dec. 5 on increasing the Capital stock from $115,­
000,000 to $250,000,000, par $25. If the increase is approved
o .r B T ito n ( P a .) G a s & W a t e r C o .— C a p ita l In crea se.—
The stockholders recently authorized an increase in the capital stock from the directors contemplate declaring a 100% stock dividend,
$4,000,000 to $ 10,000,000.—V. 105, p. 2461.
payable Dee. 30 to holders of record Dec. 9.
R o e b u c k & C o ., C h i c a g o . — Septem ber S a les.—
The following notice has been sent to stockholders:
D e c r e a s e . 1 1922—9 Mos.— 1921.
D ecrease.

S lf375~ 42? $14 800,347
—V. 115, P- 1331, 1108.

$424,918 ($121.279,805 $127,369,35186,089,546

S h e b o y g a n G as L ig h t C o.

ConsoZida/iou.—

See Wisconsin Public Servico Corp. above.
9 ib le v

M fg .

C o.

of

A u g u s ta ,

V. llo , p- lo43.

G a .— Bonds

O f fe r e d .

Richmond Trust Co., Richmond, is offering at 100 and mt.
$500,000 1st Mtge. 7% Sinking Fund Gold bonds, dated
July ’l 1922, duo July 1 1942.

J

Dry Docks, Inc.—V. 112, p. 1748.

and depreciation. Tho company’s f^ancial conditira. ^ ^rong
over $ 1 ,000,000 in cash and has no bank loans of any kh a.
1438, 1331.
S m i t h R u b b e r & T i r e C o . — fie c e ttie r.—

B ru n y a te

Federal Judge Rcllstab at Nowark, has appointed William L. Brunyate
of Newark as receiver.
p,
C a lifo rn ia

G as

Dus to the reinvestment of earnings of the corporation during the past
year and to the growth of its business and to the discovery of valuable oil
fields which have greatly increased the value of oil producing properties of
tho corporation, the value of the assets of the corporation are now far In
excess of its authorized capital
the directors deem it advisable to
increase Its Capital stock from $115,000,000 to $250,000,000.
A spocial meeting of the stockholders has been called for Dec. 5 to vote
upon the proposed increase. If the increase is authorized by the stock­
holders, and subject to tho approval of the Commissioner of Corporations
of California, the directors contemplate the declaration of a stock dividend
of 100% out of such increased Capital stock to be paid Dec. 30 to stock­
holders of record Dec. 9.
,
.
.. . ,
„
The directors Intend that this action shall be taken immediately upon
approval by stockholders of the increase of Capital stock.
,
(A 50% stock dividend was paid in April 1916 and one of 33 1-3 /e in
April 1917.]—V. 115, p. 997.

S ta n d a rd Oil Co. of New York.— 200%

T l i w K J l W O O shares S o c k purchased by a syndicate headed
by Dominick & Dominick, ,has,.all. b^ ni^'??afed °[s running in excess of
12?000 S W . l K ' r t S S t - t a i S M M*?. and both refine™, ,rc

S o u th e rn

S to ck — T o D e c la r e

C o .— B o n d s Offered,

y y 11-

S to ck D i v i d e n d . —
$100 to $25.— The direc­
tors on Oct. 6 adopted resolutions calling a special meeting
of the stockholders to be held on Nov. 3 to vote on increas­
ing the capitalization of the company sufficiently to allow
a stock dividend of 200%; and also on decreasing the pa.r value
of tho shares of stock from $100 to $25 per share. The fol­
lowing notice in reference to the meeting to the stockholders
is being sent out.
T o C h a n g e P a r V a lu e o f S h a r e s f r o m

There has been no increase in the capitalization of our company since
1913, when In the readjustment of its affairs on account of its low capitaliza­
tion as compared with its assets, an increase of capital was made, which
increase, however, left its assets still considerably in excess of the capitzliza-

Peirce & Co., Blytli, Witter & Co. and Banks, Huntley &
Sinco then, by the appreciation in the value of its properties and by the
Co., are offering at 98 H nd int., to yield about 5.bU/ 0, successful
and conservative conduct of its business, the assets of the com­
$2,000,000 1st & Ref. M c8 53^s Series ‘B of 1952 (see pany are now much in excess of the par value of its present authorized
captial, and therefore the directors deem it advisable to increase the capiadvertising pages).



