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Railway & Industrial Section
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SATURDAY, SEPTEMBER 16, 1922
VOL. 115.
Thronicle
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THE FINANCIAL SITUATION.
On Wednesday the "General Conference Committee of Ninety" of the striking shop crafts, in session
in Chicago since Monday, announced the "end of the
strike on 52 roads"; that is, the leaders who have desperately held out against a steady melting away of
the revolt greedily snatch at an apparent opportunity to "save their faces." It is reported that the executives of some fifty roads have entered or will enter into an agreement, substantially as offered by a
group of them three weeks ago, and then rejected by
the men. The terms waive the seniority question, by
avoiding the word and deferring the disposing of it.
The men are to return, in the class and at the positions of June 30, with as many as possible to be put
at work; any dispute hereafter arising as to relative
standing and any other controversy which cannot be
otherwise adjusted is to go, not to the Labor Board,
but to a commission of six named by the chief officers of the organizations and six railroad officers or
representatives named by the roads in the agreement.
This varies only slightly from the former proposal.
We may be permitted to say of it simply that it seems
to yield the crucial point of seniority and to be unfortunate, in view of the situation. The union leaders are still sullen, and while one executive is quoted
as expecting that this actio may cause a general
stampede to get back among the men still out, it is
well for all concerned to note that an instruction is-
Electric Railway Section
State and City Section
NO. 2986
sued to 25,000 striking shopmen in this district on
"advices" said to have been received from Mr. Jewell,
informs them that "the adoption of the settlement
program does not authorize a single man to return to
work at this time." Further, the unionists who are
willing to accept the position of marionettes, jumping just as their strings are pulled, and the other
unionists who still like to consider themselves free
men and free agents, should note this dictum from
Mr.Jewell: "No man has the right to return to work
until his system federation gives him the order."
It was announced here yesterday afternoon that
the New York Central has signed a one-year agreement with its conductors and trainmen, and that
this would provide for immediate withdrawal of all
controversy on matters now before the Labor Board.
From Chicago it was said that "about fifty roads
are generally understood to have accepted settlement
proposals."
The freight handled in the week ending on the 2nd
/%
filled 931,598 cars, being 911 2 of that in the week
of October 15 in 1920, the biggest week ever known
in the history of American roads, and an increase of
40,760 over the previous week, an increase of 100,310
over the like week of 1921 and an increase of 27,205
over the like week in 1919, yet a decrease of 30,035
from the like week of 1920. The coal loadings for the
week of September 2 were 149,487 cars, the largest
number in any week since the trouble began on April
1. The strike is estimated to have cost a half billion
altogether, made up of 100 millions in wages lost to
the strikers, 50 millions lost to the roads by hindrances in operation, 75 millions lost in perishable
foods, and an unknowable loss by injury to equipment, without counting the damages by sabotage.
As in the fellow strike of the miners, nobody really
gains and the whole public lose. Once more the grim
moral must be pointed out, that this might have been
and should have been avoided by courageous and rational action, but that we have created our troubles
by shrinking from them and thus encouraging their
authors.
The temporary injunction was continued, on Monday, for another ten days, notwithstanding the plea
of the union's counsel. Bad language and epithets
continue from Mr. Gompers and his A. F. L. associates. We are told that "organized labor is of the
firm belief that irresponsible persons and hirelings
of interests hostile to organized labor are and have
been setting influences at work that would enable the
financial and industrial interests to blacken the character of labor," and so on. The judge in this case is
"Mr. Daugherty's pet," says Mr. Gompers, and the
1244
THE CHRONICLE
[VoL. 115.
familiar cry of "Wall Street" is kept up; but who- doing any of the
matters or things" complained of.
ever has carefully read the journals of the day must It is still only the
disorderly and unlawful that is forhave noticed that through all this prolonged trouble bidden.
ilq
both mine operators and railway executives have exAs the "Chronicle" remarked last week, this subpressed themselves courteously and all the threaten- ject of picketing
deserves separate consideration.
ing talk and all the epithets (such as "hard-boiled The courts
are growing sterner towards it, and none
executives," for instance) have come from the side of too soon. A brief
yet very strong and clear decision
the strikers. As to conduct,it is not conceivable that against physical
and mental boycotting by that practhe persons who have engaged in sabotage and mur- tice was given
in a court in North Carolina a year
der and other persuasive acts, from the Herrin ago, and the
progress in banning it is steady.
method down to derisive gestures, are in number
more than an insignificant fraction of the union
As often noted in the "Chronicle," in dealing with
membership. It is also hardly possible to avoid the various Europea
n problems, both large and small,
suspicion (if not the belief) that a large part of the political leaders
over there never fail to suggest what
railway strikers have acted against their own free America might be
induced to do, under certain conwill. Of course, this is a point not yet susceptible of ditions, to solve
them. At a meeting of the Third
proof, but recall the abortive strike threat of nearly Committee of the
Assembly of the League of Nations
a year ago, when Chief Lee of the trainmen said that a week ago,"H. A.
L. Fisher of England moved that
in his whole life he had never known "a more unani- a special commissi
on be named to discover if there
mous feeling against us in the business and labor existed any means
by which the American Governworld than now exists." Has the significance of the ment could
be persuaded to work with the League in
two words "and labor" been sufficiently noticed?
making the treaty written under its auspices at
It is unnecessary to discuss the injunction. It Washington a general
limitation of the navies of all
might better have been issued earlier, and some of its the world and in lending
its influence and advice on
expressions might have been a little different, yet the land disarmament, a subject
in which the American
talk of impeachment is utterly wild; the constitu- people have generally
been considered to be intertional grounds for that process are "treason, bribery, ested. The United
States having refused to ratify
or other high crimes and misdemeanors," and to issue the St. Germain
convention regulating the arms trafan unwarrantedly broad injunction may be corrected fic, the League
will see if it is possible to obtain
by modification, by the court that issued it or by an- from Washington
any indication of what sort of
other of competent jurisdiction, but there is no arms traffic conventi
on it would ratify and whether
ground for impeachment. Further, whoever will it would consent to
attend a conference on the subcarefully read the order, laden with customary legal ject called by the League."
The New York "Times"
verbiage and meant to leave no loophole of escape for correspondent said that "Mr.
Fisher expressed the
any of the acts aimed at, will find nothing which as- opinion that the influence and
help of the United
sails the constitutional right of free speech and free States would be an immense
aid in disarmament
press and free assembling; in reiterated terms and at work, and expressed the
hope that the American attimuch detail, unlawful combining to interfere with tude toward the League would
not prevent co-operarailroad property or railroad operation and unlaw- tion. As for limiting the arms
traffic, he said it was
ful acts of intimidation are forbidden. Read this absolutely useless to try to
control it with America
carefully, and it is the "unlawful" that is aimed at— out of the arrangement. Secretar
y Hughes had deacts or words in themselves ordinary and lawful but dared in his letter on the St. Germain
convention
intended and used for unlawful objects. There is that America approved a proper
limitation of the
not a word which applies to peaceful and lawful con- arms traffic, and Mr. Fisher
thought that Washingduct.
ton might be willing to say what it considered proper
But the Clayton Act? It is not a quibble to reply steps." The correspondent stated
also that "the perthat the "shield" Section 20 does not apply to a pro- manent League Disarmament
Commission presented
ceeding on behalf of the United States. Whether the to the Third Committee a
draft of a treaty for the
persons who wrote this section and intended it to extension of the Washingt
on treaty. Following the
fend off injunctive relief supposed the object fully lines of the document
signed by Great Britain, the
accomplished and forgot to make it apply to all cases United States, Japan,
Italy and France, which alwhatever, or whether Congress, even in that time of lotted capital ship tonnage
in the proportion of 500,hysteria, would not consent to a still more inclusive 000, 500,000, 350,000, 175,000
and 175,000 to these
application, we need not stop to inquire; the law is to nations respectively, the League project tentatively
be taken as it was written, not as it perhaps might allots Argentina 81,000
tons, Brazil 45,000, Chile 35,have been. This section does prohibit restraining 000, Denmark 13,000, Greece, 36,000, Holland 26,certain union conduct, as summarized by the "Chron- 000, Norway 16,000, Spain 81,000 and Sweden 62,000.
icle" last week; but observe the expressions "peace- There are no other naval Powers worth considering."
ful," "peaceful and lawful," "lawfully," "peaceably He explained that "these figures are based on the
assembling in a lawful manner and for lawful pur- status quo, subject to reservations as to Spain and
poses," "peacefully persuading," "doing any act or Brazil, Spain desiring a tonnage equaling Italy's
thing which might lawfully be done in the absence of and Brazil wishing to equal Argentina's."
any dispute." These qualifying expressions and conThe Associated Press representative stated that
ditions run through even this supposed and intended "reports presented by the Council of the League of
license for labor to riot at its own will. The section Nations on reduction of armaments to the Third Asforbids enjoining "paying or giving to or withhold- sembly, show that in more than a score of countries
ing from any person engaged in such dispute any restriction of military outlay has begun. Great Britstrike benefits or other moneys or things of value"; ain reported a reduction of 55% in naval tonnage,
but this does not bar Judge Wilkerson's order France 36%, Italy 49% and Japan 59%. In land
against using union funds "in aid of or to encourage armaments France reported a reduction of 200,000
SEPT. 16 1922.]
THE CHRONICLE
men under arms, and shortening of the term of military service by one-half. Sweden also reported the
cutting of her military service in two. Italy reduced
the period of service and suppressed 88 battalions
of infantry. Poland reduced her army a million men,
to about 260,000. Japan made reductions, but failed
to give the figures, while Switzerland reduced from
70% to 55% the proportion of her men eligible for
military service."
1245
interest in the plan attach to the European part."
The Associated Press representative at Geneva said
that Lord Robert Cecil's plan encountered considerable opposition.
According to the cable advices from Smyrna and
Constantinople, conditions in the former centre have
become increasingly critical and in the latter alarming, day by day, during the week. Early in the week
the Allied Powers decided to rush military forces to
A week ago to-night the representative of the New protect both cities. Yesterday morning it was reYork "Times" at Geneva cabled that "the French ported that Smyrna had been set on fire, that 1,000
delegation served notice on the Assembly to-day that inhabitants had been massacred and that 14 Ameriit would oppose admission of Germany to the League cans were missing. A cablegram from Constantinoof Nations for the present. In his address, Gabriel ple last evening stated that "Kemal's Turkish NaHanotaux did not mention Germany, but the pur- tionalist army is within 35 miles of Constantinople."
pose of his speech was understood by other delegates. The Greek forces continued their disinclination to
M.Hanotaux paid a tribute to the work of the League, offer any resistance to the on-rushing Turks. A week
but joined in the opinion of the Earl of Balfour, ex- ago to-day it was reported that "the political and
pressed yesterday, that the time had not come for it military authorities of Smyrna to-day began evacuatto assume the general conduct of all international ing the town." London heard through a news agency
business. However, he thought the League had driven dispatch that "the Greek High Commissioner in
its roots so deep it could not be torn up. Then he Smyrna,M.Sterghiadis, to-day handed over the town
eulogized the spirit of the League."
to the Allied Consuls." It was added that Allied
naval detachments had been landed several days preThe assertion was made in a dispatch from Geneva vious. In a dispatch from Athens the next day it was
Tuesday morning that "Premier Lloyd George has asserted that "evacuation of the city [Smyrna] by
replied to the invitation of the British delegation in Greek troops is being conducted amid scenes of great
the League of Nations Assembly, saying that unless disorder, according to refugees, 2,200 of whom have
unforeseen events arise, he will come to Geneva next arrived here. Panic reigns as the Turks approach
week. The purpose of his coming will be to plead be- the town,and Greek soldiers are contending with the
fore the Assembly for the Cecil plan of peace com- civilians for places on the outgoing ships." The Aspacts presented as an essential precursor of disarma- sociated Press correspondent reported that "General
ment." Geneva dispatches have indicated that defi- Trecoupsis, who succeeded General Hadjanestis as
nite results from Premier Lloyd George's visit next commander-in-chief in Asia Minor, and who himself
week are hoped for. The Associated Press corre- is now a prisoner of the Turks, was quoted as saying
spondent cabled Tuesday evening that "when Prime that "the defeat of our army was
inevitable and faMinister Lloyd George of Great Britain arrives here tal. I will speak when the
moment arrives and show
next week, as he is expected to do, he will find in that I was not responsible for the defeat.
My advice
Geneva all the necessary elements for a Supreme and suggestions were not acted
upon."
Council meeting. France will be represented either by
Both London and Paris heard late a week ago toRene Viviani or Premier Poincare, while the Italian day that Smyrna actually had surrendered to the
delegation, upon obtaining confirmation of the an- Turks. A dispatch from
Paris stated that it was renouncement of Lloyd George's coming, will send for ported there that "the Second Division of Turkish
Foreign Minister Schanzer. Paul Hymans of Bel- cavalry occupied Smyrna to-day" (Sept.
9). Acgium, who has been here since the opening of the cording to a dispatch received in the French capital
League of Nations sessions, has been a frequent par- from the French Minister of Marine in Smyrna,
ticipant in Supreme Council sessions. Japanese "everything passed off calmly, the behavior of the
Ambassadors Hayashi and Ishii are both here to rep- Turkish troops being perfectly correct." The next
resent their nation." In a Geneva cablegram to the day it was reported in a cable dispatch from Athens
New York "Times" Wednesday morning, it was that "the first troops have reached Piraeus from the
stated that, "acting on instructions from their Gov- former Greek front in Asia Minor in a mutinous
ernments,the representatives of England and France mood. They paraded the streets in the city in small
to-day [Tuesday] accepted Lord Robert Cecil's plan and large groups in a demonstration against King
for an 'international company assurance against Constantine, many of them shouting insults to him
war'as the Cecil plan for continental peace compacts and cheering for Venizelos." The Associated Press
has come to be called. It is to support this project correspondent asserted that "the abdication of Con-,
before the Assembly that Premier Lloyd George is stantine is being openly discussed, and the newspaexpected to come to Geneva next week." Definite an- pers are demanding the return of Venizelos." In a
nouncement also was made that "there would be a cablegram from Geneva it was said that "Eleutherios
meeting of the Allied Supreme Council in Geneva Venizelos, former Premier of Greece, who is visiting
next week, which leads to the supposition that Eng- at St. Moritz with his family, intends to go to Paris,
land, France and Italy will conclude a tentative ac- probably on Tuesday, unless the developments in
cord to serve as the basis of an arrangement to which Greece meantime cause him to alter his plans. He is
other nations may subscribe." The correspondent expected to confer with political and personal friends
added that "the Cecil plan is general, including all in the French capital regarding the situation in Athnations. Theoretically it would have a European ens."
peace compact,a South American peace compact and
In a cablegram from Smyrna Monday evening it
an Asiatic peace compact. But political considerations which need not be detailed here make the chief was claimed that "strong forces( Turkish Nationf
1246
TUE CHRONICLE
alist infantry to-day were holding all strategic points
in the city. Troops are under strict orders against
excesses, the foreign representatives and military
headquarters have been informed by the Kemalist
commander, General Selah Eddin Bey." The Paris
correspondent of the New York "Times" Tuesday
morning made the following observations and assertions relative to the Graeco-Turkish situation:
"Whatever course events take in the Near East in
consequence of the Trukish victory in Asia Minor,
and whatever kind of peace is made, one thing is certain: That France will remain in absolute agreement with Great Britain, that the Dardanelles must
not be given back to Turkish control. The French
idea of what regime is best for the Straits may be
different from that of the British or Greeks, but they
are at least of the same opinion as to the impossibility
of placing them again in Turkish hands."
The Associated Press representative in the French
capital asserted the same morning that "the abdication of King Constantine and the resignation of the
Triantafillakos Cabinet are the two uncompromising
conditions on which Eleutherios Venizelos will agree
to return to Greece, it was declared to-day at the former Greek Premier's headquarters in Paris. It is insisted also that a popular demand, intrepreted by a
plebiscite of the people, must ask him to return."
Ex-Premier Venizelos arrived in Paris from Switzerland at noon on Wednesday. The Associated Press
correspondent said that the purpose of his visit was
"for conferences with political and personal friends
regarding the situation in Athens, with a view to the
possibility of being called back to power in Greece."
He asserted upon his arrival, that he could not make
any statement on the Grecian situation that would
be of value. In an interview with a correspondent
of the New York "Tribune" in Paris, Venizelos was
quoted as saying that so long as King Constantine
was in Greece he could not go back. The following
were said to have been his words: "So long as he is
there I cannot go back. I have become a wanderer—
a tramp—going from one country to another without
anything to do."
The Allies, according to all the European advices,
are determined that the Turks shall not enter Constantinople. The assertion was made in an Associated Press dispatch Thursday morning that "all the
Allies have notified the Angora Government that an
attack by the Turkish Nationalists against the neutral zones will mean war with the Allies, and that
they are determined to defend Constantinople
against the Kemalists with as much resolution as
they mobilized their troops against Greece when the
Greeks threatened an invasion of Constantinople."
Cable advices from Malta and London that evening
stated that British troops were on their way from
both places for Constantinople and Mesopotamia.
The dispatches from Smyrna yesterday morning
were • alarming. The Associated Press said that "a
fire of serious proportions is sweeping Smyrna. The
Greek and Armenian quarters are completely destroyed. The fire is rapidly spreading to other areas.
The Turkish Irregulars who are in control of the city
are firing upon and terrorizing the population. Sir
Harry Lamb, the British High Commissioner, left
aboard the' British battleship 'Iron Duke.' The
British marines are withdrawing,leaving the protection of the city to French, Italian and Nationalist
guards and American bluejackets." It was reported
also that 1,000 were massacred as the Turks fired the
[VoL. 115.
city mid that 14 Americans were missing. In a statement to the Turkish Nationalist Army, Mustapha
Kemal Pasha was quoted as follows: "We don't
want to fight Great Britain, but she must give up
Constantinople to Turkey. It is Turkey's capital,
and we wish it peacefully if possible, if not we will
fight."
The German reparations question develops new
phases each week, and its critical nature has not been
lessened. In a cablegram a week ago to-night from
the Assocaited Press correspondent in Berlin the
assertion was made that "the negotiations between
the German Government and the Belgian financial
delegates have fallen through, owing to the impossibility of the Belgian Government's acceptance of an
extension of the Treasury bills to be issued by Germany to 18 months, instead of six months, in accordance with the recent decision of the Reparations
Commission. The Belgians feel they would be going
behind that decision in agreeing to the German proposal for a prolongation, although as regards other
points, notably the guarantee of the Reichsbank, an
agreement was virtually reached. The Belgians consider that their mission is concluded, and they plan
to proceed to Brussels immediately to report to their
Government. A statement issued by the Belgians
says that the conversations with the Germans may
be resumed later." The Chicago "Tribune" representative at Geneva cabled that "after a long session
with the Germans last night, the Belgian delegation
announced to-day [last Sunday] that it would leave
for Brussels to consult the Government regarding the
German proposals for guarantees for Treasury bonds
to be given as reparations payments. M. Delacroix,
chief of the Belgian mission, said that the negotiations were not broken, but merely prolonged, pending the Belgian Government's decision ,on the question of extending payment of the bonds. The Germans desire that the bonds, instead of being payable
in six months, mature as follows: 100,000,000 gold
marks to be paid in six months 60,000,000 gold
marks to be paid in twelve months, and 110,000,000
gold marks to be paid in eighteen months. The Belgians think this is a matter to be settled by the Reparations Commission, not Belgium." The Associated
Press again asserted that "the negotiations thus far
have ended in failure, but it is thought possible that
they may be resumed after the Belgians report to
their Government or the Germans make further necessary concessions." The Paris correspondent of
the New York "Times" cabled that "the failure of
the Belgian Cabinet to obtain from Germany any
satisfactory guarantees for the payment of the 270,000,000 gold marks stipulated in the recent decision
of the Reparations Commission called forth a new
warning to Germany from Premier Poincare this
afternoon [Sunday] that if the undertaking was not
kept then France would range herself strongly at the
side of Belgium to enforce the bond." The Berlin
correspondent of the New York "Tribune" stressed
the prominence of Hugo Stinnes with respect to the
reparations guarantees. He said in part: "Germany's invisible Chancellor, Hugo Stinnes, is master
of the situation in this country to-day. With the Belgian Government's rejection of Germany's proposal
for a settlement of reparations payments for the remainder of this year, the Government headed by
Chancellor Wirth is hardly in a position to make any
offer which might be acceptable to Belgium and at
SEPT. 16 1922.]
THE CHRONICLE
the same time guard the Reichsbank from too great
a drain on its resources. All hope now is based on
German capital and the energy of its great captain,
Stinnes. That he will be able to reach some understanding with Belgium that will be more far-reaching than the question of reparations is now believed
to be certain. The Belgian delegates, Messrs. Delacroix, Bemelmans and Phillipson, left here to-day
[Sunday] for Brussels and there is no indication
when they will return. The whole subject thus may
be referred back to the Reparations Commission, and
considerable delay is expected in Government negotiations."
It became known through an Associated Press cable message from Berlin Tuesday morning that "Dr.
Fischer and Karl Bergmann, Under Secretaries to
the Ministry of Finance, have gone on a mission to
Paris in connection with reparations, according to
the 'Lokal Anzeiger.' The trip is being made on the
initiative of the German Government." At the same
time the representative of that agency in Paris stated
that "Germany faces the strong possibility of being
declared in voluntary default unless she meets the
Reparations Commission's terms for guaranteeing
the six months' note to be given Belgium or unless
British banks come to the rescue and arrange to handle the August and September notes. This might
delay action until the Germans could arrange for
similar guarantees for their later notes." Chancellor Wirth, commenting upon the guarantee terms offered to the Belgians, was quoted in part as follows:
"We have offered Belgium a business-like proposition which is in full harmony with the decision of
the Reparations Commission. If purely business
motives had prevailed in the discussions an agreement would have been reached which would have
meant immediate improvement in the economic situation and a clearing up of the political atmosphere.
The mark could have been stabilized for a few months
while Germany would be enabled to make the necessary preparations for a hard winter." The members
of the German mission arrived in Paris at 12.35
o'clock Tuesday. The Berlin correspondent of the
Associated Press cabled that "in sending Dr. Fischer
and Carl Bergmann to Paris again, with instructions
to hold themselves at the disposition of the Reparations Commission, the German Government has initiated steps calculated to forestall definite breaking
off of the negotiations begun last week with MM.
Bemelmans and Delacroix, the Belgian representatives." The New York "Times" correspondent in
explaining the purpose of the mission, said that "the
German delegates are now seeking to obtain this time
extension from the commission, while the Belgians,
still adhering to the terms of the decision of Aug. 31,
are asking that 100,000,000 marks gold be transferred to the National Bank of Belgium as a guarantee for the 270,000,000 gold marks due before the end
of the year, and in agreement with the second clause
of the Reparations Commission's decision."
Official advices were said to have been received in
Paris on Thursday that "Germany had categorically
refused to give up the 100,000,000 gold marks demanded by Belgium as a guarantee of the six-month
note issue on account of reparations." The Associated Press said that "it was decided by the members
of the Reparations Commission that the situation
had gone beyond their control and required the immediate attention of the Allied Premiers." The ad-
1247
vices were said to have stated that Germany "was
unable to pay the £1,500,000 due to-morrow [yesterday] as part of her private pre-war debts to Allied
nationals." According to a Berlin cablegram yesterday morning, "it is reported that the Cabinet has
decided to send Rudolf Havenstein, President of the
Reichsbank, to London to negotiate with the Bank of
England concerning guarantees for the German
Treasury bills to be paid to Belgium as reparations."
Dispatches from Paris last Saturday and Sunday
stated that•Georges Clemenceau, Premier of France
during the World War, had sent a cablegram to an
American newspaper (the New York "World") signifying his willingness to go to America "of my own
accord, without a mission from anybody," to "declare
frankly what my opinions are on the rights and duties of each nation in the redoubtable world crisis
unchained by the war, where the same victory made
all the Allies solidly responsible for the future." The
New York "Times" correspondent in Paris made the
following statement regarding the matter: "Georges
Clemenceau is willing, in view of the great dangers
he sees in the present situation of Europe and the
world, to make a journey to America to explain to
the American people his conception of the duties and
rights of each of the Allies on whom responsibility
for the future of the world devolves." The Associated Press correspondent asserted in a cablegram
the same day that "M. Clemenceau will sail for New
York in four weeks on an extended tour of the United
States for the purpose of telling the American people
what are the rights and duties of the nations which
jointly won the war, and also to try to restore the
prestige which France has lost in the United States.
M. Clemenceau is making the trip independently of
any agency or lecture bureau, it is further asserted,
and he will not receive one cent for the journey, the
expenses of which will be paid from his own pocket."
The following day the latter correspondent sent a
dispatch containing the following statement, which
he said M. Clemenceau had sent from his summer
home at Jard, Department of Vendee: "I have no
time to make plans. All I can say is that I am ready
to leave for America during the first week in November, there to remain for a few weeks, if the state of
my health permits. I will arrange the whole matter
with my American friends, who already know that I
can no longer bear the idea of France being accused
of imperialism and militarism by the American people. Naturally, I will speak of the League of Nations, but I will pursue no other designs than to say
what I feel and then return home."
In an interview with a representative of the "Petit
Parisien" the "Old Tiger" was quoted as commenting
in part as follows on what he would say in the course
of four speeches in America: "All that I have to say
to the Americans I shall say simply and kindly—
simply, because America is a country of simple and
straightforward thought and speech; kindly, because
the Americans are our great friends. No one speaks
for France—no one. And yet the time to do so has
come. I don't want to say now what I shall say over
there, but this I will say, that the time has come to
tell the United States that we are not imperialists
or militarists and that the French people merit the
enthusiastic confidence of their friends, the free people of America. Kipling is wrong. I have great regard for Kipling. He is a great writer whom the war
cruelly smote in taking from him his only son. But
1248
THE CHRONICLE
his diatribe appears to be unjust. America has asked
my opinion and I will give it. I have no need of documents and of preparation to plead our cause, there
are arguments in plenty. And this will be no triumphal tour. I am going to make a useful voyage."
Asked if he would speak about the war, he was reported to have said: "Yes, first to recall this primary truth that the object of the war was peace, and,
secondly, to say that had the Allies remained together in peace what they were to each other in war
the world would not now be struggling in the midst of
so much misery and difficulty. To Americans I will
speak much of America and a little, too, of England.
I will have a word or two to say about the treaty.
People must know once and for all, or rather once
more, that this treaty has given Germany no pretext
whatever for a war of revenge. If we had made an
imperialistic peace, such as our adversaries accuse
us of having made; if we had in the Chamber four or
five German Deputies, protesting, such as there were
French Deputies in the Reichstag between 1870 and
1914, then we would hear something."
Dispatches from London Wednesday afternoon
stated that Rudyard Kipling had denied giving the
interview published by the New York "World," and
which has caused so much discussion on both sides
of the Atlantic. In a public address in this city
Thursday evening, Sir Auckland Geddes, British
Ambassador to the United States, was reported to
have made the following comment on the alleged
Kipling interview: "I am glad that Mr. Kipling has
emphatically denied having uttered the words attributed to him. If hb had uttered them, he would not
have spoken as a representative of British thought.
He would not have spoken as a man who knew what
he was talking about." Dwelling specifically upon
America's part in the World War, he was quoted as
saying: "America, coming into the war when she
did, played a great part in ending the war. The man
or woman who says otherwise is one of three—either
grossly ignorant, villainously malicious or just a
fool."
The first session of the new Irish Parliament was
held a week ago to-day. It was expected that it would
last three months. It was explained in a Dublin dispatch that "under the Free State treaty it will take
on the functions of the Dail Eireann." The strength
of the different parties was given as follows: "ProFree State Treaty, 56; Anti-Treaty, 34; Labor, 17;
Independent, 6; Farmer, 7; Southern Unionist, 4;
making a total of 124. Four seats are vacant owing
to deaths." William T. Cosgrave, Minister of Local
Government,"was elected President of the Dail Eireann by the new Parliament at its inaugural session.
The only votes cast against him were by the Labor
members." It was explained that "the President of
the Dail Eireann becomes the head of the Ministry.
Richard Mulcahy moved the election of William Cosgrave, and Prof. John McNeil seconded the motion."
The session was held "in the new semi-circular Parliamentary chamber in Leinster House. The crowd
which gathered to watch the arrivals was very small,
and general calm prevailed." Prof. Michael Hayes
"was selected Speaker without opposition." Commenting upon the election of Cosgrave, he said:"Acting Chairman Cosgrave's dignified and skillful handling of the proposition of the destinies of Ireland at
the most critical moment of her history evoked just
appreciation, and his outline of policy before his
[vol.,. 115.
election as President was simple, but straight, definite and unequivocal. If elected, he said, it was his
intention 'to utilize the treaty sanctioned by the Dail
and the electorate, in so far as it was free to express
an opinion; to enact the Constitution, to assert the
authority and supremacy of Parliament, to support
and assist the national army in asserting the people's rights, to ask Parliament, if necessary, for such
powers as are deemed essential for restoring order
and suppressing crime, to expedite as far as lies in
the power of the Government a return to normal conditions, and, having established the country on a
Free State constitutional basis, to speed the work of
reconstruction and reparation.'"
The situation in Ireland was complicated afresh
by a strike of postal workers on Sunday night. It
seems that "the Executive of the Irish Postal Union,
having rejected the Government offer to spread the
proposed wage reductions over a period of three
months, the strike became inevitable. What appears
to have been the Government's last word was indicated in an official statement issued by the Department of Home Affairs. This declared that the Government did not recognize the rights of civil servants
to strike, and that in the event of any cessation of
work, picketing, such as is permitted in connection
with industrial strikes, will not be allowed. The
statement asserted that the Government was determined to afford the fullest of protection to those officers who remained loyal to the Government and continued to work. It was added that the postal service
is a vital State service and that the Government was
prepared to use all the forces at its disposal to protect loyal workers from interference or intimidation."
In an address before the Dail Eireann on Monday,
President William Cosgrave defined the position of
the new Government as follows: "This nation will
not submit to an armed minority. If peace is to be
worth while, it must be on definite and constitutional lines. There will not be an armed body in the
country without the sanction of Parliament. Parliament must have control of all arms and armed opposition to its will will not be permitted. There must
be no misunderstanding about that. The members
of the Government may fall in discharging their task
but others will take their place and accept their responsibilities. We are willing to come to a peaceful
understanding with those in arms against us, but it
must be on the Government's basis. We want peace
with England on the terms made with this country's
representatives and we will not tolerate any armed
interference with that peace." Eamon de Valera
was quoted in an interview with the Dublin representative of the New York "Tribune" on Monday as saying that "no one gains by this war—all lose." The
correspondent observed that "Mr. de Valera seemed
in good health and in a cheerful mood as he spoke
without reserve during the course of a conversation
arranged in a friend's house in this city."
On Wednesday "Kevin O'Higgins, the Home Minister, announced in Parliament that certain areas in
South Ireland now were ripe for the extension and
consolidation of civil government, and it was proposed to send a civic guard at an early date to follow up the army in the districts where the army had
restored conditions permitting the civic guard to
function. After that stipendiary magistrates would
be appointed and a committee established to review
the entire system of administering justice, with a
SEPT. 16 1922.]
THE CHRONICLE
view to reconstruction. William Cosgrave as Finance
Minister presented the accounts of the old Dail Eireann, which were adopted, and Richard Mulcahy,
Monsignor Fogarty and Dr. Richard Hayes were appointed trustees of the Dail Eireann fund."
Eamon de Valera on Thursday issued a statement
in Dublin "in response to the address of General Mulcahy to the Dail on Tuesday, attacking de Valera's
policy. The latter was reported to have said: "After the supporters of the treaty broke their pact with
my party at the bidding of Lloyd George and Churchill.,the politicians of the Republic were unable to
avert a terrible state of things. The treaty party
want to play with their new armies and win a cheap
military victory, then present a fait accompli to
those differing from them. So, having to choose, the
Republican politicians preferred to stand with those
who are yet true to their pledges, and to their traditional national faith. I stand by every word I spoke
in the election campaign."
The statement of the British Board of Trade,
giving a summary of Great Britain's foreign trade fcr
August, shows that compared with August a year
ago the exports of British products this year were
£8,683,693 larger; imports decreased £5,921,040,
and the balance of imports (after allowing for reexports) was £12,106,954 smaller. For the eight
months ended with August of the present year the
decrease in the last named item was £70,491,246
in comparison with the corresponding period of 1921,
and of £154,183,852 in comparison with the first
eight months of 1920. The following statement
gives a summary of the trade returns for August
and the first eight months of this year compared
with the corresponding periods of 1921:
Imports
British exports
Re-exports
Total exports
Excess imports
_month of August_ -Jan. 1 to Aug. 311922.
1921.
1921.
1922.
£82,660,000 £88,581,040 £651,630,159 £740,881,573
00,030,000 51,346,307
472,210,431 463,413,733
7,500,000
9,997,779
71,488,158 69,045,024
£67,530,000 £61,344,086
15,130,000 27,236,954
£543,698,589 £532,458,757
137,931,570 208,422,816
Official discount rates at leading European centres continue to be quoted at 5% in France, Denmark
and Norway; 53/2% in Madrid; 7% in Germany;
432% in Belgium and Sweden;4% in Holland; 332%
in Switzerland and 3% in London. Open market
discount rates in London were a shade easier, with
sixty and ninety days quoted at 2 7-16@23/%, as
2
against 2% last week, while call money at the
British centre has been reduced to 13 %, in com4
parison with 2% a week earlier. In Paris, however,
the open market discount rate has not been changed
from 4%, nor in Switzerland from 13%.
The Bank of England in its statement for the week
ending Sept. 14 reported another small gain in gold,
namely £8,428, while total reserve was expanded
£826,000, to £23,808,000, in comparison with L21,653,159 last year and £16,378,570 in 1920. This gain
was due to a contraction in note circulation of £818,000 and was supplemented by.a substantial advance
in the proportion of reserve to liabilities, to 19.22%,
against 18.37% last week. At the corresponding
date in 1921 the ratio stood at 14.97% and the year
before at 11.88%. There was a decline in public
deposits of £3,180,000, but an increase in "other"
deposits of £1,986,000. Loans on Government securities increased £3,305,000, although loans on
other securities showed a reduction of £5,323,000.
1249
\
Threadneedle Street's stock of gold on hand totals
L127,421,141, which compares with £128,410,714 last
year and £123,093,370 in 1920. Circulation amounts
to £122,161,000. A year ago the total was 125,207,555 and in 1920 to £125,164,800. Loans aggregate £71,467,000, which compares with L79,809,956.
and £83,390,829 one and two years ago, respectively..
No change has been made in the Bank's minimum
discount rate, from 3%, the level previously current.
Clearings through the London banks for the week
were £603,379,000, as against £700,284,000 a week
ago and £544,835,000 last year. We append herewith a statement of comparisons of the principal
items of the Bank of England's returns for a series
of years past:
BANK OF ENGLAND'S FINANCIAL STATEMENT.
1922.
1921.
1920.
1919.
1918.
Sept. 13.
Sept. 14.
Sept. 15.
Sept. 17.
Sept. 18
Circulation
122,061,000 125,207,555 125,164,800
Public deposits
10,408,000 15,052,601 15,201,579
Other deposits
113,915,000 129,547,614 122,575,386
Govt. securities
47,251,000 61,241,744 56,103,129
Other securities_ _ 71,467,000 79,809,956 83,390,829
Reserve notes & coin 23,808,000 21,653,159 16,378,570
Coln and bullion
127,421,141 128,410,714 123,093,370
Proportion of reserve
to liabilities
19.22%
14.97%
11.88%
Bank rate
3%
7%
514%
80,901,885
20,128,399
91,821,859
19,522,956
84,722,497
25,791,302
88,243,187
59,398,276
38,133,388'
129,955,039'
56,567,714
99,547,120
30,047,452
70,995,727
23.03%
5%
17.
00%
The Bank of France continues to report small gains
in its gold item, the increase this week being 221,000
francs. This brings the Bank's total gold holdings
up to 5,532,223,075 francs, comparing with 5,522,750,774 francs at this time last year and with
5,520,567,646 francs the year previous; of these
amounts 1,948,367,056 francs were held abroad in
both 1922 and 1921 and 1,978,278,416 francs in 1920.
During the week, silver gained 413,000 francs, bills
discounted rose 71,153,000 francs and general deposits were augmented by 84,143,000 francs. On the
other hand, advances fell off 35,425,000 francs, while
Treasury deposits were reduced 1,142,000 francs.
Note circulation took a favorable turn, a contraction
of 351,976,000 francs being recorded, reducing the
total outstanding to 36,607,125,000 francs. This
contrasts with 37,127,908,905 francs on the corresponding date last year and with 38,665,735,035
francs in 1920. Just prior to the outbreak of war,
in 1914, the amount was only 6,683,184,785 francs.
Comparisons of the various items in this week's
return with the statement of last week and corresponding dates in both 1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 14 1922. Sept. 15 1921. Sept. 18 1920.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
221,000 3,583,856,019 3,574,383,718 3.542.289,230
Abroad
No change
1,948,367,056 1,948,367,056 1,978,278.418
Total_
Inc.
221,000
Silver
Inc.
413,000
Bills discounted__ _Inc. 71,153,000
Advances
Dec. 35,425,000
Note circulation.
.Dec.351,976,000
Treasury deposits-Dec. 1,142.000
General deposits--Inc. 84,143,000
5,532,223,075
286,424,495
1,887,327,000
2,133,448,000
36.607,125,000
22.137.000
2.130,115,000
5,522,750,774 5,520,567,640
277,101,016
255,004,610
2.402.916,370 1,859,724,212
2,213.819,355 2,004,156,536
37.127,908.905 38.065.735.035
41.636.704
34.841.936
2,437,333,318 3.028.086.804
In its statement, issued as of Sept. 9, the Imperial
Bank of Germany again showed spectacular changes.
The chief of these was another huge expansion in
note circulation, the total of which this week crept
up in the almost incredible amount of 14,226,578,000
marks, bringing the total up to the stupendous figure
of 251,788,991,000 marks. Bills of exchange and
checks showed an increase of 5,557,486,000 marks;
discount and Treasury bills expanded 1,999,281,000
marks, while deposits declined 5,548,032,000 marks.
Treasury and Loan Association notes were aug-
1250
UTE CHRONICLE
mented 635,615,000 marks, notes of other banks
25,000 marks, advances 135,524,000 marks and other
assets 313,820,000 marks. Declines were shown in
investments of 32,953,000 marks and "other liabilities" of 69,095,000 marks. Gold holdings remain
about stationary, with an increase of 2,000 marks,
and in total coin and bullion of 428,000 marks. The
Bank reports its gold stocks as 1,004,861,000 marks,
which compares with 1,023,708,000 marks last year
and 1,091,583,000 marks in 1920. Outstanding note
circulation, which, as already noted, has now passed
the 250,000,000,000-mark, is more than three times
as large as the total reported a year ago, which was
80,726,951,000 marks, while in 1920 it stood at
58,752,267,000 marks.
A moderate gain in gold, coupled with a decline in
rediscounting operations, constituted the most noteworthy features of the Federal Reserve Bank statement issued on Thursday afternoon. This applies
to the report of the combined system, which showed
an increase in gold reserves of $7,000,000, while bill
holdings declined $1,600,000, to $591,836,000, in
comparison, however, with $1,468,874,000 last year.
The New York bank again lost gold to the interior
and reported a reduction of $20,000,000. Moreover,
total bills on hand increased about $2,000,000 to
$109,386,000, which compares with last year's total
of $340,851,000. Earning assets were reduced both
locally and nationally, though deposits expanded
$16,000,000 for the system and declined $8,000,000
at the local institution. The same is true of member
banks' reserve account, there having been a gain of
of $15,000,000 for the twelve reporting banks, to
$1,811,237,000, as against $1,631,038,000 last year,
while at New York a loss of $5,000,000 was shown,
bringing the total to $693,487,000, compared with
$623,958,000 in 1921. Federal Reserve notes in
circulation declined $10,500,000 at New York, but
increased $2,000,000 for the system. Reserve ratios
remained almost stationary; the system showed a
ratio of reserve of 78.3%, the same as last week, and
the New York bank figure declined .1% to 83.7%,
against 83.8% last week.
Last week's bank statement of New York associated
members,issued on Saturday, was about as expected.
Aside from a decline in net demand deposits of
$38,718,000, due to withdrawals by interior banks,
changes were unimportant. Cash in own vaults of
members of the Federal Reserve Bank increased
$6,298,000 to $58,798,000. Reserves of State banks
and trust companies in Own vaults gained $462,000,
but reserves of these same institutions kept in other
depositories shrank $330,000. Member banks increased their reserves at the Reserve Bank and this,
in deposits, resulted
coupled with the scaling down
advance of $7,541,020 in surplus reserves
in a further
drop in demand deposits
to $33,704,210. The
is
brought that total down to $3,808,153,000. This
ment deposits aggregating $58,exclusive of Govern
to
078,000. Net time deposits amount $492,577,000,
$780;000 for the week. Loans were
a decrease of
stand at $4,525,781,000.
reduced $1,270,000, and now
given for surplus are on the basis of
The figures here
ments for member
reserves of 13% above legal require
Federal Reserve System, but not
banks of the
amount of $58,798,000
including cash in vault to the
Saturday last.
held by these banks on
[voL. 115.
The money market at this centre has been firmer,
but there was no real flurry, even in quotations on
call loans. No one could reasonably assert that any
degree of stringency existed. Call money was
quoted as high as 5% during the last hour of business
on Thursday, after having renewed at 4%. This
fact and the moderate tendency upward in rates on
preceding days were not in the least surprising.
Outside of the customary preparation for mid-month
interest and dividend payments, the Government
was the principal factor in the money market here.
In Washington dispatches it was estimated that the
income and profits taxes payable yesterday would
total from $270,000,000 to $300,000,000. Of course,
a substantial part of that total was paid through New
York financial institutions. Individuals, corporations and institutions had to arrange for meeting
these obligations. Then the Secretary of the Treasury offered a new issue of $200,000,000 Treasury
certificates, bearing 3% interest. Yesterday the
Government withdrew $46,500,000 from local depositories which, with $7,750,000 taken out on Tuesday,
made a total for the week of $54,250,000. All these
temporary shiftings of accounts could not have been
arranged without disturbing the local money market,
except for the generally easy conditions that have
existed for a long time, and the comfortable and
strong position of the Federal Reserve banks and their
member institutions throughout the country. Although speculation in stocks has been quite active
it is estimated that brokers' loans are down from
$1,500,000,000 a few weeks ago to about $1,300,000,009. Offerings of bonds have been on a considerably
larger scale than for several weeks. An excellent
demand for the new issues is reported. A feature of
the bond market was the sale of the balance of the
latest issue of New York City bonds, taken several
months ago by a strong local syndicate, headed by
Speyer & Co. Further reports are heard about
forthcoming Government loans for European and
South American Governments, but so far nothing
particularly definite has developed. That full preparation had been made for yesterday's large operations
in the money market was demonstrated by the fact
that call money yesterday was in good supply and
loaned at 43/2% all day.
Dealing with specific rates for money, call loans
this week ranged between 4 and 5%. Last week the
range was 4@4%. For the first half of the week,
that is, Monday, Tuesday and Wednesday, the high
figure was 43/2%, the low 4% and renewals at 4%
on each of these days. Call funds were again
renewed at4% on Thursday, which was the minimum,
but a high quotation of 5% was touched shortly
before the close. On Friday a still firmer tone
developed so that all loans were negotiated at 432%
and this proved the high, low and ruling rate for the
day. Heavy withdrawals of Government funds from
the banks incidental to Oct. 15 payments were held
responsible for the firmness. The figures here given
apply to both mixed collateral and all-industrial
loans alike. For fixed date maturities the situation
remains without perceptible change. In the shorter
periods, sixty and ninety days, a range of 431@4%
is now quoted, against 43/2% a week ago, but four,
five and Six months' money continues at 432@4%%,
unchanged. Offerings were smaller than of late, but
the demand was also light, so that trading was dull.
There was very little doing in any of the maturities.
SEPT. 16 1922.]
THE CHRONICLE
Mercantile paper is till quoted at 4@43% for
sixty and ninety days' endorsed bills receivable and
six months' names of choice character, the same as a
week ago, with names less well known at 43@43/27o•
Country banks were the principal buyers, but offerings were light and the volume of transactions of
moderate proportions.
Banks' and bankers' acceptances ruled a trifle
firmer for spot delivery, quotations being marked up
JA%. But trading was only moderately active.
Toward the latter part of the week with the slight
'flurry in call funds there was a further lessening in
demand and the turnover was small. Moreover,
offerings were not heavy. For call loans against
bankers' acceptances the posted rate of the American Acceptance Council continues at 3327o•
The Acceptance Council makes the discount rates on
prime bankers' acceptances eligible for purchase by
the Federal Reserve Bank 3/ bid and 334% asked
8
%
for bills running 150 days;3/ bid and 3% asked for
8%
bills running 120 days, and 31
4% bid and 3M%
asked for bills running from 30 to 90 days. Open
market quotations follow:
Prime eligible bills
SPOT DELIVERY.
90 Days.
346g3
60 Days.
33@)3
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
Ineligible bank bills
30 Days.
331@3
3% bid
3g4 bid
3
For the first time in nearly two months, sterling
sustained a comparatively sharp setback, and the
feature of the week was a break of more than 4 cents
in the pound, which carried demand bills down to
4 405s, the lowest point since the middle of last April,
/
when the quotation had fallen below 4 41. The weakness was attributed to a number of reasons, chief
among which should be mentioned the inauguration
of a heavy selling movement on the part of London
banks, larger offerings of commercial bills in the
local market, and prospects that coal importations
would be discontinued in the very near future. Trading was not particularly active at any time and in the
early part of the week sterling sold around 4 45@
4 453/b for demand bills. On Wednesday, however,
several of the large English banks entered the market
as sellers of sterling for the purpose, it was claimed,
of accumulating dollars to meet the Oct. 15 interest
payments on Great Britain's debt to the United
States, and prices began to give way under the
pressure. Coincidently with this, offerings of bills on
cotton and grain shipments began to make their
appearance in much larger volume. Unfavorable
developments in European politics and disappointment over the new turn of affairs in the BelgiumGermany indemnity situation, caused operators to
adopt an even more cautious attitude in the matter
of commitments and the result was a dearth of buyers
except at material concessions. Still another factor
in depressing quotations was the understanding that
with the settlement of the hard coal strikes, orders
for British coal already placed are in many instances
being canceled. Dealers regard this as likely to have
an important bearing on sterling values, since it
removes what was expected to constitute a stabilizing
influence that would serve to offset seasonal pressure
upon the market. It was claimed that buyers, looking for a further recession in exchange rates, were
delaying their purchases as much as possible. If
true, this should undoubtedly create a substantial
1251
short interest calculated to bring about a speedy
restoration of values. It is a fact that prices quickly
rallied and moved up to 4 43; although in the closing
transactions values again sagged slightly, owing to
the increasing seriousness of affairs in the Near East.
Bankers were unwilling to make any predictions as
to the probable effect of any real trouble in this
quarter upon sterling, but the belief seems pretty
general that the military collapse of Greece has
opened the way to unpleasant possibilities and once
more threatens the peace of Europe. These fears
were evidently reflected in the lowering of values.
Referring to the more detailed quotations, sterling
exchange on Saturday last was a trifle easier and de/
mand declined to 4 453@4 455 s, cable transfers to
4 45%@4 457 8 and sixty days to 4 437 @4 44; trad/
4
ing was dull and nominal. On Monday increased
weakness developed, so that there was a further recession to 4 44 15-16@4 45 5-16 for demand, to
4 45 3-16@4 45 9-16 for cable transfers and to
4 43 5-16@4 43 11-16 for sixty days; the market
continued quiet and the easing was attributed largely
to a lowering in London cable rates and freer offerings of bills on the local market. Prices sustained
another slight decline on Tuesday and demand sold
down to 4 44 9-16@4 45, cable transfers to 4 44 13-16
@4 453 and sixty days to 4 43 15-16@4 44%. On
Wednesday selling by London, in preparation for
Oct. 15 payments, also a larger volume of cotton and
grain bills, brought about a sharp break of more than
3 cents, to 4 414 for demand bills; the high was
3
4 44; cable transfers ranged between 4 42 and 4 443
and sixty days between 4 413 and 4 43%. The downward movement made further progress on Thursday and demand sold off to 4 405 ; the highest for
%
the day was 4 42 11-16; cable transfers covered a
range of 4 407 8@4 42 11-16, and sixty days 4 40@
/
4 42 1-16. On Friday the market was irregularly
weak, with demand quoted at 4 41@4 413/, cable
2
transfers at 4 42@4 423 and sixty days at 4 39@
,
4 393/. Closing quotations were 4 39 for sixty days,
4 42 for demand and 4 43 for cable transfers. Commercial sight bills finished at 4 41, sixty days at
4 39
ninety days at 4 39, documents for payment
(sixty days) at 4 403 and seven-day grain bills at
4 41%. Cotton and grain for payment closed
at 441%.
Gold arrivals continue light, the only European
shipments being approximately $500,000 on the Majestic from Southampton and $820,000 on the Aquitania. Small amounts from South American points
were as follows: $75,000 gold and silver on the
Zulia from Maracaibo; $12,000 on the Pastores;
4 boxes and 11 gold bars on the Bridgetown from
Colombia, and 13 cases gold and silver and silver
coins, and gold dust, 2 gold bars and 1,083 bags of
gold and silver ores on the Santa Teresa from Peru.
Continental exchange responded even more sharply
to the infavorable news from abroad. Early in the
week failure of the Belgian and German delegates
to reach a satisfactory understanding regarding the
guarantees to be given for the proposed issue of
Treasury notes, had a depressing effect in exchange
circles, while later on intimations of a possible
reopening of the dreaded "Balkan question," as a
result of the overwhelming defeat of the Greeks
by the Turkish army, caused a general drop in
exchange rates. French francs suffered severely,
breaking about 22 points, to 7.51. Belgian currency,
1252
THE CHRONICLE
with an opening quotation of 7.343., dropped to
7.09, though recovering a few points at the extreme
close. Reichsmarks ruled heavy throughout, at
close to 0.06, declining at one time to as low as
/
0.055 8. There was also pronounced weakness in
Italian exchange, the quotation for lire declining
to 4.17, or 17 points under the level prevailing
at the close of last week. Exchange on the Central
European centres was affected only to a minor
extent and Czechoslovakian crowns were firm at
about 3.33. Rumanian and Finnish currency held
their own, but Polish marks moved down to 0.00132,
though subsequently recovering part of the loss.
Greek drachma for a while were maintained at the
pegged rate recently prevailing, but eventually
broke through and dropped some 85 points to 2.35
for checks, following the routing of the Grecian
armies. The quotation, however, is purely nominal
with very little business passing. Trading continued
to be "spotty," with sporadic outbursts of nervous
activity, followed by prolonged intervals of comparative dulness. Considerable confusion prevailed
and quotations were largely nominal at times.
Nearly all of the more conservative operators withdrew from the market and the wild fluctuations were
to a large extent due to the manipulation of frightened
speculative interests; hence the actual volume of
transactions was light. Here as in the case of
sterling, buyers were said to be holding off as much
as possible and the consequent lack of support
naturally served to accentuate the weakness.
The London check rate in Paris finished at 58.25,
against 57.00 last week. In New York sight bills
on the French centre closed at 7.59, against 7.74;
cable transfers at 7.60, against 7.75; commercial sight
bills at 7.57, against 7.72, and commercial sixty
days at 7.53, against 7.68 a week ago. Antwerp
2
francs finished at 7.173' for checks and 7.183' for
This compares with 7.30 and 7.31
cable transfers.
last week. Final quotations for Berlin marks were
0.06% for both checks and cable transfers, against
0.06% the week preceding. Austrian kronen finished
the week at 0.0013 for checks (one rate), against
0.0015 a week earlier. Lire closed at 4.20 for bankers'
sight bills and 4.21 for cable transfers. A week ago the
close was 4.343' and 4.353/2. Exchange on Czechoslovakia finished at 3.24, against 3.30; on Bucharest
at 0.62, against 0.71; on Poland at 0.00141, against
0.00128, and on Finland at 2.16, against 2.17 on
Friday of last week. Greek drachma closed at 2.35
for checks and 2.40 for cable transfers, in comparison
with 3.20 and 3.25 a week ago.
In the neutral exchanges, formerly so-called, the
most noteworthy feature was a marked decline in
Swiss francs, which were lowered to 18.72, a loss of
25 points from the close of last week, while guilders
broke 37 points to 38.51. This was held to be
the result of a renewal of selling for German account. Smaller losses were also noted in Scandinavian rates; also in pesetas. At no time was
trading active, though the volume of business
passing was larger than in recent weeks.
Bankers' sight on Amsterdam finished at 38.66,
against 38.80; cable transfers at 38.75, against 38.88;
commercial sight bills at 38.65, against 38.78, and
commercial sixty days at 38.31, against 38.44 a
week ago. Closing rates for Swiss francs were 18.72
for bankers' sight bills and 18.73 for cable transfers,
against 18.97 and 18.98 the previous week. Copen-
[voL. 115.
hagen checks finished at 21.18 and cable transfers
at 21.23, against 21.36 and 21.41. Checks on
Sweden closed at 26.37 and cable transfers at 26.42,
against 26.47 and 26.52; while checks on Norway finished at 16.77 and cable transfers at
16.8; against 16.60 and 16.65 the week before.
Spanish pesetas finished at 15.16 for checks
and 15.17 for cable transfers. This contrasts with
15.47 and 15.48 in the week preceding.
With regard to South American exchange, the
tendency was also in some instances toward lower
levels, so that the check rate on Argentina closed
at 35%, against 36.30, and cable transfers at
35%, against 36.40. Brazil checks broke to 12.78,
but rallied and finished at 13%, and cable transfers
at 13.80, against 13.25 and 13.30 last week. Chilean
exchange closed the week at 13.80, an advance of
30 points from Friday last, but Peru was weaker at
4 03, against 4 04 a week ago.
Far Eastern rates also ruled slightly easier, especially for Hong Kong and Shanghai taels; the
former closed at 57%@57%, against 589@59, and
/
the latter at 77@77 2, against 783'@79; Yokohama
finished at 48%@49, against 48@483'; Manila,
50@503., against 493@503; Singapore, 51%@52,
against 52@5234; Bombay, 293.@293v, against
%
8
293/@29%, and Calcutta, 293.@293 (unchanged).
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 Secretary
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
the record for the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT.
SEPT. 9 TO SEPT. 15 1922, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United Stases Money.
--- - -
_
toni Unit.
Sept. 9. Sept. 11. Sept. 12. Sept. 13. Sept. 14. Sept. 15.
$
$
$
$
$
$
EUROPE.000014 .000014 .000014 .000014 .000014 .000014
Austria, krone
.0715
.0720
.0724
.0716
.0724
.0732
Belgium, franc
.006400 .006433 .006442 .006392 .006375 .006425
Bulgaria, lev
.032989 .033422 .033417 .033425 .033383 .032736
Czechoslovakia, krone
.2132
.2137
.2121
.2120
.2136
2138
krone
Denmark,
4.4574 4.4540 4.4497 4.4344 4.4211 4.4232
England, pound
.021638 .021725 .021713 .021625 .021513 .021650
,
Finland, mark ka
.0757
.0761
.0765
.0767
.0775
.0758
France. franc
.000726 .000666 .000666 .000620 .000643 .000656.
Germany, reichsmark
.0257
.0256
.0261
.0264
.0240
.0246
Greece. drachma
.3879
.3884
.3884
.3887
.3869
.3864
Holland, guilder
.000467 .000456 .000429 .000420 .000407 .000414
Hungary, bone
.0435
.0421
.0421
.0429
.0432
.0420
Italy, llre
.003019 .003083 .00311 .003156 .003436 .003728
Jugoslavia, krone
.1671
.1678
.1673
.1670
.1671
.1672
Norway, krone
.000131 .000132 .000139 .000146 .000143 .000140.
Poland. Polish mark
.0490
.0498
.0508
.0525
.0512
.0521
Portugal, eecuda
.006531 .006275 .006088.
.007013 .006925 .0068
Rumania,leu
.012057 .012364 .012414 .012743 .013714 .01475T
Serbia, dinar
.1514
.1513
.1547
.1534
.1543
.1544
Spain, peseta
.2639
.2640
.2654
.2647
.2653
.2653
Sweden,krona
.1873
.1865
.1897
.1884
.1891
.1895
Switzeiland, franc
ASIA
.8008
.7996
.8033
.8033
.8008
.8033
China, Chefoo tad
.7942"
.7929
.7967
.7942
Hankow tael
.7967
.7967
.7671
.7659
.7704
.• Shanghei tad
.7730
.7729
.7723
.8042"
.8029
.8083
" Tientsin tael
.8083
.8042
.8075
.5698
.5709
.5742
•• Hong Kong dollar_ .5754
.5766
.5764
.5588.
.5585
.5621
" Mexican dollar.....5658
.5650
.5642
" Tientsin or Pelyan
.5708.
.5721
.5738
.5738
.5746
.5708
dollar
.5671
.5629
.5725
.5721
" Yuan dollar
.5717
.5683
.2878
.2880
.2889
.2896
.2902
.2903
India,rupee
.4841
.4848
.4834
.4823
.4803
.4815
Japan, yen
.5167
.5179
.5179
.5179
.5196
.5200
Singapore. dollar
NORTH AMERICA
.998535 .998571 .998602 .998801 .99925 .999295
Canada, dollar
.998313 .998500 .998563 .998688 .99875 .998625
Cuba, peso
.483125 .483075 .48295 .482875 .482825 .482575
Mexico. peso
.996172 .996094 .996641 .996406 .997344 .997578
Newfoundland, dollar....
SOUTH AMERICA
.8047
.8133
.8066
.8213
.8221
Argentina, peso (gold)._ .8220
.1264
.1303
.1262
.1318
.1323
.1320
Brazil. milreals
.7824
.7797
.7810
.7837
.7892
.7907
Uruguay. peso
.1394
.1359
.1368
.1398
.1403
_ .1386
Calle. peso (paper)
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,033,708 net in cash as a result of the currency movements for the week ending Sept. 14.
Their receipts from the interior have aggregated
$5,892,308, while the shipments have reached $858,600, as per the following table:
SEPT. 16 1922.1
THE CHRONICLE
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week ending Sept. 14.
Banks'interior movement
Gain or Loss
to Banks.
Out of
Banks.
$5.892,308
$858,600 Gain $5,033,708
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal-Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, Wednesd'y, Thursday, Friday,
Sept. 12. Sept. 13. Sept. 14. Sept. 15.
Saturday, Monday,
Sept. 9. Sept. 11.
$
$
$
I
Aggregate
for Week.
$
$
$
54.400,000 61,900,000 52,200,000 51,700,000 62,800.000 67,000,000 Cr. 350,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank rim all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank Itself are presented directly to the bank and never
go through the Clearing House.
The following table indicates the amount of bullion in the principal European banks:
Sept. 15 1921.
Sept. 14 1922.
Banks of—
Gold.
Silver.
£
England _ - 127,421,141
France_ a - 143,354,741
Germany _ 50,111,480
Aus.-Hun - i0,944,00
Spain
100,935.000
Italy
34.598,000
Netherl'ds 50,496,000
Nat. Belg_ 10.664.000
Switzland 20,332,000
Sweden _
15,210,000
Denmark _ 12.683.000
Norway
8,183,000
I
Total.
Silver.
Gold.
I
I
127,421,141 128,410,714
11,440,000 154.794,741 142,975,349
1,009,050 51,120,53 51.185.000,
2,369,000 13,313,00 10,944,000
99,945.000
26,018.000 126.953,0
3,043,000 37,641.000 33,307,000
730,000, 51,226,00 50,497.000
10,663,000
1,748.000, 12.412,
4,603,000 24,935,00 21,785,000
I 15,210,00 15.830,000
230,000 12,913,00 12.642.000
8,183,000 8,115.000
£
I
Total.
I128,410,714
11,080.000154,055,349
836.000 52,021,000
2,369,000 13,313,000
25,113,000 125.058,000
2,968,000 36,275.000
847,000 51,344,000
1,582,000 12,245,000
4,421,000 26,206,800
15,830,000
195,000 12,837.000
8,115,000
Total week 584,932,362 51,190.050,636,122,412 586,299.063 49,411,000 635,710,065
Prey. week 584,973,994 51,006,7503335,980,744 586,238,295 -19,476,000635,714.293
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
held abroad.
MORE WAR PENSIONS TO BE MET THIS
YEAR.
During what appear to be thp closing days of this
session of Congress the Senate suddenly took a spurt
by way of passing bills. Ordinarily it is a difficult
and tedious matter to get a bill through the Senate,
but on Sept.8,9 and 11 the Senate proceeded to pass
without debate several hundred bills. On Saturday
alone they pp s.sed more than one hundred and filly.
Friday, Sept. 8, was a field day in the Senate for
pensions. Two so-called omnibus private pension
bills were passed—the one granting pensions and increases of pensions to certain specifically named soldiers and sailors of the Civil War, their widows and
dependents, and the other making similar grants for
the Spanish-American War and for the Regular
Army and Navy. The two bills taken together contain about 2,000 names, and while the figures are not
available as to the total charge that is made against
the Treasury, it is probably a safe estimate to say
that it will not be less than $500,000 a year.
But that is not all. On the same day, near the close
of the session, the Senate passed the so-called Bursum Pension Bill (S. 3275) providing, among other
things, that the pension of each veteran of the Civil
War he increased to $72 per month, and the pension
of each widow of such veterans, after she has attained the age of 62, shall be increased to $50 per
month, with an additional $6 per month for each
child of such widow under the age of 16. The bill
also makes a similar grant to the widows of veterans
of the Mexican War and the War of 1812. We are
still paying for the War of 1812—one hundred and
eight years after its close!
Senator Bursum,in answer to a question, said that
this bill would make a charge upon the Treasury the
1253
first year—that is to say, this fiscal year—of about
$60,000,000. Is it not startling that the Senate of
the United States should in this casual manner, by
unanimous consent, without debate and without a
record vote, pass a measure of this economic importance, in the face of one of the most distressing financial situations ever confronted by the Government?
President Harding on July 11 gave the prospective
net deficit for the fiscal year 1923 at $425,000,000 and
the gross deficit at $697,000,000. It now appears
that the $272,000,000 credit which was expected to
accrue from the balance on hand unobligated on July
1, from the fiscal year 1922, did not materialize for
current operations for 1923, but went to meet requirements of the sinking fund. Consequently, the
1923 apparent deficit, as of July 11, is about $700,000,000. The only element of uncertainty in this figure that would prove of benefit to the budget is that
the July estimates of receipts were placed too low by
Treasury officials.
When we contemplate the possibility that the history of pensions for the Civil War may be repeated
for the Great War, the imagination is staggered at
the prospect. The number of pensioners in 1870,
five years after the close of the Civil War, was only
198,686, and the total pensions for that and the years
immediately preceding and following, amounted to
only about $30,000,000 per annum. Twenty years
later, for the year 1890, the number of pensioners had
grown to 537,944 and the total annual cost was over
$100,000,000. Fifteen years later—forty years after
the close of the war—the number of pensioners had
reached 998,441 and the cost $145,000,000. From
1905 to date there has been a gradual decrease in the
number of pensioners, but a gradual increase in the
total amount of pensions. For 1919,for example, the
total pensioners were 624,427, while the total pensions were $223,592,000. The number at present is
probably near 500,000, while the total pensions for
this fiscal year has been estimated at nearly $300,000,000. After adding to this the numerous private
pension appropriations for this year and the new increase of $60,000,000, we have a figure of more than
$350,000,000 as an annual charge on the public
Treasury for Civil War pensions fifty-eight years after the surrender of Appomattox.
Apparently we do not pay the cash cost of our
wars until all of the veterans, all of the widows, and
all of the widows' dependent children are dead. But
surely, the public opinion of America will not permit
such a policy to be followed toward the soldiers of
the Great War. These young men are going to be the
producers—the mainstay in our economic development. They themselves cannot permit their great
services to the country and to the world to become a
charge against our national resources and a continuing financial burden upon the next generation.
AN OPTIMISTIC FINDING AND FORECAST.
Sunshine has been particularly welcome during
the last three months, and in such a time of worldwide trouble and wrangle anybody who has a message of encouragement and can speak without a scowl
or a clenching of fists seems to have a right to the
floor. Mr. Vauclain, head of the Baldwin Locomotive
Works, takes a page in "Collier's" to give what he
calls "news for the parlor pessimists," beginning by
saying that in the last two months he has been asked
what he deems an irritating question a thousand
times, "when will prosperity return." His answer
1254
THE CHRONICLE
[Pm.. 115.
they are being imposed upon by an irresponis that it will not return, because it has returned and lieve
extra-legal labor government," and the workis already here, though people do not know it when sible,
"say that they want to be free men, that they are
they see it. But if it has returned it must have been ers
of being ordered from their jobs on every preabsent, as, indeed, most of us have thought; are not tired
looking for text and are tired of paying union dues." Take this
the most of us at least daily hoping and
statement in his own words: .
good news?
,
has such a piece of news,
"The labor organizations of the country are riding
Mr. Vauclain thinks he
swing across and through the for a fall, but they will not fall through any machinaas the result of a long
bound to fall, becountry. Having an order for a large number of lo- tions of the employers. They are n of the
farmers
the almost solid oppositio
comotives from the Southern Pacific, he decided to cause of
and the mass of the working people. For instance,
make up 20 large ones into a train, which he dubbed throughout the West, the rank and file of the railway
the "Prosperity Special." This left the works on employees consider that the railway strike was a
May 26 and reached Los Angeles on July 1, covering great mistake and many of them are leaving one road
the Southwest, the far West, and the Northwest, the on strike and going over to the next road and hiring
Middle West, and parts of Canada. He went with mit as non-union men. The plain workingman is
l."
the train, and he is a man who came up from the low- about to assert his authority as an individua
labor, like Charles Schwab and Andrew
est floor of
The coal strike, Mr. Vauclain justly thinks, will
Carnegie. He says he talked with all kinds of peoteach us something about using fuel. The railway
ple, from every variety of "president" to every kind
boldly declares,"was due," for it had to be
of railway and other mechanic, down to barbers and strike, he
ed for whose benefit railways exist. The
farmers, addressed 25 Meetings of busniess men, and determin
once thought they existed for quotations
exhibited a film of the "Prosperity Special" when he speculators
and the unions followed with the nocould find a hall and the time; that he talked with in the market,
exist for keeping the maximum number
men on strike and men who had no thought of strik- tion that they
maximum wage. On the contrary, his
ing, and thinks he gathered first-hand information of of men, at the
view is that "the rule of well-conducted business is
what the people are doing and feeling.
possible number of men and pay
One thing he did not find, "sour" faces; those, he to employ the least
possible wages"; and he thinks the
thinks, are more numerous in Wall Street than in the them the highest
carrying too many men, just as they
open country. The workingman is living better than roads are now
securities.
he ever lived, and so is the farmer. The "plain" peo- once carried too many
no distinct reference here to contracting
There is
ple are buying houses and motors in installments;
ly follows from the argument
houses are going up, and "we passed whole train- out, but it necessari
that a railroad is justly entitled to what every other
loads of house furniture and farming implements."
without question, liberty to buy
No work shortage anywhere, but not enough men to industry possesses
Mr. Vauclain's final sentences
do the work, and hence an insistent demand for ma- in the open market.
he expects to see before
chinery; many told him that a long term of buying tell us of "three famines"
is out, namely: in labor, there being too
economy had dammed up a great amount of money this year
much work for the number of men available; in cars,
which is now beginning to come out.
there being more coal and grain than can be handled;
Of "political unrest" and a mental state which
there being more cars to pull
hankers for revolution, about which he had had inti- and in locomotives,
he neither saw nor heard any- than engines to pull them. "And this," he thinks,
mation before starting,
prosperity."
thing. He "found almost no interest whatever in "means general
The pace cannot slacken, and the machine makes
the tariff "there was a faint interest";
politics." In
says Mr. Vauclain, and when he
those who thought some tariff provisions might help the pace, further
that "the whole level of wages must rise," Mr.
and others might hurt them were for and against adds
him as a valuable convert, but
such provisions, but "lukewarm even in that." The Gompers may acclaim
the acclaim would be one more mistake. "Political
currency issue did not seem to be bothering anybody,
" is unfortunately named, for it is not econand foreign affairs "might as well have been non-ex- economy
he "heard not a word." Wash- omy in the common meaning and not political as that
istent." Of the bonus
used. Mr. Vauclain's declarations agree with
ington, it was felt, "was not in touch with the coun- word is
to pay
try" and the President not very well advised, espe- its sound doctrines. The employer who wants
wages and thinks he can do so by sticking to
low
cially on the railway strike.
machinery is misMr. Vauclain hopes we will never have again such hand power and dispensing with
taken, because there is not enough hand power to do
a hectic money-spending and non-producing orgy as
work; equally mistaken is the labor union in,trydirectly followed the war, but he thinks we are now the
that there is no standard of ing to limit the work a man must or may do. The emso far ahead of 1912-13
when his men arrive and
comparison; "what we have now is a gradual, solid ployer who is on hand
works as hard as they is the right one. A successful
increase in general business and a wealth of opportuarch; on one side are the customis
nity for whoever cares to grasp it." We have had, he business like an
on the other are the stockholders and the emthinks, a class of parlor Bolshevists, and now they ers,
with the man at the head as the keystone,
have disappeared, but another class we take too se- ployees,
and this keystone must be always in place or the
s.
riously have arisen, the parlor Pessimist
will fall.
How of labor unionism and the right of men to arch
Not in Mr. Vauclain's words, but underlying them
Vauclain's testimony is direct
work? On this Mr.
necessary to understanding his prophecy of risand interesting. The rising tide of sentiment against and
wages,take this: nobody wants money as an end,
bossism in labor unions, he finds, is the most insis- ing
as a means, for its sole value is its buying
tent movement; "the resentment against the unions but only
A "higher" wage scale means one (or posis very deep and in many quarters is becoming very power.
of two things: greater substance in the
bitter." He heard little of this from employers, but sibly both)
The farmers "be- wage dollar by a decline in the money price of cornmuch from workers and farmers.
SEPT. 161922.]
THE CHRONICLE
modities, or increased efficiency whereby each wage
dollar paid produces more; a dollar paid to one man
may be less profitable to the employer and the public
than two dollars paid to another. More machinery;
more production per man and per work hour; more
abundance, so that all may have more commodities
and more leisure—these are the lines on and by
which human welfare can advance, and they are the
reverse of the contentions of organized labor. Mr.
Vauclain is right in his forecast that "every job in
the futtife will require more machines and fewer men
if the work is to be done at a price commensurate
with buying power," and that the workman must see
that only the machine can raise his wages and he will
have to stop "looking at a job as something to be fondled and pampered and at all costs kept alive."
Yet this practical man of affairs lays the warm
colors of his picture somewhat too thickly, and it is
unwise now, as it was in Patrick Henry's day, to
underrate our dangers. One of those is public apathy
in certain respects. Is it not one of our menaces if
we really take "almost no interest whatever in politics?" Are we not threatened by blocs on the one
hand,and on the other by mere politicians with scant
care about duty and dull perceptions of it and hence
needing to be keenly watched?
THE RIGHTS AND DUTIES OF PROPERTY.
The matter of Property, in one form or another,
will be found to lie at the bottom of the chief problems that perplex the world to-day. Law and lawyers may extend and define the term in various directions; the public have no difficulty in knowing
what it means. Reformers may be very sure and emphatic in telling exactly what should be done with it
to create a new world and promote universal wellbeing; the people know that no radical change can
be made in the existing order with regard to it, short
of revolution and probable chaos.
There is no subject, therefore, on which clear views
are more desirable or concerning which people are
less disposed to do serious thinking. And Macmillan
has recently brought out a book to which a roup of
the most scholarly and influential of E Lglish writers
have contributed articles covering the various aspects of this much debated question.*
The matter has a long history and obviously many
relations. The world and thought were never more
changing and uncertain in future direction than they
are to-day, and the people in the mass never felt more
amply capable of working their will with whatever
concerns them. Practically nothing is beyond debate or reconstruction, if this happens at any time to
be found desirable. Adequate knowledge and true
conceptions are therefore peculiarly important, and
views of any subject taken from different standpoints have special value. These are what this book
contains. Among the writers are Professor Hobhouse of London University, giving the early history
of property and its later developments; Dr. Rashdall
and Mr. Lindsay of Oxford, dealing with the principle of property, both public and private; Professor
Bartlet of Oxford and Mr. Wood of Birmingham,
presenting the distinctive Christian view; and Professor Scott-Holland of Oxford, emphasizing the special relation of Property to the individual.
The main question is: Is property, as in the common sense, one's own, with which a man has a right
*"Property, Its Rights and Duties."
ndllan.
Essays by various writers.
Mac-
1255
to do as he likes; or is it a social trust and his possession in fact a stewardship? As this is answered
other relations will be determined, and the general
purpose which will govern public measures of control or reform will be established.
We can only give a rapid outline of the discussion.
Dr. Gore, the Bishop of Oxford, points out that we
have to recognize that every man already possesses
and is influenced by a conception of property; and
also that he is in the bonds of an organized system
which he can do little to change. His life is governed
by this. What he needs when his conscience is awakened is ideas, which shall apply to society no less
than to himself, and which shall govern all law-making, and tend to form a corporate conscience that
shall guide the State. This will be seen to place the
discussion on the ground of the existing situation,
and to make it definitely practical.
Professor Hobhouse makes the distinction between
property "for use" and property "for power." Every
.
man has the right to realize himself, and the State is
to be measured by the degree to which it enables
every member to feel that he has the chance to do this
and to make the best of himself. To-day property for
use has too readily become property for power; a few
rich people have control not so much of property, as
of other men whose opportunity to live and work has
become subject to their will. They cannot, even
within reasonable limits, shape their own lives.
When we ask, are we trying to regulate this, the question becomes, are we violating any sacred or inherent
right of property?
Dr. Rashdall shows that we can discern no absolute
right to property. We may say that inasmuch as a
man has a divine right to realize his being, property,
as necessary to his doing that, involves certain relations which constitute for him a right. But man is
from the first a social animal, he realizes himself
only in communities, and property is made possible
and secure mainly, if not solely, by the community,
which has developed into the State. If the State
finds that at any time property has come to such a
condition as to foster destructive and evil influences,
there is nothing in the nature of the case to prevent
its correcting what is amiss. It is the State which
enables a man to become rich; the State is therefore
bound to see that in his control of property he does
not become injurious to the general good.
Mr. Lindsay, at this point comes in to show, as in
the Old Testament legislation, that the institutions
of the theocratic community recognize the right of
private property, but always restrained by peremptory insistence on the right of God, the absolute
owner, and the rights of our fellow-men, especially
the poorer members of the State. Under Jesus
Christ the worth of the poorest and the weakest is
expressed in the Christian brotherhood, in which if
one suffers all suffer, and the claim of the needy becomes paramount. This opposed any assertion of
the right of property which denies the claim of the
needs of the brethren.
Professor Bartlet calls attention to the historic
fact that, while the Christian Church bore the strongest witness to the idea of property as a trust created
for the common good, when it united with the Empire
it did little to impress its ideal of property upon the
law and practice of the State. The duty of almsgiving was made its substitute.
Dr. Carlyle shows that through the Middle Ages
the Church, returning to the conception of brother-
1256
THE CHRONICLE
hood, taught by the New Testament and the Early
Fathers, gave prolonged attention to the whole question of property. It held that private property belonged to the law of custom and institution, rather
than to the law of nature; it is of necessity involved
in the right to acquire, but in the right to use and distribute it, the general good must govern. Private
property is not an institution of the natural law, but
is not contrary to it. The rich are dispensatores,
not possessores. In case of necessity all things are
common.
These conceptions are in some ways far removed
from ours, but they are not unmeaning. We recognize that there is an organic development of institutions; but we hold to the unity of life and the conception of a common right, and the principle of human brotherhood as the true guide to social regula•
tion and action.
Mr. Wood feels, however, that in later times Protestantism, in general, embodied an excessive individualism, as we all know to-day, and that this extended
to private ownership of property. The widespread
change in the economic structure of society which
took place in the 16th and 17th century may be
connected with this; though a frequent insistence on
the older conception is to be found in the preaching
of the Reformers.
Professor Scott-Holland presses the supreme importance and worth of personality and the overwhelming indictment of present conditions in their
bearing upon the personality of the mass of our fellow-citizens. This personality is fundamentally a
social fact, involving the relation of one individual
to another. It entails a legitimate development of
fellowship; which to-day is lost sight of. Individualism in property has overdone itself. Here as elsewhere a right, unqualified in its use, becomes an injurious abuse. The cry of the people is for justice,
and is legitimate when charity comes to be offered
in its stead. As free men willing to face the facts, we
should be willing to undertake reform, rather than
await its possible enforcement under pressure.
Bishop Gore asks what are we bound to say to-day
about the dominant and almost universal assertion
of the right of acquiring, retaining and perpetuating
property, as against either a strongly urged moral
claim to provide better cemditions for the poorer
workers as an act of justice, or against the right of
the State to provide for the welfare of the State or to
alter by gradual and peaceable means conditions
which in any particular period sacrifice the many to
the few or tend to starve the vitality or depress the
efforts of the mass of men or women?
Many individual employers and corporations recognize the situation and are doing all hi their power
to alter it, creating a justified and permanent contentment, but the question remains as to those who,
standing fast on the traditional claim, are not so
moved. It is true that to restrain a man's freedom
of acquisition is to dampen his energy, but what of
the energy of those whose circumstances permit no
acquisition of property, or none sufficient to give
them secure status or hope? Tendencies are certainly in the right direction. There is every reason
for recognizing the difficulties always in the way of
changing well-nigh universal conditions, as well as
the necessity of proceeding gradually; but this must
evil wrought by the
mot leave out of account the
of a feeling of injustice, or the demoralizaprevalence
tion of industry when it lacks the stimulus which in-
[VoL. 115.
spires when men feel it is worth while to do their
best. Men who believe that God is the giver of all
good must ask what holding property as His steward
means. Are we ready for the effort necessary to secure a truer practice that will help men to realize the
Kingdom of God in a more general well-being, even
if that requires reparation and sacrifice? The world
awaits wise leadership.
Meanwhile the growth of Law in dealing with
property is described in the closing article by Professor Geldart of Oxford. Ownership may now be
made fully to subserve other than individual interest. Corporate holding may be readily obtained,
with freedom of association and possible dedication
to interests that may be broadly public. This may be
subject to State legislation, but the State is barred
against thinking such property is State property, or
that the group in whose hands it is found stand in
any departmental relation to the State.
Communism is not contemplated by any civilized
modern State; an enlightened public opinion is left
to deal with the question of Property and individual
Brotherhood, and the Law confines itself within narrowly limited lines, even when acting for the public.
PAYING THE PUBLIC DEBT.
It is difficult to impress upon the American people
the stern necessity of national economy. We have a
Budget System in embryo, but it does not prevent the
passage of a Four to Five Billion Dollar Soldier Bonus Bill. One reason is that the debt figures are so
large as to lose significance. The Bank of America
of this city recently made a survey of the bonded indebtedness of our States and found the total amount
to be $1,071,506,981 28, or $10 18 "for every man,
woman and child in the country"; and at the time of
the survey the debt of the United States Government
was placed at $23,922,000,000, "or about $226 per
capita." In round numbers, here is twenty-five billions of dollars of debt on which interest must be
paid—to say nothing of current expenses or of the
huge volume of municipal indebtedness.
Take away the "children"—not amenable directly
to taxation until majority. Take away the women,
that have, heretofore,in general, not been the owners
of property upon which taxes may be laid. Take
away the "poor," who have nothing to tax save
"household goods," often exempted. How much has
the burden upon property and upon the labor of
those who work been increased! Primarily, the tax
on incomes whether by State of nation, should be applied to the current expenses of the respective governments and should be paid out of current labor.
But this huge debt as it stands is a mortgage that the
earnings of property must lift, before we can make a
Budget in which current labor pays current maintenance. Our present Budget does not separate "fixed
charges" from current expenses and we only know
that the billions blend into a colossal burden that is
almost intolerably heavy to bear.
There is something uncanny about this indebtedness. We say sometimes "Oh, well, we owe it to ourselves." But what have we got to show for it that is
tangible? In case of the States some public buildings. But if in 1913 the public debt of the United
States, as this survey shows, was $1,028,564,000,
what reality represents, in the main, the difference?
Alas, we know full well the most of it was dissipated
in war—and no matter what spiritual gains we have
as a result, they do not pay taxes. Yet we have not
SEPT. 16 1922.]
.
nu: CHRONICLE
sufficient interest in the matter as citizens to be of
one accord that it is plain financial folly to add the
lump sum of a Four to Five Billion Bonus to it.
Somehow we shall struggle along. If we cannot pay
to ourselves we can refund and force the actual payment upon another generation. Why worry?
This feeling of indifference is in strange contrast
to an almost miserly concern regarding public debts
nearest to us in our civil affairs and where the burden falling on us is direct. We are, in fact, penny
wise and .,pound foolish. Take the matter of a new
school house in one of our smallest political divisions,
which usually cannot be erected save by a direct vote
of the inhabitants, sometimes the taxpayers, of the
district. How much haggling there is over the
amount that shall go into this necessary improvement! How often the salaries of county officers are
the subject of wrangling in State Legislatures! New
roads, which, when established, must be maintained
at county expense, what proverbial neighborhood
quarrels they engender! How eagerly the apportionment of school funds from State reserves are
scrutinized! But the national debt—it is so far
away we cannot undertake, as citizens, to circumscribe it or control it, and so, as far as fixing limits
of expenditures on Congress at our national elections
is concerned, we just let the whole go by default. We
save in pennies and spend in pounds.
Another great fault in our popular attitude toward
public debt is that we are so eager for "progress,"
for "public improvements," that we are unwilling to
wait until we can afford the expenditures. Below
State and national debts are municipal or town
debts, county, township, district debts, debts for
schools and roads, that are huge in sum total and
constantly on the increase. Take roads—how enthusiastic we are for "transcontinental highways," so
infatuated that if the nation will pay half we, the
people along the way, will pay half—as pointed out,
an iniquitous fifty-fifty division of responsibility—
and this half and half plan an open path to heedless
and unnecessary expenses laid upon adjoining lands,
in some instances so great as to become confiscatory.
No matter—we must live while we live! And how
are these various and varied debts to be paid? Of
what use for the father of a family to work and
economize to leave an estate on the one hand, and on
the other vote for every debauch in "public improvements" the improvident may advocate? As a people
we cannot go on preaching a phantom economy and
practicing a wild collective spending. Some day inexorable fate will "take judgment"!
PRODUCERS AND CONSUMERS MEET IN A
REAL MARKET.
remarkable success accorded to the National
The
Merchandise Fair, giving to it prospective permanency, suggests that the principle can be applied in
behalf of the resident individual consumer-buyer as
well as for the out-of-town retailer-buyer. This
bringing together under one roof of representative
articles, in a variety of manufacturing trades, constitutes not only a clearing house of ideas, but affords
an opportunity for a rapid comparison of products,
values and prices—the essence of true competition.
The booking of large orders at the Fair, making allowance for the initial effort, promises well for the
future of the enterprise, and demonstrates that courtesy and accommodation to buyers, pays—that those
1257
who have the right things to sell, at the right prices,
need have no fear of showing their goods in close
proximity to all competitors and that the best and
the cheapest will win in the long run everywhere.
Observations of markets, covering three or four
blocks in extent, in smaller cities of, say, half a million population, housed in permanent fashion, and
affording a central place where six days of the week
current food products may be bought from the stalls,
demonstrates, unless we are in error, that comparison is the life of competition and that competition,
when not impeded by untoward circumstances, regulates and reduces price. We have expressed the belief, at other times, that the middleman is worthy of
his hire. We have said that the merchant who gathers to dispense again the products of his own and
foreign countries is an indispensable factor in the
economics of our daily living. But he must be real
and not a parasite!
A few weeks ago we read this statement coming
from William L. Hundertmark, Executive Secretary
of the New York Market Gardeners' Association (he
is speaking of conditions in New York City): "Tomatoes retailing at 5 to 7 cents a pound," he said,
"when farmers have had to take less than 1 cent a
pound for this crop in twenty-quart baskets; lettuce
selling at 6, 10 and 12 cents a head, which brought
the grower only 25 cents a crate, or 1 cent a head;
cabbage retailing at 10 to 15 cents a head that the
farmer sold for 3 to 6 cents, many being sold for 1
cent a head—these are some of the price comparisons
which any amateur investigator can uncover. They
are average conditions for the last few days (this was
towards the close of August) in the New York wholesale markets." He spoke further of a "closing out"
sale of No.2 potatoes "at 50 cents a bushel"; of a load
of beets that brought the farmer 43 for 1,000 bunches, less than one-third of a cent a bunch"—but we
have not space to continue.
His conclusion that "there is something radically
wrong" needs no further demonstration. But what
is it? If producers and consumers are both victims
of the same condition or so-called system, then the
cause must lie somewhere in between. Why, we may
ask, will not wholesalers and commission men pay
more when the selling price by the vendor to the final
consumer shows the range of profit is from 100 to as
high as 700%? There can be but one answer, it appears to us; the producer must sell so low to the first
buyer that all other buyers may make profits. Of
course, in the case we are considerating, that of retail produce prices, this is not the whole answer. But
it is good as far as it goes.
Costs of transportation inside the city are a part
of the answer. The decadence of the early-day fashion of "going to market" is another. But push-cart
peddling and curbstone stores, and innumerable
"small stores" that pay high rents, scattered everywhere throughout the city, seemingly affording occupation, in many instances, for whole families of
attendants, charging prices out of all relation to
what goes to the original producer, are also a part
of the answer. We contend that as against the accommodations of great central markets of easy ingress to the producers, these factors in mercantile
life are a tax upon economics and upon economy.
They must sell high to live—for as "merchants" they
sell only in a small way to a few patrons. If a chain
of commission dealers connects them with the producers, these retailers, having little capital invested,
1258
THE CHRONICLE
and at the mercy of high-priced and precarious rental space, are themselves probably over-charged. And
there is hardly a doubt that if they were housed together under one roof in sales markets properly
placed throughout the city the half of them could be
dispensed with. Even if the producer does not himself rent the "stall" and dispense direct his own products, a great saving would occur. If there were no
other than a sanitary reason, these city markets
would be desirable—a law, we believe, now exists
prohibiting the exposure of fruits and vegetables to
the street dust—but seems to fail.
We are aware of tremendous difficulties in the
way. Principles do not overcome of themselves indurated practices. Costs of change tend to prevent.
The thousands occupied in uneconomic effort will
resist. The consumers themselves must be educated
and inured to economical methods. Even as we
write, householders are told of the bumper peach
crop and adjured to buy "in the country and carry
home by auto"—this and other luscious fruits for
preserving. But this endless chain of "in-betweens"
in city life, literally living off each other, is it any
wonder that prices are.high? Then again, home life
should change—and peaches afford a good example
of the difference between "buying in the country"
and eating at a restaurant where one or two peaches,
sliced, sell for 20 and 30 cents.
We fail in our analysis if we do not admit the inertia of custom. But this matter of a people complaining continually about "something radically
wrong" usually chargeable to some mysterious enemy
all the way from monopoly to money power, that will
not help themselves by an intensive study of the components of their immeditae community life in order
that they may save, is simply whistling down the
wind. There isn't the shadow of a doubt that the
"cost of living" is unnecessarily high, after making
all allowances for congestion of population, in New
York City.
THE AFTERMATH OF THE COAL STRIKE.
The truce in coal mining, miscalled peace and settlement, is completed, and operations have resumed;
the strikers have practically won, and are left in position and willingness to break out anew at the next
date when they can create the greatest public alarm.
Nobody has really gained anything, and everybody
really loses. A week ago, 16 coal-laden vessels flying the British flag were reported at anchor at Boston, and puzzling the authorities to find docking
space for them, and eight more expected to arrive
within the next 48 hours would have to anchor in
Nantasket Roads, it was thought. Thirty cars of anthracite, the first under the new truce, arrived here
on Tuesday. Notwithstanding Fuel Administrator
Woodin's hope as to what coal "should" cost, this lot,
it was announced, would be distributed on a basis of
$9 50 cost at the mine, an advance of a dollar, bringing the retail to about $14 50, which some think will
probably be the average for the winter. Mr. Woodin,
whcse competency and sincerity are not questioned,
is conferring with his deputies, and Mr. Hoover has
called a conference of business men to consider measures for expediting the movement of coal, for checking the disposition to hoard and profiteer, and for
"other measures to return the coal situation to normal conditions." The householder must study conservation and substitutes, while the insurance companies LIterpose a caution, always timely at this sea
[voL. 115.
son, but now especially so, about the danger of
clogged flues and accumulated rubbish, and suggesting that the use of unaccustomed fuel and of substitutes involves some unusual hazards.
The most striking incident was the embargo dec]ared on Monday by four of the large Eastern roads,
affecting through freight received at connecting
points in the West, and ordered as a precaution
against a jamming of terminals which might obstruct
movement. The terms of this order are not quite uniform. The New York Central and the Lehigh require
export shippers to show that they have ocean tonnage ready to clear away from terminals; perishables, in which there is said to be a heavy quantity
of fruits from the Pacific Coast, were temporarily
banned by one road, and the general intent was un&rstood to be to speed coal. This reluctant dooming of perishables for the sake of the positively indispensables must stand as a dictate of emergency, and
it adds a comment upon the destructive folly of
strikes, against which nobody, rich 'or poor, can protect himself, any more than from the weather. The
Pennsylvania did not share this action and on Tuesday announced its readiness and willingness to take
over the entire California fruit trade, conditional on
the co-operation of shippers in prompt unloading.
This sounds like "team work" between carriers, and
it is pleasant to find that great system able as well
as willing; perhaps, also, it is not without significance that the Pennsylvania, with its "company
union" and its "get together" plans, has had rather
less trouble with its employees than most other roads.
If the old mob-like disposition to join in any attacks
upon the public is not less than formerly, here would
be an opportunity for freight handlers to interpose
to prevent prompt unloading of cars; some of the
leaders in the troubles of the past summer even
chuckle joyously over the thought of a food famine
in New York, as they may have chuckled once to see
cargoes of fish go to the offal heaps because "tainted" by contact with non-union labor or with something or somebody else that had been so tainted. Let
us scuttle the ship, declares angry labor, and drown
these objectionable fellow-passengers.
Experience,says an old proverb, is the best teacher,
but his charges are high. Have not we Americans
proved this true, and are we not still proving it?
Another proverb, Live and learn, must be amended
to Suffer and learn. We are suffering; shall we not
get the compensatory learning?
REDUCTION IN CANADA'S DEBT
Ottawa, Canada, Sept. 15 1922.
In the face of a constant decrease of Dominion
revenues from customs duties which only recently
has been arrested, the Finance Minister has been able
to announce a further reduction in the net debt of
Canada amounting to almost five million dollars.
The net debt on Aug. 31 1922 was $2,387,676,265, as
compared with $2,392,542,628 at the end of July, a
decrease of $4,866,362 during the month. However,
the debt on August 31 this year was approximately
$43,000,000 greater than on the same date a year ago.
That the Dominion Treasury is not being helped
out in debt reduction by duties collected on goods imported into Canada is shown by the following figures
covering this income:
Year ending July 31 1920,$208,001,705.
Year ending July 31 1921, $145,354,839.
Year ending July 31 1922,$126,176,673.
SEPT. 16 1922.1
Other revenues of the Dominion, however, show a
satisfactory increase, not only during the month of
August, but during the whole five months of the fiscal year which have elapsed. It is good to note also
that expenditures have been on the decline.
Total revenues for the five months which closed
with August 31 are shown in the statement as $171,276,472, which is $3,136,614 larger than for the same
period a year ago. Expenditures stand at $115,340,551, a decrease of $7,739,080 from last year, when expenditures were $123,079,631. Revenue for the
month of August alone was $29,776,818, as against
$26,831,337 last year, while expenditures total $19,517,858, as compared with $24,634,093 in August
1921.
Total revenues from stamps for the five-month period which has just closed amount to $48,890,878, an
increase of $5,057,265 over last year, when they
amounted to $43,833,613. Excise yielded $14,959,775,
or $1,453,028 less than in 1921-22. Inland revenue
was more than six million dollars above the amount
for the five-month period last year, the total being
$36,024,925, as compared with $29,844,656. Income
tax collections are shown to be approximately eight
and a half million dollars less tha... last year and now
total $45,984,482. The customs collections for August alone totaled $9,751,348, and excise $3,291,694.
Last year customs collections in August totaled $8,495,722, and excise $3,359,811. Income tax collections for August 1922 were $1,226,290, and for August last year $2,354,239.
RAILROAD GROSS AND NET EARNINGS FOR
JULY.
As was to be expected, there is considerable irregularity in the character of the exhibits of the gross
.and net earnings of United States railroads for the
month of July—irregularity as between the returns
of different roads and systems and as between different sections of the country. The varying nature of
the influences at work, some favorable and others
the reverse, account for and explain the irregularity
referred to. The strike at the unionized coal mines
of the country,such a disturbing factor in the months
preceding, continued, and its adverse effects were
greatly emphasized by the fact that on July 1 the
railroad shopmen also went on strike and that this
led to acts of violence on the part of the men who
quit work, or their sympathizers, to prevent others
from taking the abandoned jobs, with the result of
interrupting railroad operations and in some instances even preventing the movement of coal from
•the non-union mines. The shopmen's strike itself
was of varying importance. In the Eastern part of
the country its effects were almost nil, the carriers
managing to retain or to recruit a sufficient body of
shopmen to keep their rolling stock in good condition
and in accord with essential requirements. On the
other hand,in parts of the West and South, ordinary
shop work was more or less interfered with, though
the most serious interruption to the ordinary course
of operations came from acts of violence, and these,
again, occurred chiefly in the West and South, while
the Eastern part of the country was virtually exempt
from disturbances of that kind.
Owing to the shopmen's strike the expense of running the roads was, of course, increased. The new
men in a great many cases had to be housed and fed.
In some instances, also, being new, they lacked the
experience of the men who had quit, and hence were
1259
THE CHRONICLE
less efficient. All these, however, were minor circumstances alongside the fact that whether a carrier
had lost a small percentage or a large percentage of
its men the force was in any event for the time being
disorganized, preventing co-operation and team work
and the attainment of the best results. Here again
the extent to which any particular carrier or system
of roads was affected differed greatly.
As relates to the course of trade and business, it
cannot be said that the revival of trade which has
been such a prominent feature in industrial affairs
during the course of 1922, was checked, and yet, with
coal scarcity becoming more and more pronounced
and the railroad strike added as a further disturbing
influence, it was out of the question for business expansion to make additional headway. Building operations, in which activity in 1922 has been especially
pronounced, does not appear to have suffered greatly,
but on the other hand, many iron furnaces and steel
mills found themselves obliged, towards the close of
July, and even more so in August, to shut down because of the lack of adequate supplies of fuel. Confidence, however, in the underlying strength of mercantile and industrial affairs remained undiminished and this made for a large volume of merchandise and general freight except where the coal strike,
or the railroad strike, or both combined, served as
direct retarding influences. It should not be forgotten, either, that with July 1 the 10% horizontal
reduction in freight rates promulgated by the Interstate Commerce Commission went into effect.
Altogether, therefore, it will be seen there were
many factors tending to prevent growth in traffic
and to reduce gross revenues, and many factors, too,
tending to swell expenses, or at least to thwart efforts to hold expenses down. The results are in
agreement with the conditions prevailing and the
character of the influences at work. The gross earnings show a further decrease on top of a strikingly
heavy decrease in July last year—which is a departure from the experience in June and some other preceding months, which had recorded moderate gains
in the gross revenues. With gross falling off the
gain in net earnings has been reduced to small figures, even though expenses have been further moderately reduced in face of all the drawbacks just enumerated. To state the results in a nutshell, gross
earnings record a decrease of $19,960,589, or 4.31%,
and expenses have been cut down $21,925,074, or
6.05%,leaving a gain in the net of only $1,964,485, or
1.95%, which contrasts unfavorably with the large
percentages of gain in the net shown in June and
most of the months preceding. The comparative totals for July are as follows:
Month of July (196 roads)—
Miles of road
Gross earnings
Operating expenses
Netearnings
Inc.(±)or Dec.(—)
1921.
1922.
+526 .22%
234,556
235,082
8462,696,986 —$19,960,589 4.31%
$442,736,397
340,477,983 362,403,057 —21,925,074 6.05%
$102,258,414 8100,293,929
+81,964,485 1.95%
In considering the decrease of 6.05% in the expenses disclosed by the foregoing, it should be borne
in mind that wage reductions have played a part in
lowering expenses the present year. It is generally
estimated that the reduction in wage scales announced by the Railroad Labor Board, effective July
1 1922, and against which the shop crafts employees
struck, will average 7@8%. This follows a reduction
of 12% effective on July 1 1921, but the two combined barely equal the 20% increase put in effect
by the Labor Board on July 1 of the preceding year
(1920) immediately after the advent of the Labor
1260
THE CHRONICLE
Board to power. With the lower wage scale in mind
the decrease the present year of 6.05% in the expense
accounts assumes less significance than would otherwise be the case, though, as has already been pointed
out, the benefits accruing from the lower wage scales
were in considerable measure,if not entirely,neutralized on many roads by the extra expenses entailed by
the shopmen's strike. On the other hand, the fact
should not be overlooked that the decrease in expenses the present year follows a prodigious reduction in the expenses in July last year. This decrease
last year, according to our compilations, amounted
to no less than $151,022,837, or 29.49%. The decrease
followed in no small part from the great contraction
in the volume of business done owing to the intense
business depression prevailing at the time, as evidenced by a decline in gross earnings of $66,407,116,
or 12.59%, in face of a very much higher schedule of
freight and passenger rates. Prior to 1921, however,
expenses had been mounting up in prodigious fashion and as a consequence, in 1920 net earnings had
got down to a point where some of the best managed
properties were barely able to meet ordinary running expenses, not to mention taxes and fixed
charges. And it is these inflated expense accounts
that have furnished the basis for the savings and
economies that have been effected in 1921 and 1922.
As an indication of how expenses kept rising in 1920
and prior years, we may note that in July 1920,
though our tables showed $65,975,059 gain in gross,
they registered $69,121,669 decrease in net, while in
July 1919 there was a falling off in both gross and
net-$14,658,220 in•the former and $55,352,408 in
the latter. In the following we furnish the July comparisons back to 1906. For 1910, 1909 and 1908 we
use the Interstate Commerce Commission's totals,
since in those years they included all the minor
roads and were more comprehensive than our own
figures, but for preceding years (before the Commerce Commission began to require returns) we give
the results just as registered by our own tables each
-a portion of the railroad mileage of the counyear
try being then always unrepresented in the totals
owing to the refusal of some of the roads in those
days to furnish monthly figures for publication.
Gross Earnings.
Year.
Year
Given.
Inc.(+)or
Year
Preceding. Dec. (-).
Net Earnings,
Year
Given.
Year
Inc.(+)or
Preceding, Dec.(-).
5
3
July.
$
1903 --- 121,131,140 114,556,367 +14,380,073 42,808,250 36,718,416 +6,089,834
1907 -- - 137,212,522 113,516.012 +18,54'3,430 41,891,837 39,448,771 +2,443,016
195,241,131 223,672,250 -33,426,116 67,194,321 75,679,801 -8,485,484
1903
1909
219,114 719 19 5,245,655 +24,719,084 78,350,772 67,267.352 +11,083,420
1910 --- 230,515,771 217 303,354 +12,812,422 73,157,547 77,643,305 -4,485,758
1911 _-- 221,751,033 225,101,735 -1,555,652 72,423,469 72,392,058
+31,411
1912 ...... 21),))),)32 322,537,372 +23,007,660 79,427,565 70,536,977 +8,890,588
235,319,714 323,313,523 +12.036,238 64,354,370 67.620,157 -3,265,787
1913
-9,571,763 75,349,466 76,358,377 -998,911
212,231.243 231, 0 ,
1914
232,913,115 230,624,000 +2,324,115 87.684,985 77,833,745 +9,851,240
1915
303,041,791 233,941,649 +44.093,142 108,709,496 88,421,559 +20,287,937
1916
353.219,932 303,391,957 +41.323,025 111,424,542 108,293,945 +3,130,597
1917
33,134.172 343,022.857 + 117661315 144,348,682 109,882,551 +34,466,131
1918
51,533,513 419,211,733 -11,658,22) 96,727,014 152,079,422-55,352,408
1919
467,351.544401.373,445 +65,975,059 18,827,733 87,949,402-69,121,669
1920 --430,939,397 527,395,813 -66,407,116 99, 07,935 15,192,214 +84:615,721
1921
412,733,397 432.195,936 -19,960, 9 102,258,414 100.293,929 +1,964,485
1922
-In 1906 the number of roads included for the month of July was
in 1907'
Note.
90''
82;in 1908 the returns were based on 231,833 miles of road;in 1909,234,500; in 1910.
238,169; In 1911, 230,076; in 1912, 230,712; in 1913, 206,084; in 1914, 235,407; in
1915, 243,042;in 1916, 214,219; in 1917, 215,699; in 1918, 231,700;In 1919, 226,654:
In 1920, 220,459; in 1921, 230,991; in 1922, 235,082.
As far as the separate roads are concerned it necessarily follows from what has already been said that
in the gross the decreases greatly outnumber the increases, and considerably exceed them in aggregate
amount. In the net earnings the increases and decreases are about equally divided, largely balancing
each other, which also is in accord with the showing
of the general totals, with their indication of only
moderate changes between the net of 1922 and 1921.
The New York Central, with $1,679,136 increase in
[you 115.
gross, reports this time $845,555 loss in net, while on
the other hand, the Pennsylvania, with $70,658
decrease, reports $1,655,039 decrease in net. The
New York Central figures relate to the Central itself. Including the various auxiliary and controlled
roads, like the Michigan Central, the Big Four, etc.,
the whole going to form what are known as the New
York Central Lines, the result is a gain of $1,885,150
in gross, with a loss of $724,127 in the net. The Pennsylvania figures are for the lines directly operated.
For the entire Pennsylvania System, including all
roads owned and controller, the result is an increase
in gross of $108,344 and a decrease in net of $1,672,730. The Baltimore & Ohio, having, like the Pennsylvania, a prodigious coal tonnage, reports $2,593,750 decrease in gross and $535,061 decrease in net.
All the anthracite carriers, like the Lackawanna, the
Lehigh Valley, the Delaware & Hudson, the Reading
and the Central of New Jersey, show heavy losses in
gross and net alike. Contrariwise, roads which were
favored by a large movement of coal from non-union
mines, in particular the Norfolk & Western, are in
enjoyment of considerable gains in gross and net
alike. In the following we show all changes for the
separate roads in amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Decrease Increase.
New York Central
b$1,679,136 Union Pacific (3)
$1,085,757
Great Northern
872,410 Missouri Kan & Tex (2)- 1,063,105
Norfolk & Western
1,050,17
9
775,996 Southern Pacific (8)_ _
0
944,36
Minn St Paul & S S M_
727,650 Central RR of New Jer__
769,567
Duluth Missabe & Nor
668,112 Chicago & Alton
704,910
Duluth & Iron Range_ _ _
557,972 Atchison Top & S Fe (3)0
638,26
496,789 Internat'l & Great Nor
Chic Milw & St Paul_ _ _ _
510,40_
7
471,490 Toledo & Ohio Central
Elgin Joliet & Eastern__ _
494,49_
1
Chicago &North West_ _
465,702 N Y Ontario & Western_
467,005
435,029 Southern Railway
Union RR of Pa
461,474
Pittsburgh & Lake Erie__
431,619 Hocking Valley
398,902
429,331 Chicago & East Illinois
NYNH& Hartford.. _ _ _
6
397,12
369,398 Texas & Pacific
Michigan Central
347,902
355,722 Pere Marquette
Grand Trunk Western..
321,099
313,054 Cinc New On & Tex Pac_
N Y Chicago & St Louis_
295,121
304,768 Wheeling & Lake Erie_ __
Illinois Central
285,054
264,676 Cent RR of New England
N Y Phila & Norfolk.. _ _ _
283,728
233,889 Kansas City Southern_ __
Paso & Southwest.. _ _ _
El
266,814
198,542 Alabama Great Southern
Lake Superior & Ishpem_
244,542
171,371 Wichita Falls & N W____
Toledo St Louis & West..
234,192
164,555 Denver & Salt Lake......_
Denver Ar. Rio Grande_ _ 122,323 Wabash Ry
219,437
Detroit Toledo & Ironton
115.315 New Orleans & Nor East
214,855
Indiana Harbor Belt.......
213,972
112,653 Buffalo Roch & Pittsb
St Louis-San Fran (3)_ _ _
205,760
109,037 Kanawha & Michigan_ _ _
Northern Pacific
104,347 Galveston Wharf
199,163
eine Chic & St L
Cleve
Colorado & Southern (2)_
192,064
Monongahela Ry
Representing 28 roads
173,019
169,702
in our compilation_ _$10,950,895 Lehip,h & New England.._
Northwest Pacific
164,613
Decrease. Western Maryland
9
150,69
$2,593,750 Yazoo & Miss Valley_ _ _ _
Baltimore & Ohio
136,059
1,945,296 Virginian Ry
Delaware Lack & West
134,411
126,172
1,808,388 San Antonio & Aran Pass
Lehigh Valley
121,212
Delaware & Hudson .... _ _ 1,744,111 Lehigh & Hudson River..
115,62
5
Chicago R I & Pac(2).. _ _ 1,716,772 Central of Georgia
113,232
Philadelphia & Reading.. 1,652,855 Trinity & Brazos ValleyChesapeake & Ohio
1,515,845 Pennsylvania RR
a70,65
8
Chicago Burl & Quincy__ 1,420,040
1,366,457
Representing 64 roads
Erie (3)
Missouri Pacific
1,195,534
in our compilation_ _$30,943,705
.-A tne igtirlilive are'on the basis of the returns filed
Awe
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
In the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana),the Pennsylvania RR.reporting $70.658 decrease.
For the entire Pennsylvania System, including all roads owned and controlled, the result is an increase in gross of *108,344.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $1,885,150.
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
Increase.
Increase.
$1,575,333 El Paso & Southwest..___ $211,357
Great Northern
207,857
Chicago Milw & St Paul_ 1,342,706 Los Angeles & Salt Lake..
189,404
1,274,009 NY Phila & Norfolk....__
Chicago & North West
170,208
1.176,658 Lake Superior & Islapem_
Minn St Paul & S S M
156,099
978.222 Toledo St Louts & West_
Boston & Maine
134,410
835,254 Central Vermont
Northern Pacific
123,328
795,197 St Louis Southwest (2)_ _
Norfolk & Western
123,143
693,044 Chic St Paul Minn & Om
NYNH & Hartford.. _
618.423 Colorado & Southern (2)_
120,298
Denver & Rio Grande_ _
580,176 Duluth So Sh & Atlantic_
102,650
Atlantic Coast Line..
546,799
Chicago R I & Pac (2)._
Representing 41 roads
531,262
Missabe & Nor
Duluth
in our compilation_ _$17,684.219
470,716
Elgin Joliet & Eastern_ _ _
467,642
Seaboard Air Line
457,935
Decrease.
Louisville & Nashville......
432,018 Atch Top & S Fe (3)_ _ _ $2,489,580
Grand Trunk Western.._
391,684 Pennsylvania RR
a1,655,039
Duluth & Iron Range_
343,446 Delaware Lack & West__ 1,327,656
Union RR of Pa
335,472 Philadelphia & Reading_ 1,268,492
Minneapolis& St Louis
327,002 Delaware & Hudson... 1,028,812
By
Wabash
270,130 Chicago Burl & Quincy__
Michigan Central
931,817
270,125 Central RR of New Jor__
Maine Central
923,313
261,843 New York Central
Pittsburgh & West Va.._
5845,555
257,201 Erie (3)
Missouri Pacific_
826,660
235,186 Lehigh Valley
Cleve Cinc Chic & St L__
668,204
N y Chicago .5; St Louis_
235,121 Baltimore & Ohio
535,()61
226,539 Toledo & Ohio Central__
Mobile & Ohio
344,188
216,322 Pere Marquette
Southern Railway
283,867
SEPT. 16 1922.]
THE CHRONICLE
Decrease.
4
Buffalo Roch & Pittsb_
Texas & Pacific
Chicago & Alton
N Y Ontario & West.._ _ _
Missouri Kan & Tex (2).
Hocking Valley
Central RR of New Eng..
Kansas City Southern_ _ _
Chicago & East Illinois_ _
Wheeling & Lake Erie__ Alabama Great Southern
Wichita Falls & N W_ _ _ _
Galveston Wharf
$275,379
270,987
260,900
259,994
254,153
203,797
202,749
179.917
173,227
172,750
165,731
165,425
162,935
Chesapeake & Ohio
Nashv Chatt & St Louis_
Kanawha & Michigan__
Cinc New Orl & Tex Pac_
Denver & Salt Lake_ _ _ _
Internat & Great Nor_ _ _
Lehigh & New England_
Northwest Pacific
Cumb Val & Martinsb_
West Jersey & Seashore.
1261
Decrease. Four Weeks
$142,444
138,004
122,489
121,591
120,515
115,504
115,481
102.745
101,035
100,301
Ended
Flour,
Wheat.
Corn.
July 29. (bbls.)
(bush.)
(bush.)
Toledo
1922_
861,000
119.000
1921_
1,033,000
158,000
Detroit
1922_
52,000
143,000
1921_
160,000
51,000
Peoria
Representing 41 roads
1022.... 100,000
in our compilation_ _$17,055,297
794,000
689,000
192L... 154,000
428,000
693,000
result for the Pennsylvania RR. (including the former Duluth
a This is the
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
1922_
2,193,000 1,472,000
Grand Rapids & Indiana),the Pennsylvania RR.reporting $1,655,039 decrease. For the entire Pennsylvania System, including all roads owned
192L
2,363,000
514,000
and controlled, the result is a decrease in net of $1,672,730.
Minneapolis
b These figures merely cover the operations of the New York Central
1922_
5,162,000
775,000
itself. Including the various auxiliary and controlled roads,like the Michi1921_ _ _ _
gan Central, the "Big Four," &c., the result is a loss of $724,127.
22,000 6,008,000
895,000
Kansas City
1922_
9,500,000
990,000
192L
18,173,000 1,344,000
Omaha & Indianapolis
1922_
3,875,000 2,583.000
1921_
7,515,000 2,131,000
St. Joseph
1922_
1,197,000
702,000
192L
Sioux City
1922_
19,000
233,000
1921_
When the roads are arranged in groups or geo..
graphical divisions, according to their location,
losses in the gross appear in the case of the Eastern
and Middle group and the Southwestern group and
there is a trifling falling off in the Pacific group. In
the net, also, there are losses for the two divisions
first mentioned, but increases for all the other
groups, including the Pacific roads. Our summary
by groups is as follows:
Oats.
(bush.)
Barley.
(bush.)
277,000
480,000
Rye.
(bush.)
1,000
22,000
184,000
211,000
2,000
1,108,000
638,000
16,000
15,000
1,000
4,000
409,000
198,000
262,000
383,000
430,000
485,000
1.385,000
1,849,000
500,000
721,000
483.000
253,000
388,000
449,000
1,643,000
2,762,000
56,000
_
102,000
Total of All
1922._ 1,401,000 35,617,000 22,939,000 14,852,000 1,884,000 1,355,000
1921._ 1,811.000 62,170,000 17,558,000 21,490.000 2,551,000
1,906,000
SUMMARY BY GROUPS.
Jan. 1 to July 29Chicago
Gross Earnings
1922_ _
8,153,000 25,244,000
Section or Group-1922.
41,021,000
1921.
(+)or Dec.(-) 192L___ 5,910,000 24,199,000 113,277,000 45,775,000 4,404,000 1,894,000
Inc.
93,855,000
4,648,000 2,355,000
July
MilwaukeeGroup 1(9roads),New England
1922___ _ 1,007,000
21,610,251 21,147,651
+482,600 2.19
841,000 16,488,000 11,933,000 5,160,000
1921_ __ _ 744,000 12,878.000 11,833,000 8,043,000 5,127,000 1,194,000
Group 2(38 roads),East & Middle__ _133,191,268 144,925,238 -11,733,970 8.09
2,319,000
St. Louis
Group 3(29 roads), Middle West_ _ 38,395,302 38,308,851
+88,651
.23
1922.._ 2,500,000 15,934,000 19,999,000 15,231.000
410,000
308,000
Groups 4& 5(34 roads), Southern... 51,482,203 59,679.518 -2,197,315 3.68
192L_ 2,524,000 28,551,000 17,009,000 18,526,000
380,000
133,000
Groups6 & 7(28 roads), Northwest_ _ 97,198,071 98,023,703 +1,174,368 1.22 Toledo
1922
Groups 8& 9(48 roads),Souhwest
2,055,000 2,288,000 1,793,000
88,184,311 75,764,743 -7,580,432 10.00
7,000
112,000
192L
2,243,000 1,580.000 2,251,000
Group 10(12 roads),Pacific Coast... 26,674,991 28,847,482
.64 Detroit
-172,491
1922____
945,000 1,557,000 1,144,000
Total(196 roads)
2,000
442,736,397 482,698,988 -19,960,589 4.31
192L
985,000
778,000 1,799,000
Peoria
Net Earnings
1922____ 1,483,000 1,468,000 13,745,000 8,296,000
192,000
47.000
-Mileage1922.
1921.
Inc.(-I-) or Dec.
(-)
192L-- 1,381,000
821,000 8,962,000 4,782,000
411,000
359.000
July1922. 1921.
Duluth
$
1922_
Group 1
7,456 7,505 4,208,002 1,993,377 +2,214,625 111.09
13,783,000 10,337,000 3,194,000 1,325,000 7.485.000
192L
13,836,000 2,338,000 3,680,000 1,501,000 5,172.000
33,726 33,582 19,652,723 29,978,833 -10,326,110 34.44 Minneapolis
Group 2
18,329 18,341 9,045,748 7,784,964 +1,260.784 16.19
Group 3
1922...__
43,218,000 11,694,000 12,214,000 5,460,000 2,089.000
Groups 4 & 5
192L___ 142,000 45,480,000 9,219,000 9,669,000 5,343,000 3,016,000
39,023 38,919 13,096,630 10,104,256 +2,992.374 29.61
Groups6 & 7
86,824 68,858 29,085,594 22,324,203 +6,761,391 30.29 Kansas City
1922...
5,000 40,142,000 11,882.000 3,750,000
3,000
Groups 8 & 9
54,897 54,853 19,085,874 21,375,288 -2,309,394 10.80
1921
1,000,000 61,077,000 10,642,000 2,794,000
50,000
Group 10
16,827 16,700 8,103,843 6,733,028 +1,370,815 20.38 Omaha & Indianapolis
1922...
12,038,000 30,885,000 11,579,000
1921
Total
235,082 234,556 102,258.414 100,293,929 +1,984,435 1.95
18,446,000 23,404,000 12,375,000
St. Joseph
NOTE.
-Group I. includes all of the New England States.
1922
4,828,000 6.500,000
665,000
192L_.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and Sioux City
1922..
the extreme northern portion of West Virginia.
19,000
233,000
102,000
1921_
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Total of AU
Pittsburgh.
1922_11,151,000 160,111,000 238,883,000 110,922,000 16,961,000 13,131,000
Groups IV. and V. combined include the Southern States south of the Ohio and
1921_11,681,000 208,496,000 179,818,000 107,894.000 17,460.000 13,354,000
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louts and Kansas City. Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of
through
Santa Fe and east of a line running from Santa Fe to El Paso. the State
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
Both the Western grain movement and the Southern cotton movement were smaller than a year ago.
At the Western primary grain markets the receipts
of wheat for the four weeks ending July 29 were only
35,617,000 bushels in 1922, as against 62,170,000
bushels in the corresponding four weeks of 1921, and
though this was attended by enlarged receipts of
corn, the deliveries of oats, barley and rye were all
on a diminished scale, with the result that for the
five cereals combined the receipts for the four weeks
of 1922 reached only 76,647,000 bushels, as against
105,675,000 bushels in the same weeks of 1921. The
details of the Western grain movement in our usual
form are set out in the table we now introduce:
WESTERN GRAIN RECEIPTS.
Four Weeks
Ended
Flour.
Wheat.
Corn.
Oats.
July 29. (bbls.)
(bush.)
(bush.)
(bush.)
Chicago
1922___.. 750,000 8,047,000 11,382,000 5,933,000
192L... 875,000 13,979,000 8,436,000 10,407,000
Milwaukee
1922.... 223,000
54,000 1,217,000 1,398,000
1921....
82,000 2,852.000 1.637,000 2,216,000
St. Louis1922--- 328,000 3.772,000 2.745,000 1,998.000
1921._ 478,000 9,659,000 1,701,000 2,280,000
As an offset, however, to the loss in the grain
movement, Western roads had the advantage of a
larger live stock movement. At Chicago the receipts
of live stock in July 1922 comprised 21,194 carloads,
as aganist only 17,826 carloads in July 1921. At the
Union Stock Yards at Omaha the receipts were 8,977
cars in the month the present year, against 7,581 cars
in 1921, and at Kansas City they were 9,561 cars,
against 7,192.
In the matter of the cotton movement in the South
the shipments overland for July 1922 were 82,682
bales, against 161,383 bales in July 1921; 98,231
bales in July 1920; 114,498 bales in July 1919; 98,468
bales in July 1918, and 131,883 bales in 1917. The
receipts at the Southern outports were 180,821 bales,
in contrast wiht 419,221 bales in July of last year,
but comparing with only 151,986 bales in 1920, as
will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JANUARY 1 TO JULY 31 1922, 1921 AND 1920.
1922.
Barley.
(bush.)
Rye.
(bush.)
500,000
538,000
313,000
937,000
559,000
827,000
72,000
205,000
46.000
89,000
32,000
22,000
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston.
Wilmington
Norfolk
Newport News, &e
Total
Since January 1.
July.
Ports.
I
1921.
1920.
1922.
I
1921.
1920.
81,045 185,771 18,837 957,880 1,476,913
21 4N
14,512 84,918 12,150 258.478 299,841 25,093
50:,036106 709 ,.702
4
0
51,830 85,688 47,334 590,558 742 1891 4801 ,07936
87 1
2 3
:3
274 4 60 8 :667
9
3,039. 9, 00 2 18
4
14,597
48 254
17 3 6
,2
4125 3 8
:7
5
43 343
94 2 194
20, 06 82,750 51:153 385 2721 379:049 268
050
3
67,480
,817
3,710 3,188, 1,432 110,343
148
1,538 11,185
5 424 144,568
250
70
9
3,887 15,380 13,948 131.418 162,83
1,112
2,977
180,821 419,221 151,988 2,582,882 3,235,263 2,988,252
1262
'
Current guents and
THE CHRONICLE
plocussions
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Reduction of $17,900,000 in the holdings of discounted
bills and of $11,300,000 in United States securities, as
against an increase of $16,300,000 in acceptances purchased
in open market, are shown in the Federal Reserve Board's
weekly bank statement issued as at close of business on
Sept. 1311922, and which deals with the results for the
twelve Federal Reserve Banks combined. Increases of
$15,300,000 in deposits and of $1,700,000 in Federal Reserve
note circulation are counterbalanced by an increase of
$10,800,000 in cash reserves, leaving thus the reserve ratio
unchanged at 78.3%. After noting these facts the Federal
Reserve Board proceeds as follows:
[VOL. 115.
in time deposits are noted. Borrowings of the reporting
institutions from the Federal Reserve banks show a further
advance from $127,000,000 to $137,000,000, or from 0.8 to
0.9% of their total loans and investments. Member banks
in New York City report an increase from 821,000,000 to
828,000,000 in borrowings from the local Reserve bank and
an increase from 0.4 to 0.6% in the ratio of these borrowings
to aggregate loans and investments.
Reserve balances of the reporting banks show a reduction
for the week of $9,000,000, and those of the New York banks
a reduction of $13,000,000. Cash in vault, because of the
large amounts of currency obtained by member banks shortly
before Labor Day, was $9,000,000 larger than the week
before, the New York City banks reporting an increase of
$3,000,000 under this head. On a subsequent page—that is,
on page 1301—we give the figures in full contained in this
latest weekly return of the member banks of the Reserve
System. In the following is furnished a summary of the
changes in the principal items as compared with a week and
a year ago:
Shifting of gold through the gold settlement fund proceeded on a smaller
scale than during the previous week. The gold movement was away
from New York, which reports a decrease of $20,300,000, largely towards
Chicago, which showsTan accession of $19,500,000 of gold for the week.
Boston reports an increase of $8,100,000 in its gold reserves, Richmond
an increase of $6,300,000, while smaller increases aggregating $2,900,000
—Increase or Decrease Since—
,
are shown for the",St. Louis, Kansas City and Dallas banks, as against a
Aug. 30 1922. Sept. 7 1921.
total decrease of $10,100,000 reported by the five other Reserve banks. Loans and discounts—total
+359,000,000 —$662,000,000
Total gold reserves show a gain of 36.400,000.
Secured by U. S. Government obligations_ —2,000,000 —348,000,000
Holdings of paper secured by Government obligations show a further
—2,000,000 +559,000,000
Secured by stocks and bonds
decrease for the week from $130,400,000 to $124,000,000. Of the toal
+63,000,000 —873,000,000
All other
held, $103,200,000, or 83.2%, were secured by Liberty and other U. S. Investments, total
—20,000,000 +1.268,000,000
bonds, $3,600,000, or 2.9%, by Victory notes, $12,700,000, or 10.3%,
+8,000,000 +505,000,000
U. S. bonds
by Treasury notes, and $4,500,000, or 3.6%, by Treasury certificates,
+1,000,000 —113,000,000
Victory nOtes
+4,000,000 +603,000,000
compared with $103,300,000, $3,500,000, $18,600,000 and $5,000,000
U. S. Treasury notes
+33,000,000
reported the week before.
—19,000.000
Treasury certificates
—14,000,000 +240,000,000
weeks
Other stocks and bonds
The statement in full in comparison with preceding
Reserve banks —9,000,000 +133,000,000
Reserve balances
and with the corresponding date last year will be found on Cash in vault with Federal
—25,000,000
+9,000,000
+38,000,000
pages, namely pages 1300 and 1301. A sum- Government deposits
subsequent
+51,000,000 +1,011,000,000
mary of changeslin the principal assets and liabilities of the Net demand deposits
+699,000,000
+14,000,000
Time deposits
Reserve banks on Sept. 13 1922, as compared with a week Total accommodation at F. R. Banks
+10,000,000 —843,000,000
and a year ago, follows:
Increase (+) or Decrease (—)
Since
Sept. 6 1922. Sept. 14 1921.
+310,800,000 +8362,900,000
Total reserves
+6.400,000
+382,700,000
Gold reserves
—12,900,000
—621,500,000
Total earnings assets
—17,900,000 —1,041,000,000
bills, total
Discounted
—379,700,000
Secured by U. S. Govt. obligations- --- —6,500,000
—11,400,000
—661,300,000
Other bills discounted
+16,300,000
+164,000,000
Purchased bills
—11,300,000
+255,500,000
States securities, total
United
—8,700,000
+165,100,000
Bonds and notes
—1,500,000
Pittman certificates
—132,900,000
—1,100,000
Other Treasury certificates
+223,300,000
+15,300,000
+166,300,000
Total deposits
+15,100,000
+180,200,000
Members' reserve deposits
+1,600,000
—9,900,000
Government deposits
—1,400,000
—4,000,000
Other deposits
+1,700,000
—278,000,000
Reserve notes in circulation
Federal
—52,900,000
F. R. Bank notes in circulation, net liability —2,600,000
COMPTROLLER OF THE CURRENCY CRISSINGER
FINDS UNITED STATES HAS CONTRIBUTED
$21,751,000,000 TO FINANCE OUTSIDE WORLD.
In speaking on Wednesday of this week before the Indiana
Bankers' Association at Indianapolis, D. R. Crissinger,
Comptroller of the Currency, undertook to answer the
charges that the United States had failed to do its share in
aiding the rehabilitation of the world. He presented figures
to show that in the last eight years this country has sent
abroad no less than $21,751,000,000.
"I feel," he said, "that the present is a not inappropriate
time to refer to this truly gigantic participation by our country in sustaining and stabilizing the finances of the world.
There are some people in the United States who persist that
our country has not done and is not doing its full part. and
that the world cannot be restored and placed on the way to
prosperity and order without American assistance. My reply to this is broadly that in the last eight years our country
has made a contribution to these ends so great that if we
ourselves fully appreciated it, if we were given fair credit
for it by other people it would win us the bright guerdon of
helpfulness, of willing co-operation and of splendid unselfishness." Mr. Crissinger summarized American contributions
to the financing of the outside world since Aug. 14 1914 as
follows:
WEEKLY RETURN OF MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Aggregate increases by $59,000,000 of loans and discounts,
as against further reduction by $20,000,000 of investments,
are shown in the Federal Reserve Board's weekly statement
of condition on Sept.6 of 791 member banks in leading cities.
It should be noted that the figures of these member banks
are always a week behind those for the Reserve banks themselves. As against moderate reductions of loans secured by
Government and corporate obligations, all other loans and
discounts, composed largely of commercial loans proper,
33.000,000,000
American
show an increase of $63,000,000. Member banks in New American securities repurchased from abroad
10,000,000,000
Government loans
increase of $23,000,000 in total loans Interest on Government loans
2,000,000,000
York City report an
3,000,000,000
and discounts, of which $17,000,000 represents an increase Commercial credits extended abroad
Dollar securities bought from foreign countries in 1919, in
of commercial loans.
2,631,000,000
1920 and in 1921 and in 8 months of 1922
620,000,000
Under the general head of investments, United States Foreign-money securities sold in this country in same period_ 500,000,000
bonds and Victory notes show a further increase for the week Foreign currencies bought by America
21,751.000,000
of $9,000,000, and Treasury notes an increase of $4,000,000,
Grand total
as against a reduction of $19,000,000 in Treasury certificates.
The Comptroller also saw indications of improvement in
Corresponding figures for the New York City banks indicate Europe and spoke in optimistic fashion generally of the outa nominal reduction in United States bonds and Victory look. His address in full was as follows:
notes, an increase of $3,000,000 in Treasury notes and a Mr. President and Gentlemen of the Convention:—
address this ConWhen, several weeks ago, I received an invitation to
reduction of $13,000,000 in Treasury certificates. Investbecause I did not want to address a MiddleI hestitated to
ments in corporate and other securities show a decline for the vention,audience on theaccept
economic and financial situation until I could give
Western
week of $14,000,000, of which $6,000,000 represents the assurance of my conviction that affairs were definitely moving in the right
I felt compelled
decline in New York City. Since Sept. 7 of last year the direction. In reaching a determination on such a matter,and general ecoindustrial
to weigh and consider the facts concerning the
reporting member banks have reduced their loans by $662,- nomic situation in the United States and in the world, particularly Europe.
that the economic
000,000 and increased their investments in Government
I think we are all able substantially to agree, nowadays,
must be treated as substantially a unity. It will
securities by $1,028,000,000 and their investments in cor- and industrial world in some parts, unless it prospers in all parts. I quite
00.
not very long prosper
porate and other securities by $240,000,0
that this has been said a great many times before, and by men
the reporting banks show an in- recognize than myself; but I doubt if anybody has said it with more earnNet demand deposits of
much wiser
nominal change is shown in estness and sincerity than I do.
crease of $51,000,000; only a
From where I sit in Washington. I have for many months been watching
Government deposits, while time deposits show a further the tendencies of political, industrial and financial concerns in those parts
New York City banks reduc- of the world which most effect our own country. As an observer from the
gain of $14,000,000. For the
tions of $11,000,000 in net demand deposits and of $6,000,000 watch-tower.I have experiences which I know will appeal to you,gentlemen.
SEPT. 16 1922.]
UTE CHRONICLE
1263=
I have noted by the morning paper that the situation in Ireland was
European war; I said them before we had begun
to advance moneys and
being rapidly composed, and that with this situation adjusted, Western
credits to our allies. I kept right on saying them
during the period when
Europe would be in sight of peace, and normal activities. Then, in the
the gold of the world was flowing ceaselessly to
our shores, denuding other'
evening of the same day,I have read that all hope of Irish composition was
communities of their basic money, and inviting us to
a carnival of gilded'
ended, that chaos had supervened, and that, with Ireland in such a situa,
Inflation, to be followed, as any man must know
it would be followed, by a.
tion, there was no hope for Western Europe.
debacle of ruinous deflation.
Again, I have read in my morning paper that the Washington Conference
as
Back three generations ago the world's pioneers and
on Limitation of Armament had brought about an understanding between
adventurers and=
financiers and business men discovered the possibilities
of the American!
Japan, America, Britain and France, that insured the peace of the Pacific;
continent. They discovered that here was a tremendous
which peace was assured of rapidly spreading to other seas and continents,
God's wealth, under the control of a sparse population of storehouse of'
intelligent and
so that no longer need we fear hostilitilities. Then, turning to my evening
progressive people. They recognized our right of political
control, but
paper of the dame day, I have been informed "on the highest authority," they
recognized also our economic needs, our necessities of development,
that the stress in relatiors between the United States and Far East made
our financial requirements. And so the Old World loaned
money to us,
all hope of peace impossible for a generation or two.
with which we built our railroads, opened our mines, made
Time•and again, Monday's newspaper has brought assurance that the
ourselves the
greatest producer offoodstuffs, of copper, of coal, of iron, of
gold,of cotton,
coalition government in Great Britain was about to be overthrown, and
ofa hundred great staples out of which our merchandized
civilization has been
succeeded by a return of party administration, which would bring us back
built. The Old World came to us with its money and credit
and said:"We
to safety and sanity; and then,on Tuesday,I have read that the coalition
have the capital; you have the God-given „resources; give
us an
government was certain to continue for another year, and that therefore
for our surplus and capital in your national opportunities, and investment
we will make
the world might feel reasonably assured that it was safe and on the upward
possible the developmnet of those opportunities."
path.
• On those terms we got together. The Old World largely
I have read one day that the policy of Britain was to break from the old
financed the
entente with France, and to cement a definite understanding with Germany development of the New World during the Nineteenth Century. We deand the next day I have been assured in most positive terms that what- veloped a wealth, a producing capacity, a variety of resource, that we did
ever else might happen, the entente between Britain and France was as not fully recognize. We swung out into the Twentieth Century still innosolid as Gibraltar. I have learned one day that the United States must cent of how much we had accomplished, still imagining that while we had
take its full and proper part in settling the affairs of the old world; and the done very well, we could not, of course, assume to compete with the older
next day, I have been assured that the United States was going to do noth- industries, the established finance, the highly organized enterprise, of the
Old World.
ing of the sort, because that would be precisely the wrong thing to do.
And then came the great war. It dazed us at first, then it
All these things and a thousand more of the same sort have come to
brought us a
the attention of every man here, and every one of you has long since realization of our fortune. We discovered over night our giant capacity
concluded, as I have, that it is rather useless to steer a course in con- to produce, to supply the needs of men everywhere, to hold up the arch and
formity to the prognostications of those who deal merely in the terms of pillars of a democratic civilization. That we did; and the discovery that
we were able to do it was a greater revelation to us than to our Allies.
politics and diplomatic relations.
We
So I have long ago laid aside all considerations of such forecasts, and had never suspected such a capacity,such wealth,such resources of producattempted to devise a chart of my own by which one might with reasonable tiveness, such unity of social purpose, such determination to align outselves
confidence steer a course amid the rocks and whirlpools, the currents on the side of Justice. But we found them, when the world came to us with
and the typhoons, of these difficult times, with reasonable hope of bringing its demands; and though there may be here and elsewhere those who would
his ship into a safe anchorage. And, indulging neither that confidence cry down, who would decline to recognize our contribution, the fact remains
which the politician in office always entertains, nor that pessimism by that our contribution of nature's wealth, of human effort, of spiritual unwhich the politician out of office is equally certain to be guided, I have derstanding and determination was second to that of no other people on
found it worth while to consider certain definite and substantial evidences earth.
of what is actually going on in the world.
What America Has Done.
So to-day I want to talk a little about some things that we know are
Now let us see what America has done, whether America has been doing
actually happening; abut conditions that unquestionably obtain; about all it should in
the four years since the Armistice. Let us consider calmly
the crises that have been passed without disaster, and the reasons for and fairly whether
we have been doing about the right thing, or whether
belief that as other crises arise they likewise will be passed over without we have
overlooked our duty. We loaned some ten billions of dollars to our
ultimate wreck.
Allies, which, principal and interest, now amounts to some twelve
billions.
It is become a truism that unless the United States "comes
to the rescue We incurred a national debt of some twenty billion dollars. We raised an
of Europe," Europe can not survive. Some people who employ this army of more
than four million, and we sent more than two million of armed
phrase seem to have in mind that we must rush over to Europe with a men across the
seas. I do not propose to discuss their contribution to militreasure-chest full of gold and credit evidences, and by rubbing the two tary results; I leave
that to others more capable. I propose to confine mytogether produce an Aladdin-like effect of universal prosperity, wealth self to the mere
economics of this situation; for this situation, in the world
and satisfaction. Others have apparently entertained the view that to-day, is decidedly
an economic and a social one, with which we must cope.
what we needed to do was to send commercial agents abroad to gather
A year ago, two years ago, we were all agreed
that the gold standard
in the gold and securities, the profits and fee titles, of about all the rest could not be
maintained in the world if all the gold were to come to America.
of the world, and bring them back for our own strong boxes. I may say From 1915 on, it had
been persistently flowing to us from every land and
frankly that neither of these programs has ever particularly appealed to every quarter. At first
we had received it with satisfaction and gratificame. I have always had doubts whether the loan of our gold and credits tion, as evidence of
our increasing wealth and abounding prosperity.
to a Europe unprepared for proper employment of them would be of There came a time
when we realized that if too much of it came to us,if the
advantage either VI Europe or to us; and I have had misgivings on the gold standard were to be
broken down in the world, the gold itself would be
other side, whether either we or the Old World would profit much by of mighty little value
to us. We began to be told that we must take credits,
an undue eagerness on our part to reap quick profits from the unfortunate securities, bonds,
stocks, rather than gold; and before long we realized that
situation of the older hemisphere.
this was true. We began first to take the bonds
of the Allied nations;
And so, like most of you gentlemen, I have been slow to make up my then to buy the
securities that stood for their industries and enterprises,
mind what was our duty to others or our obligation to ourselves. I have which came seeking
from us that same financial support which the Old
rather suspected that if we did not attempt to decide too many of our World had given to
us in our Nineteenth Century epoch of rapid developproblems too suddenly, a good many of them would decide themselves. ment.
I remember an observation of Mr. Carnegie many years
I read the other day that thus far this year
ago, that most
the sales of foreign securities
of the letters that were ever written, if they were left unanswered for a in
the United States had averaged something
like twenty million dollars
fortnight, would not require answers. I don't want too literally to commend every week.
r don't know how accurate the figures are,for I have no better
that policy, for day-by-day business; but I am willing to
say that as to access to the details than the rest of you have.
I do know that day by day,
these broad questions about which none of us is very certain, Mr. Carnegie week by
week, month by month, we have all seen the financial advertising
demonstrated a good deal of wisdom. There is no use making up your through
which American investors have been offered the securities of almind, firmly and irrevocably, about things concerning which you have most all
the countries under the sun. Only the other day,ono hundred and
no information. There is no use deciding exactly what you were going eighty-five
million dollars of bonds of the Republic of Argentine were auto do, when you don't know what to decide. There is no use determining thorized to
be sold in this country. We have taken the securities of the
the policy you will adopt in a set of circumstances that as a matter of City of Rio
de Janeiro and the Republic of Brazil; we have bought the sefact are never going to arise. It is a good deal better to take your time, curities of the
East India Company of Holland, of the Royal Dutch Oil
to know the elements you are dealing with, to be assured what you were Corporation;of
the cities of France; the Government of China,the Governtalking about, before you fix a policy and declare it.
ments, the provinces, the peoples, the incorporated companies of the whole
I am making these suggestions because they seem pertinent to develop- world. On top
of our loans during the period of war, we have acquired other
ment of the last two or three years in this country and this world. I would billions upon
billions of corporate and private and bank credits, until we
hesitate even to estimate the number of crises we have confronted in the have become the
greatest creditor community that the world ever saw.
last twenty months. The only thing I am sure of is, that we have come
Are we doing our share toward the rehabilitation of the world? I unto entertain grave doubts about the gravity of crises, and a much better dertake to say that
when American investors buy two hundred million dolgrounded confidence that regardless of crises things were going to move lars of South American
which ten years
along pretty much as they would have moved if the crises had not super- ago would have been Government securities—of securities
placed in Europe—we are literally and actually revened. Sometimes I get to suspecting that we have all been shell-shocked leasing that amount
of credit and financial resource to serve the immediate
into a general preference for crises, and a feeling that unless "collapse" or needs of Europe.
Europe in the last seven years, by way offinancing itself,
"disintegration," is promised to us in the latest bulletin from the front, the has been selling off
its holdings of securities throughout the world. We
day is rather tame and uneventful. We need to discuss matters of this have been taking
them; and to that extent have been lifting from Europe
kind in terms a little less lurid, a trifle less conclusive, to realize that the
e burto looenokf financing the neess freeing the engies and capital of
rope d
coworld,
.
energies
world isn't coming to an end within an hour or a day; to recognize that, no Europe
after Its own
matter how acute the crises, most of us will be left right here, doing business
I am going to attempt summarizing
American contribution to
briefly the
at the same old stand, living on the same old farm, going down to the same support the world's
financial structure in the last few years. I will begin
old office, living with the same wives and the same children, as before the with 1914, when
according to the best estimates foreign investors owned
crises arrived.
from four billion to five billion dollars of American securities. Since the
The truth is, that if we could look back on the great war and its after- beginning of the war
we have, first bought back by far the greater part
math, from the viewpoint of, say, five hundred years hence, we might of those securities;
probably two-thirds of them. Then,following our direct
discover that the crisis was passed five years ago; and, on the other hand, participation in the
war, we loaned ten billion dollars to our European allies;
we might discover that it did not come to the world until fifty years hence. which with accrued
interest amounts to roundly twelve billion dollars.
We greatly need to begin thinking in terms that will leave our "crises,"
But this is not all. We have extended commercial credits to European
and "collapses," and "wrecks," and "repudiations," and to get back to buyers in our
markets to an amount variously estimated from two billion
thinking about tilling fields and operating industries and conducting trans- to five billion dollars.
Still further, we have been buying the securities
portation, for the general good of the community.
of foreign countries ever since the armistice. A highly reliable authority
There has been a good deal of demand that the United States recognize its assures me that
these purchases have amounted to:
obligation to the world and begin to perform that obligation. Very well,
gentlemen; I propose to tell you something of what the United States has For the year 1919_______________________________________$713,610,033
done by way of recognizing its duty and performing its obligation. We have For the year 1920_______________________________________ 571,700,282
been told that the United States was the groat reservoir of liquid credit and For the year 1921 _____________________________ 596.454,040
751.386.725
available assets, from which we must permit drafts to be made if the For the year 1922 (Jan. 1 to Sept. 5)
world is to be placed on its feet. I nave myself said these things. I began
If the same rate should be continued for the remainder of this ye:.r. We
saying them even before our country declared its participation in the will have purchased
,
during 1922 about $1,100,000,000 of foreign se e-it' •
1264
THE CHRONICLE
and for the four years 1919-20-21 and 22, about $2,500,000,000 of foreign
securities.
But these foreign securities to which I am referring include only those
issued in terms of American dollars,for flotation here. In addition, our
people have been large purchasers of securities issued abroad in terms of
the money of the country of issue. I am informed that for 1919, 1920 and
1921 we bought over $620.000,000 of such securities. So it appears that
for the four years our purchases of foreign securities, whether expressed in
dollars or in the units offoreign currency, will far exceed three billion dollars.
But this, still, does not represent by any means our total financial
'contribution. American optimism was never better demonstrated than
-when, early in 1919, Americans began to buy German marks, Italian lira,
French francs and other foreign moneys. I have been unable to approximate satisfactorily the amount of speculation in foreign money that has
been carried on. A good European authority recently indicated that probably about fifteen billion German marks had been sold outside Germany,
at prices ranging all the way from about 7 cents down to the near-vanishing
point which the mark recently reached. If it be true that Germany has
.sold fifteen billion marks outside of Germany, and that they have sold at
an average of 5 cents to the mark, as some authorities have declared, that
-would mean that Germany has exported $750,000,000 worth of marks,
which are now held abroad, and in exchange for which Germany has established credits with which to buy raw materials, foodstuffs, and the life.
What proportion of that $750,000,000 has been taken in America one can
only conjecture. But judging by observation and general information, I
think It fair to assume that at least a half billion dollars of good American
gold-standard money nas been invested in the moneys of foreign countries.
That likewise must be added to the total of what we have been contributing
toward the financial rehabilitation of the old world; in the case of the
mark, our investment begins to take on the general aspect of a deed of gift
It could hardly have been more completely a donation, if we have turned
the money into bales of cotton, pigs of copper, bushels of wheat and shipped
It as a free gift to Germany.
The point I am making is that whether we have received securities on
which the interest is reasonably certain to be paid, or other securities on
which it has not been and may never be paid, or currency whose value has
faded away to nothingness—whether we have received or have failed to
receive real value, it is still true that we have exported this vast amount of
wealth. Let me recapitulate. As I have calculated it, our contributions
to financing the outside world since August 1914 may be summarized
as follows:
$3,000,000,000
American securities repurchased from abroad
10,000,000,000
American Government loans
2,000,000,000
Interest on Government loans
3,000,000,000
Commercial credits extended abroad
Dollar securities bought from foreign countries:
1919
1920
1921
1922 (8 months)
Foreign-money securities sold here 1919, 1920, 1921 and 1922
Foreign currencies bought by America
Total
has passed the peak ofeconomic tribulations which began with the depression
of the silk industry. The tendency everywhere is toward reducing the
burdens of armament, and the dangers of war, thanks in part to the general good sense that men are displaying, and thanks also to the constructive
program put forward by the Washington Conference on the Limitation
of Armament. The will to war, however, we may construe the incidents
of the day's news, is a less potent factor in the world than for a generation
past. The will to peace is to-days' dominating purpose. The will to work,
to produce, to restore, is testified everywhere from the Vistula and the
Black Sea to the Atlantic, and thence throughout the world.
These conditions. gentlemen, I am suggesting to you in order to draw
attention to the fact that the world is on the upgrade: It has less of war,
less of preparation for war, less of the wasteful fabrication of instruments
for war, than at any time since the calamitous days of August, 1914. Not
only has it produced good crops in this year 1922, but it has more nearly
stablized the means of exchanging and utilizing its production to meet the
common requirements, than ever before since the beginning of the World
War.
These facts are attested by experience, the commercial reports, the crop
statistics, the financial statements. We do not hear so much of them
as I wish we might from certain politicians, or from the prophets of disaster,
or from those pessimistic persons who have fallen into the habit of seeing
nothing ahead except disaster and ruin. I am appealing to you gentlemen to give thought to these conditions, of which all of you are aware, and
to give weight to them. There is every indication that within the coming
year our own country will see a great revival of demand for all our industrial and agricultural staples. Everywhere that you find economic rather
than political conditions dominating, you will find improvement.
These are universally the signs of the times; and they compel us to conclude that this year 1922 has seen the world set well in the way to sanity, to
the desire and ability to take care of itself, to pay its debts, to restore its
industries, its production and its exchanges.
713,000,000
571,000,000
596,000,000
751,000,000
620,000,000
500,000,000
$21,751,000,000
I feel that the present is a not inappropriate time to refer to this truly
gigantic participation by our country in sustaining and stabilizing the
finances of the world. There are some people in the United States who
persist that our country has not done and is not doing its full part, and that
the world cannot possibly be restored, and replaced on the way to prosperity
and order, without American assistance. My reply to this is broadly that
In the last eight years our country has made a contribution to these ends,
so great that if we ourselves fully appreciated it, and if we were given fair
credit for it by other peoples, it would win us the bright guerdon of helpfulness of willing co-operation and of splendid unselfishness.
What,then, has been the effect of all this upon Europe? We hear much
about the demoralization of currencies there. We hear about the failure of
European governments to balance their budgets, to make their taxes pay
their current expenses and the service of their debts. What is the truth?
So nearly as I am able to determine, the year 1921 marked a very great
and striking advance over the year 1920 in the matter of balancing govermental budgets. I find substantial testimony that the world has been
progressing quite satisfactorily toward paying its governmental way. I
find that the year 1921 marked a decided improvement in the matter of
budgets in this regard, and that 1922 is continuing the improvement. I
do not intend to annoy you with figures and details, but in general I am
informed and believe that Western Europe has been making marked reduction of governmental expenses toward the point where current taxation
would care for them. I think that if you will compare the detailed financial
experience of these countries for the years immediately following the world
in
war, with the records of their experience the years immediately following
the Napoleonic struggle, is handling its problems of finance and economics
far more satifactorily than did the nineteenth century world.
Let go a step farther, by way of suggestion the progress toward noraml
is Europe's political centre of gravity.
conditions. The French Republic
Franca has made persistent, steady and remarkable progress toward re-esincome to outgo in government finance.
tablishing a proper relationship of
France has passed its economic point of
'We may fairly assure ourselves that
unlikely to see the French budget balThe fiscal year 1923 is not
that 1924 will see a balance well established.
anced, and we may hope
France show a tendency downward which
'The note issues of the Bank of
moving safely toward re-establishing relations
indicates that deflation is
system and the gold standard.
between the French monetary
making favorable progress, and Italian
Italian Government finances are
its position. There is not mush to be
money is likewise strengthening
because Britain is shaowing the regular
said about the situation in Britain,
its high standards, to continue its leaderBritish dlipostition to maintain
finance, and solid business.
ship in good banking, sound
you will find a country whose greatest
If you will turn to Switzerland,
been that its money has been too good; the
misfortune in recent times has
in its favor as to impose actual difficul-exchange rate has been so strongly
Much the same is true of Holland and the
ties in business transaction.
'Scandinavian States.
the outlying countries of the world, we
When we go beyond Europe, to
been able to raise capital to start toward
-find that on the whole they have inaugurate better
budgets, to resume
-re-establishing their industries, to
monetary systems toward rehabilitation.
production, and to start their
importance of the world resuming proWhile we have talked about the
resuming. Two years ago there were broad
duction, the world has been
confronted a difficult situation, perhaps
intimations that Latin-American
fashis passed, or passing. In a broad
an economic crisis. That danger
ing country, or dominto say that there is no English-speak
ion.I undertake
on tne Latin culture and ideals:—
ion, or colony; no nation or state based
the two years 1043.i past. Japan
that has not pastly improved its status in
[VOL. 115.
BERNARD M. BARUCH ADVISES SENATOR BORAH
THAT ALLIES CAN PAY AT LEAST PART OF
THEIR DEBT TO AMERICA.
.
Senator Borah on Sept. 13 made public a letter he had received from Bernard M. Baruch of New York, in which Mr.
Baruch discusses the recent diplomatic note of the Earl of
Balfour concerning the war indebtedness of Allied nations
to the United States and Great Britain. Mr. Baruch is not
Inclined to accept Lord Balfour's suggestion that the debt
owed to America by her allies should be canceled as a contribution to a common cause. He expresses the opinion that
"all the great countries can pay something if given time,"
and says he is sure "that countries like England, if we insist, can and will pay all, no matter what the cost may be."
During the war Mr. Baruch was Chairman of the United
States War Industries Board, and in the Peace Conference
at Paris he was one of the chief economic experts of the
American Peace Commission, and the trusted friend and adviser of President Wilson. The Washington correspondent
of the New York "Times" points out that Mr. Baruch's letter
Is an echo of what Mr. Baruch preached as far back as the
Paris Conference—that nations which suffered economic
setbacks on account of the war should seek to re-establish
themselves through going earnestly to work and proceeds as
follows:
He expresses this same idea in his letter to Senator Borah:
"The nations of the world can not make things with which to pay unless
they get down to work."
Items That Must Be Paid.
One of the interesting suggestions in Mr. Baruch's letter is that even
It the United States consents to cancel the indebtedness of our European
associates there are still certain items that those nations should pay this
Government. Taking the case of Great Britain to illustrate this point.
Mr. Baruch instances that the British Government used money loaned
food was
by America to buy food for its civilian population and that this
money,
not given, but sold to the population. Ships built with American
other words.
he indicates, are still in the British mercantile marine. In
munitions, but are current
these do not represent money spent solely for
purchased
assets of Great Britain. Again, Mr. Baruch Instances material
purposes
with American money loaned for war use went for commercial
materials obtained
or "to bolster up exchange," or to pay for loans or
prior to America's entrance into the war.
should not be
Money spent in these ways, in Mr. Baruch's opinion,
He makes the point also
regarded as a contribution to a common cause.
Great Britain "in practhat while the war was on, the United States paid
made by this Government
tically every instance" where war purchases were
notes that America paid the
from Great Britain. In this connection he
troops to Europe.
British Government for transporting American
particularly important at this time
Mr. Baruch's letter is regarded as
Commission, created by Act
when the United States World War Debt
with British representatives
of Congress, is about to begin negotiations
to this country.
in an effort to adjust British war indebtedness
Effect on Negotiations.
favorable impression in WashThe Balfour note, which did not create a
the United States
ington, has been suspected as an attempt to influence
s to consider the matter of
in dealing with the British representative
and Mr. Baruch's
canceling the debt owed to it by its former war associates,
the course of
letter is certain to be used as a text to show that whatever
be expected
action the United States may be willing to follow, it cannot
all their obligato release Great Britain and the other debtor Allies from
tions contracted in the United States.
Opinion is very general among those concerned in the forthcoming effort at
Allied debt settlement that the British Government,in spite of the construction to the contrary placed on the Balfour note, will ultimately agree to
liquidate its entire war debt to this Government. Under the terms of the
law creating the United States World War Debt Commission, the Commissioners have no authority to release Great Britain from its obligation
to pay. At the same time, the disposition of the Government is to be
extremely lenient with Great Britain and the other Allies as to terms of
payment.
SEPT. 161922.]
THE CHRONICLE
1265
In some quarters it is expected that if Great Britain arranges for the payment of its debt to this country, the two Governments, Great Britain and
the United States, will join in insisting that other Allied Governments show
an earnest of their intention to liquidate their war obligations by reducing
their land armaments and otherwise balancing their budgets.
The United States World War Debt Commission consists of Secretary
Mellon, Secretary Hughes, Secretary Hoover, Senator Smoot and Representative Burton.
DR. BENJAMIN M. ANDERSON, JR., DECLARES U. S.
WAS NOT ENRICHED BY WAR.—PROPOSALS IN
BEHALF OF EUROPE.
The August 31 number of the "Chase Economic Bulletin,"
issued by the Chase National Bank of this City, contains an
address by Benjamin M. Anderson, Jr., Economist of the
The following is the text of Mr. Baruch's letter to Senator
Chase National, delivered as Chairman before the Conference
Borah:
on European Rehabilitation at the Institute of Politics,
September 12 1922.
Williamstown, Mass., on August 24. Dr. Anderson, disHon. William E. Borah, the United States Senate,
Washington, D. C.;
missing "America and Europe—Our Interest and Our Policy,"
My Deur Senator; Pursuant to our conversation of the other day, as promsaid in part:
putting on paper some of my views
ised, I am
concerning the financial
aspects of the so-called Balfour note.
That note is the presentation of the opinion of a certain school in England
that contends that the German reparation cannot be reduced unless all interAllied indebtedness is canceled or reduced, and that the inter-Allied indebtedness should be canceled on the ground that the war was a common cause
and that each country gave what it could in men and treasure.
The Balfour note listed among the claims that England had, and which
it would reduce or cancel if America canceled the indebtedness of the Allies
to her, a claim of £1,300,000.000 for German reparation.
If the purpose of the note was to secure America's coming in on the same
basis as England, it might have been well to have eliminated entirely England's claims against Germany, which are based almost entirely upon pensions and separation allowances because America has put in no such claim.
The moving cause, as I understand it, for our not demanding a share of
the German reparation was in order to permit the devastated countries—
France, Belgium,Italy and others—to have what the Germans could pay.
So far as the Allied debts are concerned, there are several ways of looking
at them.
There are those who say they should be canceled because they can not be
paid, and there are those who like Mr. Balfour say they should be canceled
because they were incurred in a common cause.
Can the Allies Pay?
The first of these apparently consider the matter from a purely commercial
standpoint. What do the advocates of cancellation mean when they say
that the Allies can not pay? Do they mean that these countries can not
pay all or that they can not pay a part? Surely all of the great countries
that are now our debtors can pay something if given time. And I am sure
that countries like England,if we insist, can and will pay all no matter what
the cost may be. From a business standpoint it is going to be exceedingly
difficult to convince the American people, who after all are the final arbiters
in this matter, that if Germany can pay $10,000,000,000, which all thoughtful people think she can pay if given time and opportunity, the Allies can
not pay the amounts due us. Money is not the only method of payment.
It is through the exchange of things that nations will pay one another as
most individuals pay one another. But the nations of the world can not
make things with which to pay unless they get down to work.
Now as to the Balfour point of view:
Whatever may be the opinions of others, including myself, on the subject,
the American people, as a whole, decided that the war was not theirs until
we entered it; and the international community of interest and purpose must
be viewed as dating from our entrance into the war. Then we must consider what portion of our advance was truly for common objectives.
The records of the Allied Purchasing Commission and the Treasury Department will show for what the various sums of money borrowed by England or any other nation were spent. Whereas it might be convincingly
contended that the money spent for the purchase of munitions (because we
had not enough soldiers ready to use them and because England and the
other Allies were able to use them to better advantage in the quicker
winning of the war) could be called a contribution to a common cause, yet
the same decision could not be arrived at regarding certain other important
expenditures.
Surely money that was spent for things that went into the making of
shipping, which became a permanent part of the mercantile fleet of England,
or money that was used for the purchase of such material as went for commercial purposes, or to bolster exchange (in most instances this was to
facilitate purchases in other countries), or to pay for loans or materials
obtained previously to our entering the war (if there were such), can by no
conceivable reason be considered a contribution to a common cause, and
therefore should not be canceled.
The same applies in instances where food was boughtfor England's civilian
population, not for her soldiers, and was paid for by that population. It
must be remembered that the English Government did not give but sold
to its people the food bought in this country.
Payments Made to England.
On the other hand, in practically every instance where purchases were
made in England by us after we entered the war they were paid for in cash,
and not be means of a loan by England to America. Again, America paid
England for ferrying our soldiers to Eur3pe.
Surely, the expenditures mentioned above should be considered a contribution by the English in a common cause, and should be set off against
any amounts by which England proposes that her gross debt to us should
be reduced.
If this subject is treated on the basis suggested in the Balfour note, equity
and justice would demand that England, whose territory was not devastated, should relinquish her claim against Germany for the benefit of the
devastated countries. Then we could count as a contribution to a common
cause that which was spent for munitions and for fighting purposes in this
country by England. But England besides paying the balance due on the
loan should repay us, as a contribution to the common cause, that which
we spent in her country for munitions and for shipping.
I do not make these remarks in a spirit of narrow criticism. Nor am I
unmindful of the great sacrifices that the English people made so nobly and
unstintingly in the World War. But I do believe that those behind the
Balfour note should give full consideration to all of the facts involved in
the case, and not make it appear that the United States is ungenerous in
her position. We were ready and willing to have gone to the bitter end
despite what the cost might have been to us. We made no bargain then
for our continuance in the struggle. And we want no one to sot a value
upon our contribution.
In my opinion it is useless to consider either the German reparation or
the readjustment of the Inter-Allied debts by themselves; because they are
but two symptoms of a disease that lies deeper. These problems should be
treated as a whole so as to leave all peoples in the various countries free
to go back to work under conditions that will cause them to look forward
with hope and not backward with hate.
Very truly yours,
BERNARD M. BARUCH.
America Injured, Not Enriched, by the War.
Misled by the false economic philosophy that only gold is wealth, and
that a country grows rich by always selling and never buying, a great many
Europeans still hold to the view that America grew rich as a consequence
of the Great War. It is not true. We sacrificed luxuries and even comforts. We tightened our belts in order to send a great flow of goods and
services to Europe. We ceased expansion and we neglected maintenance
of our public utilities, our railroads, our highways, and the like. We so
greatly reduced our building of houses that an appalling housing shortage
appeared in virtually all growing cities.
Instead of consuming and enjoying the products of our labor, we sent.
them to Europe and tightened our belts.
In return for the goods we sent Europe we got chiefly promises to pay—
promises which have not yet been fulfilled and promises which with present
tendencies in Europe are in considerable part unlikely to be fulfilled. European Governments owe our Government about $11,000,000,000. Europe
owes American investors not less than $2,000,000,000, and Europe received
not less than $4,000,000,000 worth of goods from us on opon account—
making a total of credits advanced to Europe by the United States of $17,000,000,000 which has not been paid.
Part cf this open-account credit is already lost. Part of it is represented
by holdings of German marks, either in the form of bank balances in Germany or of the paper bank notes of the Reichsbank (dishonored credit
Instruments) which we have taken at values ranging from 8c. apiece down
to 75,4c. a hundred. Part of it, too, has been lost through the inability of
individual European importers to pay, or through the cancellation of contracts after goods had been shipped abroad, or through the failure of consignees to take up goods shipped abroad at the export price. The openaccount item does not represent $4,000,000,000 as a realizable asset, but
it does represent an advance of capital of $4,000,000,000. Europe received
the goods, even though American will never be paid in full for them.
In addition to the $17,000.000,000 of European debt, which is the main
form of "payment" for the goods we sold, we have received from Europe
something over a billion and a half dollars in actual gold. Gold is real payment, but we have had too much payment in that form. We do not need
It. If it were possible for this country to exchange
the billion and a half
excess gold for a billion and a half dollars' worth of railroad equipment,
public utility improvement, and housing facilities,
the United States would
be very much better off. The excess gold is
largely a dead asset and one
of the urgent problems which we have to face
is that of getting it back to
Europe and other parts of the world, where
it is more needed, in ways that
will do good rather than harm. As one of the
details of the comprehensive
program which I shall want to outline a
little later, I should like to see
specific gold loans made to certain of the
countries of Europe to facilitate
their resumption of specie payments and
the rectification of their currencies.
We need Europe as a customer, but
not on such terms as we have had her
as a customer during the past seven
years. We need Europe as a solvent
customer, who sells us goods, as well as
buys them from us, so that through
our commerce with her we may balance
our own intlustrial situation, removing the discrepancy between
prices of manufactures ,on the one hand,.
and prices of raw materials and
farm products, on the other, and have.
that steadiness of economic life which
only balanced industry can give.
We are interested in Europe also
as a debtor. A rich and prosperous Europe
would be a good customer. A
rich and prosperous Europe would be a good
debtor.
In this connection it may be
noted that in the comprehensive settlement
proposed below I am suggesting
that the American Government underconditions which promise real revival in Europe, cancel five and a half'
billion of inter-Allied debt,
namely, the debts of the Continental Allies to,
the United States Government.
I believe it would be good business ferns to do that if we could
thereby reasonably assure the collection of thc.:
greater part of the remaining
eleven and a half billions of European debt..
What Can Be Done About It?
Reference was made at the session last week by my distinguished colleague'
Secretary Houston, to the vicious
circle in much of current discussion and
current proposal regarding European difficulties. If it is proposed to stabilize currencies, the answer
is that currencies cannot be stabilized until
budgets are balanced; if it
is proposed to balance budgets, the answer is
that budgets cannot be
balanced while currency is depreciating. Europeans proclaim their inability
to accomplish reforms unless America makes.
loans; Americans declare that loans cannot be made until Europeans in-.
stitute reforms. Is there a
way out of this tangle? I think that there is.
I think it possible to put on
paper in a very few minutes a program which.
would set the world on the upward path again. That it will take many'
years to bring us back to
the level of comfort and safety which the world.
enjoyed in 1913 is doubtless true. But it is also true, I think, that radical'
improvement in a short time would be possible and'that steady progress for'
the future could be assured
if we made proper use of the facts which have'
been developed and the principles
which have been laid down at this Con-ference. We cannot attack the problem piecemeal and in detail with prospect ofsuccess. There must be a comprehensive settlement. Since budgete
and currencies, and reparations, and foreign loans, and inter-Allied debts,
are all so intimately related that no one of them can be handled by itself,
it follows that we must tie them together in one comprehensive settlement
of the problem. We escape the circle that before one thing can be done
another must be done, by undertaking to bring all of the elements into one
comprehensive plan, and by facilitating the accomplishment of any one of
them through simultaneously undertaking the accomplishment of the rest.
A solution could be found if Great Britain and the United States, the two
groat creditors of Continental Europe,and the two great sources from which
Continental Europe may expect to draw new capital, would jointly take
a strong stand, promising Continental Europe aid, but insisting upon reforms in Continental Europe as an essential condition of such aid. During the crisis through which we have just passed we have perfected in the
United States the institution of the creditors' committee as a substitute for
the drastic process of the bankruptcy court. The creditors of an embarrassed debtor get together; they work out a plan by which his affairs can be
-1266
THE CHRONICLE
EvoL. mrt
I think we are all four in agreement, too, that a high protective tariff'
straightened out. This plan necessarily involves giving him add3t1onal time
,
very greatIV handicap any- ,
to pay his debts. The creditors try to conserve the debtor's liquid assets. policy on the part of the 17nited States would
out.
It sometimes involves a scaling down of his debts. It sometimes even measures that might be taken.to help stinighten Europe
Involves the provision of new working capital by the creditors. It involves,
on the other hand, drastic reforms in the management of his business.. He
ALS'FOR PrIkis obliged to eliminate extravagance and inefficiency, to reduce salaries, REPUBLIC OF HAITI INVITES'PROPOS
and to stop paying dividends. The object ofthe arrangement is to leave his
CHASE OF $16;009',000 LOAN.
business a "going concern," in which assets exceed liabilities and income
The Government of Haiti has asked American bankers to.
exceeds outgo. By this plan both creditors and debtor are benefited. The
debtor continues to live as a business man with a hope for the future, and submit bids for the purchase of M000,000 6% serial bond;
the creditors get more money out of the debtor than they could get in any representing Series A of the $40,009;000 loan provided for in
other way.
Great Britain and the United States, sitting as a creditors' committee for the protocol between the United" States and Haiti, dated,
Continental Europe, might make the following proposal:
Oct. 3 1919. The proposals are to be opened and the award'
(A) Continental Europe is to institute the following essential reforms:
made on Sept. 25. The bonds are to mature in semi-annual'
(1) Public finances are to be straightened out by drastic curtailment of
expenditures, including military expenditures, and by drastic increase in installments, $150,009 coming due the first year;. and the.
taxation. The total expenditures of the State should be less than the total amount increasing by $5,000 in each year until $290,000 bei
revenues of the State. Floating debts should be funded into long-term
come payable in the 29th year, the remainder, whieb it is esissues.
(2) The fluctuating irredeemable paper money of Continental Europe, timated will be below $290,000; maturing in the 30th yean
which is the most demoralizing single influence affecting business and pro- The New York "Times," in its issue. of Sept. 13, published'
duction in Europe, should be restored to a gold basis by the resumption of
regarding.
actual gold payments. Since it is obviously impossible for the Continental the following special dispatch ftoeat Washington)
belligerents to resume gold payments at the pre-war parities, new and much the loan:
lower gold pars should be established at which resumption ofspecie payments
The Government of Haiti to-day issued a general invitation to American
can be speedily begun and certainly maintained.
bids for a bond issue of $/6,000,000, which is intended to
(3) There must be an economic settlement of the German reparations bankers to tender
bloc of the $40,000,000 loan provided for in the protocol'
question, which involves a great reduction in the total amount demanded. form the first
a foreign between Haiti and the United States concluded on Oct. 3 1919.
a total moratorium on payments for three to five years (except as
Formal announcement of the invitation was made through the American.
loan may permit Germany to pay something on reparations), and a fixed,
t by Acting Secretary of State William Phillips, who mad&
gradually ascending scale of payments for subsequent years, to be deter- State Departmen
the invitation, issued through the American financial!
mined and announced now, so that there may be no future uncertainty re- public the text of
Haiti, John A. McIlhenny. Bids must be addressed to the
adviser to
garding reparations.
of the Republic of Haiti and sent in care of the Division.
(4) The elimination of the numerods artificial trade barriers which differ- Financial Adviser
Affairs of the State Department at Washington. They
ent countries of Edrope, fearful of imports from one another, have estab- of Latin-American
will be received and examined until 4 o'clock p. m. on Sept*. 25.
lished.
The bonds will be designated Series A, will bear 6% interest and wilt
(B) In consideration of these reforms, and only in consideration of these
The loan will be retired by purchases in the open market
reforms, the Governments of Great Britain and the United States ought mature in 1952.
by annual drawings at par, and there will be.a,
to be willing to cancel the debts of their Continental Allies to them. This at not exceeding par or
to retire the entire issue before maturity. The
does not involve the cancellation of the British debt to the United States sinking fund sufficient
this Haitian Government reserves the right to retire the entire issue upon
Government. With revival in Continental Europe Britain can pay
d reasonable notice at any time after fifteen years from the date of issue.
,debt readily enough. Britain is a creditor rather than an embarrasse
the The bonds will be secured by a first lien on the internal revenues of the
debtor, in the creditors' committee plan. In addition the bankers of
lien on the customs revenues, subfeet only to the
United States, Great Britain and Japan should be ready, and doubtles.; Republic and a second
of the salaries and expenses of the general
would be ready, to undertake to place large blocks of new European securi- 5% allowance for the payment
of customs and the financial adviser.
ties with America, British and Japanese investors in consideration of these receiver
Article VIII. of the protocol of Oct. 3 1919 provides that the collection
reforms. The use to which the proceeds of new loans are placed, however,
hypothecated for the service of the loan will
should remain subject to the control of the lenders. Europe has already and allocation of revenues
the control of an officer or officers appointed by the President
had from the United States since the armistice something like seven billion remain under
of the President of the United States during
dollars, when both long-time advances and open account creditors are con- of Haiti upon the nomination
of the treaty,so as to make certain
sidered—more than enough to have accomplished her rehabilitation had the the life of the loan after the expiration
will be made for the service etthe loan.
proceeds been wisely used. The proceeds of new loans should be employed that adequate provision
shall be transAs soon as the contract for the loan shall have been signed it
only for necessary purposes, that is, for really productive purposes. This
the Government of Haiti to be sanctioned by-the legislative body,
does not mean that there should be a requirement that the money should mitted to
n. In the meantime it is underwith the Haitian Constitutio
be spent in the country which makes the loans. Selfish, restrictive policies in accordance
immediately after
stood, as made necessary by the existing situation, that
of all kinds should be frowned upon.
proceed with
tariff the signing of the loan contract the bankers are authorized to
In this connection it may be well to emphasize that, if the present
bonds upon the market. The banker or the group of
bill, under consideration at Washington, is put through, it would very the issuance of the
highest price for the bonds will be demay have offered the
badly handicap these plans for straightening out the world's embarrass- bankers who
clared the successful bidder and issue the bonds.
ments.
principal purpose of the loan of $40,000,000 is to take advantage of
a
The
I said before that it is possible to put on paper in a very few minutes
situation of the exchange market in order to refund the French
plan which would start the world on an upward path. To persuade public the present
and 1910, amounting to about 87,025,425francs. The
various countries, however, and to persuade the electorates of vari- exterior loans of 1896
men in
remaining after extinction of the French loans will be employed,
ous countries, to sanction a program of this sort is a vastly different matter. balance
with the issue of the internal bonds mentioned below, for the
We can only hope that public discussion will clarify public opinion before the together
of the interior debts and for the economic development of the
evils have gone too far. It is doubtless too much to expect that in a world settlement
and schoolhouses.
our own we should be able to realize Plato's vision of philoso- country, public roads
as young as
then the floating
For the purpose of refunding first the interior debt and
as kings or of kings as philosophers. Few philosophers would make
phers
and various claims, the Government of Haiti is also authorized to issue
good kings, anyhow. But it may not be too much to hope that partizan debt
of gold bonds, which will be known as Series B. They will be a
sectional, and racial interests and bitternesses may soon give way before an $5.000,000 separate issue from Series A. These bonds will also bear 6%
distinct and
enlightened public sentiment facing a great world peril.
on
interest and will be payable in thirty years. The interest and amortizati
At the final day's session of the Institute on August 25, will be paid in Haiti. Amortization will be accomplished in accordance
Dr. Anderson, we learn from the New York "Times," put with a table similar to that provided for Series A bonds. No further issue
, Cravath of the $40,000,000 provided for in the protocol is contemplated for the
Messrs. Houston,
Warburg
forward the views of
and himself in summarizing the work of the conference,
saying.
in so
among the
Chairmen, and even
There have been points of difference
that is no guarantee that the
far as the Chairmen have been in agreement
conference has taken no votes. This statement of
round table agrees. The
is in no way binding upon the round table
points of agreement, therefore,
Politics. It must not be even understood as bindor upon the Institute of
Cravath and Houston are absent, and
ing upon my colleagues' Messrs.
misstate their views. Mr. Warburg will corso unable to correct me if I
his.
rect me if I go too far in stating
that nothing is to be gained by attempting to
1. We are all four agreed
without correcting underlying difficulties Exstabilize the exchange rates.
barometers of much more fundamental things.
change rates ar merely
that nothing is to be gained by making large
2. We are all agreed, too,
conditions. Radicalreformsin Europe ofone
loans to Europe under existing
first to give proper security for large loans
and another kind are necessary
the loans if made would really do lasting
and, second, to make sure that
good.
that the European situation is a critical situation.
3. We are agreed, too,
satisfactory and while most of the neutrals of Europe
While British finance is
condition,even they are
fare in pretty satisfactory financial and demoralization ofsuffering serious
the Continenta
the disorder
ly as a consequence of
belligerents.
States has vital economicinteragreed that the United
4. I think we are all
situation. I think we all feel that we cannot have
ests in the European
the United States in the absence of the improvesoundly based prosperity in
our own economic interests require us to do what
ment in Europe and that
we can help out.
too, that the following elements in one or another
5. We are all agreed,
solution of the European problems:
way are involved in a sound
adjustment of German reparations question.
(a) A rational economic public finances in Europe.
(b) The rectification of definite relations of currencies to gold.
(C) The return to some artificial trade barriers in Europe.
(d) The elimination of
the interallied debts.
(e) Some sort of adjititment of conditions of new capital from the United
U) The provision under proper
strong countries to assist in the industrial
States, Great Britain and other
revivial of Continental Europe.
present.
The external debts and the funded internal debts of Haiti are now secured
of these
by portions of the customs and internal revenues. The refunding
obligations and
debts will free the income of the country from all present
the service of the present
make possible the application of that income to
protocol.
loan in accordance with the provisions of the treaty and the
in the official
The present situation in the public debt of Haiti is set forth
announcement as follows:
-87,023,425 converted at 8 cents, $6,971,874.
Francs
International short-term bonds, $1,971,029 84.
Interior debt, $3,275,379 69.
Total, $12,218,283 53.
verification), $5,653.188 22.
Floating debt, various claims (subject to
Total public debt, $17,871,475 75.
Haiti for the past six years is given
The average income ofthe Republic of
while the revenues for the first
In the invitation as $4,776,447 82 annually,
amount to $3,922,558 26.
eight months of the fiscal year 1921-1922
OFFERED IN AMERICAN
CITY OF LIMA,PERU,BONDS
MARKET.
Sterling Bonds of
A block of /50,000 ($250,000) 5% coupon
by the city of
1911, part of a total issue of /600,000 issued
is being offered in the American market by F.
Lima, Peru,
interest, to yield
E. Warner & Co., of Philadelphia, at 64 and
advertised in this issue. The bonds are in the denom8%,as
inations of /100 ($500) and principal, together with interest,
payable semi-annually in January and July, is payable in
or in Paris at
New York at the rate of $4 80 to the £ sterling,
in London in Sterling.
the rate of 25.20 francs to the f,.or
sinkThe bonds are redeemable by means of an accumulative
ing fund of IA% to be applied in semi-annual drawings.
This sinking fund has been in operation since July 1 1916,
•
SEPT. 16 1922.]
TFIF CHRONICLE
£28,200 bonds having already been retired in this way. It is
expected that all bonds will be paid by 1965. The municipality reserves the right to redeem all or part of the loan at
par on any interest-payment date on three months' notice.
The circular gives the population of Lima as 200,000 and says
that the bonds are free from all present and future Peruvian
taxes, and if held by an alien of France or Great Britain,
are free from all French or British taxes, and further states:
These bonds are a direct obligation of the City of Lima, and further
secured by a first mortgage on markets, abattoirs, warehouses, &c., and
upon certain taxes and revenues. The service of the loan requires annually
£33,000, while the revenue applicable has been averaging about £74,700,
or mdri) than twice the necessary amount.
Lima, the capital of Peru, and also of a department and province of its
own name, is situated about 7 miles from its port Callao, on the Pacific
Ocean, with which it has railroad connections. The city was founded by
Pizarro in 1535 and in Colonial times was the capital of South America.
The climate is healthy, the range of the thermometer throughout the year
Is from about 67 degrees in winter to 87 degrees in summer. Lima is
a modern, up-to-date city, having well paved streets, water works, gas,
electricity, excellent traction service, telephone, sewer and all conveniences
of a modern metropolis, with a large population of European descent and
a rapidly growing American colony. During and since the war the United
States has enjoyed the bulk of Peru's foreign trade.
1267
ment should at the same time provide funds for completing
reclamation projects which had been promised to settlers.
A motion by Senator Ashurst, Democrat, Arizona, to strike
out authorization of the $5,000,000 loan to Liberia was defeated, 28 to 23. The opposition was solidly Republican, all
Democrats and seven Republicans joined in support of the
motion. The Republicans supporting the motion were Senators Borah, Cameron, Arizona; Gooding, Idaho; Harreld,
Oklahoma; McNary, Oregon; Nicholson, Colorado, and Satenfield, Oregon.
LAMBORN & CO.'S NEW GERMAN' CONNECTIONS.
The acquisition by Lamborn & Co. of New York and Chicago of a limited partnership in the German sugar exporting
firm of Runge, Bacmeister & Co., resulting in the creation of
the new partnership of Runge, Bacmeister, Lamborn & Co.,
was announced last month. The several official announcements made public at Hamburg Aug. 1 state:
Messrs. Runge, Bacmeister & Co., Hamburg, have the honor of announcing that the business hitherto carried on by this firm ceases this day. The
pending engagements will be liquidated by Mr. Thomas Richard Tolme
Runge, Mr. Ernest Hermann Otto Bacmeister and Mr. Paul Anton Runge.
who are authorized each separately to sign as liquidators.
At the same time Messrs. Runge, Bacmeister & Co. beg to refer to the
establishment of the Association en Commandite, Runge, Bacmeister,
Lamborn & Co., as advised herewith, and solicit you to confer on the new
firm the confidence it has been its privilege to enjoy in the past.
It is herewith announced that Mr. Thomas Richard Tolme Runge, Mr.
Ernest Hermann Otto Bacmeister, Mr. Ody H. Lamborn and Mr. Paul
Anton Runge, as personally responsible partners, together with the firm of
Lamborn & Co., New York, as limited partner, have established in this
city the Association en Commandite under the name and style of Runge,
Bacmeister, Lamborn & co.
BANKERS DENY STATEMENT OF SENATOR BORAH
THAT THEY ARE PECUNIARILY INTERESTED
IN LIBERIAN LOAN.
J. P. Morgan & Co., Kuhn, Loeb & Co., and the National
City Bank on Sept. 12 sent a joint telegram to Senator Borah controverting a statement made by the Senator in the
course of the debate on the proposed new $5,000,000 loan to
Liberia, in which he charged that they were pecuniarily interested in having the bill passed. It is pointed out in the
The New York "Times" of Aug. 23, in referring to the
telegram that the combined holdings of these three banking new partnership said:
concerns of bonds in the old loan—which the new loan would
Lamborn & Co., of this city and Chicago, have purchased a limited
pay off—is less than $5,000. The full text of the telegram to partnership in the German sugar firm of Runge, Bacmeister, Lamborn &
Co., which has been formed in Hamburg to take over the business formerly
Senator Borah was as follows:
transacted by Runge, Bacmeister & Co. The latter firm was the largest
exporter of sugar from Germany before the war. In addition to taking a
New York, N. Y., Sept. 12 1922.
prominent part in the domestic sugar industry, Lamborn & Co. retain
Hon. William E. Borah, Senate Chamber, Washington, D. C.:
A statement has appeared in the newspapers in connection with the membership in the New York Coffee and Sugar Exchange and the New
York Stock Exchange.
Senate debate on the proposed Liberian Loan, quoting you as follows:
A member of the firm yesterday said that the action is taken on the belief
Now let me take another feature of this loan business. I do not think
it very difficult to find out why the loan is being urged. I read on pages that some day Germany will come back and again be a big factor lathe sugar
124 and 125 of the Ways and Means Committee hearings that Kuhn, trade. This is said to be the first known instance of an American concern
Loeb & Co., J. P. Morgan & Co. and the National City Bank have claims making a permanent investment
in Germany.
of over $1,000,000 against Liberia and that this loan is to pay these claims
among other things" and further "that these claims which are to be taken
care of in this way were claims which had been bought up for ten to twenty
cents on the dollar, and that they are now being turned in and taken UNITED EUROPEAN
INVESTORS, LIMITED, FORMED
care of by the Government of the United States and the taxpayers of the
United States on the basis of dollar for dollar."
TO INVEST GERMAN MARKS.
These statements,in so far as they apply to any of the undersigned, are
Announcement has been made of the formation of a new
based on a misapprehension of the facts. We have no knowledge cf the
corporation, to be known as the United European Investor,
inception of the proposed new loan, have never urged it,'nor have we
any interest in it. Our sole connection with Liberian finances was that, Ltd., of which Franklin D Roosevelt, formerly Assistant
In 1912, at the suggestion of the State Department we, together with Secretary of the
Navy and now a Vice-President of the
other bankers, negotiated a loan of $1,700,000 for Liberia, the bonds of
which were practically all placed abroad by bankers in Europe. The Fidelity & Deposit Co. of Maryland, is to be the President.
transaction was taken up solely in an effort to be helpful in a situation The purpose of the new company, to which subscriptions
In which the State Department took an interest.
are invited, will be to invest the millions of German marks
The combined present holdings of the undersigned in the old loan amounts
to less than $5,000, for which we paid 90% of par, and which we have held in this country and Canada in real estate, mortgages,
held since the original issue viz., for nearly ten years. We have no other securities and other
physical assets in Germany. The
Interest in, or claim against, Liberia.
following statement regarding the purposes of the underJ. P. MORGAN & CO.
taking has been issued:
KUHN, LOEB & CO.
To safely invest the billions of German marks now held in the United
THE NATIONAL CITY BANK.
States and
On Sept. 14 Senator Borah, in the course of debate on the assets in Canada in real estate, mortgages, securities and other valuable
Germany, thereby
the American holders and
Liberian Loan Bill (which the Senate, as noted in the item to them an actual interest protecting stated to be the object ofbringing
return, is
United
which follows, adopted after Senator Borah had succeeded European Investors, Limited.
Franklin D. Roosevelt, formerly Assistant Secretary U. S. Navy, has
In attaching a rider appropriating $20,000,000 for completion been elected President
of the company, William Schall, head of Wm. Schall
and development of Western land reclamation projects), pre- & Co., bankers, New York,is vice-president and Chairman of the executive
committee. The other directors include: Almet F. Jenks, formerly Presented the above telegram and said that the bankers had mis- siding
Justice, Appellate
of the Supreme Court of New York,
understood his charges. He read from an agreement be- Andrew Haydon, Ottawa, Division barrister and National Organizer of the
Canada,
Liberian Government and the State Department Liberal Party.
tween the
The capital
regarding disposition of the proposed $5,000,000 loan by denomination of the company consists of $60,000 preferred stock in dollar
and 600,000,000 marks common stock in shares of 10.000
which the bonds handled by the syndicate were to be repaid German marks each.
A unique charter has been granted to the new company by the Governfrom the new loan.
ment of the Dominion of Canada, and the directors believe it is one of the
most valuable franchises ever granted. While it is a corporation under the
S. SENATE ADOPTS $5,000,000 LIBERIAN LOAN BILL laws of a British Dominion, the common stock is of German mark denomiU.
nation. This enables all owners of German marks to acquire the shares at
WITH $20,000,000 ATTACHMENT FOR WESTERN
their par value of 10.000 marks each, regardless of exchange fluctuations.
RECLAMATION PROJECTS.
Mr. William Schall, Chairman of the executive committee, is now in
According to Washington Press dispatches, the amendment Germany on a special mission. After a careful survey of the German
economic situation, in the course of which he conferred with the leading
of Senator Borah of Idaho, to the Administration Liberian German financial
authorities, Mr. Scholl has selected as the German adLoan Bill to appropriate $20,000,000 for completion and de- visory committee of the company Senator August Lattmann,Senator John
velopment of Western land reclamation projects, was von Berenberg Gossler, and Alfred Arnthal.
The company's executive offices are at 7 Pine Street, New York City.
adopted in the Senate on Sept. 14 by 26 to 23. A coalition of
One of the great post-war problems is the safe and profitable employDemocrats and Western Republicans forced adoption of the ment of the German marks purchased and held in America.
Financial authorities and leading economists who have examined the plan
Borah amendment, it is stated, which was opposed by Senaadopted by Mr. Roosevelt and his associates of exchanging this large volume
tor Curtis, Republican, Kansas, in charge of the Liberian of depreciated currency for actual value, endorse it as the first simple and
loan measure. Thirteen Republicans and 13 Democrats sup- sound method for safeguarding these American investments, and at the
same
quantities of idle capital in productive enterported the Borah rider, which was opposed by the other Re- prisestime re-employing vast
in Germany.
Marks Invested in property in Germany should begin to earn returns
publicans present, but by only one Democrat, Senator Trammel, Florida. In urging the amendment Senator Borah said immediately and the funds cannot disappear, since they are represented
by actual value. Compared with this, the holding of mark currency
that if $5,000,000 was to be loaned to Liberia, the Govern- or drafts is a most hazardous operation and the funds are either idle or
1268
nib., CHRONICLE
earning very little. Besides if the exchange quotations should approach
the vanishing point there would be nothing tangible left for the holders
of marks or drafts.
The capital of the company will be invested in real estate, mortgages,
securities and participation in industrial and commercial enterprises in
Germany.
Investments will be made after most thorough and careful consideration
by the Board of Directors and the German Advisory Committee and
will be well within the limits of sound and safe finance.
We summarize correspondence received from Mr. William Schall as
follows:
"Since arriving in Germany on July 13 1922, I have been in frequent
conference with leaders in banking, industrial and commercial circles.
"I find that the purposes of your company meet with general approval
here and are deemed financially and economically sound. . . .
"There is a great stringency of money and credit in Germany at present;
and sound and attractive investments can be secured for marks at prices
which should ensure profitable returns coupled with safety of principal.
"We are fortunate in having secured the services of the men composing
our German Advisory Committee. Their standing and record in business
and financial circles in Germany and their intimate knowledge of German
conditions and opportunities ensures adequate supervision of the company's
investments.
"I have also arranged that the Deutsche Bank and the Norddeutsche
Bank at Hamburg shall be the company's depositories."
[VoL. 115.
J. P. Morgan & Co.; James Brown, Brown Brothers & Co.;
W. Palen Conway, Guaranty Trust Co.; Walter E. Frew,
Corn Exchange Bank; R. F. Loree, Henry F. McCreery,
Hard & Rand, Inc.; Gates W. McGarrah, Mechanics &
Metals National Bank; John McHugh, Mechanics' & Metals
National Bank; Maurice A. Oudin, International General
Electric Co.; William C. Potter, Guaranty Trust Co.;
J. Louis Schaefer, W. R. Grace & Co.; Siegfried Stern,
Columbia Trust Co.; E. R. Stettinius, J. P. Morgan & Co.;
and Albert Strauss, J. & W. Seligman & Co.
The bank's statement as of Sept. 9 1922 is as follows:
Assets.
Cash and U. S. Treascertificates
ury
$3,419,498 91
Due from foreign banks 412,057 87
Accrued interest and
accounts receivable_
270,753 90
Stock ofaffiliated banks 1,936,485 48
Due from branches and
aftliated banks
2,380,776 20
Real estate
10,000 00
1 00
Furniture and fixtures_
Liabilities.
$359,101 67
Due to customers
2,452 28
Due to foreign banks__
2,216 50
Accrued interest payable
Due to agencies and af120,301 48
filiated banks
Miscellaneousliabilities 432,666 48
9,185 00
Letters of credit
5,000,000 00
Capital
2,500,00000
Surplus
2,649 35
Undivided profits
Applications for subscriptions to the Common shares of
the United European Investors, Ltd., at 10,000 German
$8,429.573 36
$8,429,573 36
•
marks per share, will be received by William Scha11 & Co.,
45 William Street, New York, and W. E. Hutton & Co., OFFERING OF $1,000,000 SAN ANTONIO JOINT STOCK
Cincinnati, Ohio, if, as and when issued.
LAND BANK BONDS.
The San Antonio Joint Stock Land Bank, which operates
OFFERING OF $1,000,000 ST. LOUIS JOINT STOCK in the States of Texas and Oklahoma, has sold $1,000,000 of
LAND BANK BONDS.
its 5% bonds, dated May 1 1922, due in 1952 (but optional
Halsey, Stuart & Co., Inc., are offering $1,000,000 St. Louis May 1 1932), to a syndicate headed by Halsey, Stuart & Co.,
Joint Stock Land Bank 5% bonds dated May 1 1922, optional Inc., of Chicago and New York, Wm. R. Compton Co. of ChiMay 1 1932, due May 1 1952. Coupon bonds, $1,000 and $10,- cago and St. Louis, and Kelley, Drayton & Co. of New York
000 denominations, fully registerable and interchangeable. City. The purchasing syndicate offered the bonds publicly
Principal and semi-annual interest (May 1 and Nov. 1) pay- on Sept. 14 at 1021 and interest, to yield over 4.625% to op2
/
able at the American Trust Co., St. Louis, or coupons may tional maturity in 1932 and 5% thereafter. The bonds are
be presented for collection through any office of Halsey, obligations of the issuing bank and are collaterally secured
Stuart & Co., Inc. The price is 103 and accrued interest, to by first mortgage on farm lands, United States Government
yield over 4.60% to optional maturity and 5% thereafter. bonds or certificates of .Lidebtedness.
The bank operates in Missouri and Arkansas under Federal
The policy of the band has been to limit 'ts loans to the
charter and Government supervision.
Black and Grand Prand Prairie area in Texas, which, while
it constitutes only 33.06% of the total farm lands in Texas,
ORGANIZATION OF THE BANK OF CENTRAL & SOUTH produces 56.81 of all crops. In 1920 the 36,232,798 acres in
AMERICA—LIQUIDATION OF THE MERCANTILE
this area had a value of over $2,000,000,000 and a mortgage
BANK OF THE AMERICAS.
debt of $92,002,617.
E. R. Stettinius of J. P. Morgan (St Co., Chairman of the
committee of bankers in charge of the liquidation of the BANKS HELPED TO FINANCE THE COAL STRIKE—
Mercantile Bank of the Americas, announced on Thursday
STATEMENT BY JOSEPH W.HARRIMAN OF
HARRIMAN NATIONAL.
of this week (Sept. 14) the completion of the organization of
the Bank of Central & South America, Inc. This is reAn incident of the week has been the disclosure that the
garded as the final step in the straightening out of the coal miners' strike was partly financed by loansfrom the Harinvolved affairs of the first named institution. The new riman National Bank of New York, and the Indiana National
bank, whose offices are at 44 Pine St., has taken over from Bank of Indianapolis. This became known on Sept. 12,
the defunct Mercantile Bank of the Americas its entire when William Green, Secretary of the United Mine Workers
interest in the National Bank of Nicaragua, Inc., Banco of America, made a statement at Atlantic City explaining
Mercantil de Costa Rica, Banco Mercantil American° del how the money by which the strikers were supported was
Peru, Banco Mercantil American° de Caracas and Banco obtained. Mr. Green said that the strike had cost the interMercantil Americano de Colombia.
national organization more than $1,000,000, and in order to
The newly organized bank has a paid in capital of $5,000,- meet this heavy expenditure it had been necessary to obtain
000 and a surplus of $2,500,000 and is stated to be fully $200,00 from the two banks, sell $550,000 worth of bonds
equipped to handle all kinds of banking transactions. Its and securities held by the union and borrowed $50,000
resources and energies will be devoted to developing more from the Brotherhood of Locomotive Firemen and Engineextensive commercial and banking relations between the men. The loan from the Harriman banking interests, Mr.
United States and the countries in which it is represented. Green said, was arranged last July, after the union officials
The officers chosen for the Bank of Central and South Amer- had been introduced to Joseph W. Harriman, President,
ea, Inc., are: R. F. Loree, President; F. C. Harding, Vice- and H. B. Rosen, Chairman of the Executive Committee,
President; R. Hansel, Vice-President and Secretary; P. of the bank by Benjamin Schlesinger, President of the InterTillinghast, Assistant General Manager and Assistant Secre- national Ladies' Garment Workers' Union. He said that
tary; J. Bloom, Treasurer; Colin S. Macdonald, Assistant officials of the bank had offered to make further loans if the
Treasurer; William Todd, Assistant Secretary.
money were needed.
The bank's announcement regarding these officials is
In his statement Mr. Green said:
as follows:
The New York loan was a pleasant surprise to our union. There was
Mr. Loree was first employed by the Farmers Loan & Trust Co., and in
1914 became connected with the Guaranty Trust Co. In 1918 he became
Financial Adviser ofthe Inter-Allied Councilfor War Purchases and Finance.
Returning to the Guaranty Trust Co.'s New York office in 1919, he became
Assistant Secretary and then manager of their foreign department. In
of the Mercantile Bank of
the spring of 1921 he was made Vice-President
the Americas, Inc.
for many years associated
birth, was
Mr. Harding, an Englishman by
having managed several of its
with the Anglo-South American Bank,
and having been connected with its New York
branches in South America
office for fourteen years.
with the law office of White & Case.
Mr. Hansl was formerly associated
behalf of that firm upon legal
During 1915 and 1916 he was engaged on
of J. P. Morgan & Co. In 116 he became
work for the export department
department,and since then has representdirectly connected with the export
financial matters both here and abroad.
ed J. P. Morgan & Co. in various
not the slightest difficulty. Mr.Rosen and other officials ofthe bank showed
us every consideration. It was a regular business transaction. The notes
signed by President John L. Lewis, Vice-President Philip Murray and myself were payable in six months. This is the first instance that I know of
where a large banking interest has aided a labor organization. The Indiana
National Bank also offered further financial aid.
Indeed, the Harriman bank did for us a greater service than extending
.
the loan. Mr. Harriman, its president, was an important figure in the
events leading up to the termination of the strike. I think this is a good
opportunity to let the public know that he it was who arranged some of
the most important conferences and was one of the outstanding figures in
bringing about a settlement.
Mr. Green explained that Mr. Harriman had brought the
miners in touch with Secretary Hoover and the Federal
Administration and into connection with the interests ownthe mining properties. "He was ready
The board of directors, which comprises representatives ing and controlling
a variety of important interests in banking, commercial, at all times with aid, advice and ready, too, to call whatever
of
shipping and industrial fields, are: Arthur M. Anderson, meetings might help toward ending the strike." With
SEPT. 161922.]
THE CHRONICLE
1269
reference to Mr. Green's statement, press dispatches from
Atlantic City said:
Mr. Mahon said that his organization would have no difficulty in getting
loans at this time. He said at the present time his union was paying
$15,000 a week in strike benefits at Buffalo.
President Green said that with $1,500,000 of its funds tied up as bonds in
"Our organization can borrow funds any time it wishes," said James
the Corronado and the Pennsylvania Mining Company appeal cases in the
Duncan, President of the International Granite Cutters' Union, who has
United States Supreme Court, the union was faced with an unusually diffi- been waging a
strike against wage reductions since Jan. 1. "Loans to unions
cult task in financing expenses of the international organization in the con- are
considered safe by reputable banking houses."
duct of the strike.
John W. Hayes, Secretary-Treasurer of the International Typographical
"During the war we purchased a large number of Government bonds and Union,
said that his organization had not obtained any loans from banks,
other securities," he explained. "Of these that were available we started to but had
dispose of as the first step in financing our struggle. In June we arranged for union borrowed $500,000 from the old age and the mortuary funds of the
to finance the strike for the 44
-hour week in commercial printing
a loan of $50,000 from the Brotherhood of Locomotive Firemen and Engine- houses.
men at their headquarters in Cleveland.
The United Garment Workers' Union borrowed $15,000 from a Chicago
"We borrowed $100,000 from the Indiana bank and then were called to bank under
similar conditions, said T. A. Rickert, President of the union.
Now York by the offer of financial aid by President Schlesinger of the gar- Other union
leaders said that, if funds were needed, they would have no
ment workers. His organization pledged us another $100,000, and Mr. trouble in
getting loans from certain banking houses.
Schlesinger said that he believed that another $100,000 could be obtained
The New York "Times" also printed the following special
from the Harriman Bank and probably as much more. The loan was
"arranged. We also succeeded in getting released $175,000 held by the dispatch from Springfield, Ill.:
court in the Pennsylvania appeal case, and we disposed of considerable numJohn L. Lewis, National President of the United Mine Workers of
bers of bonds."
America,is not in Springfield, but Frank Farrington, President of the State
Mr. Green said that he had come to Atlantic City from New York, where Miners'
Union,
he had disposed of $75,000 worth of Canadian bonds to banking firms. United Mine said to-day that the loan made by the Harriman Bank to the
Workers was not an unusual procceeding.
He said that the organization was "well upon its feet and the financial
"Not long ago," said President Farrington, "I borrowed $150,000 from
strain caused by the strike had been greatly relieved." The income of the a
Springfield, Ill., bank under the same circumstances, I and two officers
union from dues and assessments upon the return of the miners to work, of the
State union signing the note."
he said, would probably amount to $500,000 a month.
"We have not attempted to pay off any of the loans," he added,"but the
union will have no difficulty in meeting its financial obligations. The
strike is over and the men are at work. Conditions are looking better ASSOCIATION OF MISSOURI BANKS AND TRUST COMevery day."
PANIES OPPOSED TO BRANCH BANKING.
The loan is alleged to have been made without collateral
security. According to newspaper accounts, Joseph W.
Harriman, President of the Harriman National Bank, 527
Fifth Ave., declined to affirm or deny the statement that the
Harriman National had lent $100,000 to the United Mine
Workers of America to help purchase food and shelter for
the striking miners and their families. He did, however,
it is stated, flatly deny that any statement had been made
on behalf of the bank, that the miners could have $5,000,000
or as much as they needed on the same terms. This latter
statement was ascribed to Harry B. Rosen, a director of
the bank. "That is absurd on the face of it," was Mr.
Harriman's comment; "the law limits the amount which
we are permitted to lend, and no bank with a small capitalization such as ours is, could possibly advance any such sum
to any borrower." Mr. Harriman said that the matter of
the loan was one which he could not discuss because it was
the bank's private business and a matter between the bank
and one of its customers. He is said to have added:
The Harriman National Bank is a public institution and does business
with corporations, individuals and all kinds of organizations, including labor
organizations, railroads and coal corporations," Mr. Harriman said, "also
with Indians, Chinese, Japanese, Filipinos and some Americans, red,
yellow, brown, and white; in other words, without regard to race, creed
or color.
"The United Mine Workers of America do banking business here and
have done so for some time. Their business with us has always been
conducted along business lines. The nature of their transactions I am at
no more liberty to discuss publicly than the business of others who do
business here.
"They have conducted their business with us in accordance with business
principles. It is their business and it would not be proper for this bank to
discuss their affairs.
"We are financial doctors and doctors do not discuss the private affairs
of their patients.
"The efforts of the Harriman National Bank have always been directed
toward securing a settlement of the coal strike and the railroad strike. We
are anxious to see these strikes settled just as all banks are anxious to see
industrial disputes settled and industrial effort turned into productive
channels. Anything that we have had to do with the coal strike has always
been aimed in the direction of a settlement."
The Association of Missouri Banks and Trust Companies
Opposed to Branch Banking has recently promulgated its
views in the matter in advertisements published in newspapers in St. Louis, Kansas City and Jefferson City. One of
these, appearing in the papers of Sept. 3 had the following to
say in support of the Capper-Dyer b411 against branch banking:
Plain justice for our independent banks. Such is the object of the CapperDyer Bill, recently introduced in Congress by Senator Capper and Congressman Dyer as Senate Bill No. 3,941 and House Bill No. 12,414. The bill expressly prohibits national bank branches except within such States as authorize their own banks to operate branches. It goes still further, in providing
that national bank branches opened contrary to the provisions of the bill
must be closed by the United States Comptroller of the Currency.
This power to close unlawfully opened branches seems needed in Missouri
at this time. A "branch or agency" of a national bank is operating on Olive
Street in St. Louis—in contravention of the laws of Missouri, and in disregard of a ruling made by the United States Government through the Comptroller of the Currency. Our authority for the fact that such a ruling has
been made is the Comptroller himself, who, in a letter dated Aug. 16 1922,
made this assertion: "I have particularly ruled in every instance that no
branch or agency would be authorized by me in States where State institutions did not have like facilities."
In view, therefore, of the urgent need for corrective legislation, our Association believes that every provision of the Capper-Dyer Bill should be enacted
into law. On the other hand, we strongly oppose the enactment of such a
measure as that introduced by Congressman McFadden as House Bill No. 12,415. This bill, while ostensibly devised to clarify the branch banking situation, proposes, in fact, such a dangerous enlargement of the Comptroller's
power as to make the latter provision the overshadowing feature. It aims,
moreover, at the preservation of all existing national bank branches—even
those branches which originally were established under unlawful circumstances. Shall we retain in Missouri a permanent national bank branch, as
a reminder through future years that, in 1922, one institution considered itself "dominant" enough to ignore the laws of Missouri and the rulings of the
United States Comptroller of the Currency? No; the McFadden Bill would
perpetuate a wrong. It should be defeated.
The following is the text of the Dyer bill as Introduced in
the House by Representative Dyer on Lug. 23:
14- Labor unions have had little difficulty in obtaining loans from banks to
finance strikes, according to members of the Executive Council ofthe American Federation of Labor, who in session here to-day received from William
Green, Secretary of the United Mine Workers, details of the $100,000 loan
obtained from the Harriman National Bank in New York to carry on the
recent nation-wide coal strike. The Council approved the action of the
miners' union in financing its strike through loans from the Harriman
bank and the Indiana State Bank, and by the sale of securities.
W.D. Mahon, President of the Amalgamated Association of Street Railway Workers, said that in 1917 he had obtained a loan of $100,000 from a
Boston bank to finance the street car men's strike in New York and that
no collateral security was demanded.
la "When informed that the New York strike would collapse unless funds
were made immediately available," said Mr. Mahon, "I with other international officials otok the train to Boston, obtained the $100,000 without
difficulty, being told by the bank officials that they would accept our
100,000 membership organization as quick as an organization of employers
or any other. We paid back this loan by an assessment of from $1 to $5
on the membership before $50,000 of the loan had been used up in the strike.
The other $50,000 went to the union.
[67th Congress, 2nd Session, H. R. 12,414.]
A BILL To amend the Revised Statutes of the United States relating to
branch banks under the National Bank Act.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That Title LXII of the Revised
Statutes is amended by adding after Section 5155 three new sections, to read
as follows:
"Sec. 5155-A. No national banking association shall own, establish, maintain, or operate any branch bank, branch office, or branch place of business
in conducting any of its business in any State that does not, by direct legislation, authorize banks created by or existing under the laws of such State to
own, establish, maintain, and operate branch banks, branch offices, and
branch agencies. Any national banking association violating the provisions
of this section shall thereby forfeit its charter as a national banking association.
"Sec. 5155-B. Any national banking association that at the time this section takes effect is conducting branch banks, offices, or agencies in States
that have not so authorized State banks to maintain such branches shall discontinue such branch banks, branch agencies, or branch offices within thirty
days. Any such association which violates this section shall thereby forfeit
its charter as a national banking association.
"Sec. 5155-0. The Comptroller of the Currency shall enforce the provisions of Sections 5155-A and 5155-B; and in case any national banking association violates the provisions of this Act it shall be the duty of the Comptroller to take possession of such bank and liquidate its affairs, and upon a
complete liquidation thereof its corporate existence shall cease. In addition
thereto, compliance with such sections may be enforced by suits instituted
at the instance of the State in which such offending banking association may
be located or by any interested party. And the courts of the United States
and of the State in which the banking association is located shall have concurrent jurisdiction in all such cases."
Calls Labor Loans Secure.
"Why should not banks loan to labor unions? Such loans are absolutely
safe and secure. Our union, for instance, owns $5,000,000 worth of Government bonds and securities. We have considerable business with banks.
The entire cost of the conduct of our international union, $225,000 a year,
is paid out of the interest received on the bonds and funds on deposit. Not
one cent, of the assessments or dues from members is used for salaries qr
conduct,of the international union."
We believe that branch banking is directly contrary to the public welfare
for the following six reasons:
1—Branch banking is prohibited by Missouri law.
2—Branch banking would overturn the American principle of independent
banking.
3—Branch banking would enable a few large banks to control the nation's
banking power, including the Federal Reserve System.
From a special telegraphic dispatch to the New York
"Times" from Atlantic City under date of Sept. 13 it appears
that other banks have been willing to make loans to labor
organizations from time to time. The "Times" dispatch
was as follows:
In one of its advertisemerts the Associations said:
1270
THE CHRONICLE
4—Branch banking would place a handicap upon small business by making
it difficult for the small borrower to finance his needs.
5—Branch banking would take banking profits away from the respective
communities, instead of distributing them locally.
6—Branch banks would pay smaller taxes to municipalities than independent banks do now.
The Association has also expressed itself as follows:
The issue is plainly, whether branch banking shall supplant independent
banking in the United States. Branch banking is monopolistic, and, if allowed to get a start, will absorb or otherwise eliminate independent banks.
The Legal Case Against Branch Banking.
A national bank has established one branch in St. Louis and has announced
that it intends to establish several other branches. This action is directly
contrary to Missouri law and is without express statutory or official authority
from the Federal Government.
The Federal law governing national banks plainly states that the business
of such banks shall be conducted "at an office or banking house located in the
place specified in its organization certificate." "An office," it seems to us,
does not and cannot mean "offices." But branch banking certainly requires
"offices," rather than "an office." We, therefore, agree fully with those
bankers and Government officials who for nearly sixty years have interpreted
the Federal law as precluding the establishment of branches by national
banks.
So uniform has been this interpretation of the law that no Comptroller of
the Currency has ever issued any general regulations to govern the operation
of national bank branches. Hence, the present attempt to establish branches
amounts to branch banking without regulations and without limitations. This
attempt, if successful, will establish a precedent which must mean the early
end of independent banking in the United States.
Branch Banking Will Drive Out Independent Banking.
That branch banking is monopolistic and will drive out independent banking has been recognized by virtually every student of finance and financial
history. Speakig before the Pennsylvania Bankers' Association in 1909, Congressman Edward B. Vreeland, Vice-Chairman of the National Monetary
Commission, after an intensive survey of the banking systems of the world,
made the following statement: "I believe in this independent system of
banks. I am opposed to the branch bank system. The branch bank system
will drive any other system with which it competes out of existence. The
establishment of the branch system in the United States would, in time,
mean the extinction of the small independent bank. This has invariably been
its history wherever put into operation."
What Independent Banking Has Done for America.
The issue, therefore, which has been raised by the establishment of a national bank branch in St. Louis, is olainly whether or not independent banks
shall be eliminated; there is no middle ground. The process of elimination
will not be finished over night, but, in the end, it will certainly take place—
if branch banking once be allowed to gain a foothold. To believe otherwise
means to disbelieve every lesson of world financial history.
Before we decide to discard the American principle of independent banking,
let us see what are its advantages and what have been its accomplishments.
1—The nation has grown to its present state of prosperity and power under
the independent banking system.
2—Under our independent banking system we have, within the past five
years, accomplished the most remarkable financial feat in the history of the
world—the financing of business and Government during the Great War.
3—The Federal Reserve System which is based upon independent banking,
fully supplies the unity and reserve strength which a system of independent
banking requires.
4—Branch banking will take from the respective communities the profits
from bank operations, which are now distributed locally, and will confer such
profits upon the owners of the branch banking monopoly.
5—The taxes paid to municipalities by branch banks would be much less
than the amounts now paid by independent banks.
6—Independent banking provides a direct, man-to-man method of doing
business, as contrasted with the indirect "we'll-submit-it-to-the-head-office"
plan of branch banking.
7—Statistics prove that the independent banking system of the United
States is the safest in the world.
The Associations' membership on Sept. 3 comprised 1,184
banks, representing, it is stated, over 70% of all Missouri
banks. Its officers are: President, Frank T. Hodgdon,
Farmers and Merchants Bank, Hannibal; Vice-Presidents,
John E. Wagner, Bank of Neosho, Neosho; W. S. Webb, Missouri Savings Bank Association, Kansas City; Joseph S.
Carr, Chippewa Bank, St. Louis, and A. C. F. Meyer, Lafayette-South Side Bank, St. Louis; Treasurer, W. P. Durkan,
City Trust Co., St. Louis; Secretary, J. I. Cook, St. Louis.
CLEARING HOUSE SECTION OF A. B. A. ADVISES PUBLICATION OF BANK CLEARINGS AS WELL AS
BANK DEBITS.
It appears that the Clearing House Section of the American Bankers' Association now advises the publication of reports of bank clearings as well as bank debits. It will be
recalled that at last year's annual meeting of the Association
a resolution providing for the discontinuance of the returns
of bank clearings was adopted, and we took occasion, in an
editorial article in our issue of March 11 (page 988) to refer
to the resultant inability to continue the invaluable records
which had been maintained for over half a century. But the
Executive Committee of the Clearing House Section, following a suggestion by members of the committee at the Spring
meeting, recommended that total clearings, as well as total
debits to individual accounts be compiled weekly, and that
all clearing houses continue to furnish to the Federal Reserve banks of their districts total debits to individual accounts, as well as clearing figures to financial papers and
statistical bureaus requesting them. The following is a copy
of a letter sent under date of May 25 to the managers of the
different clearing houses:
[VoL. 115.
May 25 1922.
To the Manager of the Clearing House Addressed:
In my letter to you of November 19, I enclosed copy of the resolution
adopted at the annual meeting of the Clearing House Section held in
Los Angeles last October. This resolution called for the abolishment of
the publication of bank clearings and the substitution of total debits to
Individual accounts. It recommended that all associations adopt a similar
resolution so that the publication of total debits to individual accounts
would become universal on January 1 1922.
While many clearing houses adopted this resolution, a majority agreed
to report not only their total debits to individual accounts to the Federal
Reserve bank of their respective districts, but also decided to continue to
give to the financial publications of the country a total of their weekly
clearings as they have done heretofore. Inasmuch as the majority of the
clearing houses are reporting total debits to individual accounts to the
Federal Reserve banks of their respective districts and in addition reporting
total clearings to many of the financial publications, it was suggested by the
members of the Executive Committee of the Clearing House Section in
session at the spring meeting at White Sulphur Springs two weeks ago,that
we request all clearing house associations to compile their total weekly
clearings as well as total debits to individual accounts, which figures may
be used for comparative purposes at any time and to offer them to those
financial periodicals that may want to use them.
The reason actuating this suggestion is that the officers of this Section
as well as experts in charge ofstatistical and research bureaus agree that total
debits to individual accounts are a more accurate barometer of business
conditions than total clearings. However, total debits have not been
compiled for a sufficient number of years to make them of value for comparative purposes. If clearings figures be compiled for at least four or five
years longer, a dual set of statistics will be available for those whose research
requires no sudden break in the study of business cycles. At the end of this
period, figures giving total debits to individual accounts can be wholly
substituted for total clearings, which heretofore have been used as a gauge
of general business conditions. The committee, therefore, recommends
that total clearings as well as total debits to individual accounts be compiled
weekly and all clearing houses continuo to furnish to the Federal Reserve
banks of their districts, total debits to individual accounts, also clearing
figures to those financial papers and statistical bureaus that may request
them.
It was also suggested that in addition to compiling total debits to individual accounts as well as total clearings, the clearing houses also compile
for their own information total bank transactions, which would include
debits on country banks and bankers,in addition to total debits to individual
accounts. Perhaps these figures may be of some use to your Association at
some time for comparative purposes.
DETROIT ADOPTS CLEARING HOUSE EXAMINER
SYSTEM.
According to the August number of the Journal of the
American Bankers' Association, the Clearing House Examiner System has just been adopted by Detroit. The following is taken from the "Journal":
Culminating a desire of twenty years, Detroit bank officials, members of
the Clearing House Association, have finally agreed upon the installation
of the Clearing House System of Examination, and have selected Mark A.
Wilson, Chief Examiner of the Chicago Federal Reserve Bank, as Examiner. Mr. Wilson took up his duties July 1. In his position as clearing
house examiner, he will have the authority to scan and analyze the books of
all member banks of the clearing house association, particularly the credit
file. Only Federal and State bank examiners have similar authority. It
will be Mr. Wilson's duty to check up on all loans made to either individuals
or corporations by the banks and where customers may be found overextended on loans he will recommend curtailment. In many other ways
Mr. Wilson will be expected to guard member banks against transactions
which might be inconsistent with sound banking practice.
EIGHT NEW MEMBERS OF BALTIMORE CLEARING
HOUSE ASSOCIATION.
Announcement that the Baltimore Clearing House Association has increased its membership through the addition
of eight members, was announced as follows in the Baltimore
"Sun" of July 15:
After several years of diplomatic exchanges between the city's national
banks and the State banks and trust companies the Clearing House Association yesterday admitted to membership five trust companies and three State
chartered banks, which nearly doubles its membership. Prior to the admission of these institutions only 11 national banks of the city were members.
Those admitted were the Mercantile Trust & Deposit Co., the Maryland
Trust Co., the Continental Trust Co., the Baltimore Trust Co., the Union
Trust Co.,the Baltimore Commercial Bank,the Calvert Bank and the Park
Bank.
Some of these trust companies have held associate memberships in the
Clearing House heretofore, but none of them could be admitted to full membership until certain changes were made in the Clearing House constitution.
These changes were,for the most part,only alterations in the verbiage which
had limited the membership to national banks. Some changes were also
made in the by-laws to enable the new members to continue conducting
their business as they have been doing. For instance, those that have
maintained branches in outlying parts of the city which kept open on Saturday nights and at other times beyond the established banking hours,
may continue to do business in the same way. A zone was established in
the downtown business section, however, in which all banks must observe
the fixed rules of the Clearing House as to hours and other administrative
matters.
The addition of these eight new members will give the Clearing House a
standing much more representative of the city's financial importance and
magnitude than it has ever had before. State-chartered institutions now
do a greater volume of business than the national banks, and it was anomalous that they should be outside the Clearing House.
Other trust companies and State banks have under consideration the
question of making application for membership and probably will come to
a decision soon, now that the Ice has been broken. And there was considerable ice to break before the two classes ofinstitutions could come to an understanding, as was evidenced at the several lively meetings at which the subject was discussed. It is only fair to say that the delay of the State institutions was of their own making, for the Clearing House members have
been trying to bring about the amalgamation for several years and have
Made numerous concessions from the traditions of the association to that.
end.
SEPT. 161922.']
THE CHRONICLE
ORGANIZATION OF BETTER BUSINESS BUREAU OF
NEW YORK CITY, /1VC.
The organization is announced in this city of the Better
Business Bureau of New York City, Inc., the functions of
which will be to investigate suspicious financial ventures, to
warn the public at large against the schemes hatched to
gather in their savings, to promote a knowledge of sound investment and to provide further machinery to aid investors
to secure facts. The Bureau will be a non-profit making organization. Its only clients will be the public. Subscriptions to support it will be accepted from legitimate concerns
in finance, industry and mercantile fields.' The Bureau will
not give advice to investors; it will attempt to gather facts
fur its own uses to fight fraud in securities selling. David
F. Houston, President of the Bell Telephone SecuritieA Company, former Secretary of the Treasury, has accepted the
Presidency of the Bureau, which will be in charge of H. J.
Kenner, former Director of the National Vigilance Committee: Jerome Simmons is Counsel for the Bureau, and Mr.
Kenner will be aided by a staff of investigators. The Bureau
has offices at 61 Broadway and is already functioning. Regarding the organization of the Bureau, Mr. Houston issued
the following statement:
The Better Business Bureau contemplates a service to the public and to
legitimate business which will be protective and preventive. The Bureau
will conduct investigations continuously, not sporadically, to support
existing legal agencies in ridding the community of law violators who
foist spurious securities on the investing public or do a bucketshop business.
ft will attempt to do preventive work in the way of warning to the public
In specific cases of attempted fraud. In cases of wrong practice where
fraud is not involved it will seek correction of misstatement.
It will do constructive work also through educational effort to bring
small investors to a better understanding of the service which legitimate
investment houses render.
While the Bureau will centre its activities on local matters, its work will
be of nation-wide significance, inasmuch as it will co-operate closely with
similar bureaus in 36 other cities throughout the country and with the
National Vigilance Committee of the Associated Advertising Clubs of
the World.
At the offices of the Bureau Mr. Kenner said:
In the investigation of a number of suspected promotion propositions
recently we found that some of the new and handsome office buildings
in the city are infested with promoters of schemes having the earmarks
of fraud. The District Attorney's office and the Post Office Department
have made marked headway against blue-sky adventurerdwho have selected
New York as their seat of operations, but many remain who have swarms
of salesmen at work among small investors in Greater New York and in
smaller communities in this and other States. As fast as our investigations
reveal evidence of fraudulent practice, we will present facts to District
Attorney Banton and to United States Attorney Haywood.
1271
in the sale by the corporation of its bonds. With this position the Exchange
authorities have shown their disagreement by their action.
We feel confident that this statement will be duly credited by our friends
and can only hope for charitable consideration of the same on the part of
the public.
CHICAGO CREDITORS OF E. W. WAGNER & CO., TO
RECEIVE 50% PAYMENT.
The Chicago "Tribune" of September 13 stated that the
7,000-odd creditors of the Chicago branch of the failed
brokerage firm of E. W. Wagner & Co., would receive in a
few days checks representing an initial payment of 50 cents
on the dollar of their claims. The aggregate payment,
it was said, would be about $5,000,000 or'half of the firm's
liabilities of $10,000,000. It was stated that the New York
creditors had already received their 50%. The "Tribune"
further stated that the receiver will make subsequent payments as the firm's assets are liquidated "and this process
thus far gives ground for belief that eventually the creditors
will be paid in full." E. W. Wagner & Co. closed their
doors in December 1921.
FAILURE OF J. C. RABINER & CO., NEW YORK.
The Consolidated Stock Exchange firm of J. C. Rabiner
& Co.,25 Broad Street, this city, closed its doors on Wednesday of this week, Sept. 13, when an involuntary petition in
bankruptcy was filed against the company in the United
States District Court. Liabilities were estimated in the
petition at $500,000 and the assets at $20,000. Ross &
Kaufman, of 256 Broadway, the attorneys for the creditors,
are reported as saying that they expected an examination
of the failed firm's books would disclose liabilities of $1,000,000. Judge Manton appointed former Judge William D.
Cunningham of 66 Broadway receiver. The failure was followed by suspension from the Consolidated Stock Exchange,
the following statement being issued by that organization:
President Silkworth said to-day that the firm had been under investigation by the Exchange's bureau of auditing and accounting for the last two
weeks and that the members had been ordered to appear before the Ways
and Means Committee Thursday afternoon. The bankruptcy
proceedings, Mr. Silkworth further stated, were evidently
brought about to forestall disciplinary measures by the Exchange.
In addition to its Broad Street office, J. C. Rabiner & Co.
maintained two other New York offices, namely at 1845
Broadway and 243 West 47th Street.
NEW
OFFERING OF ONE-YEAR TREASURY CERTIFIMr. Kenner added that a merchandise section of the BuCATES OF INDEBTEDNESS.
reau to deal with misrepresentations in the advertising and
Secretary of the Treasury Mellon on Sept. 11 announced
wearing apparel, household goods, foods and similar
sale of
a new offering of one-year Treasury certificates of indebtcommodities would be organized early this fall.
edness, to be known as Series TS-1923, dated Sept. 15 and
NEW YORK STOCK EXCHANGE EXPELS HELL WIG &
RE UTTER.
On Thursday of this week, Sept. 14, announcement was
made from the rostrum of the New York Stock Exchange of
the expulsion of the firm of Hellwig & Reutter, of 25 Broad
Street, for "conduct inconsistent with equitable principles of
trade." The expelled firm had been a member of the Exchange since May 1 1914, and consists of Theodore A. Hellwig, Charles E. Reutter and Robert H. Reutter, the two
first named having been the floor members. Later on the
same day (Sept. 14), Hellwig & Reutter issued a statement
which read in part as follows:
bearing interest at 334%. The issue is to be for about
$200,000,000. The issue carries the usual tax exemptions,
and Treasury certificates maturing Sept. 15 and also Series
D-1922, maturing Oct. 16, will be accepted in payment of
the new obligations.
THE CONFERENCE REPORT ON THE TARIFF BILL.
The Fordney-McCumber Tariff Bill, as agreed to in conference was reported to the House of Representatives at
Washington on Tuesday of this week (Sept. 12) and came
up for action the next day. It excited bitter opposition by
reason of the proposed duty of so a ton on potash and the
restoration by the conferees of the dye embargo, eliminated
firm owes its friends and the public an explanatory statement in
This
relation to the surprising action of the Board of Governors in expelling its from the measure by the Hbuse and Senate. One hundred
two floor members from the Stock Exchange.
and two Republican members of the House revolted, and,
something over a year ago this firm assisted in the sale of a large part of
-dollar issue of the bonds of a new corporation. The bonds were under the temporary leadership of Representative Garner,
a million
distributed at or about par. Since the original sale the corporation has Democrat, of Texas, voted with the Democrats to recommit
been successfully launched and is now earning considerably over the in- the tariff
bill, with instructions that the conferees abandon
terest requirements of the bonds.
Last fall and early spring the corporation continued the sale of these the dye embargo provision and place fertilizer potash on the
bonds to investors at or about par, and such sales were cleared through us. free list. The vote was 177 to 130. The conferees decided
At or about the same time the corporation found itself in need of funds for to
heed these instructions and on Thursday agreed upon a
the completion of the plant in order to start operations, and it became
necessary for it to sell at material concessions a small amount of these new conference report with potash on the free list and the
bonds, which bonds were also cleared through our office, owing to the fact dye embargo
replaced by a scheme of duties on dyes, thus
that one of our members was Treasurer of the corporation.
ensuring the prompt passage of the revised measure. The
These stress sales on the part a the corporation, coupled with the fac
that other holders financially embarrassed were disposed to sell their bonds new rate on finished dyes for the first two years after adopat a sacrifice, brought about a condition which the Stock Exchange has tion of
the bill will be 7 cents a pound and 60% ad valorem,
charged amounted to a market for the bonds at a price materially under
par. It has been our claim that these few occasional sales at prices under and on intermediate dyes 7 cents a pound and 55% ad valopar did not create what could properly be called a market and was in no rem. After two
years the rate is to be 7 cents a pound and
sense a proper criterion to determine the fair selling price of the bonds.
45% on finished dyes, and 7 cents a pound and 40% on interAfter asserting that the bonds are regarded by the firm
mediate dyes. Chairman McCumber said it has his underas worth their face value, the statement continued:
standing that synthetic and organic chemicals were included
. We have been chlrged by the Governors with conduct inconsistent with
equitable principles of trade in continuing to clear the bonds for the cor- in the new rate proposed.
poration in sales at cr about par during the period when the stress sales were
It is estimated that the bill will raise approximately $400,made at material concessions under par. This firm has never felt that
these isolated sales under stress conditions constituted a market in such a MOOG in revenue on the basis of the present volume of imsense that the prices of such sales should have been taken into consideration ports. According to the experts, the level of the rates in the
1272
THE CHRONICLE
measure is slightly below the level in the Payne-Aldrich bill,
the last previous Republican tariff, but considerably above,
of course, the level of the Democratic Underwood law now In
force.
The Associated Press in dispatches from Washington
under date of Sept. 12 gave the more important duties in
the tariff bill as then agreed upon in conference, with comparisons with the Payne-Aldrich-the last Republican
-and the Underwood law, as follows:
tariff Act
Agricultural Products and Provisions.
Cattle, from 1% to 2 cents a pound; Payne-Aldrich, from 2 cents a head
to 2734% ad valorem; Underwood, free.
Sheep and goats, $2 a head; Payne-Aldrich, from 75 cents to $1 50;
Underwood, free.
Fresh lamb,4 cents a pound; Payne-Aldrich, 134 cents; Undrewood,free.
Hogs, % cent a pound; Payne-Aldrich, $1 50 a head; Underwood,free.
Fresh pork, 34 cent a pound; Payne-Aldrich, 134 cents; Underwood, free.
Bacon, hams and shoulders, 2 cents a pound; Payne-Aldrich. 4 cents a
pound; Underwood, free.
Lard, 1 cent a pound; Payne-Aldrich, 134 cents; Underwood. free; lard.
compounds and substitutes, 4 cents a pound; Payne-Aldrich (no provision);
Underwood, free.
Milk,fresh, 234 cents a gallon; Payne-Aldrich, 2 cents; Underwood,free;
buttermilk, 1 cent a gallon; Payne-Aldrich and Underwood (no corresponding provision); cream, 20 cents a gallon; Payne-Aldrich, 5 cents; Underwood, free.
Milk, condensed or evaporated, unsweetened, 134 cents a pound; sweetened, 134 cents a pound; Payne-Aldrich, 2 cents in each case; Underwood,
tree.
Butter and oleomargarine and other butter substitutes, 8 cents a pound;
Payne-Aldrich, 6 cents; Underwood. 234 cents.
Cheese and substitutes, 5 cents a pound; Payne-Aldrich, 6 cents; Underwood, 20%•
Poultry,live,3cents a pound;Payne-Aldrich,3 cents; Underwood,1 cent.
Poultry,dead,6 cents a pound;Payne-Aldrich,5 cents; Underwood,2cents.
Eggs of poultry, in the shell, 8 cents a dozen; Payne-Aldrich, 5 cents a
dozen; Underwood, free.
Honey, 3 cents a pound; Payne-Aldrich, 20 cents a gallon; Underwood,
10 cents a gallon.
Horses and mules, valued at not more than $150 each. $30 each; valued
at over $150 each, 20%; Payne-Aldrich, $30 each and 25% respectively;
Underwood, 10%.
Fresh or frozen salmon, mackerel, and halibut, 2 cents a pound; PayneAldrich, I cent a pound; Underwood, free; other fresh or frozen fish, 1,
cet a pound; Payne-Aldrich, same; Underwood, free.
Herring and mackerel, pickeled or salted, 1 cent a pound; PayneAldrich, 1% cents a pound; Underwood, free.
Barley, 20 cents a bushel; Payne-Aldrich, 30 cents; Underwood, 15
cents; barley flour. 2 cents a pound; Payne-Aldrich, same; Underwood,
I cent.
Corn, 15 cents a bushel; Payne-Aldrich, 15 cents; Underwood, free;
corn meal, 30 cents per 100 pounds; Payne-Aldrich, 40 cents; Underwood.
free.
Macaroni and noodles, 2 cents a pound; Payne-Aldrich, 135 cents;
Underwood, 1 cent.
Oats, 15 cents a bushel; Payne-Aldrich, 15 cents; Underwood,6 cents.
Milled rice, 2 cents a pound; Payne-Aldrich, same; Underwood, I cent.
Rye, 15 cents a bushel; Payne-Aldrich, 10 cents; Underwood, free.
Wheat, 30 cents a bushel; Payne-Aldrich, 25 cents; Underwood, free.
Wheat flour, 78 cents per 100 pounds; Payne-Aldrich, 25%; Underwood.
free.
Apples, 25 cents a bushel; Payne-Aldrich, 25 cents; Underwood, 10 cents.
Apricots, green, ripe, dried, or in brine, % cent a pound; Payne-Aldrich
and Underwood,free.
Cider, 5 cents a gallon; Payne-Aldrich, 5 cents; Underwood,2 cents.
Figs, fresh, dried, or in brine, 2 cents a pound; Payne-Aldrich, 234
cents; Underwood, 2 cents.
Raisins, 2 cents a pound; Payne-Aldrich, 234 cents; Underwood, 2 cents.
Lemons 2 cents a pound; Payne-Aldrich, I% cents; Underwood,% cent.
Limes, oranges, and grapefruit, 1 cent a pound; Payne-Aldrich, 1 cent;
Underwood, % cent.
Olives, in brine, green, or ripe, 20 cents a gallon; Payne-Aldrich and
Underwood, 15 cents a gallon.
Peaches and pears, % cent a pound; Payne-Aldrich, same; Underwood,
•
1-5 cent.
Pineapples, 34 cent each; Payne-Aldrich, 4-5 cent; Underwood, % cent.
fruit butters, 35%; Payne-Aldrich. 2 cents
Marmalades, jellies, and
a pound; Underwood, 1 cent a pound.
Almonds, unshelled, 4,,1 cents a pound; Payne-Aldrich, 4 cents; Underwood, 3 cents; shelled, 14 cents a pound; Payne-Aldrich, 6 cents; Underwood,4 cents.
Brazil nuts, 1 cent a pound; Payno-Aldrich, free; Underwood, 1 cent.
Cocoanut meat, shredded, 334 cents a pound; Payne-Aldrich and
Underwood, 2 cents a pound.
Peanuts, unshelled, 3 cents a pound; shelled, 4 cents a pound; PayneAldrich and Underwood. 1 cent a pound in each case.
Walnuts of all kinds, unshelled, 4 cents a pound; Payne-Aldrich, 3
cents; Underwood, 2 cents; shelled, 12 cents a pound; Payne-AldrIch,
5 cents; Underwood, 4 cents.
-12th cent a pound,
Peas, green or dried, 1 cent a pound,Payne-Aldrich,5
Underwood, 1-6th cent a pound.
Onions, 1 cent a pound, Payne-Aldrich, 40 cents a bushel, Underwood,
20 cents a bushel.
Irish potatoes. 50 cents per 100 pounds, Payne-Aldrich, 26 cents a
bushel, Underwood, free.
drich, 25%. Underwood, 15%•
Tomatoes, % cent a pound, Payne-Al
,
Turnips, 12 cents per 100 pounds,Payno-Aldrich 25%,Underwood,15%•
cents a pound, Payne-Aldrich from 234 cents a
Chocolate and cocoa, 2
2 cents a pound to 25%.
pound to 50%, Underwood, from
-Aldrich, same, Underwood, $2.
Hay. $4 a ton, Payne
-Aldrich and Underwood,16 cents a pound.
Hops.24 cents a pound,Payne
[Vol,. 115.
Wool and Manufactures of
Raw wool, 31 cents a pound of scoured content. Payne-Aldrich. 33 cents.
Underwood,free.
Women's and children's dress goods, from 37 cents a pound and 50% to
45 cents a pound of the wool content and 50%, Payne-Aldrich, 11 cents a
square yard and 50% to 11 cents a square yard and 55%, Underwood,35%.
Woolen cloths for men's suits and overcoats, from 24 cents a pound and
40% to 45 cents a pound of the wool content and 50%,Payne-Aldrich,from
33 cents a pound and 50% to 44 cents a pound and 55%,Underwood,35%.
Blankets, automobile robes, and similar articles, from 18 cents a pound
-Aldrich, from 22 cents a
and 30%, to 37 cents a pound and 40%, Payne
pound and 30%. to 33 cents a pound and 40%, Underwood, 25%•
Hose and half-hose, gloves and mittens,from 36 cents a pound and 35%
to 45 cents a pound and 50%,Payne-Aldrich. 33 cents a pound and 50%,to
44 cents a pound and 65%, Underwood, 20% to 40%.
Knit underwear.from 36 cents a pound and 30% to 45 cents a pound and
50%,Payne-Aldrich, 44 cents a pound and 60%. Underwood. 35%.
Sweaters and other outer wear, knit or crocheted, from 36 cents a pound
paund
and 40% to 45 cents a pound and .50%; Payne-Aldrich, 44 cents a
and 60%; Underwood, 35%.
Clothing and other articles of wearing apparel, not knit or crocheted
from 24 cents a pound and 40% to 45 cents a pound and 50%;Payne-Aldrich.
44 cents a pound and 60%; Underwood, 35%•
Oriental and chenille Axminster carpets and rugs, 55%; Payne-Aldrich,
60 cents a square yard and 40%; Underwood, 35%•
Axminster carpets and rugs not specially provided for and Wilton and
Brussels carpets and rugs and velvet and tapestry carpets and rugs, 40%;
Payne-Aldrich, 40 cents a square yard to 50 cents a square yard and 40%;
Underwood,from 25% to 30%•
Cotton and Manufactures of
Cotton sewing thread, from 20% to 35%; Payne-Aldrich, 20%; Underwood, 15%.
Cotton cloth, 20 to 35%.
Table damask, 30%; Payne-Aldrich, 40%; Underwood. 25%•
Quilts for bed spreads, from 40% to -%;Payne Aldrich, 45%; Underwood, 25%.
Sheets, pillow cases, blankets, and towels, 25%; Payne-Aldrich, 45%;
Underwood, 25%.
Table and bureau covers, napkins, centre pieces, and doilies, 30%;
Payne-Aldrich, 45%; Underwood, 30%.
Gloves,from 25% to 75%;Payne-Aldrich,40% to 50%;Underwood,35%•
Hose and half hose. 30% to 50%; Payne-Aldrich from 55% to 70%;
Underwood, 40% to 50%•
Knit underwear and all other wearing apparel, not specially provided for.
45%; clothing and other wearing apparel not specially provided for, 35%;
Payne-Aldrich, 35% to 50%; Underwood, 30%.
Lace window curtains, 60%; Payne-Aldrich, 50%; Underwood, 60%.
Flax, Hemp and Jute.
Linen cloth from 50% to 55%;Payne-Aldrich from 30% to 50%; Underwood 35%.
Table damask,40%;Payne-Aldrich from 45% to 50%; Underwood.35%•
Towels and napkins, 40% to 55%;sheets and pillow cases, 40%;PayneAldrich, 45% to 50%; Underwood, 35%.
h.
Linen handkerchiefs, unhemmed, 35%; hemmed, 45%; Payne-Aldric
50%, and Underwood, 35% in each case.
provided for,
Clothing and all articles of wearing apparel not specially
36%; Payne-Aldrich, 50%; Underwood. 40%•
Silk ard Silk Goods.
Payne-Aldrich,
Sewing silk, twist and floss, ungummed, $1 50 a pound;
same; Underwood. 15%•
pound; Underwood. 45%.
Silk cloth, 55%; Payne-Aldrich, $I 25 to $4 a
Payne-Aldrich, 60%;
Knit underwear, hose, half hose and gloves, 60%;
Underwood, 50%.
h,
Outerwear and other knit or crocheted goods. 60%;Payne-Aldric 60%;
Underwood, 50%.
knit or crocheted, 60%;
Clothing and all other wearing apparel, not
Payne-Aldrich, 60%; Underwood, 50%.
Handkerchiefs and woven mufflers, unhemmed, 55%; hemmed or hem40
stitched. 66%; Payne-Aldrich, 50 and 60%. respectively; Underwood,
rhohs
0
50%.
c 5
Hhit .
andrespectively.
and articles of artificial silk, 46
other fabrics
goods.
and 60%; Undercents a pound and 60%;Payne-Aldrich, 45 cents a pound
wood. 60%•
Metals and Manufactures of
ton; Underwood, tree.
Pig iron, 75 cents a ton; Payne-Aldrich, $2 50 a
cent to I% cents a pound; Payne-Aldrich, 1 cent to 134
Steel wire,
cents; Underwood, 15%•
one cent, UnderSteel rails, 1-10 cent a pound; Payne-Aldrich, 7-40 of
wood,free.
of 1 cent a pound.
Horseshoes, 1-5 cent a pound, Payne-Aldrich,
Underwood, free.
30%,Payne-Aldrich, 40%; Underwood,
Steel wool, 10 cents a pound and
20%.
4-10 cent a pound; Payne-Aldrich,
Nails, exceeding two inches in length,
inches in length,15%;Payne-Aldrich
same; Underwood,free;if less than two
free.
4-10 of 1 cent a pound; Underwood,
cents to 10 cents a pound; Under.
cr
S(L 25%5%; Payne-Aldrich, from 3
woo ews, 2
and hollow or flat ware of iron or
Table, household and hospital utensils glasses, Scents a pound and 30%;
steel and enameled or glazed with vitreous
composed wholly or in chief value
Payne-Aldrich, 40%; Underwood. 25%;
Payne-Aldrich, 45%; Underwood,aluminum, 11 cents a pound and 55%;
40%; Payne-Aldrich, 45%; Underp
2 co.
w25o%od;.of5% per, brass or other metal,
copper, iron and steel, 35%;
Hair, safety, hat, and other pins of brass,
Payne-Aldrich, 35%; Underwood, 20%.
Payne-Aldrich, 30%; Under5
Fd 2 %.
wooorMin pens, 72 cents a dozen and 40%;
fixed blades, from 1 cent
Pocket and other knives having other than
Payne-Aldrich, from 40% to
each and 50% to 35 cents each and 55%;
20 cents each and 40%; Underwood, 35% to 55%• similar knives, with
Table, kitchen, bread, butcher's, hunting and
horn or silver, 16 cents
handles of mother of pearl, shell, or ivory, animal,
Underwood, 30%;
.lanufactures of
Sugars and
each and 45%; Payne-Aldrich, 14 cents and 15%;
8 cents each and 45%;
with handles of hard rubber, bone or celluloid,
pound (1.76 cents a pound, Cuban raw), Payneeach and 15%; Underwood, 30%; with handles
, 2.20 cents a
S
raw), Underwood, 1.25 cents (1 cent Payne-Aldrich, 4 cents
and 45% to 8 cents each and
Aldrich, 1.68 cents (1.36 Cuban
of any other material, from 2 cents each
cent each and 15%; Underwood, 30%.
Cuban raw).
cents a pound, Payne-Aldrich, same, 45%; Payne-Aldrich, 1
Maple sugar and maple syrup, 4
Scispors and shears, from 334 cents each and 45% to 20 cents each and
75 cents a dozen
Underwood, 3 cents.
-Aldrich, from 4 cents 45%; Payne-Aldrich, from 134 cents each and 15% to
all confectionerY. 40%. Payne
i Sugar, candy and
and 25%; Underwood,30%.
2 cents a pound to 25%.
and 15% to 50%. Underwood,
a pound
SEPT. 16 1922.]
THE CHRONICLE
Safety razors and handles and frames, 10 cents and 30%; straight
razors and parts, from 18 cents each and 45% to 45 cents each and 45%;
Payne-Aldrich, from 35% to 15 cents each and 35%; Underwood, 35%
to 55%•
Shotguns and rifles, from $1 50 each and 45% to $10 each and 45%;
Payne-Aldrich, from $1 50 each and 15% to 35%; Underwood, 35%•
Aldrich,
Pistols, from $1 25 each and 55% to $3 50 each and 55%;Payne75 cents each and 25%; Underwood, 35%•
Automobiles and motorcycles and parts, 25%; Payne-Aldrich, 45%;
Underwood,30% to 45%.
Airplanes, hydroplanes, motor boats and parts, 30% (no corresponding
provision in Payne-Aldrich and Underwood Law.)
Bicycles, 30%; Payne-Aldrich, 45%; Underwood, 25%.
Sewing machines, from 15% to 30%; Payne-Aldrich, 30%; Underwood.
free.
Cash registers, 25%; Payne-Aldrich, 40%; Underwood, free.
Cream separators valued above $50, 25%; Payne-Aldrich, 15%; Underwood, free, where valued at less than $75.
Shovels, scythes, sickles, 30%; Payne-Aldrich, 45%; Underwood,free.
Aluminum, crude, 5 cents a pound; Payne-Aldrich, 7 cents; Underwood,
1273
Earthenware and Glassware.
Common yellow, brown or gray earthenware, undecorated, 20% ad
valorem; Payne-Aldrich, 25%; Underwood, 15%; decorated, 20% ad
valorem; Payne-Aldrich, 40%; Underwood, 20%.
White granite and semi-porcelain earthenware and stoneware, undecorated,45%;Payne-Aldricn, 55%; Underwood,35%;if decorated, 50%;
Payne-Aldrich, 60%; Underwood. 40%•
rid
China,porcelain, and other vitrified wares, undecorated,60% ad valorem;
Payne-Aldrich, 55%; Underwood, 50%; if decorated, 70%; Payne-Aldrich.
60%; Underwood, 55%.
Plain glass bottles, from 1 cent a pound to 50 cents a gross; Payne
Aldrich, same; Underwood, 30%•
articles of glass, 60%; Payne-Aldrich, 45%; Underwood.
Illuminating
30% ad valorem.
Table and kitchen articles and utensils of glass, 55%; Payne-Aldrich,
35 to 45%; Underwood, 20 to 25%.
Spectacles, eyeglasses and goggles, from 20 cents a dozen to 40% ad
valorem; Payne-Aldrich, 20 cents to 50%; Underwood, 35%.
Incandescent electric light bulbs and lamps, 20%; Payne-Aldrich, 45%;
Underwood, 30%•
Wood and Manufactures of
Toothpicks, 25%; Payne-Aldrich, 2 cents a thousand and 15%; Underwood, 25%.
Furniture of rattan, reed, willow, or fibre, 60%; Payne-Aldrich, 35%;
Underwood, 15%.
Furniture of wood, 33 1-3%; Payne-Aldrich, 35%; Underwood, 15%.
Logs of fir, spruce, cedar, or Western hemlock,$1 a thousand board feet:
Payne-Aldrich and Underwood, free.
Spanish cedar, ebony, mahogany,rosewood, &c., in the log, 10%,PayneAldrich and Underwood,free, in sawed boards, 15%,Payne-Aldrich, same,
Al
Underwood, 10%, in form of veneers, 20%, Payne-Aldrich, same, Under1
owod,5.
2 cents.
Lead bullion,2% cents a pound; Payne-Aldrich,same; Underwood. 25%.
Zinc in blocks or pigs, 1%, cents a pound, Payne-Aldrich, 1% cents a
pound, Underwood, 15%. In sheets, 2 cents a pound, Payne-Aldrich, 1%
cents, Underwood, 15%.
Tobacco and Manufactures of
Wrapper tobacco, unstemmed. $2 10 a pound, Payne-Aldrich, $1 85.
same, stemmed, $2 75 a pound, Payne-Aldrich, $2 50, UnderUnderwood,
wood, same.
Filler tobacco, unstemmed, 35 cents a pound,stemmed,— cents a pound,
Payne-Aldrich, 35 cents and 50 cents a pound, respectively, Underwood,
same.
Cigars and cigarettes, $4 50 a pound and 25%. Payne-Aldrich and
Paper.
Underwood, same.
Printing paper not specially provided for (exclusive of newsprint, which
Spirits, Wines and Other Beverages.
is free), 1 cent a pound and 10%,Payne-Aldrich,from 0-10 cent a pound to
Brandy and other spirits, $5 a proof gallon, Payne-Aldrich,$2 60, Under- 15%, Underwood, 12%.
wood, same.
Writing, letter and note paper, plain, 3 cents a pound and 15%,PayneChampagne and other sparkling wines, $6 a proof gallon, Payne-Aldrich, Aldrich, same, Underwood, 25%.
$3 20 a gallon, Underwood, same.
Paper envelopes, 20% and 3 cents a pound. Payne-Aldrich, 20%,UnderSrill wines, $1 25 a gallon, Payne-Aldrich and Underwood, 45 cents a wood, 15%.
gallon.
Playing cards, 10 cents a pack and 20%,Payne-Aldrich, 10 cents a pack
Ale, porter and beer,$1 a gallon,Payne-Aldrich and Underwood,45 cents. and 20%,Underwood,60%.
Grapejuice, containing less than 1% alcohol, 70 cents a gallon, and $5
Sundries.
proof gallon, the alcohol. Payne-Aldrich-Underwood, no corresponding
Boxing gloves, baseballs, footballs, tennis rackets, bats, and other simi"
provisions.
lar athletic equipment, 30%, Payne-Aldrich and Underwood, no correGinger ale and other similar non-alcoholic beverages, 15 cents a gallon, sponding provision.
Payne-Aldrich. 12 cents, Underwood, 8 cents.
Ice and roller skates,20%,Payne-Aldrich and Underwood, no correspondChemicals.
ing provision.
Dyes, synthetic chemicals, and explosives, products of coal tar, in interBoots, shoes or other footwear, having uppers of wool, cotton, hair, or
mediate state, 7 cents a pound and 50% ad valorem on American valuation, silk, 35%, Payne
-Aldrich and Underwood, no corresponding provision.
Payne-Aldrich, 20%, Underwood, 15%•
Hats, bonnets and hoods of straw, grass, horsehair, rattan, &c., blocked
Dyes, synthetic chemicals, products of coal tar, in finished state, 7 cents or trimmed, 50%, Payne-Aldrich, 50%, Underwood, 40%.
a pound and 60% ad valorem on American valuation, Payne-Aldrich, 30%,
Brooms, 15%,Payne-Aldrich, 40%,Underwood, 15%.
Underwood, same.
Toothb
and other toilet brushes, 45%, Payne-Aldrich, 40%.
Acetic acid (vinegar), 2 cents a pound,Payne-Aldrich, same, Underwood, Underwood,
free.
Dice, dominoes, chessmen and billiard and pool balls and poker chips,
Citric acid, 17 cents a pound,Payne-Aldrich,7 cents, Underwood,5 cents. 50%, Payne-Aldrich and Underwood, 50%.
Alcohol, amyl, 6 cents a pound, Payne-Aldrich, X cent a pound, UnderDolls and toys, 70%. Payne-Aldrich and Underwood, 35%.
wood, same, wood, 12 cents per gallon, Payne-Aldrich, 20%, Underwood,
Matches, 8 cents a gross, Payne-Aldrich, 6 cents, Underwood, 3 cents.
free.
Furs, dressed on the skin, excepting silver or black fox, 25%, Payne-AlInk and ink powders, 20% ad valorem,Payne-Aldrich, 25%, Underwood, drich, 20%. Underwood, 30%.
15%.
Manufactures of furs, 50%. Payne-Aldrich, 35%, Underwood,40%.
Menthol, 50 cents a pound, Payne-Aldrich, 25%, Underwood, 50 cents a
Silver or black fox skins, and manufactures thereof, 50%.Payne-Aldrich,
free,
pound, camphor, crude, natural, 1 cent per pound, Payne-Aldrich,
20% Underwood, 30%.
50%.
Underwood, 1 cent a pound. Camphor, refined or synthetic, 6 cents a
Wearing apparel, in chief value of fur, not specially provided for,
pound, Payne-Aldrich, same, Underwood, 5 Cents.
Payne-Aldrich and Underwood, same.
$16
Castor oil, 6 cents a pound; Payne-Aldrich 15 cents a gallon; Underwood
Hats, caps,and bonnets of fur, from $1 50 per dozen and 25% to
12 cents a gallon.
per dozen and 25%; Payne-Aldrich, from $1 50 per dozen and 20% to $7
Linseed oil, 3.3 cents a pound; Payne-Aldrich 15 cents a gallon of 73'i per dozen and 20%; Underwood, 15%•
pounds weight; Underwood 10 cents a gallon of same weight.
-out laces (other than those of
Laces, lace window curtains, and burnt
Olive oil in containers, 73 cents a pound; Payne-Aldrich 50 cents a galPayne-Aldrich, 70%; Underwood. 60%•
lon; Underwood 30 cents a gallon; in bulk,6% cents a pound;Payne-Aldrich cotton), 90%;
articles emEmbroideries not specially provided for and all fabrics and
40 cents a gallon; Underwood 20 cents a gallon.
broidered by hand or machinery, 75%. Payne-Aldrich and Underwood,
Cottonseed oil, 3 cents a pound; Payne-Aldrich and Underwood, free.
60%.
Cocoanut oil, 2 cents a pound; Payne-Aldrich and Underwood, free.
Bags,satchels, and booketbooks and other boxes and cases ofleather,rawPeanut oil, 4 cents a pound; Payne-Aldrich, free; Underwood, 6 cents a
hide, or parchment, 30%;Payne-Aldrich, 40%; Underwood, 30%;if fitted
gallon.
witd traod
unherwove .
traveling, luncheon, and similar sets, 45%; Payne-Aldrich, 50%;
Soya bean oil, 2% cents a pound;Payne-Aldrich and Underwood,free.
Perfumery, including toilet waters, cosmetics, &c., if containing alcohol,
Leather gloves, men's, not over twelve inches in length, $5 per dozen
40 cents a pound and 75% ad valoreum; Payne-Aldrich, 60 cents a pound pairs; women's and childrens', not over the same length,$4 per dozen pairs;
and 50%; Underwood, 40 cents and 60%; if not containing alcohol, 75%; for each inch in length in excess thereof, 50 cents a pair; Payne-Aldrich,
Payne-Aldrich and Underwood, 60%.
from $1 25 to $4 75 a dozen pairs; Underwood,from $1 to $2 50 per dozen
Spirit varnishes, containing less than 5% of methyl alcohol, $2 20 a gal- pairs.
25% ad valoreum; Payne-Aldrich, $1 32 a gallon and 35%; Underlon and
Musical instruments and parts, 40%; Payne-Aldrich, 45%; Underwodd,
wood, $1 32 and 15%; containing more than 5% of methyl alcohol, 25% 35%.
ad valoreum; Payne-Aldrich, same; Underwood, 10%.
Phonographs and similar articles and parts, 30%; Payne-Aldrich, 45%;
aph:
5%.
Soap, castile, 15%;Payne-Aldrich, 1X cents a pound; Underwood, 10%• Underwood,
30%; Payne-Aldrich, 50%; Underwood, 30%. UnperPerfumed toilet.
Rosaries, chaplets, and similar articles of religious devotion, from 15%
fumed toilet, 30%; Payne-Aldrich, 20%; Underwood, 10%. Medicinal, to 30%;of precious metals or precious stones,50%;Payne-Aldrich and Un15%; Payne-Aldrich, 20 cents a pound; Underwood, 20%. All other soap derwood, no corresponding provisions.
and soap powder, 15%; Payne-Aldrich, 20%; Underwood, 5%.
Pencils of Materials other than metal, 45 cents a gross and 25%;PayneBaking soda, X cent a pound; Payne-Aldrich, % cent a pound; Under- Aldrich, 45 cents a gross and 25%; Underwood 25 cents.
i
wood, y cent.
Photographic cameras and parts, 20%; Payne-Aldrich 45%; Underwood
Table salt, in containers, 11 cents per 100 pounds; in bulk, 7 cents per 15%
Underwood, free.
100 pounds; Payne-Aldrich, same;
Moving picture films, sensitized, but not exposed or developed, .4 of a
Starch, potatae and wheat, 1X cents a pound; Payne-Aldrich, 1% cents; cent a linear foot; Payne-Aldrich, 25%; Underwood, free. Exposed but
1 cent.
Underwood,
not developed, 2 cents a linear foot; Payne-Aldrich, 25%; Underwood, 2
Jewelry.
cents. Exposed and developed, 3 cents a linear foot; Payne-Aldrich. 25%;
Diamonds, and other precious stones, uncut, 10%; Payne- Aldrich, free; Underwood, 3 cents. Positives in any form, 1 cent a linear foot; PayneUnderwood, 10%;cut, but not set, 20%;Payne-Aldrich, 10%; Underwood, Aldrich, 1% cents; Underwood, 1 cent.
Thermos bottles, jars, and jugs,from 15 cents each, and 45% to 30 cents
20%.
Pearls, not set or strung, 20%; Payne-Aldrich, 10%; Underwood, 20%. each and 45%;Payne-Aldrich and Underwood,no corresponding provisions.
Umbrellas,parasols, and sunshades,covered with other than paper or lace,
Imitation precious stones, cut or facetted, 20%; not cut or facetted,60%;
40%; Payne-Aldrich, 50%; Underwood, 35%•
Payne-Aldrich and Underwood, 20%•
cigarette holders and cases, collar,
Buckles, card cases, chains, cigar and
Free Lists.
and
cuff, and dress buttons, mesh-bags, purses, &c., 80%; Payne-Aldrich
Agricultural implements,including plows, tooth or disk harrows, harvestUnderwood, 60%.
cents each to ers, reapers.agricultural drills and planters, mowers (except lawn mowers).
Watch movements, whether in cases or otherwise, from 75
cotton gins, wagons, and carts.
$10 75 each; Payne-Aldricn. from 70 cents each to $3 each and 25%; horserakes, cultivators, threshing machines, Antimony ore. Antitoxins,
Animals imported for breeding purposes.
Underwood, 30%•
Underwood, vaccines, serums, and bacterines. Sulphide of arsenic. Asbestos, crude.
Watch cases and parts of watches,45%;Payne-Aldrich,40%;
Bibles. Binding twine made from New Zealand hemp, manila, Tampico
30%.
gf
fiber sisal grass, or sunn. Bread.j, Books, maps, music, engrav'r, etchClock and clock movements,45%;Payne-Aldrich,40%;Underwood 30%•
1274
THE CHRONICLE
['trot,. 115.
ings, bound or unbound, if printed more than twenty years. Books and
As a beginning of what I hope may at least be a partial realization of
this
pamphlets printed wholly or chiefly in foreign languages. Books,libraries, philosophy of
my later life, I hereby resign, as of Sept. 18 1922, the office
"usual and reasonable" furniture and similar household effects or persons of Associate
Justice of the Supreme Court of the United States, which
or families from foreign countries, not intended for sale. Borax, crude. I have held during
the past six years. With grateful appreciation, my dear
Old brass. Bristles, crude. Bullion, gold or silver.
Mr. President, of the many courtesies you have shown me through many
• Linotype and all typesetting machines, typewriters, shoe machinery,
years, I am
and tar and oil-spreading machines for road construction.
Sincerely yours,
Chalk. crude.
JOHN H. CLARKE.
Coal, anthracite, bituminous, culm, slack and shale, and coke.
Cocoa and cacoa beans.
The following is President Harding's announcement of
Coffee.
Justice Clarke's resignation:
Coins of gold, silver, copper or other metals.
The President to-day received the resignation of Justice John H. Clarke
Copper ore and copper in plates, bars, ingots or pigs.
as Associate Justice of the United States Supreme Bench, effective Sept. 18.
Cork wood or cork bark.
Justice Clarke addressed the President from his home in Youngstown, Ohio,
Cotton.
and explained that he reaches the age of 65 on Sept. 18, and desires to retire
Fans, common palm-leaf, not ornamented or decorated.
In order to conform to his own philosophy of life and serve his neighbors
Guano. basic slag, manures and other substances used chiefly for fertilizand some public causes in a way that he cannot serve them while holding
ers.
important office.
Hair of horses and cattle.
The President announced that he would accept the resignation in accordRope made of rawhide.
ance with Justice Clarke's wishes,and will send to the Senate the nomination
Hides of cattle.
of George Sutherland of Utah, for the vacancy made by Justice Clarke's
Ice.
retirement.
India rubber and gutta-percha, crude.
Iodine, crude.
A press dispatch from Youngstown, Ohio, Sept. 4, printed
Iron ore.
in the New York "Times," indicating that Justice Clarke is
Ivory tusks in their natural state.
an advocate of the League of Nations, said:
Jet, unmanaufactured.
Junk.
Desire to further American participation in the League of Nations ranks
Boots and shoes made wholly or in chief value of leather.
first among the "public causes" mentioned in Justice Clarke's letter to
Leather cut into shoe uppers, vamps, or soles.
President Harding giving the reasons for his resignation, according to friends
Asphalt and bitumen.
of the Justice here. Mr. Clarke is President of the Vindicator Printing Co.,
Lemon juice and lime juice, containing less than 2% of alcohol.
which publishes a daily paper in Youngstown.
Mechanically ground and chemical wood pulp.
Justice Clarke went to Atlantic City Friday evening, after spending a
Needles, hand sewing or darning.
large part of the summer in Youngstown. Before leaving he said to a
friend that his plans for the future were as yet indefinite, but that he hoped
Newspaper and periodicals.
Oil cake and oilake meal.
to be able to make a voyage around the world,leaving New York in January
Oakum.
or February next. He also said that he had accepted several invitations to
Whale and other fish oils of American fisheries.
deliver addresses about Christmas time,the most important of which will be
Crude petroleum and fuel oil.
on the League of Nations.
Ores of gold, silver, or nickel, and of the platinum metals.
It is well known to the friends of the Justice who have seen much of him
In recent years that he is profoundly convinced that the future political and
Parchment and vellum.
Pearl, mother of, and shells, not sawed, cut, flaked, or advanced in any business welfare of this country are dependent to a very great degree upon
value from the natural state.
the American Government joining the League of Nations on some terms at an
Personal effects, not merchandise, of citizens of the United States dying in early day. It is believed by many of them that one of the chief reasons for
foreign countries.
his resigning his high office was the desire to render in a non-political way
more service to what he called "that great cause" than he thought it possible
Phosphates, crude and apatic.
for him to render while a member of the Supreme Court.
Platinum, unmanufactured or in ingots, bars, sheets or plates.
Potassium chloride and sulphate.
Associate Justice Clarke (Democrat) was named to the
Quinine sulphate.
Radium and salt of.
Supreme Court Benchlin11916 by President Wilson to sucShrimps and lobsters.
ceed Charles E. Hughes, the latter having retired at that
Silk, raw, and silk cocoons and silk waste.
time to accept the Republican nomination for President.
Sodium nitrates, sulphate, crude, or salt cake and niter cake.
Standard newsprint paper.
Following Justice Clarke's resignation, President Harding
Sulphur in any form, and sulphur ore.
formally nominated Geo. H. Sutherland to be associate
Tar and pitch of wood.
Tea.
justice of the Supreme Court. The nomination was immedi•Teeth natural.
ately confirmed by the Senate.
Tin ore and black oxide of tin, provided that there shall be imposed upon
black ovide of tin a duty of 4 cents a pound and upon bar, block, or pig
tin a duty of 6 cents a pound when the American mines are producing
1,500
tons of cassiterite and bar, block and pig tin a year.
TERMINATION OF TEXTILE STRIKE IN NEW
Turpentine, gum, and spirits of, and rosin.
ENGLAND.
Vegetable tallow.
Wax.
The protracted strikes in the textile mills of New England,
All barbed wire, whether plain or galvanized.
Original paintings in oil, mineral, water, or other colors, and original which began in Rhode Island in January, have been settled
sketches.
by the restoration of wages and hours in effect before the
Works of art, productions of American artists residing temporarily abroad.
strike began. There had been a general attempt to scale
White arsenic.
wages 20% and to increase the number of hours per week
Bananas.
Common house brick.
from 48 to 54. The movement extended from the mills in
Portland cement.
Rhode Island to New Hampshire and to Massachusetts.
Cotton, both long and short staple.
But last month the situation changed, with industrial revival
Cyanide.
Fish for fertilizer.
spreading and a growing demand for labor. The Pacific
Gloves made from cattle leather.
Mills at Lawrence, Mass., thereupon in August offered to
Gun powder, sporting powder.
restore the old wages. Other mills in that State followed the
Potassium nitrate, or salt peter, crude.
Shingles.
FOTTy of the Pacific Mills, and soon the Amoskeag Mills, in
Tin, in bars, blocks, or pigs.
Wood: Logs, timber, round, unmanufactured, hewn, sided or squared. Lancaster, N. H.,joined in the movement. This week mills
Paving posts, railroad ties and telephone, electric light, &c., poles.
in the Blackstone Valley section of Rhode Island followed the
Pickets, palings, hoops, and staves.
example of the mills in other States. Among the Rhode
I
RESIGNATION OF ASSOCIATE JUSTICE CLARKE FROM
U. S. SUPREME COURT—GEO. H. SUTHERLAND
SUCCESSOR.
On Monday next, Sept. 18, John Hessin Clarke will retire
as Associate Justice of the U. S. Supreme Covrt. The
resignation, which will take effect on Justice Clarke's sixtyfifth birthday, was made known on Sept. 4, President Hardng in announcing it stating that he would nominate to the
vacancy George H. Sutherland of Utah. In his letter to
President Harding tendering his resignation, Justice Clarke
stated that his action was prompted by his desire to free himself "as much as possible from imperative duties to the end
that I may have time to read many books which I have not
had time to read in a busy life, to travel and to serve my
neighbors and some public causes in ways in which I cannot
serve them while holding important public office." The
following is Justice Clarke's letter to President Harding:
i I shall be 65 years old on the 18th day of this month. For a long time I
have promised what I think Is my better self that at that age I would free
myself as much as possible from imperative duties to the end that I may
have time to read many books which I have not had time to read in a busy
life; to travel and to some my neighbors and some public causes in waysiin
which I cannot serve them while holding important public office.
Island mills announcing restoration of the old wages this
week were the Crompton Company,B.B.& R. Knight, Inc.,
and the Goddard Company.
The Pacific Mills on Aug. 23 invited all their employees to
return to work at the reduced scale of wages, subject to
restoration on Oct. 2 of wages prevailing prior to March 27,
the date when the men quit work, the restoration of the old
wage to be retroactive to Sept. 1 if the men returned to work
immediately. The maintenance of the old rates was not
guaranteed in the cotton department beyond Dec. 1, when a
readjustment will be made if it is found necessary. Several
of the other large mills subsequently announced restoration
of the old rates of pay, to be effective immediately. The
settlement of the strike in the Pacific and other mills brought
to a close a protracted controversy in which Federal, State,
county and municipal agencies were employed for many
weeks in an effort to conciliate the differences of workers and
employers. The announcement of the Pacific Mills on Aug.
23 with regard to restoration of old wage rates read as follows:
In order to clear up misunderstandings arising from previous reports. the
Pacific Mills states: Employees are to return at the present scale and adjustments will be made effective Oct. 2 1922, and at that date retroactive
to Sept. 1 1922 as follows:
THE CHRONICLE
SEPT. 16 1922.]
1275
-Scale of wages in effect previous to the reduction
Worsted Department
of March 27 1922.
Print Works
-Scale of wages in effect previous to the reduction of March
27 1922.
-Scale of wages in effect previous to reduction of
Cotton Department
March 27 1922. Because of the difference in conditions existing in this
those in other departments, this scale is not guaranteed
department, from
beyond Dec. 1 1922. If it is found necessary to change this rate of wages,
sufficient notice will be given employees for the purpose of arriving at a
settlement satisfactory to all concerned.
Mechanical Departments-Scale of wages in effect previous to the reduction of March 27 1922.
CENSUS REPORT ON COTTON CONSUMED AND ON
HAND, ACTIVE SPINDLES AND EXPORTS
AND IMPORTS.
Under date of Sept. 14 1922 the Census Bureau issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of August 1921 and 1922, with statistics
of cotton consumed, imported and exported for the twelve
months ending July 31. The statistics of cotton in this re(Signed; IRVING SO UTHWORTH,
port are given in running bales, counting round as half
Assistant Agent.
bales, except foreign cotton, which is in equivalent 500pound bales.
In New Hampshire and Rhode Island the textile mills
HAND IN SPINNING
affected by the strike had steadily refused to compromise COTTON CONSUMED AND ON AND ACTIVE COTTONMILLS AND INI
OTHER ESTABLISHMENTS
SPINDLES.
Up to
their position with respect to reduction of wages.
(Linters Not Included.)
this week many mills in both of these States had been able
Cotton on Hand
Cotton
CoUon Consumed
to resume on part time with new help at the lower scale of
Spindles
Aug. 31 (Bales)During (Bales)Active
have
wages, but the action of Massachusetts mills is said to
During
In Public
In
Locality.
Twelve
Year
made it impossible for them to continue. Present wage
Months Consuming Storage and August
Establish- at Corn- (Number).
August. ending
scales are said to represent advances of approximately 72M%
presses.x
meats.1
July 31.
during the post-war boom period. Beginning late in Janu- United States
1922 *527,404 *5,911,914 *1,024,994 *1,549,789 32,499,324
1921 467,059 4,892.672 1,006,066 3,463,964 32,930,755
ary in the Pawtuxot Valley of Rhode Island, textile strikes
-had been in progress in three main areas-Rhode Island, Cotton-growing States_ 1922 ---- 3,733,147-408,961 1,277,735 15,613,632
338,628
396,899 3,062,277 14,754,822
1921 277,608 2,997,471
New Hampshire and Lawrence, Mass. Announcements of All other States
272,054 16.885,692
616,033
1922 188,776 2,178,767
401,687 18,175.933
609.167
1921 150.451 1.595.201
wage reductions of 20%, held by the mill owners as made
x Stated in bales.
necessary by the competition of Southern mills, preceded all
* Includes 22,079 foreign, 7,853 Am.-Eg. and 717 sea island consumed, 83,114
the strikes. In Rhode Island and New Hampshire the in- foreign, 18,251 Am.-Eg. and 3,657 sea island in consuming establishments, and
70,549 foreign, 52,106 Am.-Eg. and 3,417 sea island in public storage.
crease in working hours from forty-eight to fifty-four weekly
Linters not included above were 60,825 bales consumed during August 1922 and
52,106 bales in 1921; 116,891 bales on hand in consuming establishments on Aug. 31
was also a factor.
1922 and 190,623 bales in 1921, and 30,534 bales in public storages and at compresses
and 241,140 bales in 1921. Linters consumed during the twelve months
From the Pawtuxet Valley, where 5,000 operatives went in 1922July 31
ending
amounted to 594,393 bales in 1922 and 516,307 bales in 1921.
out, the strike quickly spread to the Blackstone Valley of
EXPORTS OF COTTON AND LINTERS.
Rhode Island, closing down or crippling more than twenty
Exports of Domestic Cotton and Linters During
mills in the State. On Feb. 13 textile workers in Manchester
(Running Bales)
and other New Hampshire cities and towns quit work. The
Country to TVhich Exported.
12 Months end. July 31.
August.
Lawrence strike, closing seven large mills in that city, began
1921.
1922.
1921.
1922.
March 27. In all more than 50,000 operatives in New
United Kingdom
1,748,752
1,768,965
England were thrown out of employment.
56,568
65,903
France
605,550
768,128
40,219
43,904
Except in a few isolated instances mill owners refused to Italy
508,274
509,713
20,861
26,921
1,306,226
1,440,747
106,885
56,416
recede from their announced terms, and many Rhode Island Germany
Other Europe
673,759
698,329
40,235
38,159
637,455
817,830
111,814
24,425
mills were reopened under military and civil guard. Anti- Japan countries
All other
316,091
312,909
46,909
17,580
picketing injunctions were secured by manufacturers in
Total
*273,308 *423,491 *6,316,621 I *5,796,107
for the
Rhode Island, New Hampshire and Massachusetts
* Figures include 4,490 bales of linters exported during August in 1922
protection of their workers. First to reopen was the Hope bales in 1921, and 132,295 bales for the twelve months ended July 31 inand 7,888
1922 and
51,409 bales in 1921.
Company's mill at Hope, in the Pawtuxet Valley. In 824 bales; France, The distribution for August 1922 follows: United Kingdom,
200 bales; Germany, 78 bales; Belgium, 100 bales; Netherlands,
Manchester, N. H., where the mills of the Amoskeag Manu- 1,339 bales; Canada, 1,895 bales; Mexico.4 bales; Spain. 50 bales.
facturing Co., the largest in the world, are situated, the
It is proper to say, in addition to the above, that during
strike, with one exception, was peaceful. The Amoskeag the month of
August 24,903 bales of linters were consumed
company on June 5 reopened its Coolidge mill and a number in cotton-growing
States and 35,922 bales in all other States.
of strike sympathizers were arrested charged with molesting Linters held in
consuming establishments on Aug. 31 in
of the cotton
workers. Injunctions were granted later on petition
-growing States amounted to 39,824 bales and in all
company restricting the activities of pickets and naming, other States to
77,067 bales. The amounts in public storage
among other union leaders, President Thomas P. McMahon, were
24,562 bales and 5,972 bvles, respectively.
of the United Textile Workers of America. When President
McMahon visited Manchester some time afterward, he was
arrested and released on bonds.
SHIPPING BOARD SELLS WOODEN VESSELS WHICH
In Rhode Island and New Hampshire repeated efforts
COST $300,000,000 FOR $750,000.
were made by heads of the strikers to have State forty-eightThe extent to which the value of wooden ships has dehour laws passed. In the former State the Senate killed the
Sept. 12 when the
Lavender forty-eight-hour bill after the House had passed it. preciated since the war was indicated on
Government's fleet of 226 war-built wooden ships were sold
In New Hampshire Governor Brown refused to call a special at
private competitive sale by the U. S. Shipping Board to
session of the General Court to consider hours of labor legisGeorge D. Perry, San Francisco, for $750,000. The ships
lation. In both States the Labor Departments made re- cost
to build approximately $300,000,000. Mr. Perry is a
peated but unsuccessful efforts to bring about arbitration
member of the law firm of Lent & Humphrey. As it cost
issues.
of the strike
close to $700,000 to build each ship, the whole fleet, it was
pointed out, was sold virtually for the cost of one ship.
With the sale of these ships the Government's wooden fleet
UNITED STATES STEEL CORPORATION TO ADVANCE has practically been disposed of.
PRICE OF STEEL RAILS.
The bid of $750,000 represented a little more than $3,318
price of standard steel rails has been advanced $3 a vessel, but was considerably in excess of the bid of $2,100
The
a ton to $43 by the U,nited States Steel Corporation, effective a ship which the Ship Construction &. Trading Co., it is
Oct. 1, according to announcement made Sept. 13 by stated, made some time ago and which was rejected by the
Elbert H. Gary, Chairman of the board of the corporation. Board. Mr. Perry was represented at the sale by William
This is the first change in the price of rails since Oct. 22 1921, F. Humphrey. Mr. Humphrey announced that in addition
when it was dropped from $47 to,$40 a ton, and was taken to Mr. Perry, J. J. Tyson of Charles Nelson & Co. of San
to indicate that other prices might be changed soon. Inde- Francisco was interested in the purchase. Under the conpendent companies were .expected to follow the lead of the tract of sale, the vessels will not be used for transportation
Steel Corporation. The official announcement of the in- Purposes as steamships, but will be promptly dismantled.
crease was follows:
With regard to the sale, press dispatches had the following
The United States Steel Corporation has made to its subsidiary companies to say:
the following recommendation:
the prite of standard rails will continue to be $40
le Until Sept.
per gross ton base, f.o.b. mills, for deliveries to be made in about equal
Commencing Oct. 1 1922
monthly installments prior to June
the price will be increased to $43 per gross ton base, f.o.b. mills, for same
deliveries.
Sept.
30 1922
30 1923.
13 1922.
Most of these ships have been riding at anchor for months in the James
River and comprise practically the entire wooden fleet owned by the
Shipping Board. The deal will net the Government a little more than
$3,318 a vessel, or nearly twice what the Government would have received
had it carried out the deal of last August when it contemplated selling
the wooden ships to the Ship Construction & Trading
At that time it was proposed
Broadway, New York, for about
205 of
Co. of 11
5230,500.
1276
to sell the vessels for $2,100 each and the equipment was to go with them.
The value of the equipment is estimated to be $600 a vessel.
The sale authorized to-day does not include the equipment, so that by
not going through with the deal formerly proposed and waiting a year
longer the Board obtains practically twice the earlier figure.
These wooden ships have long been a white elephant on the hands of the
Federal Government. While members of the Shipping Board recognize
that they are disposing of the wooden fleet for a very low figure, they are
convinced, they say, that this is the best deal that could have been made
in the interest of the Government. Present and former Shipping Boards
had advertised three times before the sale of the vessels, and received only
-that of the Ship Construction
one prior bid for the sale of the entire fleet
& Trading Co. of New York on July 30 1921. For some time it cost the
take care of the ships, and two tugs
Government nearly $50,000 a month to
In the James River have been used in pumping water from them to keep
units of the fleet from sinking. It also cost the Government something to
employ a force of men on board the ships to keep them from sinking.
To-day's sale of the wooden fleet was conducted by the Shipping Board
with Chairman Lasker presiding. There were approximately ten bidders
present, many of whom had come prepared to bid upon the fleet in lots rather
than as a whole, but Sidney Henry, Director of Sales of the Emergency
Fleet Corporation, who conducted the preliminaries, stated that the Board
would offer for sale the whole number of ships as a unit.
Chairman Lasker then took charge, The opening bid was $406.800,
made by the Dravo Contracting Co. of Pittsburgh, represented by F. R.
Dravo and former Representative James F. Burke of Pennsylvania. William F. Humphrey of Lent & Humphrey, San Francisco, represented Mr.
Perry, the successful bidder.
When the bids reached $625,000, Mr. Lasker called the Board into executive sssion to ascertain whether he should continue the sale of the unit
basis or offer the vessels for sale in lots. At the conclusion of the conference it was decided by the Board to continue the sale, which was accordingly done. From this point onward the bidding was exceedingly spirited
between the Pittsburgh and San Francisco bidders, the Dravo Contracting
Company finally stopping at $749,000. Mr. Humphrey, in the name of
Mr. Perry, then offered $750,000 for the fleet, and the vessels were sold to
him at that price.
Two hundred and seventeen of the vessels sold are of wood construction,
the other nine being composite wood and steel.
Terms of the Purchase.
Mr. Humphrey signed the following agreement with the Fleet Corporation:
"Confirming my verbal bid at the sale to-day, I hereby offer the sum
of $750,000 for the 226 wooden and composite ships, 211 of which are
located at Claremont, Va., 13 at Orange, Texas, and two at Beaumont,
Texas. This offer is made with the understanding that there will be
incorporated in the bills of sale the condition that the ships shall not be
operated as steamships and will be promptly dismantled as such.
"I have examined and inpsected the above mentioned vessels and agree
to purchase them 'as is and where is' without warranty or guarantee as
to their condition, capacity, equipment, tonnage, correctness of their
description, or otherwise.
"There has been deposited with you a certified check or equivalent for
$75,000, representing approximately 10% of my offer. I agree that
within 30 days from the da!te of notification by the Emergency Fleet
Corporation that the bills of sale are ready for delivery I will accept delivery,
and within ten days of the date of this notice I will pay by certified check
or equivalent an amount sufficient to increase the deposit to 25% of the
purchase price, and I will also deposit with you an irrevocable domestic
letter of credit satisfactory to you covering the balance of 75% of the
purchase price and calling for three equal payments against clean drafts
within 30, 60 and 90 days of the date of the letter of credit.
"In the event that I fail to accept the delivery of these vessles or to
pay the balance of the purchase price within the time specified I agree
that the sale shall be considered null and void and that the payment of
$75,000, already made, shall be retained by you as liquidated damages."
Among some of the prospective purchasers present were Fred Sullivan,
representing John W. Sullivan; Fields S. Pendleton, representing W. S.
Pendleton & Co.; Charles E. Gremmels, representing Fair Oaks Steamship Co.; W. F. Kingston, C. E. Garrett and J. L. Bernard, representing
John P. Gilbert of New York.
INCREASE IN NUMBER OF FEDERAL CIVIL
EMPLOYEES RESULTING FROM THE WAR.
The United States Civil Service Commission at Washington, D. C., has issued two statements, one showing the
number of employees in each branch of the Federal executive
civil service. on June 30 1916, and on June 30 1922, with
totals for Nov. 11 1918, the date of the armistice, and
certain other dates; and the other showing the increases in
the number of employees caused by the World War. With
the issuance of these statements the Commission says:
In the table showing the increases resulting from the war,the departments
and independent offices are arranged in three groups. Group 1 comprises
those departments and offices in which the changes are wholly or principally
a result of the war. Group 2 comprises those departments and offices in
which the changes are partially a result of the war. Group 3 comprises
those departments and offices in which the changes are not at all or are
only slightly affected by the war.
The entire increase in the number of employees in the Federal executive
civil service, both in the District of Columbia and outside, for the period
of six years from June 30 1916 to June 30 1922 was 122,806. The increase
In the departments and offices composing Group 1, that is, those in which
the changes are wholly or principally a result of the war, was 99,421, or
more than 80% of the total increase.
Doubtless part of the increase in some of the departments and offices
included in Group 1 cannot be charged to the war. On the other hand,
much of the increase in the departments and offices included in Group 2,
and a small part of the increase in some of the departments and offices
Included in Group 3, are chargeable to the war. Therefore, it is a safe
statement that of the entire increase for the six years of 122,806, approximately 100,000 is directly chargeable to the war.
The total increase for Groups 2 and 3 combined is 23,385. The only
department or office included in either of these groups which shows a marked
increase is the Post Office Department, with a total increase for the six
years of 31,751. This is partially offset by a decrease in the force of the
Panama Canal of 10,876.
Considering the District of Columbia alone, the increase for the six-year
period was 30,538. Of this total increase in the force in the District of
[vol. 115.
THE CHRONICLE
Columbia, 26,710, or more than 87%, was in the departments and offices
composing Group 1, leaving 3,828, or less than 13%, in Groups 2 and 3
combined.
The tables follow:
UNITED STATES CIVIL SERVICE COMMISSION.
Federal Executive Civil Employees (Classified & Unclassified) on June 30 1916 and on
June 30 1922, Showing Increases Occasioned by World War.
-In Dist. of Columbia- -Outside Dist. of Columbia
June 30 June 30 Inc.(+) June 30 June 30 Inc. (4)
1916. 1922. Dec.(-). 1916. 1922. Dec.(-)
-Changes Wholly or Principally Result of War
Group I
283
State a
595
+312 2,500 3,257
+757
Treasury
8,269 19,860 +11,591 22,360 36,110 +13,750
War
2,652 4,921
+2,269 35,043 46,358 +11,315
6,046 7,377 +2,331 30,676 48,470 +17,704
Navy
Labor
378 1,161
+238
+783 2,126 2,364
Shipping Board b1,888 +1,888
2,182 +2,182
Railroad Administration
____
+124
1,123 +1,123
124
Allen Property Custodian_
139
+139
Supt., State, W.& N. Bldgs- -217 1,006
+789
Veterans' Bureau
5,321
____26,481 +26,481
+5,321
Railroad Labor Board
75
+75
215
Civil Service Commission
379
30
-5
-53
Totals
17,060 43,770 +26,710 92,740 165,451
-Changes Partially Result of War
Group II
610
Justice a
571
-39 2,000 2,400
Commerce
1,697 2,755
+1,058 8,206 8,458
Government Printing Office... 4,028 4,111
+83
General Accounting Office
2,006
+2,006
+72,711
+400
+252
____
Totals
6.335 9,443 +3,108 10,206 10,858
+652
-Changes Not at All or Slightly Affected by War
Group III
6,075 5,330
Interior
-695 13,272 12,039 -1,233
4,670 4,822
Agriculture
+152 14,066 14,882
+816
3,082 3,630
Post Office c
+548 247,803 279,04)6 4-31,203
784
Smithsonian Institution
509
-275
_ ___
27
so
Bureau of Efficiency
+23
Federal Trade Commission
238
318
+80
96
Tariff Commission
+96
78
Empl. Compensation Comm. ___ _
+78_Fed. Bd. for Voe. Education
80
+80
69
Panama Canal
118
-49 19,173 8:14471 -10,827
.
Inter-State Commerce Com'n 928 1,547
+819 1,315
251 -1,064
125
Miscellaneous (estimated)
188
+63
+10
40
so
Totals
Grand totals
RecapitulationNumber on June 30 1916
Number on June 30 1922
Increase entire service
Increase Group I
Increase Group II
Increase Group III
16,047 16,767
+720 295,669 314,574 +18,905
39,442 69,980 +30,538 398,615 490,883 +92,268
In Dist. Col. Outside Dist.Col.
Total.
39,442
438,057
398,615
69,980
490,883
560,863
122,806
30,538
92,268
99,421
26,710
72,711
3,108
3,760
652
19,625
720
18,905
a Estimated for June 30 1916 ,outside District of Columbia.
b Include administrative offices of Emergency Fleet Corporation but not workmen
at yards or employees in warehouses or on vessels.
c Estimated for June 30 1916, in District of Columbia.
Number of Employees in Each Branch of the Federal Executive Civil Service on June 30
1916 and on June 30 1922, With Totals for Nov. 11 1918 & Certain Other Dates.
[Positions classified under the civil service law and those not so classified.]
June 30 1916
June 30 1922
In Div. Outside
In Dist. Outside
of
Dist. of
of
Dist. of
Total.
Col.
Department or OfficeCol.
Col.
Total.
Col.
283 2,500 2,783
595 3,257 3,852
Department of State a
Department of the Treasury...._ 8,269 22,360 30,629 19,860 36,110 55,970
2,652 35,043 37,695 4,921 46,358 51,279
Department of War
610 2,000 2,610
571 2,400 2,971
Department of Justice a
3,082 247,803 250,885 3,630 279,006 282,636
Post Office Department b
5,046 30,676 35,722 7,377 48,470 55,847
Department of the Navy
6,075 13,272 19,347 5,380 12,039 17,419
Department of the Interior
4,670 14,066 18,736 4,822 14,882 19,704
Department of Agriculture
1,697 8,206 9,903 2,755 8,458 11,213
Department of Commerce
378 2,126 2,504 1,161 2,364 3,525
Department of Labor
4,028
____
4,028 4,111_ ___
4,1.11
Government Printing Office
784784
509
509
Smithsonian Institution
928 1,5iL 2,243 1,547
"iii 1,798
Inter-State Commerce Commis'n
215
35
250
379
30
409
Civil Service Commission
27
27
so ____
____
50
Bureau of Efficiency
318
318
Federal Trade Cissi
---------------- 1,888 2
,iii 4,070
Shipping Board c
Administration
____
1,123
Railroad
124 1,247
139
___
Allen Property Custodian
139
Tariff Commission_ ___
96
__
96
Com_
Employees' Compensation
78
_-__
78
80
Fed. Bd. for Vocational Educa'n -----------80
-iii 19;173 19,291
The PLUISMa Canal
69 8.5ii
8,415
217
217 1,006
Supt., State, W.& N.131dgs
1,006
Railroad Labor Board
-7
78
75
General Accounting Office
--------------2,0065-,
Veterans' Bureau
26,iii 3l,8 6
02
3
Miscellaneous d
125
40
238
-ii38
se
188
39,442 398,615 438,057 69,980 490,883 560,863
Totals
On Nov. 11 1918: In District of Columbia, 117,760; outside District of Columbia,
800,000 (estimated); total, 917,760 (approximate).
On July 31 1920: In District of Columbia, 90,559; outside District of Columbia,
600,557 (approximate); total, 691,116 (approximate).
On Dec. 311920: In District of Columbia, 86,650; outside District of Columbia.
553,525; total, 640,175.
On July 31 1921: In District of Columbia, 78,865; outside District of Columbia,
518,617; total, 597,482.
On Dec. 311921: In District of Columbia, 75,823; outside District of Columbia,
492,567; total, 568,390.
a Number.outside District of Columbia estimated for 1916.
b Number in District of Columbia estimated for 1916.
c Figures include administrative offices of Emergency Fleet Corporation but not
workmen at shipyards or employees on vessels.
d Estimated.
ANNUAL ROLL CALL OF AMERICAN RED CROSS.
The annual roll call of the American Red Cross, in which
Its membership is renewed from year to year, will take place
in the period between Armistice Day, Nov. 11, and Thanksgiving Day. This is the only appeal, it is stated, that the
national organization makes during the year; and is for the
purpose of maintaining its membership at such a point as
will enable it to perform those duties which are placed upon
it by Congress. For purposes of the 1922 roll call three posters have been prepared. One of these, "At the Service of All
Mankind," is by Lawrence Wilbur; and another by Franklin
Booth, the latter being a sketch of the Capitol on which is
superimposed the Red Cross. The third poster, "The Planters," is for use in the Junior Red Cross roll call, and is by
Anna Milo Upjohn, the well-known painter of child subjects.
SEPT.16 1922.]
THE CHRONICLE
SION IN
BORAH BILL FOR FACT-FINDING COMMIS
COAL INDUSTRY PASSED BY SENATE.
a PresiThe bill introduced by Senator Borah to provide
coal
commission to investigate conditions in the
dential
by the Senate on Sept. 8. A measure
industry was passed
by the House,
similar in scope already having been passed
sent to conference. As passed by the Senate,
the bill was
five members
the commission bill would set up a body of
recominvestigate the entire coal industry and report
to
The House measure would have fixed the
mendations.
specifies
membership at nine. Another Senate amendment
distinct
the commission shall make separate and
that
the bituminous and anthracite industries. The
inquiries into
into the
general provisions of the bill—an investigation
coal industry, gathering of all relative facts and the
whOle
findings—
making of recommendations to Congress on the
upon the
are the same. Work is to be begun immediately that on
appointment of its members, and the first report,
after
the bituminous industry, is due within five months
the law goes into effect.
The report and recommendations on the anthracite inquiry
month
are called for on or before July 1 of next year, a
entered
ahead of the expiration of the wage contract recently
into in the settlement of the hard-coal strike. The commison the
sion is directed under the bill to study and report
coal
"wisdom or advisability" of nationalization of the
These proyisions were retained in the bill after
industry.
or
a strong fight by a vote of 30 to 19. The feasibility
necessity of Government regulation and control also brought
some debate, but was retained as a provision of the measure.
As a part of the general inquiry the commission is directed
to ascertain the ownership and title of all mines,labor,costs,
wages paid, general conditions under which the coal is
produced, causes which have led to strikes, "and all facts
which would be deemed helpful in determining an efficient
policy by the Government" concerning the industry.
1277
- enough, competent enough, to protect the public in their necessities of
life from the effect of the disputes between particular groups of our people.
"A man has a right to say whether he will work or not and any attempt
by the Government to compel a man to work under conditions not to his
taste, not to his liking, would be, as I think Mr. Gompers has said, a form
of slavery. But the right of a man to work or not as he pleases does not
involve any right in him to say whether his neighbor shall work or not
as he pleases, and, while compulsion of labor might be slavery, the effort
of any group of men to control on a nation-wide scale the production of
any essential article or to control transportation and to say not only
is
whether they shall work, but also whether any one else shall work,
tyranny and a free Government cannot permit either slavery or tyrrany."
to preach the kind of tyrrany which
The attempt of any group of people
law breaking,"
Government cannot permit "always leads to violence and
which is another thing that cannot be tolerated, the Governor said, adding
that it is the highest function of the Government and State to protect
the lifes and property of citizens from violence.
Accepts Challenge on Protection.
The right has recently been challenged in connection with the activities
of the State troopers during the recent trolley strike at Buffalo, continued
the Governor.
"The State Federation of Labor at its convention at Poughkeepsie
adopted a resolution condemning the use of the State Constabulary in
case of troubles arising from a labor dispute, and asking either that the
State Constabulary be disbanded or that they be prevented by statute
from being used for such purposes.
"What did that mean? What do the State Troopers do? Do they
interfere with the disputes? No, they do one thing and one thing only
—they preserve order. They prevent act of violence. Do they tell
any man he shall labor if he doesn't want to? No. They protect people's
lives and property from acts of violence, and if Mr. Holland (head of
the State Federation of Labor) wishes to challenge the power of the State
to do that, as the Chief Executive I accept his challenge, for so long as!
am Governor the forces of this State will be used to the extent of our
capacity to preserve order and protect life and property. I do not care
by whomsoever they may be threatened."
Speaking of Mr. Holland, who at the Poughkeepsie labor convention,
according to Governor Miller, declared that eight hudred armed strikers
were prepared to drive the State troopers out of Buffalo were they not
recalled,then said that the statement was based upon hearsay,the Governor
said:
"Holland is harmless. He preaches revolution and doesn't mean it.
There are those more subtle who outwardly counsel respect of law and
mean revolution.
"It is unfortunate for this (Holland's) organization that it should have
such a person at its head to discredit them, but he himself is harmless. His
bark is worse than his bite, and I know that his followers do not support
him in what he is preaching.
"The great rank and file of the people who work with their hands believe
in order, believe in their Government, and they only are led into excesses
by others, by unfortunate leaders. But it was a more subtle and more innosie, and by another
statement
MINING RESUMED IN HARD COAL FIELDS FOLLOW- cent telegram than Holland's the Herrin at Poughkeep of the foulest blots
massacre, one
labor leader, which projected
MENT BY
ING RATIFICATION OF AGREE
in American history upon America's form of government."
MINERS' UNION.
Concept of Liberty Changed.
conThe tri-State convention of the anthracite coal miners, "Our concept of liberty to-day is not precisely in accordance with the
events in Tryon
meeting for three days in Wilkes-Barre, ratified on cept of those who were engaged in what were truly great individual could
after
and County," Governor Miller continued. "At that time the
Sept. 9 the agreement entered into by the operators
do pretty much as he pleased. The frontiersman had almost unrestrained
strike. and unrestricted liberty of action. . . . That day has passed. . . •
the United Mine Workers for settlement of the
com- When public necessity intervenes, the right of the individual to do as he
The agreement, based on the so-called Reed-Pepper
by the miners' convention will must yield."then explained how that is illustrated in the statutes
promise plan, was adopted
The Governor
unanimously on a viva voce vote. Anthracite mines, idle passed in New York State during the recent housing shortage and the present fuel shortage, adding that the housing law, providing that a real estate
since the first day of April, were reopened on Sept. 11, but owner must accept the Court's idea of a fair price rather than his own,would
said to be have been considered bolshevik in principle in the early days.
not much coal was produced. Two things were
"I have said, I said it officially the other day, that a nationwide strike
responsible—the shortage of skilled labor and the dangerous
on revolus. Of the 155,000 mine paralyzing on a nationwide scale an essential industry verged disorders,
condition of many of the propertie
not supplied,
tion, with
this rioting andtransportation paralyzed, public needs the thing happens that
workers in the three hard coal fields only about 50% of
bloodshed follow," he declared. Then
Is bound to happen—a general strike.
number was back at work on the 11th.
"There will be no general strike," said the Governor, in conclusion."but
the talk of a general strike should suggest to the people of this country that
borders than you people up here on
being plotted
MEN ENGAGED IN PRODUCING NECESSITIES OF there is morein the pure airwithin our County arc aware of. They talk of
the hills and
of Fulton
demHAVE NO RIGHT TO STRIKE, SAYS
LIFE
establishing a proletarian republic, a democracy. They don t mean
ocracy, they mean the rule of only part of the people. They mean and their
GOVERNOR MILLER.
leaders frankly avow, that what they contemplate is despotic government
"The effort of any group of men to control on a nation- by what they call the proletariat.
con"Well, there may be a proletariat in Russia, but thank God there is no
wide scale the production of any essential article or to
transportation and to say not only whether they shall proletariat in America."
trol
work, but also whether any one else shall work, is tyranny,
or
and a free Government cannot permit either slavery
tyranny," Governor Miller declared in an address at a
luncheon tend9red him by'city officials of Johnstown, N. Y.,
ion on Sept. 9 comeml
as a feature of the memoria celebrat
The
morating the 150th anniversary of Fulton County.
r contended that "people who are engaged in the
Governo
production of the n'ecessities of life have no right to say
or not. His
whether they shall continue that production
were further quoted in press dispatches, which had
remarks
the following to say:
t of Fulton County pioneers, discussed the
The Governor, a descendan
and responsibility as established in the
concepts of liberty, individual right
amended to suit the needs of the present.
early Colonial days and as
and made a com"Suppose all of the farmers of the country got together
food," the Governor continued.
pact that they would stop producing
happen the Government would
"That isn't going to happen, but if it did
to start production.
have to come forward and tell them
of industry. The employers,
IN "That same rule applies in the conduct hear some of them talk about,
as we
for the purpose of liquidating labor,
with the result that they cease
have no right to set up their individual wills
is labor, whose capital is what they
to produce. The people whose capital
right to get together and
produce by the labor of their hands, have no more
nationwide basis of an
concert of action paralyze the production on a
by
essential necessity of life.
to face with the proposition in
"The time has come when we are face
American form of Government is strong
this country as to whether our
• DISTRICT FUEL ADMINISTRATORS NAMED.
Names of five of the nine district fuel administrators to be
appointed for New York State were announced Sept. 11 by
five,
William H. Woodin, State Fuel Administrator. The
all of whom have accepted, are Albert E. Cluett, Troy; Clarence B. Kilmer, Saratoga Springs; Samuel J. Koerbel, Binghamton; George D.B. Bonbright, Rochester, and Arthur W.
Lawrence, Bronxville. Four additional district chiefs will
probably be named to-day.
Mr. Cluett, who is a collar manufacturer at Troy, and
served in the fuel administration during the war, will head
the third judicial district. Mr. Kilmer, former districtattorney at Saratoga Springs, will represent the fourth district. The sixth district will be headed by Mr. Koerbel,
who is an attorney, and the seventh by Mr. Bonbright, a
business man of Rochester. Arthur W. Lawrence is a
real estate man and an attorney at Bronxville and will represent the ninth district.
The first and second districts, comprising New York City,
Richmond, Queens and Long Island, will be subdivided
because of the large population, which will entail heaviet
distribution.
1278
T1TE CHRONICLE
SECRETARY HOOVER SAYS PUBLIC INTEREST IS
PARAMOUNT IN COAL INDUSTRY.
The time has come for miners and operators to consider
the "superior rights of the public" in their industrial controversies, Secretary of Commerce Hoover declared in an address on Sept. 12 before the Salesmen's Association of the
American Chemical Industry in this city. Secretary Hoover
spoke of the legislation for a National Coal Commission and
said that he had favored the organization of that body "because I do not believe great solutions are to be found out of
emotional denunciatoin, but out of sober, scientific examination." He said he believed that a commission would find
that collective bargaining, conciliation and arbitration had
broken down in the coal industry. "Some examination of
our industrial sanity is called for," said Secretary Hoover,
"when the public can be made the victim of infinite loss and
suffering by such disagreements as we have witnessed;
when the whole nation once every two years or less can be
pushed to the precipice of want and commercial collapse;
when we are brought to consideration of price fixing against
extortion in time of peace; when hundreds of thousands of
workers, not only in the industry, but outside of it, are
thrown into skimping and starving, and when the nation is
made to suffer the shame of Herrin and rampant crime that
has followed in the train of strikes. There is much in the industry that needs public ventilation, but more important
than this, there are two distinct lines of problems for which
constructive solutions are needed, that can only be furnished
after more considered Investigation. The first of these problems is the employer-employee relationship, the second is
tht economic reorganization of the industry. His remarks
in large part were as follows:
The favorable progress of legislation for the creation of a national commission fully empowered to get to the bottom of the troubles in this industry
is the first step in one of the most vital problems we have. I have been
earnestly recommending such a commission for the last three years, because
I do not believe great solutions are to be found out of emotional denunciation, but out of sober scientific examination.
When the public can be made the victim of infinite loss and suffering by
such disagreements as we have witnessed; when the whole nation can,once
every two years or less, be pushed to the edge of the precipice of want and
commercial collapse; when our public utilities, hospitals,schools and kitchens
are dependent upon short rations of non-union coal; when the Federal Government is forced to interfere with business and transportation to secure
even this movement to essential points; when we are brought to consideration of price-fixing against extortion in peace time; when hundreds of thousands of workers, not only in the industry, but outside of it, are thrown into
skimping and starving; when the nation is made to suffer the shame of
Herrin and rampant crime that has followed in train of strikes—then some
examination of our industrial sanity is called for.
There is much in the industry that needs public ventilation, but more
important than this, there are two distinct lines of problems for which
constructive solutions are needed, that can only be furnished after more
considered investigation. The first of these problems is the employeremployee relationship; the second is economic reorganization of the industry.
The present relationship of employer and employee in the industry
comprises a periodical national danger, because with national organization
and national disagreement, it means national stoppage. In the end, the
issues of the struggle are consciously or unconsciously imposed by pinching
the welfare of 99 % of the community who are not parties to the quarrel.
And through subsequent prices the public pays the bill. The public,
therefore, has a right to a voice in this whole business.
Surely fair play can be obtained for employer and employee in our
civilization without war on the public. But it is not sufficient to shirk the
issue by saying that there must be fair play. We must discover the machinery by which fair play can be delivered to all sides. We must have
continuity of production in this essential commodity under righteous conditions of employment,if we are to maintain the welfare of the nation at all.
Present Machinery Inadequate.
I believe such a commission would find that collective bargaining,
conciliation and arbitration, upon their present basis of organization, have
in sequence broken down in this industry, as witness the long stoppages
in production which all these processes are supposed to end. In this
connection, if we examine the inside working of this recent strike we will
find situations new in industrial relations. Under freedom from the
restraint of trade laws the workers' organizations have grown in strength,
solidarity and devotion, they have shown able leadership, whereas the
organization of employers for the purpose of collective bargaining has
been to a large degree destroyed by the action of these very laws. Without
entering into the history or rights or wrongs of this phase, the bare fact
exists: That the recent agreement in the bituminous industry was determined by only 15% of the employers, and this minority's decision controlled
the whole.
From the public point of view, these things are only of importance as
they contribute to interruption in production. The greater proof that the
conception of collective bargaining in this industry has failed upon its
Present basis to secure any assurance of protection to the public is the
famine in coal.
The Federal laws on conciliation have failed to obtain any results for
a settlement based on mutual
Peace. The conception of arbitration is
third party, but this is now refused
agreement to abide by the decision of a
the workers consider that arbitration
"on principle," for in this industry
always results in compromise, and that this is compromise with their
bread and butter. Thus, all of the old conceptions of mutual settlement
preserve the old methods of
in the industry have failed. We may well
better organized, and we need somePeace, but of a certainty they must be
positive insurance of peace to the public. Nor
thing more that will bring a
national basis the answer, for in
is the organization of employers on a
such case, while collective bargaining might proceed more smoothly, the
costs of any bargain can be passed on
public could well take alarm that the
[Vol,. 115
to the consumer. Therefore, such bargaining must be controlled in the
public interest, even if it served to prevent stoppage.
Public Rights Superior.
There are a great many rights that have grown up around these industrial
relations. Workers have a right, to organize to protect and improve wages
and conditions of labor. They have a right to collective bargaining. They
have a right to strike. They have a right to refuse to join such organizations. They have a right to work without intimidation and assault.
Employers have a right to refuse to recognize such organizations. They
have a right to lockout. They have a right to keep open shop. No one
seriously denies any of these rights, but a lot of people are overlooking a
superior right. That is the right of the public to a continuous supply of its
vital necessities and services upon terms fair to the employer and employee.
When these various rights infringe upon the public right, then the dominant
right is public right.
I do not propose to anticipate the conclusions of the Commission as to
methods. My desire is to emphasize the vital importance of its mission.
Nor can the problem be solved solely by treatment of employment relations. There is essentially the need for constructive thought that will devise remedies for a multitude of evils that give rise to great industrial wastes,
and breed much of the employment difficulties. They bring great burdens
upon the public, workers and operators.
Aside from employee relationships, most of the economic demoralization
lies in the bituminous, as distinguished from the anthracite, industry, and
my discussion hereafter refers to bituminous alone. This industry, indeed,
functions very badly.
300,000,000 Surplus Capacity.
,
There are 8,000 bituminous mines with an annual capacity of 850,000,000
tons, 300,000,000 capacity-beyond our national needs. The over-capacity
in the industry results not in the permanent closing of some mines, but in the
operation of all of them more or less intermittently. Thus the working personnel is held attached to each mine in daily hopes of employment. In the
best year of their history the bituminous mines operated an average of only
249 days in the year, out of a possible 308, whereas in most years the average
is about 210, as against about 295 days in England and over 300 days in
Germany. If we subtract the mines which are operating regularly for certain metallurgical and railway supplies, we find that the situation is even
worse, for the remainder of the bituminous mines are probably operating
an average of less than 180 days, or over 120 days'lost time out of the year.
There arc 2,500 too many bituminous mines and 200,000 too many people
in the business. This waste oflabor,of capital and of coal levies tremendous
tribute on the entire country. Investment in the industry is extremely
speculative. Distribution is excessive. The operators vibrate between
bankruptcy and high profits. And the public in ordinary times is paying far
more for its coal than would be necessary from a stabilized industry.
The perpetual labor difficulties are but one of the inevitable by-products
of this poor organization. Labor is struggling on one side to set up remuneration based on such days'pay,and such piece-work rates, as will give
a standard of living from 60% of time employed. Labor is thus honeycombed with the worst of stimulants to unrest, insecurity of employment.
The largest contributor to overexpansion of the industry is now the
almost regular biennial quarrel. This results in intermittent operation of many mines at a loss in the lean period between strikes or threats
of strikes. The war demand and profits have also contributed to this
over-expansion. Beyond this the non-union mines in the South, with
a capacity of over 300,000,000 tons per annum, being able to secure a lower
wage level than the union mines in the North, at times of sharp competition
usare enabled to undersell northern coal, and are gradually Causing the ind
try to migrate from the North to the South, with consequent over-equipment in the North.
Intermittent operation also arises in the chronic annual shortage of railway cars because a sufficient car supply for the short-peak period is economically impossible to the railways. A bad system of distribution of cars
to mines by the railways contributes also, because under the present methods the fly-by-night operator has a right to demand his quota of cars in times
of good demand and paralyzes the ability of the systematic mines to comply with their contracts or to maintain regular operation. There is inadeqaute storage at points of consumption to take up slack from seasonal and
daily intermittent production.
Aside from relieffrom national stoppage in production from strikes and
lockouts, there are proposals of constructive and practical remedies which
should be investigated and which do not lead to socialism and destrcution
of the American freedom and initiative. For instance, an extra annual
storage of 20% of railway consumption would equalize the seasonal fluctuation. Larger storage is possible by the railways at those times when public
demand for coal is slack instead of competition by the railways themselves
with the public for coal, and thus for the use of cars, at the annual period
of car shortage. A system of car distribution that would not itself break
into regular operation would help. Large storage by public utilities would
assist and would give greater security to the public.
A contributing remedy that will need the most earnest consideration is the
possibility of permitting the co-operative system of marketing developed by
the farmers to be applied by such mines as wish to adopt it, under circumstances that would assure competive conditions.
It has also been proposed,although I have doubt as to practicability, that
there should be a penality in higher wagesfor short-time employment. Proposals are also made for a basic wago with a participation in the realized
price of coal.
Of dominant importance, however, is the fact that the whole employee
and employer relationship requires reform if we are to secure a stable •
industry. Much friction would, of course, disappear if there were less
intermittance. The instability of bargaining has a fundamental value in
the industry in the maintenance of standards of wages and conditions of
labor, for otherwise the workers, because of competitive drive for low
costs, would never have arisen from the impossible condition of years ago;
but the breakdown of true collective bargaining in the biennial conflict, the
constant local violation of agreements and the multitude of small strikes
are themselves proofs that it needs better organization and public participation with guarantees.
I recognize that stabilization of the industry, or anything that lends
stability to the industry, is opposed by a small minority of speculative
operators who use the periodically disturbed production to reap a recurrent
harvest. It would be opposed on the other side by some ofthe more narrowminded labor leaders who contend that their object in all industry is to
reduce the number of hours of actual labor to some minor faction of the
whole year, or whose ambition is to drive the nation to Socialism in desperation for coal, or who deny the public right to any voice. However, I
believe that the constructive men on both sides are in full agreement that
we must have a broader and better solution than results from the truces
rs
th past iow wai
ofThese perfedicyea;
in the industry are, therefore, in part symptoms of
a disease. But before we treat this disease we must have a more accurate
diagnosis. We must have adequate, accurate information from which to
SEPT. 16 1922.]
THE CHRONICLE
weigh the different causes. We must be able to apply to all the test of fact.
From such an understanding we should be able to return this industry to
sanity. The proposed commission has the greatest opportunity for constructive work since the war.
The public demands results; it is sick and weary of periodic warfare and
futile attempt at solution.
JUDGE WILKERSON CONTINUES RESTRAINING ORDER AGAINST SHOPCRAFT UNIONS.
Continuance for a period of ten days of the restraining order against the striking railway shopmen issued on Sept. 1
was granted on Sept. 11 by Judge Wilkerson in the Federal
District Court at Chicago. The extension was granted to
cover the time which may be consumed in hearing the application of Attorney-General Daugherty for an injunction to
replace the restraining order, and if an injunction is issued
or the original order is vacated within ten days the extension
will then lapse. While not finally passing on a motion to
dismiss the injunction, presented by Donald R. Richberg,
attorney for the defendant shop crafts leaders, Judge Wilkerson said he was "not satisfied that the bill fails to state
a ground for any relief." The court indicated that additional
argument on Mr. Richberg's motion would be heard later.
With respect to the action of Judge Wilkerson in granting
the continuance of the restraining order, press dispatches on
the 11th inst. from Chicago said:
Contrary to forecasts emanating from Washington last week, the
Attorney-General offered no recommendations that provisions of the
temporary restraining order construed as a curb on free speech, free press
and free assemblage be eliminated. He stood pat on his original petition.
The first hearing on the motion was adjourned, following an all-day
session, and will be resumed to-morrow. Court proceedings may extend
over several days before any decision is reached either to vacate or make
permanent the order now in force.
Mr. Richberg and Frank L. Mulholland of Toledo, Ohio, appeared
as counsel for B. M.Jewell, President, and John Scott, Secretary-Treasurer
of the Railway Employees' Department of the American Federation of
Labor. After the court had granted a continuance of the restraining
order, Mr. Richberg served formal notice on the Attorney-General that
he would petition the court for a prompt modification of the injunction.
Although he was at the table reserved for Government counsel throughout most of the day, Attorney-General Daugherty took no active part
in the initial court proceedings.
Following the denial of the attorney's plea for dismissal, Blackburn
Esterline, Assistant Solicitor-General, continued with the Government's
fight to make the temporary injunction permanent. He presented three
documents to the Court. One was the decision of the Railroad Labor Board
(1306), fixing the wages against which the shopmen are striking. The
second document was a general history of the strike and the third an
affidavit from Chester J. McGuire, secretary to Guy D. Goff, one of
Attorney-General Daugherty's aids.
The affidavit contained a series of depositions taken from secret agents
employed by the Government, and each depicted in a graphic manner the
alleged connection between the strike of the shopmen and various acts of
violence, including murder, arson and sabotage on railroad property.
In the depositions offered by the Government attorneys eighteen cases
of murder, forty-four assaults, seventeen derailments, dynamitings and
burning of bridges, together with a list of various acts of sabotage and
depredation covering twenty-six pages were recited.
Attorneys for the defendants had the first inning, with their motion for
dismissal and arguments in its support.
Mr.Richberg opened his argument with a spirited attack on the AttorneyGeneral, whom he charged with having "imposed on this Court," adding
that the Government had obtained the injunction with ulterior motives.
After the Court had ordered him to confine his remarks to the law in the
case, Mr. Richberg proceeded to sketch his argument. He submitted four
points in support of his contention that the restraining order should be
vacated. These were:
1. The Government erroneously assumed that the strikers violated the
law when they declined to abide by decisions of the United States Railroad
Labor Board.
2. The open-shop issue, cited as an important reason for seeking an
injunction, is not one to be dealt with by the Department of Justice.
3. Federal courts have held that strikers have a right to attempt to
recruit their ranks from among non-union workers.
4. The Government failed to establish an unlawful conspiracy on the
part of the strikers, as alleged in the injunction bill.
While Mr. Richberg's arraignment of Mr. Daugherty passed without
Court comment at the morning session, it drew fire from Judge Wilkerson
later in the day. In closing his argument on the motion to dismiss the
injunction late in the afternoon, Mr. Richberg said:
"I feel that the invocation of the jurisdiction of this court without, as I
believe, proper authority and in an unlawful manner,is a flagrant abuse of
the proceedings of this court by the Attorney-General,and produces one of
those situations in which the very respect of the masses of the people of the
United States in the proceses of the court and the dignity of the law is
threatened.
"And for that roaton,Ifeel that we are entitled to press upon the courtfor
that action which will assert most forcibly, most effectively, and most
completely the dignity and power and the respect for the court of the constitutional rights of all citizens and for a complete adjudication of the court
on the abuses of the legal processes and invasion of the constitutional liberties, which abuse it has received, not from the intended action, but from the
betrayal of the confidence of the court by the chief law officer who appeared before the court."
Judge Wilkerson leaned forward at this point and interrupted. "I suppose you aro aware," he said,"that this bill was read at large in court; that
the entire bill was read and argument presented?"
"I am not aware," Mr. Richberg started to reply, when the Court cut
in again with:
"I hardly thought so, by the use of the phrase 'betrayal of the court.'"
The attorney answered that he had supposed that the matter had been
presented in some form, but indicated he did not believe the Court had had
sufficient time to study it or to "determine the rights of the parties under the
bill."
Mr. Richberg's concluding remarks were a parting shct at Mr. Daugherty.
He said:
1279
"I have made this statement, which I havelust,concluded, if the Court
please, for this purpose: It seems to me that at the present the major
responsibility of such invasion of the Constitution as I feel to have occurred
out of the proceedings, rests upon. the Attorney-General. But that now
upon the presentation of the matter to the court, the responsibility rests
upon the court. I think it is a far more important matter to preserve public
confidence in our institutions and respect for our courts than that the
responsibility of our courts should be fully maintained to protect the Consti- •
tution. That is the purpose of this statement I have made. It would seem
to me that the Attorney-General, in invoking the equity jurisdiction, and a
power which in this country has never been exercised and maintained and
extended in the equity courts, is carrying us back,I should say, to a period
prior even to the utterance of Sir Francis Bacon, which I quoted, carrying
us back to a period prior to the Magna Charta, before the principles that
are now recognized as the due process of law protected our liberties."
The fight over the injunction began dramatically. The Attorney-General
went into court with an imposing array of cousel. He was prepared, his
associates intimated, to present evidence supporting the assertions, made
when the temporary injunction was issued, to the effect that the strike is a
conspiracy against the United States and that the Welfare of the whole
country demands that the courts prevent the strikers from interfering in
any way, by act or speech or printed word, with the operation of the railroads.
STATEMENT OF ATTORNEY-GENERAL ON NEGOTIATIONS FOR SETTLEMENT OF SHOPMEN' STRIKE.
S
Attorney-General Daugherty in a statement on Sept. 8
said the Government was not a party to any negotiations
between the railroads and their employees, but declared that
such negotiations would not be interfered with by the temporary restraining order issued at Chicago, lie added:
The Government is not &party to any negotiations between the railroads
and the employees, if any are in progress. The suggestion that such negotiations would be interfered with by the temporary restraining order granted
by Judge Wilkerson is in my judgment wholly unjustified. The only concern of the Government is industrial peace and the restoration of transportation. Any conference between the railroad executives and their former employees to adjust their grievances is in the interests of industrial
peace and would not find any obstacle on the part of the Government.
The Government would not contend that either party to the controversy
was denied by the temporary restraining order any right or opportunity to
confer between themselves as to the possible terms of such settlement.
The Government is not a partisan in this labor controversy. It champions neither the employer nor the employee. Their differences are for
them to adjust. The Government is, however, vitally concerned in the
restoration of industrial peace, and any movement, that seeks to adjust
the unhappy differences between employer and employee will not only
find no obstruction from the Government. but will have its sympathy.
GOVERNMENT'S EVIDENCE IN SUPPORT OF SABOTAGE AND CONSPIRACY CHARGES AGAINST
THE STRIKING SHOPMEN.
Following granting of the extension for 10 days of the restraining order against the striking shop crafts unions on
Sept. 11, Attorney-General Daugherty issued a statement giving in detail the Federal Government's charges of sabotage
and conspiracy against the unions. The statement, which
indicated the line of the Government's testimony in affidavits to be presented during the hearing for a permanent injunction, read in part as follows:
re Since the commencement of the present railroad strike acts of depredation have been committed in practically every State and judicial district
in the United States. The efforts of the perpetrators are concentrated
upon two ends—destruction and intimidation. The means to attain
these ends are almost indescribable. In fact, one must believe that
anything suggested to the imagination of the vandals or their conspirators
was immediately put into effect.
The venom of the participants in this strike has not ceased with ordinary
assaults, bombing, dynamiting, wrecking of trains, or minor depredations,
but has been in many instances satisfied only with taking of human life.
At least twenty-five murders have been reported. Many have indirectly met their death or been fatally injured through strike causes,
and these results were not confined solely to those opposing the views
of the shopmen now on strike. Many were men, women and children
whose only purpose was to travel from one point to another, sometimes
because of necessity and sometimes for pleasure, but always with no
thought of entering into the controversy.
In or about Needles, Calif., on the Santa Fe System, twelve trains
were abandoned in the desert. Hundreds of passengers, men, women
and children, some 90 years of age and some as young as one day, many
sick, were required to live in almost unbearable heat for periods varying
from one to four days.
In fact, before action could be taken to remedy the situation caused
by the abandonment of these trains, and during this fierce heat, ong
woman gave birth to a child.
It has become necessary to appoint approximately 5,500 United States
Deputy Marshals to assist in the protection of inter-State commerce
and the United States mails. Approximately 950 mail trains have had
to be discontinued; several roads have been compelled to discontinue
trains in order that coal orders might receive priority, and many roads
have placed embargoes upon perishable products. During the trouble
in Northern and Southern California it is estimated that $75.000,000
damage was caused by inability of the carriers to transport fruit ready
for market.
Dynamiting, bombing, setting fire to railroad property and bridges
are a few of the most dangerous means adopted against the railroad
companies.
Many derailments have occurred. The general scheme adopted has
been to remove spikes from the tracks, often on curves, causing them to
spread when subject to the pressure of a train.
The throwing of sticks of dynamite and bombs has come to be more than
daily occurrences. At least 100 sticks of dynamite have been used and over
thirty bombs thrown.
Many of these • were not destined for railroad
property, some being thrown at workers, and others have exploded on and
about their homes and sleeping quarters. . . .
1280
THE CHRONICLE
Switches have been tampered with several times, with a clear track showing, trains have run into cars on sidings, blocking tracks and causing
considerable damage.
It would be almost impossible to enumerate the various assaults which
have been perpetrated. Whippings were resorted to in practically every
instance where strikers were able to lay their hands upon those whom the
railroads have secured to take their places. When they could not be
apprehended stones were thrown at them. Pepper was sometimes thrown
in the faces of women accompanying them. Shots were fired and other
acts, equally as detestable, were indulged in. Tarring and feathering are
included in the list, and in many cases men have been kidnapped, forced
into machines, taken a long distance from town, stripped of their clothing
and left in outlying points.
These acts were not committed against workers alone. Their families
have suffered with them. On one occasion a woman was held while her
husband was tarred and feathered: in another case, as an aged man and his
wife came from a moving picture show, he was seized and carried away and
she, upon protesting, was thrown to one side on the ground.
A woman on the Western Coast, while carrying lunch to her husband,
was severely beaten and her hair torn by wives of the strikers.
The Department of Justice also has on file sworn affidavits of the Postmaster-General of the United States showing that a minimum of 953 railway
mail trains have been canceled on various roads and in practically every
section of the country. Additional data show serious interruptions to and
Interference with many other trains, resulting in congestion and delay.
The above enumerated acts do not take into consideration indirect damage
and delay caused to inter-State commerce,especially with respect to coal.
For... 115.
public and commercialize the suffering of their employees by forcing them
Into idleness.
Why didn't the miss owners co:ne to the same terms last Spring?
First: Because they wanted to liquidate the surplus stock.
Second: They saw a chance to rob the public by profiteering.
Third: Violence by the men, arousing public resentment and Government actions, weakening the spirit and morale of the men, resulting in the
destruction of the unions, were all hoped-for possibilities.
As a matter of fact, the mine owners had everything to gain and nothing
to lose, realizing as they did that the poor miners were and always would be
ready and willing to come to honest terms.
The 155,000 rough men in a mass struggle, a hungered and sorely provoked for five months,so conducted themselves that not a single arrest was
made, and they bore the sacrifices and hardships with such a spirit of solidarity and determination that to them should be given all the credit for
victory rather than to those seeking political capital.
EXECUTIVE COUNCIL OF A. F. OF L. DENOUNCES
TREASON TRIALS IN WEST VIRGINIA.
The prosecution of officials and members of the United
Mine Workers' district in West Virginia in the treason
trials now in progress in Charlestown, W. Va., was characterized on Sept. 14 by the Executive Council of the American
Federation of Labor as "another attempt to tighten the
grip of intrenched feudalism on control and domination of
DISTRICT SUPREME COURT DENIES UNION
Government in that State." Governor Morgan was called
PETITION FOR INJUNCTION AGAINST
upon to "remove the taint of the coal interests from the
CHICAGO RESTRAINING ORDER.
prosecution of these cases and put the function in the hands
The District Supreme Court at Washington on Sept. 9 of the duly elected officials of the county where the trials
refused the petition of the International Brotherhood of are in progress." The Executive Council adopted a resoElectrical Workers for a temporary injunction restrailirg lution which said, in part:
We condemn and denounce the industrial feudalism which, represented
United States officers from carrying out the provisions of
behind
the temporary injunction against striking railroad shopmen by the coal producing interest of West Virginia, masquerades United
the prosecution of officials and members of District 17 of the
issued by the United States District Court in Chicago at Mine Workers of America. We characterize these prosecutions as an
attempt to destroy the organizations of the mine workers in the coal fields
the behest of Attorney-General Daugherty.
West Virginia.
The court issued an order forbidding the United States ofWe denounce the use in this prosecution of private funds, which spokesMarshal and the United States Attorney in Chicago to men and representatives of coal interests have admitted are being supplied
exceed the terms of the Chicago injunction and restraining to the State by the mine owners.
State of attorneys
We condemn the
them from interfering with union meetings. The suit for known to representpresence as special prosecutors for the Virginia.
the coal producing interests of West
injunction was dismissed without prejudice against a renewal
We urge the people of Jefferson County to uphold and maintain their
of the petition after the Chicago court finally acts on the traditions for fairness and impartiality in the administration of justice.
matter.
EXECUTIVE COUNCIL OF A. F. OF L. CALLS UPON
UNIONS TO RESIST INJUNCTIONS.
AMERICAN FEDERATION OF LABOR TO SEEK
Protest against the "gross misuse of Governmental powers
IMPEACHMENT OF ATTORNEY-GENERAL AND
JUDGE WILKERSON.
by Governmental agencies," was made by the Executive
The Executive Council of the American Federation of Council of the American Federation of Labor on Sept. 9, at
Labor, which is meeting this week in Atlantic City, decided the close of its first day's session in Atlantic City. Attackon Sept. 14 to begin a movement for the impeachment of ing the restraining order against the railroad shopmen isAttorney-General Daugherty and Federal Judge Wilkerson, sued at Chicago by the Federal Court, the Council called
who granted the restraining order against the striking rail- upon organized workers "to resist a practice that will deroad shopmen on Sept. 1 at Chicago. The proposed im- stroy the very spirit of freedom and democracy," and, the
peachment proceedings will be made a political issue in Council added, "we call upon the people of America as a
every Congressional district in the country in the fall elec- whole to protest against these abuses in the exercise of the
tions, it was declared. Samuel Gompers, President of the injunction writ so clearly violative of the constitutional
Federation, was instructed to inaugurate the impeachment guarantees of the United States. Eternal vigilance is the
proceedings by drafting a bill to be introduced in Congress price of liberty now as at any other time in our history."
setting forth labor's charges of maladministration against The action of the Council on the injunction Issue was taken
Attorney-General Daugherty and Judge Wilkerson involving by the Council, it is stated, with unanimous vote, the declaralleged violation of their oath and malfeasance of office. ation of its stand in the matter being sent out to member
.
The Executive Council declared that it is not concerned unions over the signature of Samuel Gompers, President of
further with what the Attorney-General and Judge Wilker- the Federation. The declaration in full follows:
son may do about the present injunction against the railroad
The injunction issued at the instance of the Government against the strikshopmen. The Council asserted that it considers "that ing railway shop workers outrages every constitutional guarantee of free
It directly violates Sections 6 and
these men have flagrantly thrown the United States Consti- speech, free press and free assemblage. sweeps aside the Bill of Rights.
20 of the Clayton Anti-Trust Law and
and by this action have demontution to the four winds
Under the labor provisions of the Clayton law specific provision is made
strated their unfitness to further trust in public office." that no injunction shall be granted by any court ofthe United States growing
employment, unless a property right
"The Executive Council at its session to-day," an official out of a dispute concerning terms of is involved, and even in that event
of the party making the application
statement said, "opened its campaign against all who prove certain rights of the workers must be observed by our courts. It is difficult
Government is jeopardized that
untrue to the people's constitutional rights and who would to understand what property right of the of their constitutional rights to
will warrant depriving the wage earners
their position of public trust to promote purposes foreign freedom of speech, freedom of press, freedom of assemblage,freedom coluse
to and in conflict with the legitimate functions delegated lectively to protect and insure their interest against the onslaught made
systems.
to them in their representative capacity. Every possible against them by the owners of ti ansportation right in the railroads which
If the Government does possess a property
arouse the people of America to the merits an injunction, then we hold that the injunction should have been
effort will be made to
necessity that government by injunction must stop."
against those who have defied the request of the President of these United
should not be punished for the wrong
States. Surely the railroad workers
doing of the railroad executives.
The presumption that the injunction is issued to prevent the commission
SAMUEL GOMPERS'S STATEMENT ON HARD COAL
of crime violates every principle of equity and of equity procedure. In
STRIKE SETTLEMENT.
addition, it removes every safeguard to life and liberty. Indeed, the entire
American conception of Government
Credit for the Reed-Pepper settlement of the anthracite injunction procedure reverses ourthe conscience offreedom-loving people.
and outrages
of
the
coal strike belongs to the 155,000 mine workers who bore the andthis processof law
the presumption of innocence is destroyed.
Government
power
By
"sacrifices and hardships" of the struggle and not to men Trial by jury is denied, rules of evidence are swept aside and the temperaCongressional action,
Samuel Gomers, President of the ment and passion of judges reign supreme. mere empty phrases legis"seeking political capital,"
when in
lative enactments, aye, any safeguards become
American Federation of Labor, declared in a statement at conflict with judicial arrogance.
13. Charging that the anthracite
The railroad workers' strike and its outcome pale into insignificance when
Atlantic City on Set.
compared with the flagrant violation of the people's constitutional safeo_,erators forced the strike in order to "rob the public by guard by those in high position of government through the injunction proGomper said:
profiteering." Mr.
cess. In the constant extension of the injunction process to govern the
we find the fulfilment of Thomas Jefferson's
The anthracite strike, which ended in such a glorious victory for the min- Industrial affairs of our nation
that "the germ of dissolution of our Federal
ers, is just another example of the power of the mine owners to exploit the frank opinion and conviction
SEPT. 16 1922.]
THE CHRONICLE
1281
Government is in the judiciary, an irresponsible body working like gravity,
by day and by night, gaining a little to-day and gaining a little to-morrow, SAMUEL GOMPERS AGAIN DENOUNCES INJUNCand advancing its noiseless step like a thief over the field of jurisprudence
TION AGAINST RAIL SHOPMEN.
until all shall be usurped."
Attacking the action of Attorney-General Daugherty in
Not only in the name of labor, but of all liberty-loving people of our
republic, we protest against the gross misuse of Governmental powers by obtaining an injunction against the striking railway shopGovernmental agencies. The injunction secured at the instance of Attorney- crafts unions as
part of a well-laid plan to establish the open
General Daugherty is nothing more nor less than an invasion of the constitutional guarantees of the people to perpetuate the fundamental prin- shop, Samuel Gompers, President of the American Federation of Labor, in an address on Sept. 11, at the opening of
ciples and high ideals of the founders of the institutions of our republic.
Because we have reverence for law, because we believe that every citizen the
sixty-seventh annual convention of the International
must be guardian of the heritage given us by our fathers who fought for
and established freedom and democracy, we call upon the workers to Typographical Union, declared that labor was not frightened
resist the establishment of a practice that will destroy the very spirit by the court writ which had "served to solidify the men
and
of freedom and democracy and we call upon the people of America as a women
of organized labor." Mr. Gompers' remarks were
whole to protest against these abuses in the exercise of the injunction
writ so clearly violative of the constitutional guarantees of the United quoted at length in press dispatches, which said:
Mr. Gompers said that he did not know all of the provisions of the injuncStates. Eternal vigilance is the price of liberty now, as at any other
tion "which Mr. Daugherty secured from his pet Judge Wilkerson—I say pet
time in our history.
With reference to the meeting of the Executive Council, because he was only appointed a few weeks ago through Mr. Daugherty's
presentation and advocacy. But I verily believe the shopmen's strike is
press dispatches from Atlantic City said:
now more effective than it has been since the strike was inaugurated."
Supplementing the official statements members of the council declared
The general movement to "deflate labor" and establish the "open shop,"
they favored a general movement of the workers to refuse to obey such Mr. Gompers said has been successfully resisted by labor and "the industrial tide has changed." He said that the thousands of men and women
injunctions as the one obtained by the Government against the shopmen.
Asked if the statement issued by the council meant that the workers workers were now "more closely and fervently" looking to the trade unions
would be urged to resist and openly defy injunctions, thus placing them- for protection.
selves in contempt of court, Matthew Woll, Vice-President of the FederaMessages from Farmers.
tion, said:
Mr.Gompers read a message from the Farm Labor Union of America,said
"Why not? If the courts continue to issue such injunctions, they
to represent 250,000 "actual farmers," which condemned the injunction
should be defied. American labor fecls it is justified in refusing to heed
against striking shopmen, and pledged to all organized labor "moral and
such writs, although it has highest respect for law and order.
material support." Another message pledged the Alabama branch of the
"Such writs as the latest Government injunction tend to undermine
National Farmers' Union "to do our utmost to support worthy organized
sound government because it will cause the people to lose confidence in
labor in all its constructional purposes and to encourage the same attitude
the justice and equity of the courts and Government."
among the farming classes of this State."
Practically a full membership of the Council was present when the
"This is the answer to the enemies of organization of workers in industry
question of injunctions was taken up for discussion. The text of the
and the workers on the farms," said Mr. Gompers. "You know that those
injunction in the rail strike case was re-examined and Mr. Gompers adgentlemen farmers' those financial farmers and those supposedly intellectdressed the Council reviewing labor's position on such matters.
uals, not the dirt farmers, endeavor always to prejudice the minds of the
"The people of the country have been aroused by the Daugherty injunction," said Mr. Well as one of the official spokesmen for the Council. workers in industry against the farmers and poison the mind of the farmers
against the workers in industry.
"and labor is going to press its fight. There will be no let-up. The
"Well, now they are beginning to know as our men are beginning to learn,
shopmen's strike does not figure in this fight other than it has served to
that the interests of the farmers and the workers in industry are absolutely
bring vividly to the people the injustice of attempted government by
injunction. Should the strike be settled to-morrow, our fight will go identical and if we are to defend our rights, our mutual general rights and
interests, it will be necessary for us to make common cause upon the ecoon just the same."
nomic and political field."
FREIGHT EMBARGOES ON EASTERN RAILROADS TO
PERMIT COAL CARRYING.
As a result of the pressure on the railroads due to resumption of coal shipments on a large scale, taxing the equipment
of the roads to the limit, three Eastern carriers announced
on Sept. 11 embargoes on freight originating beyond their
own lines, with the exception of food and other essential
commodities. The Erie Railroad has prohibited the movement of fruit and vegetables from the West, destined for
Pier 21, the headquarters for the daily auction of fruit here.
Other food freight, not perishable, however, will move over
the Erie, and the other roads have not extended the embargo
to perishable products. The other roads which have taken
action to clear the way for coal and to relieve the strain on
their equipment are the Lehigh Valley, the Lackawanna and
the New York Central.
• Nearly all the roads are imposing requirements as to export shipments. The Lehigh Valley requires evidence that
the shipper has space reserved on a ship for his commodity
before it will be accepted. The New York Central has put
into effect a system of permits such as was in operation
during the war. It demands a description of the freight and
Its destination before the road will agree to handle it. It
was said there was congestion in the West Albany yards, but
this was denied by officials. A statement on the embargo
from the New York Central said:
"The embargo is made necessary as a precaution against the overcrowding
of our lines, yards and terminals by acccumulation of freight due to abnormal diversions from connections unable to handle it, which roads already
have embargoes in force," said a statement by the New York Central.
"The 'permit system' whereby shippers may apply to the freight traffic
manager at Chicago or the general freight agent at New York and secure
authorization for the movements of shipments will give control calculated
to afford the utmost protection to regular business and exclude,temporary
diversions which might cause congestion and consequent reduction of the
•
very heavy tonnage handled promptly during the past sixty days."
The embargo, it is explanied, covers all freight, carload
and less than carload, originating beyond the rails of the
New York Central System roads, destined to points East via
the New York Central, but does not affect the regular business of the constituent lines of the system. The statement
continued:
The exceptions to the embargo comprise food for human consumption,
live stock, tood for live stock, perishable products, coal, coke, fuel oil,
petroleum products, railroad material freight consigned to officers of the
United States Government, newsprint paper, fertilizer, food containers
and shipments restricted by the embargo when they are covered by permit
issued by W. A. Terry, Freight Traffic Manager, Chicago, Ill., and 0. C.
Woodruff, General Freight Agent, New York City.
h. Shippers in territory served by the New York Central Lines, including
New England, will appreciate that this embargo is for the protection of the
regular traffic which has been moved with promptness in increasing quantities during recent weeks, and that embargo is calculated to safeguard the
operation against disturbance by temporary heavy diversion from other
roads.
Referring to the Herrin mine massacre, Mr. Gompers said:
"The only evidence thus far produced is that the mine superintendent and
guard fired the first shot and killed a union worker. I shall not attempt
to defend the men if they have been guilty of assault upon personal property,
much less the taking of human life, but I think they are entitled to the same
privilege that any other citizen has, to believe miners innocent until they
are proven guilty.
The Militant Body.
"I regard the organized labor movement as the militant body bearing the
brunt of the battle and making the sacrifices, not only for themselves and
their memberships, but for every man and woman who toils, and that
almost unconsciously or subconsciously suggests to me the thought of the
drive which the 'open shoppers' have staged to protect the unorganized
non-union workers from the evil influence of organized labor. I have
asked myself when was it, at what period of time in the history of man,
did the slave owner enter into a struggle for the liberation of his slaves.
When did multimillionaires give a large portion of their means in order to
protect the working people? What legislation is written in the books of
our nation or of our State or our municipalities advocated and fought for
and paid for by the money in this and big business? I used the words
'paid for' in regard to high finance and big business because they are so
accustomed to buy the legislation they want.
"The drive to which I referred was to reduce wages; still the reduction of
wages was not quite so easy when there was about six million organized
workers in trade unions. And, to use the word that has become abused,
to camouflage their attack upon wages and wage standards they undertook
a movement or drive for the open shop and even our 'sainted' AttorneyGeneral, Harry Daugherty, in his speech to the Court as an argument why
the petition should be granted for an injunction, said that in so far as
his power is concerned as a representative of the Government of the United
States he would exercise all that power to see that the open shop is maintained.
"I wondered when this statesman and this head of our Department of
Justice received the authority of the law from anywhere in our country to
present to the court that he would use his power to maintain the open
shop. From what source does this collosus obtain his power or his right?
Millions of dollars expended by our antagonists and the open shop is further
away. Does any one imagine that an injunction such as secured by the
Attorney-General in the railway shopmen's strike is going to frighten these
men or frighten you or me? At the onset I said that the injunction would
solidify the men and women of labor.
Tells of Harding's Proposal.
"Well,friends, you know that about a month ago,or three weeks possibly,
the President asked the railroad shopmen to send their representatives to
him at Washington in order that he might consult with them. They came
there and he presented a plan to them for the adjustment of the strike.
He said to them seriously that as President of the United States he was
firmly convinced that his plan was just and equitable and, turning to the
men, said: 'If your men accept this proposal for the settlement of this
strike I will use the big stick if necessary upon the executives to compel
them to accept it.'
"The representatives of the men went back to their offices, and, after
consultation and deliberation, decided to accept the President's plan, and
so communicated to him. The railroad executives, however, rejected it
outright, and the President swung his big stick, not upon the railway
executives who rejected it, but upon the railway shopmen who accepted
his offer, a club in the form of this injunction, secured by his AttorneyGeneral,Daugherty.
"I wonder whether injunctions are going to be issued by our courts, say,
f instance, to prevent possible cases which properly come under the
or
Jurisdiction of the courts,forbidding personsfrom doing the things that they
have a perfectly lawful right to do and commanding men to do the things
that they have the perfectly lawful right not to do. For instance, in the
injunction issued against the miners two years ago, among the provisions
was the command that the officers of the miners'organization should cancel
the strike which they themselves, through their representatives, bad
1282
THE CHRONICLE
ordered. Is there any law upon the statute books of our country or any
State that commands officers to call off strikes? And yet the injunction
provided that command.
"Deflating Labor."
"The open shop—the drive was to what they call deflate labor. To you
men it is not necessary to define the word deflate—deflating labor, to eat
less, to put another reef in your belt, to deflate labor to make you live in
quarters less healthful, to make you wear clothes that are less becoming the
American citizen, to send your children to work at an earlier age into the
factories and workshops and mills and mines instead of putting them in the
homes, in the playgrounds, in the schools to imbibe God's sunshine and
grow into that manhood and womanhood of the future for the perpetuation
and maintenance of our great Republic.
"Well, I am free to say that at that period we did not expect so general
and so concentrated a drive, but, if I may use the language of the street,
In several instances they got away with it."
Mr. Gompers then reviewed the nation-wide strike of the printers for the
-hour week, the granite cutters' strike against wage reductions and the
44
textile workers' and coal miners' strikes.
"In my judgment," he continued,"the industrial tide has changed. The
men and the women of toil will cling more closely and fervently to this
only hope for their protection and the promotion of their rights and their
interests, their trade unions and our federation of unions.
"I am in receipt of more letters and telegrams and telephone calls than I
have ever received before in all my experience relative to the situation as it
now exists in our country and urging action whether practical or impracticable. One thing sure, the men of labor and the women of toil of our
country and the masses of our people, while deeply concerned with wages
and hour: and conditions of development of life and work, are yet more
deeply concerned in the maintenance of fundamental principles of freedom
in the Republic of the United States."
SETTLEMENTS IN RAILROAD STRIKE BY SEPARATE
ROADS—TEXT OF AGREEMENT.
Partial settlement of the railroad shopmen's strike, which
began July 1, was effected this week, following a three-day
meeting of the Committee of Ninety of the shopmen's union,
which has been directing the strike. The meeting on Sept. 13
authorized separate settlements with the carriers on the basis
of an agreement worked out by S. Davies Warfield, President
of the Seaboard Air Line Ry., and B. M. Jewell, President
of the Railway Employees Department of the American
Federation of Labor. The events leading up to the agreement are described in another item in these columns to-day.
It was stated on Sept. 13 after the shopmen's committee
meeting in Chicago, that fifty roads had signified their intention of accepting the Jewell-Warfield agreement. The agreement, which is yet to be formally signed by representatives
of the carriers which have indicated willingness to become
parties to it, makes no specific references to seniority rights,
but expressly stipulates that the shopmen shall return to
work at the wages against which they struck on July 1,"not
later than thirty days after the signing of this agreement."
One provision of the settlement terms was construed in some
quarters as directed at the existence of the United States
Railroad Labor Board, against whose decisions on wages and
working conditions the 300,000 shopmen declared the strike
that has threatened to cripple the transportation facilities
of the nation. Under the agreement all future disputes are
to be referred to a commission composed of six representatives
of the men and six for the carriers. This commission is to
be formed within fifteen days after peace is formally made,
and is to have jurisdiction not later than May 31 1923.
The terms of settlement of the railroad shopmen's strike,
to be agreed to by individual railroads, as announced by the
Executive Council of the shop crafts unions, are as follows:
[VOL. 115.
have jurisdiction to decide all cases that may properly be referred to it
on or before May 31 1923, but not hereafter.
6. Inasmuch as this agreement is reached for the purpose of composing in a spirit of compromise this controversy, all parties hereto agree that
neither this settlement nor any decision of the commission above provided
for shall be used or cited in any controversy between these parties or between the railroads signing the same, or any other class or classes of their
employees in any other controversy that may hereafter arise.
7. Both parties pledge themselves that no intimidation nor oppression
shall be practiced or permitted against any of the employees who have
remained at work or have taken service or as against those who resume
work under this understanding.
8. All suits at law now pending as the result of the strike to be withdrawn and canceled by both parties.
STATEMENT BY EXECUTIVE COMMITTEE OF SHOPMEN ON STRIKE SETTLEMENT PLAN.
After the meeting of the striking shopmen's committee
on Sept. 13 at Chicago, at which separate settlements were
authorized, the following statement was given out by the
Executive Council of the Railway Employees' Department
of the American Federation of Labor, bearing on the negotiations which led up to the agreement:
Following the suspension of the negotiations held in New York Aug. 25
between the committee representing certain railroads and the representatives of the railroad brotherhoods acting as mediators in connection with the
existing railroad strike, S. Davies Warfield, President of the Seaboard Air
Line Ry. Co., believing the differences could be reconciled, reopened
negotiations that day directly with B. M. Jewell, President of the Railway
Employees' Department of the American Federation of Labor.
These negotiations were continued and conferences were held in Baltimore at the office of Mr. Warffeld, at which were also present Daniel Willard, President of the Baltimore & Ohio RR. Co. and Chairman of the
committee appointed at the New York conference, and A. H. Smith, President of the New York Central Lines, who met members of the Executive
Council of the Railways Employees' Department of the American Federation
of Labor. The Executive Council consists of B. M. Jewell, President of
the Railway Employees' Department of the American Federation of Labor,
William H. Johnston, International President of the International Association of Machinists, J. A. Franklin, International President of the International Brotherhood of Boilermakers, Iron Shipbuilders & Helpers, James
W. Kline, International President of the International Brotherhood of
Blacksmiths, Drop Forgers & Helpers, James Burns, International VicePresident of the Amalgamated Sheet Metal Workers'International Alliance,
James P. Noonan,International President of the International Brotherhood
of Electrical Workers, Martin F. Ryan, General President of the Brotherhood of Railway Carmen of America, and Timothy Healey, International
President of the International Brotherhood of Stationary Firemen & Oilers.
The results of these negotiations were submitted to a meeting of the
General Conference Committee of the Railway Employees' Department
of the American Federation of Labor, held in Chicago Sept. 13, and by the
required majority vete were accepted as the basis of settlement.
[The statement here gives the terms of agreement which are printed in
another column.]
The settlement speaks for itself. If the statesmanship shown by Mr.
Warfield had prevailed at the outset, differences would have been composed
in a week. Railroad employees are not breakers of the law, but they are
human and expect to be accorded the consideration which they believe they
are entitled to receive as the inalienable right of the American citizen.
We sought settlement through the peaceful method of continued negotiation, not by resorting to violence or other unlawful acts. The unprecedented and thoroughly un-American injunction secured by the AttorneyGeneral, coming as it did near the close of these important and far-reaching
,
negotiations,would have,ifsecured forty-eight hours eallier, disrupted them.
We have neither criticism to make nor excuses to offer. We accepted the
Administration's proposal for settlement and were not responsible for the
misapplication of alleged understandings between the Administration and
the Chairman of the Association of Railway Executives to which its defeat
by that body was attributed. Neither were we responsible for the labor
provisions of the Transportation Act.
We conducted our proceedings under well recognized labor policies of long
standing. The public will not believe that the rank and file oflabor condone
acts of violence resulting in loss of life among train service employees and
others. We maintained as peaceful relations as could be expected under the
pressure on hundreds of thousands of men, directly or indirectly affected.
We approached the railroads, recognizing their difficulties as we expected
them to appreciate ours.
We have agreed to terms of settlement, yielding wherever possible, and
standing where there wrs ro other avenue open—honorable to those we
represent; our duty to the country we have fully recognized. We have
-given up much for industrial peace. We shall now see how far the railroads
will go to meet vs to gain the same end.
1. In order to bring to an end the existing strike of employees upon
the railroads and relieve the country from the adverse effects thereof and
to expedite the movement of essential traffic, the following memorandum
of agreement is made upon the understanding, which the parties hereto
accept, that the terms hereof shall be carried out by the officers of the companies and the representatives of the employees in a spirit of conciliation
and sincere purpose to effect a genuine settlement of the matters in con,
roversy referred to below. This paragraph does not apply to or include
strikes in effect prior to July 11922.
S. DAVIES WARFIELD EXPLAINS HOW AGREEMENT
2. All men to return to work in positions of the class they originally
WAS REACHED WITH SHOPMEN.
As many of such men as possiheld on June 30 1922, and the same point.
How the partial settlement of the railway shopmen's strike
ble are to be immediately put to work at present rates of pay, and all such
employees who have been on strike shall be put to work under pay not later was arranged in a four-day's conference at Baltimore was
than thirty days after the signing of this agreement, except such men as
Sept. 13 at that city by S. Davies Warfield,
have been proved guilty of acts of violence which in the opinion of the com- described on
mission, hereinafter provided for, shall be sufficient cause for dismissal President of the Seaboard Air Line Ry., and the President of
from service.
the National Association of Owners of Railroad Securities.
3. The relative standing as between themselves, of men returning to
began at the office of Mr. Warfield in Baltiwork and men laid off, furloughed or on leave of absence, including gen- The conference
eral Chairmen and others who were as of June 30, 1922 properly on leave more on Sept. 2 between Mr. Warfield and B. M. Jewell,
of absence, will be restored as of Juno 30 1922, and they will be called back President of the Railway Employees' Department of the
to work in that order.
of Labor, and two of Mr. Jewell's as4. If a dispute arises as to the relative standing of an employee or if American Federation
any other controversy arises growing out of the strike that cannot be other- sociates. Settlement was made possible, Mr. Warfield said,
wise adjusted by the carrier and said employee or the duly authorized
when, at the meeting of the Association of Railway Execuirepresentatives thereof, the matter shall be referred by the organizations
Aug. 23, there was passed the resoparties to this agreement, the employees or the carrier in the interest of tives held in New York
Any employee who may be aggrieved, to a commission to be established lution breaking off negotiations, and he, as President of the
provided,for final decision by a majority vote.
,and constituted as hereinafter
Seaborad Air Line, cast the only votes against the resolution.
5. The commission • referred to 151, paragraph 4 thereof shall be composed of six representatives to be named,by the chief °freers of the organ- This action left the way open for direct negotiation with
• izations parties hereto and six railroad officers, or representatives selected B. M.Jewellthat led to the termination of the strike. These
from and by the,railroads agreeing hereto. This commission shall be nen- ,
settlement conferences 'at later sessions were also attended
:.stituted within fifteen, days,from the.eignira of this a Weement.undssall
SEPT. 16 1922.]
THE CHRONICLE
1283
We have agreed to terms of settlement, yielding wherever possible, and
by A. H. Smith, President of the New York Central Lines;
Daniel Willard, President of the Baltimore & Ohio RR., and standing where there was no other avenue open—honorable to those we
represent,our duty to the country we have fully recognized. We
members of the Executive Council, Railway Employees' up much for industrial peace. We shall now see how far the have given
railroads will
American Federation of Labor. At the go to meet us to gain the same end.
Department of the
end of the negotiations Mr. Jewell called a meeting of the
Policy Committee of the Railway Employees' Department,
CHAIRMAN HOOPER'S STATEMENT ON STRIKE
at which the terms of agreement were accepted, Mr. Willard
SETTLEMENT AGREEMENT.
undertaking to present the conditions of settlement to a numThe settlement of the shopmen's strike on certain railMr. Warfield in an interview on Sept. roads sustains the Transportation Act, and should the quesber of railroads.
13 said:
tion upon which the strike was predicated come back to the
- At the meeting of the Association of Railway. Executives, at which the United States Railroad Labor Board "the fullest
and fairest
resolution was passed breaking off negotiations for the settlement of the
strike, I cast the four votes of the Seaboard Air Line against the resolution, consideration" will be granted, Ben W. Hooper, Chairman
to leave a way open for direct contact with the shoperafts leaders. Itseemed of the Labor Board, said in a statement at Chicago Sept.
14.
to me unwise to close the door for the settlement of this strike at a time of
The proposal in the settlement agreement to refer disputed
great business and world-wide unrest. I was not convinced that the whole
country must be made to suffer because of exaggerated views of the diffi- questions to a commission of twelve representatives of both
culties respecting new men who had accepted employment during a strike.
unions and railroads parties to the agreement, amounts to
After this meeting, negotiations continued between the brotherhood mediators and a small committee, headed by Daniel Willard,representing fifty- the creation of an adjustment board and is in strict conformtwo railroads, the Seaboard being one. This failing in result, I was in posi- ity to the provisions of the Transportation Act, Mr. Hooper
tion to meet and did meet Mr. Jewell the same day, and reopened negotia- said.
The Chairman's statement follows:
tions directly with him and his associates. I urged dealing with individual
roads, pointing out to Mr. Jewell that he could not defend a'position based
on declination to negotiate with railroads in position to settle on an acceptable basis simply because other railroads declined. Mr. Jewell stated
he would consult his associates and decide whether they could proceed on
the basis we discussed.
Mr. Jewell, with two associates, met me in Baltimore on Sept. 2; we
reached a tentative understanding. I then asked A. H. Smith, President
of the New York Central Lines, if he would meet these gentlemen, and later
communicated with Daniel Willard, President of the Baltimore & Ohio
Railroad, who was out on his road. The presence of Mr. Smith, who
came to Baltimore on two occasions, contributed largely to the result.
After the conference with Mr.Jewell,and later with members of his Executive
Council of Eight, an agreement was reached acceptable to the three railroads
represented and to the shop crafts leaders. Other railroads, called over
the telephone, tentatively agreed to go along on the same lines. The
negotiations were closed on Sept. 5. Mr. Jewell called a meeting of the
Policy Committee of the Railway Employees Department to take action,
Mr. Willard undertaking to present the conditions of settlement to a
number of railroads. We found Mr. Jewell and his associates desirous of
a fair and reasonable settlement of the existing differences.
Continued strained relations between the railroads and their employees
is very unfortunate. If not permanently relieved, Government operation
is likely to ultimately result. The newspapers announce that a Cabinet
officer, Mr. Hoover, and Inter-State Commerce Commissioner Aitchison,in
charge of car service, are to confer with the anthracite coal operators to
determine with respect to priority orders to govern the transportation of
coal. With labor troubles in the one hand, and on the other the Government now largely directing railroad operation, the outcome is not encouraging. If the railroads cannot themselves settle disputes with their own
employees and determine among themselves what is to be done in respect
to the hauling of coal to care for the nation's needs without the necetity
for the issuance of orders by a Government agency, where will we finally
land?
Regional railroad labor boards should be properly and promptly established. A board should be named by each group of railroads that operate
In each of the four rate-making districts into which the Commission has
divided the country; the men of each group of railroads also to organize
boards to confer with the regional railroad boards. Negotiations could
be successfully carried on and disputed questions settled if approached
In good faith.
The ill-effects of this strike have not been confined to the railroads.
Judge Gary made a 20% increase in the wages of steel employees to prevent
them from accepting employment with the railroads which were advertising
for them. Having occasion to confer with officials of a number of car
manufacturing companies now building cars for the railroads. I found that
a number of shops were nearly closed down, in others, labor difficulties
caused increases in wages from 20% to 33% to hold their men, many
leaving to take employment in railroad shops. Column upon column
of newspaper advertisements by railroads for men told the story. This
could not continue without serious disruption of the Industrial labor structure. A shortage of equipment through a continuance of the shop crafts
strike has thus been augmented by the failure of car manufacturers to
deliver cars because the railroads have been taking their men, an apt illustration of the "vicious circle."
As a positive disbeliever in the moral right and practical efficacy of railway strikes,I am glad to know the strike has ended on part ofthe roads. It
us to be hoped that some plan of settlement can be agreed upon for all the
others. No extended comment, either in a post
-prandial or post-mortem
vein is necessary. The settlement sustains the Transportation Act and the
theory of orderly procedure for the adjustment of labor troubles in the
railway industry. The decisions of the Labor Board stand unmodified by
the appeal to economic and physical force. All the questions upon which
the strike was predicated will come back to the Board if the parties desire
to bring them there. If they should be at any time reopened the Board
will accord them the fullest and fairest consideration without any spirit
of vindictiveness or reprisal.
The question of seniority that arose out of the strike is not disposed of by
the settlement, as neither party yielded its position, but the matter is referred to a commission composed of representatives of both sides. This is
nothing more nor less than an adjustment board with jurisdiction relative to
questions rising out of the strike and is in strict conformity with the Transportation Act. It may also be noted that this settlement is in substance
and effect identical with the last recommendation made by President
Harding.
SECRETARY DAVIS'S STATEMENT ON SHOPMEN'S
STRIKE SETTLEMENT AGREEMENT.
"American industry has overcome the last obstacle in
the way of the greatest economic revival the nation has
ever known," Secretary of Labor Davis declared on Sept.
13, after receiving a telegram from Chicago that a basis for
partial settlement of the railway shopmen's strike had been
agreed upon. He added:
With the settlement of the strike of 400,000 railroad shop craftsmen
assured, the whole industrial machinery of the country is ready for a
forward movement unprecedented in our economic history. The disturbances in the bituminous and anthracite coal mining industries are
In the past, and the 600,000 coal miners of the country are back at work.
Our representatives in New England have advised me to-day that in
the textile workers' strike settlements are rapidly enabling the mills to
resume operations. These three great industrial disputes have been the
only hindrances to the nation in its rapid recovery from the industrial
depression, which we faced a year ago. With them out of the way progress
toward prosperity will be swift and sure.
To-day there are fewer strikes in America than there have been in
years. The commissioners of conciliation of the Department of Labor
are using their good offices in only 34 pending industrial disputes involving some 30,000 men. Of these cases, strikes have been withheld
in 14 pending our mediatory efforts.
The American workman faces a period of plentiful employment. We
have put back to work the millions of idle employees who were seeking
Jobs a year ago. We have succeeded in avoiding a drastic reduction in
the high wages which obtained before the period of depression and we
have kept the general wage level within a few per cent of what it was
at its highest.
Industrial strife has been our greatest evil during the struggle for industrial rehabilitation and against a wage panic. Let us trust that American
employers and American employees will find the means to avoid this
futile appeal to force in their relations, and will join hand in hand in earnest
co-operation for the march of prosperity which lies just ahead.
STATEMENT BY B. M. JEWELL ON PARTIAL SETTLEMENT OF SHOPMEN'S STRIKE.
B. M. Jewell, President of the Railroad Department of
the American Federation of Labor, made the following
comment on Sept. 13 upon the partial settlement of the SECRETARY HOOVER'S STATEMENT ON LOSSES TO
shopmen's strike, negotiated by him and ratified by his
COUNTRY FROM STRIKES.
Policy Committee:
The following statement, bearing on the losses to the
The settlement speaks for itself. If the statesmanship shown by Mr.
Warfield had prevailed at the outset, differences would have been composed country from the railroad and coal strikes was issued on
in a week. Railroad employees are not breakers of the law, but they are Sept. 14 by Secretary of Commerce Hoover:
human and expect to be accorded the consideration which they believe
they are entitled to receive as the inalienable right of the American citizen.
We sought settlement through the peaceful method of continued negotiation, not by resorting to violence or other unlawful acts. The unprecedented
and thoroughly un-American injunction secured by the Attorney-General,
coming as it did near the close of these important and far-reaching negotiations, would have, if secured 48 hours earlier, disrupted them.
We have neither criticism to make nor excuses to offer. We accepted
the Administration's proposal for settlement and were not responsible for
the misapplication of alleged understandings between the Administration
and the Chairman of the Association of Railway Executives, to which its
defeat by that body was attributed. Neither were we responsible for the
labor provisions of the Transportation Act.
We conducted our proceedings under well recognized labor policies of long
standing. The public will not believe that the rank and file of labor
condone acts of violence resulting in loss of life among train service employees
and others. We maintained as peaceful relations as could be expected
under the pressure on hundreds of thousands of men, directly or indirectly
affected. We approached the railroads recognizing their difficulties as we
expected them to appreciate ours.
While the losses to the country due to the two great strikes are considerable,they are easily overestimated. The estimate of current coal miners'
wages lost in the five months is not a correct basis of estimation of the loss
because over a period of eighteen months we will probably consume approximately the same amount of coal. In other words, the miners will work
more days in the week and produce more coal lathe next six or eight months
than they would have produced if there had been no strike, and thus the
wage roll of the next six or eight months will be larger and will in a considerable degree compensate the loss during this suspension.
The real loss would lie more in the loss of productivity in industries that
have, or might have, to close down as a result of the coal strike. If all of
our industries can be kept in motion the loss will be much lezs from the coal
strike than is currently estimated.
The greatest loss to-day is the one being met by the farmer as a result of
the railway strike. The export of farm produce has been seriously interfered with by inability of the railways to transport produce, Prices are,
therefore, unduly depressed in the agricultural regions and the farmer is
suffering grievously.
The inability to transport manufactured products will create some degree
ofloss, but not so serious as that to agriculture.
1284
THE CHRONICLE
[Vol,. 115.
part in the negotiations with Mr. Jewell in Chicago. "It
entered into an agreement with the employees that took the
place. of the strikers and which constitute a large percentage
of the shoperafts. There is no occasion for the company
to make other agreement and it has not done so."
He added that the places of the striking shopmen had
been filled and that the company was not in need of additional men.
General Manager Stein of the Jersey Central said the plan
individual settlement on the terms approved by the shopADOPTED BY SHOPMEN IN for
METHOD OF PROCEDURE
crafts could not even be considered by that road.
STRIKE SETTLEMENTS.
W. R. Cole, President of the Nashville Chattanooga &
The method of procedure adopted by the Policy Commit- St. Louis Railroad Co., authorized the following statement
tee of the striking shopmen in Chicago with respect to sepa- on Sept. 15:
rate settlements is that no men on any railroad, even though
The Nashville Chattanooga & St. Louis Ry. is not a party to the agreenumber of
been reached between a
included in the settlement at this time, are to return to work ment reported by the press to havewho went on strike JulysmallAs we now
1.
and former shop employees
have received the necessary direction from their roadsmore than 90% of the shop force employed on July 30,the day preceduntil they
have
respective system federations. System federations on rail- ing the strike, there are very few vacancies existing in the mechanical demen and strikers who
those are being rapidly filled
roads not now party to the agreement will be directed to partment, andto work. The management's with newto retain in their prespurpose
are returning
with the proper railroad officials and en- ent employment loyal employees who remained in the service and now ones
secure conferences
deavor to secure this agreement from their railroad, in which entering it, and who are acceptably filling their positions, remains unevent the men would return to work on such roads. A changed.
That conditions are normal on the Nashville Chattanooga & St. Louis
monthly assessment will be levied on every man on every Ry. is evidenced by the large increase in business handled during the period
railroad returning to work, to be used for the continuation since the strike has been in effect, as compared with the period preceding it,
handled
with the
of this strike and the support of the strikers on the railroads and also as comparedwas 60%same period last year. The business 1921.
in excess of that handled in August
during August 1922
which do not become parties to this agreement.
T. M. Schumacher, President of the El Paso & Southwestern system, authorized the following statement:
RAILROADS THAT HAVE ACCEPTED STRIKE SETTLEThe El Paso & Southwestern system is not a party to the agreement
MENT PLAN.
entered into at Chicago between certain railroads and the Federated Shop
Crafts, having withdrawn from the so-called minority group prior to date
Associated Press dispatches on Sept. 14 from• Chicago, of agreement mentioned. Our railroad now has approximately 70% norgave the following list of railroads that were said to have mal force, and we are daily securing new men and expect to have our forces
accepted the terms of the settlement agreement for the complete very shortly.
Lyman Delano, Vice-President Atlantic Coast Line Railshopmen's strike announced on Sept. 13:
road Co., authorized the following:
Louisiana & Arkansas
Alabama Great Southern
There are other losses that must be counted into the national balance
sheet,such as the damage to the railways,the extra charges which they have
been put to,the cost of keeping the mines open and maintaining them during
the period of suspension, and a hundred other items that are of importance.
In the broad view, however, if we can get back to business, if we can
secure a resumption of transportation and rapid distribution of coal and
agricultural produce, we will not have received such an economic wound
as cannot bo very quickly recovered from. We will probably not be on
such a high plane of business prosperity during the next six months as we
would have been had the strikes not taken place, but we will undoubtedly
be on a much higher and much more comfortable plane than that oflast year.
Bellingham & Northern
Baltimore & Ohio system
BaltimOre & Southwestern
Buffalo, Rochester & Pittsburgh
Boston & Albany
Chester & Lancaster
Chesapeake & Ohio
Chicago, Indianapolis & Louisville
Chicago, Milwaukee & St. Paul
Chicago, Milwaukee & Gary
Chicago,Terre Haute & Southeastern
Chicago, St. Paul Minn. & Omaha
Chicago & Northwestern
Cincinnati & Northern
Cleve., Cinci., Chi. & St. Louis
Coal & Coke RR
Dayton Union
East & West Coast
Georgia Southern & Florida
Gallitin Valley
Harriman & Northeastern
Hocking Valley
Lake Erie & Western
Macon, Dublin & Savannah
Missouri Valley & Blair
Morgantown & Kingwood
New York Central System
New York, Chicago & St. Louis
New Orleans & Northeastern
Northern Alabama
Pierre & Fort Pierre Bridge
Pierre, Rapid City & Northwestern
Puget Sound & Willapa Harbor
Southern System
Seaboard Air Line
Seattle, Port Angeles & Western
Tacoma Eastern
Tampa & Gulf Coast
Tampa Northern
Trinity & Brazos Valley
Virginia Railway
West Shore
Wheeling & Lake Erie
Winston-Salem Southbound
Wyoming & Northwestern
Zanesville & Western
RAILROADS THAT HAVE NOT ACCEPTED STRIKE
SETTLEMENT PLAN.
Eastern railroads, with the exception of the
None of the
New York Central and the Baltimore & Ohio, are willing to
negotiate separate settlements with the striking shop leaders,
it was learned in New York on Sept. 14. Official statements by railroads presidents or directors of the Associated
Press at Chicago were to the effect that the following twentyeight roads are not included in the settlement:
Atlantic Coast Line
Atchison Topeka & Santa Fe
Central of Georgia
Central Railroad of New Jersey
Chicago & Alton
Chicago Burlington & QuincY
Chicago Great. Western
Delaware & Hudson
Delaware Lackawanna & Western
Elgin Joliet & Eastern
Erie
Fort Worth & Denver City
Gulf Coast Lines
Illinois Central
Louisville & Nashville
Lehigh Valley
Minneapolis & St. Louis
Missouri Kansas & Texas
Missouri Pacific
New York New Haven & Hartford
Norfolk & Western
Texas & Pacific
Pennsylvania System
St. Louis & San Francisco
St. Louis & South Western
Southern Pacific
Wabash
Western of Alabama
Chicago Rock island & Pacific
E. E. Loomis, President of the Lehigh Valley Railroad, in
a statement on the 14th inst. said: agreements which may have
any
to
The Lehigh Valley is not a party
we gave to our employees who conbeen made in Chicago. The pledges
was called, as well as to new men who
tinued working after the strike
promises
time, to say nothing of our
have entered the service since that
the question for us to accept any
to supervisory officers, make it out of
such plan as is proposed.
forming an association of their own.
Lehigh Valley employees are now
we have promised to co-operate with
started on their own initiative, and
how a railroad can expect to retain or
them in every way. I do not see
other basis.
build up a loyal organization on any
the New Haven,
E. G. Buoldand, Vice-President of
Haven Railroad Company has had no
stated that the New
Press dispatches this morning mention certain roads as having entered
into a compromise agreement looking to the return of shop employees who
went out on strike July 1 last. The Atlantic Coast Line RR. was not a
party to these negotiations or this reported agreement. The positions of
July 10,
the former shopmen of the Atlantic Coast Line were held open until
into the
and after that date we began employing new men who were taken
striking men. 4,431 new
service to fill the positions made vacant by the
together
men have been employed and are now at work in our shops, which,
returned since
with the men who did not strike, and the strikers who have
of the force
July 1, brings the total men now at work to 5,311 men, or 92%
Coast
employed on June 30, the day prior to the strike. The Atlantic
into service
Line has not changed its position with respect to taking back
from time to
such of its former shop employees as we may find places for
time.
F. D. UNDERWOOD'S COMMENT ON AGREEMENT
IN SHOPMEN'S STRIKE.
on Sept. 13 on the settlement plan agreed on
Speaking
at Chicago by certain roads and the union for settlement
of the shopmen's strike, F. D. Underwood, President of the
Erie, said that the shop unions' action marked "the beginning of the end," and that his road was not a party to the
agreement. "It looks like the beginning of the end," Mr.
Underwood said. "The Erie is not a party to the Chicago
agreement, however, and I cannot say whg,t action we will
take if the agreement is submitted to us until we hold a
meeting of our board of directors. It is my understanding
that the agreement entered into to-day is essentially the same
as that discussed at the minority meeting of the railroads
and brotherhood mediators here recently. I understand
it will be submitted to all the roads not now a party to it,
and, generally speaking, I see no reason why the strike may
not be ended on practically all roads within a very short
time."
MORE SHOPMEN WORKING ON SOUTHERN PACIFIC
THAN BEFORE THE STRIKE,SAYS WM.SPROULE.
Wm. Sproule, President Southern Pacific Co., on his
return after a week's absence in Oregon, said on Sept. 8
there is greater activity in the business of Oregon than at
any time since the height of the war period.
Asked as to shop conditions, he said on the 1,300 miles of
railroad the Southern Pacific operated in Oregon, the number of men at work in the shops is now greater than before
the strike.
As to shop conditions on the line generally, he said the
number of men now at work in the shops on the company's
Pacific System is greater than the number who went out on
strike. He continued:
without hiring any strikeAll over the line this has been accomplished
who desire to work and
breakers. The men at work are real workmen
working conditions laid down by the
have accepted the wages, rules and
formed their own union and
U. S. Railroad Labor Board. The men have
called it the Southern Pacific Shopmen's Protective League. Of those
qualified for this League. over 80% have already joined. It is plain to
anyone going through the shops that strike conditions do not prevail anywhere In the shops.
SEPT. 16 1922.]
THE CHRONICLE
Our newspaper advertisements are withdrawn because there is no longer
a need for them. Good men who know the strike has failed are returning,
and we will make the effort to find suitable work for such of our desirable
and capable workmen as seek return to the service.
Two outstanding features of this ill-advised strike are, first, the loyalty
of thousands of our men, who, following their own strong common sense,
could not be forced into the strike; second, the large number of men, not
only anxious to find work, but anxious also to go to work at the wage
schedules and under the working rules and conditions laid down by the
U. S. Railroad Labor Board, against which the strike was called.
SHOPMEN'S STRIKE IN CANADA AVERTED.
An impending strike of between 40,000 and 45,000 railroad
shopmen on every line in Canada from Halifax to Vancouver
was temporarily postponed on Sept. 9 at the request of
B. M. Jewell, President of the Federation shop crafts.
The principal grievance of the Canadian workers is that of
wages. A strike vote was taken some time ago and the
officers of the organization were empowered to act at the
proper time.
While the Canadian organization is affiliated with the
American Federation of Labor, it has its own separate
conference committee and acts independently of the United
States.
1285
after those in Class No. 2 have been supplied. No. 1
Class
was retained for emergency use by the Commission
itself
if and when it finds a case in which coal should be furnishe
d
ahead of all other things because of an unusual situatio
n, as,
for instance, the breaking down of an electric plant in
some
city, necessitating the return to gas as an illuminant and
a
larger supply of coal for the gas plant. It was also retained
with the idea that the Commission would use it in dispatching
coal for the Northwestern States via the Great Lakes.
WESTERN RAILROADS ASK FOR REDUCTION OF
RATES.
Changes in freight rates amounting in the aggregate to
substantial reductions have been proposed by Western lines,
the Transcontinental Freight Bureau announced on Sept. 12.
The effective date of the changes has not been announced.
Changes east of the Illinois-Indiana State line and east of
the Mississippi River and south of the Ohio River are subject
to concurrence of Eastern and Southern railroads.
An important hearing on the Southern Pacific Railroad's
petition to reduce transcontinental rates on nearly ZOO
standard commodities, making a coast-to-coast joint rail
NEW YORK CENTRAL REACHES AGREEMENT WITH and water rate equal to the present rates from Chicago to the
Pacific Coast, was begun at Chicago on Sept. 12
CONDUCTORS AND TRAINMEN.
before
The entire New York Central Railroad System on Sept. 15 F. C. Hillyer, Chief Examiner of the Inter-State Commerce
signed an agreement with its conductors and trainmen Commission. With reference to the hearing, press discovering working conditions, wages and rules for one year patches said:
The Southern Pacific's claim that reductions
beginning Sept. 30. The signing of the agreement was Panama
must be made to meet
Canal competition is opposed by four other
announced after a conference between A.H.Smith,President missions of Illinois,•Minnesota, Ohio and Michigan railways, State Com, as well as some Chamof the New York Central; W. G. Lee, President of the bers of Commerce and the Chicago Shippers' Conference Association.
The opponents
Brotherhood of Railroad Trainmen, and E. L. Sheppard, rates be allowed, of the Southern Pacific assert that should the reduced
the entire existing system of rates
President of the Brotherhood of Railroad Conductors. A rate war result and heavy losses would be suffered would be upset,a possible
by many manufacturers.
J. R. Bell, counsel for the Southern Pacific,
statement issued by the New York Central said that the
set forth that the road is
competiti
direct settlement agreement would provide for the immediate compelled bythe canal on through the Panama Canal to reduce its coast-tocoast rates or
route soon would absorb most of
withdrawal of all controversy on matters now pending before shipping. The Southern Pacific, by its water route the transcontinental
from New York to
the United States Labor Board. The road said that it Galveston, Texas, Mr. Bell said, would be enabled to make the rate reductions sought.
anticipated that forthcoming direct neogitations would
Luther M. Walter, representing some
declared that to
result in similar agreements with the engineers, firemen and equalize the New York to Pacific Coastof the opponents,to Pacific Coast
and the Chicago
switchmen on all its lines. The New York Central manage- rates would be a severe blow to Middle West shippers and manufacturers.
Such cities as Detroit and other
Middle Western points virtually would
ment," said the statement, "feels that to-day's settlement is be eliminated from the Pacific Coast
trade if the Southern Pacific's petition
a happy augury of a better era in transportation." It was should be granted, Mr. Walter said.
understood that the settlement provides for a continuation
of the existing wage rate, with possible minor changes, SLASO
N THOMPSON SAYS SHOPMEN'S
STRIKE 15
although the statement did not specifically make this
STRIKING FAILURE—A. F. OF L.
PROMOTERS
announcement. The following statement was given out
OF INDUSTRIAL WAR.
yesterday afternoon at the executive offices of the New York
Slason Thompson, Editor of the "Bulleti
Central Lines:
n of Railway
A. H. Smith, President of the New York Central Lines, in direct con- News and Statistics," commented as follows
on Aug. 11 on
ference at the railroad's general offices with representatives of the conductors the shopmen's
strike and its results:
and trainmen of the entire system, concluded
an amicable agreement whereby all matters of controversy now pending before the
United States Railroad
Labor Board will be immediately withdrawn.
The settlement arrived at will remain in effect until Sept. 30
1923.
In the terms of the agreement it is provided that a
joint committee representing the employees and the management shall be appointed
to consider
the question of compensating employees in freight train
service on the basis
of paying a premium for prompt movement over the
roads as against slow
movement which results in the imposition of costs
in the form of penalty
overtime. This proposal is an innovation in railroad
operation which looks
toward economy and increased efficiency in freight movement fromwhic
h
notable good results are expected mutually for management
and employees.
This direct settlement between the New York Central manageme
nt and
the employees marks the return to the former successful practice of adjusting differences in personal negotiations across the conference table.
It is anticipated that forthcoming direct negotiations will result in similar
agreements with the engineers, firemen and switchmen.
The New York Central management feels that to-day's settlement is a
happy augury of a better era in the conduct of transportation service.
In its continuous efforts to bring about a return to the former practice of
direct negotiations and amicable settlements the railroad officers have felt
that the public interest in this period of fast returning industrial activity
demanded that the conflict of the company and their employees be composed
on a just and lasting basis that would guarantee uninterrupted service,
and insure economical and efficient operations.
INTER-STATE COMMERCE COMMISSION MODIFIES
COAL PRIORITY ORDER.
Official declaration that the coal situation had been
alleviated by the return of the soft-coal strikers to the
mines was made on Aug. 29 by the Inter-State Commerce
Commission, when it amended its car service order No. 23
by reducing the number of priority classes from five to three.
In substance there is left only one class of priorities. The
other two classes are nominal. All users whose use would
be called vitally essential, such as railroads, utilities, food
and feed plants, medicine manufacturers and the makers of
containers therefor were put into Class No: 2. All other
users, such as steel plants, automobile factories and generally
classed as industries, were put into Class No.3, to be supplied
with cars for their coal if there is any coal or any oars left
The danger of the present
railway situation is that President Harding
seems to consider the roads
and
precisely the attitude President the strikers equally to blame. This is
Wilson took towards the great war (vide
"The Life and Letters of
Walter H. Page"), which cost the world millions
of lives and billions of
treasure.
No such equality of
responsibility exists in the railway dispute or existed
in the world emergency
of 1914. Germany was the guilty party then: the
leaders of the American
Federation of Labor are the promoters of the
industrial war now.
This attack upon the
transportation industry of the United States did
not emanate from the
ranks of railway employees, but was conceived and
fostered by fomenters of
trouble like B. M. Jewell, who is conspicuous as
head of the railway
department of the American Federation of Labor. For
more than a decade that
organization has sought to control the railway
workers that it might hold
the threat of a rail strike like a dagger at the
throat of all industry.
For years the four great
brotherhoods in the operation of trains resisted
the blandishments of
Samuel Gompers and his pals and declined to affiliate
with the Federation.
But under President Wilson, when Mr. Gompers
was in a position to
promise the earth and the labor vote thereof to any one
who fell down and
worshipped him, the brotherhoods succumbed to the
tempter and attained
the Adamson Act for their surrender.
7 What followed
under Federal Administration is a matter of history.
Linked up with the
real railway workers, the shopmen profiteerod more
than any other skilled
labor in the advances in pay and conditions effecive
under Mr. McAdoo
and Mr. Hines and ordered by the Railroad Labor
Board. Between
1915 and 1920 their yearly compensation, by classes,
increased as follows:
1915.
1920. Increase.
Machinists
_________________________________ S993
$2,234
125%
Boilermakers _______________________________ 1,045
2.314
121%
Blacksmiths________ 894
2,119
137%
Masons and bricklayers
779
1,750
124%
Structural ironworkers
884
2,037
130%
Carpenters
742
1,808
143%
Painters and upholsterers
731
1,859
154%
At latest accounts (April
1922) machinists were averaging $160 a month,
or $1,920 a year, which
is only 14% below the 1920 average.
In May 1922 the index figure
for retail prices of all articles of food had
receded from the peak of 219 in June 1920 to 139 points. In
other words,
the retail price of all articles food is only 39% above what
of
it was in 1913,
and, as a matter of fact, only 22% above the average for
1915. Whereas
the yearly pay of machinists and others still averages nearly
100% above
the yearly compensation shown in the table.
These figures are from the July monthly "Labor Review"
of the Department of Labor, which is notoriously edited in the interest
of union labor.
Its bias in favor of the strikers is indicated by the space of
five and a half
1286
THE CHRONICLE
[Vol,. 115.
It is, and long has been, the declared policy of the Pennsylvania RR. to
pages devoted to the jeremiad of the three dissenting labor members of
pay its employees the best wages and offer them the most favorable working
the Railroad Labor Board, where the statement of the case and the decision
conditions in the country, or for that matter in the world. The stockof the Board occupy only three pages. In its statement of the case the
holders of the company have consistently supported the management in
following sentence appears:
might
men will this policy, in order that loyal, efficient and satisfied working forces
"Compensation of approximately 400,000 maintenance of way
be maintained, and the public receive the best service possible. Most of
range, the men say, from 23 to 35 cents per hour, or from $563 to $800
of this typo.
our men are, and always have been,
per year full time."
In the present crisis, the great majority of our shop forces have remained
the
How false this is, both absolutely and by implication, is proved by
ment which is fair to
told in the mainte- loyal, wisely accepting a conservative wage readjust
fact that in April there were only 332.938 persons all
both to the owners and
of the railway service, whose compen- their interests, and necessary as a measure of justice
nance of way and structures division
the users of our railroad. Moreover, among our men there are doubtless
sation averaged over $1,080. Of this total, 229.283 were section laborers,
e of the
g thousands whose course of action has been influenced by knowledg
whose compensation averaged slightly over $857 per year. Deductin
rates, and
pay facts that the railroads have had to accept a reduction in freight
14% from this under the Board's decision leaves $737 as the average
like 1921, took over
that wages on our railroad, even in a depressed year
of section hands who in 1915 averaged $429 per year. The section hand
after
51 cents out of every dollar paid by the public for service; whereas,
was underpaid in 1915, and the Railroad Labor Board might well have left
less
paying those wages, taxes, material and supply bills, fixed charges, &c.,
his pay stand at the 1921 scale. But why lie about the facts?
and
than two cents remained out of every dollar of revenue to pay dividends
So much for the cause of the strike.
maintain the credit of the Pennsylvania System.
Transportation Not Visibly Crippled.
strike.
Now, as to the effect of the
Y-EIGHT STRIKING SHOPMEN SUE RAILSo far as the facts are ascertainable, the sole effect of the strike has been TWENT
ROAD FOR LOSING JOBS.
the tax it has put upon the mendacity of its promoters. Behind the barrage
of false claims and desperate assertions with which they have been able to
The following from Pasco, Wash., Aug. 29, appeared in
have not caused the railroads to fail
bewilder Washington, the strikers
or even falter in the performance of their public service. Trains have been the New York "Evening Post":
ss
Twenty-eight striking Northern Pacific shopmen here are starting suits
dispatched and arrived according to schedule with normal promptne
for $1,000 each, against the railroad because they have lost their jobs.
and safety.
Condition of the Rolling Stock.
This is how it happened:
as the
After the strike was declared the railroad management decided to build
Nowhere are there signs that the rolling stock has deteriorated
shops as a protection to the property and the workers.
result of the strike. Equipment was not in good condition when the strike a fence around the
the fence was let to a construction concern.
The promoters of the strike took care that it should not be. The contract for building
was called.
shopmen immediately applied for jobs helping put
Less than 50% of the shopmen, or say 170,000, laid down their tools. The The twenty-eight idle
of up the fence and got them. When the Northern Pacific found it out, the
loyal balance recruited by new men quickly ran the number up to 75%
was twenty-eight alleged in their lawsuit, they lost their new jobs. Boycott
normal with such increased efficiency in spirit and action that there
and blacklisting are charged.
no loss in output.
The fortnightly reports on bad order locomotives confirm these obserOn July 1
vations. For over a year they have numbered around 15,000.
on
REMOVAL OF TRAINMEN LEADERS AS RESULT OF
1921 tho number reported in the shops awaiting repairs was 15,437;
on June 1 1922, 15,765; on July 1 1922, 14,402, and on
WALKOUT ON SANTA FE SYSTEM.
Jan. 1 1922, 15,383;
July 15 1922, 15,764. On the last named date there were no less than
A press dispatch from Los Angeles, Aug. 31, said:
to draw on for
5,912 serviceable locomotives stored—a surplus of power
Details of the walkout were given in our issue of Aug. 19,
months to come.
As to Freight Cars.
page 833.
and
That this strike has not affected the serviceability of freight cars to any
Removal from office of one general chairman, three local chairmen
Railway
material extent is shown by the following statement of bad order cars:
eight officers of the subordinate lodges of the Brotherhood of
332,614; per cent to total, 14.5
Feb. 15 1922
Trainmen in California and Arizona, as a result of the recent walkout
324,583; per cent to total, 14.3
lines of the
July 1 1922
which compelled the suspension of train service on the coast
by
342,079; per cent to total, 15.1
July 15 1922
Atchison Topeka & Santa Fe Railway, was announced here to-day
On July 23 there was a serviceable surplus of 233,937 freight cars.
Bannon, Vice-President of the trainmen's brotherhoods.
beyond John
The reports on revenue freight loaded up to July 22 1922 prove
peradventure that tho strike has not had any appreciable effect in restrictWAGE."
ing the movement of freight. The weekly figures for June and July tell JOHN G. WALBER ON FALLACY OF"MINIMUM
Inthe story:
John G. Walber, Executive Secretary of the Bureau of
1921.
1922.
1921.
1922.
July 8
718,319 640,535 formation, Eastern Railroads, who represented these roads
750,645 693,903
June 3
July 15
860,907 774,884
846,002 787,283
June 10
ng of the maintenance of way cases before the
July 22
861,124 788,034 in the reheari
860,772 775,326
June 17
d Labor Board last Monday, Aug. 28, stated on
July 29
859,733 795,432 U. S. Railroa
877,856 775,447
June 24
m wage
876,896 776,079
July 1
Aug. 26 that the result of any attempt to fix a minimu
ed by the fact that the coal loadings for the week
only be to
This showing is emphasiz
it did not result in wholesale evasion, would
"if
ending July 15 dropped from 151,288 cars in 1921 to 77,334 in 1922. Exof men out of employment, for capital could
cluding coal, the loadings for the July 15 week were within 1% of the throw millions
expressed himself
peak loadings of Oct. 15 1920.
not afford to employ them." Mr. Walber
It therefore appears that the only effect of the rail strike has been the
the matter:
as follows in
confusion and annoyance it has occasioned in the public mind, with sporadic
States Railroad Labor Board
been
In all wage hearings before the United
outbreaks of violence as the strikers have realized that they have
is bread and since 1920 the representatives of the railroad employees have based their
betrayed by their self-seeking leaders to whom agitation
upon so-called "cost of living"
claims for increases in wages almost entirely
butter as well as the breath of their nostrils.
nce" budgets, "health and
budgets, "minimum wage" budgets, "subsiste
Postscript.
budgets.
decency" budgets, or "health and comfort"
oods propose to tie up all transelements specifically
In so doing they practically disregarded the seven
Should the latest word, that the brotherh
for its protection, prove correct, the issue
to be taken into conrecited in the Transportation Act of 1920 as factors
portation if troops are employed
e
to
—and the question for every citizen
sideration by the Labor Board in the determination of just and reasonabl
shifts to: Government or Anarchy
rican or Bolshevik?
wages.
decide is: Under which flag—Ame
can,
The following are among the reasons why no theoretical budget
s:
with justice, be applied uniformly to railroad wages in all territorie
1. Conditions are not the same in all localities.
WAGES OF EMPLOYEES OF PENNSYLVANIA RR.
2. Tastes and habits are not the same.
RETURN TO STOCKHOLDERS.
3. Actual expenditures are not the same.
COMPARED WITH
4. Actual needs are not the same.
In reply to an inquiry as to how the employees of the
5. Prices are not the same.
his wife and three
6. The hypothetical normal family of five—a man,
Pennsylvania RR. have fared, as compared with its stocknot a typical family in the United States.
reason of the wage and dividend changes made children under sixteen—isadvanced by the advocates of those budgets we
holders, by
In various statements
J. County, Vice-President in
of the situation.
since the pre-war period, A.
fail to find any satisfactory answers to numerous phases
zed the following:
used as a factor in the
Accounting, on Aug. 17 authori
For illustration, if minimum living wages are to be
Charge of
wage rates be justified?
railroad averaged $850 a year per employee. establishment of wage rates, how can uniform
In 1914 wages on our
including those effective July 1 1922, For illustration:
all readjustments,
To-day, after
of Labor of the United States
wages are therefore 82% higher than in 1914,
1. In 1918 and 1919 the Department localities in the United States
they average $1,550. Our
according to Government statistics, is 67% higher. Government made studies in 92 separate white families. The highest
while the cost of living,
living among
200,000 employees, on the average, is able to show the average cost of found was $1,426 18 for Des Moines, Iowa,
This means that each of our
yearly cost of living
with actual average size of 4.9
of the desirable and needful things of life than average
the studies for which covered 102 families lowest figure obtained was for
to buy considerably more
The
persons, the equivalent of 3.23 males. 74 families with an average size of
wages would obtain.
his pre-war
different position. They number 140,000. Chippewa Falls, Wis.. which covered
of living for this communOur stockholders are in a
t of 3.27 males, the average cost
than 50 shares each. The average ownership is 4.9, the equivalen12, a difference between the highest and the lowest of
Most of them own less
an income of $213 per year. ity being $1,167
71 shares yielded
$259 06.
71 shares. Before the war
as is contended, It would necessarily
forced to reduce the dividend on Pennsylvania
If there is a principle involved,
the
In 1921 our directors were
bases would have to be applied according to We
6% to 4% per annum. This cut the teturn follow that different wage
in the different localities.
RR. stock from the rate of number of shares to $142 per year. He is different minimum wage requirements budgets should be averaged and
average
idea that these
cannot subscribe to the
of the holder of the
dollars than in 1914, and in addition, like the made uniform in all localities.
now getting one-third less
States Census for 1920 there were 24,351,676
cost of living.This means that the
2. According to the United
to a family
to meet the higher
population of 105.710.620. an average of 4.4 persons
employee, he has
present income from dividends is much below families in a This includes all members regardless of age. The Census also
buying power of his
not 5.
and
actual
under 16
were about 35,000.000 dependent childrencontrastedyears
with
that of his pre-war return.• obligation, which has been publicly stated, shows that there of 1.4 dependent children to a family. as
of age, an average
an
"normal" family for budget
Our management feels
step can be wisely taken, without 3 dependent children used in the so-called
rate as soon as that
to restore the 6%
property. Even then our stockholders' incomes purpo shouldthe wages be based upon 73.055,028 dependents under 16
Why
risking deterioration of the
but not as to purmultiplied by 3) when the Census shows
to the number of dollars,
years of age (24,351,676 families,
35,000.000 dependents? Stating it
will merely be restored as
remains above normal.
that there are only approximately based upon a fictitious population of
as the cost of living
chasing power, as long
employee of the Pennsylvania RR., another way, why should wages be
stockholder and the
a total of approximately 143,765,6-18, as compared with the
38,055,028, or
As between the
fallen entirely upon the former. The same actual population of 105,710,620?
the burdens of the war have
the railroads in general, and has undoubtedly
What is there about the railroad industry that would justify any one
condition, of course, is true of
failure of the men, who are in contending that 5% of the male workers should support 10.4% of the
accounting for the
should the railroads be expected to
been an important factor in
authorized very moderate wage dependents of the country? Why s?
the recently
carry the burden of other industrie
at present on strike against support of the public.
eadjustment, to enlist the
SIWT. 16 1922.]
THE CHRONICLE
It is perfectly evident that if employers in all industries were to attempt
to construct wage schedules on any such theories it would require resources
far in excess of the income of all industries of this country. Certainly such
a theory applied to the railroads would require the obtaining of revenues
far in excess of anything the public could or would stand.
Many proponents of the living wage theory argue for its adoption on a
humanitarian basis, urging the desirability of a higher, or "American,"
standard of living among lower paid employees. Such instincts are indeed
praiseworthy, but what are the possibilities of their attainment? Assuming
any sum as the total of income from all industries of the United States in
the year, it follows necessarily that wages above a just proportion paid
for the sake of humanitarianism to the employees in one industry must
tome out of the employees in other industries at the expense of humanitarianism.
My view is that the only sound and wise basis for compensation must
spring from the economic value of the services rendered.
You cannot distribute more than there is. The result of any attempt to
fix such a minimum wage, if it did not result in wholesale evasion, would
only be to throw millions of men out of employment; for capital could not
afford to employ them. But we cannot double wages through sympathy or
legislative fiat.
POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR JULY.
Assistant Postmaster-General Glover began on Aug. 8 the
issuance of a list of postal receipts of 50 selected industrial
cities in the United States to be published monthly as an
index to the health of business. The Department for more
than 20 years has compiled monthly postal receipts for the 50
leading cities of the country. Many cities on the list, it is
stated, have been surpassed by other faster growing cities,
but are kept on the list for the purpose of comparison. This
is the first time an effort has been made to pick out certain
industrial cities in each State as a test of the prosperity of
the country. The list made public on the 8th shows figures
for July 1922, as compared with July 1921. It begins with
Springfield, Ohio, having receipts for 1922 of $96,273, and
ends with Cheyenne, Wyo., having receipts of $7,354. While
the cities may not rank in numerical importance as the big
industrial centres of the nation, they are considered as representative industrial centres in their respective sections of
the country. The total receipts for the month of these 50 industrial cities were $2,164,441, as against $1,959,547 for July
1921, an increase of $204,894, or 10.45%. This increase closely
approximates that of the 50 leading cities, which showed an
increase for July of 11.62%. The largest percentage of increase reported was that of Albuquerque, N. M., of 40.59%.