1642

THE CHRONICLE

tal of the company from $75,000,000 to $225,000,000 so that the capital­
isation shall more nearly correspond with the actual value of its assests.
The directors also oelieve that it would be greatly to the advantage of the
company to have its capital stock more widely distributed among its em­
ployees, as well as among its patrons and the public generally, so that they
may be interested in and share the success of the company, and that the
reduction in the par value of the shares from $100 to $25 per share and the
issuance of a correspondingly greater number of shares would greatly
facilitate such wider distribution and ownership of the stock.
If such increase in capitalziation and reduction in the par value of the
shares is authorized by the stockholders, the directors contemplate at
their next meeting thereafter the declaration of a stock dividend for the
full amount of the authorized increase of capital to stockholders of record
at the close Dec 1 1922 and the issuance of new certificates for the entire
capitalization on the basis of a par value of $25 per share, which is the pur­
pose of such increase.— V. 115, p. 1438.

S ta n d a rd San<tar y M a n u fa c tu rin g Co.— I n d ic tm e n ts .

Following an investigation extending over several months in various
parts of the country conducted by Special Assistant United States District
Attorney David L. Podell. the Federal Grand Jury for the July term
returned indictments under the Sherman Anti-Trust Law against 23
companies and 24 members of the Sanitary Potters’ Association. Among
the companies mentioned are: Standard Sanitary Mfg. Co., N . .1., and
Trenton Potteries Co. See also New York “Times” Sept. 30.—V. 115,
p. 1438.

S u p e rio r S’fcfibl C orp.— T e n d e r s .—

The Columbia Trust Co.. N . Y .. transfer agent, will, until Oct. 16,
receive bids for the sale to it of sufficient 1st Pref. stock to absorb $52,582
and of sufficient 2d Pref. stock to absorb $35,164, at prices not exceeding
115 and dividends.—V. 115, p. 1543.

T en n e sse e P ow er Co.— T o

I s s u e B o n d s .—

T exas C om pany.— A c q u ir e s

N e w F ie ld s .—

The Tennessee P. U. Commission has authorized the company to issue
$250,000 bonds, proceeds to be used for extensions and improvements.
V. 115, p. 1108.
An approved statement says: ‘ The company has bought a half interest in
580 acres of the Kinney Coastal Oil C o 's Salt Creek noldings for about
$2,000,000. The Texas Co. is to pay $500,000 in cash and the remainder
out of oil runs. Thereafter each company will share equally.”—V.
115, p. 1108, 1513.

T exas G u lf S u lp h u r Co.— E x p o r t

A s s o c ia tio n F o r m e d . —

See Union Sulphur Co below.— V. 115, p. 554.

Timken P o lle r B e arin g Co.— L is tin g — E a r n i n g s .—

[V ol. 115.

United Cigar Stores Co. of America.— M e r g e r O f f __

See Schulte Cigar Stores Co. above.—V. 115, p . 1543, 1332.

*

Victor Talking Machine Co.— To I n c r e a s e C a p i t a l S t o c k M a y D e c la r e S to ck D i v i d e n d . — The stockholders will vote
Oct. 23 on increasing the Capital stock from $5,500 000
to $35,500,000.
’
’
The resolution adopted by the directors under date of Sept. 30 providing
for an increase in stock, and to bo voted on by stockholders followsb
“Resolved. That the stockholders agree that it is desirable to increase
the Capital stock of the corporation and to that end they favor the amend
ment of the first and second paragraphs for the ‘Fourth’ articlo or d ivision
of the certificate of incorporation of the company to read as follows“Fourth. The total authorized Capital stock of the cornnra't.tnn
$35,500,000, divided into 355,000 shares of a par value of $100 each- Of
such total authorized Capital stock, 5,000 shares amountine to sson nran
shall bo Preferred stock and 350,000 shares, amounting to $35 finn nnn
shall be Common stock."
*
»oo,uuu.uuo.
At present company’s Common stock authorized amounts to *5 nnn nnn
and the authorized Preferred $500,000. Of this total $1,999 000 Common
and $1,900 of the Preferred is outstanding, the Preferred'having been
reduced from $409,208 during 1915.
navmg been
According to rumors, “interests close to the management expect approval
of the resolution to be followed by a 600% stock dividend."—v. 114, p72024.

Wagner Electric Corp. of St. Louis.— A s s u m p t i o n o f

B a r d «— S ta tu s . B a la n c e S h e e t. E a r n i n o s . <f"c.—

See Wagner Electric Mfg. Co. below and V. 115, p. 1333.