Other large increases were South Bend, Ind., 31.28%; Trenton, N. j., 27.51%; Topeka, Kans., 26.45%; Pueblo, Col.,
20.49%, and Tampa, Fla., 21.21%. Following is the complete
tabulation:
POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
OF JULY 1922.
Office.
Springfield, Ohio
Oklahoma, Okla
Albany, N.Y
Scranton, Pa
Harrisburg,Pa
San Antonio, Texas
Spokane, Wash
Oakland, Calif
Birmingham,Ala
Topeka, Kan
Peoria, Ill
Norfolk, Va
Tampa, Fla
Fort Wayne,Ind
Lincoln, Neb
Duluth, Minn
Little Rock, Ark
Sioux City, Iowa
Bridgeport, Conn
Portland, Me
St. Joseph, Mo
Springfield, Ill
Trenton, N.J
Wilmington, Del
Madison,Wis
South Bend, Ind
Charlotte, N.C
Savannah, Ga
Cedar Rapids, Iowa
Charleston, W. Va
Knoxville, Tenn
Schenectady, N. Y
Lynn, Mass
Shreveport,La
Columbia, S. C
Fargo, No.Dak
Sioux Falls, So. Dak
Waterbury, Conn
Pueblo, Colo
Manchester, N.H
Lexington, Ky
Phoenix, Aria
Butte, Mont
Jackson, Miss
Boise,Idaho
Burlington, Vt
Cumberland,Md
Reno, Nev
Albuquerque, N.Mex
Cheyenne, Wyo
July 1922.
July 1921.
$96,273 18
$93,897 25
97,813 08
84,347 29
88.911 55
81,081 06
65,853 27
59,341 33
70,305 46
59,763 79
71,192 86
65,406 74
75,372 00
68,862 00
74,944 54
62,545 82
70,659 54
60,816 40
74,304 02
58,760 99
63,592 37
55,787 64
55,531 9456,071 89
,
59,604 03
49,579 22
49,746 23
44,941 28
59,173 73
50,653 57
51,955 60
48,702 43
56,652 93
47,465 65
60,466 00
54,025 00
51,098 40
46,176 22
50,360 87
45,940 63
42,891 59
40,646 23
40,405 16
42,929 44
44,300 00
34,744 00
35,383 03
37,799 37
41,693 44
33,669 67
45,714 10
34,823 22
40,900 78
35,918 15
34,286 12
32,962 65
34,322 08
32,831 38
37,967 50
33,841 45
37,408 86
35,583 48
39,568 43
43,663 12
29,342 40
29,538 94
25,907 40
24,612 43
25,431 68
26,315 79
28,852 06
28,704 04
24,301 44
21,401 91
23,869 25
21,037 74
23,933 26
19,863 90
19,151 33
20,189 18
21,522 40
18,016 15
18,656 11
17,228 75
18,138 63
15,420 53
16,941 02
16,702 27
15,465 19
13,928 64
14,644 57
13,193 91
10,854 60
11,597 75
12,338 46
12,184 90
11,084 42
7,88426
7,354 33
8,147 62
1287
dustrial cities was referred to in our issue of July 22,
page
382.
INCREASE IN POSTAL RECEIPTS AT FIFTY SELECTED POST OFFICES.
Postal receipts, considered in the light of a business barometer, indicate that prosperity has actually returned, according to statistics for the month of July made public by
the Post Office Department on Aug. 7. These figures show
an increase in receipts in 50 large selected cities over July
1921 of 11.62%. Figures for the previous months show that
the upward movement began last November, when an increase of 2.78% was recorded over the same month a year
ago. The climb since then has been steady. April showed
an increase of 7.31%; May, 14.42%, and June, 12.24%. Only
two of the 50 cities, Rochester, N. Y., and Washington, D. C.,
reported decreases for July. Rochester, which had the third
largest increase in June, reported a decrease in July of
5.28%, while Washington dropped less than one-half of 1%,
or .34. On the other hand, Fort Worth, Texas, reported the
phenomenal gain of 83.06%, or almost double the 1921 figures. Akron, Ohio, which had the largest percentage gain in
June, was second in July, with an increase of 35.26%. Other
cities showing large gains were Los Angeles, Cal., with
28.67%; Cleveland, Ohio, with 21.37%; Springfield, Mass.,
with 20.91%, and Columbus, Ohio, with 20.48%. The largest
gain in dollars and cents was made by Chicago, which increased its July 1921 receipts by $357,903 80, although the
percentage increase was only 8.65. New York was second,
with $255,478 35, a percentage of 7.16, and Boston was third,
with $122,928 90, or 15.17%. Total receipts for the 50 cities
were $19,543,152 81, as against $17,508,742 48 for July 1921,
an increase of $2,034,410 33. Tabulated figures showing the
comparative receipts for the 50 cities follow:
POSTAL RECEIPTS AT FIFTY SELECTED OFFICES FOR THE
MONTH
OF JULY 1922.
% 1922% 1921% 1920
July 1922.
July 1921.
Increase,
over
over
over
Offices$
$
New York, N.Y__ 3,821,095 94 3,565,617 59 255,478 35 1921. 1920. 1919.
7.16 *5.96 14.68
Chicago, Ill
3,154,456 70 2,796,552 90 357,903 80 8.65 *3.67 12.19
Philadelphia, Pa
1,088,737 43 1,068,619 19
20,118 24
1.88 *16.05 31.04
Boston, Mass
933,423 88
810,494 98 122,928 90 15.17 *8.23 7.41
St. Louis, Mo
726,471 44
628,673 13
97,798 31 15.55 *3.54 21.07
Kansas City, Mo_ 554,441 53
465,195 01
89,246 52 19.19 *4.05 27.26
Cleveland, Ohio
508,828 12
419,234 84
89,593 48 21.37 *23.14 26.18
San Francisco,Cal, 511,815 51
466,390 28
45,425 23 9.74 4.46 19.61
Brooklyn, N.Y.._
457,837 74
417,245 36
40,592 38 9.73 2.19 10.39
Detroit, Mich_ _
487,094 99
418,812 63
68,282 36 16.30 *12.47 27.00
Pittsburgh, Pa..
419,185 81
382,685 85
36,499 96 9.54 *3.08 21.84
Los Angeles,Calif.. 441,579 56
343,736 16
97,843 40 28.47 4.62 44.02
Minneapolis,Minn. 412,060 46
350,022 52
62,037 96 17.72
1.56 27.84
Cincinnati, Ohio
FOR THE MONTH
361,517 84
348,603 54
12,914 30 3.70 *2.51 17.31
Baltimore, Md__
346,846 82
318,081 89
28,764 93 9.04 *1.47 19.49
Washington,D.C- 268,848 31
269,761 27
*912 96 5.34 *1.78 7.77
Buffalo, N. Y
267,835 46
227,597 10
40,238 36 17.68 *6.30 •.83
Per Cent Milwaukee,
Wis
278,249 28
238,510 78
39,738 50 16.66 *3.88 30.52
1922
Indianapolis, Ind_ 249,399 75
224,153 97
25,245 78 11.26
Increase.
over
.44 21.77
St. Paul, Minn
240,084 50
203,935 57
36,148,93 17.72
1921.
.83 14.50
Atlanta, Ga
221,232 08
195,705 08
25,527 00 13.04 *6.62 15.34
Denver,Colo
223,031 14
196,334 71
26,696 43 13.59 *6.55 8.50
2.53
$2,375 93
Omaha, Neb
218,125 66
186,805 57
31,320 09 16.76 *1.17 12.65
13,465 79 15.96
Newark, N. J_
199,332 73
171,068 40
28,264 33 16.52 *5.65 24.63
7.19
5,83049
Dallas, Tex
182,288 79
175,156 06
7,13273 4.07
6,511 94 10.97
6.40
Seattle, Wash_ _
178,681 68
164,974 34
13,707 34 8.31 *5.54 4.25
10,541 67 17.64
New Orleans, La.._
169,199 34
157,372 97
11,826 37 7.51
8.85
3.16 13.23
5,786 12
Rochester, N. Y
154,080 77
*8,581 33 *5.28
162,662 10
9.45
6,510 00
5.21 21.31
Des Moines, Ia
170,424 26
147,314 30
23,109 96 15.68
12,398 72 19.81
1.44 12.09
Portland, Ore..
183,604 29
163,206 51
20,397 78 12.49
.15 36.54
9,843 14 16.19
Louisville, Ky__ _ _
174,445 60
148,577 25
25,868 35 *17.41 *2.29 21.82
15,543 03 26.45
Columbus, Ohio
165,724 96
137,550 31
28,174 65 20.48 *3.60 15.63
7,804 73 13.99
Toledo, Ohio
126,014 79
13,013 65 11.51 *15.49 23.90
113,001 14
*539 85 *0.96
Richmond, Va
121,797 41
117,827 81
3,96960 3.37 16.04 11.73
10,024 81 20.21
Providence, R.I
118,800 59
15,483 12 14.99 *3.85 20.12
103,317 47
4,804 95 10.69
Memphis, Tenn
102,646 68
15,288 00 17.49 *20.73 13.43
87,358 68
8,520 16 16.82
Hartford, Conn__ _
112,901 34
15,881 14 16.37 *2.98 12.21
97,020 20
6.68
3,253 17
Houston, Tex__
103,189 99
102,769 84
420 15
.41 *4.14 18.47
9,187 28 19.36
Nashville, Tenn
101,700 64
2,561 95 2.58 3.73 10.04
99,138 69
6,441 00 11.92
Fort Worth,Tex
148,867 72
67,544 13 83.06
81,323 59
4,922 18 10.66
Syracuse, N. Y
94,335 34
86,550 22
7,785 12 8.99 *12.33 4.51
4.420 24
9.62
New Haven,Coven.
99,867 00
15,488 29 18.35 *6.62 43.38
84,378 71
2,245 36
5.52
Dayton, Ohio__ _ _
98,939 32
2,100 18 2.17 13.74 40.57
*2,524 28 *5.88
96,839 14
GrandRapids,Mich. 84,902 46
78,460 17
6,442 29 8.21
9,556 00 27.51
1.62 26.29
Jersey City, N. J_
79,231 96
9,81941 14.15
69,412 55
*2,416 34 *6.39
.24 *10.98
SaltLakeCity,Utah
85,637 81
8,02377 23.83
77,328 55
8,309 26 10.75
*.35 20.20
Springfield, Mass..
75,066 40
12,985 51 20.91 *7.88 14.42
10,890 88 31.28
62,080 89
Akron,Ohio
95,497 25
4,982 63 13.87
70,599 51
24,897 74 35.26 *29.86 9.88
Worcester, Mass
70,360 04
1,323 47
8,586 65 13.90 *14.00 40.80
61,773 39
4.01
Jacksonville, Fla
53,413 68
1,490 70
9.21 *9.26 18.14
48,909 97
4,503 71
4.54
4,126 05 12.19
Total
19,543,152 81 17,508,742 48 2,034,410 33 11.62 *5.29 17.13
1,825 38
5.13
Per Cent of Increlse.-Mar
*4,094 69
9.38
1921, 7.31; May 1922 over ch 1922 over March 1921, 6.68; April 1922 over April
*196 54 *0.67
May 1921, 14.42; June 1922 over June 1921, 12.24.
*Decrease.
1,294 97
5.26
*884 11 *3.36
In our issue of July 15, page 261, we gave figures showing
148 02
0.52
2,89953 13.55
the comparative receipts at 50 selected post offices for the
2,831 51 13.46
4,069 36 20.49
separate months of January to June from 1908 to 1922, in*1,037 85 *5.14
3,506 25 19.47
clusive.
1,427 36
8.29
2,718 10 17.62
238 75
1.43
HENRY FORD AND THE PRESIDENCY
1,536 55 11.03
-PREDICTS AN1,450 66 10.99
OTHER WAR-NEW ERA NOW.
*743 15 *6.41
153 56
1.26
An interview had by Charles W. Wood of "Collier's" with
3,200 16 40.59
*793 29 *9.74
Henry Ford
had for its main object the ascertainment of the
attitude of Mr. Ford on the question of his 'acceptance of
* Decrease.
•
nomination for the office of President of the United States.
The intention of the Post Office Department to issue On this and other subjects Mr. Ford's views are
set out as
monthly lists showing the postal receipts of 50 selected in- follows in the Aug. 26 issue of "Coffer's":
Total
$2,164,441 24
$1,959.547 07
$204,894 17
10.45
1288
THE CHRONICLE
"Will you run for president?" I asked Henry Ford. "Would you
accept the nomination if it were offered you?"
"Ford for presiThey seemed like simple enough questions to me. With.
dent" clubs springing up everywhere, and with millions of Americans
for
wondering what this Miracle Man of modern industry might achieve
us, if he were once employed by the nation as a whole, it seemed high time
that he should declare himself.
"Sit down," said Mr. Ford. "Let me take your hat."
men in
Excellent omen. My hat was taken by one of the four richest
it
the world and hidden in a place where I had great difficulty in finding
his left
and I sat down. Then Mr. Ford sprawled into a chair, hugged
on the chair-arm with the fingknee with his left elbow, drummed a tattoo
not
ers of his right hand and laughed. It was evident that Mr. Ford was
going to plead lack of time.
"What is the question?" he asked.
.
I
"Would you accept the nomination for president?" repeated
"I won't tell you," he replied.
A statesman might have said that he couldn't tell me, but what could
you do with a man who said he wouldn't?
"It doesn't seem to mean anything to me," Mr. Ford added.
"What,the Presidency?"
"No, the question."
cy.
This,I know now,practically clears up the mystery of the Ford candida
is
Mr. Ford, you will admit, is an executive. Many will say that he
h he holds no
already the Chief Executive of the United States, althoug
s, in a
official title. He is young—only fifty-six. He is deeply religiou
fire
non-ecclesiastical sense. He does not care for money, and is all on
us for power—as ambitious
with enthusiasm to serve. True, he is ambitio
or
as Nepoleon—but with this difference: He does not want political
He wants elecmilitary Power: that sort of power isn't power in his eyes.
He wants
tric power. He wants gas power. He wants industrial power.
used.
to get his hands on it to use it in the most interesting way it can be
of power which so fascinates him? I can
And what is this peculiar use
Ford's
give you Mr. Ford's word for the answer, or you can look over Mr.
record, Just as you choose.
"I want to make
"I want to abolish poverty from America," he said.
wages higher. I want to make a good home possible for every child. No,
rich
it isn't unselfish on my part. Low wages are silly. You can't get
you are.
by making people poor—they can't buy your goods then, and there
wouldn't be
The only way to get rich is by making people rich. Wealth
such a curse if everybody helped carry it."
[you 115.
Is not the best kind of money. Our money is a speculative commodity;
it ought to be the soundest and most stable thing we make. We don't
need to upset anything but the trickery which surrounds money. Control
tion placed it—in
of money ought to be returned to where the Constitu
the hands of the people's government."
tion, and I
My next question had something to do with the Constitu
was.
got an answer which made me forget what the question
"That ought to be attended to," he said.
"What?"
"The Constitution."
"How should it be amended?"
"I dont' see any use of amending it."
"What should be done?"
New Era will come in
"There won't be any need to do anything. The
tions don't create condiand everything will adjust itself to it. Constitu
tions: they only define them."
The Most Important Thing.
I was talking with him.
A significant illustration of this occured while
a coal crisis. It had
Mr. Ford was called into consultation. There was
ne days'supply available for
just been discovered that there was only thrity-o
was a plant which was regularly
the coke ovens of a certain Ford plant;and it
s. The question of
supplying coke to two competing automobile factorie seriously into the
cut
conserving the supply arose. Conservation would
them to close earlier than
supply of the other factories and probably compel
the Ford plant.
as we do. If the shut"No," said Mr. Ford. "They shall run as long
."
down comes, we']l all shut down together
good business.
This was no burst of generosity. It was just
world," he said to me at
"Character is the most important thing in the
nt thing in character. But
another time. "And honesty is the most importa
are not really honest until
my idea of honesty is not the usual idea. You
You can't add up a column of
you know that you can't put anything over.
it. It willfollow you through the
figures and leave one figure out. Just try
whole book."
America to-day. You can't
And that is the way that Henry Ford looks at
you try it, and get out of plumb
add up America and leave anybody out. If
have got to be co-ordinatwith the Big Plan. In some way the "Tnree Arts"
g to do with that is an altoed. Whether his being President has anythin
ed consciousness of his
gether different question; but there is an undoubt
absolutely sure, he is going
own destiny in the matter. In some way, he is
to figure in the scheme.
Predicts Another War.
NAVto most Americans,
SPENCER SMITH ON OIL POLLUTION OF
This, it seems to me, must make a certain appeal
political beliefs. If it were said by onyone short of a
LE WATERS.
IGAB
regardless of their
little groups here
miracle man, we might pass it up at once, or organize
the slop oil
said by Henry Ford. He
The question of the control of the disposal of
and there and let it go at that. But it was
to believe that he could put the program
Spencer Smith, President of
means it, and there is reason
from ships was discussed by J.
of New Jersey, and
through if given absolute authority to go ahead. any
single man such the Board of Commerce and Navigation
Whether many Americans would consent to giving
the
they were certain that he would use it Vice-Chairman of the Port of New York Authority, at
power is another question, even if
rd Municiwith the intelligence of a superman.
conference held by the League of Atlantic Seaboa
for this particular purpose;
But suppose they did want to employ him
Waters in Atlando so?
palities Against Oil Pollution of Navigable
just. how. I wonder, could they go about to
socialist. He doesn't question the owner- tic City, on Aug. 11. Mr. Smith in part said:
Mr. Ford, remember, is not a
but if you were to challenge
of sins. There is oil pollution from
ship of property. He doesn't think about it;
The word pollution covers a multitude
his exact position.
various kinds that is perhis own ownership, you would soon discover
and there is the refuse from industries of
ly reaches the ocean.
know of any way in which the fuel oil,
"Mr. Ford," I asked him flatly, "do you
find its way into tidal streams which eventual by the State itself
of your executive ability mitted to
be coped with
the people of the United States might make use
latter phase of pollution is one that can
This
pollution is that which is caused by the pumpat this particular time?"
if it will. The other form of
within
Mr. Ford shrugged his shoulders and hugged his right knee for a change. ing out of slop oil by ships when approaching the harbor, frequently
out the meaning of the gesture.
down our coast. Even
It took an hour's conversation to bring
le limit, and by ships plying up and
always had been a way for the three-mi
limit, yet they are close enough to shore
But once again he was not dodging. There
though they be outside the three-mile
necessary.
out to float in.
things to happen if their happening was
for the slop oil which they pump
a long was ahead," he said. "We
problem which cannot be acted upon by the
"People think we make our plans here
It is this slop oil phase of the
idea strikes us we mull it
to be ameliorated or elimindon't. No good executive does. When an
or by the United States, but if it is
drop it into the pot and see what happens. After State alone
agreements entered into by the
over a while; then we
can only be done through international
so that we can't help acting and then ated it
of the world.
a while, maybe, things shift around
As to this or that coming to pass, different maritime nations
covering this subject between the vawe just go ahead and finish up the job.
There is no reason why agreements
lly
It will be according to the Big Plan."
should not be made a part of the law of the sea. Practica
happen in accordance with a great plan worked rious countries
same interest in this problem that we have
"Does everything in life
every maritime nation has the
Infinite Designer?"
for relief, the same as we are.
out by an
Ford. "We're in the New Era now. and their people are crying
n Association of Port Authorities,
"You just bet it does," said Henry
As one of the officers of the America
any longer. From now on things will
The old laws, the old rules, don't hold
membership port authorities from all parts of the world,
its
the design of the New Era. The only thing for which includes in
tion and support of the Association in
happen in accordance with
with that design I expect to see a lot I can assure you of the active co-opera
s.
anybody to do is to get into harmony before the New Order is thoroughly
the combating of this menace to our waterway
usually brings with it its
trouble yet, probably another war,
of
Every new development in the world of science
kick of the Old Order. Anyone who
established. But that will be the last to worry."
ting assets. If fuel oil is highly desirown liabilities as well as its compensa
doesn't need
then he should be
is living in the New Order
admit,to be sure, that nothing had able from the operating point of view of the ship owner,
The suggestion startled me. I had to
ce or injury to
but to hear the author of"Out of the willing to use it in such a way that it will not cause annoyan
been done yet to make war impossible;
s have an obligavoicing his expectation of another war others. On the other hand conimunties and port authoriti
ship propulsion,
Trenches by Christmas!" calmly
thougnt of Henry Ford as a possible tion placed upon them because of this new development in
slop oil
soon was most disturbing. Then the
provide means for the ship owner to dispose of the
nt—that was a poser. "If there is a war, which side will you and that is to
war Preside
when he reaches port.
be On?" I asked him.
find a method of
hard to
d—"If either side is the side of proI am told that the oil interests are working very awaiting disposal upon
"On the side of progress," he answere
to take sides."
separating the water from the oil so that the residue
gress. In a war, it seems, you've got
ively very small.
I asked. "Debs didn't take sides."
of the ship would be comparat
"Why have you got to take sides?" couldn't stand for the war, he should arrival
and if the facilities are not
he
Ship operators and ship owners are only human
"Debs was a fool," he said. "If
there will be a very grave
furnished to them for complying with the law,
fuel oil virtually
have kept his mouth shut."
the question, and I am emphasizing
to evade it. We know only too well that slop
"Why was he a fool?" I pressed a Henry Ford from the idealism of a temptation
until such time as it has gathered
never disintegrates but floats on the water
distinguish the idealism of
it now to
cent emotional fervor, a passionate lover of unto itself a weight great enough to sink it.
Debs. Debs is 100 per
the question of the control of the
per cent practical. The idea of doing a
In endeavoring to find a way of solving
mankind. Henry Ford is 100
not overlook another possible
tely could not occur to him.
disposal of the slop oil from ships, we must
futile thing delibera
from our own coastal shores. PracFord.
source of oil pollution which may emanate
to jail, didn't he?" said Mr.
"He went
e stream or on the coast perDebs to go to jail?"
tically every community bordering on a navigabl
"But was it foolish for
get the question. It had no more meaning mits its sewage to be emptied into the stream with little or no treatment
Henry Ford simply could not
found in garages and in indusone were to ask him if he would run for President. He
While the oils and greases which are to be
to him than if some
fuel oil, yet, nevertheless, when
but he is not passive. To put himself in a position trial plants are not in the same category as
may be a pacifist,
istics for some litat his program was utterly unthinkable. He can't first entering the water they retain their natural character
where he could not work
oppose them on sentimental grounds, but tle time. In other words, this kind of oil and grease will break up and disinand jails. He doesn't
underst
ble that the sewage from our
that we should allow anybody's labor power to be lost. tegrate and finally disappear. It is conceiva
It seems so absurb
not discuss questions from the standpoint of
ties may contain a large proportion of oils and greases and
Although Mr. Ford could ion,I did get him to state his mind on some coastal communi
into the sea would certainly be likely
tial nominat
such oils and greases finding their way
a possible Presiden
of the water close by the shore, to the annational issues.
to appear floating on the surface
of the usual
This is something worth
I asked.
tariff?"
noyance of the bathers and detriment of the beach.
"What about the
we can very easily pass legislooking into, because if it is found to be true,
"Tariffs are silly."
prohibition?"
lation which will prevent it.
"What about
to the State of New Jersey of the
stay. If it is, it's in the Big Plan, and it's good."
It is hard to realize the tremendous value
"I guess that's here to tion ?"
May. This little fringe of land has a
coast line from Sandy Hook to Cape
about immigra
now."
"What
ural lands of our State. When
many people here as we have
greater assessed value than all the agricult
"We need ten times as
as one of the wealthiest agricultural
question?'
you realize that Monmouth County ranks
"The money
permanent working wealth. Money that
, you may have some appreciation of the great value of
based on
"We need real money subject to the control of private money brokers counties in America
based on fictions and is
is
a
SEPT. 16 1922.]
THE CHRONICLE
our beach fronts. It behooves the State of New Jersey to do all it possibly
can to protect them. I am glad to say that the Legislature is conscious of
this fact and is willing to do its duty in this respect
I feel that our State is under a debt of gratitude to you gentlemen assembled as you have to discuss this great question of oil pollution, and I can assure you the State greatly appreciates the generous help and support which
you are giving the question.
Every State bordering on the Atlantic or Pacific coasts or the Gulf of Mexico finds that its coastal line is a source of great enjoyment to its people,
particularly in the summer time. Those of our country who live in inland
sections delight to visit the ocean. So that is one subject, at least, upon
which there can be nothing but unanimity of opinion. It is not a difficult
problem to solve, it only requires the getting together of the various interests. To my mind the greatest barrier in the way of solving this problem
has been removed by this gathering.
We are all prone to talk about the troubles that beset us but seldom it is
that drie takes the initiative toward starting on the road to eliminate the
trouble. By your meeting here you are focusing public opinion upon the subject. You are starting the creation of the pressure of public opinion which
will in the end bring about the solution of this very great evil.
If I might be so bold as to offer a suggestion it would be that before this
assembly breaks up a committee be appointed to co-operate with the American Petroleum Institute. This association, representing as it does the great
oil producers and refiners of the country, is as anxious to solve this problem
as we are, and we cannot hope to make any headway in the solving of it until
we can present a practical plan and one which will work in operation
without
undue hardship upon the ship owner or operator.
Gentlemen, you are rendering a great public service by gathering
here and
as one of the representatives of New Jesey I want to thank you most cordially
for coming here and to assure you of my confidence in the success of your
labors.
OHIO COURT ENJOINS BREWERS FROM REDUCING
WAGES IN VIOLATION OF WAGE CONTRACT.
What is said to be the first decision of its kind ever handed
down in this country by a court in an industrial dispute was
the ruling of the Common Pleas Court of Cuyahoga County,
Ohio, in a suit brought by a local union of the International
Brotherhood of Firemen and Oilers against several brewing
companies in Cleveland. The court enjoined the employers
from reducing wages in violation of union agreements.
A number of decisions have been handed down in various
parts of the country in the last year restraining workers
from violating wage agreements by going on strike, and in
the case of the cloak and suit manufacturers in New York
an injunction was issued against the employers from "conspiring to violate" an agreement with the union. No decisions of this character, however, have dealt, directly, it is
said, with the matter of wages. Dispatches of July 5 from
Cleveland to the New York "Tribune" gave the following
details:
Employers may be enjoined from reducing wages in violation of union
agreements, the Common Pleas Court of Cuyahoga County ruled in a
decision announced to-day in a case involving about 40 stationary firemen employed in Cleveland breweries.
The decision, so far as could be learned to-day, is the first of its import
ever handed down in this country. Admitting that no precedent seems
to exist, the Court declares in the decision "that one ought to be established without further delay."
The decision delivered to-day also cites the decision of the New York
City Supreme Court last spring, which enjoined the garment manufacturers
from conspiring to violate an agreement with the union, but the Cleveland
case now goes a step further in actually forbidding
individual manufacturers to reduce the pay of union members.
This is where the case is believed to stand alone
in court annals in this
country.
The decision was rendered by Judge Fred L. Hay
of Defiance, sitting
in the Court of this county. Suit was brought
by Local No. 52 of the
International Brotherhood. of Firemen & Oilers,
Herman Leveranz, a
member of the union, suing on behalf of himself and
others. The decision was for the plaintiff.
Defendant brewing companies were the Cleveland Home,Eilert, Diobolt,
Isaac Loisy. Schlather, Forrest City, Pilsener and Standard.
KIRSCHBAUM CO., PHILADELPHIA, GRANTED PERMANENT INJUNCTION AGAINST AMALGAMATED CLOTHING WORKERS.
An injunction issued to the A. B. Kirschbaum Co., clothing
manufacturers of Philadelphia, one of the leading concerns
in the industry, against the Amalgamated Clothing Workers
of America, was made permanent on Aug. 1 by Judge Rogers. The injunction restrains the union members from molesting, intimidating or otherwise interfeiing with the employees of the Kirschbaum company. In passing favorably
upon the motion to continue the injunction, Judge Rogers
said:
The Court is in sympathy with all honest working people—the Court
has been a worker himself since he was 10 years of age—and can therefore the more readily sympathize with those who wish to earn an honest
living. But the Court has no sympathy with those who indulge in lawlessness and violence. The plaintiffs have alleged and, in the opinion
of the Court, have proved that their employees had no desire to go on
strike. They wore satisfied with the conditions of their employment,
but there has been an unlawful conspiracy to interfere with them, in their
work, and to destroy the business of the firm.
This is the most flagrant case of its kind that has come to my notice
during my 23 years' experience as a lawyer and later a Judge. The root
of this conspiracy was the high-paid organizers from other cities, who
came here to make trouble, and the police of the city are to be highly
commended for the prompt and effective manner in which they suppressed
1289
their riotous demonstrations. I repeat what I have said
before, that a
man's home is his castle, and that he has a right to defend
it, and I believe
that every man has the right to work for his daily bread,
without interference or being molested by such people as these defendants,
who are
not even American citizens in many cases.
The injunction will therefore be continued, not only against
the defendants named in the bill, but against every member of the
organization
whose name appears on these cards of membership seized by
the Sheriff.
They are all enjoined from visiting the houses of any of the
workers of
this firm or interfering with them in going to or from
work, and if any
of them disobey the injunction they will be punished and punished
severely.
SALARY INCREASES TO EMPLOYEES OF POST
OFFICE DEPARTMENT SINCE 1918.
Employees of the Post Office Department have received
substantial salary increases since 1918, according to a report
submitted on July 12 to the Postmaster-General by Charles
A. Kram, Comptroller of the Post Office Department. The
increases now approximate one-fourth of the entire postal
revenue. A statement from the Post Office Department regarding the report says:
Since 1918, the rate of compensation to postal service employees has
been increased by three special Acts of Congress, namely: the War Bonus
Act, effective July 1 1918; the House Joint Resolution, effective
July 1
1919; and the Reclassification Act, effective July 1 1920. The additional
cost to the Post Office Department for five years, based on the rate
of
compensation payable under these Acts, as compared with the 1918 rate,
amounts to $450,371,600, as follows:
For the fiscal year ending June 30 1919
533,202,600
For the fiscal year ending June 30 1920
68,901,000
For the fiscal year ending June 30 1921
110,756,000
For the fiscal year ending June 30 1922
114,256,000
For the fiscal year ending June 30 1923
123,256,000
Total
5450.371.600
The figures for 1922 and 1923 are estimated. The increase for
1919
amounts to 7% of the postal revenue for that year; for 1920, 16%;
for
1921, 24%; for 1922, 23%; and for 1923, 24%.
AMERICAN CONSTRUCTION COUNCIL FORMED WITH
FRANKLIN D. ROOSEVELT PRESIDENT.
An organization known as the American Construction
Council, a central body for the whole of the building and construction industries of the country, having for its purpose
increased efficiency, eliminating waste and developing a national code of ethics for these trades, was formed on June
20 at Washington as the result of a two-day conferenc
e.
Franklin D. Roosevelt, of New York, former Assistant Secretary of the Navy and Democratic candidate for Vice-President in 1920 was elected President of the Council. A program was adopted calling for immediate steps toward
the
solution of the important problems of the construction industry, including the formation of a code of ethics acceptable
to the industry and the public, collection of needed statistics,
reduction of the national shortage of building mechanics and
the establishment of a necessary apprenticeship system and
recommendations for stabilizing the construction industry to
mitigate the evils of seasonal employment and the trade migration of labor.
More than 200 representatives of every element of the con
struction industry attended the conference. These included
architects, engineers, general contractors, sub-contractors,
labor leaders, manufacturers, dealers, bankers, insurance
and bond interests, public utility corporation heads, and
State, Federal, county and municipal construction officials.
Secretary. of Commerce Hoover was the opening speaker at
the meeting and pledged the support of the Administration
to the plans of the consruction industries for increasing efficiency by co-operative effort. Mr. Hoover said the organization of the building industries is an event of the first importance. He said the building industries properly should
take the initiative in the matter as the Department of Commerce did not desire to attempt any form of regulation. In
his address, Secretary of Commerce Hoover indicated that
he favored replacement of the yardstick with the metric system. He pointed out that when closer organization of the
construction industries is effected, simplification of all measuring systems may follow. Secretary Hoover, declaring that
"the time has passed when individual efforts are most effecttive in industry," said that the co-operative efforts of the
council represented "the most important step the industry
has taken."
He told the council that the Government is in hearty sympathy with its movement to put the construction business on
a higher plane of public service, but said that "if we would
stem the tide tending to refer every little need and complaint
to the Government action to meet these demands must arise
from within industry itself."
The purpose of the council is to place the construction industry on a high plane of integrity and efficiency and to cor-
•
1290
THE CHRONICLE
relate the efforts toward betterment made by the existing
organizations through a conference association representative of the whole industry and dedicated to the improvement
of the service which the construction industry renders to
induscommunities, States and nation. All branches of the
try are represented in the new body and have been divided
into the following groups, each with equal voting power:
rs,
Architects, engineers, general contractors, sub-contracto
turers,
construction labor, material and equipment manufac
esmaterial and equipment dealers, financial, bond and real
and
tate interests, public utility construction departments,
al
the construction divisions of Federal, State and municip
This action is said to be the culmination of
governments.
many efforts that have been made in recent years to solve
of
the difficult problems thrown on the industry by reason
ity and the accumulation of construcits size and complex
tion due to the cessation of building activities during the
[vci... 115.
to the Baltic considerably by going through the Drogden instead of through
the Great Belt or the Kiel Canal.
The winter route for steamers from New York to Riga, for instance, is4,288 nautical miles via the Kiel Canal, but 158 miles less, or only 4,135
miles if they go through the Sound. In addition, tolls are heavy in the Kiel
Canal and passage necessarily slow, so that vessels choosing the Drogden route
will save both time and money.
Large steamers bound for the Baltic with cargoes for a number of ports
a
find it unprofitable to go unloading from one harbor to another. They use
port of transshipment, a free port where there are no duties to be paid forgoods in transit and from which they can have their cargoes distributed to
the various ports of final destination by the regular route boats. A freighter
1. I. with 10,000 tons of cargo, of which 5,000 tons are destined for Riga and
the rest for Stettin, Danzig, Libau, Stockholm and Helsingfors, will in many
cases find it advantageous to unload half of its cargo in a port of transshipment and proceed with the other half to Riga.
Formerly, the largest steamers could not use Copenhagen as their port of
transshipment if they came up from the South. The excavation of the Drogden channel will change this and enable the steamers to call at the Copenhagen free port from which the distance to the Western Baltic ports is nearly
200 miles shorter than f. I. from Hamburg. As the terminus of numerous
steamship lines, Copenhagen is in constant communication with all countries
bordering the Baltic, and it has the largest and most modern free port in
Northeastern Europe.
war.
BILLIONS CHANGE HANDS AT MOSCOW GAMBLING'
RUSSIA'S STRANGE CONTRASTS—BOLSHEVISM RECASINO.
VERSES FORTUNES OF RICH AND POOR.
Associated Press advices from Moscow Aug. 26 had the
July 22,.are
The following special advices from Moscow
following to say regarding the extent of gambling dealings:
copyrighted by the New York "Times":
atMoscow:
is a city of sharp and bitter contrasts. In the Empire Restaurant,
e
Moscow
that rivals the luxury of Paris or New York, sits Gregory Ivanoff drinking
salmon,
French champagne at $10 a bottle, eating a dinner of fresh caviar,
h
chicken and ice cream for $10 to $15 more. He is clothed in rich broadclot
and his fat fingers gleam with diamond rings.
in
Ivanoff is a speculator, gambling to-day in foreign exchange, to-morrow
flour or sugar, next week in Persian rugs or illicit platinum or brandy. Call
beard quivers.
him a parasite and he laughs till each hair in his big brown
For, like the gambler, he is willing to pay the price. In a day he makes
$500, perhaps $1,000 or $1,500, but he knows he is playing fast and loose
with death. One bad slip and he falls before a firing squad.
Five years ago Ivanoff had a little general store in a village near Moscow.
The peasants met before his stove to drink vodka, talk politics and ever Ivanoff talked the best and loudest. Then came the revolution. Ivanoff mixed in
t
politics, became President of the local Soviet, but soon found Communis
discipline too stern for a cheerful life that only needed money and what
money can buy for happiness.
A lucky deal in jewels gave him the starting capital. All through the hard
years of 1918, 1919 and 1920 he flirted with sudden death to add thousands
to his hundreds. Now he can handle a carload of goods, stolen Government
stoeks, ten pounds of platinum or dozens of cases of brandy and trusts to luck
and the knowledge of whom to trade with to avoid disaster. Easy comes
money, easy goes, but "one more big deal and I go to the Riviera to hobnob
with the best of them," says Ivanoff.
As he leaves the Empire Restaurant he tosses a million-ruble note (twenty
cents in American money) to the ragged woman sitting at the entrance with
a thin, half-naked child of 4 on her knees. She is Anna Grebov, daughter of
an official of the Provincial Court. Five years ago she lived in a country
town with her husband, a prosperous young engineer, and three small children. She had a handsome house, servants and horses, and Ivanoff and his
like touched their caps respectfully when they saw her.
Then came the revolution and the family fled to Petrograd, happy to escape with their lives and a few small belongings. For Grebov had worked in
a local cabal and couldn't be a slave to the old order really passing. Adherence to that error cost him his life and he was executed for implication in a
counter revolutionary plot.
In a hot, stuffy room the baby died of cholera. Then two other children
wasted away in a terrible manner in 1918 and 1919. The mother sold her last
ring for the doctor and medicine, but what they needed was fresh air, freedom
and nourishing food, and without it they died. In 1920 she got a job-as a
teacher in a Volga village. For a time life was easier and she adopted two
orphan chilldren in the hope thereby to counter for those she had lost. Last
was fortunate enough to get.a
year famine shut the school and the woman
the thousands flying from the
place on a van with the two youngsters amidst
a refuge in a home where it reland of death. In Moscow one child found
the other she could not bear to part,
ceived a ration of American food. From
and from begging.
so it shares the pittance she wins from selling matches—
But Anna Grebov doesn't complain.
use," she says, with the same shrug of the shoulders
"Nitcheva—what's the
you ask him what will happen to
and the same word even as Ivanoff when
,"
him on the day he is caught with stolen goods. "Nitchevo like the Arab
weakness and her strength.
Kismet, is the watchword of Russia's
A gambling casino rivalling the famous Monte Carlo Casino in magnitud
ly millingof play has been opened in Moscow. Crowds are continual
8 o'clock
about the various tables during the hours of play, which are from
in the vening until 10 in the morning.
who spend
There is a scattering representation of foreigners, but those minimum
the
the night at baccarat, roulette, and other games, where
are mostly Muscovites.
play ranges from 10,000,000 to 100,000,000 rubles,
Most of the
Millions of rubles change hands on each deal at baccarat.
famine benefits.
profit taken by the house goes to the Governmentin taxes or
totaled more
The house draw of 5% is reported on one night to have
one trillion
than fifty billion rubles, indicating that the play reached
rubles, or the equivalent of $25,000.
and poorly
Well dressed men and women rub elbows with the unshaven changers.
money
garbed at tables where the croupiers speak French and
been opened in
accept gold and foreign currency. Casinos also have
decree legalizing
Petrograd and other places under the recent Government
certain forms of gambling.
GET 30
WINNER OF NEW SOVIET LOTTERY WILL
N RUBLES.
BILLIO
Aug. 17:
The following copyright cablegram from Moscow
a billionaire. The
The poorest Russian now has a chance of becoming launched by the
as just been
world's greatest lottery—in paper money—h
areas, with a first prize
Russian Government for the benefit of its famine
of 30,000,000,000 rubles, or $7,500.
last year's bank notes and have
The tickets are better printed than
They cost 500,000 rubles each and
the signature of President Kalinin.
. The drawing will be held in
will be sold to the number of 3,000,000
Moscow. Oct. 1.
0 rubles upward, totalingAltogether there are 1,032 prizes,from 15,000,00
78,000,000,000 rubles.
FOR
PROPOSED CANADIAN GOVERNMENT LOAN
AN RELIEF VOTED DOWN.
RUSSI
Russian relief, in the shape of $15,000,000 to be lent
purchase of seed
by the Canadian Government for the
United
wheat and grain, as proposed by a resolution of the
s of America, was voted down by the Trades
Mine Worker
ng to
and Labor Congress of Canada on Aug. 25, accordi
Montreal "Gazette," from which we also take the
the
following:
described
who
Emotional speeches were made by some of the delegates,
thought that iffor noththe moneys involved as"a few paltry millions," and expenditure. Another
the
ing else there were humanitarian grounds for "succumbed to the yellow
delegate thought that the Congress committee had
third deleworking classes in Russia," and a
journalistic campaign against
phoenix out of the
that Russia would emerge majestically as a
gate thought
and would reward those who•
ashes to be the greatest country in the world,
reached out a helping hand in time of need.
BE IMPROVED—DENGovernment principles by
WATERWAY TO BALTIC TO
The reply was a scathing criticism of Soviet
EXCAVATE THE DROGDEN TO
Moore.
President Tom
MARK WILL
wn Czarism," he declared..
"Don't think because they have overthro
DEPTH OF 25 FEET.
The Red Guards are ruling and
"that they have overthrown autocracy.
k, work will soon be an open meeting like the one we are holding now would never be tolerated
According to advices from Denmar
of speech and when the GovDrogden Channel southeast of In Russia to-day. When Russia gets freedom the workingmen it is plenty
midst of
started on excavating the
ernment removes the soldiers from the
nary plans call for a depth of
of time to come with such appeals." endorsed by West Toronto BrotherCopenhagen. The prelimi
The resolution of the U.M.W.of A.,
with a minimum width at the bottom of 825
000 being made by
about 25 feet,
Carmen, called for a loan of $15,000, may be necessary
that the initial expenses will be about hood of Railway
take such steps as
feet. It is estimated
the Canadian Government, "and to
Finance Committee of the Danish to persuade the Dominion Government to grant said loan to Russia."reso700,000 kroner, and the
the non-concurrence of the
Delegate Jos. Gibbons (Toronto) moved
zed the Minister of Public Works, M.
it with favor.
Rigsdag has authori
The committee, he said. had not regardedasked Delegate Watson
on the project. Some ex- lution.
-concurrence?"
"Is there any reason for the non
er, to spend that amount
Slebsag
ultimate cost will run consid- (Sydney).
perts claim, however, that the
Home Troubles First.
several millions of kroner. Roger
ing to negotiate a loan for
erably higher, perhaps into
"The Canadian Government is endeavor
Danish Legation, also
"and there is a very great deal of
the Royal
$300,000,000," replied Delegate Gibbons,
Nielsen, Special Attache to
seem to be more
unemployment right here in Canada. Some delegates own
people. Wesends us the following advices:
workers of Russia than about our
for large
freight steamwill make it possible
The excavation of the Drogden
of Copenhagen. The establishment of the
ers to pass through the Sound south
, Esthonia and Latvia, has
Lithuania
new Baltic States, Poland, Finland,
important than ever before. Some of the new
made the Baltic market more
harbors excavated to allow them to be
States have, since the war, had their
will be able to shorten their trip
entered by larger freight boats, which now
concerned about the
es, as in the case of the loans of Greece
have already had some sad experienc
of all look after our own troubles.".
and Rumania, and we should first
sum of fifteen millions" could
Delegate Watson thought that the "small
in view of the fact that the
easily be set aside for this purpose, especially
in this country. A great deal of locomotives.
money was to be expended
SEPT.16 1922.]
THE CHRONICLE
and rolling stock, he said, would be built and afford
employment aad prosperity to many Canadians.
President Tom Moore began his reply by saying that
there
of building locomotives,as suggested by Delegate Watson was no question
, but of seed grain.
For a long time the workers had been trying to
get a
for Canadian workers' houses, but this was denied. grant of $40,000,000
"It is easy to pass
resolutions," he said, "and to make sentimental speeche
s. But why not
help yourselves, instead of asking somebody else to
do it. If you believe
in this, there are plenty of places to hand in your
money. After this Congress had appealed for Russian funds for over six months
,in every conceivable way, we found that we had received the great sum
of $160.
"Don't confuse starvation appeals with Soviet matters
," he went on.
"Do you realize that a meeting of this kind would
never be tolerated in
Russia? Any man who dares to criticize the Soviet Govern
ment is stood
up against the wall nad shot down by Red Guards.
There is no democracy
in Russia. Because they did away with Czarism they
have not done away
with autocracy in the worst form, and with military govern
ment."
Delegate Simpson (Toronto) defended the resolution,
and a lively debate
seemed to be in store, when it was suggested that the
question be put. A
vote was necessary and the discussion was stopped
; but another one arose
until finally it was decided that a standing vote
be taken. There were 147
for the committee non-concurrence report and
56 against.
THE PREREQUISITES TO EXEMPTION FROM
FEDERAL INCOME TAX IN EXCHANGI THE
NG
SECURITIES.
We have received many inquiries as to how securities held
for investment may be exchanged under the Reven
ue Act
of 1921 so as to avoid liability for the Federal income
tax
on any gains that may have accrued on the securities
exchanged. There have been .two rulings by the
Treasury
Department regarding the point in question which
make the
matter entirely clear, and we reprint them both below
:
1291
Warren B. Nash has been elected a direct
or of the Corn
Exchange Bank.
Attendance at the A. B. A. convention in New
York next
month by Mr. George H. S. Soule, Assistant
Cashier of the
National Shawmut Bank of Boston, will establ
ish, it is stated,
a record of ten consecutive conventions which
Mr. Soule has
attended as a delegate.
Clarence B. Tailby was on Sept. 7 appointed
Manager of
the foreign department of the National Bank
of Commerce
in New York. He came to the bank in 1920
from the Federal Reserve Bank of New York.
Henry S. Atwood Stewart, senior Vice-Preside
nt and a
director of the Fidelity Title & Trust Co.
of Pittsburgh,
died at? his home in that city on Sept. 12 after
a short illness.
Mr. Stewart, who was prominent in the financ
ial and social
circles of Pittsburgh, wits born at Steube
nville, 0., on
Dec. 5 1846. His business career began in
McConnellsville, Pa., where he entered the oil busine
ss, then in its
infancy. Later he became connected with
the freight
department of the Panhandle Railroad.
In 1867 Mr.
Stewart went to Pittsburgh, where he engaged
in the manufacture of burning and lubricating oil under the
firm name
of the H. S. A. Stewart Co. In 1874 he sold
this
to the Standard Oil Co., whose employ he enterebusiness
d. Ten
years later (1884) Mr. Stewart turned his attent
ion to the
real estate field and for more than 20 years was
a successful
operator and builder. In 1904 he was elected a
Vice
dent of the Fidelity Title & Trust Co., of which he -Presihad been
one of the incorporators when it was organized
in November
1896, and'of which he had been one of its first direct
ors.
SECTION 202—BASIS FOR DETERMININ
G GAIN OR LOSS.
Section 202, Article 1566: Exchange of propert
y which results in no
gain or loss.
Revenue Act of 1921.
A, an investment dealer, acquired from B,
the taxpayer, not a dealer,
a bond of the M company for $955 and B acquire
date a bond of the 0 company at a cost of $900. d from A on the same
If the transaction with the taxpayer was a
true exchange—that is, if
the dealer traded a bond which was a part of his
stock in trade, and was
owned by him, for another bond owned by
the taxpayer—the taxpayer
may report the transaction as an exchange in
accordance with the provisions r feo
•
of Section 202 (c). If, however, the dealer acted
in effect as his broker and
purchased the bond of the 0 corporation for
B, the taxpayer's transaction
Provided favorable action is taken by the stockholders
was simply a sale of the bond of the M compan
y,followed by a purchase of
of
the 0 company bond, and he may not treat
such separate transactions as the Reliance State Bank of Chicago at a special meeti
ng on
an exchange. The fact that A is an investment
dealer, not a broker, does Oct. 9 next, the capital of the
not in itself make the transaction an exchange
institution is to be increased
if, in effect, A acted as B's from
agent or broker in this particular transaction.
$300,000 to $500,000. The new stock is to consis
Nor are the book entries
t of
or confirmation slip conclusive evidence one
way or the other, the actual 2,000 shares of the par value of $100 each.
facts being determinative.
SECTION 202—BASIS FOR DETERMININ
G GAIN OR LOSS.
Section 202, Article 1566: Exchange of propert
Application has been made to the Comptroller
y which results in no gain
of the Curor loss.
rency for a charter for the Wilson Avenue
National Bank of
Revenue Act of 1921.
Chicago, Ill., with a capital of $200,000. The
It is provided in Section 202 (c)1
of the Revenue Act of 1921 that for
bank will
the purposes ofincome tax,no gain
or loss shall be recognized when property have a surplus of $70,000. The par value of the shares is
held for investment or for productive
use in trade or business (not including $100. It has not yet
stock-in-trade or other property
been determined when the bank will
held primarily for sale) is exchange for
property of a like kind or use.
open for business.
Many taxpayers and salesmen of
securities are interpreting this to mean
that all sales of securities and
the immediate purchase of like securities
are
exchanges resulting in no gain or
B. D. Quarrie, Vice-President and General Manager of the
loss. Such interpretation of the law and
regulations is erroneous.
Otis Steel Co. of Cleveland has been elected a director of the
The Bureau realizes that in many
the transaction is a true exchange cases it is difficult to determine whether Guardian Savin
gs & Trust Co. of that city, according to the
proceeds in other securities. To or really a sale and reinvestment of the
constitute an exchange within the meanin
g Cleveland "Commercial" of Sept. 8. Mr. Quarrie, it is
of Section 202 (c)1 and of Article
1566 (a), the transaction must be
sad, before becoming General Manager of the Otis Steel Co.,
reciprocal transfer of property for
property as distinguished from a transfea
r
of property for a money consideration.
In such an exchange neither prin- was for several years Superintendent of the American Steel &
cipal would pay a commission to the
other,
capacity as such, negotiated the exchange although if a broker, in his Wire Co. He is a trustee of the Case School of Applied
for
that the broker was paid a commission for his either principal, the fact Science, from which he was graduated with honors
.
take the transaction out of the classification as services would not of itself
an exchange.
If a person owning 100 shares of stock in A
corporation should instruct
a broker to exchange them for shares of stock in
B corporation, it would
The closing of the Bank of Ironton, a small
be essential, in order to bring the transaction
Missouri
within the meaning of the
exchange provisions of the Revenue Act, that the
person owning the shares institution, on Sept. 8, caused by the making of unauthorof B corporation stock should receive the 100 shares of
ized loans aggregating $81,000 by its Cashier, L.
A
and that the person owning the 100 shares of A corporacorporation stock
A. Cook,
tion
receive the shares of B corporation stock. The stock receive stock should was reported in a special press dispatch from Iront
d in exchange
should be treated by each party as taking the place
that day to the St. Louis "Globe-Democrat." The on on
of the property exdispatch
changed. If, on the other hand, the instructions to the
broker are in effect further stated that State
Bank Examiner Roy E. Niemann
to sell 100 shares of stock in A corporation and invest the
proceeds in shares had taken
of stock in B corporation, the transaction can not be treated
charge of the bank's affairs. The closed bank had
as an exchange,
but is a sale of A corporation stock and a purchase of B
corporation stock. a capital of $15,000 with surplus and undivided profits
of
The element of exchange in this case is lacking, as there
is no reciprocal about_$12,000,
and was established in 1905.
transfer of securities between principals unless by mere
coincidence. Where
the broker in the transaction, whatever his instructions
may be, sells the
stock in A corporation and then buys the stock in B
corporation, or buys
the stock in B corporation and then sells the stock in
As:noted elsewhere in our advertising columns to-day,
A
is an interval of time, however short, during which corporation, there
the
one or both of the Los Angeles
customers would have title to no securities whateve
Trust & Savings Bank of Los Angeles, has
r. In a true exchange
the passing of title to the stock in the A corporation
changed its name to the Pacific-Southwest Trust & Savin
and acquisition of title
gs
to the stock in the B corporation, and vice versa,
would be simultaneous Bank. This has been done
in order that the title under
as to both parties to the exchange. In all cases where
there is a doubt as which the
whether the transaction is a sale or an exchange,
to
bank, with its branches in twenty-four California
all
the transaction should be submitted to the Bureau facts connected with cities operates
of Internal Revenue
may be properly descriptive of the territory
for a ruling in the matter.
it
ITEMS ABOUT BANKS, TRUST COMPANIE
S, ETC.
Percy H. Johnston, President of the Chemical
National
Bank of New York, has been elected a director
of the New
York Life Insurance Company.
serves—namely the Pacific Southwest. The first National
Bank of Los Angeles, and the First Securities Company
are
affiliated institutions of the Pacific-Southwest Trust & Savings Bank with Henry M. Robinson the Chief Executive
of
all three.
The step follows the merger on July 1 of twenty banks
in twenty-four cities in that portion of the Pacific-Sout
hwest
•
1292
[VoL. 115.
THE CHRONICLE
The silver coinage during the week ending 22d inst. amounted to 3 lacs
of rupees.
The stock in Shanghai on the 26th inst. consisted of about 40,300,000
ounces in sycee, 33,000,000 dollars, and 4,840 silver bars, ascompared
with 39,800,000 ounces in sycee, 33,000,000 dollars and 5,360 silver bars
on the 19th inst.
The Shanghai exchange is quoted at 3s. 43d. the tael.
Statistics for the month of August are appended:
Bar Gold per
-Bar Silver per Oz. Std.
Or.Fine.
2 Mos.
Cash.
92s. 9d'
35;id.
353d.
Highest price
92s. Od.
3434d.
3430.
Lowest price
92s. 4.1d
34.927d.
34.956d.
Average price
Bar Gold per
-Bar Silver per Or. Std.Or. Fine.
2 Mos.
Cash.
.
QuotationsLos Angeles Trust & Savings Bank and branches
92s. 2d.
3534d.
35hd.
August 25
Union National Bank, Pasadena.
353id.
35Yid.
August 26
Union Trust & Savings Bank, Pasadena.
92s. 3d.
3554d.
355443.
August 28
City National Bank, Long Beach.
92s. 7d.
3534d.
3534d.
29
August
Fidelity Trust & Savings Bank, Fresno.
92s. 4d.
35Xid.
3531scl.
August 30
American Marine National Bank, San Pedro.
92s. 4d.
3530.
35Md.
August 31
Bank of Glendale.
92s. 4d.
35.145d.
35.145d.
Average
Hollywood Savings Bank.
forward delivery are respecwith branches at
The silver quotations to-day for cash and
Commercial Trust & Savings Bank, Santa Barbara,
a week ago.
tively the same as and Hd. above those fixed
Lompoc and Carpinteria.
Los Alamos and
Bank of Santa Maria, with branches at Guadalupe,
-PER CABLE.
Orcutt.
ENGLISH FINANCIAL MARKETS
Alhambra Savings & Commercial Bank.
ons for securities, &c., at London,
The First National Bank of Redlands.
The daily closing quotati
follows the
Savings Bank of Redlands.
as reported by cable, have been as Tues. Wed. past week:
& Merchants National Bank, Hanford.
Thurs. Fri.
The Farmers
Mon.
Sat.
London.
Hanford Savings Bank.
Sept. 9. Sept.11. Sept.12. Sept.13. Sept.14. Sept.15.
Week ending Sept. 1535N
3534
35%
353(
First National Bank of Visalia.
35(
d 35A
Silver, per or
Producers' Savings Bank, Visalia.
92s. 5d. 925. 6d. 928 .6d. 925. 9d. 93s. 6d. 93s. U.
Gold, per fine ounce
56)(
of Tulare.
5634
561
5634
National Bank
5634
5634
Consols, 234 per cents
9934
100
10034
100
Savings Bank of Tulare.
9934
10034
British, 5 per cents
98
9731
9734
9734
Lindsay National Bank.
9734
9734
British, 434 per cents
First National Bank, Oxnard.
61.90 62.45 62.95 63.60
French Rentes (In Paris), fr_ ____
79.90 _
78.90
78.10
Oxnard Savings Bank.
77.35
FrenchWarLoan(inParis),fr_ ____
located in California, with the Los Angeles Trust & Savings
Bank.
"Pacific-Southwest" is descriptive of that economic area
lying between Fresno andthe Mexican line in 'California,
the Imperial Valley in Mexico, the States of Arizona and
New Mexico, and the southern portion of Nevada, and
Utah.
The banks which were involved in this merger, which will
t
hereafter operate under the name of the Pacific-Southwes
include:
Trust & Savings Bank,
These banks, with The First National Bank of Los Angeles,
of which the First National Bank of Hollywood has become
a part, constitute a unified system, while the First Securities
Co. exists for the underwriting in this territory of securities
of the highest type.
In creating this merger no effort was made, it is stated,
to achieve "bigness." The plan was to unify some of the
best banks of the Pacific-Southwest occupying key position
in the various districts, in order that more complete financial
assistance may be given the marketing of the various seasonal
crops, and to provide the necessary financial machinery for
the upbuilding of this territory upon balanced lines.
The price of silver in New York on the same
Silver In N.Y., per or.(cts.):
9934
Domestic
6934
Foreign
9934
6931
9934
6934
9934
6934
days has been:
9931
687i
9934
69
COURSE OF BANK CLEARINGS.
Bank clearings continue their upward course. Prelimi
telegraphic advices
nary figures compiled by us, based upon
for the
from the chief cities of the country, indicate that
ay, 'Sept. 16, aggregate bank clearings
week ending Saturd
it is posfor all the cities in the United States from which
sible to obtain weekly returns will show an increase of 8.7%
over the corresponding week last year. The total stands at
THE ENGLISH GOLD AND SILVER MARKETS.
against $6,455,277,380 for the same week in
We reprint the following from the weekly circular of $7,013,885,851,
of London, written under date of 1921. This is the twenty-fifth successive week in which our
Samuel Montagu & Co.
Aug. 31 1922:
weekly aggregates have shown an improvement as contrasted
GOLD.
with last year. Our comparative summary for the week
The Bank of England gold reserve against its note issue is 125,584,205.
£125,593,690 last week.
as compared with
is as follows:
account
A fair amount of gold has been on offer and has been absorbed on
Per
of India and the United States of America.
,
Clearings-Returns Si Telegraph.
output for July 1922 amounted to 54,191
Cent.
1921.
1922.
Week ending Sept. 16.
The Southern Rhodesian gold
55,614 ounces for June 1922 and 51,564 ounces
ounces, as compared with
+6.2
53,315,500,000 53,120,900,000
New York
for July 1921.
+4.7
444,946,202
465,711,872
Chicago
Although in the middle Ages Bohemia was famous for its gold mines, Philadelphia
320,000,000 +11.6
357,000,000
the gold mine at Roudny. On an Boston
235,948,714 +11.9
264,000,000
the working is at present restricted to
155,447,783 -18.7
.
126,317,537
of gold per ton, about 80% of Kansas City
average the ore contains 10.5 grammes
a
a
a
of ore and pure gold is illustrated St. Louis
which 1;extracted7 The annual output
124,900,000 +16.0
144,900,000
Ban Francisco
136,000,000 +30.0
following figures:
.171,000,000
by the
h
Output of Pure Gold. Output of Ore. Pittsburg
79,803,401 +18.1
94,222,442
Detroit
59,248.164 +17.3
69,469,094
325 kilogrammes
35,994 tons Baltimore
1913
53,775,028 -15.9
1
45,241,66
30,260 tons New Orleans
256 kilogrammes
1921
111.5 kilogrammes 13,035 tons
+8.8
55,053,362,606 $4,730,969,292 +22.1
.
Eleven cities. 5 days
May 31),
.
1922 (up.to
648,428,525
experts predict that the mine has a promis- Other cities, 5 days
791,542,270
!alp pit,zi of certain difficulties,
the undertaking is hanclicapped naturally
+8.7
ing future. At present, however,
$5,844,904,876 $5,379,397,817
Total all cities, 5 days
Wages and the cost of materials necessary
+8.7
1,075,879,563
1 day
1,168,980,975
by the high cost of prodliction.
-that the Govern- All cities,
mine have increased to such an extent
for working the
+8.7
57.013 RR5 551 RR 455 277.380
prices of timber have increased
cities for week
Total all
aid. (The
ment has been asked for a grant in
coal from 2.50 crowns to 54.50 crowns, &c.)
* Estimated. a Refuses to furnish I gures.
by 1,194%; benzine by 2,971%;
employs over 400 people.
The undertaking at present
Complete and exact details for the week covered by the
SILVER.
our issue of next week. We cannot
and foregoing will appear in
support has come mostly from bears
ends on Saturday
The market has been quiet;
China. America has not been a furnish them to-day, inasmuch as the week
connected with
speculative quarters
Continent have been scanty. Had offerings and the Saturday figures will not be available until noon
seller and supplies from the
-which has not been keen-would not have
been larger, the demand
to-day, while we go to press late Friday night. Accordingly
India has been more inclined to sell than to buy.
in all cases had
sufficed to hold up prices.
specifies the production of silver in in the above the last day of the week has
for 1921
The U. S. Mint report
ounces in each case. These figures are to be estimated.
12,000
France for 1919 and 1920 as
have heard on excellent authority that actual
In the elaborate detailed statement, however, which we
probably conjectural. We
about 10,000 kilos, or 321,500 ounces.
and complete
output each year was
follow that coined silver is still present further below, we are able to give final
statistics that
It will be seen from the
currency chests. Fresh record holdings
the week previous-the week ending Sept. 9. For
strongly into the Indian amount of notes in circulation is still results for
flowing
week. The
that week the increase is 13.7%, the 1922 aggregate of the
are being shown each
total of 18,691 lacs on Jan. 15 1920. The ratio
somewhat below the record
reserve was then 46.5%, as com- clearings being $5,695,280,338 and the 1921 aggregate
and metallic
between the note circulation last. The ratio between the note circulation
22
$5,009,847,972. Outside of this city, however, the increase
pared with 61.2% on Aug.
therethe latter mentioned date was 47.9% and
and silver reserve alone on
is only 11.5%, the bank exchanges at this centre having
the whole metallic reserve on the earlier date.
fore larger than the ratio of
recorded a gain of 15.6%. We group the cities now according
NCY RETURNS.
INDIAN CURRE
e districts in which they are located,
Aug. 7. Aug. 15. Aug. 22. to the Federal Reserv
(In Lacs of Rupees.)
18198 and from this it appears that in the Boston Reserve District
18061
18165
Notes in circulation
8709
8627
8525
the increase is 11.3%, in the New York Reserve District
Silver coin and bullion in India
India
Silver coin and bullion out of
2432 (including this city) 15.5%, in the Philadelphia Reserve
2432
2432
Gold coin and bullion in India
_
District 20.8%,and in the Cleveland Reserve District 22.7%,
India
Gold coin and bullion out of
6473
6521
6519
The Richmond Reserve District continues to make the best
s (Indian Government)
Securitie
584
58,5
585
Securities (British Government)
SEPT. 16 1922.]
THE CHRONICLE
showing of all, with an increase of 32.9%. The Atlanta
Reserve District has a gain of 4.1%, in the Chicago Reserve
District the increase is 12.0%. and in the St. Louis Reserve
District 10.9%. The Minneapolis Reserve District, however, shows a decrease of 7.3%, and the Kansas City Reserve
District a decrease of 13.0%. The Dallas Reserve District
and the San Francisco Reserve District both enjoy gains,
lhe increase being 18.7% for the former and 12.0% for the
latter.
In the following we furnish a summary by Federal Reserve
districts:
1293
Week ending September 9.
Clearings at
1922.
1921.
Inc. or
Dec.
1920.
1919.
3
3
%
$
$
Seventh Feder al Reserve D istrictChi cagoNlich.-Adrian _ _
209,484
210,000 -0.2
239,568
110,540
Ann Arbor_ __ _
720,624
441,015 +63.4
582,477
400,000
Detroit
e89.966,000
75,378,135 +19.4
90,000,000
80.577,499
Grand Rapids_
5,281,000
4,811,876
+9.8
5,735,143
6,423,747
Lansing
1,688,300
2,059.545 -18.1
2,015,572
1,951,894
Ind.
-Ft. Wayne
1,633,761
1,610,252 +1.5
1,933,755
2,075,071
Indianapol13.._ _
15,608,000
13,541,000 +15.3
16,524,000
19,755,000
South Bend__ _
2.172,705
1,902,510 +14.2
1,600,000
1,200,000
Wis.-Milwaukee
25,214,430
24,881,027 +1.3
29,626,801
32,051.528
Ia.-Cedar Rap_
2.271,240
1,833,833 +23.9
2,753,747
2,977,368
Des Moines_ _ _
9,266,978
SUMMARY OF BANK CLEARINGS.
8,532,425
10,103,216
+8.6
11,730,354
Sioux City_ _
5,196,107
4,860,331
+6.9
7,735,461
10,918,370
Waterloo
1,207.090
1,294,917 -6.7
1,865,730
2,124,444
Ill.--Bloomington
1,561,552
Inc.or
1,140,110 +37.0
1,616,183
1,593.970
Chicago
Week ending Sept. 9.
1922.
1921.
449,615,982 403,634,518 +11.4 548,068.640 626,444,234
Dec.
1920.
1919.
Danville
a
a
a
a
a
Decatur
Federal Reserve Districts
1,030,833
985.024 +10.5
1,546,233
1,509,881
Peoria
(1st) Boston
10 cities 249,344,162 224,032,608 +11.3 295,927,77
3,573,201
3,129,907 +14.2
5,000,000
4,798,484
(2nd) New York
Rockford
9 - 3,172,983,268 2,746,262,626 +15.5 3,379,368,6 9 376,660,686
1,846,680
03 4,340,777,592
1,616.495 +14.2
3,000,000
2,648,942
'3rd) Philadelphia
Springfield _ _
10 "
382,830,242 317,039,222 +20.8 395,606,21
2,063,708
9 452,025,621
2,036,778
+1.3
3,111,655
2,636.509
(4th) Cleveland
9 "
315,551,835 257,073,403 +22.7 344,756,233
355,822,28
(5th) Richmond
Total(19 cities) 620,117,
6 "
137,895,618 103,756,413 +32.9 157,612,564 179,189,103
675 553,899,698 +12.0 733,038,181 811,977,835
(6th) Atlanta
Eighth Federa I Reserve
12 128,110,789 123,104,752 +4.1 165,112,684 177,836,06 2
Dis trict-St. Lo uis9 Ind.
(7th) Chicago
19 "
-Evansville
620,117,675 553,899,698 +12.0 733,038,181
3,879,003
811,977,835
3,796,406
+2.2
4,780,290
5,047,005(8th) St. Louis
7 48,008,282 43,305,037 +10.9 57,322,858 52,420,444 Mo.-St. Louis_ _
a
a
a
a
(9th) Minneapolis
a
Ky.-Louisville__
7 102,534,327 110,551,108 -7.3 131,362,048
20,737,765
17,960,359 +15.5
92,967,381
25,411,120
(10th) Kansas City_ _ _ _11 "
16,170,03
Owensboro_ _ _ _
207,395,871 238,425,130 -13.0 320,508,721 418,873,691
326,958
292,507 +11.8
487,945
(11th) Dallas
863,745
5 52,494,080 44,231,661 +18.7 57,858,172 61,787,697 Tenn.-Iklempht
12.488,334
11,467.735 +8.9
15,244,258
(12th) San Francisco_ 14 "
18,373,286
Ark.-LittleRock
278,014,189 248,166,314 +12.0 288,221,340 333,892,43
8,976,563
6 III.-Jacksonville
8,335,703 +7.7
9,459.330
9,252,101
358,439
324.060 +10.6
Grand total
511,070
704,220
119 cities 5,695,280,338 5,009,847,972 +13.7 6,326,695,
Quincy
1,241,220
402 7,664,230,837
1,128,207 +10.0
Outside New York City
1.428,845
2,009,254
Total(7 cities)_
2,571,832,210 2,306,935,195 +11.5 3,002,781,286 3,379,271,1
48,003,282
43,305,037 +10.9
89
Canada
57,322,858
52,420,444
Ninth Federal Reserve
28 cities 245,208,159 268,768,785 -8.7 320,942,342
Dis trict-Min n neapol is
330,663,54
Minn -Duluth.
7,586,626
9.262.802 -18.1
8
8,548,049
7,562,202
Minneapolis__ _
We now add our detailed statement, showing last week's
61,876,485
67,154,008 -7.9
78,364.207
56,043,994
St. Paul
25,848.365
27,192,026 -4.9
36,548,992
19,714,111
No. Dak.-Fargo
figures for each city separately, for the four years:
2,086,115
1,644,724 +26.8
3,000,000
3,812,472'
S. D.-Aberdee i
1,530.834
1,606,309 -4.7
2.165,008
2,256,393
Mont.
-Billings
591,561
663,926 -10.9
1.277,774
1,498,83/
Helena
Week ending Sep ember 9.
3,014,341
3,027,313 -0.4
Clearings at- 1,458,018
2,079,378
Total(7cities)_
Inc. or
102,534,327 110,551,108 -7.3 131,362,048
92,967,381
Tenth Fedekis 1 Reserve
1922.
1921.
Dec.
1920.
Di strict- Kan *as City
1919.
Neb.-Fremont _
e323.334
452,796 -28.6
776,194
First Federal Reserve Dist net-Boston 1,124,919
Hastings
643,933
712,579 -9.6
-Bangor____
845,844
1e.
1,030,220
678,414
Lincoln
655,914 +3.4
956,149
3,973.145
635,128
3,012,824 +31.9
4,904,246
Portland
6,515,747
2,638,327
Omaha
2,198,000 +20.0
2,448,00
34,210,942
2 .400,000 Kan.
33,971,666
51.025,486
+0.7
-Boston
lass.
72.048,593
224,000,000 193,588.442 +12.8 266,800, 0
-Topeka _ _
605 344,865,262
e2,903,006
3,140.230 -7.6
2.940.535
Fall River__ _ _
4.360.169
Wichita
1,259,682
1,523,829 -17.3
1,465,354
e9,407,989
2,160,525 MO.
10,589,250 -11.2
12.401,405
16.010,901
Holyoke
a
-Kan. City_
a
a
a
a
117,850,662 146,417,416 -19.5 199,904,273 273,845,805
Lowell
St. Joseph_ _ _ _
942,519
815,384 +15.6
1,069,029
a
1,100,000 Okla.
a
a
a
Lynn
a
a
-Muskogee
a
a
a
a
a
a
a
a
a
New Bedford_
1,149,972
Oklahoma City e18,340,
1,088,712
+5.6
1,443,222
1,775,467
684
22,341,185 -17.9
24,879,112
Springfield
15,813,320
Tulsa
3,382,586
2,868,122 +17.9 ' 4,273,192
a
4,707,085 Colo.
a
a
a
a
Worcester
2,879,691
-Col. Spgs
2,602,116 +10.7
3,542,523
1,009,623
3,822,192
939,190 +11.7
1,193,370
:onn.-Hartford.
1.260,115
Denver
7,455,348
9,901,659 -24.7
8,701,225
17,761,716
8,054,998
16,145,495 +10.0
20,629,020
25,917,534
New Haven__ _
Pueblo
4,957,623
3,790,430 +30.8
5,228,480
7,140,029
880,787
702,499 +25.4
969,236
886,368
11I.I.-Providence
a
a
a
a
a
Total ill cities)
207,395,871 238.425,130 -13.0 320,508,721 418,873,691
Total(10 cities) 249,344,162 224,032,608 +11.3
Eleventh Fed ml
295,927,779 376,660,686
Reserve District-13 alias
Texas
-Austin _ _
2,074,750
1,698.830 +22.1
1,490,495
1,200,000
Second Feder al Reserve D istrict-New
Dallas
York29,313,003
22,020,676 +33.1
27,160,506
31,428,650
I. Y.
-Albany.
Fort Worth__ _
3,680,570
3,266,566 +12.7
3,905,164
4,531,498
e9,308,981
11,173,714 -16.7
16,144,892
16,648,575
Binghamton__ _
Galveston
999,029
802,853 +24.4
1,049,900
1,045,000
8,002,673
6,243,976 +28.2
9,362,507
Buffalo
Ilouston
9,819,977
e29,792,891
26,522,406 +12.3
33,176,477
a
36,263,623 La.
a
a
a
Elmira
-Shreveport
a
529,299 Not included In total
3,794,673
3,094,465 +22.6
3,990,267
Jamestown_ _
2,400,000
d906,503
763,910 +18.7
998.585
New York_ _ _ _ 3,123,398,128 2,702,912,777 +15.6 3,323,91
Total(5 eft les)
4,116 4,284,959,648
52,494,080
44,231,661 +18.7
57,858,172
61,787,697
Twelfth Fede
Rochester
8,328.385
6,716,219 +24.0
9,633,594
9,496,873 Wash -Seattl • al Reserve D istrict-San Franci
Syracuse
e.
3,499,268
3,051,441 +14.7
3,639,211
28,311.762
4,094,788
25,532,421 +10.9
32,993,773
47.450,288
:onn.-Stamford
Spokane
d2,093,850
1,950,217 +7.4
2,684,499
a
a
a
a
a
I. J.
Tacoma
-Montclair
284,644
276,237 +3.0
a
367,057
386,162
a
a
a
a
Yakima
1,350,209
1,478,532 -8.7
1,663,948
1,964,621
Ore.
Total(9 cities)_ 3,172,983,268 2,746,262,626 +15.5 3,379,36
-Portland _
8,603 4,340,777,592 Utah-Sa
27,952,695
28,336,262 -1.4
35,405,636
43.035,186
lt L. C_
10,918,450
10,485,871
+4.1
17,707,484
12,907,098
Third Federal Reserve Dis trict-Phila delphi
Nev.-Reno
a
a
a
a
'a.
a
-Altoona
a
Ariz.
-Phoeni
941,855
919,947
+2.4
1,060,821
a
953,289 Calif.-Fresnox _
a
a
a
Bethlehem
a
2,744,478
__
2,201,650 +24.7
3,893,143
e4,967,846
3,715,943 +33.7
Chester
3,797,597
4,300,742
Long Beach_ _
851,985
735,325 +15.9
1,225,682
3,739,997
1,399,280
2,527,461 +48.0
Lancaster
2,743,712
1,902,629
Los Angeles_ _ _
2,921,524
2,063,976 +11.0
2,441,435
2,796.145
68,002,000
65,000,000 +4.6
57,456,000
Philadelphia
48,572,000
Oakland
363,000,000 299,000,000 +21.4 372,650,706 432,059,
8,982,369
728
7,704.730 +16.6
Reading
8,432,775
9,694,728
Pasadena
2.614,702
2,109,338 +24.0
2,712,831
2,819,095
2,528,948
1,943,775 +29.7
Scranton
2,501,842
1,438,043
Sacramento __ _
e3,668,171
3,905,739 -6.1
4,052,396
4,460,214
e6,580,289
5,285,677 +24.5
IVilkes-Barre
5,602.827
6,488,093
San Diego_ _ _ _
e2,236,477
2,166,219 +4.2
2,364,491
a
2,846,859
a
York
a
a
San Francisco_
a
1,149,488
1,162,159 -1.1
1,204,907
109,300,000
1,302,304
7. J.
89,700,000 +12.2 117,700,000 146,911,591
-Trenton
San Jose
3,311,562
2,774,869 +19.3
3,999,807
1,734,883
3,388,707
-Wilmington
M.
1,511,569 +14.8
1,930.172
1,963,008
a
Santa Barbara.
a
a
a
774,441
a
656,373 +18.0
726,560
Stockton
e2,878,300
Total(10 cities) 382,830.242 317,039,222
4,287,700 -32.9
4,359,400
2,463,523
+20.8 395,606,219 452,025,621
Total(14 cities
278,014,189 248,166,314 +12.0 288,221,340 333,892,436
Fourth Feder al Reserve I) istrict-Clev eland-Grand total (11 1
)hio-Akron
e6.192,000
citle.$)
5,074,000 +22.0
9,371,000
10,387,000 Outside
5,695,280,338 5,009,847,972 +13.7 6,326,695,402 7.664,230,837
Canton
3,636,322
N.Y. 2,571.882
2,523,162 +44.1
3,896,589
4,637,330
.210 2.306_035.195 +11.5 3.002.781,286 3,379.271.189
Cincinnati
50,572,766
43,486,698 +16.3
58,795,390
65,342,3
Cleveland
76,563,303
67,235,529 +13.9 105,420,610 111,353, 42
Week ending September 7.
260
Clearings atColumbus
11,966,000
11,340,000 +5.5
13,909,300
14,390,200
Dayton
a
a
a
a
a
Inc. or
Lima
685,814
763,609 -10.2
1922.
813,866
1921.
Dec.
1920.
1,136,844
1919.
Mansfield
c
c
c
c
c
Canada
Springfield..
a
a
a
a
a
Montreal
Toledo
a
75,868,525
a
a
85,840,098 -11.6 108,472,977 126,563,658
a
Toronto
a
Youngstown
e3,304,913
5,158,794 -35.9
72,056.728
5,793,622
72,817,418 -1.1
88,297,172
5,436,734 Winnipeg
80,896,897
'a. Erie
a
34,838,782
a
a
43,266,710 -19.5
a
40,576,503
a
Vancouver
43,097,376
Greensburg
c
c
11,999,057
c
c
13,499,392 -11.2
c
Ottawa
16,592,935
14,832,551
Pittsburgh_... 159,300,000 118,000,000 +35.0 142,915,354 147,577,
5,958,849
5,855,050 +1.8
604 Quebec
8,621,861
9,378,315
V.Va.-Wheeling
3,330,717
3,491,611 -4.6
*5,000,000
3,840,502
5,393,769 -7.3
5,560,969 Halifax
7,506,859
6,215,391
2,727,354
2,949,503 -7.5
Hamilton
4,892,220
4,683,290
Total(9 cities)_ 315,551,335 257,073,403 +22.7 344,756,233 365,822,
4,845,136
4,724,227
+2.6
5,884,201
283 St. John
6,093,413
2,661,012
2,435,721
Calgary
+9.3
2,934,326
3,180,206
Fifth Federal Reserve Dist rict- Richm ond3,789,311
5,414,958 -30.1
Victoria
6,300,700
6,653,904
V. Va.-Hunt'n.
1,505,729
1,763,693
1,313,049 +14.7
1,941,445
1,938,089 -9.0
London
2,903,615
2,971,762
Ta.-Norfolk
2,359,034
e6,047,032
5,285,001 +14.9
8,971,019
2,473,356 -4.6
9,169,285 Edmonton
3,139,180
3,345,437
Richmond
4,806,653
42,151,060
28,105,349 +50.0
44,814,309
4,155,691 +15.7
67,750,288 Regina
5,188,440
5,225,287
I. C.
-Charleston
3,032,939
e1,658,137
1,650,000 +0.5
3,579,344 -15.3
3,090,000
4,920,009
3,000,000 Brandon
4,504,216
‘.I d.-13altimore _
745,753
69,536.633
53,815,230 +29.2
84,532,035
816,079 -8.6
84,162,918 Lethbridge
702,767
718,322
3.C.-Wash'gton
571,361
16,996,487
13,587,784 +25.1
659,077 -13.3
14,263,756
15,106,611 Saskatoon
750,955
706.480
1,770,685
1,666,398
2,123,074
1,898,679
Moose Jaw
+6.3
• Total (6 cities) _ 137,895,618 103,756,413 +32.9 157,612,564 179,189,
1,078,232
1,454,712 -25.9
1,771,957
1,487,900
102 Brantford
884,090
942,700 -6.2
1,096,851
1,109,788
Fort William_ _ _ _
Sixth Federal Reserve Dist rict-Atlant a776,873
733,890
848,704
922.973
+5.9
New 'Westminster
666,272
renn.-Chatt'ga_
505,310 +31.9
4,055,844
4,154,634 -2.4
624,554
601,909
6,728,343
6,720,813 Medicine Hat_
278,382
Knoxville
411,661 -32.4
2,612.044
404,067
421,133
2,61',510 -0.2
3,810,694
3,267.925 Peterborough _ _ _
Nashville
628,173
823,627 -23.7
718,118
864,686
14,633,042
12,275,450 +19.6
20,857,155
15,623,797 Sherbrooke
la -Atlanta......
863,980
859,181
+0.6
1,170,217
1,090,156
36,891,824
31,276,588 +18.0
46,456,846
64,526,528 Kitchener
891,306
Augusta
826,800 +7.8
1,059,028
987,280
d 1,377,102
2,721,059 -49.4
2,208,321
4.752,633 Windsor
2,333,710
Macon
2,863,902 -18.5
3,083,078
1,880.439
1,352,354
1,102,577 +22.7
*2,100,000
*2,000,000 Prince Albert_ _ _ _
327,723 Not incl. in totals.
Savannah
a
Moncton
a
a
a
a
1la.
1,103,255
1,090,891
-Jacksonville
690,064
+1.1
7,675,387
6,447,361 +19.1
9,151,079
8,222,075 Kingston
771,231 -24.6
581,291
kia..-Birm'gham
18,996,984
15,867,585 +19.7
18,524,605
14,548,500
Mobile
1,544,916
1,406,922
Total (28 cities)
+9.8
2,038,578
2,000,000
245,208,159, 268,768,785 -8.7 320,942,342 330.663,548
diss.-Jackson
1,162,437
691,048 +16.8
667,196
538,265
Vicksburg
a
296,649
256.798 +15.5
321,249 no No longer report clearings or only give debits against Individual accounts, with
391,576
.a.-NewOrleans
comparative figures for previous years.
37,462,206
44,287,220 -15.4
52,216,869
54,275,706 tive
b Report no clearings, but give comparafigures of debits; we apply
to last year's clearings the same ratio of decrease
Total(12 cities) 128,110,789 123,104,
752
+4.1 165,112,684 177,836,069 (or increase) as shown by the debits. c Do not respond to requests for figures.
d Week ending Sept. 6. e week
ending Sept. 7. f Week ending Sept. S. * Estimated.
TH 1
1294
TREASURY CASH AND CURRENT LIABILITIES.
PrThe cash holdings of the Government as the items stood
are
Aug. 31 1922 Are set out in the following. The figures
taken entirely from the daily statement of the United States
Treasury for Aug. 31 1922.
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
3
Liabilities5
317,805,391 98 Gold certifs. outstanding 689,404,019 00
2 911,728.803 23 Gold fund. Federal Reserve Board (Act of
Dec. 23 1913, as
amended June 21 '17)_2,194,467,513 43
152,979,025 63
Gold reserve
192,683,637 15
Gold in general fund
3,229,534,195 21
Total
3,229,534,195 21
Total
U. S. notes and 51,502,023 of Treasury
Note -Reserved against $346,681,016 of of
are also secured by silver dollars
notes of 1890 outstanding. Treasury notes 1890
in the Treasury.
DOLLARS.
SILVER
Liabilities
Assets326,888,826 00 Silver certifs outstand'g_ 317,743,165 00
Silver dollars
1,502,023 00
Treas. notes of 1890 out
7,643,638 00
Silver dollars in gen. fd_
Total
326,888,826 00
[VOL. 115.
CHRONICLE
Aug. 1922. Aug. 1921. 2 Mos.'23.* 2 Mos.'22.*
Receipts.
$
Ordinary39,012,099 28,449,062 76,503,690 46,245,353
Customs
Internal revenue:
23,817,138 47,439,708 55,925,739 94,596,615
Income and profits tax
81
Miscellaneousinternal revenue.114,984,313 136,7E0,513 197,462,104 247,775,2
Miscellaneous receipts:
-owned securities:
Proceeds Govt.
Foreign obligations:
450,500
406,500
Principal
12,772,986 10,214,714 12,996,020 10,394,627
Interest
7,999,022
1,221,579
securities
Railroad
275,222
3,511,655
107,666
2,133,689
All others
Trust fund receipts (reappro1,341,344 3,908,497 3,080,828
nt)
1,824,687
priated for investme
20,529,252
Proceeds sale of surplus proD'y_ 11,416,940 7,655,233 15,468,260
1,593,987
1,820,798
802,711
1,059,960
Panama Canal tolls, &...c
Receipts from miscell. sources
16,433,055
credited direct to appropens 4,753,271
3,780,917 11,652,237 29,318,758 26,569,978
Other miscellaneous
42
216,777,579 242,443,1E7 421,754,098 451,511,6
Total ordinary
I:xcess of total espenditures
chargeable against ordinary re4,777,933 74,013,211
°slots over ordinary recMpts
25,299,135 247,161,974
Expenditures.
Ordinary
(Checks and warrants paid,arc.)
188,436,616 205,854,986 373,642,397 424,253,027
General expenditures
18,486,227 17,740,166 47,405,321 61,594,211
326,898,826 00 Interest an public debt
15,697 12,171,912 8,115,893
171,912
y
Postal deficienc
604,267
455,153
471,225
407,023
Panama Canal
Operations in special accounts:
10,436,701 56,080,592 20,450,304 73,370,737
555,204 67
Railroads
a772,461 al5,712,537 a1,786,151
a8,416,196
War Finance Corporation
a4,048,537 11,040,033 a16,394,040 43,749,775
12,433,143 45
Shipping Board
(03,169
86,727
a613,734
589,293
Alien property funds
Sugar Equalizaton Board
of obligations of foreign
Purchase
6,835,973 05
governments
618,725
27,862
265,866 25 Latins to railroads
Investment of trust funds:
1,341,344 3,889,986 3,040,817
Government Life Insur. Fund_ 1,824,688
10,090,174
Civil Service Retirement Fund_ 10,090,174
2,139,676 48
District of Columbia Teachers'
40,008
18,511
Retirement Fund
62 291,157,847 436,722,633 612,976,417
32
218,025,7
24,540,544
Total ordinary
Total
GENERAL FUND.
Liabilities-.
Assets
192,683,637 15 Treas. checks outstand'g
Gold (see above)
7,643,638 00 Depos. of Govt. officers:
dollars (see above)
Silver
Post Office Departm't
1,422,436 00
United States notes_ _
Board of trustees, Pos2,110,474 00
Federal Reserve notes
tal Say. System
694,632 00
bank notes
Fed'i Reserve
5% reserve, lawful
12,934,698 51
National bank notes_ _ _ _
money
18,296,290 86
Subsidiary silver coin
Other deposits
3,828,946 93
Minor coin
Comptroller of the
12,148,975 05
Silver bullion
Currency, agent for
ed (unsorted
Unclassifi
creditors of insol4,033,110 45
currency, &c.)
vent banks
Deposits in Federal RePostmasters, clerks of
56,393,905 23
serve banks
courts, disbursing
Deposits in Special De-.
officers, Sre
positaries account of
sales of Treasury notes 215,724,000 00 Deposits for: of F. R.
Redemption
Public debt retirements chargeDevoe. in foreign depos.:
notes(5% fund,gold) 158,024,814 10
able against ordinary receipts:
720,455 81
To credit Treas. U.8_
3,522,250 23,397,000 9,039,750 80,975,000
Redemption of F. R.
Sinking fund
To credit other Govbank notes (5%
Purchases from foreign repay457,985 51
ernment officers_ _ _
518,700
6,571,646 55
fund,lawful money)
ments
Depos. in nat'l banks:
382,850 4,195.400
1,897,050
Redemption of nat'l
Received for estate taxes
3,448,711 06
To credit Treas. U. S.
bank notes(5% fund
Purchases from franchise tax
To credit of other
33,183,600 01
lawful money)
receipts (Fed. Res. banks)...
L6,824,337 68
8,100
Govern't officers_
8,000
4,500
7,500
'
Retirement of add.
Foifeitures, gifts, du'
Deposits in Philippine
circulating notes,
treasury:
3,529,750 25,298,550 10,330,600 85,697,200
28,930 00
Act May 30 1908_
Total
1,961,933 37
To credit Treas. U. S..
Exchanges of curren5,237,564 76 Total expendituret chargeable
cy, coin, drc
221,555,512 316,456,397 447,053,233 698,673,617
against ordina,y receipts
249,816,963 64
In July are included.
336,511,203 97
Net balance
* Receipts and expenditures for June reaching the Treasury
a Excess of credits.
and expenditures for the fiscal year 1923 is on the
67 61
586,328,1
Total
-The analysis of receipts
Note.
586,328,167 61
Total
cover receipts credited to
anti agencies.to-day Was same basis as the Budget, with necessary adjustments to securities. The analysis
-The amount to the credit of disbursing officersforeign
of railroad
Note.
ns of
Governments are appropriations, Including particularly proceeds without adjustment. The figures
$748,088,976 10. 1.3Jok credits tor which obligatio
the Budget basis,
for the fiscal year 1922 is on
to $33,236,629 05.
held by the United States amount and Dec. 23 1913, deposits of lawful money for given for operations in special accounts are net figures and make allowance for
-dInt ednee-ne t.
Under the Acts of July 14 1890
bank notes are receipts and deposits credited to the ac,
retirement of outstanding national bank and Federal Reserve
tile
receipts, and these obligations are made
paid into the Treasury as miscellaneous
debt. The amount of such obligations
under the Acts mentioned a part of the public
-The following comTREASURY MONEY HOLDINGS.
to-day was $34,785,139.
in Federal Reserve bank notes, and
$673,380 in Federal Reserve notes, $894,632 Trlasury in process of redemption pilation made up from the daily Government statements,
are in the
ing of
$12.794,332 in national bank notes for the respective 5% redemption funds.
shows the money holdings of the treasury at the beginn
and are charges again.st the dermas
1922
business on the first of June,July,Aug.and September,
PRELIMINARY DEBT STATEMENT OF U. S. AUG. 31
1922.
the
The preliminary statement of the public debt ofbasis
made up on the
United States for August 31 1922, as as follows:
is
of the daily Treasury statements,
Bonds:
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan
Second Liverty Loan
Third Liberty Loan
Fourth Liberty Loan
Total bonds
Notes:
Victory Liberty Loan-431%- 1922....
Dec. 15
Called for redemption
Maturing May 20 1923
Treasury notes
Series A-1924
Series B-1924
Series A-1925
Series B-1925
Series A-1926
Series B-1926_ _
3883,861,030 00
$1,951,841,350 00
3,310,465,250 00
3,473,777,400 00
6,345,208,550 00
15,081,292,550 00
$15,965,153,580 00
3906,650,950 00
931,946,45000
1,838,597,400 00
Net gold coin and bullion..
Net silver coin and bullion
Net United States notes_ _
Net national bank notes_ _
Net Fed. Reserve notes__
Not Fed. Res. bank notes_
Net subsidiary silver
Minor coin,&c
364,483,500
50,164,824
3,607,761
18,274,380
2,248,415
1,202,444
17,793,559
10,432,426
352,995,316
52,018.116
4,145,964
15,774,367
2,559,043
1,030,273
17,747,952
16,233,435
341,768,829
50,759,752
3,820,082
16,516,662
2,317,842
1,037,636
18,532,854
9,084,280
345,662,663
49,792,613
1,422,436
12,934,699
2,110,474
694,632
18,296,291
7,862,057
468,207,309
152,979,026
462,505,066
152,979,026
443,837,937
152,979,026
438,775,865
152,979,026
Cash balance in Treas._ _ _
Dep. In spec. depositories:
Acct. certs. of indebt__
Dep.In Fed. Res. banks
Dep.in national banks:
To credit Treas. U. 13_
To credit dist). officers_
Cash in Philippine Islands
Deposits in Foreign Depts.
315,228,283
309,526,040
290,858,911 *285,798,839
151,590,000
62,874,384
146,492.050
55,983,920
106,856,000
73,992,465
215,724,000
56.393,905
8,624,226
16,704,447
5,351,622
1,373,322
9,311,154
15,980,075
4,547,977
1,296,892
7,853,701
16,648,547
4,296.988
1,185,920
8,448,711
16,824,338
1,981,933
1.178,441
561,746,284
272,349,420
543,138,058
271,032,546
501,692,532
249,315,189
249,816,964
Net cash in Treasury
and in banks
Deduct current liabilities-
586,328,167
272.105.512 252.377.343 336.511.203
Available cash balance_ 2R0 son 5/14
dui,
bullion and $3,828,947 minor coins,
*Includes Sept. 1, 342,148,975 silverMoney."
not included in statement "Stock of
311,191,600 00
390,706,100 00
601,599,500 00
335,081,800 00
617,769,700 00
486,442,250 00
2,742,790,950 00
---322,795,223,534 20
16,993,890 26
---230,538,510 37
---323,042,755,934 83
AND EXPENDITURES.
GOVERNMENT REVENUE
sy of the Secretary of the Treasury we
Through the courte
our readers to-day the details of
are enabled to place before
and disbursements for August 1922 and
Government receipts
of the fiscal years 1922-23 and
1921, and the two months
1921-22.
June 1 1922. July 1 1922. Aug. 1 1922. Sept. 1 1922.
$
$
$
$
Total cash in Treas.__ _ _
Less gold reserve fund_ _ _ _
5599,724,050 00
118,489,900 00
48,954.180 00
25,947,400 00
50,000,000 00
28,894,500 00
11,851,000 00
Treasury Certificates
$1,345,145,000 00
Tax
148,400,000 00
Loan
58,000,000 00
Pittman Act..
1,551,545,000 00
972 22
(net casi receipts)_ on 8613,642,
War Savings Securities
(net redempti
s
83,493,631 98
Treasury Savings Securitie
outstanding)
value of certificates
697,136,604 20
debt---------Total interest-baaring ceased-----Debt on which interest has
-------------nterest-bearing debt
Non-i
-------------------Total gross debt
Holdings in
U.S. Treasury.
STICS.
TRADE AND TRAFFIC STATI
-The
SUPERIOR IRON ORE SHIPMENTS.
LAKE
or region during
nts of iron ore from the Lake Superi
shipme
considerably larger than
the month of August, 1922, were
year being 9,016,for August, 1921, the movement thisyear. The movethose
tons, as against 4,329,158 tons last
426
aggregated 26,309,939
ment for the season to Sept. 1 1922 for the corresponsing
contrasting with 14,748,072 tons
tons,
,874 tons in 1920.
period in 1921, and with 35,349nts from different ports for
we compare the shipme
Below
August, 1922, 1921 and 1920, and for the respective seasons
to Sept. 1:
Season to Sept. 1
August
1920.
1921.
1922.
Escanaba__ tons. 900,975 309,111 1,277,561
465,380 129,691 602,567
Marquette
1,134,577 468,283 1,327,294
Ashland
2,338,080 917,693 2,266,497
Superior
2,896,979 1,833,247 2,351,018
Duluth
Two Harbors_ _1,280,435 671,133 1,444,926
Total
1922.
2,505,105
1,314.145
3,713,633
6,703,043
8,023,724
4,050,289
1921.
758,173
263,105
1,429,308
3,508,928
8,472,640
2,315,918
1920.
4,394,838
2,141,291
4,933,402
8,961,424
9,352,140
5,566,779
9,016,426 4,329,158 9,270,763 26,309,939 14,748,072 35,349.874
SEPT. 16 1922.]
THE CHRONICLE
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday, Sept.
1922, issued its regular monthly statement showing unfille9
d
orders on the books of the subsidiary corporations as of
Aug. 31 1922 to the amount of 5,950,105 tons. This is an
increase of 173,944 tons over the unfilled orders on hand
July 31 last and compares with 4,531,926 tons on hand at
the close of August 1921. In the following we give comparisons with previous months:
Tons.
Tons.
Tons.
Aug. 31 1922_ _ _ 5,950,105 July 31 1918_ 8.883,801
July 31 1922_ _ _ 5,776.161 June 30 1918.... 8.918.866 June 30 1914... 4.032.857
June 30 1922... 5,635,531 May 31 1918- 8,337,623 May 31 1914... 3,998.160
May 3,1 1922_ _ _ 5,254,228 Apr. 80 1918- 8,741.882 Apr. 30 1914_ 4,277,068
Apr. 30 1922.- 5,096,917 Mar.31 1918_ 9,058,404 Mar.31 1914... 4,653,825
Mar.31 1922_ 4,494.148 Feb. 28 1918._ 9.288,453 Feb. 28 1914..... 5.026.440
Feb.28 1922... 4,141,069 Jan. 31 1918-__ 9,477,853 Jan. 31 1914._ 4,613.680
Jan. 81 1922... 4,241,678 Dec.31 1917_ 9,381,718 Dec.31 1913___ 4.282,108
Dee.31 1921_ 4,268,414 Nov.30 1917... 8.897,106 Nov.30 1913... 4,396,347
Nov 80 1921_ 4.250,542 Oct. 31 1917- 9,009,675 Oct. 31 1913... 4,513.787
Oct. 1 1921___ 4,286,829 Sept.30 1917_ 9.833,477 Sept.30 1913_ 5,003,785
Aug.31 1913._ 5,223.468
Sept.30 1921... 4,560.670 Aug.31 1917_10.
Aug.31 1921- _ 4,531.926 July 31 1917...10407.049 July 31 1913___ 5,399.358
July 31 1921- 4,830,324 June 30 1917...11,844,164 June 30 1913_ 5,807.317
June 30 1921- 5,117,868 May 31 1917_11, ,383,287 May 31 1913- 6,324,322
May 81 1921_ 5,482,487 Apr. 30 1917_12,886.591 Apr. 30 1913___ 6,978.762
183,083 Mar.31 1913... 7,468,956
Apr. 30 1921- 5,845.224 Mar.31
Mar.31 1921- 6.284,765 Feb. 28 1917-11,711,644 Feb. 28 1913... 7.656.714
1917...11
Feb. 28 1921... 6.933.867 Jan. 31 1917- _ ,576,697 Jan. 31 1913___ 7,827.368
11,474,054 Dec.31 1912.... 7,932,184
Jan. 31 1921_ 7,573.164 Dec.31 1916_._11
,547.288 Nov.30 1912___ 7,852,883
Dec.31 1920-__ 8,148,122 Nov.30
Nov.80 1920... 9,021.481 Oct. 31 1916-11,058,542 Oct. 31 1912_ 7,594,381
1916___1o
Oct. 31 1920... 9.836,852 Sept.30 1916_ ,015,260 Sept.30 1912_ 6,551.507
Sept.30 1920-10.374.804 Aug.31 1916. 9,522.584 Aug.31 1912... 6.163.375
_ 9,660,357 July 31 1912_ _ 5,957,073
Aug.31 1920- _ -10.805,038 July
July 30 1920...11,118,468 June 31 1916.... 9.593,592 June 30 1912.... 5.807,349
30 1916.... 9.640,458 May 31 1912.... 5,750,986
June 80 1920-10,978.817 May 31
May 81 1920- _ _10,940,466 Apr. 30 1916_ 9.937,798 Apr. 30 1912- 5,664.885
1916...
Apr.80 1920._ _10,359.747 Mar.31 1916_ 9,829,551 Mar.31 1912._ 5,304.841
Mar.30 1920._ 9,892,075 Feb. 29 1916_ 9,331,001 Feb. 29 1912_ 5,454.201
Feb. 28 1920... 9.502,081 Jan. 31 1916_ 8,568,966 Jan. 31 1912._ 5,379.721
7,922.767 Dec.31 1911... 5,084,765
Jan. 31 1920_ 9.285,441 Dec.31
Dec.81 1919- 8.265,368 Nov.30 1915_ 7,806,220 Nov.30 1911... 4,141,958
Nov.30 1919...._ 7.128.330 Oct. 31 1915._ 7,189.489 Oct. 31 1911... 3.694,327
1915._
Oct. 81 1919_ 6.472.668 Sept.30 1915_ 6.165,452 Sept.30 1911._ 3,611.315
Sept.30 1919... 6,284.638 Aug.31 1915- 5,317,618 Aug.31 1911_ 3.695.985
_
Aug.31 1919- 6,109.103 July 31 1915___ 4,908,455 July 31 1911_ _ _ 3,584,088
July 31 1919- 5,578,661 June 30 1915_ 4,928,540 June 30 1911_ 3.361.087
June 30 1919... 4,892 855 May 31 1915- 4.678,196 May 31 1911- 3,113,154
May 31 1919... 4,282,310 Apr. 30 1915_ 4,264,598 Apr. 30 1911- 3.218,700
Apr.80 1919... 4,800,685 Mar.31 1915- 4,162,244 Mar.31 1911_ 3.447,301
_
Mar.31 1919- 5,430.572 Feb. 28 1915_ 4.255,749 Feb. 28 1911-__ 3300.543
Feb. 28 1919._ 6.010.787 Jan. 31 1915___ 4,345.371 Jan. 31 1911_ 3,110,919
Jan. 31 1919_ 6.684,268 Dec.31 1914- 4,248.571 Dec.31 1910- _ 2,674.750
Dec.31 1918._ 7,379,152 Nov.30 1914___ 3,836,643 Nov.30 1910- 2.760.413
Nov.30 1918___ 8,124,663 Oct. 311914... 3,324,592 Oct. 31 1910... 2,871,949
Oct. 31 1918_ 8.353.298 Sept.30 1914... 3.461,097 Sept.30 1910-- 3.148.108
Sept.:10 11118... 8.297.005 Aug.31 1914_ 3,787,667 Aug.31 1910___ 3.537.128
Aug.31 1918..._ 8,759,042 July 31 1914- 4,213.331 July 31 1910... 3.970.931
4.158,589
1295
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price. Shares. Stocks.
20 Merchan/s National Bank__ _285
14 Russ Fall Paper dr 27 do pref.Price,
$1
10 International Trust Co
307
1 E. E. Gray, pref
5 Merchants National Bank ..280
7,000 Carson Hill Gold Mining Co_ 8
10 South Boston Trust Co
120
23 Mass. Bonding & Ins. Co... 954
100 Na.shawena Mills rights
954
59 Indus. Finance Corp., pref., 9154
12 Nashawena Mills rights_
9 7-16
as bonus 50 shares of com9 York Manufacturing Co_ _ 205
mon, pref., per share
$10
4 Merrimack Mfg. Co., pref_ _ _
75 Draper Corp.(ex-dividend)..168
8451
13 Arlington Mills
105
4 Fall River Gas Works Co_ _ - _204
25 Bigelow-Hartford
11951
10 Merrimack Mfg. Co
Bonds.
9354
Percent.
2 Androscoggin Mills
136
$5,000 Blue Hill St. Ry. Co. 1st
18 Tremont & Suffolk Mills__ _ _ 130
58, Oct. 1 1923, ctf. of deposit... 1
300 U. S. Worsted Co. 1st pref._ 5
$3,000 East. Mass. St. Ry. 414s,
8 Great Falls Mfg. Co
Jan. 1 1948, Series A
8451
69
1 Old Colony RR.Co
92
$150 East Mass. St. Ry. pref. 6s,
5 Emerson Shoe Co., pref
April 1 1925, Series D, extended
843.4
4 Greenfield Tap & Die, pref 89%,
Jan. 1948
8354
3 Hood Rubber Co., p1_1013.4-10154 $5.000 Cons.
Rend.55, July 1041.. 83
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price. Shares. Stocks.
Price
9 First National Bank
31954 10 Mass. Lighting Cos.6% pref._ 82
1 Arlington Mills
105
8 Greenfield Tap dr Die, pref._ _ _ 90
150 U.S. Worsted Co
11c.
4 Converse Rubber Shoe, pref._ - 9054
5 Brookside Mills
190
50 Haverhill Electric Co
174
10 Quincy Electric Lt. rights
11
50 Liggett's Int., Ltd., pref
56
100 Laconia Car Co
1254
21 Kendall Products Corp.and 130
Bonds.
Percent.
Kendall Products pref
350 lot $1,000 Seattle Electric Co.cons. 58,
20 New Idria Quicksilver
60c
Aug 1929
9451
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price.
5 UnNJRR&CCo
20254
98 W J dr S RR Co, corn
3754
35 Union Traction
4131
20 El duP de N & Co 6% deb
8954
26 North Cent RR Co
7951
67 Alliance Insurance Co
264
5 Phila Nat Bank
400
5 Broad St Nat Bank
71
5 Rts to sub to Olney Bk & Tr Co_ 26
2 Northwestern Trust Co
326
6 Phila Co for Guar Mtges
160
20 Merch Trust Co, Chester, Pa
40
10 Peoples Trust Co
68
% Horn& Hardart Co NY,
cora_121
52 Piffle dr G F Pass Ry Co
64
15 Green dr Coates Sts Pass Ry Co_ 7154
12 Insurance Co of N A
4151
6 Investment Reg of Am, pf
27
7 Phila City Pass Ry Co
118
12 Electric Hose & Rubber Co_ _ _ _102%
lb Curtis Pub Co, pref
118
Shares. Stocks.
Price.
25 Autocar Co of Ardmore, Pa...,.69
40 Green & Coates Sts Pass fly... 711.
5 Corn Exchange Nat Bank
412
9 Southwark Nat Bank
221
Bonds.
Prr Cent.
$3.000 Con L H & P Co (Kevona),
5% 1st Mtge, due 1946
81
6,000 Cons Cit L P & T Co, 5%
Mtge, due 1962
71.34
13.000 Terre Haute Ind & E Tr Co.
5% 1st & ref Mtge. due 1945_ _ _ 7351
4,000 Mt Wash St Ry Co 5% 1st
Coll Tr Mtge, due 1933
2,000 Ind Craw & Dan Elec Ry 8554
Co, 1st Mtge, due 1952.- _ _
74
7,000 Nat Oil Co,7% 1st Lien M
due May 1 1922
1,000 Montgomery Lt & Wat Pow 143.4
Co 5% 1st cons, due 1943
5434
500 Wayne Coal6% 1st M.1937 69
New York City Banks and Trust Companies.
STEEL PRODUCTION IN AUGUST.
-The Americ
Iron & Steel Institute has issued a statement from whichan
it
appears that the production of steel in August 1922 iv thirty
companies, which in 1921 made 87.50% of the steel ingot
production in that year, totaled 2,214,582 tons. This contrasts with 1,138,071 tons for the same month last year.
By processes the output was as follows:
All prices dollars per share.
Banks-N.Y Bid
Ask
Banks
Bid
Ask Trust Co.'s Bid
Ask
A merica _ _. 214 28
218 Imp& Trad__ 590 ew York
7N
Amer Exch
282
_
Battery Park. 135 145 Industrial'rvingNa o_ 150 iii-I American.
Bankers Trust HO' 378
Bowery*
430 450
NY
208 212 !Central Vnion
Broadway Cen
145 Manhattan'. 260 270 Columbia... 414 418
330 335
Bronx Boro._ 100
Medi dr Met_ 405 410 Commercial _ _ 110 130
Bronx Nat... 180 170
500
Empire
300
Bryant Park' 145 155 Mutual.
Nat American
150 Equitable
Gross Tons291
Aug.1922 Afro.1921 8 Mos. 22' 8 Mos.'21. Butch & Drov 130 138 National City
5i6- 350 Farm L & Tr_ 495 294
Open hearth
Tr_
1,807,310
915,334 14,759,043 8,523,707 Cent Mercan_ 210
_ New Neth•__ 125Fidelity Inter. 208 505
Bessemer.
213
Chase
340
404,379
221,116
3,428,917 2,408,401
New York_
All other
550 Li____ Fulton
i i245 255
2,893
1,621
13,112
16,194 Chat Al Phen_ 286 52i7f) Paeirlc *
300
Guaranty Tr. 237 243
Chelsea Exch. 00 110
410 455 Hudson
Total
175
Chemical__ _ 505 515 Park
2,214,582 1,138,071 18,201,072 10.948,302
Public
310 320 Law Tit & Tr 185
NO"
Coal & Iron._ 195 205 Seaboard
_._. 310
Metropolitan_ SOO 310
Colonial
325
Standard •___ 230 Zi- Mutual (West
a
Columbia.
215 230 State*
285 295
chester) _ - - 115 130
Commerce_ _. 279 282
__ __ N Y Life Ins
Com'nwealth* 220 235 Tradesmen's• 200
__ & Trust--- 660 670
Continental_ _ 130 140 23d Ward*._ _ 260
Corn Each'.. 418 423 United States* 160 165 N Y Trust-. 353 357
FOREIGN TRADE OF NEW YORK
Wash'n Ins * 325
-MONTHLY Cosmop'tan
_ _ Title On dr Tr 400 410
70
85 Yorkville •_ _ 420
STATEMENT.
_ _ U 8 Mtg & Tr 305 315
East River__
170
United States 1150
Fifth Avenues 1025
Brooklyn
Fifth
160 170 Coney Island* 155
Merchandise Movement at New York.
Brooklyn
165
Customs Receipts
First
1190
First
Brooklyn Tr_ 450 470
at New York.
Garfield
Month.
240 250 Mechanics' •_ 300
Impotts.
Exports.
Kings County 750
110
Ootham
178 184 Montauk •Manufacturer 235
- 125
flreenwich •_ _ 265
1922.
1921.
1922.
Nassau
1921.
225 240 People's
340 36(5
1922.
Hanover
1921.
620 635 People's
160
Harriman
$
375 385
$
Jan _ _ _ 100,108,930 108,651,387 106,097,2
39
•Banks marked with (s)are
Feb.
115,222,960 103,427,293 95,484,633 356,457,600 19,322,717 12,265,070
State banks. New stock. z Ex-divldend. V Ex•iights.
March._ 135,648,795 123,996,959 131,504,549 237,794,460 21,620,780 14,154,349
April _ _ _ 113,193,073 124,926,117 117,760,933 167,836,305 24,650,403 18,615,008
132,460,324 20,639,380 26,838,089
May. _ 117,438,054 110,004,302 115,522,172
108,502,2
New York City Realty and Surety Companies.
June - - _ 122,369,683 100,048,763 130,550,713 107,506,531 20,909,658 17,221,670
23
July_ _ _ _ 117,118,076 104,648,783 115,488,190 112,583,284 23,181,882 16,397,034
24,206,605 13,443,167
All prices dollars per share.
Total_ 821,097,571 775,703,604 812,408,429 1223140724
Bid
Ask
154,531,425 118,934,385 Alliance
Ask Realty Assoc 'Bid
Bid
Ask
R'lty 90
95 Lawyers Mtge 178 184
(Brooklyn). 153 159
Movement of gold and silver for the 7 months:
Amer Surety_ 78
81
S Casualty_ 170
Bond & M 0_ 255 282 Mtge Bond__ 115 120
Nat Surety__ 215 220
S Title Guar 105
City Investing 59
62 N Y Title &
West Chester
Gold Movement at New York.
Preferred
Silver-New York.
88
91
Title& M
Mortgage.. 160 165
180 200
Month.
Imports.
Exports.
Imports.
Exports.
1922.
1921.
National Banks.
1
1922.
1921.
1922.
1921.
-The followi information
gammerctal aditMisceilanconsgenv:
101•14.11...
I
1
5
Jan _ _ _
21,126,622
Feb _ _ _ _ 24,034,770
March.. 31,300,604
April _ _ _ 8,440,457
May
6,060,364
June
11,462,982
July_ _
41,477,046
$
31,328,278
18,439,803
81,335,005
74,173,373
29,701,157
37,152,786
57,338,204
3
!
286,0001
1,041,0571
237,7281
808,7481
2,645,8341
136,321
11,0001
Total_ 144,502,845 329,468,606 15,164,688
s
124,300
234,300
100,000
300,000
2,943,013
s
2,344,016i
827,421
2,816,134
887,751
2,445,822
1,842,829
1,433,533
$
132,213
3,899,518
3,044,763
2,152,224
1,632,368
1,265,490
1,804,048
1
3,701,6131 12,597,506 13,930,622
Auction Sales.
-Among other seeurities, the following,
'not 'usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H.Muller & Sons, New York:
Shares. Stocks.
Percent. Shares. Stocks.
Price.
4 Idlewild Fruit Co
456 Salt notes of the Republic
2 Orange Lake Fruit Co.
Del Ecuador
$28 each
trustees'ate
100
10 Lincoln Apartment House $6 lot 100 All. Coast Fisheries, corn._ _815 lot
Atl. Coast Fisheries, pref_ _8942 lot
Co. of Cleveland, Ohio
Bonds.
Per cent.
1,180 Thermo Carburetor Co
$6
1,211 Canada Copper Corp., Ltd., lot 35.000 Central Indiana Ry. Co. 1st
4s, 1933
72%
$5 each
$500 International Sporting Club_ _33 lot
$41
1.211 Canada Copper Corp., Ltd.,
$5,000 Atl. Gulf & West Indies SS.
15 each
$39
Lines 5s
5854
ng
regard
national banks is from the office of the Comptroller of ing
the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Sept.6
-The First National
Bank of Bowling Green, Fla
Correspondent: W. H.
Bowling Green,
Sept.6
-The American NationalFortson, Boynton, Okla Fla.
Bank of
Correspondent: H. L. Winelan
Okmulgee, Okla.
Sept.6
-The Oklahoma National Bank d,
of Claremore, Okla
Correspondent: Leo. A. Moore, Claremore, Okla.
Sept.9
-The First National Bank
of Sea Isle City, N. J
Correspondent: H. S. Mourer, Ocean City, N. J.
Capital.
$25,000
25,000
50,000
25,000
APPLICATION TO CONVERT RECEIVED.
Sept.9
-The Harlan National Bank, Harlan,
KY
$100,000
Conversion of The Harlan State Bank, Harlan. KY.
Correspondent: J. R. Weiler. Cashier Harlan State Bank,
Harlan, Ky.
APPLICATIONS TO CONVERT APPROVED.
Sept.6
-The Rockwood National Bank, Rockwood, Tenn
$50,000
Conversion of The Rockwood Bank & Trust Co., Rockwood, Tenn.
Correspondent: J. D. Farmer. Rockwood, Tenn.
Sept.9
-The First National Bank of Fries, Va
$40,000
Conversion of The Washington Banking dr Trust Co.,
Fries, Va,
Correspondent: F. L. Elkins, Fries. Va.
[Vol,. 115.
THE CHRONICLE
1296
CHANGES OF TITLE.
Bank of Fort Bragg, Calif., to"The Coast
Sept.5-9626 The First NationalBragg."
National Bank of Fort
al Bank of Richmond, ity., to "The
Sept.6-1790 The Madison Nation Trust Co. of Richmond."
Madison National Bank &
VOLUNTARY LIQUIDATION.
00
al Bank of Union Bridge, Md____ $25,0
Sept.7-9066 The First Nation
Effective Aug. 28 1922.Weant, Westminster, Md.
Edward 0.
Lig. Agent:
Trust Co. of Maryland, FredAbsorbed by The Central
erick, Md.
-Record of transactions at
Chicago Stock Exchange.
Sept. 9 to Sept. 15, both inclusive.
Chicago Stock Exchange
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Street and Electric Rys. (Concluded).
03734c Oct.
Monongahela Power & Ry., pref.(guar.) . 4 134 Oct.
,
New York State Rys., pref. (quar.)- Preferred (acct. accum. dividends)__ _ *h5 Oct.
Oct.
2
Tr. dr Light, pref. (ritt.)-Northern Ohio
1% Oct.
Porto Rico Rye.. pref. (quar.)
Oct.
Tennessee Elec. Power,6% pref. (guar.) I% Oct.
1%
Seven per cent preferred (guar.)
1% Oct.
United Elec. Rys., Providence (quar.)...
1% Oct.
Electric Co.(quar.)
West India
194 oct.
(quar.)_ _ _ _
Winnipeg Electric Ry., Pref.
1,‘ Oct.
Yadkin River Power, pref. (guar.)
8 *Holders of rec. Sept. 26
2 *Holders of rec. Sept.22
2 *Holders of rec. Sept.22
2 Holders of rec. Sept. 15a
2 Holders of rec. Sept. 15
2 Holders of rec. Sept.20
2 Holders of rec. Sept.20
2 Sept. 16 to Sept.26
2 Sept. 23 to Oct. 1
1 Holders of rec. Sept. 18
2 Holders of rec. Sept.18
Banks.
Coal & Iron National (quay.)
First National (guar.)
First Security Co
Greenwich (guar.)
)._
Importers & Traders National (guar.
Manhattan Co., Bank of the
Bank of (guar.)
United States,
2 Holders of rec. Sept. 13
2 *Holders of rec. Sept. 300
2 Holders of rec. Sept. 30e
2 *Holders of rec. Sept.20
2 Holders of rec. Sept. 22
2 Holders of rec. Sept. 230
2 Holders of rec. Sept. 200
3
5
5
*2
6
33
234
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
High.
Low.
Trust Companies.
23.
Sept
Jan 120
40 83
120 120
*134 Sept. 30 *Holders of rec. Sept. 20
or_ _ _ _100
American Radiat
Sept.
Aug American (guar.)
315 60 June 90
71%
71
.2% Sept. 30 *Holders of rec. Sept. 20
American Shipbuilding _100
July 8834 Aug Hudson (guar.)
25 83
*3
rs of rec.
88
Oct. 2 *Holde
)
__ _-- 88
20
Amer Pub Service, pref_
Jan 10134 Sept Manufacturers', Brooklyn (guar.
2,143 91
*2
Oct. 2 *Holders of rec. Sept. 2()
Armour & Co, pref_ _ _ _100 9934 9954 10134
Extra
Feb 1254 Feb
210 12
1234 1234
12% Oct. 2 Holders of rec. Sept.
15
Armour Leather
May 10234 May United States (guar.)
50 83
874 874
100
Preferred
71-4 May
Apr
5
80
*
534 554
Miscellaneous.
20
Beaver Board
Aug
165 34 May 50
48
134 Oct. 2 Holders of rec. Sept.25
48
(qu.).
Booth Fisheries, pref._ _100
Sept.
July 2934 Mar Abitibi Power & Paper, Ltd., pfd.
28 20
2034 2034
13-4 Sept.30 Holders of rec. Sept.30
pref_ _ _ _100
Case (J I), 1st
Mar Aeolian Company, pref. (guar.)
754 June 10
100
Oct. 15 *Holders of rec.
834 834
*SI
100
2d preferred
22
% Jan
234 Feb Air Reduction (quar.)
225
%
%
Sept.30 Holders of tee. Sept. 22
ChicCy&ConRy pt sh com*
Sept.
954 Feb Amer. Brake Shoe & Fdy.,corn.(qu.)__
900
434 Jan
7
4.
7
5
134 Sept.30 Holders of rec.
16
Preferred
Preferred (guar.)
134 Jan 12 May
8,200
_ _ 31.25 Oct. 2 Holders of rec. Sept. 14
634 954
common (guar.)._
834
Chicago Elev Ry, pref..100
Oct.
25 1034 Jan 22 May Amer. Gas & Elec.,)
18
75e. Nov. 1 Holders of rec. Nov. 1
18
Chic Rys Part Ctf Series 1.. 18
Mar
Preferred (quar.
6
505
154 Jan
254 3
corn.(quar.) Mc. Nov. 15 Holders of rec. Sept. 25
3
Fire Eng.,
Part Certif Series 2
690 11434 Feb 13234 Feb Amer. La France )
131 Oct. 2 Holders of rec.
13134
Commonw'th Edison_ _100 13134 13034
Preferred (guar.
9 May
Feb
5
125
Oct. 14 *Holders of rec. Oct. 10
534 534
corn. (quar.)__ _ *1
Consumers Co, corn_ _.100
4.1% Oct. 14 *Holders of rec. Oct. 10
Feb 1034 Sept Amer. Type Founders,
5
41,257
94 1034
Sept. 25
Continental Motors_ _ _ _10 10
Feb
Preferred (quar.)
Jan 68
1,155 55
(guar.). _ _ *134 Oct.. 1 *Holders of rec. Oct. 1
62
6734
Cudahy Pack Co, com.100 67
July Amer. Wholesale Corp., pref.
4,1y4 Oct. 15 *Holders of rec.
100 85 May 110
109 109
Crane Co, pref
Feb 7934 June Asbestos Corp., common (guar.)
15 *Holders of rec. Oct. 1
25 60
*14 Oct.
7634 7634
100
Deere & Co pref
Sept.15
Preferred (quar.)
May
Jan 118
50 105
870. Sept.30 Holders of rec. Sept. 200
11534 11534
100
Diamondthatch
Jan Associated Gas & Elec., pref. (guar.). _
6
Aug
2
El Oct. 1 Holders of rec. Sept. 200
_
2
234 1,355
2
*
Earl Motors Co
Aug Auburn Automobile, common (qu.)__
Holders of roe.
Aug 102
102
50
102 102
131 Oct. 1
Gimbel Bros, pref
16
Preferred (guar.)
May
Feb 18
100 10
15
131 Oct. 1 Holders of rec. Sept.
15
4
(guar.)
Godschaux Sugar, corn,.. '
July 2834 May Ault Sc Wiborg Co., pref.er
2,245 25
27
Gossard,H W,pref__ _100 2634 26
Mar Barnhart Bros. Sc Spindl - )
103
rs of rec. Oct. 26
*134 Nov. 1 *Holde
300 7714 Jan
8634 88
23
Hartman Corporation_ _100
First and second pref. (quay.
Jan
Jan 85
30 73
79
Oct. 14 Holders of rec. Sept. 15
2
79
Hart,Schaff&Marx,com100
Sept Bell Telephone of Canada (guar.)
Apr 111
200 102
Sept. 30 Holders of rec. Sept. 22
2
10934 Ill
100
Preferred
rec. Sept.
Sept Buffalo General Electric (guar.)
*134 Oct. 2 *Holders of
10 2234 1934 2334 33,800 1034 Jan 2334 Sept Burns Bros., pref. (guar.)
Hupp Motor
Oct. 20
Apr 10934
100 102
109 10934
*14 Nov. 1 *Holders of roe. Sept. 21
10
Preferred
Prior preferred (guar.)
100 4834 Mar 584 May
50
50
$1.50 Oct. 2 Holders of rec. Sept. 25
100
Inland Steel
l Aguirre Sugar Cos. (quar.)
rec.
Sept 3734 Sept Centra
440 37
37
3734
*2.50 Oct. 1 Holders of rec. Sept. 150
5
Kuppenheimer, D
Sept Central Petroleum
Sept 101
100 101
101
Sept.30 Holders of
101
1
100
Preferred
Oct. 2
84 July Cleveland Worsted mills (quar.) )._ _ _ *2
1,051
734 Aug
Oct. 2 *Sept. 16 to Oct. 2
734 8
8
1st pref.(guar.
Libby, McNeill& Libby_10
490
634 Sept Corona Typewriter,
334 Mar
5
531
*134 Oct. 2 *Sept. 16 to Sept.21
10
)
Lindsay Light
Second preferred (guar.
Jan 5334 May
935 27
Oct. 2 Sept. 15 to Sept.21
48
5134
pref.(quar.). 134
Middle West Util,com_ 100 49
to
Jan 8334 Sept Consumers Power Co.,6% )
512 53
8334
131 Oct. 2 Sept. 15 to Oct. 1
100 8234 83
Preferred
Seven per cent pref. (guar. (guar.)
Apr
Jan 99
185 82
9634
98
134 Oct. 2 Sept. 21 to Oct. 9
Prior preferred
734 June Dalton Adding Machine, pref. )
100
10 Oct. 1
33-4 Feb
4
434
234 Oct.
*
Corp.(quar.
Mitchell Motor Co
734 Aug 1134 July Dolores Esperanza Ltd., pref.(quar.). *134 Oct. 2 *
8
73-1 834 5,500
10
s,
National Leather
rec. Sept. 20
680 40 Sept 42
Aug Domision Canner
40
4034
134 Oct. 2 Holders of
* 40
(quar.)
20
PhIllipsborne
410 10034 Aug 1014 Aug Duluth Edison Co.. pref. corn. (quar.)_ _ *50c. Oct. 1 *Holders of rec. Sept.20
100 10034 10034 10034
Preferred
ds & Jones Corp.,
of rec. Sept.
25 6234 Jan 9334 Sept Edmun
*131 Oct. 1 *Holders
9334 9334
Sept. 21a
People's Gas Lt & Coke 100
Preferred (quar.)
Jan 2834 Apr
2734 2,230 19
.._ _ _ 60c. Oct. 2 Holders of rec. Sept. 21a
* 2734 2634
Sc Mfg., common
Pick (Albert) & Co
rec.
24,000 2354 Mar 543.4 May Electric Controller )
131 Oct. 2 Holders of rec. Sept.24a
Pig Wig Stores Inc "A".._* 4334 4334 46
Preferred (guar.
Mar
150 8034 Jan 101
100 1004
154 Sept.30 Holders of
(guar.)
Sept. 20
Pub Serv of No Ill, corn 111*
25 8834 Jan 9834 June Empire Safe Deposit
93
J._ 31.25 Oct. 2 Holders of rec. Sept. 21
93
100 93
Preferred
-Johnson Corp., coca. (guar
Sept Endicott
38 143
Jan 200
200 200
31.75 Oct. 2 Holders of ree. Oct. 16a
100
Quaker Oats Co
Preferred (quay.)
Nov. 1 Holders of rec. Sept. 18
210 934 Mar 9934 Sept
2
we gcui 9834 9934
(qu.)
ed
Preferr
sky Corp., Pf.
Sept.30 *Holders of rec.
*2
10 1334 1234 1354 1,710 1234 July 284 July Famous Players-La
Reo Motor
to Sept. 30
75 5934 Feb 944 Aug Fart Alpaca (guar.) (guar.)
134 Oct. 1 Sept. 16 of rec. Sept. 20
9154 9134
Sears, Roebuck, com_ _100
s
leishmann Co., pref.
660 13
Jan 2054 June
2034
c_ 50 2034 20
n (guar.) _ _ 75c. Oct. 1 Holders of rec. Sept. 20
commo
Standard Gas dr Electri
3
Oct. 1 Holder
42
Jan 494 July Foster(W.C.) Co.,
160
50 4854 48
234
4854
Preferred
of rec. Sept. 15
Preferred (guar.) Car, pref. (guar.). .
474 4854 9,050 24
Jan 4834 Sept
134 Oct. 2 *Holders of rec. Sept.20
100
Stewart-WarnerSp,com 100 48
Sept Gen. American Tank , pref. (guar.)_ _
3,575 9134 Jan 110
194 Oct. 1 Holders
10934 10734 110
Swift & Co
1 *Holders of rec. Sept.20
General Tire & Rubber )
134 Oct.
Apr 2434 Sept
'
15 2434 2134 244 45,200 17
20
coca. (guar.
Swift International
1
May
305
1
*1% Oct. 1 *Holders of rec. Spot. 15
154
534 Feb ,Gould Mfg.,
Sept.
Temtor Prod C&F "A"__*
Preferred (guar.)
1 34 Oct. 2 *Holders of rec.
11,825 40
'
Jan 5534 Aug
4954
(guar.)_ _ _ _
Thompson (J R),com__ _25 5054 604 5334 21,175 43
Western Sugar, pref. pref.(qu.). 2
s of rec. Sept. 15a
Oct. 2 Holder
Jan 6334 Sept .Great
6354
Union Carbide & Carbon 10 6234 60
& Die Corp.,
•13,4 Oct. 2 *Holders of rec. Spot.20
61
537 29
Jan 6934 May . reenfield TapKnitting, pref. (guar.)
United Light dr Railway.... 61
200 70
Sept. 15 Holders of rec. Sept. 5
2
Mar 8154 May : anes (P. H.)e, pref. (guar.)
7634 7654 774
Preferred
690
6
94 Feb 7 anna Furnac
Jan
Oct. 2 *Holders of rec. Sept.23
634 7
7
(guar.)
United Iron Works v t c_50
145 1354 Feb 19
Aug 1 endee Mfg., pref.
174 18
Oct. 2 Sept.22 to Oct. I
2
)
United Paper Bd, com_100 18
Apr 7 igbee Co., pref. (quar.
59
61
Jan 7134
3,350 50
Oct. 1 *Holders of rec. Sept.20
'2
* 60
Wahl Co
jhoover Steel Ball, corn )
*50c. Oct. 5 *Holders of rec. Spet.25
Co, w I 20 2234 2234 2334 2,451 1234 Jan 2534 May
Ward, Montg,&
1% Oct. 1 *Holders of rec. Sept.20
5
Jan 104 may ] udson Motor Car (guar.pref. (quar.)_. .
734 8% 1,155
854
Western Knitting Mills.*
i5 1563.4 10454 10654
730 97 May 11054 Feb 7 upp Motor Car Corp.,
154 Sept.28
, ordinary
Wrigley Jr, corn
Feb 7Imperial Tobacco of Canada
14,995 132 May 246
Igo% 165 210
Sept.30
3
Yellow Mfg
29
Preferred
Jan 804 Aug
7434 744 7554 7,175 50
134 Sept.30 Sept.20 to Sept.
Yellow Taxi
Water, pref.(guar.)
1Indianapolis
334 Sept.30 Sept. 19 to Sept.29
Secur., pref._
BondsSept.150
5054 St2,000 4654 Aug 534 Apr ]
Indianapolis Water Wks.
,
Chicago cd c Rys 59_1527 5054 48
Sept.30 Holders of rec. Sept.20
151
)
3,000 67
82
Jan 844 Apr . ordan Motor Car, pref.(quar. (quar.).... 134 Oct. 2 Holders of rec.
82
1
Chicago Railways 55.. _1927 82
Sept ; aufmann Dept. Stores, pref.
58
23,000 3334 Feb 58
55
58
Oct. 1 Sept.21 to Oct. 20
2
.(qu.)
Purchase money 56
Oct.
9934 9934 10,000 9334 Jan 993-4 Sept •Kelley Isld. Line & Transp
9934
1234c. Oct. 16 Holders of rec. Sept. 23
Commonw Edison 58_1943 63
May jKerr Lake Mines (guar.)
rec.
18,000 52
Jan 644
6134 63
*13-4 Oct. 2 *Holders of rec. Sept. 20
)
Metrop W S Elev 1st 45 '38 59
Jan 6034 Aug ]
L.aurentide Company (guar.
32,000 50
59
57
134 Oct. 2 Holders of rec. Sept. 20
)
Extension gold 4s_ _1938
Feb 9134 Sept ]
Library Bureau, common (quar.
9134 914 3,000 83
Oct. 2 Holders of
2
Sept.200
Morris & Co 4%s_ _ _1939 100
ed (guar.)
Aug
Preferr
74,000 8054 Feb 100
9934100
25c. Sept.30 Holders of rec. Sept.23
5
)
f g - s_1944
Swift & Co 1st s
1Loft, Incorporated (quar.
Sept.30 *Holders of rec. Sept. 22
37%0
.
s of rec.
,one Star Gas (quar.)
Oct. 2 Holder
(H.R.)& Co.,Inc.,
] allinsonStores, pref. (guar.) pf.(qu.).. 134 Oct. 2 Holders of rec. Sept. 20
131
DIVIDENDS.
of rec. Sept. 16
] cCrory Chemical (quar.)
$1.25 Sept.30 Holders of rec. Sept. 16
ck
errlma
$1 Sept.30 Holders of rec. Sept. 150
ate tables. In the I Extra
dends are grouped in two separ
$1 Oct. 2 Holders of rec. Oct. 20
Divi
] arragansett pref.(quar.) )
dividends announced the cur- ] ash Motors,Elec. Ltg.(quar.
15( Nov. 1 Holders
rec. Sept. 30
'irst we bring together all the
*234 Oct. 2 *Holders of
at. Automatic Fire Alarm (guar.
follow with a second table, in which 1 ational Breweries, commo(guar.) ).-- $1 Oct. 2 Holders of rec. Sept. 15a
n
rent week. Then we
Holders of rec. Sept. 15a
131 Oct. 2
ously announced, but which 3 Preferred (quar.)
of rec. Sept.22a
134 Sept.30 Holders of rec. Sept. 15a
we show the dividends previ
Licorice,
1 ational Refining,pref. (guar.)
Oct. 2 Holders
2
pref.(quar.)
paid.
s of rec. Sept. 15
1 ational
Oct. 15 Holder
2
have not yet been
of rec. Sept. 15
& Rubber,
slew
: England TireCorp., pref.pref )
this week are:
151 Oct. 2 Holders
(quar.
Sew
] York Steam one, pref. (guar.).- 1% Oct. 16 Holders of rec. Sept.20
The dividends announced
s of rec. Sept. 9
1 ew York Teleph
134 Sept.15 Holder
(quar.)
s of rec. Sept. 30
1 lagara Falls Power,corn.
When
Books Closed.
Per
134 Oct. 16 Holder of rec. Sept. 12
*3
Preferred (quar.)
Sept. 15 *Holders
Days Inclusive.
Cent. Payable.
(quar.)
y.
*3
I' orthwestern Yeast
Sept.15 'Holders of ec. Sept. 12
Name of Compan
22
Extra
1% Sept. 1 Holders of rec. Aug.
)
( glIvie Flour Mills, pref. (quar.
Railroads (Steam).
1% Oct. 2 Holders of rec. Sept. 15
corn.(qu.) *154 Dee. 1 *Holders of rec. Oct. 27a I acific-Burt Co., pref.(quar.)
rec. Sept.30
(quar.) *1% Oct. 16 *Holders of rec. Sept.20
Nov. 1 *Holders of rec. Sept.20a
Ltchison Topeka & Santa Fe,corn
*2
L.,
Telephone & Teleg., pref.
1% Oct. 2 Holders of
;leve., Cin., Chic. & St.
*14 Oct. 20 *Holders of rec. Sept.29a I acific Power Sc Light, pref.(quar.)_ _
Oct. 2 Holders of rec. Sept. 21
131 Nov. 1 Holders of rec. Sept.29a I anamale Prod.& Refg., pref.(quar.).... 2
Preferred (guar.)
*15c. Oct. 1 *Holders of rec. Sept.20
10 Oct. I to Oct. 11
I anhand
York Central RR. Mar.)
Tew
231 Oct.
n (guar.)
ark-Utah Mining (quar.)
F
*$1 Oct. 3 *Holders of rec. Sept. 20
'hiladelphia & Trento
134 Oct. 1 Holders of rec. Sept. 15
& Co.
Erie, pref._
1% Oct. 1 Sept. 23 to Oct. 1
Oct. 1 Holders of rec. Sept. 15a 1 helps, Dodge Co., pref. (quar.)
2
Ittsburgh Bessemer & Lake trust ctfs
Oct. 1 *Holders of rec. Sept. 29
F ick (Albert) Sc Glass,common (quar.)_ *2
Ry., M.& 0.stock (quar.)
10 Sept. 21 to Sept. 30
234 Oct.
,outhern
Cos.
*3
ittsburgh Plate
r
Oct. 31 *Holders of rec. Sept. 30
hilted N.J.RR.& Canal
1 airle Oil Sc Gas (guar.)
Oct. 31 *Holders of rec. Sept. 30
*2
Extra
•3
Electric Railways.
Oct. 31 Holders of rec. Sept. 30
Oct. 2 Holders of rec. Sept. 18
Street and
(quar.)- 131 Oct. 2 Holders of rec. Sept. 16
of
F aide Pipe Line (quar.)
34 Oct. 2 Holders of rec. Sept. 23
sheville Power & Light, pref.
1%
)
(quar.
rec. Sept. 15a
Sept.30 Holders
Frice Bros.
2
3% Oct. 2 Holders of rec. Sept. 16
baton Elevated Ry., coin.((Var.)
, com. (quar.)....
F oyal Baking Powder
HoIders o ree tie t 18
1% Sept.30 Holders of rec. Sept. 15a
..
0ct. 2 1Holders off rce seppt.14
Second preferred
- I% 0 .
ed (quay.)
Preferr
(guar.)
50c. Nov. 15 Holders of rec. Oct. 14a
(quar.)
capital Traction, Wash., D. C.
134 Oct.
Oil, corn.
(quar.)
S!mirth' Consol.
*31.25 Sept.30 *Holders of rec. Sept. 15
134 Oct. 1 Snot. 17 to Oct. 1
'arolina Power & Light, pref.
Inger Mfg. (quar.)
Oct. 20 *Holders of rec. Oct. 1
*1
Cincinnati Street Ry.(guar.)
$3.50 Oct. 1 Holders of rec. Sept. 20a Southern States Oil Corp.(monthly)_
' Pass. Ry., Phila.(guar.)
I% Oct. 2 Holders of tee. Sept. 13a Spalding .G .),Ir Bros.,old&newstk(qu) *134 Oct. 16 *Holders of rec. Oct. 5
Citizens
(A
. Oct. 2 Holders of rec. Sept. 15a S
*e100 Sept. 19 *Holders of rec. Sept. 8
Cleveland Ry.(quar.)
stock (payable in stock)
(quar.)
Old
Oct. 1 Holders of rec. Sept. 2Ia
2
Oct. 1 Sept. 21 to Oct. 12
1
:astern Texas Elec. Co., corn.
Spicer Mfg.. pref. (quar.)
12
:entucky Securities, corn.(No.1)
114 Oct. 15 Sept. 21 to (let
/esna 1. %
Stocks-
Prafarra.,
SEPT. 16 1922.]
Name of Company.
THE CHRONICLE
Per When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded)
Standard Textile Prod., pf. A & B (qu.)_
1% Oct. 1 Holders of rec. Sept. 15a
Textile Banking (quar.)
2
Oct. I Holders of rec. Sept. 25a
'Thompson (John R.)Co.,corn.(quar.) _ _ *2
Oct. 1 *Holders of rec. Sept.25
Common (extra)
*1
Nov. I *Holders of rec. Oct. 25
Common (extra)
*1
Dec. 1 *Holders of rec. Nov. 25
Preferred (quar.)
*1% Oct. 1 *Holders of rec. Sept. 25
Co., pref. (quar.)
'Toledo Edison
2
Oct. 2 Holders of rec. Sept. 15a
Torrington Co., common (quar.)
562%c Oct. 2 *Holders of rec. Sept. 21
United Fruit(quar.)
2
Oct. 14 Holders of rec. Sept. 20
(quar.)
United Gas Inapt., corn.
50c. Oct. 14 Holders of rec. Sept.30
Preferred (quar.)
*1
Dec. 15 *Holders of rec. Nov. 30
United Shoe Machinery, corn. (quar.)_ _
50c. Oct. 5 Holders of rec. Sept. 19
Preferred (guar.)
37%c Oct. 5 Holders of rec. Sept. 19
U.S. Bobbin & Shuttle, corn.(quar.)__ _
1% Sept.30 Holders of rec. Sept. 13
Preferred (quar.)
1% Sept.30 Holders of rec. Sept. 18
United Verde Extension Mining (guar.). *25c. Nov. 1 *Holders of rec. Oct. 5
Extra (account accumulated divs.) _ _ _ *h25c. Nov. 1 *Holders of rec. Oct. 5
Universal Leaf Tobacco, corn. (quar.)_ _
3
Oct. 2 Holders of rec. Sept.20
J.'referred (quar.)
2
Oct. 2 Holders of rec. Sept.20
Utah Copper Co. (guar.)
50c. Sept.30 Holders of rec. Sept. 18
Light, pref.(quar.)
Utah Power &
1% Oct. 2 Holders of rec. Sept. 12
Van Dorn Iron Works. pref. (quar.),_ _ _
1% Oct. 1 Holders of rec. Sept. 22
Voile Motors Corp., 1st pref.(quar.)_ _ _ _ *1% Oct. 2 *Holders of rec. Sept. 15
Victor Talking Machine, common (qu.)- *10
Oct. 15 *Holders of rec. Sept. 30
Preferred (quar.)
*1% Oct. 15 *Holders of rec. Sept. 30
Weber Piano, pref. (quar.)
1% Sept.30 Holders of rec. Sept.25
Western Union Telegraph (guar.)
1% Oct. 16 Holders of rec. Sept. 25a
Westinghouse Air Brake (quar.)
$1
Oct. 31 Holders of rec. Sept. 30
1Vilson & Co., pref.(quar.)
1% Oct. 2 Holders of rec. Sept. 23
Winnsboro Mills, corn. (guar.)
2
Oct. 2 Holders of rec. Sept.25
Preferred (quar.)
1% Oct. 2 Holders of rec. Sept.25
'Yale & Towne Mfg. (quar.)
5
Oct. 2 Holders of rec. Sept. IS
Youngstown Sheet & Tube, corn. (qu.), 75c. Oct.
2 Holders of rec. Sept.200
Preferred (quar.)
1% Oct. 2 Holders of rec. Sept. 20a
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Per
'When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Beech Creek (quar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Boston & Albany (guar.)
2
Sept.30 Holders of rec. Aug. 31a
Buffalo & Susquehanna. corn. (quar.).
1
Sept.30 Sept. 16 to Oct. 1
Canadian Pacific, common (guar.)
2% Sept.30 Holders of rec. Sept. in
Preferred
*2
Sept.30 *Holders of rec. Sept. 1
Cuba RR.. preferred
3
Feb15'23 Holders of rec. July 20a
Delaware & Hudson Co. (attar.)
21j Sept.20 Holders of rec. Aug. 28a
Lehigh Valley, common ((mar.)
87)o Oct. 3 Holders of rec. Sept. 16a
Preferred (guar.)
$1.25 Oct. 3 Holders of rec. Sept. 160
Louisiana & North West (No. 1)
1% Oct. I Holders of rec. Sept. 15
New York Chicago & St. Louis
Common
lj Sept.30 Holders of rec. Sept. 19a
Common
1% Dec. 30 Holders of rec. Dec. 19a
First preferred (guar.)
134 Sept.30 Homers of rec. Sept. 19a
First preferred (quar.)
Dec. 30 Holders of rec. Dee. 19a
Second preferred (guar.)
14 Sept.30 Holders of rec. Sept. 190
Second preferred (quar.)
1% Dec. 30 Holders of rec. Dec. 190
N. Y. Lackawanna & Western (quar.),.. 1% Oct. 2 Holders of
rec. Sept. 140
Norfolk & Western,common (quar.)_ _ _ _
134 Sept. 19 Holders of rec. Aug. 310
Pittsb. Ft. Wayne & Chic., corn. (quar.) 1% Oct. 1 Holders of rec. Sept. 90
Preferred (quar.)
1% Oct. 3 Holders of rec. Sept. On
Pittsb. & West Virginia. pref. (quar.)_ _
1% Nov.29 Holders of rec. Nov. la
Southern Pacific Co. (guar.)
136 Oct. 2 Holders of rec. Aug. 31a
Union Pael'Ic, common (guar.)
212 Oct. 2 Holders of rec. Seot. la
Preferred
2
Oct. 2 Holders of rec. Sept. la
Western Pacific ItR. Corp., pref. (quar.)
1% Oct. 20 Holders of rec. Oct. 10a
Street and Electric Railways.
Bangor R.& Electric, pref. (quar.)- - -Brazilian Tr. L.& Pow., pref. (quar.),_ _
Duluth-Superior Trac.. pref. (guar.) _ _ _ _
Frankford & Southwark Pass. Ry.(qu.),
Illinois Traction, pref. ((war.)
Manila Electric Corp.(guar.)
Market St. Ity., San Fran., pr. pf. (qu.)
Ottawa Traction (quar.)
Philadelphia eraetion.
Public Service Corp. of N.J., corn.(qu _
Preferred (guar.)
Second & 3d Sts. Pass., Phila. (guar.)._
Springfield Ry. & Light. pref. (quar.),_ _
Tr -City Ry.& Light, pref. (quar.)
Twin City Rap.Tr., Minneap.. pf.(qu.),
United 1.1,ght & Itys., partic. pref.(qu.).
First preferred (quar.)
1%
I%
m2
$4.50
134
2
1%
1
$2
134
2
$3
1%
1%
1%
1%
136
Oct. 1
Oct. 2
Oct. 2
Oct. 1
Oct. 1
Oct. 2
Oct. 1
Oct. 2
Oct. 2
Sept. 30
Sept.30
Oct. 1
Oct. 2
Oct. 1
Oct. 2
Oct. 2
Oct. 2
Holders of rec. Sept. 9
Holders of rec. Sept. 15
Holders of rec. Sept. 150
Sept. 2 to Sept. 30
Holders of rec. Sept. 150
Holders of rec. Sept. 193
Holders of rec. Sept. 110
Holders of rec. Sept. 15
Holders of rec. Sept. lla
Holders of rec. Sept. 152
Holders of rec. Sept. 15"
Holders of rec. Sept. la
Holders of rec. Sept. 15a
Holders of rec. Sept. 20
Holders of rec. Sept. 15a
Sept. 16 to Sept. 17
Sept. 16 to Sept. 17
Banks.
America, Bank of (quar.)
Amer. Exch. Scour. Corp., class A (qu.)_
Chase National (guar.)
Chase Securities Corp. (quar.)
Chatham & Phenix Nat. (quar.)
Commerce, National Bank of (quar.)__ _
National City (quar.)
National City Co.(quar.)
Extra
New York, Bank of, N. B. A.(In stock)_
Public National (guar.)
Seaboard Nat.(quar.)
State (quar.)
3
2
4
Si
4
3
4
2
2
e25
4
3
4
Oct. 2
Oct. 1
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Sept. 19
Sept.30
Oct. 2
Oct. 2
Holders of rec. Sept. 21a
Holders of rec. Sept. 16
Holders of rec. Sept. 18a
Holders of rec. Sept. 18a
Sept. 16 to Oct. I
Holders of rec. Sept. 150
Holders of rec. Sept. 16a
Holders of rec. Sept. 16
Holders of rec. Sept. 16
Holders of rec. Sept. 12a
Hoitters of roe. Seat. 2:4
Holders of rec. Sept.22
Holders of rec. Sept. 15a
Trust Companies.
Guaranty (quar.)
Lawyers Title Z.: Trust Co.(guar.)
3
Sept.30 Holders of rec. Sept. 15
135 Oct. 2 Holders of rec. Sept. 22a
Miscellaneous.
Advance-Rumely Co., Pref. (quar.)_ _
% Oct. 2 Holders of rec. Sept.
Allied Chem. & Dye Corp.. pref. (guar.) 1% Oct. 2 Holders of roe. Sept. 151
151
Allis-Chalmers Mfg., pref. (quar.)
1% Oct. 16 Holders of rec. Sept. 25a
American Art Works, COM. & pref. (qu.) 136 Oct. 15 Holders of rec. Sept.
30a
American Bank Note, pref. (quar.),_
15c. Oct. 2 Holders of rec. Sept. 12a
American Beet Sugar, preferred (guar.) _
1% Oct. 3 Holders of rec. Sept. 9/I
American Can. pref. (quar.)
1% Oct. 2 Holders of rec. Sept. 15a
Amer. Car dvFdY., common (quar.)..-3
Oct. 2 Holders of rec. Sept. Ida
Preferred (quar.)
1% Oct. 2 Holders of rec. Sept. 16a
American Cigar, pref.(quar.)
1% Oct. 2 Holders of rec. Sept. 151
American Express (quar.)
Oct. 2 Holders of rec. Sept. 14a
$2
American Locomotive, corn. (quar.)___ _
136 Sept.30 Holders of rec. Sept. 13a
Preferred (guar.)
1% Sept.30 Holders of rec. Sept. 13a
American Mfg., pref. (quar.)
14 Oct. 1 Sept. 17 to Oct. 1
Preferred (quar.)
14 Dec. 31 Dee 17 to
Doc. 30
Amer. Power & Light, pref.(quar.)
1% Oct. 2 Holders of rec. Sept. 15
American Public Service, pref. (quar.)
1% Oct. 2 Holders of rec. Sept. 15
American Radiator,common (quar.), _ $1
Sept.30 Holders of rec. Sept. 150
American Safety Razor Corp.(No. 1)
25c Oct. 2 Holders of rec. Sept. 12a
American Shipbuilding, common (quar.) 2
Nov. 1 Holders of rec. Oct. 15
Common (quar.)
2 F eb. 123 Holders of rec. Jan.15'23
Common(quar.)
2 M ay 1'23 Holders of rec. Apr.14'23
Common (guar.)
2 A ug. 1'23 Holders of rec. July 14'23
Amer. Smelters Scour., pref. A (quar.)
__
1% Oct. 1 Sept. 16 to Sept.24
Preferred B (quar.)
14 Oct. 1 Sept. 16
to Sept.24
American Snuff, common (quar.)
3
Oct. 2 Holders of rec. Sept. 14"
Preferred (quar.)
136 Oct. 2 Holders of rec. Sept. 14a
American Steel Foundries, corn.
(quar.)_
75c. Oct. 14 Holders of rec. Oct. 2a
Preferred (quar.)
134 Sept. 30 Holders of rec. Sept. 15a
American Stores, common (quar.)
1 4 Oct. 2 Sent. 21 to Oct. 2
3
Name of Company.
1297
Per
TVhen
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous. (Continued).
Amer. Sugar Refg., pref. (quar.)
I% Oct. 2 Holders of rec. Sept.
American Telegraph & Cable (quar.)..- - *14 Dec. 1 *Holders of rec. Nov. la
American Telephone & Telegraph (guar.) 234 Oct. 16 !folders of rec. Sept.30
20a
Quarterly
24 Jan 1523 Holders of rec. Dec. 20a
Quarterly
234 Apr16'23 Holders of rec. Mar.16'23
Quarterly
234 J'Iy16'23 Holders of rec. June 20'23
American Tobacco, pref. (quar.)
134 Oct. 2 Holders of rec. Sept.
Amer. Window Glass :Mach., corn. (qu.) 13.5 Oct. 2 Holders of rec. Sept. 9a
8
Preferred (ouar.)
13 Oct. 2 Holders of rec. Sept. 8
(
,
American Woolen, corn. and pref.(quar.) 14 Oct. 16 Sept. 16 to
Sept. 26
Armour & Co., prof. (quar.)
14 Oct. 2 Sept. 16
to Oct. 1
Associated 011 (quar.)
14 Oct. 25 Holders of rec. Sept.302
Atlantic Refining, common (quar.)
5
Sept. 16 Holders of rec. Aug.
Bethlehem Steel, corn. & corn. B (guar.) 134 Oct. 2 Holders of rec. Sept.21a
15a
Preferred (quar.)
1% Oct. 2 Holders of rec. Sept. 15a
Eight per cent preferred (quar.)
Oct. 2 Holders of rec. Sept. 15a
2
Borne Scrymser(annual)
20
Oct. 16 Sept. 17 to Oct. 14
Brandram-Henderson, Ltd, common_ _
134 Dec. 1 Holders of rec. Nov. la
Brit.
-Amer. Tob., ordinary (interim)
Sept.30 Holders of coup. No. 92s
4
Brooklyn Union Gas (guar.)
2
Oct. 2 Holders of rec. Sept. 15a
Bucyrus Co., pref. (quar.)
1'4 Oct. 2 Holders of rec. Sept. 202
Buda Company, pref.(guar.)
194 Oct. 1 Holders of rec. Sept. 20
Burroughs Adding Machine (quar.)
Sept.30 Holders of rec. Sept.21a
2
Bush Terminal Buildings, pref. (quar.)_
14 Oct. 2 Holders of rec. Sept. 20a
California Petroleum, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 20a
Calumet & Arizona Mining (quar.)
50c. Sept.25 Holders of rec. Sept. 8a
Cambria Iron
2
Oct. 2 Holders of rec. Sept. 15a
Canada Bread, preferred (guar.)
.134 Oct. 1 *Holders of rec. Sept. 16
Canadian General Electric (quar.)
136 Oct. 2 Holders of rec. Sept. 15
Canadian Locomotive, common (quar.)_
1
Oct. 1 Holders of rec. Sept. 201
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 20a
Case(J. I.) Thresh. Mach., pref. (qu.)
134 Oct. 1 Holders of rec. Sept. I la
Celluloid Company, corn. (guar.)
134 Sept.30 Holders of rec. Sept. 15a
Central Ills. Public Service, pref. (quar.) 14 Oct.d15 Holders of rec.
Sept.
Central States Elec. Corp., pref. (quar.) 14 Sept.30 Holders of rec. Sept. 30a
9
Certain-teed Prod., lot & 25 pref. (qu.). 194 Oct. 2 hollers of rec.
Sept. 200
Chandler MotorCar (quar.)
51.50 Oct. 1 Holders of rec. Sept. 20a
Chesebrough Mfg., common (quar.),.__ _
334 Sept.30 Holders of rec. Sept. On
Preferred (quar.)
14 Sept.30 Holders of rce. Sept. On
Chicano Mill & Lumber, pref. (quar.).
1% Oct. 2 Holders of rec. Sept. 23a
Cities Service
Common (monthly, payable in scrip)_ •g36 Oct. 1 *Holders of rec.
Sept. 15
Common (payable in corn. stk. scrip)_
g13.( Oct. 1 *Holders of rec. Sept. 15
.
Pref. & pref. B (payable in cash)
•36 Oct. I *Holders of rec. Sept. 15
Cluett,Peabody & Co., Preferred (quar.) 134 Oct. 2 Holders of rec.
Sept. 20a
Coca-Cola Co., corn. (guar.)
Oct. 1 Holders of rec.
51
Colonial Finance Corp., corn. (quar.)_ _ _ 25e. Oct. 1 Holders of rec. Sept. 15a
Sept. 1
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 1
2
Columbia Petroleum (monthly)
Oct. 1 Holders of rec. Sept. 20
1
Commercial Solvents, Class A, pref.(qu.) $1
Oct. 1 Holders of rec. Sept.20a
Computing-Tabulating-Recording (qu.) _ $1.50 Oct. 10 Holders of
rec. Sept.25a
Connor (John T.).common (quar.)
25e. Oct. 2 Holders of rec. Sept. 20a
Consol. Gas, El. Lt. & P., corn. (qu.)_ _
Oct. 2 Holders of rec. Sept. 15a
2
Preferred, Series A (guar.)
Oct. 2 Holders of rec. Sept. 15
2
Preferred, Series B (No. 1)
14 Oct. 2 Ht Iders of rec. Sept. 15
Continental Can, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 20a
Cramp (Wm.)& Sons Ship dz E.B.(qu.) 1
Sept.30 Sept. 16 to Oct. 1
Crucible Steel, preferred (quar.)
14 Sept.30 Holders of rec. Sept. 15a
Cuban-American Sugar, pref. (quar.)__ _
I% Sept.30 Holders of rec. Sept. 2a
Davis Mills (quar.)
I% Sept.23 Holders of rec. Sept. fla
Detroit & Cleveland Navigation (quar.)_ $1
Oct. 2 Holders of rec. Sept. 15a
Detroit Edison (guar.)
Oct. 16 Holders of rec. Sept. 20a
2
Dominion Glass, common (quar.)
136 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
4 Oct. 2 Holders of rec. Sept. 15
13
Dominion Iron & Steel, preferred (quar.) lq Oct. 1 Holders of
rec. Sept. 15
Dominion Oil (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Dominion Textile, common (quar.)
3
Oct. 2 holders of rec. Sept. 15a
Preferred (guar.)
1% Oct. 16 Holders of rec. Sept. 300
Draper Corporation (quar.)
3
Oct.
Dunham (James H.)& Co.,corn.(guar.) *136 Oct. 2 Holders of rec. Sept. 2
dl Holders of rec. Sept. 20a
First preferred (guar.)
*1 4 Oct. dl Holders of rec. Sept. 20a
1
Second preferred (quar.)
*1 % Oct. dl Holders of rec. Sept. 20a
duPont(E.I.)deNem.&Co.deb.stk.(qu.) 154
Oct. 25 Holders of rec. Oct. 10a
Eastman Kodak,common (quar.)
$1.25 Oct. 2 Holders of rec. Aug. 3Ia
Preferred (guar.)
13.4 Oct. 2 Holders of rec. Aug. 31a
Elsenlohr (Otto) & Bros., pref. (quar
1 3 Sept.30 Holders of rec. Sept.20a
4
)_ _
Elec. Stor. Battery, corn. & pref.
(guar.)
75c Oct. 2 Holders of rec. Sept. 15a
Emerson Electric Mfg., pref.(quar.)_
134 Oct. 1 Holders of rec. Sept. 20
___
Erie Lighting, preferred (guar.)
50e Oct. 2 Holders of rec. Sept. 15
Famous Players-Lasky Corp.,
corn.(qu.)
Oct. 2 Holders of rev. Sept. 15a
Fisher Body Ohio Corp., pref. (quar.). 52
2
Oct. 1 Holders of rec. Sept. 21a
Galena-Signal 011, preferred (quar.)_ _
Sept. 30 *Holders of rec. Aug. 31
_ _ _ *2
General Baking, corn, and pref.
Oct. 1 Holders of rec. Sept. 161
2
(quar.)..
Genera I Cigar, dA)entilre pref.
(guar.) _
134 Oct. 2 Holders or ree. Sept. 25a
General Electric (quar.)
Oct. 14 Holders of rec. Sept. 7a
2
Speclal (payable in special
Oct. 14 Holders of rec. Sept. 7a
stock) -- - - e5
General Railway Signal, pref. (q
uar.) _ _ _
13.4 Oct. 1 Holders of rec. Sept. 20
Gillette Safety Razor (stock
e5
Dec. 1 Holders of rec. Nov. 1
div.)
Gold & Stock Telegraph
(guar.)
134 Oct. 2 Holders of rec. Sept. 30a
Goodrich (B. P.) Co., pref. (guar.)
14 Oct. 2 Holders of rec. Sept. 22a
Grasselli Chemical, common
Sept. 30 Holders of rec. Sept. 15a
2
(quar.)_- - Preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 15a
Great Western Sugar. pref. ((friar.)
14 Oct. 2 Holders of rec. Sept. 15a
Guantanamo Sugar. pref.(guar.)
Sept.30 Holders of rec. Sept. 15a
2
Gulf State Steel, first preferred
14 Oct. 2 Holders of rec. Sept. 16a
(quar.)_ _
Rarblson-Walker Refrac., pref.
134 Oct. 20 Holders of rec. Oct. 10a
Hart. Sehaffner & Marx, Inc., (guar.)114 Sept.30 Holders of rec. Sept. 19a
Haverhill Gas Light (quar.) pref.(qu.)
51.1234 Oct. 2 Holders of rec. Sept. 15a
IIecla Miming ((Few.)
*I5c. Sept.28
Helme (George W.) Co., corn. (quar.),.
Oct. 2 Holders of rec. Sept. 18a
3
Preferred (guar.)
1% Oct. 2 Holders of rec. Sept. 18a
Hercules Powder.common (quar.)
Sept.25 Sept. 16 to Sept. 25
3
Romestake Mining
(monthly)
25c. Sept. 25 Holders of rec. Sept. 20a
Hood Rubber, common (quar.)
Sept.30 *Holders of rec. Sept. 20
*51
Illinois !tell Telephone
(guar.)
Sept.30 *I olden; of rec. Sept.29
*2
Imperial 011, common (quar.)
234 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
Oct. 1 Holders of rec. SePt. 10
2
Internat. Button Hole Sew.
Oct. 2 Holders of rec. Sept. 15
1
Mach.(qu.)
International Cement, common
(quar.) _ 62340 Sept.30 Holders of rec. Sept. 15a
Preferred (quar.)
134 Sept. 30 Holders of rec. Sept. 15
International Harvester, corn.
(quar.)__ _
131 Oct. 16 Holders of rec. Sept. 250
International Salt (quar.)
195 Oct. 2 Holders of rec. Sept. 15a
International Silver, pref.
(Set. I Sept 15
to
Oct. 1
Intertype Corp., corn. (in (guar.)
corn. stock)_.. 110 Nov. 15 Holders of roe. Nov. la
Island Creek Coal, common
Oct. 2 Holders of rec. Sept. 18a
(quar.).__ _ 52
Common (extra)
Oct. 2 Holders of rec. Sept. 18a
52
Preferred (quar.)
$136 Oct. 2 Holders of rec. Sept. 18a
Kelly-Springfield Tire ,pref.
(quar.)__
136 Oct. 2 Holders of rec. Sept. 15a
Kelsey Wheel Co., common
(quar.)
$1.50 Oct. 2 Holders of rec. Sept. 20a
Kresge (S. S.) Co., preferred
1% Oct. 1 Holders of rec. Sept dl6a
(guar.)- - Kress (S. H.) & Co., preferred
(quar.)
$2
1A Oct. 2 Holders of rec. Sept. 20a
Lehigh Valley Coal
Sales (guar.)
Oct. 2 Holders of rec. Sent. 14a
Liggett dz Myers Tobacco,
pref. (quar.). 134 Oct. 2 Holders of rec. Sept. 15a
Lorillard (P.) Co., common
3
Oct. 2 Holders of rec. Sept. 16a
(quar.) - -Preferred (guar.)
14 Oct. 2 Holders of rec. Sept. 161
Loose-Wiles Biscuit, first pref. (quar.).
lq Oct. 1 Holders of rec. Sept. 19a
_
Second preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 19a
Mack Trucks, Inc., 1st & 2d
pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 201
Mackay Companies, common (quar.)
14 Oct. 2 Holders of rec. Sept. 6a
Preferred (quar.)
1
Oct. 2 Holders of rec. Sept. 6a
Manati Sugar, preferred
14 Oct. 2 Holders of rec. Sept. 15a
(quar.)
Manhattan Electrical Supply ((mar.)
Oct. 2 Holders of rec. Sept.20a
--- $1
Nlanh Luau Saint, pref.
1% Oct. 2 Holders of rec. Sept. 19
(guar.)
Manufacturers' Light & Heat (quar.)
Oct. 14 Holders of rec. Sept. 30a
2
\4arland 011(No. it
Sept. 30 Holders of rec. Aug. 31a
$1
Mathieson Alkali Works, pref.
14 Oct. 2 Holders of rec. Sept. 20a
Department Stores, corn.(quar.)_. 2
(quar.)My
Dec. 1 Holders of rec. Nov. 15a
Preferred (attar.)
134 Oct. 2 Holders of rec. Sept. 15a
Morgenthaler lInotype(guar.)
234 Sept.3() Holders of rec. Sept. 6a
Mexican Petroleum, common (quan)
Oct. 10 Holders of rec. Sept. 15a
--- 3
Preferred (quar.)
2
Oct. 2 Holders of rec. Sept. 15a
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
300. Oct. 1 Holders of rec. Sept. Pa
Middle States 011 (quar.)
Oct. 2 Holders of rec. Sept. 15
Middle West Utilities, preferred Mara_ $1
Oct. 1 Holders of rec. Sept. 14
(guar.)
Montana Power, common
131 Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.)
2
Sept.20 Sept. 12 to Sept. 14
Motor Wheel Corp., common (guar.)_ _ _
20e, Oct. 2 Holders of rec. Sept. 15a
Mountain Producers Corporation (guar.)
Oct. 14 Holders of rec. Sept. 30a
National Biscuit, corn. (guar.)
Oct. 2 Holders of rec. Sept. 15a
common (guar.)_ _ _ _ $1
National Breweries.
151 Oct. 2 lIolders of erc. Sept. 15a
Preferred (quar.)
Sept.30 Holders of rec. Sept. Pa
Nat. Enameling & Stpg., pref. (quar.)
15i Dec. 30 Holders of rec. Dec. Pa
Preferred (guar.)
15i Sept.30 Holders of rec. Sept. 15a
National Lead, common (guar.)
I 31 Oct. 2 Holders of rec. Sept. 11
National Sugar Refining (guar.)
3
Oct. 2 Holders of rec. Sept. 20a
National Surety (guar.)
2
Sept.30 Holders of rec. Sept. 13a
New England Telep. & Teleg. (guar.)_ _
4
Oct. 14 Holders of rec. Sept. 20
New York Transit
$1.25 Oct. 2 Holders of rec. Sept. 5a
North American Co., corn. (guar.)
750. Oct. 2 Holders of rec. Sept. 5a
eferred (guar.)
$1.25 Sept.30 Aug. 27 to Sept. 24
Ohio 011 (guar.)
75c. Sept.30 Aug. 27 to Sept.24
Extra
2
Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
Orpheum Circuit,
1
Oct. 2 Holders of rec. Sept. 15
Ottawa Car Mfg.(quar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Owens Bottle, corn.(guar.)
134. Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
*300. Oct. 1 *FIolders of rec. Sept.20
Paige-Detroit Motor Car, common
*U1 Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
Pan-Amer. Petrol. & Transp,. Class A &
$1.50 Oct. 10 Holders of rec. Sept. 157
B (guar.)
Sept.30 Sept.21 to Sept.29
Parke, Davis & Co.(guar.)
4
Sept.30 Sept. 21 to Sept.29
Extra
no.Sept.30 Holders of roe. Sept. la
Peerless Truck & Motor (quar.)
75o. Dee. 31 Holders of rec. Dec. in
Peerless Thick & Motor (guar.)
Oct. 2 Holders of rec. Sept. ha
Penn Central Light Sr Pow., pref.(quar.) $1
14 Sept.30 Holders cf rec. Sept. 20a
Penney (J. C.) CG , pref. (guar.)
Pennsylvania Power & Light, Pref.(W) 14 Oct. 2 Holders of rec. Sept. 15
y, Oct. 2 Holders of rec. Sept. 15a
1,
Pennsylvania Water & Power (guar.)_ _ _
Pettibone,Mulliken Co.,1st& 2d pf (qu.) 131 Oct. 2 Holders of rec. Sept. 21a
50e. Sept.30 Holders of rec. Sept. 15a
Phillips Petroleum (guar.)
37l4c Oct. 2 Holders of rec. Sept. 18a
Pond Creek Coal (quar.)
A Oct. 2 Holders of rec. Sept. 23
Price Bros. (quar.)
155 Oct. 2 Holders of rec. Sept. 15
Provincial Paper,common (guar.)
134 Oct. 2 Holders of rec. Seat. 15
Preferred (quar.)
$1.25 Oct. 1 Holders of rec. Sept. 153
Pure 011 Co.,53% pref. (guar.)
155 Oct. 1 Holders of rec. Sept. 15
Six per cent preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 15a
Eight per cent preferred (guar.)
2
Oct. 16 Holders of rec. Oct. 2a
Quaker Oats, common (quar.)
135 Nov. 30 Holders of rec. Nov. la
Preferred (guar.)
2
Sept. 30 Holders of rec. Sept. 16a
Railway Steel-Spring, common (quar.)_ _
134 Sept.20 Holders of rec. Sept. 6a
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 10a
Ranger Texas Oil (quar.)
3
Oct. 2 Holders of rec. Sept. 15
Reece Button hole Mach. (attar.)
55 Oct. 2 Holders of rec. Sept. 15
Reece Folding Machine (guar.)
525e
Oct. 2 *Holders of rec. Sept. 15
Reo Motor Car (quar.)
134 Sept.30 Holders of rec. Sept. 18
Reynolds Spring Co., pr. A & B (qu.)
Reynolds(It. J.) Tob.,com. A & B (qu.)_ 75c. Oct. 2 Holders of rec. Sept. 18a
134 Oct. 2 Holders of rec. Sept. 18a
;
Preferred (guar.)
25c. Sept.20 Sept. 10 to Sept.20
St. Joseph Lead Co.(quar.)
Sept. 30 Holders of rec. Sept. 16a
St. L. Rocky Mt.& Pac. Co., corn.(qu.) 1
134 Sept.30 Holders of rec. Sept. 16a
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15a
1
Sears, Roebuck & Co., pref. (quar.)__
Shell Union Oil Corporation (No. 1)- -- - *25c. Sept.30 *Holders of rec. Sept.20
(qu.) 135 Sept.30 Holders of rec. Sept. 15
Sherwin-Williams Co.of Can.,cons.
14 Sept.30 Holders of rec. Sept. 15
Preferred (quar.)
155 Sept.30 Sept. 14 to
Oct. 1
South Penn Oil(guar.)
Oct. 2 Holders of rec. Sept. 15a
2
South Porto Rico Sugar, pref.(quar.)_ _ _
Oct. 2 Holders of rec. Sept. 15
$1
South West Pa. Pine Lines (guar.)
1
Sept.20 Holders of rec. Sept. 1
Southern States 011 (monthly)
Sept.20 *Holders of rec. Sept. 1
*4
Stock dividend
*31.25 Oct. 2 *Sept. 16 to Oct. 2
Standard 011 (Kentucky) (quar.)
Oct. 2 Holders of rec. Aug. 25a
3
011 (Ohio) (quar.)
Standard
Oct. 2 Holders of rec. Aug. 25a
1
Extra
14 Oct. 1 Holders of rec. Sept. 203
Steel & Tube of Amer., pref. (quar.)_
*10e. Oct. 5 *Holders of rec. Sept. 30
Sterling 011 & Development
Oct. 2 Holders of rec. Sept. 18s
31
Stromberg Carburetor
Oct. 1 Hollers of rec. Sept. 9a
2
Swift & Co. (quar.)
75e. Sept.30 Holders of rec. Sept. 8a
Texas Company (guar.)
25e. Sept.30 Holders of rec. Sept. 6a
Texas Pacific Coal & 011 (guar.)
Oct. 2 Holders of rec. Sept.20
4
Thompson-Starrett Co.. preferred
*75c. Sept.20 *Holders of rec. Sept. 11
Timken Roller Bearing (No. 1)
14 Oct. 2 Holders of rec. Sept. 157
Tobacco Products Corp., pref. (quar.)_ _
14 Nov. 15 Holders of rec. Oct. 237
Preferred A (quar.)
Sept.20 Holders of rec. Sept. 5a
$2
Todd Shipyards Corp. (attar.)
Oct. 2 Sept. 16 to Sept. 21
Development (quar.)_
Tonopah Belmont
Sc. Oct. 2 Holders of rec. Sept. ha
Tonopah Extension Mining (guar.)
*10. Sept.20 *Holders of rec. Aug. 31a
Turman Oil(monthly)
*10. Oct. 20 *Holders of rec. Sept.30a
Monthly
234 Oct. 1 Holders of rec. Sept. 2a
Underwood Typewriter, corn. (quar.)_ _ _
134 Oct. 1 Holders of rec. Sept. 23
Preferred (guar.)
Oct. 16 Holders of rec. Oct. 6a
Union Bag & Paper (quar.)
Oct. 2 Holders of rec. Sept. On
$1
Union Carbide & Carbon (quar.)
corn.(quar.). iJ. Oct. 2 Holders of rec. Sept. 15a
United Dyewood Corp.,
1% Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
15c. Oct. 2 Holders of rec. Sept. in
United Profit Sharing (guar.)
.1
Sept.30 *Holders of rec. Sept. 15
U. S. Gypsum, common (quar.)
*134 Sept.30 *Holders of rec. Sept. 15
Preferred (guar.)
See note "u"
U. S. RadiatorSept.29
Aug. 30
ii
U.S.Steel Corporation. corn.(guar.)- - 75e. Oct. 2 Holders of rec. Sept. 18a
U. S. Tobacco, common (quar.)
14 Oct. 2 Holders of rec. Sept. 18a
Preferred (quar.)
131 Sept.27 Holders of rec. Sent. 16
(quar.)_ _
Utilities Securities Corp., Pref.
Oct. 2 *Holders of rec. Sept. 15
*1
Wabasso Cotton ((luar.)
50c. Oct. 1 Holders of rec. Sept. 22a
Wahl Co., common (monthly)
1.1 Oct. 1 Holders of rec. Sept. 22a
Preferred (quar.)
50c. Oct. 2 IIolders of rec. Sept. 207
Waldorf System, common (quar.)
20e. Oct. 2 Holders of rec. Sept. 207
_
First preferred and preferred (quar.)_
131 Sept.30 Holders of rec. Sept.207
Mfg., pref. (guar.)
Walworth
75c. Oct. 2 Holders of rec. Sept. 23a
(quar.)
Warren Bros. Co., 1st pref.
8755e Oct. 2 Holders of rec. Sept. 273
Second pref.(quar.)
$2.50 Sept.30 Holders of rec. Sept. 1,6a
Western Electric, common (quar.)
14 Sept.30 Holders of rec. Sept. 163
Preferred (guar.)
Oct. 31 Holders of rec. Sept. 30a
31
Elec.& Mfg.,corn.(guar.) $1
Westinghouse
Oct. 16 Holders of rec. Sept. 307
Preferred (quar.)
Sept.30 Holders of rec. Sept.20a
$1
White Motor (guar.)
134 Oct. 2 Holders of rec. Sept. ha
W.) Co.. pref. (guar.)._
Woolworth (F.
Oct. 2 Holders of rec. Sept. 207
A (qu.) 14
Worthington Pump & Mach., pf.
Oct. 2 Holders of rec. Sept.20a
Preferred B (quar.)
(monthly)..._ - 50c. Oct. 1 Sept.20 to Sept.30
Wrigley(Wm.) Co.,corn.
50c. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
Dec. 1 Nov. 26 to Nov.30
Common (monthly)
500. Jan. 1 Dec. 26 to Dec. 31
Common (monthly)
Wurlitzer(Rudolph) Co.
75e. Sept.25
Common (monthly)
Dec. 1 Holders of rec. Nov. 21
2
(guar.)
Eight per cent preferred
Marl'23 Holders of rec. Feb.19'23
2
preferred (quar.)
Eight per cent
J'nel'23 Holders of rec. May 22'23
2
(guar.)
Eight per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. 21
134
Seven per cent preferred
lx Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (quar.)
1.4 Aprl'23 Holders of rec. Mar. 22
Seven per cent preferred (guar.)
tuts mums teat sto,
Tne New York Stock :tact:mules
• From unofficial sources. t this date and not until further notice. a Transfer
will not be quoted ex-dividend on
British income tax. tt Correction
this dividend. h Less
17 Payable In scrip. h On
books not closed for
In common stock.
e Payable in stock. !Payable C Payable in Liberty or Victory Loan bonds.
account of accumulated dividends. k Payable In Canadian funds.
funds
Payable In New York
and Sept. 30 1921.
m For quarters ending June 30 in London on or before Sept. I will be in time for
s All transfers received in order
eaeh
Payment of dividend to transferee.
,Ilviclends of 75 centa
Mad" IIU of Lwo JllartsrlY
on common and preferred stock reported in
U United States Radiator dividend error. No dividend has been declared on
an
these columns in previous issues, was
either the common or preferred stocks.
[vol.. 115.
THE CHRONICLE
1298
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 9. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)
Net
Reserve
Capital.; Profits. Loans,
Time Bank
Net
with
Dtscount, Cash
Week ending
De- CtreuLegal Demand
in
Sept. 9 1922 Nat'l, June30 InvestState, June30 meats, Vault. eposi- Deposits. posits. fatten.
tortes.
Ste.
(000 omWed.) Tr.Cos, June30
Members of Fed. Res. Bank. Average Average Average
$
641 3,816
647
7
Bk of NY, NBA 2,000 17:272 40,538
125,849 2,155 14,782
Bk of Manhat'n 5,000
Mech &Met Nat 10,000 17,326 162,514 7,760 21,270
Bank of America 5,500 5,8281 66,780 1,557 8,789
Nat'l City Bank 40,000 49,7301 468,839 7,318 59,754
Chemical Nat__ 4,500 15,967 120,498 1,119 13,855
487
63
5,085
0
17
500
Nat Butch & Dr
99,997 1,056 11,086
Amer Exch Nat 5,000 7,450
999 36,109
25,000 36,405 338,904
Nat Bk of Comm
990 3,125
22,888
1,000 1,712
Pacific Bank_ _ _
Chat&Phen Nat 10,500 9.865 144.627 5,203 16,591
379 16,527
20,169 115,191
IIanover Nat'l_ 5,000
Corn Exchange_ 8,250 11,147 164,698 6,721 22,280
487 3,422
35,011
Nat 1,500 8,500
Imp & Trad
697 16,357
Nat Park Bank.. 10,000 23,230' 155,097
345 1,434
12,999
7761
East River Nat.. 1,000
469 25,516
43,695! 283,801
First Nat Bank_ 10,000
Irving Nat Bank 12,500 11,066 192,093 3,763 25,584
904
143
6,970
882,
Continental Bk.. 1,000
Chase Nat Bank 20,000 21,503 319,790 5,178 39,533
581 2,852
500 2,273! 20,773
Fifth Ave Bank.
466 1,162
8,398
8841
400
Commonwealth.
379 1,877
Garfield Nat 13k 1,000 1,5751 15,376
239 1,803
18,122
973
Fifth Nat Bank. 1,200
75,684 1,032 9,579
Seaboard Nat__ 4,000 6,763
581 1,737
14,639
Coal Sc Iron Nat 1,500 1,311
846 32,791
Bankers Tr Co. 20,000 24,083 279,930
736 6,202
55,979
U S Mtge & Tr- 3,000 4,110
Guaranty Tr Co 25,000 17,400 377,621 1,191 40,286
369 2,359
19,130
1,788
Tr_
1,500
Fidel-Intern
647 10,074
Columbia Tr Co 5,000 7,877, 80,491
399 17,152
N Y Trust Co__ 10,000 17,073 157,226
527 5,013
41,680
Metropolitan Tr 2,000 3,704
505 13,167
Farm Loan & Tr 5.000 14,624 130,865
659 3,437
28,408
Columbia Bank. 2,000 1,908
Equitable Tr Co 12,000 15,392, 158,547 1,306 21,926
Average
28,388
102,199
156,731
65,947
*527,875
100,272
3,431
82,815
271,681
21,713
115,468
104,273
150,267
25,989
124,385
11,148
183,740
187,086
5,610
291,039
20,992
8,638
14,268
13,878
71,796
12,723
*256,297
47,717
*389,395
18,251
73,515
125,566
36,764
*94,256
26,373
*184.810
Average Argo.
$
,122 1,570
$
3
18,416
997
24, 55
42 6578 1895.
575
:
343
11,441
5
299
9,887 4.970
33,430 _ _ _ _
670
23,398 5,786
100
872
21,
51
658
5,482
50
1,928
54,547 7,472
8,401 2,528
380
30,320 1,098.
130
805
1,676
619
22,049
6,484
53,426
634
6,675
21,592
3,859
28,743
1,671
16,279
-ioo
247
65
415
____
_ _ -____
_ __
___
438,61233,768
Total of averages 272,350 432,0934,365,038 57,506 512,688c3,735,608
33,792Totals, actual co edition Sept. 9,14,347,371 58,798 528,525 3,710,611 439,194
440,05833,819
Totals, actual condition Sept. 2'4,348,055 52,500 526,201 3,748,902 441,589 33,795
3,732,193
Totals, actual co ndition Aug. 2614,386,284 54,954 504,776
State Banks Not Members of Fed'I Res've Bank.
50
17,417
Greenwich Bank 1,000 2,0271 17,439 1,486 1,635
2,521 2,151
416
320
5,323
884
250
Bowery Bank.._
26,435 49,402
79,161 3,291 1,772
Bank_ __ .. 2,500 4,281
State
46,373 51,693
Total of averages 3,750 7,193 101,923 5,097 3,823
46,408 51.727
5,223 3,769
Totals, actual coindition Sept. 9 101,935
46,982 51,610
3,849
Totals, actual condition Sept. 21 102,431 4,960 3,876
46,171 51,553
5,090
Totals, actual condition Aug.26' 101,319 Res'v e Bank
Trust Companies Not Members of Fed 'I 1,367 3,657
33,414 1,127
Guar & Tr.' 7,500 13,784' 50,498
Title
555
16,790
397 1,837
24,988
Lawyers T & Tr 4,000 6,440
Total of averages 11,500 20,224
75,486
2,264
5,494
50,204
1,682
51,134 1,656
76,475 2,294 5,472
Totals, actual coinditIon Sept. 9
50,987 1,689
76,565 2,095 5,722
Totals, actual condition Sept. 2
51,694 1,727
2,084 5,708
77,463
Totals, actual co ndition Aug.26
1
459,513 4,542,447 64,867 522,005 3,832,185 491,987 33,768
Gr'd aggr.. avge287,600
-14,634 +1,562 -5,197 -22,134 -2,415 -29
Comparison wit h prey. week
66,315537,766 3,808,153 492,57733,792
Gr'd aggr., act'l cond'n Sept. 9-1,525,781
-780 -27
Comparison with prey. week _ _ -1,270 +6,760 +1,994 -38,718
3,846,871 493,357 33,819
3,830,0581494.869 33,795
3,859,847,510,402 33,778
3,886,7211505,924 33,775
3,940.7151488,35033.845
deposits in the general totals.
-U. S. deposits deducted from net demand
Note.
totals Sept. 9.
above were as follows: Average totals Sept. 9, $58,077,000; actual
$58,106,000.
$58,078,000; Sept. 2, $.58,076,000; Aug. 26, $58,078,000; Aug. 19,
and other liabilities:
Aug. 12, $61,252,000. Bills payable, rediscounts, acceptances
9, $348,883,000;
average for the week of Sept. 9, $324,951,000; actual totals Sept.
$380,515,000; Aug. 12,
Sept. 2, $318,953,000; Aug. 26, $337,409,000; Aug. 19,
$350,346,000.
as follows:
Includes deposits in foreign branches not included in total footing
*
Guaranty Trust
National City Bank, $93,497,000; Bankers Trust Co., $10,281,000;
Equitable Trust Co.,
Co., $89,031,000: Farmers' Loan & Trust Co., $71,000;
reserve for such
$26,808,000. Balances carried in banks in foreign countries as Co., $433,000:
Trust
deposit were: National City Bank, $24,469,000; Bankers
$71,000; EquitableGuaranty Trust Co., $18,176,000; Farmers' Loan & Trust Co.,
not included.
Trust Co., $3,949,000. c Deposits in foreign branches
Gr'd
oaoci
Gr'd
Gr'd
Gr'd
aggr., aced cond'n
aggr., act'd,cond n
aggr., act'd cond'n
aggr., acr/cond'n
aggr.. ace1cond'n
Sept. 24,527,052
Aug.26 4,506,066
Aug. 19 4,602,736
Aug. 12 4,599,338
Aug. 54.65i.543
59,555 535,772
62,128 514,360
60,420 560,447
62,606 565,044
63.299572.444
s
The reserve position of the different groups of institution
actual
on the basis of both the averages for the week'and the two
condition at the end of the week is shown in the following
tables:
CLEARING
STATEMENT OF RESERVE POSITION OF
AND TRUST COMPANIES.
HOUSE BANKS
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_ _ _ _
State banks*
Trust companies_ _ _ _
5,097,000
2,264,000
Total
Reserve.
a
Reserve
Required.
Surplus
Rescrve.
512,688,000 512,688,000 498,787,400 13,900,601)
572,860
3,823,000 8,920,000 8,347,140
227,400.
5,494,000 7,758,000 7,530,600
7,361,000 522,005,000 529,366,000 511,665,140 14,700,860
Total Sept. 9_ _ _
7,142,000 527,202,000 534,344,000 517,627,540 16,716,460
Total Sept.
4,578,000 518,419,810 6,156,190
Total Aug. 21L.... 7,207,000 517,369,00052
7,171,000 525,030,0001532,201,000 520,785,210 11,415,790.
Total Aug. 19.. _ _
Federal Reserve Bank.
* Not members of
net demand deposits in the case of State banks
a This is the reserve required on
of members of the Federal Reserve Bank inand trust companies, but in the case on net time deposits, which was as follows:
cludes also amount in reserve required
9,613,158,360; Sept. 2, 313,231,590; Aug 26, $13,331,640: Aug. 19, 313,647,Sept.
120.
SEPT. 161922.]
THE CHRONICLE
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks.
Trust companies_
5,223,000
2,291,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
7,517,000 537,766,000 544,283,000 511,578,790 33,701,210
7,055,00 531,772.000 542,827,000 516,663,810 26,103,190
7,174,000 514,360,000 521,534,000 514,497,640 7,036,360
7,039,000 560,447,000 567,480,000 518,865,440 48,620,560
4 Not members of Federal Reserve Bank.
.
b This is the reserve required on net demand deposits in the C3.90 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
$13,175,820; Sept. 2, $13,201,740; Aug. 26, $13,247,670; Aug. as follows: Sept. 9,
19, $13,711,830.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST
COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(Figures Furnished by State Banking Department
.)
Differences from
Sept. 9
eaous week
Loans and Investments
$755,297,400 Inc. $861,200
Gold
5,856,700 Inc.
74,100
Currency and bank notes
18,222,700 Inc. 1,050,900
Deposits with Federal Reserve Bank of New York
63,534,100 Inc.
246,500
Total deposits
780,921,800 Dec. 4,244,800
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits 734,087,80
0 Dec. 7,830,700
Reserve on deposits
118,618,500 Inc. 3,745,900
Percentage of reserve, 19.9% •
RESERVE.
State Banks
- --Tryst Companies
Cash in vault
.$25,732,400 16.97%
561,881,100 13.94%
Deposits in banks and trust cos
8,494,700
22,510,300
5.60%
5.08%
Total
$34,227,100 22.57%
881,391,400 19.02%
4 Includes deposits with the Federal Reserve Bank of
.
New York, which for the
State banks and trust companies combined on Sept. 9
were $63,534,100.
Banks and Trust Companies in New York City.--the
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANI
ES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
'Total Cash
,
in Vaults.
s
$
$
Week endedMay 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Reserve in
Depositaries.
5,297,769,500 4.807,891,800
91,723,900
5,334,400,700 4,827,593,600
91,161,400
5,372,704,700 4,853,005,100
91,486,700
5,408,101,600 4,852,514,100
93,253,000
5,372,704,700 4,853,005,100
91,486,700
5,491,415,000 4,980,544,500
90,155,600
5,370,259,900 4,816,507,000
88,730,000
5,457,357,300 4,808,047,500
92,436,900
5,421,565,700 4,792,536,500
95,874,700
5,408,203,300 4,762,119,600
88,862,800
5,350,876,600 4,700,542,500
89,033,900
5,406,610,600 4,714,814,300
87,948,700
5,383,432,700 4,646,854,700
89,403,600
5,372,803,000 4,613,652.400
86,409,800
5,334,972,100 4,599,909,500
86,492,800
5 3t 1,517,600 4,506,237.500
80,259,400
5,297,744,400 4,566,272,800
88,946,400
.
This item includes gold, silver, legal tenders,
national bank notes
Reserve notes.
$
648,307,500
638,697.600
646,059,900
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
018.135.000
609.486,700
619,063,200
616,544,100
and Federal
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 10001
omitted.)
Net Loans,
CLEARING
Capital. Profits.
Reserve
Net
Net
Nat'l
NON-2vIEMI3ERS
counts, Cash
with Demand Time Bank
Nat.bks.June30 Invest-1 in
Legal
DeDe-CircuWeek ending StatebksJune30 meats, I Vault. Deposi- posits. posits.
lation.
Sept. 9 1922.
Tr. cos. June 30 ,Svc.
tories.
Members of
Fedi Res. Bank.
Battery Park Nat_
W R Grace & Co__
Total
BOSTON CLEARING HOUSE MEMBERS.
$
528,525,000 528,525,000 495,555,250 32,969,750
3,769,000 8,992,000 8,353,440
638,560
5,472,000 7,766,000 7,670,100
95,900
Total Sept. 9_ _ _ _
Total Sept. 2_ _ _ _
Total Aug. 26_ _ _ _
Total Aug.
$
1.500
500
Average Average Average Average Average Average
S
1,190 10,087
160 1,233
7,752
364
200
1,245 10,726
23
502
1,456 8,250
2,000
2,435 20,813,
183
1,735
9,20S
8,614
State Banks
Not Members of Fed.11tes've Bank.
Bank of Wash. Eta
200
315 4,654,
584
264
Colonial Bank_ ___
800 1.715 16,933 2,153 1,430
4,553
17,864
545
1,694
22,417
545
Truss Companies Not Me mbers of Fed. Res've Bank.
Mech.Tr.,Bayonne
200
606 8,796
389
95
3,176
5,565
3,176
1299
Boston Clearing House Weekly Returns.
-In
lowing we furnish a summary of all the items in the the folBoston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Sept. 13
1922.
Changes from
previous week.
$
Capital
59,520,000
Surplus and profits
84.665,000
Loans, disc'ts & Investments_ 834,665,000 Inc.
Individual deposits,incl. U.S. 598.787,000 Inc.
Due to banks
116,713,000 Inc.
Time deposits
118,590,000 Dec.
United States deposits
11,069.000 Dec.
Exchanges for Clearing House 19,672,000 Inc.
Due from other banks
65,710.000 Inc.
Reserve in Fed. Res. Bank._ 69,432,000 Inc.
Cash in bank and F.IL Bank 10,042,000
Inc.
Reserve excess in bank and
Federal Reserve Bank _ _ _
2,152,000 Dec.
Sept. 6
1922.
Aug. 30
1922.
$
$
$
59.520,000 59,520,000
84.665,000 84,665,000
1,578,000 833,087,000 818,870,000
5,428,000 593,359,000 584.599.000
4,861,000 111,852,000 107,911,000
109,000 118,699,000 114,239,000
349,000 11.418,000 11,323,000
195.000 19,477,000 16,395,000
5,670.000 60,040,000 58,868,000
387.000 69,045,000 68,218,000
86,000 9,956,000 9,484,000
25,000
2,177,000
2,384,000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Sept. 9, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits,
to be kept with the Federal Reserve Bank. "Cash all
in
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
with legal depositaries" and "Cash in vaults."
Week ending Sept. 9 1922.
Two Ciphers (00) omitted. Members
of
Trust
F.R.Systern Companies
Total.
Sept. 12
1922.
Aug. 26
1922.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits (not incl.).
Res've with legal deposit's_
Reserve with F. R.Bank__
Cash in vault•
Total reserve and cash held
Reserve required
Excess res.& cash in vault_
639,675,0
110,206,0
673.043,0
30,291,0
86,650,0
116,811,0
537,527,0
20,919,0
675,257,0
9,118,0
3,838,0
55,635,0
9,957,0
69,430,0
57,173,0
12.257,0
39.675,0
110,226,0
672,597,0
23,535,0
83.215.0
114.626.0
528,197.0
19,720,0
662,543,0
9,122.0
2,953,0
53,537,0
9,784,0
66,274,0
56,812,0
9,462,0
535,175,0
96,143,0
639,774,0
24,861.0
83,291,0
117,957,0
514,416,0
19,770,0
652,143,0
56,186.0
8,855,0
65,041,0
54,079,0
10,962,0
54.500,0
14,063.0
39,294,0
697,0
21,0
488.0
25,600,0
525,0
26,613,0
7,860,0
3,898,0
1,059,0
4,967,0
3,831,0
1,136,0
$39,675,0
110,206,0
679,058,0
25,558,0
88,312.0
118.445,0
540,016,0
20,295,0
678,756,0
7,860,0
3,898,0
56,186,0
9,924,0
70,008,0
57.910,0
12,098,0
• Cash in vaults not counted as
reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserye
Bank of New York at the close of business Sept.
13 1922 in
.
comparison with the previous week and the corresponding
date last year:
Sept. 13 1922. Sept.6 1922. Sept. 14 '21.
Resources
Gold and gold certificates
168: 58: 81
7 418 387 170 845 912 3 8 009 0 0
65 8
57 706 0
3; :
73 52 990
:6 :
Gold settlement fund-F. R.
Board
Total gold held by bank
244,977,268 244,498,902 395,715,000
Gold with Federal Reserve
Agent
812,283,698 832,391,998 501,598,000
Gold redemption fund
4,966,922
15,000,000
5,622,241
Total gold reserves
1,062,227,889 1,082,513,142 912,313,000
Legal tender notes, silver, &c
_ 42,598,919
60,076,000
39,215,447
Total reserves
1,104,826,809 1,121,728,589 972,389.000
Bills discounted: Secured
by U. S. Government obligations--for
21,437,485
members_ _ _
26,171,393 100,405,000
For other F. R. banks
26.070,000
All other-For members
20,534,304
22,105,004 183,082,000
For other F. R. Banks
7,060,000
Bills bought in open market
67,414,332
59,319,569
23,334,000
Total bills on hand
109,386,121
107,595,966 340,851,000
U. S. bonds and notes
44,208,650
37,229,750
1,005,000
U. S. certificates of
Indebtedness
One-year certificates (Pittman
13,500.090
13,500,000
49,276,000
Act)....
Allother
100,761,000 103,420.500
19,050,000
• Total earning assets
260,876,871 268,725,116 410,182,000
Bank premises
9,297,452
9,297,452
5,592,000
5% redemp. fund agst.
F.R. bank notes674,060
674,060
1,413,000
Uncollected items
146,415,451
127,397,968 133,250,000
All other resources
3.562,895
3.376,344
3,198,000
Total resources
1,525,653,540 1,531.199,532 1,526,024,000
LiabU(ties
Capital paid in
27,675,750
27,677,400
27,069,000
Surplus
60,197,127
60,197,127
59,318,000
Denosits:
Government
14,427,781
11,686,666
8,597,000
Member banks
-Reserve account_- 693,487,104 698,254,053 623,958,000
All other
10,021,519
9,518,337
12,479,000
_
Total deposits
714,692,108 722,703,354 645,034,000
F. R. notes in actual
604.842,215 615,357,425 639,847,000
F.R.bank notes in circulation
10,842,200
10,576,200
cireul'n-net liability
23,030,000
Deferred availability items
102,803,853
89,808,298 107,906,000
All other liabilities
4,615,376
4,864,636
23,820,000
5,565
Total
Total
1,000
2,030 21,587
200
606
2,737
Total liabilities
8,796
389
Grand aggregate__ 3,200 5,072 51,196
Comparison with previous week_ _ +155
3,309
+16
3,524 a34,801 14,724
+110
-386 +275
Gr'd aggr. Sept. 2
Gr'd aggr. Aug.26
Gr'd aggr. Aug. 19
Gr'd aggr. Aug. 12
3,293
3,276
3,279
3,393
3,414
3,548
3,371
3,577
3,200
3,200
3,200
3,200
5.072
5,072
5,072
5,072
51,041
50,989
51,335
51,564
95
235,187
a58,294
a35,606
235,948
14,449
13,823
13,585
13,695
a U. S. deposits deducted, *276,000.
Bills payable, rediscounts, acceptances and other liabilities,
$306,000.
Excess reserve. $177,770 increase.
200
1,525,653,540 1,531,199,532 1,526,024,000
Ratio of total reserves
F. R. note liabilities to deposit and
combined
Contingent liability on bills purchased
for foreign correspond
ents
83.8%
75.7%
10,989,195
12,725,146
83.7%
11,009,498
200
+1
CURRENT NOTICES.
199
199
198
199
-C. P. Rolzderber & Co., 11 Wall St., New York, members of
the
New York Stock Exchange, have just issued a circular giving a brief
but
careful analysis of five
of the important equipment stocks, with special
reference to new business and probable returns. Copies may be had upon
request.
-Columbia Trust Co. has been appointed registrar of the preferred
and
common stock of R. fl.
Macy & Co Inc.
[VOL. 115.
THE CHRONICLE
1300
.
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD
the condition
Reserve Board Friday afternoon, Sept. 14,and showing
The following is the return issued by the Federal previous day. In the first table we present the results for the system
at the close of business the
onding week last year.
of the twelve Reserve Banks
seven preceding weeks and with those of the corresp
as a whole in comparison with the figures for the es separately for each of the twelve banks. The Federal Reserve Agents'
resources and liabiliti
Comptroller and
The second table shows the
ng transactions in Federal Reserve notes between the
Accounts (third table following) gives details regardi
upon the return for the latest
the latter and Federal Reserve banks. The Reserve Board's comment ions."
Reserve Agents and between
our department of "Current Events and Discuss
week appears on page 1262 being the first item in
SEPT.13 1922
L RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES AND LIABILITIES OF THE FEDERA
Sept. 14 '21.
Aug. 18 1922. Aug. 9 1922. Aug. 2 1922. July 26 1922.
Sept. 13 1922. Sept.6 1922. Aug.30 1922. Aug.23 1922.
3
RESOURCES.
314,391,000 316,231,000 317,459,000 446,642,000
281,408,000 285,316,000 293,751,000 300,470,000 , 306,286,000 481,333,000 489,619,000 498,309,000 441,109,000
Gold and gold certificates
00 530,135,000 534,420,000 520,556,000 474,662,000
525,340,0
Gold settlement, F.R.Board
887,751,000
00 795,724,000 805,850,000 815,768,000 1,694,301,000
807,748,000 815,451,000 828,171,000 821,026.000 780,948,0
2,223,384,000 2,197,645,000
Total gold held by banks agents
2,219,162,000 2,206,468,000 2,197,658.000 2,197.316.000 2,238,893,000 2,233,430,000 42,190,000 11,118,000 102,449,000
0 46.593,000 42,489,000
Gold with Federal Reserve
40,324,000 38,914,000 37,585,000 43,420,00
Gold redemption fund
000 3,054,531.000 2,684,501,000
000
3,087,234.000 3,060,833,000 3,063,414,000 3,061,762,000 3,066,434,000 3,071,643, 0 3,071.424, 0 126,967,000 150,001,000
Total gold reserves
130,204,000 125,854,000 132,474,000 130,902,000 131,424,000 130,534,00 131,260,00
Legal tender notes, silver, deo
000 3,202,684,000 3,181,498,000 2,834,502,000
3,197,438,000 3,186,687,000 3,195,888,000 3,192,664,000 3,197,858,000 3,202,177,
Total reserves
0 130,293,000 115.238,000 503,677,000
Bills discounted:
123,960,000 130,447,000 133,651,000 125,738,000 125,440.000 117,777,000 269,506,000 264,743,000 924,485,000
00
Secured by U. S. Govt. obligations..
283,213,000 274,636,000 270,717,000 264,189,000 257,045,0 0 264,384,000 150,497,000 156,138.000 40,712,000
All other
204,663,000 188,365,000 171,706.000 166,488,000 149,600,00 146,803,00
Bills bought in open market
00 528,964,000 550,296,000 536,119,000 1,468,874,000
591,836,000 593,448,000 576,074,000 556,415,000 532,085,000 199,746,000 198,751,000 201,624,000 33,729,000
Total bills on hand
198,835,000 207,514,000 193,750,000 196,418,000 202,973,0
U. S. bonds andsnotes
0 69,000,000 70,500,000 72,000,000 187,875,000
U. S. certificate of indebtedness:Act)
55,000,000 56,500,000 63,000,000 66,000,000 67,500,00 222,965,000 228,098,000 207,175,000 19,803,000
00
One-year certificates (Pittman
9,000
243,045,000 244,178,000 241,220,000 222,342,000 218,144,0
3,000
4,000
9,000
AU other
21,000
21,000
21,000
18,000
Municipal warrants
000
1,041,196,000 1,020,711,000 1,020,679,000 1,047,648.000 1,076,927,000 1,710,281, 0
1,088,734,000 1,101,661,000 1,074,065,000 43,344,000 43,296,000 42,804,000 42,569,000 42,491,000 28,877,00
Total earning assets
8,845,000
7,527,000
43,808,000 43,636,000 43,456,000
6.769,000
6,679,000
6,640,000
Bank premises
6,572,000
00
6,567,000
4,698,000
4,742,000
5% redemp.fund agst. F. R.bank notes 661.605,000 576,078,000 510,807,000 530.240,000 593,930,000 522,392,000 542,711,000 537.883,000 641,279,0
16,449,000 16,750,000 16,805,000 16,801,000
Uncollected items
0 18,193.000 17,841,000 17,410,000 16,666,000
18,520,00
All other resources
000 4,811,180,000 4,859,131,000 4,863,134,000 5,240,585,000
5,014,847,000 4,930,953,000 4,848,624,000 4,831,426,000 4,879,101,
Total resources
LIABILITIES.
105,983,000 105,730,000 105,589,000 105,198,000 102,982,000
106,070,000 106,085,000 108.086,000 106,041,000 215,398,000 215,398,000 215,398,000 215.398,000 213,824,000
Capital Paid in
215,398,000 215,398,000 215,398,000 215,398,000
Surplus
32,935,000 27,880,000 16,926,000 46,455,000 49,219,000
Reserved for Govt.franchise tax
39,294,000 37,730,000 51,553,000 43,972,000 1,790,260,000 1,783,539,000 1,837,840,000 1,815,278,000 1,631,038,000
Deposits-Government account
1,811,237,000 1,796,081,000 1,807.008,000 1,785,489,000 23,770,000 24,384,000 30,257,000 26,381,000 25,574,000
Member banks-reserve
22,390.000
21,572,000 22,986,000 23,125,000
All other
1,888,111.000 1,705,831,000
000 1,851;851,000 1,846,965,000 1,835,803,000 1,885,023,000
1,872,103,000 1,856,797,000 1,881,686,000 2,146.674.000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809.000 2,491,651,000
TotaL
103,078,0
2,213,615,000 2,211,889,000 2,153,181, 0 56,953,000 58,130,000 60,547,000 62.046.000 63,622,000 553,235,000
F.R.notes in actual circulation
00
50.222,000 52,793,000 53,960,00
F.R.bank notes in circulation-net hub. 534,674,000 465,764,000 415,762,000 432,286,000 488,613,000 424,691,000 429,712,000 442.713,000 69,984,000
21,788,000 21,242,000 21,280,000
y items
Deferred availabilit
22,765,000 22,227,000 22,551.000 22,223,000 21,709,000
All other liabilities
000 4,811,180,000 4,859,131,000 4,863,134,000 5,240,585,000
5,014,847,000 4,930,953,000 4,848,624,000 4,831,426,000 4,879,101,
Total liabilities
63.9%
76.1%
and
76.3%
78.9%
76.9%
Ratio of gold reserves to deposit
76.6%
75.2%
75.9%
75.1%
F. R. note liabilities combined and
67.5%
79.2%
79.6%
to deposit
80.4%
80.2%
Ratio of total reserves
79.8%
79.2%
78.3%
78.3%
F. R. note liabilities combined
$
Distribution by Maturities
1-15 days bill bought in open market..
1-15 days bills discountedindebtedness_
1-15 days U. S. certif. of
1-15 days municipal warrants
bought in
16-30 days bills discountedopen market_
16-30 days bills
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
bought in
31-60 days bills discountedopen market_
31-60 days bills certif. of Indebtedness_
31-60 days U.S.
31-60 days municipal warrants
bought in
61-90 days bills discountedopen market_
61-90 days bills certif. of indebtedness61-90 days U. S.
61-90 days municipal warrants market
Over 90 days bills bought in open
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _
Over 90 days municipal warrants
Federal Reserve Notes
52,682,000
3
55,841,000
45,646,000
36,063,000
43,565,000
45,053,000
187,036,000
55,118,000
56,155,000
00 181,367.000 183,639,000 200,044,000
23,261,000
195,219,000 206,038,000 200,952,000 190,786,0
2,749,000
3,911,000
2,400,000
1,470,000
39,928,000
11,069,000
38,721.000
1,000
29,203.000
3,000
23,794,000
23,586,000
23,083,000
30,536,000
34,46- :655 - 33,228,000 --25,201,000
3
38,938,000
36,069,000
36,515,000
42,787.000
39,177,000
4,689,000
44,391,000
55,179,000
49,268,000
2,400,000
1,400,000
36,169,000
39,018,000
6,000
7,624,000
32,559,000
8,336,000
2,000
3,000
27,978,000
6,000
9,000
33,427,000
36,510,000
46,462,000
50,942,000
58,108,000
53,998,000
61,105,000
58,154,000
63,931,000
71,378,000
70,655.000
79,993,000
42,965,000
81,740,000
78,259,000
45,347,000
77,490,000
51,316,000
14,624,000
39,432,000
3,000
3,000
38,380,000
34,287,000
35,604.000
3,000
4,000
3,000
31,065,000
3.000
33,296,000
37,423,000
39,178,000
42,925,000
59,744,000
36,022,000
34,756,000
38,298,000
60,942,000
57,275,000
56,242,000
52,232,000
42,579,000
50,962,000
41,870,000
43,476,000
41,678,000
35,021,000
34,284,000
8,084,000
1.498,000
10,420,000
3,398,003
3,000
3,000
3,000
15,210,000
4,139,000
3,638,000
4,814,000
3,855,000
2,923,000
3,405,000
7,341,000
44,557,000
44,590,000
33,354,000
31,434.000
27,739,000
23,028,000
26,323,000
21,720,000
0 206,424,000 226,390,000
198,167,000 200,317,00
211,986,00) 213,248,000 215,845,000 200,338,000
12,000
12,000
12,000
12,000
23,864,000
832,181.000
21,082,000
8,702,000
168,007,000
16,686,000
5,704,000
246.313,000
17,280,000
2,342,000
148,124,000
-17,013,000
100,000
33,537,000
135,617,000
000 2,571,963,000 2,862,670,000
00
2,601,281,000 2.590,069,000 2,581,583,000 2,572,297,
371,019,0
2,652,313,000 2,639,293,000 2,803,919,000
447,766,000 434,360,000 432,176,000 445,154,000
Outstanding
438,693,000 427,404,000 450,738,000 454,607,000
Held by banks
2,491,651,000
2,142,303,000 2,147,223,000 2,140,121,000 2,126,809,000
2,213,615,000 2,211,889,000 2,153,181,000 2,146,674,000
In actual circulation
000 3,706,770,000
3,379,538,000 3,373,411,000 3,350,954,000 3,339.569,000 3,338,365,
Res.
chargeable to Fed.AgentAgent 3,444,730,003 3,388,980,000 3,379,246,000 778,257,000 783,342,000 769,371,000 767,272,000 766,402,000 844,100,000
Amount
792.417,000 749,687,000 775,327,000
In hands of Federal Reserve
000 2,571,963,000 2,862,670.000
Issued to Federal Reserve banks
000 2,581,583,000 2,572,297,
2,652,313,000 2,639,293,000 2.603,919,000 2,601,281,000 2,590,089,
0 402,737,000
416,522,000 416.523,000 416,522,00
416,538,000 416,522,000 416,522,000 416,522,000 416,522,000 348,153,000 348,913,000 374,318,000 1,168,369,000
433,151,000 432,825,000 406,281,000 403,965,000 351,176,000
124,016,000 113,195,000
0 121,354,000
126,505,000 124,654,000 122,088,000 128,075,000 130,531,000 124,938,00 1,685,507,000 1,657.107,000 1,178,369,000
000
1,676,149,000 1,665,292,000 1.659.048,000 1,652,119,000 1,691,840,000 1,691,970,
000 2,862.670.000
000 2,572,297,000 2,571,963.
2,652,313,000 2,639,293,000 2,603,919,000 2,601,281,000 2.590.069,000 2,581,583,
Total
00 523.804.000 1,427,915,000
515,411,000 533,600,0
Agent_ 580,211,000 578,210.000 563,226.000 515.2(5.000 512.927,000
Eligible paper delivered to F. R.
SEPT. 13 1922
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With_Federal Reserve Board
OF BUSINESS
ES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
WEEKLY STATEMENT OF RESOURC
Total.
Dallas. San Fran.
Louis. Minneap. Kan.City.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St.
Two ciphers (00) omitted.
$
$
$
Federal Reserve Bank of$
$
$
$
$
$
$
$
$
$
2,736,0 9,220,0 20,010,0 281,408,0
RESOURCES.
5,813,0 13,531,0 3,586,0 5,439.0 25,385,0 4,175.0 7,406,0
15,649,0
certificates R. B'd 29,456,0 168,458,0 43,234,0 51,859,0 36,432,0 28,883,0 141,432,0 13,527,0 28,215,0 28,846,0 16,799,0 28,138,0 526,340,0
Golcrand gold fund-F.
76,519,0
_
Gold_settlement
48,148,0 807,748.0
169,817,0 17,702,0 35,621,0 31,582,0 26,019,0
45,105,0 244,977.0 49.047,0 65,390,0 40,018,0 34,322,0 395,141,0 58,167,0 32,195,0 56,183,0 19.787,0 184,767,0 2,219,162,0
banks
Total gold held by
179,393,0 812.283,0 147,847,0 177,544,0 60,814,0 95,041,0 5,449,0 1,771,0 2,370,0 1,512,0 1,392,0 4,494,0 40,324,0
Gold with F. R. agents
4.957,0 6,572,0 3,476.0 1.536.0
5,292,0
--- 1,493,0
Gold redemption fund
70,186,0 89,277,0 47,198,0 237,409,0 3,067,234,0
1,062,227.0 2)3,436,0 214.427,0 104,308,0 130,899,0 570,407,0 77,640,0
760,0 4,401,0 6,102,0 4,591,0 130,204,0
229,790.0 42,600.0
Total gold reserves
12,221,0 8,736,0 7,444,0 5,051,0 20,145,0 9,588,0
8,565,0
noted, sliver, zke
Legal tender
-70,946,0 93,678,0 53,300,0 242,000,0 3,197,438,0
87,228,0
238,355,0 1.104,827,0 215,587,0 253,163,0 111,752,0 135.950,0 590,552,0
Total reserves
1,839,0 9,662,0 8123,960,0
1,723,0 14,265,0 4,819,0 1,631,0 1,183,0
Bills discounted: Secured by 9,473,0
21,438,0 28,871,0 19,105,0 9,951,0 28,608,0 34,810,0 13,014,0 24,075,0 16,541,0 32,842,0 33,690,0 263,213,0
U.S. Govt. obligations
75,0 2,125,0 33,831,0 204,663,0
15,810,0 20,534,0 8,854,0 8,988,0 25,447,0 1,822,0 11,911,0 14,992,0
All other
403,0
10,560,0 67,414,0 28.118,0 33.412,0
-Bills bought in open market
-----32,825,0 25,706,0 17,799,0 36,806,0 77,183,0 591,836,0
35,843.0 109,386,0 65,843,0 61,505,0 35,801,032,153,0 60,986,0 18,761,0 4,489,0 27,332,0 2,816,0 37,682,0 198,835,0
hand
201,0 6,750,0
Total bills on
11,117,0 37,230,0 23,589.0 27,627,0 1,241,0
U.S. bonds and notes
7,667,0 3,571,0 2,713,0 4,321,0 1,900,0 2,832,0 55,000,0
of indebtedness
U. S. certificates(Pittman Act)_ 3,250,0 13,500,0 3,500,0 3,500,0 3,460,0 4,493.0 22,188,0 6,279,0 3,000,0 13,004,0 1,265,0 12,463,0 243,045,0
2,031,0
One-year ctts.
18,0
35,212,0 100,761,0 6,954,0 40,175.0
18,0
All other
Municipal warrants
62.456.0 42.787.0 130.160.0 1.1ful 7R4 n
ARA n 07 501 0 61.438.0 35.926.9
01 A99 0 260 877.0 99.888.0 132 sn7 n an KA') A 252
SEPT. 16 1922.]
RESOURCES (Concluded)
Two ciphers (00) omitted.
THE CHRONICLE
Boston.
New York.
1301
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
Dallas. SanFran.
Total.
S
s
s
s
s
S
S
S
$
$
6,201,0 2,571,0 1,694,0 7,703,0
952,0
959,0 5,038,0 2,094,0 1,445,0
43,808.0
674,0
250,0
183,0
240,0
468,0
738,0
223,0
198,0
916.0
146,0
279,0
4,742,0
146,415,0 56,192,0 59,850,0 52,097,0 25,021,0 79,307,0
40,444.0 16,600,0 43,875,0 28,709,0 48.612,0 661.605,0
3,563,0
797,0
1,464,0
538,0
194,0
845,0
692,0 1,317,0
1,027,0 1,796,0 5,335,0
18,520,0
Total resources
394,885,0 1,525,653,0 373,415,0 453,725,0 207,648,0 202,211,0
776,736.0 190,975,0 125,946,0 206,990,0 128,832,0 427,831,0 5,014,847,
LIABILITIES.
0
Capital paid in
8.106.0
27,677,0 9,194,0 11,690,0 5,618,0 4,321.0 14.732,0
Surplus
16,483,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 4,786,0 3.562,0 4,573,0 4,199,0 7,612,0 106,070,0
9,388,0 7,468,0 9,646,0 7,394,0 15,199,0 215,398.0
Deposits: Government
2,243,0
11,687,0 2,428,0 2,444,0 2,285,0
1,727,0
1,766,0 2,871,0 1.815,0 4,657,0
Member bank-reserve acc't 124,042.0 693,487,0 109,342,0 147,912.0 55,651,0 48,269.0 3,213,0 2,158,0
39,294,0
272.685,0 62,454,0 43,275,0 78,045,0 47,549,0 128,526,0 1,811,237,
All other
441,0
0
9,518,0
1,352,0 1,106.0
239,0
355,0
1,153.0
680,0
250.0
628,0
167,0 5,683,0
21,572.0
Total deposits
126,726,0 714,692,0 113,122,0 151,462,0 58,175,0 50,351.0
277,051,0 65,292,0 45,291,0 81,544,0 49,531,0 138.866,0 1,872,103,
F. R: notes in actual circulation_ 190,047,0 604,842,0 180,422,0 212,564,0 82,803,0 114,768,0
384,862,0 72,046,0 51,588,0 61,992,0 36,354,0 221,327,0 2,213,615,0
F. It. bank notes in circulation
0
net liability
2,602,0
10,576,0 2,958,0 3.433,0 2,669,0 3,831,0 7,130,0
3,306,0 2,364,0 7,366,0 2,454,0 1,533.0
Deferred liability items
49,455,0 102,804,0 48,178,0 50,118,0 46,217,0 18,676,0
50.222,0
60,675,0 35,268.0 14,260,0 40.754,0 27,189,0 41,080.0
All other liabilities
1,466,0 , 4,865,0
534,674,0
1,596,0 1,949,0 1,136,0 1,150,0 3,261,0
889,0
1,413,0
1,115,0
1,711,0 2,214,0
22,765,0
Total liabilities
394,885,0 1,525,653,0 373,415,0 453,725,0 207,648,0 202,211,0
776,736,0 190,975,0 125,946.0 206,990,0 128,832,0 427,831,0 5,014,847,
Memoranda.
0
Ratio of total reserves to deposit
and F. It. note liabilities combined, per cent
75.2
83.7
73.5
69.5
79.3
82.3
89.2
63.5
73.2
Contingent liability on bills pur65.3
62.1
67.2
78.3
chased for foreign correspondt's 9 172 n
11 noon 9 2529 n 9 441 n
1 4280 1.0980 2 543 n
1 2900
R04 n
1 490 0
774.0 1.869_11
29.87011
$
Bank premises
5,251,0
5% redemption fund against Federal Reserve bank notes
422,0
Uncollected items
64,483,0
All other resources
952,0
$
$
9,297,0
603,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNT
S AT CLOSE OF BUSINESS SEPTEMBER 13 1933.
Federal Reserve Agent at
Boston. New York Phila. Cleve. Richm'd Atlanta
Resources-(In Thousands of Dollars)
Federal Reserve notes on hand
83,400 323,410 46,220 32,040 29,640 74,434
Federal Reserve notes outstanding
204,480 880,710 202,794 225,242 87,933 121,027
Collateral security for Federal Reserve notes outstandin
g
Gold and gold certificates
5,300 363,184
13,275
2,400
Gold redemption fund
11,093
33,099 12,958 14,269 2,019 4,141
Gold fund-Federal Reserve Board
163,000 411.000 134,889 150,000 58,795 88,500
Eligible paperf Amount required
25,087
68,427 54,9471 47.698 27,119 25,986
1Excess amount held
10,756
38,273 6,181 11,704 7,396 6,012
Total
503,116 2,123,103 457,989494.228 212.902 322,500
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
287,880 1,204,120 249,0141257,282 117,573 195,461
Collateral received from'Gold
179,393 812,283 147,847 177,544 60,814 95,041
Federal Reserve Bank1Eligible paper
35,843 105,700 61,128 59,402 34,515 31,998
Total
503,116 2,123,103 457,9S9 494,228 212,902 322.500
Federal Reserve notes outstanding
204,480 850,710 202,794 225,242 87,933 121,027
Federal Reserve notes held by banks
14,433 275,868 22,372, 12,6781 5,1301 6,259
Federal Reserve notes in actual circulation
190,047 604,842 180,422 212,564 82,803114,768
Chicago. &Louis Minn. K.cuy. Dallas. Sas Fr.
Total.
79.460 27,730 11,075 12,900 21,198 50,910 792,417
419,876 89,312 54,571 72,520 40,107 253,741 2,652,313
11,610 13,052
7,687
15,497 3,257 1,143 2.823 3,100 18,106 416,508
126,505
379,644 43,300 18,000 53,360 9,000 166.661 1,676,149
24,735 31,145 22,376 16,337 20,320 68,974 433,151
36,182 1,680 2,803 1,458 16,452 8,163
147,060
955,394 208,034 123,020 159,398 117,864 566,555
6.244,103
499,336 117,042 65,646 85,420 61,305 304,651
3,444,730
395,141 58,167 32,195, 56,183 19,787 184,767 2,219,162
60,917 32,825 25,179' 17,795 36,772 77,137 580,211
955,394 208,034 123,0201159,398 117,864 566,555 6.244,103
419,876 89,312 54.5711 72,520, 40,107 253,741 2,652,313
35,014 17,2561 2,983' 10,528' 3,7531 32,4141 438.698
1
384,862 72,046 51,5881 61.992 36,354 221,327 2,213,615
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 791 member banks, from which weekly returns are obtained.
These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the
statement were given in the statement of Dec. 14
1917, published in the "Chronicle" Dee. 29 1917, page 2523. The comment of
the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 1262.
1. Data for all reporting member banks in each Federal Reserve District at close of
business September 6 1922. Three ciphers
(000)omitted.
Federal Reserve District.
Boston. !New York Philade1.1Cleveland Richm'd. Atlanta. Chicago.
St. Louis. lfinneap. Kan. City Dallas.
San Fran. Total. ,
Number of reporting banks
49
105
79
84
56
41
109
37
Loans and discounts, including bills re33
79
51
68
791
discounted with F. R. bank:
s
s
$
$
$
$
s
Loans sec. by U. S. Govt. obligations_
s
$
s
$
14,374, 85,219
a
$
11,009
29,654
15,589
7,371
41,686
Loans secured by stocks and bonds
13,900
8,214
9,976
216,815 1,579,707 239,988 337,124 120,
4,267
15,729
256,988
537
56•753 516,986
All other loans and discounts
38,255
67,510
42,570 141,284 3,480,189
561,619,2,230,089 317,327 638,646 298,857 291,852 1.010,803 122,650
276,835 198,753 350,844 190,547 716,504 7,082.676
Total loans and discounts
792,8083,895,015 572,904 1,005,424 430,403 355,986
1,569,475 413,385 245,222 428,33023
U. S. bonds
99,986' 567,587
7,384 873,517 10,819,853
57,821 156,796
59,455
29,214 134,729
U. S. Victory notes
36,738
23,868
58,231
816
34,051 116.888 1,375,364
21,787
6,311
2,221
228
621
U. S. Treasury notes
5,016
4,357
283
1,355
26,952 406,283
25,808
49,293
38,513
566
5,732
4,685
4,386
U. S. certificates of indebtedness
73.698
8,531
9,308
5,724
13,570
30,181
650,881
65,313
8,966
7,195
3,757
9,180
8,866
Other bonds, stocks and securities
25,084
7,299
5,390
171,006 787,660 186,722 281,875
10,805
19,027
5,632
173,272
55,794
32,367 408,382
_
83,933
26,641
60,071
7,713 161,799 2,263,963
Total loans, disc'ts & investments, incl.
bills rediscounted with F. It. Bank_ _ 1.097,2925
.
,743,645 856,761 1,494,009 554,322 431,4402,2
Reserve balance with F. It. Bank
16,384 554,243 310,712 572,352 294,312 1,207.144
84,075 635.110
15,332,626
69,251 106,051
33,687
31,568 192,025
Cash in vault
37,817
19,425
22,120
82,155 1,368,905
50,036
25,010
88,974
15,025
27,769
13,675
9,288
Net demand deposits
53,978
7,423
791,135 4,794,570 689,493 874,958 331,996 249,695
5,875
19.676
11,672
282,539
f.,.759
1,445,489 322,358 198,153
Time dePosits
246,520 823,232
451,038 209,926 633,128 10,992,939
51,891 503,713 143,422 151,930 707,292
Government deposits
170,593
13,004
79,594 117,785
63,628 550,023 3,612,623
69,133
11,622
15,072
5,425
5,150
24,949
Dills payable with Federal Reserve Bank:
4,211
6,053
13,642
4,066
5,973
178,300
Secured by U. S. Govt. obligations__
.
3,165
18,620
9,438
3,585
5,321
95
8,432
All other
1,255
138
6,155
56,923
719
250
20
Bills rediscounted with F. R. Bank:
177
447
Secured by U. S. Govt. obligations
39
55
101
88
44
5
All other
15,856
8
6
123
1
17,666
503
33
5,187
6.939
6,255
4,475
4,792
2.388
9 298
9 302
3.966
6.570
78.815
3. Data of reporting member banks in Federal
Reserve Bank and branch cities
and all other reporting banks.
New York City.
City of Chicago. All F. R. Bank Cities. F.
R. Branch Cities. AllOtherReport.Bks.
Three ciphers (000) omitted.
Total.
Sept. 6. Aug.30. Sept. 6. Aug.30. Sept. 6. Aug.
30. Sept. 6• Aug.30,
Sept. 6. Aug.30. Sept.6'22.Aug. 30'22Sept. 7'21.
Number of reporting banks
64
64
50
50
269
269
209
Loans and discounts, incl. bills redis209
791
313
313
810
• 791
counted with F. R. Bank:
S
$
s
$
s
s
s
$
Loans sec. by U. S. Govt. obliges
75,593
74,609
33,109
$
34,792
s
s
$
$
168,982
170,556
47,425
Loans secured by stocks & bonds_ 1,406,674 1,401,886 389,857 400,369 2,546,797
48,112
259,330 604,710
256,988
40,662
40,581
2,548.746
All other loans and discounts_
1,949,677 1,932,983 637,405 630,672 4,433,643 4,385,823 490,295 494,810 443,097 438,457 3,480,189 3,482,013 2,920,893
1,379,230 1,370,177 1,269,803 1,263,852 7,082,676 7,015,852 7,956,277
Total loans and discounts
3,431.9443,409,478 1,060,371 1,066,013 7,149,422 7.105,125
1,916,950 1,913,099 1,753,481 1,742,971 10,819,853 10,761,195 11,481,880
U. S. bonds
498,751 499,674
61,134
62,952 800,241
798,019 302.957
U. S. Victory notes
298,980 272,166 269,861 1,375,364 1,366,860
20,514
870,482
20,311
4,550
4,496
36,915
36,178
8,088
U. S. Treasury notes
47,863
49,293
7,246
4,439
161,897
4,290
387,789 384,965
51,549
51,813
525,659
522,894
75,876
U. S. certificates of indebtedness
647,325
650,881
73,822
50,609
49,346
48,333
74,768
61,703
14,137
14,069
113,377
126,539
41,995
Other bonds, stocks and securities_
192,583
173,272
47,986
18,058
591,338 597,435 176,570 175,726 1,227,494 1,236,650
17,900
140,624
623,363 626,875 413,106 414,193 2,263,963 2.277,718 2.023,369
Total loans & disc'ts & invest'ts,
incl. bills radisc.ted with F. R. Bk.4.992,039 4,986,631 1,368,3111,375,069 9,853,108
9,825,405 2,969,229
2,500.13115,332.626 15,293.544 14,726,585
Reserve balance with F. R. Bank
589,367 602,532 136,232 137,836
988,808 1,001,765 224,159 2,968,008 2,510,289
Cash in vault
223,594 155,938 152,223 1,368,905 1,377,582 1,236,233
75,290
29,648
72,292
28,488
151,566
147,746
57,630
Net demand deposits
274,189
282,539
71,653
73,343
54,790
307,600
4,305,295 4,316,409 998,320 997.652 7,638,126 7,623,462
Time deposits
601,031 606,620 328,414 334,514 1,808,174 1,881,516 1,775,994 1,760,107 1,578,819 1,558,663 10,992,399 10,942,232 9,982,367
1,038,943 1,034,320 765,50( 752,852 3,612,623 3,598,688 2,914,007
Government deposits
64,430
64,430
17,265
16,871
133,949
133,388
25,629
Bills payable with F. It. Bank:
178,300
18.251
177,680
26,041
18,722
139,747
Seed by U.S. Govt. obligations
13,980
9,468
990
31,498
935
27,123
15,153
All other
56,923
12,260
57,442
10,272
18,064
264.815
Dills rediscounted with F. It. Bank:
177
552
447
370
182
270
680
Sec'd by U.S. Govt. obligations
244
127
376
All other
298
80
1,212
503
78
756
68,363
14,015
11,370
2,667
47,107
5,290
37,585
Ratio of bills payable & rediscounts
11,550
78,815
18,815
68,226
20,158
11,826
645,675
with F. It. Bank to total loans
and inwatments 11Pr en lt
,
0.6
0.4
OR
0.3
0.5
0.7
(10
1 n
11,0
19
1.2
0.8
6.7
rvo.L. 115.
THE CHRONICLE
1302
Wall Street, Friday Night, Sept. 15 1922.
•
---The security
Railroad and Miscellaneous Stocks.
markets responded liberally this week to the more favorable
general situation. It was felt in Wall Street that, with an
officially acknowledged end of the railway shopmen's strike,
the last obstacle which has stood in the way of free and normal activity in production and transportation for several
months past had been removed. The immediate result has
been a substantial increase in the volume of business at the
Stock Exchange and some advance in prices. Evidently
the rather remarkable strength of the stock market recently
was in anticipation of what has now taken place.
Nearly 1,200,000 shares were traded in on Wednesday,
and for the entire week the average has been well above
1,000,000 shares.
Monday's market was notably strong, but the advance
then made has not been maintained, and while Atchison and
Union Pacific show a net advance of 3% and 23/i points,
respectively, Baltimore & Ohio, St. Paul and Reading are
fractionally lower than last week, and some of the industrial
group show a heavier drop.
The effect of the more favorable general situation referred
to above is also seen in the larger number of blast furnaces
now in operation and a very large increase in the number of
freight cars now being loaded weekly.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Sept. 15.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Stocks.
Shares.
Par Value.
Saturday
Monday
Tuesday
Wednesday
Thusday
Friday
501,600 352,312,100
1,003,320 92,027,200
974,575 53,882,900
1,171,447 112,044,000
90.693,500
P
1,0,35000 100,493,900
Total
5.810,278 3501,453,600
1921.
1922.
1921.
1922.
12,450,777
180,025,045
3,941,973
5,810,2781
-No. shares__ _
Stocks
3501,453,600 8299,244,967 $15,806,994,489 $9,179,533,274
Par value
(
Bonds.
21,156,000i 45,980,000 1,220,514,200 1,309,775,600
Government bonds_ _ _
215,614,000
38,218,200
7,072,500
tate, mun.,&c., bonds 22,005,000
83,493,000
692,035,000
39,537,000: 25,397,000
Bit. and misc. bonds
.600
382.698,000 $78,449,500 31,950,767,400 81,588,882
Total bonds
LPHIA AND
DAILY TRANSACTIONS AT THE BOSTON. PHILADE
BALTIMORE EXCHANGES.
Bond Sales
Shares
Baltimore
Philadelphia
Boston
Week ending
Sept. 15 1922.
Shares
Bond Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
15,274
14,743
14,818
12,927
17,358
12,717
$31,550
33,750
43,950
26,000
40,850
38,000
3,561
3,453
3,935
3,522
6,712
5,800
35,500
15,100
23,000
37,800
37,000
20.500
Total
87.637
3214.100
26.983
3138.900
Shares
Bond Sales
895
$99,500
62,500
1,077
HOLI DAY
68.700
1,539
134,500
1,621
119,500
1,911
7,043
$484,700
12 Sept. 13 Sept. 14 Sept. 15
Daily Record ofLiberty Loan Prices. Sept. 9. Sept. 11 Sept.
Range since Jan. 1.
Lowest. I Highest.
per share $ Per share $ Per share
per share
Par Shares
Railroads
Jan 5931 Sept
100 5931 Sept 15 5931 Sept 15 49
Colo de Sou 2d pf_ _ _ _100
200 6831 Sept 14 6831 Sept 14 5731 Mar 6831 Sept
Detroit United Ry_ _ ..100
_ _ _ 3,200 114 Sept 11 11531 Sept 15 10414 Jan 11531 Sept
Illinois Central, pref_
Sept
Feb 71
200 7031 Sept 14 71 Sept 14 61
RR Sec Series A__ _100
12 2231 July 3134 Aug
Interboro Rap Tran(w 1) 1,300 2931 Sept 9 3031 Sept 15 2231 June
2631 June
23 Sept 13 244 Sept
.100 2.400
Int & Gt No By(w1)
Feb 1331 Jan
100 900 63j Sept 15 8 Sept 9 6
Iowa Central
July 554 Aug
ManRyEqTrCoofNYcd 6,400 5331 Sept 13 55 Sept 11 44
Sept
Feb227
Sept 15 227 Sept 15 120
86 225
Michigan Central_ _100
300 93 Sept 11 9431 Sept 11 70 Jun 9431 Sept
M,pref.100
m st p
Sept
400 35 Sept 9 35 Sept 9 30% Au 35
3d asst pd
M K& T pt war
14
Ja 70
Aug
Tol St L & W Series B.._ 1,600 63 Sept 11 70 Sept 15
Preferred Series B__ _ _ 2.400 54 Sept 12 5731 Sept 15 2231 Jan 5731 Sept
Industrial & Miscell.
Amer La France Fire Eng
50010131 Sept 12 10131 Sept 12 9531 May 101% Aug
7% cum preferred..100
11
Sept 5234 Sept
Am Metal temp ctfs_. 9,500 49 Sept 12 51% Sept 12 44
107
Aug 1 1331 Sept
500 112 Sept 14 11331 Sept
Am Metal tern ctf pf _100
Sept
100 100 Sept 13 100 Sept 13 9531 Ap 100
Snuff, pref_100
American
Mar
Feb 70
Am Teleg dr Cable_ _100 1,000 61 Sept 13 64 Sept 15 54
Amer Tel & Tel rights_ _ _ 67.037 331 Sept 14 331 Sept 9 231 Aug 331 Aug
100 2 Sept 12 2 Sept 12 1% Aug 231 July
olTCoctfofdep
AtlFruitC
Sept
Apr 145
100
100 145 Sept 11 145 Sept 11 120
Atlas Powder
100 90 Sept 9 90 Sept 9 82 June 1403i Aug
6% cum pref
Sept
Jul 40
Packing__ _20 27,500 333. Sept 9 40 Sept 15 30
Beech-Nut
500 9731 Sept 9 9831 Sept 12 89 Ma 9831 Sept
Brown Shoe, Inc. p1_100
Sept
Feb 100
200 9931 Sept 12 100 Sept 13 94
Burns Bros, pref_ __ A00
Aug
Aug 44
400 43 Sept 12 43 Sept 12 41
Case (J I) Thresh Mach..
Sept
Jan 103
100 103 Sept 15 103 Sept 15 43
Cluett. Peab & Co,p1100
Sept
9,700 331 Sept 9 5 Sept 5 214 Sept 5
Cigar rights
Consol
Sept
200 118 Sept 14 120 Sept 1511331 Aug 120
Consol Gas, Baltimore
2,300 97 Sept 9 10031 Sept 15 9331 Jul 100% Sept
Cosden & Co, pref
300 28 Sept 12 30 Sept 13 2531 Au 35% Aug
100
Crex Carpet
31 Sept 12
4 Sept 9
Sept
% Sept 1
Crucible Steel rights_ _ _ _ 23,650
Feb 80 May
100 754 Sept 15 754 Sept 15 61
Deere & Co, pref_ _ _ _100
Feb 44% July
200 3931 Sept 12 3931 Sept 12 23
Emerson-Brant, pref_100
400 102 Sept 11 1024 Sept 13 96 June 102% Sept
GenAmTkCar7% pf.100
July
400 107 Sept 11 108 Sept 11 106 June 108
Gen Baking Co pref ____
Sept
10 2,000 114 Sept 12 12 Sept 14 11% Sept 12
Gen Elee sp'l wi
7,400 731 Sept 14 74 Sept 14 731 Sept 714 Sept
Goldwyn Pictures
May
100 12,300 844 Sept 9 9031 Sept 13 8031 July 103
Hartman Corn
2231
Hudson Motor Car- 15,800 2114 Sept 14 66 Sept 13 1931 Aug 234 July
Sept 9 66
Aug
Sept 69
100 66 Sept 9
International Salt.....100
Sept
Sept 103
Iron Products pref_ _ _100 1.100 94 Sept 9 103 Sept 11 94
7,400 5931 Sept 9 6731 Sept 11 30
Aug 67% Sept
Loose-Wiles Biscuit
July
100 90 Sept 14 90 Sept 14 627 Jan 93
Mall'son(HR)&Copf100
Apr
Feb 115
10011131 Sept 15 11131 Sept 15 106
May Dept Stores pf_ _100
Aug 14% Sept
.
16,200 14 Sept 11 1431 Sept 11 13
Moon Motor Car
12,400 114 Sept 15 1131 Sept 11 1031 Aug 1131 Sept
.
Mother Lode Coal
Sept
352 280 Sept 11 282 Sept 14264 June 282
Nat Bk of Commerce 100
Sept
Jan 97
300 9531 Sept 12 97 Sept 12 69
Nat Cloak & Suit pf _100
Mar 105
Sept
400 102 Sept 11 105 Sept 9 81
p1100
Nat Enam & Stpg
Jan 53% Aug
25 200 53 Sept 11 5331 Sept 13 47
Ohio Fuel Supply
100 9431 Sept 12 9431 Sept 12 90 May 944 Sept
Ciro Inc p1_100
Orpheum
Sept
Feb 105
100 10531 Sept 12 10531 Sept 12 98
Owens Bottle pref__.i00
300 9031 Sept 11 9031 Sept 11 8631 July 9031 Sept
Pacific Tel& Tel pref 100
Mar
Jan 80
200 70 Sept 14 7031 Sept 14 69
P1.100
Panhandle P & R
100 97 Sept 13 97 Sept 13 85
Mar 9731 June
Pittsburgh Steel pref_100
Sept
Mar 49
100 49 Sept 12 49 Sept 12 36
Prod & Ref Corp pref-50
14 108
Sept
P S Corp of NJ pref.__ _ 2,000 105% Sept 12 115 Sept 1410531 Sept,108
Sept 12 106
100 115 Sept
Apr111531 Mar
BY steel Spring pref-100d 700
Apr
1731 Sept 14 18,/ Sept 15 81.4 Jan! 21
(Robt) & Co no Pa
Reis
12 72
Sept
Jan 72
First preferred_ _100 406 6331 Sept 11 27 Sept 14 49
Sept 13 2431 Aug 5031 June
500 26 Sept
ReynoldsSpringCo no par
Sept
100 82 Sept 11 82 Sept 11! 70 May 82
Reynolds(RJ)Tob Co_ 25
Aug 9631 Sept
I 2,600 96 Sept 9 9631 Sept 11' 96
Shell Union Oil pref
1,800 98 Sept 12 9831 Sept 13 9731 Sept 101
Sept
Sinclair Consol 011 pref
2001 96 Sept 14 96 Sept 14 83% Jan 98
Sept
Standard Milling p1_100
100i 90 Sept 13,91 Sept 13 90
Sept 95% June
Superior Steel 1st pf_100
700 128 Sept 121130 Sept 1510931 Mar 137% May
100
Tidewater Oil
May
Feb 114
25,11031 Sept 1411031 Sept 14 104
United Cigar Stores pf 100
no part 300, 63 Sept 111 6331 Sept 11. 4531 May 63% Sept
S Tobacco
200, 2131 Sept 11, 22 Sept 13 21Y Se t 25% Aug
Va-Caro Chem ci D no p'
,
West me 7% cum p1100 5,100 10731 Sept 15,11034 Sept 9 107
Au ,112 June
June
10012031 Sept 9.12031 Sept 911731 Apr1121
Woolworth (FW) p1_100
*No par value.
YORK STOCK EXCHANGE
TRANSACTIONS AT THE NEW
DAILY. WEEKLY AND YEARLY.
Week ending
Sept. 15 1922.
Jan. Ito Sept. 15.
Week ending Sept. 15.
Sales at
New York Stock
Exchange.
anhzrs' 6-azett
(High
First Liberty Loan
331% bonds 01 193247.. Low_
(Close
(First 314s)
Total sales in $1,000 units _
Converted 4% bonds of(High
1932-47 (First 4e)_ _ __(Low_
(Close
_
Total sales in $1,000
Converted 44% bonds(High
(First 44s) Low_
of 1932-47
(Close
Total sales in $1,000 unus__ _
Second Converted 44%(High
bonds of 1932-47 (First{ Low_
(Close
Second 431s)
_
Total sales in ELMO
(High
Second Liberty Loan
1927-42_......{ Low_
4% bonds of
(Close
(Second 4s)
Total sales in $1,000 units__
Converted 431% bonds(High
Low_
of 1927-42 (Second
[Close
434s)
Total sales in $1,000 units__ _
(High
Third Liberty Loan
Low_
431% bonds of 1928
(Close
(Third 44s)
Total sales in 31,000 unils
(High
Fourth Liberty Loan
44% bonds of 1933-38_ _ Low_
(Close
(Fourth 44s)
_
Total sales in $1,000
(High
Victory Liberty Loan
431% notes of 1922-23_ _ Low_
(Close
(Victory 431s)
Iwo Roo, In 1 nnn 111111R _ _
100.90 100.90 101.38 101.36 101.24 101.26
100.84 100.80 100.80 101.10 100.98 101.08
100.84 100.90 101.24 101.26 101.14 101.20
584
..
6
340
220 1,017
589
____ 100.80
- _
100.80
100.80
1
010 100.70
01.152
- . 10 3/3 10 0
100.70 100.74 10
100.60 100.64 100.66 100.64 100.58 100.60
100.64 100.72 100.86 100.64 100.74 100.64
82
80
177
150
50
15
----------_
---------10T9.i§ 100.18
----- _ 100.22 100.18
100.22 100.18
3
3
100.24
100.38
16:56 100.32 100.38 100.22 16:14 100.16
100.08
100.26
100.22 100.24
100.18
100.20 100.26 100.34 100.24 100.20
417
487 1,355
284 1,086
145
100.44
100.30 100.36 100.44 100.44 100.44 100.34
100.22 100.28 100.30 100.34 100.24 100.34
100.22 100.30 100.34 100.34 100.36
700
490
790
377
558
40
100.70
100.74 101.00 100.94 100.84 100.78 100.62
100.68 100.80 100.72 100.54 100.66
100.64
100.66 100.84 100.86 100.74 100.60 1.562
750 1,812
586 1,063 1,698
100.78 100.76
100.72 100.72 100.78 100.76 100.70 100.70
100.70 100.70 100.70 100.70 100.74 100.74
100.72 100.72 100.74 100.70
16
705
183
194
4
42
2
coupon
-The above table includes only sales of
Note.
bonds. Transactions in registered bonds were:
to 100.26
100.12
100.46 to 100.76
100.52 to 100.58
-Is
100.68 to 101.00 83 3d 43
100.56 to 100.66 169 4th 431s
99.78 to 99.96 87 Victory 43.4s
99.78 to 100.22
11 1st 34s
40 1st 431s
5 2d 4s
92 2d 43Is
, &c.
Quotations for U. S. Treas Ctfs. of Indebtedness
!'?t.
Maturity.
Rate.
Bid.
% 1021%
June 15 1921___
Sept. 15 1924... 5%% 102114t
4
Dec. 15 1922... 434% 1007 3
% 101%
Mar.15 1925___
Asked.
,
10215fe
1027,4
,
1009
101%
Maturity.
Rate.
Mar. 15 192(L. 43j%
Mar. 15 1923 _ 434%
%
June 15 i923.__
4
Dec. 15 1925._ 41 %
Bid. Asked.
-,f
10111 f 10131
4
1004, 1001, 4
,
10014. 100%
rd
,6
1009 ( innu f
Foreign Exchange.
the week follows:
The range for foreign exchange for
Cables.
Checks.
Sixty Days.
Sterling Actual3
45%
4 4531
4 44%
High for the week
4 40%
440
44031
Low for the week
Bankers' Francs
Paris
7 753..
7 74 Yi
76931
High for the week
7.54
7.53
7.46
Low for the week
Marks
Germany Bankers'
0.07 7-16 0.07 7-16
High for the week
0.0531
0.0531
Low for the week
Amsterdam Bankers' Guilders
38.87
38.79
38.43
High for the week
38.60
38.51
38.16
Low for the week
®25c. per $1,000
-Chicago, par. St. Louis, 15
Domestic Exchange.
Montreal, $03125 per
discount. Boston, par. San Francisco, par.
$1,000 premium. Cincinnati, par.
-Trading in the Curb Market this
The Curb Market.
volume of
week covered a broad list of securities though the
rly though
business was only fair. Pr[ces moved irregula Gulf Oil
in
the undertone was firm. A sensational rise 70 points to
stock to-day was a feature the gain being someof Pa., stock
Oil
670. It sold finally at 659. The new Gulffrom 55 to 5532,
was traded in for the first time to-day up
A Standard Oils were in
down to 53M with the close at 541 . a) sold up from 1183/8
good demand. Standard Oil (Indian close to-day back to
to 119%, down to 1163/8 and at the from 170
to 175.
4
1181 . Illinois Pipe Line improved sold finally at 298.
and
Ohio Oil gained ten points to 300from 183 to 192. StandStandard Oil (Nebraska) advanced to 471 and ends the week
450
ard Oil of N.Y. moved up from points to 480, reaching finally
470. Vacuum Oil gained nine
at
price movements were
to 475. Elsewhere in the oil group
Industrials were without special feature. Goldwyn
small.
to 8 and reacting
Pictures was strong, advancing from 6%
ge this week.
7%..The stock was listed on the Stock Exchan and at 9%
to
Railroad, State, Mute.
n City HR. stock sold up from 8% to 9% stock imBrookly
dtc..
and Foreign
U. S.
/
Bonds.
Bonds.
Bonus.
finally. Chesapeake & Ohio new 63 2% preferred
/s.
105% to 1071 reacting finally to 106%. Du$3,702,000 $1,197,000 31,456,000 proved from
6,487,000 1,742,000 2,725,000 rant Motors dropped from 50 to 46% and closed to-day at 47.
9,324,000 1,840,000 4,871,000
4
Coal weakened from 601 to 58, with the final
9,271,000 2,025,000 2,963,000 Glen Alden
/. II. H. Macy & Co. stocks were strong,
8,226,000
.901.000 5,280,000 transaction at 581s
2,527,000 13,300,000 3,861,000
the common advancing from 53 to 58 and the preferred from
,
$39,537,000 822,005,000 $21,156,000 107% to 11.01 . Bonds were about steady.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Sept. 9.
Monday,
Sept. 11.
Tuesday.
Sept. 12.
Wednesday iThursday.
Sept. 13.
Sept. 14.
Friday,
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
1303
PER SHARE
Range for preciow
year 1921
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share S per share! S per share S per share Shares
Railroads
Par $ per share 5 per share $ per share $ per short
23
*22
23
*22
221g 2218 23
*2112 23
200 Ann Arbor
23
*2112 23
100 10 Jan 3 24 Aug 30
8 Mar
123 Feb
4
5012 49
5014 5014 50
498 497
50
47
Preferred
498 497 503
8 2,100
100 287 Jan 26 52 Aug 25
20 Apr 3214 Dec
1033 1043 10414 105
4
8
10112 105
10414 106
1043 10812 10712 10818 40,000 Ateh Topeka & Santa Fe 100 913 Jan 3 10812Sept 14
4
4
7718 June 94 Dec
*9212 9413 93
94
/ 94
1
4
9113 94
*92
9312 9312 9314 9312 2,100
Do pref
100 845 Jan 3 9512 Aug 21
8
7512 Jan 88 Nov
278 28
28 27
8 314
8 *27
24 27
/
1
8
23
4 27
8
23
4 23
4 1,200 Atlanta Birm & Atlantic 100
512 Apr 17
34 Jan 14
1
Dec
712 Jan
123 1247 12312 1244 122 12312 12212 12312 122 12212 8,400 Atlantic Coast Line RR_ _ _100 83
3
/
1
1103 124
4
Jan 9 1217 Sept 11
8
77 Apr 91 Nov
5718 573
4 568 5712 574 58
g 5712 58
5712 583
/ 573 584 23,900 Baltimore & Ohio
1
4
/
1
4
100 3312 Jan 27 6014 Aug 21
30 Mar 423 May
/
1
4
3
/ 6514 6512 6512 66
1
4
6512 6512 6512 65
6514 6514 6514 654
1,000
Do pref
100 5212 Jan 11 6014 Aug 23
47 Mar 563 Nov
8
*66
*66
68
68
68
68
68
*66
673 67 4 68
4
6912 7,973 Buffalo loch & Pitts
3
100 50 Jan 4 6912Sept 15
4912 Dec 723, Mar
4
4
/ 247 253
1
4
2512 2512 243 2514 213 24
3 217 2653 255 27
22,000 Brooklyn Rapid Transit__ _100
8
3
6 Jan 4 29 June 30
6 Dec 147 Jan
3
203 203
8 2014 2014 *2012 21
. *2012 21
2112 2238 22
2212 6,000
Certificates of deposit
8June 30
553 Jan 11 247
312 Sept 10
Jan
3
14812 149 4 148 1497 147% 14914 14712 1487 147 15013 1483 1493 21,300 Canadian Pacific
/
1
4
4
4
100 11913 Jan 6 1511 Aug 31 101 June 123 Nov
/
4
/
1
4
2093 2093 *200 210 *196 205 *200 203 *200 203
4
4
*203 210
100 Central RR of N J
100 181 Afar 31 2093 Sept 11 186
4
Oct 209 Afar
7658 77
7612 767
/ 764 77
1
4
/
1
8 753 763
4
8 76
763
7614 6,100 Chesapeake & Ohio
4 76
100 54 Jan 10 79 Aug 21
46 June 6513 May
4
414
414
312 413
4
312 4
35
8 4
35
8 378
7,200 Chicago & Alton
100
4May 26
13 Jan 24 123
3
4 Nov
8
/ Jan
1
4
412 5
6
6
/
1
4
6
6
48 47
Preferred
5
514 6,203
48 5
100
gMay 25
318 Jan 25 207
618 Dec 12
Apr
*3912 4012 3912 40
41
*39
3912 3912 38
3913 39
1,600 Chic & East III RR (new)
39
124 Jan 25 433 Aug 21
/
1
4
1313 Dec 167 Nov
*6012 6312 *6012 6312 6112 62
6112 6112 6012 6112 6112 6112 1,500
Do prof
32 Jan 30 6412 Aug 22
3312 Dec 37 Nov
54 7 4
7
3
71 71
/
4
/
4
413 71
/
4
6
6
612
/ 63
1
4
61 63 17,700 Chicago Great Western___100
4
/
4
4
5 Jan 11
/
1
4
4May 27
103
614 Dec
913 MaY
1812 19
4
183 183
4 1112 1712 1458 16
145 157
3
3 1514 1534 37,803
Do pref
100 1412 Jan 31
2412May 29
14 June 207 MaY
/ 3514 33 4 347
1
4
3478 34
34
3
3 33
3412 3312 345
8 33
/ 3414 34,500 Chicago Milw & St Paul 100 1714 Jan 9
1
4
3633 Aug 22
1714 Dec 31
Jan
5318 5312 5318 5414 513 5312 51
3
523
8 511 5312 5213 5318 29,700
/
4
Do pref
100 29 Jan 10
55 Aug 22
2912 Dec 4613 Jan
93
/ 9414 94
1
4
9518 93
/ 95
1
4
9318 9414 93
9134 94
948 29,100 Chicago & No:th Western_100 59 Jan 9 9518 Sept 11
6018 Apr 71
Jan
125 125 *121 126 *123 125
125 125
125 125
125 125
500
Do pref
100 100 Jan 9 125 Aug 21
95 July 110
4812 49
4734 48
4818 49
Jan
497 56,500 Chic Rock hi & Pac
4712 4814 47
/ 50
1
4
49
100 303 Jan 11
4
50 Sept 14
2253 Mar 35 Sept
99
99
99 100
100 10013 10012 10112 101 105
10412 10412 4,000
7% preferred
100 8314 Jan 10 105 Sept 11
6834 Mar 893 Dec
8818 8912 903
88
4
3 90
903
4 903 9112 91
4
95
925 93
8
4,300
6% preierred
100 7014 Jan 9 95 Sept 14
5612 June 77 Dec
8418 85
84
85
*84
8534 *85
86
86
88
88
1,300 Chic St P Minn & Om_ _ 100 51 Jan 10 90 Sept 15
90
50 June 63
*75
80
Jan
*75
80
*773 793 *7813 793
4
4
4 7813 7934 80
8012
600 Clev Cln Chic & St Louls 100 51 Jan 4 8012 Sept 15
32 June 5712 Dec
973 973
4
4 9812 99
98
/ 9878 98
1
4
98
98
9912 9914 9912 1,300
Do prof
100 723 Jan 3 100 Aug 21
4
60 Feb
75 Dec
*49
*49
50
50
49
4914 *494 493
/
1
4 4953 511 5112 52
/
4
2,600 Colorado & Southern
100 38 Jan 10 5312 Apr 24
27
Jan 4678 Nov
02
63
*61
62
62
63
*62
6312 *62
64
*62
04
300
Do 1st pref
100 55 Jan 16 66 Mar 23
49
Jan 59 Dec
13512 140
140 140
1367 137
8
130 13612 136 136
137 1393
4 2,400 Delaware & Hudson
100 1063 Jan 4 14112 Sept 8
4
90 Apr 11012 Nov
136 137
13512 13613 135 13512 1333 135
134 134
4
135 135
2,700 Delaware Lack & Western_ 50 108 Feb 14 13353 Sept 8
14 *312 414
93 Aug 249 May
*33
4 4
3
33
4 *314 4
*212 4
*312 4
600 Duluth S S & Atlantic
100
2 Jan 27
/
1
4
6 Apr 25
11 Mar
/
4
413 Jan
*8
9
*8
9
7
8
*7
8
*7
8
*6
8
500
Do prof
100
334 Jan 7 1012 Apr 18
35 Nov
3
1614 1612 163 167
7
/ Jan
1
4
3
1618 1678 147 163
3 16
1612 1514 1638 38,600 Erie
100
7 Jan 9 18341‘fay 23
10 Dec 1514 May
257 26
8
2512 2612 257 2714 2312 2618 25
2618 243 26
3
29,700
Do 1st pref
100 114 Jan 9 2812 Aug 21
1518 Dec 223 May
18
18
18
1834 1814 1814 1753 18
,
1712 173
4 17
1712 2,300
Do 2d pref
100
718 Jan 10 2014May 23
10 Dec
9453 9518 9414 9518 9412 9518 94
IJan
9418 951.1 95
947
9512 21,800 Great Northern pref
100 7014 Jan 12
41
417
4112 42
41
413
3 4113 4112 14,900
Iron Ore properties_No par
313
3
117 Nov
3;
43
84
c
16
1612 *16
163
4 1612 1612 *1512 1612 164 1612 1613 163
/
1
1,800 Gulf Mob & Nor tr ctfs
4
100
5 Jan 4 19 May 22
434 Dec
1112 May
41
4112 41
41
411 4314 4312 4312 445 447
/
4
8
8 4512 46
2,500
Do prof
100 16 Jan 5 43 Sept 15
15 Dec 26 Feb
11312 11414 11414 1154 11414 1148 114 11412 1144 1151 1 115 1153
/
1
/
1
4
4 5,800 Illinois Central
100 9712 Jan 3 11534Sept 15
8512 Mar 10012 Nov
112
112
112 112
/
4
112 11
112
153 *112 158
113
113 1,500 Interboto Cons Corp__No par
1 Jan 10
5 Apr 8
113 Dec
57 Jan
414 414
4
4
4
3
43
4
418
4
418
4
4 18 2,100
Do prof
100
34June 20
4
123 Apr 8
314 Dec 16
2534 2534 2514 257
Jan
3 25
25
25
2514 24
/ 26
1
4
25
25
3.803 Kansas City Southern
100 2218 Jan 11
3014 APT 25
1812 Feb 287 May
*57
5814 5814 583
4
3 583 583 *5712 583
4
4 5814 583
4 5812 583
4 1,200
Do pref
100 523 Jan 5 5912 Apr 28
4
4513 Jan 55 Nov
*4
10
*5
10
*412 10
*4
10
*4
10
*4
Keokuk & Des Moines__ _100
10
5 Jan 17
9 4June 6
3
412 Nov
*34
36
*34
613 May
353 *3413 353
4 34
3412 3412 3412 35
/
4
361 1,000 Lake Erie & Western
100 10 Feb 2 3978June 6
10 Mar
*7112 75
1412 Jan
7314 74
*73
75
73
73
*7112 7412 *74
743
4
100
Do prof
100 2018 Feb 8 74 Sept 11
175 Aug 30 Dec
8
7114 72
71
7153 704 7114 70
/
1
7114 6912 703
30,700 Lehigh Valley
4 6913 70
50 564 Jan 3 72 Sept 9
/
1
4718 June 604 Dec
139 14113 1393 1413 13812 1387 136 13312 .13612 138
/
1
4
3
3
137 138
5.100 Louisville & Nashville
100 108 Jan 9 11112Sept 9
97
Apr 118 July
*53
5418 557
55
5434 55
54
54
5313 54
2,800 Manhattan Ry guar
54
54
100 35 Jan 6 53 Aug 30
32 Dec 5812 Jan
8
8
8
*7
*7
8
*7
8
*7
8
*7
100 Market Street RY
8
100
Jan 28 11 Mar 14
313
23 Dec
4
7 May
*3512 4312 *3513 4312 *3513 4312 *3513 4312 *3513 4312 *38
Do pref
404
/
1
100 17 Jan 9 5014 Apr 11
12 Aug
1812 May
*623 04
4
65
64
65
64
6313 6312 6314 633
Do prior pref
8 6314 6312 1,000
100 3512 Jan 7 67 Mar 14
27 Aug 4512 May
*211g 22
*2114 24
*21
22
2053 21
*207 22
8
300
/
1
*204 22
Do 2d prof
100
5 Jan 9 32 Apr 10
/
1
4
414 Aug
83 May
3
912 912
/
1
4
93
912 93
3 9
4
9
912
914
912
934 93
4 2,900 Afinneap & St L (new)___ _100
5 Jan 6 1413 Apr 29
513 Dee 143 May
.4
7214 743
4 75
75
747 747
8
1,400 Minn St P & S S Marie__ -100 55 June 29
8 741 747
74
/
4
743 743 *73
4
4
75 Sept 11
63 Aug
7412 Nov
*1314 1313 *13, 1312 1312 1312 1312 13
4
/ 1334 1334 13
1
4
/ 13
1
4
/ 1,600 Missouri Kansas & Texas 100
1
4
3 Jan 16 14 May 23
3
1 Dec
34 Nov
19
19
183 19
184 1918 18
4
/
1
183
4 184 185
8 1812 1812 12,200 Mo Kan & Texas (new)
712 Jan 11
193 Aug 25
4
477 48
8 Dec
97 Dec
4713 477
47
478 48
4712 4614 4714 47
6,900
47
Do prof (new)
2412 Jan 27 4434 Aug 31)
2234 Dec 264 Dee
/
1
2253 234 23, 238 23
8
2318 2212 23
2212 23
2212 234 9,500 Missouri Pacific trust ctfs_190 16 Jan 10 2514
Apr 18
16 Mar 2314 May
60% 6214
633
4 6012 62
62% 36,900
Do pref trust ctfs
/ 603 6212 62
1
4
4
100 44 Jan 10 633
45ept 12
3312 Mar 494 Nov
412 412
Cz 412
412 412
418 412
413 418 9,600 Nat Rys of Mex 2d pref__ _100
44 414
3 Jan 28
714May 27
23 Dec
4
65 Feb
8
*70
71
7112 73
/ 74
1
4
8
75
754 743 77
7812 827 20,600 New on Tex & Max v t c_ _100 518 Jan 10 827
74
4
3Sept 15
46 June 7712 Feb
98
98
/ 9818 9912 9812 99
1
4
997
/ 98
1
4
9834 98
46,600 New York Central
99 100
100 723 Jan 4 10038 Aug 21
4
8812 90
6118 June 76 Dec
88
9
0
90
88
89
88
85
1,400 N Y Chicago & St Louis
8512 8812 89
10
5113 Jan 5 91 Aug 21
39 June 613 Sept
8
92
*90
*90
96
*91
9212 *90
50
Do 2d prof
93
92
93
100 6134 Jan 5 93 Sept 15
54 June 6812 Sept
3214 327
8 3212 33
32
323
32,600 N Y N H & Hartford
4 3112 32
/ 3112 32
1
4
/ 317 33
1
4
100 1212 Jan 5 3514May 20
12 Nov 2312 Jan
2713 277
2713 2712 2714 2712 253 27
/ 2712 5,700 N Y Ontario & Western
1
4
4
2614 2612 26
100 1934 Jan 9 2912 Apr 10
16 Mar 2314 Sept
*1833 20
*18
1813 184 18
/ 20
1
4
700 Norfolk Southern
18
*1734 1812 18
18
0
834 Jan 3 2212June 6
814 Sept
1314 May
124 12518 124 1243 12318 124
12213 12412 122 124
4
14,400 Norfolk & Western
123 124
100 9614 Jan 9 12518Sept 9
8333 June 1047 Feb
*75
80
8
*75
80
7912 7912 *75
100
80
Do pref
*75
85
85
*75
100 72 Jan 9 83 Sept 8
62 June 7434 Dec
8814 89
881. 8912 883 893
4
8 88
8834 8818 893
8 8812 8912 16,000 Northern Pacific
100 733
4June 19 903 Aug 24
8
6114 June 88
464 4678 4634 47
/
1
Jan
464 47
/
1
4
463 47
4914 68,600 Pennsylvania
463 48
48
4
50 3314 Jan 3 4914 Sept 15
*2112 23
3214 June 4134 Jan
2212 23
22
22
*2112 23
22
22
2253 1,400 Peotia & Eastern
22
100 1034 Jan 11 263 Aug 23
3
8 Nov
387 3918 3812 39
8
12
377 38
Jan
/ 377 3812 373 39
1
4
3812 6,300 Pere Marquette v t c
38
4
100 19 Jan 10 4053 Aug 21
*7812 80
1134 Mar 237 May
*7913 80
3
7912 797 *7918 80
200
*79
*7812 80
Do prior pref v t c
SO
100 63 Jan 17 82 Aug 21
7414 7414 73
50 Apr 6512 Dec
73
73 12 74
*7312 74
400
*7313 7412 *7312 7412
Do prof v t c
100 5018 Jan 6 7434 Aug 23
3912 393
4 3914 397
35
Jan 6634 Dec
391 397
/
4
3912 3934 3,700 Pittsburgh & West Va
3 3913 40
3912 40
100 23 Jan 27 411 Aug 8
/
4
91
91
23
*90
Oct 32
9112 *90
9112 *90
9112
Jan
9112 92
500
92
*90
Do pref
/
1
4
100 76 Jan 13 92 Sept 14
811 83
/
4
70 Mar 80 Dec
8112 8212 805 815
3
8 7913 8113 7912 8114 795 81
40,500 Reading
3
50 7113 Jan 3 83 Sept 9
5312 55
54
5413 5412 5412 *5212 5412 *53
603 June 8914 Jan
4
5412 *52
Do 1st pref
5412 2,400
50 43 Mar 27 5912sy3
57 May 31
54
8 54
547
54
381 2 Juug 55
36,8 A ne
*54
5412 54
54
300
*53
Feb
Do 20 pref
5412 *5212 5413
50 45 Jan 27
*44
47
*44
47
44
/ 44
1
4
/ *10
1
4
47
*35
1001 Rutland RR prof
47
*40
47 I
100 1712 Feb 6 5314Juno 1
_5 :
2_34 .!!
_ T
• 3012 307
3 303 30% 3012 3033 3012 3012 304 31
4
5,500 St Louis-San Fran tr ctfs 100 205
/
1
3012 307
8 Jan 15 32 Aug 21
*54
/
1
4
56
54
1918 Mar 2534 Aug
54
54
54
*5412 56
600
5414 5412 5414 5414
Do prof A trust ctfs
100 36 Feb 1
56 Aug 21
34
34, *34
8
3412 3312 341 33
277 June 3912 Nov
/
4
3318 33
4 3,100 St Louis Southwestern___ _100 204 Jan
333
.1 3253 333
/
1
3 36 Aug 21
51
51
51
51
50
51
50
1913 June 3012 May
5014 5, ,2 1
,8 5212 507
71 8
78
7
8 4,30
Do pref
100 3233 Jan 10 523 Aug 21
4
7
714
74 74
63
4 78
,
612 7
28 June 41
6
2,600 Seaboard Air Line
Jan
100
2 Jan 4 10 Apr 15
/
1
4
1213 124 1212 1212 1114 121g
1114 1114
1112 12
213 Oct
2,70
Do prof
117 117g
8
714 May
100
413 Jan 13 143 Apr 15
4 94
9434 94
4
9418 9453 9418 943
94
/ 9312 9512 943 9512 40,600 Southern Pacific Co
1
4
3 Dee
4
1212 May
100 7812 Jan 10 957 Aug 22
2634 27
/
4
2653 2712 263 261 2614 273
261 27
3
/
4
6712 June 101
3 2612 2718 16,000 Southern Railway
Jan
100 1714 Jan 10 2853 Aug 21
3
6412 6412 635 6412 6334 644 633 6414 633 6414 6334 64
/
1
4
174 June 247 Jan
4
/
1
3,000
Do prof
100 46 Jan 10 6453Sept 1
3238 31
32
3212 3212 32
31
311 31
/
4
42 June 60
3212 311 32
4,700 Texas & Pacific
/
4
Jan
100 24 June 16 36 Apr 21
24
*23
*2312 24
24
*23
*23
24
2312 243
1,500 Third Avenue
8 2212 23%
1618 Jan
2734 Dec
100 14 Jan 5 25 Apr 25
60
*59
*59
60
60
.
58
60
/
1
4
61
61
62
613 6212 9,300 Twin
1212 Aug 203 Mar
4
3
152 154
/ 15212 1533 15112 1533 152 15414 1531g 15418 23,700 UnionCity Rapid Transit_ _100 34 Jan 12 6212 Sept 15
1
4
1517 153
8
4
4
3118 Dec 5512 Apr
Pacific
100 125 Jan 10 1513
4
77
77
8
787 *753 78
78
767 767
8
8 777 78
8
4Sept 11 111 June 1317 Nov
78
78
800
Do prof
15
1513 1412 1412 15
15
1453 14
/ 1453 1473 15
1
4
1,000 United Railways Invest_ 100 7114 Jan 7 80 Aug 30
15
6214 July 7412 Dec
_ _100
32
32
*3012 32
31
712 Jan 6 197 Apr 11
*3012 32
3112 3012 3012 317 3178 1,400
8
6 Aug
3
1214 Mar
Do pref
100 2014 Jan 9 3612 Apr 11
4
123 1314 123 13
8
13
*123 1212 123 123
3
13
4
4 123 12
17 Aug 26 Mar
3
/ 6,200 Wabash
1
4
3412 3314 34
100
/ 3312 337
1
4
6 Jan 30
3313 341. 34
3313 34
8May 26
143
533 Dec
3312 3414 14,500
Do prof A
9 May
100 19 Jan 25 3512 Aug 21
*23
25
*23
24
25
*22
24
*2314
*2212 24
*2212 24
18 Mar 2412 May
Do prof B
100 123 Jan 25 247 Aug 21
163 167
8
4
8 1512 1612 15
153
157a 1514 1614
1512 16
4 15
18,200 Western Maryland
1253 Mar 15% Nov
(new)_ _10
2434 2312 2414 23
24
24 4 26
3
814 Jan 30
235
8 233 245 *233 2413 4,900
4
1714 Aug 30
8
83 Dec 1112 May
3
4
Do 2d pref
4 18
/
1
194 197
100 13 Jan 17 257 Aug 30
/
1
/ 1918 19
1
4
8 194 193
1914 19
/ 1938 183 19
1
4
3
1414 Dee 21 May
4
3,100 Western Pacific
6312 6312 63
6412 6412 6412 64
100 1412 Jan 30 248 Apr 24
647
8 64
6412 6412 6112 3,000
15 Dec 307 May
8
Do pref
100 511 Feb 1 64% Sept 13
/
4
5112 Dec 7012 Jan
1412 14
4 1312 1414
1412
/ 14
1334 1414 3,800 Wheeling &
1
4
1312 133
131.2 14
Lake Erie Ry_100
4
25
25
2614 .253 26
*2412 2513
.
26
6 Feb 2 1612June 7
2413 2513 2514 2514
614 Dec 1118 May
600
Do prof
3134 32
100
4 3114 32
4
313 313
32
914 Jan 4 29 8June 7
33
3212 3212 3212 3212 2,700 Wisconsin
5
1212 Dec 1912 Alay
Central
100 25 Jan 10 3314 Mar 13
23 Oct 37'M ay
Industrial & Miscellaneous
*77
78
774 78
/
1
7714 8012 7714 7934 *78
7812 7812 2,900 Adams Express
80
*193 2112 2134 22
4
100 48 Jan 12 8134Sept 1
21
21% *20
2612 Jan .5334 Dec
21
21
21
*1912 21
600 Advance Rumely
.
58
56
5818 *56
1012 Dec 1934 Jan
100 108 Jan 19 23 Aug 18
*56
*50
57
57
*53
5612 *5313 57
Do pre(
5613 564 56
3112 Dec 5218 Feb
56
100 3153 Jan 12 6012 Aug 18
*56
5612 5612 5812 584 59
/ 59
1
4
60
6,200 Air Reduction, Inc__
1438 1414 1514
No par 4512 Jan 3 60 Sept 15
13
30 June 50 Dec
14
14% 14
14
1313 13%
1312 141 19,300 Ajax Rubber, Inc
/
4
2
8
2
8
4
1514 Dec 3912 Jan
12
4.3
12
912July 28 183 Apr 25
50
8
3
8
*1
12
/
4
12
18
'2
12
2,000 Alaska Gold Mines
75May 10
*1
118 *1
14 Dec
14 Jan 13
10
118
112 Feb
112
Ps
Ps
11 11
/
4
/
4
153
114
114 11,400 Alaska Juneau Gold Min
134A epY 7
:2 A u g 59,4 De
3
3
Oet
8814 89
8712 89
13 Feb
10 55,81/4 JanJ 24 92 sla t 15
4
85 4 87 4
,
84
864 8214 8512 843 854 40,300 Allied Chem
,
8
& Dye_ __ No par
•112 115 .113 115 *113 115 *111 11314 11114 114
113 1143
500
4
Do prof
83 June 10334 Dec
59
59
100 101 Jan 3 115 Sept 8
587 595
8
8 583 59
4
57
/ 58
1
4
5712 58
5812 5812 6,100 Allis-Chalmers Mfg
4Sept 7
593
2814 Aug 391 Dec
4
*101 10112 10114 103 *10112 1037 103 103
100 373 Jan 4
/
4
8
10313 10312 *102 104
900
Do pr f
6712 Aug 90 Dec
100 8612 Jan 5 10312Sept 14
40
40
39 4 4014 394 4014 3934 393
3
/
1
8
4 395 40
39 4 4014 3,700 Amer Agricultural
3
2612 Aug 6513 Jan
Chem_ _100 29 Jan 3 4278June 1
/
1
4
*7112 72
72
72 4 72
72
,
71% 71% 7112 71, *7118 72
800
2
Do pref
Sept 11
51 Aug 90
100 56 Jan 16 7214
Jan
*70
73
*7014 72
72
72
72
72
*7013 73
*7012 73
200 American Bank Note
4612 Jan
50 5813 Jan 7 7712 Apr 7
5612 Dec
*51
52
*5112 54
.51
54
*51
.54
*52
.54
54
*52
Ant Bank Note
4312 Jan 5012 Dec
50 52 Jan 12 54 Mar 3
*4612 4712 *4612 4712 *4612 4713 4612 4612 464 47
4612 4612 1,000 American Beet prof
/
1
49 June 9
2412 Oct 51
Sugar
100 3134 Jan 3
Feb
*74
80
*74
80
*74
*74
80
*75
80
80
*75
80
Do pref
5434 Dec 747 Jan
100 61 Jan 11 77 June 24
43
/ 44% 431, 4412 43
1
4
433
4 4212 4312 *4214 4312 4312 433
4 2.400 .'n*r rtoarh Magneto_ ,No
49 Apr 11
201* Aug 651. May
Par 3114 Jan 31
•Bld and asked prices: no sales on this day. t Ex-rights. § Leas than 100
shares. a Ex-dividend and rights s Ex-dlvldend. S Ex-rights (June 15) to Subscrlbe
share for share to stook of Glen Alden Coal Co. at $5 per share and ex-dlvldend 100%
In stook (Aug. 22).
40i., 4034 058 4i.1.:
6314 6134 6134
:3i zr ns. uene
4s ,
,13
j
New York Stock Record-Continued-Page 2
1304
For sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICE
Saturday,
Sept. 9.
Monday,
Sept. 11.
Tuesday, 1Wednesday. Thursday
Sept. 14.
Sept. 13.
Sept. 12.
Friday,
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11022.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share $ per share $ per share
$ Per share
S Per share S per share $ per sharel 5 per share $ per share $ per share
5638 Dec
Jan
42
51 Jan 4 8812 Sept 12
8234 84
84
8412 8418 8714 82
85
8134 85
7912 82
4
883 Jan 100 Dec
9814 Jan 18 110 Sept 5
110 110 *110 112 *110 112 *110 112 *110 112
*110 115
2312 June 3512 Dec
Sept 8
3
3214 Jan 5 637
8 62 625
4
8 613 627
4 6212 6315 6212 635
633
6318 63% 63
763.4 June 97 Dec
9314 Jan 3 11013 Aug 28
10912 10912 *1C18 110
8
10914 10914 *10914 11012 *10914 1105 1094 110
141 Jan 10 193 Sept 11 11514 June 15114 Dec
188 190
189 192
192 193
1927 193
4
4
1913 1913 193 193
11512 Jan 6 125 Aug 17 108 May 11613 Dec
125 125' *12212 124
124% 125
122 125 *122 125 *122 125
.
Jan
612 Nov 29
7 Jan 27 14 May 5
4
812 812 *812 83
4
8 83
*83
88 83
83
4 9
913 912
8
157 June 2434 Nov
1914 Jan 10 30/2May 31
2818 283
4 28% 30
8 2812 2913 277 29
*2814 28% 2838 283
Apr
3512 July 67
41 Jan 11 61 May 31
4
5512 5512 5712 573
*5512 59
5712 *5612 59
5712 *55
*55
8% Jan
4 June
7 Sept 13
412 Jan 13
614 614
612 612
614 7
614 614
614 614
*614 612
126 June 23 145 Sept 1 114 July 137 Dec
140 14313 *142 14312 *138 14212 *13812 14212
141 144
•136 144
16 Dec
Apr
8
3
12 Jan 18 173 Apr 13
1412 *14
4
1412 1414 143 *14
1412
1412 *14
1413 1414 *14
4012 Feb 62% Dec
58 Jan 3 743 Sept 13
4
73
*72
4 72% 73
7212 743
*7212 74
73
73
*7213 74
8312 Dec
Jan
42
78 Jan 12 122 Sept 8
118 11812
117 12014 11712 118
4
11914 12012 1183 119
120% 121
7314 Nov
Jan
57
72 Jan 13 9514 Aug 4
9212 923
9314 *9212 93
4
9314 93
9312 93
93
4
*933 94
21 14 Aug 5333 May
34 Aug 28 505
8.June 2
4
36
4
358 365
3514 347 35% 341 3412 343 3612 35
35
11% Apr
7% Aug
918 Jan 16 14 July 26
13
127 13
13
128 1318 13
1318 13
13
1318 1318
1714 Aug 6212 Jan
4Tune 1
2938 Jan 10 403
4
4
4 3514 3714 3612 3734 363 3712 363 378
353
*35
35
35
Jan
1, 39% Aug 93
8June
5212 Aug 14 607
5714' 5612 5612 *5612 58
57
5614 57
*5412 56
*5412 56
7312 June 110 Dec
American Locomotive ____100 102 Jan 5 127 Sept 11
124 120
12312 125
126 1273 12418 127
4
126 127
12334 126
31,5001
Dec
9814 June 115
100 112 Jan 12 12118 Sept 13
Do pref.
300
121 12118 *118 120 *118 11934
•120 122 *120 122 *119 121
95 82 Jan 30 122 Sept 15
8
663 Jan 91 Nov
4,800 American Radiator
1193 122
4
8
4
11712 1183 1183 1198 118 119
119 12033 11812 120
Jan
10
312 Aug
85 Apr 6
25
3
4
33 Jan 31
714 5,600 American Safety Razor
7%
718
718 718
718
67
8 7
63
7 18
67
3 7
Jan
14
414 Aug
512 Jan 3 2414Ma.y 31
34,700 Am Ship & Comm _ _ _ _ _No Par
4
1933 2014 2013 2112 2012 2114 203 21
1914 1912 1918 20
2953 Aug 4714 Dee
4353 Jan 6 6712‘f3v 19
4
633 6438 6333 7414 64
648 7,0301 Amer Smelting & Refining,_100
6434 6514 6438 6538 6413 65
6314 Aug 90 Dec
4Sept 15
100 8618 Jan 4 1023
Do pret
10212 10212 10212 10212 10212 10212 10238 10234 1,000
8
10253 1025 *10212 10238
Jan 88 Dec
63
100 Am Smelt Secur pref ser A _100 87 Feb 8 97 Aug 17
93
*95
98
9712 *95
9712, *95
*9512 9712 *95
97 97
Jan 11434 Dec
95
100 10912 Jan 3 15412Sept 6
700 American Snuff
14714 14714 15112 14112
150 155 *153 15412' 152 152
*156 157
Dec
18 Aug 35
4
75,687 Am Steel Fdry tern ctf4_33 1-3 303 Jan 26 4913 Sept 11
4533 4312 4412 4412 45
4534 44
4213 4214 4218 4613 448
78 Aug 9514 Dec
11
91
Do pref tern ctts
403
106 106 *10512 10813 *105 107100 541 Feb 8 10614Sept 21
10612 10612 *105 108
105 105
Jan
3
47% Oct 96
Jan 4 857 Aug
8212 8314 5,900 American Sugar Refining....100
8234 8338 8212 8234 8214 83
8312 84
837 837
6712 Oct 10714 Jan
103 84 Jan 3 112 Aug 18
Do pref
900
11012 11012
110 11014 11012 11012 110 110
•110 112 *110 112
2812 Dec 88 Mar
100 2314 Feb 14 47 May 29
9,150 Amer Sumatra Tobacco..
3
4214 4313 423 437
3
407 44
4434 463
8 4014 41/2 404 41
4
64% Nov 913 Feb
100 5212 Jan 27 71 Jan 16
Do pref
100
4
3
3
4 695 695 *6312 693 *6812 0938 *6812 70
693
*67
6938 *67
31
4
953 Jan 11912 Nov
4
12214 1228 1223 1238 22,000 Amer Telephone & Teleg 100 11412 Jan 4 12814 Aug 1
4
4
12212 12314 12278 12312 1223 1233 12238 123
11112 June 13634 Dec
Jan 5 16912Sept
100 12918
4 4,800 American Tobacco
16434 1643
4
167 16714 1653 167 1 165 16618 16438 16.512 16212 164
86 Aug 9912 Dec
100 9612 Jan 3 10712 Sept 7
Do pref (new)
400
4
10512 10512 *10512 10712 *10512 10712 *1053 10712 106 10612 *10513 10712
Jan 13112 Dec
100 126 Jan 3 16534Sept 5 110
Do common Class B
4 3,400
161 1613
1593 160
3
16318 1637 16114 16112 16012 162
16314 164
612 Oct
4 Sept
6 Jan 7 21 Sept 15
100
3,900 Am Wat Wks & El v t c
4 238 26
8
233 233
237
3
2012 2213' 22
19
193 20
2012
48 Sept 6858 Dec
3
Do 1st pref (7%) Y t c_100 67 Jan 4 937 Sept 13
1,500
9212 9212
92
8 92
8
8
885 8914 893 937
89
89
89
*86
812 Sept 20 Dec
c 100 1714 Jan 4 542 Sept 15
Do panic pf(6%) v t
4712 5412 22,000
50
47
4712 50
4212 4212 49
4
40
393 40
57 Feb 8312 Dee
100 7814 Jan 10 105 Sept 13
101 18 103 , 10012 10238 63,700 Amer Woolen
8
4
10058 10334 10238 1043 1023 105
10012 102
93 Feb 10412 Dee
100 10212 Jan 11 11012Sept 141
Do pref
800
8
1103 11012 *10314 11012
10912 11018 11014 11014 11018 11014 *110 11012
2012 Aug 3913 Jan
3,100, Amer Writing Paper pref 100 2212 Jan 13 37i8 Apr 15
35
4' 33
3214 323
4
3214 3214 3214 323 327
32
*3118 32
143 Dec
634 Sept
8
1,8001 Amer Zinc, Lead & Smelt _25 1218 Jan 3 203 Tune 1
17
173 1814
4
17
17
18
18
1814 *1712 1814 17
*18
40% Dec
2273 Aug
25 36 Jan 18 4858 Aug 22
Do pref
4712
200
8
457 457 *46
47
*45
47
47
48
4712 .47
*46
4
313 Aug 50% Dec
Copper MinIng__50 47 Jan 31 57 MAY 31
24,400 Anaconda
55
54
554 54
3 54
543
553
4 55
5514 555
5518 553
5012 Dec
Jan
24
)
100
8,500 Associated Dry Goods__ 1(0 43 Jan 5 62 Sept 15
3
5912 6013 605 62
591 60
577 5814 5814 613
61
4 60
763 Dec
4
553 Jan
75 Jan 6 84 Sept 13
Do 1st pref_
500
*8412 84
8312 84
837 84
84
*83
83
84
*82
83
78 Dec
Jan
45
100 76 Jan 17 91 Sept 12
i
pref
Do
.9oe 2d
00
0
6
9 3 A3 iatedD
*88
90
90
*86
89
*86
91
861g 8714 8714 91
86
91 Sept 10712 Mar
100 99 .Tan 31 13512May 3
11812 11912 11712 11712 *11612 11812 11712 11712
4
1183 119 *117 1183
Jan
9
134 Oct
512 Apr 17
218 Sept 12
238 238 2,303 Atlantic Fruit
214 212
218 218
218 214
214
214
212 238
Jan
18 June 76
Line..... p
N
7,800 Atl Gulf & W I S SLine.....100 2312 Mar 2 4314May 29
3212 3118 3212 3213 33
32
32
3234 3113 3138 31
32
4
153 June 4412 Jan
Do pref
23 23100 1812 Mar 6 3114Nlay 29
23
2312 *21
200
*22
23
*22
2312 *2212 2312 23
100 900 Mar 7 1145 May 1 a82() June a1125 May
Relining
215 Atlantic
*1080 1150 1100 1100 1090 1095 *1050 ____ *1075 1090 1090 1090
3
sJune 30 1033 July 11312 Nov
100 113 Jan 9 1187
Do prof
____ *116 118 *116 118 *116 118
118 118 *115
*11722118
Apr
12% Dec 20
No par 1312 Feb 28 22124ay 4
1714 *1612 1714
u io
Atr Tack
4
1638 163 *16
*1612 1712 *1612 1712 *1612 17
1314 Jan
813 June
4
914 Jan 5 373 Sept 14
N ichols Sr Co__.No par
357 3734 36% 3733 28 21 000
10
37
3
, 03
3612 3712 35
Jan
3 3434 367
3013 343
5053 Aug 70
12
100 68 Jan 9 91 Sept
Do prof
8
907 90% 8918 9014 8912 8912 1,990
8
8814 887 91
87
87
514 Dec
*84
212 Sept
7 Mzr 17
50
3 Sept 12
*3
*27
4
8 4
8 4
400 Auto
*27
3
3
*2% 4
Jan
15
.278 4
Apr
10
50 1012July 27 1512 Mar 16
*912 12
*912 12
*912 12
*912 12
*912 12
3
*912 12
6214 June 1003 Deo
13
600, Baldwin Locomotive Wks_100 9312 Jan 13 14518Sept 1
8
81
4
Dec
13512 13718 1353 1387 13612 14928 13638 13838 13612 1337 123,
95 June z105
13238 136
prof
*110 11514 *110 115100 101 Jan 13 115 Sept 11
41
Aug
Jan
114 11412 *114 11514 *114 11514! 114 114
.
29
No par 40 Jan 19 6753Sept
*62/2 63
63
6612 62
6612' 64
! Do
100
1,030 Barnet Leather
6618 6738 *65
86 Dec
67 67
Jan
70
100 89 Apr 12 9712Sept 13
*95 100
100; Do pref
9712 9712 9712 *95 100
9712 *95
9712 *95
.95
I 20 Dec 27 May
Apr 28
3938 43
425 4414 59,600 Barnsdall Corp, Class A____25 1953 Jan 16 5614 Apr 27
42
8
4
363 4018 40
Jan
3638 38
3612 367
4
143 June 35
25 1914 Jan 9 39
Do Class B
2312 31
30
30
29
4 4,200
29
27
303
27
27
Jan
1
27
12 Aug
*26
18 Mar 23
12 Jan 14
20
1
3
.7
8
7
8
7
%
3
7
3
500 Batopilas Mining
7
8
7
1
*73
1
*78
27 June 29 June
No par 33 Apr 28 58 Sept 13
Bayuk Bros
5714 573
4 578 57%
1 5512 58
1,200
.
5418 5413
53
54
5314 54
3912 June 6213 May
100 51 Jan 10 79 May 12
Steel Corp
7712 2,303 Bethlehem
8 7612 777 *75
8
7638 767
768 7614 77
7612 7612 76
4112.1une 65 May
100 5512 Jan 3 8214Nfa5' 12
787 14,100
78
8
Do Class B common
3 7812 7914' 7812 7914 783 7914
7814 7818 793
87 June 9314 Jan.
78
8
100 907 Mar 7 105 Aug 31
104 104
D prof
Do eo I
350000 1
1033 1033
4 412
4
4
3
90 June 112 Sept
*1015 105 *1013 105 *10138 105 i*103 105
8June 14
pref_100 104 Jan 4 1165
cony 8%
8
3
712 Dec
11512 116 *1155 11612 *11512 11612 11438 1145 11.512 11512 *113 11
3 Aug
4
43 Jan 10 1012 Aug 30
No par
1
9% 914
4
94
914 *918 912 3100, Booth Fisheries
,
9 4 93
9 Dec
*912 10
814 1)ec
*912 10
812 Jan 9 1412 Sept 14
100
1412 15
1312 1312 14
1,200' British Empire Steel
15
4
*123 13
1234 13
14
55 Dec 5838 Dec
*12
58 Mar 2 76+4 kur 15
100
Do 1st prof
76
*74
76
*74
*75
76
76
209
*75
8
747 75
76
3
*72
22 Dec 233 Der
100 19% Mar 17 39 Sept 14
p t
38
38
Dec
3614 3614 3612 3712 3712 3712 3712 3812, 3812 39
88 Jan 101
3
3 1245 Au.: 3J
Do 2d I
Brooklyn ( son, Inc
4
*12113 1213124100 100 Jan 31 12212 Aug 30
12114 1213 12112 12112 120 121
4
1213 122
121 122
•
Jan 7612 Nov
51
103 70 Jan
118 118
700' Brooklyn Union Gas
121 12112' 12012 12012 *11812 120
12114 12114 121 121
33 Feb 4633 Nov
100 42 Jan 16 647 Sept 11
63
Brown Shoe Inc
645
64
64
*63
6412 2,300
63
6418 6418 6414 648 63
514 Jan.
212 Aug
533Jurte 6
218 Mar 3
24
3
23
3
4 *212 3
3
400 Brunswick Term & fly Sec 100
4 3
4 314 *23
312 *23
*3
8114 Jan 12212 Dec
100 11312 Jan 10 13912June 5
8
3,600 Burns Bros
13613 13678 13512 13653 1354 1367 134 13512 134 13512 136 136
4
31 18 Dec 333 Dec
3
283 Jan 19 5114 Aug 18
4 477 483
473
new Class B corn
4
Do
4 7,103
4712 4734' 4614 4812 463
475 48
478 48
4
3May 1 z873 Dee 90 Nov
*9214 98
Bush Term Bithrs, pref_ _ _ _ 100 8714 Jan 3 975
*9214 98
*9214 98
*9214 98
*9214 98
*9214 98
614 Dec
34 Aug
814June 7
514 Mar 1
4
63
4 63
63
4 63
713, 1,300, Butte Copper & Zinc v t c_..0
7
4
7
*634
7
7
634
634
4
1412 Jan 333 Dec
100 18 July 27 34 Feb 3
*20
20
2012 2012 21
1,300' Butterlek
3
195 2014 197 198 2012 2012 20
1014 .Tune 22 Dec
4 333
4Nfay 18
2912 2912 313
3 8,6001 Butte & Superior Mlnin.g___10 20% Jan
2912 2934 2912 2934 2913 2912 *29
*2934 30
1938 Apr
4
73 Aug
1513 Apr 15
1018 Aug 33
11
11
11
113
8 11
Caddo Central 011&Ref No par
11
1114 2,303i
*1032
11
1112 11
*11
535 July 74 Nov
No par 68 Jab 11 8612Sept 12
85
85% 84
85
8534 10,9001 California Packing
8614 8512 8612 83
85
8212 84
8
Jan 505 Dec
25
10(
4313 Jan 10 71%June 2
61
63
637 6518 11,600, California l'etroleurn
8 6353 647
4
633 6412 6412 655
8
637 64
6812 Jan 88 Dec
100 83 Jan 3 9812 Apr 17
98
9S
*96
99
*96
Do pref
*97
3001
99
*97
9613 98
95
95
712 Jan
334 Aug
8A.Lty 27
514 Feb 14 113
10
ZInc-Lead
9% 9% 166001 Callahan
914 9%
4
,
912 93
912 9%
9% 1018:
3
9 4 10
4113 Jan 60 Dec
4
61% 61% 63
*6112 62
6313
400' Calumet Arizona Mining___10 573 Apr 5 6612.Tune 1
4
6212 *613 62
6212 6212 *62
1512 Nov
Dec
11
3
1 10 Aug 29 163 Mar 29
10 *
10 *
Carson Hill Gold
10
10 *____ 10
* __-914
1014 Apr
3 Nov
3 Mar 8
No par
912June 6
6
61, 9214
612
Plow
64
6% 612 -;.1
700 Case (J I)
*614
*6% 7
7
*614
7
3
Dec 853 Feb
63
ciFe (.7 I) Thresh M, pf ctf 100 68 Feb 21 9314 Aug 23
*90
92
92
*90
*90
93
*90
93
*90
93
90
.
2218 Aug 4314 Jan,
3
100 293 Jan 10 4418 Sept 13
Central Leather
4314 438
4
417 4218 413 4238 411 4214: 4213 448 4318 44
8
5715 Aug 96
Jan
28,9001
8234 Sept 14
8
8233 823
4 823 8233 2,900; Do prof.
g100 633 Jan 6
8012 80121 8112 82
82
8118 81
81
23 Mar 3612 Dec
4 40
403
3 40
4
4034 7,000' Cerro de PASCO Copper_No par 3234 Jan 4 4114Sept 7
4 3912 4018 393 403
Jan.
4014 4012 403 403
22 Aug 44
7 478 *4712 4512
-Teed Prod____No par 34 Feb 14 5318jube 7
47
48
500 Certain
4
4814 4812 *473 4812 48
Apr
*4712 49
3814 Oct 86
5 79,1 Apr 6
4
3
4
4 6313 6412 623 638 6212 6312 618 6314 6212 635 17,700 Chandler Motor Car_ _No par 473 Jan 14 8912sepz 8
4
633 643
47 Aug 7014 Jan
4 8038 8312 83
843
82
85
8333 6,800 Chicago Pneumatic fool...100 60 Jan
85
87
8612 8938 84
9 Mar 16% Dec
25 1518 Jan 5 2518May 29
4 233 237
3
8 233 2414 27,200i Chile Copper
8 2312 233
8
4
3
24 3 2414 2412 237 243
24
1912 Mar 2912 Dec
8.1tine 1
5 2512 Feb 21 333
3113 3012 3038 3014 3022 3024 3012 3,200' Chino Copper
304 304 304 3114 31
361, June 6212 Jan
Aug 31
6212 0222 64
4
643 644 *62
66
65
2,1001 Cluett, Peabody & Co.._.100 43 Jan 11 684 July5
Feb 4312 Dec
6413 65% 66
19
*64
Jan 5 74'2
No par 41
70
72
704 6913 71
4 71
23,400 Coca Cola
694 7012 7012 7212 7112 723
22 July 3234 May
s
100 24 Jan 10 367 May 19
8 3514 3633 3512 3638 19,100 Colorado Fuel 43: Iron
353
33
3212 34
34
4
33
52 June 673 Dec
*3212 33
10612 10912 10712 1147 11212 1143 28,900 Columbia Gas & Electric 100 61% Jan 4 114% Sept 14
8
8
1234 Jan.
4
4
3
23 Aug
10513 1053 1043 10514 1044 1063
4June 5
53
114 Jan 26
4
38 33
3 33
4
33
338
33
4
8
37
334 3,100 Columbia Graphophone No par
4
4 33
33
373
812 Dec 6214 Feb
2
338
4June
5 Feb 9 203
100
1412 *14
1412 *14
1412
Do prof
400
144 1414 1413 1414 .14
4
283 June 58% Dec
141s 15
•
4
5514 Jan 3 793 Apr 26
4 7434 752 9,100 Computing-Tab-RecordNo par
7513 733 753
4
743 7518 7512 7628 7412 7618 74
1312 Dec 5914 Jan
4
34731 34% 3514 35
1853 Feb 10 393 Aug 21
8
355 38
__No par
3558
8,500 Consolidated Cigar_ _
4 3414
353
53 Dec 80 Feb
3814 34
78 Aug 29
378
*75
80
80
*75
*75 81100 47 Feb 27
81
Do pref
*75
80
12 Sept 10 Mar
*75
80
214 Mar 16
*75
14 Feb 17
38
100 Consol DIstributors,Inc No par
38
"4
38
*38
"4
7712 Jan 95 Nov
38
12
15
"4
12
4
8
*3
12
14312 14014 14113 142 14534 73,700 Consolidated Gas (N Y) 100 8512 Jan 30 1453 Sept 19
4
123 Aug 217 Jan
14114 1438 142 14413 14114 107
15% Apr
142 1433
9 July 25
8
1012 1034 1012 1038 8,400 Consolidated Textile__.No par
8
1078 1114 105
Jan
8
343 Aug 66
8
1114 107 11 18
11
4
100 453 Jan 4 92 Sept 9
9014 8714 8914 87
88
9,100 Continental Can, Inc
9012 9112 894 9014 89
5853 Aug 73 Dec
92
90
4
Jan 20 933 Aug 22
25 66
91
91
*90
91
91
*89
100 Continental Insurance
*9012 91
91
59 June 9914 Dec
t 9
*90
*8912 91
9114 Jan 4 12034Sep
11714 119
8
4
11914 1173 1195 117 118
13,100 Corn Products Reflning___100
3
98 June 112 Dec
3
119 120 4 1184 119 4 119 120
100 111 Jan 10 11958 Aug 23
119 119 *117 120 *117 120
Do pref
100
4
2212 Aug 433 Apr
3
*118 121 *117 120 *117
No par 313 Jan 10 5314.1une 7
53
8
517 523 190,999 Cosden & Co
4
4 4812 4914 4814 5112 51
49 Aug 10717 Jan
493
8
983 Sept 5
4
487 498 4812
9414 24,400 Crucible Steel of AmerIca_100 523 Feb 27 100 Sept 6
93
9512 9212 9412
Jan
4 92
77 June 91
953
8 94
968 9518 963
95
100 80 Jan 17
Do pref
620
4 9513 9712
983
,
535 Oct 26 Feb
*9812 9923 9853 9858 98
1934 Mar 15
99
8% Jan 11
*9812 9913 99
No par
1413 1412 1413 1414 1412 147
5 5,800 Cuba Cane Sugar
6812 Dee 1313 Feb
1353 1418 14% 1434
1334 14
100 1514 Jan 3 4178July 27
7
3612 36
prof
4 36
373
Do
8 36
4,400
383
36
8
4
107 Oct 333 Feb,
3818 38
.l0 1412 Jan 3 28 AIM 4
3818 3814 38
Sugar..
4
2513 2534 2518 2512 253 263 12,400 Cuban-American
4
68
Oct 95 Feb
2614 2512 26
25
100 7813 Jan 17 9712Sept 8
257 26
Do prof
18..4
9712 *9612 9712 9714 9714 9878 1
700
9712 9712 97
*9712 98
23 Mar 5953 Nov
June 13 6538 Apr 6
4912 503
4 50
9,200 Davison Chemical v t c_No par 43
4 5058 533
2.
513
8
135 June 21
Jar,
8May 2
4914 4912 49
1513 Jan 3 283
par
.49
50
4
4
500 De Beers Cons Mines_.No
2214 223 223 *2212 22% *2218 221z
9313 Nov 100
Oct
3
10 1003 Jan 11 11812 Aug 30
2314 2314 *2212 2312 224 116
115% 116
118 116
116 116
800 Detroit Edison
1018 Jan 213 Apt10 1812 Jan 4 39% Aug 31
*11614 11714 *116 11714 116
Ltd
387
3
39
39
4
383 3914 383
6,900 Dome Mines,
8
_
70 July 3 8814 Aug 28
3914 387 39
3918 3933 39
8612 87
863 87
4
10,400 Eastman Kodak Co _ _ _ No par 115 May 27 15634 Sept
8612 877
3 8612 87
4 8414 868
843
84
150 151
14912 1538 147 159
7,800 E I du Pont de Nem & Co_ _100
15214 153
s
3
153I8 155 4 1527 155
100 80 June 12 9012Sept 8
nreferred
89
*88
6% cumul
Ws 8878
89
800
89
89
8914 9012 89
90
.
89
Par v81ue 310 per share.
Ex-d1v1dend and rldbta.
Assessment paid. a Ex-r1gbta. a Ea-dividend. a
on t11a_day.
•Bid and asked paean nosalea
Shares Indus. & !Wheel!. (Con.) Par
7,930 Am Brake Shoe & F___No par
100
Do pref
100
100
14,400 American Can
100
Do pref
700
1,800 American Car & Foundry 100
100
Do pref
300
No par
600 American Chicle
100
6,800 American Cotton 011
100
Do pref
300
2,500 Amer Druggists Syndicate_ _10
100
1,200 American Express
1,600 American Hide & Leather. 100
100
prof
Do
1,300
100
5,300 American Ice
100
Do pref
1,700
10,700 Amer International Corp 100
1,500 American La France F E__10
100
7,500American Linseed
100
Do pref
9001
NE,
e
New York Stock Record-Continued-Page 3
1305
For sales during the week of stocks usually inactive, see third page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICE
Saturday,
Sept. 9.
Monday,
Sept. 11.
Tuesday.
Sept. 12.
Wednesday. Thursday.
Sept. 13.
Sept. 14.
Priday,
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share $ per share $ per share $ per share
per share $ per share Shares
48
4812 4734 4813 48
4753 48
483
4 48
49
*5014 5012 28,500
*20
21
2112 2012 2012 21
4 21
*2114 213
900
21
*2014 213
4
8
8
*8
100
*7
83
4 *8
83
4 *7
834 *8
83
9
4
3
8712 8914 875 8833 8753 89,
8812 89
8
883
4 88
4 6,400
2 875 883
*113 115 *1134 115 *114 115 *114 115
100
115 115 *11412
10112 10212 1017 1033 10212 10414 10212 105
8
3
10134 103
101 10212 25,600
10413 1047 105 10512 *10412 10512 *105 10512
104 104
105 105
3
900
1534 *15
*1212 15
*15
153 *1413 15
4
*13
15 1 *1412 15
4
5913 61
6014 6114 583 6017 5913 595g *59
•
5912, 60
603
4 3,600
11712 119
1193 12212 122 12213 1225 124 *1213 123341.1223 123
8
4
4,100
4
4
97
97
9713 9712 9712 *9312 97
*93
96
96
1,000
93
95
1314 13
4
1212 1212 123 1314 13
13
13
13
13
1413 5,300
2312 2413 23
2314 2318 24
23
2312 2314 24
233 25 4 33,800
4
,
5 71
69
69
69
68
705
8 67
697
69
8 68
68
6814 6,200
/ 6814 6512 6712 6453 66
1
4
8 6614 6814 67
6818 687
6512 667 30,800
8
102 102
*102 10514 10112 103
*93 102
*9813 100
800
100 100
,3
813 8112 8114 817
3
8 817 81% 8112 82
8012 81,
8113 2,200
4 81
105 105 *105 109 *105 109 *105 109 *105 109
300
106 106
18214 183
182 183
180 180
182 182
2,600
179 18012 181 183
1434 1518 145 15
4
143 15
8
1412 15
1412 1434 128,703
1433 143
4
*84
8414 8418 85
85
85
703
8512 8512 85
85
*8412 85
85
85
85
853g 85
855
8 85
85
4 2,350
8412 8412 8112 813
9934 993
4 9914 9913 9914 100
993 993
4
994 *99
9914 1,609
4 99
15
15
1518 1513 1414 15
14
1,403
1414
1414 1412 15
15
353 353
3612 3553 3614 35
4
4 36
8
3 4,900
345 347
3514 3418 35
86
85
85
*85
*8533 87
400
8514 8514 *84
85
85
85
32
32
3112 323
4 3114 317 *3114 323
3,100
4 32
4
32
313 32
*1373 1412 *14
1413 14
14
400
1333 1312 *1318 1314 .1318 1314
3218 3213 *3112 32
*3112 32
*3112 32
403
3
4
8
*313 323 *3112 325
*117 12
113 113
8
4
4 113 12
4
*1112 12
703
1113 1153 *1112 12
83
83
8312 843
4 8312 84
82 18 8412 *8212 84
8514 6,103
83
*17s 213
213 213
17
13
4
503
2
2
214
*2
13
4
13
4
22
22 I 213 23
4
2312 24
21
27
2613 283
3 2713 2812 24,603
73
73
*71
73
723 73
4
409
*72
7412 *7212 7412 7314 7414
3
835 8412 8313 8414 8213 833
4 805 823
8138 8234 9,503
3
8
4 807 82
20
2113 2114 2314 225 2333 225 233
8
8
*224 2234 40,103
3 2253 23
77
8 83
8
83
8 83g
8
8
8
8
73
4 818 2,800
4 8
73
373 4
38 4
7
37
8 4
412
438 434 30,090
4
4
413
*873 9
gi, 4.9t, 912 1,500
87
3 87
8
83
4 912 *914 912 *9:4
42
42
415 42
8
4113 413
4112 5,100
4 41 15 4153 4113 413
8 41
812
812 *918 10
913 913 *9
812 813 *9
600
10
10
•373 38
377 38
4
3
38
33 1 *373 3313 3712 37 2 *373 33
503
4
,
4
3312 3312 33
33
*3212 3313 3312 3313 3312 337 *3212 3312 1,100
!
8
2812. 2913 2812 2914 29
295
8 2813 29
21,400
29
28
4 28
283
11213 1127 11212 11212 1123 11313 11214 11278 111 112
3
4
1117 1117
8
8 3,500
•119
*119
*119
____ *119
_
____ *119
____ *119
14
1414
1353 133
4 1312 133
4 1314 1414 1418 1414 14
1412 8,600
,
5612 5712 558 57
541 5614 56
583
8 5712 587
4
3 573 59i. 21,900
1734 177
3 1712 18
1753 18
173 1814
4
1712 1773 173 177 16,500
4
3
8214 82
*81
82
*82
8213 8213 8212 *8112 8212 8212 831
500
8 5912 6113 6012 615
597 603
3
8 59 2 6153 5813 60
8
593 6033 17.500
,
.
77
78
78
8012 80
8018 80
2.500
80
80
80
80
80
14
143
143
8 14
8 14
11,700
143
8 1413 1414
1434 15
1433 15
,
8
3514 39,2 38 2 4018 397 443
3 4412 473
97,000
3 4514 4912 477 50
3
53
4
3
5
3
8
4
5
2
3
4
52
3
4
52
3
4 8,250
52
3
4
*16
17
.16
17
1614 163
4 163 173
1914 6,700
4
4 163 1714 18
4
61
60
60
.
60
*59
1,100
60
60
65
63
*59
65
63
4912 5013 493 5014 498 5033 5014 533
3
4
4 52
3 523 5334 14,600
533
414
414
433
414 43
414
433
4
413 433 10,300
412
433
414
45
4514 45
4612 453 4612 4514 4614 451* 457
4 46
453
3
8 6,600
100
•104 105 *104 105 *104 105
104 104 *103 105 *103 105
3 443 4538 4334 44
4
4414 447
4318 4318 4214 44
434 437
8 6,500
200
4
•102 1033 *102 1033 102 102 *102 103
4
102 102 *101 10212
86
200
*85
8512 86
*85
*85
90
86
90
*84
86
*84
3,000
10312 104
10312 1063 10414 10414 *103 104 *103 104 *102 103
4
Indus. & Miscell.(Con.) Par $ per share $ per share $ per share $ per share
Electric Storage BatteryNo par •1012June 17 4953 Aug I7
Elk Horn Coal Corp
50
1414 Jan 25 2314June 14
16
Jan 2514 May
Emerson-Branting,ham
1118.1une 5
100
258 Jan 4
212 Dec
97 May
8
Endicott-Johnson
50 7614 Jan 10 8912Sept 1
52
Jan
81
Dec
Do pref
100 104 Jan r 115 July 31
Jan 10612 Dee
87
Famous Players-Lasky_No par
7513 Jan 10 107 Sept 5
4453 July 8212 Apr
Do preferred (8%)
3Sept 5
100 9112 Jan 28 1073
7134 July 97 Dee
Federal Mining & Smelting 100
9 Jan 3 161 Slay 17
!
518 June
1334 Dec
Do pref
100 3713 Mar 14 6114 Sept 11
21 Sept 4312 Dee
Fisher Body Corp
No par 75 Jan 5 12712 Apr 20
75 June 90
Jan
Fisher Body Ohio, prat_.
..1007612 Jan 5 10314June 14
57 Sept 84 Dec
Fisk Rubber
25 113 Jan 10
1912 Apr 25
8
83 Aug
4
8
193 May
Freeport Texas Co
No par
3June 3
1214 Jan 24 267
912 Aug 2012 Jan
Gen Am Tank Car
No par 453 Jan 14 71 Sept 11
4
397g Oct 5913 Dec
General Asphalt
4
100 5513 Jan 25 733 July20
3918 Aug 783 May
8
Do prof
100 90 Jan 10 111 July 20
77 Aug 11712 May
General Cigar, Inc
100 65 Mar 3 8212Sept 5
54
Jan 703 Dec
8
Debenture pref
100 94 Jan 4 103 Sept 15
8018 Apr 9512
100 136 Jan 9 188 Aug 22 10912 Aug 1433 Dec
General Electric
4 Dee
General Motors Corp-No par
84 Jan 5 1514July 15
93 Aug
3
1614 Jan
Do pref
100 69 Jan 21 86 Sept 2
63 June 75 Dec
Do Deb stock (6%)
100 67 4 Mar 6 86 Sept 1
60 Aug ':31_ 2_ ..3_ ..
3
1 eo_
Do Deb stock (7%) A00 7914 Mar 8 100 Sept 1
69 Aug 85 Dec
Glidden Co
No par
8Jilly 1
133
1814June 2 -- - - -Goodrich Co (B F)___ _No par 3218 Aug 7 417
81May 31
2658 June 4113 Jan
Do wet
100 8334 Aug 7 91 Apr 22
6212 June 86 Dec
Granby Cini M,S:n & Pow100 26 Apr 3 35 May 24
15 Aug 3412 Nov
Gray & Davis Inc
No par
12 Jan 3 197
3May 31
913 Jan
1634 Mar
Greme Cananea Copper__100 253 Feb 27 343
351ay 29
4
19 July 2913 Dec
Guantanamo Sugar
Vs par
7 Feb 15 1458 Mar 15
512 Dec
167 Jan
3
Gulf States Steel tr ctts___100 447 Jan 9 9012 Jan 20
2512 June 507 Dee
3
e
138 ja
,
3
liarbishaw Elec Cab__No par
34 Jan 20
37 Mar 16
8
Hendee Manufacturing---100 15 Jan 12 2312Sept 15
13 June 2518 Apr
EIomsstalte Mlning
100 55 Jan 14 75 Apr 11
4912 Mar 61 May
lIoulton Oil of Texas
100 70 Jan 9 85 June 3
4012 Aug 86 may
aupp Motor Car Corp
10 107 Jan 6 233
8Sept 12
8
1012 June
1631 May
Hydraulic Steel
No par
312 Feb 9 14 June 2
6 Dec 203 Jan
4
Indlahoma Refining
5
314 Jan 27
2 June
533Way 26
74 Jan
Indian Refining
10
5 Jan 20 115 rune 7
8
6 2 Dec
,
153 Jan
4
inspiration Cons Copper
20 3712 Feb 11
45 Juno 1
295 Mar 4214 Dec
8
Internat Agricul Corp
100
75 Jan 6 113
8
4MaY 4
6 Aug
133 Jan
4
Do pref
100 33 Jan 16 43 Mar 15
31 Dec 57
Jan
International Cement__No par 26 Jan 23 383
4Mav 8
21 June 29 Nov
Inter Combos Eng
No par 213
4July 22 2953Sept 12
Internat Harvester (new)__100 795 Jan 3 1157 Aug 14
8
8
6753 Aug 1001; Feb
.
Do pref (new).
100 10513 Feb 14 11714 Aug 23
9914 June 110
Jan
lot Mercantile Marine____100 1318 Aug 9 2712May 3
713 Aug
1714 Jan
Do pre
100 5112Sept 12 873
3Mav 3
36 Aug 673 Dec
4
International Nickel (The) 25 11 14 Jan 9 5412Sept 12
1112 Aug
17 May
Preferred
100 60 Jan 4 85
Ian 29
60 Dec 85 May
International Paper
100 4312M 14* 8 615 Sept 12
383 Aug 733 May
3
8
4
Do stamped pref
100 59 Mar 9 8013Sept 11
67 Aug 753 Nov
3
Invincible Oil Corp _____
1213 July 24 2014 kor 17
5
512 Aug
26
Jan
Iron Products Corp__ _.No par 24 Jan 19 50 Sept 15
2212 Sept 40
Jan
Island Oil & Tramp v t c
10
5 Apr 6
8
2 Sept
3 Jan 25
43 Jan
4
Jewel Tea, Inc
100 10 Jan 4 2212May 2
Jan
4
1213 Dec
Do prof
100 3813 Jan 4 7312May 21
4631 Nov
812 Jan
Jones Bros Tea, Inc
100 3113 Feb 11 533 Sept 13
1112 Jan 353 Dec
4
4
Kansas & Gulf
413 Oct
10
37 Aug 9
9 Nov
8
712 Jan 3
Kayser (J) Co, (new)_ _No par
31 May 1
485 Aug 3 ---- ---- -- - - -- -8
1st preferred (new)
._No par
91 May 1 10512June 9
-Kelly-Springfield Tire
25 3414 Jan 4 533
4May 5 -3212 Aug -547- May
3
Temporary 8% pref
100 9012 Jan 4 1073
Jan
4May 9
7014 May 94
6% preferred
7112 Jan 3 85 June 5
70 May 80 June
Kelsey Wheel, Inc
100 61 Feb 9 111 Apr 6
35 Mar 69 Nov
37
37121 37
2738 365,3 3713 3613 367
8 3614 365
8 363 367 16,100 Kennecott Copper
8
8
No par 2512 Jan 4 395
16 Mar 27% Dec
8MaY 31
814
834
83
4 9
834 9
85
8 87
813 813
8
813 833 9,000 Keystone Tire & Rubber__ 10
8 Sept 8 24381May 4
8
177 May
814 Jan
•175 169 1 169 169
167 170 *167 169 *1673 1B3 1B34 17
12
4
4
8138 1,300 Kresge (S S) Co
100 110 Jan 10 17234June 2 130
Jan 177 Dec
8,100 Lackawanna Steel
912 7912 7913 793
4 793 7953 79
8
797
8 79
100 4412 Jan 4 8158May 16
7
32 June 5812 Jan
2,500 Laclede Gas (St Louis)._ _ _100 43 fan 13 9412 Aug 28
903 903 *893 9013 90
3
3
4
*89
90
92
9012 90
933
4
9012
Jan 5712 May
40
2533 2634 27
27
*26
265 2653 1,300 Lee Rubber & Tire_ _ _ No par 243
27
8
2613 2613 2512 26
45ept 7 3513 Mar 16
1712 Jan 30 Dec
100 Liggett Sc Myers Tobacco_100 15314 Feb 18 210 Sept 8' 13814 Jan 164 Dec
*210 235 *208
_ _ _ _ *21212 _ _ _ _ *208 250 *205 245 *205 230
400
Do prof
122 122 *117 122
1213 1213 122 122 *117 121
4
120 120
4
100 108 Jan 10 122 Sept 9
8
975 Jan 110 Nov
627 6414 6313 6412 6338 6412 625 6414 627 633
8
3
8
4 627 633 25,900 Lima LocoWkstempctfsNo par 5334 Aug 3 6538 Sept 1
8
8
_
•12612 -___ *12612 ____ *125
Preferred
____ *12412 ____ *122
____ *121
---1, 93 Jan 30 12518 Aug 30
p0
,
0
87 2 Aug
,
19
1912 19
Loew's Incorporated_ _ _No
20
195 2014 1953 203
8
4 2018 2033 2034 22
1114 Jan 26 22 Sept 15
10 June 2112 Mar
•1214 1212. 1214 1214
1233 1233 1238 1213 1212 1212 1213 1212 2,300 Loft Incorporated
No par
734 Aug
9 Jan 9 1414May 3
1234 Jan
17978 180 *179 182
500 Lorillard(P)
179 179 *179 181 *178 180
176 176
100 14714 Jan 6 180 Sept 8 136
Feb 16418 Feb
•112
____ *112
____ 120 120 *112
20
Preferred
____ *112
____ 110 -1 000 109 Jan 13 120 Sept 12 100
12
0 572
Jan 111 Dec
.
1101 103
101 10113 *102 10212 *102 10313'100 10212 *10014 101
200 Mackay Companies
5912 Jan 72 Dee
*6812 6914 69
69
6878 6873 *6878 6913 *69
300
Do pro
6913 *683 6912
4
55 June 62 Dec
9 A ng ?
27 j n 13 127 J uu e 3
a
5834 60
6012 617
3 60
613
4 5912 61
5913 603
3 5912 607g 26,000 Mack Trucks Inc
No pa
2512 Oct 42 May
5 Jan 13
927 933
8
8 94
9433 9312 94
2,600
933 94
Do 1st pref
4
9312 9334 *9412 95
6318 Oct 76
100 68'12
4
: ist 1
81 73 rap 11
Jan
2
86
87
87
87
87
87
900
86
Do 2d prof
88
86
85
8614 *86
Oct 6413 Apr
54
54
7 Sept 28
6
ig 9
373 3813 3712 38
4
363 373
4
32,300 Mallinson(H It) & Co_.No p10a0r
4 353 363
3
4 3314 3512 3434 36
Jan
10
18 Sept
1512 Jan 16 40
.43
45
*4212 44
4213 425
8 40
2,500 Manati Sugar
42
411 4114 *4214 44
/
4
21
100 3014 Jan 3 52 Mar 13
Oct 8912 Feb
8312 8312 *84
88
*8414 85
84
500
8414 84
Preferred
84
813 813
4
4
92
100 7314 Apr 3
Jan 93
Jan
.57 4 5838 *57
3
58
*51
56
56
100 Manhattan Elee Supply No par
56
*5112 5712 *50
56
8413 A pt 14
41 /Mar 13 69 18ero 23
1
4112 4112 4114 4112 4014 4112 4012 403
413
8 2,100 Manhattan Shirt
8 4034 4034 41
18 June 3634 Dec
No po
83 4; iual),yet 6
7 .
Mar 6 42;NserFeb 1387
2
, 32
5
4112 40
41
4114 40
41
3953 407
8 397 4133 4033 404 16,100 Marland Oil
8
1218 Aug 307 Nov
No par 2253 Jan 6 4633iu ae
8
3 Nln r
8
13
13
•13
14
13
1912 19
19
.17
1734 .15
173
4 4,000 Marlin-Rockwell
5
Oct
1912 Jar
Mar 4 26
3012 3113 303 333
4
4 3212 3314 3213 33
3214 33
3314 17,100 Martin-Parry Corp_ _ _.No par 2214 Jan
32
13 Sept 22 Dec
0
141
50
5033 504 5312 50
5018 49
4932 47
4812 48
4813 2,200 Mathieson Alkali Works__ 50
1112 Aug 24 Nov
57
60
59
*5712 59
5912 59
6,300 Maxwell Mot Class A
6012 5813 5812 5834 59
38 June 4513 Dec
jzar :
100
M ui 17
187 193
8
4 1914 195
4
183 19
3 1918 2014 1913 197
2 1918 1912 15,30 Maxwell Mot Class B_ _No
8.Itine 8
8 June
153 Dee
8
11 Feb 15 257
1363 13814 13514 137
/
4
4
134 1341 13313 138
134 135
5,500 May Department Stores..Pa 148
136 1384
6512 Jan 114 Dec
13814 Sept 12
100 01
3
1853 1912 193 1953 1914 193
4 1918 1953 19
1914
1834 187 13,500 McIntyre
8
3
3
105 Jan 10 215 Mar 23
1883 19212 191 1953 1893 19412 1883 19214 186 18813 116,110 Mexican Por Mines
8
3
19012 193
3
4
Petroleum
8 i
842 Aug 16714 Jan
Jan
100 1063 j,:el yb: 217657 200 J u, e 2:
4 j 10 3112 m n s
ju,
221169653:242 1
9714 9713 *97
98
98
98
98
98
99
99
9734 973
4
600
Preferred
94 J ul t 5
100 7914 Jan 12 39,2Sepy 13
5
1912 2012 1953 2012 195 203
8
1912 1978
3 1912 197
8 195 20
28,800 Mexican Seaboard 011_ _No par
3
_1812Sept 6
8
177 1814
4
163 1712 1712 1812 1738 18
17
17)3 17
1714 4,600
Voting trust Ws
3 297 301 293 297 *295 2934 2912 293
3 2953 297
3
8
297 297
8
/
4
4
8
4 2,100 Miami Copper
153 Jan 28 Dec
4
.
1338 1353 1314 135
8
4
1314 131340,000 Middle States 011 Corp_
133 138 133 133
8
34,4 3353
131 4 13,8
10 July
43:t:r 17
161 4 a
1613 Nov
_
8 Jan 11 32,6 A:p,13
10
3412 345
8 34
343
3413 3412 3413 35
3418 3434
18.300 Midvale Steel Sc Ordnance_ 50 115
22 June 3312 Jan
74
74
723 753
4
8
*7212 74
737 737
8
3 733 7412 7412 76
4
5,900 Montana Power
43 Aug 643 Deo
.
8
7 1 is Ap t 5
3
100 63 Jan 4 263 Sepr 21
8
3
227 2314 225 2318 223 2278 2213 2234 225 2234 12,800 Mont
8
4
223 23
8
1253 Dec 25 May
Ward&CoIllsCorpNo Par
12 Feb 11 2534 Aug 11
2413 *2214 25
,
2 23 2 2414 24
*2214 25
*2214 25
*2112 233
800 Mullins Body
34 Mar 31
173 July 287 Jan
4
8
par
19'2
16
1638 1614 167
8 155 16
8
1512 1512 *1513 17
*1513 1613 1,000 National Acme
1018 Dec 30
Jan
8
103 Jan 9
163 16512 160 16113 16112 164
159 16112 161 164
158 159
3,500 National Biscuit
Jan 12812 Dec
No • 12314 Jan 4 16512 Sept 13 102
123 123 *121 124 *121 121
*121 123 *121 123 *122 123
300
Do prof
• 11312 Jan 4 125 JulY 7 105 Aug 120
Jan
6112 74
6514 667
8 6112 6512 6214 6413 2,100 National Cloak
3
L59 593 5912 60
15 Sept 355 Jan
et Sult
8
3
100 26 Jan 17 667 Sept 13
2
213
2
2
,
2
214 2 4
*214
218
23
233 238
8
1,9001 Nat Conduit Sc Cable_ _No par
418 Apr 13
53Sept
113 Jan 16
5
Jan
6212 6138 6212 6114 62
4 61
4
• 623 633
62
4
8 613 623
63
7,7001 Nat Enatn'g Sc Stamp'g___100 303 Jan 11 6312Sept 8
26 Aug 65 Feb
4
8
1063 107
106 107
10714 108
10618 1067 105 106
F108
5,900; National Lead
8
673 July 87 Dec
4
100 85 Jan 1- 11014Aug 29
116 *11113 116 *11112 116 *11113 116 *11112 116
11513 11518
1001
1153
Do • pref
4sept 1 100 June 108 May
100 108 Jan 10
17
1713 17
163 163
4
•17
4 16 3 163
1712 *17
,
4 1653 164 2,2001 Nevada Consol Copper
9 Mar 1558 Dec
1314 Feb 16 1918June 1
.5
77
787
8 79
79
*78
81
80
78
81
78
8012 82
4,0001 New York Air Brake
4712 Aug 89 Feb
100 58 Jan 3 82l July 19
*35
37
37
3712 3912 39
3953 3853 388 3,0001 New York Dock
3612 *35
*35
205 Feb 39 May
8
100 28 Mar 10 46 June 9
5514 5514 5612 5613 583 597
4
3 593 5973 593 593
5612
4
*55
4
4 1,200
Do prof
45
Jan 5712 May
100 5314 Jan 17 6812June 6
*5
15
*5
•____ 15
15
15
15
*15
.15
17
17
100 N Y Shipbuilding
13 Dec 33 Feb
No par
13 Jan 3 25 Feb 28
903 9414 9414 963
4
3 9113 93
927 927
8
3 944 963
9933 41,200 North American Co
4 97
3Sept 15
324 Aug 46 Dec
50 4413 Jan 4 993
7 463
464 461* 46
4614 45
4612 461
3 458 4612 4612 463
4 2,200
317g Aug 4113 Nov
Do pref
50 38 Jan 7 4714 Aug 29
2514 26
26
26
273 273
3
8
_ __ _
2712 2813 2,000
Rights
313 Jan 13 2818 Sept 15
18 Dec
18 Deo
*353 38
4
3712 383
8 39
*3912 40
39
383 3912 40
4
40
1,900 Nova Scotia Steel Sc Coal_ _100 203 Feb 28 40 Sept 14
2013 Nov 39 Mar
4
114 111
103 103
4
4 113 1173 115 117 *113 12
8
3
2,200 Nunnally Co (The)_ __ _No
3
812 Mar 1273 Jan
4
8 July 14 123 Mar 30
7
7
63
8 714
*7
67
s
712 712
778
75
1,200 Ohio Body Sc Blow_ _No Par
3 73
4
714 Nov
1153 Dec
6 Aug 5 1414 Apr 17
278 3
3
23
4 3
3
23
4 23
2 4 23
3
4
4 6,300 Oklahoma Prod & Ref of Am Par
23
134 May
43
4 23
8June 2
4
4
Jan
218Sept 8
5
612 612 *612 73
8 *612. 73
8
7
7
*612 7
65
8 633
300 Ontario Silver Mining.
938 Mar 25
312 Aug
6 May
412 Jan 6
...100
2314 233
227 2333 22
4 234 237
3
227
22
2212 23
23
6,500 Orpheum Circuit, Inc
14 Dec 3033 Apr
125 Jan 6 24 Sept 8
8
1
154 154
155 155
15013 152 *153 156
153 153
15318 15318 1,400 Otis Elevator
87 Aug 148 May
100 116 Jan 4 161 Aug 30
4
103 107
4
*103 11
103 103
4
4 103 107
4
8 103 113
4 3,800 Otis Steel
4
8 Nov
4 1138 113
16
Jan
3
93 Jan 7 1612 Apr 11
No par
3914 40
39
393
.1
3812 39
3818 39
3838 3812 4,700 Owens Bottle
3813 387
8Sept 8
243 Nov 545 Jan
4
8
8
25 247 Jan 27 403
4
413
3 4 37
3
47
3 8 37
5
3
4
6
45
8 512
4 Dec 193 Jan
3Sept 2 1413 Apr 27
58 8,900 Pacific Development
4
35
833, 8:334 84
84
8338 8413 8312 87
85
8958 883 9113 43,100 Pacific Gas Sc Electric
4
9118Sept 15
4614 Jan 68 Dec
100 60 Jan 30
•BIC and asked prices; no sales on this day.
Less than 100 shares. a Ex-dividend and rights.
Ex-Olvi.end. •• Ex-rights.
1-661- -n-4 ee
7- - 650
3,
5,,
•1111
los
1033 1058
67g
13
1306
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
PER SHARE
Range since Jan. 11922.
STOCKS
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
On basis of 100-share lots
for
NEW YORK STOCK
EXCHANGE
the
Friday,
Wednesday. Thursday,
Tuesday,
Monday,
Saturday,
Highest
Lowest
Week.
Sept. 15.
Sept. 14.
Sept. 13.
Sept. 12.
Sept. 11.
Sept. 9.
PER SHARE
Range for previous
year 1921
Lowest
Highest
Indus.& Miscell.(Con.) Par $ Per share $ per share $ per share $ Per Mare
1714 Jan
8 Aug
19 June 3
5 11 Jan 18
Pacific Mail SS
2712 Mar 50% Dee
443 Jan 10 8938Afay 4
Pacific Oil
381s Aug 79% Feb
8612June 26
50 4878 Jan 11
Pan-Am Pet .t. Trans
4
3418 Aug 713 Jan
50 44 Jan 10 8212June 26
Do Class B
6 Aug 1312 Dec
.512July 25 1212 Jan 4
Panhandle Prod & Ref_No par
8
97 June 1512 Apr
1012 Aug 10 17 Apr 12
No par
Parish & Bingham
Jan
653 June 17
8May 24
6% Feb 27 133
Penn-Seaboard St'l v t c No par
33% Jan 64% Dec
4
People's G. L & C (Chic)__100 593 Jan 4 99 Sept 15
,
2612 Aug 351 Jan
Philadelphia Co (Pittsb)__ 50 3112 Jan 4 4518Sept 1
3712 Apr 105% Dec
No par 75 Aug 3 10518 Jan 3
Phillip-Jones Corp
16 June 3414 Dec
No par 2814 Jan 11 59I4June 7
Phillips Petroleum
914 Aug 4214 May
8 July 24 245 Apr 25
Pierce-Arrow M Car_ No par
Oct 88 Mar
21
100 18s July 24 49 Apr 15
Do pref
1418 Nov
514 Aug
7 Feb 23 12 Jan 12
25
Pierce 011 Corporation
Jan
3012 Aug 78
100 39 Mar 2 71 Jan 3
Do pref
8July 14 4912June 1
Plgg Wigg Stores Inc_ No par 397
i
66 1 e52 July - - - - - e
-- - 100 58% Jan 30 723s5ep1 15
Pittsburgh Coal of Pa
8
827 Jan 93 Dec
100 9018 Feb 3 10012 Sept 13
Do pref
1218 Afar 1612 May
10 1414 Feb 2 2434June 22
Pond Creek Coal
4Sept 15
No par 655 Apr 19 1083
Postum Cereal
100 10512 Apr 29 11118June 2 --_-_- -_--- -- - - -8% preferred
Jan
100 63 Jan 12 9514 Sept 13 -48 - Aug 98
Pressed Steel Car
Jan
83 June 104
109 91 Feb 16 108 Sept 12
Do pref
203 Oct 3412 Dee
2118 Jan 10 51 Sept 12
Producers & Refiners Corp_ 50
7014 May
Jan
54
4Sept 15
Public Service Corp of N J_100 88 Jan 7 983
8918 Aug 11414 Nov
4Sept 12
100 10512 Jan 6 1393
Pullman Company
4
243 Oct 5112 Jan
8July 14 5314June 9
50 293
Punta Alegre Sugar
2112 Aug 408 Dec
25 2634July 21 3855 Jan 3
Pure Oil (The)
4
100 91 July 20 1023 Apr 25
8% preferred
07"
100 91 Jan 10 12814 Sept 13 Railway Steel Spring
19 Apr 2634 Sept
No par 1912 Jan 26 3312Sept 7
Rand Mines Ltd
11 Mar 16 May
19 May 31
4
Ray Consolidated Copper_ 10 133 Feb 11
1 n4 J ,T n e
,71s; v 383 May
. io
4
n 1
Remington Typewriter v t c23 gt Ru 11
1st preferred v t c
89
7.5 May
4734 Nov
100 5912 Feb 23 80 Sept 7
2d preferred
18 June 3912 Jan
No par 2312 Jan 3 3812May 18
Replogle Steel
4118 June 7314 Jan
100 4614 Feb 25 7812May 29
Republic Iron Sr Steel
7514 Oct 9614 Mar
100 74 Feb 24 9512June 2
Do pref
5 Dec 2412 Jan
8June 2
212 Aug 7 143
Republic Motor Truck_No par
8
25 43 Mar 27 5S7 Sept 12
Reynolds(R J)'fob Cl B
100 11118 Apr 11 118 Sept 8
7% preferred
46 2
8May 3 . 1- Oct -6 .7i
4712 Feb 1 663
Royal Dutch Co(N Y shares)_
1418 Dec
1012 Aug
10 1258 Jan 9 16 Sept 11
3,603 St Joseph Lead
157 16
15341 1514 1512 151* 16
1514 1514 *15
512 Feb
114 Oct
21
614 Mar
112 Jan 10
801 San Cecilia Sugar v t c-No Par
4
- *3
314 3211 212
-;212 -13
878 Oct 233s Jan
100 10 Aug 23 247 Apr 1
1,203 Savage Arms Corp
8
34 34
314 123 123 *123 13
12
1 *334 143
14
14
*13 '
4
*133 14
*12
634 Apr
218 Oct
514June 2
118 Feb 23
Car Corp_No par
*37
Saxon Motor
,
4
3% 31
4 4
418 43
418 418 *33
414
418,
4
5414 Dec 9834 Jan
100 605 Jan 27 947 Aug 14
4
9018 9055 9055 931 13,203 Saars, Roebuck & Co
92181 90
92
8
915 9312 91
9058 92
85 Nov 104 June
100 91 Jan 5 112 Aug 22
Preferred
*108 11112 *108 11112 *108 11112 *103 11112 *108 11112 *10514 112
1234 Mar 2512 Nov
107 Feb 20 2314 Jan 3
No par
8
1112 1112
600 Seneca Copper
12
11
1155 *11
*1114 1134 1118 1118 *1112 1214
47 Jan
9% Dec
8
75 Feb 28 12 June 2
Shattuck Arizona Copper__ 10
*812 9
*812 9
*812 9
*834 9
*S% 9
*834 9
8
307 Oct 49 May
5 40% *3914 39% 40
933 Shell Transp & Ttading___ £2 3555 Jan 30 4812May 3
8
407 497
4
403
40% *39
4 40
403
*40
1618 Aug 283 May
4June 9
383
Jan
8
34
3414 335 3414 33% 3312 327 _3118 3314 3114 3355 33 133,500 Sinclair Cons 011 Corp_No par 1834 Aug 10 1118 Aug 18
3
10
918
8 10% 101
9,503 Skelly Oil Co
1018 103
1012 103
8 1018 1012 1018 1038 1018 1014
32 8
- -1- .iiirle 16- -inn
1,603 Sloss-Sheffield Steel & Iron 100 3412 Mar 7 5112May 13
51
*50
51
50
5112 *50
4
5012 5012 503 5112 4912 50
6814 June 75 Nov
100 66 Mar 21 80 Aug 29
Do pref
82
*79
81
*78
80
*79
80
*79
80
82
*77
*77
Jan
Oct 103
26
100 43 Jan 9 5714 Mar 3
4712
490 So Porto Rico Sugar
*471* 4812 4712 4814 *47
48
48
4812
50
*47
*47
Dec-_
--_- ---- --__
17 Apr 27 24 June 5
No par
22
2234 24,400 Spicer Mfg Co
4 2014 2012 2014 22
8 201s 203
2018 2012 20/4 207
8
100 84 Apr 28 933 Sept 15
9312 93
*93
4001 Preferred
9338
91
91
*8912 92
*8912 91
*8912 91
-il
Aug
.
100 11012 Jan 26 141 Sept 15 -86 - -.
141 141
500 Standard Milling
13012 13012 134 137
*12812 131 *12812 13812 *128 138
4
673 June 9812 Dec
25 913 Jan 10 121 May 3
4
4
115 11718 11534 11738 11514 1163 114 11512 115 11614 42,500 Standatd 011 of Cal
11438 116
4June 6 12412 June 19214 Dec
25 16914 Jan 5 1983
18612
188
188
18412 18714 18412 117 *11634 190 11612 189 186 4 183 187 18312 11,803 Standard 011 of N J
8
100 1133 Jan 7 11814 Aug 23 10518 Jan /1412 Dec
11718 1/53 11612 11614 11614 2,103
11714
Do pref non voting
117
117 117
66 Sept 8514 Dec
*8318 84
*8318 84
84
490 Steel ltz Tube of Am pref 100 68 Mar 10 90 May 25
8312 8312 84
84
84
*837 85
No par 4518May 4 5512Ju1y 7
*5355 533
5314 5212 53
53
53
1,100 Sterling Products
4 5312 5312, 5318 5318 53
6
Oct 11- - Aug
81
81 Jan 3 106 May 4
100
*95 100
*99 100
Stern Bros pref(8%)
*95 100
*95 100
*95 100
*95 100
Jan
21 June 37
, 2412 Jan 5 487 Aug 29
81 4755 48
483
48
4818 2,100 Stewart-Warn Sp Corp_No pa
4814 4838 4734 48121 4814 4814 48
2514 Aug 46 Apr
8
3514 Jan 5 595 Apr 12
4! 5614 5614 567 57
563
2,400 Stromberg Carburetor_No par
5714 56
4
563 57121 *57
5634 58
423 Jan 9314 Apr
100 7918 Jan 5 13912 July 18
13034 13314 1293 13134 13018 13218 91,400 Studebaker Corp (The)
31
1323 13055 132
4
1313 13355 13012
4
83 Jan 1033 Dec
100 100 Feb 17 118 June 21
115 115
Do prof
500
11512 11512 5115 117 *115 11512 115 115
115 115
Oct 105 Jan
3
4June 30
83
312 Jan 31
No par
614 6% 3,100 Submarine Boat
612 612
612 634
612 655
41
612 63
4
*612 63
1314 Jan
4
33 Aug
5 Feb 20 1014June 7
No par
612 63
8
8
612 612 2,200 Superior Oil
67
8 67
*612 65
4 *612 67
612 63
Jan
26 June 48
100 26 Jan 3 3912 Apr 7
31
*32
34
*3212 33300 Superior Steel
*32
31
3414 *31
33
34
*32
5 Mar 14
2 Aug 3
10
355
,
3 8 318 8,400 Sweets Cool America
318 314
314
31s 314
4
31
3
3 14
3
2 Dec 2534 Jan
514 Feb 1
1 Aug 21
11,
114
114 *1
114
Temtor C & F P, Ci A__No par
114 2,000
114 114
114
1
114
*118
Dec
11
655 Aug
4May 19
934 Jan 13 123
1018 2,100 Tenn Copp ct: C tr ctfs_No par
1018 10
101s
1038 1012 *1018 1055 1013 1055 477 1014 10
29 June 48 Dec
25 4214 Jan 10 50I2May 4
4858 4738 4814 48
4355 56,503 Texas Company (The)
4834 49
4855 4914 4812 4912
8
10 3812 Jan 4 57 Sept 15 2325 Dec 4218 Dec
547 57
55
Gulf Sulphur
5118 51
5118 51
31,200 Texas
s
5112 507 5114 51
*51
!
.
.
4Ju11e 3 _1_5_34 Aug 2_67 Jan
10 23 Jan 9 323
8 2812 2714 2618 2714 2655 27
20,000 Texas Pacific Coal & Oil
2612 2658 2612 2634 2612 277
4
100 k523 Aug 2 67 Sept 13
6434 6812 6518 663 92.100 Tobacco Pioducts Corp
6434 67
4
5855 583 64
5814 5334 58
8
(since July 15) 100 767 Aug 2 8912Sept 13
4
Do CI A
4
8
4 873 8912 8718 8314 877 883 45,100
8814 8712 883
87
87
877
2
100 88 Mar 2 110 Sept 12 -781- June -91 - -iiiii
Do pref
*11212 11234 *109 11212 10912 110 *109 11214 109 109 *10312 11214500
Apr
6 Aug 13
712 Mar 3 2018Alay 22
1434 1438 1434 16,600 Transcontinental Oil.. _No par
1418 14% 14
4
1514 143 1514
15
15
1514
28 June 4412 Apr
St_No par 33 Jan 16 4518 Apr 4
4
Transue & Williams
4
373 *-- - - 373 *- - - _ 37 *____ 37
4
38 *____ 373
Jan
57 Sept 75
8 7612 7634 3,100 Union Bag & Paper Corp_ _100 55 Afar 25 78 Sept 12
7612 767
777
75
7734 7714 78
7655 7634 7834
1518 Aug 25% May
No par 1714 Mar 4 25 June 3
1912 197
8 1912 201 13,0001 Union 011
4
4
1918 181 197
1812 1855 1812 1914 19
8712 Sept 107 Mar
100 96 Jan 13 116 Sept 12
116 116 *11412 11712 *11412 11712
700' Union Tank Car
115 116
*112 114
114 118
Oct 104 Nov
92
100 102 Feb 9 113 Sept 8
8,
8
10912 110121,000
Preferred
1107 1107 110 110
108 110
*110 113
112 112
Jan
19 June 34
No par 25 Jan 11 4114May 13
3314 3812 3312 1,400 United Alloy Steel
38 1 38
37
*3612 37
3738 38
*3612 38
Jan
48 Sept 106
100 607 Mar 3 83125ept 8
8014 81
2,3001 United Drug
8112 8112 7812 80
82
82
8278 827
8014 82
8
365 July 47 Feb
50 41 18 Feb 18 50 Aug 5
4931 493 493 *4914 4912
1st preferred
300
4
4
49
4914 *483 4955 *483 4938 *49
Jan
100 11934 Jan 4 155% Aug 23 29534 June 207
)
United Fruit
154 154 *153 15414 153 12
1,100
154 154
15412 15412 154 154
2014 Aug 14
100 143 Apr 21
8
500 United Paperboard Co
1712 1712 1712 1712 *16
16
16
15
15
*14
16
i 8 Jiti
.No par 4312 Feb 288718Sept 11 -, 67 - - i -6214 May
8
4
8414 87% 85 4 86 8 847 8612 8314 8512 84 8 863 52,500 United Retail Stores..
8312 85
1112 an 19 May
3512 3434 3512 353 3538 5,700 US Cast Iron Pipe & FdY-133 -Is Jan J 39 Aug 29
1
34
343 343
3312 34
3418 345
g
38 Aug 5712 Nov
14 7 118 p
i
73
73
1
1 2
73
74
Do pref
73
300
8
7255 723 *72
74
74
*72
*72
Jan
7
J
82une
77
5 Feb 1
109
US Express
8 *714
77
*714
*7,2 77
*712 77
*714 8
*714 8
5 Sept
4
23 Feb 8 1018 Jan 3
614 612 2,600 U S Food Products Corp 100
612 6%
4 67
63
4
655 63
6% 68
655 634
_1
_7 _ _a i
1912 Aug 23 2578Alay27_2!j_ l i
223 23
2212 2234 6,800 USIIoffmanMachCorp No par
2114 2314
*2118 21
2034 2118
*2012 21
7412 May
3514 Nov
6734 Aug 17 85
65
6512 10,900 U S Industrial Alcohol_ _ _ _100
65% 64
6558 64
3
65 4 6612 65% 6638 65
84 July 102 Mar
9778 Sept 15
100 g ' t'
Pan
8
Do pref
100
*9612 9812 *9612 9814 9778 977
97
*95
*9612 9812 *9812 98
4118 Mar 6312 Dec
4
8018 81
8 793 81
9,800 US Realty & Improvement 100 56 Jan 3 82I8Sept 8
8 8018 815
807
8 80
807
7978 801
80
4
4012 Aug 793 Apr
100 515 Jan 9 8712 Apr 17
4
4 523 5614 5414 5514 62,300 United States Rubber
557 563
5814 5612 577
.5614 57
57
74 Aug 103% Jan
91 1013
4 977 995 11,100
100 91 Sept 14 107 July 11
8
102
Do 1st pref
1023 103
8
102 10212 10212 10258 10112 4334 4212 4212 43
Apr 3818 Dec
26
43
300 US Smelting, Ref & M._ _ _ 50 33 Feb 27 4534Alay 29
4314 *4212
4314
44
44
*42
*42
37 Aug 4412 Jan
50 4214 Feb 9 49 Aug 16
Do pref
6001
*477 4812 4812 4812 4812 4312 *4712 4812 4812 4812 *5012 5114
7014 June 8612 May
8Sept 11
4
10614 10412 1053 10514 10534180,200, United States Steel Corp_..100 82 Jan 6 1033
10412 105
1047 10655 10555 10814 104% 122
122 12238 12212 12212 4,3001
100 11414 Jan 3 12212Sept 15 105 June 115 Dec
Do pref
12112
8
4
8
12134 1213 1213 1213 121% 1217
4
4
4118 Aug 663 Dec
7112 Sept 5
68% 89
683 69% 10,900 Utah Copper
4
10 605 Jan* 5
68% 6912
1258 Mar
70
7055 69% 7038 6912 70
7 Aug
97 Jan 18 2134 Sept 15
8
100
19% 1914 2012 2014 2134 16,300 Utah Securities v t c
Jan
1955 20% 19
1912 1914 2114
•19
2518 June 41
4
3014 Jan 10 533 Aug 30
5114 52% 5112 52% 23,800 Vanadium Corp
No par
53
51%
52% 5114 52
5114 5112 51
72 Mar 8812 Dec
100 92 Jan 17 9612June 7
97
9
*94
*94
97
Van Raaite 1st pref
*94
97
*92
97
*92
97
*92
4
203 July 4212 Jan
8 Mar 13
2812 *2712 2812 1,909 Virginia-Carolina Chem_ __100 2012 July 29 367
4
4 2812 283 *28
4
4
4 283 283
5734 July 1023 Jan
4
*2812 2918 283 283
100 58 July 28 82 Apr 10
4 65% 6518
4
400
Do pref
4 6612 6612 653 653
663
Jan
6712 *85
59 Aug 95
4
6634 663 *65
100 43 Afar 27 9412 Jan 18
57
57
*M
*56
58
Virginia Iron, C & C
*55
58
*55
58
8
*o6
58
*55
100 66 Mar 13 82 Sept
85
85
*80
*80
85
*80
8.5
,
64
*80
5% Mar - 1- iii"
85
82
*80
*80
618 Jan 8 14 May 8
8
1214 1212 123 14
No par
18,700 V1Pvareufaorrue(V)
1212 1212
*1212 13
812 Jan 1312 Oct
4
123 13
1234 13
4
103 Jan 16 17 Apr 24
1214 1338 5:500 Wells trIo Exrpreer___No par
I
1 30 0 weberF g elib on ss
1214 1214 1214
,
Jan
4912 Jan 72
*1218 1214 *1214 1212 1214 12 4 *12
7914 7014
8014
100 6614 Jan 4 85% Feb 15
4
793 *79
79
80%
76 Aug 94 Apr
8 79
8012 7938 793
*79
8
8
8 2,700 Western Union Telegraph_100 89 Feb 8 12114 Aug 29
11712 1167 1167 11618 1167
4
8112 Sept 967 Jan
11878 1187 118 11938 11755 1193 11712 104
2,800 Westinghouse Air Brake..., 50 80 Mar 16 104 Sept 13
s
387 Aug 5212 Dec
10114 10114 102 10212 102 10314 10318 64
635 6414 10,000 Westinghouse Elec & Mfg_ 50 4918 Jan 4 6518 Aug 22
6312 64
8358
64
8412 6312 6412 6355 64
No par 2514May 4 32 Sept 15
8
8 287 32
4
11,700 White Eagle Oil
,
2355 29 4 283 237
29
ii 4 29
2914 June - - Ikiiii
293
29
297
29
5212 24,300 White Motor
5212 *52 1487'8450 3518 Jan 6 54 Sept 12
53% 52
52
7 July 175 Jan
8
5014 5014 5012 5014 54
712 Jan 20 12 May 5
50
9 10
14:90 White Oil Corporation_No par
0
8
8
4
His
183 Dec
812 Nov
8
818
8
818
8
8
8's 1418
838
Steel_._ 5 1338 Afar 22 2178May 12
14% 14%
Wickwire Spencer
45 Nov
1012May
1434 1514 1412 1512 1412 15
412 Feb 17 10 May 29
1434 15
25
712 73
758
4 7,700 Willys-Overland (The)
712
712 77
77
755 8
23 Aug 42 May
77
734
.
734
4612 6,000
4512 4612 46
Do Preferred (new). _ _100 24 Feb 17 4912 July 19
4614 47
2712 Nov 47
47% 4518 47
Jan
2714 Jan 4 5012Sept 15
45
8 46
457
,0
55
00% 8,600 Wilson & Co, Inc, v t c_No par
8
8 463 468 *48
65
Oct 89% Feb
4612 457 4612 4514 465 *87
*46
4614 47
100 66 Jan 10 90 Aug 11
95
Preferred
4
95
*87
95
97
*87 ---- *87
100 137 Jan 6 194 Aug 7 105 Aug 1393 Dec
*87
192 194
Co (F W)
1,100 Woolworth
189
8
8
3012 Aug 5514 may
4
8June 2
18912 1923 1897 1897 *185
*185 188
4
% 9214 *423 4314 2,100 Worthington P & M v t e_ _100 4112 Aug 23 557
89
, 142 143
42% 4314 4314 43 4 * 0
7012 Aug 85 Dec
44
44
44
44
100 83 Mar 31 94 May 4
*90
91
300
91
Do pref A
9014 9014
91
*90
54 Aug 70 Nov
90
90
91
4
100 643 Jan 9 79 May 9
*90
700
Do pref B
4 7314 7314
4
7312 733 733
Ill* rune
934 Noy
8 73
747
*74
78
6 Jan 27 11 Aug 22
*73
72118 10%
400 Wright Aeronautical__ _No par
1012 1012 *10% 1012 *10 2 7312
101* 1012 *10% 101*
*1018
o Reduced to basis of 1125 par.
-_ 1012
(I (Ads Mau 100 shares. t Rs-rights. a Ex-dividend and rights. s Ex-dividend.
on cull day
• Bid and asked prices: no sales
Retail Stores Corp.
k Range since merger (July 15) with United
5 per share $ per share Shares
$ per share $ per share $ per share
300
13
1314
*1214 13
16
1112 1112 *12
*1112 13
4
583 44,800
5718 5878 58
8 5814 5914
.5838 59
5814 587
4
783 80
41,400
4
803 823
81
8178 80
8114 811 828
4 7414 7512 16,930
7612 773
4 7618 7712 7714 7312
s
767 773
7
712 1,300
634
634
4
63
4 *6
*618 634 *8% 63
4
500
14
*123 1412
13
4
*1234 1414 *123 1414 *1314 135
634
7
11,200
73
7
8
67
7 14
7
718
714
7
5,700
9612 99
9312 96
9312
93
9312 9312
9312 9312
4418 44
44
443
6,500
4434 4414 4434
4412 4434 44
100
77
77
*7314 77
*7314 78
*7314 78
*7314 78
53
5414 5212 533 32,700
7
8
5312 547
54
5412 523 54
4
12
12
13,600
8
4 113 1314
1155 1214
8
113 113
115 12
3314 5,200
3012 3012 31
29 14 37
3112 30
30
*30
7
718
718 12,300
7
714
7
714
7
714 78
400
4314 4314 4312 4312
44
44
45
45
45
*43
453
10,500
*4312 4412 4355 44
443 463
4412 4618 44
7118 728 19,200
8
703 715
7012
7014 718 70
7034 713
900
109 109 *100 101
100 100
*9914 100
*9914 100
300
8 2112 21%
211,s 217
21
8
8 2118 218 21
217 217
105 10312 10534 10334 24,1031
10012 105
103
99
99 102
8
1007 103
5,900
110 11012 110 110
10978 110
110 11012 110 1103 10912 110
4 5,503
9312 923 923
4
4 9112 9514 92
933
4
8914 8912 893 9014 91
893
105 103
10234 103
105 1057 106 108 *105 105 *105 103
4314 50
4834 497 109,200
48
49
473 4818 4638 487
4938 51
947 9514 95
9512 91/2 9814 13,590
9.512 9514 96
94
9412 947
33,500
4
13.512 13612 13514 139% 138 1393 136 13914 13618 13712 13512 137
2,200
4318 493
49
49
487 4878 4914 4912 *4814 4812 4834 493
331, 33% 32% 3318 3212 3314 3218 33
3218 33 1 14,500
3212 33
8
1,090
*997 102
4
10012 1003 10014 10014 101 101 *10114 10112 101 101
123 1247 12434 12614 123% 12512 12314 12412 5,090
11912 11912 1197 122
1,100
31
3334 *33
3312 3414 3312 3312 33
347 347
357 357
4,800
157 157
1534 16
16
163 16551 1614 16% 16% 1614 16
690
8 3812 39
3812 387
8
/333 39
40
40
3934 4018 395 40
4
100
91
91
*83
91
*83
91
91
91
*92
94
*92
41
80
*73
80
*72
80
80
*73
84
*74
84
*74
*72
3112 3112 14,303
3212 34
35
33
3314 327 33
4 33
4
323 323
4
7014 713 12,403
713 703 7112 6912 7155 8934 71
4
8 70
6912 697
503
4
4
923
4
921 921 *92
927 927
9234 927
927 927 *9212 93
312 312 *312 3%
312 4
312 312
312 4
8 312 5,500
33
8 55
56% 5718 33,103
:_
_57 _
8
8 567 577
587
547 5512 5512 58
57
103
*118 120
*11618 11812 118 118 *118 -__ *118 120 *118
6034 43,703
59
4
2 5718 5514 573 59
8 5712 5815814 5812 5714 533
5 per share
13
13
573 5834
8
3012 823
7612 7818
612 612
4
*123 1358
7
714
9312 94
4458
44
*7314 77
5412
83
123 1312
4
4
343 353
718
7
*4314 45
45
44
8
7014 725
10012 10012
4
2112 213
u
a- u -61; Dec
i luag
34 l r 13
May
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
130'7
Jan. 1 1909 the Exchange method of guoting bonds was changed and prices are now—"and inierest--exceln for Income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 15
Price
1
Fridau
Sept 15 ;
it3:1
Week's
Range or ! or",
Las! Sale
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 15
Price
Friday
Sept 15
Week'S
Range or
Last Sale
I
g
Range
Since
In. 1
Bid
Ask Low
High; NO.1 Low High
U. S. Government.
Bid
Ask Low
High No. Low High
First Liberty Loan
Buffalo R & P gen gold 5s_ _ _1937 M S 10214 10414 10214 Aug '22 ____ ; 9833 10
214
S D 101.20 Pale 100.80 101.3813156194.84 101.38
355% of 1932-1947
Consol 41 5s
/
9512 9514
95
1957 M N
1 I 8812 96
9514
101080 Sale 11.10.01.1 190.80
J I)
Alle,g & West 1st g 45 gu
95.70 101.68
Cony 4% of 1932-1947
1998 A 0 8414 8014 8218 Mar'22 ----11 821s 8218
S D 100 74 Bale 100.58
10012 554 98.04 101.78
Clearf & Slab 1st gu g 5s 1043 J 1 .9614 ____ 9012 Jaa'22 --- .11 9012 9333
Cony 43.1% of 1932-1947
101.50 Aug'22 --_- 98.82 102.00
Roth & Pitts Con 1st g Os 1922 J D 10018 ____ 10014 Aug'22 ----', 997 10012
2d cony 43j% of 1932-1947_ _- _ J
8
Canada Sou cons gu A 5s_ _ _ _1962 A 0 101 1017 101
Second Liberty Loan
8
102
7 93 102
_ 100.18 100.28
• N
4% of 1927-1942
6 95.76 100.80 Canadian North deb s 1 7s__ _1940 J D 1143 Sale 114
4
1147
8 55 10812 115
100.18 Sale 100.08 100.38 3774 95.32 101.50
25-year s f deb 034s
MN
Cony 43i% of 1927-1942
.2
1948 J j 11414 1147 11312
1143
4 25 10712 11434
Third Liberty Loan
Canadian Pac fly deb 48 stock__ _ J 3 845 Sale 8314
85
8
362
M S 100.34 Sale 100.24 100.44 2955 96.74 101.98 Car Clinch & Ohio 1st 3-yr 5s 1938 J D 9118 9112 92
434% of 1928
92
2 83
94
Central of Ga 1st gold 5s_ _ _p1945 F A 10012 101 100 Sept'22 ---Fourth Liberty Loan
2 1O21
A 0 100.66 Sale 100.54 101.00 7471 95.88 101.86
Consol gold 5s
4J.(% of 1933-1938
101
100 8958 101 14
NI
1945 It! N 10012 Sale 10012
10-year temp secur 6s_June 1929 J D 10114 Sale 101
Victory Liberty Loan
10114
15 ' 94 10114
Chatt Div pur money g 4s_1951 .1 D 8118 ---- 7814 June'22 ----I 7412 815a
J D 100.74 Sale 100 70 100.78 1295 100.02 101.00
434% Notes of 1922-1923
99.93 June'22
99.98 100.30
3X% Notes of 1922-1923
J D
Mac & Nor Div 1st g 5s_ _ _1946 J J 9612
9612
- 9612 Mar'22 ____1 93
10212 Apr'22
25 consol registered
d1930 Q .1
Mid Ga & At! I)iv 5s
4
10214 1033
9512 June'22 ---- 95
1947 J J
9512
10314 Mar'22
3s consol coupon
d1930 Q J
10314 10314 Cent RR & B of Ga coil g 58_1937 MN 9618 98
9618 Aug'22 —.
5
..
10518 Mar'22
i(7877 1985571
4s registered
8)318 10
Central of N J gen gold 5s__ _ 1587• j 10914 11018 10914
1925 Q F
105 105
3
10914
:
105% Feb'22 ___ • 104 10512
4s coupon
1925 Q F - Registered
109 -- 108/2
10812
3 105 110
h1987 Q
100 July'21
Panama Canal 10-30-yr 2s .1c1936 Q F
N Y dr Long Br gen g 4s _1041 NI S 90
93
91 July'22,-- -..1 91
91
83 Dec'21
Panama Canal 3s gold
Ches & Ohio fund & impt 5s _1929 J J 9538 9712 97 Aug'22'____ 9012 98
1961 Q M
79
Registered
Feb'22
1st consol gold 5s
79'8
1961 Q M
710
10318 23 9412 10312
1939 M N 10212 10318 103
Foreign Government.
Registered
100 May'22 ---- 100 100
1939 M N
8
10218 154 99 10214
Argentine (Govt) 7s
1927 F A 102 Sale 1017
General gold 434s
,
9
. Sa...lf_ 80
9 ....
91
81 823 91
1992 M S .. 0 .
Argentine Internat 5s of 1909_ _ _ _ M S 83
8312
84
28 77 8714
84
Registered
2
Nov 1 3 ---------0 21
'4
1992 M S 91136 821_ 918
Belgium 25-yr ext s f 7;5s g_ _1945 J D 10614 Sale 106
10712 125 10334 10912
20
-year convertible 4 it s__ _1930 F A
Sale 9034
997 Sale., 993
8
5
44 9412 104%
8
-year 6% notes
100
30-year cony secured 5s
Jan 1925 J J
9834 381 8414 9934
1946 A 0 9814 Bale 9818
20
-year s f Ss
10534 146 10314 108%
Big Sandy let 45
1941 F A 10434 Sale 10434
_s_s__ V12 July 712 , N12 p13
8 23
' ,-111
11144 J D
18 105 112
Bergen (Norway) s 1 8s
110
Coal River fly 1st gu 4s_ _ _1945 J D
1945 51 N 109 11014 110
Berne (City of) s 1 8s
11314 10 106 115
Craig Valley 1st g 5s
1945 M N 11314 Sale 11218
8
8
1940 J .1 94 ____ 867 June'22 .....1 887 888
9812 Sale 9814
Bolivia (Republic of) 8s
Potts Creek Branch 1st 4s_1946 J J 8178 84
987 190 97 10112
8
1047 M N
79 June'22 ____l 71
79
Bordeaux (City of) 15-yr 6s_ _1934 MN 8012 Sale 803
s
8234 146 702 90
R dr A Div 15t con g 4s_ _1989 J J 8418 8614 841s Sept'22 ----I 8214 8418
1033 Sale 1023
8
214 997 108
Brazil, U S external Ss
8
8
10312
2d consol gold 4s
1941 J D
SO Sept'22 ---- 75% 80 2
81
1989 .1 J '80
,
4
75
93% 92 90
8
967
1952J D 923 Sale 92
Greenbrier Ry 1st gu g 4s 1940
Apr'21 --- -___ -N 8518 ____ 69
144 8434 90
734s
90
Warm Springs V 1st g 5s_ _ _1941 M S 9312 ___ 801i Dec'21‘..--1952 A 0 8912 Sale 8912
997
8
Canada (Dominion of) g 5s 1926 A 0 6978 105
10012 53 98 10114 Chic & Alton RR ref g 3s_ _ _ _1949 A 0 52 Sale 5112
503 561 -gf - -6'13
do
do
1003
s 56 948 101
Railway 1st lien 334s
do
5s1931 A 0 100 Sale 100
4
35 Sale 35
10503 J
10-year 535s
8
102% 63 958 103% Chic Burl & Q—Iii Div 3;58_1949 J J s 8.4 5_91_e_2 8.11
1929 F A 102 102% 10238
to; ' 1.3, N114 U
..2
t412 a 5 1:47884
E121 31,6' r312 2
8
2
997 Sale 99%
8
767 975 10012
55
8
100
Illinois Division 4s
1952 M N
1949 J J
Chile (Republic) ext s 1 8s_ .1941 F A 10418 Sale 103%
10412 61 10018 106
Nebraska Extension 4s_ _ _ _1927 M N
112 9812 103%
10214 10212 10214
External 5
10212
-year s 1 Ss
Registered
1926 A 0
9214 Oct'19 —_.I
0
1927 M N
25-years f 8s
104711 28 100 10012
General 4s
1946 MN 104 Saie 10414
9214 24 - - 8 -ii8
(i11958 M S -E- §UeChinese (IIukuang fly) 5s of 1911 J D 5 5312 Sale 5212
533
67
4 18 44
1st & ref 5s
102181 3601 963 10218
8
1971 F A 102 Sale 101
1093 Sale 1053
4
11 106 11212 Chic & E Ill
4
Christiania (City) s f 8s
110
1945 A 0
Copenhagen 25
-years f 5;5s_ _1944 J J 9358 Sale 9314
95% 121 8512 953
1st consol gold Os
4
10734
1 4
1934 A0 107%
Cuba—External debt 5s of 1904 M S 96 --- - 93
96% 28 8412 99
General consol 1st 5s
96 July73 --3
0 22
'
1937 MN
s
Ester debt of 55 1914 Ser A_1949 F A 90 - - 893 June'22
9034 C & E III RR (new co) gen 5s_1951 MN 8512 8612 8,514
77
86% 1:1 168 18612'
2 2
External loan 4;5s
8212 Chicago Great West 1st 4s_ 1959
8212 10 76
1949 F A 82 Sale 82
51 S 54 Sale 47
105 93% 1003
Czechoslovak (Repub of) 8s_ _19.51 A 0 9512 Sale 95
96
4 Chic Ind & Louisv—Ref 0_1947 J S 10812 112 1 18 Sep583 _5-2 101 10513
,
5
'2 _8_
t 24
14
3
4
Danish Con Municipal Ss "A"1946 F A 1093 Sale 1093
134 10512 114
110
Refunding gold 5s
98 1
2 8712 955
8
1947 J J 98 Sale
Series B
9 105 113
11112
Refunding 4s Series C
1946 F A 110 Sale 10914
,
7 1.--.
ii
19413 J S 83 - - 77 July 2'
11012
Denmark external s f 8s
1117 159 10712 11212
s
Ind & Louisville 1st gu 4s_ _1956 53 77% 8112
1945 A 0 111 Sale
20
-year Os
4
10014 131 9014 10014 Chic Ind & Sou 50-year 4s_ _1956
1942 J J 9934 Sale 993
J J 8614
5 8512 9712 Chic L S & East 1st 4;5s_ _
Dominican Rep Cons Adm s f 5s'58 F A 97
9712 9714
9712
9118
Oils ---- 9118
_ _1969 S D
91 2
'
3 88
Dutch East Indies ext 6s_ _ _ _ 1947 J J 9614 Sale 06
Ch M & St P gen g 4s Ser A _e1989 J S
97,4 506 94 97
7112 80
40-year 6s
9714 537 9314 9714
General gold 334s Ser Be1989 J S 8934 . 6812 Aui 912 —4 64
1962 M 5 96 Sale 96
70 3
'
2
69
71: 7
e
697
6
7
, S 917 89 14
456 9914 10034
French Republic 25-yr ext 8s_1945 M S 1003 Sale 1003
4
4
10218
General 434s Series C
32 79
90
e1989 J J
99
691 94 106
8
20-year external loan 7348_1941 J D 977 Bale 9714
Gen & ref Series A 4;55_ _ _a2014 A0 6878 Sale 6813
3g 212 v
Great Brit & Ireland (UK of)
Gen ref cony Ser 11 5s_ ___a2014 FA
1047
8
20
-year gold bond 535s_ _ _ _1937 F A 10478 Sale
10518 144 96 106%
Convertible 435s
1932 3D
4
225 983 111
10-year cony 535s
4
108
Permanent 4s
1929 F A 10678 Sale 1003
8-2
7
1925 .1 D
3
-year cony 534s
1001 8 45
25-year debenture 4s
/
p1922 F A 100 -- 190
Saleaa
11058
1934 3 .1 687764577! SaleSS le 77
963 Salo 96 8
8
,
Italy (Kingdom of) Ser A 63501925 F A
0612 19
Chic & Mo Riv Div 5s_ _ I926 J J
Japanese Govt—£ loan 4348_1925 F A 5 9438 Sale 9418
C M & Puget Sd 1st gu 4s 1949
943 140
4
7512
17 63 2 77
,
J J 7438 7512 7418
8
94% 118 8651: 99964:11423
Second series 434s
Milw & Nor let ext 4 Ais__ _1934 S D 9158 ---8963
28
1925 .1 J 5 9418 Sale 937
8314 487 72% 03%
Sterling loan 4s
Cons extended 435s
, 8
7 4 0
1931 J J 5 8258 Sale 8213
8
1934 S D 905 ---- 8
81 Sale 80%
66
Lyons (City of) 15
Chic & N'west Ext 4s_ _ _1886-1926 FA
84
-year 88_ _ _1934 M N
uul i
4 A :'
9038 ---- 917 jA u ' --.. -..- .-- _-- 9i114 93 :
k 1 3 9613
4 9814
40 7614 90
8112 8014
80
83
Marseilles (City of) 15-yr 8s_1934 M INI
Registered
,,r'22 ii____ 9333 11(18;13
9 14
872:
87
1886-1926 FA 9214 _8884 8:
General gold 334s
Mexico—Extern loan £ 5s of 1899 Q J 63 Sale 5314
5612 222 5312 7012
7912 79 Sept'22 -- __
1987 MN 79
105 383 62
4
4
4
Gold debt 4s 01 1904
408 Sale 403
0
4018
Registered
1954 •
i,
ec'211---p1987 Q F ____ __ _ _ 70
33 93
9414
94
General 49
Montevideo 78
1952 .1 D 9414 Sale 9312
1987 M N 9014 9012 89 Sept'22 ____ I -gilt -61.9434
957 294 94
8
9814
Netherlands s f 68
Stamped 4s
1972 M S 9514 dale
1987 M N
39 1973 115
11212 111
4
11212
General 5s stamped
Norway externals f 8s
10912 23 997
4
19401 A 0 112
1987 M N 1073 10912 10712
Sinking fund Gs
Porto Alegre (City of) 8s
10214 28 99 105
196113 D 102 Sale 101
8
1879-1929 A 0 1025 19614 103 July'22 ____ 102 103
28 1057 11214
8
Queensland (State) ext s f 7s_1941 A 0 11114 11134 11112 112
Registered
1017 Apr'22 _ __- 101 1017
8
s
1879-1929 A 0
99 1033
104
56
25
105
Sinking fund 5s
-year 6s
4
1947 F A 10414 Salt,
1879-1929 A 0 lot ____,10012 Aug'22 ____ 9612 104
10214 77 99 105,
Rio Grande Do Sul 8s
Registered
4
9518 100
19461A 0 *10112 10212 101
1879-1929 A 0 9618 ____'100 Aug'22 --8
39 9812 10512
Rio de Janeiro 25-year s 1 8s_ _1946 A 0 1013 Sale 10014
Sinking fund deb .5s
10112
06
1933 82 N 101% --__ 10012 Aug'221.-- 196 11016112
91 9812 104,
8s
8
Registered
1947A 0 10112 102 10112 102
1933 101 N
63 99 106%
San Paulo (City) s f Ss
10
-year secured 7s g
104
18
X012
1952 M S 10212 Sale 10214
;19
( 2
)
11118 ---- 1901! Ma 221--- .0r 112114
103 100 10
San Paulo (State) ext s f 8s_ _1936 .1 J 10212 Sale 10212 103
15-year secured 6; g__ _1936 NI
6
,
4 14
,s
1113
11 114 11712 11114
264 8414 98
Seine (France) ext 7s
8
Des Plaines Val 1st gu 4;5s 1937 5 5
91
1942 J 3 895 Sale 8912
___ 10112 Oct'19 _—
- 040 M
1041 94 1(17
Sweden 20-year 6s
10512 Sale 19514
Frem Elk & Mo V 1st 6s_ _1933,A p& 180111 12_4: 1103 Aug'22 _— iiiiii 11 4
10018
1939 J D
03
4
'
V2
Swiss Conterer'n 20-yr s f 8s_.1940 J J 12134 Sale 12112 12134 1231 11212 121
Man G B & N W 1st 3 A5s1941'.2 0
•
70 Mar'21 --3
Tokyo City 5s loan of 1912
24 67
Milw & S L 1st gu 3 A5s____1941
7612
IM S 7214 Sale 72
J J 80 ---- Ms
8
Uruguay Republic ext 8s_...A946 F A 107 108 1067
10714
Milw L S & West imp g 5s_1929 F A 1001s 72
10212
ii S 9 5
6
--- 99% Aug'22 ____ - 5- - 11478 sale 11414
115
Zurich (City of) s f 8s
21361
Ashland Div 1st g Gs__ _ _1925 iyi s 10118 ---1945 A 0
(These are prices on the basis of $5 to 6)
51ich Div 1st gold Os_ _ _1924
199 Mar'22
0114
12 %T4
4
4
State and City Securities.
Mil Spar dr N W 1st Cu 4s_ _1947 J J 121 -„-.7- 9134
93
e2 "''
N Y City-4;4s Corp stock_ _1960 M 8 10118 10112 10114
St L Peo & N W 1st ,gu 5s_ _1948 M S 105 106 10512 10512
10114
3, 98 10312
5 95 105 2
,
3 J
4
9712 104
434s Corporate stock
Chic RI & P—Railway gen 4s
1964 M S 10334 10438 1033 Sept'22
3
87
16 79
87
1988 J J 8518 86%
99 1033
434s Corporate stock
4
1966 A 0 10334 ____ 10384 Aug'22
Registered
871.1 034 78
8.4
18
12
84%
434s Corporate stock
10914
10
1971 .1 D 109 10958 10914
Refunding gold 4s
754 8712
na j 88 1 EI-a-9 8
A s
;
1ee
4! 193 1 287'4
435s Corporate stock_ _July 1967 J J 10834 1093 10884
8
03 1 9 8
%
R I Ark & Louis 1st 4;55_ _1990338448 j O 937la S ,7 88B5415
1087
b.57
8 64 7614 8614
4345 Corporate stock
Burl C R & Nor 1st 5s_
1965 J D 10838 10938 10814
10814
1,a
_1934
4
434s Corporate stock
105%
1963 M S 1083 10938 10838
Choc Okla & Gulf cons 5s_ _1952 A 0
1)8 1
.10
2
1)
N
9814 9912 98
8
4% Corporate stock
1959 M N 10014 10034'100,
10018 21 9312 10012
Keok & Des Moines 1st 58_1923 M
83%
9
93%, 24 70 ,3
7
2 961
4
:
A 0
8 10058
8 933 1005
4% Corporate stock
4
1958 M N 10014 10034 1005
8
5
StPaul&KCShLlst435s1941 F A 953%12 986-1
8
4
8
4% Corporate stock
1957 M N 10014 1003 1003
100%
5 9312 10033 Chic St PM &0cons GS
09
.
1
1212.10_ _ 102 sep0;98 I _ 1_1_6 10412 109
18 22
4
1
100 ___- 1003 Aug'22 ---3
4% Corporate stock reg_ _1956 M N
Cons 6s reduced to 3)5s_ _ _193
87
92
1 0j
J
1
103
New 4;5s
1957 MN 108 Sale 108
1)ebenture 5s
59 9114 OS
1930
98
6 102 2 1:08:
0314 03
834
9712
434% Corporate stock__ _1957 M N 108 Sale 108
108
80
98
North Wisconsin 1st 65_ _ _ _1930 M S ., 9814 118 Nor16
•
J J 30.12-92
94
9312 Sept'22
356% Corporate stock_1954 M N
Superior Short L 1st 5s g__e1930
NI S 9658 -- 95 May'18
90 Dee'20
-4s
1961 M S
New York State
Chic '1' II & So East 1st 5s_
8312 84
83 2
,
15 73 4
84
_1960 J
,
2
---- 102 June'22
Canal Improvement 4s_ _ _ _1961 J 3
102- icii- Chic Un Sta'n 1st gu 4;55 A _ _1963 .1 D 9212 9334 9214 0233 22 8712 94%
_
j
10912 Apr'22
Highway Improv't 434s_ _ _1963 M S ---- - -10952 110
1st Ser C 634s (ells)
16
,
116
15
105,2 10 14 116
6 111% 11753
10412 Apr'22
Highway Improv't 434s_ _1965 M S
10412 10412
' !.yesr 4s n g 6s _ _ e1932
5s Ind ge
e,
o
103 Aug'22 - _1 103 10 2
_
963 0 M
3 j
Railroad.
ChCicona'so"1
763
4
79
194 6712
19523 J 78
72
71 2
,
8518
85
7c1995 0 3 71
7112
15
Ann Arbor 1st g 4s
6 5814 90
-year s f 7 Ats
1, 75 j s 18s88 Sale 10212
93 m j 0214 7814
3
1021
17 997 1027
2
94
139
Cm II & D 2d gold 4;5s
Atch Top dr S Fe—Gen g 4s_1995 A 0 0258 Sale 9258
91
91
85
Aug'22
9212 9112 Sept'22 -- 8714 9212
7 2 8,
1995 A 0
Registered
C Find & Ft AV 1st gu 4s
g_1923
- • '8458 34
-- 88 Mar'17
Adjustment gold 49
1c1995 Nov -8412 86% 8412
Day & Mich 1st cons 4;58_1931 M
4
J J 9318 -,
904 9577- 923 Aug'22
3, 78 4 180632 Cleve Cin Ch &
85
4
k190.) Nov 8412 85, 8414
Stamped
976 2 85 4
1
:
7,
St L gen 4s_ _1993 J D 8312 64
8312
85
4 21 7612 8414
833
85
23
1955 J D
Cony gold 4s
20-year deb 434s
9233
9234 15 85
928
4
10734 3 1
8
10605 D irni.; 110 105
Conv 4s issue of 1910
General 5s Series B
Aug'22 ____ 8614 10118
101
East Okla Div 1st g 4s_ _ _ _1928 M S 0434 ---_ 9514 Sept'22 ---- 0114 9514
Ref & inapt Os Series A__ _19939 3 l 1021
851, Aug'22
193
°31 1 10 1-3 102
99231 55 i 9°2 .' '
92 95 103
9'
3
8514
78
Rocky Mtn Div 1st 4s_ _ _1985 J J
8514
Cairo Div 1st gold 4s
897
4
90 . 89%
87
I 793 92
891
,
1939
Trans-Con Short L let 4s 1958 3 5
79 4 90
3
Chi W & M Div 1st g 4s_ _ _1901 J J 8314 857 8212
.
8212
&
8212
7 76
J J
8618 945
8
Cal-Ariz 1st & ref 43.5s"A" 1962 M S 9314 93% 9433 Aug'22
St L Div 1st coll tr g 4s_ _
7712 5418
84 Aug'22 85
87
MO M N
4
92
Atl Coast Line 1st gold 4s_ _k1052 M S 9133 913 9114
Spr & Col Div 1st g 4s
8512 8512
8512 Aug'22
1940 M S 8522 87
8
1073 108 107%
65 198531 1038
0 083
1 84
10733
1930 M N 91
1 090
W AV Val Div 1st g 4s
-year secured 7s
10
91%8
8314 851-4
8514
8514 Aug'22
917 995
8
8
905
8
1964 J D
General unified 434s
C 1St L & C 1st g 4s
8912
83
1-1930'I F 905 ---- 8912 Aug'22 1 9 6Q S
4
8
- 100 Aug'22
1928 M N 10014
Ala Mid 1st guar gold 5s
Registered
2
8612 May'221--- 86' 8612
91
9214 9114 Aug'22
88 91 4
Bruns & W let gu gold 4s_ _1938 J J
,
Cin S & CI cons 1st g 5s_ _!1928 JJ 9814 101
99 Aug'22!__ -- 94
99
19 8 Q F
3
8412 8514 843
8614
4
a1952 MN
8614 35 78
L & N coil gold 4o
CCC&Igenconsg65934 5 J 10634 10612 10518 May
_ 104 106
1925 J .1 95 Sale 95
Bait & Ohio prior 335s
951
4 51 8834 96
Ind II & W 1st pref 4s
90
1940 A 0 8833 ---- 90 June'22'---- 90
k1925 Q J 915____ 92 Sept'22
Registered
Peorcs&e 4s 1st cons 4s 1940 A 0 8012 81
In ia m East
64 70% 84
82
81
,
s
7
6
8712 35 9118 987
824
k1948 A 0 87 Sale 87
-year gold 45
1st 50
3912 23, 22% 3 2
0
3814
8414 ____ 84 Sept'22
75
Registered
84
k1948 0 J
Cleve Shor Line 1st gu 055_19 A r. 97;
99
196n APO 3848 9388314 99 sept'22' _ _ _ _1, 90
'
87% 252 74
1933 M S 87 Hale 86%
-year cony 448
10
878
4 Cleve Union Term 534s
10512 106 I 55, 10018 106
93
151 77
Refund dr gen 55 Series A._1995 J D 9233 Sale 91
93
Colorado & South 1st g 4s
935
31 8414 94
94
935
9
1922 F Q 1955 196
97 A A 93
102
2
1929 J J 10112 Sale 10112
37 8712 ,
Temporary 10
94 10412
-year 68
Refunding & exten 434s... _1935 M N 903 Sale 9014
9034' 38 3118 92
4
9312 Sale 935,
935
8
4
P June & 51 Div 1st g 334s_1925 MN
Ft AV & Den C 1st g 5)5s_ _198113 D 105 1061 10512 Aug'22_.-.I10118 10613
4
4
ref 4s_ _ _1941 M N 84 Sale 833
8412 67
8812
P L E & W Va Sys
Cuba RR 1st 50-year 5s g
S 77
8812 Sale 855
8
1952'J J
8812
9418 215
9312
Southw Div 1st gold 335s 1925 J J 935 94
1st ref 734s
61z
6 100 10
10612 10714'1063
10714
4
Clev Lor & W con 1st g 5&_1033 A 0 9914 10012 9914 Aug'22 ---- 962% 945;
872
989 8 D L & W-51 & E 1st gu 3)5s 2 00
4
8
103 11 1) 8118 --- _ 867 sept'22' _ _ H 7714 81.1z
9 6
13
9818 - - 985 Aug'22
1936 J D
Ohio River RR 1st g 54
N Y Lack & Western 5s_ _ _1923 F A - 10018 ---- 10014 Aug'221 ____!! 9812 1037
965 98%
8
.
1637 A 0 96% 9712 98 July'221—
General gold 5s
90
98
Terminal & improve't 4s_1923 M N
9933
0912 Sept'22' ____ , 1 97
9912 100
7112
7218 73
7278 25 627s 72
Tol & Cln Div 1st ref 4s A _.1959 .
Warren 1st ref gu e 3 1 q.. _ _2000 F A
. _ 1 7414 78
7710 8212 78 Aug'22
a Due Jan, 4Due April. 'Due May. 'rpm June. hllue July. k outi Aug. ollue Oct. PLUS Nov. sDoe Dee. s Option 1119.
price Friday; latest bid and asked
,
*No
v1122
772 n12
8514 Aug,22____ sci, 8514
,73.41
2% 1111 nig U
89
0712 ____ Vs Sept'22____ 2 7
100
10S8
:::-_7
t
10138
14
2
F.
_
New York Bond Record—Continued—Page 2
1308
Week's
Range or
Last Sate
Price
Friday
Sept 15
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept 15
•Clts
E
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE.
Week ending Sept 15
Le
4•;".
'14
Range
141c‘4
Week's
Range or
Last Sale
Price
Friday
Sept 15
Sin. l
Ja nce
High No Low High
Ask Low
Bid
High No. Low High
Ask Low
Bid
10534 16 10012 105
Leh Val RR 10-yr coil 6s n1928 M S 105 Sale 104
Delaware & Hudson—
s
---3
8
4
Leh Val Coal Co 1st gu g 58_1933 j j 100 8 __-_ 100 July'22 --- 905 100
11
7 8 3 037
9s
927 193 8314 191,
1943 M N 92% Sale 924
let & ref 45
---Oet'13
1933 j j --------105
Registered
1935 A 0 102.8 Sale 10134 10378
-year cony 53
30
,
83if
j ___ ____ 834 0(3'21 ---- -------1933 J
10312 55 oe 10312
let lot reduced to 4s
1937 M N 10314 104 10158
63.s
Aug'22,---22
, __ __ 107 11212
Leh & N Y 1st guar gold 45_1945 M S 8318 8714 86 Aug'22 ---- 9512 100
1930 J D 1128 ___ _ 11112 sept
-year secured 7s
10
Long Isld 1st cons gold 5s_ _51931 Q j 984 ____ 100
1946 A 0 8112 86 82 June'22 ---- 76% 82
Alb & Sus(' cony 35,0
---- 8914 90
4
1st consol gold 4s
51931 Q J 903 --__ 8914 June'22 ---- 77
--78941
M N 10814:
Renns & Saratoga 20-yr 68_1
8934
24
8214
Sale
1938 .1 D 8618 8812 8612 Sept'22;:..
78% ---- 73 ---General gold 4s
1936 .1 J
8414
Den & R Gr-1st cons g 4s __4
2
u3 22
11
4 :::.__ 841 A0g: 2 -____ 8212
;132 F312
853
.
1
8212 110
8
1932 J D .
Gold 48
s
1936 .2 J 817 824 817
Consold gold 4)is
Unified gold 4s
fi2312
1928 J D 8214 Sale 824
gold 58
Improvement
8 8113
7
95 Sept'22,---- 83'4 95
95
45
7
4
.
Debenture gold 5s
1955 F A _4_7_1. Sale_ 4412
1st & refunding 5s
4
,
87141 52 753 87 4
4 4014 47
-year p m deb 5s
1937 M N 8714 Sale 8514
20
Trust Co certifs of deposit-------- ---- ----44'8
8
845
83%, 5 72
Guar refunding gold 48_ _1949 M S 834 84 8318
fi 88 89 89 Sept 22 ---- 8012 89
19391.1 Rio Cr June 1st gu 5s
4
0 953 -___ 954 June'22!---- 9512 9512
N Y B & M B 1st con g 5s_1935 A
Rio Gr Sou 1st gold 4s_-1940 J .1 104 1712 614 Apr'll ---- ..-..- ---7 9914 9914
994! 3 9914 994
4
N Y & R B let gold 5s____1927 M 5 * 97
1940J J 133 -___ 1013 Feb'22 ---- 10Is 101s
Guaranteed
891 96
,
7,
8012
Nor S a ,s, A eos agu
s
L0uisianh B lsitk lntg 5 5s_a1932 Q J * 944 95 2 96 Aug'22 ---Rio Gr West 1st gold 4s__ _1939 J J 80 Sale 8014
95
4
4
7218 71
4 633 8813
7014
1927 M S 913 93.8 9212 Sept'22
Mtge dr coil trust 4s A1949!A 0 69 Sale 69
79
11 74
- 70
Louisville & Nashville—
1995 .1 D 75
lien g 4s
Det & Mack—let
9812
3
70 7 - 67 May7'922
i4
M N 100 4 ____ 102 June'22 ---- g7124 1024
5s
1937
Gold
67 67
1995 .1 D
12
Gold 4s
81 2
4_1
Unified gold ;Is
9212 10 82 93
8
1961 MN 92 925 9214
Det Riv Ter Tun 4 s
3
10
15s -al - )
8 100
1
.
Wig. 1 * 24 8-f 9 ! June'22 --2;
Registered
Dul MIssabe & Nor gen 5s__ _1941 J J 9934 Sale 00 Aug'22 _111 gs,3 102
8
102
10114
9514
M N 10014 ___ _ 995 Aug'22 ___
Collateral trust gold 58_ __ _1931
1937 A 0 10012 1017
Dul & Iron Range 1st 55
3 1064 1094
1084
10512 Mar'08
10-year secured 7s1930 M N 108 10918 108
I
1937 A 0
Registered
977958
91
1054 10 8
10614
8
824
2003 A 0 105 106 106
1st ref 5 614
Dul Sou Shore 8 AU g 5s_ _ I937 .1 .1 -gl- -gii, 825
4
4
99 ____ 9834 Aug'22 ---- 933 983
16 95 100
_ 100
100
L Cin & Lox gold 436s
Elgin Joliet de East 1st g 5s1941 51 N 100
8
8
8
2 1002 108
107
0M J
107
1931 JI N 1054 ____ 105.4 July'22 __-- 1025 1057
8
1st old 69
7s ext_1930 M 5 1055
Erie 1st consold gold
87 July'22
.1 J 10112 --__ 101 July'22 ---- 9812 101
1930
O gold
N 2d j' l‘i
g
N Y& Erie 1st ext g 4s____1947 M N 89 ____
80 9112
4
8
---- 8918 87
Paducah & Mem Div 4s___1946 F A 8434 95 86 July'22 ---- 58 674
1943 m s 90 ---- 983 June'22 --__ 80 0912
3rd ext gold 4s
4
4
8
s 8
8614 6 8 6 7
St Louis Div 2d gold 3s_ 198O M S 657 8714 861 Aug'22
1930IA 0 9634 -_-_ 9514 June'22 ---- 9012 9514
4th ext gold 55
794 88
.._
4
AM Knoxv Sr Cin Div 4s__ _1955 M N
4
1928'J D 963 _ _ _ 943 Nov'16 ---- _
5th ext gold 4s
4
8
8
At! Knox & Nor 1st g 5s_ _ _1946 J 13 96 ___ 99, May'22
E & W 1st 7s ext_ 1930 m s 10318 _ 10218 Aug'22 -,ss 16i1- 1021NYL
%
98 94
103 10914
104 July'22
Sale 6512
8
Bdge 1st s f g 6s_ __1931 M S __
667 1/9 544 71
}lender
Erie 1st cons g 4s prior___ _1996IJ j _ 6512
Kentucky Central gold is _1987 J .1 833* ---- 86 ,Aug'22 ---- 795a 86
19961.3 J *-,-- 6518 67 Mar'22 ---- 57 57
Registered
9
11, 21
514 _6_7 ;;
1
Lex & East 1st 50-yr 55 gu.. g5 A 0 9912 ---- 9912 A1.16.22 -- -- 93 10
1996'J j 5414 Sale
let consol gen lien g 4s
9/
2
21'4 Aug'22.