Wagner Electric Manufacturing Co.— B o n d s O ffe r e d . —
Smith, Moore & Co., St. Louis, are offoring at 100 and int.
for any maturity $2,500,0001st Mtge. 7 % Serial gold bonds.
(Seu rdwrtising pag“S.)
Dated Aug. 1 1922. Due serially each year Aug. 1 1926 to 1937 incl.
Int. payable F. & A. at Mercantile Trust Co., St. Louis, trustee, or Guar­
anty Trust Co., New York. Denom. $1,000, $500 and $100 (c*). Nor­
mal Federal income tax not in excess of 2% assumed by company. Red.
all or part on any int. datn upon 30 days’ notice at a premium cf H% for
each year or part of year before maturity.
Data from Letter of Pres. W. A. Lyman, S t. Louis, Sept. 30.
A s s u m p t i o n . —Bonds have been assumed by Wagner Electric Corn,
[successor to Wagner Electric Mfg. Co. per financial reorganization in V.
114, p. 2727; V. 115. p. 1109.]
C a p ita liz a tio n

o f W a g n e r E le c tr ic C o r p . o f D e la w a r e .

The Now York Stock Exchange has authorized the listing of 1,200,000
no par value shares of capital stock.
E a r n i n g s 6 M o n t h s e n d e d J u n e 30 1922.
Manufacturing profit after deducting cost of goods sold. incl. raw
material, labor and factory expense, and incl. royalty re­
ceived of $29,565, but exclusive of depreciation____________ $5,436,049
569,106
Selling, general and administrative expense. ______ _________
Other deductions (exclusive of Int., deprec. & Federal taxes)___
41,993

7% First Mortgage bonds (this issue)__________ _____________$2,500,000
7% Cumul. Prof, stock (auth. $3,000,000) (V. 115, p. 1333)___ 1.500.000
Common stock (no par value; 80,000 shares authorized)-----78,287.7 shs.
W a g n e r E l e c t r i c C o r p . —Incorp. in Delaware July 28 1922 and has acquired
all the property and business of the Wagner Electric Manufacturing Co.
(V. 115, p. 656), which had Its beginning in a partnership formed in 1890
for the purpose of manufacturing electric fan motors and in the following
year was Incorp. with a capital of $25,000. Company also did a large
repair business for the Missouri Electric Light & Powor Co., and gradually
to engage in the manufacture of additional electrical equipment.
Profit------- --------------------- --------------------------------------- ------$4,824,950 began
In 18r>2 the capital was Increased. Company grow ranidly, enlarging its
Interest earned------------------- ------------ --------------------------------234,209 facilities
and capitalization from time to time. In 1906 it became neces­
to build a new plant. All the assets and businoss takon over by Wag­
$5,059,159 sary
Total income---------------ner
Electric
Corp. (per financial reorganization plan), which assumed all
Depreciation----------------363.528 liabilities, including
this issue of bonds.
Federal taxes (estimated)---------------------------------------------------600,000
The principal products are: Tra- sf >rmers for electric light and power
powor motors from 1-10 to 400 h. p., caoacity, electrical equipment
N et profit----------------------------------------------------- -----------------$4,095,631 plants,
f >r automobiles, and a variety of other specialties. Recently corporation
Compare offering of stock in V. 115, p. 997, 1108.
has Indirectly entered the radio field by acquiring a substantial interest
In the stock of Colin B. Kennedy Co. of San Francisco. Tho latter com­
Toledo Edison Co.— E a r n i n g s . —
pany has leased the plant No. 2 of the Wagner Corporation and has centred
Y e a r s E n d e d J u n e 30—
1922.
1921
its principal manufacturing operations in St. Louis.
Gross earnings----------------- ------- --------------------- $6,242,138 $6,365 275
P u r p o s e . —Proceeds used to liquidate bank loans.
Wagner Electric
Operating expenses & taxes------------- ---------------- 3,603.545
4,009,598 Corp.,
which has assumed the bonds, is now out of bank and its current
obligations
are
limited
to
current
merchandise
accounts
not
yet due.
Net earnings.............................................................$2,638,593 $2,355,677
E a r n i n g s .— For a period of 7 years the average annual earnings applicable
— V. 115, p- 445.
to Interest on this issue were $469,656. after, absorbing largo inventory ad­
justments. The maximum interest requirements on the bonds of this
Tonopah Belmont Development Co.— E a r n i n g s .—
Issue at any time outstanding will be $175,000 per annum.
R e s u lts fo r Q u a r te r s E n d in g —
J u n e 30’22. M a r . 31'22. J u n e 30’2