L & N & M & M 1st g 40_1945 M 5 9718 ____ 97 Aug'22 -- -- 924 864
1996 J J
Registered
74
79 91
%
1- 66
L & N South M joint 4s_ _ _ _ 1952 J J
Penn coll trust gold 4s 195I F A 76s - - 89 Sept'22 -- _ _ . 95 Feb'Ob ---5234 107, 344 57
51952 Q J
Registered
1953 A 0 52 5212 514
-year cony 45 Ser A
50
.6. '
. 2
fs 3
56 - 101e 53
7 7 8 14 101% May'22 --.1_6_ 10 1. i.O ifs
5212 62 32 55
N Fla & S 1st gu g 5s
1963 A 0 52 5212 51
do Series B
9312
Aug'22 ---- 89
4
5
8
547 202 30 59
4 F J
4
N de C Bdge gen gu 4WL 1937 J A 944 9034 9312 Sept'22 --__ 96 10212
4s Series D__ _1953 A 0 543 Sale 5312
Gen cony
9812
6, 80
9812
12 98
gu g 5s_ _ 1936 F A 10218 — _ _110212
& N Ala cons
Chic & Erie 1st gold 5s_ _ _ _1982 M N 98 98
97 July'22 ---,, 9512 9912
974 101
5 Jan'22 ----I 9012 90%
Gen eons guar 50-yr 5s 1963 A 0
Cleve & Mahon Vail g 53_1938 .1 j 9418 ____ 90
5 _8_3_1f _8_2 978974 jmu:8:4217,08
7,, 7812 9814
96
97 96
8
LouL & Jeff Bdge Co gu g 4s 1945 M
77
Erie de Jersey 1st s f Ss__ __1955 ,j .1 96
0 ::7
-_-_.......: _ 7_
8
9634 23 793 9734
4
Mex Internal 1st cons g 4s_.1977 51 5
Genessee River 1st s f 6s___1957 j j 9612 Sale 943
75 Nov'10 -- — ---- --Stamped guaranteed
109 109
consol g 6s____193.5!A 0 10614 -_-- 109 Sept'22
Long Dock
7
197 M S
Midland Term—lst s f g 5s1925 J D :::::::: 104
,
Dock & Impt 1st ext5s043 J J 96 ---- az
-June'22 ---, 101 104 1927 .1 D 104 ____
tt:V2
;
ii- -1 g—
Minn & St Louis 1st 7s
N Y & Green L gu g 5s_ ___1946 111 N 89% -ni8
1
) 695 83
8134
_ 80 80%
_
72
54
69 Sept'22
1st consol gold 5s
NY Seta]& W 1st ref 5s_ __I937 J J 65
6012
48 31
45
ii Sale 43
14 54 52 May'22
381
471: t,0421
1st & refunding gold 4s_ _ _1944 M P
93 M 4
9
9
1937 F A 52
44% 22 30 50
2d gold 4)0
4412
45
51
51
51
Ref & ext 50-yr 5s Ser A_ _ _1962 Q F 4412
1940 F A 50
General gold .5s
1
55
8312 90
Des M & Ft D 1st gu 48._ _1935 J J 55 57 2 55
8u y
jeft:E
1
9!1
,,°,_ -;:s- )
0 62
78 8312
1943 M N 9
Terminal let gold 5s
8134 11 3
2
93
8112 81
Ra unn ing lol go1:
Iow efCedtral gstd 4 5s.._ _1938 J D 81
1940 A 0 A-8 11'
Mid of NJ 1st ext 55
44
34 32 50%
8
--1 53 73
69
1951 M S 425 43 1 4212
8
1942 .1 D 66 667 69
Wilk dr East 1st gu g 55
91 8558 9112
91
4
__
88 Apr'21
ong 4sintgul938 J J 903 9114' 9014
------MStP&SSMc
1942 A 0
Evans de T H 1st gong 5s
2 9614 106
8
8 1015
4
1018 10512 1018
1st cons .5s
1938
......_ ---107
Mt Vernon 1st gold 6s_ _ _1923 A 0 -------- 692 Apr'21
32
8 107
- i
6912 Apr'21
1931 ii- 10512 107 ,1055 July'22 —8.. 10012
10-year coil trust(1;is
-0 8812 84
73
Sul Co Branch 1st g 5s_ _1930 A 0
8.
9
:
-11 -goi;
91
91
or'
1st Chicago Term s 144_ _1941 M N 9134 93 1 8912
Florida E Coast 1st 4345_ _ _1959 J D
s
904 9134 967 Aug'22 --- 944 9712
Ady
M S S NI & A lst g 4s let - u.I926 J J
g
8
St U D Co 1st g 4)4s__1941 j j 827 _—_-_-.. 2338 j rt
3
2
8
1949 J .1 887 ____ 853 May'22 ---- 82 4 884
Mississippi Central 1st 5s_
5
8
71 90
6 8
90
J J
Ft Worth & Rio Gr let g 4s__1928
84
8478
9012 90
, Mo Kan & Tex—Ist gold 4s 1990 .1 D 8412 85 68 4 Aug'22 ---- 48% 684
933 A 0 90
Galv Hous & Bend 1st 5s_
,
8
2d gold 4s
911)
. _F A ____ -- -- 67 Aug'22
.
8 fig 1081 114,
0414 1 11314
1147
-484 68
Grand Trunk of Can deb Ts__ 1040 A 0 1 1534 10 2 105
771 79
10614 59 100 - 106
Trust Co certifs of deposit--- ---- 772
1936 Al 5
15-year s f 6s
73 864
4
---- ---- 864 A or 22 ---- 68 9014
4
11334 531 10718 1133
1st & refunding 4s
1936 J j81134 Sale 113
Great Nor Gen 7s ser A
9014 Sept'22 ---95 ____
2_94
Trust Co coatis of deposit9 M-i
1 88 96
6
1
let de ref 4 4s Series A_ __ _1961 j J
June
,4
o H14 ,V13
---- 8214 Oct'21
Gen sinking fund 434s
1961 .1 .1 --,Registered
le 71
- 641352
132 1951 i15
106
Trust Co certifs of deposit..
0: 1
6 1f
1952 2 j 105 Sale 104%
J
ze: 2
---444, i 2z ---- 27 44
8
9014 92% • St Louis Div let ref 4s__2001 A -15 ---- ---_ 8812
1933 J J 925 ____ 9258 Aug'22
49
4s
St Paul M & Man
8834
---_
111
1
5% secured notes "ext"
1933 j j 111 ____ Ill
04
80 8 4
8813 988
let consol g 6$
Dallas Se Waco 1st gu g 5s_ _1940 M N --------90 July'22
...- 99 Sept'20
1933 j j
Registered
77%
5 -sit;
9 7778
8
9914
7
Kan City & Pee 1st g 4s_1990 F A ---- ---- 0252 Mar'22
1 7 :: 83
9258
s__ _1933 J .2 -9612 100 994
77
Reduced to gold 4
A O 64 _
97
1942 M N -._12 771 83
& E 1st gu g Si
-___ ____ 97 Aug'22 ......!
Mo K
1933 j .2
8
925
Registered
7 88 9212
M K de Okla 1st guar 5s_ _ _1942
77 9758
Mont ext 1st gold 4*.. .J037
85
M K & T of T 1st gu g 58_1942 M 5 ----------.
1 -”...
3418 42
Registered
jAlulYg:f2
1st gu g 5s_ _1942 J D 3514 ---- 36 May'22
83 Mar'20 ---- _. _ --- Sher Sh & So
1
1940 J
,
Pacific ext guar 4s
4
73 36,
M , 3212 45
9112 893
S
Texas dr Okla 1st gu g 5s__1943 i . 8712 sale 873
893
8
8
885 -dab' 763 885
8
4
E Minn Nor Div 1st g 42_ _1948 A 0! 88 ____ 113 4 June'22 ---- um,113 4
Aug'22 ---Mo K & T Ry—Pri5sSer A_ _1962.
1937 j j! 11318
85 62
75
75
Mont C 1st gu g Os
2 j 744 74% 7312
1962
40-year 48 Series B
6
13 4 May'06 -----1937 ., !
9912 646 89 9912
Registered
j j 9812 Sale 9818
1932
1 99 103
103
-year 6s Series C
10
1937 J .2. 1004, -- -- 103
66 1341 438 66
4
let guar gold 5s
4
1967 J J 943 Sale 6412
5,.....1938 j D, 1024 ____ 10214 July'22 ---- 9918 10214
Cum adjust 5s Series A_
Will a s F 1st
70
2
,
-,
Missouri Pacific (reorg Co)—
3 844 9312
Bay & W Deb (Ars "A"----1 Feb! 60 Sale 704 Apr'22 __63 6712 70 8
Green
923 9312 923
934
4
4
14
612 178
14
1st de refunding 5s Ser A ___1965 F A
Feb!
Debenture ctfs "B"
8
____ 992 July'22 ---- 974 100
80
7634 Aug'22 ---- 72 80
78
1st de refunding 5s Ser B__a1923 F A
9513 100
Gulf & S I 1st ref & t g-5s__01952 j ji
97%
973 973
4 8112 90
8912
894 8912
1st & refunding 55 Ser C_ _1926 F A -if- Sale4 10234
Hocking Val 1st cons g 434s_ _1999 j Ji 89 - ____ 7312
4 10312 -55i 98 10312
1949 F A 103%
.. -.
6s, Series I)
------1 _
Junels
1999 j „i
6912 321 598 693
Registered
4
4
4
M S CO Sale 1 663
1975
85 2
,
General 4s
5 78
85 2
_
,
1948 A 01 8512 ---- 8512
Col & H V 1st ext g 4s
Missouri Pacific
1955 F A! 844 --- os Aug'22 ---1 784 83
Col & Tol 1st ext 4s
2
1938 MN 853 ____ 8312 Aug'22 ---- 7638 8422
4
extended at 4%
2
- 96 Aug'22 - - 8e3 96
3d 7s
743*
Houston Belt & Term 1st 55..1937 J j, 944 961
8
1948.1 D 777 79 744 Jwie'22 ---- 74
8812
8813 i65 75
Cent Br U P 1st g 'Is
4 94 87
1957 F A' 883 8
Hud & Manbat 55 ser A
9912 89 Sept'22 ---- 83 89
6734 285 4712 673
6712 68 66
4
Pee RR of Mo 1st ext g 4s_1938 F A 89
1957 A
Adjust income 5s
1 92 9812
1938 J .1 8918 90 , 98 Aug'22 ---- I 92" - 98
Sept'22 _-__.
2d extended gold 58
1932 F A 9612 100
N Y & Jersey 1st bs
993*
8
997
100 i 994
____8 8318 96
St L Ir M & S gen con g 53_1931 A 0 991 ----102 July'14 26 1 944
Illinois Central let gold 4s..„1051 J J U3
8
8314 Sep9t821
Gen con stamp gu g 5:3_1931 A 0 ---1951 .; J
Registered
8 9212
9212 74 I 787 J .1 92 Sale , 9012
82% July'22 - fied & ref gold 45_ _1929
8212 86
fir; -07-s
1.'51 .1 JUni_-__—_ 8812 233! 753 8812
let gold 3ISs
s
4
,
1 51 i j -------84 Nov'16 -__ _ ......- ---•
Riv & G Div 1st g 4s____1933 M N 88 Sale 863
Registered
8
'M S 974 977 964 Aug'22 ---- 1 907 9612
s 72
Oct'21
Verdi V I & W 1st g 5s,1926
1951 A 0 s 84 857 -----------..-- ---Extended 1st gold 3%s
8
D 105 106 1047 Aug'22 --- 10112 106
8
857
Mobile & Ohio new gold 65_1927 J
1951 A
. ---- ---Registered
9712 100
h1927 Q J 101 10212
80 Juy'09
1st ext gold 68
1951 m
67% 7_2_
let gold 3s sterling
2
7514 Atil'
199 M '2
87
General gold 4s
9 8012 ir
Collateral trust gold 4s_ _ _1952 M S 87 Sale 8612
8612 98%
8
957 Aug'22
77
98
4
1 9 7 M S 77
Montgomery Div 1st g 5s_ _1988 F A 95
19a2 A 0 -------- 96.2 Sept'19 ---_
Registered
5
1927 J D 964 98 I 95 Aug'22 ---- 87 8 95
St Louis Div 5s
let refunding 4s
93
9134 ---7_ 81
'22 _ 4_2_ 765 8034
8
St L & Cairo guar g 4s_ __ _1931 .1 J 91 14 ---- 9114
2 1812
! 7 718 :0 28134 Aug
Ing r I
Purchased lines 3,14s
5
97 103 8
8434 64 7818 841
8
Nulty Chatt & St L 1st 5s_1928 A 0 1(X)34 10114 1008 Sept'22 - — 100 1004
gold 4s____1953 Ns N 8412 Sale 84
L N 0& Texas
100;4 July'22
13
182
Branch 1st g Os__ _ _1923 J J 10018
*---_ 844 82 Aug'22
Jasper
0
8 34
92
1953 m N
Registered
31 Sept'22 ---- 2118 45
.1
_-- 35
27 96 4 0 % Nat Rye of Mex pr lien 43is__1957 J
1934 j j 10358 Sale 10112 103% ____ 0318 16934
: 3
-year secured 5348
15
77 A 0 -2812 --- 2912 rete22 ---- 2913 33
1
Guaranteed general 48
1936 J J 112 11258 112% 112%
-year secured 63.15 g
15
32
31% Mar'22 ---- 28
4
1 812 93
9212
Nat of Mex prior lien 4yis___g26 .1 J -- ---- E38 July'22 ---1 12 153
1950 .1 D 914 ---- 9212
1
31
Cairo Bridge gold 4s
- 211; 01%
3
18
s
1st muse! 45
4 79
Litchfield Div let gold 38_1951 .1 j 6978 72 695 June'22
4
863
T
I
C
1 4
j 8014 824 79 Aug'22 -- 732 79
& N E 1st ref & imp 4I4s ,-.1. N .1 . -6414 02 1
N0
Loulsv Div & Term g 3As_1953 J
8
1953 J .1 10052 181
71
8 72
New Orleans Term 1st 4s
.
Omaha Div 1st gold 3s_ _ __1951 F A 703 744 704 Aug'22 -_-- 66
8
12 10?)52
2
724 Aug'22
6358 7212 N 0 Texas & Mexico 1st 6s.._1925 J D 7912 Sale
Div & Term g 33_1951 j .2 72.8
St Louis
85 62 80
80
76%
Non-cum income 5s A___1935 A 0
1051 ,j s 79511 ____ 794 Aug'22 __ 7612 794
Gold 3 As
10734 435 98 10812
4
7812 7812 N Y Cent RR cony deb 6s___1935 M N 10712 Sale 1068 Aug'22 -4 : 19334 109%
1051.3 J 79's........7812 July'22
Spring? Div 1st g 3)0
:
1:
4 06 98
_1; __ 105
1930 M 5 _35
8618 871 8618
-year coil trust 7s
10
19.51 F A --------9282 8614
86,4
1st g 4s
2
8
Western Lines
864 A" 787 867
-861- 8512
8
Nov'10 --Consol 4s Series A
---5
1951 F A
Registered
16 854 92
92
8
)?
9 3F o
2( 1g1t g 905 914 904
-iiii84 1004
Ref de impt 4)is "A"
1923 .1 D 10018 ____ 1004 July'22 Bellev & Car 1st 65
997
9934 gale 994
20 A
73 Mar'19 --__
Temp ref & impt 5.s
_1932 M El 8712 90
Carb & Shaw 1st gold 4s.._
8 20 IV 10.43i
N Y Central & Hudson RiverChic St L & N 0 gold 5s___1051 j D 10434 Sale 104% 1043
8112 48 7412 83
8118 Sale 80%
7514 __ 8534 D ug
.
'
Mortgage 3SO
1951 .1 D --------99 Aeo 21 ...._
---Registered
7712
76
8012 ---- 77 Aug'22
Registered
1951
Gold 3348
73 4
0
8
25 841, 998
93
4 M N 9214 93 91%
19
-2 got 100
;
-638 994 100
Debenture gold 4s
Joint 1st ref 5s Series A.1963 J D 99 9
602 74%
6614 June'20
82 May'22 -- 788 82
4
Registered
Memph Div 1st g 4s____1951 J D 8134 84
6 83
904
91
-1/512 ----:-- 9014
8
--907 80
-year debenture 48
,
30
St Louis Sou 1st gu g 4s___1931 61 S 804 ___ _ 88 Sevt'21 __-8
5
777
7712
1
I1
11;4'3133 F 1
Sept'22
1959 J j 8712
Luke Shore coil gold 3%s__1998 il
& Iowa let g 45
72
747
8
Ind Ill
7412 Aug'22
9
8
7812 7
1998 F A 7412 7
1 97 10112
Registered
92 .61 i 0018 lO e
ext 79 1052 .J N 154 sat% 1503112 10112
has,Great Nor 1st g
19 7114 81
81
A 8012 Sale 8012
54% 336 5014 6512
Mich Cent colt gold 3;is....1998 F
7412
Adjust6s
1998 F A 77 ---- 7412 July'22 ---- 72
Registered
& Clear let 4s_1959 j D 8812 ____ 8612 Aug'22 ---, 8012 8612
July'22 -- 60 62
James Frank
7134 48 63
72
7114 76%
Battle Cr & Slur 1st gu 3s 1998 J D 60 ---- 60 Apr'22 ---- 848 88
9 0
Kansas City Sou 1st gold 3s__ 1050 A 0 71
4
9018 ---- 88
Oct'09 - ..
------ 78
Beech Creek let gu g 4s_ _ _1936 J J .____ 91
Registered
7612 July'21 -- ---- _--1936 J J
4
9412 134 14 - -o-iii
Registered
8
Apr 1950 J J 943 Sale 913
Ref & impt 5s
3
1936 J J 815 ---- 104 May'16 ::::
863
12
47 7934 86%
85
2d guar gold 5s
4s_ _.._1980
60 July'22
Kansas City Term let 59____1937 J J 8512 Sale
Beech Cr Ext 1st g 3)0_61951 A 0 72% ____ 824
5 85 99
99
Mar'22 — 824 90
Lake Erie & West 1st g
1981 4 I:1 83 ____
1
Cart & Ad 1st gu g 48
77 8734
8 612 g
1941 . . g284: -.52 Aug'22
1
.T J
---2d gold 55
J -1 9918 .
1935
78
734 July'22
Ka A & G R 1st gu g 5s
85
68
7 - 1- -iii2
80
North Ohio 1st guar g 61_1945 A 0 76
i6 4
1997 J D 81 Sale '
Lake Shore gold 3;0
9714 96 Sept'22
96
7
J 1
3
8
5
4
Leh Val N Y let gu g 4325---=. 1 *
1997.1 D 783 ---- 80 4 Aug'22 ---- 747 80
Registered
80 July'21
94
9554
30 8014 96
Registered
9512 Sale 9514
1928 M S
85
0 9907
33 :
7
97
Debenture gold 4s
cons g 45-2003'M N 8412 Sale 84
9434 14 884 9534
Lehigh Val (Pa)
1931 M N 9334 94 9334
93
4
-year gold 4s
4 85 96
923
25
General cons 4);is--------2903 M N 9234 94 10212 10212
_
19311M N ---- ---- 864 July'211-1-Registered
1 9818 10212
A
1 1
Leh -.' Term By 1st gu g 5s___1941 A 0 -------- 113 Mar'12 --_
0
1941ered------Regt_t
11..m.•
"fia2;
1177 il 6:i
--78
--
-i -gii; —rii"
157
-- --
-- --
"ii14,
__ --
-El,
Fort
-- --
110_5_6_ 3_-"i
---
iiicil.;
.
92
, 2 :
1 13 _9_2 _2 _9_3_3,:2 m.. 12
--
--
si
gold
o
1
1 3g113
-giii-611-2
--
--
--
--
-gg- —rief
'66" -66-
----------
•No price
lateet bid and asked this week. a Due Jan, 3 Due Feb. p Due June. h Due July. a_Due Sept. 0 Due Oct. 1 Option sale.
New York Bond Record—Continued—Page 3
Price
Friday
Sept 15
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 15
Week's
Range or
Last Sale
.4
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 15
41's
Ca
1309
Price
Friday
Sept 15
eek's
Range or
Sssl Sale
II
Range
Since
Jan, 1
N Y Cent & 11 R RR (Con)—
Bid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
Moh & Mal 1st gu g 48...._1991 M S 85 8
,
8212 Jan'22
8212 8212
St Jos & Grand Iel 1st g 4s.,.1947
77 ____ 76 Aug'22 ___- 65
J J
Mahon C'l RR 1st 5s
/ 78
1
4
10212 Aug'22
1934 J J
96 10212 St Louis dr San Fran (reorg
Co)—
11
8
Michigan Central 5s
1931 M S 993 ____ 9018 June'21
Prior lien Ser A 4s
50
, 3) 7658 Sale 75
1950
/
1
4
7(1 638 68
/
4
Registered
9812 Nov'18
1931 Q M
76
/
1
4
Prior lieu Ser 13 5s
/
4
9112 172 82
J J 9118 Sale 841
9112
4s
1940J J 894 ---- 8812 N1ay'22
-- -14 - - -182 - 8 2
8
5;is
1942 .8 j 9712 Sale 915
8
971 178 93
/
4
97
/
1
4
Registered
92
7414 13ept'20
1940 J 3 89
Prior lien Ser C 6s
1928 .) j 10058 Sale 1004 10212 34 9438 10212
/
1
/
4
J L & S 1st gold 3
6618 Mar'20
1951 M S 791
Cum adjust Ser A Os
51955 A 0 86 Sale 844
/
1
8134 85
863 2
2 57 71
lat gold 3 kiti
1942 M N
5655
-fif3Income Series A Os
4
7134 Sale 7812
7914 211 54
51960 Oct
8
-year debenture 4s_
20
1929,A 0 893 9318 94 Aug'22
7914
86% 94
St Louts dr San Fran gen
_ 104
14..19314 3 10412
Aug'22 _-- 10114 104
9
8018
3
703 Aprz
NJ June R.13 guar let 48_1986•F A
4
General gold 5s
100 ____ 99 Aug'22 -___ 95
9912
8014 82
NY & Harlem g 3Sis
8034
2000 M N
803
4
80%
St L & S F RR cons g 4s__ -1996
80 ---• 6714 0Je1'20 ----11- --- --...
J
/
4
N Y Sr Northern 1st g 5s_ .1927,A 0 991 --- 95 Dec'2.
Southw Div 1st g 5s__1947'A J 92 —__ 90
Feb'22 ----1 90
/ 8612 8312 Aug'22
1
4
0
90
NY & Pu 1st cons gu g 48_1998'A 0 83
K C Ft S dr NI cons g 68__
10338 104 10338 10338
_1928
8z14 85
1 101 104
7834 Aur'22 ---- 78
Rutland 1st con g 4 kis_ _ _1941 J J
83
K C Ft S & NI Ry ref g 43.,_1936 M N
8
8414 376 723 8414
A 0 8312 835 83
73% 78
•Og & L Cham 1st gu 45 g _1948 J J
75 Aug'22 ---- 66
7512
K C&
95 1
701 7314 7314 Aug'22 ---- 7314 73 4 St L S W Si R & B 1st gu 5s 1929 A 0
/
5 8814 95
4
Rut-Canada 1st gu g 48_1949 J J
,
1st g 48 bond ars_ _ _1989
8(172 S-- - 980512
9 1 Sale
88012 17 7214 80/4
91% 96
St I.awr & Adir let g 5s
89.4 Nlay'22
1996 J J
8912 8912
2d g 48 income bond etfs_p1989 NI N 7038 7214 72
72 ,
1 6412 72
J 3
2d gold 6s
103 Nov'16
1996 A 0 9714
Consol gold 4s
7912 Sale 7912
8012 82 6812 82 k
1932
Pitts & I. Erie 2d g 58_ _a1928 A 0 9814
7
1st termina.1 & unifying 58_195 J D 8212 83
/ 1212
1
4
,43 3 3
8312 27. 71
2
)
84
Pitts Melt & Y 1st gu Os_ _1932 .1 J 11534
11034 Aug'22 ---- 109 116.2 S A & A
Pass 1st gu g 4s
7818 79
79
79
23 70
81
/
1
4
2d guaranteed 68
19343 J 1002 - - - - 9514 June'20
Seaboard Air Line g 48
05 --_ _ 65 Aug'22 ___ _I 50
1950 A 0
7338
5514 Sale 85
West Shore 1st 4s guar
-7 2 -8 85
-81 -5
23611J J
Gold -is stamped
/
1
81 i 17 48
1950 A 0 60 604 60
62
Registered
3 7658 833
8334
.2361,J 3 84 ____ 8318
4
Adjustment 58
2734 S:ile 274
o1949 F A
2914 187 1312 3
N Y C Lines eq tr 5s_ _ _1920-22 M N
- -9912 Feb'lb
312
Refunding 4s
4538 Sale 453
8
4612 92 3118 4838
1959 A 0
EquIp trust 4%8_ _1020-1925 I J J
674 June'26
1st & cons 6s Series A
0834 Sale 681
4
7012 291 41
1945 M
7334
N Y Chic & St L 1st g 4s__19371A 0
5
91
9118
Atl dr Birm 30-yr 1st g 4s_e1933 M S 69
74
69 Sept'22 ----1; 5912 7512
Registered
8612 June'22
1937 A 0
86 2 98611182
82514
Caro Cent 1st con g 4s_ __ _1949 J S 71
7212 63
ketr22, -_. 1 63 83
Debenture 45
8812 Sale 8812
8812 20 go
89
1931 M N
Fla Cent & Pen 1st ext 65_ _1923 J J 9712 9912 96
Jan'221:—.. 96
N Y Connect 1st gu 4 yis A_ _1933 F A 91% 94
94
94
4 8112 94
1st land grant ext g 58_1930 J J 9418 ---- 9312 Aug'22 ---_ 1 89 96
9312
N Y N 11 & Hartford—
J
Consol gold 5s
91 1
1943 J J 9018 -__- 90
2 8212 91
Non-cony deben 45
---- -- 6314 Aug'22
1947 M
45
6314
Ga & Ala Ry 1st con 5s___o1945 J
834
1 71
Non-cony dehen 3 kis
5214 5314 53 July 22 ---- 44
J 8312 ---- 83312
8312
1947.114
56
Ga Car & No 1st gu g 58
1929 J J 9134 ---- 90 Aug'22 --__ 84
91
Non-cony deben 3 kis
5314 __58 3814 5512
5214 53
5214
1954 A
Seaboard & Roan 1st 5s
9158 July'22 --__ 8434 95
1926 J J 9212
58
Non-cony deben 45
5812 24 4012 601 Southern
/
4
1955'3
Pacific Co—
Non-cony deben 48
6712 saie 5712
5b5
8
1956 M
Gold 4s (Cent Pac coll)___k1949I J D ---- ---: 884
/ 52 78
1
41
89
9412
Cony debenture 3 kis
5214 53
52
83 .1 (12 313 653
195613
; 47 8 %
20-year cony 4s
933
8
94 I 44 86
91929 NI S
9534
Cony debenture Os
86 Sale 8412
8612 1111 57
1948 .1
86 2
,
20-year cony 5s
ii
620l2 le 04
105 I 11 9512105 .
1934 J D i9- 12 I:19:131e 1,212
Cons Ry non-cony 45
50
Oct'l
1930 F A
Cent Pee 1st ref gu g 49_ _1949 F A 9 2 Sale 90
9134 95 8114 917
Non-cony deben 48
60 July'18
1955 J
Mort guar gold 3lis_k1929 J D
93 1
9 86
Non-cony deben 45
93
5
55
1956 J .1 53
/ 53 June'22
1
4
8 5711
7112 8312
3
3
Through St L 1st go 4s..1954 A
8614 8612 814
864
4% debentures
3 7814 871
5318 Sale 8318
4
6312 17
1957
G FI & S A M dr P 1st 58_1931 M 0 99 100
983 Aug'22.---- 9414 994
4
Harlem R-Pr Ches 1st 4s_ _1954
N
5
8118
8118
2d exten 58 guar
9458 Aug'22 --__ 92
1931 J .1 9534 100
98
B dr N Y Air Line 1st 45_._1955 FA
75 Aug'22
eo 75
Gila V G& N Ist go g 58 1924 M N 991 ---- 991s Aug'22 -/
4
Cent New Eng 1st go 45._ _1961 33 6414 66
9958
64
b5
5114 6813
Hous E & W T 1st g 5s1933 M N 9818 ____ 9412 May'22 ____ 97
94
Housatonic Ry cons g 58_1937 MN
9418
8.518
80 Deo'21
1st guar 5s red
86 Mar'21 --- ____ ---1933 M N 954 100
Naugatuck RR 1st 45
87 July'14
1954 MN 0818
II & T C 1st g 58 int gu
4
1' 37 J J 9814 ---- 933 Apr'22 ____ 933g 9334
N Y Prov & Boston 4s_ ....j942 AO 7238
83 Aug'13
I942
A & N W 1st gu g 58
1941J J 96 --_- 98 May'22 ---- 863 98
NY Nrches& IS 1st Ser I 4(.s46 J J
4
5712
51
,12 567 56
8
No of Cal cu. g 58
'
,
Apr'22
A 0
J3 9914 _ __- 101
New England cons 58
96 10312
1945 J J 902 ..___
Ore & Cal 1st guar g 58
10058 Sale 1004
101 1 21 9514 101
19
192278
Consol 4s
70 riept'li
_
1945 J J 7014
So Pac of Cal—Cu g 5s___ _1937 M
9258 -- 10312 July'22 ____ 10012 103
Providence Secur deb 48
/
4
N
/
1
4
1957 MN 491 ____ 52 Sept'22
So Pac Coast 1st go 4s
90 May'22 ---- 8812 92
/
1
4
Providence Term 1st 4s__ _1956 M S 7014
g
_ 888 reu'lb
1937 3 3 908 94
Tex & N 0 con gold 58
/
4
6434 ____ 65 May'22
W & Con East 1st 4%6_1943
1943 J J 941 -___ 9438 Aug'22 ---- 89
9614
J
eo 65
So Pac RR 1st ref 4s •
9114 Sale 91
92 1 39 835 924
8
N Y 0 & W ref 1st g 4s_ ___91992 M S 77
7712 7612
7738
San Fran Terml 1st 48
l
9514
3
186
0 0 94
00141 157i 8718 1 0
15r'I 0 8538 sa e 8053
5A 3 91,14 Sal
9
9
Registered $5,000 Only.., g1992 M
0
59, NOV.k.l.
5
2
_
Southern— 1st cons g M
1994 J J
68
General 4s
681 -7012
.1 69 Sept'22
2
195513 D - 12 -664
Registered
0
Apr'22 __ __I 884 90
/
1
Norfolk Sou 1st & ref A 5s_1961 F A 0914 70
9
6913
09
/
1
4
50
71
Develop & gen 4s Ser A
414 6114 72
4
72
1 956 3 0 72 Sale 713
1994 A 3
Norfolk & Sou 1st gold 5s
/
1
,/
1
1911 M N 944 Sale 9i4
948 11 7914 95
Temporary 6%s
8
/
4
.
598 8 1 105
77
1 94 4 77
_119938 NI O 10414 Bale 1041 105
56 A s
Norf & West gen gold 68_ _ _1931 M N 1094 Sale 1093
/
1
8
10938 44 104 10 3
, 09 8
10
Mob & Ohio coil tr g 45_
77 ---- 77
Improvement & extg
1934 FA 10918 11312 109 Aug 22
Menu Div 1st g 4 kis-5s
9738 Aug'22 _--- 89
1996 J J 98511 . .
/
1
97%
New River 1st gold
1932 AO 1094 ____ 10434 Mar 22
l048 7:14
(
4
St Louis div 1st g 4s
813 814 81
8
/
1
N & W Ry 1st cons g 48__ _1996 A0 9414 ____ 944
9412 29 8478 9412
Ala Gt Sou 1st cons A
/
1
8
89
58_1953 J CI 974 99 i 98 Aug' —7 8412 9
_ 73
1941 JI
74
Registered
Octet1911). AO
Atl & Char! A L 1st A 4%8_1944
J J 9238 94 1 93 Aug'22 ...-- 87
901k
933
Div'l 1st lien & gen g 48_1944 J J --4
2
91%
5
8
let 30
-year 55 Ser 13
101 1
1944 J J 10014 -___ 10012
3 91 101
10-25 year cony 4 kis_ _1938 MS 103 ____ 10012 July'22
All & Daisy 1st g 4s
81
82
8214
8212
8212
2 72
-6
-year cony 68
10
96 4
1)29 M S, 123 Sale 12212 12434 -54 KIN: 1243
2d 4:5
711 67 Aug'22 ._. 80 5014
/
4
67
89
89
Pocah C & C joint 481941 J
89
90
2 84
89 2
_;
All & Yad 1st g guar 4a
7912 Aug'22 -.-- 7534 82
1 99488 jj 0 8114 83
119449 A 33
/
4
Selo V & NE 1st gu g 4s_ _1989 51 N' 91% 9338 911
911
/
4
9 8314 91 8
ET Va&Ga Div g 53
'
100 101 1 9714 June'22 -- 93 4 9712
8
1030J
Northern Pacific prior lien railCons let gold 5s
4 _
9918 98
95 8
9118
1956 NI N 953 . _ 9412
944
6 93 99
/
1
4
way & land grant g 45
9118 118 84
1997 Q J 9014 9114 904
E Tenn reorg lien g 5s
July'22 ____ 93% 95
1938 M 13
1 84 89
/
1
4
Registered
89
j 87 ____ 89
Ga hIldland let 38
64
66
63 Aug'22 ---' 58 63
83 80 65
General lien gold 38
65
(1(74 7
17
F 65 Sale 6414
Knoxv & Ohio 1st g Os
19 18 ..
0 % 10L11,1 100 4 ‘ y:22 __ 98% 10034
0
4
3 J ui
7558 . .g 21162 June'22
Registered
62
a2047 Q F
60
Mob & Bin prior lien g
58 11945 j 03
92465 J .1
9 A
Ref & inapt 6s set B
2 11038 772 185 4 103
Sale 1097
2(1473 .1
06
3 10
%
Mortgage gold 4s
8
1945 J J 82 ---_ 745 May'22.__-Ref & imp 4%8 Ser A
93
7
9047 J J 8892 8 9212
Rich & Meek is g 58
78
m N 7412 ---- 78 Aug 22 _--- 86
NI
10058 208 965 1095
5a
8
8
20473 J 100 Sale 9934
So Car & Ga let ext
9912 100
9913
9912
2 94 101
5%s-119291
94
St Paul-Duluth Div g 4s 1996 J D 80%
844 May'22
794 ''' 12
/ „
1 4
Virginia Mid Ser E 53
991 Aug'22 ---- 97
/
4
1926 M S 9914 100
N P-Gt Nor joint 6)4s__1936 3 J
10338 July'22 -- 1033, 105
99
4
Geaeral .55
9912 ____ 99 Aug'22 ---- 954
St P & N P gen gold 63_ _1923 F A
10014 June'22
10014 101
Va &So'w'n at gu 5s
. 9312 July'22 ____ 80 91
2003) N 93
1936 M J
Registered certificates. 1923 Q A
100 Mar21
1st cons 50
-year 58
87
8912 • 8912 15 74
St Paul & Duluth 1st 58
j 0 83
A 3
894
100 June'22
-661- 11562
1931 Q F
45 __ _1955 F A 974 99
382 92
1st consol gold 4s
971 Aug'22 ,-- 944 97
/
4
4
/
1
4
86 May'22,
1968 J D
823 86
4
1958SpWoka0ne&ItrlOscYgo
Wash Cent 1st gold 4s
_51- 92
9434 -9 - 2 8414 Aug'22 __
83
4,34
77ns 82
4
1948 0 IVI 8312 85% 84 May'22 -- : 414
7 85
2 8
Term Assn of t L 1st
Nor Pac Term Co 1st g 6s
g 4%13-1939 A 0
92 97
10858 June'22 -- 107 1083
/
1
4
4
1933 J J 10b8
1st cons gold 55
Oregon-Wash 1st & ref 48
5J A
A J
/ 100 I 11 883, 100
1
4
1944 F 0 100 Sale 99
8812 119
12
1961 J J 8513 Sale 8458
Gen refund 8 f g 48
Pacific Coast Co tat g 5s
83 8312 82
12 7613 85
83
/
1
4
/
1
4
'11
1946 J D
St L NI Bridge Ter go g
- 83 Sept'22
Paducah & Ills 1st a f 4%8__ _1955 J J 9318
9734 108
9612 Aug'22 __ _- 4312 9 38
58_119302
9
93 Aug'22
7
90 93
Texas dr Pa- at gold M
Paris-Lyons-Med RR 68
2000 J D 100 Sale 9812 10014 63 871 10(14
77
:
454 702 85
4
1958 F A 744 Sale 7614
2d gold income 58
Pennsylvania RR 1st g 48
60 ----I 50
kela'221 .-- 60
993 Aug'22
8
8
50
1923 M N 99,
966 99%
4
La
B L 1st g 5s
Consol gold 48
7918 90
90 Aug'22
90 Aug'22
1043 11.1 N 9014 95
8712 924
W Di
Nlin W & N
9318
Congo'gold 4s
8612 Aug'22 __-- 86 2 9514
lst gu 5a: 7 F
9318
2 391 3Mar
19 0
1948 M N 92 93
, 0
8618 933
4 Tol & Ohio Cent WvA3
1st gu 58_1935 J J 10 --86'8
Consol 4%9
1
7 144 ---1961) F A 101 Sale 100
1014 37 92128103
Western Div 1st g 58
General 4%5
9518 ---_ 9514
9514
1 91
0 97
9
1965 J D 9414 Sale 9334
945
5 46 193 195i,
1 0133
905
0
General gold 58
General 55
__ __ 1 97 Sept'22 ____ 8138 904
1968 J D 1014 10218 10112 102
9012 Aug'221---/ 59
1
4
Kan & M 1st go g 48
-year secured 78
10
803812 Aut 22 ____ 754 83
,
1
1127
1930 A 0 11012 Sale 110
1990 A 0 88811184
9_2
8 35
2d 20
-year 58
9818 _832_
9
-year secured 6%5
1 91
15
9912
11214 82
193(1 F A 11112 Salo 111
Tol St L & W pr lien g
9412 ____ 9;2
8
73
4
95
9334 10 8
Alleg Val gen guar g 4s
4 9%
94 Aug'22 -- 193 1912414
66
3;is
1942 M S 92
925
86
%
50
-year gold 4s
D R RR & Ildgelst gu 4s g_1936 F A 90 8 ___. 87 M.14)'22
3
1927 .1 0 78 Sale 7512
A .1
,
87
87
Coll trust 45 g Ser A
Pennsylvania Co—
78
4
F A ---_ -___ 15, June'211 ---9
Guar 3%8 coil trust reg A_1937 M S 8438 __
813 July'22 -- 81% 81% Tor Trust co ctfs of deposit_ 2199_6_197_
_ 1 85
4
Feb'22 _9 _ - 12 I-1
7 - 1;
Ham & Buff let g
8318 84
844 Aug'22
Guar 3Yis coll trust Ser B.1941 F A
4
k1946 5 6 8434 8512 843 Aug'22 __-7214 85
Ulster & Del 1st eons 4s
83
85
83 July'22 -- 7512 83
g 5s
3%8 trust Ws C
Guar
1942 J D
1928 1 D 93 __-_ 94
let refunding e 4s
86
9 9 24
5
7
9
0
6
4
Guar 3%s trust ctfs 0
1944 J D 814 ____ 82 Aug'22'
/
4
70 Aug'22 ._.5. 8
1952 A 0 691 70
82 82
Union Pacific 1st g 48
131
95
Guar 15-25- year gold 48._1931 A 0 9212 Sale 924
9212
/
1
4
7 84
1947 J J 94 Sale 9414
/ 923
1
4
4
Registered
96
'22 .1
1
87
-year guar 4s ctfs Ser E._1952 M N 8014__,,91 4Junef,7 119 89 90
5
40
.4
1947 J J _4. _66 _ 64 , 8 —. 88
/
4
881
80
20
-year cony 45
/
1
/ 88
1
4
864 May 22
On Leb dr Nor gu 45 g
11142 M N 85
8018 867
3
let & refunding 4s
/
1
4
8958 Sale 8912
8938 51 18112 1
CI& Mar 18t gug 4%s1935 M N 84 ___ 8812 Deo'21
0
1
0
10
-year perm secured
4
/ 11
1
CI & P gen gu 4%8 Ser A 1942 J J 98: __ 91 Nov'21
/
4
61 927 J 81
M
Ore RR dr Nay con g 88_ 199028 j .11 104 1051 10512 1054 811 8314
/
1
4
97 193
904
4s___1946 .1 D 9114 Sale 1 9014
618
0
Series B
1942 A 0 98 ____ 104 Dee'lb
Ore Short Line
961 Feb'12
/
4
1042 A 0
Int reduced to 33ia
181 consol g 58
4
106
4
9018 Dec'12
8
52
:
931 _3 _ ,14 , I 53 96 106
Series C 3%8
1948 M N -793
1916 J J 1051 _9 _52 1033
Guar con 55
8018
__ 67
Jan'21
4 25
Series D 3%5
1950 F A
1946 J J 10534 106 10534 1053
Guar refund 4s
87
87
88
6
Erie & l'itts gu g 3%8 B.. 1940 J J 86
Utah & Nor gold 58
7914 May'19
88
99 _--- 1003
1940 J J 85
Series C
8
10 /
01
4
9
3 8
21001
954
/
4
let extended 48
9214 Aug'22
761 8612
1
/
4
911 -___I 864 Feb'22 ---1 881 80
Or Ft & I ex lst gu g 4%8_1941 J J 9214 95
86
9214
Vandalla cons g 48 Ser
4
Apr'22 __I
A
,8
Pitts Y & Ash 1st cons 58 1927 M N 983 ____ 98 June'22
1991. j : 853 ---- 88
19 9 t 0 8 5
91
98
98
A
"
Consol 48 Series 13
__ 94 May'22
lan'21 ----1
1931 J .1 9614
Tol W V & 0 gu 4%8 A
9238 94
Vera Cruz & P 18t gu
82 Dee'20
ii4
1933 J J 9718
Series B 4;is
3 11
1957. N
9 4 5 J 3112 3612 3712 Sept'22 ---_ Virginian 1st 58 Series %s
/
1
4
9 1142 0 12 0
42 88 100
100
A
2
0
1942 AI S 8558 ____ 77 Sept'21
Series C 45
1962 M N 993 190 192
-Wabash 1st gold 58
23 9372 101
2
,
98 Aug'22
101
10012 Sale 100
1940 A 0 9714 98
P C C & St L go 4%8 A
8811 98
2d gold 5s
9512 Aug'22
1 3 ,F A
9939M N
9
1942 A 0 9714 09
-is
Series B 43 guar
883 98
2
1st lien 50-yr g term
8
1 811 807
9
7
7
1942 M N 9714
1054IJ J 71z ____ 6712 July 22 ---- 614 934
Series C 43-18 guar
9158 Apr'22
894 91%
Dot & Ch Ext 1st g 48
8914
8812 Apr'22
1945 NI N
M
194113 J 9618 _ _ _ _ 96 May'22 ____
Series D 48 guar
841 9112
/
4
Des Moines Div 1st g
874
74
91 ____ 91 Aug'22
74 May'22 ___ _ 669638 70118
Berles E 3%8 guar gold_ 1949 F A
48
8
1939,J 3 753 79
8912 91
Om Div 1st g 3%a
7112 10
7112
75
.1953 J D 8618 ____ 8914 June'22
Series F guar 48 gold...
4 11 A s
19941 m O 70
9218
84
Tol & Ch DIY g 48
__
791 Sept'22
82
80
Series G 4s guar
1957 NI N 87 ____ 80 May'21
Wash Term let gu
824 28 7238 82
8212
/
1
4
95 ____ 96 Aug'22 -- 8012 98
84
/
1
4
Series 1 cons guar 4%8_1963 F A
33Is
1945F A 82
,
1st 40
-year guar 48
9
8
8 8
5
8812 ____ 85 Feb'22)---- 6 18 66
General 55 Series A
101
41 90 101
1970 J D 10012 10118 10038
1945, F 0
1 52 A A
,
test NI aryls d 1st g
69
58.
10
48
90
C St I.& P lat cons g 58__ _1932 A 0 10012 ____ 100 May'22
8
69 Sale 6812
9 18 Eig18 98 2
99 1003
4
est N Y & Pa 1st g 5s
96 100
9214
Phlia Bait & W 1st g 4s
_ 9158
1943 M N
914
/
1
5 8978 92
Gen gold 4s
8012
8012
2, 7213 8012
u N j RR & Can gen 4s
80
58-1943 j: 79
,6 ij
1944 M 5 92
19247 s. 0
1993851 A 0s
11 2
9334 804 June'Zi
Western Pac 1st Ser A
8418 881
:
Pere Marquette 1st Ser A 58_ _ 1956 J J 10012 Sale 1003
5s..
40 -88 2
8
1003
-1Wheeling &L E 1st
DIv et
8 82•12 017
3
2
877
9818 28 99 4 1974
91112 ._f 98
8 2.al _ 8718
S
1st Series B 4s
1956 J .1 83
8438 84
844
/
1
3' 75
85
Wheeling
Philippine Ry 1st 30-yr a f 4s 1927 J J
4 ____ 93 Aug'22,-.__
/
1
4
5114 54
51
8 4118 59
5114
9
Exten & Impt gold Ss
92
2-.•
72
_ _3 72
Pitts Sh & L E 1st g 58
7118 _71. 91 June134 14 89
4
9
1940 A 0 100 103 100 Mar'22
953 100
4
Refunding 4 kis Series A
/
1
4
80
52 72
77
9918 __
1st consol gold 58
1966 NS
939 F A
1
1943 .1 .1
9714 Dee'17
RR 1st consol 48
704
7634 Sept'22 ___ _I 62
78
76
Reading Co gen gold 48
1997 J J 86
Sale 854
/
1
863 222 80
4
873
4
Winston-Salem S 11 1st 4s
1960 J J 8234 ____ 8113 July'22,__ _ _I
Registered
1997 J J
8434 Aug'22
- 82
8434
Wia Cent 50-yr 1st gen 48
8612 24 7413 8612
1949 J
833
8314
Jersey Central eoll e 45. . 1951 A 0 89
8912 87
90 I 11 8112 90
Sup & 0til dly & term let 48'36 M J 84 Sale 83 4
8 84 7541 8478
1949 M N
847
Sale
S
•No price Friday; latest bid and atkod this w8..k. 4iDue Jan. alma Feb. g Due
June. abut July. A Due Aug. °DVS Oct. Vnue Nov. f Due Lee. 1Optlon sale
•
_
•
—35
-611- -612
2
-.
9158
6
2
712 76
i5618
8.513
2.ira
_
---
,g
1
71 ,
"if'"if"
702
jail;
-ifr,
1310
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 15
New York Bond Record—Concluded—Page 4
!Wee
Friday
Sept 15
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week ending Sept 15
4—
Price
Friday
Sept 15
Week's
Range or
Last Sale
1
ra
Range
Since
Jan. I
High No. Low High
Ask Low
Bid
Ask Low
Did
10712 63 10112 10712
196/65ig:h24 N 0 Low High Cuban Am Sugar 1st coll 8s__1931 M S 107 10712 10613
Street Railway
27. 31
11
6614
15 107 11012
108
A 0 8534 70 65
10712 10718
Brooklyn Rapid Tran g 55___1945
8
5312
647 ' 12 3512 64% Diamond Match s f deb 71.5s_1930 M N 10718 Sale 46
19 33
47
J 65% Sale 59
1st refund cony gold 4s____2002 J .1 9512 Sale 91
9513 Distill Sec Con cony 1st g 53_1927 A 0 47
58
87% 95
.k1921 J
8834 _ _ _ _1 95 Aug'22
..1936 J D
3-yr 7% secured notes._.
-is.
95 1 204 5812 95
E I du Pont Powder 43
95 Sale 9012
10314 112 10318 10812
10712
Sale
Certificates of deposit
460 54
92
92
du Pont de Nemours & Co 710'31 M N 108 Sale 106%
92 Sale 8512
10714 23 99% 10813
1941 AI S 107
Certfs of deposit stamped
4 75
9014
9014 Fisk Rubber 1st 5 f 83
90 893
13 9112 103
9614
FA 89
8
957
96
11! 7512 93
Bklyn Un El 1st g 4-5s____1950 F A
93
Frarnet lc Ind & Dev 20-yr ?As'42 J J 94
9018
,
9012 93
2 9312 100 3
1001s
1956
_ 100
Stamped guar 4-5s
General Baking 1st 25-yr 0s_1936 .0 D 10018
80
64
4
793 8212 7913 Aug'22
8012 • 10 7034 81
8018 Sale 8012
E 1st g 4s_ _1949 F A
F A
1942
3 66
Kings County
7912
82
Gen Electric deb g 31.6s
7934 8212 7912
19 95 117
3
10 3 2321104 103
10
0
01
10114
03
1952 M $ 10174, 10214
1021 27
Stamped guar 4s
59
Debenture 5s
59
59 Sale 57
8 31 103 109
1077
Feb 1940 F A 107 Sale 10512
Nassau Elec guar gold 43_ _ gt91
20
-year deb Os
8234 53 67 85
97% 104
2 1 F .7 823 821 8213
s 1057 J A 82
1957J .1
Chicago Rys 1st Is
7612 Goodrich Co 6i6s
7012 June'24 ---- 75
85
11613 82
11512
Conn Ry & L 1st & ref g 4
Apr'22 — --1 70 4 73
73
Goodyear Tire & Rub 1st s 8.'41 M N 116 Sale 10014
85
3
10034 197 97% 10314
8
1951 J J 82
e1931 F A 1093 Sale
guar 4s
f deb g 83
Stamped
10
0
855
9414
-years
4 55
8514 853 88 ja02s 74 6312 8613
8812 43 88
88
Det United 1st cons g 4 Lis_. _1932 J J
Holland-American Line 6s___1947 MN 8814 Sale 81
12 7212 82
82
S
8214
Ft Smith Lt & Tr 1st g 55._ _1936 M 0
4 IF Int Agric Corp 1st 20-yr 53_1932 MN 81
-1514
-73
4
3 ;102 1163
3D
Interboro Metrop coil 45.3s 1956 A
2
734 18% Internat Cement conys83._1926 A0 10812 11212 110 110 79 89 9912
1512 161- 15
9334
8
932 935 93
6s__1941
133
761124 6671 54
04
81
Certificates of deposit
s Inter Mercan Marine
753
9012
7314 Sale 72
7 86
9014
89
1947 J J
171 7614 8312 International Paper 53
Interboro Rap Tran 1st Is. _1966 1-5 8012 82
8
805
8014
3
90% 174 8314 902
8
9038 893
1947 J J 90
-year Gs
10
9714 146 9313 98
1st & ref Is B
Sale 9634
162 7718 96
80
1932 ---- 9714
1947 J J 80 Sale 1 7712
7s
7212 12' 5712 7212 Jurgens Works 6s
7114 703
71
10512 10 102 108
1942 FA 10414 10512.105
Ry(N Y)cons g 43 1990
7s
Iganhat
3 Kayser & Co
675
109 1 11 10178 110
1990 A 0 - . .. g, Fob m ag:2 :7 5712 60
N 108 Sale 1108
1931
Stamped tax exempt
2
.. 4834
au
631
, ' Y2
Kelly-Springfield Tire 8s_
4
4
s
983 ---7 983 983
08
1936 J o 9758 98
2d 43
Kinney Co 71is
84 Aug'22 — - - 6412 84
84
80
4 112 120
1
1187
"
Ry & Lt s f 5s_..1112 M
7s
1944 A0 1183.1 11912 11834
43 81
Manila Elec
89
92
Liggett & Myers Tobac
4
4
: 111
1
13 99997 17 108257 2
359 987528 1 11090900142
100
100
M S 8812 883 883
1951 FA ____ 10018
36 90% 97
Market St Ry 1st cons Is.. __.1924
.
5
94
4
4
4
5 112 1163
11634
.
1924 A 0 933 9412 933
1944 A0 127_1:2 122_ 11634
-year 6% notes
5
Lorillard Co (P) 7s
99
99
1951 FA
9 50
Is
Metropolitan Street Ry-78
79
99% 5'?
J D 7613 Sale 7612
8 9812
99
1942 AO 8034 Sale
2 1713 25
B'way & 7th Av 1st c g 53_1943
23
Manati Sugar 7%s
23
23
2
9112
S 22
14
883
1939 J J
Morris & Co 1st s 41-is
Col & 9th Av 1st gu g 53_1992 M
55
5414
7 39
5414 54% :3414
961
9713 96 2
Lox Av & P F 1st gu g 53 1993 M S 99 Sale 911
3 9714 99
Nat Enam & Stampg 1st 5s 1929 3D 96
99
A
Aug'22
95
97
94
1930 J
Milw Elec Ry & Lt cons g 5s_1926 F
Nat Starch 20-year deb 5s
8912 Aug'22
7914 90
_
88%
4
4 102 1013 Sept'22
9 83
Refunding dr exten 41.6s_ _1931 .1 J 0112 913 9114
9112
9212 N Y Air Brake 1st cony Os__ _1928 MN 1013 82 82
5
4
82
J
1951 FA 8118
N Y Dock 50-yr 1st g 43
Montreal Tram 1st & ref 5s 1941 J
_ 50 Feb'24.
10712 34
10712
,
New On Ry & Lt gen 416s_ _1935 J
Packard Motor Car 10-yr 83 1931 A0 102 10734 10712
34
Dee'21
2
8
1035
____ 10334
J 70 _
N
f 53 A_1966
1931
17 N Y Munk Ry 1st s
3814
2512 4413 Porto Rican Am Tob 85
33
12
383 38
4
00
11058 29
0
1942 J J
1937 J .1 _10_9_ _11_0_ 10914
Punta Alegre Sugar 7s
N Y Rys 1st R E & ref 4s
44
8
3 14 21 24
3714
3714 38
93
1937 h2 N 9612 97
ates of deposit
on Arms Os
6 512 15
Certific
Remingt
40121
,
9 2 9% 10
a1942 A 0
1942 M S
30
-year adj Inc 5s
,
7 434 13 2 Saks Co 73
,
8 21
,
0
9
93
106% 39
8% 8% 8 2
Sale 10212
Certificates of deposit _______ - - 7214 Sale 7118
South Porto Rico Sugar 7s__ _1941 J D 10212 Sale 99
73 1 28 6112 73
22
100
1930 M N 100
43.0_1962 MN 96
N Y State Rys 1st cons
96%1 14 95
9712 Standard Milling 1st Is
8
963 98
10618 45
1065s 107 106
1931 J D
Nor Ohio Trac & Light 63___1917 M S 91
Tobacco Products 5 f 7s
91
91 Sept'22'
81
_ 10434 June'22
Union Bag & Paper 1st 53_ _1930 J .1 02 -Portland Ry 1st & ref 5s_ ___1930 M N
9 7812 90
2'
87,
175
8712 Sale 80
101
1942 M N 101 Sale 10014
6s
Portland Ry Lt dr P 1st ref 5s 1942 F A 10714 Sale 107
10712! 22 102 10712
35 1013 1183
104
2 0
1904 4 9513
Sale 1 10312
1st & refund 73.6s Ser A___1946 M N 9412
8812 8812 Union Tank Can equip 7s_..1930 F A 10334 112 11117
8812 June'22
32
113
8
19.111.1 D 111
d Gen Elec 1st 5s__1935 J J 90 Sale 89
35' 73
Drug cony 8s
Portlan
9014 United
90 1
9813 22
9812 9734
98
A 0
S Realty dr I cony deb g 58_1924 J J
Pub Serv Corp of N J gen Is_1959
8 631 5618 69%
693
1 120
69
0012 110094123
69% 67
10234 14 186 10:113
8
1960 J J
-year sec 7s.. .19231J D 10212 1025 10212
Third Ave 1st ref 43
6814 124' 4413 6814 U S Rubber 5
8715
8
8
al960 A 0 67(3 Sale_ 97 Aug'22 ----1 88
19471J J 905 Sale 903
1st & ref 5s series A
AdjIncome 5s
97
8
48
98 ___
10
191 I 3 0
1
0912 Sa le 109
100 3 8ale 100
1937 J J
1930 F A
2 96 1003
10
-year 71.6s
Third Ave Ry 1st g 5s
10014
4
100 10014 100
8
3
10012
Tr! City Ry & Lt 1st s f 53 _1923 A 0 87 ____ 73
Va-Caro Chem 1st 15-yr 53_1923 J D
73
Jan'22 -- 73
,
9 78
2
4
0 9
82 2
0014 6 93
10 3 123 1098
e1924 A 0 10012 1002 10014
-is
Cony deb Cs
Undergr of London 43 _ _1933 J J 71
7012 Sept'22 -- 80
7012
1948
1947 J D 9818 Sale 98
75
16 75
9012
Income 65
91
8912 -9012 90
81 151 9012 1058
1053
1932 MN 10514 10534 1051 1
Rys Inv 55 Pitts issue 1926 VI N
34 5112 67
12-year s f
United
67
'
68
41 9912 104
104
J 6334 66
1041 J D 1035 Sale 10234
Warner Sugar 7s
United Rys St L 1st g 43__ _ _1934 J 0 6014 6913 58 May'22
58
56
10018, 32 99 10012
100 10014 99
8412
10 72
St Louis Transit gu Ia.__ _1924 A
4
8412 West Electric 1st 5s___ _Dec 1922 J J
833
85
10834' 82 105 109
108
1034 J J 8418
E & M 7s
1931 M N
1st & ref Is
Va Ry Pow
Westinghouse
60' 93 10214
102
1 8
- 17- iOi- 10112
Gas and Electric Light
Wilson & Co 1st 25-yr s 163._1941 A 0 it
86 Sale 817
9912
,8
86
9912 422; 84
4
9713 9712 953
1934'A
1928 J D
70 70 8 861s
10-year cony s f Os
9934 21, 897 100
Am Wat Wks & Elec Is
10712 242. 9413 110
0 9812 Sale °
gen 5s A 19491JJ 104 Sale 100318
F A 10714 10734 10614
1931
03l
Temporary 7s
104
Bklyn Edison Inc
9% ,7 10, 10412
,
, 0012 0
1
1930,-1
Oils
General 6s series B
108 ' 102712 1005912
8
8971
997 1 1551 9812 1041 4
8
1057 Sale
1
: 9092
464
1930.J J 10712 10734 10734
1937 J J 9934 Sale 9913
3
Atlantic Refg deb 53
General 7s series C
8
109
409, 993 1003
5 993 99%
4
Humble 011 & Refining 5s _1932 J J 99
General 7s series D
9814
99
99 100
96
98
°
9 4 M
1931 M S 07
8
6
Invincible 0118s
9
Bklyn Un Gas 1st cons g 5s_ _1 945 j
10512
9
10434 Sale 10434
5111 84934 12 %
90
02
127:1
122 121
19561942 F
9812
4
98)
'garland Oils f 8s with war'nts '31 A 0 121 Sale 106
Canada Gen Elec Co 6s
14' 99 10712
107
A
A O 9814 Sale
1936 M N 10614
1
/
.3
Mexican Petroleum s f 83
Cinch'Gas& Elec 1st & ref Is
, 884 97
1
96
171 9413 103
102
10112 102 10112
1927:3 J 90 Sale 95%
Columbia G & E 1st Is
Pan-Amer P T 1st 10-yr 7s_1930 F A
97
3 9418 10234
88
99
4
963
1927'J J 9512 9612 95% Se9%1
1931 .1 D 9714 99 113
f 83
Stamped
Pierce 011 s
75
8
7
691 99 116
116
115 116
1932 J J 9112
Columbus Gas 1st gold 5s
63
12412 Aug'22 ----kW- EE- Prod & Ref s f 8s(with warntsr31 1.7 D 10512 Sale 105
4
1053 6991 98 10 i
1925Q F
Consol Gas 5-yr cony 7s
217, 98 102
10014
100% 181 93 10018 Sinclair Con Oil cony 71.6E4_1925 M N 10113 Sale 101
15(117L
102
7
1937 M S
9934
Detroit City Gas gold 53_ .._1923.3 J 100 Sale 9814
-year 7s
15
100
93 • 100
9934 3241 98
9914 9918 9918
J J
19251 A 0
Detroit Edison 1st coll tr ls_1933
97
Sinclair Crude 011 530
9814
10614 40,40514 10712
4
1053
8914 99
k1940 M S 98 Sale 104
a19311F A 10534 106 103%
1st & ref 5s ser A
Standard 011 of Cal 7s
10613 3
10512 Sale
8 20' 100 10438
1037
k1940 M S
1931 F A 10334 Sale
0
1st & ref 6s series B
4 Tide Water 011 61,
4 68 100 1053
1053
J 10514 Sale 105
Duquesne Lt 1st & coil 6s_ _ _1949J
10714
0
10
10818 21795 1 1041 103 *
0
10712 Sale 1 0
993 9611s
:
1930 J J
Mining
Debenture 7%3
2
9 _7_
4
9712
714
4 012 8ept: 1.. _5:9.
9 A ug221 _i _
4
N 963 Sale 963
1925 M S
Empire Gas & Fuel 71.6s_ _1937 M N 100 _ _ _ _
5
2
791 9718 198% Alaska Gold M deb 8s A
4 3 00
M
1926 M S
9112
Great Falls Power 1st s f 5s..1940
Cony deb 65 series B
9112
_
92
3
9
6
2
8
7 I 9 12
0014
953
7714 92
9l e 94 2
0
9
1952 F A
A 0 0552 sa514 0012
consol g 53
Havana Elec
910
106927,1
9134 ____ 90 Aug'22
!
Am.Sm & R 1st 30-yr 5s ser A 1947
8512 90
1949 M N
Hudson Co Gas 1st g 5s
Braden Cop M coil tr s f 6s 1931 F A 126 128 127
97% Aug'22
129 1 52 .110 129
,
1937A 0 9912
1931 J J
Co El L & P g 5s
Pasco Cop 83
Kings
18
06 2 9
19113 1112 Cerro de
4
10734 76 99 107%
10614 107 1053
19971A 0 110 11112 110 Sept'22
Purchase money 83
Chile Copper 10-yr cony 7s 1923 M N
10514 Apr'22
9512
9118 07
95 I 184 84
88 100
3
95 Sale 943
1925 M S 114
Convertible deb 63
_
Coll In & cony Os ser A___ _1932 A 0 91
90
J 88% ____ 90 Aug'22
93
Ed El III Bkn 1st con g 4s_1939,J 0 93
95
5,
Granby Cons M S & P con 6s A '28 M N 92 94 94 June 9
9312 93
7 990
1 8
9 22'---, 87 9
1934 A
1928 M N
Lac Gas L of St L ref & ext 5s
3 8712 95is
4
9
Stamped
94
9414 9413 94
6
99 1 26 86 102
1927 M N 99
1925 RI N 99 Sale 9812
9913 85' 93
Milwaukee Gas L 1st 4s
Cony deben 83
Sale 99
0912
. 9222 101
J
N 9934 10018 100 Aug'22 __1925
Montana Power 1st Is A__ 1943 A 0 11214 Sale 11214 1123
4 Tennessee Cop 1st cony 63
4 30 10534 1123
10212 10212' 13 9512 10318
1011s 10112
N Y Edison 1st & ref 63s A_1941
4
8
10018 49 925 100 8 U S Smelt Ref & M cony Os 19261 F A
,
1948J D 100 Sale 993
L&Pg 53
NYGE
8514 16,1 76
Coal. Iron and Steel
8514 8512 8414
8514
2 9511 100
99
99141
1949'F A 101 ____ 10112
192611 J 99 Sale 933
Purchase money g 45
Aug'22 ---L1,10012 1015.1 Beth Steel 1st ext s f Is
9612 9712 614
2
J J
94
07181 3 88 10012
13 9913 0 1
19421M N
10138
1st & ref 5s guar A
Ed Eke Ill 1st cons g Is.. _1995
10014 ____ 101
4
91%
933
94l
.1 94 101%
86
Power 1st Is. _1932
J 94 Sale
1936
1041
4
1041.3
20-yr p m & imp s f 53
1043
Niagara Falls
3 10012
4
10112 121
a1932 A 0 98 10134 953
19481F A 10034 Sale 10034
4 June'22 ---- 96 10454
____
Ref & gen 6s
as A
953
M N
Aug'21,---7
D 90 ---- 78
1932
Lock & 0 Pow 1st 5s_1954 A 0 9412 Sale 9312
Susq Iron s f 53
94
Niag
Buff &
67 8812 95
ADr`221...._ '100 100
100
9612
9612 247 go
a1926M S
Nor States Power 25-yr 5s A.1941 M S 957k Sale 9518
Debenture Is
,
91 2
1952
90 Sept'22 -- -- 82
99
1943 F A
8212
11 go
8
98
9712 98
No Amer Edison 65
71
915
Colo F & I Co gen f 5s
._,1943 F A 92 ____ 9112 July'22
79 Sale 79
N F 1st Is.
FA
9212
Ontario Power
9112 Col Indus 1st & coll Is gu.....1934
°
8 3 ' 12
92141 217 86
---- 79
1945 M N
9213 Sale 9113
Ontario Transmission 55_
Cons Coal of Aid 1st & ref 5s.1950 J O 9914
__ 975 Aug'22,-- -- 9613 10214
98
1925 J
98
15 93
9712
Pacific G & E Co—Cal G & E—
Elk Horn Coal cony Os
9718 99
8 8612 93%
93141
9212
1937 M N
3
,
Corp unifying & ref 5s
1940 AO 9234 43 10114
9434 35 87
97
Illinois Steel deb 4163
10238 47 9614 10233
_1942 J J 941 9414 9318
9012 9412
Pacific G & El gen & ref Is....
1952 MN 10212 10212 100
95121 38 8734 9512 Indiana Steel 1st 53
100181 24 9334 10012
F A 95
AO 100 10012
110 1
94
2 10114 110
Pat Pow & Lt 1st & ref 20-yr 5s '30 A 0 10853 109 109
Lackawanna Steel 1st g Is._,J023
82
8 2,2
4
96121
Peop Gas Sr C 1st cons g 6s 1943 M S 96
1950 MS 93' 937 94 June'22
5 85
961.
9614 90
94
1st cons Is series A
ao
1947
9312 _ _ _ _ 9
973 ____ 98 Aug'22'___ 89
4
Refunding gold Is
923
83
Lehigh C & Nav s f 4168 A _1954
99
J J
13
Ch G L & Coke 1st gu g 53_1937 J J 97 ____ 99
99
8
5
6
Midvale Steel de 0 cony s f 53_1936 54 S 109 8 72:4 180 4
92
9
i5
0
94138
1:1511 919 94% 101,
0
0
0
N 911: 11 1 0933
93 ____ 7812 June'22'--... 781, 7912 National Tube 1st 5s
1952
Con G Co of Ch 1st gu g 53_1936 M N
10012 66 964 103
10012
7
102 I 30 9612 102
1941 FA
Mu Fuel Gas 1st Cu g .53_194 F A 102 Sale 10112
8714 9214
Otis Steel 8s
.. 0 14
1944
923
004 _9_6 1 Aug'22 -97 ____ 97 Sept'22
97
Philadelphia Co 6s A
90
Pocah Con Colliers 1st s f 5s_1957 ii
9212 97
_1926 J D
3
877
94% Repub I & S 10-30-yr Is s f 1940 AO 8514 88
Stand Gas & El cony s f 6s__ 1951 ./ D 9418 ____ 945 &DV= --__ 85
24
0834 ... 78
84
0712 Aug'22
9313 100
108
18 10113 108% St L Rock Mt & P Is stmpd_ _1055 J J
Syracuse Lighting 1st g 5s
1088
1941 M S 10812 Sale 73
June'll
Toledo Edison 7s
1
Sharon Steel Hoop 1st 85 ser A1941 MS 10 14 8 1: 100014 10 14
1
0 2 100 2 16 97 102
10:1
S 1
S 90 ____
1949 M
8
0
00
J 9 12
96 ____ 9812 Aug'22
902 100
Trenton G & El 1st g 55
661; Steel & Tube gen s f 7s s.er C_1951
161; - 1932 M S 98
10412
1951 J J
Union Eke Lt & P 1st g 53
9812 08
4 Tenn Coal I & RR. gen 55
,
93 4 983
J
10414 10312 10412' 222 9912 10412
1930
98
% 2
9412 23 87 2 0112 U S Steel CorpIcouP
9414 Sale 93
51903 MN 101 _
2 99
6
United Fuel Gas 1st s f 65
10412
10312
,
1944 F A 9114 ____ 91
93
51963• N
Utah Power & Lt 1st 53
June'221___ 843 91
s 1 10-60-yr 531reg
4
Aug'221---- 87
1957 J ./ 991
S
ref 53
9918
4 95
9912
Utica Gas & Elec
9912 Va Iron Coal & Coke 1st g 53.1949
99121 11 97 10114
4
8 8%
8 987
N14 943 993
1939 J J 943 101
4 9712 96
1 89
96 1
Wash Wat Powers f 5s
9514 Wickwire Spen Steel 1st 78_1935
1948 M S
1
8034
2 103% 10512
West Penn Power Ser A 53 c1946 F A 10514 106 10513 10512
Telegraph and Telephone
4
793 80 Sept'22 ___ 75
78
1st series D 7s
9313 207 8614 937
Adams Express coil tr g 4s___1948 M S 93 Sale 923
4
1
ial
99 Sale 9813
9912 19 9712 103 4 Am Telep & Teleg coll tr 4s 1929 J J 9212 Sale 9112
Manufacturing & Industr
,
9212
2 80% 9212
1936 J D 99
1936 M S
9934' 11 81% 10012
9912 99
Ajax Rubber 83
Convertible 4s
10134 20 95/4 10413
101
1928 A 0 105 Sale 10418
1933 M S 10118 Sale 997
10534; 88 100 1053
Am A gric Chem 1st 55_ _4
10014 206 9112 10013
20
-year cony 434s
1941 F A
19461 J D 100 Sale_ 115
8
907
9112' 11 81
1strefsf7sg
93
-year temp coil tr 5s
116 , 46 108 120
30
19251F A
Is.. 1931 M N 108 -_-_:-. 107 Mar
Am Cot 011 debenture
-year convertible 6s
7
107 107
10813' 87 107 112
10814 Sale 108
1936 J J 1033 104 10312 10412 102 9712 10478
1945,A
Am Dock & Impt gu as
4
4 9718 10013
Bell Teleph of Pa s f 7s A
100 I
3'J D 100 10014 100
8512 31 8018 88
78
72
American Sugar Refining Os— 1937 J J 8514 8614 86
Cent Dist Tel 1st 30-year Is.._194
75 Aug'22
78
77
1939
Am Writ Paper s f 7-63
9213' 143 8613 94
4
Commercial Cable 1st g 43-2397 Q J
3 8812 96
4
913 9' 913
96 1
.1 D
1939
1037 J
3812
8 2312 5012 Cumb T & T 1st & gen 5s
Armour So Co 1st real est 4%5
3612 3312 377
9 9434 9912
9912
N12 S9a6le
1024 F A
deb 7s A_1934 J D
1st
8
10-1, Aug'22
Atlantic Fruit cony
102 109% Mich State Teleph
100 1 146 9712 100
9934 997 9914
A
1936 F N 1013 10314 10314
1. 99% 10312 New England Tel Jr Tel 53 1952 J D 9212 9712 96
193141
Atlas Powder cony 79s g
4
8 20
065
1940 M
1 7714 8518 N Y Telco 1st & gen 5 4J-53_19391 M N
8
83 1
Baldw Loco Works 1st 5s_ _ 1952 A 0 85 Sale 827
4 88
884 9
10814' 25 1013 1067%
4
_ _Feb 1949,F A 10714 10818 107,
Bush Terminal 1st 4s
1: 88,2 4
30-year deben s (39_
v4
9 21221_
802 b8.
8 8
8214 91
9
2 0 1 ,14
108141 82 1917 1093
10714 10712 10714
1955,J J 90712 Sa91 78 913 se,02
-year refunding gold 65_ _1941 A 0 10734 108 .10753
Conso153
20
56 8614 95
108181 88 105% 109
1960 A 0
Is guar tax ex
st'n Bell T 1st 7s A_1941 F A
Building
Northwe
88
76
99341
4
8'
9918 997 983
1931 A 0
1937 J J
9812 :44
Cent Foundry 1st s f 83
945 314 91
9812 9718
05
9314 9914 Pacific Tel & Tel 1st 5s
4
0 98
1952!54 N 9418 948 933
167 89
-year g 55_ _ _ _ 1025 A J 973 ____ 9713
98
Cent Leather 20
55
98
4
993
4
9914 10 93
99 I 983
I
s f Bs__ _1.41 J
& T 1st s f 58_19411J J 994
Computing-Tab-Rec
9914 South Bell Tel
05
2 9034 191
101 I
.31 MN 09 --__ 9914 Aug'22
J 100% 102 101
;,
1 GO 10134 Western Union coil tr cur 58..1938 J
4
1013
Corn Prod Refg s f g 5s
10134
4
94 I 30 8813 9434
9434 99 1 9312
1934 MN 1013
59 00
-year s f 5s
Fund & real estate g 4 s_..1950 M N
1st 25
90
91
89/4 89
113 I 23 10612 114
J J 89 -1936 F A 11112 11212 112
-year 616s g
15
Cuba Cane Sugar cony 7s__ _l930I
9312 102 541y 95
9212 93 I 9214
Cony deben stamped 8%
kllue Aug. oDue Oct. a Due Doe. a Option sgle.
Jan. aDue April, cDuo Mar. allue May. gDue Juue. houe July.
ass.,d. aDue
*No price s'riday; latest bid and
-rg.i;::::
81ii: 123.
2
7 1,
01142 :
983 81
, 106:
i::7
03
40 0
9:9,9 8 6:i:4: 10,8,7, ,
BOSTON STOCK EXCHANGE-Stock Record seBocr',Ne5itspage
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT
Saturday,
Monday.
Tuesday,
Wednesday. Thursday,
Friday,
.Fept. 9.
Sept. 11.
Sept. 12.
Sept. 13.
Sept. 1-1.
Sept. 15.
Sales I
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
1311
Range for precious
year 1921
Lowest
Highest
Lowest
IlIghest
Shares
Railroads
150
149 149
149 14912
123 Boston & Albany
100 1a014 Jan 4 152 May 22 119
Apr 1_37_o_v_
8912 88
8812 87
909 Boston Elevated
87
100 73 Feb 20 ';18912Sept 12
6178 Jan
105
79 Nov
104 105
105 105
670
Do prof
100 9.114 Mar 1 105 Sept 13 _78 _ Ja_t_i
124
100 Dee
124 124
124 124
88
Do lot prof
100 116 June 22 12114Sept 12
109
109 109
105 105
357
Do 2d pref
100 102 June 10 109 Sept 13
257
s 26
26
4
253 2534
341 Boston & Maine
100 14 Jan 10 3112May 20 -13 4 -Dec -2E
13412 32
3- Feb
4
32
____ __-_
2
Do pref
100 20 Jan 9 37 Apr 8
1, Nov 30
Aug613
40
33
3812 39
118
- _ _Do Series A 1st pref. 100 22 Jan 5 4412 Apr 26
.,J00
59
58
--------110
Jan
58
n
Do Series B 1st pref
100 36 Jan 17 62 May 20
27 Nov 47 Feb
__
52
_ _ _ _ _ __ _
52
34
Do Series C let pref
100 30 Jan 9 54 May 25
24 Nov
- 11 .1_7_
74
733 74
4
____ ____
87
Do Series D 1st pref
100 40 Jan 12 7712May 1 .
3_13 Nov .
162 *160
7
167 Boston dr Providence
100 125 Jan 12 163 July 17 110 June 133 .. Jan
2434 24
Jan
24
24
2414
663 East Mass Street Ry Co 100 18 July 13 2658July
31
73
71 7130 Do 1st prof
- -- - ---100 68 Aug 14 77 July 14
54
53
85
53
, -------Do prof B
100 51 July 13 57 Aug 1
43
*36
41 - --------72
Do adjustment
100 28 July 14 47 Aug 17
46
467 467
8
8 463 47
4
108 Maine Central
10
2712 Jan 30 48 Apr 15 -- -n3
6- Dec - - -P;13
e
43172
32
313 3212 3212 33
8
036 N I( N H & Hartford
100
1214 Jan 3 347
sMay 22
12 Dec 2314 Jan
____ *.r51.
53 Northern New Hampshire_ 100
60 Apr 75 Feb
*9814 - - -- --- - - - - - ______ Norwich & Worcester pref_ 100 69 Jan 10 96 July 19
58 Jan 17 100 June 1
51 Nov 76
Jan
91
9334 933
4
109 Old Colony
100 57 Jan 6 9814May 23
50
Oct 75
46
____ ____
4112 41,
Jan
15 Rutland prof
2
100 1.5 Jan 20 527
8June 5
15
Apr 21
*29314
Jan
30 Vermont & Massachusetts_ 100 78 Jan 23 9912 Aug 10
69 Nov 78 Dec
Miscellaneous
*312 37
8
%
37 ; 312
312 312 *312 33
1
312 312 *312
334
55 Amer Pneumatic Service
414 Jan 27
25
*1812 19
23 Feb 4
4
19
19
2
Jan
1812 1812 1812 1812 *1812 19
5e4 Dec
1812 1812
185
Da pref _
50 13
12212 123
1223 1233 12212 12312 12212 123
4
812 Jan
8
153 Nov
8
12214 1227 1223 12312 5,597 Amer Telephone &Teleg_100 11453 Feb 20 2014 Aug 10
s
4
Jan 3 12814 Aug 31
312 312 3'Xs
9618 Jan 11912 Nov
312
314 312 3'4
-------128,410
312 31 6
/
Rights (w I)
312
238 Aug 24 334 Aug 29
111 111
111 112
111 111
111 111 *110 111
i
1
310 Amoskeag Mfg
Vo par 108 Jan 10 117 Jan 24 *90
93
*90
ii- -93
*90
I
:ni; 109 - 93
91
91
- Dec
--------93
99
00
Do prof
No par 23012
*1512 1712 *15
1712 *1512 1712 *1512 1712 *1512 171
78 Feb
8414 Dec
____ ____ ______ Art Metal Construe Inc__ 10 1412 Jan 17 01 Aug 24
*1612 18
Feb 20 2012M8y 19
*1612 18
12
*16
Jan
10
*1612 18
16 Sept
*16
1712 ---- - --- ______ Atlas Tack Corp
No par
13 Jan 7 22 May 4
123 Dec 20
4
Apr
Beacon Chocolate
10
.- - -- 50 - - 0 -- 5 -47 - - -7 2
.15 Jan 30
.0 .
;.2
.75 Feb 21
.
.15 Dec
.2
0 .36 -97 2o -- - O -;:io -:
.4
.3
.:i5 ---- ---- ___ io5 Boston Alex Pet TrusAro par
Jan
.10 Sept 14
.50May 4
.15 July
.95 Jai,
______ Century Steel of Amer Inc.. 10
-i9T8 .05 Jan 20
.
i6171 -7 9 261- -2514 19
.20 July 17 .081. J ul t
28
, Oey
;
1
.171 -i33 - - -- - ii- -- -- -2gia - - 34 29
171;88 DecJan
4 29
2 4
i
810 Connor (John T)
10 153 Jan 4 293 Sept 5
*314 4
4
8
*314 4
*314 4
*314 4
*314 4
_
______ East Boston Land
10
3 Jan 4
6 A
912 97
s
97 10
s
21
9,8
3
93
978 10
4 97
s
Feb
914 1014 - -A - 8 1,545 Eastern Manufacturing _ _ _ 5
93
70
4 8112 821 1 80
823
714July 28 1414 F-, o 10
82
8034 82
OctOc24312
8012 817 ____ ____
8
3,795 Eastern SS Lines Inc
*48
25 3312 Jan 4 .8234 Sept CO
____ *48
____ *43
16
_ _ *48
Jan42 Dec
*43
Do prof
50 42 Jan 7 48 Sept 1
183 183
182 183
183 183 183 184
42 Nov 45
18234 183
18234 1823
4
387 Edison Electric Ilium
100 156 Mar 2 185 Sept 1 14214 Oct 1...6_51_2_ Dec
12
123
4 12
1212 123 1214
8
12
12
1134 12
_D_.
. c_
e
995 Elder Corporation
Vo par
*36
3712 3712 3712 3714 3714 3712 3712 *36
3 Mar 14 13 May 17 _ _3_ _ Nov: 17
Jan
-56- - 37
3
6125 Galveston-Houston Elec_ _100 33 July 11 39 Aug 15
1112 115
8 1112 117
8 115g 12
1178 117
8 1112 115
8 113 113
4
4
240 Gardner Motor
1914 1958 1978 20
No par
934 Aug 24 1614 Apr 6
20
95 Sept2314 Apr
8
20
20
21
2018 21
2114
890 Greenfield Tap & Die
25
48 48
18 Aug 30 2714 Feb 27 _1_9_4_ Dec _2_9...
4712 4812 4814 4812 4814 4814 4812 4913 21
.
49
49250 Flood Rubber
3314 3312 3312 3312 *32
No par
43 Mar 9 5314 Afar 20
3312 33
3312 3312 3312 33
33
195 Internal Cement Corp_No par
28 *____ 26 *____ 26 *_
26 Jan 20 3712Alay 13
19 July 287 Dec
26 *____ 26
s
____ ____ ______ Internat Cotton Mills
7812 7812 70
50 26 Aug 29 32 Jan 27
80
80
32 Dec 4112 Feb
80
80
SO
80
80
____ ____
69
Do pref
*2
100 61) Aug 5 80 Sept 11
318 *2
318
74 Dec 86 Mar
23
8 23
4
23
s 25s *214 330International
Products_Aro par
*914 15
2 Sept 9
*914 12
612 Mar 25
*912 1212 *914 15
2 Sept
13
Jan
912 912 __-- _--100
Do prof
100
7 Jan 5 17 Apr 1
25 SeptNo%
34278 MarJan
____ ____
____ ____ ______ Island 011 &Transp Corp
10
.62 Apr 15
3 Jan 24
712 8
8
8
712 712
81s 81s *77
8 818
8
8
231 Libby, McNeill & Libby
912 912 *9
912
912 10
10
158 Apr 24 1112Juno 3
518 Dec 13
10
Jan
10
10
10
10
11
534 Loew's Theatres
86
861 i 86
25
S July 1
8612 8634 8712 8712 83
13 .Jan 16
1814 Dec 18 June
8714 88
8712 8814
865 Massachusetts Gas Cos....,.100 63 Jan 3 8912 Sept 1
69
60
70
70
5334 Sept 85
70
70
70
71
Jan
70
70
192
6912 70
Do pref
*153 15412 *154 1551 156 156
100 62 Jan 3 7112 Aug 29
5812 Oct 64 May
159 133
158 158 *157 ---81 Alergenthaler Linotype_ 100 130 Jan 3 153 ISept
18
18
*17
1812 *____ IS
13
13 11712 Sept 13518 N ov
t 30
1712 18
Ao
,
171s 177
275 Mexican Investment Inc
8
3212 33
10 1612 Aug 29 2738June 26
3212 33
32
3212
3112 323e 323 323 -- - - ---s
375 Alississippi River Power_ _ _10
---- -- - *84
85
13 Jan 6 34 Aug 31
84
84
*S4
11 Sept1412 Mar
85
85
85
*34
85
Do stamped
100 7212 Jan 9 83 Sept 13
712 712
Vs Vs 734 Vs 712 Vs 73.1 Vs -- ---40240 National Leatherpref
60 June 84
Apr
------ *214 212 *214 2 2 *2
10
712June 28 1153 Jan 21
214 Dec
,
914 Jan
212
212 21 2 *21- 214,
134 - 211
2
585 New England 011 Corp
12212 125
125 125
July 17
5 Jan 28
125 125
4 Aug
122 12212 *____
6 Aug
13 New England Telephone_ A00 109 Jan 4
*6
7
*610 8
125 Sept 19
9512 Jan 1123 Dee
*612 8
4
*7
8
*714 814 -------- ------Ohio Body dr Blower_No
---- ---2314 2312 233 2312 2314 2314 2178 23
par
.
6 Sept 9
s
14 Mar 16
1134 Dec
7 July
22
223
2,290 Orpheum Circuit Inc
4 223 23
4
15812 159
1
13 Jan 10 24 Sept 8
159 159 *157 159
1412 Dec 3014 Apr
153 15812 15712 153
110 Pacific Mills
--- --158 Sept 13 17412 Mar 11 146
Jan 171
Dec
*1512 153
4 1218 1512 15
15 *215
16 2*1514 16
1_4_0 8ieece Alagooto
153 153
R m in8Button Hole
4
4
10 1212 Apr 1S 16 July 17
*3
4
*3
4
1212 Apr 14
*3
Jit n
4
*3
4
*3
4
10714 10818 1073 109
5
3 Feb 20
4
718 Apr 5
914 AlaY
3 Dec
109 11012 10914 10978 10914 1097 iii5i2 1168 _ 2,232 Swift & Co
8
-- 34334. 4 4312 4334 43
100 9214 Jan 3 11012Sept 12
433
8112
4312 4212 43
1053e
4212 43
1,130 Torrington
423
42
4
*1012 i 1114 *1012 1114 *1012 1114 *1012 1114
25 v39 July 3 8112June 5
4
Feb'a
*1012 1114
Twist Drill Corp...3 June GI
4118 .413
4 403 415
4
13
ec 34,4 Jan
8 41
1414
4212 4112 4212 4112 42, -:1-.ilt - - - 8 6,243 United Shoo Mach
1
423
4
*2658 j 27
:36,?7123‘aaannn 2
P- 20:
2
.1 %
2 11J ar 2
1
3
2678 2712 263 2712 27
Sept n1122 Decee
JA.11),,
4
27
27
*2714 2712
27
332
Do pref
2812 t 2914 2812 29
2214
28
2834 28
285s 2814 285
8 2314 2812 3,668 Ventura Consol Oil Fields_
3112 32
3112 32
32
32
3112 3218 31
3112 3114 3112 1,838 Waldorf System Inc
812 1 812
4 33 Aug 23
812 812
s
167 Jan 297 Dec
s
812 812
8
8
3
1,225 Waltham Watch
8
*30
30
100
3112 *30
7 Jan 3 143 Apr 26
32
3t0i Septc '" Jan
4
*30
32
31
31
*30 • 32
--_-_-_
5
Do prof
100 2612 Aug 14 49 Apr25.‘5
1 113
4 1112 113
4 11 12 1112 *1114 1158 *1114 113 -113 - - - 2
440 Walworth Manufacturing_
8 1 11s
3212[33
33
20
712 Feb 7 1234June 15
8 Sept 17 Feb
33
323 33
4
3212 3234 3218 3214 321,2 3212
410 Warren Bros
3612 3612 *3612 37
50 1712 Jan 3 35 May 29
Apr 2212 Apr
11
*37
38
*3612 37
*3612 37
10
-- - - --- Do 1st pref
*39 14312 *39
50 3012 Jan 4 373
43
4June 14
*40
17 Aug 3312 Dee
4312 *40
4312 *41 15,Do 2d prof
4312 --*1434 t 15
450 3312 Feb 18 4434July 12
*1412 15
Oct 353 Dee
16
*1514 153 *1414 15
4
4
*143
4
Wickwire Spencer Steel_._ '
1334 Mar 27 21 May 13
_
1814 Jan
8 July
____ ____ ____
_
______ Wollaston Land
•
ir
5
.80June 16
.35 Oct
4
13 Jan 4
13 Dec
4
•.50u),1 1 *50
Mining
1 *_ 50
1 * .50
1
*.50 .01 *.50 .01
Adventure Consolidated_ __ 2'
*64 1, 65
*63
65
.4 Mar
*63
.50 Jan 31
I Apr 15
65
.75 Mar
64
6434 63
63
633 64
8
135 Ahmeek
*.5 1.20 *.5 .20
.5
40 Aug 63 Dee
.5
*'5
15
*.05 .15 *.05 .15
150 Algomah Mining
*25
26
*25
26
*25
9
2.1 53)5I a t V/ 6
15
850tr 17
Y
26
. July
r pY
e
25
.50 Apr
25
*24
25
*2412 25
10 Allouz
278 Si27
8 *234 3
23
Apr
4 3
118 A)
16 Sept3.112 Nov
Jan
27
8 3
3
1,765 Arcadian Consolid
3
2% 3
ated__ 252 Mar 10 342'814:n2
25
95 22 Afa 9
33 Jan
4
12
*834 9
26
r 834 9 S*834 87s 834 834 *814 878 814 812
230 Arizona Commercial
18
s
183 C 177 1812
8
*18 1812 *1734 181. 1734 1734
814 Feb 20 1012June 5
67 Jan
5
2
10 Apr
4
t
545 Bingham Mines
296 300 *296 304
296 298
21 2(3312 4tJ n 3
10 1 ; Janaug 5 1312 Sept 11
295 298
295 296
296 296
99 Calumet & Hecht
. 87
s
87
8
918
9
9
210 "' a 280 Dee
8 A;
lv
4
918 91s
9
918
160 Carson Hill Gold
*9
10
9
10
*9
10
N% Mar 29
g 5
jao
17 Dec 1618 Jan
1
I
*9
0
10
9
9
9
130 Centennial
0
43
8 43
4314 4212 4234 40
433
N 371. Aug. 183 1312 Feb
9
yot,
4212 3914 40
40
4012
677 Copper Range Co
412 514
434 412
412 5
31
1
27
Jan 403 Dec
41 ce 412
/
4
4 X. 414
1
418
438 14,459 Davis-Daly Copper
1014 1014
101.1 1012 1014 1014 *1014 103 *1014
9 iao N
Jan
10 4Sept 13
Mar
Z
1
4
712 Jan
1012 1014 1014
193 East Butte Copper Mining_ 10 10 .
*2
3
233 *2
2 8 *2
23s
Mar 27 1211
7514
2
218 *17
4 Dec
8 2
2
2
209 Franklin
14 23
*214
4 *214 23
23
13 Apr
4 *2
8
4
112
331142
112 *214 23
4
2
2
52 Hancock Consolidated_ _
*1 .: 112 *1
112
114
_ r5 131 Aug
112 *131 2
Sept
'r
12 Ai
o
3
1
Jan
1
1
1
1,000 Helvetia
10312 111
108 110
100 1 110
10912 11178 10934 11012 110 110
25
.99 July 13
2173 Nov
8
2,527 Island Creek Coal
95
94
95
95
4
943 96
48 Jan 8812 Dec
96
8112 Jan 10 11PJuoe i35
961, *9612 9712 95
be 7
JA n r .
1
1
95
*2212 2312 *2214 2312 *2112 23
*22
*23 'I 24
24
75
Jan 9012 Dee
*22
416 Isle RoyaleCopper
23
i. *312 4
*312 4
*312 4
161348
*35
8 4
215
n Lg 1
263
eb
*35
2112
8 4
8 4May 31
*338 4
Kerr Lake
, *218 !,. 2 2
.177881opyr 175
218 *218 212 2
21e
,
212 *212 231 *212 23
2 Mar
20 Keweenaw Copper
*4
412
4
4
414
414
*4
.98 Sept
412 *4
1 Febe 284
22
2 Dec
412
378
414
79 Lake Copper Co
112
4 *112
112 *112 13
134
*112
Jan
2
13
4
53
95
4MaY 31
214 Feb IS
112
112
Dec
112 2 45 ,Alasou
112
3 0 La Salle e
1425 112 Feb 6
*134
*134 214
17
178
8
214
0
*112
13
4 *112 2
214 Feb
*13
s
pper
Valley /s,11 ne
234 1 23
4 *23.1
3
*312 4
114 jan
4 J
24Ala r 19
2 4AA py 7
3
*212 3
Aijaan 2204
.J a n 4
i.
2 Sept
*212 3
*212 3
45 Mass Consolidated
6484 AprIa y 23
12
312 4
4
4
4.235:538 AugApn
3
3
4
334
3 4 33
r
3524:JanJ1aa ny
3518 \
3 2 38
,
3
3
312 1,352 Mayflower-Old
*212 R 3
3
Colony
3
*23
4 314
25
8 25
25
2
2
8 *25
23814
8 3s
,
27
s 31s
56 Michigan
*60
6212 *61
6212 61
61
114 Aug
60
7 Apr 13
.75July 10
25
61
60
60
61
61
291 Mohawk
25 5312 Jan 7 68 June 5
59 Dec
1812 1834
185s' 183
4
4 183 19
1812 1812 1818 1818 1838 1838
535 New Cornelia Copper
.15 .20
.50 .50 *.30 .50
.40 .40
01 8 Au ar 2
.40 .40
*.30 .50
1.241(1
10
17 2u llo 21 22,2J tne 23
. Fe y 7
Dec
700 NNee; RidiVearQcueimckpsailiviyer
*353 1 _ ..- _ *353
41
*3531 -_-- *3534
4
SeptNov
55
128%
i6- _ _ _ _
79 40 Feb 57 May
_
100 37 Jan 6 40 Feb 9
803 S03
4
4 82- 82
8112 83
306
Do pref
6 0 6
6
6
6 - 8
6174 , eg 95 Mar
1 D c
tu
61/
73 Jan 7 82 Sept 14
3 618
10
618 614
61s 611
605 Nipissing Mines
I *1214 ,,.. 1234 1218 1212 12
12
4 July
7 Jan 4
12
5 July 8
5
1218
1134 12
1112 113
4
680 North Butte
212
2
14 A oy 29
8 Mar 14 Dec
.5181‘la r 15
15
11 Feb 15
213
811.:
214
23
S
2
*218 23
2
s *218 212
1.8105 0 1
0
2412 2412 24
24
*24
1,1)w
25
218 Jan 20
25
*24
1 p
25
212 Dec
24
24
*23
24
aY i on g o
ominl bInC
I. 35 „ 35
37
37
*35
5
153 Jan
27 Jug 2
Jan 4 3818 A ari 23
8
37
2534 Nov
35
36
36
36
*36
37
95 Osceola
' 43 43
4212 43
42
21 Aug 3512 Dee
25 3012 Jan 5
42
4212 4212 *4112 4212 *403 41
.1
110 Quincy
f' 45 I 46
*4412 46
3312 Aug 45 Dee
1 : 11
*44
46
25 42 Feb 20 5034 1ay 38
4414 4612 45
6
46
*44
45
97 St Mary's Alineral Land
.*85 ..90 *.85 .90 .*85 .90
Jan
28
415
25 23 8 Jan 9 4812May 31
.80 .80
.80 .85
.81
.81
755 Ssobtainthuoit..ake
118 *.75
1 *.75
.75 Jan 1% Dec
.25 Mar 10
1 *.75
1
Superior
.75 .75 *.50
1
*414 :, 434 *412 5
.3
114May 18 5Nov
*412 5
2
*412 5
Jan
*412 5
*414 5
2 Sept
3 *Ps 134 *11
112
434 July 13
9
1
112
, 1j:ab 21
:2 0 \1: r 3
5 0't r 3
112
118
41142 NFoee
42, 2 F
114
118
118 *1/
14 13,3
640 Superior & Boston Copper_ 22755
112
112
1 /8 15s
3 Apr 13
2,8 A,apr 5
11(34.4 June
.38152 i ecet
3/ .j,tutiii.
3
112 112
Feb
112 112
112 112
112
112 1,930 Trinity Copper Corp
o
..68 .70
.65 .68
114June 5
.70 .70 *.6.5
.70
.62 .65
.65 .65 3,575 Toohu m no Ailoeu g
0
10 utul.A0exCo p pi r
. *25
8 278 *25
.^21%1
.49 Mar 7
5
A
5 27
8 *23
4 27
8
23
4
23
4 *258 278
27
s 3
*212 , 3
r1
Mar22
212 Jan 19
*212 3
Y
5
*
212 23
4
212 3
*212 23
212 25
4
8
240 Utah Consolidated
114 , 114
312JA pe 13
2 un r 5
1
138
112 Nov
112
5
114
13
Jan
.3
114
138
114
112
v ta orNl
114
112 2,700 Uicth iaetal & Tunnel
*114
.95 Jan 2 /. Jan
7e b 5
1 relo 11
13
8
1
4 *1 14
13
4 *114
7
13
4 *114
134 *114
13
*114
13
4
212 Jan 30
.40 May
*13
21 1 f,s Jan 5
8
1 4 *114
,
1. i1 , Feb
2
4 it
13
4 *13
8
13
4
114
112 *133
13
4 *13
38 Winona
8
13
4
*1012 Ii
10
10
101, 1012 31
11
*1012 1 112 10
1012
03 WolvnrInp
at
L
7
.
21 1g5 tetl, 1g 1r4N1 1 ,3i
a
. 5 Juln
112 j y
•Bin and mew pricey no sales 00 WO de/.
,
:
b Ex-dividend and rights, a Ex-dividend. vEx-etook dividend. 'Ex-divide
nds.
14912 150 *14912 150
86
87
8712
87
10018 1003 101 103
4
12112 12112 12212 12212
10714 10714 107 10714
*2612 __-_
273
26
4
3412 *263 ____
*32
4
*39
3812 40
40
59
57
59
57
*52
52
5312 *51
*74
__-_ *74 -__*162
162 162
__
2412 - 2 2414 2412
241*71
72
73
70
*53
54
55
54
*37
40
39
40
*44
463 *4414 463
4
4
325 325s 3214 3238
8
*31
83
83
*9814 ---- -- -- --9312 94
9312 9312
*45
45
45
99
99
99
99
150 150
8712 8912
103 103
124 12412
106 103
2514 26
*32
34
*39
40
*57
59
*52
53
*74
7512
150
83
1023
4
124
108
2578
*32
*39
*58
*52
74
162
- 2 - - 24
211 ii3
4
73
73
*70
54
54
*5314
38
40
*39
*45
4678 45
*32
3212 313
8
83
83 *a81
*993
4
*9912
93
933 *92
4
*45
46
*45
*0314 9312 *9314
Nov
i7312.1,12,1
1 .
3
14 371: Aprr 1g
p
Dec
r
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Sept.9 to Sept. 15,both inclusive,
compiled from official sales lists:
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Sept. 9 to Sept. 15, both inclusive:
Bonds-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par Price. Low. High. Shares.
99% 9914
Am Tel & Tel coil Cr 5s 1946
93
93
1929 93
48
58% 59
At!G & W 158 Lines 55'59 58
95
95
Carson Hill Gold 7s_ _1923
82% 97
Ch Jet Ry&UnStkYds5s'40
104% 104%
Detroit Edison 6s. _ _1940
69% 69%
East Mass Ser A 430_1948
7614
75
1948
Refunding 55
98
98
1927
6s
1936 10134 101 101%
7s
Hood Rubber
110 110
Internat'l Cement 85. _1926
K C Mem & Sir Inc 5s 1934 88% 8834 8814
96%
96
1929 96
Mass Gas 414s
95%
95
Miss River Power 5s_ _1951
New England Tel 58..1932 9831 98% 98%
10014 100%
Pere Marquette 75_ _ _ _1956
110 110
Punta Alegre Sugar 7s 1937
1944 99% 99% 100
Swift & Co 1st 5s
114 114%
Warren Bros 731s_ _ _ _1937 114
Western Tel & Tel 53_1932 96% 95% 96%
$500
1,000
19,000
1.000
2,000
1,000
1,000
2,500
100
16,000
2,000
7,000
11,000
18,000
5,000
1,000
2,000
27,000
15,000
14,000
Range since Jan. 1.
High.
Low.
94
86%
47
95
82%
10431
69%
69
98
9531
101
7914
86
88
93
10014
104%
91
97%
90
Feb
Jan
Mar
Sept
Sept
Sept
Aug
Aug
Sept
Jan
June
Feb
Jan
Jan
Jan
Sept
July
Jan
Feb
Jan
9954
9314
65
108
97
10431
70
76%
98
101%
114
88%
96%
95%
99%
10014
111%
100%
116
9631
Sept
Aug
May
Mar
Aug
Sept
Aug
Aug
Sept
Sept
May
Sept
Sept
Sept
Aug
Sept
Aug
Sept
Aug
Sept
We also add the range for the previous week-the week
from Sept. 2 to Sept. 8, inclusive-omitted in our issue of
last Saturday.
Bonds-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
At!0& W 158 Lines 58'59 59
Chic Jet Ry & U S Y 55.'40 97
1940
Refunding 4s
Co Agu Baragua 7145_1937
Eastern Mass Ser A 414s'48 69%
Eastern Mass ref B 5s_1948 75
1941
Fisk Rubber 7146
1936
Hood Rubber 7s
Internet Cement Ss_ _ _1926
1929 95
Mass Gas 434s
1931
434s
Miss River Power 1st 5s'51 95%
New England Tel 55_ _1932 98%
Registered 5s
Punta Alegra Sugar 78_1937 110
Sinclair Oil
1944 100
Swift Ar Co 1st 56
1937 11414
Warren Bros
Western Tel & Tel 5s_ _1932 95%
Range since Jan. 1.
High.
Low.
Mar
5934 13,000 47
59
5,000 89% Jan
97
97
82% 8231 1,000 7411 Feb
July
100% 101% 8,100 100
4,000 69% Aug
6914 70
Aug
4,800 69
76
75
98% 98% 2,000 9831 Sept
101 101% 14,000 9531 Jan
June
1.000 101
109 109
Jan
95
5,000 86
95
Jan
92% 92% 3,000 86
Jan
9514 5,000 88
95
Jan
98% 98% 7,000 93
1,000
99
99
2,000 104% July
10914 110
1,000 10034 Sept
100% 100%
Jan
9914 100% 26,500 91
8,000 97% Feb
11431 115
Jan
95% 95% 5,000 90
65
97
82%
101%
70
76%
9814
101%
114
95
94%
9531
99%
May
Aug
June
Aug
Aug
Aug
Sept
Sept
May
Sept
June
Aug
Aug
11111
10014
10014
116
96%
Aug
Sept
Sept
Aug
Aug
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
Sept.9 to Sept.15, both inclusive,compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
tv.w.
wow,
Stocks-
[VoL. 115.
THE CHRONICLE
1312
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
10
Alliance Insurance
American Gas of NJ.._100 73
50 13
American Railways
100 59
Preferred
American Stores_ _ _ _no par 151
American Ship
50
Cambria Steel
Elec Storage Battery_ _ _100 50
Erie Lighting Co
Insurance Co of N A_ _ .. _10 42
100
J G Brill Co
Kentucky Secur Corp__100
100 70
Preferred
Keystone Teleph, pref_ _50
Lake Superior Corp_ __ _100
50
Lehigh Navigation
50
Lehigh Valley
50
Mfg
Pennsyl Salt
50
Pennsylvania
Philadelphia Co (Pitts)_50
_
Pref(cumulative 6%) 50 44
25 3131
Phila Electric of Pa
3131
Preferred
Phila Rapid Transit_ _ _ _50 3314
Philadelphia Traction__ _50 6714
35
Phila Insulated Wire
Phil-a& Western, pref__ _50 34
50
Reading
Tono-Belmont Devel__ _1
234
1
Tonopah Mining
50 4131
Union Traction
100
United Cos of NJ
50 55
United Gas Impt
55%
Preferred
10
Warwick Iron & 8
& Sea Shore_50
West Jersey
50
Westmoreland Coal
Wm Cramp& Sons t e_ 100
.50
York Railways
50
Preferred
Bondskmer Gas& Elec 55_ _ _2007 91
Baldwin Locom 1st 55_1940 103
Elec & Peoples tr ctfs 45'45 72
Elunt & Broad Top 5s
lnter-State Rys coil 4s 1943 48
Lake Superior Corp 5s_ 1924
,.ehigh C & N gen 4345'24
Lehigh Vali cons 410_1923
L.elligh Val Coal 1st 5s_1933
Peoples Pass tr ctfs 45_1943
E'hila Co stpd s!Jr red_1951
,hila Electric 1st 5s_ _ _1966 10031
1941 10611
Os
'
, & Reading impt 45'47
hila
1997 8612
gen 45
leading
55_1926
Jnited Rys Invest
in.. on,.?
Range since Jan. 1.
High.
Low.
19
Jan 27
Sept
47
Jan 75 May
4
Jan 17 June
23
Jan 63 June
83
Jan 15531 Aug
1931 Sept 1931 Sept
7331 Apr 90 May
Sept
3734 Mar 50
25
July 27 May
30
Jan 42 Sept
36
Mar 59
Aug
634' Jan 2531 May
60 Sept 70
Sept
2731 Feb 39 June
631 Jan 1231 May
6631 Feb 7931 Aug
57
Jan 7031 Aug
Aug
6931 Jan 81
July
3334 Jan 48
3231 Jan 4431 Sept
36
Jan 4411 Aug
23
Feb 3231 Aug
2731 Jan 3231 Aug
1731 Jan 3531 June
58
Jan 6834 Apr
30 May 5031 Jan
29
Jan 3431 June
72
Jan 8111 may
1 34' July
11 4l June
114 Jan
25ft Aug
,
34
Jan 43
May
177
Jan 202
Sept
38
Jan 5534 Aug
38
Jan 36
Sept
731 Feb
931 June
2731 Jan 3994 Aug
67
Jan 7434 June
40
Jan 75
July
9
Jan 29 June
3131 Jan 3734 may
27
26
73
65
1234 1331
59
59
14731 151
1931 1931
90. 90
50
48
26
25
42
41
53
52
1831 2514
70
70
3231 3231
734 894
79
78
7031 7031
81
81
4631 48
4431 4414
4331 4411
3131 3131
3131 3131
3331
33
6734 68
36
35
3114 34
8034 8131
luWe 134
231 231
4131 42
202 202
55
54
5531 56
931 916
3831
38
743
74
55
55
2831 29
36
36
40
686
330
35
855
25
6
2,232
28
979
168
235
15
20
497
290
385
30
5,254
400
914
1,844
1,025
3,768
325
90
55
70
300
2,750
1,351
13
980
477
100
105
10
10
200
25
91
90
103 115
73
72
7534 7631
48
48
34
34
953.4 9514
93
93
10031 10031
72
72
91
90
100 101
10631 10631
8931 8931
86
8831
90
90
004z 9931
$1,600 81
3,010 100 '
20,300 64
1,200 7334
1,000 3734
2,000 30
1,000 9031
___ 8814
7:000 9834'
1,000 64
27,000 85
16,880 93
2,000 10034'
1,000 8931
6,000 8014
1,000 7114
2,000 9714
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Mar
Feb
Jan
July
Jan
Jan
Sept
Jan
Mar
Jan
9231 Aug
115
Sept
Sept
73
7631 Sept
4831 Aug
3934 June
96
July
gm July
10031 Sept
7334 May
93 May
101
July
10631 Sept
8931 Sept
8731 July
90 Sept
9931 Ana
-This week's record on the
Chicago Stock Exchange.
page 1296.
Stock Exchange will be found on
rhisago
•
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_ _100
100 93
Preferred
Arkansas Nat Gas, corn_10 10
50
Bank of Pittsburgh
531
Carnegie Lead & Zinc_ _ _ _5
Consolidated Ice, corn 50
Harb-Walk Refrac,com.100
4
Indep Brewing, com_ __ _50
50 1694
Preferred
25 2831
Lone Star Gas
Mfrs Light & Heat_ __ _100 56%
834'
Nat Fireproofing, corn._50
50 1914
Preferred
1 1734
Ohio Fuel Oil
54
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25 2534
334
Pittsburgh Brew,com_ _ -50
50
Preferred
Pittsburgh Coal, corn._100
100
Preferred
Pittsb dr Mt Shasta Cop_ _1 290
934
Oil &Gas_ _ _ 100
Pittsburgh
Pittsburgh Plate Glass _10
Real Estate Trust Co_ _100
10 11
Salt Creek Cons Oil
*
Tidal Osage 011
U S Steel Corp, com_ 100
Air Brake_ _ _50 102
West'house
W'house El & Mfg,com_50
West Penn Rys, pref._ _100 80
W Penn Tr & W P,com.100 3514
BondsEndep Brewing 6s_ _ _ _1955 78
Mttchi'rah IIrPw As
104Q
Range since Jan. 1.
7731 78
Rn
RO
High.
Low.
420 6414
80
8034
210 84
9014 93
834'
931 1014 1,817
20 130
137 137
6,500
234
511 6
60
294'
354 334
100 91
110 110
114
780
334 4
1,125
634'
1334' 17
2811 2834 1,638 20
397 46
5634 5731
634
655
8
834'
550 15
1934 2031
110 1334
1734 1734
954 4434
54
53
2,626 19
2234 25
500
194
311 314
5
960
914 914
10 60
7034 7034
30 9031
9834 100
28c 31c 101,500 19c
6
135
934 931
10 130
175 175
30 120
125 125
831
1,615
11
11
230 11
1331 1331
50 8234
10534 10514
529 8034
10114 10334
185 4914
6431
64
12 6954
80
80
424 18
35
3594
Jan
Jan
Mar
July
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Feb
Jan
May
May
Feb
Jan
May
Jan
Jan
Jan
Mar
Jan
Jan
Jan
$25,000
67
Jan
1 0110
RO
90 May
Sept
93
1211 Apr
13231 Aug
634' June
Apr
4
Sept
110
Sept
4
Sept
17
3131 June
Aug
58
994' Apr
2114 Aug
23 June
55 May
2634 Apr
334 SePt
Sept
10
Sept
79
Sept
100
310 Mar
1114 June
Aug
180
Sept
125
1494 May
1494 Apr
10514 Sept
10351 Sept
693-4 Apr
82
Aug
Aug
36
Spnt
78
Sent
0214 July
* No par value.
-Below is a record of the
New York Curb Market.
in the New York Curb Market from Sept.9 to
transactions
Sept. 15, both inclusive, as compiled from the official lists.
Curb
As noted in our issue of July 2 1921, the New York
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place,,and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending Sept. 15.
Stocks-
Range since Jan. 1.
High.
Low.
Industrial & Miscell.
134' Apr
65c 85c 24,999 50e Aug
1 69c
Acme Coal Mining
711 Mar
35c 44c 22,000 20e Mar
10
Apr
Acme Packing
Sept 15
200
334'
•
334' 334'
334'
Allied Packers. Inc
Jan
Sept 42
200 23
27
23
*
Allied Pack prior pref.
Jan 25 June
100 15
20
20
Aluminum Mfrs corn
July
Mar 102
100 85
10111 10114
100
Preferred
734 Feb 1434 Apr
2,100
914 10
994
Amalgam Leather, corn....*
231 May
200 50c Sept
50e 50c
Amer Drug Stores class A_
10 11311 Feb 165 June
139 139
Amer Light & Trac corn 100
Aug 9834 may
100 94
95
95
100
Preferred
100 1151 July 1211 Feb
1234 1234
Armour Leather corn_ __ _15
3 June
600
194 Aug
214 211
,
4
Atlantic Fruit when iss
9834 1.000 943.4 Aug 10014 Aug
97
w 1..._
Beth Steel new pro!bear ...£1 9734 19
1,900 12% Feb 2054 Aug
1934
19
Brit- A mer Tob ord
Aug
200 1211 June 20
1914 1934
II
OrdinarY
Sept
434 Jan
834 994' 5,200
93-4
10
Brooklyn City RR
2.46 Apr
Jan
114 14i 12,600 45c
•
134
-Buds.Inc
Buddy
13( May
6.300 50c July
88c 99e
Car Lighting & Power__25 94e
734' Sept
Sept
6
614 734' 4,200
731
New preferred w i
29-4 Jan
100 50c Aug
90e 90e
*
Carlisle Tire
Aug 1034 July
5
100
5
5
Preferred
May
July 111
235 95
103 10414
100 104
Co pref
Ce'luloid
May
634 July 16
200
1011
10
Cent States Elec corn_ _100
l% Aug
331 Feb
2,600
194 24'
211
'rut Terema sugar. corn .10
10514 10731 3,000 105 Sept 10714 Sept
pref:Thee & Ohio Ry CI A A__10 10634
114 Apr
614 July
2,100
8
43-4 5
Chic Nipple Mfg, CI
514 July
111 May
200
314 334'
10
Class B
Jan 242 May
corn_ _ - _100 4043.4 19834 20514 2,550 158
Cities Service,
Jan 72 JUIN)
2,200 51
71
100 7034' 7011
Preferred_
634 Sent
434 Jan
700
631 634
10
Preferred B
Jan 2434 Apr
2214 3,300 17
Cities Serv, Bankers' sh__• x2111 2014
Jan 35 June
400 20
2914 2934'
.
Cleveland Automobile_.: 4,
134 May
Apr
75e 92c 15,800 500
Jolomblan Emerald Sync!. 80e
33-4 July
,
14 June
700
23.4 2%
234'
Columbian Syndicate
t4 June 5031 Sept
1,500 44
4914 481-4 5031
Sept
jo,,i'l Solvents Corp CI A.• 44
2.400 3834 June 44
44
41
•
Class B
1514 Sent
Feb
1334' 1534 2,100 10
•
'onley Tin Foil
103-4 Sept
534 Feb
934 103-4 52,700
Continental Motors..... O 1034
831 Aug
Sept
6
100
6
6
Cosgrave Breweries
73i, Sept 1254 May
2,500
714
731 8
Apr
:Cuban-Dominican Sug w I •
7
211 Jan
500
3
3
& Mot,com *
Curtiss Aeropl
1431 June
1,100 10t- May
1034 1134
Apr
ranieI5 Motor, corn_.* 11
5
Mar
100 75c
334 3/4
Apr
75e
3elatour Beverage Corp_10
Jan
1,000 380
50e 55e
3enver & Rio Gr pref._100
914 May
431 Sept
1,400
44 7
431
Sept
)ublier Condenser&Radio•
Jan 50
17,000 2211
* 47
4734' 50
1631 Apr
Jurant Motors. Inc
834 Jan
800
15
1531
Aug
mrant Motors of Ind__ _10 15
10 1931 Apr 42
39
39
734 Aug
?ederal Light & Tr corn 100
Mar
534
300
7
7
6
July
ederal Tel & Tel
Jan 78
,
60 42
70
70
irestone Tire dr R corn_10
,
994' Aug 1611 Apr
500
1134 12
*
Sep,
Jan 230
Cardner Motor Co
230 189
228 230
Aug
)111ette Safety Razor_ _ _ _•
4634 4,500 4034 Sept 4654 Aug
4431
limbel Bros. corn, w 1_ •
Aug 10211
300 102
102 102
100
Preferred
Jan 6356 Sept
6034 2,800 42
58
•
Men Alden Coal
Jan
4
934' May
29,100
614 8
*
Goldwyn Pictures
1534' May
731 Aug
1,900
1034
10
Joodyear T & R,corn_ _100 1014' 2934 2914
Jan 40 June
300 24
100
19-4 June
Preferred
1,300 45e Sept
460 50c
10
Sept
/rant Motor Car
Scpt x105
50z105
x105 105
Apr
Croat Western Sugar, pref _ x105
July 10
7
50
734' 734'
73-4'
Iall Switch & Signal, pref. 3414 343-4 35
5,600 2794 Aug 3434 Sent
Sept
{ayes Wheel when issued.•
Sept 100
130 100
com_100 x100 z100 100
iercules Powder,
134 Jan
134' 2,000 80c Feb
156
•
Ieyden Chemical
May
100
16
754' Feb 21
16
100 16
ludson Cos, pref
314 Feb 1514 May
400
11
119-4
.100 11
Ind & Manh RR.com
314 Aug 1134' Feb
4,300
434
434' 634
ntercontinental Rubb _100
1,200
II%
934' Aug 1334 July
11
nternational Carbon_ __ _• 11
Sept 3714 Sept
36
373-4 3,200 36
1upp'h'mer(B) dr Co com 5 36
Sept
3,400 1003-4 Sept 101
100 10034 10031 101
Preferred
1814 2034' 5,100 1531 Aug 2011 Sept
Securities_ •
.ehIgh Power
145 66
Feb 82 June
7731 81
AhIgh Valley Coal Sales.50
July
2
200
2
2
734' Mar
Abby McNeil& Libby__10
734 Aug 10 May
100
8
8
10
New stock
300 47% Apr 5534 Aug
55
55
_ _50
Aggett Internat
831 Jan
700 750 Feb
231
2
214
pref_Ancoin Motor, ClassA _50
21,700 53
Sept 6111 Aug
58
53
ditcy(RH)& Co,Ine,com_• 58
Aug
Sept
100 110% 10734 11034 5,800 10531 as.. 11031 'is...
Preferred
71.0
ft
Inn
ft
A
kNotilann T1ra
9(
•••••••
SEPT. 161922.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Manhattan Transit
20
Mercer Motors
Voting trust certifs
Mesabi Iron Co
Milliken Tractor Co
Morris(Philuiwo, Ltd__ 10
Nat Leather new
10
Nex Mei( A A rizona Land
IN Y Air Brake new cl A_ _•
NYTel6x%i)lWl.iOO
Packard Motor Car,com.10
Preferred
1(1(1
Peerless Trk & Mot Corp50
Philadelphia Elec pref.. _25
Phlillpsburu's, Inc., coin.*
Preferred
100
Prima Radio Corp
Pub Serv Corp of NJ. pf100
Pyrene Manufacturing_ _10
Radio Corp of America__ .*
Preferred
5
Reo Motor Car
10
St Lawrence Feldspar_ 10
Schulte Retail Stores
•
Southern Coal & Iron _ _ 5
Standard Gas & El corn 50
Preferred
50
Standard Motor Constr_10
Standard Parts
Stutz Motor Car
Swift & Co
1100
Swift International
15
Technical Prod Corp_ _
_
Tenn Elec Pow,corn, w 1.*
Second preferred
Tenn Sty. L & Pow,com100
Timken Roller Bearing w L
Tob Prod 4.-xports Corp. •
Todd Shipyards Corp_ _ _*
Torbenson A tie, eon).
•
Union Carbide & Carbon.*
United Profit Shar g, new .1
Un Retail Stores Candy...*
U S Distill) Corp, corn.
.50
U S Light & Beat, coin_ _10
Preferred
10
Utah Idaho Sugar
10
Van Raalte Co, Inc
Coal
Wayne
5
West End Chemical
.1
Willys Corp corn etf deposit
First preferred
100
Youngst Sheet & T corn_ _*
Rights
Chesapeake & Ohio Sty.
New York Air Brake w L._
Former Standard Oil
Subsidiaries
Anglo-American 011_ ....£1
Buckeye Pipe Line
.50
Crescent Pipe Line
50
Eureka Pipe Line
100
Galena-Signal Oil, corn .100
Illinois Pipe Line
100
Indiana Pipo Line
50
Ohio 011
25
Penn Men Furl
25
Prairie Oil Jc Gas
100
Prairie Hilt. 'Jae
ino
South Penn Oil
100
Standard oil (indiaiia)_
Standard Oil (Kansas) _100
Stand Oil(K. new
:I
1)10
Standard 011 (Neb)_ _ _ _100
Standard 00 el
1110
Standard Oil (Ohio)._ _100
Vacuum Oil__
._.100
40c 40c
2% 3
2
2;5
9% 12
251 2%
18
21
7% 8
1%
1%
56% 58
58
109% 10954 109%
14
14%
89% 89
91
5755 58%
31% 31%
39% 39% 40%
400
2%
234
11%
2%
1951
105% 106%
9% 10%
4% 5
3l4 33.4
13
13%
10
10%
48% 60
32c 42c
20% 2055
48
48
4
4
5
5
20%
2055 21
108 111
24%
21% 24%
5%
5% 5%
14%
14% 14%
37
35
37
2
2
28% 27% 30
6%
6% 7
60
60
67
2455 2435
6212 61% 6255
6%
6% 755
655
6%
7
28
25% 28
19 6
4'
1'5(6 1%
1N
1%
355
3%
4755 47%
2% 3%
35i
65c 70c
20c 200
IS 319% 2135
68
66
68
10%
4%
355
213
10%
51
42e
15.1
4
I
2
155 41,000
455
3,600
20
98
Low.
251
1%
21e
3e
2c
_ 951
955
9
12e
77c
31%
2%
655
97c
2%
10
4%
234
1
19e
1155
N
1555
4%
1%
1%
2%
1%
210
3c
5c
10
9%
955
130
85c
31%
2N
6%
970
2%
10
4%
2%
1
20c
14%
155
16%
48.4
14
6
1%
570 670
53% 55%
14o
17c
112 115%
21% 23
3
3
36e 49c
451 555
4c
30
12c 18e
1
151
650 89c
131
1%
178 183
18% 21
151
155
1% 1%
6
7%
85.1 9
151 14'4
2
2
236 236
1455 14%
10% 10%
74
7755
20
2255
19c 22c
2%
255
155
255
20c 20c
3c
3c
1
133 6
.4
651 7%
951 9%
1,300
2,500
2,000
6,000
2,000
800
100
4,400
20,000
10,700
100
200
10,200
100
3,200
100
1,300
400
200
45,000
1,500
11,400
1,800
300
4,500
300
290
8,200
47,000
3,775
45,500
300
42,000
600
2,100
12,100
6,700
20,600
300
160
1,900
200
200
8,900
1,200
24,300
100
20
3.100
31,300
3,200
1,200
30,400
100
2.800
1,000
1,000
45,200
3,700
300
High.
20c Aug
1% Apr
2
Feb
9% Sept
2% Sept
5% Jan
7% July
155 Fe1,
Sept
52
July
106
554 Feb
631-4 Mar
3314 Feb
29% June
39% Sept
100
Aug
11
/(,) Aug
Mar
99
8% July
2% Jan
2
Jan
al3
Aug
8% Aug
33
Apr
3130 Jady
15
Mar
44
Mar
335 Jan
2
Mar
11
July
95
S111
1755 Apr
5
Aug
10 June
35
Sept
1
Feb
27% Sept
Jan
3
60
Sept
23
Aug
44
Jan
Mar
5
4% Jan
12% Feb
75e
Jan
96e
Feb
2% Aug
40
Jan
85e Mar
50c July
14e May
6
Mar
64
Aug
90c Sept
2
Sept
1951 20%
4,000 16%
97
98
85 84A
35% 35%
25 28
97
97
40 7955
-55
55
57
130 40
17055 175
110 160
__
97
97
10 8-1
298
290 300
150 257
28
28
200 17
610
610 610
20 520
268
265 270
185 224
220
219 221
310 173
11851 116%119% 82,300 a354
560
560 560
10 560
109
108% 110% 25,500 76
183 192
75 170
470
450 471
935 341
459 471
471
50 390
471 480
166 209
Other Oil Stocks
Aetna C011b01 Oil .27-4
Alcan 011Corp
5
19-4
Allen Oil
1
Allied on
1
Amalgamated Royalty_ _ _ _
Sc
Arkansas Nat (ins. coca .10 _
Atlantic Gulf 011
Atlantic Lobos oil. com__•
93-4
Boone Oil
5 12c
Boston-Wyoming OIL__ _1
85c
Brit-Amer 011 Ltd
25
Brit Consol Oil Melds._ _25
Carib Syndicate_
63-4
Columbia Petroleum......
Continental Refining
2%
Cosden & Co., coin
5
Old preferred
5
Creole Syndicate_
5
Dailey Petroleum
1
Engineers Petrol Co
1
19c
Equity Petrol Corp, pref__
14%
Federal 011
5
1] 6
4(
Fensiand 011
.
• 159-i
•
Gilliland Oil, corn..
Glenrocic 011
_10
1e4
Granada Oil Corp class A 10
Gulf 011 Co
659
Gulf Oil Corp of Pa when is
5455
Hudson 011
1
15e
Imperial 011 (Canada)coup 114
International Petroleum...• 22
1
Kay County Gas
3
Keystone Ranger Devel_ _ I 42c
Kirby Petroleum..... _ ...*
Lance Creek Royalties _1
Livingston Oil Corp
1
180
Livingston Pet roleum___ -•
13.
-4
Lyons Petroleum
72e
Magna Oil& Refining_ _ _1
1%
Magnolia Petroleum _100
Maracaibo (311 Ender_
• 197-1
Margay 011 Corp
Marine Oil
1
Marland Oil
Merritt 011 Corp
10
9
Mexico Oil Corp
10
155
Midwest Oil coin
1
Midwest Refining
50
Mountain Prot!ucers_ _ lu
1455
Mutual Oil
103-'
Now England Fuel 011
_
76
New York Oil
22
Noble Oil /4 (las
21e
I
Noco Petroleum, oorn _10
North American 011
5
2
Northwest 011
1
20c
Ohio Ranger
1
Omar Oil & Gas
10
135
Pennock Oil
10; z751
Producers & Refiners__ _10
1003-i 100%
1% 1%
1 1
2,000
12,200
8,100
8,700
1,200
4,300
400
500
600
1,675
500
130
200
100
1,300
500
95,400
1,400
1,100
20,600
10.000
3,300
5,700
17,400
71,000
100
100
900
20
1,000
55
1,500
1.000
1,300
600
200
14,200
2,200
1,015
200
700
2,000
9.600
400
3,600
200
100
100
19,500
22,200
100
400
400
Range since Jan. 1.
Jan
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Jail
Jan
Jan
Feb
Jan
June
Apr
Jan
Jan
Jan
Jan
1
June
1% Aug
21c Sept
Jai
2c
Apr
2c
855 Feb
8
Aug
751 July
80 May
570 Mar
Jan
29
1% Aug
311 Jan
97c Sept
1
Aug
754 Apr
4
Mar
1% Jan
1
Sept
18e Sept
1255 June
1
Jan
9
Mar
3% June
830 Feb
155 July
455
July
5355 Sept
70
Jan
97% Mar
14
Mar
2
May
32o
Aug
4
A iig
3c June
Sc Aug
1
July
580
Jan
50e
Apr
Jun(
175
15% Aug
Mar
I
Fel
1
1
Jar
8
July
1% Jai
2
Ma
236
Sept
9% Jan
5% Jan
40
May
11% Mar
13c
Jan
1% Apr
1% Apr
E0e Jan
2c July
67o Mar
4% Jan
Jan
5
79c
555
4%
13%
2%
231.4
1155
334
58
110
1655
91%
60%
3151
42
t00%
I%
107%
14%
61.1
3%
29
10%
65
2%
21
48
6
5
45
Ill
24%
655
14%
4054
3%
30%
8055
30
62%
9
855
28
2N
1%
3%
61
355
87e
20c
31
72
Aug
May
May
Aug
Sept
July
Jan
May
Sept
Aug
June
Sept
Aug
Sept
Aug
Aug
Sept
June
May
Apr
May
Julv
Sept
Sept
Jut
June
Sept
Apr
Sept
June
Slit
Sept
Aug
Sept
.1.1.ie
June
Aug
May
Feb
Aug
Sept
May
May
Sept
Apr
Apr
Sept
Mar
Sept
Ian
Sept
July
May
1% Sept
4% Sept
25
100
3655
103-4
62
198
106
332
44%
648
270
249
12451
574
110%
210
471
472
462
June
Apr
May
MAY
May
Apr
Mar
May
2111v
June
Nur
June
May
May
Sept
May
Sept
Apr
Aug
Aug
3
1535 July
60o Mar
Sc Juiy
Apr
6c
13
Apr
17 June
124 ma)
29c
Jan
99c June
June
35
2% June
955 June
251 Mar
Mar
4
Sept
10
5% July
3% Apr
154 July
72c
Jan
14% Sept
2'.16 May
19% June
9% Apr
151 June
3% Apr
670
Sept
55% Sept
50c Mar
12755 May
27% Man
3
Sept
lak Jun
26 ki Feb
10o
Jan
27e Mar
1% Mar
155 June
2
Aug
190
Juno
27% Mar
2% Jan
2
ala)
10
June
1455 May
4% Mar
330) May
236
Sept
I$55 hiaa
June
12
80
Sept
38
June
35c Mar
Mar
5
3% June
35J May
12e Mar
3 Susie
744 June
9% Sept
1313
Friday'
Sales
Last !Week's Range for
Other Oil
Sale.
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Red Bank 011
Ryan Consolidated
Salt Creek Consol Oil
Salt Creek Producers__ AO
Sapulpa Refining
5
Seaboard 011 & Gas
5
Shell Union Oil, corn, w 1_
rt.
Simms Petroleum
South Petrol & Refining...
Southern States Oil
Southwest Oil
1
Spencer Petrol Corp__..l0
Stanton Oil
5
Ten-Ken Corn
5
Tenon Oil & Land
1
Tidal ()sage 011
Turman OH
1
United Texas
Wilcox 011 & Gas
5
"Y" 011 & Gas
1
24c
73.4
10%
15%
3%
1%
13
11%
12c
19
3%
be
56e
1%
5%
15e
Mining Stocks
Alaska Itrit-Col Metals_ _10
351
Amer Corn M & M
A inerican Exploration _1
151
Anglo Amer Corti of So Afr
Beaver Consol
lieicher Divioe
10c
Belcher Extension
10e
6c
Big Ledge Copper Co..._5
9e
Boston & Montana Corp.25 75c
Boston & Montana Dev.. _5
be
Butte & New York
1
Canada Copper Co
5
IC
Caned() Copper
10
Candalaria Silver _ ......1
40c
Cash itoy ronsolidated__1
10c
Chief Consol Mining
11111111,1:1 1011 , 10n-- 1 1,11t1
2c
Consol Copper Mines_ _5
Certificates of deposit_ _ _ ......
Consol Nevada-Utah Cop_
Cork Province Mines _
20e
Cortez Silver
1
1%
Crosson Con Gold M & M.1
2%
Crown Reserve
1
A-I
_ _10
451
Dean Consolidated Corp_ 1 52c
Diamondfield Daisy G M..
2c
Div ale Extension
1
Dolores Esperanza
5
2
Dome Lake M & M
El Salvador Silver alines_l
12e
Ely Consolidated
9c
E11111111 Sliver
1
Eureka Croesus
29e
First Nat -cover
(
5
Florence Silver
Fortuna Cons Mining
140
Gadsdon Copper.
Goldfield Cons Mines _10
Gunn hod Deep
4c
Goldfield Development _ -. 26c
Goldfield Florence
20c
1
Gold Zone Divide
1
Great Bend Mining
Bard Snell Mining
70
1
Harmill Divide
70
10c
ilecla Mining
25c
Henrietta Silver
58c
hilltop-Nevada Mining...
1
Hollinger Cons Gold Min _5
1355
Howe Sound Co
3%
Independence Lead Mining 520
Jerome Verde Devel____ _I
355
Jumbo Extension
1
Kerr Lake
5
Knox Divide
10c
5c
La Rose Consol Mines_ _ _ 5 30c
Lone star C011,01......- - I
90
MacNamara Cresc Min_ _1
11c
At al.Ntl11111ra Mining
10e
Magma Chief
1
Magma Copper
5 34%
Marsh Mining
1
Mason Valley Mines
5
McKinley-Darragh-Say..1
Mohlean Copper
Morington Min_
Nabob Cons Min
6c
National Tin Corp..
..50c 26e
Nevada Onhlr
210
1
Nevada Silver Hills
New Cornelia
18%,
New Dominion Copper_ _ _
351
New Jersey Zinc
100
N Y Porcupine Mining__ _ _
580
Nipissing Mines5
6%
Nixon Nevada
41)
Ohio Conner
10 200
Park Utah Mining
555
Peterson Lake Silver Cobalt
Ray iiercules. Inc
1%
Red Hills Florence
Sc
Rex Consolidated Mining,)
Rochester Sliver Corp
Sandstorm Kendall
3c
Silver Horn M & D
Silver Mines of Amer
140
*Silver 'Oct COIISOI
8c
1
Simon Silver Lead
35e
1
South Amer Gold & Plat_ I
Spearhead
Sc
Standard Silver-Lead._ _ _1
Stewart Mining
1
Success Mining
.
__1 46c
Superior & Boston Corp...
Superstition cons
Sutherland Divide
Teck Hughes
92c
Temiskaming Mining
Tonopah Belmont Dev__ _1
1%
Tonopah Divide
1 84c
Tonopah Extension
2%
1
Tonopah Gypsy
20
fonopah Mining
1
Tonopah North Star
9c
Tri-Builion S & D..... 5
Sc
Trinity Copper
Tuolumne Copper
1 620
United Eastern Mining__ _1
United Verde Exten__ .50c 30
U S Cont Mines, new
15e
Unity Gold Mines
33-1
5
Victory Divide Mining.10c
20
West Dome Cons
20c
West End Consolidated...
IN
White Caps Mining_ _10c
White Knob Copper, pf_10
Yerrington Cons
Yukon Gold Co
5
2%
23c 25c
7
7%
10% 10%
1545 15%
3% 3%
1%
1235 13
11%
9
110 13c
18
19
lc
30
331
100 10c
62c 63e
54c 610
13
14
1
1%
10c
160
5% 5%
13c
15c
70 000
3,000
1.c00
1.300
2.000
2.400
4.500
46,800
41.000
5.600
20.000
700
1.000
200
76.200
1,000
4,400
14,800
9,500
16,000
Range since Jan. 1.
Low.
tic July
4
Feb
10
Apr
1234 Jan
Feb
80c Mar
12% Sept
834 June
6c
Ails
1234 Jan
lc
Feb
75e
Feb
3c
62c Aug
40c
Jan
10
Jun
1
Julv
6c
Feb
251 Jan
7e Aug
High.
350
Jan
8% June
15
May
20% May
5 June
1% May
13% Aug
12% Jan
5
Jan
20
Aug
3c
Apr
7
July
40c Julie
2
Apr
1
May
1.4% June
11',(,, Apr
24c
Apr
7
July
38o
Jan
2,000
135 Jan
33-4
355
5% May
30
4c
6,000
30 July
10e
Apr
1% 2
7,700
1.4 Aug
355 Apr
2354 24
400 11-1-0) Apr 2454 Mar
35c 350
1.000 30c
Apr 390
Apr
2e
20
2.000
IJ
Jan
30 July
50
60 21,000
20 Slur
9c Aug
80 100 22.000
Sc .iti I v
29c
Jan
710 870 83.300 710 Sept
5
Jan
90 14c 85.000
9c Sept 94e
Jan
30e 300
1,000 30o Sept
750 Feb
lc
4e 83.000
lc Sept 650
Apr
255 255
5,000
l4 July
315 July
370 44c 140.300 19c
Jan
450 Sept
10e
100 35,000
4e
Feb
10c
Aug
5% 5%
1,100
444 May
555 Sept
20
2c
2,000
1.
I.. v
Sc
Aug
25c 25c
1,000 20e July
23-0) Apr
2
2% 3.500
I% Aug
2% Aug
5c
5.000
60
2c
Feb
9c May
200 210 24.000 lac
Aug 22c
Aug
1
155 21.300 84c
Jun
13-4 Sept
2% 2% 2.400
234 June
3
Jan
24c 240
1,000 lie
Jan
25e Sept
334 455 2.300
5
Soot
83-4 June
460 520 25,200 36o Aug 52o Sept
lc
2.000
20
lo Aug
2c Sept
14e
6.000
16e
10c
Aug 21c
Jan
2
251 2,200 820
1. co
23-I May
1.000
15c
15e
20
Jan
1Se Sept
120 17c 64.000
2c Mar 22c
Aug
11,000
3c Mar
7c 10c
120 Aug
le Mar
20 23,000
2c
Sc Aug
27c 30e 41,600 18c
Jan
410 July
200 5fic July
600 600
51
Apr
1,000 15e
330 330
Feb 350 July
1.10 49,500
10e
We July
26c Aug
500 540 Mar
840 850
1.38 Apr
7c
70
3.000
3o
Jan
12e
Apr
50 53,900
20
10
Jun
50 Aug
120 570 186,600
3c Julie 600 Sept
210 10,000
190
9c July
300
Apr
Sc
4.000
80
7e 1'1a3
15c
Apr
20
2c
2,000
2c Sept
2c Sept
4,000
70
7c
60 Jut
48c Mar
7e
7c
5.000
60 Aug
180 June
1,100
434 J7111
73-4
8
77%
Aug
15,500 30o Aug 700 Sept
50c 70e
1
1
5,500 75e June
Lai July
7% Jan
1334 145-1 9.100
14% Sept
351 2,500
255 Jan
33-4
334 May
50e 540 49,500
6c
Jan
760 May
1,500
5
334 3%
Feb
23-1 Jars
Sc
2.000
Sc
2c
Jan
90 Aug
3% 355
2.600
3
Mar
434 Apr
60 16.000
Sc
30
Jar7o
Aug
9,000 25o
250 300
Jan 63o Mar
Sc 100 91.000
lc
J.. 120
Aug
14e 184.000
70
lo
Feb
14c Sept
5e
6c 13c 31.000
iii.
140 Mar
1,000
20
2c
2o June
7c
Feb
3255 3451 18.,00 21)4 Jut. 343-.1 Sept
11,000
120 140
4c
Jan
310 May
1%
Jar.
1
170) 5,100
314 May
25e 25c
1.000
Sc Joins
400
Apr
1,000 15e Mar
100
10c
47c
Jan
20 110 47,000
90 Sept
16e June
4,000
61
5c ' a
6c
110 June
240 30c 58,000 240 Sept 670 May
10,000
I2c
210 220
•
520 may
140 Mar
Jan
0
2
3,000
so
4c
200 1754 Ju.
1831 1834
20
June
3% 6,300
2
Jul,
33
33-4 Sept
10 141
J1111, 155
155 155
Sept
51C 580 17,400 51c Sept 58c Sept
5.300
555 Jul634 Mar
6% 6%
2,000.
40
40
20 Jiii,
180 Mar
tie
12c 220 84.0001
Aug
19e
Aug
5% 5%
2.200'
534 July
53-4 Sept
150 I50
1.00
0
3e Mar
16c
Aug
134 26,500
1
Ne.
13-4
'2 % June
60 25,000
lc July
40
Sc Aug
50
80 100 25,000
Jan
12e May
1,000 12c Jun(
18e
18c
21e
Jan
17,000
le
A au
30
20
50
Aug
1,000
80
Se
Sc May
120 mar
20c June
15e 21,000 ioe Aug
13e
1,000
Sc
80
30 S
230 Mar
4,000 330 Sept 90e
33c 350
Apr
1,100
4% Apr
43j 5
5% Jan
40 140 148.000
lc Mn3' 140 Sept
1,000 10c
190 I90
Jan
24e May
8.100
80
20
70
Jan
16c
Apr
19,000
46e 48c
lc Mar 530 Aug
500
I%
134
1
July
17-4 May
80
5,000
6c
3c
Apr
10c June
7,000
20
20
2c Sept
20 Sept
850 970 53.300 200
Jan 970 Sept
400 450
4,000 27() July 45c Sept
134
I
2.60
0
IN Jan
134 June
80c 89e 52,800 46c Mar 94c Aug
2N 2% 14,800
P1 Feb
,6
23.0) Sept
4,000
2c
2c
2c Aug
30 Aug
27
4 1,900
23IN .1au
234 Sept
9c
70
8,000
2c
Feb
12c June
80
7c
5.000
Sc Mar 26e May
134
134
3,000
3
Jan
130) July
60c 71c
4,100 45e Mar
1
May
19
4 19-1
7,500
I% Apr
23-4 Jan
3055
2,200 27
29
Mar 3054 Jun
140 160
6,000 1 lc Aug 55c
Jan
1,500
331 355
2% Mar
551 Feb
20
1,000
20
2c Sept
20 Feb
20c 21c
14,000 lie June 21
, Aug
Feb
13-0) IN 24,800 70c
1% Mar
4,000
13c
13e
30
Feb
18c Aug
400 31c May
520 650
13/4 Aug
2,000
3c
3c
2c
Apr
Sc May
900 92c
500 80c June
19.0) June
Bonds
[voL. 115.
THE CHRONICLE
1314
Sales
Fr day
Last TVeek's Range for
Week.
of Pr ces.
Sale.
Pr cc. Low. Hg/i.
Range s nce Jan. 1.
Low.
H gh.
Apr
Jan 00
66,000 59
81% 82
Allied Pack cony deb tis '39
Feb 99% May
93% 26,000 76
Allied Pack 8s Ser B w 1'39 923% 92
Aug
5,000 100% Jan 105
104% 104%
Aluminum Mfrs 7s__ _1925
Aug
106% 106% 15,000 102% Feb 107
1933
is
Feb 99% July
8,000 93
Amer Cotton 0116s_ _ _1924 99% 99% 99%
Jan 109
Sept
43,000 96
107% 1033
Amer Light & Trac 68_1925 107%
May 101% Aug
101% 6,000 100
101
101
Without warrants
Aug 93% Aug
2,000 93
93
93
Amer Repub Corp 6s w 1 '37
Mar
11,000 99% Jan 101
100 100
Amer Tel & Tel 6s__ _1922 100
997% Jan 101% Apr
1924 1013% 101% 101% 26,000
6s.
May
7,000 101% Sept 103
101% 10114
7s_1923
American Tobacco
70,000 100% Jan 104% Aug
Anaconda Cop Min 75.1929 1033% 103% 101
6% notes Series A _ _ 1929 1023% 102% 102% 40,000 96% Jan 102% Aug
103% 103% 95,000 102% Jan 104% Aug
Anglo-Amer Oil 7%s_1925 1033%
54,000 101% Jan 105% July
104% 105
Armour & Co 7% notes1930 105
58% 59% 28,000 57% Apr 66% May
59
Atl Gulf & W I SS L 581959
Sept
May 81
1,000 61
81
81
1933 81
Beaver Board 8s
Bethlehem Steel 78_ _ _1923 105% 106% 106% 50,000 100% Jan 106% Aug
Aug
1935 1033% 103 103% 39,000 100% Jan 105
is
Equipment
June 106% Sept
106% 106% 79,000 104
Bklyn Union Gas6s ve 1-47
Aug
June 120
1,000 109
117% 117%
1929
Convertible 7s
July 97
Sept
Canada SS Lines 7s w 11947 963% 95% 97 161,000 94
Aug
22,000 104% Feb 112
112
111
Canadian Nat Rys 78_1935
99% 99% 58,000 98% June 99%, Aug
1925
5s when issued
101% 101% 37,000 99% Jan 101% Jan
Canadian Pee Ry 6s_ _1924
Feb 108
Sept
1941 1073% 107 107% 9,000 98
Central Steel 88
96% 39,009 92% Mar 99% Apr
95
Charcoal Iron of Am 881931
100% 100% 5,000 99% June 102% Aug
Chic Un Stet 5s Ser B.1963
Feb 97% June
96% 97% 14,000 87
Cities Serv deb 7s ser C '66
Mar 91% June
90
90% 3,000 Rh
Debenture 7s ser D _ 1966
1941 1013% 103% 101% 13,000 100% Sept 101% Sept
Sswl
Colum Granhophone 8s '25
Mar
40
Sept
2,000 30
31
30
Certificates of deposit..
July 90% May
89% 90% 96,000 .88
Com'w'th Pow Corp 6s1947 90
1,000 100% Sept 101% Jan
100% 100%
Consol Gas, N Y. 78_ _1922
24,000 102% Jan 110
Sept
107 110
5'31
Cons GEL&P
102% 106% 98,000 99% June 106% Sept
68 Series A w I------1949 106
1952 1013% 100% 101% 274,000 100% Sept 101% Sept
53%s Series E
Feb 100% June
1941
98% 9934 13,000 94
Consol Textile 8s
May 103% Apr
101% 102% 10,000 102
Copper Export Ass'n Ss'24
Mar
8% notes__ _Feb 15 1925 1033% 103% 103% 25,000 103% Aug 105
10534 10634 4.000 102% Jan 1073% June
Cuban Tel let 7%8---1941
July
1,000 100% Jan 1(12
Cudahy Packing 75.. A933 1013% 101% 101%
39,000 95
Feb 103
Aug
Deere & Co 7%s
1931 1023% 102% 103
10,000 100
Sept
Sept 100
100 100
Dery (1) G) Corp 7s Nv 1'42
101% 101% 25,000 101% Sept 101% Sept
Detroit City Gas 6s_ _1947
East Cuba Sug73%s w 1 '37 100
100 100% 110,800 100% Sept 105% Aug
7,000 92% May 101% July
Empire Gas & Fuel 6s _1924 1003% 100 100)4
1,000 100
May 101% Aug
Fed Land Bk 43.is w I 194'Y
101% 101%
1,000 100% Apr 156
June
120 120
Freeport Texas Co 7s _ 1937 120
Feb 100
May
Gair (Robert) Co 7s..1937 993%
99% 99% 34.000 95
19,000 100% Jan 106% Aug
105 105%
Galena-Signal Oil 7s_ _1930
Jan 107
Apr
General Asphalt 8s_ _1930 106% 103% 106% 16,000 102
103 103% 31,000 96% Jan 103% July
Goodrich (B F) Co 7E4_1925 103
Jun 103% Aug
Grand Trunk Ry 6%s _1936 1073% 107 107% 17,000 102
4,000 100
Aug 100% Aug
100 100
1932
Gray & Davis 7s
Gulf Oil Corp 7s_ _ _ _1933 104% 104% 101% 80,000 102% Jan 104% May
Hershey Chocolate 7%s'30 1043% 104% 101% 11,000 100% Feb 104% Sept
5,000 95
Jan 102
Hood Rubber 7% notes '36 101% 101% 101%
Aug
100% 100% 3,000 99% Jan 101% May
Humble Oil & Ref 78..1923
95% 162,000 72
Jan 97% Aug
94
Interb R T Ss J PM rects _
943%
95 209,000 89% July 96% Aug
94% 94
Certificates of deposit __ _
14,000 76
95 102
Jan 105
Sept
1921 95
7% notes
94% 94% 2,000 943% Sept 94)-4 Sept
Certificates of depoil t _
943%
93% 93% 23,000 93% Sept 93% Sept
Kansas City Pow & Lt 5s'52 933%
93% 44,000 95 June 98% Sept
98
1925 93
Kansas Gas& El 6s_
Kennecott Copper 78.1930 104% 104% 105% 31,000 101% Jan 106% Jan
7,000 96% Mar 101
101
101
Sept
Kings County Ltg 6%s w 1.
102% 102% 102% 60,000 94% Feb 103
Laclede Gas Light 78_ _
Aug
10,000 03
93
93
Sept 93
Lehigh Pow Sec Os_ _ _1927 93
Sept
LibbyMeNeill &Libby7s'31 102% 102% 102% 29,000 98% Apr 102% Sept
104 10114 12,000 98% Mar 104% Sept
Liggett-Winchester 7s A942
18,000 106
117 119
May 119
Magma Copper 76w 1_1932
Sept
10,000 39
99 100
Jan 100
Manitoba Power 7s...1941 100
May
3,000 99% June 100% May
99% 09%
erch & Mfrs Exch 75 1942
Morris & Co 7 As_ .1930 106% 106% 106% 19,000 102% Jan 107
May
82,000 92
Mar 100
Nat Acme Co 7%s...1931 983% 98% 100
Sept
Jan 106% Sept
Nat Cloak & Suit Ss_ _1930 106% 104% 106% 22,000 95
34,000 95% Jan 101
99% 101
88_ _1925 101
National Leather
Apr
86% 32,200 77
86
Mar 92% May
NYNH&II7swi__1925 86
72% 349,250 64% Star 78
71
72
500 franc bonds
May
1,000 95
95
95
1941
Aug 95% Aug
Otis Steel Ss
19,000 99
Sept 100
Sept
Paulista Ry ref 7s__1942 99% 99 100
9,000 99 June 103
102% 103
Sept
Polla Electric 534s w 1 _1947 103
27,000 100% Jan 106% Sept
1941 106% 103% 106%
1st lien 6s
3,000 101
125 125
Feb 126
Phillips Petrol 7%s_ _ _1931 _
May
Apr 104% May
102% 102% 15,000 00
Without warrants
64,000 96% Feb 105
Public Serv Corp 78 w 11941 101% 104% 105
Sept
100% 100% 12,000 98% Jan 101% Apr
Sears, Roebuck & Co 7s'22
10,000 97
Jan 102
Apr
7% serial notes Oct 1523 101% 101% 102
Jan 106% Sept
17,000 101
105% 103
Shawsheen Mills 7s.. _1931 106
1,000 9334 Mar 99% Sept
99% 99%
Sloss
-Sheffield S & I 681929 _
14,000 102% Jan 107% July
106% 107
1927 106
Solvay & Cie 8s
Southw Bell Telep 78.1925 103% 103 103% 45,000 100% Jan 104% Aug
Stand Oil of N Y deb 6348'33 109% 109 109% 59,000 105% Mar 109% July
Jan 108
4,000 104
105% 105%
Aug
7% serial gold deb._1925
1,000 101
Jan 106% July
106% 106%
7% serial gold deb _ _1926
106% 106% 19,000 104% Feb 107
May
7% serial gold deb_ _1927
Feb 108
107% 107% 25,000 105
Sept
c'e serial gold deb_ _1928
1,000 105% Mar 109
108% 103%
Aug
serial gold deb_. 1929
5,000 106
Apr 109
June
7% serial gold deb..1930 108% 103% 103%
17,000 107% Mar 111
10934 110
July
7%serial gold deb_1931 110
7,000 98
Jan 102
102 102
Aug
1931 102
Sun Co is
10,000 94% Feb
99
99
99
Sept
1929
6s.
1925 1013% 1013% 101% 197,000 100% Jan 102% July
Swift & Co 7s
Jan 103% Apr
103% 292,000 101
102%
7s
Aug 15 1931 103
30,000 96% Sept
96% 97
97% Sept
5s. when Issued.. _ _1932 97
34,000 99% Jan 106
102% 106
Sept
Tidal-Osage 0117s_ _ _1931 106
101% 41,000 100% June 102
May
Union 011 of Calif 6s_ _1942 1013% 101
20,000 90
Feb 110
Apr
United 011Produc 88_1931 100% 100% 101% 6.000 100
Jan 103
106%
Apr
105
United Rys of Hay 7345 '36 106
112,000 90% Aug 91
Sept
U S Rubber 1st ref 5s_1947 90% 00% 91
Jan 10934 Aug
1936 10331 108% 108% 57,000 106
Vacuum 011 78..
43,000 98% July 101
101
9931
Sept
Valvoline 0116s,ser A wi'37 101
Jan 7434 Sept
72% 73% 10,000 50
1937 723%
Wayne Coal 6s
292,000 103% Jan 109% Mar
Western Elec cony 78_1925 107% 107% 103%
Foreign Government
and Municipalities
Quotations for Sundry Securities
All bonds prices are "and interest" except where marked "L'•
Ask
l
Standard 011 Stocks Par Bid
s'
Anglo-American 011 new_ £1 *197 2018
100 1090 1105
Atlantic Refining
6
1 0
000 x430 118
Preferred
455
Borne Scrymser Co
98
Buckeye Pipe Line Co_ _ _ 50 *97
Chesebrough Mfg new. 100 195 205
100 110 113
Preferred new
100 144 147
Continental 011
37
50 '35
Crescent Pipe Line Co
Line_100 148 153
Cumberland Pipe
97
Eureka Pipe Line Co__ _100 94
56
Galena Signal Oil corn._ _100 53
0178 1287
00 1274
100 :8 1927 2is
Preferred old
100 100 103
Preferred new
Illinois Pipe Line
27
Indiana Pipe Line Co.._ 50
(no par)
International Petrol.
_12.50
National Transit Co_
New York Transit Co__ _100 175 179
Northern Pipe Line Co 100 107 109
2
25 ":i95, 3(3(4
Ohio 011Co
25 hi
Penn Alex Fuel Co
100 608 615
Gas
Prairie Oil&
100 266 270
Prairie Pipe Line
100 345 355
Solar Refining
97
Southern Pipe Line Co_ _100 95
100 217 222
South Penn Oil
65
Pa Pipe Lines.100 60
Southwest
4
Standard 011 (California) 25 •1153 11614
8
Standard 011 (Indiana)._ 25 .11818 1183
Standard 011 (Kansas) _ _100 555 565
10812 10912
Standard 011 (Kentucky) 25
Standard 011 (Nebraska)100 190 200
18712
Standard 011of New Jer_ 25 116 18812
100 . ,117
Preferred
9 4,2
Oil of New Y'k.I00
Standard
100 470 475
Standard 011 (Ohio)_
100 118 119
Preferred
35
100 32
Swan & Finch
11412 11712
Union Tank Car Co_ __ _ 100
100 110 112
Preferred
100 478 482
Vacuum Oil
21
25
10 .
Washington 011
Joint Stk.Land Bk. Bonds
4110013
Chic Jt Stk Land Bk 58.1939 993
10234 10312
5s 1951 opt 1931
s
5s 1952 opt 1032........ 10318,1033
10512 10614
5%8 1951 opt 1931
RR.Equipments-Per Cl Basis,
Atch Topeka & Santa Fe 6s_ 5.30 5.00
6%s 5.40 5.10
Allan Coast Line 68
Baltimore & Ohio 434s et es_ 5.50 4.75
Buff Roch et Pitts Cs& 4%* 5.10 4.50
5.30 5.00
Equipment 68
Canadian Pacific 430& Os.. 6.30 5.00
8.00 5.50
& Ohio 61
Caro Clinchfield
5.50 5.00
Central of Georgia 4
5.30 5.00
Central RR of N J es
5.50 5.00
Chesapeake & Ohio 68& 6348
5.50 5 10
Equipment 58
6.50 6.70
Chicago & Alton (is
Chicago Burl & Quincy Os.. 5.30 5.00
Chicago & Eastern Ill 6345.. 5.90 5.41)
Chicago Ind et Loulev 445- 5.50 5.10
Chicago St Louis dc N 08*.. 6.35 5.00
5.25 5.00
Chicago N W 4%8
5.40 5.10
Equipment es & 8
Chic R I & Pac 4348. 5e, es 5.65 6.10
Colorado & Southern bs. Co. 5.50 5.15
5.35 5.10
Delaware & Hudson Sr
6.80 5.21)
Erie 414s,68 et es
6.35 5.10
es
Great Northern
Hocking Valley 4341,69 Zs al 5.60 5.20
Illinois Central 41-03. 5s et fit 5.30 5.19
5.25 5 05
Equipment 78 A
5.50 5.10
Kanawha & Mich 4%c,8s
5.20 4.75
Louisville et Nashville 5s___
5.35, 5.10
Equipment es A 8
Michigan Central 58, 6s._.. 5.30 5.00
MinnStPASSM 4%ts&be 5.451 5.10
Equipment 63%8 & 7s_ _ _ _ 5.60, 6.20
Missouri Kansas A Texas 6a 5.75' 5.25
5.601 5.10
Missouri Pacific Sc
5.60 5.20
Equipment es &
5.80: 6.20
Ohio 43is, be
Mobile &
New York Central 414s, 5e_ 5.20: 4.85
5•35' 5.05
Equipment ee & 7s
I
NY Ontario & Western 4348 6.00, 6.50
Other Oil Stocks
5.10, 460
Atlantic Lobos Oil (no par) "918 912 Norfolk & Western 434e___ _ 5.30 5.00
40
35
50 "
Equipment es
Preferred
5.25: 4.90
640 650 Northern Pacific 7s
Gulf011
230 235 Pacific Fruit Express 7a..... 5.23, 4 93
Humble Oil & Refining
•113 114 Pennsylvania RR Is & 4341. 5.10' 4.50
25
Imperial 011
5.251 6.00
Equipment Os
Magnolia Petroleum_ _ _ _100 175 180
918 Pitted)& Lake Erie es & 634e 5.35 5.10
Merritt 011 Corporation_ 10 .9
5.15 4 65
•141s 1512 Reading Co 4%8
5
Mexican Eagle 011
8
153 1512 St Louis Iron Mt et Sou 15n_ _ 5.75 6.14
Salt Creek Producers
St Louis & San Francisco 53_ 5.5) 5.10
Seaboard Alr Line 434n dc 53_ 5.90 640
Tobacco Stocks
75
80 Southern Pacific Co 43-4*... 6.10 4.75
American Cigar common.100 83
5.20 4.87
92
100
Equipment 781
Preferred
6.65 6.25
225
Amer Machine & Fdry_ _100 .156 250 Southern Ry 44s,5s & Os.. 6.40 6.20
160 Toledo & Ohio Central 6s___
American Tobacco scrip_ __ _
5.10 4 ,
•19
1912 Union Pacific 7s
British-Amer Tobac ord. £1 •
6.50 5.10
19
1912
Brit-Amer Tobac, bearer £1 •1212 14 Virginian Ry S.
Public Utilities
Foil (new)__(no par)
Conley
1
170 180 Amer Gas & Rico, corn__ 50 •x172175
Elelme (Geo W)Co,com.100 112
50 .4512 4614
Preferred
100
Preferred
1512 Amer Light Tree,com.100 138 141
0 B & Ire.. •15
Imperial Tub of
85 .95
100 95 97
Preferred
Johnson Tin Foil & Met_100 120 122
.100 144 148
Amer Power A Lt,corn.
MacAndrews & Forbes_ _100 90
01
102
100 rS9
Preferred
100
Preferred
33 Amer Public UM,corn lg(
) 15 19
o 31 35
100 30
Mengel Co
70
74
Preferred
Rican-Amer Tob 100 *75
Porto
85 BlackstoneValC1.&E.com 50 4 7012 7212
Scrip
65
*89 (
J0 Carolina Pow & Lt,com _ 100 60
Reynolds (It J) Tobacco_ 25 •47
50 Cities Service Co, corn..100 204 203
Ret. Stores(no par) 123
Schulte
126
100 7012 7112
Preferred
Universal Leaf Tob corn.100 103 164
Colorado Power. corn...100 2312 2412
100
Preferred
92
100 90 94
Preferred
100 38
Young (J 8) Co
34
05 100 Com'w'th Pow,Ry & Lt_100 33
100
Preferred
awl yr
6912
100 67
Preferred
Rubber Stocks (diesel 72 ices)
7212 Else Bond & Share, pref _100 97 100
Firestone Tire& Rub,com_10 00
41
91
100 39
Federal Light & Trac
100
6% preferred
75
8538
100 72
Preferred
100 84
7% preferred
250 300 Lehigh Pow Sec. (no par.). 41834 1911
Gen'l Tire & Rub, corn_ _100
3212
Mississippi Riv POW ,COLIA 100 31
100
Preferred
10
. Preferred
101
100 84
Goodyear Tire & R,com.100 29
30
8 96
First Mtge 68, 1951_ _J&J 953
100
Preferred
66
I g deb 78 1935._ _MAN 102 104
100 64
Prior preferred
30
12
84
Northern Ohio Elec.(no par) .9
Goodyear TAR of Can pf 100 70
72
100
Preferred
100
Miller Rubber
07
98
00
33
Nortn'n States Pow,com.I00 128 11)1
Preferred
15
95
Preferred
100 10
Mohawk Rubber
22
87
29
)21 N
Nor Texas Eleo Co.com_ 10
(
SwInehart Tire& R.com_100
84
100 82
Preferred
Preferred
93
Pacific Gas & El, 1st pref 100 90
Sugar Stocks
15
60 " '2 17 Puget Sound Pow & Lt_ _100 5412 5612
Sugar
Caracas
79
•
84
81
100 82
6% preferred
Cent Aguirre Sugar corn. 20
*12 112
100
7% preferred
1044___m&N 104 106
Central Sugar Corp.(no par)
1
105 106
3
100
Gen M 7
Preferred
25
13
50 RepublicFty & Light__ _100 12
Cupey Sugar common__ _100 45
46
100 43
65
Preferred
100
Preferred
77 South Calif Edison,corn _190 10434 106
100 75
Fajardo Sugar
107 110
100 121
Preferred
Federal Sugar Ref. corn.100 107 110
100
Standard Gaa & El(Del). 50 .1912 2012
Preferred
•15
17
50 .4712 4812.
Preferred
Godchaux Slug Inc. (no Par) 78
1434
82 Tennessee Elec Pow (no par) 14
100
Preferred
258
38
(no par) 35
2d preferred
Bug,cona_100 108 263
Great Western
62
110 United Lt et Rye,cona__ _100 60
100
Preferred
*20
80
25
100 77
let preferred
Holly Bug Corp,com(no par) 58
41
64
Western Power Corp_ __ _100 39
100
Preferred
86
100 85
Preferred
100 50 100
Juncos Central Sugar
14
149
Sugar Refining _100
National
14 Short Term Securities
-Pe r Cent
SantaCecillaSugCorp,pf.100 45
,
8
50 Am Cot Oil es 1924_ _M&S2 993 99 s
Savannah Sug,com_(no par) 90
8
8
96
Amer Tel& Tel 68 1924_F&A 1015 1017
100
Preferred
50 100
A&O 100 110018
8% notes 1922
West India Sug Fin,com.100 60
62 Am Tub 7% notes '23.MAN 10114 10112
100
Preferred
8
AnacondaCopMin6s'29_J&J 1023 10258.
Industrial&Miscellaneous
191 193
J&J 10334 104
7s 1929 Series B
American Hardware_ _ _100 55
8
8
60 Anglo-Amer 0117%8'25 A&O 1035 1037
0
Typefounders,com.10
Amer
.
100 95 100 Arm'r&Co7sJuly15 30J&J15 105 *110514
Preferred
Deb es J ne 15'23 J&I)15 100141-100 143
Atlas Powder
•301s 32
Deb es J'ne 15'24_JetD15 1001
4t--- Bliss(EW)Co,new_(no par) •59 65
58
8106:
Beth St 7% July 15'23Jer.115 1063
50
Preferred
111 113 Canadian Pao 881924.M&S2 101 110114
Borden Company.com 100 100
103 Federal Bug Ref es'24.M&N 10114 10134
100
Preferred
98 Goodrich(BF)Co 78 25.A&O 103 110318.
.
100 92
Celluloid Company
100 108 112 Hocking Valley es 1924.meis 10078'1011s
Childs Co, corn
106 109 Interboro It T 8s 1922 _MAS 94 1 95
100
Preferred
180
3
100
K C Term Ry es'23.MAN15 101 11013%
Hercules Powder
J&J 103 1104
8%sJuly 1931
100 102 104
Preferred
68 Laclede Gas 7s Jan '29_F&A 10212 103
100 61
International Salt
*102 105 Lehigh Pow Sec es '27_F&A
9234 9312
International Silver, pref 100 .
79
82 Sloes Shelf S A I es'29_F&A 9014 100
Lehigh Valley Coal Sales. 50
100 160 170 Swift & Co 7% 1925.A&015 10114 10112
Phelps Dodge Corp
7% notes Aug 15 1931-- 103 t 10318
Royal Baking Pow.coin_100 107 109
93 77 S Rubber 734, 1930..F&A 10933 110
100 97
Preferred
Singer Manufacturing__ -100 98 100 West Else conv7s 1925.A&0 10714 10734.
6
726
S96,000 97
Jan 101% Aug
Argentine Nation 78..1923 100% 100% 1003.1 2100000 75c Aug
75c 75c
5% Jan
g Berlin 4s
1% Sept
33c 88c #100000 75e Aug
f Bremen 4348
4.000 46
Jan 61% Apr
43% 43%
1943
French Govt 4s
5% May
1 000000 85c Aug
90c
4%s
§Hamburg
38% 41% 174,000 37% Aug 52% Apr
1945 39
Mexico 4s
15,000 11% Aug
13
Sept
10% 12
3s
6,000 17% July 23
June
17% 17%
5s
July 56% Sept
92,000 50
56
54
54
Cs 10-year series B
Sept 9
381,000 95
6% Julk
Netherlands(Kingd)6sB'72 95% 9534 96% 31,000 99% Sept 100
July
99% 100%
Peru (Republic)89 w 1_1932 100
13% 17,000 10% Aug 26% Apr
13
13
Russian Govt 6%s ctfs 1919
ertis, Croats and Slovenes
July 96
131,000 95
AUK
(Kingdom of) 8s w 1_1926 95% 95% 95% 93,000 95% Jan 107% Mar
Switzerland Govt 5%5 1929 105% 104% 105% 93,000 96% Sept 97% Sept
96% 97%
1929
5%s
per 1,000 marks. a Ex-100% stock divit Odd lots. • No par va ue. § Dollar
1,000 lire flat. 1 Listed on the Stock
dend. g Marks. k Correction. 1 Dollars per
transactions will be found. o New stock.
• Per share. b Basis. d Purchaser also pays accrued dividend. e New stock.
Exchange this week, where additional
Ex-div. y Ex-rights. tEx-stock (11v.
Ex-stock (1114:lend.
(Flat price. k Last sale. n Nominal.
u When issued. z Ex-dividend. y Ex-rights. 2
/nuestuxent ant Atailroatt intelligencv.
1315
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, monthly returns
and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of
electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date.
Current
Year.
ROADS.
Previous
Year.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Lat, Date.
st
Current
Previous
Year.
Year.
X
Alabama & Vicksb_ July
193.048 258.860 1.768,148 1,857,083 Mo & North Arkan_ June
7.6,953
11,5,262
Amer Ry Express__ May
13230860 16573250 64,968.715 86,696,253 Missouri Kan & Tex July
2,590,094 2,836,169 17,289,059 18.840,412
Akron Cant & Youn July
183,942 158,695 1,255.556
814,887 Mo K & T Rv of Tex July
1,567,979 2,385,009 11,576,829 15,585,115
1st wk Sept
Arbor
Ann
97.673 115,568 3,355,970 3,321,243 Mo Kan & Tex Sys_
4,294,125 5,601,772 29,685,622 35,931.114
Atch Topeka & S Fe July
15767202 15482787 99,169,520 104682915 Missnuri Pacific.... July
July
7,763,626 8.959.260 56,288,162
Gulf Cobo & S Fe_ July
1,943,272 2,738.796 11,937.548 16,749.990 Mobile & Ohio
1st wk Sept • 297,613 348,720 11,544,131 61,360.215
Panhandle S Fe July
12,325,739
612,122 835,921 4.113,128 4,969,485
Columbus&
135,824
85,307
850.482
Atlanta Birm & Atl_ July
855,119
323,061 279,342 2,165,907 1,769,236 Monongahela Green July
July
136,204 309,223 1,867,168 2,194,396
Atlanta & West Pt_ July
207,431 200,467 1,354,663 1,455,240 Monongahela Conn_ July
132,817
43,030
965.802
Atlantic City
July
413.095
703,465 753,214 2„
Montour
July
16.932 109,686
364,938
Atlantic Coast Line July :
913,470
4,494,338 4,438,129 41,589,918 41,170,164 Nashy Chatt & St L July
Baltimore & Ohio__ July
13944023 16537 773 112623 182 112768 724 Nevada-Cal- Oregon 4th wk Aug 1,844,764 1,853,173 11,988,200 11,949,311
10,913
14,139
182,957
B & 0 Ch Term__ July
234,093
246,065 188,609 1,723,489 1,397,266 Nevada Northern July
62,641
15,695
248,791.
Bangor & Aroostook July
223.439
406,574 371,188 4,894,961 4,147,348 Newburgh & Sou Sh July
147,8371.145,333
Bellefonte Central _ ... July
730,495
9.259
4,57356,
40,976 New Orl Great Nor_ July
218,620 217,644 1,486,069 1,478.292
Belt Ry of Chicago_ July
445.914 432,371 3,336.640 2.935.811 NO Texas & Mex July
182,914 131.739 1.501,919 1.516.954
Bessemer & L Erie.. July
1,427,097 1,488,369 6,091.746 7.416,537
Beaum S I,& W_ _ July
175,770 187,544 1,190,946 1,298,578
Bingham & Garfield iJuly
20.465
10.154
102,845
116,649
St L Brownsv & M July
378.516 428.793 2.981,191 3,421,526
Boston & Maine... July
6.519,313 6,541,142 44,368,076 43,690.952 New York Central July
27934312 26255 176 186492095 183834688
Bklyn E D Term__ July
121,905
323,1581 99,827i 919,325
760.894
Ind Harbor Belt_ July
790,844 675,529 5,429.666 5,078.284
Buff loch & Pittsb_ 1st wk Sept
295,888 9,520,997 10,457,527
Lake Erie & West June
856.905 774,517 4.588.. 21 4,454,359
Buffalo A: Sus° ___ July
52.331 126.263. 784.1178 1,161.729
Michigan Central July
6,716,232 6,346,834 44,153,981 40,831,059
Canadian Nat Rys_ 1st wk Sept 2,355,137 2,688.428 72,443,028 80,738,458
Clev C0& St L.._ July
6.346,8486,242,501 47,176,486 45.836,267
Canadian Pacific__ _ 1st wk Sept 3.455,0003,951.000 106987000 117689000
Cincinnati North_ July
227,505 326,003 1,977.816 2,078,666
Caro Clinch & Ohio_ July
624,292 644,9M 4,487,5471 4,226,675
Pitts & Lake Erie July
1,952,871 1,521,252 13.753.077 13.881,397
Central of Georgia- July
1,935,648 2,051.273 12,683.645,13,183,955
Tol & Ohio Cent_ July
419,354 929,7611 4.104,275 5.924,290
Central RR of NJ__ July
3,686,157 4,630,517 26,888,137129,780,353
Kanawha & Mich July
224,021 429,781 1,784,563 2,710,645
Cent New England_ July
408,261 693,315 3,919,5111 4,802.982 NY Chic & St Louis July
3,145.617 2,832,563 17,368,187 15.952.869 .
Central Vermont_ __ July
560,874 582,544 3.952.223 3,907.210 N Y Connecting... July
222,137 277,589 1,613,262 2,061.322
Charleston & W Car July
238,807 259,228 1.963,283, 1,949.850 NYNH& Hartf July
10476218 10046887 68.323.945 65,101,888
Ches & Ohio Lines__ July ;
6,474,773 7,990,618 50 647,632 49,873,764 N Y Ont & Western July
1,161,445 1.655,942 6,752,713 8,135,797
Chicago & Alton__ July
1,861,110 2.630,677 15,993,782 17,097,760 N Y Susq & West July
333,801 347,950 2,308,850 2,505.391
Chic Burl & Quincy_ July .
12608638 14028678 87,244,590 92,426,593 Norfolk Southern July
672,139 689,400 4,872,361 4,620.807
Chicago & East 111_- July
1,788,702 2.187,604 13,691,856 15,038,422 Norfolk & Western_
7,563,344 6,787,348 53,574,695 45,978,419
Chicago Great West July
1,915.134 1,971,692 13,238.278 13,631,578 Northern Pacific_ _ _ July
July
7.986,391 7,877,354 49,908,495 48,304,575
Chic Ind & Louisv__ July
1,210,744
Northwestern Pac July
794,030 958.643 4,3. 1.415 4.649.417
Chicago Junction__ Mayl
292.669 409,4191 2,045,955 2,042,576 Pennsylv RR & Co_ July
49220147 49290805 341028437 350139107
Chic Milw & St Paul July
12694 329 12197540.83,851,104 79,967,120
Balt Ches & AtL. July
207,466 201,013
Chic & North West _1July
874,768
920.272
12680808 12215 10680,341,437 79,821,464
Cinc Lob & Nor July
90,876 111,880
Chic Peoria & St L.. July
609,987
642,761
173.047 178,8551 1,306.232 1,135,474
Grand Rap & Ind June
712,602 617,668 4.125.809 4.086,038
Chic River & Ind_ _IJuly
562,303
1 1,354.566
Long Island
July
3,365.343 3,315,432 17,329,772 16,082.566
Ccago R I & Pac_ _'July
hi
10030565 1158304866.084,24773,896,404
Mary'd Del & Va. July
139,242 150,529
I & Gulf...1July
Chic R
622,742
690.195
538,486 702,775 3,254,546 4,271,170
N Y Phila & NortJuly
864.883 600,207; 4,348.268 3,672,564
Chic St P M & Om.. July
2,323,272 2,260.540 15,379,723 15,307,511
Tol Peor & West_ July
131,199 127,8071 922.423
Cinc Ind & WesternlJuly
935.122
341.742 308,072 2,385,326 2,005,820
W Jersey & Seash July
1,695,476 1,689,8-8 7,421,416 7,233,796
Colo & Southern_ _ _ 4th wk Aug 694,584 786,404 15,291,033 17,047.090
Pitts 0 C & St L.
8.910.749 7,942,514 47,521.417 48.177.641
Ft W & Den City_ July
769.152 1,018,467 5,131,295 6,256,721 Pennsylvania Syst June
July
56020065 55911721 375098141 382376056
Trin & Brazos Val July
158,098 271,330 1,738,156 1,568,613 Peoria & Pekin Un July
126,576 122,141 1,017,630
Wichita Valley_ _ _ July
90.991 138,919
952,753
925,762 Pere Marquette_ _ _ _ July
662,436
3,019,982 3,367.884 21,227.958 20,420.823
Cumb Val &Martins July
53,309 140,623
506,627
873.581 Perldomen
132,493 108,036
Delaware & Hudson July
717,951
2,220,962 3,965.073 21,087.392 26.376,330 Phila & Reading... July
754,333
5,158,369 6,811.224 43,418,488 49,132,949
Del Lack & Western July
5.549,408 7,494,704 41,432,216 49,774,689 Pittsb & Shawmut July
49.323
Deny & Rio Grande,July
74.055
2,902,572 2,738,017 17,358.783 16,978,783 Pitts Shaw & North July
559.390
691,235
July
Denver & Salt Lake July
61,140
86,957
43.758 277,950
585,030
683,169
599.581 1 1,439,218 Pittsb & West Va... July
212,790 203,303 1.603.933 1.619.965
Detroit & Mackinac July
180,802 184.010
996,113 1,100,805 Port Reading
July
78,049 129.822 1,076.889 1.336.525
Detroit Tol & front _ July
823.979 701,656 5,301,902 3,357,192 Quincy Om & K C.
July
69.468 107.604
Dot & Tol Shore L_ July
600.155
257,077 2,029,466 1,461,265 Rich Fred
735.867
835,263 818,324 6,242,898 6,215,709
Dul & Iron Range_ _ July
1,339,057 781,085 3,515,606 2,909.344 Rutland & Potom July
July
Dul Missabe & Nor_ July
482,092 484,328 3,223.053 3,278.970
2,736,716 2,068,604 6,581,4501 6,565,721 St Jos & Grand
IsI'd July
233,676 303.956 1.739,296 1,814,079
Dul So Shore & Atl_ 1st wk Sept
86.425
76.098 2,920.246 3,103,531 St Louis San Fran July
6.747,227 6,568,501 46,167.646 46.518,888
Duluth Winn & Pac July
166.318 105.369 1,138,982 1.496.356
Ft Worth& RioGr July
110,333 136,679
East St Louis Conn_ July
160,552 123.363 1,171,718
705,385
969,173
St LB F of Texas_ July
931.850
Eastern SS Lines_ __ May
158,678 198.405
480.300 416.136 1,585,195 1.259,123 St Louis-San Fr
939,504 1,054,172
Sys
7.041,395 6.923,019 47.967.607 48.670,723
Elgin Joliet & East_ July
1,732,637 1,261.147 12.239,872 11.675.447 St Louis Southwest_ July
July
1,326,660 1.332.032 9.677,898 9.627,020
El Paso & Sou West July
1,210,875 976,986 6,420,271 6.980.003
St L S W of Texas July
July
7,029,170 8,503,539 51,464,476 58,100,024
Erie Railroad
601,677 641,942 4,039,877 4,255.635
Chicago & Erie- July
824,559 715,131 6,317,333 6,040,314 StTotal system_ _ _ _ 1st wk Sept 483,276 462,068 13,278,981 13,145,856
Louis Transfer July
NJ&NYRR July
57,260
134,253 135,769 863,001
88,204
427,834
654.276
San Ant & AranPass July
855,759
Florida East Coast_ July
715,519 725,385 8,780,757 9,021.050 San Ant Uv & Gulf_
430.591 556,763 2.914,380 3,370,101
July
Fonda Johns & Glov July
97,023
110.479 111,633
99,095
611,505
718,593
794,487
779.047 Seaboard Air Line_ July
Ft Smith & Western July
135,343 113,744
25,636,703 25.352,190
865,951 1,027,656 Southern Pacific..._ July
Galveston Wharf_ _ July
lt
.952904 14574'383 99.158,214 108541 722
86,561 285.724
793,415 1.530,885 Southern Pacific Co July
Georgia Railroad_ _ _ July
21664974 22627508 141792194 152875873
420,476 417.192 2,788,210 3,053.458
Atlantic SS Lines_ July
Georgia & Florida_ _ July
884,291 809,897 6,519,819 5,959,416
105,919 128,260
771,023
819.663
Arizona Eastern_ July
Grand Trunk Syst_ _ 1st wk Sept 2,147,745 2,416.740 69,511,134 69,217,692
300.453 176,424 1.794,521 1.763.422
Galv Harris & S A July
Atl & St Lawrence July
A.1304,657 1.818,413 12,110,823 14,650,265
184,171 145,749 1,549,070 1,719,220
Hems & Texas Cen July
Ch DetCan G TJct July
1,072,628 1,101.335 7.976,854 7,173,207
197,112 119,290 1,521,488 1.088,971
Hous E & W T
July
Det G & Milw_ July
282.467 258,1,6 1.695.480 1,611.826
513,194 479,568 3,049,199 2,272,109
Louisiana West July
Grand Trk West_ July
1,622.368 1,266,646 8,966,001 8.115.974
278,533 379,004 2.386.726 2,476,292
Morg La & Texas July
Great North System July
9,015.381 8,142,962 51,745,576 50,046,749
542.509 691.958 4,392.725 4.987.305
Texas & New Orl_ July
1Vest.. July
Green Bay &
625,022 709,639 4,971,682 4.963,436
118,420 104,625
805.115
794,923
Gulf Mobile & Nor_ July
333,352 319,441 2,592,363 2,368,767 Southern Railway... July
9,920,458 1038748671,915,91272,804.252
Ala Great South_ July
Gulf & Ship Island_ July
252,429 233,981 1,690.213 1,625,455
484,920 751,734 5,196.387 5,456,175
Cin N 0& Tex P.. July
_ July
Hocking
894.179 1,355,653 7,244,589 7,736,526
1,057,519 1,378,618 10,176.771 10.205.876
Georgia Sou & Fla July
Illinois Central_ _ _ _ July
11869898 11565130 81,643,019 80.441,877
355.286 388.755 2.726,290 2,616.877
New Orl & Nor E July
Central Sys_ July
Illinois
13237325 13068617 91.739,065 91,939,543
271,109 485,963 3,391,631 3,747,349
Northern Ala_ _ July
Internet & Grt Nor_ July
949,357 1,587,617 7,691,026 11,061,580 Spokane
133,669
58.296
762,601
503,139
Internat._ July
Internat Ry of Me_ _ July
132.721 147,534 1.641.225 1.747,344 Spok Portl &
92,172 105,612
633,506
738,729
Seattle July
Orient.._ July
112,810 152.812
635,392 653,258 4.025,500 4,184,135
K C Mex &
778,123
986,144 Staten Island R T.._ July
133,573 202,562
256,842 253,284 1,408.650 1,450,392
K Mex &0 of Tex July
853,809 1,219,100 Tennessee Central July
1,338,419 1,622,147 10,070,936 11,618,514 Term RR Assn
170,180 178,526 1,363,911 1.356.922
Kansas City South_ July
ofStL July
167,939 170,655 1,145,799 1,261,386
Texark & Ft Sm.... July
354,553 346,192 2,638,408 2.522.523
St L Mer Bdge T July
July
1,506,357 1,803.086 11,216,734 12,859,406 Texas & Pacific.....
261,410 277.296 2,042,956 2,019,880
Total system_
1st wk Sept 559,744 567,168 19.821,973 24,168.905
212,589 205,465 1,554,203 1,353,338 Toledo St L
Kan Okla &Gulf-. July
& West_ July
228,659
Lake Sup & Ishm_ July
907,968 936,597 5,814.225 5,094,485
30,117
476,340
104,256 Ulster & Delaware July
78,760
209,437 249.235
922,964
..
Lake Term Ry ..July
74.543
933.814
630.319
772,163 Union Pacific
150,057 271,269 1,350,203 1,865,975
8,096.096 9,317.262 53.498.209 58.023,239
Lehigh & Hud River July
Oregon Short Line .T y
July
230,268 399,970 2,217,633 2,610,705
2,592,961 2,590,599 18,973,550 18,243.276
Lehigh & New Eng.. July
Total system..._ July
4,452,269 6,260,657 35,393,490 43,102,024
14599313 15675657 98,530.817 103488368
July
Lehigh W iley
Ore-Wash
1,635,502 1.626.089 11.085.506 11,590,155 Union RR RR &N July
2,274.756 2,141,709 14,973.483 15,631,698
Los Aug & Salt Lake July
(Penn) July
292,921 251,415 1,926,205 1,935,296 Utah
Louisiana & Arkan_ July
1,168,898 733,869 6,240.165 5,719,053
July
266,999 316,373 1.874,990 2,162,760 Vi h Shrev
920,980
Louisiana Ry & Nay July
65.584
160,419
626.445
s
9,576,857 9,610,560 71,626.982 67.214,699 Virginian & Pac
Louisville & Nashv_ July
256.073 323,502 2,137.389 2,370,790
Railroad_ ,Tul y
Jul
276.139 222,035 1,807,527 1,629,021 Wabash RR
1,415,114 1,549.529 11.900,312 11,146,174
Louisv Rend & St L July
1626.151 1,550.690 11,752.876 12,027,462 Western
July
4.643,216 4,862.653 33.273,800 33.694,921
Maine Central
367.041 334,774 2,648,940 2.586.072 Western Maryland. 3d wk Aug 373,415 318.372 10,543.446 11,490,767
Midland Valley_ _ _ _ July
Pacific..._ July
1,102.840 1.017,930 6,193,081 6,573,620
1st wk Sept
6,327
Mineral Range
2.110
190.203
218,665 Western Ry of Ala_ July
216,665 208,783 1,411,397 1,422,900
Minneap & St Louis. 1st wk Sept 291,117 336,129 10,189.849 10.657,731 Wheel & Lake
Erie: July
4,262,422 3,534,772 23,517,350 22,913,515 Wichita Falls &
1,182.134 1,477,255 8,005,064 8, 226,180
Minn St P & 58 M. July'
N W July
819,734 1.505,588
Mississippi Central_ July
136.052 380.594
107,121
86.413
846.862
599.829 Yazoo & Miss Valley July
1,367,427 1.503,486 10,096,046 11.497.666
9
• AGGREGATE OF GROSS EARNINGS-Weekly
and Monthly.
Weekly Summaries.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
week June (16 roads)---week July (18 roads)..__
week July (16 roads).--week July (17 roads
week July il6 roads
week Aug. 14 roads
week Aug 15 roads
week Aug (15 roads
week Aug (13 roads
week Sept (15 roads)____
Current
Year.
Previous
Year.
17.624,246
13.154,413
12,880.105
12,354,510
13.403.786
9,800,291
10,098,184
10,270,028
13,662,5S9
10.103.215
16.810,702
13.056.097
13,090,802
12,969,484
13,976,759
10,603,153
10.999,399
10,945.368
14,678,846
11.959.917
Increase or
Decrease.
Previous
Current
Increase or
Monthly Summaries.
Year.
Year.
Decrease.
Mileage.
Curr.Yr. Prev.Yr.
$
+813,544 4.84 October ____235.228
+98,316 0.75 November -.236.043 234.686 534,332.833 840.265.263 -106922430 18.54
590,468,164
-210.697 1.61 December.-.225.619 234.972 464,440.498 527.480.047 -126027666 21.8,,
224.784 406.864,055
-120,615.99
614.974 4.74 January ___-235.395 234.636 393,892,529 469.195,808 -75.303,27 2 22.87
9
572,973 4.09 February ..-235,625 234,880 400.430,580 405,203.414 -4.772.834 18.05
1.18
802,862 7.57 March
234,986 234,202 473,433,886 457,374.460 +16,059.426 3.51
-901,215 8.19 April
234,955 234.338 116,240,237 432.106.647 -15.866,410 3.67
-675,340 6.17 May
234.931 234,051 447,299.150 443.229,399 +4.069.751
-1.016,257 6.92 June
235.310 234,568 472,3R3,001 4nn nn7 n‘zi +12,376..422 0.92
69
2.
-1.1;1 .n2 19,27
_
,
r.
,
,
211 sgn 442 riq 3q740 Ang .1 4" -11
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of September. The table covers 15 roads and shows 10.27%
decrease in the aggregate over the same week last year.
First week of September:
1922.
Increase. Decrease.
1921.
$
S
115,568
97,673
Ann Arbor
295,888
323,158
Buffalo Rochester & Pittsburgh_
2,355,137 2,688.428
Canadian National Rys
3,455.000 3,951,000
Canadian Pacific
76,098
86,425
Duluth South Shore & Atlantic_
1
Grand Trunk of Canada
j 2,147,745 2,416,740
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
2,110
6,327
Mineral Range
1
Minneapolis & St Louis
336,129
291,117
1
Iowa Central
348,720
297,613
Mobile & Ohio
462,068
483,276
St Louis Southwestern
567,168
559,744
Texas& Pacific
10,103,215 11,259,917
Total (15 roads)
Net decrease (10.27°4)
$
27,270
$
17,895
333,291
496,000
10,327
268,995
4,217
45,012
51.107
21,208
7,424
63,022 1,219,724
1.156.702
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack Pow & Lt August
Alabama Power Co__ July
Amer Power &Light_ July
March
Amerleal, 14% s n
Amer Water Wks Elec July
Appalacnian Pow.co July
Arkana. T,t, & Powe- July
Asheville Pow & Light July
Associated Gas & Elec June
Atlantic Shore Ry_ _ March
Bangor Ry & Elec Co June
kBarcelona Tr Itt & P July
Baton Rouge Elec Co July
Beaver Valley Trac__ July
Binghamton Lt H & P July
Blackstone Val G & E July
fBrazillan Tr, Lt & P.. July
Bklyn Rapid Transit_ July
Bklyn City RR..___ July
Bklyn Heights( Reci May
Bklyn Qu Co & Sub May
Coney Isl & Bklyn_ May
Coney Isl & Grave. May
Nassau Electric__ May
N Y Consolidated_ May
South Brooklyn _ May
Cape Breton Elec Co.. July
Carolina Pow & Light July
Central Illinois Lt._ May
Central Miss Val Elec July
Chattanooga Ry & Li. May
Cities Service (3o_ _ . July
City Gas Co. Norfolk March
Citizens Trac & subs.. June
Cleve Paines & East.. June
July
Colorado Power
Columbia Clas & Elec July
Columbus Electric__ _ July
Com'w 1th Pr.Ity&Lt July
Connecticut Power_ _ July
Consumers Power Co July
Clunib Co low 14r It....
Dayton Power & Lt.._ July
July
Detroit Edison Co
Nl.trch
Detroit
Duluth-Superior Trac July
Duquesne I.t Co subs
light and power cos July
East St Louis & Sub... June
Eastern Shore(las& El June
Eastern Texas Elec July
Edison El Ill of Brock July
July
El Paso Electric
El Lt & P of Abington
July
& Rockland
June
Erie Lt Co &
Fall River Gas Works July
June
Federal Lt & Trac Co July
Fort Worth Pow & Lt July
ston Elec._
Gaiv-Hou
Gen G & El & Sub Cos July
Georgia Ry & Power.. July
-Great Western Power June
Railway... March
Havana El Ry IA&Pr ttliy
Haverhill Gas Light.... July
Honolulu Rap Trans_ June
Houghton Elec Light_ July
Hudson& Manhattan May
Hunting'n Dev & Gas May
o e
Hunting'n Dev & Gas July
Idaho Power Co
July
Traction
Illinois
June
Indiana Power Co
Indiana Service Corp._ May
Rap Tr June
InterIvrough
July
Keokuk Electric
Kentucky Trac & Ter June
eA
Keystone Telephon July
ugust
Key West ElecCo...... June
Lake Shore Elec'ric_ _ July
Lexington Util & Ice_ May
Long Island Electric.. July
Lowell Elec Corp_ --- :May
Manhat Bdge 3c Line
,
Manhattan & Queen. May
1 11
1, y
,
t Maricet Street 13.v July
Metropolitan Edison._
1.10.1
Milw Itiec Ky &
Miss River Power Co.. July
Munic Sent Co & subs June
June
Nashville Ry & Le Co July
Nebraska Power Co.._ .luly
Electric
Nevada Calif
New Bedford G & Lt_ July
New Eng Power Sys.. July
July
N J Pr & Lt Sub Cos.. June
N'p't N & Hamp Ry_ July
N Y Dock Co
May
New York Railways_ May
bEighth Avenue RR_ May
RR
bNinth Avenue
May
N Y & Harlem
N Y & Long Island_ _ May
NY & Queens County May
,
Nor Cap() Public Sem inlY
Nor Ohio Elec Corp_ - July
[VoL. 115.
THE CHRONICLE
1316
Cur;evil Previous
Year.
Year.
Jan. 1 to Latest Dale.
Current
Year.
Previous
Year.
460,534 396,381 *5,329.608 *4.790,826
5.11.5 .1
438.091 355.910 2 94.1,408
1984,218 1903,514 *25676670 *25389384
III.
15s, PV'S. 154,,;,5
1636,065 1595,343 *19952410 *20048652
241.290 199.610 1.669,539 1.392.567
151.076 125.283 *1.130.134 *1.165.846
79.616 76,025 *874.950 *851,786
149.865 148,457 *1.933.605 *1.619.642
53.673
58.667
20,259 20.715
115.9.58 105.226 *1.457,502 *1.366.246
,
3708,509 2841.13 26.221,72 20.944.072
47.716 45.247 *572.729 *527.775
406.479
307.397
55.029 54.214
75,128 69.227 *986,423 *867.571
291,744 276.845 *3.904,625 *3.405,021
16655000 15477000 109170000 95,676.000
3151.76'? 3045,950
998,729 974.260 *11 687750 *10457171
36,466
30,431
6.150
8.218
864.644
232.157 228.558 1,067.298
269.566 251,853 1.109.733 1,046.007
30.518
29.613
9,687
10.139
466.068 413,656 2.052.439 1,877,624
2074.299 1954.490 9.733.022 9,144.559
418 470
35:3.627
99.299 74.213
689.264
52.712 62.128 *657,071
152.070 126.192 *1,817.590 *1,659.328
222.766 210.222 1.274.875 1,186 199
508,514
13.969 42,116 *536.344
125.931 111.845 *1.461.798 *1.345,769
1060.862 698.671 *13514852 *18503064
280.636
260.350
85.2.51 88.443
492,982
472.466
76.916 75.724
371,240
339,741
67.811 72.188
83.951 78,533 *969,007 *1.114.232
,
1271.22 978.746 10.756,412 8.843.431
150.974 140.994 l,906.355 *1631314.
2450,610 2447.556 18.303.446 18.221.378
134. 77 18,827 *1,632.863 *1.476,019
1159.518 1061,646 8,421,298- 8,197.000
,
,
2 0.61. 275.0:1, *3.3 -7 (In I*3 261 12o
311,857 295,485 2,508,362 2,380,509
1872,542 1671.161 14,749,287 13.295.561
175x 124, 2081 poi Lunn
ol7 1;7,
144.515 149.267
993.972 1,054,443
Latest Gross Earnings.
Name of Road
or Company.
Month.
8
752.12(
44.106
249,94(1
7,..
251,239
42.256
45.057
lel 96
203.226
Nor Ohio Tree & Lt.. June
Nor W Ohio Ry & Pow July
Northern Texas Elec.. July
'lay
Ocean Electric.
Pacific Power & Light July
Paducah Electric...... July
Palmetto Power & Lt July
Penn central Lt & P._ tune
Penn Edison & Sub__ July
Philadelphia Co ann
Natural Gas Cos.._ July
Philadelphia 011 Co__ July
July
Phila & Western
Phila Rapid Transit July
Pine Bluff Co_
Portland Gas & Coke._ July
Portland Ry, Lt & P_ June
Puget Sd Pow & Lt.... July
Psigs,s 94 Pour & IA. June
Read Tr&Lt Co&Sub July
July
Republic Ry & Lt
& REt
M,ty
111,.rimond
Ry Lt & Pr.. July
Rutland
mt 1, Rocky Mt. & Pac June
Sandusky Gas & El July
Savannah Elec & Pow July
July
Sayre Electric Co
May
Second Avenue
July
17th St Incl Plane
_ June
glen., Pacific
Southern Calif Edison July
City of Los Angeles
Wholesale Basis_ June
South Canada Power_ July
1Southwestern Pr &Lt July
July
Tampa Electric
Tennessee Power Co._ May
Tennessee Ry. Lt & P May
Texas Electric Rv__ _ July
Texas Power & Light_ July
Third Ave Ry System July
Twin City Rapid 'Fran June
United Gas & El Corp July
1274.514 1234,799 9,468,504 9,539,634
251.608 297,290 *3.621/.221 *4,371.085
2 3.323
43.231 39.422
248.091
148.770 140.089 *1.692.362 *1.720.809
96.552 93.339 *1,316.158 *1,241,155
185,110 188.838 *2,285.858 *2,194.844
29,293 28.077 *359,393 *352.776
553,!ti()
530.78:
83.2.5 68.638
82.512 85.818 *1,000.305 *989.090
379.687 369.470 2.492.346 2.431.369
205,101 207,607 *2,481,859 *2,865,860
284.721 326.631 *3.411.739 *3.91(1.555
964,981 897,333 6,834,409 7.562,080
1134.167 1078.785 *14610329 *14109108
617.327 580.479 3,660.507 3,633.414
422.958
410.021
140.450 144.350
1087.916 1100.117 5,459.542 5.341.730
41.624 42,530 *538,779 *486.763
80.662 79.717
461.808
478.795
38.932 37.846 *551.436 *599.966
928.071 881.451 4.618.889 4.343.186
508.168
106,566 86,452
486.475
82.927 68.428 *1,102.282 *1.212,461
219.406 209.966 1.350.755 1.280,572
1680,205 1686.191 12,747.668 12,617,919
763.318
846.303
58.632 60.590
247,986 238,617 1,225,052 1,250,030
_
4322.480 4387.398
,
32.309 31.257 *382,225 *367- 142
147.052 157,430 1.592.294 1.611.571
140,275 142,486 1,107.332 1,153,940
19.251 19.710 *249,055 *266,775
205.629 213,149 1,141.604 1.250,035
110,482 117,327 *1.092,269 *1,071.898
145 960
133.341
36.824 35.854
94.653 86.926 *1,235.991 *1,196,823
117.795
118.783
25.560 25.093
148.766
136.257
36.973 33,337
5,460.922 -- - - 785.112
526.
209,288 203.951 1,584,060 1. - 426
1490.417 1445.562 *18695909 *19572120
257.332 221,409 *2,872.580 *2.809.528
220,533 197.838 1.310,176 1,247,891
325.355 3i0.Q54 *3.975.19. *3.7-43,143
267.855 237,171 *3.260,888 *3.054,472
360.685 332.124 2.1)64.057 1.902.464
624,716
97,697
413,644 415.333 3.138,962 3.002.394
253,650
362,551
47,541 34,310
997.263 1.352.448
187,593 240,283
327.640 409,141 2,354,407 3,300.214
825.369 807.633 3,774,287 3,862.287
507,115
490.628
111.653 108,772
218,94/
226,144
44.091 48.246
731.308
675.566
140.035 148.498
224.573
224.341
54,064 54,849
502.053
518.000
87.002 119.720
99.264 59.195 1,191.102 1.097.944
791.304 70/3.899 5.250.540 5.149.478
Current
Year.
Jan. 1 to Latest Date.
Prcriou
Year.
Current
Year.
Previous
Year.
690.63i 4.405.803 4.408.531
46,817 *460.003 *495,602
285.998 *3.171.253 *3,843,525
79,224
,
I 5' 5
235,282 *2,941,951 *2,763,322
42.159 *540.712 *511,386
43.511 *579.807 *579,075
6.22? 1,159.964
1.29
1.-'1 0
186.473 *2.487.295 *2,543,587
916,996 446.726 8,259.070 6,618.809
717,018
576.331
74,620 55.749
461.832
463.957
73,043 71.651
1
3355,818 3340,592 24.474.60. 24,894,626
435,493
81 iv's 7577n
4
265.997 260.461 *3,316,247 *3,271,416
836.85)1 815.862 *9.9u1$.387 *1010360 4
821.863 770,913 *10189036 *10207414
755.171 751 87 *10 1314086 *10m319
256.524 264.983 1.693.128 1.739,142
648,607 547,873 7,406,884 8,092,774
iit.o
315 471
67
48.250 44.136 *567.603 *579,355
1.5'?? 11 I 1.912,798
423.614 277.037
407,615
458,389
54.050 39,693
1,214.897
131.606
109.923
103,732
.
3 139
14.382 -1- -1
366,176
394,366
90.365 85.017
25,352
22,077
4.508
3,685
73 301 79,8'l *887.504 *818.497
1478,348 1529.826 9,348.917 9,185,975
1406,466 1251.691 7.238.812 6.916.100
1819.457 1814.814 x36001471 x34640485
752,814 761,617 *9,664.660 *10219869
137.875 137,213 *1.755.669 *1.632,575
220.342 205.272 1.039.277 1.031.378
576.837 555.256 2.551.441 2.861.366
215.911 996 796 1.901.45. 2.099.521
355,905 351,852 *4.775,522 *5.229.697
1240,936 1246,179 8,250,826 8,003.443
793.542 811.890 6.998.6541 7.015.223
947,536 890.080 7,220,446 6,701,694
Transit
is no longer part of the Brooklyn Rapidwith the
a The Brooklyn City RR.
Co. having,
System, the receiver of the Brooklyn Heights RR.of the rental; therefore
of the Court, declined to continue payment
approval
by its owners.
inee Oct. 18 1919 the Brooklyn City RR has been operated were formerly
s
b The Eighth Avenue and Ninth Avenue RR, companie were terminated
New York Railways Co., but these lease roads have been
leased to the
these
on July 11 1919, respectively, since which dates g Subsidiary companies
operated separately. f Earnings given in milreis. .1 Of Abington St Rockand elevated lines.
only. I Includes both subway
from operaland (Mass.). k Given in pesetas. 1 These were the earnings for twelve
Earnings
tion of the properties of subsidiary companies. *
1 1921. z Earnings for ten months.
months. t Started operations April
y Earnings for 11 months.
Net
Electric Railway and Other Public Utility
of
-The following table gives the returns net
gs.
Earnin
RIC railway and other public utility gross and
ELECT
week:
earnings with charges and surplus reported this Earnings
Companies.
-Gross Earnings--Net
Current
Previous
Current
Year.
Year.
Year.
$
American Power St Light
July 1,984.218
(subsid cos only)
Aug 1 '21 to July 31 '22 25.676,670
& Light
Southwestern Power
752,814
subsidiary cos only)_ _July
Aug 1 '21 to July 31 '22 9,664,660
Gross
Earnings.
Adirondack Power Aug '22
'21
& Light Corp
12 mos ending Aug 31 '22
'21
Dayton Pow & Lt July '22
'21
'22
7 mos ending July 31'21
Fort Worth Power July '22
'21
& Light
12 mos. ending July 31 '22
'21
Aug '22
Keystone
'21
Tplephone Co
Aug 31 '22
8 mos ending
'21
Nebraska Pow Co July '22
'21
12 mos. ending July 31 *22
'21
New Bedford Gas & July '22
'21
• Edison Light
7 mos ending July 31 '22
'21
July '22
New England
'21
Power System
12 mos ending July 31 '22
'21
July '22
Pacific Power
'21
& Light
12 mos ending July 31 '22
'21
July '22
Portland Gas
'21
& Coke
12 mos ending July 31 '22
'21
July '22
Texas Power
'21
& Light
12 mos ending July 31 '22
'21
Previous
Year.
670,594
710,245
1,903,514
25,389,384 10,337.721 8.454,152
321,941
325,646
761,617
10,219.869 4,646,099 3,848,861
Balance,
Fixed
Net after
Surplus.
Charges.
Taxes.
20,080
85,012
105,092
460,534
-8,416
75,250
66,834
396,381
538,475
5,329,608 1,559,830 1,021,355
499,599
909,252
4,790,826 1,408,851
26,788
76,747
311,857 z103,535
28,711
60.937
z89,648
295,485
334,797
519,564
2,508,362 x854,361
329,455
0
390 5 0
2,380.509 x720.045
85,769
18,710
205,101 z104,479
84,947
16.985
207,607 z101,932
209.968 1,089,764
2,481.859 21,299,732
921,117
199.601
2,865,860 x1,120,718
17,337
42,705
60.042
140,275
15,696
4(1,490
56.186
142,486
111,104
333.400
444.504
1,107,332
72.398
312,437
384,835
1,153,940
24,910
51.379
x76,289
267.855
20,990
48.241
z69.231
231.171
710,954
609.035
3,260,888 x1,319,989
495,553
483.526
2 z979.079
3,054,47
48,551
46,773
295,324
258,820
351,310
263,416
624,716 x614,726
0
2
1- - ,961
413,644
99.945
415.333
5,549,247 1,496,851
5,662,193 1,530,044
251,239 z115,340
235.282 x110.038
2,941,951 x1,356,196
2,763,322 z1.370,257
x86,392
265,997
x78.277
260.461
3.316.247 x1,000,282
3,271.414 x949.090
355.905 x125,212
351.852 z107,270
4,775,522 z1,932,387
5,229.697 x1.527.247
received.
z After allowing for other Income
47,562
73.399
25.690
74.255
604.504
892.347
657,770
872.274
60,817
54,523
54,040
55,998
677.359
678.837
719.584
650,673
49.667
36.725
40,730
37,547
553 521
446.761
531) 166
413 531
50 558
65,654
43,196
64.074
755,651 1,176,736
798,258
728,989
FINANCIAL REPORTS.
-An index to annual reports of steam
Financial Reports.
railroads, street railway and miscellaneous companies which
month will be given
have been published during the preceding This index will not
on the last Saturday of each month.
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 26. The next will appear in that of Sept. 29.
SEPT. 16 1922.]
THE CHRONICLE
1317
Baltimore & Ohio Railroad.
Georgia Southern & Florida Railway.
(95th Annual Report-Calendar Year 1921.)
(28th Annual Report-Year ended Dec. 31 1921.)
The text of the report, signed by President Daniel Willard,
President Fairfax Harrison, Macon, Ga., Aug. 31
together with comparative income account and balance sheet, wrote
1922,
in brief:
will be found on subsequent pages under "Reports and
The income account shows that operating expenses
and taxes were
Documents."
$552,560 in excess of the gross revenues from operation
. The
sum of
$367,703 has been entered as income on account of
TRAFFIC STATISTICS YEARS ENDED DEC. 31.
against the Government under the provision of thethe company's claim
1921.
Transportation Act
1920.
which guaranteed an operating income for the six
1919.
1918.
Miles operated
months from March to
5,187
5,155
5,154
5,152 August 1920 equivalent to one-half of the annual standard
Operations
return provided
for by the Federal Control Act.
Tons fr't car. (rev. only). 71,536,702 101,924,520
88,862,248
95,346,229
While no payments on this claim have actually been
Tons fr't carried 1 mile_ _14.198,727,702 20,932,667,000 17,203,592.
000 17,032,281,000 pany since 1920,the negotiations for adjustment have received by the comAN'. rate per ton per mile_
1.102 cts.
0.873 cts.
0.795 cts.
0.763 cts. far to justify the inclusion in the income account of proceeded sufficiently
Passengers carried
this item of 4367,703
21,028,916
25,354,343
24,581,776
23,915,577 as representing the minimum figure which
Passengers carried 1 mile_ 892,422,774 1,060,218,488 1,240,144,
875 1,177,564,687 a final settlement. With the addition of reasonably may be expected on
Av. rate per pass, per mile
this
3.287 cts.
2.941 cts.
2,558 cts.
2.622 cts. interest charges the final result was a deficit ofsum and the deduction of
Average train-load (tons)
$475,784.
While the volume of all classes of traffic moved in 1921
(revenue only)
was substantially
713
873
814 less than in the preceding year, the unsatisfactory
847
Earns, per pass. tr. mile.
$1.9198
$2.0864
$2.0548
$2.0728 largely the result of a precipitous decline in passenger income showing was
Earnings per freight train
train revenue, which
fell off $635,802, or 32.41%. the decrease in freight revenue
mile (revenue only)---$7.8550
amounting to
$7.6229
$6.2115 only $210,669, or 6.38%. The number of
$6.7360
Gross earns, per mile,incl.
passengers carried declined
42.89%, the average distance traveled
outside operations
$38,291
$44,992
$35,435
$34,020 receipts per passenger mile increased increased 11.03% and the average
5.53%•
The necessity of maintaining passenger train service to
OPERATING STATEMENT FOR CALENDAR YEARS.
meet public requirements made
[Property operated by U.S. RR. Administration from
Jan. 1 1918 to Feb.29 1920, such a decline in it impossible to overcome the financial consequences of
with guaranty to Aug. 31 1920.]
passenger business with a measureable cut in passenger
train mileage and consequently in expenses. The best
Corporate
Combined
that could be
-Federal Results
- in that direction was a
reduction of 13.39% in passenger train miles. done
1921.
1920.
1919.
1918.
Average mileage operated
The results so far in
5,187
5,151 responding period of 1922 have been substantially better than in the cor5,153
Operating Income-.
1921, the six months of the current year for which fig$
$
5,155
$
$
Freight
156,421,212 182,710,629 136,802,852 129,877,038 ures are available, as this report is written showing an operating income.
Passenger
29,331,034 31,183,371 31,724,006 30,871,709 after expenses and taxes of $187,240, compared with an operating deficit
of $506,217 for the same months of the preceding year.
Mail2,757,398 4,337,352
1,325.913
1,477,265
Express
2,089,845 4,661,603 4,817,793
5,180,814
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Other transportation revenue_ .. _ _ 2,970,933
3,065,560 2,322,520
2, 63:
4 511
Revenue from sources other than
1921.
1920.
919.
1918.
Miles operated
transportation
402
402
5,051,950
402
5,985,928
5,535,568 Passengers carried
402.
5,475,580
460,381
806,073
802,414
839,293,
Passengers carried 1 mile 31.382,421 49,496,593 44,816,04
Total operating revenues
198,622,373 231,944,443 182,620,016 175,259,57
1 43,344.275
Operating Expenses
5 Receipts per pass. mile
3.283 cts. 3.111 cts. 2.736 cts. 2.602 cts.
Maintenance of way & structures 24,617,808
Tons freight carried_ _ _ _ 1,546,009
1,749,464
1,508,743
33,059,283 26,168,745 26,038,246
1.352,275.
Maintenance of equipment
45.129,857 68,872,816 56,364,804 49,286,380 Tonsfreight carried 1 m _ 243,367,868 295,145,284 240,934,568 200,050.046.
Traffic
Rate per ton per mile....1,271 cts. 1.120 cts.
3,301,677
1.155 cts.
2,757,205
1.101 cts.
1,979,542 Gross earnings per mile_
1,886,255
Transportation
$10,994
85,481,387 113,804,109 79,727,341 79,344,095
$13,099
$10,571
$8,857
Miscellaneous operations
1,579,431
OPERATING STATEMENT FOR CALENDAR YEARS.
1,713,030
1,097,111
1,351,052
General
6.385,387 6,222,630
4,211,500
4,868,371
[Road operated by U. S. RR. Administration from Jan. 1 1918
Transportation for invest.-Cr.
38,522
to Feb. 2g
29.765
23,283 1920, with guaranty to Aug. 31
18,536
1920.1
Total operating expenses
Corporate. Combined.
166,457,024
Federal
Ratio of expenses to earnings_ _ _ (83.81%) 226,399,308 170,348,032 161,933,591
Operating Revenues1921.
1920.
1919.
1918.
Net revenue from railway oper_ 32,165,348 (97.61%) (93.28%) (92.40%) Freight
$3,093,686 $3,304,355 $2,783.070 $2,202,925
5,545,135 12,271,984 13,325,984
Passenger
1,030,192
1,539,896
1,226,272
GENERAL BALANCE SHEET DEC.
1,127,735
Mail, express, &c
31.
307,212
440,316
254,452
Assets
241,011
Incidental, &c
155,680
1921.
• 148,512
1920.
110.707
Investments in:
123,130
Total oper. revenue.. $4,586,770 $5,433,079 $4,374,50
$
$
Road
1 $3,694,801
248,071,127 246,456,395 Maintenance of way,&c. $959,670
Equipment
$930,927
$740,901
$567,370
167,783,124 150,715,719 Maintenance of equipm't
Subsidiary co's operated as constit. parts of the
924,178
1,299,502
1,051,681
934,928
cos
288,759,973 286,629,644 Traffic expenses
Misc. phys. property held for transportation
110,794
97,921
72,889
56,987
4,409,141 Transportation expenses 2.509,600
4,447,415
Improvements to leased railway property purposes
2,876,782 2,099,221
1,555,758
1,484,880 General expenses
1,530,013
Perpetual leaseholds-capitalized (per contra)
154,373
154,323
129,814
118,196
6,441,200
6,441,200 Miscell. operations, &c_
Investment in sub. Sr Mill. cos. separately operated
10,596
31,638
27,416
16.299
Total oper.expenses.. $4,669,211 $5.391,095 $4,121,92
Pledged.
Cnpledged.
4 $3,249,538
Total.
Net earnings
Stocks
def$82,441
$8,600,424 $3,491,846 12,092,269
$41,985
$252,577
$445.263
11,953,133 Taxes accrued,&c
Bonds
207,924
35,800,000
196,151
189,523
172,350
1,347,501 37,147,501
35,800,001
Miscellaneous
Operating income_ __ -def$290,366 def$154,1
5,731,870
6,603,145
5,731,870
66
663,054
$272,913.
Investment in other miscellaneous physical property_
_
4,420,344
4,339,132
CORPORATE INCOME STATEMENT
Investment in sinking funds
-CALENDAR YEARS.
152,580
168,441
Deposits in lieu of mortgaged property sold
1921.
25,838 Total operating
28,263
1920,
revenues
Investments in other companies: Pledged.
$4,586,770
lInpledged.
Total.
Total operating expenses
Stocks
$21,936,188
4,669,211
$596,133 22,532,321
22,532,845
Bonds
217,000
611,971
Not
828,971
817,548
Net revenue from operations
Miscellaneous
def1682,441
com1,054,478
1,054,478
1,083,278 Taxes
Cash
$206,313 parable..
13,932,344 Uncollectible revenues
12,000,561
Special deposits
1,611
32,716
171,554 Hire of equipment
Loans and bills receivable
162,759
55,327 Joint facility rents
107,379
Traffic and car service balances receivable
99,436
17,992.784
14,276,709
Net balances receivable from agents and conductors_
6,464,740
5,334,454
Operating income
Miscellaneous accounts receivable
def$552,561 def$277.852.
11,886,734
22,187.766
Non-operating Income
Materials and supplies
27,976,424 U. S. Govt. acct. 6 23,588,296
Rents receivable
months' guaranty
$367,703
$130,000,
23,621
3,582 Miscellaneous rent income
Deferred assets
7,059
7.210,
1,393.946
1,151,758 Miscellaneous non-operatin
United States Government Transportation Act
g physical property_ _ _
of 1920
1,091
1,624
9,371,575
11,496,156 Dividend income
United States Railroad Administration
65,823
83
73,484,374
75,037,202 Income from funded
Unadjusted debits
securities
375
2,178,040
3,963,533 Income from unfunded securities and
Securities of carrier's own issueaccounts_ _ _
11,079
11,880,
Miscellaneous income
Unpledged: Stocks
5.987
1,508,739
1,508,644
Bonds
8,836,070
7,736,75.5
Pledged: Stocks, Washington Branch (per
Gross income
contra)..
def$159,559 def$60,940,
1,650,000
1,650,000
Bonds
Deductions
53,755.550
45,504,550 Miscellaneous rents
$130
1•38,
Total
Interest on unfunded debt
18,950
1,013,004,621 1,013,742,051 Miscellaneous
11,267income charges
5,249
2,
1921
Interest on funded debt
280,000
280,
Held by or
Total
Interest on equipment obligations
1920.
Outstanding.for Company. Issued.
11,897
16.046,
Liabilitte4-$
$
$
Deficits charged to profit and loss
$
Common stock
151,945,549
def$475,784 def$370.725
371,919 152,317,468 152,317,46
Preferred stock
8
The profit and loss account Dec. 31 1921 shows: Credit balance
58,863,181
, ,
1136819 60,000,000
Dec. 31
60,000,000 1920, $1.810,31
Separate stock-Washington
9; add credit
settlement of
U. S. Govt.,_ $189,683, and resulting fromeous credits, claim against
Branch (see contra)
1,650,000
net miscellan
1,650,000
$17,973; total,
1,650,000 $2.017,975.
Equipment obligations
38,989,675
Deduct: Income deficit for year 1921, $475,784; uncollectible
38,989,675
33,305,076 accounts written
Mortgage bonds
298,454,835 56,820,395 355,275,230
off. $297,650; adjustment of revenues and expenses prior.
Collateral trust bonds
93,976,590 5,273,910 99,250,500 348,133.230 to Jan. 1 1918, $29,561; credit balance Dec. 31 1921, $1,214,98
99,250,500
0.
Miscellaneous obligations
80.065,685
80,065,685
80,065,572
GENERAL BALANCE SHEET DEC. 31.
Dayton & Michigan RR. Co.
Common stock
2,396,950
1921.
5,000
1920.
1921.
2,401,950
1920.
2,401,950
Assets
D.&M.RR. Co. Pref. stock_ 1,211,250
Liabilities
-$
1,211,250
1,211,250 Invest. in road__
D.de M.RR.Co. 1st M.bonds 2,728,000
_10,141.385 10,093,711 Common stock__ _ 2,000,000 2,000,000,
2,728,000
2,728,000 Invest, in equip__
Home Ave. Ry. Co. cap. stock
100,000
100.000
684.000
100,000 Misc. phys. prop. 2,839,203 2,906,484 let Pref. stock_ _ 684,000
Loans and bills payable
61,539
67,445 2d Pref. stock_ _ _ _ 1,084,000 1,084,000
3000000
Inv. in ann. co's:
Traffic and car service balances payable
6,000,000 6,000,000
Funded debt
10,707,215
14,973,995
Stocks
Audited accounts and wages payable
108,865
108,865 Equip. trust °Wig_ 222,000
11,828,410
309,000
25,587,566
Bonds
Miscellaneous accounts payable
15,000
225,336
15,000 Notes
7,525,030
225,336
6,693,975
Notes
Interest matured unpaid
50,059
136,819 Bills payable
150,000
3,682,998
50,000 ,
3,729,308
Advances
Dividends matured unpaid
3,750
65,214 Traffic, &c., bal64,510
63,217
Miscellaneous _ _
Funded debt matured unpaid
14,275
ances payable_ _ 846,033
8,000
262,914
8,000 Other investment
Unmatured dividends declared
s
17,301
17,301 Audited amounts
1,177,264
1,177,266 Cash
Unmatured interest accrued
347,538
209,962
3675604
Az wages payable 1,107,715 1,006,815
3,909,375 Special deposit& _
Unmatured rents accrued
_
64,704
102,415 Miscel. accts. Pay22,648
254,725
58,972 Traffic & car serv. 102,113
Other current liabilities
Int. matur. unpaid
62,079
62,079
balances recely_
Liability for provident funds
(incl. int. due
199,673
3,245,178
3,846,412 Balances due from 206,460
Other deferred liabilities
261,463
Jan. 1)
1,220,204
181,363
6,380,260
agents & conduc.
United States Railroad Administration
111,448 Divs. matur. unp'd
48,776
650
84,344,796
1,053 '
83,771,985 Misc.accts. recelv.
Tax liability
528,794 Unmet. int. acced
41,567
1,529,780
34,943
1,490,993 U. S. Govt. adjus_ 297,713
Insurance reserve
Unmet.rents am'.
15,480
50,000
1,044,444
1,026,063 Material & supplOperating reserves
65,358
609,831 Other our'nt Habil_
90,843
5,595,179
6,855,852 Other cur'nt assets 532,056
Accrued depreciation-equipment
21,861
53,016 Deferred liabilities
4,528
1,632
38,949,495
34,223,727 Deferred assets__ _
Other unadjusted credits
13,895 Taxes accrued__ _ _
87,152
1,814
45,349
2,215,740
4,913,352 Unadjusted debits
Sinking fund reserves
141,549 Prem. on fund. dt_
149,730
2,430
168,441
Claim against U.S.
Additions to property through income and surplus_ _ _
Oper. reserves_ _
60,869
88,233
_
17,036,266
12,611,649
Government
Profit and loss, balance
367,703 1.504,468 Accr. depr. on eq. 937,850
916,896
21,911,583
21,194,959
0th. unadj. credits 250,577
284,656
Total
Add'ns to property
1,013,004.621 1,013,742.051
thr. inc. Sr Burp_
38,604
38,287
The following securities bear the endorsement of the
B. Az
Profit & loss bal._ 1,214,980 1.810,319
with other companies, viz.: Kentucky dr Indiana Terminal 0. RR. Co. jointly
RR. Co. 1st Mtge.
Unadj. credits subj.
sterling bonds,$6,282,781; Richmond-Washington Co. 1st
to adjust. with
Washington Terminal Co. 1st Mtge. bonds, $12,000,000.Mtge. bonds,$10,000,000
The company,
U.S. Govt
1,527,372
its subsidiary, the Toledo & Cincinnati RR. Co., guarantees $2,728,000 through
Consol.
1st Mtge. bonds of the Dayton & Michigan RR. Co. The company
Total
guarantees
Total
15,362,867 16,900,166
15,362,867 16,900,166
$2,427,600 notes of the Morgantown & Kingwood RR.
Co., given in payment of
Note.
-Securities of company held by it, unpledged, $1,200,000.equipment allocated by the Director-General of Railroads.
-V. 115, p. 987, 758.
V. 113, p. 2079.
.
1318
General Petroleum Corporation, San Francisco, Calif.
(Annual Report-Fiscal Year Ending June 30 1922.)
The remarks of President John Barneson, together with
the income account and balance sheet for the fiscal year
ended June 30 1922, will be found under "Reports and
ative
Documents" on subsequent pages. The usual compar
income account was given in V .115, p. 1207.
-JUNE 30.
CONSOLIDATED GENERAL BALANCE SHEET
1921.
1922.
Assets (with special details for 1922)- property,
um Corp., oil lands, &c.,
General Petrole
equipment,
421,558,918; development and
$49,676,046 $43.625,272
$25,117,129; total
7,815,279
7,791,150
Pipe line transportation system
3,363,642
2,784,171
Construction work in progress
267,625
8,400
funds
Sinking
289,040
306,536
companies
Investments in stocks of other
99,764
Liberty bonds
09; material and supplies,
Oil in storage. $5,739,2
7.774,095 8,937,831
$2,034,886; total
907,259
967,827
Deferred debit items
1,803,533
2,088,308
Cash
3,096,545
3,583,807
Notes rec., $142.084; accounts roe, $3,441,722
250,000
Capital stock in trust for employees
819,174
980,132
Exchanges receivable in oil
341,945
408.731
Special advance to Texas Co. of Mexico
966 $71,267,149
$76.718,
Total
Liabilities
$3,212,200 $3,212,200
Preferred stock
22,716,996 22,742,196
Common stock
40,825
8,000
called for redemption
Secured 6% notes
9,045,500 10,000,000
-year 7% gold notes
Gen. Petrol. Corp. 10
Gen. Pipe Line Co. of Cal. 1st M. 6s called for
226,800
redemption
460,862
479,000
Land purchase contracts
2,088.557
3,105,363
s payable
Account
115,620
178,620
Salaries and wages payable
298,769
161,420
Exchanges payable in oil
293,046
263,737
; liability ins., $17,245Accrued interest, $246,492
6,878,502 4,695,203
Reserve for depreciation
300,000
140,442
Reserve for Federal taxes
172,311
Dividends declared
Unrealized portion of surplus arising from appre- 14,782,416 11,787,059
ciation in value of oil lands and leases
223,488
Empl. subsc. to capital stock
5,696,017
5,753,399
Capital surplus
5,717,510
6,085,547
Profit and loss surplus
undeterRev. from Govt. receiver subject to
3,560,997
3,494,920
Federal tax and other adjustments
mined
31,487
17,076
Unadjusted accounts
$76,718,966 $71,267,149
Total
reserve for depletion
x 011 lands, &c., property at cost, $15,922,864, lessless reserve for deple431,
based on cost, $6,146,392; appreciation, $17,863,115. P. 1207. 1105.
tion based on appreciation, $3,080,985.-V.
Pan-American Petroleum & Transport Co.
(Report for Seven Months ending July 31 1922.)
INCOME ACCOUNT FOR STATED PERIODS.
Calendar Years
7 Mos. end.
1919.
1920.
1921.
July 31 '22.
Period
operation.-- $9,932,347 $13,490,983 $8,835,535 $4,775,360
Profit from
205,173
201,426
950,261
373.338
Deduct-Interest. &c_ __
1,270,677
1,797,637
1,706.150 2,598,812
Depreciation,&c
600,000
900.000
1.000,000
&c_ _ _ _ 1,000,000
Federal taxes,
$6,852,858 $9,041,910 $5,836,472 $2,699,510
Net income
3.891,911
7,151,281
9,120,703
11,569.074
Other income
$18,421,932 $18,162,613 $12,987,753 $6,591,422
Total income
242,656
z40,000
Pref. divs.(7%)approx.
00
.Common diva.,approx_ _ z3.505,425 z6.007.985 z6,008.000 z4,9953
(11%)
(12%)
(12%)
per cent (7%)
do
96 z2,411,910 z1,985,673
do CL B apPr---- z1,406.2
12%)
(12%)
per cent (7%)
do
Balance, surplus
Previous surplus
Total surplus
Invest.. &c., adjust_
Stock dividend
[Vol,. 115.
THE CHRONICLE
BALANCE SHEET.
July 31'22. May 31'22.
July 31'22. May 31'22.
$
$
LiabilitiesAssets
0
Property account x68,902,580 69,366,357 Common stock.._43,165,700 43,165,700
Pref. non-cum.stk.I2,000,000 12,000,00
B. M.P. Co.stock 2,923,870 2,923,870
67,041
67,041
Mortgage notes.._ 1,187,373 1,187,034 M.P.Co.(Cal.)stk_
140,000 I5-yr. s. f. cony.8s 7,469,900 7,733,100
Miscel. invest'ts__ 140,001
80,500
80,500
6,141,461 5,854,025 M. P.(Cal.) 6s_ _ _
Oil stocks
Marls & supplies_ 3,516,112 3,426,613 Huasteca P. Co. & 262,000
263,000
M. P. joint 65_
receivable 9,627,053 10,339,917
Acc'ts
14,879,646 14,262,061 Huasteca P. Co.
Cash
661,800
659,800
1st M.6s
Prepaid taxes,rent275,494 Acc'ts payable_ __ _ 2,761,926 .4,533,736
_ 275,554
als & insurance
511,613 1,023,220
572,599 Divs. payable_ _ _ _
Prepaid SS. exps_ _ 448,616
740,236 Prov. for tax., dtc_ 4,384,932 4,614,932
Unamort. bd. disc. 685,781
37,424,661 35,CI27,331
82,154 Surplus
60,027
Miscellaneous
108,788,073 109170,360
108,788,073 109170,3601 Total
Total
s
x Property account: Cost, Dec. 31 1921, $95,114,012; addition since
reserve for
(net), $4,839,920; total cost July 31 1922, $99,953,931; less
depreciation and depletion, $31,051,351.
115, p.
Compare annual report for 1921 in V. 114, p. 2831, 2819.-V.
767, 552.
Crex Carpet Co., New York, N. Y.
(Annual Report-Fiscal Year ended June 30 1922.)
Pres. Myron W.Robinson, N. Y., Sept. 12, wrote in brief:
of last year
to
The adverse business conditions referred thein the report of the past
greater portion
during
have continued to affect the companyto the seasonal nature of' its business,
as, owing
fiscal year ended June 30,
to obtain the full
the general trade revival began too late for the company
benefit thereof.
shown a very gratifying increase and a
The business in chenille rugs has
chenille and grass lines is in
large improvement and extension of both the building activity now under
in
course of development. The great increase also aid the Company very
way throughout the United States should
materially during the next season.
a very strong financial
The balance sheet shows the company to be in and contingencies of all
tion
position after adequate provision for deprecia
kinds have been made.
YEARS ENDING JUNE 30.
EARNINGS STATEMENT FOR FISCAL
1919.
1920.
1921.
1922.
$562,256
$921,687
$359,757
Manufacturing profits.._ x$349,387
Le.ss-Selling, adminis277,219
345,916
303,834
359,647
tration, gen. exp., &c_
25,661
89,835
Federal taxes
7,500
Contingency reserve_
mach.
Deprec. of bldgs.,
41,592
34.466
42,638
45,725
and equipment
3,029
4,427
2,081
Doubtful accounts
Net earnings
Previous surplus
$13,285
loss $58.066
$735,417 $1,122,068
$447,043
$855,026
$207,256
$827,769
$1,135,353 $1,302,068 $1,035,026
180,000
180,000
135.000
264,937
$855,026
$735,417 $1.122,068
$662,377
Balance June 30
x Includes other income of $21.471.
$677,351
Total surplus
Dividends paid
Inventory adjustment_ _deb. 14,974
BALANCE SHEET JUNE 30.
1921.
1922.
1921.
1922.
LiabilitiesAssets
3,000,000 3,000,000
_2,411,475 2,357,947 CapItql stock
Property account_
24,163
30,380
pat•ts, good-will, &c. 200,000 200,000 Accounts payable_
588
478
95,985 Unpaid dividends...
95.985
Liberty bonds
307,029 264,811
4.533 Deprec. reserve
82,733
cos_
Invest in other
7,500
7,500
Contingency reserve_
319,675 130,027
Cash
7,293
7,225
417,378 526,434 Doubtful accts. res__
Notes & accts. rec
5,290
Grass reserve
860
Lib. bd. int. accrued
662,377 735,417
464,063 730,135 Surplus
Inventory
charges_ _ __ 22,820
Deferred
4,014,989 4,045,062
Total
4,014,989 4,045,062
Total
2189.
211 $9,742,718 $4,954,080 $1 353 462 -V. 113, p.
$13,510,
6
0
5,02 :59
25,457,423 15,560.971 16.159,192
$38,967,634 $25,303,689 $21,113,272 $6,374,058
Cr.153,733 Cr.826,084 Cr.9,785 133
(10)6 378 385
,634 $25.457,423 $15,560,971 $16,159,192
Profit & loss surplus_ _$38,967
by Editor.
z Approximation inserted
CONSOLIDATED BALANCE SHEET.
July 31 '22. Dec. 31 '21.
July 31 '22. Dec. 31 '21.
$
Assets6 Common stock- y50,077,500 50,077,450
41,739,78
x Properties_ _ __ 42,487,775
Common stock 13 20,099,250 20,099,250
Investments(see note)
Marine equipMax.Pet. Co. of
ment bonds__ 7,468,500 8,886,000
6
67.772.636 58,827.46
Delaware_ _
763,383
926,052
4,427,037 4,423,381 Accts. payable_
Other companies
908,740 Purchase money
Accts. receivable 1,104,610 1,124,530
obligations_ __ 1,687,282 1,899,787
374,843
e
Divs. receivabl
702,157 2,105,466
453,770 Divs. payable__
469,086
Insur. claims_ _ _
Res. for
2,474,049 1,924,049
4,211,986 2,174,916 Surplus taxes._ 38,967,634 25,457,423
Cash
60,444
52.748
Inventories
1,499,775
Deferred chges. 1.501,701
Total
122,402,424 111,212,807
122,402,424 111,212,807
Total
table, after deducting depreciation of $8,822,424
oil lands and
x Properties shown in
of July 311922. steamships, $38.022,955, , 1,100,000
In 1922 included as
y Auth. capital stock: Common
development, $13,287,244. 000; Common Class B, 1,400,000 shares of $50
each, 355,000,
shares of $50
cum.,250,000 shares of $100 each,$25,000,000.
each,$70,000,000; Pref. 7%
include:(a) Mexican Petroleum Co. of Del.,
-Investments for 1922 $31,461,000 Common,par value;(b) Caloric
Note.
value,and
$9,035,000 Pref., par par, and $637,128 Common, par; (c) British Mex.
Co., $331,486 Pref., stock, £750.000 or 32,923.870; (d)Bankers & ShipPetroleum Co. capital
0) capital stock, 3250.000.
pers Insurance Co. ($100,00 convertible gold bonds of Mexican Petroleum
fund
The 15-year 8% sinking
$7,469,000 were outstanding July 31 1922
Del., of which ed by Pan-American Petroleum & Transport
Co., Ltd., of
guarante
(V. 112, p. 1746), are
-V. 114, p. 2819.
Co.
The Torrington Co. (of Connecticut).
(Report for Fiscal Year ending June 30 1922.)
President John T. Alvord, Sept. 12, wrote in brief:
140.000 share
During the year the Common stock was increased fromof Connecticut
on Co.
to 280.000 shares (V. 114. p. 2726). The Torringt
(see V. 115,
has called for the retirement of its entire Preferred stock issue
p. 879)•
FOR
INCOME ACCOUNT OF THE TORRINGTON CO. (OF MAINE)
YEARS ENDED AUGUST 31.
1918-19.
1919-20.
1920-21.
1921-22.
Receipts$573,087
$594,941
$699,926
Dividends from sub. cos_ x$708,754
122
38
7,614
87
Miscellaneous Income...
$573,209
$594,979
$707.540
$708,841
Total receipts
44
26
7
Divs. on preferred (7%)_
(20)700,000 (20)700,000 (17)595,000 (16)560,000
Divs, on common
11,580
275
275
2,025
Taxes
1,861
2,147
2,528
6.217
Other expenditures
$573,485
$597,448
$702,810
3708.242
Total payments
def.$276
sur.3599 sur.34,730 def.$2,469
Balance. sur. or dot
$2,434
$35
$5,296$4,697
Cash balance end of year
ry, The Torrington Co. (of Connectix Dividends received from subsidia
and 7% on pref. stock,
cut), viz.: 1034% on its common stock, $708,728,
$26; total, $708,754.
AND SUB. COS.' CONSOL.
THE TORRINGTON CO.(OF CONNECTICUT)
ENDING JUNE 30.
PROFIT AND LOSS ACCOUNT FOR YEARS
1918-19.
1919-20.
1920-21.
1921-22.
Net oper. profit (incl.
$662,519 $3,807,954 $2,982,696
$1,476,154
sub. cos.)a
6.631
8,939
1,879
2,137
Divs. from other corp'ns
$664.398 $3,814,585 $2,991,636
$1,478,292
Co., Ltd., of Delaware.
Total income
89,621
98.071
92,100
88,970
Mexican Petroleum
Admin. salaries & expen
950
ending July 31 1922.)
Int. on Maine Co. bonds
84,717
(Report for 7 Months
on sale of Lib. bonds
Loss
1 r2 .
Calend a9 0y ears
PROFIT AND LOSS ACC0UN T.
CONSOLIDATED
9
17
) 8 37 6:065
)
)
08
0 7
3487,501 $3,724,964 $2,8 2 610
__
Net profit for Year... $1,389,322
7 Mos. end.
00
.n04) ( 573,125
700.000
1919.
1921.
708,750
July 31 22. $22,449,427 $15,469,733 $11,758,055 Common dividends
TO
(10A
Period324,577.275
Rate
70,000
70,000
70,000
Profit from operations__Preferred divs. (7%)
$190,839
$647,966
Deduct-Int.& amortiza
income & excess
$540,415
1,168,000
3 :679
6
77 3
3,549 9 6 Res. for taxes
1,47,000
charges (net)_ _ 5,912,456
6
856,000
3,606,24
205,500
6,260,77
tion
profits
1,150,000
1.898.750
3,000,000
Prov.for depr. & depl. 2,270,000
$817,000 $1,833,000 $1,499,125
$984,250
Prov.for taxes & cont.
Total deductions
64 $1,393,490
684 $9,773,899 $6,980,440
$405,072 def.$329,419 $1,891,9
$15,854,404 $12,540,787 $3,814,827 $1,466,894 Balance, surplus
Net profit
$25,151,521 $18,810,
including the Canadian and foreign companies,
Add-Previous surplus_
a Not operating profits,reducing the profits of the English and German
paid:
960,000
-Dividends
960,000
960,000
Deduct
ending June 30.
560,000
4,735,299
3,672,506 for years to, and valuing the current assets in South America at the
5,239,950
Preferred stock
companies
3,021,264
g
n
4,082,640
On Common stock..current rate of exchange and before deductin America or Canadian
do in stock
do
income taxes.
Cr15,000,000
$43,945 was deducted from surplus for
Approp. & inv. in work.
b In addition to this amount
cap. & prop. Dec. 31adjustment of domestic taxes
$25,151,521 $18,810,787 $3,814,827
Prof.& loss surplus---337,424,661
SEPT. 16 1922.]
THE CHRONICLE
THE TORRINGTON CO.(OF CONN.) AND ITS STIBSIDIARY CORPORATIONS' CONSOLIDATED BALANCE SHEET JUNE 30.
1921.
1922.
AssetsReal estate & bldgs., $1,675,397; mach. & equip.,
$2,786,204 $2,987,199
$2,033,700, less res. for deprec., $922,894
1,942,538
1,923,698
Good-will, patents, &c
1,510,776
a1,509,678
Investments in foreign subsidiaries
60.192
157.534
Investments in other corporations
2,133,427 3,248,102
Inventories of material, supplies, &c
976,655
1,172,069
Bills and accounts receivable less reserve
197.840
,
U. S.anin Government securities
675,329
1,969,785
Cash......
14
19,018
Deferred charges (prepaid insurance)
$12,168,005 $11.617,648
Total assets
Liabilities
.
Capital stock: Corn., $7,000.000; Pref., $1,000,000 $8,000,000 $8,000,000
231,833
• 209,709
Accounts payable
47,000
205,500
Reserves for income and taxes
3,338.815
3,752,796
Balance. surplus
Total
$12,168,005 $11,617,648
-V.115, p. 1108,
a Including profits for year at current rates of exchange.
879.
Indian Refining Co., Inc.
(Semi-Annual Report-Six Months Ending June 30 1922.)
Pres. Theodore L. Pomeroy, N. Y., Sept. 6, wrote in brief:
The net loss of $895,818 for the six months ending June 30 1922, after
deducting depreciation and depletion, is divided by months approximately
as follows:
$165,615
January, loss
$283,4371April,loss
10,842
February, loss
"81,711 Nlay, profit
51,559
March, loss
927,465 June, profit
Operations for July, subject to audit, resulted in a profit (after depreciation and depletion) of $152,346.
The new pipe line to Owensboro, Ky., was completed and placed in
operation about June 1, and is effecting the savings anticipated.
INCOME oc, PROFIT & LOSS ACCT. FOR SIX 1110S. END. JUNE 30.
,
1919.
1922.
1921.
1920.
Net, after all charges_ _ _ a*$895,818 *$2,258,570 $1,423,908 $1,555,694
Preferred div. (336 %)_ _
,
105,000
105,000
90,088
Common dividend (6%
180,000
180,000
Res've for Fed. taxes, &c
500,000
400,000
Stirp. for half-year....- *$895,818 *$2,348,658
$738,908
$770,694
a After deducting interest, $120,735; reserve for depreciation, $569,985,
and reserve for depletion, $167,637. * Loss.
BALANCE SHEET JUNE 30.
1922.
1921.
1921.
1922.
Assets
Liabilities
493,541
479,299 Cum.7% pref. stk 2,296,400 2,296,400
Cash
Acc'ts receivable 1,950,690 2,769,042 Common stock b_ 7,851,800 7,851,800
Adv.to sta'n agts.,
Cent. Ref. Co.stk.
salesmen, &c__ _ 198,322
203,083
held by others:
610,e11
Invent.(at cost)
32,715
7% cum. pref.
277,550
(par $50)........ 277,556
Inv. in & adv. to
3,921,152 6,101,232
other co.'s
3.000
Common
3,000
Accounts payable_ 1,321,897 1,131,397
Oil prop.,pipe lines
Bank loans
storage tanks,
3,315,356 3,581,440
refinery, &c__013,880,065 13,914,138 Notes payable..
338,242
215,739
216,877 Res. for taxes, &c.. 930,524 1,075,614
Def. & susp. items 166,244
Fin.exp. of new isRes. oil depl.. &c.. 3,190,524 2,770,202
sue of com.stock 705.917
704,755 Earned surplus_def.2,318,749
243,696
Capital surplus__ _c4,851,800 4,851,800
1319
We still own Victory bonds to the extent of $1,242,950 and have $241,997
cash in the banks.
Of our accounts payable, amounting to $78,651, only $1,030 represents
trade accounts. The balance is composed of reserves for income tax,
sinking fund, workmen's compensation and other items.
REVIEW OF PROFITS YEARS ENDING JUNE 30.
1912
$574,212 1920
$326,380 1916
$367,969
1913
721,255 1921
396,886 1917
827,092
1914
677,937 1922
342,057 1918
loss 76,300
1915
892,976 Annual average 471,371
134,614 1919
The income account for the year ending June 30 1922 was
published in V. 115, p. 1214.
BALANCE SHEET JUNE 30.
1921.
1922.
1922.
Assets$
Plant,goodwill,&c_a5,608,450 5,536,087 Preferred shares... 1,500.000
Sinking fund invest b127,366
105,518 Ordina-y shares. __ 2,000,000
Can. War & Viet.
First Mtge. bonds_ 1,500,000
bonds
1,253,058 1,066,600 Int.accr.(pd.Jul 3)
45,000
Work in proc.(cost)
16,062 Accts. payable, &c.
14,328
Materials Sr sum).
incl. income tax..
78,651
(cost)
120,787
138,907 Pref. dividend July
26.250
Notes and accounts
Com.div.(pd.Jul.1)
40,000
rec., less reserve
7,640
90,010 Dep'ec. reserve___ 990,000
Cash
241,997
866.989 Sinking fund
127,366
Def. chgs. to oper_
23,616
22,586 Profit and loss..
1,089.975
1921.
$
1,500,000
2,000,000
1,500,000
45,000
99,716
26,250
40,000
990,000
105,518
1,536,275
Total
7,397,242 7,842,760
Total
7,397,242 7.842,760
a Real estate, buildings, plant and equipment, including good-will,
($2,722,006), July 1 1921. $5,536.087; additions during the year. $72.363;
balance as above, $5,608,450b Includes company's 1st M. bonds at cost, $108,481; cash in hands of
trustees, including July 1922 coupons. $3,884; cash payable to trustees on
or before July 1 1922, $15,000.-V. 115, p. 1214.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Information About the Strike.
-See "Current Events" in this issue and
the daily papers.
Shop Force of Erie RR. Reaches 75%.
-Total now at work, 7,750, with
2,154 "old" men, whose ranks have been increasing daily since Sept. 1.
"Philadelphia News Bureau" Sept. 14, p. 2.
Name Changed.
-The Georgia State Railroad Commission ceased to exist
at the end of August, being succeeded by the Georgia Public Service Commission. "Electric Railway Journal" Sept. 9, p. 369.
Delay Increased Service on I. R. T. and B. R. T. at Fuel Administrator's
Po tpone orde for one week, to Sept. 25, to save coal. "Times"
p7s
orders
REleetute.stl.5,
All
-Room Sleeping Cars on Santa Fe for Fall and Winter Service -Seven
rooms per car, 5 passengers per room, culmination of increased demands for
drawing-rooms for families on Chicago-California trips. "Times" Sept. 13,
p. 1.
Urge Elimination of Surcharge on Pullman Tickets -"Times" Sept. 13, p.
24.
Grand Trunk Ry. Maintains Wages at Old Level Pending Decision by ConTotal
21,935,841 24.421,141
Total
21,935,841 24,421,141 ciliation Board-Strike Averted.- Financial America" Sept. 14.
Idle Cars.
-There were 70,455 surplus freight cars In good order on
a After deducting $5,607,746 reserve for depreciation. b Authorized, Aug. 31, a decrease of 50,506 since Aug. 23, when 120,961 were idle.
Surplus coal cars totaled 54,566 cars, a decrease of 41.839 since Aug. 23,
1,000,000 shares of $10 par value, issued, $785,180 shares; of the unissued
common stock, 114,820 shares are held for the conversion of 22,964 shares when 96,405 were idle; surplus box cars,3,850,a decrease of4,387 carsfrom
of pref. stock outstanding. c Being premium on issue of 485,180 shares of previous week's total of 8,237.
There was also a decrease of 926 in the number of surplus coke cars, the
common stock, including pref. stock converted.
Note.
-In addition to the above assets there is an item of "insurance fund total being 1,982, against 2,908 on Aug. 23, while surplus stock cars totaled
assets in hands of trustees, $39,953, offset by a reserve of $39,953.- 3,091, against 4,680 the previous week, a decrease of 1,589, and refrigerator
cars numbered 4,449, against 5,246 on Aug. 23, a decrease of 797.
V. 114, p. 2123, 2113.
Car Loadings.
-The total loading of revenue freight during the week ended
Sept. 2 was 931,598 cars. This was 9132% of the total for the week of
,
Laurentide Company, Ltd.
Oct. 15 1920, when 1,018,539 cars were loaded, the greatest number for
any one week in the history of American railroads,and exceeded the previous
(Report for Fiscal Year ended June 30 1922.)
week by 40,760 cars and was an increase of 100,310 cars over the corresponding week in 1921,and an increase of 27,205 cars over the corresponding
President George Chahoon Jr., says in substance:
19n.in 1919, but a decrease of 30,035 cars under the corresponding week in
week
The net profits for the year ending June 30 1922 were $2,693,154, which,
after deducting interest and other charges amounting to $440,631 and
These figures are
reserve for depreciation of plant amounting to $458,461, leaves the sum strike and the factall the more interesting in view of the railway shopmen's
that bituminous coal loadings are still below normal.
of $1,794,061.
while practically no anthracite coal is being loaded.
In the last annual statement (V. 113, p. 1249) a reserve of $2,000,000
Principal changes compared with week ended Aug. 26 were: Coal, 149,487
was created to cover possible depreciation of inventories. It was deemed cars, increase 38,457 cars
over the previous week, but a decrease of 5,099
advisable to write this amount from logs and other supplies in order to cars compared
with the
place these inventories on a conservative replacement value basis. Of compared with the same same week last year, and a decrease of 49,513 cars
week in 1920. In view of bituminous coal not havwas consumed on materials used during the fiscal ing reached
this amount $535,000
normal production up to this time, and no anthracite coal
years.
moved, this is a
General conditions in the newsprint industry are decidedly better than the effectivenessremarkable index of the activity of general business and of
of the transportation machine in overcoming difficulties.
report. Prices have held consistently throughout Merchandise
at the time of the last
and miscellaneous freight (including manufactured
the year, and demand has increased sufficiently to absorb the new pro- 566,796 cars; increase, 7,493: live stock, 31,847 cars; decrease, products)
199; grain
that was brought in during the year.
duction
and grain products, 54,019 cars, decrease 543; coke, 8,389 cars, decrease
[For comparative income account, see last weeks' "Chronicle," p. 1216. oreaser; forest products, 58,706 cars, decrease 1,760; ore, 62,354 cars, dec ne ca 2,687.
BALANCE SHEET JUNE 30.
Matters Covered in "Chronicle," Sept. 9: (a) Attorney-General Daugherty
1921.
1922.
1922.
1921.
says underlying principle in rail injunction is "survival and supremacy'
Liabilities$
$
Assets
of Government, p. 1165: (b) Provisions of injunction against striking
Stock
28,800,000 28,800,000 shoperafts
bldgs.,plant,
Mills,
unions, p. 1166: (c) Samuel Goniners attack on railroad inCom.div.(flueJuly) 432,000
432,000 Junction
real est., timber
-support pledged to strikers, p. 1167; (d) Shoperafts statement
a25,089,870 25,073,602 Wages
80,835
130,044 on injunction
lands, firc
order, p. 1169; (e) Shoperafts heads to meet in Chicago
Bank loans
3,572,960 5,067,945 reports of
Logs, merchandise.
strike settlement move, p. 1169.
b5,534,236 9,583,754 Bills payable
314,500
265,883
&a
0) Samuel Untermyer cables Samuel Gompers on rail injunction, p.
756,045 1,282,530 Accounts payable.. 342,848 1,035,487
receivalbe
Accts.
1170: (g) American Federation of Labor not to move for general strike,
20,116 Conting't account_ 370,698
24,888
390,403 P•
Cash in hand, &c_
4,981,723 5,071,855 Erupt. pen'n fund_ 474,247
441,697 strt1170; (II) Centrals Trades and Labor Council urges impeachment of
Investments
At oe p.:
1 n:71 Daugherty and Federal Judge Wilkerson, p. 1170;
53,733 Taxes
573,560 1,095,918 (i)ikrncY-G 7
63,193
Ins. prem. unexp_
Central Labor Union of Hudson County, N. J., asks for national
3,915 Invent. reduc. rev..
2,000,000
3,037
Deferred charges
Miscellaneous_ _ _ _
1,815
6,659
0)'W.
Surplus
1,489,529 1,423,468 stake in Z. Foster, One-Big-Union advocate, says labor movement is at
shopmen's strike-labor leaders denounced, p. 1171: (k) N. Y.
Total
36,452,991 41,089,504 striking shopmen in telegram to Senator Borah urge impeachment of
36,452,991 41,089,504
Total
Attorney-General Daugherty and Federal Judge Wilkerson, p. 1171;
Boston
Buroges
a After deducting $1,527,257 for depreciation. b Includes logs and
r Union denounces Attorney-General's action
p
and
supplies, $4,771437; merchandise, $109,964; and mill supplies, $652,835.
seizure
Centralroads, 1171;(m) Thomas De Witt Cuyler, Chairman
issn ciaghon of Railway Executives, declares collapse of shopmen's strike
A so siti t,
i
Indirect liability for customers' paper under discount is $113,053.
Contingent liability for guarantee of bonds of Laurentido Power Co.,
p. 1171; (n) International Brotherhood of Electrical Workers
brings counter suit proceedings against rail injunction, p. 1172.
11,420,000. V. 115, p. 1216.
(0) Railway executives report on condition of shop forces and equipCanadian Locomotive Co., Ltd.
ment, p. 1173; (p) Association of Railway Executives gives facts vs.
rumors about accidents, p. 1173; (q) John J. Dowd of strike committee on
(11th Annual Report-Year ending June 30 1922.)
Inter-State Commerce rail equipment report-Congressional inquiry
sought, p. 1173; (r) John J. Dowd's allegations that L. F. Loree attempted
Chairman Aemilius Jarvis says in substance:
to wreck railroad strike settlement, p. 1174; (a) Senator Cummin's reply
The company has been without locomotive orders for the whole of the to John J. Dovors request for Comgressional inquiry into rail equipnent,
current year. A few repair orders is all the work we have had. The out- P• 1174.
(t) L. F. Loree, President Delaware & Hudson RR., replies to Senator
look, however, we feel is 13y no means unpromising. The shortage of motive
power on the Canadian railways is very pronounced, and we doubt if they Pepper's criticisms, p. 1173; Cu) L. F. Loree on report of Inter-State
are in a position to handle the increased traffic that the settlement of the Commerce Commission on rail equipment, p. 1174; (v) F. H. Alfred,
railway and coal strikes will throw upon the roads, which, with the accumu- President Pere Marquette RR., excoriates national railroad agreements
lated requirements for locomotives for maintenance purposes, bids fair to says they operate against higher pay, p. 1174.
give us, at no distant period, work to keep our plant going for some time.
-Operations Discontinued.
Alabama & Mississippi RR.
we have only received the income from our
Under these circumstances,
The operation of this road, running from Vinegar Bend, Ala., to PensaInvestments to meet current expenses, interest and sinking fund on bonds
cola, Ms., 76 miles, has been discontinued. The road was sold July 31.
and dividends on the Preferred and Common stock.
this, added to payments last on orders of the U. S. District Court to J. W. Blackstrom of LeakesThe current loss for the year has been $76,300;
vine, Miss., and H. C. Turner of Mobile for $142,365.-V. 115, p. 182, 758.
of int., sinking fund and divs., reduces surplus to $1,089,975.
1320
Tnr,
CHRONICLE
Ardmore (Okla.) Traction Co.—Operations Suspended.—
Electric railway service has been abandoned in Ardmore, Okla. The
equipment has been sold to John Ringling. "Electric Ry. Journal."—
V. 112, p. 561.
Brunswick (Ga.) & Interurban Ry.—Successor.—
See City & Suburban Street By. below.
Canadian Nat. Rys.—Increases Facilities at Moncton.—
New engine terminal provided as part of plan for extensive improvement
at Moncton. See article in the Railway Age" of Sept. 9, p. 463 to 467.—
V. 115, p. 542.
Capital TrAction Co., Wn.shington, D. C.—Merner Rill.
{Vol,. 11S.
• Dayton Toledo & Chicago RR.—Sale.—
This road, recently placed in the hands of a receiver, was bid in for
$50,000 by William Stroop, Dayton, 0., tobacco dealer, at receiver's sale
Aug. 24. It is stated that the new owner will spend approximately $500,000
in equipment for the road, the plans calling for 5 locomotives, 50 freight and
passenger cars, and the re-laying of rails on the greater part of the line.
Pursuant to order of Common Pleas Court, Miami County, 0., service on
the road was suspended July 31 1922 pending further order of said Court.
—V. 115, p. 868, 542.
Eastland Wichita Falls & Gulf RR.—Trustee.—
The Chatham & Phoenix National Bank has been designated Trustee
under a mortgage securing an issue of $350,000 First Mtge. 6% bonds.—
V. 115, p. 435.
The Senate on Sept. 1 passed a bill to permit the merging of the Washington Railway & Electric Co. and the Potomac Electric Power Co. The
East St. Louis & Suburban Co.—Offer to Stockholdersfor
measure also provides that the railways operating wholly or partially
within the District of Columbia may merge one with the other.
Sale of Their Stock—Control to Go to North American Co.—
That provision of the bill applies directly to the Capital Traction Co.,
East Washington Heights Traction RR., Washington & Maryland Ry., E. W. Clark & Co., Philadelphia, in a letter to holders of
Washington & Virginia By., Washington & Old Dominion Ry., Washington Preferred and Common stocks, Sept. 7 1922,say in substance:
Ry. & Electric Co., Georgetown & Tennallytown Co., Washington InterWe have entered into an agreement with Dillon, Read & Co,. New York..
urban RR., City & Suburban Ry. of Washington, and the Washington &
for the sale of the preferred and common stock of the company owned by
Rockville Ry.
the same
This legislation, it is said, will be strongly opposed in the House because us, with the privilege to all stockholders to sell their stock upon per shareit would permit a merger of the Washington Railway & Electric Co. with the terms. The price is $55 per share for the preferred stock and $10American.
for the common stock, payable one-halfin preferred stock of North
Potomac Electric Power Co. without compelling a merger of the consolidated
Co. at $50 per share, and one-half in the common stock of North American
corporations with the Capital Traction Co.—V. 115, p. 542.
Co.at $100 per share (the par value of both classes of stock of North American Co. being $50 per share). If this sale is consummated, Dillon, Read &
Chicago Aurora & Elgin RR.—Wages Increased.—
sell the stock so
The company has granted the employees a wage increase of 3 cents Co. have agreed to East St. Louis purchased to the North American Co.
Co. who desire to join in this sale areStockholders of
an hour, retroactive to July 1. The new wage scale is 63 cents an hour
Broadfor the first year, 67 cents for the second year, and 70 cents for the third requested to deposit their stock with Central Union Trust Co., 80
way, New York, depositary, on or before Oct. 16.
year.—V. 115, p. 988, 868, 307.
Stockholders depositing an amount of stock which would entitle them to a
,
fraction of a share of North American Co.stock, will receive scrip certificates
Chicago Elevated Railways.—Merger.—
depositary for such fractional interest. which will be exchangeable for
The Illinois Commerce Commission has approved the proposed merger of thein amounts aggregating a full share. For convenience of stockholders,
of the Northwestern, Metropolitan West Side and the South Side Elevated stock
be prepared to purchase and sellsuch scrip certificates
railways and their purchase by a consolidated corporation at judiciary sale E.W.Clark & Co
market quotations.
basis
of the Chicago & Oak Park Elevated RR. The latter has been in the on the value of currentAmerican Co. stocks to be received is considerably
of North
The
hands of a receiver since 1911 (see plan in V. 114, p. 2358).—V. 115,
greater than the value of the East St. Louis stocks has been during recent
p. 1099, 988.
years. The East St. Louis Co. has paid no dividends upon its preferred
dividends have ever been paid on the comChicago Great Western RR.—No Reason for Decline in stock since Feb. 1 1918, and noto Feb. 1 1918 3% was paid on the preferred'
mon stock. From April 1 1915
Securities.—President Samuel Felton said:
stock, but the full 5% dividend has not been paid since Jan. 1 1915.
The North American Co. is paying dividends on both classes of its stock
There is absolutely no truth whatever in the rumor of receivership.
We have just got through paying the Sept. 1 interest and no more is due at the rate of 6% on the preferred stock, or $3 per share, and 10% on the.
common stock, or $5 per share, payable quarterly. The stocks of North.
until March 1. We are handling more business than ever before.
The above statement was issued Sept. 12 following a severe break in American Co. are dealt in extensively on the New York Stock Exchange,
the company's securities, the 4s falling to 45% from the previous day's while the market for the stocks of the East St. Louis Co. has always been
close of 56. The Preferred stock broke to 11% from the preceding day's limited.
,
While the properties of the East St. Louis Co. are valuable and with
close of 18g. and the Common stock sold from 7% to 43, but rallies
brought the close of the 4s up to 533i, the Preferred up to 14%, and the settlement of the coal strike and general resumption of industrial activity
the earnings should be satisfactory, it will be necessary to expend large.
Common to 6.—V. 114, p. 1889.
amounts of new capital to provide the plant and equipment to properly
handle the growing business, and if the property remains independent,some
Chicago North Shore & Milwaukee RR.—Wages.—
The employees recently voted to accept the company's final offer of new financial plan would have to be worked out or all surplus earnings used
for capital expenditures, in either event limiting or indefinitely postponing
the continuance for 2 years of the wage scale now in effect.—V. 115, p. 868.
dividends on the stocks.
There has accumulated to Aug. 1 1922, 28%% unpaid dividends on the
Chicago 85 North Western Ry.—Contract—Div. Outlook.
could be.
have to
The company has awarded a contract to the General Railway Signal Co. preferred stock, which would It is ourbe paid before any dividendsfinancial'
opinion, therefore, that the
calling for the installation of automatic block signals with train speed con- paid on the common stock.
problems of the immediate future can better be handled by a larger consolitrol from West Chicago to Elgin, a distance of 12 miles. This is in comdated organization and that the earning possibilities can best be developed
pliance with the I.-S. C. Commission's order of Jan. 10 1922.
We
in every respect the stockholders
Owing to the death of James T. Clark, President of the Chicago St. Paul by such an organization. willbelieve that by including their stocks with.
be benefited
of the East St. Louis Co.
Minneapolis & Omaha By., the directors' meeting scheduled for Sept. 12
ours in the sale.
has been postponed until Sept. 19.
Illustration of Value of Stocks and Income to Be Received.
Vice-President S. A. Lynde is quoted as saying that there is slight possi.
bility of increased dividend rates in the near future.—V. 115, p. 307.
The owner of 100 shares of pref. stock of East St. Louis Co. will receive,
Market Income
Chicago Rock Island & Pacific Ry.—New Financing.—
Value. per An.
pref. stock of North American
Speyer & Co. and Harris, Forbes & Co. have purchased, (1) 55 shares ofon Sept. 6 of approximately Co., with$2,530
market value
subject to the approval of the 1.-S. C. Commission, $5,000,- paying dividends of
$165 00.
of common stock of North American Co.,
000 First & Ref. Mtge. 4% Gold Bonds due April 1 1934. (2) 27% shares value Sept. 6 of approximately
2,585
with market
bonds will be offered publicly next week.
The
137 50'
paying dividends of
The bonds are secured by a first lien on about 1,171 miles and by a second
The owner of 100 shares of common stock of East St Louis Co. will.
lien (subject to existing prior mortgages, a large part of which are held by receive:
Market Income
the trustee of the First & Ref. Mtge.) on about 4,657 miles. In addition,
Value
per An
the bonds are a first lien upon all the $15,000,000 stock and leasehold of
Choctaw. Oklahoma & Gulf RR.,covering 966 miles, making a total mileage (1) 10 shares of pref. stock of North American Co., with
covered by the bonds of 6,794 miles. The bonds are also a first lien on
$460
market value on Sept. 6 of approximately
equipment.
$30 00.
valuable terminals and on
paying dividends of
The mortgage is limited to $163,000,000, of which $154,020,000 bonds (2) 5 shares of common stock of North American Co., with
have been issued, including the $5,000.000 sold. S100,441,000 are in the
470
market value on Sept. 6 of approximately
are now held in the treasury of the paying dividends of
hands of the public, and $53,579,000
25 00
company, or are pledged for loans to the U. S. Government. Only $8,Dillon, Road & Co., N. Y. Aug. 31 1922, in letter to980,000 additional bonds remain to be issued.
The total funded debt, including Equipment Trust Notes of the Rock
W. Clark & Co., say in substance:
Island, outstanding on Dec. 31 1921, was at the low rate of about $31,400 E.
Our agreement for the purchase of the stock is conditioned upon the•
per mile of road owned.
available for interest on deposit with Central Union Trust Co on or before Oct 16 1922 of not less
For 1921 the income of the railway company &
Ref. and other bonds than 48,000 shares of the pref stock and not less than 48,000 shares of the
First & Ref. bonds and loans secured by First
amounted to about $11,300,000. whereas interest on outstanding First & common stock now outstanding (being 80% of each class of stock out).
Although our agreement to purchase any of the stock is conditioned upon
Ref. bonds only amounted to about $3.800,000, and interest on secured
loans amounted to about $1,700,000. For the first seven months of 1922 the deposit of the amount of preferred and common stock specified, it is
(the so-called lean months) the company reports a surplus of about $1,500,- nevertheless agreed that you will cause at least 35,000 shares of preferred
stock and at least 35,000 shares of said common stock to be so deposited
ss
000 in exce of fixed charges.—V. 115, p. 644.
purchase
within the time limit, and we are to have the
Omaha Ry.—Obituary. all deposited stock even although the amountMight to take up and 48,000
deposited is less than
Chicago St. Paul Minneapolis & Sept.
8.—V. 114, p. 2716.
shares of preferred stock and 48,000 shares of common stock.
Clark died at St. Paul
President James T.
This offer on our part is conditioned, at our option, upon there being
public stock
Chicago Terre Haute & S. E. Ry.—Interest Payment.— outstanding in the hands of theshares of 5% of the East St. Louis Co. con—
Bank, Chicago, is now making payment on sisting of not exceeding 60,000
cumul. pref. stock (par $100)
The First Trust & Savings
the Income Mortgage 50
-year and not exceeding 60,000 shares of common stock (par $100).
coupons Nos. 44, 45 and 46, detached from
See also North American Co.under "Industrials" below.—V.115. p. 1210
by the Chicago Milwaukee & St. Paul Ry. Co.
gold bonds guaranteed
This payment will be made to the original depositor or his assigns under
the agreement in accordance with the circular letter dated Nov. 28 1921.
Erie Railroad.—Ends Shop Contracts.—
—V.113, p. 1052.
The contract between the Hornell Repair & Construction Corp. (which.
operated shops in Hornell, Salamanca, Corning, Elmira and Binghamton.
Ry., Atlanta, Ga.—
City & Suburban St. Trust Co., New York, against this
the Erie RR. terminated Sept. 11.
N. Y., and in
defunct This marks the Bradford, Pa.). andsystem of shop operation in this parThe matter of the Columbia
end of the contract
a
company was finally disposed of Sept. 8 when decree was signed by Judge ticular section.—V. 115, p. 436, 182.
District Court at Savannah, Ga. Under the order,
Barrett of the U. S.
out the funds
his
Receiver 0. C. Lisman is required to pay c lon of thtmhli in eionpossession
efe e l nvrs,e om pe elGeorgia Ry. & Power Co.—Capital Increase.—
t te,c ob edn:
accrued tume o co ep
ai
c uense
compenin the following named order: The the pensaemiost
pr
receiver,
The stockholders recently voted to create a new issue of $2,500,000 8%
sation for services of the
Cum. 1st Pref. stock, of which it is proposed to issue $2,000,000 in exchange
compensation of receiver's counsel, co
due the State of Georgia
Cum. 1st Pref.(including accrued and unpaid
the principal and interest on taxes and interest due the city ofand Glynn for the present $2,000,000 6%be issued to provide funds for working capital.
Brunswick dividends), and $500,000 will
County for 1920 and 1921, principal
1921, and the principal and interest covering any unpaid See V. 115, p. 73, 183, 988.
for 1920 and
Glynn.
d htabnectleitehueeeecoedunedtyboyfthe Brunewl
taxes in favor of the city of Brunswi
ck
The road was sold in Dec. 1921 an
Galesburg Ry., Lighting & Power Co.—Note Offering.
113, p. 2504.
& Interurban Ry.—V.
—Emery, Peck & Rockwood in January last offered at 99
Cleveland Cincinnati Chicago & St. Louis Ry.-2% and int. $300,000 7% bond-secured gold notes. A circular.
Dividend on Common Stock.— on the outstanding Common stock,
declared
A dividend of 2% has been
1922,
record Sept. 29. On Sept.l
a
0a
par $100, payable Nov. 1 to holders of until June 15
when similar
dividend of 2% was paid; none since,
disbursement was made.
dividend has also been declared,
The regular quarterly 1% Preferred
Sept. 29.—V. 115, p. 542. 435.
payable Oct. 20 to holders of record
Dated Nov. 1 1921. Due Nov. 1 1926. Int. payable M.& N. in Ohlcargo without deduction for the normal Federal income tax not to exceed
2%. Central Trust Co. of Illinois, Chicago, trustee. Denom. $1,000;
g500 and $100 (c). Red. all or part on 30 days' notice at 103 and int.
securitib—Secured by deposit of $400,000 Galesburg By. Ltg. & Power
Consol. & Ref. Mtge. 5% gold bonds, due Oct. 1 1934.
Guaranty.—Guaranteed principal and interest by Illinois Traction Co.
Creek District Ry.—Sale. Co.
Colorado Springs 85 Cripple sell the road at foreclosure sale 012
Company.—Incorp. Sept. 10 1913, acquiring all properties and rights of
Master, will
Ivor O. Wingren, Special
Among the properties of the com- the Galesburg Electric Motor & Power Co. Galesburg Gas & Electric
Oct. 16 at the upset price of $200,000. at that time_ are all moneys in the Light Co., Galesburg; Ry. & Light Co., Abingdon Light & Power Co. and
for sale
pany that will not be offeredintangible propertY, claims, demands, &c.— Knoxville Electric Light & Power Co. Does substantially all the street
hands of the receiver and all
railway and the entire gas, electric lighting and power and steam heating
v. In, 13. 1851
.
business in Galesburg, Ill. Electric light and power are also supplied in
the nearby cities and towns of East Galesburg Knoxville, St. Augustine.
Street Ry.—Bus Petition.—
Connecticut Valley
111, p. 492.
Prairie City and Abingdon. Controlled by Illinois Traction Co.
See Massachusetts Consolidated Rys. below.—V.
SEPT. 161922.]
THE CHRONICLE
1321
CapitalizationAuthorized. Outstanding
Lafayette Street Ry., Inc.
Preferred stock
-Fares.
$464,000
$500,000
The company announces that hereafter the 2
Common stock
3,500,000
-cent transfer
3,474,300 be eliminated
Consolidated & Refunding Mortgage 5s
and a straight 5
-cent cash fare will be charged.charge will
5,000,000 x1,075.500 period of
for a trial
6 months.
Underlying bonds (mortgages closed)
-V. 114,p. 1651.
y781,000
7% Bond-Secured Gold Notes (this issue)
750,000
300,000
Louisiana& North West RR.-Tenders.-x Does not include $184,500 retired by sinking fund and cancelled or
The company will, until Oct. 2, receive bids for the
$400,000 deposited as collateral for this issue of $300,000 gold notes.
sale to t of First
y Does not include $369,000 bonds issued but deposited with tne trustee Mortgage bonds to an amount sufficient to absorb $12,.000 now in the
sinking fund.
-V. 115, p. 1210. 543.
under the Consolidated & Refunding Mortgage.
Purpose.
reimburse the company for extensions and additions made
-To
Manhattan (Kan.) & Interurban Railway.
during the past year.
-V.114, p. 2579.
-Sale.
The property and equipment of the company,
4-wheel drive trucks now in operation, will be sold with the exception of the
Gary (Ind.) Street Ry.-Bonds Offered.
at public auction on Sept.
-Fletcher-Amer- 27 by order of the U. S. District
Court, at the upset price of $70,000.
jean Co., Indianapolis, recently offered at 81 and int., yieldIt is said that the Manhatta
ing about 7.10%,$100,000 1st Mtge.5% gold bonds of 1917, the line and re-electrify it. n Gas & Electric Co. may offer to take over
J. T. West, Manhattan, Kan., and W.A. Busch, St.
due July 1 1937.
Louis, are receivers.
Manhattan Railway.
Data from Letter of President Charles W. Chase, Gary, Ind.
-Time Extended.
See Interborough Rapid Transit Co. above.
Company.-Incorp. in Sept. 1917 in Indiana and acquired
-V .115, p. 869, 759.
by purchase
approximately 30 miles of street railway within and between the adjoining
Massachusetts Consolidated Rys.-Bus Petition.
cities of Gary, Hammond and East Chicago. serving a population of apThe Connecticut Valley Street By. and the Northern
proximately 150,000.
Massachusetts
Street
have applied to
• Capitalization After This FinancingAuthorized. Outstand'g. sion toRy.motor vehicles the Massachusetts P. U. Commission for permisuse
Common stock
for transporting passengers. D.P. Abercromb
$365,500
$365,500 is Receiver and General Manager
ie
6% Preferred (non-cumulative)stock
of both companies.
-V. 106, p. 2011.
365,000
365,000
1st Mortgage 5% gold bonds (Including this issue)_ _
(x)
550,000
Missouri Kansas & Texas Ry.-Cash Installments.
-Year 5% Debenture gold bonds (a 2d Mt.,closed)
20
800,000
The final cash installments of $5 a share on the Common
x Restricted by the provisions of the mortgage.
stock and $4
a share on Preferred
Purpose.
-Proceeds will he used to construct approximately
mile of Sept. 12.-V. 115, p. stock, under the reorganization plan, were payable
single track to the plant of the American Bridge
988, 869.
Co. and to reconstruct
approximately 4-5 of a mile of double track on Broadwav extending
from
,
Nashville Chattanooga & St. Louis Ry.-Equip.
the Wabash RR. to the main entrance of the plants
Trusts.
of'the Indiana Steel
The company has applied to the 1.-S. C. Commission
Co.
for authority to
Franchises.
-Company operates under indeterminate permits, pursuant issue $1,800,000 equipment trust certificates, which are to be sold
through
J. P. Morgan & Co. at 94.89 and int.-V. 115, p. 988.
to the laws of the State of Indiana.
Issuance.
-Sale approved by the Indiana P. S. Commission.
New Brunswick (N. S.) Power Co.
Earnings for Years 1920, 1921 and First Six Months of
-Sale Offer.
1922.
J. J. Bedell of Bodell &• Co.. Providence, R. I., representing
the security
1920.
1921. 6 2tfos.'22. holders, has offered to confer with the representa
Gross revenue (including other income)
tives of the City
Oper. exps., maint. taxes and injuries and$878,588 $755,188 $358,696 John, New Brunswick, in a further effort to sell the railway and of St.
other
property of the company to the city. The proposal utged by
damage reserve of 5% of total oper. rev... 683,858
'
602,023
266,728 Lellan, recently elecred, to have the city buy the property for Mayor Mc$4,900,000.
was defeated by the Council by a vote of 4 to 1, the Mayor
Net earnings
being the only
Annual interest charge on 1st M. gold bonds$194,731 $153,165 $ 91,968 Council member to support the plan. The Mayor said he believed Mr. Bedell had offered the property to the city at the lowest price
outstanding
$18,975
$22,100
$10,550 missioned to name without referring the matter back to he had been com-V. 115, p. 645.
his constituents.
("Electric Ry. Journal.")
-V. 115, p. 768.
Illinois Central RR.
-Equip. Notes.
-Kuhn, Loeb &
Co. have placed privately $6,645,000 4
Equip. Trust
notes, at price to yield about 4.95%.
The company has applied to the I.
-S. C. Commission for authority to
Issue $6,645,000 Equipment Trust Certificate
s, which are to be sold to
Kuhn, Loeb & Co., New York, at $95.
The proceeds from the sale of the
of 25 central type locomotives to be securities will be used in the purchase
built by the Lima Locomotive Works;
25 Mikado locomotives to be built
switch engines to be built by Baldwinby the American Locomotive Co.; 15
Locomotiv
cars, of which 500 will be built by the Westerne Works,and 3,000 gondola
Steel
50 by the American Car & Foundry Co., 1.000 by the Car & Foundry Co..
Pullman Co. 500 by
Mt. Vernon Car Mfg. Co. and 500 by Bettendor
f Co.
-V.115, p.1210, 7591
Interborough Consolidated Corp.
-Trustee's Sale
Interborough Rapid Transit Co. Stock Deposited as Collateral. of
-
New Orleans Texas & Mexico Ry.-Earnings, &c.
-
For combined earnings of the "Gulf Coast Lines" for
ending June 30 1922, and other statistics, see the "Railway the 6 months
Age" of Sept.
9, p. 480 to 482 inclusive.
-V. 115, p. 1210, 760.
New York Chicago & St. Louis RR.
-Equip. Trusts
Sold.
-Guaranty Co. of New York, Union Trust Co. and
Hayden, Miller & Co., Cleveland, have sold at 100 and divs.
for all maturities, $3,150,000 Equip. Trust 5% Gold certificates, to be issued under the Philadelphia plan (see
advertising pages).
Dated Sept. 1 1922. To mature $225.000 each Sept.
Dividends payable M. & S., without deduction for normal1 1924 to 1937.
tax up to 2% at Union Trust Co., Cleveland, trustee, Federal income
and Guaranty
Trust Co. of New York. Denom. $1,000
(C5
)
These certificates are to be issued against• not to
cost of standard railroad equipment consisting of: exceed 80% of the
4 Pacific passenger
locomotives, 15 Mikado freight locomotives, 400 steel underfram
e refrigerator cars, and 1,000 steel underframe automobil
e cars.
The total purchase price of this equipment
is to be approximately
83,985,000, of which not less than 20% is to be paid
by the company in
cash. Title to the equipment will be
for the certificates until the entire issue vested in the trustee as security
has been paid.
The total income of the company available
for fixed charges for the 6
years ended Dec. 31 1921 averaged more
for that period. For the 7 months than twice average annual charges
ended July 31 1922, total income
amounted to 54,378.660, which was more than
3 times fixed charges for
the period and $1,725,276 more
than in the corresponding months of
last year.
-V. 115, p. 1210, 869.
The Empire Trust Co.. trustee of the Interborough-Metropo
litan Co.
collateral trust 4%% gold bonds, dated March 5
Sheffield, trustee in bankruptcy, will sell at 'public 1906, through James R.
auction on Oct. 9 at the
Post Office Building in New York City, $33,912,8
00
Interborough Rapid Transit Co., the collateral for the capital stock of the
The shares of stock will be sold as an entirety and in above bonds.
one
free and clear of all liens, equities and encumbrances of block or parcel,
or
trustee, and all other liens or encumbrances of whatsoeve in favor of the
r nature, of all
rights and equities of the bankruptcy trustee, creditors
and stockholders of
the bankrupt and other persons claiming by, through or under
the bankrupt.
The shares of stock are to be sold to satisfy a lien for
amounting to $75,170,758, with interest thereon at principal and interest
July 3 1922, together with the costs and expenses of the rate of 43 % from
the sale and
ces, fees, charges, expenses and counsel fees of the trustee underthe advansaid trust
agreement as the same may be determined, fixed and allowed
by the cmirt.
No bid for the stock will be considered unless
it be accompanied by a
New York State Railways.
certified check for $50,000, payable to the order of Empire Trust
-Accumulated Dividends.
Co., issued
A dividend of6%%(17 regular quarterly
on a bank or trust company
in New York having a capital, surplus has been
and
account of arrears)
and undivided profits of atlocated$500,000.
declared on the Preferred stock, payable 5% on to holders of record
least
Oct. 2
Sept. 22. This payment will reduce
See Interborough Rapid Transit Co. below.
-V. 115, p. 543, 183.
similar distribution was made on this arrears on the Pref. stock to 10%. A
issue July 1 last.
-V.115, p. 988, 760.
Interborough
Rapid Transit Co.
-Time Further Extended Under Plan for Bond Deposits.
--The InterboroughMetropolitan 432% bondholders committee, headed
by
Grayson M.
-P. Murphy, issued a notice to
the bonds and the certificates of deposit of thisthe holders of
issue Sept. 12
announcing that the committee has granted a final extensio
n
of the time for deposit of bonds under the agreeme
including Oct. 7 1922. The committee, of which nt to and
the other
members are John McHugh, Charles A. Peabody, Charles
H.Sabin, Charles S. Sargent Jr. and Frederick Strauss, says:
The stock of Interborough Rapid Transit Co., pledged
mentioned bonds, is to be sold at public auction on Oct. to secure the above
9 1922 by
Sheffield. trustee in bankruptcy of Interborough Consolidat James R.
ed Corp.,
under a decree of the U. S. District Court and the trust agreement securing
these bonds. It is the purpose of the committee to bid for this stock for the
benefit of its then depositors, using in payment the deposited bonds.
While more than 90% of the bonds have been deposited with the
mittee, which is more than the amount necessary to enable it to bid forcomsaid
stock and to consummate the plan of readjustment dated May 1 1922.
so far as these bonds are concerned, the committee desires to give bondholders who have delayed their deposits an opportunity to participate in
the benefits of any purchase of said stock by the committee and of the
plan of readjustment.
To that end the committee has granted a final extension of the time for
the deposit of bonds and for the presentation of certificates of deposits to
the depositary for notation of election to subscribe for the new notes to be
issued under the plan to and including Oct. 7 1922.
The committee again calls attention to the marked advantage to depositors of exercising the option to purchase new Interborough notes rather
than surrender 60% of their bonds. Over 95% of the depositors have
exercised the first option. Depositors who have not already done so are,
therefore, urged to avail themselves of this final extension by presenting
their certificates to the depositary for notation of their election to purchase new notes.
Receivership Proceedings Extended.
By stipulation between all parties to the litigation. Judge Julius M.Mayer
In U. S. District Court Sept. 12 adjourned until Sept. 26 the applications
for the appointment of a receiver for the I. R. T. Co. Two such applications are pending, one by the American Brake Shoe & Foundry Co. and
the other by the Continental Securities Co.
-V. 115, p. 1100, 988.
Kansas & Oklahoma Ry.-Bonds Voted.
-
Stevens County (Kan.) citizens recently voted $6,000 a mile to this
company at a special bond election. This assures the completion of the line
west from Liberal, Kan., across Stevens County and through Hugoton to
the Trinidad coal country. Compare V. 114, p. 2823.
t Kentucky Securities Corp.
-Initial Common Dividend.
An initial dividend of 1% has been declared
$100. payable Oct. 1 to holders of record Sept. on the Common stock, par
20. The regular quarterly
dividend of 13.6% on Preferred has also been declared, payable Oct. 15
to holders of record Sept. 20.-V. 114,
p 409.
Northern Massachusetts
See Massachusetts Consolidated Street Ry.-Bus Petition.
Rys. above.
-V. 115, p. 1100.
Pacific Electric Ry.-Far
es Reduced.
The California RR.
Its fares in Los AngelesCommission has authorized the company to reduce
and
ride coupon ticket withoutto establish a form of monthly commutation 60
limitation as to use, good for 40 days from
date of sale and good for a
ride through two zones and with transfer
privilege, the same as 10
-cent cash fare. This form of ticket can be sold
by the company for $4
reduction
of single cash fares and80, aequivalent of $1 20 below the same number
the
of 8 cents for a ride through two
zones.
-V. 115, p. 1100, 988.
Philadelphia & Reading Ry.-Ne
Terminal
.
w
The company has announced
of the new terminal at Camden.the details of the plans for the construction
The terminal, it is expected, will be ready
by 1923.-V. 115, p. 541.
1.83.
Public Service Corp. of New Jersey.
-Listing.
-
The New York Stock Exchange
has authorized the listing of
(authorized $50,000,000) 8% Cumulativ Preferred Stock, par$18.414,500
e
which is issued and outstanding, and the substituti on the list $100, all of
on
of $30,000,000(authorized $50,000,000) Common Stock.
par $100, upon official notice
of issuance in exchange for
outstanding certificates of Capital stock.
V. 115, p. 1211, 760.
Reading Company.
-Listing.
-
The New York Stock
the listing of
deposit of J. P. MorganExchange has authorized for $92,609.0certificates of
& Co. and Drexel
Co.and The Philadelphia & Reading Coal& Co. Co. Gen. 00 of Reading
& Iron
Mtge.
Bonds, on official notice of issuance thereof in exchange for bonds 4% Gold
deposited
under the deposit agreement of July 1 1922.-V. 115, p. 989, 645.
Sandusky (0.) Norwalk & Mansfield Electric Ry.Funds are said to have been raised to operate the defunct
NorwalkShelby line with gasoline cars as soon as the tracks can be cleared.
A new
company has been incorporated by J. L. Baugh, Indianapolis; C.
North Fairfield, and others to carry out the plan-("Electric Ry. R. Irwin,
Journal").
-V. 114, p. 1767.
Southern Ry.-Equip. Notes Offered.-Hambleton & Co.
and E. Lowber Stokes & Co. are offering at prices ranging
from 100.49 to 102.19, to yield from 4M% to
5%,
ing to maturity, $2,974,400 Equip. Trust 6% goldaccordnotes,
stamped subordinate to $5,946,200 Prior Lien notes now
outstanding.
Dated Jan. 15 1920. Maturing $228,800 each
anty Trust Co., New York, trustee. AuthorizedJan. 15, 1923-35. Guarand issued, $10,293,000;
matured and retired, $1,372.400; unstamped notes, $5,946,200;
stamped
notes now offered, $2,974.400
.
Notes are secured, together with the unstamped notes, on
equipment: 15 light Mikado locomotives, 50 light Santa Fethe following
17 light Mountain locomotives. 14 heavy switching locomotivelocomotives.
s, and 2,000
50-ton composite gondola cars.
THE CHRONICLE
1322
ately
Income account for the year 1921 indicated a net surplus of approxim after
Net operating income
32.000,000 after all charges and deductions. $10,078,616, compared with
rents for the first 7 months of 1922 aggregate
•
$3 306P956 for the first seven months of 1921-V. 115, p. 989.
L*4
P
- - ower
- Tennessee Eleetric - 6% Preferred stock and 14%
on the
Initial quarterly dividends of 1M%
payable Oct. 2 to
on the 7% Preferred stock have been declared, bothweek's"Chronicle."
holders of record Sept. 20. See listing statement in last
-V. 115, p. 1211, 989.
Ry.-Guaranty Certified.
Texas & Pacific
s
The I.-S. C. Commission has certified the amount of this company'
guaranty for the six months' period following Federal control as $2,043,041,
69.
-V. 115, p.
of which $298,041 is still to be paid.
rms
Remove Tracks.Tiffin & Fostoria Ry.-To ordered the company to remove its
The City Council of Tiffin, 0., has
1 1923. The tracks are now
tracks from South Washington Street by April74.
-V. 115. p.
being used for freight cars only.
••••••
•
TPEP•••••••!
-Listing-Earns.
Traction, Light & Power Co.
Toledo
0
The New York Stock Exchange has authorized the listing of $6,500,00
-Year 6% Secured gold notes, maturing Aug. 1 1925.
(auth. $7,500,000) 3
Net Income of the Company for Calendar Years..
1921.
1920.
1919.
1918.
1917.
$1,148,124 $400,254 $578,542 $475,500 $1,076,467
Net income
•
Income Account for 12 Months Ended July 31 1922.
Income from securities owned. $1,975,977; expenses and taxes,
$1,863,065
$112,012; gross income
Fixed charges: Int. on funded debt, $491,372; int. on floating 905,128
debt,$117,063; amortization of debt discount, $296,693
,••••••••...••••(..
Net income
Credit balance Aug. 10 1921
Preferred dividends accrued
Adjustment of accounts (credit)
$957,937
3,359,874
399,701
3
$3,918,113
Credit balance Aug. 10 1922
Balance Sheet Aug. 10 1922.
Liabilities.
Assets.
$20,164,481 6% Cum.Pref.stock____ $8,000,000
Capital assets
9,082,843
3,861.989 Common stock
Accounts receivable
*2,500,000
9,000 1st Lien 7% bonds
Coupons receivable
3-Yr. 7% Deben. bonds.. *1,061.000
1.375
Cash
3,763 Tol. Rys. & Lt. Co. car
Preferred divs. receivable
149,000
trust certificates
Surplus earnings due from
1,650,917
5,659,517 Accounts payable
subsidiary
53,886
43,415 Interest accrued
Temporary suspense_ ___
3,480
106,461 Taxes accrued
Bond disc't & expense_ _ _
(not decl.) 3.430.763
Pref. divs. accr.
3,918.113
$29,850,001 Surplus
(each side)
Total
-Year
* Since paid with part of proceeds from sale of abov e$6,500,000 3
-V. 115, p. 646.
6% Secured notes.
o Ry.-Filing of Claims.
Toront
The Hydro-Electric Power Commission of Ontario and the Toronto
having any claim
Railway, in a notice dated Aug. 31, state: All persons Power Co., Ltd.,
companies, viz.: Toronto
against any of the followingof Ontario, Ltd., Toronto & Niagara Power
Development Co.
Electrical
& York Radial Ry..
Co., Toronto Electric Light Co., Ltd.. Toronto properties arising prior
or against any of their
Schomberg & Aurora Ry., to give notice in writing of such right or claim
are required
to Dec. 1920,
ic Power
with precise and definite particulars thereof to 1the Hydro-Electr
1923, failing which such
Commission of Ontario at not later than April the Commission shall itself
shall be forever barred, unless
right or claim
claim to the Toronto Railway.
have given notice of such bonds, debenture stock or notes specified below
Holders of any of the
notice in respect thereof, nor need any trustee under
need not give any
or notes give notice
any trust securing any of the bonds, debenture stock
of any right or claim arising thereunder. 5s outstanding Dec. 1
Co. 1st Mtge.
Toronto & Niagara Power
$1.500.000
1920
1 1920
Electrical Dev. Co. 1st Mtge. 5s. outstanding Dec.e stock, out- 9,349,000
Toronto Power Co. 1st Mtge. 43% Debentur
£2,786,079
standing Dec. 1 1920
by trust
And any Debenture stock of this company securedissued in
deed to the British Empire Trust Co., Ltd.,
exchange therefore.
$4
Toronto Power Co. 1st M. bonds outstanding Dec. 1 1920 1919, 103 200
dated March 11
Toronto Electric Light Co. 1st M. bonds
1,000,000
ng Dec. 1 1920
outstandi
dated March 11 1919,
Toronto Electric Light Co. 2d M. bonds
3,000,000
outstanding Dec. 1 1920
-Year Promissory Notes dated
Toroto Electric Light Co. 6% 3 1 1920
850,000
July 1 1919, outstanding Dec.
1101.
115, p.
-Final Settlements.
Railroad Administration.
U. S.
ation reports that it has concluded final
The U. S. Railroad Administr
The payment of these claims on
settlements with the following roads. balance of compensation due, but
t is largely made up of
final settlemen
items as between the railroad companies and
includes all other disputed the 26 months of Federal control.
the Administration during
Erie Terminal RR., $3,300:
Indianapolis Union Railway, $765,000;
Ry.. $27.600; Mather Humane Stock
Lake Superior Terminal & Transfer
River Term:Aal Co., $6,377;
ation Co., $175.000,• Savannah
Transport
Keokuk Union Depot Co.. $6300;
Bath & Hammondsport RR., 319.500;
$7,500.
Atchison Union Depot & RR.,
Director-Genera
Maryland Ry. paid Director-General l $800,000; Norfolk &
Western
$67,000.
paid
Portsmouth Belt Line Ry.,& Northern By., $4.800; Montana Western
Short lines, Wisconsin By., $6,000.-V. 115, p. 1101, 761.
River
By., $4,000; Owasco
-Preferred Stock.
Utah Power & Light Co.
-17. 115, P. 184.
"Industrials" below.
-Merger Bill.
Washington Ry. & Electric Co.
See Utah Securities Corp. under
-V. 115, P. 1211, 546.
See Capital Traction Co. above.
--Fares.
,Public Service Co.
Wheeling
to the West Virginia P. S. Commission for
The company has applied 25 cents, to be good between 12th, Chapline.
authority to sell 4 tickets for
10th streets. The present single cash fare is 10 cents.
McCullough and
-V. 111, p. 1853.
-Acquisition.
Service Co.
Wisconsin Public has been incorporated by interests closely
The Green Bay Park By. Public Service Co. to take over the property
associated with the Wisconsin By., consisting of about 1M miles of track.
of the Bay Shore (Wis.) Street the Wisconsin Public Serviee Co. last year
The property was operated by
V. 115. p. 75.
on contract with the owners. See
INDUSTRIAL AND MISCELLANEOUS.
the most important develThe following brief items touch during the past week, toopments in the industrial world
news published in full
gether with a summary of similar either under "Editorial
detail in last week's "Chronicle" Discussions."
and
Comment" or "Current Events
&c.
on, Prices,
Steel and Iron Producti
The"Iron Age" Sept. 14 says in brief:
ons by steel companies are coming
-"Blast furnace resumpti September. Pittsburgh, YoungsResumption.
of
more rapidly than in the first week
Pennsylvania report 15 furnaces
town, Cleveland, Chicago and Eastern are that all the August loss of 28
past week, and indications or ten days.
started in the
another week
by
furnaces will be made up embargoes announced by various railroads in the
Transportation.-"The
effect as yet on steel shipments. Ample
Past week have had no important for coal shipments and thus far the steel
supplies of cars are still available
priority railings.
industry has not been directly affected by
[Vim. 115.
"One factor of uncertainty grows out of Washington proposals for cooperation by coal producers in furnishing tonnages for use as required to
keep prices in check. Since steel makers are being pressed by railroads
are making
and car builders to supply steel for cars and locomotives they
every effort to increase output.
-"In the past week special efforts have been made to expedite
Orders.
RR.
order, the
in
the delivery of railroad steel. With much equipmentnew bad
equipment will
railroads are urging car works to make deliveries, since
ble period without needing attention.
operate for a considera
unusual volume
"Locomotive works are also expediting deliveries on the 75 locomotives
of business they have booked recently. Late orders include Francisco. A.
50 for the St. Louis & San
for the New York Central and
equipconsiderable item in the machine tool trade is a $500,000 list of shop
ment for the Missouri Kansas & Texas.
ingot production this week is at
Production.-"The Steel Corporation
s are again
more than 60% of capacity and several independent companie
close to ,a0%, with prospects of some further increase. less from the July
much
"Augin steel ingot output, as expected, fell off
11% for steel.
rate than did pig iron-about 25% for pig iron and only
August rate was
As against a 35.000.000-ton yearly rate in July, the tons.
00
nearly 31,000,000 tons, and to-day t is nearer 32,000.0
purchases at present
Prices.-"Buyers of steel are disposed to limit theirof the Steel Corporaprices, which still show a considerable range, in viewpolicy.
conservative
tion's evident purpose to continue itsdistrict has had in the past week the
"An important mill in the Chicago
agricultural
heaviest inquiry that has come to it in 18 months. However, weeks ago,
some
a moderate
buying in that market, which began onadvanced. scale
as prices have
has gradually fallen off
$3 per ton,
"Eastern bar iron manufacturers have advanced their price have been
Belgian steel bars
or to 2.25c., Pittsburgh. About 500 tons of1.90c., Pittsburgh.
at about
brought in at Philadelphia for sale is the Ford Motor Co.'s release this
"Significant of an easing situation
the mills when it
week of a portion of the steel sheets it had held up at
published its plan to close down on Sept. 16. so that pig iron output at
"Connellsville coke supply increases slowly in production. The trend
merchant furnaces can make only a gradual gain
sections the adof pig iron prices at Pittsburgh is still upward, but in other prominent steel
a
vance seems to be arrested and in Eastern Pennsylvania below the recent
on a basis of $32 or $2
company is selling foundry grades
to blow in a
prevailing price. The leading Virginia interest, which expects for No. 2
on $32
furnace in a few days, has announced a schedule based
am market seems to be settling
plain, but has made no sales. The Birmingh high as $27 50. Deliveries
as
to $25, although Southern basic has sold
from the South continue to be extremely slow."
ion, Prices, &c.
Coal Product
in brief as
The United States Geological Survey Sept. 9 1922 reported
follows:
9,142,000 tons in the
returns on soft coal production show only awaited with interest
"Final
week ended Sept. 2. The record of the week was
resumption of
as an indication of the supply to be expected after general (Sept. 4-9).
mining under the Cleveland agreement. In the present week 8,700,000
output can hardly exceed
because of the Labor Day holiday, the
tons.
yet been
"Production of anthracite, though expected shortly, has not
resumed.
now become transporta"The limiting factor in the supply of soft coal has notably in the Connellstion. Some thousands of miners are still on strike,
shipment by the
vine and Kanawha districts, but the tonnage offered for facilities. The
other mines at work will absorb the available transportation conditions coal
are high. Under such
demand for coal is active and prices
to transis offered for shipment up to the limit of the ability of the railroads
port it.
tons a week. In the corre"The present rate of production is 9,600,000
1919, 11,340,sponding period of 1920 the average was 11.750,000 tons; in
The present rate of soft coal
000 tons, and in 1918 about 12,800,000 tons. top cars, is therefore 25% bemovement, even with priority in use of openlow 1918, 15% below 1919 and 18% below 1920.
Estimated United States Production in Net Tons.
1921.
1922.
Week. Cal.Yr. to Date.
.
Cal. Yr. to Date.
Week.
Bituminous247,394,000
7,708.000
000
216,824,
4.609,000
August 19
255,147,000
7,753,000
223,560,000
6,736,000
August 26
262,753,000
7,606,000
232.702,000
9,142,000
September 2
Anthracite
59,608,000
1,529,000
23,126,000
39,000
19
August
61,408,000
1,800,000
23,161,000
35,000
August 26
63,248,000
1.800,000
00
23,199,0
38,000
September 2
Beehive Coke
3,724,000
57,000
3,973,000
122,000
August 19
3,781,000
57,000
4,090.000
117.000
August 26
3,840,000
58,000
4,232,000
142,000
September 2
in brief:
The "Coal Trade Journal" Sept. 13 said d to exceed advances. Coms continue
"Reductions in spot quotationweek ended Sept, 2, changes were shown
for the
paring figures with those s. Of these changes, 56.36% represented reducin 58.33 of the quotationcents to $1, and averaging 72.09 cents per ton.
tions ranging from five
61.87 cents.
Advances ranged from ten cents to $1 50 and averaged
down by
to try to
"Consumers showed a general tendency meet withforce prices
much success. Subthey did not
but
staying out of the market,wood and furnace coke, were being urged upon
for coal, such as
stitutes
the reluctant
consumers. At New York prices receded slightly as a result of brought a
attitude of buyers. The prospect of a resumption of mining
orders in Philadelphia.
flood of
e
"British coal continued to flow steadily into Atlantic ports. Immediat
t lower, ranging
were
buying was discontinued and quotations from somewha
the northern countries to
for unscreened locomotive fuel
from 33s.
would be resumed with
41s.for Admiralty. It was anticipated that buying
the advent of a transportation jam. Chicago market as domestic trading
users dropped out of the
"Steam coal
were fearful that the market
picked up. In the Northwest dock operatorscoal for winter and it was exsupply of bard
would not receive a sufficientwould be enforced by fuel committees.
ns
pected that rigid regulatio
t whereby the an"The close of the week saw the signing of an agreemen
further delay."
thracite miners are to return to work without -See "Current Events" in
Accepted by Miners.
Anthracite Peace Plan
P. 1.
this issue and "Times" Sept. 10,on on Coal Industry Passed by Senate.
Bill for Fact-Finding Cotnmissi
"Times" Sept. 9, p. 2.
&c.
Oil Production, Prices,
estimates daily average gross crude
The American Petroleum Institutefollows:
production in the United States as
oil
1921.
1922
Sept. 10.
Aug. 26.
Sept. 2.
Sept. 9.
(In Barrels)
308,400
399,800
402,500
402,700
Oklahoma
94,700
86,500
86,500
86,550
Kansas
63,900
49,850
50.100
52,400
North Texas
102,370
146,100
141,650
147,600
Central Texas
115,600
124,800
125,550
127,400
& Arkansas_ _
North La.
107,770
113,700
113.300
106.900
Gulf Coast
114,000
122,000
117,000
113,000
Eastern
44,700
82,170
81.400
.
82,850
Wyoming and Montana.
323,600
37.5,000
380,000
385,000
California
1,275,040
1.498.000 1,499,920
1,504,400
Total
-Standard Oil Co. advanced tanka wagon
Price of Kerosene Advances.
and South Carolina, and lc. gallon
price of kerosene Mc.a gallon in North
and District of Columbia.
In New Jersey, Maryland, Virginia, West Virginiain Washington and 113c.
The new quotation is 12 Mc. in New Jersey, 12c.
elsewhere. "Financial America" Sept. 14.
-Texas Co. posts increase in Oklahoma crude of
Crude Oil Price Advanced.
15, p. 10.
25c. a barrel 38 degrees gravity and above. Boston "N.B." Sept.
Prices, Wages and Other Trade Matters.
-Wholesale cash prices in New York reached the folCommodity Prices.
ended Sept. 14: Wheat, Sept. 11, 1.15;
lowing high points during the weekto
14 (inclusive), 6.75; lard, Sept. 8 and
corn, Sept. 9,.82M;flour, Sept. 9
steel billets, Sept. 14,40.00;lead, Sept. 14,6.00;tin, Sept.8,
Sept. 13, 11.20;
Sept. 12. 22.00.
and Sept. 9, 32.25; cotton, Sept. 9 and11 mos. ended July 1922 produced
German Sugar Production Gazns.-In
1,084,000 tons
1.287,000 tons, against 1,079,000 same period in 1921 and1.
8, p.
in last working year. "Phila. News Bureau" Sept.Refining reduced price
-Federal Sugar
Reductions in Sugar Prices.
Further
10 points to 6.40c. a pound Sept. 11 and later reduced 15 points to 6.25c.
SEPT. 16 1922]
THE CHRONICLE
Arbuckle Bros. reduced 25 points to 6.25c. a pound.
Cotton Mills Close Because of Fuel Shortage.
-Southern Power Co.(N.C.)
supplying power to 300 textile mills operating 5,000,000 cotton spindles, will
close one day a week if coal supply does not incresae. "Wall St. Journal"
Sept. 14, p. 3.
Developments in Textile Situation.-(a)Pacific Millssteadily gaining,7,000
of normal quota of 7,800 now reporting. All other Lawrence mills
open under old wage agreement and operating as fully as orders justify.
(b) Park Hill Mfg. Co., Fitchburg Mills and Grant Yarn Mills (all Fitchburg, Mass.), announce restoration of old wage scales. (c) In Lowell notices of increase in wages were posted by Merrimac Mfg., Hamilton Mfg.,
Massachusetts Cotton Mills and International Cotton Corp. (d) West
Boyleston Mfg. Co.(Easthampton, Mass.), Ludlow Mfg. Associates (Ludlow, Mtv's )and Otis & Co.(Ware, Mass)pest increase in wages restoring
schedule in effect prior to Feb. 13. (e) In Maine restoration of old wage
scale was announced by Pepperell Mfg. Co.(Biddeford), York Mfg.(Saco),
Androscoggin, Hill, Bates and Continental Mills (all of Lewiston). (f) In
New Hampshire an increase averaging 25% was announced by Amoskeag
Mfg. Co. (Manchester), Great Falls Mfg. Co. (Somersworth). Salmon
Falls Mfg. Co. (Salmon Falls) and Nashua Mfg. Co. (Nashua). Althoogh the increase is 5% greater than the wage cut made on Feb. 13,
unibil leaders predict it will not be accepted, inasmuch as the working
hours remain 51 hours a week, instead of the 48 per week for which
they have been striking. (g) In Vermont the Queen City Cotton Co. at
Burlington announced increase in wages, amount not stated. (h) In
Rhode Island the Goddard Mills, B. B. & R. Knight, Interlaken, Salyes
Finishing, Crompton, U. S. Finishing, Dexter Yarn and Lonsdale companies all restore wages to schedule in effect before Feb. 13. Almost all plants
work on 54 hours per week basis.
Wage Increases in Copper Industry.
-Average between 10 and 20% to
be added to wages of employees of Calumet & Arizona, New Cornelia,
Inspiration, Miami, Old Dominion, Calumet & Hecla, Copper Range,
Quincy, Mohawk. Ahmeek and Isle Royal. The increase is due
emigration of labor to better-paid industries, notably the automotive. to
Forces
to-day total between 6.000 and 7,000, against normal operating forces of
from 12.000 to 14,000. Boston "News Bureau" Sept. 14,
New Jersey Zinc Co. Increases Wages 10%.-Phila.
"Ni'Sept. 14,p. 3.
Standard Steel Car Co. Increases Wages 15%.-Phila."N.B."
Sept.14,P.3.
Lead Price Advances.
-American Smelting & Refining Co. announces that
price has been advanced 6c. per lb. (local), East St. Louis 5.80c., an advance of $2 per ton over previous price. "Fin. America" Sept. 16.
U. S. Shipping Board Accepts Bid of $750,000 for 226 Wooden Vessels
Costing 8300.000,000.
-"Evening Post" Sept. 12.
Newsprint Consumption Increases.
-Reaches approximately 2,300.000
tons, against 2,100,000 in 1920 (previous high). "Wall St. J." Sept.13,p.l.
Matters Covered in "Chronicle" Sept. 9.-(a) Secretary of Agriculture
Wallace on relation of Federal co-operative
tural organizations, p. 1158. (b) Offering extension employees to agriculof Kentucky Joint Stock Land
Bank bonds (correction), p. 1158. (c) Advances by War Finance Corp.
account of agricultural and live stock purposes, p.
received by War Finance Corporation, p. 1158. 1158. (d) Repayments
(e) Failures: Charles A. de Salvo & Co., 50
1158; James H. Fitzpatric & Co., 60 State St., Broad St., New York, p.
Boston, p. 1159.
(f) Suspension of cotton planting for one year proposed by Senator
Smith (S. C.) to exterminate boll weevil, p. 1160.
(a) Cotton probe ordered
by Senate, p. 1161. (h) World wheat production 3,019,526,000 bushels,
p. 1161. (i) Northwest wheat growers establish selling agency, p. 1161.
(j) Settlement of anthracite strike, p.
Lewis says hard
coal settlement is "decisive victory" for1162. (k) John L. (I) Secretar‘ of
,
miners,
Commerce Hoover says lesson of coal strike isp. 1162.
that public should have
voice in labor controversies, p. 1163. (m) William H. Woodin appointed
N. Y. State Fuel Administrator, p. 1163. (n) Senate passes coal control
bill, p. 1163. (o) Herrin miners strike against order on parking their
automobiles, p. 1163. (p) More indictments in connection with Herrin
outrages, p. 1163. (q) Governor McCray says Indiana will not use hard
coal at present prices, p. 1164.
(r) Herbert Hoover's conference with coal operators on anthracite situation-committee to survey conditions, p. 1164. (a) John L. Lewis welcomes
threat of Federal seizure of the coal mines, p. 1164. (t) W. J. Bryan's
letter to Senator Walsh of Massachusetts commending measure proposed
to take over railroads and mines, p. 1165. (u) The coal mining conspirators should be punished (editorial), p. 1142. (v) Secretary of Labor
Davis deplores violence in strikes-accomplishments in industrial life
during last year, p. 1172.
Abitibi Power & Paper Co.,Ltd.
-Ann.Report
-
Calendar YearsGross sales
Expenses
1921.
1918.
1920.
1919.
$8,861,810 $10,580,142 $6,029,353 $5,650,264
4,183,637
5,537,009
3.903,635 4,006,610
Net earnings
$4,678,173 $5.043.133 $2,125,717 $1,643.653
Interest
849,743
469,031
454,319
501.946
Deprec.& depletion,&c_
663,419
989,763
527,704
793.018
Business profits tax_ __ _
79.463
64,576
Preferred dividends..---(7%)70,000
(7)70,000(263i)262500 (7)70,000
Common dividends
($1)250,000 a1,500,000 (6)300,000
Balance, surplus
$2,518.666 $2.113.592
$441,202
$501,730
Previous surplus
3,688,571
1,574,979
632.047
1,073,249
Res've for depr. of inv.
as at Jan. 1 1921
2,177,145
Res. for Govt. taxes for
years 1919 and 1920
482,000
Profit and loss surplus $3,548,093 $3,688.571
$1.574,979
a Dividends paid for the year 1920 on the Common stock were$1,073,249
as follows,
viz.: Ill 50 per share each in July and Oct. 1920
outstanding 250.000 shares of no par value stock, and in Jan. 1921 on the
and in April
on the then outstanding $5,000,000 Common stock, par 8100. 1920 73i%
pares with 434% paid in Jan. 1920 and an initial distributionThis comof 134%
made in Oct. 1919.-V. 115 p. 990.
Adams Axle Co.
-Bonds Offered.
-
Stanley & Bissel, Cleveland, in April offered at par and
Mtge.8% Sinking Fund Gold bonds. Dated Dec. 1 1921,int. $250,000 1st
due Dec. 1 1931.
Int. payable J. & D. at office of Union Trust Co. Cleveland, trustee,
without deduction of normal Federal income tax up 'to 2%.
The plant of the company, located at Findlay, Ohio, is engaged in the
manufacture of automobile axles. Company at present is engaged in filling
a contract with Durant Motors, Inc., for 100,000 sets of axles. The contract provides for an adjustment of the selling price based upon a fluctuation
of the material cost throughout the life of contract. Net profits from
this contract alone should exceed on an average of $20,000 per month for
the next 18 months. George M. Carter, President.
Adams-McGill Co.
-Bonds Offered.
-
E. H. Rollins & Sons, Wm.R. Staats do., Cyrus Peirce & Co. and Ryone
& Co., Los Angeles, &c. in Feb. last offered at 100 and hat. $500,000 1st
Mtge. 734% Serial Gold bonds duo Dec. 1 1924 to 1937. Bank of Cali'
fornia, N. A., trustee, San Francisco. A first closed mortgage on about
60,000 acres of ranch and range lands in southeastern Nevada, of which
21,000 acres are in irrigated alfalfa, grain and wild hay. The development
of these properties began 54 years ago and the mortgaged land now has a
value of 81,156,000, it is estimated.
These bonds are issued to retire floating indebtedness and to provide
funds for other corporate uses.
Alaska Packers Assn., San Fran.-Bal. Sheet Dec.31.1921.
1920.
1921.
1920.
Assets$
Liabilities
Canneries,fleet,&c. 5,009,909 5,132,559 Capital stock
5,750,800 5,750,800
Inventories
4,662,095 6,771,020 Insurance fund
3,662,829 3,658,778
Insur.fund invest_ 2,814,564 2,563,955 Fleet replace't fund 371,512
371,512
224,332
Accts. receivable
29,771 Current debt
2,899,439 4,471,384
781,815
Cash
269,530 Contingent reserve 400,000
Liberty bonds_
921,810 Surplus
408,136 1,436,171
Total
13,492.715 15,688,645
Total
13,492,715 15,688,645
-V. 112. p. 1026.
1323
Results for Year ended June 30 1922.
Net profit
Interest and other charges
Depreciation reserve
$648,224
209,491
153,728
Balance,surplus
$285,005
Balance Sheet.
June 30'22 Mar.31'22
June 30'22 Mar.31 22Assets
Liabilities$
$
$
Plants,equip., &c.. 3,798,079 4,496,441 Common stock__ _ 2,206,900 2,207,100
Investments
44,309
395,751 Preferred stock___ 2,255,150 2.234,650
Inventory, &c
994,979 2,640,472 let M.75i% 20-yr
Advances
sink. fd. bonds.. 1,500,000 1,500,00(1
8,463
5,561
Accounts rec
1.043,894
Due stockholders..
32,478
Notes receivable
28,724
RI est. pur. cent__
50,000
50,000
Cash
202,600
87,65; Bills payable
1.409.625
Deferred charges
226,308
194,955 Taxes & int. accr__
32,985
71,825
Other assets
97,953 Deprec. reserve_
975,540
Deficit
809,753
762,155 Bond interest_
56,250
M Wee!. reserves
17,653
Accts. payable.... 200,007
172,457
Notes payable &
Tot.(each side). 7,155,110 8,680,943
trade accept-_- 853,818
9,615
-V. 114, p. 1183.
Allied Chemical & Dye Corp.
-Operations.
-
The Solvay Process Co. plants in Syracuse and Detroit and the
Chemical Atmospheric Nitrogen Works in Syracuse, are reported Allied
to be
operating at 100% capacity.
-V. 114, p. 1530.
Alliance Realty Co.
-Balance Sheet Dec. 31.Assets1921.
Liabilities1920.
1921.
1920.
N.Y.C.realestate_ $243,066 $503,577 Capital stock
62,000,000 $2,000.000
Other N. Y. City
Accrued interet.t
real estate inv__ 2,274,805 2,285,606
Payable
12,448
8,219
Bonds and mtges_ 360,300
299,700 Sundry accounts
Marketable stocks
payable
4,204
4,547
and bonds other
Loans payable_
170,001)
than real estate69,417
69,417 Reeve for dividend
50,000
30,000
Bills & accts. rec_ _
51,801
52,812 Reserve for continCash
175,098
97,103
gencies
349,997
349,997
Accrued int.&dim
51,824
23,544 Reserve for taxes
2,822
Advance taxes_ _
222
Surplus
809,885
766.175
Furn. & fixtures
1
1
Total
$3,226,535 $3,331,760
-V. 115, p. 311.
Total
$3,226,535 $3.331.760
Allis Chalmers Manufacturing Co.
-New 'Plant.
-
The now plant adjoining the principal mills at West Allis, Wis., will be
ready for occupancy Jan. 1 1923. It replaces the old Reliance plant on
Clinton St., Milwaukee, which was several miles form the principal factories.
From 800 to 1.000 men who have worked in the old Reliance building will
live in West Allis after the removal.
Vice-President Max W. Babb says: "We have decided that it would be
more economical and efficient to combine the two plants."
-V.115, p.990.
American Brake Shoe & Foundry Co.
-New Sub. Co.
-See Ramapo Ajax Corp. below.
-V. 115, p. 871.
American Brass Co.
-New Subsidiary Company.
-
See Anaconda Copper Mining Co. below.
-V. 114, p. 741.
American Car & Foundry Co.
-Equipment Orders.
-
The company has received an order from the Texas & Pacific Ry.for 150
tank cars of 50 tons capacity, and a contract for repairs to
and 1,000 gondolas from the New York Central RR. and to 1,000 box ears
1,000 box cars
from the Cleveland Cincinnati Chicago & St. Louis Ry.-("Railway Age.")
-V. 115, p. 71.
American Gas & Electric Co.-Ac,uires Interest.
-
The company has purchased the stock of the
deceased, and a number of other stockholdersEstate of Charles A. Chapin.
in
Electric Co. [instead of purchasing a controllingthe Indiana & Michigan
interest
Chapins which are mentioned in various press reports]. from the three
The
for this property was some American Gas & Electric Co. pref. price paid
stock and
Indiana General Service Co. pref. stock, in addition
the bonds of the Indiana & Michigan Electric Co. and to the assumption of
the outstanding pref.
stock of that company,paying the difference in cash.
-V.114, p. 2720.2362.
American Seeding Machine Co.
-Annual Report.
-
June 30 YearsGross earnings
Operating expenses
1921-22.
1920-21.
1919-20.
1918-19.
$1,043,390 $2,424,452 $6,085,213 $5,206,233
1,141,833
2,240,493
5.086,987
4,083,388 •
Net earnings
def.$98,442
Interest
$11,301
General taxes
48,052
Federal taxes
7,031
Income taxes
Bad debts
3,828
Inventory reductions..._
440,233
Depreciation,&c
105,338
Preferred dividends(6%)
150,000
Common divs.(5%) 250,000
Corn. divs. (extra)(1%)
Total deductions
Balance, surplus
-V. 114, p. 309.
$183,959
$25,124
53,159
12,681
$998,225 $1,122,845
$31,725
$52,225
59,514
49,044
16,880
15,134
47,409
81,588
3,606
189,815
158,800
150,000
250,000
50.000
302,121
150.000
250,000
50,000
269,215
150,000
250,000
8893,186
$1,015,784
loss$1,114,2261054709,227
$907,649
$90,576
$867,206
$255,639
American Smelting & Refining Co.
-No.of Shareholders
An analysis of the distribution of outstanding stock has been made by
the
company's transfer department. The record shows that 496,400 shares of
stoc saeck eld held 516 st0 0 solcers
prefic t? hare b y 7b y 11, 5khtodkholders and 609,980 shares of its corn.
4c
Holders of 10 shares or less of the pref. stock number 5,404 persons, which
is 47.2% of the total number of pref. stockholders. There are 3,746 persons
holding 10 shares each, or less, of the corn. stock; this number is
49.85%
of the total number of common stockholders.
Investors each holding 50 shares or less of the preferred stock
9,578 persons and comprise 83.65% of the total number of holders number
of pref.
shares. In the same category of common stockholders are 6,007 Persons,
constituting 79.9% of the
common stockholders. 296,385
shares, or 48.59% of the entire number of
outstanding common stock, is owned by persons
holding
i
personsns
shares ores orMore than 50% of the pref. stock is held by
Itm s ls.
r
owning
shares
less.
Holders of 50 shares each, or less, own 247,324 shares, or 22.35% of all
outstanding stock. Including all stockholders, the average holdings of
pref. stock are 43.4 shares and of corn. stock 81 shares.
There are only 89 persons holding more than 500 shares of the pref. stock
and only 151 persons who hold more than 500 shares of the corn. stock.
Dismantling Northport Smelter.
-
It is understood that the
Smelting & Refining Co.'s smelter
at Northport, Wash.. whichNorthport
was recently purchased by the company, is
being dismantled and the machinery shipped to the East Helena plant.
The equipment to be removed includes the roasting machinery blast furnaces and other apparatus essential in lead smelting and will 'be used at
the e ast . 15 p. 1102. treating an increased tonnage of lead-silver ores
tim E v Helena smelter in
.of the Coeur d'Alene district. The buildings will not be removed at_this
aim
American Telephone & Telegraph Co.
-Listing.
-The
Philadelphia Stock Exchange on Sep.. 9 listed $3,611,600 additional
Capital stock, issued; $.371.900 in exchange for $.372,900 Cony. 434%
bonds, due 1933; 81,648,000 in exchange for $1,648,000 7-Year 6% Cony.
bonds, due 1925. cancelled and stricken from the list, and $1,591,700 being
part of 100,000 shares, to be issued to employees under resolutions of directors
Albers Bros. Milling Co.
-Dividend Outlook-Report.
- adopted
President George Albers (recently elected to succeed Moritz Thomsen) ance of May 10 1921, Feb. 14 1922. and listed upon official notice of issupayment in full, making thatocal amount of stock Listed .0589,830,in a letter to the Preferred stockholders, states that dividends on the 7% 400, and
reducing the amount of Cony. 134% bonds listed to $9,467,600.
Cumul. Pref. stock may be resumed Nov. 15.
and the amount of Cony. 6s. listed to 816,452,209.-V. 11541). 1213,991.
THE CHRONICLE
1324
-Government Demands Records.
American Tobacco Co.
Judge Martin T. Manton, sitting in the Federal District Court, Sept. 8
'heard argument on motions made by the Federal Trade Commission for
peremptory mandamuses directing the company and the P. Lorillard Cornto surrender records relating to their inter-State and foreign
pant,
Inc.'
commerce in tobacco and tobacco products.
The Commission said the records were needed for reports to the U. S.
Senate, while the tobacco companies' attorneys stated that the Commission
-V. 115, p. 871.
had no power to demand the records.
-August Sales.
American Wholesale Corp.
Month of AugustSales
-V. 115, p. 433.
1922.
1921.
$3,072,787 $3,912,129
•
-Acquisition.
Anaconda American Brass, Ltd.
See Anaconda Copper Mining Co. below.
-New Sub. Co.
Anaconda Copper Min. Co.
-Acquisition
The Anaconda American Brass, Ltd., incorporated in Canada in July 1922
with an authorized capitalization of $1,000,000, par $100 (all owned t• y the
,5
American Brass Co.). has acquired a -year lease on the plant and property
of Brown's Copper & Brass Rolling Mills, Ltd. at New Toronto, Ont.
The directors of the new company are: Charles F. Brooker, Chairman;
John A. Coe, President;.; G. it. Allen, Vice-President; C. F. Hollister,
Treasurer; A. H. Quigley, General Manager; M. S. Moss. Secretary; John
D.Ryan,Cornelius F.Kelley and Benjamin B.Thayer.-V.115,p.548,439.
Armour & Co.
-Extension.
Justice Bailey in the District of Columbia Supreme Court has refused to
change his previous order extending until May 1 1923 the time given the
company to dispose of unrelated lines of business in accordance with the
consent decree affecting the "Big Five" packers. The National Wholesale
-V.115, p. 1213,872
Grocers' Association sought to prevent the extension.
-Oil Production (in Barrels).Atlantic Gulf Oil Corp.
Feb.'22. Mar.'22. Apr. '22. May'22. June'22. July'22. Aug.'22
1,055,325 695,532 596,220 643,158 590,888
660,325 884,976
Shipments in August last totaled 560,986 barrels.
See also Atlantic Gulf & West Indies SS. Lines below.
-V. 115, p. 762.
-Oil Exports.
Atlantic Lobos Oil Co.
The company in August last is reported to have exported 171,000 barrels
•of oil from Mexico, a decrease of 603,000 barrels as compared with July
ast.-V. 114. p. 1769.
-Bank Loans.
Atlantic Gulf & West Indies SS. Lines.
-ed statement has been pronounced substantially
The following isublis'
correct for t` e ''Chronicle":
"The company has reduced its bank loans to $1,200,000, which mature
in October. 'I'his compares with bank loans of about $6,000,000 a year
and a half ago. Cash on hand is understood to exceed $3,000.000.
"Since Jan. 1 1922. the company has been slowly paying off old debts,
cleaning up losses on the French oil enterprise, and completing sub!
E
sef tion to the Columbian Syndicate of Delaware. •
The company's Mexican subsidiary, the Atlantic Gulf Oil Corp..
has been reducing its indebtedness to the parent company to around
$6,000,000. It originally exceeded $8,000,000." ("Wall St. Journal.")
-V. 114, p. 2473.
Autocar Company, Ardmore, Pa.-Pref. Stock Offered.
A circular issued by the company in connection with the
offering of $1,000,000 8% Cumulative Pref. Stock at 102,
says in substance:
Listing -Application will be made to list the stock on the New York
Stock Exchange.
-Incorporated in Pennsylvania in 1899. Established in 1897.
Company.
Is engaged in the manufacture and sale of commercial automobile trucks of
134 to 6 tons capacity. Over 90% of output is sold direct to customers
through its branch sales and service stations, located in 35 cities. Over
29, _000 Autocar trucks are in use by more than 10,000 owners.
Main plant,located at Ardmore, Pa., embracing real estate, buildings and
machinery, is carried on company's books at a valuation of 82,840,504.
Day & Zimmermann, Inc., under date of April 19 1922, appraised the reproduction cost of this plant, less depreciation, at $3,499,275. This property
is subject to the $2.500,000 First Mtge. Sinking Fund 7% Convertible
Gold Bonds. In addition to the above, but not subject to the lien of the
mortgage bonds, company and subsidiaries own land and buildings used as
sales and service stations which, with their machinery, &c., are valued at
$1,287.624, subject to mortgage liens of $403,500.
Authorized. Outstanding.
CapitalizationFirst Mtge. Sinking Fund 7% Cony. Gold Bonds
3,500,000 2.500.000
due in 1937 (V. 114, p. 2245)
x5,000,000
1,000,000
8% Cumulative Preferred Stock
10,000,000 5,072,800
Common Stock
Over 600 of the present 680 stockholders are employees of the company.
Cumul. Pref. Stock (par $100) was authorx An issue of $5,000,000 8%
ized July 17 1922. Of this issue $3,500,000 is reserved for bondholders'
conversion privilege; $500,000 is reserved for stockholders' and employees'
subscriptions. Company is now offering the remaining 81,000,000.
-Net factory sales have grown steadily from $1,017,052 in 1909 to
Sales.
$9,373,480 in 1921, and for the 8 months of 1922 have been in excess of
$6,500,000.
-Net earnings for 7 years ending Dec. 31 1921, after deducting
Earnings.
all interest, depreciation and inventory adjustments, and the net loss of
$635,000 during 1921, but before Federal taxes, were 83,850,847. Less
Federal taxes, including excess profits taxes, $1,025,674; balance, $2,825,$403,596.
173; yearly average (available for dividends), satisfactory
profit for 1922,
The first eight months' operations assure a
dividend requirements.
over and above all interest charges andcapital and thereby
reduce current
-To increase cash working
Purpose.
liabilities and interest charges.
at June 30 1922.
Consolidated Balance Sheet (Company and Subsidiaries) as M. 7% bonds.]
[After giving effect to the new issue of $2,500,000 1st
Liabilities
Assets$272,263 Notes payable, banks__ $1 517 500
Cash
do trade creditors_ _ _ 1 196'200
' '
Notes & accts. rec., net of
'
1,472.077 Trade & sundry creditors. 1338 684
reserves
'
42 192
5,419.679 Depos. acc'ts, due cust'rs
Inventories
'
367 716
293,869 Accrued liabilities, &c.._ _
Prepaid interest, &c..,...
Mortgages on real estate_
'
403500
Capital assets, net of de- 4,128,130 First me .sink. fund 7s_ 2,500:000
preciation reserves_ _ _ _
16.000 Preferred stock
Real estate mtge. invest%
072 800
f,9200 Common stock
Treasury stock (at par)__
105,098
292,220 Surplus June 30 1922_..__
disc.. exp., &c..
ITnamort.
590,250 Total (each side)
$12.543.689
Good-will,sub. companies
has a contingent liability as endorser or guarantor of
Note -Company
the amount of $3,272,620 61.
notes sold, and outstanding June 30 1922, to
by the customers. The
These notes are secured by the trucks purchased
the company in those transactions up to date has been
loss experienced by
-V. 115, p• 1213, 440.
negligible.
.-Annual Re port
Wilcox Co.
[VOL. 115.
The Cuba Locomotive & Machine Works has been organized as a subsidi-V. 115.
ary organization, to construct and operate repair shops in Cuba.
p. 1214, 1103, 991, 872, 763, 440.
-Sale.
Barney & Smith Car Co., Dayton, O.
The property will be offered at Sheriff's sale at Dayton Oct. 10. This
Is the second time the plant has been offered, no bids having been received
on July 12. A reappraisal of the property just completed reduces the
appraised value of the plant to $2,273,709.-V. 115, p. 440.
Bethlehem Steel Co.
-Certificates Called.
Sixty-five ($65,000) 15
-year 7% Maine Equir. Trust certificates, due
Oct. 1 1935. have been called for payment Oct. 1 at 102% and int. at the
Guaranty Trust Co., N. Y.
-V. 114, p. 2245.
Bethlehem Steel Corp.
-Merger.
President Eugene G. Grace in an exclusive interview with a representative
of a financial paper, explained some of the details of the Bethlehem-Lackawanna merger plans. Mr. Grace explained that as a result of the merger
there would be no necessity for the continuation of the corporate structure
or executive officers of the Lackawanna company. Mr. Grace confirmed
the report that George F. Downs, had resigned as President of the Lackawanna company. Mr. Grace Is further quoted as saying:
"There will bca consolidation of all the regular departments of the two
companies, such as purchasing, traffic, selling, accounting, operating, &c.,
with local representatives at the Buffalo plant of the Lackawanna company
and a general manager who will be in charge of operations of the properties.
"We consider Buffalo an important commercial centre and we expect to
develop an important selling office in that city to serve that district. Our
representatives have been visiting the Lackawanna Steel plant during the
past two weeks for the purpose of studying conditions and the personnel of
the Lackawanna's men.
"It will be our policy to use as many of the present officers and managers
of the Lackawanna Steel Co. as possible in the combined organizations,-but
no decision as to any personnel will be made until after the stockholders of
the Bethlehem and Lackawanna companies approve the merger plans at
their special meetings Sept. 18. The actual taking over of the Lackawanna
properties should take place promptly after these meetings of stockholders."
Work on the proposed additions at the Sparrows Point plant, for which
of August.
$3,500,000 was recently authorized, was started at the end addition of
The authorized expenditures at Sparrows Point include the
one 250-ton tilting open-hearth furnace to the present No. 2 open hearth,
-ton open-hearth furnaces; and adding
making a complete unit of five 250
-ton rebuilt stationary furnaces In No. 1 open-hearth
to the present five 70
four 100
-ton stationary furnaces, thereby increasing the ingot output of
the plant by approximately 400,000 tons per year. This additional steel,
It is planned, will be consumed in the present finishing mills.
The other important expenditure authorized is the installation of a
10,000 k.w. turbo generator with boiler plant, condensing system, &c.,
complete as an auxiliary to the gas engine station and to provide additional
.-V. 115, p. 872.
power for the additional ingot tonnage. (Official.)
-Bill.
Boston Cape Cod & New York Canal Co.
The Senate Sept. 11 passed the House bill authoriaing surveys for rivers
and harbors projects. It included a contract for the purchase of the Cape
Cod Canal far $11,500,000-$5.000,000 in cash and $6,500,000 through
-V. 115, p. 548.
the issuance of bonds.
Brantford (Ont.) Computing Scales, Ltd.-Bonds.Housser, Wood & Co.,Toronto,in April offered at 100 & int. $200,0008%
-Year General Mtge. Sinking Fund gold bonds. Dated Mar, 1 1922.
20
Due Mar. 1 1942. National Trust Co., Ltd., Toronto, trustee.
The company was organized in 1910 for the purpose of the manufacture
and sale of computing scales, meat slicers and cheese cutters. Company
has grown from an entirely local industry to one having branches in all the
large centres throughout Canada, with agencies in the United States, Great
Britain, Australia and New Zealand.
Authorized. Issued.
Cavitaliration.8200,000
$300,000
General Mortgage bonds
233,300
500,000
Preferred stock
500,000
500,000
Common stock
on
Average net earnings since organization have been in excess of 25%imthe capital employed, and with the new and greatly enlarged plant andestiproved facilities for doing business, which are already completed, it is ann.
mated that net profits should amount to from 875,000 to $100,000 per
-Earnings, &c.
Bros. (Coal), N. Y. City.
Burns
August
The company ended the first five months of the current coal year
to the anthracite
31 with an operating deficit of $397,000, due entirely
Following purchase of the Farsuspension. Tonnage sold was 1,060,638.
sales this year would reach 5,rell concern last year it had been expected in April, May and June.
000,000 tons, a good share to be deliveredto estimate the year's business
President Burns says it is impossible
-"Wall St. Journal."
because of the peculiar situation of the coal industry.
-V. 115, p. 312.
-To Increase Wages.
Calumet & Arizona Mining Co.
On Oct. 1 this company and its subsidiary, the New Cornelia Copper Co..
will increase wages of their employees 10%.-V. 115, p. 1214, 649.
-Report.
Canadian Woollens, Ltd.
1921-22.
Year ended June 30Profit from operation, after deducting all mfg.,
$204,649
selling, and general expenses
Cr.
Sundry reserves (war tax, &c.)
1920-21.
$292,275
268,579
$560,854
$204,649
Total
32,590
Interest on bank loans
Amount written offraw material, merchandise,&c.
611,212
reducing all stocks to market or lower
25,000
51,450
Reserve for Government taxation
35,000
Preferred stock for sinking fund
122,500
122,500
Preferred dividend (7%)
(2)4)43,750
Common dividend
$274,197
$4,301
Balance, deficit
-V. 112, p. 1520 .
-Extension-Suit.
Car Lighting & Power Co.
Sec. J. L. Watson has announced that the time for subscribing to the Preferred stock has been extended until Sept. 20. In a letter to stockholders
Mr. Watson says:
"Owing to the requests of a large number of stockholders who are at preshas
ent out of town, the time allotted for subscribing to the Preferred stock
been extended until Sept. 20. The company has been advised by counsel
the proposed issue of Preferred stock has been duly and regularly authat
Maine.
thorized and is legal, and in accordance with the laws ofannouncement of
"The company is, therefore, not disturbed by the suit, by the appeal in
made Sept. 9, attacking the proposed issue, or
which was
as intended."
the former suit, but is proceeding with its plansH. P. Searle, Chairman,
A committee of stockholders consisting of suit in the New York SuAgnew, has brought
Howard Wilson and Austin
preme Court against the company, attacking the issuance of the Preferred
stockpresent
stock. The complaint alleges that no quorum was 1922 at at the it was
holders' meeting Iseld in Augusta, Me., on Aug. 22 the issuewhich stock
of the
1918.
voted to issue Preferred stock, and also alleges that
$6,997,907 Itself is invalid.
-V. 115, p. 992, 649.
452198
-The com-Readjustment Plan.
3,850,000
Chalmers Motor Corp.
____
I
1st Mtge. 6% 5
-year
1,200,006 mittee for the Chalmers Motor Co.
Babcock &
1919.
1920.
1921.
Calendar Years$4,922,768 $8,275,894
Total gross earnings_ _ _ _ $2,761,678
691.028
387,257
413,461
&c
Depreciation,
485,000 5,014,162
150.000
Federal taxes
_
1,538,936
803,259
nventory adjust. & res_
1.200,000
1,500.000
1,500,000
Dividends
8707,804 $1,674,475 $1,495,709
loss$105,042
Balance,surplus
$10,390,750 $8,716,274
Total p.& 1. surplus. _ _ _$10,993,511 $11,098,554
-V.112, p. 1401.
notes, M. N. Becker, Chairman, have adopted a plan of
readjustment for the above notes.
Holders of certificates of deposit for the above notes shall be deemed
to have assented to the plan unless within 20 days after Sept. 15 they shall
withdraw the notes from the protective agreement, dated April 3 1922.
Holders of undeposited notes may become parties to the plan by depositing
(involving about $3,000,000) for
The company has closed an order
their notes, with the coupons payable April 11922, and Oct. 1 1922, with
Baltimore & Ohio RR.
50 Mikado type locomotives for the
about $600,000,from the New York Trust Co., 100 Broadway, New York, depositary, on or before
involving
The company also received an order,
type locomotives. Last week Oct. 5 1922.
Western Maryland Ry. for 10 consolidation received from the St. Louis
-M.N. Buckner, Chairman; Philemon Dickinson, Morton F
Committee.
an order valued at about $2,750,000 was
.
and 15 heavy moun- Stern, with Alfred A. Cook, Counsel, and B. G. Curts, Sec., 100 Broadway
35 heavy Mikado locomotives
San Francisco Ily. for
New York. New York Trust Co.,depositary, 100 Broadway,New York.
tain type passenger locomotives.
-New Orders, &c.
Baldwin Locomotive Works.
SEPT. 16 1922.]
THE CHRONICLE
1325
Wm. Robt. Wilson, Pres. of MaxwellMot
notice Sept. 14 to holders of Chalmers Motoror Corp., n a
Co. 1st
6% 5
-Year Gold notes, says that the following offer isAltge.
made
by Maxwell Motor Corp.:
Data from Letter of President Herbert A.
Wagner,Baltimore,Sept. 13
Company.
-Does the entire gas, electric
city of Baltimore and surrounding counties light and power business in the
, and
for the operation of the entire street railway also supplies all the power
system in this area. Total
population served about 775,000.
Purpose.
-Proceeds of these $5,000,000 bonds, together
Provided the plan dated Aug. 31 1922, with
with addition
respect to the above notes cash to be supplied by the compan
shall have been declared and become operativ
y, will be used to refund $5,000, al
e on or before Nov. 14 1922, 1st Ref. Mtge.7%% bonds,
000
and at the time of such declaration
series B.due Dec. 1 1945, which are to
be called
the plan not less than 90% of the there shall have been deposited under for redemption on Dec. 1 1922.
Security.
-These $5,000,
deposit stamped as assenting to theentire issue, holders of certificates of
plan may, for the period of 30 days 000 6% series A bonds 000 53% series E bonds (equally with $11,263,next ensuing after the first publication
and $9,000,000 7% series (3
operative, surrender the same to Centralof the notice declaring the plan by mortgage on all property now or hereafter owned. bonds) aro secured
Union Trust Co. 80 Broadway,
N. Y. City, to be held by the Trust company
Earnings.Gross
Net Earnings
Fixed
.
to Maxwell Motor Corp. under the terms of for, and to be by it delivered
Years ended:
Earnings. After Taxes. Charges.
this offer.
For all certificates of deposit so surrendered
Balance.
June 30 1915
$6,789,401 $3,212,818 $1,640,361
Maxwell Motor Corp. will June 30 1916
cause to be paid and delivered within 10 days
$1,572,457
7,431,768 3,583.692
1,580,058
30 day period, but not earlier in any event than after the expiration of the June 30 1917
2,003,634
8,498,809
4,018,644
Oct. 15 1922, to the Trust June 30 1918
1,672,223
company for delivery and payment to
2,346,421
10,619,588
4,203,904
2,071,339
for Class "A" stock and Class "B" the holders of its receipts, certificates Dec. 31 1919
2,132,565
12,813,617
stock of Maxwell Motor Corp. and
4,800,711
2,283,622 2,517,089
cash at the following rates:
Dec. 31 1920
15,433,458
4,981,667
2,428,285
2,553,382
For each $1,000 of notes of Chalmers Motor
Dec. 31 1921
16.612,388 6,027,806
2,826,184
3,201.622
1922 and Oct. 1 1922, represented by such Co. with coupons of April 1 July 31 1922
18.573,653
surrendered certificates of
7,936,839
3,087,296
deposit, 10 shares of Class "A" stock, 10 shares
4.849.543
Sinking Fund.
-An annual sinking fund of 1% of all 1st Ref.
of Class "B" stock and
$60 in cash. Non-dividend bearing scrip certifica
tes will be delivered for from time to time outstanding, first payment not later than Mtge. bonds
fractional interests in a share of stock.
Aug. 1 1923
Is to be used for purchase or call and retirem
ent
Agreements have been made by or on behalf of
Dividends.
-Company has $5,000,000 8% of 1st Ref. Mtge. bonds.
the holders of certificates
of deposit for $1,500,000 of notes of Chalmers
$2,000,000 recently subscribed for) 7% Pref. Pref., $1,410,000 (part of
Motor Co. whereby such
holders are to avail of the foregoing offer.
capital stock outstanding. Continuous cash and $14,610,200 Common
dividends on the Common
At the option of the other holders of such
stock have been paid
In writing and filed with the Trust compancertificates of deposit expressed last 11 years. The since 1909 at rates averaging over 7% per ann. for the
present rate, 8%, has been paid since .April
suet',representative certificates of deposit,y at the time of the surrender of
1 1917.
they will be entitled to receive
Funded Debt Outstanding (Upon Completion
at the time when the stock of Maxwell Motor
of Present Financing).
deliverable, cash in lieu of said stock at the rate Corp. would otherwise be Consol. Gas, Elec. Lt. & Power Co. Gen. 4%s, 1935
ot $800 in cash, in lieu of
x$13,845,000
Consol. Gas, Elec. Lt. & Power Co. of Bait. 1st
said 10 strtr.1 of Cliss"A"stock and 10shares Class"B"
Ref. Mtge.
of
stock other-Series A 6s, 1949
wise deliverable with respect to each $1,000 of notes represen
ted by the
11,263,000
Series C 7s, Convertible, 1931
certificates.
-V. 115, p. 992.
9,000,000
Series E 5%s, 1952 (this
Issues of Constituent andissue)5,000,000
Chemical Foundation, Inc.
Subsidiary Companies After This Financing.
-Suit Piled.
Consol. Gas Co. of Baltimore City 1st Cons.
The Government has entered suit in equity through the Attorne
5s, 1939
y-General
Gen. M. 43.is. 1954 (closed except for $3,400, (closed)_ _$3.400,000
against the company in the Federal District Court
000 reserved
to retire 5s of 1939)
for restoration to the Alien Property Custodian of at Wilmington, Del.,
6,100,000
and chemical patents and properties disposed the former German dye United Electric Light & Power Co. 434s, 1929 (closed)
of by the former Alien
4,428,000
Property Custodians A. Mitchell Palmer and Francis P. Garvan, under Roland Park Elec. & Water Co. 1st M. 5s, 1937 (closed)
300,000
Baltimore Electric Co. of Bait. City guar. 1st M.
an amendment to the Trading with the Enemy
5s, 1947(closed) 3,943,000
Guaranteed 5%
authorizing the sale of these properies at public Act of March 28 1918,
auction to the highest Guaranteed bonds Preferred stock (closed)
bidder who was an American citizen, and for purpose of acquirin
(closed) and Prof. stock (closed) of Public 1,000,000
.
g which
Service Bldg. Co. (covering 20
the Chemical Foundation was organized.
-story office bldg., one-third of
which is occupied by company and two-thirds
Chemical Foundation is required under
by tenants)
1,552,000
the Government for and pay over to Alien bill of complaint to account to
Propert Custodi
x In addition. there are $1,155,000 deposited as
or revenues which may have been received by ory accrued an all income
collateral under the
to defendant 943,000 Baltimore Electric
from said patents or other rights, the same to be held
5s, 1947, now in the hands of the public. $3,by the Alien Property
Custodian and administered.
Y $13.750,000 1st Mtge. 5s of Consoli
-V. 115, p. 312, 186.
constituting the total outstanding funded dated Power Co. of Baltimore,
debt
000), are deposited as collateral under the 1st of that company ($15,000,Chicago Pneumatic Tool Co.
-Purchases Stock.
Ref. Mortgage.
Properties.
A block of about 15,000 shares of capital stock (par $100) formerl
-In its electric division company has generati
ng stations
y held aggregating over 240,000
by Allan A. Ryan has been purchased by the compan
y and is held in the an advantageous contract h.p. capacity. Company is also supplied, under
treasury.
, with power from the hydro-electric develop
-V. 115, p. 649, 78.
ment
of the Pennsylvania Water & Power Co.
hanna River, 40 miles from Baltimore, at Holtwood, Pa., on the SusqueChicago Ry. Equipment Co.
-Meeting Postpo and has the exclusive use of the
output of this development for Baltimo
The stockholders meeting to act on a plan for increasing ned.
re and vicinity. Pennsylvania
the Capital Water & Power Co. now
stock has been postponed until Oct. 7. See V. 115,
has
equipment for 118,000 h.p.
P. 873.
All gas manufactured by thegeneratingis
company
produced as. its Spring Gardens
plant, which has a daily capacity of
Chile Copper Co.
-Production.
45,000,000 cu. ft. This plant occupies
a tract of 57 acres of land. Compan
The company in August last produced, it is stated, 13,141,
y has an advantageous contract under
000 lbs. of which it purchases from
Copper.
-V. 115, p. 186.
the Maryland plant of the Bethlehem Steel Co.
by-product coke oven gas for a substant
ial part of its output.
To take care of the expansion
Cities Service Co.
-New Subsidiary Company.
pany's growth, and to properly of the various departments due to the comA letter to holders of Cities Service Co. securities says in substance:
house
mobiles, the executive committee has the large number of company auto"In accordance with the plan to round out the oil division
authorized the erection of a new office
the Cities building and garage
Service Co., work is actively under way in several directions.ofCities
at
Ser- more, Md. Ground the corner of Madison and Constitution Sts. Baltivice Co. has for some years been one of the largest produce
was broken for this new building on July 24 last.rs of high-grade V. 115. D. 1104.
refinable oil in this country. Its pipe lines have now been extende
764.
d so that
they transport not only all the output of its wells,
In addition. The refineries have been enlarged but that of many others
Consolidated Cigar Corp.
and thoroughly modernized. The final link in the chain is formed by
The New York Stock Exchang -Listing-Earnings, &c.
the retail
e has authorized the listing of 46,500
izations which are now being established in many sections marketing organ- additional shares of
of the country.
"Cities Service Oil Co.(W. Va.) was recently
Issuance and paymenCommon Stock, no par value, upon official notice of
t
the Bartle.s Oil Co. and the Cedar Rapids Oil Co.,incorporated to take over shares (total authoriz in full, making the total amount applied for 150,000
ed).
western marketing division, covering the States and represents the NorthOf the above stock,
of
braska, North and South Dakota, Montana, WisconsMinnesota, Iowa, Ne- stockholders of record 41,400 shares are offered for subscription to Common
Sept. 11 at
in and northern Mich- every
igan. In the Twin Cities some 25 filling stations
five shares held. Subscrip$25 per share in the ratio of two shares for
are to be erected, of which
tion rights expire Sept. 26.
14 are now operating."
The remaining 5,100 shares
-V. 115, p. 873. 649.
are to be issued to and among the company's
stockholders as the
than $25 per share.directors may determine from time to time, at not less
Cities Service Oil Co.(W. Va.).-New Company.
See Cities Service Co. above.
Income Account.
6 Mos.end. -Calendar Year
Columbia Petroleum Co.
July 1 '22.
1920.
1921.
Gross profit on sales
-Report.
$1,240.426 $2,168,165 $3,845,867
The company reports for year ended
Selling expenses
June 30 1922 gross profits of $10,502,963, compared with $14,280
1,097,7881 1,226.309
Administrative and
but before taxes, there was a net ,620 in previous year. After charges, Federal and State general expenses
157,828
330,8621
income of $2,882,597, against $4,443,862
taxes
in previous year.
688.273
-V. 115, p. 312.
Inv. depr. & bal. of adv. exp.
965,030
Int. on loans, disc. allowed writ. of
& misc. chg. 127,935
Cluett, Peabody & Co., Inc.
503,282
445,837
-Earnings-Outlook.
Hayden, Stone & Co., New York and
Net profit
Boston, in their weekly circular
of Sept. 8 say in substance:
$451,437 loss$728,797 $1.485,447
"The earnings and financial improvement
Balance Sheet.
of Cluett-Peabody Co. during
1922 have been so pronounced that the
Juba 1'22. Dec.31'21.
$18,000,000 Common is within
July1'22. Dec.31'21.
Assets
sight of dividend resumption.
Liabilities$
$
Cash
"During 1921 the corporation concentrated
582,387
656,908 Notes&loans pay_ 1,100,000 1,175,000
of inventories, receivables and floating debt, its energies upon liquidation U. S. securities__ _
5,920
5,920 State tax
13,500
of Dec.last inventories had been reduced by with the result that at the end Notes receivable
15,756
34,927 A cc'ts payable,&c. 3,531,593 3,324,290
$9,225,000. or 60%,to $6.650,- Acc'ts rec (less res)
.
000, while floating debt stood at $2,000,000, which,
1.684,665 1,579,127 Res. for self-insur_
9,388
it is understood, has Loans &
6,390
since been canceled, so that to-day the corporat
14,370
ion has no bank debt what- Advanceadvances_
102,872 Pref. stk.sink. fd_
80,000
80,000
on mdse_
ever.
56,665
Preferred stock
4,000,000 4.000,000
Inventories
".As a result of its policy of liquidation and because
of trade depression, Shares in & loans 5,751,435 5,585.902 Pref. stk. of "44"
the corporation in 1921 earned net profits of but
174,300
$275,400, or barely 17 on
Cigar Co.,Inc
174,300
to other co's_ _ _ _ 107,045
the gross overturn of $25,714.618. Payment of
17,045 Common stock_ _ _y3,706,049 3,260,713
$8,482,000 Preferred necessitated drawing on thethe 7% dividend on the Sink. fd. for pref
80,000
80,000
$5,770,773 surplus to a Real est. &
small extent.
mach.,equip.,&c
"The recovery in earning power in 1922 has been most
S10,264
satisfactory. It Goodwill, brands, 973,030
appears probable that for all of this year the corporat
ion should earn close
trade-marks,&c. 3,016,06
to $12 per share on its junior stock. The Common has paid
3 3,006,114
varying divi- Deferred charges_ _
dends, from $4 per share in 1914 to $8 in 1920. Presuma
313,975
155,114
sumption when it comes will be upon a conservative basis."bly dividend re-V.114, p. 623.
Total (ea.side) 312,601,330 12,034,193
Connecticut Power Co.
-Annual Report.
y Represent equity for
1921.
103,500 shares of no par value.
1920.
-V. 115, p. 1103.
1921.
1920.
Resultsfor Cal. Yrs.
$
Rcstdtsfor Cal. Yrs.
3
Cuban-American Sugar Co.
Total earnings
1,499,153 1,473,151 Net direct charges to
-Production, &C.
It is reported that the
Operating expenses
768,038 790,729
reserves & surplus_ dc18,293
247 bags of sugar and company's central Delicias to Aug. 28 made 1,033,Maintenance
79,577
71,702 Net direct credit to
central in the world for was still grinding. Previous record for any sugar
Taxes
85,788
76,969
reserves & surplus
Cr.5,958 1920-21, has now been one season, 780,384 bags, made by Delicias in year
Net earnings
565,750 583,750 Replacement res_ _
exceeded
producti
Int. charges & rentals 239,551 237,719 Previous surplus__ _ _ 150,300 150,000 company this season has passed by 252,863 bags. Total d with on by the
_ Cr.501,869 Cr434,881 mates for final
2,200,000 bags, compare
earlier estiDivs. pd. on Pref. stk 75,000
75,000 P. & L. surplus
524,474 501,869 to Aug. 28 had outturn of 2,100,000 bags. Chaparra and Delicias alone
Divs.pd. on Com.stk 70,000
60,000
the same period made 1,715,847 bags, compared with about 1,156,000 for
-V. 113, p. 2618.
to Aug. 28 1921.
The company on
Aug.
part of which had been 28 1922 had in Cuba about 583,805 bags of sugar,
Consolidated Gas, Electric Light 86 Power
sold.
-V. 114, P. 2019.
Co. of
Baltimore.
-Bonds Sold.
-Alex. Brown & Sons, Brown
Brothers & Co., Lee, Higginson & Co., Jackson
& Curtis
and Spencer Trask & Co. have sold at 9932 and int.,
to
yield about 53/2%, $5,000,000 1st Ref. Mtge.
.
Fund gold bonds, Series E. (See advertising 532% Sinking
pages.)
Dated Sept. 1 1922.
Crucib
le Steel Co. ofAllierica. Listing Earnings, &c.
The New York
Sept. 27 of $5,000,Stock Exchange has authorized the listing on and after
000 additional Common Stock (authorized,$75,000,000)
on official notice of issuance
and payment in full, making the total amount
applied for 855,000
.000. This
Common and Preferred. Rights stock is being offered to stockholders,
expire Sept. 27.
Como!. Income Account Four Months Ending Dec. 31 1921
(Subject to AaJ).
Due Sept. 1 1952.
Alex. Brown & Sons, Baltimore, and Bank Int. payable M. & S. at office Net loss for 4 mos. ending Dec. 31 1921
of
$218,822
without deduction for Federal income tax upof the Manhattan Co., N. Y., Dividends: Preferred, $437,500; Common, $999,904; total____ 1,437,404
to 2%. Bankers Trust Co.,
N. Y., trustee. Denom. $1,000 and $500 (c*&r*), $1,000 and authoriz
Total__
ed
_ ___________________________________________ $1,656,227
multiples thereof. Red., all or part, at any time on
during first 10 years, at 105 during next 10 years60 days' notice at 107% Surplus Aug.31 1921
26.467,605
and
10 years before maturity; plus interest in each case. 102% during last
Surplus Dcc. 31 1921
$24,811 ,379
1326
THE CHRONICLE
[VOL. 115.
31 was 35.000 cars.
of $4,000,000. Total sales of the company to Aug.
t to Adjustment).
Consolidated Balance Sheet Dec. 31 1921 (Subjec
V. 115, p. 873, 764.
I Liabilities
Assets-Guaranteed Bonds Sold.
;7% Preferred Stock____ $25,000.000
Eastern Cuba Sugar Corp.
Prop., plant, good-will,
000
3102,933.8081Common Stock Co.5s._ 50.000, 00 J. & W.Seligman & Co. and Hayden, Stone & Co. have sold
trade marks, &c
6,000,0
207,940Pitts.Cruc.St'l
Investments
-Year 73% (closed) Mtge.
2,000,000 at 100 and int. $10,000,000 15
1,096,912 Notes payable
Cash in banks & on hand
and
767,997
pal,
87.000 Accounts payable
Sinking Fund Gold bonds. Guaranteed princiadv.int.
U.S. Gov't securities_ _ _
488,934
pages).
203,186 Accr. taxes & int.(1921)
Notes receivable
sinking fund by Cuba Cane Sugar Corp. (see
Divs, on corn., paid
Acc'ts rec.(less reserve). 3,103,674 Jan. 1922
500,000
Interest payable M.& S. with23,396,721
Inventories
Dated Sept. 1 1922. Due Sept. 11937.exceeding 2%. Denom. $1,000,
Depr.& renew,of plants,
income tax not
Unexpired taxes, insur'n & depletion 20,982,471 out deduction for Federal beginning Sept. 1 1923 to and incl. Sept. 1 1924
206,568 amortiz
ance,&c
$500 and $100(0). Red.
Fire, & marine & work3 of 1% for each year or frac376.053 at 107M,the premium thereafter decreasingthereafter 1% for each year or
men's comp'n insur__
11934,
308.975 tion thereof to and incl. Sept. Right toand
Contingent
exchange bonds for stock continues
fraction thereof to maturity.
24,811,379
York, trustee.
Lotal (each side) -....$131,235,810 Surplus
until redemption date. Chase National Bank, New the holder the right
-Cuba Cane Sugar Corp. will give to
See V. 115, p. 1104, 1215.
Convertibility.
n stock at the
e these bonds for Cuba Cane Sugar Corp. Commo
to exchang
-Offering of Eastern Cuba Sugar rate of $20_per share at any time during the life of the bonds. beginning in
Cuba Cane Sugar Corp.
5 years,
-Sinking fund to retire annually for
Sinking Fund.
Corp. Bonds-Status, &c. below. and V. 115, p. 650.-V. 115, p. 1925,8300,000 of the issue, and thereafter annually $500,000,thereby retirSee Eastern Cuba Sugar Corp.
y.
ing more than 50% of the issue by maturit
Stock Exchange.
1104, 992.
-Application will be made to list bonds on N.Y.
Listing.
Cuba Cane Sugar Corp.
t with Creditors.
-Settlemen
Data from Letter of Pres. W. E. Ogilvie of
Dayton Coal & Iron Co.
litigation agreed with the
New York, Sept. 11.
Attorneys representing various interests in the
Thereafter it purchased
settlement Sept. 1 in the U.S. District
majority of creditors on the terms ofof the company have been in the courts
Eastern Cub" Sugar Corp.-Ineorp. Oct. 1 1920. the eastern part of Cuba,
ion, in Camaguey Province, in
Chattanooga. The affairs
Plantat
Court at
sums of money are involved. The terms the Violeta ently purchased rolling stock and additional lands. Also operfor over 9 years, and considerable
and subsequ
in the eastern part of
of the settlement are as follows: the decree of Judge Sanford sustaining ates all of the mills owned by Cuba Cane Sugar Corp. ies are included in
the earnings and operations of both compan
(1) The trustee not to appeal from
and
company and the Bank of Scotland pate Cuba, and ies of Cuba Cane Sugar Corp. operations (below). mortgage
the validity of the mortgage of the
the summar
subject to this
their petition to partici
-Eastern Cuba Sugar Corp. will 000 of liens on part of the
the Commercial Bank of Scotland to withdraw
Properties.
(subject to approximately $1,260,
as general creditors.
until 1935),the Violeta mill, with
in the court and in the case of as a first lien
over a period of years
(2) The expense of the administration
60,000 acres of land,
Co., including trustee and property,falling due
year,
Morgan Bros. et al. vs. Dayton Coal & Iron the attorneys for the trustee a capacity of 500,000 bags per rollingapproximately
stock of the company. Practically
receiver compensation and the compensation for
railway trackage and all of the and are advantageously located.
to be paid first.
credito
and receiver and the attorneys for general be paidrs par without interest all of the lands are virgin lands,
at
Net Assets as of July 31 1922.
(3) Creditors resident in Tennessee are to
on the same
ed Statement ofEastern Cuba Sugar Corp?
on their claims. Non-resident individuals are to be treated ction of the Condens Plantation, incl. mill, plant equip., railway trackage
constru
Violeta
$7,905,713
basis as residents of Tennessee, under the court's
000
and lands, $9,165,713; less prior liens, $1,260,
1,035,463
Act of 1877.
on their claims without int.
paid
(4) Non-resident creditors are to beto be 60%60% of the account allowed Rolling stocknet, after adjustments and giving effect to present
paid
Other assets,
6,402,477
claims above(3 and 4) are
(5) The
amount allowed is to
financing
out of the cash on hand now and the balance of the e money for the sale
315,343,653
be paid out of the proceeds of the uncollected purchas
ng
Total net assets before deductiof this issue
by the mortgage.
of the property covered
sale of the bonds, Cuba Cane Sugar
to the Commercial Bank of
-With the proceeds
to
Purpose.
(6) The balance of the assets ared. be paid
of Scotland Corp. and its subsidiary will pay off all floating debt except $7,500,000,
The Commercial Bank
is expected will
Scotland and the Bank of Scotlan
the claims of James which has been extended at 6% to Oct. 1 1923 and which itnot increase the
and the Bank of Scotland are to procure the release of
issue does
be repaid out of next year's operations. This
Watson & Co. and Dunlop & Co.
recov- debt or interest charges of Cuba Cane Sugar Corp. and Eastern Cuba Sugar
and satisfy the
(7) The Commercial Bank of Scotland is to adjust
against it in the case of Corp.
eries of the creditors who obtained judgments
This Financing).
Co. at al. in the Supreme
Cuba Cane Sugar Corp. Outstanding Capitalin (After
Equitable Trust Co. et al. vs. Central Trust
$25,000,000
Court of Tennessee.
-Year 7% and 8% Convertible Debenture bonds (this issue)10,000,000
the settlement, if it is ratified, he 10
eed
-Year 7%s,guarant
15
(8) In case any creditor fails to accept
7,500,000
amount to be paid him is con- x Eastern Cuba Sugar Corp.
shall not be bound thereby in so far as thein the hands of the trustee and 6% bank loan due Oct. 1 1923
50,000,000
kept
is
cerned, and a sufficient fund of to be dissenting creditors and their rights 7% Cumulative Convertible Pref. stock, par $100
500,000 shs.
such
par value)
receiver to cover the claims
ce to this settlement and Common stock (without contingent liatility of Cuba Cane Sugar Corp.
shall be settled by the courts without referen
x These bonds are a
are secured and
made.
just as if no such settlement had been all claims on the part of each creditor None of the above obligations of Cuba Cane Sugat Corp. of Cuba Cane
against the assets
(9) The settlement is to be in full of y and its stockholders.-V.113,p.539. therefore such obligations have no priorityee of these bonds. The priority
against the compan
over the corporation's guarant
Sugar Corp.
accepting the same
not give the loan
of the $7,500,000 bank loan over the 8% debentures does
& Ry.Dayton Coal, Ironthis company's name in V. 115, p. 879, relates any preference over the mortgage bonds. of Cuba Cane Sugar Corp.
under
dated Net Assets
The item appearing
-V.115, p. 873. Condensed Statement of Consoliof July 31 1922.
company above.
as
to the Dayton Coal & Iron Co. See that
ns and
Cost of original properties, $48,983,296; net additio
Manufacturing Co.-Bal. Sheet Dec. 31.$94,618,301
Dennison
1920.
betterments, $45.635,005
1921.
11,750,000
Liabilities1920.
1921.
Assets78 Capital stock____a$7,579,640 $6,730,880 Depreciation reserve
7
Cash dr securities_ $742,804 $1,091,6 4 Accounts payable_ 315,094
$82,868,301
At notes ree_ 2,252,88 2,816,96 Empl. Partnership
Accts.
to present
396,703
do for'n brehes 361,678
Other assets, net,after adjustments and giving effect
328,950
17,570,219
warrants
135,720
Treasury stock-._ 392,290 3,305,015 Bills payable
313,052
financing
2,975,354
dise
Merchan
1,080,000
Notes payable_
deduction of bonded debt
Machinery, furniTotal consolidated assets before
0 2,199,551
$100,438.520
1,056,231 1,102.228 Special reserves___ 1,139,52
ture, Arc
and 6% loan
801.003 Rcs've for purch. of
922,597
-Corporation and Eastern Cuba
Real estate
97,701
47,451
Properties of Cuba Cane Sugar Corp. d sugar mills in Cuba witn a pres1,000,000 first pref. stock_
1,000,000
Good will
228,126 Sugar Corp. together own 16 fully equippe
296,186
Surplus
) of raw sugar. These
ent working capacity of 5,225,000 bags (320 pounds
of which 439,000
$9,706,841$10,649,311 estates comprise more than 764,000 acres of cane land,of the leases being
Total
9,311
$9,706,841$10,64
Total
are owned in fee and 325,000 acres are leased, most
acres
own and operate for the transportation of their
34,500.000; 2d Prof., $650,000, and Ind. for long periods. They also
about 73% is standard
a Represents 1st Prof. stock.
products and supplies 845 miles of railway, of whichof 150 locomotives and
1287.
ing
Partnership, $2,429,640.-V. 112, P.
and 27% narrow gauge, with equipment consist
12 locomotives and 230 cars belong to
rated.-4,004 cane and other cars, of which
by the mortgage securing the
(D. G.) Dery Corporation.-Incorno
rated in Delaware Sept. 7 1922. See details Eastern Cuba Sugar Corp. and are covered
This company was incorpo 1215.
new bonds.
V. 115, p. 1104.
& Depr.
of company in
Earnings(Cuba Cane Sugar Corp.) Avail.for Int. Before Income Tax.
Stock.
1920.
1919.
Co.
1918.
1917.
1916.
Diamond Match vote -To Increase ing the authorized Capital
$22,383,849
$12,113,379
Oct. 26 on increas
$7,916,407
will
,095
$11.173
,918
favorably
The stockholders
s
$25,000,000. If the proposition is 900 to be 313,821
1921 (loss after adjustment of inventories, doubtful account $13,596,926
stock from $18,000,000 to
make available additional stock of $8.034,
and raw sugars to 1 hc. per pound)
acted upon it will and in such amounts as the directors may deem desirable
of about $2,000,000 profit in
Issued at such times ent says: "It is possible that the company may on 1922 (estimated profit exclusive
$3,300„000
1922 on account of 1921 sugars)
An official statem callable date have cash available, for the retirement
first
Compare Cuba Cane Sugar Corp. in V. 115, P. 650.-V. 115, P. 549.
Nov. 1 1923 thecompany's outstanding debentures.
the
of a part of the
Capital stock now recommended is authorized the
Eastern Steamship Lines, Inc.-Pref. Stock Called. Prof.
If the increase of the
Cumul.
to retire the balance of the debentures byalso
The directors have called in the 18,750 shares of 7% Sept. 30. On
company will be in a position
as of
of Capital stock. The company will
amount
payable with dividend accrued
par,
issuance of the necessary additional stock from time to time as the opera- stock at last, $50,company paid $50 in liquidation of Preferred shares.
the
Nov. 22
in such case be able to issue
may be advantageous to stockholders.
the par value of the shares from $100 to $50.tions may require and as
- This payment reduced
-6 Mos. end. June 30- -Calendar Years
V. 115. P. 650, 313.
1919.
1920.
Earnings1921.
1922.
399
-Bonds Offered. of$115,(E.)Edelmann & Co., Chicago.
$2,234,391 $4,603.498 $4,026,603 $3,558,
portion
882,883
Net profits, all sources__ 1,075,135 2,672,089 1,429,302
Union Bank of Chicago are offering at par and int. unsold ge on the land
500.000
Deprec.,repairs, res., &c
450,000
260,000
2
bonds secured oy first mortga ard and Holly
223,34
Estate gold
1,357,208 000 6 % Real company, southwest corner Logan Boulev
Federal taxes
1,357,208
1,357,208
678,604
and buildings of
$500. Borrower
Dividends
. Int. payable J. & D. Denom. $100 and
Ave.,
$816,308 agreesChicago normal Federal income tax on the interest payable on these
$790,093
$314,201
$257,310
to pay
every six months beSurplus
$3,627,391 $3,370,081 $3,055,881 $2,265,787 bonds. Bonds are dated June 15 1922, due $5.000 of 355,000 becomes
balance
Profit and loss surplus
ginning June 15 1923. until June 15 1929, when Callable Dec. 15 1922, or
-V. 115, p. 187.
Union Bank of Chicag trustee.
payable
-English any int..day thereafter, at 103 and o,
int.
& Rubber Corp. of America.
Dunlop Tire
. Manufactures a line of smal
Company was incorp. in 1910 in Illinois
automobile accesFinance American Subsidiary.
Parent Company tot" Sept. 2 says: "A circular has been addressed to tools, such as screw drivers, wrenches and hammers, also -Not" storage
well-known "Break
,
The London "Statis lders of the Dunlop Rubber Co. (of Englandi in sories of various kinds including the
stockho
grease guns, pressure lubricating systems
lights,
the Debenture
d financing of the American company. It has battery testers, spot
connection with the propose banking interests that the finance of the sub- radiator caps and automobile fittings.
unconditionally guaranteed
by American the issue of bonds in America, provided that
principal of the bonds has beeny.
been suggested
Interest and
President of the compan
sidiary could be arranged by
stock deposited by the English company to se- by Erich Edelmann.
the £3.000,000 Debenture be utilized as collateral security.
-Bonds Offered.
could
(Ark.) Gas Co.
El Dorado
carried through
cure bank advances
the finance of the subsidiary beit to commence
in April offered at par andint. $250,000
"It is pointed out that if
Wm. A. Busch & Co.,St. Louis, Jan. 2 1922. Due serially July 1 1923
will be raised to enable
nt funds
on these lines sufficieexisting bonds and discharge a sufficient portion of 1st Mtge. 8% gold bonds. Dated
Commercial Nat. Bank, Shreveport, La.
operations, redeem its controlling company to enable the latter to clear off to 1933. Int. payable J. & J. at
Company pays the 2% Federal northe loans made by the its bank advances, in respect of which the above- Denom. $100. $500 and 31.000 (c*). on 60 days notice. Annual sinking
of
Red. at 105 and int.
practically the whole has been deposited as security. To carry out the mal income tax.
Authorized, $250,000.
mentioned £3,000,000the holders of the £3.000,000 Debenture stock issued fund begins July 1 1923.
. President of the Company.
strongly recommend
project the consent of
Data from Letter of J. W. Atkins
required. The directors .
and power purposes
publicly in March 1921 is
-Supplies natural gas for lighting, heating
Business.
the necessary consent
an estimated
territory
the Debenture holders to give interested as investor and creditor in the in the city of Eldorado, Ark., and adjacent about 25 serving distributing
miles of
Rubber Co. is of about £4,400,000. So far, owing to population of 40,000. Property consists of
"The Dunlop
extent
1,500 regulators, 1.500 serving
American company to the
company has not even started operations, mains, together with about 1,500 meters,
lack of capital. the American about £6,000,000, were completed in 1921. tubes, reducing stations, &c. se the company for equipment and impts.
be made a successful
-To partly reimbur
though its works, which cost
Purpose.
that the subsidiary can consent of the Deben-After deducting operating expenses, taxes, &c., the net profits
The directors are confident that when the necessary
Earnings.
an, will visit the United as of Dec. 31 1921 were in excess of four times the interest charge on
It is expected
y,Chairm
undertaking.
d F. A.Szarvas
issue of $15,000,000 by the bonds outstanding.
ture stockholders is obtaine
ements for the early
0.
States to complete arrang 112, p. 1148.
Capital outstanding Dec. 31 1921, $207,80
American subsidiary."-V.
ion Plan.
El Salvador Silver Mines Co., Inc.-Reorganzat
-New York City Sales.
Inc.
Durant Motors,ces that its sales in the metropolitan district have -A plan of reorganization and rehabilitation of the company,
The company announ
far this year, with an approximate value
reached a total of 4,000 cars thus
SEPT. 16 1922.]
THE CHRONICLE
now in receivership, has been prepared by the reorganization
Committee neamed below. A circular to the stockholders
dated Sept. 11 shows in brief:
The committee, representing creditors and certain large stockholders,
has given considerable thought and study to the problems resulting in the
receivership with a view of dertermining in what manner the large amount
of mine equipment, stores, supplies, &c., owned by company and subsidiaries, might beet be utilized so as to save to the creditors and the stockholders as much as possible of the large investment represented in the undertaking.
The committee has co-operated with the receiver in respect to preserving the company's assets and has consulted with Charles Butters, Oakland,
Calif., who is familiar with the company's property and who has successfully operated mines in El Salvador since 1887.
Mr. Butters feels that certain of the properties of the company still
have possibilities of development.
Provided certain things can be accomplished, the company has an opportunity to acquire, at a small cost, a one-half interest in an option to purchase the El Isransito Mine, located in Honduras.
This property has been examined and estimates indicate some 4,000,000
tons of developed, workable ore, with possibilities of greatly increasing
this tonnage with the expenditure of a comparatively small amount of
capital. Mr. Butters holds an option to purchase the El. Transit° Mille
for $160,000, if exercised within the first 23 years and at $180,000 if exercised within the following 2% years. He purposes turning this option over
to a corporation to be known as El Transit° Mines Co- which will have a
capital of 200,000 shares, of which 100,000 are to go to Mr. Butters for his
interest in the option, and he purposes giving the El Salvador company an
option on the remaining 100,000 shares at $1
to
development work progresses, either in cash,per share, or be paid for as
equipment, as
supplies,
required. All money paid over to El Transito Mines Co. for the purchase
of this stock, is to be used exclusively for the development of the property.
This committee is prompted to give serious consideration to this opportunity,as it isfully convinced that to sell or liquidate the assets of the El Salvador Co., would result in a total loss to stockholders, and that,if the stockholders are willing to supply additional capital sufficient to pay the creditors and develop the El Transit° property, there is a reasonable chance of
rehabilitating the company.
Brief Outline of Reorganization Plan.
Assets et Liabilities.-The consolidated balance sheet of the El Salvador
co., as at Oct. 31 1921, shows current liabilities of $281,771, against which
current assets of an estimated, though questionable value of $161,295.
To Increase Common Stock.
-There are available to the treasury approximately 710.000 shares of the authorized capital 3,000.000 shares. The
plan contemplates increasing the Common from the present authoirzed
3,000,000 shares to 3,300,000 shares in order to provide stock to take care
of the conversion of the new Preferred stock.
New Preferred Stock.
-The plan contemplates the creation of
8% Cumul. & Cony. Pref. stock (par $1), 400.000 shares of which$500,000
must be
subscribed for to make the plan effective. Preferred stock will be convertible into Common at any time on a basis of 2 shares of Common stock for
each share of Pref., the conversion sorivilege to continue to redemption date.
Red.on 60 days' notice at $1 25 and div. Has equal voting rights with the
Common.
Stockholders Rights.
-Any stockholder may subscribe for as many of the
500,000 shares as he desires, but the directors reserve the right to reduce
the number of shares subscribed for by any stockholders so long as such
reduction does not infringe on the pre-emptive right to subscribe for such
shares pro rata.
Approximate Disposition of the Proceeds of 500,000 Shares of Preferred Stock.
To discharge current liabilities
$281,772
For the purchase of one-half interest in the El Transit° Co
100,000
For expense of receivership and cash working capital
118,228
Creditors.
-Certain creditors have agreed to accept Preferred stock at
par in liquidation of their claims.
Stockholders Rights.
-Stockholders of record, Sept. 22, are offered the
right to subscribe to 500,000 shares of the 8% Preferred stock on or before
Oct. 16, at $1 per share, payable 50c per share upon subscription, the balance after allotment shall have been made.
Stockholders ofrecord Sept.22 are offered the right to subscribe to 500,000
shares of the 8% Pref.stock on or before Oct. 16 at $1 per share, payable 50c.
per share upon subscription; balance after allotment shall have been made.
Applications for shares must be made to Metropolitan Trust Co., New
York, at the rate of 50c for each share subscribed for.
The committee has arranged with Empire Trust Co., New York, for the
reopening of the transfer books so that proper registration of shares may
be made before Sept. 22.
Reorganization Committee.
-Edward D. Dowling, Frederick G. Corning,
A. J. McAllister, F. T. Frelinghuysen, with A. J. McAllister, Sec., 5 Nassau St., New York. and Wayne Johnson, Counsel, New York. Depository,
Metropolitan Trust Co., 120 Broadway, N. Y. City.
-V. 114, p. 632.
1327
official notice of issuance on conversion of 1st Mtge. 7%
Cony. Sinking
Fund Gold bonds, and (3) 30,000 shares of Common stock
issuance in accordance with the terms of an option agreementon notice of
in full with a statement of the property acquired or disposition on payment
of proceeds;
making a total amount authorized (including 108,904
shares previously
listed) 254,404 shares of Common stock.
Income Account for Six Months Ended June 30 1922.
Gross production & sales, $1,801,4,10; less returns & allowances,
$41,532; net sales
$1,759,958
Cost of sales
1,446.589
Gross profit
$313,368
General adminissrasive & selling expenses
$103,332
Other deductions (net), $1,473; interest charges, $77,240
78,713
Net profit after interest but before depreciation
The policy of the company with regard to depreciation has been $131,322
to charge
off annually 10% on plant equipment. 25%
motorcars,2% on buildings,
and small tools as purchased or made are on
charged to
to reduced production the company had not provided expense, but owing
for depreciation on
its plant and equipment for the year 1921 or the six months
ended June
30 1922.
The above earnings are subject to the correctness of the
running book
inventories of the company at Jan. 1 and June 30 1922.-V. 115,P.
993,874.
Goldwyn Pictures Corp.
-Listing-Earnings, &c.
-
The New York Stock Exchange has authorized the fisting
trust certificates for 720,461 shares of Common stock of no of voting
with authority to add v. t. c. for 279,539 additional shares. par value,
Consolidated Profit and Loss Accounts.
Jan. 1 '22 to Yr. ended
PeriodMay 27'22. Dec. 31 '21.
Net profit from operations
loss $108,036
$496,359
Less-Int., disc. & bond & note expenses
104,474
321,364
Guar. divs. to Cl."B" stockholders of Moredall
Realty Corp
100.000
200.000
Extraordinary charges
57,692
661,822
Loss for period
$370,202
$686,828
Previous surplus or deficit
def$408.890 sur$277,937
Deficit
$779,092
$408,890
Balance Sheet.
May27'22 Dec.31'21
May 27'22 Dec. 31'21
Assets$
Land., bldgs. 4Ic
Capital stock_ _ _ _x11,152.606
equipment
2,299,069 2,386,464 Cap.stk. of subs__ 603,528 10,139,806
556,659
Goodwill, &c
3,124,478 3,140,612 2-Year 8% Cony.
tes
I
in &nv. adv. to
733,600 1,755,100
ASSOC. cos
2,022,471 1,964,401 Moredall Realty
Cash in sink. fund
Corp. 7% bds_ _ 720,000
810,000
for 2-year notes_ 683,042
266,756 1st Mtge.on studio 150,000
150,000
Unpd.subs,to cap.
Advance paym'ts_ y505,870
555.160
stock
64,839
75,702 Notes payable_
8.125
16,250
Inventories
3,273,985 4,101,135 Accts' payable_ _ _ _ 208,546
247.808
Advances
612,560
574,317 Prod. dc auth.
Lease deposits__ _ _
34,391
34,391
royalties,
_
28,556
32,913
Accts. at notes sec_ 324,966
316,255
U.S. Lib. bonds
35,450
36,450
Cash
636,791
593,544
Deferred charges.. 218,696
364,777
Deficit
779,092
408,890
Tot.(each side)_14.110,831 14.263,696
x Capital stock of no par value; issued and outstanding, 657,884(
shares; subscribed for, but not yet issued, 6.765% shares; total, 664,6503
shares. y Advance payments to be liquidated by film service.
-V. 115.
p. 550.
Gulf Oil Corp.
-Recapitalization Plans-Stock Dividend
of 200%
-New Company to be Formed-Exchange of Shares.
The company has announced that it will distribute a 200%
stock dividend as part of a plan for readjusting its capitalization. A new corporation is to be formed under the laws
of Pennsylvania and holders of the old stock have been
asked to deposit their shares to be exchanged for those of
the new corporation.
The
plan will become operative on Oct. 3 as holders of more than
80%
of the outstanding stock already have given their assent. The Bankers
Trust Co., New York,and Union Trust Co.,Pittsburgh, have been
appointed depositories.
Empire Gas & Fuel Co.
-Purchase
-New Wells.
Certificates of
The purchase of the Planet Petroleum Co. was formally completed on as the company the new corporation will be delivered as soon after Oct. 3
can facilitate distribution. The privilege of exchange,
Sept. 2 (see V. 115, p. 1104).
however, will remain open to the remaining stockholders who have
thus
The company reports the completion of two new wells in the Burbank far not deposited
their stock until
field, in Oklahoma. Each well is producing 350 barrels a day from the
The new corporation will have aNov. 1. stock of $120.000,000 consisting
Capital
regular Burbank sand. The tract where these wells were completed was of 4,800.000
shares, par $25 each. The old corporation has 362,355
purchased in Dec. 1921 for $61,000. The company also reports the com- shares of stock,
par $100 each. The stockholders of the old corporation
pletion of a 250
-bbl. well in the old El Dorado field in Butler County, will receive 12 shares
of the new stock in exchange for each share
Kansas.
old. The new corporation will issue a total of 4,348,260 shares. of the
This company,in conjunction with the Gypsy Oil Co., has also brought in
The directors have declared the regular quarterly dividend of
a 600
-bbl. well in the Okemah pool. The well was brought in on an SO-acre the present
1%% on
stock, payable Oct. 1 to holders of record Sept. 20. It Is
lease held jointly by the two companies which lies contiguous to other reported
that dividends
stock will
acreage of the Empire Gas & Fuel Co.
the current year at the on the new 50 a sharebe begun after the close of
annually or equivalent to
rate of $1
$18 a share on the old stock.
Tenders of Bonds.-V. 115, P. 1215, 874.
Halsey, Stuart & Co., Inc., as sinking fund agents, will receive until
Hayes Wheel Co.
Sept. 27 bids for the sale to them of 1st & Ref. Cony. 15-year 7Si% gold
-Production,
bonds, Series "A," dated May 1 1922 to an amount sufficient to absorb
During the first 7 months of the current calendar year the number
the
of
$450,000 and at a price not exceeding 107% and int.-V. 115, p. 1104,874. passenger cars equipped with wheels manufactured by this company was
'
591,952 out of 1,259,701 passenger cars produced in the United States
Empire Tire & Rubber Corp.
during that period. On the basis of the actual net earnings of $640,712
-Sale.
Dar
The assets of the company were sold to Campbell, Heath & Co., of 5 the first 7 months of the year (V. 115, p. 993), officials estimate that the
Nassau St., New York, at receivers' sale Sept. 13, for $1,675,000. It is total net for 1922 will be approximately $1,200,000.
These facts are brought out
understood that the new owners will organize a company to operate the
illustrated and descriptive circular
which has just been prepared byin an
plant.
-V. 115, p. 651.
McClure, Jones & Reed, members
New York Stock Exchange. The bankers state that application is of the
expected
to be made to list the shares of stock on the New York Stock Exchange.
Exchange Buffet Corp.
-Note Redemption.
The company is now
All of the outstanding $240,000 8% serial gold notes dated Oct. 15 1921
at its four plants, and ismanufacturing upwards of 16,000 wheels per day
(except $30,000 of such notes which mature Oct. 15 1922), have been called
earning at the annual rate of approximately $6 a
for payment Oct. 15 at 102% and int. at the Mechanics & Metals National share on its stock before Federal taxes.
-V. 115, p. 1215.
Bank, 20 Nassau St., N. Y. City.
-V. 115. p. 79.
-Stockholders Rights.
Garland Steamship Corp.
-
The holders of Common stock of record Sept. 23 are given the right to
subscribe to 32,050 shares of Preferred stock at par ($20 per share) to the
extent of one share of Pref. stock for each 20 shares of Common stock held.
Subscriptions are to be made and fully paid in New York funds at office of
Guaranty Trust Co., 140 Broadway, N. Y., on or before Dec. 1 1922.
-V. 115, p. 992, 550.
Glidden Co., Cleveland, Ohio.
-Earnings.
-
Hercules Powder Co.
-To Increase Capital
-To Declare
100% Stock Dividend in Common Stock.
-
The stockholders will
increasing the authorized capital
stoc.anom $,0,0000,00Oommn. 24 on
prei frd s2 10 0 0 C vote Oct. $10,000,000 Coon to
k
0 0
0
mm
Pref. and
nd
$20,0001,000
Secretary H. H. Eastman, Wilmington, Del., Sept. 13,
says:
The general purpose of the authorization of the additional
provide means through which the company may obtain the stock is to
additional
capital that it may require from time to time over and above that
which
can be reserved out of surplus earnings. No additional capital is
required
at present and no offering of stock contemplated.
The immediate purpose of the additional Preferred stock is to
retire
the outstanding Aetna bonds at or before maturity. The
purpose of the additional Common stock is to transfer to immediate
Net income
permanent
$447.638
It is officially stated that since the company operated virtually without of hptitealacacccuomuunita,ted surplus.bymeans of a 100% stock dividend, a substantial part
profit in the first quarter earnings for the six months period actually were
All the charter provisions, restricting the issue of Preferred stock
within
accumulated in the second quarter.
-V. 114, p. 2723.
definite limits governed by assets and earnings remain absolutely
unchanged. The exchange of all Aetna bonds on the basis contemplate
Gray & Davis, Inc.
d
-Listing.
would make the total outstanding Preferred stock about
The New York Stock Exchange has authorized the listing of $1,000,000 only 35%
$12,250,000,
of the company's total net assets. The conversion of $7,150,000
(auth. $1,500,000) 1st Mtge. 7% Cony. Sinking Fund Gold bonds, due of surplus
into Common stock will again make the Common stock outAug.. 1 1932 (see offering in V. 115, p. 766).
The Exchange has also authorized the listing of 28,000 shares of Common standing exceed the Preferred and will permanently assure retaining the
business assets heretofore lawfully available for distribution as
stock no par valae) in the form of changed Capital stock certificates upon on
dividends
Common stock, but which the best interest of the company clearly
official notice ot issuance and payment in full, with authority to add (1)
37,500 shares of Common stock upon official notice of issuance on con- require retaining.
The assets of the Aetna Explosives Co., Inc., were covered by
versionlof,8%1Cumul.rref. stock;(2) 50,000 shares of Common stock upon gage
a
securing the issue of approximately $4,000,000 of 6% bonds. mortThis
Resultsfor Six Months ending June 30 1922 (Including Subsidiary Companies)
•
[Subject to adjustment.1
Net sales
$8,584,441
Income, before deprec., $711,502; other income,$24,788; total
$736,290
Discount, bond interest, &c
288,652
TH I
1328
[VOL. 115.
CHRONICLE
mortgage obligation was assumed by the Hercules Explosives Corp. when
comIt purchased the assets of the Aetna Explosives Co., Inc., and yourWhile
pany owns all of the capital stock of the Hercules Explosives Corp. comit is, therefore, clear that these bonds are not an obligation of your
pany, it is equally clear that your company must take care of them, as
they mature if it desires to continue the use of the assets of the Hercules
Explosives Corp.
„ Your company's policy has always contemplated that its capital investment would be confined to its two classes of stock (Preferred and Common)
issues
and that all its assets should stand behind these to the free from lien of
company's best
any sort whatever. It has, therefore, seemed
Interest to offer the bondholders the opportunity to exchange their lien
of the
on the Aetna assets for Preferred stock with the broader securityalready
entire assets of the Hercules Powder Co. This opportunity has
been availed of by some of the larger holders of the Aetna bonds, but
until the additional stock is authorized, it is impossible to make the offer
general. It is planned that the exchange shall not increase the company's
-V. 115, p. 1215, 550.
annual interest and dividend obligations.
Imperial Tobacco Co. of Canada, Ltd.-Divs., &c.
Ordinary stock
An interim dividend of 1%% has been declared on the
payable Sept. 28. The regular semi-annual dividend of3% on the Preferred
stock has also been declared, payable Sept. 30. An interim dividend of
% was paid on the Ordinary stock in June last.
The London Stock Exchange has granted an official quotation to 465,580
Ordinary shares of $5 each, fully paid, bringing the amount listed to
329,101.900.-V. 114. p. 2723.
The holders ofstock certificates representing any class of the capital stock
of Jones & Lamb Co. should deliver such certificates to the Safe Deposit
& Trust Co. of Baltimore, transfer agent, endorsed for surrender, and recalve in exchange therefor stock certificates for the number of shares of the
class or classes of stock of Shafer & Co., Inc., to which they are entitled.
The agreement of consolidation contains provisions for the issuance of
(a) 2-3 share of Preferred stock (par $66 66 2-3) and 1 share of Common
stock (par $10) of Shafer & Co., Inc., for each share of Prior Preference
stock (par $100) of Jones & Lamb Co.
(b) 154, shares of Common stock (par $15) of Shafer & Co., Inc., for each
share of Preferred stock (par $100) of Jones & Lamb Co.
(c) 34 share of Common stock (par $5) of Common stock of Shafer &
Co., Inc., for each 1 share (without par value) of Common stock of Jones
& Lamb Co.
-V. 112, p. 2542.
(Anton)Jurgens' United (Margarine) Works, Holland.
-Preferred Dividend Deferred.-
See "Current Events" in last week's "Chronicle," page 1147.-V. 114,
p. 2724.
Kansas City Cold Storage & Warehouse Co.
Bonds Offered.
Commerce Trust Co., Fidelity Nat. Bank & Trust Co. and Prescott &
Snider in April offered at 100 and int.$850,000 1st Mtge. Real Estate gold
bonds, dated March 1 1922, due serially March 1 1923 to 1937. Int.
payable M. & S. at office of First Trust Sr Savings Bank, Chicago, Ill., or
Commerce Trust Co., Kansas City, Mo., trustees. without deduction for
-Balance Sheet.normal Federal income tax up to 2%.
Indiahoma Refining Co.
Data from Letter of H. E. Poronto, President.
J'ne 30'22aFeb. 28'22.
J'ne 30'22.aFeb 28'22.
Liabilities
-Secured by a direct 1st Mtge. on the land owned in fee and the
Security.
Assets
y5,000,000 5,000,000 cold storage and ice manufacturing plant to be constructed thereon. The
Capital stock
Leaseholds and oil
prod. equipm't_ 3,715,358 3,633,172 1st Mtge.8% bds_ 1,702,000 1,750,000 proposed plant will be located at 3d St.and North Kansas City Bridge Boul.,
900,000 Kansas City, Mo., where land has been acquired of approximately 143,000
Ref., pipelines,&c. 3,680,570 3,587,944 7-yr.8% sk.fd.notes 855,000
Interest aced on
sq. ft., sufficient for three plants of a similar size, the first of which will be
Inv. in & advs. to
103,478
bonds,&c
216,384
216,706
constructed with the proceeds of the sale of these bonds.
other cos
465,576 Sk. fd. coup. notes 211,716
320,199
305,624
-Will conduct a general cold storage, ice manufacturing and
Company.
Cash
Tank car equipm't
car icing business. Its plant, which will be 8 stories in height, with an area
Cash on dep.for int. 104,326
554,715 of over 3,000.000 cu. ft., will have a cold storage house capacity of approxi473,709
notes
Notes & accts. rec_ 1,473,834 1,169,691
619,369 mately 20,000,000 lbs. The ice-manufacturing plant will have a capacity
1,885,719 1,770,431 Notes payable_ _ _ _ 588,000
Inventories
333,967 Acc'ts & trade acSk.fd.& other dep. 25,877
of 100,000 tons of ice per year and will be so constructed to permit of very
859.813 largely increased expansion from time to time.
ceptances pay'le 1,097,130
Prepaid insurance
144,599
72,860
49,763 Scrip dividend_ ___ 112,830
premiums, &c
-Will be operated by the present management of U. S.
Management.
85,000 Cold Storage Co., of Chicago. The principal stockholders will be J. A.
85,000
Res. for coating__
Due from officials
2,145,365 1,702,329 Spoor, A. Gs Leonard, Richard Fitzgerald,H.E. Poronto, Chicago; F. H.
243,412 Surplus
and employees.. _ 243,212
465,683
Deferred charges__ 450,143
Prince, Boston, and Eugene V. R. Thayer of New York City.
-Conti-:
-Bonds Sold.
.b..ansas City POTier & Light Co.
nental & Commercial Trust & Savings Bank, Chicago;
Guaranty Co., Halsey, Stuart & Co., Spencer Trask & Co.,
Blyth, Witter & Co. and Harris, Forbes & Co., New York,
have sold at 93 and int., yielding 5.47%, $21,000,000
-American Gas & 1st Mtge. 30-Year 5% gold bonds, Series A (see adv. pages).
Indiana & Michigan Electric Co.
Dated Sept. 11922. Due Sept. 11952. Int. payable M.& S. in New
Electric Co. Acquires Interest-Assumption of Bonds.
York or Chicago, without deduction of Federal income tax not in excess of
Total
12,174,228 11,936,023
12,174,228 11,936,023
Total
x After issue and sale of 31,750,000 1st Mtge.8% cony. sk. fd. bonds and
y Capital stock authorized,
$900.000 8% cony. sk. fd. debenture notes.
1,500,000 shares of $5 each, less 500,000 shares held by trustees for conversion purposes, 32.500.000: leaving outstanding $5,000,000. z8% coupon
notes,including premium thereon, called for redemption as of April 1 1922.
The comparative income account was published in V. 115, p. 1216.
-V. 115, p. 1105, 993.
See American Gas & Electric Co. above.
-Solvent.
Indiana Oil Refining Co., Columbus, Ind.
The company was recently removed from the hands of a receiver. The
Farmers' Savings & Trust Co., receiver in a final report showed that all
claims had been paid and that the firm is now solvent. Louis J. Scheidt,
President,succeeds 0. L. Bartlett, who is charged with the embezzlement of
-V. 113, p. 2825.
money from the company.
-Financial Reorganization.
Intercontinental Rubber Co.
The stockholders Sept. 13 approved the plan of financial reorganization
providing for the creation of a new company to be called the Intercontinental
Rubber Products Corp., with a capitalization of 604.000 shares of no par
-year convertible
value stock and an authorized issue of $2,903,000 7% 10
collateral trust notes. The new company will acquire in exchange for 31,370
shares of stock the assets of the present subsidiary companies. The balance
of the stock of the new corporation will be reserved against the conversion
of its authorized notes. Of the total amount of notes authorized, $290,300
Series "A" will be presently offered for subscription to the stockholders
been
of the company. The first series of notes hasof the underwritten.
company for working
This financing provides for the requirements
capital and for developments and will place it in a situation to increase its
production with the recovery in the rubber market. Compare plan in
V. 115, p. 874.
-Earns, &c.
Internat. Combustion Engineering Corp.
An authoritative statement says in substance:
"Net earnings in the first half year more than covered the dividend
requirement of 50 cents a share quarterly. With prospect for marked
improvement in the current six months, the entire year's dividends should
be earned with good margin. Of the 250,000 shares of Capital stock, no
outstanding. Bookings
par value, authorized, about 200,000 shares are than
$200,04X) over any
in August were in excess of $900,000, or more
previous month.
"While the bulk ofthe current business is still in automatic stoking devices
the company hopes to increase the popularity of the Lopulco system for
The demand
stimulated by the
burning coal in pulverized form. Recent ordershas been the
call for
installation of
necessity for economizing fuel.
the system at the Union Electric Co. of St. Louts, West Penn Traction Co.
Ry.
Pittsburgh; United Electric Rys., Providence; Rochester Ford& Light Co.,
and at the
Motor Co.'s
Rochester: Duquesne Light Co., Pittsburgh,
plants at Detroit.
of the company's subsidiaries are virtually at capacity. The
'Plants
new foundry at Monongahela, Pa., will be running by the end of the month
and the new production units of the British subsidiary, now practically
within 60 days. A saving of several
comoleted. should be in operation is expected from the addition of
the
hundred thousand dollars a year
-V. 115, p. 1216.
units.
British
-Annual
Y.-41719/9. / Report.-Intertype Corp., Brooklyn, N. Y.
1920.
1918.
19
Calendar Years$572,282
$403,824
$230,624
.854
$39621.
Profits before taxes
170,000
100.000
37.500
90,000
Taxes
308,854
402,282
303.824
193.124
Profits after taxes
Balance sheet as of Dec. 31 1921 shows: cash, 8290.114; inventories,
$244,155; total p. & 1. surplus,
81.486.570; notes and accounts payable,
$3,489,007.-V. 112, p. 938.
-Earnings.
Co., Inc., Chicago.
Jewel Tea
It has been learned from authoritative sources that the net earnings of
Jewel Tea Co., Inc., for the period from Jan. 1 to June 17 1922 were at
approximately the same annual rate as in 1921. The net income for the
year 1921 was $321,458.-V. 114, p. 2020.
-Reorganization, &c.
Jones & Lamb Co., Baltimore.
A notice to all persons interested in the capital stock of the
Co.,Inc.,says in brief:
Jacob C. Shafer Co., now Shafer & Co. and the Jones & Lamb Co.
Shafer
The consolidation of the Jacob C.
having been consummated,
under the name of Shafer & Co., Incorporated, class of the capital
stock of
the holders of stock certificates representing any
certificates to
the Jacob C. Shafer Co. should deliver suchendorsed for the Safe Deposit
surrender, and re& Trust Co. of Baltimore, transfer agent, for the number of
shares of the
ceive in exchange therefor stock certificates
to which they are
class or classes of stock of Shafer & Co., Incorporated,
entitled.
for the issuance of-.
The agreement of consolidation contains provisions shares of
Common
(a) 1 share of Preferred stock (par $100) and 123'i 1st Pref. stock
(par
Inc., for each share of
stock (par $125) of Shafer:Ss Co.,
$100) of Jacob C. Shafer Co.
4 shares of Common stock
(b) 1 share of Preferred stock (Par $100) and 73 2d Pref. stock (par Vim)
of
(Par $75) of Shafer & Co., Inc., for each share
of Jacob C. Shafer & Co.
Co.,
stock (par $50) of Shafer & Co. Inc., for each
(c) 5 shares of Common
share of Common stock (par 850) of Jacob C. Shafer
A notice to all persons interested in the capital stock of
Jones & Lamb Co. says in brief:
-mill tax refundable. Denotns. $1,000, $500 and $100
2%. Penna. 4
(c* & r*), $1,000, $5,000. $10,000 and $25,000. Red. all or part on 60
days' notice on or before Sept. 1 1946 at 105 and hit.; thereafter on or before Sept. 1 1950 at 102% and int., and thereafter at 100 and int. Continental & Commercial Trust & Savings Bank, Chicago, corporate trustee.
-Application will be made to list these bonds on New York and
Listing.
Chicago Stock Exchanges.
Data from Letter of Pres. Joseph F. Porter, Kansas City, Mo., Sept.8•
-Organized July 29 1922 in Missouri as a consolidation of the
Company.
Kansas City Power & Light Co. and the Carroll County Electric Co.
Controls the electric light and power business in Kansas City, Mo.,and also
sells, either at wholesale or retail, electric current used in portions of 14
nearby counties in Missouri and Kansas. Also owns and operates steam
heating plant at Kansas City, Mo. Total population of territory served.
approximately 575 000. (Compare also V. 115, p. 443.)
Physical property includes 3 electric 'generating stations with an aggregate installed normal capacity of 84,1501 k. w.; 36 substations with transformer capacity of over 195,000 k. w.; 207 miles of high tension transmission
lines; 316 miles of underground cable; 1,252 miles of low tension distributing
lines, and coal rights in about 7,494 acres of valuable coal lands. Of the
installed capacity, 60.000 k. w. (now being increased to 90,000 k. w.) is
located at the new Northeast power plant, which is one of the most modern
and efficient generating stations in the country and is so designed that its
present installed capacity may be further increased to an ultimate capacity
of 240,000 k. w.
Authorized. Outstanding.
Capitalization After This Financing250,000 shs. al00,000 shs.
First Preferred stock (no par value)
none
Participating Preferred stock (no par value)----100.000 shs.
350,000 shs. 250,000 shs.
Common stock (no par value)
(b)
$21,000,000
First Mortgage 5s, Series A (this issue)
a Including shares reserved to be exchanged for Kansas City Power &
Light Co. First Pref. stock. b Issuance of additional bonds restricted by
provisions of the mortgage.
-In addition to the sale of this issue of $21,000,000 1st Mtge.
Purpose.
5s, company has contracted to sell 25,000 shares of its 1st Pref. stock and
50,000 shares of Common stock for a total of approximately 85,000,000
cash. Proceeds of the above bonds and stock will be sufficient to retire all
present outstanding funded debt (including purchase money obligations),
and after deducting a sum equivalent to present floating debt (incurred
entirely for new construction), will leave a substantial sum to be expended
on additional property.
This financing will result in a reduction of approximately $220,000 per
annum in interest on funded debt, and, including interest on floating debt,
the total saving in interest charges will be over $350,000 annually.
1922.
1921.
Earnings 12 Months ended July 31$6,521,616 $7,306,654
Gross earnings (Including other income)
3,800,346
Oper. exps., including maint. and property taxes_ _ 3,993,153
$2,528,463 83,506,308
Not earnings before depreciation
1,050,000
Annual interest requirements on this issue of bonds
x Under the terms of the mortgage the minimum amount deductible for
depreciation for the 12 months ended July 31 1922 was $563,283, leaving
a balance of $2,943,025 after minimum depreciation requirements. The
actual amount set aside for depreciation was $959,698.
Gross earnings of the properties (exclusive of those recently acquired of
Carroll County Electric Co.) now owned have increased from $2,805,646
for the calendar year 1915 to $7,306,654 for the year ended July 31 1922.
Meters in Service and K. W. H. Generated and Purchased-Calendar Years.
Meters in Kilowatt Hours Kilowatt Hours Total Kilowatt
Hours.
Purchased.
Generated.
Service.
94,864.382
76,042,625
42,750
18,821,757
1915
112,491,581
83,739,903
28,751,678
51,977
1916
119,913,928
97,416,941
59,740
22,496,987
1917
118,192,608
86,577,679
31,614,929
63,484
1918
145,678,086
87,285,530
58,392,556
69,847
1919
175,939,618
66,843,564
75,012
109,096,054
1920
204,752,604
7,949,974
1921,
657.765
228,835,636
228,177,871
(12mos.July31)87,126
1922
to authorization by the P. S. Commissions of Mis-Subject
Issuance.
souri and Kansas.
-Application will be made to list bonds on the New York and
Listing.
Chicago Stock Exchanges.
-Spencer, Trask & Co. and Blyth,
Preferred Stock Sold.
196,802,630
Witter & Co. have sold at $96 per share and div. to yield
about 7.30%, 25,000 shares (no par value) 1st Prof. Stook,
Series "A," Cumul. divs., $7 per share per annum. Prof.
as to assets to extent of $100 per share and also as to divs.
(see advertising pages).
-J. Red. all or part at $115 per share and diva.
Dividends payable Q.
upon 60 days notice. Company does not contemplate the issuance of any
additional 1st Pref. stock in the immediate future, except such amounts
as may be sold from time to time to its customers.
SEPT.16 1922.]
THE CHRONICLE
Listing.-Application will be made to list this issue of 1st Pref. stock,
Series "A," on the New York and Chicago Stock Exchanges.
Earnings.
-In the year ended July 31 1922 the surplus earnings after
depreciation were equal to over 234 times the annual dividend requirements
of the entire 100,000 shares of 1st Pref. stock, Series "A," including the
amount now offered.
-V. 115, p. 1216, 767,
Kansas Electric Power Co.
-Officers.
--
The following officers have been elected: Pres. & Gen. Mgr., Albert
Emanuel, N. Y.; V.-&Pres., Victor Emanuel, N. Y., and R. F. Rice,
Lawrence, Kan.; Treas., C. B. Zeigler, N. Y.
For offering of $3,000,000 1st Mtge. bonds see V. 114, p. 2830.
Kehlor Flour Mills Co., St. Louis.
-Bonds Offered.
-
•
Whitaker & Co., St. Louis, In April offered at 100 and int., 3250,0001st
Mtge. serial 7% Gold bonds. Dated Feb. 1 1922. Due serially Feb. 1
1923 to 1932, but red. all or part, on any int. date, on 30 days' notice, at a
premium of M of 1% for each year or period thereof of unexpired term of
the bonds retired plus accrued interest. St. Louis Union Trust Co. and
Edward J. Costigan, St. Louis, trustees.
Company has been conducting a successful flour milling busines., since
1864, chief brands being registered in the United States and the principal
countries of Europe. Average annual net earnings available for bond
-year period ending Dec. 31 1921,equal to
interest for 10
mum interest requirements and for the 19-year periodover 6 times maxisince the incorp.
were equivalent to over 4 times maximum interest requirements of this
bond issue.
The purpose of this issue is to reimburse treasury in part for recent permanent improvements. Peyton T. Carr, President.
Kelley Island Line & Transport Co.
-Acquisition:
The company recently acquired Great Lakes Stone & Lime Co.,according
1329
holders and Mr. Kirby, it is made clear that the minority holders
insist on cash payment. It is also suggested that the company will not
each holder of 100 shares of Preferred an additional 100 shares give to
Preferred and 100 shares of Common stock. The correspondence of new
Mr. Kirby as refusing to pay the back dividends on the ground that quotes
certain
payments for additional stumpage from the Atchison
met. Mr. Ingraham claims that these payments haveRR. have not been
been reduced from
$8,000.000 to $3,600,000 and that the company has a large potentital
profit from the transaction.
-V. 115, p. 1216.
Lackawanna Steel Co.
-To Be Dissolved, &c.
-
See Bethlehem Steel Corporation above.
-V.115. p. 875, 551.
Lincoln (Neb.) Telephone & Telegraph Co.
-Earns.
-
Results for Years ending June 30Gross earnings
Operating expenses and taxes
Net earnings
-V. 109, p. 1992.
1921-22.
1920-21.
$2,389.021 $2,365,579
1,866,219
1.895.937
$522.802
$469,642
Lindsay Light Co.
-Preferred Stock.
-
The stockholders will vote Sept. 20 on issuing $200,000 7% Cumul. Pref.
stock (par $10) to be used towards paying for a new and better location for
the plant which will be moved to Youngstown,0. Present capital consists
of $600,000 Common and $400,000 7% Cumul. Prof. authorized
and
outstanding.
-V. 115, p. 551, 443.
(P.) Lorillard Co., Inc.
-Government Demands Records.
-
See American Tobacco Co., above.
-V. 114, p. 2724.
McIntyre Porcupine Mines, Ltd.
-Earnings.
to Pres. John A. Kling, who is quoted as saying:
Years end. June 30-1922.
1921.
1920.
1919.
"The purchase of the Great Lakes Stone & Lime Co., which will involve Income
$2,103,897 $2,177,278 $2,315,894 51,758,948
about $1,250,000, will be for a cash consideration, thus necessitating no Costs
1,242,537
1,088,764
1,088.231
919,359
financing."
Reserves & approp
308,614
272,984
409.642
156.238
The Great Lakes Stone & Lime Co. is situated at Rockport, Mich., where
It has a crushing plant with a capacity of 10,000 gross tons per day. E. P.
Net profit
$552,747
$815,530
$818.021
$683,350
Smith, Pres. & Treas. of the Great Lakes Co., will join the Kelley Island -V. 115, p. 551.
forces in an official capacity, having enarge of all Michigan properties with
other official duties.
-V. 114, p. 634.
Mackay Cos.
-Radio-Cable Agreement.
The Postal Telegraph Cable Co., a subsidiary, has entered into an
Keystone Tire & Rubber Co.
-New Financing.
agreement with the Radio Corp. of America whereby the telegraph company
It is stated that an offering of Common stock to holders is expected to places at the latter's disposal its land line system all over the
United
be made shortly at about $7 50 per share. It is proposed to change the par for the collection and delivery of trans-Atlantic radio messages. States
value from $10 to no par value.
-V. 115, p. 1216, 767.
The agreement provides that the Portal Telegraph shall accept, at all
of its offices, wherever situated, dispatches to be sent to
Keystone Watch Case Co.
-New Canadian Plant.
radio,' while the Radio Corp. will turn over to the telegraph Europe "via
company all
It is stated that the company proposes to erect a 6
messages received by it for delivery to land-lino points reached by the Postal.
concrete building at Toronto, Ont., to take care of the -story reinforced
This contract also carries with it the right to a proportion of the wireless
Canadian trade.
-V. 115, p. 652.
traffic out of Germany and also to exchange radio traffic with the Telefunken stations in all parts of the world, thus insuring the Mackay interests,
(S. H.) Kress & Co.
-August Sales.
It was pointed out, the opportunity of entering the radio field as a com1922
-Aug.
-1921.
Increase.' 1922-8 Mos.-1921.
Increase. petitive factor with its own organization if it so desires.
$2,224,772 $2,191,202
$33,5701$17,489,564 $16,890,184
The relation between the telegraph and radio corporation is entirely
$599,380
-V. 115, p. 767, 314.
contractual, Pres. Mackay asserted, and the step is the latest development
in the attempt to
(B.) Kuppenheimer & Co., Inc., Chicago.-Pref. Stock -V. 115, p. 1106,establish a great American system of communication.
80.
-Goldman, Sachs & Co., Lehman Brothers, Ames,
Sold.
Emerich & Co. and Mitchell, Hutchins & Co., Inc., announce the sale at 100 and div. of $3,500,000 7% Cum.Pref.
(a. & d.) stock. Purchasers of the Pref. stock have the
privilege of subscribing to Common stock at $35 per share
up to 35% of their holdings of the new Pref.(see adv. pages).
(R. H.) Macy & Co.
-Registrar.
-
The Columbia Trust Co. has been appointed registrar of the Preferred
and Common stocks.
-V. 115, p. 1106. 994.
Magma Copper Co.
-Listing-Earnings.
--
The N. Y.Stock Exchange has authorized the listing
of capital stock (no par value), with authority to add of(1) 240,000 shares
108,000 shares upon
the conversion of the 10
-year bonds;(2) $3,600,000 10
-year 7% Cony,gold
Redeemable, all or part, at 115 and diva. On or before Dec. 1 1925 and bonds, due June 1 1932.
annually thereafter, from out of surplus and net earnings,
of the
Income Account for Stated Periods.
largest amount in par value of the Pref. stock that shall at least 3%at any
have
x6 Mos.end.
one time outstanding, shall be acquired by redemption or by been
Calendar Years
purchase at
June 30'22.
not to exceed 115 & divs. Divs. payable quarterly, cum.from Sept. 11922.
1021.
1920.
1919.
Listing.-Pref. and Common stock listed on Chicago Stock Exchange, Sales of copper
$259,276 $2,364,557 52,208.038
Loss: Selling, comm., $959,516
and application will be made to list stocks on New York Stock Exchange.
freight and storage..
39,555
43,905
48,479
Capitalization21,453
Cost of copper sold
Authorized.
$3Issued.
1,293,910
296,128 2,049,721
7% Cum. Pref. stock (par value $100)
1,974,039
$3,500,000
,500,000 Net RR.op.loss for per'd
15,231
25.424
Common stock (par value $5)
110,000 sh. 100,000 Mi. Gen. expenses, real est.
The 10,000 unissued Common shares are reserved for issuance to emand corporate taxes_ _
72,065
189,347
ployees from time to time.
169,872
50,939
Federal taxes
10,346
Data from Letter of Pres. Louis B. Kuppenheimer, Chicago, Sept. 7. Interest paid & accrued_
40,433
35,832
4.911
17.379
Int., disct. & oth. inc.._
History and Growth.
-Company is to be incorp. in Illinois to take over
Cr.5,349
Cr.7,068
Cr.10,972 Cr.44,196
the assets and business of B. Kuppenheimer & Co.
Net income
1876, with a capital of $150,000, Bernard Kuppenheimincorp. in 1911. In
def$496,328 def$324,292
$102,545
$178,078
er, together
sons Jonas and Louis B., started at Chicago the manufactur andwith his
e
sale
x Subject to adjustment at end of fiscal year.
men's clothing at wholesale. At the very beginning they established of
policy that has been maintained ever since of producing merchandise a
Balance Sheet (1922 Subject to Adjustment at End of Fiscal Year).
of
proved value and worth and of extending to their
customers efficient service
June 30'22.Dec.31'21.
and actual co-operation in the distribution of their
June 30'22.Dec.31'21.
AssetsThis has led to the establishment of a good-will and product to the consumer. min.
Liabilities
$
claims, land,
heimer Good Clothes" throughout all the States high regard for"Kuppenmachinery,Zec__ 1,946,379 1,746,234 Capital stock (108,-1,200,000
and many foreign lands.
In each year since its inception the business
000 sh. no par)_
1,200,000
has operated at a profit, Stocks & loans to
and with the exception of the original amount
10-yr. 7% bonds.. 3,600,000
controlled co's__ 222,217
worth has been accumulated out of earnings. paid in .all of the present net Invest.
194,225 Sundry creditors
In addition, since 1911, when
in Apache
'
the business was incorporated, it has paid
85,895
& unpaid wages
38,397
out in dividends a total of • Powder Co.stk_
10,200
$2.247,000. Up to 1911 the business was
10,200 Accrued int.& tax. 82,590
40.814
conducted as a partnership, when Refined copper &
a corporation was formed with a capitalization
Notes & loans pay.
845,000
raw ore (at cost)
of $1,600,000. The business
97,837
has always been conducted as a close corporation
. The manufacturing Material & suppl_ 155,253 1,388,012 Contingent reserve
ojperations are conducted in 5 work shops,
92.725
167,097 for claims
88,603
all
Accounts
57,211
shops are all of the latest and most approved located in Chicago. The Loans reeeiv_ _ _
1,003,521 1,503,277
12,667 Surplus
types. Factory employees
reedy.(sec.) 750.000
number about 4,500.
Cash
2,329,753
Management.
-In 1908 Ludwig Stein was
14,933
44,285
Alfred W. Stern and Bertram J. Cahn a fewadmitted into the business and Deferred assets..
53,813
years
431,596
exercised the actual management and control oflater. They have since Deferred charges
128,9121 Total(each side)$6,044,731 $3,716,091
the business and will -V.114, p. 2830.
so continue.
Net Sales and Net Profits Before Income and Profits Taxes Paid
Marconi's Wireless Telegraph Co., Ltd.
-Final Div.
But After
Giving Effect to Taxes at 1922 Rates Years ended Oct.
The directors have declared a final dividend for the year 1921 of 5%
31.
on
the
Years- Net Sales.
Net Profits. I Years- Net Sales.
Net Profits. year7% Cumul. Partic. Preference shares and a final dividend for the
1916-17_ _ _ _37.885,175
1921 of 10% on
5537,738 1919-20_ _ _323,879,822 $1,613,125
Ordinary shares, both payable (less income tax)
1917-18____10,828,050
on Sept. 16.-V. 115,the994.
1,235.895)1920-2L
p.
14,573,957
690,873
1918-19_ - _11,176,573
568.230 1922(6 mos.)8,186,231
200,069
Marland Oil Co. (Del.).
-Earnings, doe.Net sales for the 6 months ending April 30 1922 amounted to 38,186,231.
Net earnings before reserves for July were $451,072, compared
as compared with $5,727,283 for the corresponding period in
with
1921. Net $522,779 in June, a decrease of $71,707.
profits after deducting income and profits taxes for the 6 months
The balance sheet as of July 31 1922 shows
April 30 1922 were $200,069, compared with net profits after taxes ending
assets of $7,900,908
at 1922 and current liabilities of $1,743,606, giving thecurrent net current
company
rates of $53,710 for the corresponding period ending April 30 1921.
assets
of 36,157,302.-V. 115, p. 314.
Balance Sheet April 30 1922 (After Giving Effect to This Financing).
AssetsMartel Mills, Inc., New York.
Liabilities
-Bonds Listed.
Properties, less reserve for
Preferred stock
The Boston Stock Exchange has listed interim certificates for $2,000,000
depreciation
$1,082,773 Common (shares par $5)-$3,500,000 7% 15
-year Convertible gold bonds. See offering in V. 115. p. 1106.
500,000
Trade-marks & good-wW_
1 Initial surplus
Inventories
2,930,066 6% real estate gold bonds, 1,467,851
Massey-Harris Co., Ltd. (Canada).
-Bonds Called.
Notes and accts. receivdated July 1 1920, maThis company has called for payment on Oct. 15 1922 at 1023
able, less reserves
3,665,902
turing in annual install$246,000 of the -year 8% Sinking Fund Gold Debentures, dueand int.
Cash
Oct. 15
921,892
ments of $25,000 each__ 350,000 1930. Payment10
will be made at the office of the U. S. Mtge. & Trust Co.
Deferred charges
95,968 Notes payable
1,600,000 These bonds are a joint and several obligation of Massey-Harris Co., Ltd.,
Accounts payable
816,578 and Massey-Harris Harvester Co., Inc. (U. S.). See offering in V. 111,
Accr. salaries, comm.
p. 1476.-V. 113, p. 2826.
,&c_
Total (each side)
$8,696,603 Provision for Fed'l taxes_ 202,403
109,770
-v. 115, p. 1216.
Reserve for contingencies_
Massey-Harris Harvester Co., Inc.
-Bonds Called.
150,000
See Massey-Harris Co., Ltd., above.
-V. 113, P. 1477.
Kirby Lumber Co.
-Suit by Stockholders.
Minority Preferred stockholders have brought suit in -the Federal District
Melbourne (Australia) Electric Supply Co., Ltd.
Court of the Southern District of Texas against the
The company early in August last placed in London at par £300,000 6%
representing about 150% in accrued back dividendscompany for $7,500,000
on the Preferred stock. Redeemable
The suit was brought in the name of Henry A. Ingraham,
1 Mortgage Debenture stock.
42 Broadway,
Capitalization (after this Financing)Auth. Outstand'o
New York.
-Genera
8% 1st Cumulative Preference shares of £5
£750,000 £500,060
The company has outstanding $5,000,000 7%
par $100, and $5,000,000 Common, par $100. Cumul. Preferred stock, Consolidated Ordinary stock
1,000,000
800,600
John H. Kirby. Pres., 5% redeemable 1st Mtge. Debenture stock
250,000
It is said, owns over 27,000 shares of Preferred and
217.883
over 26,000 shares of 5% redeemable Consolidated Debenture stock
Common stock.
250.000
217,408
% 25
gold bonds.
-Year General Mtge. Sinking Fund
It is alleged in the complaint that the company has assets
in
Series"A" (2,500,000). at par of exchange
513,700
$40,000,000 and a surplus of more than $30,000,000 and that excess of
513,700
liabilities
300,000
do not exceed $4,301,000. In correspondence between the minority stock- 6% red. Gen. M. Debenture stock (present issue)
300,000
-V. 114, p. 528.
TilE CHRONICLE
1330
-Offer to Chalmers Noteholders.
Maxwell Motor Corp.
-V. 115, p. 1106, 653.
See Chalmers Motor Corp. above.
-Extra Dividend.
Merrimac Chemical Co., Boston.
An extra dividend of 2% have been declared on the outstanding Capital
stock, par $50, together with the regular quarterly dividend of 234 %,
both payable Sept. 30 to holders of record Sept. 16. Record of extra cash
and stock dividends:
1901. 1909. 1910. 1911-15. 1916. 1918. 1920. Sept. '22.
2%
,
Extra (cash)--- 1% 3%, 3% 3% P. a• 3% 5W7c 4%
--50%
20%
Stock dividends.
.
-V. 111. p. 1188
-July Sales.
Metropolitan 5 to 50c. Stores, Inc.
1921.
1922
-July
$411,537
$496,347
-V. 115, p. 314.
Increase. 1922-7 Mos.-191.
$2,501,501
$84.8101$3,036,631
Increase.
$535.130
[VOL 115.
The value of the month's silver production was estimated at 70c. per oz.
Cobalt produced was 33,846 lbs.-V. 115, p. 768, 315.
North American Co.
-Terms of Offer to Acquire Control
-Financial Statement.
of East St. Louis & Suburban Co.
In connection with the offer to acquire control of the East St Louis &
Suburban Co (see that company) the following statement of earnings and
balance sheet was furnished bankers by the company:
Earnings of North American Co. & Subsidiaries. 12 Mos.Ended June 30 1922
Gross earnings, $43,418,180; oper. exp. & taxes, $28,760,923:
$14,657,257
net income
370,941
Other net income
$15,028,198
Total
Deduct -Interest charges,$5,213,402: pref. divs.ofsubsidiaries,
6,609,715
$951,830; minority interest, $444,482
84
(23 18 413
$ ;.6
Balance for depreciation, dividends and surplus
Figures include income of Cleveland Electric Illuminating
April 11922.
Consoliaated Balance Sheet (North Amer. Co. and Sub. Cos.) as of June 30 1922
Liabilities
AssetsProp & plant, gets acc't$177,987,841 6% Cumul. Pref. stock.. $18,068,250
--Acquisition.
Mutual Oil Co.
1197:342857;520000
6,223,259 Common stock
Cash on dep with trus__
According to a report from Casper, Wyo.. the company has acquired an Inv in stocks and bonds
Pref. stocks of sub cos_
additional 40-acre tract of land at Glenrock, adjoining the site of its re5,874.189 Min. stockholders' int't
of other cos
finery.
-V. 115, p. 1216, 1107.
1,867,378 in capital & surplus of
Sundry investments
6,602,926 sub, controlled cos__
6,362,346
Cash
-May Reorganize.
National Conduit & Cable Co.
201.383Funded debt ofsub.cos: 112,795,965
s & bills receivable_
Chas. R. Meston, Chairman of the stockholders' protective committee, .Accounts receivable
6,242.234 Notes and bills payable_
265,700
in a letter to the shareholders asking for proxies, says the committee has Materials and supplies
6.169.173 Accounts payable__
2,844,288
been in negotiation with the bondholders' protective committee in an attempt Sundry current assets
2,026,367 Sundry current liabilities
918,251
to formulate a reorganization plan satisfactory to the bondholders and Prepaid accounts
106,879 Taxes accrued
2,217,416
D v de t acccceu
resulting in turning the management of company back to the stockholders. Bond and note discount..
1,643,246
6.888,015i Initeiresnds arurdeth
A receiver was appointed for the company in July 1921. Foreclosure suit Premium on investment
840,c60
was brought by the Bankers Trust Co., trustee, under the mortgage securing
4,885,5661Sun dry accrued liabilities
securities
on Juno 10 1922 a master's report was filed, recom-year 6% bonds, and
10
61
3 ; 63
Reserves
28,070 415
mending the sale of the property. This report was confirmed July 26 1922.
14,199,611
Total (each side)____$225,075,211 Surplus
It appeared to me that if the property -V 115, p 1216, 995
Mr. Meston's letter continues:
out, but the
were sold at forced sale the stockholders would be wiped
-Fares.
property contains such possibilities of value to the stockholders that an
Pacific Power & Light Co.
-V. 113, p. 542.
effort should be made to conserve their interests."
The Oregon P. S. Commission has granted the company permission
to put into effect the weekly dollar pass. The present fare is 7 cents
-Sole Ordered.
National Oil Co.
casts with books of 50 rides for $3.-V. 113, p. 1060.
Judge Charles F. Lynch, in the United State District Court at Newark,
has authorized the sale of the assets of the company to satisfy a claim
-Bond Issue, &c.
Penn Central Light & Power Co.
for $5,305,813 held by the New York Trust Co. The sale will take place
The company, it is stated, has arranged for a bond issue of $167,000, ir
on the steps of the Post Office building In Newark, unless the amount portion of the proceeds to be used for extensions and improvements.
due is paid in cash to the trust company before Sept. 17. Andrew J.
The Philadelphia Stock Exchange on Sept. 9 listed 530 additional no par
-V. 114. p. 2124.
Steelman has been appointed special master.
value Cum. Preference shares, full paid, making 43,914 shares of said stock
listed at this date.
-V. 114, p. 2248.
-Bonds Offered.-Bonbright &
Power Co.
-Sale.---Morris Metal Products Co.
This company, with plants at Bridgeport. Conn., was purchased Aug. 31
by Kenneth W. McNeil, Pres. Karm Terminal Co., Bridgeport, for $220,500. The property was sold by order of the United States District Court.
-V. 115, p. 1106; V. 111, p. 595.
Nebraska
Co., Inc., W. C. Langley & Co. and Tucker, Anthony &
A
Co. New York, are offering at 903 and int., to yield over
6.60%, $3,500,000 6% Gold Debenture bonds, Series A,
non-callable for 25 years. (See advertising pages.)
Dated Sept. 1 1922. Due Sept. 1 2022. Not redeemable prior to Sept. 1
1947. On and after that date and up to and incl. Feb. 28 2017, red., all
or part, at any time upon 30 days' notice at 110 and int.; thereafter at
and int. Int. payable M. & S. in New York without deduction of the
-mill tax refunded. U. S.
normal Federal income tax up to 2%. Penna. 4
Mtge. & Trust Co., New York, trustee. Donom. $1,000, $500 and
$100 (c'o&r*), $1,000 and $5,000.
Data from Letter of V.-Pres. A. S. Grenier. New York, Sept. 11.
Company.-Incorp. April 23 1917 in Maine as successor to Omaha Electric
Light & Power Co. Companies, with their predecessors, have conducted
an electric light and power business in Omaha and vicinity for 38 years.
Supplies commercial and municipal electric • power and light service in
Omaha and several suburban towns, and through its subsidiary, Citizens
Gas & Electric Co. of Council Bluffs, commercial and municipal electric
power and light and gas service in Council Bluffs, Ia. Company owns a
modern steam electric generating station having a total installed capacity
of 53,000 k.w. Included in this capacity is a new 20,000 k.w. unit placed
in operation on March 1 1921. This station also supplies all the power
distributed in Council Bluffs by Citizens Gas & Electric Co.
Capitalization Outstanding (Upon Completion of Present Financing),
1st M. 54, Ser. A, 1949-$5,600,000 Pref. stock, 7% cum_ _x$3,500,000
1st M. 6s, Ser. B. 1949_ _ 1,950,000 2d Pref. stk.,7% non-cum. 1,000,000
5,000,000
6% gold debs. (this issue) 3,500,000 Common stock
x $3,000,000 in hands of public.
-Proceeds will provide funds for the retirement of all the
Purpose.
-year 5% notes and all floating debt.
Gen. Mtge. 8% bonds, 10
1919-20.
1920-21.
1921-22.
Earnings 12 Mos. ended July 31$2,774,544 $3,135.007 $3,336,789
Gross earnings, incl. other income
1,792,626 2,155,928 2,016,800
Oper. expenses, maint. and taxes
$981,918 $979,079 $1,319,989
Net income
Annual interest on (1) $5,600,000 1st Mtge. 54, $280.000; (2)
$1,950,000 1st Mtge. 6s, $117,000; (3) $3,500,000 6% gold
-----------607,000
debenture bonds, $210,000------------------
-To Increase Stock.
Penn Seaboard Steel Corp.
The stockholders will vote Sept. 29 on increasing the capital stock
from 700,000 to 1,200,000 shares of on par value. 'rho stockholders will
also vote on:
"Obtaining the required authorization, consent and approval of the
stockholders to the issuance and sale by the directors, at any time or
from time to time, to any person or persons, corporation or corporations,
whether stockholders or not, of all or any part of the shares which may
be authorized Sept. 29, for such consideration and upon such terms as
have been recommended and approved by the directors and as shall be
consented to and approved by the stockholders."
President J. W. Warren, Sept. 14, says:
Under date of Juno 22 1922, notices were mailed of special meetings
of the stockholders for the purpose, among other things, of obtaining
capital
the approval of the stockholders to the acquisition of either the
stock or all of the assets of Carpenter Steel Co.
about the acquisition
The management made every effort to bring
Steel
upon terms favorable and for the best interests of Penn Seaboard this
Corp., and at the time of sending the notices it was expected thathowour control,
result could be accomplished. Through causes beyondthe terms contemever, it was not possible to conclude the purchase on
plated. Therefore, the stockholders' meetings were adjourned sine die.
notes
Since our letter dated Oct. 26 1921, we have paid on account of
the last few months
and other funded debt, the sum of $750.732; during every indication and
and there is
operations have increased considerably
expectation that the remaining four months of this year will show a further
improvement in operating conditions.
The purpose of the above is-first, to enable the corporation to acquire
further properties; second, to reduce materially or retire completely the
corporation s funded debt and third, to secure the additional working
capital required in order to properly handle the increased business now
-V. 115, p. 768, 655.
in hand and in prospect.
-Order.
Pennsylvania Tank Car Co., Sharon, Pa.
The company has been awarded a contract for 500 tank cars, each of
8,000 gallons capacity, by the Champlin Refining Co., Enid, Okla. The
contract,it is stated,amounts to approximately $1,000,000.-V. 110, p.1856
Pfau Manufacturing Co., Cincinnati.-Bankruptcy.
Through Pres. Charles Pfau, the company filed schedules in bankruptcy
in U. S. District Court at Cincinnati Sept. 6. Liabilities are listed at
$682,010, and assets at $1,711,145.
Creditors have elected Philip Roettinger, Cincinnati, as their trustee.
Balance________________________________________________ $712,989
-A decision of the U. S. Supreme Court has held that the
Franchises.
time,
company possesses a franchise right, unlimited in The to distribute elec-Copper Refining.
Phelps-Dodge Corporation.
franchise of Citizens
tricity for power, lighting and heating purposes.
extends to 1925.
Beginning Oct. 1 1922', this company is scheduled to have its copper
Gas & Electric Co. of Council Bluffs of the number of
customers served by refined at the Perth Amboy plant of the American Smelting & Refining Co.
-The growth
Operating Statistics.
Laurel Hill, L. I., expired July 1.
company and output of its properties over a period of 6 years is as follows: The contract with the Nichols Copper Co., stated, will be conducted on a
Operations at the Perth Amboy plant, it is
1916.
1921.
-V. 114, p. 2477.
strictly toll basis.
28,833
42,25i
Electric customers
18,000
53,000
-Stock Offered.
Kilowatt generating capacity
Philadelphia Suburban Gas & Elec. Co.
58,053,000
127,758,800
Kilowatt hour output for year
The company is offering to customers and investors through its employees
-American Power & Light Co. owns entire issue
Control and Operation.
7% Cumulative Preferred stock at 07 and divs. to yield 7.2%.
of 2d Pref. stock and a majority of the Common stock. Operation under $400.000 12 months ended Juno 30 the company reports net income of ,
For the
-V. 113, p. 189.
on
supervision of Electric Bond & Share Co.
$639,000, or nearly 9 times the amount required to cover dividends
-V. 114, p. 2367.
- Its Preferred stock.
New Central Coal Co.(of W. Va.).-Stricken from List.
The New York Stock Exchange has stricken from the list the company's
-Exports in August.
Pierce Oil Corp.
bbls. of
$1,000,000 Capital stock, par $100.-V. 104, p. 1596.
It is reported that the company, in August last, exported 95,000 2832.
-V. 114, p. 2821,
-To Increase Wages 10%.
with 262,000 in July.
- oil from Mexico, compared
New Cornelia Copper Co. above.
-V. 115, P. 1216, 654.
-Obituary.
See Calumet & Arizona Mining Co.
Pittsburgh Plato Glass Co.
1187.
-Listing.
Vice-President E. B. Raymond died Sept. 8.-V. 114, p.
New York Air Brake Co.has authorized the listing
on or after
Exchange
The New York Stock
-Extra Dividend of $2.Prairie Oil & Gas Co.
shares of Class A stock, no
on the $18,000,000
Oct. 16 of temporary certificates for 100,000
and payment in
An extra dividend of $2 per share has been declared
par value, on official notice of issuance certificates for full, and the list- Capital stock (par $100), along with the regular quarterly dividend of $3
200,000 shares of
In July
ing on or after Sept. 18 1922 of temporary
payable Oct. 31 to holders of record Sept. 30.was paid,
per share, both
official notice of issuance in
Common stock, no par value, on ($100 par) on the basis of 2exchange for last like amounts were paid, while in April last an extra of 3%
shares of no
extras of 2% each in
present outstanding capital stock $100 par, with authority to add
as compared with an extra of 4% in Jan. 1922 and
100,000
par value shares for one share of
on official notice of issuance on July and Oct. 1921 and of 3% each in Jan.and April 1921.-V. 114, p.272.5.
shares of Common stock of no par value
the total amounts applied for
--Shipments.
-Extra Dividend.
conversion of Class A stock, makingshares of Common stock (total 100.000
Prairie Pipe Line Co.
authorthe outstanding
shares of Class A stock and 300,000
An extra dividend of $2 per share has been declared onregular quarterly
in addition to the
ized issues).
approved the recapitalization plan providing $27,000,000 Capital stock, par $100, Oct. 31 to holders of record Sept. 30.
The stockholders Sept. 15
shares of class "A" Preferred stock dividend of $3 per share, both payable
for an authorized capital of 100,000 of Common stock without par value. In July last like amounts were paid.
without par value and 300.000 shares will be offered the right to subscribe
Shipments and deliveries for August totaled 5,484,508 bbls., an average
bbls. daily over July.
Stockholders of record Sept. 28 1922
Class A stock, without par value, at of 176,920 bbl. daily, making a gain of 35,355
pro rata to the 100,000 shares of the
expire Oct. 16 1922. Compare V. 115, V. 114, p. 2832.
$50 per share. Subscription rights
-Earnings.
Producers & Refiners Corp.
p• 995.
The corporation, for the six months ended Juno 30 1922, reports net
-Initial Preferred
New York Telephone Co. % has been declaredDividend.
on the 6i6% operating revenues of $1,914,747. After deducting all charges, including
&c., and after Preferred
An initial quarterly dividend of 1
of record Sept. 20. (See offering interest, depreciation, depletion, taxes, the Common stock was dividends
Preferred stock, payable Oct. 16 to holders
$1,119,309.
for the period, the surplus available for
in V. 115, p. 81.)-V. 115, p. 1107, 877.
Reports were circulated in the financial district this week that one of the
-Production,
larger oil producing companies was negotiating for control of the CorporaNipissing Mines Co., Ltd. of an estimated &c.
not value $189,- ion and that an announcement to that effect would be made shortly. (See
During August the company mined ore estimated net value of of
-V. 114, p. 2367.
$394,406. -so Standard 011 Co. of N. J. below.)
258 and shipped bullion and residue of an
SEPT. 161922.]
Pullman Co.
-Plans Segregation.
-
THE CHRONICLE
1331
ing at 95 and int., to yield over 5.40%, $25,000,000 20
-year
It is reported that a plan of reorganization is being considered which will S. F. 5% gold bonds. (See advertising
pages.)
call for the organization of two companies,one to take over the construction
Dated Oct. 2 1922. Due Oct. 1 1942. Int. payable A. & 0. without
department and car building, the other the operation of rolling stock now
owned. The plan, it is said, contemplates exchange of the present stock deduction for the normal Federal income tax up to 2%. Denom.$500 and
for one share of each of the new companies. The plant will be adopted $1,000((c*). Red. as a whole or in lots of not less than $5,000,000, at any
primarily, it was stated, to remove the company's car building and con- time at 103 and int. on 60 days' prior notice. Pennsylvania 4
-mills tax
struction works from the jurisdiction of the I.
-V. 115. refunded. Chase National Bank, New York, trustee.
-S. C. Commission.
Listing.-Application will be made to list bonds on N.Y.Stock Exchange.
p. 864, 877.
Sinking Fund.
-The sum of $850,000 a year will be expended, beginning
Radio Corp. of America.
-Alliance with Postal Telegraph. Oct. 1 1924, in the purchase of bonds in the open market, if obtainable
at prices not exceeding par and interest.
-V. 115, p. 1208. 996; V. 114, p. 1898, 1661.
See Mackay Cos., above.
Data from Letter of President J. R. Manion, New York, Sept. 13.
Ramapo Ajax Corp.
-Bonds Sold.
-Marshall
Company.
-Organized in April 1916 as a subsidiary of a predecessor of
Glore, Ward & Co., New York and Chicago, announce the the Sinclair Consolidated Oil Corp., and acquired approximately 500 miles
of trunk and gathering pipe lines located in the Mid-Continent oil field.
sale at 100 and int. of $2,250,000 1st Mtge. 61 % 20-Year At present time company owns and operates 3.737 miles of lines, including
A
Sinking Fund gold bonds. Dated Sept. 1 1922. Due 2,164 miles of trunk lines. Company's gathering lines extend to all the
principal oil fields throughout northern and central Texas, Oklahoma and
Sept. 1 1942. (See advertising pages.)
Kansas. The trunk lines, extending from the new Mexia field
The corporation has been incorporated by American Brake Shoe & Foun- through the States of Texas, Oklahoma, Kansas, Missouri and in Tema.:
Illinois to
dry Co. to acquire the Ramapo Iron Works and the Ajax Forge Co. These East Chicago, Ind., are connected with various
crithpanies have been in successful operation since their organization in Refining Co. located at strategic points, includingrefineries of the Sinclair
East Chicago, and with
1883, respectively. They manufacture railway track material. the Whiting Refinery of the Standard Oil
1881 and
Co. of Indiana.
industrial cars and car equipment. American Brake Shoe & Foundry Co.
The oil is transported through the pipe line system under pressure develwill retain control of the company so long as any of these bonds remain
outstanding. The directors of the latter company have approved the for- oped by pumping equipment in stations situated approximately every 40
miles along the main trunk lines. To facilitate the efficient operation of
mation of the above company. For further particulars about new com- its pipe lines company
owns approximately 3,862 miles of telephone
pany see V. 115, p. 1217.
and telegraph lines.
Contract with Standard Oil Co. of Indiana.
-The latter
Rand (Gold) Mines, Ltd.
-Gold Output (in Fine Ounces). purchase from the Sinclair Consolidated Oil Corp. for has contracted to
over $16,000,000
-Aug.
1922
---1921.
Increase. 1922-8 Mos -192.
Decrease. in cash, one-half the outstanding stock of the Sinclair Pipe Line Co. This
711,526
752,490
40,96413,939,674
5,329.582 1,389,908 transaction will be completed when the stock of the Sinclair Pipe Line Co.
-V. 115, p. 877, 768.
Is released from pledge under the indenture securing the 5
-year Secured
Convertible gold notes of Sinclair Consolidated Oil Corp., which notes
Saxon Motor. Car Corp.
-Listing--Offering of Stock, have been called for redemption on Nov. 15 1922.
Purpose.
-Proceeds will be employed in financing in part the company's
Financial Statement, &c.
The N. Y. Stock Exchange has authorized the listing of 213.000 shares program, which includes enlarging substantially the present pipe line system
important extensions southeast to Houston, Tex., and north(auth. 400,000 shares) of Common stock without par value on official notice and building Wyoming field.
west to the
of issuance and payment in full, making the total applied for 400,000 shares.
The present capacity of the main trunk pipe line to the Chicago district
The official statement to the New York Stock Exchange (20,000 barrels of crude oil a day) will be increased by over 100% in order
to supply more adequately the requirements of the East Chicago refinery
affords the following:
of the Sinclair Ref. Co. and the Whiting refinery of Stan. Oil Co. of Ind.
The stockholders Aug. 3 1922 amended the certificate of reorganization
Balance Sheet as at July 31 1922 (Before Present Financing).
to read as follows: "The number of shares that may henceforth be issued
AssetsLiabilities
by the corporation is as follows: 400.000 shares of stock without par value, Real
estate, gathering,
Capital stock
which shall be Common stock; and 15,000 shares of stock (par $100), which
$28,084,400
&c., lines, &c
$37,023,673 Accounts payable
shall be Preferred stock."
187,997
224,183 Accrued taxes
The 13,000 shares of Common stock applied for has been sold for cash, • Specific funds
494,946
Cash
1,335,653 Depreciation reserve......_ 8,841.766
which cash has been turned into the treasury, and is available for corporate Accounts
receivable
1,114.817 Insurance and other 1epurposes and as additional working capital.
3,448,856
serves
The remaining 200.000 shares applied for have been issued in exchange Inventories
1,189,455
33,496 Earned surplus
for $1,000,000 par value of present outstanding Pref. stock and $750,000 Deferred charges
4,382.114
in cash, which cash is to be turned into the treasury and is available for
Total
Total
$43,180.678
corporate purposes, and as additional working capital. The Pref. stock
$43,180,678
is to be canceled so that thereafter the capital liabilities outstanding will Net Income Available for Int. Charges, Depreciation and Federal Taxes.
consist of $356,200 8% Pref. stock, par $100, and 400,000 shares of Com- 1922(7 Months).
1921.
1920.
1919.
mon stock, no par value.
$4,425,014
$6,123,547
$4,347,368
$3,619,716
The 200,000 shares of Common stock have been offered for subscription -V. 114, p. 2833.
at $7 50 a share to stockholders of record on Sept. 15 1922. Subscriptions
and payments therefor to be made on or before Oct. 2 1922. All of the
Skelly Oil Co.
-Earnings, &c.stock has been underwritten.
Net earnings for July, before depletion and depreciation, were $589.264.
The company's plant and activities have been moved from Detroit to Net production during the month averaged 11.122 barrels daily, this being
Ypsilanti, Mich.
the absolute net part of Skelly's proportion of the gross production, which
averaged 21,371 bbls. daily. This oil was taken from 627 producing wells
Income Statement Six Months ending June 30 1922.
on 123 producing leases.
Income from car sales and parts, $194,340; other income,$1,946_ $196,286
Preliminary figures for
Cost of sales, material, labor and overhead expense
389,009 exceeded 11,500 barrels August indicate that production for the month
daily.
The company announces that its tankage program is progressing satisNet loss for six months
$192,723 factorily and that it is
now storing nearly 2,000 barrels daily on refinery
,
Surplus at Dec. 31 1921, $1,583,164; add refund from Governgrounds at Eldorado,
ment account of 1917 taxes, $13,991
1,597,155 bank, making between Kansas, and upwards of 4.000 barrels daily at Bur6,000 and 7,000 barrels daily now going into storage.
-V. 115, p. 996.
Surplus at June 30 1922
$1,404,432
Balance Sheet June 30 1922, Before and After Giving Effect to New Capital
Southern States Oil Corp.
-Stock Dividends, &c.
It is officially stated that"While from the current quarter's new developAssetsBefore.
After.
Before.
After.
Cash
$751,684
$1,685 Nptes payable_ _ _ _ 3192,069 $192,069 ment work, there has been provided a 4% stock allotment for the stockholders, which they will receive Sept. 20, further successes in this new
Notes receivable
115,082
9,001
9,001 Accts. payable... 115,082
Accounts receiv_ _ _
1,407 development work show that the quarter will provide nearly 12% stock.
61,961
61,961 Int.& pay-rolls accr.
1,407
Merch. inventories 578,749
19,153 The excess will be considered in the succeeding quarterly period."
578,749 Federal taxes
19,153
The company's new Martin N. 6 well in the Hewitt field, Okla., is
Insur. premium &
Dealers' deposits
taxes prepaid_ _
7,657 flowing 300 barrels daily.
10,465
10,465 on sales contracts
7,657
-V. 115, ro• 997Mach..tools,dies&
350,407
Reserves
x350,407
equip. (less res.) 209,768
(A. G.) Spalding & Bros., N. Y. City.-Pref. Stock
209,768 Preferred stock __ _ 356,200 1,356,200
Develop. cost of
Common stock __ _y2,000,000 1,000,000 Offered.
-Dillon, Read & Co. are offering at 10234 and div.
Duplex model
574,778
574,778 Surplus
404,432
1,154,432
Good-wiil
(subject to stockholders' rights) $1,000,000 7% Cum.
2,000,000 2,000,000
First Preferred (a. & d.) stock.
Total
34,196.407 33,446.407
Total
$4,196,407 $3,446,407
The stockholders of record Sept. 8 are given the right to subscribe to the
x Set up to cover losses on accounts and to reduce valuations on materials
and development of Duplex model y Common stock, 400,000 shares $1,000,000 Prof. at $1024 a share, to the extent of 14% of their holdings.
without nominal or par value, declared under Stock Corporation Law of Ridits expire Sept. 19.
Redeemable, all or part, at 115 and div. on 30 days' notice. A sinking
New York at $5 per share.
-V. 115, p. 655.
fund of at least 3% per ann. of the total amount issued, beginning 192f.
imovides for purchase up to the redemption price. Divs. payable Q.
Schulte Retail Stores Corp.
-Merger Rumors.
-M.
Total authorized and issued, $5,000,000; retired by sinking fund, $243000;
See United Retail Stores Corp. below.
-V. 115, p. 1217, 878.
outstanding, $4,757,000.
Data
Sears, Roebuck & Co., Chicago.
-Payment of Notes.
- Company. from Letter of J. Walter Spalding, Chairman.
President Julius Rosenwald on Sept. 8 announced that the oustanding
-Engaged in the manufacture, distribution and sale of athletic
1922 notes, amounting to approximately $17,000,000, would be paid goods and athletic equipment. Is believed to be the only concern in the
off on Oct. 15. Mr. Rosenwald says: "It was our original plan to pay world which is engaged in the manufacture of practically all kinds of athletic
off the 1923 notes in 1922, but we decided to postpone that plan because equipment with a complete and widespread sales organization for the disof the industrial conditions on the railroads In the country."
-V. 115, tribution of its products. Business established in 1876. Largest factories
at Chicopee, Mass.; Brooklyn, N. Y., and Chicago, Ill. Has two factories
P. 878, 1108.
in England, one of which is a tannery producing the very superior grade of
Shafer & Co., Inc.
-Reorganized Company.
leather used in the best quality footballs and basketballs. Has upwards
of 40 branch retail and wholesale stores located in the principal cities of the
See Jones & Lamb Co. above.
United States, Canada and England, as well as one in Paris, and one in
Sheffield Farms Co.
-Bonds Authorized.
Sydney, Australia.
The stockholders have authorized the creation of a mortgage on the com- Net Income, after Provision for Federal Taxes, and Available for Dividends
pany's real and personal property to secure an issue of bonds, aggregating
and Depreciation Reserves
$4,000,000. V. 113, p. 967.
1921
$1,034,25611915
$999,682
$1,630,91811918
1920
948,951
943,404 1914
1,172,910 1917
Consolidated Oil Corp.
Sinclair
-Notes Called, &e.
- 1919
1,165,086 1913
1,016,098
1,138,409 1916
All of the outstanding 5-yr.secured 711% Cony, gold notes. dated May
Company has always made liberal provision for depreciation. In the last
1920, have been called for payment Nov. 15 at 103 and int. at the three fiscal years
15
this
aggregated over $780,000. Since initial
Central Union Trust Co., 80 Broadway, N. Y. City.
Issue, 29 years ago, reserve has
dividends without interThe notes may be converted at any time on or before Oct. 16 1922 ruption on its Pref. the company .has paid full
stocks from time to time outstanding.
the rate of one share of 8% Cumul. S. F.
into stock on the basis and at
Consol. Bal. Sheet June 30 1922 (Adjusted to Give Effect to Present Financing)
Pref. stock, par $100, and one-fourth share of Common stock of no par
•
Assets
value, for each $100 of notes.
The Chase Securities Corp. and Blair & Co., Inc., announce that interest Capital assets, less deprec.$4,083,665 FilLisagef if
erred stock
$4,757.000
t
on the interim receipts for First Lien Coll. 15
-Year 7% bonds, series A. Treasury stock
480,767 Second Preferred stock_ _ _ 1,000,000
for six months from March 15 1922, will be payable Sept. 15 at Chase Cash
2,606,900
1,967,149 Common stock
Accts. & notes receivable 3 331 686 Current liabilities
National Bank, 57 Broadway, N. Y. City.
3,461,460
Dominion of Canada bds:
319,858
22',000 Employees'subscr. to stk_
Earningsfor Six Months Ending June 30 (Including Subsidiary Cos.)
Inventories
876,063
7,155,456 Miscellaneous reserves_
1922. •
1921.
1920.
Miscellaneous assets
4,299,412
88,641 Surplus
Gross earnings and miscellaneous inDeferred charges
Total (each side)
$17,320.693
191,329
come, excl. inter-co. sales & revenue$66,225,484 $59,467,530 $67,697,845
100% Stock Dividend Declared.
Purchases, oper. & gen. expenses,
A 100% stock dividend has been declared on the Common stock, payable
maint., insur., ordinary taxes, &c_ 46,756,163 48,050,163 50,277,678
Int. & disct. (incl. Fed. tax. in 1920)- 2,439,729
2,989,869
1,877,490 Sept. 19 to holders of record Sept. S. This will increase the Common
Adjust, of crude & ref. oil inventories
stock from $2,606,900 to $5,213,800. par $100.
to the lower of cost or market & loss
A regular cash dividend of 4% on both the old and new Common
on sale of crude oil in storage_
stock has also been declared payable Oct. 16 to holders of record Oct. 5.
6,100,000
On the present $2,606,900 Common stock quarterly distributions of 3%
Income available for Federal taxes,
were made from Jan. 15 1921 to July 15 1922 incl.-V. 109, P. 1531.
surplus and reserves
$17,029,591 $2,327,498 $15,542,676
-V. 115, p. 553.
Standard Oil Co. of Kansas.
It is reported that
directors are considering readjustment of the
Sinclair Pipe Line Co.
-Bonds'
Sold.
-Blair & Co., Inc., capital stock along linesthe
similar to those recently announced by the Standard
National City Co. and First Trust CFL Savings Bank are offer- Oil Co. of Kentucky (V. 114, p. 1543). If such a plan were carried out it
would provide for the declaration of a stock dividend of 33 1-3% on the
THE CHRONICLE
1332
[VOL. 115.
South St. Paul, Ft. Worth and Denver, and 54 plants for the manufacture
of creamery butter and the collection of poultry and eggs for sale through
its distributing agencies. Branch houses and sales agencies number over
500 and serve practically every important city in the world. Owns and
operates over 7,000 refrigerator cars essential to its business. Company
handled in 1921 14,000,000 head of live stock and paid $289,000,000 to
-Denies Oil Purchase.
stock growers. Total sales have increased from $250,000,000 in 1909
Standard Oil Co. of N. J.
The company issued the following statement Sept. 13: "The Standard to over $800,000,000 in 1921.
Provisions.
-(1) Company covenants to apply $500,000 annually to the
Oil Co. of New Jersey denies completely the report that they are negotiating
for the purchase of several prominent oil producing properties in this coun- purchase and retirement of these notes if available in the market at not
try, particularly those with light oil reserves. The company also states to exceed par and interest. (2) While any of these notes are outstanding
that they are not negotiating for the properties of the Phillips Petroleum and unpaid no new mortgages except purchase money mortgages for the
Co., Cosden & Co., and the Marland Refining Co., nor do they entertain acqui dtion of additional properties shall be placed on the property and
as;ets of company; this provision, however, shall not prevent the emission
any plans calling for absorption ofthe Producers & Refiners Corporation."
According to a Washington dispatch of Sept. 14, official reports to the of the authorized and unissued 1st M.5% bonds and the execution of such
U. S. Government state that the Czechoslovak Government has granted a supplemental mortgages as may be required under the terms of said 1st M.
monopoly for all undeveloped oil lands in that country to a company just (3) So long as any of these notes are outstanding, company will at all times
organized in Prague in which about 96% of the stock is held by the Franco- maintain current assets equal to an aggregate amount of 1 3.6 times all its
current liabilities, plus the outstanding notes of this issue.
American Standard 011 Co. and the Government itself combined.
The reports state that the new company has been capitalized at 100,Capitalization Upon the Completion of This Financing.
000,000 crowns, one-half of which belong to the Czechoslovak Government Capital stock, authorized and outstanding
$150,000,000
in exchange for a monopoly of all oil lands not yet developed. Of the 1st M. 5% bonds, due 1944: Auth., $50,000,000; x unissued,
remaining stock valued at 50,000,000 crowns, 4,000,000 will be under$16,630,000; retired by sinking fund, $5,114,000; outstand'g 28,256,000
written by the Credit Bank of Prague and 46,000,000 will be the property 5% Sinking Fund gold notes, due 1932 (this issue)
50,000,000
-V. 115, p. 769.
of the Franco-American Standard Oil Co.
x Of the unissued 1st Mtge. bonds, $1,630,000 are reserved for corporate
-Obituary.
Standard Oil Co. of Ohio.
purposes, and the remaining $15,000,000 may be issued only for 75% of the
C. G. Taplin, 2d Vice-President, died Sept. 8.-V. 115, p. 769.
cost of additional property upon which the mortgage shall be a first lien as
therein provided. A sinking fund of 2% per ann. is opertaive for the retire-Warner Speedometer Corp.
-Sales.
Stewart
ment of the 1st M. bonds, and since Nov. 5 1921 $667,500 of the bonds
0
Sales for August, it is announced, were 1037 greater than for Aug. 1921, have been so retired.
-Proceeds will be used in retiring $40,000,000 7% gold notes,
Purpose.
and sales for the first 8 months of 1922 have been in excess of the total for
due Oct. 15 1925,and $25,000,000 7% gold notes, due Aug. 15 1931. [Both
full year 1921.-V. 115, P. 1108.
issues called for payment; see below.j
-National
Sugar Estates of Oriente, Inc.
-Bonds Sold.
-The final statement as of Nov.5 1921 (V. 114, p. 74), and after
Assets.
shows net tangible assets of $316,659,163
giving effect
City Co. New York, have sold at 973/2 and int. to yield applicable to to this financing,debt, including this issue of $78,923,500.
the total funded
Gold 7s.
$6,000,000 1st Mtge. Sinking Fund'
about
-During the 12 years ending Nov.5 1921 net earnings amountEarnings.
-or over 36%-has been
Dated Sept. 1 1922, due Sept. 1 1942. Int. payable M.& S. at National ed to $141,725,549, of which amount 352,287,089
City Bank, New York, trustee, without deduction for normal Federal retained in the business. Annual net earnings available for interest and
Income tax up to 2%. Penna. 4 mills tax refunded. Denom. $1,000 and after providing for Federal and foreign taxes for the 5 years ending Nov. 5
charges on
$500 (0). Red. all or part at 105 on any int. day on 30 days' notice. 1921 averaged $25,041,544 per year. Interest per year. the entire funded
debt, including this issue, will be $3,946,175
Auth. $7,500,000.
-Dividends have been paid without interruption for the past
Dividends.
Data from Letter of Thomas A. Howell, New York, Sept. 11.
36 years, 8% per ann. now being paid on present capital of $150,000,000.
-In each year ending Sept. 30 beginning 1923. company
Sinking Fund.
-"I am pleased to state that our business is in a healthy
Outlook, &c.
will retire a minimum of $150.000 of bonds either by purchase in the market condition. We are earning our dividends and the prospects for the reat or below 105 and In,,. or by retirement at that price. For year ending mainder of the year are favorable.
Sept. 30 1927 and each succeeding year company will apply also 25% of
"During the past two years we have materially increased the efficiency
its remaining income (after deducting from the net income for the year in our plants to a point above pre-war standard; prices of all our products
$157,500 on account of the minimum sinking fund, and not exceeding have been adjusted to a level where they are moving freely.
$160.000 on account of Preferred stock dividends) to the purchase or
"The liquid character of our current assets enables us to accommodate
redemption of additional bonds.
our operation to current conditions in the trade as these move towards
-Entire proceeds will be used solely to retire existing funded normalcy. Besides being primary necessities as articles of nutrition, our
Purpose.
debt of the several estates.
meats as well as our other products have been improved in value by exCornpany.-Has been organized to acquire all the assets of the Alto Cedro, perience gained through years of study, giving them a character that has
Cupey and Palma estates. Properties are situated sufficiently near each met with general appreciation. The company turns over its investment
other to permit of easy inter-communication and of effective operation in inventories more than six times a year and the average time of outstandunder one general management. Alto Cedro estate was started in 1916 ing accounts is about 37 days. This liquidity enables us to meet fluctuby Andre S. Duany of Santiago, Cuba. to develop the large areas of sugar ations in prices and unavoidable variations in trade conditions so as to
lands belonging to his family. He retains a large interest in the Preferred measurably avoid their effect upon our manufacturing and merchandising."
stock of this company. The Palma estate was started in 1915 by General
Two Note Issues Called for Redemption.
Mario G. Menocal, then President of Cuba, who until just before his retireAR of the outstanding $40,000,000 7% 5
-year gold notes, dated Oct. 15
ment from the presidency was sole owner of this property. The Cupey
1920. have been called for payment Oct. 15 at 10151 and int.
and developed by American capital.
estate was organized in 1915
-year gold notes, dated Aug. 15
All of the outstanding $25,000,000 7% 10
The lands consist of 104.790 acres owned in fee or held under lease and
int.
Purchase contract and 14.185 acres held under leases. Company also 1921, have also been called for payment Feb. 15 1923 at ing and Bank,
Both of the above issues will be paid at the Illinois Trust & Savings
and by the location of its
controls through colono contracts 28,311 acres
railroads many thousand acres more. The soil is of such fertility that from Chicago, Ill., or at the American Exchange National Bank. N. Y. City.or
-year notes may be presented for payment Oct. 15 1922
The above 10
12 to 15 annual crops can be harvested before it is necessary to replant.
No further payments are required until Sept. 1927 by the terms of the on any business day thereafter up to and including Feb. 15 1923, and will
-V. 115, p. 1108.
lease and purchase contract under which the company holds some of its be redeemed at 102K and int. to date of presentation.
lands. The contract provides for annual payments of $326,498 from
-Extra Divs., &c.
(John R.) Thompson Co., Chicago.
1927 to 1931, inclusive. In the meantime the company pays a semi-annual
rental of $57,137, which is gradually reduced as payments are made on the
The directors have declared two special dividends of 1% each on the
purchase price. The lands, buildings, machinery and other equipment Common stock, payable Nov. 1 and Dec. 1 to holders of record Oct. 25 and
on which the mortgage will be a first lien have been valued by engineers Nov. 25, respectively. The regular quarterly dividends of 14% on the
Preferrednd of 2% of the Comnapn stocks, have also been declared, both
at $15,290,000.
1 to holders of record Sept. 25.
Production.-Estimated production from the 1922-23 crop is over 700,000 .payable Oct.O
The directors also adopted the policy of declaring Common dividends
bags. During the past 5 years the average annual production has been
hereafter at the rate of 12% per annum, beginning Jan. 11923.
575,888 bags. By years this outturn was:
Earnings the first six months, it is stated, were sufficient to take care of
1920.
1919.
1921.
1918.
1922.
-V. 114, p. 2726.
the full year's dividend on the new basis.
572,713
620,547
575.331
499,929
610,920
Management.-Prodecessor companies were under the management of
-Extra Dividend-New Well.
Turman Oil Co.
West India Sugar Finance Corp. Company will also be managed by this
Payment of the 2% extra dividend for the current quarter will be made
organization.
on Oct. 20 to holders of record Sept. 30, the same dates applying to the
Authorized.
Issued.
Capitalizationregular 17 monthly dividend for September. This will bring total pay$7,500.000 $6.000,000
1st M.7% Sink. Fund gold bonds(this issue) _ _
pents for the quarter up to 5%.
5,000,000
2,000,000
8% Cumul. Pref. stock (par $100)
The company reports a 28,000,000-foot gas well in a new sand at 2,850
1,200,000 shs. 600.000 shs. feet on its Barnett lease in Section 24-11-11, Okfuskee County, Okla.
Common stock (no par value)
V. 115, p. 445, 191.
Combined Balance Sheet as at June 30 1922 (After this financing).
Assets
United Cigar Stores Co. of America.
-Lease.
Accounts payable
Current assets & growing
$402,595
The company has leased from the estate of Henry SontagAve.,deceased, the
$5,410,199 Interest accrued
cane
392
Chicago,
property on the northwest corner of Clark St. and Belmont
17,138,904 Int.accr.on old 1st M bds
xTotal fixed assets
145,080
Nov. 1 1922 at
$21,000 a year for the
1.515 West Ind. Sug. F. Corp
Sinking fund cash
600,000 for 99 years from $23.000 a year an annual rental ofof the term, the total
for the remainder
first 5 years and
78,260 Purch. money notes &
Deferred charges
mortgages, &c
214,490 rental being $2,267,000.-V. 115. p. 554, 317.
1E4
8 Mtge.
6,000,000
United Electric Light & Power Co., New York.
7
.Pref. stock
18
2,000,000
The stockholders have approved an increase in the capital stock from
$22,628,878 Common stock
Total (each side)
13.266,321
common
x Land, buildings, railroads, &c., $18,727,110, less depreciation, $1,858,- $6,000,000 to 812,697,100 by the addition of 66,971 shares of
common stock,
761; net plant investment, $16,868,349; work animals, live stock, &c., stock, par $100 each, and the utilization of 3,029 shares of discharging the
previously authorized, but not issued, for tho purpose of
$134,995; advance payment on land purchase contract, $135,560.
obligations of the company to the New York Edison Co., aggregating $7,9
Ample
Net Inc. Availablefor Int. & U.S. Taxes,after Deducting A mple Depreciation. 000,000.-V. 115, p. 1218.
1920.
1921.
1918.
'22(9 mos).
-Merger Rumor.
38,169,464
82,900,320
def$1,750,007
United Retail Stores Corporation.
$1,543,468
$958,091
Reports in the financial district this week stated that negotiations for
Income for the 9 months of 1922 is based on the assumption that the
again under
sugar on hand will be sold for 3.15c. a pound c. and f. N. Y. Raw sugar merger of United Retail Stores and Schulte Retail Stores are
exchange of shares
has not sold as low as this since July 1; the price to-day is 3.37c. Including way and that they have reached a stage where a basis of
.
-V. 115. p. 879. 555
the 1922 estimate the earnings during the last 4 years and 9 months have has been tentatively decided upon.
at the average rate of $2,488702 annually, which is over 5.9 times
been
-Lease.
U. R. S. Candy Stores, Inc.
the interest requirements on thisissue.
Claridge, N.Y.,for 10 years
The company has leased a store in the Hotel
-Notes Sold.-Illinois Trust & at an aggregate rental of $500,000.-V. 114, p. 956.
Swift & Co., Chicago.
present $2,000,000 capital stock, par $100. According to the report the
plan would provide also for the sale of that percentage of the present capitalization at par and also for splitting up the capital stock into shares with
a par value of $25 each, an exchange to be made on the basis of four shares
-V. 114, p. 1295.
of new for each one share of old stock.
734%,
-UnSavings Bank, First Trust & Savings Bank,. Merchants
-Rail Price Advances
United States Steel Corp.
Loan & Trust Co., Continental & Commercial Trust & filled Orders.
Savings Bank, Chicago, and Harris, Forbes & Co., New
An official announcement says: "The corporation has made to its subrecommendations:
the
York, have sold at 97 and int., to yield about 5.40%, sidiary companies 1922following of standard steel rails will continue to be
the price
"Until Sept. 30
-Year Sinking Fund gold notes. (See $40 per gross ton base, f.o.b. mills, for deliveries to be made in about equal
.$50,000,000 5% 10
,
tuip.45.1 k***040. E.N.It:%,&wool A
monthly installments prior to June 10 1923. Commencing Oct. 1 1922, the
advertising pages.)
_
price will be increased to $43 per gross ton, f.o.b. mills for same deliveries.!!
DatetTbCt. 16 19227 57;Oct. 151932. Int. payable A.& O.at Illinois
Trust & Savings Bank, Chicago, trustee, or American Exchange National
income taxes not in excess
Bank, New York, without deduction for Federal
Red.,all or part, on 30 days'
of 2%. Denom.$1,000,$500 and $100 (c*).
on payment of a premium of 23i%
notice on any int. date before maturitydecreasing
of 1% each succeeding
if redeemed during 1923,such premium
year thereafter.
htca sa
,S exe 11
. .
President L. F. Swift, y ihego mee pt cutives
Data from Letter of
Practically
Company.-Incorp. in 1885 in Illinois. incorporation. Capital
stock is
business since its
have conducted the
whom are women. More
owned by over 45,000 shareholders, 17,000 of
leader
stock.
than 21,000 employees are owners a the a
in the rapid growth and
position as
Company has maintained its
a
development of the American packing business into world-wide industry.
comprising the manufacture and sale of many
To-day it conducts a business
industry of meat production
by-products associated with the modern
and distribution.
• Owns and operates 27 packing plants, the principal ones being located
at Chicago, Kansas City, South Omaha. South St. Joseph, East St. Louis,
3.1
-V. 115, P. 998.
See "Trade and Traffic Movements" above.
-Note
United States Stores Corporation.
The Empire Trust Co. has been appointed trustee for an issue of $2,500,0003
-year (fli% Cony, gold notes, dated Sept. 1 1922, due Sept. I 1925,
par value $2,500,000.
-Back Dividend.
United Verde Extension Mining Co.
An extra dividend of 25 cents per share (in payment for the disuursement
pa.sed Aug. 11921) has been declared on the outstanding $750,000 Capital
stock, par $50, in addition to the regular quarterly of 25 cents, both payable
Nov. 1 to holders of record Oct. 5.
Aug. 1922. July 1922. June 1922. May 1922.
Month of
2,646.810
2,941,054
CoPITer output (lbs.).._- 3,250,934
M
2.790.136
-V. 115. p. 998. 770.
Universal Winding Co., Boston.
-Bonds Offered.-E.H.
Rollins & Sons and Bodell & Co. are offering at 99 and int.,
SEPT. 16 1922.]
THE CHRONICLE
yielding over 7.10%, $2,000,000 1st Mtge. 7% Sinking
Fund Gold Bonds Series "A".
Dated July 1 1922, due July 1 1937. Red. all or part for sinking fund
on any int. date, on 30 days' notice, at 107% and int., on or before July 1
1927; thereafter on or before July 1 1928 at 105 and hit., and thereafter at
105 and in, less % of 1% for each full year of expired life, subsequent to
June 30 1928. Int. (J. & J.), payable in New York and Boston without
deduction for any normal Federal income tax not exceeding 2%. Penna.
and Conn. 4 mills taxes refunded. Denom. $500 and $1,000 (c*). New
England Trust Co., Boston, trustee.
Capitalization (after this financing)Authorized. Outstanding.
First Mortgage bonds, this issue
$3,000,000 $2,000,000
Preferred stock, 7% Cumulative
805,200
805,200
Common stock (par $100)
1,500,000 x1,500,000
x Officers and directors own over 85% of the Common stock.
Data from Letter of Prey. J. R. Leeson, Bpston, Sept. 9.
Company.-Incorp. in 1893 in Maine, and in July 1916 transferred entire
• business and all of its assets to the present Massachusetts company of
same name. The Universal Winding System, based upon patents in the
United States and other industrially developed countries, and comprising
winding machines of many types, was originally started to wind thread for
use on sewing machines, and in the course of time has been developed so
as to give satisfactory service as a supply to knitting machines, braiding
machines, insulating or wire-wrapping machines, looms, &c. To-day this
system of winding machinery is in operation in 29 countries of the world.
Company numbers among its customers General Electric Co., Westinghouse
Electric & Mfg. Co., American Thread Co., Linen Thread Co., Ltd., Kilburn
Mills, Whitman Mills, Wamsutta Mills, Amoskeag Mfg. Co.. Pacific Mills,
American Woolen Co., &c.
Patents covering the various features of the system have been taken out
in all industrial countries. Important patents have recently been granted
and others are now pending.
Manufacturing property owned is in South Auburn,
Property consists of approximately 24 acres of land. Cranston, R. I.
modern
and physical assets have a replacement value now in excessPlant is
of $3.000.000.
Sinking Fund.
-The mortgage will provide an annual sinking fund, beginning May 20 1924 as follows: In each of the years 1924 and 1925 3% of
the bonds theretofore issued and whether or not outstanding; in each of
the next 3 years, 4%; in each of the next 3 years,
3 years, 6%, and in the years 1935 and 1936, 7% 5%; in each of the next
each year.
Purpose.
-Proceeds of bonds and of $250,000
Common stock proposed
to be sold for cash at par will be used to retireof
current liabilities incurred
in large part for plant extensions and equipment, and to provide additional
working capital.
Net Sales & Net Income Avail. for Int., after Writing Off Inventory Losses &
Taxes & Making Allowance for Depreciation.
YearNet Sales. Net Income. Year
Net Sales. Net Income.
1915
$957,814
$150,595 1919
$3.302,480
$637,691
1916
1,312,438
183,786 1920
4,199,026
654,425
1917
2.189,511
391,575 1921
x291,503
2,411,207
1918
2.565.375
337,809
x Loss
-As of Dec. 31 1921 inventories were written down to market
values by deducting $623,457, which accounts for the loss.
Balance Sheet as of June 30 1922 (After this Financing).
Assets
Liabilities
Cash
$379,628 Accounts payable
$54,301
Notes receivable
29,322 Accrued items (not due)_ _
79,827
Accounts receiv. (less res.) 423,461 Sinking fund (Pref. stock)
15,000
Merchandise inventory_ _ _ 2,115,872 Reserves
1,095,727
Prepaid items
32,377 Surplus
341,421
Investments
95,675 1st Mtge. bonds
2,000,000
Unamortized items
160,000 Pref. stock (7% Cum.)_
805,200
Patents
1 Common stock
1,500,000
Plant
2,655,139
(Total (each side)
$5,891,478
Directors.-Joseph R. Leeson, Pres.•, Edmund W. Converse,
Robert A. Leeson, Treas.•, Frederick H. Bishop, Sec.; Howard V.-Pres.;
Coonley
and Harry L. Rice, Boston, Mass.
-V. 106. p. 303.
Utah-Idaho Sugar Co.
-To Reduce Par.
-
The stockholders, according to reports, will vote Oct.3 on reducing par
value of the common stock. The present capital is $23,730,000,
It is expected to reduce the par to $5 or $6, but the notice says to par $10.
a figure
that more nearly represents present actual value. The deficit of approximately $4,500,000 incurred last year, and the prospect of no large advance in
sugar this year, influenced the proposed action.
Stock
from $3 20 to $3 30 per share. ("Wall Street Journal.") is quoted locally
-V. 114, p. 2836.
Utah Securities Corporation.
-New Financin
g.
The Corporation has sold to the Electric Bond &
Co. and
Stone & Co., $2,200,000 Utah Power & Light Co.Sharepreferred Hayden,
stock.
7%
The proceeds of this sale, with moneys in the treasury,
will pay off $6,952,000 Utah Securities 6s, which matured
Corporation free from funded and floating Sept. 15. This will leave the
debt.
The corporation now owns $3,099,000
of the 2d
entire $30.000,000 common stock of Utah Power pref. 7% stock and the
& Light Co.
-V.115. 1 .
3
1108, 191.
Vanadium Corp. of America
-Earnings.Chairman J. Leonard Replogle is quotedInc.
business is showing constant improvement, as saying that the company's
something in excess of $90,000 net after alland August earnings will be
approximate $40,000, while quick assets are charges. Current liabilities
about $3,600,000.-V. 115, 13•
1108.
Virginia-Carolina Chemical Co.
-Listing
.
The New York Stock Exchange has authorized the
listing of $25,000,000
$35,000,000) let Mtge. 25
-Year 77
(auth.' due June 1 1947, and $12,500,000° Sinking Fund Gold bonds,
Series A,
(auth., $25,000,00
-Year
7%% Sinking Fund Convertible Gold bonds, Series A. due July0) 15
1 1937.V. 115, p. 1206, 879.
Wagner Electric Corp., St. Louis.-Pref. Stock Offered.
-Smith, Moore & Co., St. Louis, announce the sale, by
advertisement on another page, of $1,500,000 7% Cum.
Pref. (a. & d.) stock. Red., all or part, at 110 and divs.
Data from Letter of President W. A. Lyman.
Company -Incorp. in Delaware July 28 1922 as successor to the
Electric Mt. Co. (per financial reorganization in V. 114, p. 2727; Wagner
V. 115,
1109). Business began as a partnership in 1890 for the purpose of manufacturing electric fan motors and subsequently engaged in the manufacture
.
of electrical equipment. Plant at St. Louis.
Purpose.
-Proceeds were used to liquidate bank loans. Company is now
out of the banks and current obligations are limited to current merchandise
accounts not yet due.
Assets.
-Based upon audit as of April 30 1922 and after giving effect to
present financing, total combined assets (after deducting bonds and other
liabilities) conservatively valued at $5,814,420, are equal to $387 per share
of Pref. stock. Net current assets amount to $4,062,338.
Capitalization Outstanding After This Financing.
7% First Mortgage bonds
$2,500,000
7% Cum. Pref. stock, authorized $3,000.000; diva. Q.
-J
1,500,000
Common stock (no par value)
78,270 shs.
-V. 115, p. 1109. 998.
F
Warner Sugar Refining Co.
-Semi
-Annual Report.
-
1333
Balance Sheet.
July 1 '22. Dec.31 '21.
July 1'22. Dec.31'21.
Assets$
Lands, bidgs., dre- 11,930,984 11,699,834 Common stock._ _
3,000,000
Inv. In de adv. to
.
Preferred stock__ c144.100 3,000,000
150,100
associated cos_ _ 3,518,086 3,331,570 lit Mtg.7% bonds
5,850,000 6,000.000
Invest'ts (at cost)_
45,100
Purch. money mtg.
350,000
Misc. acc'ts reedy. a978,299 1,413,180 Notes payable_ _ _ 350,000
7,307,500 3,630,000
Inventories
5,959,439 2,165,099
80,000
631,456
Acc'ts receivable_ _b3,924,447 2,399,984 Bills payable
Acc'ts pay'le, &c_d1,456,408 1,352,910
Adv. to sugar cos_ 2,762,635 2,988,804 Depreen reserve
350,000
Due from U.S.Gov 1,756,507 1,052,837 Capital surplus_ _
_e6,137,616 6,137,616
Cash
1,667,722 3,084,029 Revenue surplus__ 8,605,003 7,643,621
Deferred charges
737,409
750,365
Total
33,280,627 28,895,702
Total
33,280,627
a Including advances due from officers. b Accounts receivable28,895,702
, $3,291,599; claims on contract. $1,012.847; total, $4,304,446, less
000. c Authorized, $2,000,000, par $200: outstanding. reserve of $380,$244,100. d Including provision for Federal taxes. e Representing
difference between
aised values of properties and book values at Dec. 31
1921.-V. 114. p.
m
West India Sugar Finance Corp.
-Offering of Bonds of
Sugar Estates of Oriente, Inc.
-Management to Remain with
West India Corp.
See Sugar Estates of Oriente, Inc., above and compare
V. 115. p. 771,998.
Funds have been deposited with the Guaranty
payment on Dec. 1 1922 of all of the outstanding Trust Co.,trustee, for the
Secured Sinking Fund 7%
gold bonds due 1929, at 105 and interest. fielders have
the
prelenting the bonds for payment any time up to said redemptio option of
n date, and
will receive 105 and interest to date of presentation. See
V. 115,p. 771.998.
(F. W.) Woolworth Co.
-August Sales.
-
1922
-Aug.
-1921.
Increase.
1922-8 Mos.-1921.
Increase.
M959,756 $11,640,739 $1,319,0171395,731,320 $84,618,54
1 $11,112,779
-V. 115. p. 771. 318.
Youngstown Sheet & Tube Co.
-Larger Dividend
.
The company has declared a quarterly dividend of 75 cents
per share on
the Common stock and the regular quarterly
dividend of 14% on the
Preferred stock, both payable Oct. 1 to holders of
July last a dividend of 50 cents per share was paid record Sept. 20. In
on the Common stock.
-V. 114, p. 850.
CURRENT NOTICES.
-In their weekly investment review Shonnard & Co.
have presented a
survey of the gold mining situation in which they point
out that the situation has undergone a decided change and gold mining
costs "are down to a
basis comparable with pre-war levels, which means
that margins of profit
are being restored to normalcy." They further point
out that despite the
world-wide falling off in production during the past five
years, the output
of Canadian gold has steadily increased. The review
says further:"New
high records of gold production in Canada
were achieved successively in
1918, 1920, 1921, and thus far in 1922, and we believe
the outlook is brilliant
for Canada as a gold-producing country.
The world's production of
gold declined from a maximum value of
$478,500,000 in 1915 to approximately $338,000,000 in 1920, the latest year
for which complete figures are
available. In the United States, production
declined from a peak of
$101,035,700 in 1915 to a little more than
$51,000,000 in 1920, a curtailment
of nearly 50% in five years."
"The Annual Financial Review"
of Canada for 1922, compiled by W.R.
Houston, Toronto Stock Exchange Building,
is now off the press. This
annual, which is No. 22 of the series,
gives facts regarding Canadian securities. Its 816 pages include annual
statements of every important company
in Canada, together with other
valuable information, such as lists of
directors, capitalization, and so
forth. The volume is larger than for
'previous years and contains some
simplification in the matter of indexing.
, -Charles Wesley & Co., 46
Cedar St., New York, have prepared a very
comprehensive booklet of 39 pages
entitled "The Fundamentals of Sound
Investing." The author, William J.
Keary, ably discusses the difference
between Gambling, Speculation
and Investment, describing the various
classes of securities belonging
to each. Copies may be had upon request
to the Charles Wesley company.
- P. Bolles of Wilmington,
C.
N. C., is now in New York making preparations for the formation of a new firm
in Wilmington, under the firm name of
C. P. Bolles & Co., to deal in municipal
and public utility bonds. The
firm will be correspondents of
Hoagland. Allum & Co., New York and
Chicago.
-In addition to their
department of Statistics instituted last summer,
C. P. Holzderber & Co. have just
established a Bond Department for which
they have taken additional space
in their temporary quarters at 20 Broad
St., New York, where they are
awaiting the completion of their permanent
offices in the new Stock Exchange
Building.
Alexander Sprunt & Son, Houston, Texas, and Wilmington,
N. C.,
members of the New York
Cottcn Exchange, announce the opening of a
branch office at 24 Bedford
St., Fall River, Mass., under the management
of D. Allen Smith.
-Of particular interest
to statisticians, is a course of twelve lectures
dealing with statistical technique,
to be given by Frederick R. Macaulay
at the New School for
Social Research, 465 West 23d St., New York.
Literature describing this course
will be furnished upon request.
-Spencer Trask & Co. have
issued a special circular analyzing the position of the new 6%
Cumulative Special Stock of the General Electric Co.,
the stock on which .he
9
9.7 t company will henceforth pay its stk dividends.stock
V. 115, p.
E. Clarke, formerly with Sutro & Kimbley, is now associated
with Childs, Kilmer &
Co.,30 Broad St., N. Y. C., as a member of the firm,
Also W.C. Guihan, who
was formerly with Sutro & Kimbley, is now connected with the bond
department of Childs. Kilmer & Co.
-Lilley, Blizzard & Co., Philadelphia, members of Philadelphia
Stock
Exchange, have installed a
direct telephone wire to New York. Telephone
number, Whitehall 1994-5.
They are specialists in Public Utiltiy & Industrial bonds.
-Holman, Watson & Rapp, Land Title Building, Philadelphia, have
issued a booklet entitled
"Electric Power & Light Companies from the Investor's View-Point." Copies
will be sent to those desiring same.
-McClure, Jones & Reed members N. Y. Stock Exchange, 115 Broadway N. Y.0 havdeuisspouned
. 13.4
1 circular in the Hayes Wheel Company.
Copies may
had
request.
-Henry T. Alley, formerly associated with Hayden, Stone &
Co., has
joined the bond department of Clark, Williams & Co.. 160 Broadway, N. Y.
City.
6 Mos. end. -Calendar Years
Income StatementJuly 1 '22.
1921.
1920.
Gross sales
x$26,005,695x$45,429,645$113,049,828
Profit from operations
2,054,414
1,392,896
1,437,689
Interest charges
360,187
457,179
Depreciation
350,000
Federal taxes
51,021
Reserve for bad accounts
-Frank T. Stanton
326,570
418,434
627,372 a os alialeletter on t & Co.specialists in wireless securities have issued
Preferred dividends(7% per annum)
p s c T l graph co e recent' agreement between Radio Corporati
r
h
.
on and
_
5,254
10,507
10,507
Surplus
-Harold R. James is now in charge of the Bond Department of
$961,382
$506,776
$799,809
Profit and loss surplus
J. P.
$8,605,003 $7,643,621 $7,136,845 Benkard & Co., members of the New York Stock Exchange.
x In the six months of 1922. 507,219.50
717,455,761 lbs. during the calendar year 6 lbs. of sugar were sold, against
-Prudden & Co. have opened a Detroit office in the Ford
1921.
Building
under the management of Herman Kleene.
1334
[Vol.. 115.
THE CHRONICLE
Agnes anti Pormnents„
Y
THE BALTIMORE & OHIO RAILROAD COMPAN
NDAR YEAR 1921.
ANNUAL REPORT FOR THE CALE
Baltimore, Md., July 20 1922.
Baltimore & Ohio Railroad Co.:
To the Stockholders of The
any submit hereThe President and Directors of the Comp
rs of the Company for the year ended
with report of the affai
report published by the
Dec. 31 1921. While this is the 96th
any
fact covers the operations of the Comp
Company, it in
ous reports having been for
for its 95th year, one of the previ
e in the fiscal year.
• an over-lapping period due to a chang
—as the
"Separately Operated Properties"—Profit or Loss
nt as shown
case may be, so that the Corporate Income Accou
net in- •
in Table 1, page 12 [pamphlet report] comprises the
more & Ohio System.
come of the entire Balti
ComThe total first main track mileage operated by the
ately operated subsidiaries is 5,405.52
pany and its separ
miles.
RAILWAY OPERATING INCOME.
Railway Operating Income as defined by the Transporta
n in Table 5, page 18 [pamphlet reOPERATIONS OF THE YEAR.
tion Act of 1920 is show
portation property
port].
During the entire year of 1921 the trans
its
are
the Company on
As before stated, the results shown for the year 1921
of the Company was operated solely by
ty, the first whole
any for its
from operations conducted wholly by the Comp
own behalf and upon its own responsibili
from Proprty was operated by
own account. During the year 1920, Net Income
year so operated since 1917. The prope
oads under Federal control erty used in Transportation Service included compensation
the Director-General of Railr
eneral of
the Company under
accrued under the contract with the Director-G
from Jan. 1 1918 to Feb. 29 1920, and by
of the Transportation Act of 1920, Railroads for January and February 1920; guaranty accrued
the guaranty provisions
1920 for the pefrom March 1 to Aug. 31 1920.
under the terms of the Transportation Act of
depression which began in the fall of 1920 riod March 1 to Aug. 31 1920, and railway operating income
The business
in a very marked for the period Sept. 1 to Dec. 31 1920. For this reason the
continued throughout the year, resulting
ue due
in Transthe traffic handled. While the loss of reven
items comprising Net Income from Property used
decline in
e of traffic was partly offset by portation Service for 1921, as shown in Table 1, page 12
to the decline in the volum
for 1920.
effective Aug. 26
[pamphlet report], are not comparable with those
the increase in rates and charges, made
ues were less than anticipated because However, for comparative purposes, there Is shown in Table
1920, the total reven
ghout the year
results for
5, page 18 [pamphlet report], railway operating
of the numerous rate reductions made throu
ng to
in commodities, particularly those relati
1920 and 1921.
the years
1921 on certa
it will be
ruction, etc., such
Referring to Table 5, page 18 [pamphlet report],
agriculture, building operations, road const
with 1920
ore, sand, gravel,
and grain products, lumber, iron
seen that freight revenues for 1921 in comparison
as grain
itute a large portion of the decreased $26,289,416 31, or 14.39%, reflecting in part the
coal, etc., which commodities const
ces it became neces- decline in industrial activity which began in the fall of 1920
Company's traffic. In these circumstan
stent
extent of the
curtail the expenses to the lowest point consi
and continued throughout the year 1921. The
sary to
operation. The reduction in revenues decline in freight traffic may also be measured by the revewith safe and efficient
authorized by the nue tons carried, which for the year 1921 amounted to 71,was in part offset by reduction in wages
a deRailroad Labor Board and made effective July 536,702 tons, compared with 101,924,520 tons In 1920,
United States
ase in the prices of material crease of 29.81%. As a further indication of the extent of
1 1921, and also by some decre
oned that the revenue
the decline in business it may be menti
and fuel.
decreased from 20,932,667,112 tons in
ATED.
PROPERTY OPER
tons carried one mile,
or 32.17%, due to a
ted by The Baltimore 1920 to 14,198,727,702 tons in 1921,
The mileage of the properties opera
i- shorter average haul as well as a lesser volume of tonnage.
excluding separately operated subsid
& Ohio Railroad Co.,
report], shows the decline in
19, page 31 [pamphlet report], and Table 15, page 26 [pamphlet
year
aries, is shown in Table
by commodities, and in comparison with the
tonnage
ws, viz.:
may be summarized as follo
First Main Total All 1920 indicates a decrease of 12.40% in products of agriculTracks.
Track.
% in products of mines, 31.05% in products of
9,786.97 ture, 30.44
4,956.06
ed
llaneous.
Miles owned and operat
344.53 forest, and 34.58% in manufactures and misce
150.11
Miles leased and operated
s 11 and 12,
Freight traffic statistics may be found in Table
5,106.17 10,131.50
and operated
Total miles owned, leased which the Co. operates
162.17 page 24 [pamphlet report].
81.01
over
2,336 30, or
Miles of trackage rights
Passenger earnings for 1921 decreased $1,85
5,187.18 10,293.67
ny operates_
1920. There were 4,325,427, or 17.06% fewer
over which the Compa
5.94% below
Total miles
fewer passenpassengers carried, and 167,795,712, or 15.83%
when comincrease of 31.99 miles of first main track
There was an
carried one mile per mile of road in 1921,
to the inclusion in the gers
year 1921, due principally
traffic statisties may be found
during the
pared with 1920. Passenger
of the mileage of the Little Kanawha
Company's operations
Tables 13 and 14, page 25 [pamphlet report].
Belington & Northern Railroad Co., in
under 1920 of
oad Co. and the
Railr
Mail revenue for the year shows a decrease
had been separately operated prior to Jan.
to the inclusion in the figwhich companies
$1,579,954 08, which is due wholly
of that year
of $2,104,680 97 above the earnings
1 1921.
properties embraced in the above ures for 1920
ances by the Government for
equipment of the
The
representing additional allow
detail in Table 18, page 30 [pamphlet reto 1919, so that if this
mileage is shown in
services rendered in the years 1916
of 1921
consists of:
is eliminated in the comparison
port], and
additional allowance
increase in favor of 1921 of
2,683 Locomotives. Cars.
with 1920, there is an actual
94,932 Freight Train
$524,726 89, or 23.50%.
Passenger Train Cars.
1,300
1,758 43, or 55.17%, part
Cars and other Work Equipment.
Express evenue decreased $2,57
2,633 Work Train
Floats and other Floating Equipment.
of business and part
167 Tug Boats, Car
is due to the downward trend
various kinds.
of
of which
torMiscellaneous Equipment
the divisions established by the Direc
in property used in to the revision of
investment of the Company
remained in effect throughThe total
of Railroads, and which
transportation service, excluding investments General
months of 1920. Other revenues including
and held for
properties, is $707,032,851 36, and is out the first eight
ately operated
In separ
storage, demurrage, etc., decreased $1,028,605 41,
14 [pamphlet report]. The opera- switching,
ties.
shown in Table 2, page
%, also due to the falling off in business activi
embraced in this investment produce or 11.36
revenues for the year were $198,622,372 81,
of the property
tions
Total operating
Operating Income as defined by the Trans
t, 14.77% from passenger,
the Net Railway
of which 78.75% was from freigh
mail, 1.05% from express, and 4.04% from all
portation Act of 1920.
from
of six subsidiary companies, with 1.30%
ase in gross revenue for alp year
The income accounts
ately. The net profit other revenues. The decre
miles, are shown separ
mileage of 218.34
red with 1920 was $33,322,070 53, or 14.37%.
ted compa
subsidiaries and other separately opera
or loss of these
Maintenance of way and structures expenses during 1921
ferred to the income account
absorbed and trans
properties is
nts were $24,617,808 24, a decrease as compared with 1920 of
through the medium of the accou
of the parent company
SEPT. 16 1922.]
THE CHRONICLE
1335
$8,441,474 64, or 25.53%, and Maintenance of Equipment expenses for the year were $45,129,857 14, a decrease when compared with the previous year of $23,742,958 52, or 34.47%.
Total maintenance charges for the year were $69,747,665 38,
and constituted 41.90% of all operating expenses and 35.12%
of all operating revenues.
Transportation expenses for the year were $85,481,386 51,
a decrease as compared with 1920 of $28,322,722 65, or 24.89%
and comprised 51.35% of total operating expenses and 43.04%
of total operating revenues.
All other expenses for the year were $11,227,972 58, an increase over 1920 of $564,872 43, or 5.30%, and were 6.75% of
total expenses and 5.65% of total revenues. This increase is
largely due to increase in traffic expenses, occasioned principally by the re-establishment and expansion of agencies at
various important points off the line of road.
Total operating expenses for 1921 were $166,457,024 47, a
decrease under 1920 of $59,942,283 38, or 26.48%, compared
with a decrease in operatnig revenues of $33,322,070 53, or
14.37%. The ratio of operating expenses to operating revenues was 83.81% in 1921 and 97.61% in 1920, a decrease of
13.80%.
will be seen that the net income for 1921 from property used
in transportation service, or "Net Railway Operating Income," as it is defined in the Transportation Act, was $21,853,546 08, equivalent to 3.09% on the investment in property devoted to transportation service, or about one-half of
the return contemplated by the Act, which permitted a return
of 6% as reasonable. There was a decrease in net railway
operating income as compared with 1920 of $4,580,749 16,
but of this amount $2,648,358 01 is due to setting up in 1921
reserves in the operating accounts to provide for lapover
items pertaining to the guaranty period and chargeable to
the United States under the Transportation Act of 1920, resulting in a corresponding increase in Other Corporate Income.
Other Corporate Income for the year is shown as $10,120,824 13, an increase over 1920 of $4,720,965 59. This large increase is due principally to the inclusion as income, under
instructions of the Interstate Commerce Commissison, of
amounts found to relate to the guaranty period and chargeable to the United States under the Transportation Act of
1920.
Deductions from Gross Corporate Income aggregated $25,585,478 94, an increase over 1920 of $996,805 86, made up of
CORPORATE INCOME AND SURPLUS.
increases in interest on funded and unfunded debt, and losses
The income and surplus accounts of the Company will be incurred by separately operated properties, which
were also
found in Table 1, pages 12 and 13 [pamphlet report], and it affected by the general decline in business,
TABLE 1
-CORPORATE INCOME AND SURPLUS ACCOUNTS
-YEAR ENDED DECEMBER 31 1921 IN COMPARISON WITH
YEAR
ENDED DECEMBER 31 1920.
(Excluding Operations of Federal control under Director-General.)
THE BALTIMORE & OHIO RAILROAD COMPANY.
Corporate Income Account.
Average Miles Operated
Railway Operating Revenues
Freight
Passenger
Mail
Express
Other Transportation Revenue
Miscellaneous Revenue
Total Railway Operating Revenues
Railway Operating Expenses
Maintenance of 'Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Credit
Total Railway Operating Expenses
Net Revenue from Railway Operations
Ratio of Operating Expenses to Operating Revenues
Other Operating Charges
Railway Tax Accruals
Uncollectible Railway Revenues
Equipment Rents
-Net Debit
Joint Facility Rents
-Net Debit
Total Other Operating Charges
Net Income from Property used in Transportation Service
Other Corporate Income
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-operating Phi
stealProperty
Separately Operated Properties
-Profit
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Income from Sinking and Other Reserve Funds
Miscellaneous Income
Total Other Corporate Income
Gross Corporate Income
Deductions from Gross Corporate Income
Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
-Loss
Separately Operated Properties
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Charges
Total Deductions from Gross Corporate Income
Net Corporate Income
Year
1921.
Year
1920.
Increase or
Decrease.
5,187.18
5,155.19
31.99
$156,421,212 45
29,331,03d 36
2.757,398 27
2,089,844 92 During the year 1920 Net
2,970,932 93 Income from Property used in
5,051,949 88 Transportation Service included
compensation accrued under the
$198,622,372.81 contract with the DirectorGeneral of Railroads for January
and February 1920; Guaranty
$24,617,808 24 accrued under the terms of the
45,129,857 14 Transportation Act of 1920 for
3,301,677 46 the period March 1st to August
85.481,38651 31st 1920; and railway operating
1,579,430 69 income for the period September
6,385,386 61 1st to December 31st 1920.
38,522 18 For this reason the items comprising Net Income from Prop$166,457,024 47 erty used in Transportation Service for 1921 are not comparable
$32,165,348 34 with those for 1920. However,
for comparative purposes there
83 81% is shown in Table 5 (pamphlet
report] railway operating results
for the years 1920 and 1921.
$7,236,726 44
41,638 62
2,097.724 08
935,713 12
$10,311,802 26
$21,853,546 08 $26,434,295 24
34,580,749 16
$17,427 43
1,088,161 15
144,667 31
446,926 91
1,907,299 00
1,665.521 20
489,644 78
70,272 55
4,290,903 80
$18,284 46
967,170 02
122,711 00
441,807 81
1,887,629 50
1,610,651 85
288,359 95
51,404 50
11,839 45
$857 03
120,991 13
21,956 31
5,119 10
19.669 50
54,869 35
201.284 83
18,868 05
4,279,064 35
$10,120,824 13
$5,399,858 54
$4,720,965 59
$31,974,370 21 $31,834,153 78
$140,216 43
$340,760 41
475,978 61
297,707 09
737.097 83
21,960,591 49
200,667 31
575,870 34
$10,990 18
3.569 01
50,732 74
550,327 17
573,477 96
382,480 95
451,326 31
$25,585,478 94 $24.588.673 08
$996,805 86
$329,770 23
479,547 62
246,974 35
1,287,425 00
22,534,069 45
583,148 26
124,544 03
$6,388,891 27
$7,245,480 70
$856,589 43
Corporate surplus Account.
Profit and Loss Account
Credit Balance December 31 1920__________________________________________________________________________
___________________________________________________________________
$21,194,959 59
_________
Net Corporate Income for year 1921
27
Miscellaneous Adjustments
-Net Credit
330,816 99
6,719,708 26
Total
$27,914,667 85
Appropriations during year 1921:
Income applied to Sinking and Other Reserve Funds_ ________________________________________________ $148,556
Income applied in redemption of funded debt outstanding _______________________________________________ 3.500.000 15
00
Dividends on Preferred Stock at 4 per cent per annum
6.003,08529
Credit Balance December 31 1921 ___________________________________________________________________________ 821,911,582
56
Additions to Property through Income and Surplus
Credit Balance 'December 31 1920_
__
$12,611,649 22
Income applied in redemption of funded debt outstanding____________________________ ___________ i1,8615;66 ob
.
6
Miscellaneous
________________________________
924,617 22 4,424,617 22
Credit,Balance December
FLOI ___________________________________________________________________________ 17,036,266 44
Sinking Fund Reserves
168,441 14
_________________________________________________
'
Total Corporate Surplus, Credit Balance December 31 1921 ____________________________________________________
$39,116,290 14
Italics indicate decrease.
[vor,. 115.
TH fil CHRONICLE
1336
From the Net Corporate Income for the year of $6,388,891 27, shown in the Corporate Surplus Account, there was
appropriated $3,500,000 00 in accordance with the provisions
of the $35,000,000 00 loan agreement of July 1919, and applied in the retirement at maturity of outstanding long term
debt.
Dividends on the Preferred Stock of the Company at the
customary rate of 4% per annum were declared during the
year.
SETTLEMENTS WITH THE UNITED STATES.
Settlement with the Director-General of Railroads for use
of the property during Federal control has not been completed. The Company's claims have been presented and
final action is expected within a short time.
Final settlement has not as yet been effected with the Government for the operations of the property during the guaranty period, March 1 to Aug. 31 1920, under the Transportation Act of 1920. Claims for the amount due have been filed
with the Interstate Commerce Commission and action by
that body is awaited.
ADDITIONS AND BETTERMENTS TO ROAD.
Expenditures for additions and betterments during the
year 1921 amounted to $3,518,123 91, and are shown in Table
4, page 17 [pamphlet report], grouped substantially according to the Interstate Commerce Commission classification for
expenditures for road, A summarization of the more important work undertaken or completed during the year 1921 follows:
The work of rearranging and enlarging the freight yards
and tracks at Locust Point, Baltimore, Md., to accommodate
Increasing commercial development, was completed during
the year.
An extension of the Astor Branch was placed In operation
during the year and further extensions of this branch are in
progress.
The Norton Branch was relocated and extended.
The new bridge crossing the Miami River at Lawrenceville, Ind., was completed and placed in service Oct. 1 1921,
thus eliminating the necessity of detouring traffic over foreign lines for about ten miles made necessary by the destruction of the old bridge by an ice gorge in February 1918.
After the acquisition of the Bridge Company of Foxburg,
referred to in the report of last year, the work of renewing
the three main spans of the bridge over the Allegheny River
at Foxburg, Pa., was immediately undertaken. This work
was completed in 1921.
The renewal and strengthening of bridges is being carried
forward according to a carefully arranged schedule, designed to preserve safe conditions and gradually to extend
the operating limits of the heavier class of motive power.
During the year 1921 work was completed on spans 14 and 15
of the Benwood Bridge over the Ohio River at Wheeling,
W. Va. Work was also completed on the bridge at Confluence, Pa., on four bridges on the Wheeling, Pittsburgh and
Baltimore Branches, and on the bridge structures at Lookout Avenue, Butler, Pa., and Miami Street, Toledo, Ohio.
Reconstruction of several bridges on the Parkersburg Branch
is now under way and work is also in progress on bridges at
West Junction, 0., Painesville, 0., Elyria, 0., Washington,
Pa., West Alexandria, Pa., Lumbrook, Del., and Mitchell,
Ind.
Automatic signal protection was installed on 11.50 miles
of double track between Callery Junction and Wildwood,
Pa., aud controlled manual block was installed between
Camden and Mt. Royal Stations, Baltimore, Md. Additional
train and crossing signals were installed at various
points.
TABLE 2—GENERAL BALANCE SHEET YEAR ENDED DECEMBER 31 1921.
THE BALTIMORE & OHIO RAILROAD COMPANY.
Comparison with
December 31 1920.
ASSETS.
Investment in Property used in Transportation Service—
Investment in Property Directly Owned:
______ $248,071,127 35
__________________________________________________________________
Road
157,783.123 64
Equipment
$405,854,250 99
288,759,972 74
Investment in Subsidiary Companies Operated as Constituent Parts of the Company
4,447,415 13
us Physical Property Held for Transportation Purposes
Investment in Miscellaneo
1,530.012 50
Investments in Improvements to Leased Railway Property
6,441,200 00
Investment in Perpetual Leaseholds—Capitalized (per contra)
$707,032,851 36 I. $10,895,871 92
Total Property Investment as related to Railway Operating Income
Other Investments—
Investment in Subsidiary and Affiliated Companies Separately Operated:
Total.
Unpledged.
Pledged.
61 312,092,269 34
$8,600,423 73 $3,491,845 00 37,147,501 00
Stocks
1,347,501
00
35,800,000
Bonds
5.731,869 54
5,731,869 54
Miscellaneous
$54,971,639 88
$10,571.216 15
344,400,423 73
Total
4,339,131 58
us Physical Property---------------------------------------------------Investment in Other Miscellaneo
Investment in Sinking Funds:
$166,000 00
Own Issue ________________ ___________
Securities of Carrier's__________________________
168,441 14
2,441 14
Other Assets
.28,26300
Mortgage Property Sold
Deposits in Lieu of
Total.
Investment in Other Companies:
. 3
$5p6 1ge 3
Un91ed 3 d.
Pledged.
2 $22,532,321 28
96
Sthcks _____________________________________________$21,936,187 00
828,971 47
611,971 47
217,000
Both
1,054,477 98
_______________
1,054,477 98
Miscellaneous _____________________________
24,415,770 73
$2,262,582 77
Total ____________________________________________ $22,153,187 96
$534,535 28
$83,923,246 33 I.
Total Other Investments
$790,956,097 69 I. $11,430,407 20
s
Grand Total of all Investment
9
2
0
3 56 , 13
Current A.ssets—
_______________________________ $12,00 :711 3
___ _ _____________________________________________
Cash _
__________
107,378 60
__________
Special Deposits„,________________________________________________________
Receivable______________________________________________
60
Loans and Bills
ble
______________________________________________________ 17,992,783 64
ileceiira-5,334,453
______
Traffic and Car Service Balances
ConliCfors____________________________________________
Net Balances Receivable from Agents and __________________________________________________________ 11,886,734 33
91
Miscellaneous Accounts Receivable
______________________________________________________ 23,588,295 82
23,620
Materials and Supplies____________________
______
__________________________________________
Rents Receivable
42 D. $14,101,901 92
_______________________________________________________ $70,966,544
Total Current Assets______________________
$103,489 96
Deferred Assets—
___ _ ____________________________________________________
Working Fund Advances ______________________
Insurance Fund:
_________________ 3436,000 00 1,044,443 86
____________
608,443 86
Securities of Carrier's Own Issue
____________________________________________________________
Other Assets___________
249,011 71
__________________________________________________
_ _
___ _ _ _ _ - ___
9,371,575 43
Other Deferred Assets___ _ _ Transportation Act or 1920
73,484,373 93
United States Government
ion
United States Railroad Administrat
__________ $84,252,894 89 D. $3,432,222 06
__________________________________________________________________
Total Deferred Assets
Unadjusted Debits—
________________________________________
Paid in Advance __ _
Rents and Insurance Premiums
adjustment)
(interdepartmental accounts in _________
Other Unadjusted Debits
Unadjusted Debits
Total
2,1385
$39,155 26
13
$2,178,040 39 D. $1,785;493 58
51
Own Issue—Unpledged—
Securities of Carrier's ____________________________________________________________________________________ $1,508,738 00
7,736,755
___________
Stocks __________
__________________________________________________________________
Bonds
51 D. $1,099,220 00
Issue—Unpledged __________________________________________________ $9,245,493
Total Securities of Carrier's Own
$1,650,000 00
Securities of Carrier's Own Issue—Pledged—
_________________________________________________________________ $ 3: 55: 50 0 I.
0
7
55 405 550 00
Washington Branch Stock (per contra)
_______________________________
$8,251.000 00
Issue—Pledged
Total Securities of Carrier's Own
_______________________ 31,013,004,620 90 D. $737,430 36
________________________________________
Grand Total____________________
I. Indicates increase. D. Indicates decrease.
SEPT. 16 1922.1
THE CHRONICLE
ADDITIONS AND BETTERMENTS TO EQUIPMENT.
1337
RELIEF DEPARTMENT—PENSIONS.
Statements showing the operations of the Relief and SavThe total equipment owned by the Company and in service
at Dec. 31 1921, together with equipment of constituent com- ings Features of the Relief Department will be found in
Table 17, pages 28 and 29 [pamphlet report], respectively.
panies operated as Baltimore & Ohio Railroad Co., is shown
The payments to retired employees constitute a special
In Table 18, page 30 [pamphlet report].
roll and are contributed by the Company from month to
The total ledger value of equipment held in the name of the
month. The total number of retired employees carried on
Company on December 31st 1920 was
$150,715,718 98
the pension rolls in 1921 was 1,181, and the pensions paid
During the year 1921 there were added 50
locomotives, 2,059 freight train cars and
during the year amounted to $380,013 60. There was an in23 pieces of other equipment, costing_ _ _ _$9,003,833 31
crease of 79 pensioners and $27,623 10 in pensions paid durDuring the same period there
retired from service and
were
ing the year as compared with 1920. The total payments in
written out of the investment
pensions to employees retired from service since the inception
account 5 locomotives, 2,400
passenfreight train cars, 24
of the Pension Feature Oct. 1 1884, aggregate $4,630,316 55.
ger cars and 420 pieces of
Of the more than 60,000 employees of the Company, 40,069
other equipment, having a
ledger value of
$1,854,818 09
are members of the Relief Department.
There were reductions in value,
incident to change of class of
equipment,of
The number of shareholders in the Company as of Dec. 31
1921 was 35,640.
For the purpose of brevity as well as at the suggestion of
Total ledger value of equipment held in the name of the
various shareholders, and with the view to economy, the anCompany on December 31st 1921
$157,783,123 64
nual report has been somewhat curtailed by the elimination
of certain detailed data and statistical tables. Complete
SUBSIDIARY COMPANIES AND OPERATIONS.
data with respect to the operations of the property are, of
Beginning Jan. 1 1921, the operations of the Little Kana- course,
on file with the Interstate Commerce
wha and Bellington & Northern Railroad Companies, which and information relating to previous years is Commission,
available in
had theretofore been separately operated, were included in preceding annual reports.
the operations of the parent company.
The reduction in cost of operation and the
Income accounts for the year 1921 for the several sep- ard of service accomplished during the yearimproved standarately operated railroad properties will be found in Table report were both due in large measure to thecovered by this
loyal and effi20, page 32 [pamphlet report]. The result of the operations cient efforts of the officers and employees. The
board wishes
of these properties was a net deficit of $687,564 96, which to record its appreciation of their efforts. Their
was met by a charge against the income of the parent Com- helpful co-operation in improving the service and continued
efficiency
pany, so that the net income as stated in Table 1, page 12 of the Company s earnestly desired.
[pamphlet report], reflects the final results of operations of
By order of the Board,
all companies owned and operated.
DANIEL WILLARD, President.
81,610 56
1,936,428 65
7,067,404 66
TABLE 2 (Concluded)—GENERAL BALANCE SHEET YEAR ENDED DECEMBER 31
1921.
THE BALTIMORE & OHIO RAILROAD COMPANY.
Comparison with
December 31 1920.
LIABILITIES.
Stock—.
Capital Stock:
Common Stock
Preferred Stock
Separate Stock—Washington Branch (per contra)
Total Capital Stock
Long Term Debt—
Funded Debt Unmatured:
Equipment Obligations
Mortgage Bonds
Collateral Trust Bonds
Miscellaneous Obligations
Total Long Term Debt
Outstanding.
4151,945,548 54
58,863,180 95
Held by or
for Company.
Total Issued.
$371,919 46 $152,317,468 00
1,136,819 05
60,000,000 00
1,650,000 00
1,650,000 00
$210,808,729 49
$3,158,738 51 $213,967,468 00
$38,989,674 70
298,454,835 00 $56,820,395 00
93,976,590 00
5,273,910 00
80,065,684 52
$511,486,784 22 $62,094.305 00 $573,581,089 22 I. $12,826.711 25
Capital Stock and Funded Debt of Leased Lines (per contra)—
Dayton & Michigan RR. Co. Common Stock
Dayton & Michigan RR. Co. Preferred Stock
Dayton & Michigan RR. Co. First Mortgage Bonds
Home Avenue R'y Co. Capital Stock
Total Capitalized Leaseholds
Total Capital Obligations and Capitalized Leaseholds
Current Liabilities—
Loans and Bills Payable
Traffic and Car Service Balances Payable
Audited Account and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured -Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
0tiler Current Liabilities
$2,396,950 00
1,211,250 00
2,728,000 00
100,000 00
Total Current Liabilities
Total Deferred Liabilities
Unadjusted Credits—
Tax Liability
Insurance Reserve
Operating Reserves
Accrued Depreciation—Equipment
Other Unadjusted Credits (interdepartmental accounts in process of adjustment)
Total Unadjusted Credits
$5,000 00
$2,401,950 00
1,211,250 00
2,728,000 00
100,000 00
$6,436,200 00
$5,000 00
$6,441,200 00
$728,731,713 71 — -i - 8701I57 $795:9891 757 22 I. $12,826,711 25
$65:i5
.7
,
Deferred Liabilities—
Liability for Provident Funds
Other Deferred Liabilities
United States Railroad Administration
Corporate Surplus—
Additions to Property through Income and Surplus
Sinking Fund Reserves
Profit and Loss—
Balance_
$38,989,674 70
355,275,230 00
99,250,500 00
80,065,684 52
$3,000,000 00
10,707,214 76
11,828,409 69
7,525,029 74
3,682,998 38
64,510 23
8,000 00
1,177,263 62
3,675,604 12
22,647 51
62.079 35
$41,753 757 40 D. $14,509,995 la
:
$3,245,178 16
1,220,204 03
84,344,796 13
$88,810,178 32 D. $5,188,478 49
$1,529,780 27
1,044,443 86
5,595,178 93
38,949.494 82
2,215,739 94
$49,334,637 82 I.
$824.650 68
$17,036,266 44
168,441 14
21,911,582 56
Total Corporate Surplus
$39,116,290 14 I. $5,309,681 33
___________________________________________________________________________________
Grand Total
$1,013,004,62090 D.
$7.17,430 36
I. Indicates increase. D. Indicates decrease.
The following securities bear the endorsement of The Baltimore & Ohio
Railroad Company jointly with other Companies, viz.: Kentucky & Indiana Terminal Railroad Company 1st Mortgage Sterling Bonds, $6,282,780 60; RichmondWashington Company 1st Mortgage Bonds, $10,000,000 00; Washington Terminal Company 1st Mortgage Bonds, $12,000,000 00. The Company, through its subsidiary, The Toledo & Cincinnati Railroad Company, guarantees $2,728,000 00
Consolidated First Mortgage Bonds of The Dayton & Michigan Railroad Company. The Company guarantees $2,427,600 00 notes of the Morgantown & Kingwood Railroad Company, given in payment of equipment allocated by the DirectorGeneral of Railroads.
The above General Balance Sheet presents an accuarte statement of the accounts of the Company as of Dec. 31 1921.
J. J. EKIN, Comptroller.
1338
THE CHRONICLE
[VOL. 115.
GENERAL PETROLEUM CORPORATION
SIXTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30 1922.
San Francisco, Cal., Aug. 28 1922.
eral strike of oil field workers. In February 1922, in anticipation of increased production of light oil from the southern
fields, and to avoid future congestion of storage facilities,
properties in the San Joaquin Valley with a production of
over 2,000 barrels per day were closed. In June 1922 the
Tonner property with a production of over 1,500 barrels per
day was also closed. For these reasons over 700,000 barrels
of oil, which would have been produced during the fiscal
year, remained in underground oil reserves available for future production. The daily production from California properties during June 1922 was 24,000 barrels per day, with
3,500 barrels per day shut in. Production during June 1921
was 14,000 barrels per day with no wells closed.
Oil in storage at the close of the fiscal year consisted of
1,667,810 barrels of crude oil, 1,830,778 barrels of fuel oil,
and 402,430 barrels of refined products, a total of 3,901,018
barrels, or an increase of 395,324 barrels over the preceding
year.
To the Stockholders:
Your Board of Directors submits the sixth annual report
covering the operations of your Company for the fiscal year
ended June 30 1922.
After the deduction of all charges against income, including $115,000 00 for estimated Income and Profits Taxes, $3,259,385 76 for depreciation and depletion, $658,748 07 to cover
abandoned leases and unproductive drilling, and $793,996 24
for labor and incidental expenses in drilling wells (which
the Treasury permits to be charged either to capital investment or operating costs), there remains a net profit for the
year of $2,767,696 91. This amount, after providing for dividends on the preferred capital stock at the rate of 7% per
annum, represents earnings at the rate of slightly over 11%
on the issued common capital stock.
These earnings do not include $3,494,920 35 received from
the United States during the preceding fiscal year for which
the method of accounting has not been finally determined.
PLANT PROPERTY AND EQUIPMENT.
Dividend disbursements during the fiscal year totaled $2,California.—During the year the Company acquired by
012,210 17, in addition to which $172,311 16 was accrued to purchase or lease 2,882 acres of proven or prospective oil
cover the June proportion of dividends payable in the suc- land, and abandoned 855 acres.
ceeding fiscal year.
Seventeen wells were completed to production, and 32
wells were being drilled at the close of the year. One well
NOTES ON BALANCE SHEET.
was abandoned on account of mechanical difficulties and six
Plant Property and Equipment.—The net book value of
dry holes were drilled.
this account at the end of the fiscal year was $53,372,865 48
The extent of the productive area of the Richfield district
after the deduction of all charges, including reserves for de- has now been definitely determined. The Company has acpreciation and depletion. In accordance with Government quired leases at Santa Fe Springs, Signal Hill and Redondo,
regulations $4,536,933 00 was added to property account covon which development work has been actively prosecuted.
ering appreciation in value of the Company's oil lands due Twenty-nine wells were started in these districts during the
to the acquisition and development of new properties at latter part of the year and six wells were completed with a
Santa Fe Springs and Signal Hill.
total initial production of over 15,000 barrels per day.
Current Assets.—The total current assets at the close of
In order to properly handle the new production developed
the fiscal year were $14,526,105 77, or nearly 34 times the at Santa Fe Springs and Signal Hill,32 miles of 6 and 8 inch
current liabilities.
pipe lines were constructed and pump stations were erected
Capital Stock.—The common capital stock outstanding on in both fields.
June 30 1922 was $22,716,996 00, including $250,000 00 deposDuring the year 84,000 barrels of steel tankage was erected
ited in trust for delivery under employees stock subscription in the southern field, 140,000 barrels of additional storage
plans. Subscriptions to capital stock by employees now total was provided at Seattle, and a 500,000 barrel reservoir was
over $800,000 00, payments on which aggregate over $223,- constructed at Wilmington.. Since the close of the year over
000 00.
100,000 barrels of additional steel tankage has been placed in
Funded Debt.—In accordance with the provisions of the service, another 500,000 barrel reservoir at Wilmington has
deed of trust $500,000 00 of General Petroleum Corporation been completed and a third reservoir of similar capacity is
10-year 7% Sinking Fund Gold Notes were called for re- now under construction at the same point.
demption on Feb. 15 1922, at 105. The notes so called have
Wyoming.—Development work was suspended during the
been retired with the exception of the small amount shown year on account of low oil prices prevailing in the Rocky
on the balance sheet, for which funds are on deposit with the Mountain district and production continued only where necTrustee. In addition the Company has acquired $454,500 00 essary to comply with the terms of the leases.
face value of these notes and this amount has been deducted
Measico.—The wells of the Company in the light oil fields
in computing the outstanding amount shown on the balance of Mexico, after having yielded over 900,000 barrels of flush
sheet.
production, were affected in common with all other wells in
During the year, the entire outstanding balance of the the surrounding district by the intrusion of salt water. A
General Petroleum Corporation 6% Gold Notes and General small production is still being obtained, but the refinery has
Pipe Line Company of California First Mortgage Bonds, since been operated principally on purchased oil. A profitthe preceding year, were
which were called for redemption in
able local gasoline business has been built up and the ensurrendered for cancellation.
largement of the Company's Argentine business, together
of $479,000 00 for Land
Current Liabilities.—The liability
with sales at Atlantic ports, has enabled the Company's
deferred payments on lands
Purchase Contracts represents
tankers to operate throughout the year with no loss of time.
considerable period in the future.
and leases payable over a
The Oil Situation.—Coincident with a sub-normal demand
principally amounts due for
Accounts Payable represents
for fuel oil, the rapid development of new fields has inmaterials.
June purchases of oil and
creased California production to an unparalleled figure. The
combined surplus account
Surplus.—The increase in the
result has been a reduction in the price of both crude and
for the year was $3,420,806 27.
fuel oil of $1 00 per barrel from the peak price of May 1921.
S.
Your Company has been exceptionally successful in its dePHYSICAL AND OPERATING STATISTIC
production of oil from velopment campaign at Santa Fe Springs and Signal Hill
he
Oil Production and Storage.—T
including 958,773 barrels in and has increased its production to over 30,000 barrels per
the properties of the Company,
Wyoming, was 5,918,820 bar- day with an additional 5,000 barrels per day shut in. AnMexico, and 42,291 barrels in
barrels over the preceding year. ticipating the changed conditions the Company as stated
rels, an increase of 591,493
San Joaquin Valley has enlarged its facilities for the transportation and refinThe properties of the Company in the
in the Fall of 1921 by a gen- ing of crude oil and for the storage of fuel residuum.
were shut down for two months
SEPT. 16 19221
TUE CHRONICLE
In the judgment of your directors the present condition
will soon be rectified by a rapid decrease in production and
a steady increase in consumption. The present surplus is
due to flush production and improvident drilling in new
fields. This means an early and rapid decline in production.
On the other hand, the decrease in Mexican production will
allow California to regain foreign markets from which it
was displaced and should open new markets developed by,
and heretofore supplied from, Mexico.
The present low price of crude presents an unusual opportunity for the conservation of the Company's own oil reserves by shutting in production wherever practicable and
using the increased facilities for the handling of oil purchased at the present low prices. The purchase of oil from
new sources will also give your company the call on future
production from such sources.
Proposed Financing.
-To take advantage of the opportunity thus offered, it is estimated that it will be necessary to
provide additional working capital in the amount of $5,000,000 00. It is proposed to raise this sum by the sale of 6%
notes, convertible into common stock during the first year
1339
after issuance at the rate of $10000 par value of stock for
$115 00 in notes, during the second year at the rate of $10000
par value of stock for $120 00 in notes, and, thereafter, during the third, fourth and fifth years, at the rate of $10000
par value of stock for $130 00 in notes. The holders of the
common stock will be given the right to subscribe at par and
accrued interest for all of these notes, which will be allotted
first, in proportion to their stockholdings, and any balance
In proportion to the amounts of their subscriptions.
The entire issue has been underwritten by the Company's
fiscal agents and the whole program rests, therefore, only
on your final approval for which a special meeting of stockholders will be called immediately.
General.
-The officers and employees of the Company
have been called upon for unusually arduous services, especially during the closing months of the fiscal year. The
Board of Directors extends its appreciation to all officers
and employees for the loyal and efficient manner in which
the organization has met these demands.
For the Board of Directors,
JOHN BARNBSON, President.
EXHIBIT "A"
GENERAL PETROLEUM CORPORATION AND PROPRIETARY COMPANIES.
CONSOLIDATED GENERAL BALANCE SHEET, JUNE 30 1922.
ASSETS.
Plant Property and Equipment:
Lands and leases:
Cost
$15,922,863 70
Less reserve for depletion
(based on cost)
6,146,392 19
LIABILITIES.
Remainder
$9,776,471 51
Appreciation
$17,863,431 41
Less reserve for depletion
(based on appreciation) 3,080,985 35
Remainder
14,782,446 06
Total lands and leases
Development and equipment
Pipe lino transportation system
Construction work in porgress
$24,558,917 57
25,117,128 55
7,791,150 02
2,784,170 90
Total plant property and equipment
$60,251,367 04
Sinking Funds
8,40000
Capital Stock of General Petroleum Corporation in
Trust for Employees
250,000 00
Investments in Stocks of Other Companies
306,535 77
Current Assets:
Cash
$2,088,307 55
United States Liberty Loan bonds
99,764 07
Notes receivable
142,084 42
Accounts receivable
3,441,722 44
Exchanges receivable in oil
980,131 95
Oil in storage
5,739,208 95
Materials and supplies
2,034,886 39
Total current assets
14,526,105 77
Special Advance to Texas Company of Mexico
408,730 71
Deferred Debit Items:
Unamortized discount on 7% gold bonds_ _ .. $514,385 15
Expenses paid in advance
323,185 61
Unadjusted accounts
130,256 25
Total deferred debit items
967,827 01
Total
$76,718,966 30
EXHIBIT "B"
Preferred Capital Stock-32,122 Shares of 3100.00 Each $3,212,200 00
Common Capital Stock-227.169 96-100 Shares of $100 00
Each
22,716,996 oe
General Petroleum Corporation, Ten-Year,7%,Sinking
Fund, Gold Notes, Due February 15 1931
9,045,500 00
Notes Called for Redemption
8,000 00
Current Liabilities:
Land purchase contracts
$479,000 00
Accounts payable
3,105,363 11
Exchanges payable in oil
161,420 11
Salaries and wages payable
178,619 59
ed
Feral income and profits taxes
140,441 87
Accrued interest
246,491 69
Accrued liability insurance
17,245 00
Dividends declared
172,311 16
Total current liabilities
4,500,892 53
Payments by Employees on Sub,scriptions to Capital
223,488 22
Deferckd Credit Items:
Store
Revenue from government receiver-subject to undetermined Federal taxes and
other adjustments
$3,494,920 35
Miscellaneous
17,075 62
Total deferred credit items
3,511,995 97
Reserves for Depreciation:
Development and equipment
$5,109,294 95
Pipe line transportation system
1,769,206 61
Total reserves for depreciation
6,878,501 56
Surplus:
Unrealized portion of surplus arising from
appreciation in value of oil lands and
leases
$14,782,446 06
Capital surplus
Profit and loss surplus, per Exhibit' B"_ _ 5,753,398 58
6,085,547 38
Total surplus
26,621,392 02
Total _______________________________________$76,718,966 30
New York
GENERAL PETROLEUM CORPORATION AND PRO- Chicago
Philadelphia
PRIETARY COMPANIES.
Detroit
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS FOR THE YEAR ENDED JUNE 30 1922.
-Oil and Transportation
Gross Profit
$10,502,962 70
Less:
Depletion of oil lands and leases, based on
below)
cost (see note
$860,092 84
Depreciation of equipment
2,399,292 92
Selling and marketing expenses
363,648 92
General expenses and taxes (other than income and profits taxes)
1,998,717 93
Total
------------ 5,621,75261
Net Profit from Operations
Other Income Credits
Gross Income
Income Charges:
Interest on funded debt
Other interest
Loss on abandoned leases
Labor and incidental expenses drilling oil
wells (see note below)
Unproductive drilling
Amortization of discount and'premium on
gold notes redeemed
Other deductions
Total
33,000 83
213,141 61
Seattle
Portland
Denver
"A"
-Consolidated General Balance Sheet, June 30 1922.
"B"
--Consolidated Statement of Income and Profit &
Loss for the Year Ended June 30 1922.
Yours truly,
793,996 24
445,606 46
113,788 19
231,714 33
HASKINS & SELLS.
GENERAL PETROLEUM CORPORATION AND PROPRIETARY
COMPANIES.
CERTIFICATE OF AUDIT.
We have audited the books and accounts of the General
Petroleum Corporation and proprietary companies for the
year ended June 30 19
92, and
We hereby certify that, in our opinion, the attached Consolidated General Balance Sheet and Statement.of Income
and Profit & Loss correctly present the financial condition
2,399,659 54 of the
companies as at June 30 1922, and the results of the
$6,085,547 38 operations for the period under review.
-Deducted from income in accordance with United States TreasNote.
ury Regulations.
Cleveland
Saint Louis
Boston
San Francisco Cincinnati
Baltimore
Los Angeles
New Orleans
Pittsburgh Buffalo
Kansas City
Atlanta
Dallas
Salt Lake City
Tulsa
Watertown
London
Paris
Havana
Shanghai
August 24 1922.
Captain John Barneson, President,
General Petroleum Corporation, San Francisco, Cal.
Dear Sir: Pursuant to engagement, we have made an
audit of the books and accounts of the General Petroleum
Corporation and its proprietary companies, General Pipe
$4,881,210 09 Line Company of
California, Continental Mexican Petroleum
502,030 55
Company, and General Petroleum Corporation of California,
$5,383,240 64 for the year ended
June 30 1922, and submit herewith our
certxficait
Ei hib te_and the following described exhibits:
$669,296 07
Total
2,500,543 73
Net Income Before Deducting Income and Profits Taxes $2,882,696 91
Income and Profits Taxes
115,000 00
Net Income for the Year
$2,767,696 91
Profit and Loss Surplus July 1 1921
5,717,510 01
Gross Profit and Loss Surplus
$8,485,206 92
Loss Charges:
Profit and
Adjustments (net) affecting prior periods_ _ _ $215,138 21
Dividends on preferred stock
224,854 00
Dividends on common stock
1,959,667 33
Profit and Loss Surplus June 30 1922
HASKINS & SELLS
Certified Public Accountants
Cable Address "Haskells"
CROCKER BUILDING
SAN FRANCISCO
HASKINS & SELLS.
San Francisco, August 24 1922.
THE CHRONICLE
1340
Tonutercial pints.
COMMERCIAL EPITOME.
Friday Night, Sept. 15 1922.
The business outlook in this country is brightening with
the settling of the coal strike and a distinct improvement in
the railroad transportation outlook. Also, the weather over
much of the country has been cooler. This has been good for
the crops and also for general buying of merchandise. With
a larger supply of coal, the prospects for manufacture are
naturally better. Car loadings as well as coal production is
increasing. Bank clearings continue to increase. In the textile districts of New England business is expanding with the
return of operatives at old wages. Coal strikers won their
fight, much to the regret of many who think that the whole
matter will have to be gone over again sooner or later. The
railroad strikers, on the other hand, have failed. Fall buying of commodities and various goods has increased. Worth
Street and Fall River are more active. The production of
Iron and steel is increasing. Railroads are buying supplies
on a large scale. There is a lull in the lumber trade after a
prolonged period of activity, but building is still going forward on a large scale and consumption of building materials,
Including lumber, is therefore large. The output of cement
Is at a high record. The consumption of raw cotton in August, in spite of all drawbacks as to coal, railroad strikes and
so forth, showed a noteworthy increase. It turns out that
the mail order business for the month of August was larger
than that of July. Grain prices have risen somewhat, the
rise to-day being due partly in response to warlike news from
the Near East. But the same news had a slightly depressing
effect on the cotton market. The developments in that quarter of Europe are indeed sharply watched. It is said that
the British fleet has been sent to keep the Turks out of Europe, that a large part of Smyrna has been destroyed by
fire, with massacres and other outrages, partly, it is asserted,
affecting American nationals. It is feared that Jugoslavia
and Rumania will join with Greece in their war with Turkey.
Meanwhile the stock market on the whole has shown gratifying stability with large transactions, and merchants also
note with interest that the London markets to-day had a
firmer tone, despite depression in the Continental exchanges,
coincident with the Near Eastern war-cloud and the financial disagreement between Germany and Belgium. Paris reports, it seems, are more favorable as to the Turkish attitude and relations with Germany.
The Chicago Federal Court on Monday refused to modify
the injunction against railroad strikers, and overruled the
objection of union counsel to submission by Government attorneys of 20,000 affidavits as evidence of strike conspiracy
against interstate commerce.
On Sept. 13 terms were arranged for agreements with
separate roads or systems to which over 50 roads are said
to have subscribed. The seniority issue is not mentioned,
but strikebreakers are to be retained. Many lines hold out,
Including several large systems. Work is promised all except those guilty of acts of violence. The increase in wages
demanded by the strikers is not mentioned in the agreement.
The defeat of the railroad shopmen suggests that they
"shook the bush" and coal miners "caught the bird." Coal
miners succeeded; shopmen failed. The shopmen sustain a
double defeat; they have to swallow what they think hard
terms and the union's national move is blocked. The men
are defeated on everything for wIlich they began an uncalledfor strike. They accept the Labor Board's wage cut, as they
should have done at once. They submit the seniority issue
to arbitration, as they should have done when President
Harding suggested it . And they leave many of their brother
best they may. The strike
shopmen to shift for themselves as
is dying out.
It is significant that not for 12 years at least has such a
thing occurred as happened the other day, when Congress
taught the conference committee a sharp and much needed
The committee attempted
lesson on the subject of the tariff.
and rates that both
to put into the tariff bill provisions
had expressly rejected. More than a hundred Rehouses
publicans 'joined with the Democrats in sending the bill
back into conference. The rebuke came about by reason of
and impose a duty on
an attempt to restore the dye embargo
potash.
[vol.. 115.
At Manchester, N. H., on Sept. 11 observers at the gates
of the Amoskeag Manufacturing Company said that few
operatives took advantage of the company's offer restoring
the wage scale in effect previous to Feb. 1. James Starr,
Vice-President of the United Textile Workers of America,
predicted that the return to work would not be general until
the company restored the 48-hour week, supplanting a 54hour schedule. At Fitchburg, Mass., on Sept. 11. the Parkhill Manufacturing Co. announced the restoration of the 20%
wage cut which caused a strike of 1,400 operatives on March
28. The Fitchburg and Grant yarn mills, employing 1,000,
also announced that a wage increase would become effective
this week. At Ware, Mass., on Sept. 11 1,000 employees of
the textile mills of the Otis Company returned to work under
a restoration of the wage scale that was in effect prior to
Feb. 13. It was announced that the remaining 700 operatives
would be taken on as soon as conditions permitted. At Lowell, Mass., on Sept. 11 restoration of former wage scales was
announced by the Merrimack Manufacturing Co., the Hamilton Manufacturing Co., the Massachusetts Cotton Mills and
the International Cotton Corporation. At Burlington, Vt.,
on Sept. 11 the Queen City Cotton Co. announced an advance
in wages to take effect at once. The amount of the increase
was not stated. It will affect about 500 operatives. At Salmon Falls, N. H., on Sept. 11 the Salmon Falls Manufacturing
Co., makers of tire fabrics. employing 700 hands, posted a
notice of a wage advance of 25%, effective at once. This is
5% more than the reduction made on Feb. 13. At Oneco,
Conn., textile workers in the mill towns of Connecticut expect to receive the same 20% raise in wages that has been
granted to 20,000 textile workers in Maine. At Danielson,
Conn., on Sept. 11, the Grosvenordale Mills posted a notice
of 20% increase in wages, practically restoring the scale of
Jan. 30 last. The mills employ about 1,200 persons.
On the 12th inst. there were many announcements of the
reopening of mills at the old wage scale before the 20% cut
was made last January. At Pawtucket, R. I., on Sept. 12
five textile mills in that State restored the wage scale in effect before the strike was called eight months ago, i. e. the
Lincoln Bleachery, Lincoln; Anna and Hope mills and Mill
No. 4, Lonsdale ; Ashton Mill, Ashton, and the Berkeley Mill,
Berkeley. This was the first announcement of wage increases in Rhode Island mills since the strike went into effect. It was said that plants in Rhode Island merely followed
the leadership of mills in Lawrence, Mass., Manchester,
N. H., and other textile centres where the wage schedules in
effect last spring have been restored. Wages in the Lincoln
Bleachery were cut 15% last January. In other plants the
reduction was 20%. About 2,500 hands are affected. The
five mills have always operated on the 48-hour week basis,
and the question of hours does not enter into a settlement.
The Berkeley Mill was the first in Rhode Island affected
by the strike last winter. Increases in wages have been made
at the Lancaster Cotton Mills at Clinton, Mass., where the
wage scale of the first of the year is restored. Reports from
Rhode Island and Connecticut are in line with expectations
and indicate a resumption on the old basis all through New
England, probably within a few days. In New Hampshire
-hour
the question of whether the operatives will accept the 54
basis is open still, but while the union leaders appear determined on this issue, the operatives evidently are less concerned over it. As yet it is too early to say what the outcome will be at the Nashua plant, where an adjustment in
line with what the other mills are doing has been promised.
Boston wired Sept. 13 that employees of the four plants of
the Pacific Mills Corporation at Lawrence, who returned to
work two weeks ago, after a strike of 23 weeks against a 20%
reduction in wages, would receive their old pay on Thursday,
Sept. 14. The strikers returned with the understanding that
the old wage would be resumed Oct. 1, retroactive to Sept. 1.
A decision on the part of the officials to advance the date
of the return of the old wage was a complete surprise to the
majority of the employees.
The Globe Yarn Mills of the Connecticut Manufacturing
Co. of Fall River, Mass., will resume night operations beginning Sept. 18, for an indefinite period.
Charlotte, N. C., wired Sept. 13 that the Southern Power
Co.,furnishing 300,000 horse-power of electrical energy every
day to industries in the two Carolinas, among them 300 textile mills, will be forced to suspend operation for one day
each week unless relief is given in coal transportation. Five
million cotton spindles are included in the mills served by
the company. Officials of the company said that they re-
SEPT. 16 1922.]
THE CHRONICLE
1341
garded the outlook for coal supplies during the next few
weeks as exceedingly unfavorable so long as the rail strike
continued to hamper the movement of trains.
British sales of coal to the United States this week were
about 200.000 tons. London cabled that South Wales reports
an easier market for coal, best Admiralty ruling at 27s. to
28s., bunker smalls at 17s. 6d. to 18s., and cargo smalls at
13s. 6d. to 16s. 6d. New business is restricted.
Active bidding and ready purchases featured the annual
fall fur auction sales at Montreal on the 12th inst., which
was attended by buyers from the United States, England,
Sweden, Germany and Russia. Raccoon skins sold at a price
averaging $7 80 a skin, skunk skins for about $5 each, American oppossum for $1 30 and lynx for $37 each.
Cabling from Calcutta, U. S. Consul-General A. W. Weddell states that the Indian monsoon is continuing favorably,
even though there is still some deficiency in the average
rainfall. Prospects of standing crops are generally fair. The
forecast of cotton for the new crop is 12,496,000 acres, against
11,976,000 in 1921.
LARD firmer; prime Western, 11.20@,11.30c.; refined to
Continent. 12.25c.; South American, 12.50c.; Brazil, in
kegs, 13.50c. Futures declined with lower Liverpool prices,
falling grain and steady selling. Large packers gave support
on the 12th inst:on the decline. Foreign inquiries were noted
but actual business was stopped by bids being too low.
To-day prices advanced 10 to 17 points, with packers understood to be buying. Lard sympathized with the rise in grain
and hogs. Last prices showed a rise for the week of 17 points
on September but a decline of 8 points on January.
sugar production in Denmark is expected to reach between
110,000 and 115,000 tons of 96-test sugar as compared with
146,000 a year ago. Belgium has under beets, 195,000
acres, compared with 138,000 last year. Sweden makes a
poor showing and is expected to make a final outturn of not
more than 75,000 tons of sugar as compared with 229,000
a
year ago. Receipts at Cuban ports for the week were
24,570 tons, against 13,181 last week,38,452 in the same week
last year and 13,974 two years ago; exports, 62,358 tons,
against 55,365 last week, 44,253 in the same week.last year,
and 21,935 two years ago; stock, 397,730 tons, against
453,069 last week. 1,214,484 last year and 306,440 two years
ago. Willett & Grey estimated the world's sugar crop at
17.443,300 tons for 1921-22, or 766,392 tons larger than that
of last year, when it was 16,676,938 tons. In 1919-20 it was
15,169,555 tons. To-day prices declined 5 to 11 points on
the general list. Futures ended 6 to 12 points lower for the
week, the latter on December. Refined 6.25c. in some cases
6.20c. Spot raws 3V
ic.
September dellvery_cts_10.30
October delivery
10.32
January delivery
8.97
Spot
8.201November.._ _7
7.631February_ _ _ _7.8017.83
September_ _8.40©8.42 December.__7.60
.69(7.71 March
7.96 7.97
October
7.981018 05 January
7.77©7.78 April
7.95 8.08
Spot (unoMcial) _ _ _ _4.86 I December_ _3.18 © 3.19 I May
September__ _3.04 © nom I March
3.01 ©3
.021
3.12©3.15
OILS.
-Linseed quiet but steady. Some small export
sales have been made, but the foreign demand on the whole
has been light. Large buyers here are not interested for
the moment. Foreign oil is being offered less freely. But
the double boiled oil demand of late has improved a little.
September carloads, 88@90c.; tanks,84c.; less than carloads,
91c.• less than 5 barrels, 94c. Cocoanut oil, Ceylon barrels,
832@8%c.; Cochin, 91 @91 c. Corn, crude, 932@9%o,
/ 3
A
4
Olive, $1 12@$1 15. Lard, strained winter, New York,
12
extra, 10 Wic. Cod, domestic, 54@,55c.; Newfoundland, 55c.; Menhaden, barrels, 54@55c. Spirits of turpentine, $1 29@$1 30. Rosin, $6 25@$8 15. Cottonseed oil
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. sales to-day, including switches, 18,500. Prices closed
as follows:
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
10.17
10.20
8.90
10.25
10.25
8.85
10.40
10.40
8.92
10.37
10.35
8.87
10.52
10.52
8.97
PORK dull; mess,$27@$28;family,$28(61329; short clear,
PETROLEUM.
-Kerosene prices of late have been ad$22 500$28. Beef quiet; mess, $11 50@$12 50; packet, vanced. On the 13th
inst. the Standard Oil Co. of New Jer$12@$13; family, $14@$15; extra India mess, $23@$'4; sey, advanced the tank
wagon price 14 to lc. and on the next
No. 1 canned roast beef, $2 25; No. 2, $3 20; six pounds, day announced an
advance
$15. Cut meats quiet; sweet pickled hams, 10 to 20 pounds it would not be surprising in the export price of lAc. And
to hear of an advance in the price
17@17%c.; pickled bellies. 10 to 12 pounds, 171 c. Butter, at New York in the
/
creamery,31 3'@4034c. Cheese,flats, 183/@23Xe. Eggs, sene has improved. near future. Export demand for keroCased kerosene is more active. Dofresh first to extras, 34@44c.
mestic buyers show a keener interest. For 45-150 in bulk
delivered New York, 84c. has been asked. There is talk
COFFEE on the spot steady; No. 7 Rio, 1034c.; No. 4
3
Santos, 15@153c.; fair to good Cucuta, 140,14 Mc. Fu- of a possible advance in Eastern crude oils. It is reported that premiums of 250. have been paid for Pennsylvania
tures advanced then reacted. Brazilian markets advanced.
The demand for consumption in this country at one time grades. Gasoline demand is rather sluggish. Yet it is
seemed better. But over the market hangs the fear of a big true a few large refiners are still doing business. New York
crop,large cost-and-freight sales and valorization liquidation. prices: Gasoline, cargo lots, 31.25c.; U. S. Navy speeiThat keeps buyirg within bounds. But on the other hand, tications, bulk, per gallon 18c.; naptha,, cargo lots, 20.50c.;
the actual statistical position which confronts the trade at 63-66 deg., 23.50c.; 66-68 deg., 24.50c.; kerosene cases,
the moment tends quite as clearly to curb short selling. The 15 2c.; refined petroleum, tank wagon to store, 13c.; mototal in sight for the United States is 928,343 bags, against tor gasoline to garages (steel bbls.), 25c.
Pennsylvania
83 00 Lima
1,236,108 a year ago. The crop movement of Rio and Santos Corning
$1 98 Corsicana, heavy_$0 65
1 75 Indiana
2 03 Electra
up to date is 1,997.000 bags, Egainst 2,776,000 a year ago Cabell
1 50
1 86 Princeton
1 77 Strawn
1 50
Somerset
and 2,781,000 in 1920. Later prices sagged. Demand was
1 65 Illinois
1 77 Ranger
1 50
not urgent. According to the figures of the Exchange, there Somerset, light___ 1 90 Kansas and OklaMoran
1 50
Ragland
1 00
homa
1 25 Healdton
0 75
was an increase of 175.328 bags in the world's visible supply Wooster
2 10 Corsicana,light__ 1 10 Mexia
125
for the month of August, making the total on Sept. 1 8,775,RUBBER though quiet has been
068 bags. Also, the crop by some is considered out of dan- more optimistic feeling in the trade firmer. There is a
as a result of brighter
ger.. To-day prices advanced on covering and some outside prospects for definite action
buyincr. Also Santos was up 625 to 1,050 reis in two days, the rubber industry. Early on plans for the betterment of
in the
and Rio in the same time 250 to 325 reis. Some think that to come of the meeting in London week much was expected
on the 11th
the sudden rise in Brazilian markets was due to an effort to inent rubber interests for the consideration inst. of promand probable
sell considerable valorization coffee. This idea is mentioned adoption of the Stevenson pooling plan. Another favorable
here for what it is worth. The flurry in Brazilian markets factor was the action by the British Rubber Growers'Associahas an unsettling effect in the coffee trade for the moment. tion in petitioning the Colonial Office to take immediate
For the week, despite to-day's rise, there is a net decline of steps to enforce compulsory curtailment of output in British
9 to 18 points, the latter on December. Closing prices were controlled rubber growing areas. All this, to be sure, does
as follows:
not meet with much favor among factory buyers. Smoked
10c. December.. 9.4909.501May
Spot (unoff.)
9.59 ©9.60 ribbed sheets and first latex crepe spot, 145 8c.; Oct.-Dec.,
/
September-_ _9.40 ©
I March
9.59@9.60 I July
9.59@._.
15c.; Jan.
-March, 1514c.
SUGAR.
-Spot raws were quiet early in the week at
HIDES have
A
around 33 c. But refined was slow even at 6.40c. West- the week sales been steady with a fair demand. Early in
reported included 8,000 Wilson frigorifico
being offered for prompt shipment. Within steers at 19 8c. cost
ern beets were
.
and
thirty days Michigan and Ohio beets, Is expected, will be 4,000 Swift La Platas freight, the gold price being $47 373';
at $48, equivalent of 193<c. cost and
available. Eastern refiners will, it is inferred, feel beet freight, and 3,000
Colombian, Bogata, &c., at 20e. for
competition. American granulated was wanted at one time choice Bogata.
sales of
There
for export at 4.20c. in bond, but that was too low with raw native steers at around were rumored reported spready
of Penn25c. Sales were
at its current price. Some 9,200 bags Cuba sold on the 11th sylvania free of
pounds, at 14c.
inst. to an operator for September shipment at 3,20c. f. o. b., Chicago advicesgrub, buff weights, 46 to 60
.
said
or equal to about 3.330. cost and freight at the existing freight with sales of about that the big packer market was active
Texas steers at
35,000
rate. Cables then reported the European market steady and 19c. and 18e. respective heavy and light
ly. Country hides were firm.
with further sales of Perus and Brazils at 16s. c. i. f. to the Importers asked 17e, for Central Americans, 19c. for Coastal
United Kingdom, a parity of about 3.05c. to 3.07c. f. o. b. Bogota, and 20e.
for interiors, good. Rumor had it that a
Cuba. Later sales were reported of 3,000 tons of Cuba afloat lot of 3,600
24c. for
at 334c. c. & f., supposedly for shipment to Baltimore. City packerChinas, 12 to 20 pounds, sold at spready prime.
hides dull. Packers, 26c. for
native
3,000 tons of Cuba at the Breakwater were believed to have steers. Country
was quiet.
been sold to a New York refiner at the same price. The Chicago advices hides, firm but quiet. Bostonquiet,
skins
later reported hides and
with
Department of Agriculture says the total sugar-beet produc- packer stocks well
sold up to Oct. 1. A demand was reported
tion for 1922 is estimated at 5,260,000 tons, compared with for heavy
native steers at 21c., but none was offered. Pack
an August estimate of 5,080,000 tons and 1916-20 average calf was
1 2e.
of 6,620,000 tons. The indicated 1922 yield per acre is Later the offered at 22c., with recent business at 21/
8.69 tons; December 1921, estimated yield was 9.55 tons; of 19,000 River Plate was more active. Sales were reported
hides, including 4,000 Las Palmas and 5,000 Cam1916-20 average yield per acre 9.49 tons. The condition on panas at
Sept. 1 1922 was 88.6, Aug. 1 85.0, Sept. 1 1921 90.4; ten- buyers. $50, or 20c., cost and freight, credited to Canadian
year average 89.3%. Acreage, 606,000, or 74.4%. The at $51, It was also claimed that 4,000 Swift La Platas sold
or 2
03/2e. cost and freight.
1342
THE CHRONICLE
[vou 115.
reduction of $7 per ton from the level obtaining from March
1919 until that time. An increase of 173,944 tons in the
unfilled orders of the United States Steel Corporation over
the previous month was upon the books Aug. 31.
WOOL has been steady with a fair business. London
sales were at firm prices. The consumption of wool by
American manufacturers during July dropped more than
4,000,000 pounds under the June total. The Department of
Commerce states the American consumption of wool in the
July, based on reports
Kingdom or
included grain from North Pacific to United to two ports United States during the month of
CHARTERS
from 609 manufacturContinent with options October at 32s. 6d.• from Montreal
of Italy, received by the Bureau of the Census,
'
Montreal to west coast
west coast of Italy, prompt, 2334c.; from coast of Italy, September, 17c.: ers, at 39,331,655 lbs., as compared with 43,519,125 pounds
Portland to west
September, 21c.; from
from Philadelphia
June 1922 and 35,504,000 lbs. in July 1921. The confrom Montreal to west coast of Italy, September, 21c.;
Chile to one port in in
to Marseilles. early November, 1734c.; nitrate from from Atlantic range sumption for July 1922 included 30,289,789 lbs. reported as
September. $5 50; grain
the United States Atlantic,
2,207,175
Montreal to west coast of Italy,
to Mediterranean, September, 16c.; fromcoast of Italy, 1934c.; grain from in the grease, 6,834,691 lbs. of scoured wool and
a greasy equivalent, these
19c., late Septexnber; from Gulf to west
of Italy, 23c., Sept.; two ports west lbs. of pulled wool. Reduced to
Montreal to three ports west coast
1 lbs. The grease
grain from Gulf to one
coast of Italy, 2234c., Sept.; one port, 21c., Sept.; 26,000 qrs. grain from quantities would amount to 46,902,07
port west coast of Italy, 19c.; two ports, 1934c.; 24c, Sept.; grain from equivalent for June 1922 was 52,620,985 lbs. and for July
ports,
Montreal to one port in Greece, 23c.; two
17c.; two ports of last year 42,126,000 lbs.
Montreal to two ports in Denmark, 1634c.; three ports,
from Montreal to
-Oct.;
At Bradford last week topmaking wools were very firm in
in Sweden. 17c.; three ports, 1734c.. Sept.ports, grain
1934c., late Oct.; from
one port in the Mediterranean, 19c.; two
Good sixty-four warps
to west coast of Italy, 17c., second half Oct.; 1,867-ton sympathy with the London sales.
Atlantic range
delivery New ranged up to 60d. Low January offers have been withdrawn.
steamer one round trip to west coast of South America, $1,
of Italy,
coast
York end of Sept.; grain from Montreal to two ports west
Sept. 25th-Oct. The yarn trade was fair. Woolen trade was hampered by
223c., Sept.; from Portland to Mediterranean, 1734c.,Sept.
-Oct.; from difficulty in getting adequate quotations, but the demand
15th; from Montreal to three ports in Denmark, 17c.,
Montreal to three ports in Sweden. 18c., September.
for blankets and lower grade woolens has improved. Exports
States
TOBACCO has been in fair demand and on the whole of woolen goods from this district to the United August
rather steady, judging from surface conditions. Reports during August were E299,000 above the figure for chief
from different parts of the United States say that trade is in 1921, but £41,000 below that for July 1922. The
cotton
very good shape and that tobacco associations are every- decreases of the year are in tops, £40,000; dyed mohair
where being formed looking to the orderly and profitable cloths, £10,000; wool noils, waste, £11,000, and
marketing of the crop, just as similar organizations exist in yarns, £13,000. Exports of raw wool, however, increased
£48,000, compared with July., presumably in the expectation
the grain and cotton trades.
that the new American tariff will impose higher rates. In
COPPER remains at 14@14%c.for electrolytic and there London on Sept. 8 the joint offering was 13,000 bales. The
is a fair demand. And the demand is expected to increase better grades merino and crossbred sold promptly to British
with the settlement of the railroad shopmen's strike. It and Continental buyers at the late advance. Wasty,
is said that while shipments of some metals will be affected greasy crossbreds dull; mostly withdrawn; also many lots
by the railroad embargoes, copper will not suffer. Export of inferior scoured fleece and pieces. Details: Sydney,2,893
orders are increasing. An inquiry for 3,000,000 pounds, bales; greasy merino, 253/24. to 323/2d.; crossbreds, 6%d. to
supposed to be for the Orient, was reported on the 14th inst. 20d. Queensland, 978 bales; scoured merino best combing,
pieces, 46 Md. Victoria,
TIN quiet at 325'c. for spot Straits. London of late has 49 Md.; clothing, 483/2d.; broken andto 32d.; scoured, 221 2d.
/
, but this was offset by a decline in exchange. 2,280 bales; greasy merino, 243/2d.
advanced
s, best
A
2
No. 1 tin sold, it is said, at 31 7 c. at steamer. to 373/d. New Zealand, 4,000 bales; crossbred
Chinese
2
Lead in good demand and higher. The American Smelting greasy, 17d.; slipe, 213/d.
In London on Sept. 11 the joint offering was 11,700 bales.
& Refining Co. advanced the price on the 14th inst. $2 per
Demand good
moderate
ton to 6c. per lb. New York and 5.80c. East St. Louis. In Selection miscellaneous, ofal buyers.quality. firm. Details:
Prices
outside market prices were even higher, ranging from from home and Continent
the
is Sydney, 2,114 bales; greasy merino, 223d. to 283/2d.;
6.05@6.123'c. New York. Consumption, it is said,
bales; greasy
keeping pace with production. Zinc in rather better demand scoured merino, 15d. to 38d.; Queensland, 1,353 to 433'd.;
and higher. Spot New York 6.80@6.85c.;East St. Louis, merino, 20d. to 28d.; scoured merino, 183/2d.the bulk to
chiefly greasy crossbred,
6.50@6.55c. Stocks of zinc decreased 7:000 tons during Victoria, 2,070 bales, 213/2d.; Adelaide, 557 bales; greasy
Yorkshire at 53/2d. to
August, as against a decrease of 1,000 in July.
merino, 253'd. to 303/2d.; West Australia, 416 bales; greasy
PIG IRON dropped $2 in eastern Pennsylvania on Wed- merino, 19d. to 27d.; New Zealand, 817 bales; crossbred,
nesday. Business it seems was done at $32. With a larger chiefly lower grade slipe, ?Md. to 113/2d.; Puntas, 3,961
output prices naturally be expected to weaken at least in bales; greasy crossbred, ready sale to Britain and Continent
some sections though just now Birmingham quotes $27 50; at 73d. to 17d. In London on Sept. 12 the joint offering
Youngstown $32 50 valley. Not a few consumers un- of Realization Association and free wools was 12,800 bales.
doubtedly want iron. Many steel mills are starting up; Demand brisk. All merinos, medium to fine, and greasy
also many blast furnaces with more to follow. Fair coke crossbred, firm. Coarse grades irregular and much withsupplies would hasten the starting up. The Jones & drawn. Ne.w Zealand provided 7,000 bales of crossbreds.
Laughlin Steel Co. of Pittsburgh, has blown in an additional Yorkshire was the largest buyer. Foreigners competed.
furnace bringing prodcution to 60% of capacity; it will Best greasy and slipe sold at 193/2d. and scoured 37d. Sydbe, it is understood, 75% before Sept. 30th. Three furn- ney, 2,196 bales; greasy merino, 21d. to 28d. Queensland,
,
aces have been blown in by the leading steel producer in 1,389 bales; greasy merinos, 213/2d. to 273/2d. Victorian,
the Chicago district bringing the output up to 60% as 1,202 bales; greasy crossbred, 113'd. to 233'd.; comeback
against 50% last week. True, most of the furnaces which 10d. to 21 W.
In London on Sept. 13 the joint offering was 12,400 bales.
have started the past week have been steelmaking furnaces
from
not enter
and the iron, therefore, does the marketinto the available Selection miscellaneous but good. Demand goodgreasy
for iron. Birm- Britain and the! Continent. Prices firm. Of coarse
outside supply. It narrows
owing
ingham reports that car shortage hampers business. There crossbreds again there were several withdrawals, bales;
is a good deal of undelivered iron in the yards. Taking generally to the high limits. Details: Sydney, 3,630 2d. to
73/
2
the situation by and large not a few predict power prices greasy merino, 21 Md. to 34'/d., greasy crossbred
19d. Victoria, 2,562 bales and New Zealand, 4,769 bales;
for pig iron with rising production.
best, 233/2d. and 183/2d.,
and prices are be- chiefly greasy crossbred; the
STEEL production is increasing fast .
was less active, and the bulk
Increased iron and steel output respectively. The Continent by the British trade. In
.
secured
lieved to be at the top.
is pointed of the offerings were
points infallibly, it is believed, to lower prices. It , Chicago London on Sept. 14 the joint offering was 13,600 bales.
Youngstown, Cleveland
out that at Pittsburgh, 15 furnaces have started in the Selection again miscellaneous but good. Few withdrawals.
and eastern Pennsylvania,
Prices firm on both merino and crossbred. Details: Sydney
that all
past week and that the indications are another the August 4,589 bales; greasy merino, 15 Md. to 343/2d.; crossbred.,
made up by
week or 10
Victoria, 2,260 bales; greasy merino, 183/2d.
loss of 28 furnaces will be and steel
production was hastened 73/2d. to 183/2d.
merino lambs, 163d. to 383/2d.; pieces,
days. Resumption of iron
Steel works operations have to 303'd.; greasy broken,
by an increasing coal supply. 60% or better for the entire 1232d. to 23d.;
173'd. to 30d. Adelaide, 868
/
at
increased fully 10% and are open hearth capacity of inde- bales; greasy merino, 23 Md. to 29d. New Zealand, 4,961
industry. It appears that
bales; crossbreds, best greasy medium, 11 Md.; slipe lambs,
Valley is
pendent companies in the Mahonmg 56% 84.5% engaged, 20d. The auctions will close to-morrow.
two weeks ago.
week and
compared with 76.5% last
It is a large
fly in
Car shortage still hurts, however. lower pricessized
sooner or
amber. But buyers look for bar .
the
iron manufacturers
eastern
COTTON.
later, though during the weekper on or to 2.25c. Pittsburgh.
Friday Night, Sept. 15 1922.
have advanced their price
hia are reported offering at
Belgian steel bars at PhiladelpMoroi- Co. has released this
THE MOVEMENT OF THE CROP, as indicated by our
1.90c. Pittsburgh. The Ford
sheets it had held up to close telegrams from the South to-night, is given below. For the
week a portion of the steel of
9s are large and week ending this evening the total receipts have reached
down on Sept. 16. Sales . locomotiv
ral buying, however, is 163,102 bales, against 95,017 bales last week and 91,625
deliveries are better. Agricultu Corporation has advanced bales the previous week, making the total receipts since
smaller. The United States Steel 1, and covering deliveries Aug. 1 1922 462,592 bales, against 658,123 bales for the same
rails to $43 a ton, effective Oct.
The present price of $40 a period of 1921, showing a decrease since Aug. 1 1922 of
for the first half of next year. October ofLlast year, was a 197,531 bales.
ton, which was announced in
OCEAN FREIGHTS were dominated largely by grain
tonnage early in the week. Otherwise trading was light or
at best moderate and rates none too steady. The movement of British coal to America, it is believed, has ended.
Boston is heavily stocked and demurrage charges in some
cases mount upward steadily. Ocean freight rates, which
have fluctuated violently during the past year, show signs
of greater stability, according to the General Manager of
the Emergency Fleet Corporation.
SEPT. 16 1922.]
THE CHRONICLE
Receipts atSat. 1 Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
15,172, 7,431 22,621 13,536 7,995 15,187 81,942
Houston
8,829' 4,619 3,442
____ 6,096
____ 22,986
Port Arthur, &c_
I
2,000 2.000
New Orleans_ _ _ _ 1,023, 3,836 3,573 2,454 1,631 2,626 15,143
Mobile
600'
446
393
3C11
464 1,984 4,188
Pensacola
560
560
Jacksonville --------- --- --- ------- 3,135 3,135
Savannah
3,662
,2(17
871
21(1 2,752 2,866 23,568
Brunswick
-------- ----- 2,000 2,750 4,750
Charleston
195
155
86
307 2,001
78 2,822
Wilmington
142
4
102
151
277
418 1,094
Norfolk
157
'70
121
136
88
572
Boston
____
187
287
Baltimore------------------- 55 . 55
------Tnt...1s this week:. 29.667 21.9111 35.158 21.080 23.304 31.9821163.102
The following table shows the week's total receipts, the
total since Aug. 1 1922 and stocks to-night, compared with
last year:
1922.
1921.
This Since Aug This Since Aug
Week. 11922. Week. 1 1921.
Galveston
81,942 252,337 62,464 334,895
Texas City
40 2,536
5,930
Houston
22,986
47,318 19.025
54,055
Port Arthur, &a__ 2,000
2,000
286
3,062
New Orleans
15,143
42,761 16,110 101,894
Gulfport
Mobile
4,188
8,293 4,438
21,666
Pensacola
560
560
Jacksonville
3,135
3,555
52
557
Savannah
23,568
73,732 25,160
81,308
Brunswick
4,750
14,043
360
Charleston
2,822
5,710 3,718
7,028
Georgetown
Wilmington
1,094
2,728 2,596
11.274
Norfolk
572
4,073 2,963
21,830
N'port News, &c_
19
222
New York
1,312
319
2,896
Boston
287
2,912
439
3,921
Baltimore
55
754
343
2,895
Philadelphia
464 1,532
4,330
Totals
lira 1(19 4R2 Q2 142 min
RR 193
Receipts to
Sept. 15.
Stock.
1922.
1921.
180,251
213
270,192
16,103
53,735
397,009
4,903
13,760
4,773
78,512
4,450
34,797
1,558
136,218
1,018
194,235
9,915
31.110
32,237
84,385
72,225
5,160
1,636
4,572
147,524
7,317
693
9,238
ARA 9g911 211 427
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston_ __ _
TexasCity,&c.
New Orleans_
Mobile
Savannah _ _ _ _
Brunswick _ _ _
Charleston _ _ _
Wilmington _ _
Norfolk
N'port N., &c.
All others.._
Total this wk..
Since Aug. 1_ _
1922.
1921. I
1920. I
62,464
21,847.
16,110
4,438
25,160
53,0511
665
8,901
231
10,964
29,023
3,718
2,596
2,963
19
2,685
68
21
898
28
2,607
163,102
142,000
77,434
58,231
139,754
160,421
462,592 658,123
342.694
375,023
538,754
709,928
81,942
15,143
4,188
23,568
4.750
2,822
1,094
572
1919.
17,474
550
4,456
3,225
24,478
1,000
1,322
629
4.033
106
958
1918.
1917.
60,710
107
26,044
4,681
31,663
2,000
6,162
5,637
1,698
86
968
53,597
1,263
20,062
2,748
53,239
6,500
3,715
4,466
3,491
87
11.253
The exports for the week ending this evening reach a total
of 57,912 bales, of which 27,538 were to Great Britain,
869 to France and 29,505 to other destinations. Exports
for the week and since Aug. 1 1922 are as follows:
Exports
from-
Week ending Sept. 15 1922.
Exported to
-
From Aug. 1 1922 to Sept. 15 1922.
Exported to
-
Great
Great
Britain.'Franee. Other. Total. Britain. France. Other.
Galveston__
_ --- 11,7311 11,731
15,596
Houston ___ 19,544, _ __ _ 3,442 22,986 19,544 21,901 65,623
3,442
Texas City_
I
15,004
9,128
200
New Orleans -iTh -ii5
2.572 10,921
6,130 24,557
Mobile
_I ---743
743
694
247
2,567
Pensacola
560 _ __ _
560
560
Savannah
4,257 _ _ _. -556 4,557 16,248
15,501
Brunswick
4,950 4,950
5,518
5,050
Charleston _ 1,562 -- _ _ 2,101 4,663
2,562
2,601
Wilmington.
3,000
Norfolk
3,150
617
New York
-ioo "ioo 2,850 3,150 10,511
4.248 51,356
Boston
_
299
156
Philadelphia
41
Los Angeles
---47
350
San Fran__ _
2:666, 2.666
---_
2,368
Total___ 27,538,
869 29,505' 7,912 103,654 41,654 174,429
11
Tota11921 27,353 37,358 68,100128,809 106,296 97,081 430,060
Tota1192
7,567 5,789 32,165' 45,521 101,263 35,143 122,799
1
1
Total.
103,102
22,986
24,332
41,608
3,508
560
31,749
10,568
5,163
3,000
3,767
66,115
455
41
397
2,368
319,737
633,417
259,205
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Sept. 15
Galveston
New Orleans
Savannah
Charleston *_ _ _
Mobile
Norfolk
Other ports*
Great
GerOther CoastBritain. France. many. Cont'nt.i wise.
17,216 10,737
809
343
17,000 3,000
200
882
3,000
300
5,000 12,136
3,348
,
___
1:5(*
2;866
1;166
Total 1922_ _ 38,441 15,046 10,848 16,108
Total 1921
7,851 17,489 49,503 32,494
Total 1920_ _ 17,515 8,300 15,164 9,108
Total.
5,000 50,089
170 6,342
500 20,500
300 1,700
882
-- --
6:556
Leaving
Stock.
130,162
47,393
58,012
3J,097
4,021
31,110
96,044
5,970 86,413 399,839
5.500 112,837 1,198,650
6,356 56,443 690,215
Speculation in cotton for future delivery has been rather
languid and prices have fluctuated within narrow limits.
On the whole the drift has been slightly upward, owing to
bad crop reports and evidences of an increasing consumption.
Private reports have stated the condition at anywhere from
49.4% to 53.6%, and the crop at 9,900,000 to 10,285,000 bales.
The deterioration in the crop condition for the half month
has been variously stated as 7.6% to 8.8%, as against a 10-
1343
year average deterioration for the month of Aug. 25
-Sept.
of 5.8%. The crop, according to the reports mentioned,25
is
hurt by premature opening and heavy shedding. Big
rains
during the week have, it is said, lowered the grade, while,
of course, interfering with picking. Many reports state that
the plant has ceased fruiting. To all appearances it will be
an early or comparatively early crop. Towards the close of
the week there was talk of a possible Gulf or tropical storm.
No official advices seemed to give color to this idea, although Tampico sent reports of hurricanes and some came
to the conclusion that a tropical disturbance was impending.
It turned out to be unfounded.
But unofficial intimations early in the week that the
American consumption for August would make a good showing-521,000
-turned out to be correct. The Census Bureau
on the 14th inst., indeed, stated the August total at 527,404
bales, against only 458,548 in July, 467,059 in August 1921,
483,560 in August 1920 and 497,319 in 1919. The number of
active spindles had risen by Aug. 31 in this country to 32,499,324, against 31,975,259 on July 31 and 32,930,755 on Aug.
31 last year. No doubt the number is greater now than on
Aug. 31. Certainly the mills are steadily resuming work;
operators are returning; the percentage of production to
capacity as compared to capacity must be rising. And the
Census Bureau points out that the stocks in consuming establishments on Aug. 31 amounted to only 1,024,994 bales,
against 1,215,103 on July 31, 1,006,066 on Aug. 31 last year,
1,126,783 in 1920 and 1,133,365 in 1919. There have been reports of a better spot demand, not only in Texas and elsewhere in the Southwest, but also in Georgia and parts of the
Carolinas. Georgia mills are said to be more disposed to
buy, Some reports from the South intimate that many of
the mills of the Atlantic States are running night and day.
some mill owners in the Carolinas, to be sure, are nervous
over the question of fuel. But the coal production is rising
and in general there seems to be less uneasiness in the industrial world over this question. Also, the shopmen of 60
railroads, it seems, have signified their intention of returning to work. Other railroads, it is believed, will soon follow
suit. Fall River reports are more cheerful, its sales this
week are estimated at 200,000 pieces. In fact, all over New
England the cancellation of the 20% wage cut made last
January seems to be the harbinger of larger business. New
Bedford reports a better demand for staple cotton. Worth
Street reports that print cloths and sateens are selling more
freely at firm prices. Manchester advices at times have
been a shade more cheerful. And it is significant, perhaps,
that the spot cotton business at Liverpool has latterly increased. For the first time in a good while the spot sales
there on Thursday reached 10,000 bales. Liverpool reported,
too, that spinners were buying more freely, that the trade
was calling, that hedge selling was light and that bears were
cautious.
On the other hand, there has been quite a good deal of
hedge selling. Not but that it has been exaggerated. Socalled hedge selling has masked a good deal of other selling,
evidently for the decline by those who had become discouraged with the long side. And it has certainly been a more
or less trying market. If it declines to a certain point, the
fall is stopped by trade and other buying as well as bad crop
news. If it rises to a certain point, hedge and other selling
stops the rise. It is a fact that within the last three months,
or since the middle of June, the price has swung from 20 to
23 cents. Half a dozen times it has reached or closely approximated 23 cents only to be driven backward by heavy
selling of one kind or another, by the coal and railroad
strikes, by threatening politics of Europe, the collapse in
Continental currencies, the dulness of cotton goods at home
and abroad, the stagnation in the spot cotton trade and at
times, no doubt, the hope of a better crop than now seems to
most people at all likely. Latterl ythe price has been between these two extremes, or around 21.50c. Many mills
refuse to buy at these prices. Outside speculation is not at
all brisk. Room operators have been inclined to sell on
bulges. Hedge selling, if not as large as generally supposed,
has been more or less persistent. And now a new menace
has arisen in southeastern Europe growing out of the recent
Turkish victories over the Greeks. Jugoslavia and Rumania
may join with Greece in fighting Turkey. The Allies may
have to take decisive action if the Turks presume too much
on their recent success. In a word, the state of politics in
the Near East is considered more or less menacing. On Wednesday there was another sharp break in foreign exchange
rates. The argument of those who look for lower prices, is
that there will be plenty of cotton and that the world's consumption, owing to the unhappy state of Europe, is liable to
be much smaller than that of last year. Finally, too, the reports in regard to the spot basis have been at times somewhat contradictory. Meanwhile speculation has halted. It
has simmered down to what is for the most part a professional affair. To-day prices were irregular, ending slightly
lower for the day, partly on disturbing news from the Near
East. Outrages by the Turks are reported there. And it is
said that the British fleet is to keep the Turks out of Europe.
World's spinners' takings, though larger than last week,
were still runnnig behind those of last year. And there was
more or less Southern hedge selling. Speculation was small.
Daily fluctuations are not very significant for the time be-
[VOL. 115
THE CHRONICLE
1344
-The highest, lowest and closing prices at
FUTURES.
ing. Final prices show a. decline for the week of 3 to 13
points, the distant months being the weakest. Spot cotton New York for the past week have been as follows:
closed at 21.60c., a drop for the week on middling uplands
Week.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
of 10 points.
Sept. 9. Sept. 11. Sept. 12. Sept. 13. Sept. 14. Sept. 15.
The following averages of the differences between grades, September
as figured from the Sept. 14 quotations of the ten markets
Range
21.55 -21.20 -21.60 -21.40 -21.35 -21.20 -- Closing
by the Secretary of Agriculture, are the differences October
designated
from middling established for deliveries in the New York
21.38-.87 22.43-.94 21.33-.85 21.52-.98 21.41-.80 21.32-.67 21.32-194
Range
21.72-.75 21.43-.45 21.73-.75 21.52-.54 21.47-.50 21.33-.34--Closing
market on Sept. 21.
1.63 on
Middling fair
1.24 on
Strict good middling
.83 on
Good middling
.51 on
Strict middling
.5i off
Strict low middling
1.23 off
Low middling
2.08 off
*Strict good ordinary
2.93 off
*Goocl ordinary
Strict good mid. "yellow" tinged_ .5',) on
Good middling "yellow" tinged__ even
Strict middling "yellow" tinged__ .53 off
1.53 off
*Middling "yellow" tinged
*Strict low mid. "yellow" tinged_2.23 off
*Low middling "yellow" tinged_ _3.03 off
Good middling "yellow" stained 1.20 off
*Strict mid. "yellow" stained__ __2.08 off
2.85 off
*Middling "yellow" stained
*Good middling "blue" stained1.35 off
*Strict middling "blue" stainod__2.03 off
2.80 off
*Middling "blue" stained
*These ten grades are not deliverable
upon future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
22.G0 21.70 22.00 20.80 21.75 21.60
Sept. 9 to Sept. 15Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 15 for each of the past 32 years have been as follows:
1922
1921
1920
1919
1918
1917
1916
1915
21.60c.
19.70c.
21.00c.
29.55c.
35.05c.
21.45c.
15.60c.
10.75c.
1914
1913
1912
1911
1910
1909
1908
1907
13.25c.
11.90c.
11.80c.
13.80c
12.70c.
9.40c.
12.60c.
9.80c.
10.75c.
10.90c.
11.75c.
8.88c
8.38c.
10.88c.
6.38c.
1906
1905
1904
1903
1902
1901
1900
1899
5.69c.
7.38c.
8.75c.
8.25c.
6.88c.
8.38c.
7.19c.
8.56c.
1898
1897
1896
1895
1894
1893
1892
1891
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Futures
Market
Closed.
Market
Spot.g •
Closed.
November
Range
Closing
December
Range
Closing
JanszryRange
Closing
February
Range
Closing
March
Range
Closing
April
Range
doing
May
Range
Closing
June
Range
Closing...._ _
July
Range
Closing _
iugustRange
21.53 -21.53 21.85 -t1.57 -21.86 -21.66 -21.62 -21.46 - - 21.60-J13 21.69418 21.56415 21.80428 21.65-.93 21.60-.95 21.56 21.95-.98 21.61-.71 21.98-/01 21.80-.83 21.76-.78 21.60-.63- 21.58402 21.55407 21.43402 21.62413 21.53-.79 21.48-.79 21.43413
- - 21.85-.86 21.55-.57 21.86-.87 21.62-.67 21.65 -21.50 21.90 -21.62 -21.93 -21.71 -21.68 -21.53 ---
21.97 -21.66 -21.95 -21.73 - 21.70 - 21.53 ---21.68410 21.62415 21.54408 21.72421 21.60-.87 21.50-.85 21.50421
21.95 -21.62-.65 21.91-.96 21.72-.81 21.67 -21.50-.52--21.85 -21.52 -21.82 -21.63 -21.51 -21.40 - -21.73-.83 21.48 - 21.44-.62 21.48-.90
21.81-.90 21.65-.90-- 21.75 -21.42 -21.73 -21.52 - 21.45 -21.30 -- -
I22e.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Sept. 15 1922.
Contr't. Total.
Towns.
Saturday_ _ _ Steady, 30 pts. adv_ Steady
Monday _ _ _
Tuesday ___
Wednesday_
Thursday _ _
Friday
Quiet.30 pts.dec_ _ _ Barely steady
Steady, 30 pts. adv_ Steady
Quiet,20 pts. dec.. _ _ Easy
Quiet,5 pts. dec_ _ _ _ Steady
Quiet, 15 pts, dec.. Barely steady
Ala.,BirmIng'
Eufaula__ _
montgomer r
Selma
Ark., Helena_
Total_
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 15Stock at Liverpool
Stock at London
Stock at Manchester
1921.
964,000
1,000
70,000
1920.
872,000
12,000
90,000
1919.
818,000
12,000
108,000
690,000 1,035,000
974,000
938,000
57,000
109,000
8,000
58,000
66,000
13,000
173,000
3,000
65,000
85,000
311,000
326,000
1922.
bales_ 642,000
1,000
47,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
6.000
115,000
109,000
10,000
50,000
53,000
7.000
2,000
26,000
277,600
103,000
11,000
82,000
8,000
24,000
352,000
531,000
1,042,000 1,566,000 1,285,000 1,264,000
Total European stocks
63,000
85,000 126,000
17,000
India cotton afloat for Europe_ _ _ 171.000
American cotton afloat for Europe 65,000 258,246 113,284 264,372
69,000
35,000
57,000
Egypt,Brazil, &c.,afloat for Eur'e
175,000 237.000
71.000
83,000
Stock in Alexandria, Egypt
751,000 1,034,000 1,168,000 850.000
Stock in Bombay, India
486,252 1,311,487 755,658 825,914
ports
Stock in U. S.
471,529 983,869 821,889 666,314
Stock in U. S. interior towns-- _ _
40,832
12,458
8,847
U. S. exports to-day
3,224,781 5,585,434 4,388,289 4,036,087
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 309.000 580,000 531,000 597,000
Liverpoolstock
57,000
31,000
80,000
71,000
Manchester stock
283.000 453,000 245,000 285,000
stock
Continental
171,000 288,246 113.284 264,372
American afloat for Europe
486,252 1,311,487 755,658 825,914
U. S. port stocks
471,529 983,869 821,889 666,314
U. S. interior stocks
40,832
12,458
8,487
U. S. exports to-day
1,751,781 3,684,434 2,559.289 2,718,087
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, Szc., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
333.000 384,000 341,000
1,000
12,000
1.000
13,000
16,000
10,000
78,000
66,000
69,000
85,000 126,000
63,000
69,000
35,000
65 000
175,000 237,000
71,000
751,000 1,034,000 1,168,000
221,000
12,000
37,000
41,000
17.000
57.000
83,000
850,000
-
21.75414 21.10420 21.57-114 21.80427 21.63-.90 21.57-.92 21.57427
21.99400 21.69-.73 21.99-.02 21.80-.82 21.72-.76 21.57-.58---
SALES.
Spot.
Movement to Sept. 16 1921.
Ship- Stocks
Receipts.
ments. Sept.
15.
Week. Season. Week.
I Ship- !Stocks
Receipts.
' menu. Sept.
16.
Week. I Season. I Week.
439
303
5,718
6,71)
661
5,748
667
766
83
3,465
11,225
4,583
3,811
801
1,900
1,360
2,834
5,030
3,568
1,632
555
963
4,18)
506
128
512
405
125
1,014
1,190
10,901
12,792
855
9,582
1,526
2,842
1,321
12,093
40,675
10,907
8,996
4,250
2,600
1,790
3,593
6,694
4.909
2,551
956
1,360
31,358
3,203
343
617
2.222
289
216
400
4,854
4,304
230
1,753
369
489
585
3,424
8,384
2.880
2,911
300
300
116
450
570
789
616
200
139
6,72
306
,
7
641'
956
305
3,213
14,045 3,765
6,371 3,815
295
5,403
19,922 2,814
21,843
-I
645
2,660
11,676 1,340,
9,662 3,344'
53,728 17,295:
7,923 2,902'
9,763 1,8821
522i
5,519
5,203.:I
746,
1,929
11,185 1,200,
13,544 1,000,
4,910 1,273;
500,
3,123
480
3,432
5,134 1,023'
7,164 10,133
50:
5,476
523'
100
1,295 1,137i
930
607
---I
2,502
428 4,351
2,433'
200 4,333
581
9,367 2,797 25,736
7,125 3,783 15,132
150 4,985
955
13,948 4,221 31,919
48,822
710 3,510
1,785
810 21,645
5,1841
14,990 3,182 15,242
43,538 6,139107,035
385 14,960
6,538
4,673 1,323 11,446
2,109 1,190 5,379
1,000 48,457
203 2,062
1,032
3,000 7,200 25,000
2,630 1,319 24,500
754 12,099
3,527
700 5,436
4,023
214 7,478
600
694 8,494
1,923
95,462 11,690 18,780
295 4,113
793
247
400
1,418
999 6,872
2,830
5,428 1,313 6,719
13
_.
Little Rock_
Pine Bluff
Ga.. Albany
Athens
Atlanta
Augwsta--Columbus- Macon
Rome
La., Shrevepori
Mias.,Columbu
Clarksdale
Greenwood_
Natchez _ _ _ _
Meridian_ _ _
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.,Gr'nsbor
Raleigh
Okla., Altus
9
Chickasha_ _ _
Oklahoma _
942 10,010 1,213 8,345 4,018' 17,074 1,376 17,594
S.C.,Greenville
846 6,722
1,296
3211
8,664
9
140
94
Greenwood_ _
Tenn.,Memphis 5,697 27,047 5,843 52,157 10,419 60,358 18,681213,236
997
____
- --I
198
78
Nashville
379 1,670
2,111
625 1,216,
885
1,456
Texas, Abilene_ 1,232
741 3,666
1,797
988,
8,442 1,615 3,558
Brenham__ _ 1,957
4,822 1,500 2,275
425 2,015
8.430 3,955
4,080
Austin _
16,831 2,952 26.208
361 8,120 5,413
4,925
2.50
Dallas
110- 3,000
Honey Grove
Houston_ _ _ _ 119,870 378,534 97,783138,789 60;5(17 373,343 69,379204,257
392 8,324
1,686
819
7,543 2,0531 4,535
4,047
Paris
760
--13,553 3,7181 3,063---San Antonio_ 3,39
8,623 1,33512,368
5,340 1,582 4,656 2:166
3,360
Fort Worth
72a 522 149.860983.869
Total, 41 towns Olit 1512 Add CIAO Ian testa .471 mon 1411 don
The above total shows that the interior stocks have increased during the week E5,368 bales and are to-night 512,340
at
bales less than at the same period last year. The receipts
week
all the towns have been 69,669 bales less than the same
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
for
up from telegraphic reports Friday night. The results
the week and since Aug. 1 in the last two years are as follows:
-1922
Sept. 15Shipped
Via St. Louis
Via Mounds, &c
Via
Via
Via
Via
Rock Island
Louisville
Virginia points
other routes, &c
Week.
4,189
2,863
-,-
551
3,055
9,562
Since
Aug. 1.
31,358
13,338
50
4,554
22.223
60,834
1,473,000 1,901,000 1,829,000 1,318,000
Total East India, Sze
1.751,781 3,684,434 2,559,289 2,718,087
Total American
20,220 132,357
Total gross overland
3,224.781 5,585,434 4,388.289 4 036 087
Total visible supply
13.32d. 13.33d. 21.68d. '18.68d
Deduct Shipments
Middling uplands,Liverpool
5,342
242
19.20c.
31.00c. 30.25c•
Overland. to N. Y., Boston, &c_ _ _
21.60c.
M
iddling uplands, New York.- _ 19.75c1. 24.00d.
3,554
593
Between interior towns
32.50d•
Egypt, good sakel, Liverpool_ _ _ _ 14.50d. 13.50d. 63.00d. 28.50d•
35,645
4,592
36.00d.
Inland, &c.,from South
Liverpool_
Peruvian, rough good.
11.85d. 12.30d. 17.85d. 18.05d:
Broach fine, Liverpool
44,541
5,427
12.80d. 19.10d. 18.50d.
Total to be deducted
Tinnevelly, good, Liverpool_ _ _ _ 12.753.
87,816
14,793
imports for past week have been 29,000 bales. Leaving total net overland *
Continental
The above figures for 1922 show an increase from last week
*Including movement by rail to Canada.
-1921
Week.
Since
Aug. 1.
11,690
4,026
100
715
4.623
3,027
110,390
24,050
24,181
208,038
2,633
419
4,804
14,042
2,913
27,491
954
7,914
20,172
44,558
7,856
44,446
16,325
163,692
1921, a decline
of 60,350 bales, a loss of 2,360,653 bales fromof
The foregoing shows the week's net overland movement
of 1,163,508 bales from 1920 and a falling off 811,306 bales
has been 14,793 bales, against 16,325 bales for the week last
from 1919.
-
SEPT. 16 1922.1
THE CHRONICLE
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 75,776 bales.
1921
1922
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
658,123
163,102
462,592 142,000
Receipts at ports to Sept. 15
163,592
16,325
14,793
87,816
Net overland to Sept. 15
460.000
Southern consumption to Sept. 15aa81,000 a569,000 67,000
.258,895
55,369
Total marketed
Interior stocks in excess
1,119,408 225.325
*3.161
95,371
Came into sight during week_ _ -314,264
Total in sight Sept. 15
1,214,779
Nor.spinners' takings to Sept. 15_ 41,001
189,190
1,281,715
x133,369
222,164
1,148,346
16.287
211,056
* Decrease during week. x Less than Aug. 1. a These figures are
consumption; takings not available.
M.ovement into sight in previous years:
Bales.
Since Aug. 1183,47811920
-Sept. 17
175,942 1919
-Sept. 19
315,943 1918
-Sept. 20
Week-Sept. 17
1920
-Sept. 19
1919
-Sept. 20
1918
Bales.
830,243
776,642
1,254,159
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
-
Week ending
Sept. 15.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ __ _
Dallas
Fort Worth_ __ _
21.35
21.38
21.00
21.35
21.75
21.44
21.25
21.95
20.75
20.80
21.00
21.13
20.63
21.13
21.38
22.00
21.19
21.25
20.95
20.75
20.45
20.45
21.25
21.25
20.88
21.50
21.50
21.75
§Ki5
21.25
21.00
20.75
20.75
21.05
21.25
20.63
21.25
21.25
22.00
21.25
21.75
21.05
21.00
20.50
20.50
21.05
21.00
20.63
21.25
21.25
21.75
21.31
21.75
21.00
21.00
20.50 .
20.50
20.90
21.00
20.50
21.13
21.13
21.75
21.13
21.75
21.50
21.00
20.35
20.35
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday,
Sept. 9.
Monday,
Sept. 11.
Tuesday, Wednesday, Thursday,
Sept. 12. Sept. 13. Sept. 14.
1345
Rain. Rainfall.
2 days 0.37 in.
2 days 0.93 in.
3 days 0.10 in.
2 days 0.24 in.
3 days 0.56 in.
2 days 1.15 in.
dry
2 days 0.18 in.
dry
1 day 0.54 in.
2 days 0.41 in.
Augusta
Columbus
Charleston, S. 0
Greenwood
Columbia
Conway
Charlotte, N. C
Newborn
Weldon
Dyersburg, Tenn
Memphis
Thermometer
high 91 low 68 mean 80
high 97 low 67 mean 82
high 88 low 73 mean 81
high 88 low 62 mean 75
low 63
high 93 low 66 mean 80
high 88 low 63 mean 76
high 91 low 69 mean 80
high 94 low 61 mean 78
high 95 low 54 mean 75
high 96 low 59 mean 78
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Above zero
Above zero
Sept. 15 1922. Sept. 16 1921.
Feet.
Feet.
5.3
4.5
7.0
9.5
7.4
8.3
4.4
. 6.0
94
12.2
of gauge..
of gauge_
of gauge_
of gauge_
of gauge_
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through the
outports.
Week
endin
Receipts at Pont.
1922.
1921.
1920.
June
30__ 72,51 103.323 27,337
July
7__ 56,18 100,186 24,959
14.... 41,584 83,95 23,481
21__ 31,697 98,434 27,207
28__ 34,393 98,712 26,945
Aug.
4.._ 32,031 86,944 24,820
11._ 24,012 74,894 32,599
18__ 33,716 84,050 34,840
25__ 44.317 91,711 37,388
Sept.
1._ 91,626 105,0241 66,096
8._ 95,017 107,8471 6,219
15_ _ 163.102142,001177,434
Stocks at Interior Towns. ReceiptsfromPlasstatiooss.
1922.
1921.
1920.
540,7371,292,856 970,55
1922. I 1921.
24,919 57,16
1920.
9,488
498,9351,240,354
458,839 1,206,736
433,178 1,157,547
338,830 1,129,231
957,49 14,382, 47,68 11,899
933,79
1,468' 50,357
894,410 6,036 49.245-871,707 1,876 69.396 4,248
355,159 1,099,238
345,726 1,074,165
341,519 1,048,597
351,079 1,015,473
842,646
56 92
808,327 14,579 49,851
794,609 29,509 58,482 21,122
794,2
53,877 58,587 37,021
355.701 987,684 785,583 96,250 77,23 57.435
416.161 987,030 786,364 155,474 107,193 77.00,,
471,529 983,869 821,88 218.47&138.8391l2959
Friday,
Sept. 15.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 563,159 bales;
September 20.7620.4420.7620.4920.5520.22October.. 21.26-21.30 20.94-21.00 21.23-21.27 20.91)-21.02 21.05-21.08 20.'72-20.74 in 1921 were 521,754 bales, and in 1920 were 304,642
November -- - -- - -- -- -- -- -- - -- -- - -- -- -- -- bales. (2) That although the receipts at the outports the
.
December_ 21.40-21.43 21.12-21.15 21.45-21.48 21.20-21.21 21.23-21.26 20.94-20.98 past week
were 163,102 bales, the actual movement from
January _ _ 21.43-21.44 21.13-21.15 21.45 bid 21.1921.22-21.28 20.95-20.9?
February.-- -- ---- -- -- -- -- -- -- -- -- -- -- ---- -- -- plantations was 218,470 bales, the balance going to increase
March_ .._ _ 21.53-21.5421.25-21.28 21.55-21.58 21.28-21.32 21.31-21.32 21.04-21.06 stocks at interior towns. Last year receipts from
the plantaApril
- - - - - -- - - - - - 21.18-21.20 21.47-21.50 21.21-21.25 21.21-21.25 20.98-21.09 tions for the week were 138,839 bales and for 1920 they
May
21.41- - - - - - - - -- - - - - were 112,959 bales.
.Tune
July
21.39 -21.14 bid 21.43 bid 21.13-21.15 21.15 bid 20.92 bid
_ ____ __ ____ __ _ __ __ __ __ _
__
Awmist
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Tone
The following brief but comprehensive statement indicates
Quiet
Steady
Steady
Steady
Spot
Steady
Steady
notlona
Steady
Steady
Steady
Steady
Steady
Steady
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
• WEATHER REPORTS BY TELEGRAPH.
-Reports to which statistics are obtainable; also the takings, or amounts
us by telegraph from the South this evening denote that the gone out of sight, for the like period.
weather has been cooler with considerable rainfall in most all
Cotton Takings.
1922.
1921.
sections, especially in the western portion of the belt.
Week and Season.
Week.
Season.
Week,
Season.
Picking and ginning have made satisfactory progress in
nearly all sections. Conditions in the southern half of Visible supply Sept.8
5.591,160-------3,164,431
Visible supply Aug. 1
(i-3,760.450
,111,Wo
Texas have been ideal for picking and more than half the American in sight to Sept. 15
314,264 1,214,779 222,164 1,148,346
Bombay receipts to Sept. 14......
21,000
93,000
221,000
8,000
crop is said to have been picked.
Other India shipm'ts to Sept. 14
1,000
32,550
2,000
11,000
Alexandria receipts to Sept. 13_
Texas.
22,200
-Rainfall, it is claimed, has been too late to be of Other supply
4,000
6,000
31,000
to Sept. 13 *
1)35,000
2.000
b5,000
25.000
material benefit to late planted cotton. Premature opening
Total supply
3,499,695 5,157,979 5,841.324 7.547,596
continues. Insects, however, are inactive.
Deduct
Mobile.
-The weather has been dry with scattered showers Visible supply Sept, 15
3,224,781 3,224,781 5.585,434 5.585,434
._____-.
The nights have been somewhat cool. The fields are white Total takings to Sept. 15..a____ 274,914 1,933,198 255,890 1,962,162
Of which American
222,914 1,423,248 222,890 1.547,162
and picking and ginning is progressing rapidly. The
Of which other
509,950
33,000
52.000
415,000
indications point to a short harvesting season. Cotton is *Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
being moved rapidly.
569,000 bales in 1922 and 460,000 bales in 1921-takings not being available
Galveston, Tex
Abilene
Brenham-,
Brownsville
Corpus Christi
Dallas
Henrietta _ _
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore. Okla
Altus
Muskogee
Oklahoma City.).
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite .
Shreveport
Okolona. Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
-
•
Rain. Rainfall.
4 days 2.28 in.
1 day 0.14 in.
1 day 0.13 in.
4 days 5.66 in.
4 days 0.43 in.
1 day 0.02 in.
dry
2 days 0.73 in.
3 days 2.92 in.
1 day 0.30 in.
1.23 in.
1 day
2 daYs 0.75 in.
1 day 0.02 in.
1.70 in.
I daY
,
1 de) 0.68 in.
2 days 0.74 in.
2 days 0.26 in.
2 days 0.58 in.
1 day 0.50 in.
2 days 0.30 in.
1 day 0.80 in.
1 day 0.22 in.
2 days 0.78 in.
1 day 0.68 in.
2 days 0.27 in.
2 days 1.96 in.
3 days 2.35 in.
3 days 0.96 in.
1 day 0.38 in.
1 day 0.25 in.
2 days 0.47 in.
1 day 0.01 in.
5 days 1.30 in.
2 daYs 0.39 in.
3 days 2.13 in.
1 day 0.35 in.
2 days 0.21 in.
4 days 1.54 in.
1 day 1.36 in.
1 day 1.00 in.
-and aggregate amounts taken by Northern and foreign spinners. 1,364,198
---N--.-Thermometer
high 90 low 70 mean 80 bales in 1922 and 1,502,162 bales in 1921, of which 854,248 bales and
high 98 low 50 mean 74 1,087,162 bales American. b Estimated.
high 99 low 65 mean 82
INDIA COTTON MOVEMENT FROM ALL PORTS.
high 98 low 72 mean 85
high 90 low 70 mean 80 The receipts of India cotton at Bombay and the shipments
high
low 54 mean 76 from
all India ports for the week and for the season from
181
48 mean 78
high 98 low 46 mean 782Kervil
Aug. 1, for three years, have been as follows:
high 105 low 50 mean
high 95 low 60 mean 78
1921.
high 100 low 60
1920.
1922.
Sept. 14.
high 102 low 58 mean 8
mean 8
8
Receipts at
Since
high 96 low 60 mean 78
Since
Since
high 103 low 54 mmeann 70
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
high 98 low 64
Bombay
93,000 28,0001 179.000 15,000 132,000
low 58
8,000
high 101 low 57 mean 79
high 102 low 51 mean 77
Since Aug. 1.
For the Week.
high 103 low 52 mean 78
high 104 low 46 mean 75
Exports. I Great Conti- 'Japan
Conti- Japan &
Great
high 101 low 50 mean 76
China.
Total.
Britain nent. Chinal Total. Britain. sent.
high 100 low 50 mean 75
high 100 low 55 mean 78 Bombay
1922
high 98 low 56 mean 77
183,000
4,000 50,500 128.5
6,
6.000
1921
70,000 182,000 252,000
high 102 low 54 mean 78
13,000 21,000 34,
1920
high 92 low 63 mean 78
7,000 91,000 32,000 130,000
10,000 2,000 12,
high 92 low 66 mean 79 Other Indl
1922
high 96 low 60 mean 78
32,550
4,000 28,550
2,00
2,000
1921
21,000
1,000 20,000
high 100 low 55 mean 76
1920
3,000 48,000
high 97 low 56 mean 77
5,000 40,000
_2,000 -------- .;;
2
high 98 low 52 mean 75
high 93 low 60 mean 77 Total all
1922
8,000 79,050 128,500 215,550
8,000
high 90 low 69 mean 80
8,000
1921
1,000 90,000 182,000, 273,000
high 93 low 54 mean 74
13,000 21,000 34,000
1920
high 93 low 67 mean 80
12,000 2,000 14,000 12,000 131,000 35,0001 178,000
high 92 low 64 mean 79
According to the foregoing, Bombay appears to show a
high 91 low 68 mean 80
high 91 low 69 mean 80 decrease compared with last year in the week's receipts of
high 88 low 68 mean 79
high 94 low 60 mean 77 20,000 bales. Exports from all India ports record a decrease
[VOL. 115.
THE CHRONICLE
1346
of 16,000 bales during the week, and since Aug. 1 show a
decrease of 57,450 bales.
Prices of futures at Liverpool for each day are given below:
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Sept. 9.
to
Sept. 15.
Sat.
1922.
Receipts (cantars)This week
Since Aug. 1
1921.
30,000
111,000
Alexandria, Egypt,
Sept. 13.
59,671
271,108
1920.
32,000
63,319
Since
Week. Aug. 1.
Since
Week. Aug. 1.
2,000 9,000
To Liverpool
11,000
To Manchester, &c
To Continent and India_ 2,000 21,000
5,000 10,000
To America
_--_ 3,500
_--- 12,432
2,082 16,991
___- 2,555
500
____
800
_--_
3,035
1,607
2,575
1,194
9.000 51.000
2.082 35.478
1.:Innl
sail
Exports (bales)-
Total exnorts
Since
Week. Aug. 1.
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Sept. 13 were
30,000 cantars and the foreign shipments 9,000 bales.
Mon.
1920-21.
1921-22.
834 lbs. Shirt. Corn
legs, Common Mid.
Uprs
to Finest.
112a Cop
194
18%
184
194
20
1934
20
Twist.
a.
s. d. d. a.
a. s. d.
21% 16 0 (4)16 7% 13.85 17;i
2134 16 0 018 5 13.60 17
21 15 4 016 2 13.19 17
21.0 15 8 016 3
2034 15 3 016 1
194 15 2 016
016 2
13.01 1634
12.45 18%
13.25 1634
12.80 164
018 5
18
15 6 018 2
15 4 016 2
13.70 174
12.84 21
13.32 21
214 15 4
21
21
21
e. d.
a. d
194 159 @170
19 159 @170
17 159 @190
@GO COOS
6.
20%
1934
19
GOO @COO GCS
July
14
21
28
Aug
4
11
18
25
Sept
1
8
15
834 lbs. Shirt. Cat's
legs, Common Mid
Uprt
to Finest.
82s Cop
8.19
8.28
7.88
19
18%
18%
18
159 @190
8.49
8.54
8.47
9.81
19
15 10
156 @120
156 @166
15.3 @166
017
24
0
17 734018 9
24
17 734018 9
11.20
12.58
13.33
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 57,912 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows;
Bales.
-Sept.8
-Cedric,200
-To Liverpool
200
NEW YORK
-President Roosevelt, 1,100
1,100
To Bremen-Sept.8
100
To Havre-Sept. 13-Rochambeau, 100
To Genoa-Sept. 13-Guiseppe Verde, 1,500... Sept. 14
West Lashaway, 100
1,600
-West Lashaway, 150
To Leghorn-Sept. 14
150
-Western Ocean, 3,53()
GALVESTON-To Bremen-Sept. 9
3,530
-Western Ocean, 100
100
To Hamburg-Sept. 9
1,100
To Copenhagen-Sept. 9-Frede, 1,100
-Mar Adriatico, 6,100
6,100
To Barcelona-Sept. 14
-Mar Adriatico, 901
901
To Genoa--Sept. 14
-To Barcelona-Sept.9-Minnegua, 130
130
NEW ORLEANS
48
To Rotterdam-Sept. 13-Maasdam, 48
-Suriname, 100
-Sept. 9
100
To Port Barrios
-Sept. 11-Dorington Court, 150
150
Ghent
To
-West Imboden, 415
415
To Liverpool-Sept. 14
769
To Havre-Sept. 12-Dorington Court, 769
310
Sept. 11-Gasconier, 310
To Antwerp500
To Vera Crur,--Sept. 9-Blaafjiec, 500
150
To Venice-Sept. 12-Kossuth Ferencz, 150
300
SAVANNAH-To China-Sept. 9-Wayo Maru, 300
-.Alexandrian, 4,257
4,257
-Sept. 12
To Liverpool
-Chancellor, 8,829; Narcissus,
-Sept.9
HOUSTON-To Liverpool
-Senator,6,096
19,544
4,619_ _ _Sept. 13
-West Tacook, 3,442
3,442
To Bremen-Sept. 12
4,950
-To Bremen-Sept. 9-Adra, 4,950
BRUNSWICK
-Coldwater, 2,562
9
2,562
-To Liverpool
CHARLESTON
200
To Bremen-Sept.9-Goldwater, 200
-Coldwater, 1,901
1,901
-Sept. 9
To Hamburg
743
MOBILE
-To Bremen-Sept. 9-Abron, 743
-Sept. 11-Coahoma County, 560
560
PENSACOLA-To Liverpool
-President Taft, 2,000.... 2,000
-To Japan-Sept. 12
SAN FRANCISCO
-Sept.
Total bales--------------------------------------------- 57,912
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Aug. 25.
30,000
18,000
2,000
40,000
729,000
389,000
34,000
18,000
97,000
18,000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Sept. 1.
28,000
15,000
1,000
48,000
706,000
367,000
27,000
6,000
113,000
46,000
Sept. 8. Sept. 15.
41,000
32,000
26,000
18,000
3,000
2,000
54.000
57,000
670,000 642,000
340,000 30% ,000
21,000
27,000
8,000
11,000
116,000 133,000
72,000
52,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Spot.
Market, 1
12:15 }
P. M. 3
Good
inquiry,
HOLIDAY
Futures. I
Market
opened
Tuesday. Wednesday. Thursday.
Friday.
More
demand.
Quiet
and unchanged.
Quiet,
More
demand.
13.08
Mid.Uprds
Sales
Monday.
J
Market, 1
4
P. M. I
12.91
13.31
13.32
13.32
8,000
5,000
8,000
10,000
8,000
Quiet, Very st'dy, Steady, un- Quiet but
Quiet, but
st'dy, 270 20021 pts. 16(425 pts. changed to st'dy, 1 pt.
advance. 11 pts. dec. advance to
34 pts.adv. decline.
1 pt. dec.
Steady, Quiet, but Steady,1 pt Steady,
Quiet,
32037 pts. 5(48 pts. st'dy, 13© advance to 205 pis.
decline. 28 pts.adv. 19 pts. dec. advance.
advance.
Thurs. I
.
d.
Fri.
it.
d.
it.
it.
it.
it. S.
it.
d.i it.
d.
12.53 12.58 12.36 12.51 12.76 12.77 12.77 12.7812.7712.80
.
12.37 12.39 12.19 12.34 12.59 12.59 12.58 12.58 12.57 12.40
12.28 12.30 12.10 12.25 12.49 12.48 12.44 12.42 12.41 12.45
12.21 12.25 12.0512.20 12.44 12.43 12.38 12.36 12.35 12.38
12.18 12.20 12.00 12.15 12.39 12.37 12.32 12.3012.29 12.33
HOLI- 12.13 12.18 11.98 12.12 12.36 12.3412.27 12.2 12.24 12.28
DAY 12.11 12.17 11.97 12.11 12.3312.32 12.2412.21 12.21 12.25
12.07 12.13 11.92 12.0712.28 12.26 12.1712.14 12.14 12.19
12.04 12.09 11.88 12.03 12.24 12.21 12.11 12.08 12.0812.13
11.98 12.03 11.83 11.97 12.18 12.15 12.04 12.01 12.01 12.08
11.93 11.98,11.78 11.92 12.12 12.09 11.98 11.91 11.9511.99
11.8711.9211.7211.88 12.02 11.99 11.88 11.80 11.8011.84
September _ _ _
October
November _ _ _
December
January
February
March
April
May
June
July
August
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandHigh StandHigh StandDensity. ant.
Density. (rd.
Density. ard.
85a,
Bombay __ .550. .85o.
Liverpool _ .25e. .40e. Stockholm. .50c.
Manelfs'r_ .25e. .40e. Trieste____ .35o. .4234o. Vladivost'k
_-_Antwerp_ _ .22 0. .37 0. Fiume_ ___ .35c. .42A o. Gothenb'g. .50c. .85e.
M
Ghent
M
Lisbon _ _
.500.
Havre_ _ _ _ .27M0. .42340. Oporto__ _ _ .75o.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
both yarn and cloth is easy. There is talk of resorting to
short time. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
Wed.
Tues.
124 4:00
121 12% 124 4:00 124 4:00 1234 4:00 124 4
.
11) m.P. m.P. m.p. tn. p. m. p. m p.zap. m.p. m.p. m.p. m.p. in,
Rotterdam .22440-37%o. Barcelona.. .40e.
.500.
Genoa.32%o..3734o. Japan
Shanghai__ .50o.
Christiania .37340-800.
.650.
.90c.
.550.
.850.
.850.
Bremen_ _ 2234o. .35o.
Hamburg
.350.
Piraeus_ _ _ .60o. .750.
Salonica__ .800. .750.
BREADSTUFFS.
Friday Night, Sept. 15 1922.
Flour has been in the main quiet owing to falling prices
for wheat. Naturally, these have made buyers cautious.
They have been disposed to purchase only from hand to
mouth. It is true, on the other hand, that stocks here are
far from large. But with wheat declining it could hardly
be expected that buyers of flour would show much anxiety
as to the possibility of stocking up to advantage. Certainly
they are proceeding in a most circumspect way, as they
have been in the main,for that matter,for months past. Yet
at times during the week prices have shown a certain steadiness, with arrivals small, owing to the slowness of transportation between New York and Buffalo. And it is also true
that flour on the spot has been selling at moderate premiums. But for all that, buyers have to all appearances
been confident that sooner or later they would be able to
buy to greater advantage. And delay in receiving flour naturally militates against business. This applies both to the
domestic trade and to the trade for export. Some of the
exporters are reported to be much exercised over the situation. Moderate sales of soft winter and hard winter clears
have been made for shipment; also considerable business in
Canadian flour through New York. As things now look in
Europe, and with Canada in a position to compete so actively, some think that there Is not much likelihood of an
advance in prices of American flour in the near future.
Washington wired Sept. 14 that German millers are flooding the Baltic States with flour under brands so closely
simulating the United States as to deceive both dealers and
buyers, according to a report from the Consul-General at
Stockholm to the Department of Commerce. He stated that
he had been so informed by a prominent American business
man who recently made a tour of the Baltic territory. It
was also reported that the Germans are severely undercutting prices of American flour. So far as Sweden is concerned, the Consul-General reported that the genuine American brands are holding their own, in spite of the apparently
unfair competition, but in other Baltic countries the Germans are offering the finer grades at prices which make
successful American competition very difficult. The Germans, it is said. are using a large percentage of American
flour and producing a really good product, at low cost because of cheap labor.
Wheat declined for a time on persistent hedge selling in a
quiet market and an increasing visible supply. Also, the
railroad strike settlements had its effect. Last week in this
country it was increased, in fact, some 3,817,000 bushels,
against 3,359,000 in the same week last year, making the
total 31,166,000 bushels, against 42,100,000 a year ago. Outside interests and speculation has been small. Some are deterred by fear of hostile legislation. Transportation difficulties hurt trade here. Leading cash interests of the W6st
are said to have been selling May in undoing spreads between
Chicago and Winnipeg. The official estimate of the Canadian crop is 388,733,000 bushels. Some Winnipeg reports put
it at fully 400,000,000 bushels. Evidently Canada is going
to compete actively with the United States. Certainly such
a crop suggests the idea very strongly. Meanwhile American receipts are large and hedge selling is persistent. At the
same time export business is only fair. On the 12th inst. it
was said that some 750,000 bushels were taken for Europe.
Much of it was in covering old sales, and some of it changing
from Gulf wheat to Manitoba. While railroad transporta-
SEPT. 16 1922.]
THE CHRONICLE
tion is hampered in this country, shipments are going on
without interruption through Montreal. Canadian prices attract the exporter. On the 12th inst . prices fell, owing to
hedge selling by the Northwest and Southwest, as well as an
absence of speculative demand. Higher quotations in Liverpool had only a momentary effect. On the 13th inst., it is
true, prices turned upward for a time, although they sagged
later. But it was said that seaboard exporters had taken
2,000,000 bushels of hard winter in all positions within 48
hours. Chicago had rumors of that kind. This business, it
is said, had cleaned up considerable of the wheat which had
been pressing for sale. Germany was credited with having
taken 5,000,000 bushels of wheat and 1,000,000 bushels of
rye, through London of late. But nothing was said as to
what kind of wheat it was. It is supposed to have been
Manitoba, judging from the buying of October at Winnipeg
recently by exporters. But in general, even on the 13th inst.,
- trading at Chicago was not large. The movement of spring
wheat was big and premiums at Minneapolis dropped 1 to
2 cents, though at Winnipeg they were firm.
Very little grain is being moved from Buffalo to New
York, as the railroads, it appears, are using most of their
cars in moving coal to Western points. This has checked export business through this port, so far as new sales are concerned. Meanwhile grain exporters are naturally anxious
over the outlook, particularly as to the prospects of filling
old contracts for which they have freight room already engaged. The New York Produce Exchange Committee on
Trade and Transportation held a meeting on the 13th inst.
to devise ways and means if possible of relieving the situation. No definite conclusions were reached, but it is reasonable to assume that further efforts will be made to relieve a
situation which naturally causes so much concern.
Fort William wire Sept. 10 that the number of cars passing inspection during the past week showed an increase of
fully 50% over the previous week. Some 5,448 cars of all
grains were graded. Of these 4,464 were wheat. New crop
wheat is of high quality and well over contract grade.
Calgary wired Sept. 10: "Alberta is harvesting this year
the finest crop since 1915." Reports from all parts of the
country indicate that the average grade will be high. Yields
of 30, 35 and even 40 bushels an acre will be numerous.
Chicago reported to-day that the world's wheat stocks on
Sept. 1 were 126,607,000 bushels, according to reports compiled by the "Daily Trade Bulletin." This compares with
124,321,000 bushels on Aug. 1 and 187,838,000 bushels last
year. The United States stocks totaled 59,696,000 bushels
on Sept. 1, against 92,618,000 last year, the increase in August of 15,385,000 bushels, comparing with a gain of 35,205,000
bushels last year.
To-day prices advanced in an oversold market, with the
outlook in the Near East considered warlike and offerings
light. Prices end %c. higher for the week on September and
Y lower on December. Chicago sold 500,000 bushels of
4c.
hard winter to-day to exporters. The Capper-Tincher bill
has been passed.
DAILY CLOSING PRICES OF WHEAT IN NF.W YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
114% 113% 1151%
cts_1161% 11534 115
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_101% 100% 9934 991% 9834 101%
December delivery in elevator
5
1
102% 101% 10034 10094 99% 101%
May delivery in elevator
1071% 1061% 106
1051% 1041% 1061%
No. 2 red
1347
to sell, and some covering of shorts. It is a fact, too, that
the visible supply in this country decreased last week 222,000 bushels, against an increase in the same week last year of
1,947,000 bushels. The total is now only 38,133,000 bushels,
against 62,402,000 bushels a year ago. A great trouble has
been a lack of life and snap in trading. Oats have felt the
effects more or less of large receipts of corn and favorable
corn crop reports. To-day prices advanced 1 to 1%c. in sympathy with corn and wheat. September was very firm, and
went to a premium of 1%c. over December. The Northwest
was buying in Chicago. It is said that 1,000,000 bushels are
to be moved from Minneapolis to Chicago for delivery • on
September there. Last prices were 2e. higher for the week
on September and %c. higher on December.
DAILY CLOSING PRICES OF OATS FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 46
4634 46
46
46
461%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 3534 3534 3451 341% 3534 3734
December delivery in elevator
3531 35
3434 341% 341% 351%
May delivery in elevator
371% 371% 371% 371% 38
38
Rye fluctuated within narrow limits, advancing at One
time 1 to 114c., then reacting, ending higher, however. New
/
export business has fallen off. Norway is said to have
enough for the rest of 1922. The American visible supply
increased last week 356,000 bushels, against a decrease in
the same week last year of 195,000 bushels. The total is
now 5,063,000, against 4,205,000 a year ago. Later on, it is
true, lower prices reached exporters' bids and they took, it
seems, some 500,000 bushels. One report was that this business was against old sales to Europe. Meantime receipts
were large and hedge sales pressed on the market with plain
effects. On the 13th inst. Germany is said to have bought on
long credits. Country offerings later on were not heavy.
Selling pressure decreased.
The rye crop is a record one for Western Canada, and 618
cars were inspected during the week, according to a dispatch
from Fort William on the 10th inst. This dispatch also
added that the new crop rye was of high quality and well
over contract grade. To-day prices advanced 1% to 2c.,
spurred by the rise in other grain. Final prices were %c. to
1%c. higher than last Friday, the latter on September.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 711% 711% 701% 69% 691% 711%
December delivery in elevator
711% 711% 701% 70
691% 711%
May delivery in elevator
76
751% 74
741% 731% 75
The following are closing quotations:
Wheat
No. 2 red
No. 2 hard winter
Corn
No. 2 yellow
Rye
-No. 2
GRAIN.
Oats
No. 2 white
$1 1534
No. 3 white
1171%
Barley
Feeding
801%
Malting
84
461%
45
Nominal
740;4378
FLOUR.
Spring patents
$6 25@f36 75 Barley goods
Winter straights, soft
4 85® 5 15
No. 1
$5 25
Hard winter straights__ 5 751 6 25
Nos. 2,3 and 4 poearl_ 6 00
First spring clears
Nos. 2-0 and 3-0
5 25®$5 40
5 00
6 00
Rye flour
550
Nos.4-0 and 5-0
4 50 500
Corn goods, 100 lbs.:
-Carload
Oats goods
.Yellow meal
1 800! 1 85
5 30® 5 40
spot delivery
Corn flour
1 800 1 85
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
Indian corn advanced on September and declined for De- lake and river ports for the week ending last Saturday and
cember delivery. The receipts have been heavy, and export since Aug. 1 for each of the last three years have been:
trade light. On the 12th inst. exporters took about 200,000
bushels. Some question whether there has been much dete- Receipts at- Flour.
Barley.
Rye.
Oats.
Wheat.
Corn.
rioration of the crop recently. Colder weather and heavy
bbls.196lbs.bush. 60 lbs bush. 56 lbs.bush. 32 lbs.bush.481bs.bush.561bs.
.
rains in the Ohio Valley followed recent reports of damage Chicago
415,000 1,462,000 4,500,000 2.146,000 312,000
70,000
Minneapolis..
854,00' 335,000 321,000
99,000
4,572,000
by heat and drouth there. At One time there were reports of Duluth
38.000 215,000 2,614.000
150,000
3,127 000
frost in Iowa, but they had no lasting or marked influence. Milwaukee__ _
318,000
192,000
361,000
43,000
42,000
149,00
0
38,000
74,000
91,000
Corn has been affected by the sluggishness of wheat, with Toledo
Detroit
70,000
46,000
24,000
140,000
its trend at times being towards lower prices. Moreover, Indianapolis_
450,000
52,000
St. Louts_ _ _ _
298,000
21,000
89,000
907,000
17,000
828,000
the visible supply of corn in the United States increased last Peoria
224,000
7,000
488,000
1,000
37,000
76,000
178,001
week 400,000 bushels, as against a decrease in the same week Kansas City_
126,000
1,882,000
Omaha
268,001
386,000
758,000
261,000 bushels. To be sure, the total is still St. Joseph_
last year of
8,000
61,000
120,000
only 7,723,000 bushels, against 11,239,000 bushels a year ago. Total
wk.
4,572,000
trade is slow, receipts are liberal and Same wk. '22, 583,000 13,141,000 7,643,000 4,493,000 1,082,000 3,073.000
But in the meantime
'2f 450,090 15,459,000 7,785,000
707,00'
248,000
speculation cautious. At times the receipts of corn have Same wk. '20 206.000 10,891,000 4,077,000 8.222,001 1,418,00. 1,213,000
been heavy. On a single day at Chicago they were 887, in- Since Aug.11922
spected 863 and contract 603.
3,026,000 80,143,000 33,104,000 31,662,000 5,519,000 17,167,000
1921
2,897,000 90,315,000 41,168,000 46,793.000 4,464,000 2,892.000
To-day prices advanced on short covering in sympathy
1920
1.514.000 sn fiR1 non 15.179.000 38,822,001 4.506,000 4,396,000
with wheat. Last prices show a rise for the week of %c. on
Total receipts of flour and grain at the seaboard ports for
September and a decline of %c. on December.
the week ended Saturday, Sept. 9 1922 follow:
PRICES OF CORN
IN NEW YORK.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 81
8154 811% 811% 801% 801%
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 621% 62N 621% 621% 611% 621%
December delivery in elevator
5734 5734 561% 561% 5634 571%
611% 601% 601% 60
May delivery in elevator
591% 6034
Oats declined somewhat for a time in sympathy with
wheat and corn. Cash markets, too, were off a little, with
little or no export trade. Yet it is true that Western dispatches intimated that there has been some export business. To all appearances, however, it was not large; quite
he reverse. There were reports at one time of frost in Iowa,
but they had no marked or lasting effect. On the 13th inst.
prices were a little firmer, however, with no great pressure
Receipts alNew York__ _
Philadelphia_ _
Baltimore_ _ _ _
Newport News
New Orleans *
Galveston_
Montreal __ _ _
Boston
Flour. I
Barrels.
160,000
44,000
25,000
8,000
225,000
85,000
34,000
Wheat.
Corn.
Oats.
I Bailey.
RP.
Bushels. Bushels. Bushels.
Bushels.
696,000 544,000 503,000
322,000
465,000
100,00
232,000
14,000
782,000
20,000 464,000
239,000 , 325,000
894,000
Bushels.
941,000
550,000
1,697,000
7,000
193,000
18,00
517,000
3,000
322,000
132,000
13,000 1,026,000
1.000
1,000
Total wk. '22
581,0001 5,336,000 1,288,000 1,493,000 578,000 2,226,000
Since Jan.1'22 16,727.000 170,188,000 113,369,000 48,823,00012.147,000 26,798,000
461,000 427,000 370,000
Same wk. '21
498,000 7,865,000 2,137,000
Since Jan.1'21 17,335.000 177,452.000 64,438,000 35,623.000 12.073.000 17,272.000
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
[VOL. 115.
THE CHRONTCLE
1348
the condition there was generally fair, but unsatisfactory development was
reported from Mississippi. Bolls opened rapidly in Alabama, many prematurely, because of high temperature and dry weather, and further deterioration was reported from Tennessee. It was hot and dry in Georgia
until the close of the week, when generous rains were received: further
deterioration in cotton was reported from that State and there was no top
crop. There were further complaints of shedding in South Carolina on
Rye,
Barley, Peas,
Flour, Oats,
Corn,
Wheat,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. account of drought and weevil activity with premature opening and a steady
Exportsfromdecline in the general condition of the crop. Weevils continued to do great
damage to the top crop and were taking large bolls of the intermediate
815,662 168,875 29,476 430,805 183,422 74,207
New York
growth. Rain was needed in North Carolina, where the change from the
24.000
Boston
earlier rainy to the recent dry weather was very unfavorable in many locali94,000
41,000 16,000
629,000
Philadelphia
ties and many of the late bolls were small. Picking and ginning made satis741,000
1,545,000 438,000 2,000
Baltimore
factory progress in nearly all sections. This work was well advanced in
8,000
Newport News_
Georgia, while more than half the crop had been picked in the southern half
1.609,000 246,000 70,000 17,000
New Orleans
of Texas, where the weather during the recent weeks had been ideal for this
1,035,000
Galveston
work.
380,000 563,000 89,000
2,065,000 1,320,000 85,000
Montreal
-Late corn was benefited by rains during the week in parts of
CORN.
Port Arthur, Tex__ 708,000
the central and lower Missisippi and lower Ohio valleys, but more moisture
was needed in western Kentucky and parts of Tennessee, and in many
Total week 1922___ 8,430,662 2,213,875 210,476 827,805 1,581,422 163,207
southeastern districts. Corn matured too rapidly, under the influence of
7 144.701 1_915.807 231.562 219.000 389.380 336.930
RAMP [17PPk 1021
even drought in northern and eastern Iowa, but the condition in that State
was generally fair to very good. The crop was injured by heat and drought
great
well as in
Illinois,
The destination of these exports for the week and since also indistrict. Wisconsin and Minnesota, as in western much of theand is
Oklahoma,
Late corn is mostly a failure
plains
July 1 1922 is as below:
generally poor in the eastern portion of the State. The corn crop was
mostly safe from frost in North Dakota. South Dakota, Nebraska and
West Virginia. About 70% was safe in Iowa, will be safe in Indiana in
Corn.
Wheat.
Flour.
Exports for Week
another week except in the southeast portion, and will mostly be safe from
Since
and
frost in Illinois by Sept. 20. Cutting and silo filling was in progress in most
Since
Week
Since
Week
Since
Week
July 1 toStates, and was mostly completed in Kansas. Cutting of broom corn was
July 1
Sept. 9
July 1
Sept. 9
July 1
Sept.9
about half done in extreme southwestern Kansas. Harvesting of sugar
corn continued in Maryland.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 9 1922, are shown in the annexed
statement:
932,562 1,246,000 19,970,074 914.000 9,076,286
756,197 7,181,662 50,341,865 1,236,878 16,315,759
26,000
6,000
32.000
297,000
63,000
6,000
3.000
115,000
United Kingdom_ 119,551
72.925
Continent
3,000
So.& Cent. Amer _
11,000
West Indies
Brit.No.Am.Cols
Other Countries__ 4,000
4,000
42,844
81,659
210,476 1,917,418 8,430,662 70,366.783 2,213,878 25,719,045
231.562 3,264,486 7,143,791 79,532,304 1,915,807 22,727,941
Total 1922
Total 1921
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Sept. 8, and since July 1 1922 and 1921,
are shown in the following:
Corn.
Wheat.
1921.
1922.
Exports.
Week
Sept. 8.
Since
July 1.
Since
July 1.
1922.
Week
Sept. 8.
1921.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 9,833,000 82,671,000 104,128,000 1,991,000 26,424,000 24,135,000
195.000 3,210,000 6,362,000
712.000
816,000
64,000
Russia&Dan.
Argentina_ _ _ 1,333,000 23,669,000 8,895,000 1,836,000 17,356,000 44,273,000
496,000 6,284,000 12,712,000
Australia - _ _
712.000
India
1,844,000 3,476,000
Oth.Countr's
Total
11,726.000 113,440,0001127,160,000 4.022.0001 48,834,000 78,240,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Sept. 9, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Sioux City
Toledo
Detroit
Chicago
Milwaukee
Duluth
St.Joseph, Mo
Minneapolis
St. Louis
Kansas City
Peoria
GRAIN STOCKS.
Corn,
Oats,
Rye,
Wheat,
bush.
bush.
bush.
bush.
237,000 1,525,000
965,000
109,000
484,000
1.000
106,000
186,000
135,000
855,000
342,000
269,000
2,747,000
229,000
4,000
217,000
92,000
31,000
4,247,000
34,000
2,143,000
794,000 3,333,000 1,107,000
1,803,000
221,000
246,000
4,000
78,000
40,000
354.000
7,000
704,000
34,000
81,000
17,000
32.000
2,896,000 1,672,000 10,198,000
253,000
320,000
442,000
79,000
24,000
199,000
677,000 1,800,000
3,710,000
138.000
112.000
878,000
4,000
53,000 16,041,000
62,000
860,000
215,000
105.000
1,472,000
9,000
888,000
71,000
3,200.000 1,539,000
152,000
687,000
5,000
111,000
Barley,
bush.
73,000
40,000
6.000
213,000
5,000
1,000
113,000
134,000
565,000
2,000
337,000
2,000
112,000
215.000
571,000 1,905.000
40,000
465,000
Indianapolis
79,000
5,000
1,173,000
Omaha
1,
597,000
895.000
289,000
725.000
46,000
On Lakes
155,000
237,000
65,000
.
On Canal and River_ _ . 851,000
7,723.000
Total Sept. 9 1922_ __ _31,166,000 7,314,000 38,133,000 5,063,000 1,607,000
38,355,000
Total Sept. 2 1922..27.349,000 11,239,000 62.402,000 4,707,000 1,462000
4,205,000 3.441:000
42,100,000
Total Sept. 10 1921_ _
grain not included above: Oats, New York,6,000 bushels; Boston,
Note.
-Bonded
bushels, against 16,000 in 1921; barley, New York, 9,000
123,000; total, 129,000
against 87,000 bushels in 1921; and
bushels; Duluth, 5,000: total, 14,000 bushels,
wheat, New York, 108.000; Baltimore, 240,000: Buffalo, 1,462,000; Philadelphia,
303,000; total, 2,357,000 bushels in
1922 against
234,000; Boston, 10,000; on Lakes,
157,000 in 1921.
Canadian
2.682,000
Montreal
Ft. William & Pt. Arthur_ 5,588,000
Other Canadian
526,000
789,000
418,000
545,000
173,000
865,000
65,000
SPECIAL REPORT, COTTON ACREAGE ABANDONED.
September 11922.
The United States Senate on Aug.4 passed Resolution No.333,as follows:
"Resolved, That the Secretary of Agriculture be,and he is hereby,authorized and directed to include in his September 1 Cotton Report, an estimate
of the acreage of cotton abandoned since June 25 up to Aug. 25 1922, and
the acreage remaining in cultivation on the last named date."
The estimate called for appears below, the figures being based upon
reports from the voluntary crop reporters and agricultural statisticians of
the Crop Reporting Board in the Cotton States.
As the condition figure of the regular September 1 cotton report is affected
by acreage abandonment, no additional deduction for the abandonment
here shown need be made from the present forecast of 10.575000 bales
based upon the Aug. 25 condition figure and the acreage in cultivation on
June 25.
STATEMENT.
Cotton acreage in cultivation June 25 1922, acreage abandoned since
June 25 up to Aug. 25 1922,and acreage remaining in cultivation on Aug. 25
1922:
Cotton in
Cultivation
June 25 1922.
Acres.
State-
8,512,000 39,269,000 5,928,000 2,291,000
Total Sept. 9 1922_ __ _39,962.000 9,092,000 40,194,000 4,970,000 1,973,000
Total Sept. 2 1922_ __ _34,696,000 12,071,000 70,102.000 4,677,000 5,184,000
_ _48.507.000
Total Sept. 10 1921_
THE
WEATHER BULLETIN FOR their WEEK ENDING
relation to the crops
-Weather conditions in
SEPT. 12.
Agriculture
are summarized as follows by the Department of13:
on Sept.
in its weekly weather bulletin issued
continued hot and dry throughout
-The first part of the week
COTTON.
part was cooler, with considerable
most of the cotton belt, but the latter
-growing States, where drought
particularly in the western cotton was not of material benefit and
rainfall,
however,
had long persisted. The rainfall, make only poor progress in most sections
cotton continued to deteriorate or
occurred in Oklahoma but the crop continued
of the belt. Generous rains While the rainfall in Texas came too late to be
unsatisfactory in progress.
continued in Texas and there was very
of much help. Premature opening
conditions mostly poor, except that it was
little top crop, with the general
northeastern portion of these States.
fair to very good in the eastern and where the plants were shedding badly
Deterioration continued in Arkansas, cotton was opened in Louisiana and
Almost all
and maturing too rapidly.
Cotton Acreage
Abandoned Since
June 25 up to
Aug. 25 1922.
Acres.
%
Cotton Acreage
Remaining in
Cultivation on
Aug. 25 1922.
Acres.
51,000
1,601,000
2,230,000
4,129,000
122,000
2,995,000
3,200,000
1,311,000
12,312,000
2,853,000
819.000
156,000
2,840,000
210,000
105,000
46,000
*United States
4.0
0.9
1.5
3.0
3.0
0.4
0.7
1.8
0.5
0.7
0.6
0.3
1.5
5.0
2,000
49,000
1,587,000
2,197,000
4,005,000
118,000
2,983,000
3,178,000
1,287,000
12,250,000
2,833,000
814,000
156,000
2,797,000
210,000
105,000
44.000
34,852,000
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
*California
Arizona
Nex Mexico
1.1
367,000
34,485,000
2,000
14,000
33,000
124,000
4,000
12,000
22,000
24,000
62,000
20,000
5,000
43,000
4
'Lower California (about 128,000 acres) included in California figures.
but excluded from United States total.
LEON M. ESTABROOK, Chairman,
S. A. JONES,
NAT C. MURRAY,
Approved:
E. E. KAUFMAN,
G. K. HOLMES,
0. W. PUGSLEY,
W. F. CALLANDER, S. T. FLEMING,
Acting Secretary.
Crop Reporting Board.
AGRICULTURAL DEPARTMENT'S REPORT ON
-The Agricultural Department at WashCEREALS, &c.
ington late on Friday of last week (Sept. 8) issued its report
on the condition and the prospects of the country's different
-as of
crops-wheat, corn, oats, potatoes, tobacco, &c.
Sept. 1, and we gave a general outline of it, as received by
telegraph, in our issue of last Saturday. We now print
below the complete official report with all the details:
UNITED STATES DEPARTMENT OF AGRICULTURE,
Bureau of Agricultural Economics.
Washington, D. C., Sept. 8 1922.
The Crop Reporting Board of the Bureau of Agricultural Economics makes the
following estimates from reports of its correspondents and agents for the United
States:
538,000
81,000
789,000 1,136,000
865,000
684,000
Total Sept. 9 1922_ _ _ 8,796,000 1,778,000 1,839,000
263,000
511,000
Total Sept. 2 1922_ .._ _ 7,347,000
832,000 7,700,000
472,000 1,743,000
Total Sept. 10 1921_ _ _ _ 6,407,000
Summary
31,166,000 7.723,000 38,133,000 5.063,000 1,607,000
American
789,000 1,136,000
684,000
865,000
8,796,000
Canadian
COTTON ACREAGE ABANDONED SINCE JUNE 25.
-The Agricultural Bureau at Washington has issued a
special report on this subject. The reasons for its issuance
appear in the report itself as follows:
Yield
per Acre.
Total Production in
Millions of Bushels.
1921
DeAugust cember
EstiForemale.
cast.
1922.a
Crop.
Sept.
Forecast.
19161920
Average.
Hay,wild, tons
b15.8
17.2
15.2
10.6
5.28
207
32.6
55.6
96.0
691
12.5
11.4
5.08
202
33.4
56.0
114
679
12.8
e8.0
7.78
98.1
21.2
32.7
115
816
9.1
1916
1920 1922. 1921.
Average.
Bu. Cents. Cents.
814.2 13.7 14.9 ___ ___ _
14.8 10.5 11.2
14.4 12.7 13.7 88.1 101.2
27.8 29.7 27.0 62.7 56.2
30.0 23.7 33.2 32.2 30.1
25.7 20.9 24.1 45.7 47.0
b15.5 13.7 13.9 63.3 89.9
19.1 21.0 17.4 86.3 114.4
103.7 90.9 95.7 88.0 188.6
96.1 92.6 96.9 107.6 135.6
787.2 c749.4 814.2
8.7 7.0 8.4 190.1 164.8
38.5 c40.1 39.1 ____ _ _
b1.52 1.39 1.51 $11.17 $12.44
17.1 b1.00 .98 1.05 g$7.76 g$7.50
el1.9 145.2 124.5 163.2 21.1 12.6
_
6.62 8.69 9.55 9.49 ____
179
109.8 161i
__
___
___
26.8
43.6
g155.'7 g262:5
-91.3 19.0 24.7 18.1 g87.7 g58.0
1,043
672.0 673.7 745.6 g4.4 g3,9
11.4 11.R In 4 nR(Ift 2 ,o7s19
13.3
566
587
b542
Winter wheat b542
233
208
263
Spring wheat 277
799
795
805
All wheat_ _ _ _ 818
2,831
3,080
3,017
2,875
Corn
1,413
1,081
1,251
1,255
Oats
197
151
192
194
Barley
67.8
57.9
b79.6
b79.6
Rye
14.4
14.1
13.8
13.5
Buckwheat
373
347
440
White potatoes 438
98.7
88.8
112
Sweet potatoes 108
c1,075 1,378
1,425
Tobacco, lbs. 1,353
11.0
8.1
11.4
11.7
Flax
c38.5
41.7
38.7
38.8
Rice
85.1
93.1
81.6
Hay,tame,tons b92.9
Cotton_ d
S. beets, tons
Apples, total
" corn% bbls.
Peaches, total
Kafirs
Peanuts, lbs
Beans..f
1921
Dec
a
1922 Est.
Bu. Bu.
Price per Bu.
Sept. 1.
SEPT. 16 1922.]
THE CHRONICLE
1349
ers throughout the country are carrying light stocks which
will have to be replenished. The restoration of old wage
schedules in New England found men connected with the
Acres.
dry goods industry a unit in the belief that higher price lev80.1 62.5 70.6 80.4
18,639,000
Spring wheat
94.6
75.5 72.6 77.7
56,770,000 els will soon be named by manufacturers. Although buyers
91.0
All wheat
78.6 85.1 76.5 81.6
99.4 103,234,000 have only been operating in moderate quantities
Corn
the steadi74.9 61.1 80.8 75.6
41,822,000
Oats
93.3
81.2 68.4 79.1 82.0 104.3
7,550,000 ness of the demand has encouraged merchants to believe that
BarleY
5,148,000 consumption will
Rye
121.8
assume larger proportions as soon as labor
81.7 85.6 86.2 89.7 105.4
707,000
Buckwheat
79.9 63.7 75.8 84.3 110.8
4,228,000 troubles are adjusted and out of the way. It is also expected
White potatoes
82.4 80.7 83.1 86.3 105.8
1,128,000 that business will
Sweet potatoes
become more active after the tariff has
76.2 70.5 78.7 80.9 122.9
1,763,000
Tobacco
82.7 62.3 70.6 84.7 115.1
1,341,000 been enacted, and when the moving crops begin to have their
Flax
85.5 83.8 86.5 86.9 110.8
1,009,000 normal effect.
Rice
Western markets are already displaying
76,780,000
Hay,all
90.8 103.4
57.0 49.3 65.3 70.8 110.0
34,852,000 more activity, while Southern markets are placing orders on
Cotton_t
88.6 90.4 89.3 85.0
606,000 a more liberal scale. There are still many
Sugar beets
74.4
industrial sec65.5 84.6 76.5 79.3 110.0
5,057,000
Kafirs
a Interpreted from condition reports. b preliminary estimate. c Revised July 1 tions where trade is being held back by strike conditions,
1922. d Total production in mil ions of bales: yield per acre n lbs. of lint: price in but there are other sections, notably in steel and lumber cencents per lb. e Census. I Seven States. g Price Aug. 15. h Or at time of tres,
where business is improving rapidly. In fact, textile
harvest. I Condition relates to 25th of preceding month.
merchants generally are conservatively optimistic over the
Condition
PriceperBu. outlook for business during the remainder of the year. With
Forecast 1922
Production
Sep . 1.
Sept. 1.
Production.*
Comparisons.*
exceptionally bountiful crops assured, barring cotton, and
State.
1922. 10-yr. From
From
-Year 1922. 1921. likely to bring more in value as compared with last year's
1921.
5
Per Aver. Sept. 1
Average
Aug. 1 (Decemb'r
Cent. P. C. Condition Condition Est.) 1916-20. Cents Cents harvests, together with the settlement of the coal strike and
- the rapidly waning railway difficulties, textile interests are
OW
of the opinion that agricultural and other communities will
New York
52
84
83
38,298 47
35,049
24,912
37,218
Pennsylvania
87
87
46
41,223 44
41,467
be in a much better position financially than for some time
41,782
35,283
Ohio
65
33
82
63,392 40
42,696
37,122
48,047
past, and therefore will be able to purchase more freely. Any
Indiana
49
29
80
71,070 33
33,002
45,072
33,276
Illinois
64
26
81
improvement in the demand from customers will no doubt be
113,789 115,567 121,741 181,914 30
Michigan
36
88
81
52,298 32
55,837
28,101
53,982
quickly reflected in wholesale and primary markets, as reWisconsin
92
36
85
95,503 29
105,780 103,456
63,958
Minnesota
21
89
82
tailers and jobbers are not carrying burdensome supplies.
94,176 116,095 22
142,052 134,033
Iowa
21
87
89
220,371 212,772 154,960 222,016 25
No increase in activity is noted in the export division of the
Missouri
48
28
48,047 38
78
42,960
22,364
21,779
North Dakota_ _ _ _ 91
20
70
50,095 18
market, as the advancing prices and adverse exchange rate
49,761
79,743
77,894
South Dakota_ _ _ _ 83
18
82
68,288 19
58,300
80,871
79,271
situation continue to check buying.
21
Nebraska
60
80,902 26
81
70,054
57,460
60,970
Kansas
27
53,487 33
50
72
38,827
29,672
31,940
DOMESTIC COTTON GOODS: Demand for domestic
35
Texas
51
42,605 40
69
33,570
38,596
35,987
cottons has been more active during the past week, and
26
Oklahoma
55
35,387 36
67
35,300
32,156
30,920
44
Montana
14,856 26
80
69
10,787
18,741
17.774
prices have displayed a firmer undertone. In view of the
United States_ _ 74.9 80.8 1,255,004 1,251,156 1,060,737 1,412,602 32.2 30.1 wage advances announced by many mills, higher prices for
Spring Wheat
the manufactured products, it is claimed, are inevitable. In
Minnesota
42,281 93 105
80
72
23,655
32,629
31,194
many quarters of the markets advances are already pending,
North Dakota_ _
87
68,803 81 104
66
73,264
113,044 103,153
96
South Dakota_ _
85
36,378 75
36,140
24,930
70
37,155
but the actual announcements await a further development
98
Montana
15,818 86
80
23,940
68
35,236
36,002
of buying. Buyers need goods, and state that they will pur93
Washington
17,543 87
48
75
17,205
12,330
12,112
- chase on a more liberal scale just as soon as they can estabUnited States_ _ 80.1 70.6 276,665 283,392 207,861 233,178 --- --lish more confidence in the buying desire of consumers.
Corn
75
64,292 67
76,272
Pennsylvania __ _ _ 86
86
70.901
66,277
Gray goods of various descriptions have been bought more
87
53,825 84
Virginia
56,349
47,600
89
84
54,789
freely by converters, bleachers and printers, while sheetings
95
54,570 96
49,254
North Carolina
48,431
81
83
49,105
91
66,439 84
69,975
Georgia
71
57,707
85
57,707
have sold more freely, particularly in the brown and bleached
61
Ohio
79
82
151,161 155,916 159,326 146,946 69
lines. Increased activity has also been reported in wash
51
82
80
177,783 184,287 169,848 182,569 59
Indiana
48
82
76
325,421 329,831 305,966 337,245 55
Illinois
fabrics for spring, the buying being much broader than a
66
51,710 68
66,417
Michigan
79
57,634
60,534
78
week ago. The advances recently named on denims have
57
69,152 59
86,756
97,482
Wisconsin
89
82
90,723
40
Minnesota
76
85
108,916 116,975 140,507 106,664 49
been sustained thus far, and, according to reports, mills have
40
Iowa
94
83
432,009 413,929 444,190 403,684 49
booked sufficient business to keep them employed for a
54
77
69
Missouri
176,201 185,195 182,880 176,224 63
31
97,297 40
South Dakota_ _
79
83
111,817 131,147 125,632
month or two to come. Print cloths have been more active,
31
68
Nebraska
71
179,094 217,339 207,732 200,936 44
due in part to anticipations of higher prices, especially for
35
85,679 49
60
52
106,349 126,587 102,142
Kansas
81
97,152 85
80
81
Kentucky
88,155 102,480
82,150
Eastern makes as a result of the restoration of former wages
76
86,490 85
75
82
Tennessee
75,214
86,245
90,713
by the majority of New England mills which tried to enforce
98
59,668 92
Alabama
67
80
48,749
51,863 62,651
97
84
55,702
Mississippi
76
77
50,339
54,976
57,096
a 20% reduction. Southern mills as well as Eastern have
81
75
32,558 83
Louisiana
78
35,022
30,975
31,570
become decidedly firmer in their views within the past day
53
Texas
70
73
120,834 121,512 156,920 112,648 74
40
Oklahoma
63
58
50,270 59
58,937
61,290
76,925
or two, and are said to have refused considerable business at
82
Arkansas
72
74
48,167 86
52,635
60,148
48,887
- prices that prevailed at the beginning of the week. Spot
United States_
78.6 76.5 2,874,759 3,016,950 3,080,372 2,830,947 62.7 56.2 goods which were available at those levels appear to have
Barley
been well cleaned up in first hands. Tickings are reported
Wisconsin
92
56
85
15,285
14,531
18,501 52
10,642
Minnesota
86
39
81
23,240
22,859
17,720
27,901 38
firmer, with a tendency to advance, and some lines of pillow
Iowa
88
87
55
5,314
5,175
9,423 44
3,901
cases are comfortably sold ahead, while others in the lower
North Dakota..__ _ 88
69
35
26,523
23,768 33
25,076
16,988
South Dakota_ _
80
80
24,216
33
23,865
26,392 30
17,323
grades are quiet. The larger manufacturing plants appear.
Kansas
60
66
15,733
32
16,891
10,253 38
13,200
to be getting a greater part of the offerings. Print cloths,
Colorado
68
86
4,670
70
4,737
4,514 50
4,444
Idaho
82
86
2,927
57
2,823
4,561 59
2,784
4c, and the
28-inch, 64 x 64's construction, are quoted at 71
54
82
Washington
1,606
59
1,743
3,964 65
2,797
27-inch, 64 x 60's, at 6%c. Gray goods in the 39-inch, 68 x
Oregon
72
85
2,051
70
2,026
2,240
3,746 71
95
California
83
38,760
38,352
58
32,438 56
29,700
2c.
72's, are quoted at 10c., and the 39-inch,.80 x 80's, at 12Y
United States_ _ 81.2 79.1 193,850 191,507 151,181 197,447 45.7 47.0
WOOLEN GOODS: Buying of woolens has been stimuFlax
lated by the cooler weather during the past week, and manu82
88
2,904
Minnesota
2,789
2,726
2,534 184 168
70
84
4,628
facturers are looking forward to more activity in retail cenNorth Dakota__
4.371
2,534
5,033 191 167
82
79
2,140
2,301
South Dakota_ _
1,404
1,331 187 159
tres and a quick return of buyers who will be seeking goods
74
60
1,732
1,658
Montana
1,125
1,603 208 160
to be sold for actual consumption. The cooler weather early
11,729
11,444
8,112
United States__ 82.7 70.6
10,972 190.1 164.8 in the week
also had a favorable effect upon sentiment of
Potatoes
22,680
70
84
24,530
37,152
22,790 65 163
visitors at the convention of clothing retailers in this city.
Maine
86
77
38,052
35,809
33,990
34,411 83 180
York
New
Many representatives of out-of-town manufacturers reported
25,856
25,724
78
83
21,586
24,452 80 187
Pennsylvania _
10,340
70
10,248
75
6,728
decided improvement in the movement of staple worsteds.
10,513 122 210
Ohio
8,658
64
8,242
6,413
65
9,080 129 196
Illinois
Serges of good quality were said to be selling considerably
36,415
36,418
73
27,200
28,611 80 202
82
Michigan
38,022
37,799
21,420
28,744 83 220
76
better outside of New York, although business locally con86
Wisconsin
38,105
40,909
27,525
28,725 49 150
76
72
Minnesota
tinues to improve. Prices remain firm, with he tendency
r
8,291
4,128
8,789
71
8,436 93 196
85
Iowa
Condition.
Nebraska
Colorado
California
Acreage 1922.
Sep.lh Sep.lh Sep.lh Aug.1 P. Cent
1922. 1921. 111yr av 1922. 01921.
Crop.
84
78
93
72
84
84
10,143
18,014
11,379
10,305
17,862
11,309
8,160
11,070
10,064
8,940 76
10,777 100
11,410 128
120
116
118
United States__ 70 0 7A A 415305 430.9011 348 521 371 417 RR AMR
* In thousands of bushels-. e., 000 omitted.
Approved: HENRY C. WALLACE, Secretary.
LEON M. ESTABROOK, Cha;rman.
NAT C. MURRAY,
S. A. JONES,
W. F. CALLANDER,
G. K. HOLMES,
D. A. McCANDLISS,
G. C. BRYANT,
Crop Report ng Board.
THE DRY GOODS TRADE.
New York, Friday Night, Sept. 15 1922.
A broadening demand has characterized the markets for
dry goods during the past week, and higher prices now seem
certain, as the announced rise in mill wages in localities
where strikes have prevailed, is taken as a forerunner of
demands for higher values just as soon as the new cost schedules can be arranged. Reports in general indicate that jobbers are doing a very steady business and that their custom-
FOREIGN DRY GOODS: Demand for linens shows improvement, and particularly for dress linens, the latter be..
ing in better request from converters and cutters, who continue to come into the market for small quantities of various
grades. A better demand is also noted for handkerchief and
ready-to-wear articles, and shipments of the latter promise
to be very considerable during the next few weeks. Within
a few days all of the Irish mills are expected to have their
representatives on this side seeking business, and unforeseen
.
developments are predicted. Whether or not they will make
a concerted move to lower price levels remains to be seen. At
present they stand on firm ground from a cost of production
viewpoint, but what may be considered equitable prices may
not always be obtainable when the ultimate consumer con.
tinues strenuously to resist present levels. Burlaps have
been firm, owing to strength of the Calcutta market and improved inquiry from larger consumers. Light weights are
quoted at 6.40 to 6.45c. and heavies at 9.25c.
THE CHRONICLE
1350
tate and iuitj glitpartinent
NEWS ITEMS.
Fort Worth, Texas.—Annexation of Suburbs Legal.—The
action of the city in annexing several suburbs, authorized
at an election held July 22, is within the law, according to
Judge Bruce Young of the Forty-Eighth District Court,
who on Sept.7 sustained the general demurrer of the city to
the petition of the suburbs for an injunction to prevent the
carrying out of the provisions of the charter amendments
approved July 22. The following is a special despatch to the
Dallas "News" dated Sept.8, published in its issue of Sept.9:
[VoL. 115.
Montana of 1921; a proposal to amend Section 15 of Article
XII of the Constitution, as provided by Chapter 11, Laws of
1921; a proposal to amend Article XVI by the addition of
a new section, to be known as Sec. 7, as provided by Chapter
113, Laws of 1921.
The bonus measure, if approved, will provide for the payment to veterans of a bonus of $10 for each month of service,
but not to exceed $200. For the purpose of raising funds for
this bonus, the State would have power to issue coupon
bonds in the amount of $4,500,000, such bonds to be in $1,000
pieces, to bear interest at no more than 53/2%, payable semiannually on Jan. 1 and July 1 at the State Treasurer's
office or at some bank outside the State, to be dated Jan. 1
or July 1 and become due 20 years from their date, and be
redeemable at the option of the State Board of Examiners
any time after 10 years from date of issue. An annual tax
levy of not more than a half mill on a dollar to pay the
principal and interest on the bonds is also provided for.
If the amendment to Section 11180 of the Revised Codes of
1921, which at present prohibits wagers upon the result of
any contest of speed, skill or endurance of any animal or
motor vehicle, is favorably voted upon, it will be lawful for
the management of the Montana State Fair or any County
Fair to record wagers on any day except Sunday, provided
that a commission of not more than 6% of the total'amount
of the wager may be collected to pay the expenses of the fair.
Section 15 of Article XII is to be amended so as to create
County Boards of Equalization and a State Board of
Equalization, and so as to define and describe their powers
and duties, as stated in V. 115, p. 890. The section will read
as follows if the amendment carries:
The first victory in the fight of Fort Worth to annex suburbs went to
the city Thursday at noon, when Judge Bruce Young of the Forty-Eighth
District Court sustained the general demurrer of the city to the petition
of the suburbs for an injunction to prevent the city carrying out the provisions of the July 22 annexation election. The case will go to the Second
Court ofCivil Appeals immediately,according to S.F.Houtchens and Frank
Graves, Attorneys for the suburbs.
Baylor Agerton, leading for the city; Rinehart Boner, Gillis Johnson
and Raymond Buck put up a stiff fight and when they presented Judge
Young with the results of nearly six months' research work. the Judge
declared that "it appeared that under the law the city acted within its right"
and that he could see no other course than to sustain the general demurrer.
When court opened Thursday morning S. F. Houtchens took the floor
for the petitioners, Riverside, Diamond Hill, Washington Heights and
Rosen Heights. Arlington Heights took non-suit Wednesday morning
when the case was called.
When both sides rested at noon, Judge Young announced his decision
immediately and expressed the hope that the case would go to the Appellate Court in full for final decision. He also expressed the opinion, regardless of the law, that children residing in parts of independent school districts
which were left out when other parts of the same districts were annexed
should be permitted to attend city schools during the current year without charge.
The petition for an injunction had been presented to the court twice
Section 15. The board of county commissioners of each county shall
before, and on each occasion was rejected as premature. In hearing the constitute the County Board of Equalization. The duties of such board
case this time Judge Young, in a measure, ruled that the Wallace Malone shall be to adjust and equalize the valuation of taxable property within
Bill, providing for the annexation of suburbs by Texas municipalities, is their respective counties, and all such adjustments and equalizations
legal.
may be supervised, reviewed, changed, increased or decreased by the
It was held in the petition that the law is illegal on account of the fact State Board of Equalization. The State Board of Eipalization shall
that it was passed at a special session of the Legislature without having be composed of three members who shall be appointed by the Governor,
According to arguments presented by and with the advice and consent of the Senate. A majority of the
been submitted by the Governor.
by the city, it is not within the province of the court to pass on the origin members of the State Board of Equalization shall constitute a quorum.
of the law, but on the legality of its provisions. This position was con- The term of office of one of the members first appointed shall end on
curred in by Judge Young.
March 1st, 1925, of another first appointed on March 1st, 1927, and
of the third first appointed on March 1st, 1929. Each succeeding member
Haiti (Republic of).—Proposals Asked for Purchase of shall hold his office for the term of six years, and until his successors shall
a
have been appointed
In
$16,000,000 Bonds.—Bids for the purchase of $16,000,000 appointed to fill such and qualified. hold case offor vacancy the i m
the unexpirertrn
office
vacancy shall
-year serial bonds are being asked for by the Govern- in which the vacancy occurs. The qualifications and salaries of the
6% 30
will be opened and the award members of the State Board of Equalization shall be as provided by law,
ment of Haiti. The offers
provided, however, that such members shall be so selected that the board
made on Sept. 25. For further details we refer the reader will not be composed of more than two persons who are affiliated with
the same political party or organization; provided, further, that each
"Current Events and Discussions."
to our department of
member shall devote his entire time to the duties of the office and shall
any position
in any occupation or
or
i
a‘ ——
I—Ri saas.—Soldiers' Bonus Act Before Voters.—In accord- not hold interfering or of trust or profit, his engage as a member of such
business
duties
inconsistent with
ance with the law enacted by the 1921 Legislature (V. 112, board, or serve on or under any committee of any political party or organcameither
p. 1182), there will be submitted to the voters on Nov. 7 ization, or take part,of any directly or indirectly, in any political
paign in the interest
political party or organization or candidate
equalize
the following Act, providing for a soldiers' bonus and au- for office. The State Board of Equalization shall adjust and and the
taxable property among the several counties,
thorizing the issuance of not more than $25,000,000 bonds the valuation of of taxable property in any county and in the several
different classes
for the purpose of raising the funds for such a bonus, the counties and between individual taxpayers; supervise and review the
county
acts of
bonds to bear interest at a rate not in excess of 532%, to Increasethe county assessors andmade byboards of equalization; change,
county assessors or equalized
or decrease valuations
mature serially in 26 years from date of issue, and to be sold by county boards of equalization; and exercise such authority and do all
things necessary to secure a fair, just and equitable valuation of all tamable
at not less than par:
property among counties, between the different classes of property, and
An Act relating to compensation for veterans of the World War.
between individual taxpayers. Said State Board of Equalization shall
Be it enacted by the Legislature of the State of Kansas:
also have such other powers, and perform such other duties relating to
Section 1. The State of Kansas acknowledges its indebtedness to, and taxation as may be prescribed by law.
who was a resident of the State of Kansas
promises to pay to each person,
and who served
.at the time of his entering the service,Marine Corps of in the World War
It is proposed to add Section 7 to Article XVI, so as to
the United States
In any branch of the Army, Navy or
was honorably
prior to November 11 1918. and who day of his or herdischarged therefrom authorize the legislature to provide a form and plan of governentire service, which
the sum of one dollar per day for each
ment for counties and cities, as stated in V. 115, p. 890.
compensation shall be in addition to all pay and allowances made by the
Section 7 follows:
United States Government.
The Governor, Secretary of State, and State Auditor are hereby
Sec. 2.
Section 7. The Legislative Assembly may, by general or special law,
the State of Kansas in a sum not
authorized and directed to issue bonds ofprovide funds for
of municipal government for
provide any plan, kind, manner
the purpose set counties, or counties and cities andor form or cities and towns, and whenexceeding twenty-five million dollars to
towns,
hereof: Provided, That such bonds may be issued in install- ever deemed necessary or advisable, may abolish city or town government
out in Section 1
amounts and upon such terms as may be
ments from time to time in such
and unite, consolidate or merge cities and towns and county under one
necessary to meet the payments of compensation as the same are allowed; municipal government, and any limitations in this constitution notexceed 5%%;such
such bonds shall bear interest not to be made payable atbonds or the por- withstanding, may designate the name, fix and prescribe the number,
the fiscal agency
or
tion thereof at any time issued shall equal annual
designation, terms, qualifications, method
installments, the first removal of the officers thereof, define their of appointment, election for
of the State of Kansas in twenty-five
duties and fix penalties
of issue, and
from the
of which shall be payable one yearyears from date date of issue, the last of the violation thereof, and fix and define boundaries of the territory so
the
and which governed, and may provide for the
which shall be payable twenty-six
discontinuance of such form of governbonds shall be sold to the highest bidder and for not less than par.
the taxable property of the State ment when deemed advisable; provided, however, that no form of governSec. 3. There is hereby levied upon allthe interest upon
ment permitted in this section shall be adopted or discontinued until
such bonds and
of Kansas an annual tax sufficient to pay
after it is submitted to the qualified electors in the territory affected and
the principal thereof as they may become due; and the proceeds of such by them approved.
taxes are hereby appropriated to the payment of such principal and interest.
Sec. 4. There is hereby created a board consisting of the State officers
Ohio.—Proposed Amendments to Be Placed on Ballot in
• named in Section 2 hereof, and the Adjutant General of the State, who are
law, and who shall, within November.—Two proposed amendments to the State Constihereby charged with the administration of thismake,
establish and publish
days after the taking effect of this Act,
thirty
tution will be on the ballot November 7.
rules and regulations providing for the proof of claims under this Act, and
One, to Article VIII, creating Section 13, prohibits the
for the method of payment of the same; and they are hereby authorized in
administration of this law, to establish other rules and regula- issuance of bonds or notes for current expenses, limits the
the general
tions.
the probable
Sec. 5. This Act shall take effect and be in force from and after its pub- duration of bonded or other funded debt to
lication in the official State paper.
period of usefulness of property acquired, and in any event
Lima, Peru.—Bonds Offered in United States.—F. E.
Warner & Co. of Philadelphia are offering to American investors, at a price of 64, to yield 8%, bonds of the City of
Lima, Peru, in the amount of £50,000 ($250,000), part
of an original issue of £600,000 5% coupon Sterling bonds
of 1911. Denom. £100 ($500). Prin. and in (JAL)pay_
table in New York at the rate of $4 80 to the £ sterling, or
in Paris at the rate of 25.20 francs to the £, or in London in
Sterling. Redeemable by an accumulstive sinking fund in
half-yearly installments, which will retire all bonds by 1965.
The right is reserved by the municipality to redeem all or
part of the loan at par on three months' notice. Further
details may be found in our department of "Current Events
and Discussions" and in an advertisement on a preceding
page.
Montana.—Measures on Ballot.—Four measures will be
placed before the voters on Nov. 7. They are: Referendum Measure No. 25, providing for a bonus to veterans
of the World War; Proposed Petition for Initiative No. 26,
intended to amend Section 11180 of the Revised Codes of
to forty years, and provides for fixing the fiscal years of
political subdivisions and taxing districts, and the manner of determining the probable period of usefulness of
property acquired. The new Section would read:
incurred
Article 'VIII, Section 13. No indebtedness shall be created or or other
corporation
by any county, school district, township, municipal
political subdivision or taxing district for current operating expense, or
for the acquisition or construction of any assets, property or improvement
years; but laws may be
having an estimated usefulness of less than fivethe collection of revenue)
authorizing borrowing in anticipation of
indebtedness is incurFor and during the current fiscal year in which suchspecial assessments or
red, or in anticipation of the levy or collection of
the expenses of an extraordinary epidemic of disease or emergfor
ency expenses made necessary by sudden casualty which could not reasonably have been foreseen or to provide for the payment of final judgments
non-contractual obligations. No
for personal injuries or based on otherthan forty years from its
creation.
bonded or funded debt shall run longer
acquisition
No bonds or notes issued for the longer thanor construction of property,
the probable period of useassets or improvements shall run
fulness of such property, assets or improvements, which may be estimated
by laws fixing maximum
as herein provicled or determinedpassed to fix the fiscal years maturities,
of political
herein authorized. Laws shall be
taxing districts and to designate the boards or officers
subdivisions and
by whom and the manner in which the estimates as to the period of usefulness of property, assets or improvements required or authorized by this
section shahl be made and certified. Within the limitations of this section,
laws may be passed fixing the maximum maturity of bonds or notes issued
for any purpose or class of purposes,
SEPT. 16 1922.]
THE CHRONICLE
1351
-S.) payable in
Denom. $1,000. Date Sept. 1 1922. Prin. and int. (M.
gold in New York City. A certified check for 2% required. Bidder to
name rate of interest. The bonds will be prepared under the supervision
of the U. S. Mtge. & Trust Co., N. Y. City, which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon
and the validity of the bonds will be approved by Chester B. Masslich,
N. Y. City. Delivery about Oct. 11 in New York.
ASHLAND, Boyd County, Ky.-BOND OFFERING.
-Sealed proposals will be received until 10 a. m. Sept. 28 by R. D. Davis, Secretary
Board of Water Works Commission, for $90,000 44% water bonds.
Denom. $1,000. Date Jan. 1 1921. Due on Jan. 15 as follows: 310,000,
1957, and $20,000, 1958 to 1961 incl. A cert. check for 2% of amount
bid for, payable to the Mayor, required. Int. J.
-J. 15.
-BOND SALE.
ASHTABULA, Ashtabula County, Ohio.
-The
Sinking Fund Trustees of Ashtabula have purchased at par and accrued
interest $150,000 53 % bonds. Denom. $1,000. Date April 1 1922.
Interest A.& 0. The proceeds are for the purchase of a local street
-car line.
-BOND SALE.
ASI-ITABULA COUNTY (P. 0. Jefferson), Ohio.
Article XII, Section 2. All property taxed according to value shall be The $316,000 5%% 5 1-6-year (average) Cleveland-Buffalo I. C. H. No. 2,
assesst)of at its true value in money. No rate in excess of fifteen mills on Section "R," road-improvement bonds, which were offered for sale on
upon Sept. 5
the dollar in the aggregate,including State taxes, shall be levied
(V. 115, p. 1007) have been sold to the Western Reserve National •
any kind of property so taxed; but laws may be passed authorizing aditional Bank, of Warren, for $11,254 80 (103.56) and interest, a basis of about
levies in any taxing district for specific amounts, purposes and periods; 4.71%. Date April 11922. Due yearly on Oct. 1 as follows:$35,000 from
upon the approval of not less than two-thirds of 'hose voting on the ques- 1923 to 1930, inclusive, and $36,000 in 1931. The following bids were also
tion at a regular November election in such district; provided, however, received:
that the approval of a majority of those voting at such election therein
Premium.
Premium.
shall be sufficient. No State tax in excess of one mill in the aggregate W.L. Slayton Sr Co., Tol_ _39,512 00 Weil, Roth & Co., Cinc_ _ _ _38,105 40
shall be levied in any year on property according to value.
of the State Tillotson & Wolcott Co., and9,501 00 Prudden & Co., Toledo_ _ _ 7,577 00
All bonds outstanding on the first day of January, 1913,
Campbell & Kinsey, Toledo 7,173 20
Guar.Sav.&Tr.Co.,Clev.
of Ohio, or of any city, village, hamlet, county township or school district Title Guar.& Tr. Co., Cinc. 9,069 20 Harris, Forbes & Co. N.Y.)
in this State, and all bonds issued under Article VIII, Section 2a of this Stacy & Braun, Toledo_ ___ 8,787 00 National City Co., N.Y.__ 6,983 00
Constitution shall be exempt from taxation according to value; and bury- Provident Savings Bank &
Hayden,Miller&Co.,Clev.
ing grounds, public school houses, b ouses used exclusively for public worTrust Co., Cincinnati_ _ _ 8,753 20 Blanchett, Thornburgh &
ship, institutions used exclusively for charitable purposes, public property Tucker, Robison & Co.,Tol. 8,152 50 Vandersall, Toledo
6,351 60
used exclusiv,ly for any public purpose,and personal property, to an amount
-BONDS NOT SOLD.
ATHENS, Athens County, Ohio.
-The $35,000
not exceeding in value five hundred dollars for each individual, may, by
-improvement bonds which were offered for sale on Sept. 9
laws, be exempted from taxation; and laws may be passed to pro- 5%% street
general
vide against the double taxation that results from the taxation of both the (V. 115, p. 1007), were not sold.
real estate and the mortgage or the debt secured thereby, or other lein
-TEMPORARY LOAN.ATLANTIC CITY, Atlantic County, N. J.
upon it, and against the taxation according to value of any property, which During July the city negotiated with the Atlantic National Bank. of Atlantic
property, or the ownership or use of which, or the income derived theretemporary loan of $376.000, dated June 26 and maturing Dec. 15
from, is otherwise taxed; but all laws exempting property from taxation City, a The price was par at
1922.
5%•
shall be subject to alteration or repeal.
ATTLEBORO, Bristol County, Mass.
-BOND OFFERING.
Laws may be passed to provide for the equitable distribution of levies
-Bids
subject to the foregoing limitations among overlapping taxing districts in are being received until 11 a. m. to-day (Sept. 16) by the City Treasurer
a county by local boards,on which, if composed of persons holding other for $16,700 4% drainage bonds, it is reported. Date Sept. 1 1922. Due
offices, the county, the most populous municipality andthe most popu- yearly on Sept. 1 as follows: $2,000, 1923; $1,700, 1924, and $1,000,
lous school district in the county, shall be represented.
1925 to 1937 inclusive.
AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio.
-BOND SALE.
--year (average) county home improvement bonds,
The 88,500 5%% 63
which were offered for sale on Sept. 6 (V. 115, p. 1007) have been sold to
Seasongood & Mayer, Cincinnati, for $8,627 (101.49) and interest, a basis
about 5.22%. Date Sept. 1 1922. Due yearly on Sept. 1 as follows:
-DESCRIP- $700 from 1923 to 1933, inclusive, and $800 in 1934. The following bids '
ADA COUNTY DRAINAGE DISTRICT NO. 2, Idaho.
Price & were also received:
TION.
-The $65.000 6%% drainage bonds awarded to John E.
Amt. of Bid.I
Amt.
'Co., of Seattle, at 101.35, as stated in V. 115, p. 1007, are described as First Nat. Bk., Wapakoneta.. _$8,505 1w.L.Slayton & Co., Toledo.. of Bid.
_38,667
follows: Denom. $500. Date Aug. 1 1922. Int. F. & A. Due serially
-BOND OFFERING.
AVON-BY-THE-SEA, Monmouth County, N. J.
from 1927 to 1940, inclusive.
-Proposals will be received until 2 p. in. Sept. 26 by Ruth Dorn, Borough
-Hugh
-BOND OFFERING.
ADAMS COUNTY (P. 0. Decatur), Ind.
5% street-improveof
D. Hite, County Treasurer, will receive bids until 10 a. m. Sept. 20 for the Clerk,for the purchase at not less than par to an issue of the bidder offering
ment bonds, not to exceed $34,000, award
be made to
following 4%% road bonds:
to take the least amount of bonds and pay 6herefor the largest premium.
$6,400 George Knittle Macadam Road, Union Township, bonds.
Denom. $500. Date Oct. 11922. Due yearly on Oct. 1 as follows: $1,500,
2,080 Wm. F. Myers Macadam Road, Blue Creek Township, bonds.
1924 to 1931,inclusive, and
1932 to 1942,inclusive. Certified check
Due Aug. 15 1922. Int. M. & N. 15. Due each six months from on an incorporated bank or$2,000,
trust company,for 2% of amount of bonds bid
May 15 1923 to Nov. 15 1932,Inclusive. All bids must include accrued int. for, required.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
AYCOCK GRADED SCHOOL DISTRICT (P. 0. Haw River), AlaAddle M.Kampe,County Treasurer, wii.receive bids un„il 10 a. m. Sept. 18 mance County, No. Caro.
-Sidney Spitzer & Co., of
for $14,800 5% Scipio No.2 Road, Scipio Township, bonds. Denom.$740. Toledo, have purchased the -BOND SALE.
$20,000 6% school bonds offered on Sept. 5
1922. Int. M. & N. 15. Due $740 each six months from (V. 115, p. 1007) at a premium
Date Sept. 15
of $918, equal to 104.59, a basis of about
May 15 1923 to Nov. 15 1932, inclusive.
.Due
-The above official will also receive bids until 5.60%. 1951,on Feb. 1 as follows:$500, 1924 to 1939,inclusive,and $1,000,
BOND OFFERING.
1940 to
inclusive. Date Aug. 15 1922.
10 a. m. Sept. 21 for the following 5% bonds:
BABYLON, Suffolk County, N. Y.
-An issue of
-BOND SALE.
$25,000 Wilkie Road, Pleasant Township, bonds. Denom. $1,250.
$17,000 5% road bonds was awarded on Sept. 11 to the Bank of Babylon
11,000 Ruhl Road, Wayne Township, bonds. Denom. $550.
at 101.60, a basis of about 4.57%. Denom. $1,000. Date Sept. 1 1922.
8,000 Fairfield Road, Wayne Township, bonds. Denom. $400.
Dated Sept. 15 1922. Int. M. & N. 15. Due one bond of each issue Int. semi-ann. Due $3,000 Sept. 1 1923, and $2,000 yearly on Sept. 1
from 1924 to 1930 incl. Other bidders, both of New York, were:
each six months from May 15 1923 to Nov. 15 1932, inclusive.
100.12
100.25IGeo, B Gibbons & Co
-It is reported Sherwood & Merrifield
-BOND SALE.
ALIQUIPPA, Beaver County, Pa.
-BOND OFFERBARTHOLOMEW COUNTY (P.O. Columbus), Ind.
that $16,000 53 % bonds, maturing Oct. 1 1946, have been sold to RedING.
-Smith Carmichael, County Treas., will receive bids until 10 a.m.
mond & Co. of Pittsburgh.
Oct. 3
AMES TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Amesville), bonds. for $5,600 4%% Oscar Galbraith et al,Clifty Township, highway
Denom. $280. Date Oct. 3 1922. Int. M. & N. 15. Due $280
-Lucy Weber, Clerk of the
Athens County, Ohio.
-BOND OFFERING.
Board of Education, will receive sealed bids until 1 p. m. Sept. 19 for each six months from May 15 1923 to Nov. 15 1932, inclusive.
Principal and annual
$3,000 6% coupon school bonds. Denom. $1,000.
BAYLOR COUNTY (P.O. Seymour), Tex.
-BOND ELECTION.
-An
interest (Sept. 15) payable at the Treasurer's office (Amesville National election will be held on Sept. 30 to vote on the question of issuing $100,000
Bank). Due $1.000 on Sept. 15 in each of the years 1923, 1924 and 1925. county hospital bonds. N. G. Mitchell, County Judge.
Auth., Sec. 7630-1, Gen. Code. Certified check on an Ohio bank for 5%
BAYLOR COUNTY PRECINCT ROAD DISTRICT NO. 4 (P. 0.
of the amount bid for, payable to the Board of Education, is required
Seymour), Tex.
-BOND ELECTION.
-On Sept. 30 a proposition to issue
with each bid.
$10,000 5 % road bonds will be submitted to a vote of the people.
ANDERSON COUNTY COMMON SCHOOL DISTRICT NO. 22,
BAY ST. LOUIS, Hancock County, Miss.
-BOND OFFERING.-BONDS REGISTERED.
-On Sept. 9 the State Comptroller of
Texas.
Bids will be received until 2:30 p. m. Oct. '7 by S. J. Ladner, City Secretary
Texas registered $10,000 6% 10 -year school bonds.
-20
for an issue of 6% water-works bonds not to exceed $58,000. A certified
ANGELICA, Allegany County, N. Y.
-On Sept. 11 or cashier's check for $500 required.
-BOND SALE.
$18,000 electric light bonds were awarded to Sherwood & Merrifield of
-We are adBEAVER DAM, Dodge County, Wisc.-BOND SALE.
New York at 100.16 for 4.60s, a basis of about 4.58%. Denom. $1.000.
Date Sept. 1 1922. Int. M. & S. Due $1,000 yearly on Sept. 1 from vised by Schanke & Co., of Mason City, that they recently purchased
$12,000 5% water-works bonds. They also advise us that the following
1927 to 1944 inclusive. Other bidders were:
bids were submitted*
Bid.
Int. Rate.
Name.
Schanke & Co., Milwaukee_ 4587 20 Hanchett Bond Co., Chicago.$461 00
100.09
4.60
Union National Corp., N. Y
100.468 Second Ward Sec. Co., Milw_ 576 64 Ballard & Co., Minneapolis__ 308 00
4.70
O'Brian, Potter & Co., Buffalo
,
434%
Miaton, Lampert & Co.
101.45
,Chic. 503 00 Old N.Bk.,Beav. Dam, Wis. 253 00
Geo. B. Gibbons & Co., N Y
Shapker & Co., Chicago
44 0
101.17
250 00
496 00 Spear & Co., Chicago
H. L. Allen & Co., N.Y
44%
100.73
Barr Brothers & Co., N. Y
-BOND SALE.
-The Palmer
BELLEVUE, Blaine County, Idaho.
100.30
5%
Trust Co., Wellsville
First
Bond & Mortgage Co. of Salt Lake City, has purchased $11,000 6% 10 -20
-BONDS REGISTERED -On Sept. 5 year (opt.) water extension bonds.
ANSON, Jones County, Texas.
the State Comptroller of Texas registered $80,000 5% serial water-works
-ADDITIONAL INFORMATION.
BELLEWOOD, Cook County, 111.
bonds.
-The $60,000 bonds, which we reported, on the authority of a local news-The Bankers Trust Co. of paper, as having been sold to Schanke & Co.of Mason City, were purchased
-NOTE SALE.
ARIZONA (State of).
$1.250,000 4%% tax-anticipation notes by that company from the contractor at 98 and accrued interest. The
New York has purchased the
to 100.02, a basis of about bonds bear interest at the rate of 6% per annum. Denom. $500. Date
•(V. 115, p_. 1120) at a premium of $350, equal1922.
July 26 1922. Int. payable annually on Dec. 1. Due from 1923 to 1931,
•4.42%. Date Sept. 5 1922. Due Dec. 20
Inclusive; callable at any time.
-BIDS.
-The following is
County, No. Caro.
ASHEBORO, Randolph
-Sealed bids were
BELOIT, Rock County, Wis.-BONDS OFFERED.
% coupon or
a complete list of the bids submitted for the $135,000
received until 8 p. m. Sept. 15 by B. E. Wood, City Clerk, for $20,000
registered street-improvement bonds on Sept. 5:
4%% coupon storm sewer bonds of 1922, described as follows: Date
Amt. of
Premium. Rate. Sept. 15 1922. Denom. $1,000. Int. semi-ann. payable at the City
Bidder$175 50 53. % Treasurer's office. Due $1,000 yearly on Sept. 15from 1923 to 1942,incl.
Taylor, Ewart & Co., Chicago, Ill
3,348 00 6%
-CORRECTION
Blanchet, Thornburgh & Vandersall, Toledo, Ohio
-BIDDERS.
-We
ty, Me.
BIDDEFORD, York•
1,191 83 53% are now
Co., Toledo, Ohio
A. T. Bell &
advised by the City Treasurer that Harris, Forbes & Co. of Boston,
Coun
W. L. Slayton & Co., Toledo, Ohio
bidding 100.19, a basis of about 4.22%, were the successful bidders for the
Stacy & Braun, Toledo, Ohio
$75,000 4%% bonds, which in V. 115, p. 1233, were reported as having
2,050 00 6
J. O. Mayer & Co., Cincinnati, Ohio
been awarded
Co. of Boston. The following is a
202 50 53 07 complete list to Merrill, Oldham &
Well, Roth & Co., Cincinnati, Ohio
of the bids received:
275 00 534%
Bid.
S itzer, Rorick & Co., Toledo, Ohio
Names87 00 5%% Estabrook & Co., Boston
Keane, Higbie & Co., Detroit, Mich
100.04
2,862 00 6%
Provident Savings Bank & Trust Co., Cincinnati, Ohio
100.19
R. L. Day & Co., Boston
513 00 5%
100.04
Caldwell & Co., First National Trust Co., Durham,N.C_
Arthur Perry & Co., Boston
783 00 5%
Claiborne, Royall & Co., Goldsboro, N. C
100.19
Harris,
Co., Boston
3
459 00 5% 0 Merrill,Forbes & & Co., Boston
.Sidney Spitzer & Co., Toledo, Ohio
100.069
Oldham
702 00 5%% E. H. Rollins & Sons, Boston
Prudden & Co., Toledo, Ohio
100.05
100.674 (without accrued interest)
- H. M. Payson & Co., Portland
-BOND OFFERING.
ASHEVILLE, Buncombe County, No. Caro.
100.183
Stacy
Sealed bids will be received until 4 p. m. Sept. 20 by F. L. Conder, City Beyer & Braun, Boston
100.17
& Small, Portland
Secretary-Treasurer, for the following bonds:
f 99.789 for 25,000
$225,000 public impt. bonds. Due on Sept. 1 as follows: $4,000, 1924 to Fidelity Trust Co., Portland
1100.116 for 50,000
1933 incl.; $6,000, 1934 to 1944 incl.; $9,000, 1945 to 1955 incl.,
BIG SPRING, Deuel County, Neb.-BOND SALE.
-The United
and $10,000, 1956 to 1957.
150,000 street impt. bonds. Due on Sept. 1 as follows: $8,000, 1924 to States Bond Co. of Denver has purchased $23,000 6% 20
-year funding
1933 incl., and $7,000, 1934 to 1943 incl.
bonds.
The other, to Article XII, Section 2, provides for the taxation of property according to value, so as to limit the
aggregate rate .of such taxation which may be levied without the approval of the electors, and also the aggregate rate
of such taxation for State purposes, provides for securing
the approval by the electors of any additional levies, authorizes the general assembly to provide against the taxation
according to value of property which is otherwise taxed,
and provides for local boards for the equitable distribution
of levies subject to such aggregate limitation, and taxes
property according to its true value in money by such rules,
uniform or otherwise, as the general assembly may determine.
Section 2, as amended, would read:
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
Mg?, 2;1 R
1352
THE CHRONICLE
[VOL. 115.
-The Palmer
-BOND SALE.
-A
BUHL, Twin Falls County, Idaho.
-BOND ELECTION.
BIRMINGHAM, Oakland County, Mich.
Bond & Mortgage Co.,of Salt Lake City, has purchased $25,000 5% waterspecial election will be held on Oct. 4 to vote on the question of issuing extension bonds. Denom. $1,000.
$35,950 for a water-works system.
-There were no bids for the
-NO BIDS.
BUTLER, Butler County,Pa.
BLANCHARD SCHOOL DISTRICT (P. 0. Blanchard), Bonner $60,000 434% refunding and street-improvement bonds re-offered on
-The State Educational Fund of Idaho Sept. 15 after an unsuccessful offering on Aug. 15 (V. 115, p. 1008). The
-BOND SALE.
County, Idaho.
has purchased 47,000 6% school building equipment bonds.
bonds are to be offered again, but the privilege of calling the bonds on or
is not to apply.
BRADDOCK TOWNSHIP (P. 0. Wilkinsburg), Allegheny County, after Sept. 1 1924, held by the city in the previous offerings,
-The $18,000 5% water supply bonds, free of State
Pa.
-BOND SALE.
CALCASIEU PARISH SCHOOL DISTRICT NO. 18 (P. 0. Lake
115, p. 891-were awarded to Glover & Mac- Charles), La.
-BOND SALE.
tax, offered on Sept. 7-V.
-The $70,000 6% school bonds offered on
Gregor of Pittsburgh,for $18,751, equal to 104.172, a basis of about 4.65%• Sept. 5 (V. 115, p. 783) were purchased by M. W. Elkins & Co., of Little
Date June 1 1922. Due $1,000 yearly on Aug. 1 from 1931 to 1948, incl. Rock at a premium of$2,315,equal to 103.30. Denom.$500. Int. F.& A.
inclusive.
BRADLEY SCHOOL DISTRICT (P. 0. Bradley), Clark County, S. Date Aug. 15 1922. Due $7,000 yearly from 1923 to 1937,
-BONDS
-On Aug. 5 the $45,000 bonds for the erection of
Dak.-BONDS VOTED.
CALDWELL COUNTY ROAD DISTRICT NO. 7, Texas.
-V. DEFEATED.
a new public school bldg., were voted at the election held on that day.
-On Aug. 19 a proposition to issue $20,000 road bonds failed
115, p. 457.
to carry by a vote of 53 "for'to 55 "against."
-BOND
-On
-TEMPORARY LOAN.
BRAWLEY SCHOOL DISTRICT, Imperial County, Calif.
CAMBRIDGE, Middlesex County, Mass.
-The $65,000 6% bonds, offered on Sept. 5 (V. 115, p. 672) have Sept. 12 the temporary loan of $200,000, issued in anticipation of revenue,
SALE.
sold, it is stated. Date July 5 1922. Due yearly on July 5 as follows: and dated Sept. 14, and maturing Oct. 16 1922 (V. 115, p. 1233), was
been
awarded to the Harvard Trust Co.of Cambridge on a 3.42% discount basis,
$4,000, 1926 to 1940, inclusive, and $5,000, 1941.
BRENT AND POWERS CONSOLIDATED SCHOOL DISTRICT plus $1 75 premium.
-At a recent election
-The following seven issues of 4% coupon bonds, aggre-BONDS VOTED.
BOND SALE.
NO. 13 (P. 0. Way), Colo.
Co..
$10,000 5% 15-25 year (serial) school building bonds were voted. These gating $956,000, also offered on Sept. 12, were awarded to Blodget & int.,
bonds had already been sold to the Bankers Trust Co. of Denver, subject Curtis & Sanger and E. H. Rollins & Sons of Boston at 100.521 and
sanctioned at said election. Notice of the election and sale a basis ofabout 3.93%:
to being
$121,000 street bonds. Denom. $1,000. Due yearly on Oct. 1 as follows:
was given in V. 115, p. 783.
$25,000 1923 and $24,000 1924 to 1927 inclusive.
BRENTWOOD-DEER VALLEY SCHOOL DISTRICT, Contra Costa
174,000 street bonds. Denom. $1,000. Due yearly on Oct. 1 as follows:
-The $40,000 6% building
-OTHER INFORMATION.
County, Calif.
$18,000 1923 to 1926 inclusive and $17.000 1927 to 1932 inclusive.
to E. H. Rollins & Sons of San Franbonds reported sold in V. 115, p. 1120,
261,000 school house bonds. Denom. $1,000. Due yearly on Oct. 1
cisco for $43,433 (108.5825) and int., were purchased on Aug. 26 and are
as follows: $14,000 1923 and 313,000 1924 to 1942 inclusive.
described as follows: Denom. $1,000. Date Sept. 1 1922. Int. M. & S.
275,000 water bonds. Denom. $1,000. Due yearly on Oct. 1 as follows:
Date of maturity? "1942."
$14,000, 1923 to 1937, incl., and $13,000, 1938 to 1942, incl.
80,000 bridge bonds. Denom. $1,000. Due $4,000 yearly on Oct. 1
-BONDS OFFERED BY
BRIDGETON, Cumberland County, N. J.
from 1923 to 1942 inclusive.
-H. L. Allen & Co. of New York and M. M.Freeman & Co.
BANKERS.
to investors at prices to yield 4.30%, an issue
15,000 sewer construction bonds. Denom. $500. Due $500 yearly on
of Philadelphia, are offering
Oct. 1 from 1923 to 1952 inclusive.
of $199.000 434% coupon (with privilege of registration) school bonds.
30.000 sewer bonds. Denom. $1,000. Due $1,000 yearly on Oct. 1
Denom. $1,000. Date Sept. 15 1922. Prin. and semi-ann. int.(Mar. 15 &
from 1923 to 1952 inclusive.
Sept. 15), payable at the City Treasurer's office. Due yearly on Sept. 15
Date Oct. 11922. Interest payable semi-annually (A. & 0.) at the First
from 1924 to 1958, incl.
National Bank of Boston.
-S. G.
BRISTOL, Washington County, Va.-BOND OFFERING.
The following bids were received:
Bids.
Keller, City Manager, will receive sealed bids until 8 p. in. Sept. 29 for
Bidders100.521
$50,000 street impt. bonds not to exceed 6% interest.
Blodget & Co., Curtis & Sanger, E. H. Rollins & Sons
100.413
-At an election White, Weld SE Co., Eldredge & Co., Blake Bros. & Co
-BONDS VOTED.
BRISTOW, Creek County, Okla.
held on Sept. 5 bonds amounting to $210,000 were voted by a large majority. Old Colony Trust Co., F. S. Moseley & Co., Stacy & Braun,100.346
Edmunds Bros
The "Oklahoman" of Sept.6 says:
100.209
"Total returns from a special called municipal election here Tuesday National City Company of New York
100.205
(Sept. 5) showed that the $210.000 issue of municipal bonds carried by a R. L. Day & Co., Estabrook & Co., Merrill, Oldham & Co
100.17
large majority. The $40,000 park impt. bonds were carried by a vote of Arthur Perry & Co
$956,286 80
179 to 59, while water system impt. bonds for $60,000 were voted by a Guaranty Company of New York
majority of 203 to 36. By a vote of 201 to 37 the taxpayers voted to
CAMBRIDGE (Town), Lamoille County, Vt.-BOND OFFERING.
spend $40,000 to improve the sanitary sewer system, and bonds for $70,000 Proposals are being received until 10 a. m. Sept. 20 by Elsie C. Smith, Town
to build a storm sewer system were carried 179 to 47. The bonds will pro- Treasurer, at Jeffersonville,for $91,100 434% coupon refunding bonds.
vide funds to complete city improvement projects started last spring, when Denom. $1,000 and $100. Date June 11922. Principal and semi-annual
citizens of the city voted $120,000 in municipal bonds for city improve- interest (J. & D.) payable at the First National Bank of Boston. Due
ments."
$5,000 yearly on June 1 from 1923 to 1941,inclusive, and $1,100 June 11942
-BOND SALE.
-The Bonds are engraved under the supervision of the First National Bank of
BROWN COUNTY (P. 0. Georgetown), Ohio.
& Perkins,
following two issues of 53i% road impt. bonds aggregating 392,500, which Boston; their legality will be approved by Ropes, Gray, Boyden incident to
were offered for sale on Sept. 8 (V. 115, p. 1120), have been sold to Louis whose opinion will be furnished the purchaser. All legal papers
this issue will be filed with said bank where they may be inspected at any
S. Rosensteil & Co. of Cincinnati:
Sept. 22 at the First
$66,300 Fayetteville-Blanchester Road bonds. Denom. 66 for $1,000 time. Bonds will be delivered to purchaser about to reject any and all
each and 1 for $300. Due yearly on Sept. 1 as follows: $6,300 National Bank of Boston. The right is reserved
town has no
in 1923, $7,000 from 1924 to 1929 incl. and $6,000 from 1930 to proposals. Assessed valuation 1922, 31,093,386. Thepay outstanding
bonded debt. Proceeds of bonds offered are to be used to
1932 inclusive.
Denom. 26 for $1,000 each and 1 for orders. Population, 1,593.
26,200 Mowrystown Road bonds.
$200. Due yearly on Sept. 1 as follows: $2,200 in 1923, $3,000
-An election
-BOND ELECTION.
CAMERON, Milam County, Tex.
from 1924 to 1929 incl., and $2,000 from 1930 to 1932 inclusive.
-year
on the question of issuing $14,0006% 14
Sept 26
Date Sept. 1 1922. Prin. and semi-ann. int. (M. & S.) payable at the will be held on bonds. to vote White, Mayor.
J. B.
(serial) sewer
County Treasury.
-BOND SALE.
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO. 6,
BRUNSWICK COUNTY(P.O.Southport), No. Caro.
-The State Comptroller of Texas regis-BONDS REGISTERED.
-The $100,000 road bonds offered on Sept. 11 (V. 115, p. 1008) were Texas.
awarded as 55 to Caldwell & Co., of Nashville, at a premium of $563, tered $3375,000 6% serial bonds on Sept. 9.
a basis of about 4.95%. Date Aug. 1 1922. Due yearly
equal to 100.56,
CARLTON COUNTY COMMON SCHOOL DISTRICT NO. 22 (P.O.
on Aug. 1 as follows: $2,000, 1928 to 1932, inclusive; $3,000, 1933 to 1937,
-Sealed bids will be received
-BOND OFFERING.
inclusive; $5,000, 1938 to 1942, inclusive; $5,000, 1943 to 1947, inclusive; Watervliet), Minn.
inclusive.
until 3 p. m.to-day (Sept. 16) by the Clerk Board of Education for $12,000
and $5,000, 1948 to 1952,
not to exceed 6%•
-BOND OFFERING.
-Bids will be school bonds
BRYAN, Brazos County, Texas.
-BOND OFFERING.
received until 8 p. in. Sept. 25 by E. B. McAdams, City Manager, for
CASS COUNTY (P. 0. Logansport), Ind.
paving and grading No. 3 bonds. Denom. $1,000. Date J. J. McCormick, County Treasurer, will receive bids until 10 a. in. Oct. 7
$32,000 5%
Principal and interest for $56,000 5% Sixth St. Bridge bonds. Denom. $1,400. Date Oct. 15
Sept. 11922. A certified check for $1,000 required. New
York City, or at 1922. Int. semi-ann. (M. & N. 15). Due beginning May 15 1924. All
payable at the Mechanics & Metals National Bank,
the State Treasurer's office or any Bryan bank, at option of holder.
bids must include accrued interest.
-On Aug. 29 the State Comptrollerof Texas
BONDS REGISTERED.
bonds.
CATAHOULA PARISH SCHOOL DISTRICT NO. 5 (P. 0. Jones.
registered $25,000 4% serial school-house
-Sealed bids will be received for $75,000
-BOND OFFERING.
La.
-BONDS OFFERED.
-Carl villa), bonds by H. W. Wright, Secretary of the School Board, until 1 p.
BUCYRUS, Crawford County, Ohio.
school
Young, City Auditor, offered for sale on Sept. 12 $17,400 53 % coupon Oct. 3. Date Oct. 1 1922. A certified check on some bank chartered
$1,400 and
(city's share) street impt. bonds. Denom. 1 forint. (M. & 16 for $1,000 under the laws of Louisiana, or some national bank authorized to do busiS.) payable at
each. Date Sept. 1 1932. Prin. and semi-ann.
ness in Louisiana, for a sum equal to 234% of the amount of the bond issue
Sept.
the City Treasurer's office. Due yearly on Auth.1 as follows: $1,400 in is required.
Secs. 3812 and 3939,
1924 to 1931 incl.
1923 and $2,000 from
CENTER TOWNSHIP SCHOOL DISTRICT (P. 0. Cambridge
Gen. Code, and Ordinance No. 1178.
-BOND SALE.
-The mow
-The following eleven issues of 4;4on R. F. D. No. 8), Guernsey County, Ohio.
-BOND SALE.
BUFFALO, N. Y.
offered % 6% 1 to 15 year serial school bonds which were offered for sale on July 25
coupon or registered tax-free bonds, aggregating $3,580,000,
Bank of
frust &
1120) were awarded to the National City Co., of New (V. 115, p. 672) have been sold to the Citizens' interest, Savings of about
Sept. 12 (V. 115, p.
a basis
Columbus at a premium of $467 50 (103.89) and
York, at 103.109, a basis of about 3.90%: improvement bonds.
4.36%. Date Sept. 15 1922. Due $800 yearly on Sept. 15 from 1923 to
-year serial Scajaquada Creek
1-20
$200,000
1937 incl. The following bids were also received:
-year serial park bonds.
100,000 1-20
$360 premium
Central National Bank. Cambridge
-year serial school bonds.improvement bonds.
520,000 1-20
151 premium
Quaker City National Bank, Quaker City
serial river channel bonds.
-year
300,000 1-20
pipe line
-year serial fire
160,000 1-20
-The State of
structure reconstruction bond,
CHADRON, Dawes County, Ncb.-BOND SALE.
-year serial grade crossing hospital bonds.
100,000 1-20
the month of'
Nebraska purchased $6,000 6% paving bonds at par during
-year serial public general
800,000 1-20
sewer bonds.
August. Date April 1 1922. Due April 11927,optional 5 years from date.
-year serial public trunk bonds.
100,000 1-20
3
-year serial grade-crossing
200,000 1-211
CHARLOTTE (TOWN) UNION FREE SCHOOL DISTRICT NO.
improvement bonds.
-BONDS OFFERED.
-year serial city plan
500.000 1-20
(P. 0. Sinclairville), Chautauqua County, N. Y.
-year water bonds.
600,000 30
school building bonds was offered for sale yesterand are payaole as to principal and -An issue of $80,0005%
of Education. Denom.,
All bonds are dated Oct. 2 1922,
Oct. 2)at the office of the Conunissioner day (Sept. 15) by F. A. Ferguson, Clerk of Board
at
interest (semi-annually April 2 and Hanover National Bank of New York, $1,000. Date June 1 1932. Annual interest (June 1) payable1924the
to
yearly on June 1 from
of Finance and Accounts, or at the
octo 2 bon
3
Sinclairville State Bank. Due $4,000
last-mentioned issu of192
at holders' option. All except the commencing
ds nd eure at 1943 inclusive.
a matnding
the rate of one-twentieth each year,
Oct. 2 1952.
-BOND OFFERINGOct. 2 1942; the last issue maturesinvestors at prices to yield from 3.50%
CHATTANOOGA, Hamilton County, Tenn. until Sept 18 for the
These bonds were re-offered to
Alex W Chambliss, Mayor, will receive sealed bids
84:
to 3.85%.
following 6% paving bonds aggregating $8,625District No 280 bonds
received:
$1,317 76
The following is a list of the bidsall or none
$1,269 72 District No 262 bonds
103.109
1,908 92 District No 281 bonds
The National City Co., New York,
1,016 16 District No 270 bonds
serials
102.267
1,323 72 District No 282 bonds
Co., Buffalo, for $2,980,000
District No 271 bonds
Citizens Trust
978 16
106 439
for $600,000 water bonds
811 40 District No. 272 bonds
Citizens Trust Co., Buffalo,
Trust Co., Estabrook & Co., '
Guaranty Company Equitable Brothers & CO., New York,and
-The following three
-BOND SALE.
CHICAGO, Cook County, 111.
Remick, Hodges Zz'Co.and Barr or none
----- -year (aver.) serial gold bonds, aggregating $8,095,000,
-10
5
7
Fidelity Trust Co., Buffalo, all Blodget & 0:9
- Co. and williamr2 8 7 issues of 4% 10 3 for sale on Sept. 14 (V. 115, p. 1120), have been sold to
which were offered
- - -Co., Stacy & Braun, none-----liallgarten &
Weeks, W. A. Harriman & Co.,.
or
a syndicate composed of Hornblower &
R. Compton Co., New York, allBros., Keane, ------- -- Co.,
R. W. Pressprich & Co., H. L.
Inc., Barr Bros. & Co., J. G. White & Co., Inc., Jelke, Hood & Co,. B. J.
E. H. Rollins & Sons, Kountze
Y.,all or none_ _102.341
Eastman, Dillon & Co., N.Curtis & Sanger,
Allen & Co., Lamport, Barker & Jennings, Higbie & Co., Inc., TAylor.
Eldredge & Co.and
Rothschild & Co.,
Blodg.ett & Co. Keane,
VanIngen & Co.,
Sherwood & Merrifield, L. F. Allen & Co., New York,all or none_ 102.234
& Co. all of New York,.
Ewart & Co., Ctirtis & Sanger. and Hambleton Co. of Boston, at 98.639.
Jelke, Hood & Co.and H.L.
'
Bank, Buffalo, for $2,980,000
and Edmunds Bros. and the Old Colony Trust
Manufacturers & Traders National
104.375
water bonds
a basis of about 4.16%•
serials all or none, and for $600,000
Hutton & Pomeroy and BufDec. 16
$2,695,000 Ogden Ave. improvement bonds. Date1939 incl. 1919. Due
102.079
Trust Co., Schoellkopf,
The marine
Trust Co., Harris, Forbes
The bonds
$245,000 yearly on Jan. 1 from 1929 to
falo Trust Co., Buffalo, and Bankers
New York, all or none
are issued in accordance with an ordinance passed by the
& Co. and Dillon, Read & Co.,Bros. & Co., Hannahs, Ballin &101.063
Council July 21 1919 and were approved by the voters at
Co., Brown
Kissel, Kinnicutt &
York, all or none
an election on Nov.4 1919.
Lee and First National Bank, New & Co. Lamport, Barker
1922. Due yearly
2,000,000 street lighting system bonds. Date July 1and
Redmond & Co. R. W. Pressprich
none
&101.53
$110,000 from
Co., New York, all or Bank of Buffalo,
on Jan. 1 as follows: $130,000 in 1924
Jennings and Rutter &
People's
1925 to 1941 incl. The bonds are issued in accordance with
O'Brian, Potter & Co., Buffalo, and
101.496
an ordinance passed by the Council May 3 1922 and were
101.02
all or none
Buffalo, for $200,000 gradeapproved by the people at an election on June 5 1922.
The Merchants National Bank of
crossing bonds
SEPT. 16 1922.]
THE CHRONICLE
3,400,000 bridge and viaduct construction bonds. Date July 1 1922. Due
yearly on Jan. 1 as follows: $170,000 in 1924 and $190,000
from 1925 to 1941 incl. The bonds are issued in accordance
with an ordinance passed by the Council May 3 1922 and
were approved by the voters at an election on June 5 1922.
Denom. $1,000. Int. payable in gold coin of the present standard of
weight and fineness. The bonds are payable at the City Treasurer's office or at the American Exchange National Bank, New York City.
CHULA VISTA UNION SCHOOL DISTRICT, San Diego County,
-An issue of $45,000 5%% school bonds has been
-BOND SALE.
Calif.
sold to the Bank of La Mesa for $47,522, equal to 105.60.
-BOND
CLARKE COUNTY SCHOOL DISTRICT NO. 62, Wash.
-The County Treasurer (P. 0. Vancouver) will receive sealed
OFFERING.
until 10 a.. m. Sept. 30 for $2,000 school bonds at not to exceed 6%
bids
interest. Denom. $200. Int. semi-ann. Cert. check for 1% required.
CLEVELAND CITY SCHOOL DISTRICT (P. 0. Cleveland), Cuya-BOND ,SALE.
-The syndicate composed of Bankers
hoga County, Ohio.
Trust Co., Dillon, Reed & Co., Guaranty Co., Wm. R. Compton Co.,
Hannah.% Bailin & Lee, all of New York, and Tillotson & Wolcott Co. of
Cleveland, which purchased $3,000,000 of 85,000,000 4 % bonds offered
on July 3and took a one-month option on the remaining $2,000,000(V. 115,
p. 209, 672), has exercised its option, making the total purchase $5,000,000,
at 100.08, a basis of about 4.49%. The $2,000,000 bonds recently purchased mature $100,000 yearly on Sept. 1 from 1923 to 1942 incl.
Financial Statement.
$1,727,106,480
Assessed valuation
28,465,000
Total bonded debt (this issue included)
Sinking fund
3,255,782
Net debt
25,209,218
Population (estimated)
870,000
CLEVELAND HEIGHTS,Cuyahoga County,Ohio.
-BOND SALE.
It is reported that the Richards, Parrish & Lamson Co. of Cleveland
have been awarded four issues of 5%% paving, water, sewer and street
Improvement bonds aggregating $163,033, at a premium of 84,339 (102.66)
and accrued interest. The bonds are to run from 1 to 10 years.
,CLIFTON HEIGHTS, Delaware County, Pa.
-The
-BOND SALE.
$36,000 borough bonds offered on Aug. 17-V. 115, p. 784
-were sold to
Biddle & Henry of Philadelphia, it is reported. Date Sept. 1 1922. Due
on Sept. 1 as follows: $5,000 in 1927, 1932, 1937, 1942, 1947, and $11,000
1952.
CLINTON GRADED SCHOOL DISTRICT(P.O. Clinton), Sampson
County, No. Caro.
-BOND SALE.
-R. M. Grant & Co. of New York,
have purchased the $60,000 6% school bonds offered on Sept. 12-V. 115,
p. 1120.
COCHISE COUNTY SCHOOL DISTRICT NO.21 (P.O. Litchfield),
Ariz.
-BOND SALE.
-The Bankers' Trust Co. of Denver have purchased
$60,0006% school building bonds at a premium of $183 75,equal to 100.30.
COLOME, Tripp County, So. Dak.-BONDS VOTED.
-By a vote of
69 to 30 Rt$30,000 water bonds were recently voted.
COLONIE UNION FREE SCHOOL DISTRICT NO.22(P.O. Watervliet), Albany County, N. Y.
-BONDS OFFERED.
-An issue of $100,000
5% school bonds was offered for sale yesterday (Sept. 15). Denom.
$5,000. Date July 1 1922. Prin. and interest payable at the National
Bank of Watervliet. Due $5,000 yearly on Jan. 1 from 1924 to 1943,incl.
COLORADO COUNTY COMMON SCHOOL DISTRICT NO. 17,
-BONDS REGISTERED.
Texas.
-The State Comptroller of Texas regis-year bonds on Sept. 7.
tered $6,000 5% 10
COLUMBUS, Platte County, Neb.-BOND SALE.
-The State of
Nebraska has purchased $5,000 sewer extension bonds at par.
CORTEZ, Montezuma County, Colo.
-BOND SALE.
-A special
telegraphic dispatch from our Western representative advises us that
-35
$54,000 6% 10 -year (serial) water refunding bonds have been purchased
jointly by the Bankers Trust Co. and Benwell, Phillips & Co. of Denver.
COSHOCTON, Coshocton County, Ohio.
-BOND OFFERING.
W.H. Williams, City Auditor, will receive sealed bids until 12 m. Oct. 10
for $2,500 6% fire hose bonds. Denom. $500. Date not later than
Oct. 1 1922. Int. semi-ann. Due $500 yearly on Oct. 1 from 1923 to
1927, inclusive. Auth. Sec. 3939, Gen. Code. Certified check for 10%
of the amount bid for, payable to the City Treasurer is required. All
bids must include accrued interest.
CRANSTON, Providence County, R. I.
-TEMPORARY LOAN.
-A
temporary loan of $50,000, maturing Jan. 10 1923, has been awarded to
C. L. Edwards & Co. on a 3.74% discount basis, plus $1 50 premium,
It is stated.
CUMBERLAND COUNTY (P. 0. Fayetteville), No. Caro.
-BOND
OFFERING.
-D. Gaster, County Treasurer, will receive scaled bids until
12 m. Oct. 10 for $250,000 5% road and bridge bonds. Denom. $1,000.
Date Oct. 15 1922. Prin. and semi-ann. int. (A. & 0.), payable in gold
at the United States Mortgage & Trust Co., N. Y. City. Due $10,000
yearly on Oct. 15 from 1927 to 1951, inclusive. A certified check for 2%
required. The bonds will be prepared under the supervision of the U. S.
Mtge.& Trust Co., which will certify as to the genuineness of the signatures
of the officials and the seal impressed thereon. Legality will be approved
by Caldwell & Raymond, N. Y. City. Bids to be made on blank forms
to be furnished by the above Treasurer or said trust company.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The $100,000 5% coupon special assessment Water Supply Impt. No. 16,
Sewer District No. 1 bonds, which were offered for sale on Aug. 19V. 115, p. 673
-have been sold to the Wm. R. Compton Co. of Chicago,
at a premium of $3,528 (103.528) and accrued interest, a basis of about
4.60%. Date Sept. 11922. Due $5.000 yearly on Oct. 1 from 1924, to
1943, inclusive. The following bids were also received:
Premium.
Premium.
Stacy & Braun, Toledo
$3,308 N. S. Hill & Co. Cincinnati_ 42,507
Provident Savings Bank &
Prudden & Co., Toledo
'
2,511
Trust Co., Cincinnati
2,900 A. T. Bell & Co., Toledo__ _ _ 2,439
Hayden, Miller & Co., Cleve_ 2,860 Guardian Savings & Trust
Richards, Parrish & Lamson,
Co., Cleveland
2,370
Cleveland
2,737 Otis & Co., Cleveland
2,060
Keane, Higbie & Co., Detroit_ 2,600
-The following three issues of bonds which were offered
BOND SALE.
-have been sold to the Citizens Trust
for sale on Aug. 19-V. 115, p. 784
Sr Savings Bank of Columbus, the special assessment bonds aggregating
$55.366 12 at a premium of $121 31 (100.21) and interest, a basis of about
4.95% and the county portion bonds at a premium of $404.04 (100.52),
a basis of about 4.89%.
$51,512 12 special assessment Lee Road No.4 inapt. bonds. Denom. 1 for
$512 12 and 51 for $1,000 each. Due yearly on Oct. 1 as follows: $4,512 12 in 1923, $5,000 in 1924 and $6,000 from 1925
to 1931, inclusive.
77,268 19 (county's portion) Lee Road No.4 impt. bonds. Denom. 1 for
$26819 and 77 for $1,000 each. Due yearly on Oct. 1 as follows: $8,268 19 in 1924, $9,000 in 1925 and $10,000 from
1926 to 1931, inclusive.
3,854 00 special assessment Huffman Road impt. bonds. Denom. 1 for
$354 and 7 for $500 each. Due yearly on Oct. 1 as follows:
$354 in 1923 and $500 from 1924 to 1930, inclusive.
Date Aug. 11922. Principal and semi-annual interest (A. & 0.) payable
at the County Treasurer's office:
The following bids were also received:
Prem. on
Prem. on
County Spec. Assess.
Issue.
Issues.,
$310 00
Sidney Spitzer Co., Toledo
$110 00
252 00
Guardian Savings & Trust Co.. Cleveland
64 00
A. T. Bell & Co., Toledo
207 42
67 44
Seasongood & Mayer, Cincinnati
53 00
187 00
N. S. Hill & Co., Cincinnati
61 16
183 36
Breed, Elliott & Harrison, Cincinnati
55 00
160 00
Provident Savings Bank & Trust Co., Cincinnati_ __ 159 32
53 11
W. L. Slayton & Co., Toledo
39 08
117 24
REGISTERED.
DALLAS COUNTY (P. 0. Dallas), Tex.
-BONDS
The State Comptroller of Texas registered $150,000 6% court-house and
jail bonds on Sept. 6.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
-The
$3,700 5% highway impt. bonds which were offered for sale on Sept. 5
1353
(V. 115, p. 1121) have been sold to the Meyer-Kiser Bank of Indianapolis
at par and accrued int. Date Aug. 15 1922. Denom.$185. Int. M.& N
15. Due semi-ann. for 10 years, beginning May 15 1924.
DE WITT UNION FREE SCHOOL DISTRICT NO. 14 (P. 0. Eastwood), Onondaga County, N. Y.
-BOND SALE.
-During August an
Issue of $190,000 school bonds was awarded to the Union National Corp.
of New York at 100.27 for 4%s, a basis of about 4.43%. Date May 1
1922. Int. M. & N. Due yearly on May 1 as follows: $5,000. 1927 to
1940 incl., and $6,000, 1941 to 1960 incl. Other bidders were:
Name
Interest Rate.
First Trust & Deposit Co., Syracuse
%
Geo. B. Gibbons
102 d.
Bi3
. 1
Sherwood & Merrifield,
'New York
43i%
102.28
O'Brian, Potter & Co., Buffalo
43%
102.195
DODGE COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Hooper),
Neb.-BOND SALE.
-The 475,000 5% school bonds offered on Sept. 9
-V.115, p. 1009
-have been purchased
the Omaha Trust Co. of Omaha
at 101.70. Date Sept. 1 1922. Due in 20 years; optional after 5 years.
DOVER, Morris County,' N. J.
-CORRECTION.
-Earlier in the year
we reported that on April 27 as also on June 19, the town had sold $45,000
4%% coupon refunding bonds. We are now advised by James V. Baker.
Town Clerk, that the sale on the first named day was not completed, that
the bonds were re-advertised as stated in V. 114. P. 2745, and sold on
June 19 to the Dover Trust Co. and the National Union Bank of Dover
(V. 114, p. 2851).
DOWNINGTON SCHOOL DISTRICT (P.O. Downington), Chester
County, Pa.
-BOND SALE.
-The $100,000 coupon bonds offered on
Sept. 12-V. 115, p. 1234
-were awarded to Biddle & Henry of Philadelphia
at 100.442 and interest for 43s. a basis of about 4.47%. Date Oct. 1 1922.
Due on Oct. 1 as follows: $10,000, 1927; $13,000, 1932; $17.000. 1937:
$20,000, 1942, 1947 and 1952. Other bidders were:
Bid
Names of Other Bidders4X %.
Graham, Parsons & Co
$100,050
$102/6
4
.
0
Lewis & Snyder
101.780
Lloyd & Palmer
101,030
West & Co
101,180
Brooke, Stokes & Co
100,057
M. M.Freeman & Co
100,278
A. B. Leach & Co
100.415
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND OFFERING.
-J. A.
Sonderman, County Treasurer, will receive bids until 10 a. m. Sept. 18 for
$103,500 43 % Herman Hopenjaus et al. highway impt. and Martin
Wagnor County Unit Road bonds. Denom. $517 50. Date Aug. 5 1922.
Int. M. & N. 15. Due $5,175 each six months from May 1923 to Nov. 15
1932 incl. In V. 115, p. 1234, we reported on the advice of a local newspaper that the above bonds were to have been offered for sale on Sept. 11.
EAST ST.LOUIS PARK DISTRICT (P.O. East St. Louis), St. Clair
-BOND SALE.
-The $50,000 5% 14%-year (aver.) coupon
County, 111.
park and boulevard bonds, which were offered for sale on Sept.
115,
for $52,200
p. 1121-have been sold to R. M. Grant & Co. of Chicago, 12-V.
(104.40) and interest, a basis of about 4.38%. Date Sept. 1 1922. Due
on Sept. 1 as follows: $5,000 in 1932, $10,000 in 1933 and 1936, and $5,000
from 1937 to 1941, inclusive.
-ADDITIONAL DATA.
EUGENE, Lane County, Ore.
-The $29,953 20 5X% Bancroft improvement bonds, which were purchased on
Aug. 7 by the Lumbermen s Trust Co. of Portland, at 100.06-V. 115.
-mature Aug. 15 1932. Int. on the bonds is payable semi-annually
P.893
(Feb. 15 and Aug. 15) at the City Treasurer's office.
EVANGELINE PARISH SCHOOL DISTRICT (P. 0. Ville Platte),
La.
-OFFERED.
-The 350.000 6%
-BONDS NOT SOLD
-BONDS RE
coupon school bonds offered on Aug. 21-V. 115, p. 674
-were not sold.
Bids are now to be received until Sept. 27. Date Oct. 11922.
EVERETT, Middlesex County, Mass.
-BOND OFFERING.
-Nathan
Nichols, City Treasurer, will receive bids until 3 p. m. Sept. 19 for 3152.000
4X% coupon high school bonds issued under authority of Chapter 212,
Special Acts of 1919, and Chapter 329, Acts of 1921. Denom. $1,000.
Date July 1 1921. Int. J. & J. Due $38,000 on July 1 in each of the years
1927, 1928, 1929 and 1930. The official circular states that these bonds
are engraved under the supervision of the Old Colony Trust Co. of Boston,
which will further certify that the legality of this issue has been approved
by Ropes, Gray, Boyden & Perkins of Boston; that all legal papers incident
to this issue are filed with the Old Colony Trust Co., where they can be
inspected at any time, and that these bonds are exempt from taxation
in Massachusetts.
FAIRBURY, Jefferson County, Neb.-BOND ELECTION.
-An election wia be held on Oct. 3 to vote on the question of issuing sewer and drainage bonds to the amount of $40,000. H. W. Forts, City Clerk.
FAIRFIELD, Jefferson County, Ala.
-Sealed
-BOND OFFERING.
bids were received until 5.30 p. m. Sept. 15 by A. Clinton Decker, Mayor,
for $73,000 school bonds not to exceed 6% interest. Denom. $1,000.
Date Sept. 1 1922. Prin. and semi-ann. int. payable at the U. S. Mtge.
& Trust Co. N. Y. City. Due Sept. 1 1952. The successful bidder will
be furnished with an opinion from Story, Thorndike, Palmer & Dodge
'
of Boston, Mass.,that the bonds are valid obligations of the city of Fairfield.
The bonds will be printed under the supervision of the United States Mortgage & Trust Co.,of New York City, which will certify as to the genuineness
of the signatures and seal on the bonds.
If a o21l Statement.
rcia
Assessed value of property nor
$2,760,877 00
Tax rate for year 1921, $1.50 per $100.
•
Totalthisds authorized exclusive ofelectriclight bonds,includbon issue
ing127,500
00
Electric light bonds
5,00000
Permanent equipment, notes
9,975 00
Total Indebtedness, exclusiveof the above, less than 1% of
the
Sinking fund account
18,855
Population, Federal Census 1920, 5.003; present (estimated)
5,900
FALL RIVER, Bristol County, Mass.
-BOND OFFERING.
-It is
reported that the City Treasurer will receive bids until 10:30 a. m. Sept. 20
for $50,000 bonds,interest rate to be named by bidders. Date Sept. 1 1922.
Due $5,000 yearly from 1923 to 1932, inclusive.
FERGUS COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Danvers),
Mont.
-BOND OFFERING.
-Manche 0. Bennett, Clerk of Board of
Trustees, will receive sealed bids until 8 p. m. Sept. 29 for $3,500 coupon
school bonds at not to exceed 6% interest. Denom. $500. Int. semi-ann.
te the ahevyears,ie rcialred. years. Certified check for $350. Payable
Due in 2 e
0
ie orio i in 10
enu
eff
A previous report stated that these bonds were to be sold on Sept. 9.
FIFTH LOUISIANA LEVEE DISTRICT (P. 0. Tallulah), Miss.
BOND SALE.
-Caldwell & Co. of Nashville have purchased the $125,000
5% levee bonds offered on Sept. 13-V. 115, p. 1009
-at par.
FLATONIA INDEPENDENT SCHOOL DISTRICT (P.O. Flatonia),
Fayette County, Texas.
-On Aug. 31 a proposi-BONDS DEFEATED.
tion to issue $30,000 school bonds was defeated by a vote of 114 to 243.
-BOND SALE.
-The $75,000
FRANKLIN, St. Mary's Parish, La.
5% public impt. bonds offered on Sept. 5-V. 115, p. 785-were sold to the
Commercial Bank & Trust Co. of Franklin.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
The three issues of5%, aggregating $186,500, which were offered for sale
on Sept. 7 (V. 115, p. 1009), have been sold to Curtis & Sanger, of New
York, and Otis & Co., of Cleveland, as follows:
$114,000 63 -year (average) Sewer District Clinton No. 2 sewer bonds at a
premium of 82,440 (102.14) and interest, a basis of about 4.63%.
Denom. $1,000. Due yearly on Feb. 1 as follows: $12,000 from
1925 to 1928, inclusive, and $11,000 from 1929 to 1934, inclusive.
43,500 65 -year (average) Sewer District Clinton No. 2 water-main
%
bonds at a premium of $931 (102.14) and interest, a basis of about
4.61%. Denom. 43 for $1,000 each and 1 for $5.000. Due
yearly on Feb. 1 as follows: $5,000 from 1925 to 1927, inclusive:
S4,500 in 1928, and $4,000 from 1929 to'1934, inclusive.
29,000 6%-year (average) Sewer District Marion No. 1 sewer bonds at a
premium of $621 (102.17) and interest, a basis of about 4.62%.
Denom. $1,000. Due yearly on Feb. 1 as follows: $3,000 from
1925 to 1933, inclusive, and $2,000 in 1934.
1354
THE CHRONICLE
Date Aug. 1 1922. Principal and interest (F. & A.) payable at the
County Treasurer's office.
The following bids, all including accrued interest, were also received:
for Prem. for
Prem. J'or Premlor Prem.
$114,000. $43,500 $29,000 3 Issues.
Harris, Forbes & Co. and National
City Co., New York, and Hayden,
$3,607 00
Miller & Co., Cleveland
$2,359 00 $804 30 $571 00
W. L. Slayton & Co., Toledo
3,508 00
Richards, Parrish & Lamson, Cleve_
2,018 00 771 00 514 00
Stacy & Braun, Toledo
3,026 00
Weil, Roth & Co., Cincinnati
Seasongood & Mayer, Cincinnati__ _ 1,841 00 675 00 468 00
2,722 90
Bohmer, Reinhart & Co., Cincinnati_
FRANKLIN TOWNSHIP (P. 0. Higby), Ross County, Ohio.
-Arthur Polen, Clerk of the Board of Education, will
BOND OFFERING.
receive sealed bids until 12 m. Sept. 30 for $10,000 6% coupon school
bonds. Denom. $1,000. Date day of sale. Int. semi-ann. Due in 1
to 10 yearsfrom date, payable at the office of the above official. Certified
check for 2% of the amount bid for, payable to the Board of Education is
required. All bids must include accrued interest.
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Wyckoff),
-We are
-AMOUNT OF BONDS SOLD.
-PRICE
Bergen County, N. J.
advised by Harry E. Randall, District Clerk, that M. M.Freeman & Co.
paid $100,404 44 for $100,000 bonds in the award to them of the issue of
coupon or registered school bonds on April 11 (V. 114, p. 1688).
FRANKLIN TOWNSHIP, Howard County, Mo.-BOND SALE.The $25,000 5% road and bridge bonds offered on Aug. 31 (V. 115, p. 893)
were awarded to the Guaranty Trust Co., of St. Louis, at a premium of
$445, equal to 101.78. Date Sept. 1 1922. Due yearly from 1924 to 1942,
inclusive. The following is a complete list of the bids received:
$25,445
Guaranty Trust Co., Kansas City, Mo
25,165
Liberty Central Trust Co., St. Louis, Mo
25,140
Mercantile Trust Co. St. Louis, Mo
25,053
Inc., St. Louis, Mo
Kaufman-Smith-Emeit &
25,327
Co.,
Brown, Crammer Co., Kansas City, Mo
25,092
Fidelity National Bank & Trust Co., Kansas City, Mo
24,753
The National Bank of Commerce, St. Louis
25,027
Stern Brothers & Co., Kansas City, Mo
25,319
Perscott & Snider, Kansas City, Mo
24,778
The Citizens Trust Co., Boonville, Mo
25,310
H. P. Wright Investment Co., Kansas City, Mo
24.642
Whitaker & Co., St. Louis, Mo
-BOND SALE.
FREEBORN COUNTY (P. 0. Albert Lea), Minn.
On Sept. 12 the Northwestern Trust Co. of St. Paul was the successful
bidder for the $100,000 5% road bonds offered on that date-V. 115, p. 1121
-at 100.60. a basis of about 4.925%. Date Sept. 11922. Due Sept. 1 1932.
-Fred Tavis, County Auditor, will receive sealed
BOND OFFERING.
bids until 2 p. m. Sept. 26 for the following 5% public drainage bonds.
$80,000 Judicial Ditch No. 8 bonds. Due on Sept. 1 as follows: $6,000,
1928 to 1932. and $5.000, 1933 to 1942, incl.
25,000 Judicial Ditch No. 25 bonds. Due on Sent. 1 as follows: $1,000,
1928 to 1932. incl.. and $2,000, 1933 to 1942, incl.
Denom. $1,000. Date Sept. 1 1922. Prin. and semi-ann. int. payable
at the Northwestern Trust Co., St. Paul. A certified check for $250,
payable to the above Clerk, required.
-NO BIDS RECEIVED
-BOND
FRESNO, Fresno County, Calif.
-No bids were received on Aug. 24 for the $18,017 20 7% improveSALE.
p. 785). The bonds were later awarded to the conment bonds (V. 115,
tractors.
FRIENDSHIP CONSOLIDATED SCHOOL DISTRICT NO. 22
-BOND ELECTION.
(P. 0. Georgetown), Williamson County, Texas.
-An election will be held to-day (Sept. 16) to vote on the question of
issuing $12,000 5% school building bonds. Denom. $600.
-BOND OFFERING.
FULTON COUNTY (P. 0. Rochester), Ind.
H. B. Kumler, County Treasurer, will receive bids until 10 a. m.Sept. 21
for the following 4% bonds:
$10,780 Hugh Van Meter et al, highway improvement in Liberty Township
bonds. Denom. $539.
6,600 Joel R. Township et al highway improvement in Liberty Township
bonds. Denom. $330.
Date May 15 1923. Int. M.& N. 15. Due one bond of each Issue each
six months from May 15 1923 to Nov. 15 1932, inclusive.
-BOND SALE.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-W. L.
Slayton & Co. of Toledo have purchased $77,000 6% road bonds at a
premium of $2,533 30 (103 29). Due from 1 to 10 years.
I
-BOND OFFERING.
GENEVA, Ashtabula County, Ohio.
-W. E.
Morgan, Village Clerk, will receive seated bids until 12 m. Sept. 18 for
$53,000 54% sewage-disposal works bonds. Denom. $1,000. Date
May 1 1922. Int. A. & 0. Due yearly on Oct. 1 as follows: $3.000 in
each of the years 1927, 1932, 1937, 1942 and 1946 and $2,000 in each of
the other years from 1923 to 1945 incl. Auth. 3939, Gen. Code, and
Ordinance No. 458. Cert. check, payable to the Village Treasurer, for 2%
of the amount bid for is required. All bids must include accrued interest.
GILROY HIGH SCHOOL DISTRICT,Santa Clara County,Calif.
-Each bid submitted for the $60,000
ADDITIONAL INFORMATION.
5% coupon school bonds on Sept. 18 must be accompanied by a certified
for 5% of the amount of the bonds bid
check from a reliable bank
for. Interest on the bonds is payable semi-annually(M.& S.). Purchaser
to pay accrued interest. Other information concerning the offering of these
bonds may be found in last week's issue on page 1235.
GOLDEN VALLEY COUNTY (P.20. Beach), No. Dak.-BOND
-Bids will be received until p. m. Oct. 3 by M.C. McCarthy,
OFFERING.
-year court-house bonds. A certified check
County Auditor. for $25,000 20
for $500, payable to the Beard of County Commissioners, required.
GOSHEN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. New
-BONDS REJECTED.
-Philadelphia), Tuscarawas County, Ohio.
% coupon school bldg. bonds which were offered for sale
The $58,000
-were awarded to Richards, Parrish & Lamson
on Aug. 19-V. 115, p. 335
of Cleveland, but were later rejected by that firm on the ground that Squire,
Sanders & Dempsey failed to approve the issue.
Ind.
-BOND SALE.
-The $11,520
GRANT COUNTY (P. 0. Marion),
free gravel
5% 5 1-6-year (average) Oliver M. Detamore on Sept. 8road, Washington
(V. 115, p. 1122)
bonds, which were offered for sale
Township,
Trust Co., of Indianapolis, at a
have been sold to the Fletcher Savings & a basis of
about.4.73%
premium of $135 55 (101.17) and interest, May 15 1923 to Nov. • Date
15 1932,
each six months from
July 5 1922. Due $576
inclusive.
-BOND SALE.
Minn.
-The $5,000
GREENBUSH, Roseau County,
115, p. 1122
6% refunding bonds offered on Sept. 5-V. a premium -were purchased
at
by McNear, Hester Sr Co. of Minneapolis 11922. Due of $100, equal to
Aug. 1 1937,
102, a basis of about 5.80%. Date Aug.
Wis.-BOND SALE.
-The
GREEN COUNTY (P. 0. Monroe),purchased the $250,000 5% Second
coupon
Ward Securities Co. of Milwaukee, has
-at par, plus a premium
p. 1010
highway bonds offered on Sept.7-V.115, about 4.625%. Date
April 1
equal to 101.345. a basis of 1927.
of $3,356 75,
and
1920. Due $125,000 on April 1 in 1926
Wyo.-BOND ELECTION CALLED
GREYBULL, Big Horn County, the election postponed from Sept. 5
OFF.
-The Town Clerk advises us that
and no bonds are to be issued.
(V. 115, p. 1122) has been called off
DISTRICT NO.5(P.O. Memphis), Texas.-*
HALL COUNTY ROAD proposition to issue $10,000 5 % road bonds,
-The
BONDS DEFEATED.
people on Aug. 26( • 115, p. 785),
which was submitted to a vote of the
failed to carry.
-BOND
City), Iowa.
HAMILTON COUNTY(P.O. Webster on Sept. 6 (V. 115, SALE.
p. 1010)
The $60,300 53.% drainage bonds offered Minneapolis as 5s. Denom.
were awarded to the Wells-Dickey Co. of
$1,000. Int. semi-ann.
-NO BIDS RECEIVED-BONDS REHAMLER, Henry County, Ohio. which were offered for sale on Aug. 31
-The two issues of bonds
OFFERED.
as no bids were received. The bonds are
(V. 115, p. 1235), were not sold,
30.
to be reoffered and bids will be received until Sept.
[VoL. 115.
-H.J. Broertles
-BOND OFFERING.
HAMMOND,Lake County,Ind.
City Comptroller, will receive sealed bids until 2 p. m. Oct. 5 for $150,000
6% coupon water wcrks betterment and extension bonds. Denom. $1,000.
Date Oct. 15 1921. Prin. and semi-ann. hit., payable at the City Treasurer's office. Due yearly on Oct. 15 as follows: $2,000 from 1927 to 1936,
inclusive, $7,000 from 1937 to 1941, inclusive; $12,000 from 1942 to 1948,
inclusive, and $11,000 in 1949. Certified check for 24% of the amount
bid for is required.
-NOTE OFFERING.
HAMPDEN COUNTY (P.0.Springfield), Mass.
-The County Commissioners will receive bids until 11 a. m. Sept. 26 for
$000,000 43' % legistered notes. Date Oct. 1 1922. Int. J. & J. Payable
Jan. 1 1924 at the Old Colony Trust Co. of Boston. These notes are
exempt from taxation in Massachusetts and will be engraved under the
supervision of and certified as to their genuineness by the Old Colony
Trust Co. of Boston, which will further certify that the legality of the
Issue has been approved by Ropes, Gray, Boyden & Perkins of Boston.
All legal papers incident to this issue will be filed with the Old Colony
Trust Co., where they may be inspected. Notes will be ready for delivery
about Oct. 1.
HARDIN COUNTY ROAD DISTRICT NO. 3 (P. 0. Kountze),
-Due to a typographical error, the amount of the
-CORRECTION.
Tex.
-was inbonds disposed of by this district on April 10-V. 114. p. 1689
correctly given as $31,000. The correct amount should be $310,000.
HARRISBURG INDEPENDENT SCHOOL DISTRICT (P.0.Harris.
-On Aug. 29, by a vote
-BONDS VOTED.
burg), Harris County, Tex.
of 133 to 17, the voters authorized the issuance of $100,000 school building
bonds.
HARRISON TOWNSHIP RURAL SCHOOL DISTRICT, Mont.
-Wilber G. Siebenthaler,
-BOND OFFERING.
gomery County, Ohio.
Clerk-Treasurer Board of Education, will receive sealed proposals until
coupon
7:30 p. m., Central Standard Time, Sept. 19 for $5,000 53.6% Denom.
school house bonds. Auth., Sections 7630-1, Gen. Code.
Int. March 15 & Sept. 15. Due $500
$500. Date Sept. 15 1922.
yearly on Sept. 15 from 1923 to 1932 incl. Certified check for $250,
payable to the above official, required. Purchaser to pay accrued int.
-Pro-BOND OFFERING.
HARTFORD, Hartford County, Conn.
posals for the purchase of $100,000 4% water-supply bonds are being
received until 1 p. m.(standard time) Sept. 27 by Chas. H. Slocum, City
Treasurer. Date June 1 1922. Principal and interest payable in U. S.
gold coin. Due $25,000 on Juno 1 in each of the years 1938, 1939, 1940 and
1941.
The official announcement of this bond offering will be found among the
municipal advertisements of this week's issue.
HICKORY TOWNSHIP SCHOOL DISTRICT (P. 0. New Castle
-George W.
-BONDS OFFERED.
R. F. D. 9), Lawrence County, Pa.
Patterson, District Secretary, offered for sale on Sept. 6 $22,000 434%
tax-free school bonds. Denom. $500. Date Sept. 1 1922. Int. semi-ann.
Due $2,000 yearly on Sept. 1 from 1923 to 1933, incl.
-BOND SALE.
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
-year (aver.) Road Improvement No. 74 bonds.
The $12,000 531% 34
which were offered for sale on Aug. 7-V. 115, p. 674- have been sold
to N. S. Hill & Co. of Cincinnati for $12,103 20 (100.86) and interest,
a basis of about 5.23%. Date Aug. 1 1922. Due $2,000 yearly on Sept.
1 from 1923 to 1928 ihclusive.
-Weil, Roth & Co. of Cincinnati have purchased $21,500
BOND SALE.
for
53.6% road improvement bonds. Denom. 21 for $1,0013 each and 1
(M.
$500. Date July 1 1922. Prin. and semi-ann. int. Sept.& S.) payable
1 as follows:
at the County Treasurer's office. Due yearly on
$2,500 in 1923, $3,000from 1924 to 1928 incl., and $2,000 in 1929 and 1930.
Beach
HIGHLANDS GLADES DRAINAGE DISTRICT, Palm Chilling-BOND OFFERING.-Bids will be received by C.E.
County,Fla.
West
worth, District Treasurer (P. 0. Room No. 1, Post Office Building,
16. A
Palm Beach). for $196,000 drainage bonds until 11 a. m. Oct.
certified check for 2% of issue required.
-BOND ELECTION CALLED
HILLYARD,Spokane County, Wash.
place
-We are advised that the election, which was scheduled to take
OFF.
issuing $10,000
on Aug. 8 for the purpose of voting on the question of
swimming pool bonds, was called off, as it was declared Illegal.
-It is re-BOND ELECTION.
HOLLAND, Ottawa County, Mich.
ported that at the regular election on Nov.7 the question ofissuing $175,000
bonds for a new hospital will be submitted to the voters.
-TEMPORARY LOAN.
HOLYOKE, Hampden County, Mass.
maturing Nov. 15
A temporary loan of $100,000, dated Sept. 15 and
Trust Co. of
1922, has been awarded, it is reported, to the Old Colony
Boston on a 3.39% discount basis, plus $2 75 premium.
-The $10,500 water
HOOPER, Dodge County, Neb.-BOND SALE.
-have been purchased by
works bonds recently voted-V. 115, p. 1010
Burns, Brinker & Co. of Omaha, at a premium of $189, equal to 101.80.
HULL INDEPENDENT SCHOOL DISTRICT, Liberty County,
-The State Comptroller of Texas regis-BONDS REGISTERED.
Texas.
tered $100,000 6% serial bonds on Aug. 29.
-The State of
HUNTLEY, Harlan County, Neb.-BOND SALE.
Nebraska purchased $14,500 6% electric-light and transmission bonds at
par during the month of August. Date June 15 1922. Due June 15 1942,
optional June 15 1922.
IMPERIAL IRRIGATION DISTRICT (P. 0. El Centro), Imperial
-A syndicate headed by the Anglo
-BOND SALE.
County, Calif.
London-Paris Co. of San Francisco and the First Securities Co. of Los
Angeles, have purchased and are now offering to investors at 101 and
interest $2,500,1300 6% tax-free bonds. Denom. $1,000. Date July 1
1922. Int. J. & J. Due yearly from 1935 to 1956 inclusive.
These bonds are part of a total authorized issue of $7,500,000. During
July we reported (in V. 115, p. 567) that the above two companies had
purchased $1,000,000 (part of the $7,500,000) at 94, with an option on
an additional $4,500,000 at the same figure. Later, in V. 115, p. 786.
we stated that the two companies had exercised their option on $1,000,000
that
of the $4,500,000, leaving $3,500,000 to be taken. It now appears
they have exercised their option on $2,500,000 more.
to the San Francisco "Chronicle" of Sept. 6 the syndicate
According
Co.
headed by the Anglo-London-Paris Co. and the First Securities
Angloincludes the following other members: Mercantile Trust Co.,Co., F.
Co., William Cavalier &
California Trust Co. Schwabacher &
& Co,
M. Brown & Co., Weeden & Co., J. R. Mason & Co., Strassburger
Co., and
Council. Moller & Co., Chester W. Skaggs & Co., McDonnell &
Bickel & Tietjen & Co.
Financial Statement.
$48,206,049
Assessed valuation (land)
100,000.000
Actual value (officially estimated)
16,000,000
Total authorized debt
13,000,000
Total outstanding debt
Population, 50.000.
NO. 5, Burke County,
INTERNATIONAL SCHOOL DISTRICT funding bonds offered on
No. Dak.-BOND SALE-The $33,000 5%the Minneapolis Trust Co.
-were awarded to
Sept. 12-V. 115, p. 1236
of Minneapolis. Due in 20 years.
-The
-BOND SALE.
IRON COUNTY (P. 0. Crystal Falls), Mich. on Sept. 2-V. 115,
for sale
$75,000 5% road bond: which were offered Co. of Chicago, for $77,460
awarded to Shenker &
-have been
p. 786
Data July 1 1919.
(103.28), a basis of about 4.64%. -Denom. $1,000.all including accrued
Int. J. & J. Duo July 1 1934. The following bids,
interest, were also received:
Amt. Bid.
Amt. Bid.
R. M.Grant & Co.,Chicago_$76,972 Iron Co.Nat.Bk„CrystalFalls$76,010
Hanchett Bond Co., Chicago 76,757 Bolger, Mos.ser & Willianian,
Chicago
John Nuveen & Co., Chicago 76.605 Miner State Bk., Iron River_ 75,955
75,750
Second Ward Securities. Chi.. 76,514
Shenker & Co., Chicago__ 77,460 Paine, Webber & Co., Chic_ 75,200
H. D. Fellows Co.. Chic.. 76.390 Union Nat. Bank, Marquette 75,101
E.
JACKSON TOWNSHIP (P. 0. Frazeysburg), Muskingum County,
-The Clerk of the Board of Trustees will
-BOND OFFERING.
Ohio.
receive sealed bids until 10 a. m. Sept. 23 for $4,500 554% coupon roadimprovement bonds. Denom. $500. Date July 1 1922. Principal and
semi-annual interest payable at the Township Treasurer's office. Due
SEPT. 16 1922.]
T.
FrE CHRONICLE
$500 yearly on Sept. 1 from 1923 to 1931, inclusive. Certified check on a
solvent bank in Muskingum County.for 5% of the amount bid for, payable
to the above official, is required. All bids must include accrued interest.
JACKSON TOWNSHIP (P. 0. Newton Stewart), Orange County,
Ind.
-BOND SALE.
-The $3.400 434% coupon school-building bonds
which were offered for sale on Sept. 5_(_V. 115, p. 1011), have been sold to
the West Baden National Bank, of West Baden, for $3,450 (101.47), a
basis of about 3.89%. Date Sept. 1 1922. Due $340 each six months
from July 1 1923 to Jan. 1 1928, inclusive.
JACKSON COUNTY SCHOOL DISTRICT NO. 52 (P. 0. Belvidere), So. Dak.-BOND OFFERING.
-Ed. F. Shuck, Treasurer of the
School Board, will receive sealed bids until 2 p. m. Sept. 23 for $4,500
6% school bonds. Denom. $500. Date Sept. 1 1922. Due on Sept.
1 as follows: $1,000, 1927, 1932, 1937. and $1,500, 1942.
JANESVILLE,Rock County, Wisc.-BIDS REJECTED.
-BONDS RE-The $70.000 534% new high school building bonds offered on
OFFERED.
Sept. 7(V. 115, p. 1122) were not sold, as all bids received were rejected.
New nronasals were received until 2 p. m. Sept. 15 for the above bonds.
The official circular sent out by Ervin J. Sartell, City Clerk, gave the following as the reason for inviting new bids:
Cl"It has been made to appear certain from information recently obtained.
andom the sealed bids submitted at said sale. that it would be of advantage to the city to issue and sell said bonds bearing 434% interset instead of
556%;and therefore all bids received on Sept. 7 1922 were rejected, and the
sale has been adjourned to Friday, Sept. 15. 1922, at 2 o'clock, in order to
give every person desiring to bid on said bonds an equal opportunity to
bid at the same time and on the same basis, and provision has been made to
issue and sell said bonds to bear interest at the rate of 434%. Therefore
sealed proposals will be received by Ervin J. Sartell, City Clerk, until 2p. m.
Friday, Sept. 15 1922, for the purchase of negotiable corporate bonds of
said city, being a general liability of said city, to the amount of $70,000."
The bonds are described as follows: Denom. $500. Date July 1 1922.
Prin. and semi-ann. int. (J. & J.) payable at such place as may 13e designated by the Mayor and the City Clerk. Due $3,500 yearly on July 1
from 1923 to 1942 incl.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 1 (P.O. Golden),
-BONDS VOTED
Colo.
-BOND OFFERING.
-On Sept. 11 $30,000 534%
15
-30-year (opt.) school building bonds were voted. These bonds were
offered for sale on Sept. 14.
JEFFERSON SCHOOL TOWNSHIP,Morgan County,Ind.
-BONDS
NOT SOLD.
-The $4,500 5% school bonds Which were offered for sale on
Sept. 2 (V. 115, p. 1011) were not sold.
JOSEPHINE COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Grants
Pass), Ore.
-BOND OFFERING.
-Sealed bids will be received by Edward
S. Van Dyke, District Clerk, until 5 p. m. Sept. 18 for $17,000 coupon,
grade-building construction bonds at not to exceed 6% interest. Denom.
$500. Interest payable at the National Park Bank, New York. Due
yearly as follows: $1,500 in from 11 to 16 years, inclusive, and $2,000 in
from 17 to 20 years, inclusive. These bonds were voted by 40 to 8 on
Sept. 2. Bonded debt (exclusing this issue) Sept.6 1922, $46,000; assessed
value 1921, $2,410,070.
JUDITH BASIN COUNTY SCHOOL DISTRICT NO. 56 (P. 0.
Spion Kop), Mont.
-BOND OFFERING.
-Until Oct. 2 'bids will be
received for $2,500 6% 10-15-year (serial) school bonds. Denom. $500.
Bids for less than par will not be considered. E. L. Kernaghan, Clerk.
KENNEBEC WATER DISTRICT (P. 0. Waterville), Kennebec
County, Me.
-BOND OFFERING.-Proposals will be received until
7:30 p. m. Sept. 26 by Frederick C. Thayer, President of Board of Trustee..
for the purchase of $186,000 5% coupon (with privilege of registration)
gold bonds. issued in pursuance of Chapter 200 of Private and Special
Laws of Maine, 1899. Denom. $1,000. Date March 1 1922. Prin.
and semi-ann. in (M. & S.) payable in gold at the National Shawmut
Bank of Boston. Due March 1 1947; $88,000 is callable at par one year
from date of issue. No bids at less than 95 and interest for the $88.000
optional, or par and interest for the $98000 straight term bonds. Certified
check, payable to the order of the District, for 2% of the par value of
the bonds bid for, required. These bonds will be engraved under the
supervision of the Old Colony Trust Co. of Boston., which will further
certify that the legality of this issue has been approved by Storey, Thorndike, Palmer & Dodge of Boston. All legal papers incident to this issue
will be filed with the Old Colony Trust Co., where they may be inspected.
KENT, King County, Wash.
-The
-DESCRIPTION OF BONDS.
$20,000 city-hall building bonds, reported sold to Wm. P. Harper & Sons
of Seattle in V. 115, p. 211, are described as follows: Interest rate 5%.
Coupon bonds. Denom. $1,000. Date June 11922. Int. J. & D., payable in New York. Due in from 10 to 20 years.
KINGS MOUNTAIN, Cleveland County, No. Caro.
-BOND OFFERING.-Geo. E. Lovell, Town Secretary, will receive sealed proposals
until 8 p. m. Oct. 2 for the following 6% coupon (with privilege of registration) bonds:
$10,000 local improvement bonds. Date Nov. 1 1923. Due $1,000
Yearly on Nov. 1 from 1925 to 1934 inclusive.
6,000 special assessment, bonds. Date Nov. 1 1922. Due $1,000
yearly on Nov. 1 from 1925 to 1930 inclusive.
Denom. $1.000. Prin. and semi-ann. int. payable at the National
City Bank, N. Y. City. A certified check upon an incorporated bank
or trust company (or cash), payable to the Town of Kings Mountain.
for 2% of amount of bonds bid for, renuired. Purchaser to pay accrued
Interest from date of bonds to date a delivery.
KIRKLAND (P. 0. Clinton), Oneida County, N. Y.
-BONDS DEFEATED.
-At a special election held Sept. 13 the voters defeated by a vote
of 242 "against" to 40 "for" a proposition to issue $12,000 bridge bonds,
according to reports.
KIT CARSON COUNTY SCHOOL DISTRICT NO. 59, Colo.
-BOND
ELECTION.
-SALE.
--Our Western representative advises us that the
International Trust Co. of Denver has purchased $5,000 5% 15 -year
-30
(opt.) school building bonds, subject to a corrective election to be held soon.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-BOND SALE.
-It is
reported that the Gavin L. Payne Co. of Indianapolis has purchased
$13.000 A. W. Ross road, Prairie Township, bonds at a premium of $162 25
(101.248).
LA CROSSE,La Crosse County, Wisc.-BOND SALE.
-The $150.000
5% coupon "1922 street improvement bonds"•offered on Sept. 8 (V. 115,
p. 1122) were awarded to Blodget & Co. of Chicago at a premium of $4.755,
equal to 103.17, a basis of about 4.48%. Date Sept. 15 1922. Due yearly
on Mar. 15 as follows: $8,000 1923 to 1925 incl., $10,000 1926 to 1929
incl., $25,000 1930 and 1931, and $36,000 1932.
LAKEWOOD, Chautauqua County, N. Y.
-AMOUNT OFBONDS
-The amount of 5% water main extension bonds sold to J. W.
SOLD.
Packard on Aug. 14 was $14,000, not $4,000 as was reported in V. 115,
p. 1011. The price paid was $14,011 (100.078) and interest.
LANCASTER INDEPENDENT SCHOOL DISTRICT (P. 0. Lan-BOND SALE.
-The $50,000 534%
caster), Dallas County, Texas.
school erection bonds offered on Sept. 15-V. 115, p. 1011-were awarded
to Stern Bros. & Co. of Kansas City at 102. Due 1923 to 1962. incl.
-BOND RECALL FAILS.
LANE COUNTY (P. 0. Eugene), Ore.
The "Oregonian" on Sept. 9 said: "The petitions which have been in circulation in the county to require the County Clerk to place a measure on the
November ballots calling for the recall of the' unsold county road bonds,
were not filed within the time required by law. The 60 days before election
expired to-day. The petitions were short about 150 names, according to
Dean Butler. The measure would have called for a vote on the recall of
the unsold bonds remaining from the $1,700,000 bond issue that was
voted in Nov. 1919. To date $390,450 of these bonds have been sold."
-BOND SALE.
-On Sept. 11
LAPORTE, Laporte County, Ind.
the $100.000 434% 1434 year (aver.) coupon water main bonds, offered
on that date
-were sold to the William R. Compton Co.
-V. 115, p. 1236
of Chicago at 101.28975, a basis of about 4.38%. Date July 11922. Due
$4,000 each six months from Jan. 1 1931 to Jan. 11943. Other bidders,
all of Chicago, were:
Harris Tr. & Savings Bank_ _101.27 !Halsey. Stuart & Co., Inc_ _ _100.493
Taylor, Ewart & Co
100.15
100.693'National City Co
LAURENS, Laurens County, So. Caro.
-Bids
-BOND OFFERING.
will be received until 11 a. m. Sept. 20 by the Bond Commission (J. N.
Todd Jr., Secretary) for the following bonds:
1355
$65,000 5% water works bonds. Due Sept. 1 1942.
65,000 534% funding bonds. Due Sept. l 1942.
40,000534% street impt. bonds. Due yearly on Sept. 1 as follows:
$2,000. 1532; $3,000, 1933 to 1938, incl., and 35.000, 1939
to 1942, incl.
Denom.$1,000. Date Sept. 1 1922. Prin. and semi-ann. in (M.& S.)
payable at the Hanover National Bank, N. Y. City. Bonds will be sold
subject to the approving opinion of New York attorneys to be selected by
the City of Laurens. A certified check for $500 (for each issue), payable
to the Bond Commission, required. The successful bidder must pay for
legal opinion and the cost of printing and engraving the bonds.
LAWRENCE, Nuckolls County, Neb.-BOND SALE.
-The State
of Nebraska purchased $12,000 554% electric light and transmission
bonds at par during the month of August. Date Dec. 1 1921. Due
Dec. 1 1941; optional Dec. 11926.
LAWRENCE SCHOOL DISTRICT NO.60(P.0.Lawrence),Douglas
County, Kan.
-BOND SALE.
-The 3295.000 5% school bonds offered on
Sept. 7 (V. 115, p. 1236) were awarded as 436s to the Fidelity National
Bank & Trust Co. Kansas City, at par plus a premium of $2.271 50. equal
to 100.77, a basis of about 4.02%. Date July 1 1922. Due yearly on
'
July 1 as follows: $5,000. 1924; $3,000, 1925 to 1927, inclusive; $2,000,
1928; $5,000. 1929 to 1934, inclusive; $15,000, 1935 to 1940, inclusive;
$19,000. 1941, and 5140.000, 1942.
LELAND, Washington County, Miss.
-BOND OFFERING.
-Sealed
bids will be received until 7:30 p. m. Sept. 20 by J. H. Quinn, City Clerk,
for the purchase of $14,000 refunding school and light bonds datW Oct. 1
1922, and due $1,000 annually for 14 years. Int. semi-annually. Bids
asked for both 536% and 6% bonds. Legal opinion of Wood & Oakley
will be furnished the purchasers. Certified check for $500 required.
LEOLA, McPherson County, So. Dak.-BONDS VOTED.
-An issue
of $28,000 light plant bonds was voted at a recent election.
LEVY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO.
3 (P. 0. Bronson), Fla.
-BOND SALE.
-The $100,000 6% coupon road
and bridge bonds offered on Sept 5-V. 115, p. 1122
-were awarded to
Sidney Spitzer & Co. of Toledo at $97,400, equal to 97.40, a basis of
about 6.24%. Date July 1 1922. Due yearly on July 1 as follows:
31,000, 1923 to 1927 incl.•, $2,000, 1928 to 1932 incl.; $3,000, 1933 to
1937 incl.; $4,000, 1938 to 1942 incl., and $5,000, 1943 to 1952 incl.
LINCOLN COUNTY (P. 0. Ivanhoe), Minn.
-BOND OFFERING.
A. L. Swenson. County Clerk, will receive sealed bids until 10 a. tn. Sept.
18 for 3100,000 4Yi % road bonds. Date Sept. 1 1922. Prin. and semiann. int. (M. & S.) payable at the Northwestern Trust
St. Paul.
Due Sept. 1 1932. Certified check for 5% of the amount of bonds bid
Co..
for required.
LITTLE FALLS TOWNSHIP SCHOOL DISTRICT (P. 0. Little
Falls), Passaic County, N. J.
-BOND SALE.
-The issue of $40,000
434% coupon (with privilege of registration) school bonds offered on
Sept. 7-V. 115, p. 1011-was awarded to Metzler & Co. of New York,
who are now offering the bonds to investors at prices to yield 4.30%..
Date Jan. 2 1922. Due $4,000 yearly on Jan. 2 from 1942 to 1951 incl..
LITTLE ROCK, Ark.
-NOTE SALE.
-Brandon, Gordon & Waddell
of New York, have purchased and are offering to investors at prices to yield
4.50%, $1,125,000 municipal notes. Denom. $1,000, $5,000 and $10,000.
Date Sept. 25 1922. Due Sept. 25 1923, payable at the Chase National
Bank, New York City.
LITTLE ROCK AND HOT SPRINGS HIGHWAY DISTRICT (P.O.
Little Rock), Pulaski, Saline and Garland Counties Ark.
-ADDITIONAL DATA.
-We are now advised that the 5400,0005%% highway
'
bonds awarded to the Citizens' National Bank of Little Rock, as stated in
V. 115, p. 895, were purchased by that bank for the account of a syndicate
composed of Wm. R. Compton Co., N. Y.; Lorenzo E. Anderson & Co.,
of St. Louis, and the Merchants Loan & Trust Co. of Chicago.
LOS ANGELES, Calif.
-PROPOSITIONS VOTED.
-Official canvass
of returns completed by the City Council on Sept. 6 on the $12,000,000
outfall sewer bonds and on the proposed increase in the tax levy from
$1 to $1 25 on each $100 of taxable property which were voted on in Los
Angeles at the recent State-county primaries, shows that the propositions
carried. The Los Angeles "Times on Sept. 7 said in part:
"The City Council on Sept. 6 completed the official canvass of the
returns on the sewer bonds and the tax levy increase, the two minucipal
issues which were voted on in Los Angeles at the recent State-county
primaries, and the cavnass revealed that 88,996 _persons voted in this
city, out of a total registered vote of 239,553. The vote cast in Las
Angeles was, therefore, a trifle more than 37% of the registered vote.
On the sewer bond issue, which carried by more than four to one, 82,628
votes were cast, while 6,368 Los Angeles voters did not mark their ballots
on this issue. On the proposed increase in the tax levy from $1 to 31 25
on each $100 of taxable property, which issue also carried, 71,957 votes
were cast, and 17,039 Los Angeles voters turned back blank ballots on
this issue.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND SALE.
-The $1,000,000 4 Y.% 1-40 year serialschool
building bonds, offered on Sept. 11-V. 115, p. 1123
-have been purchased by the William R. Compton Co. and the Bankers Trust Co., both
of New York, and Drake, Reilly & Thomas and Stephens, Page & Sterling,
both of Los Angeles at 104.328 a basis of about 4.40%. Date
Sept. 1 1922. Duo $25,000 yearly on Sept. 1 from 1923to 1962 inclusive.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
County, Calif.
-BOND SALE.
-The $1,000,000 434% 1-40 year serial
school building bonds, offered on Sept. 11-V. 115, p. 1123
-have been
sold to the William It. Compton Co. and the Bankers Trust Co., both
of New York, and Drake, Reilly & Thomas and Stephens, Page & Sterling,
both of Los Angeles at 104.328 a bisis of about 4.40%.
Date
Sept. 1 1922. Due $25,000 yearly on Sept. 1 from 1923 to 1962 inclusive.
LOWER YODER TOWNSHIP (P: 0. Johnstown), Pa.
-BOND
SALE.
-The $50,000 5% road improvement bonds offered on Aug. 11V. 115, p. 675
-were sold to J. H. Holmes & Co. of Pittsburgh. Date
July 1 1922. Due $10,000 on July 1 in each of the years 1931, 1935,
1938. 1940 and 1942.
LUBBOCK, Lubbock County, Texas.
-BOND SALE.-Geo. H.
Walker & Co. and the First National Co., both of St. Louis, jointly purcha,ed $150.000 534% water-works and sewer bonds. Denom. $1,009.
Date Aug. 1 1922. Prin, and semi-ann. int. (F. & A.) payable at the
Hanover National Bank, N. Y. City. Due serially on Feb. 1 from 1925 to
1961. Notice that this city had sold this issue of bonds was given in V.
115, p. 568; it is given again as additional data have come to hand.
-BOND SALE.
LUMBERTON, Robeson County, No. Caro.
-On
Sent. 12 the following two issues of coupon or registered municipal bonds
offered on that date
-V. 115, p. 1011-were sold to Caldwell & Co. of Nashville at 101.50 for 534s, a basis of about 5.32%„:
$185,000 street improvement bonds. Due on July 1 as follows: S5,000,
1923; $111,000, 1924 to 1933 incl., and 8,000, 1934 to 1943 incl.
Denom. $1,000.
15,000 water bonds. Denom. $500. Due $500 yearly on July 1 from
1925 to 1954 inclusive.
Date July 1 1922.
MARTON, Yakima County, Wash.
-BOND SALE.
-An issue of
$15,000 534% gold coupon water works improvement bonds, which were
recently voted by 122 to 13 and bids for which were asked until 8 p. m.
Aug. 29, have been sold. Denom. $1,000. Date Sept. 1 1922. Int,
M. & S. payable at Mabton. Due Sept. 1 1942.
-Gates, White
MADELIA, Watonwan County, Minn.
-BOND SALE.
& Co. of St. Paul have purchased $93.000 536% gold coupon certificates
of indebtedness. Denom. $1,000. Date Sept. 1 1922. Prin. and semiann. int. (M. & B.) payable at the Merchants Trust & Savings Bank of
St. Paul. Due yearly on Sept. 1 as follows: 37,000, 1924 to 1932, incl.,
and $6,000, 1933 to 1937. incl.
MAGOFFIN COUNTY (P. 0. Salyerville), Ky.-BOND OFFERING.
-Until 10 a. m. Sept. 30 Frank P. Proler, Clerk of County Court, will
receive sealed bids for $37,500 5% coupon road bonds. Denom. $1,000
and $500. Date July 1 1922. Prin. and semi-ann. int. (J. & J.) payable
at Salyerville. Due in 1927 to 1952 incl.; optional 1927. Certified
check for 5% of bid reauired.
-BOND OFFERING.
MANCHESTER, Hillsboro County, N. H.
Proposals will be received until 2 p. m. Sept. 20 by W. 0. McAllister,
City Treasurer, for $300,000 4% coupon school bonds. Denom. $1,000.
Date Spet. 1 1922. Prin. and semi-ann. int. (M. & S.) payable at the
1356
THE CHRONICLE
National Shawmut Bank of Boston, or at the Manchester Safety Deposit
& Trust Co., Manchester. Due $15,000 yearly on Sept. 1 from 1923
to 1942 incl. Bonds to be issued under supervision of the Manchester
Safety Deposit & Trust Co; legality approved by Ropes, Gray, Boyden
& Perkins, Boston.
-It is stated
-BOND ELECTION.
MARION, Marion County, Ohio.
that at the election on Nov. 7 a proposed bond issue of $725,000 for storm
water sewers will be put to a vote.
-BOND OFFERING.
MARTIN COUNTY (P.O. Fairmount), Minn.
H.C. Nolte, County Auditor, will receive sealed bids until 10 a. m. Oct. 3
for $175,000 Judicial Ditches Nos.98, 104 and 105 bonds. Denom.$1,000.
0. Due on Oct. 1 as follows:
Date Oct. 11922. Int. rate not to exceed 67
$3,000. 1925: $5,000, 1926; $14,000. 1927 to 1931; $13,000, 1932; $10,000,
• 1933; $11,000, 1934 and 1935: 39,000. 1936 and 1937; $8,000, 1938; $9,000,
1939; $8,000, 1940, and $9,000, 1941. A cert. check for $5,000, payable
to the County Treasurer, required.
-BOND ELECTION.
MARTINS FERRY, Belmont County, Ohio.
According to a local newspaper the proposal to issue $400,000 bonds for a
new water-works and electric service plant will be submitted to the voters
at the November election.
MASON COUNTY ROAD DISTRICT NO. 2 (P. 0. Mason), Tex.
-At an election held on Sept. 2 a proposition to issue
BONDS DEFEATED.
$10,000 53i % road bonds failed to carry.
MASON INDEPENDENT SCHOOL DISTRICT (P. 0. Mason),
-BOND SALE.
-An issue of $75,000 6% school
Mason County, Texas.
building bonds has been purchased by Richard Schmidt, at par and accrued
interest. Denom. $1,000. Date Aug. 1 1921. Int. F. & A. Due
•
serially on Aug. 1.
-The
MELROSE, Middlesex County, Mass.
-TEMPORARY LOAN.
temporary loan of $50,000 maturing March 14 1923, offered on Sept. 11-was awarded to Blake Bros. & Co. of Boston on a 3.40%
V. 115, p. 1237
discount bans, plus $2 25 premium.
-The following
-BOND SALE.
MIAMI COUNTY (P. 0. Troy), Ohio.
two issues of 5%% tax anticipation bonds, which were offered for sale on
-have been sold to the Citizen's National Bank
Sept. 8-V. 115, p. 1237
of Piqua, at par and accrued interest:
$2,500 North Main St. (Piqua) bridge bonds. Due $500 yearly on Oct. 1
from 1924 to 1928, inclusive.
3,000 Eldean bridge bonds. Due $500 yearly on Oct. 1 from 1924 to
1929, inclusive.
Denom. $500. Date April 1 1922. Int. payable A. & 0. at the Court
House. There was no other bidder.
-The $3,000,000 coupon high-BOND SALE.
MICHIGAN (State of).
way Improvement bonds which were offered for sale on Sept. 14-V. 115,
p. 1237
-have been awarded to a New York syndicate headed by Eastman,
Dillon & Co. and including E. H. Rollins & Sons, Barr Bros. & Co. and
Kountze Bros. & Co. at a premium of $360 (100.012) for $2,000,000 4%
-year bonds. Date Oct. 1 1922.
% 15
20
-year bonds and $1,000,000
Prin. and semi-ann. int. payable at the State Treasurer's office or at the
office of the fiscal agent of the State of Michigan in the City of New York.
The 4% bonds mature on Oct. 1 1942 and the 4 Ys % bonds on Oct. 11937.
-NOTES NOT APPROVED.
MIDDLETOWN, Butler County, Ohio.
-According to a local newspaper, a Cleveland firm of bond attorney's
declined to approve the $1,000,000 6% special assessment street improvement notes which were offered for sale on Aug. 14-V. 115, p. 787. It
Is stated that a Cincinnati bond house offered a premium of $407 for the
notes, subject to their approval by bond attorneys.
MILLS COUNTY COMMON SCHOOL DISTRICT NO. 27, Tex.
-On Sept. 8 the State Comptroller of Texas regisBONDS REGISTERED.
tered $6,475 5% serial bonds.
-The $36,000 5%
-BOND SALE.
MINEOLA, Nassau County, N. Y.
water-main extension bonds offered on Sept. 14 (V. 115, p. 1123) were
awarded to Bigelow & Co., of New York,at 106.55, a basis of about 4.22%.
Date Sept. 1 1922. Due $3,000 yearly on Sept. 1 from 1927 to 1938,incl.
-J. A. Ridgway, Secre-BOND OFFERING.
MINNEAPOLIS, Minn.
tary Board of Park Commissioners, will receive sealed bids until 2 p. m.
Sept. 22 for the following bonds:
$90,000 special park improvement bonds. Due $9,000 on Oct. 1 from
1923 to 1932 inclusive.
91,800 special park acquisition and improvement bonds.
Date Oct. 1 1922. Int, rate not to exceed 5%. A certified check for
2% of bid, payable to C. A. Bloomquist, City Treasurer, required.
-The foliowing is a complete list
-BIDS.
MISSOURI (State of).
of the bids received for the $5,000.000 43 % coupon or registered road
bonds, series "A," on Sept. 1:
For $5,000,000 Bonds.
Bid.
*Liberty Central Trust Co.,St. Louis; Liberty Central Trust Co.,
& Co. Hornblower & Weeks, B. J. Van Ingen & Co.,
Watkins
National Bank, New
R. W. Pressprfch & Co., and Chemical Co.,
Chicago; G. H.
York; Chapman & Co. and Shapker &
Louis and Chicago; Breed, Elliott & Harrison
Burr & Co., St.
Walker &
and Title Guarantee & Trust Co., Cincinnati; G. H.St.
Louis,
Co., Whitaker & Co. and Stifel-Nicolaus Inv. Co.,
$5,032,215
and Union Trust Co., E. St. Louis
Kauffman-Smith-Emert & Co., Inc., and National Bank of
Commerce, St. Louis; Prescott & Snider, Kansas City, and
5,028,000
Estabrook & Co., New York
New
The Equitable Trust Co. and Chase Securities Corp., TrustYork;
Co.,
Mercantile Trust Co., St. Louis, and Northern
5,018,850
Chicago
& Savings Bank,
W. R. Compton Co., St. Louis; Harris Trust
Illinois Trust & Savings Bank, and Merchants Loan & Trust
5,026,740
-Co., ChicagoCo. of N.
Mississippi Valley------ Co., St. Louis; Guaranty Braun, Bari
Co., Stacy &
Brown Brothers, Ames, Emerich & & Co., Inc., New York,
Brothers & Co., and W. A. Harriman
5,019,250
and First National Co. of Detroit
Trust Co., New York;
The National City Co. and The Bankers Smith, Moore & Co.,
Co.. Chicago, and
Halsey. Stuart &
5,004,950
----St. Louis- _ _ --- York
5,025,850
Co. and Kuhn, Loeb-- Co., New
Hallgarten &For $10J,000 Bonds.
101,100
H. F. Wright Inv. Co.. Kansas City
City
100,000
First National Bank, Jefferson $500.000 Bonds.
For
Trust & Savings
ris
Western Exchange Bank, Brinkenhoff-Fa
Kansas City, and Lowry
Co., and John Lucas Banking Co.,
500,000
City Bank, Lowry City
reference to same,see V. 115, p. 1237,
* Succassful syndicate; for previous
LINE ROAD DISTRICT(P.O.CharlesMISSISSIPPI COUNTY AIR-Harry S. Roberts, Secretary Board of
n), Mo.-BOND OFFERING. bids until 12 m.Oct.3for $140,000 534
%
receive sealed
to
Commissioners. will
Date Sept. 15 1922. Prin. and semi-ann.
road bonds. Denom. 21,000. Laclede National Bank, St. Louis. A cert.,'
int. payable at the Merchants Due on Sept. 15 as follows: $5,000, 1924
check for % of 1% required. 1927; 38.000, 1928 and 1929; $9,000, 1930
$6,000, 1925 and 1926; $7,000,
$11,000, 1934 and 1935; $12,000. 1936:
and 1931; 310,000, 1932 and 1933; Legality approved by Russell, Brown
313.000, 1937, and $15,000, 1938. & Rutherford of St. Louis.
Charleston and Charles
& Joslyn of
-It is reported that
-BOND SALE.
Mich.
MONROE, Monroe County,
Higbie & Co.of Detroit were awarded
Benjamin Dansard & Co.and Keane, and accrued interest.
434% paving bonds at par
$100,000
-BOND
(P. 0. Crawfordsville), Ind.
MONTGOMERY COUNTYCounty Treasurer, will receive bids until
-Chas. H. King,
OFFERING.
Floyd Smith et al. Union and Walnut
10 a. an. Sept. 18 for $6,700 434%
$335. Date Aug. 15 1922. Int.
Townships highway bonds. Denom. from May 15 1923 to Nov. 15 1932
M.& N. 15. Due $335 each six months
incl.
-BOND SALE.
-The
Gilead), Ohio.
MORROW COUNTY (P. 0. Mt. bridge bonds which were offered for
coupon
$8,000 534% 43 -year (aver.) have been sold to W. L. Slayton & Co. of
sale on Sept. 6 (V. 115, p. 1123) (101.56), a basis of about 5.11%. Date
Toledo at a premium of 8124 80 on Sept. 1 from 1923 to 1930 incl. The
Sept. 1 1922. Due $1,000 yearly
following bids were also received:
$24 premium
Mt. Gilead National Bank
8 premium
Sidney Spitzer & Co
[Von. 115.
MOUNTAIN VIEW UNION HIGH SCHOOL DISTRICT, Santa
-ADDITIONAL DATA.-Accompanying each bid
Clara County, Calif.
submitted on Sept. 18 for the purchase of the 11197,000 5% coupon school
bonds there must be a certified check from a reliable bank for 5% of the
amount of the bonds bid for. Int. on the bonds is payable semi-annually
(M. & S.). Purchaser to pay accrued interest. Other information concerning the offering of these bonds may be found in V. 115, p. 1237.
-DATE CHANGED.MURRAY COUNTY (P. 0. Slayton), Minn.
Bids will be received until Oct. 10 (date changed from Sept. 5-V. 115, p.
1123) for the $24,600 5% bonds. Date Aug. 11922.
-BOND
NACOGDOCHES COUNTY (P. 0. Nacogdoches), Texas.
-Our Western representative advises us in a special
ELECTION URGED.
is being urged.
wire that an issue of $600.000 road bonds
-BOND OFFERING.
NARBERTH, Montgomery County, Pa.
Charles V. Noel, Borough Secretary, will receive bids until 8 p. m. Oct. 2
for 330,000434% (coupon or registered) playground impt. bonus. Denom.
$1.000. Date Aug. 1 1922. Prin. and semi-ann. int. free of all taxes,
except succession or inheritance taxes levied by the State of Pennsylvania.
Due $5,000 on Aug. 1 in each of the years 1927, 1932, 1937, 1942, 1947 and
1952. Cert. check for 2% of amount of bonds bid for required.
-BOND ELECTION
NAVARRO COUNTY (P. 0. Kerens), Tex.
-Our Western representative advises us that an issue of
CONSIDERED.
$4,400,000 county road bonds is being urged.
-During
NEBRASKA CITY, Otoe County, Neb.-BOND SALE.
the month of August the State of Nebraska purchased $25,000 6% intersection paving bonds at par. Date April 1 1922. Due April 1 1928:
optional 5 years from date.
-TEMPORARY LOAN.
NEW BEDFORD, Bristol County, Mass.
It is reported that a temporary loan of$500,000,dated Sept.7 1922 and maturing Feb. 7 1923, has been awarded to the National Shawmut Bank of
Boston on a 3.35% discount basis.
-BOND SALE.
NEW BRUNSWICK, Middlesex County, N. J.
Award of the two issues of434% gold coupon (with privilege of registration)
offered on Aug. 22 (V. 115, p. 787), was made as follows:
bonds
$166,000 ($168,000 offered) general improvement bonds to Estabrook & Co.
of New York, for $168,000, equal to 101.204, a basis of about
4.34%. Due yearly on July 1 as follows: $10,000, 1924 to 1939,
inclusive, and $6,000, 1940.
175,000 assessment bonds to the Peoples National Bank of New Brunswick for $175,455, equal to 100.26, a basis of about 4.43%. Due
$25,000 yearly on July 1 from 1923 to 1929, inclusive.
Denom. $1,000. Date July 1 1922. Principal and semi-annual interest
(J. & J.) payable at the City Treasurer's office. Interest on registered
bonds will, on request, be remitted by mail in New York exchange.
-BOND OFFERNEW CASTLE COUNTY (P. 0. Wilmington), Del.
ING.
-Proposals for the purchase of $140.000 434% coupon (with privilege
of registration as to principal only) highway improvement bonds will be
received until 12 m. Oct. 3 by James Ball, Chairman of Finance Committee.
Denom. $1,000. Date July 1 1920. Principal and semi-annual interest
(J. & J.) payable in U. S. gold coin, equal in weight and fineness to the
present standard, at the Farmers Bank of Wilmington. Due yearly on
July 1 as follows: $20,000, 1933; $40,000. 1934 and 1935; and $20.000, 1936
to
and 1937. Certified check for 2% of amount of bonds bid for. payable by
the County Treasurer, required. Bids are desired on forms furnishedCo.
the Chairman of the Finance Committee or the U. S. Mortgage & Trust of
The legality of this issue will be exmained by Caldwell & Raymond,
New York. The bonds will be prepared under the supervision of the
United States Mortgage & Trust Co.. New York.
-BOND SALE.
NEW PHILADELPHIA, Tuscarawas County, Ohio.
-The State Industrial Commission of Ohio has purchased $182,000 improvement bonds.
NEWPORT HEIGHTS IRRIGATION DISTRICT (P. 0. Costa
-The $160,0006%
-BOND SALE.
Mesa), Orange County, Calif.'
-have been sold, acoording to
bonds offered on Sept. 5-V. 115, P. 1124
yearly
reports, to Wm. Cavalier & Co. and J. R. Mason & Co. Due 1944;
and
on Jan. 1 as follows: $3,200, 1941 and 1942; $4,800, 1943
1953 to
$6,400, 1945 to 1948 incl.; $8,000, 1949 to 1952 incl.; $9,600,
1960.
1956 incl.; $11,200, 1957 and 1958, and $12,800, 1959 and
-Sealed
-BOND OFFERING.
NEWTON,Catawba County, No. Caro.
by Clarence Clapp, Town
proposals will be received until 3 p. m. Sept. 26
to prinClerk, for the following coupon (with privilege of registration as
cipal only) gold bonds:
yearly on July 1 as follows:
$25,000 street-improvement bonds. Due
$2,000, 1925 to 1930,inclusive, and $1,000, 1931 to 1943,inclusive.
on July 1 as follows:
76,000 public improvement bonds. Due yearly 1955 to 1959,inclusive.
$2,000, 1925 to 1954,inclusive, and $3,000,
31.000. Bidder to name rate of interest. Date July_ 1 1922.
Denom.
New York. A
Principal and semi-annual interest (J. & J.) payable in
(or cash) for
certified check upon an incorporated bank or trust company
of bonds bid for, payable to the Town Treasurer, required.
2 of amount
supervision of the United States
ese bonds are to be prepared under the
Mortgage & Trust Co., New York City, whicl will certify as to the genuineseal imness of the signatures of the town officials signing same, and the
pressed thereon. The approving opinions of Chester B. Masslich, New
the purCity, and J. L. Morehead, Durham, N. C., will be furnished delivery
York
chasers. Delivery on or about Oct. 17 1922 in New York City; Bids to
elsewhere at purchaser's expense, including New York exchange.said trust
be made on blank forms to be furnished by the above official or
company.
-On Sept. 13 Speyer
-BONDS ALL SOLD.
NEW YORK CITY, N. Y.
& Co., who headed the syndicate that purchased the $45,000,000 43‘,.%
on April 25 (V. 114, p. 1932)
coupon or registered gold corporate stock
announced that the entire issue had been disposed of.
NOBLESVILLE SCHOOL CITY (P. 0. Noblesville), Hamilton
-3-year (aver.)
-BOND SALE.
-The $50,000 5% 10 2
County, Ind.
coupon high-school bonds which were offered for sale on Sept. 9 (V. 115, p.
have been sold to the Fletcher Savings & Trust Co. of Indianapolis
1124),
Aug. 15
for $51,275 (102.55) and interest, a basis of about 4.69%. Date
from Aug.
1922. Due $1,500on every Aug. 15 and $1,000on every Feb. 15
15 1943 incl.
15 1923 to Feb.
-The
-NOTE SALE.
NORFOLK COUNTY (P. 0. Dedham), Mass.
discount
First National Dank of Boston on Sept. 12 was awarded on a 3.40% 15 1922.
basis the $100,000 revenue notes,dated Sept. 15 and maturing Nov.
-Vol. 115, p. 1238.
-The
-BOND SALE.
NORTHAMPTON, Hampshire County, Mass.
(V. 115. p.
$12,000 43.1% coupon school house bonds offered on Sept. 12 and int..
& Co. of Boston at 100.631 Sept. 1
1238) were awarded to Arthur Perry
yearly on
a basis of about 4.05%. Date Sept. 11922. Due $2.000
from 1923 to 1928 incl. Other bidders ,all of Boston, were:
100.390
Webber & Co
100.2201 Paine,
Estabrook & Co
100.441
100.299 Old Colony Trust Co
R.L. Day & Co
100.462
100.313 lStacy& Braun
& Co
B.J. Van Ingen
100.471
Moseley & Co
100.365 F. S.
R. M.Grant & Co
-During the
Neb.-BOND SALE.
NORTH BEND, Dodge County,
6% district
month of August the State of Nebraska purchased $38,500
1940; optional
paving bonds at par. Date June 1 1920. Due June 1
any time.
-The
SALE.
NORTH PLATTE, Lincoln County, Neb.-BOND bonds during
paving
State of Nebraska purchased $100,000 6% district Due May 1 1932;
at par. Date May 1 1922.
the month of August
optional any time.
-R. M. Grant
-BOND SALE.
NORWALK, Fairfield County, Conn.
the $100,000 4%
& Co., of Boston, were awarded at par and interest bonds offered on
privilege of registration) park and highway
coupon (with
Aug. 25 (V. 115, p. 787). Date July 1 1922. Due on July 1 as follows:
330.000. 1932 and 1942. and 340,000. 1952.
NUCKOLLS COUNTY SCHOOL DISTRICT NO. 43, Neb.-BOND
-The State of Nebraska, purchased $1,500 5% bldg. and finishing
SALE.
bonds at par during the month of August. Date June 1 0922. Due June
1 1932, optional, 5 years from d te.
NUTLEY SCHOOL DISTRICT(P.O. Nutley), Essex County, N. J.
-Proposals will be received until 8 p. m.(daylight savBOND OFFERING.
by Cohn Linn, District Clerk, for the purchase at not less
ing time) Sept. 20
then par and hit., of an issue of 434% coupon (with privilege of registration)
school bonds, not to exceed $265,000, no more bonds to be sold than will
produce primium of $1,000 over $265,000. Denom. 31,003. Date July 1
SEPT. 16 1922.]
THE CHRONICLE
1922. Prin. and semi-ann. int. (J. & J.), payable in gold at the Bank of
Nutley. Due yearly on July 1 as follows: $9,000, 1923 to 1947, incl., and
$8,000, 1948 to 1952, incl. Cert. check for 2% of amount of bonds bid for,
required. Legality approved by John C. Thomson of New York.
OAK HARBOR,Ottawa County, Ohio.
-PRICE.
-BIDS.
-The prices
paid by the Oak Harbor State Bank of Oak Harbor,for the 3 issues of 53 %
-are as follows:
bonds on Aug. 16-V. 115, 13. 1012
$6,000 5%-year (aver.) Oak St. impt. bonds at a premium of $5 (100.083)
and hit., a basis of. bout 5.48%. Due yearly on April 1 as follows:
$500 from 1923 to 1930, incl. and $1.000 in 1931 and 1932.
-12-year (aver.) North Locust St. impt. bonds at a premium of
11,500 5 7
$10 (100.086) and int., a basis of about 5.48%. Due yearly on
April 1 as follows: $1,000from 1923 to 1929,incl., and $1,500from
1930 to 1932, incl.
10,000 5X-year (aver.) West Main St. bonds at a premium of $10(100.10)
and int., a basis of about 5.48%. Due $1,000 yearly on April 1
from 1923 to 1932, inclusive.
Denom. $500. Date Aug. 1 1922. Int. semi-ann. (A.-0.)•
Although the Oak Harbor State Bank was not the highest bidder, it was
awarded the bonds due to the fact that it produced the money immediately.
The following bids were also received:
Prem.for
Prem..for
Prem.for
$6,000 issue. $11,500 issue. $10,000 issue.
Davies-Bertram Co., Chi
$94 25
$100 00
$100 00
Ryan, Bowman & Co., Tol
61 80
106 95
77 00
Prudden & Co., Tol
37 50
100 00
100 00
Durfee. Niles & Co., ol
32 80
100 00
100 00
'
W. K. Terry & Co., Tol
22 00
50 00
5 00
0 50
7 0
Tucker, Robison & Co.,Tol_ _
_
5 00
7 50
OCEAN CITY, Cape May County, N. J.
-BOND SALE.
-The issue of
5% coupon (with privilege of registration) public land bonds offered on
Sept. 11 (V. 115. p. 1124) was awarded to the First National Bank, of
Ocean City, which offered $137,525 and interest for $135,000, equal to
101.87. a basis of about 4.84%. Date July 15 1922. Due yearly on
July 15 as follows: $3.000, 1923, 1924 and 1925; $4,000, 1926 to 1956,
inclusive: and $2,000, 1957.
OMAK, Okanogan County, Wash.
-BONDS VOTED.
-Reports say
that a bond election for $13,500 to enlarge and extend the present water
system passed without a dissenting vote.
ONEIDA COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Stone),
-BOND ELECTION.
Idaho.
-On Sept. 30 a proposition to issue $15,000
6% funding bonds will be submitted to a vote of the people. C. E.
Harris, District Clerk.
ORANGE INDEPENDENT SCHOOL DISTRICT (P. 0. Orange),
Orange County, Tex.
-BONDS REGISTERED.
-The State Comptroller
of Texas registered $175,000 5 % serial school building bonds on Sept. 1.
OREGON (State of).
-LARGE PORTION OF SOLDIERS' BONUS
BONDS SOLD.
-In last week's issue, on page 1238, we reported that the
$5,000,000 gold tax-free coupon Oregon Veterans' State-Aid bonds, offered
on Sept. 5, had been sold to a syndicate headed by the Bankers Trust Co.,
of New York, at 100.019, as follows:
$4,400,000 bonds as 4%s. Duo each six months as follows: $110.000,
Oct. 1 1931, and $110,000 on April 1 and Oct. 1 from 1932 to
1950, inclusive. and $110,000 April 1 1951.
600.000 bonds as 4s. Due each six months as follows: $15,000 Oct. 1
1931, and $15,000 on April 1 and Oct. 1 from 1932 to 1950,
Inclusive, and $15,000 April 1 1951.
Coupon bonds of the denomination of $1,000. Exchangeable for fully
registered bonds. Date Sept. 1 1922. Principal and semi-annual interest
(A. & 0.) payable at the State Treasurers or at the fiscal agency of the
State of Oregon in New York City. It is stated that these bonds are a
legal investment for savings banks and trust funds in New York, Massachusetts, Connecticut and elsewhere, and eligible to secure postal savings
deposits. This week the Bankers Trust Co., the Guaranty Co. of New
York, E. H. Rollins & Sons, Ames, Emerich & Co., and Marshall Field,
Glore, Ward & Co., all of New York, offered these bonds to the investing
public. They sold the 4% bonds a few minutes after the subscription books
had been opened and have sold a large portion of 4%% bonds. The 4%
bonds were offered at 99 and interest. The remaining 4%% bonds are
still being offered at prices to yield about 4%%.
OTTAWA, Putnam County, Ohio.
-BOND SALE.
-The following 2
issues of6% 55 -year (aver.) bonds, aggregating $10,500, which were offered
for sale on Sept. 4-'V. 115. p. 897. 1124- have been sold to the Milliken
& York Co. of Cleveland, for $10,841 (103.24) and int., a basis of about
5.32%:
$6,500 (village portion) Sec "P," 1. C. H. bonds. Denom. $650.
4,000 special assessment Sec. "P," I. C. H. bonds. Denom. $400.
Date Aug. 15 1922. Due 1 bond of each issue yearly on Aug. 15 from
1923 to 1932. inclusive.
OTTERTAIL COUNTY SCHOOL DISTRICT NO. 38 (P. 0. Deer
Creek), Minn.
-BOND OFFERING.
-T. G. Johnson, Clerk of the
School Board, will receive sealed bids until 2 p. m. Sept. 16 for $20,000 6%
funding bonds. Denom. $1,000. Date Sept. 1 1922. Int. semi-ann.
Due on Sept. 1 as follows: $1.000 1925 to 1930, inclusive, and $2,000 1931
to 1937, inclusive, all bonds being payable at the First National Bank of
Minneapolis. A certified check for 10% of amount of bid, payable to the
above Clerk required. The approving opinion of Lancaster, Simpson,
Junell & Dorsey of Minneapolis, will be furnished.
PALM CITY DRAINAGE DISTRICT, Palm Beach County, Fla.BOND OFFERING.
-Bids will be received until 12 m. Oct. 16 by C. E.
Chillingworth, District Treasurer (P. 0. Room No. 5, Post Office Bldg.,
West Palm Beach), for $100,000 drainage bonds. A cert. check for
2%
of issue required.
PAULDING COUNTY (P.O. Paulding), Ohio.
-BOND SALE.
-The
$47,700 5Y % road improvement bonds which were offered on July 17 but
were not sold due to the fact that all bids were rejected, have been taken
over by the Sinking Fund Trustees. Date Aug. 1 1922. Due $5,700
Aug. 1 1924 and $7,000 yearly on Aug. 1 from 1925 to 1930, inclusive.
PAXTON, Keith County, Nebr.-BOND SALE.
-During the month of
August the State of Nebraska purchased $8,500 6% water bonds at par.
Date May 11921. Due May 1 1941, optional 5 years from date.
PERU (Town), Clinton County, N. Y.
-BOND SALE.
-A block of
$70,000 434% water bonds was recently sold to Sherwood & Merrifield of
New York at 101.21. Denom. $1,000. Date Aug. 1 1922. Due 1941.
PHILADELPHIA, Pa.
-BOND OFFERING.
-Sealed proposals will be
received until 12 m. Oct. 11 by J. H. Moore, Mayor; Wifib. Hadley, City
Comptroller, and David J. Smyth, City Solicitor, at the Mayor's office
for the purchase of $12,000,000 4% registered and coupon (convertible)
bonds, issued under authority of an ordinance approved Oct. 1 1920 and
ratified by a vote of the people on Nov. 2 1920. This offering is a portion
of the unsold balance of the loan authorized by this ordinance, $3.000,000
bonds having been sold on Jan. 24 1921. Denoms. in registered form,
8100 and multiples thereof; in coupon form, $1,000. Date Oct. 11 1922.
Prin. and semi-ann. int. (J. & J.) payable at the city's fiscal agency. Due
Oct. 11 1952. The bonds are advertised as free of Pennsylvania State
taxes and Federal income taxes. Cert. check for 5% of amount of bonds
bid for, payable to the "City of Philadelphia," required. Purchaser to
pay accrued interest. Negotiable interim certificates will be issued if
desired, pending the engraving of the permanent certificates, and may be
obtained in exchange for the City Treasurer's temporary receipts from the
city's fiscal agent after 3:30 p. m. of the day payment is made for the loan.
Proposals must be made upon the prescribed form of blanks, which may be
obtained upon application at the office of the Mayor. Settlement in full
for the loan awarded may be made with the City Treasurer at his office,
Room 143, City Hall, on and after Oct. 13, and must be made on or before
Oct. 18 at 3
The total funded debt, including loans authorized but not yet issued
amounting to $85,823,500, totals $306.519.850. By a decision of the Supreme Court of Pennsylvania, filed May 31 1984, it is held "that within
the meaning of the word'debt' in Section 8, Article IX., of the Constitution
of the State of Pennsylvania, the real debt is the authorized debt, less the
amount of city certificates purchased and uncancelled in sinking funds."
There should, therefore, be deducted from the above the amount of such
uncancelled loans in the sinking fund, which is $44,057,700, leaving a net
funded debt of $262,462,150.
PICKRELL, Gage County, Neb.-BOND SALE.
-The Peters Trust
Co.of Omaha,advises us thatit recently purchased $12,0006% transmission
line and electric light bonds. Denoms. $500 (one odd bond each of $200
1357
and $300). Date July 1 1922. Interest payable semi-ann. at the
County
Treasurer's office. Due July 1 1942, optional July 1 1932.
Financial Statement.
Assessed value of real estate and personal property 1921
$233,275
Total bonded debt
12,000
Population, estimated
160
PIERPONT, Day County, So. Dak.-BOND OFFERING.
-Sealed
bids will be received until 10 a. m. Sept. 19 by J. A. Anderson, Town
Clerk. for $17,500 534% electric light bonds. Date Oct. 1 1922. Denom.
$1.000. Due on Oct. 1 as follows: $1,000 1933 .1934 and 1935; $2,000
1936 to 1941, incl., and $2,500 1942. A certified check for $875, Payable
to the Town Treasurer, required. These bonds were originally offered as
55 on Sept. 5-V. 115, p. 1124
-but the offering was postponed until the
above date.
PINETOPS, Edgecombe County, No. Caro.
-BOND SALE.Prudden & Co. of Toledo, have purchased the $15,000 6% coupon electric
light and power plant bonds offered on Sept. 6-V. 115, p. 1124
premium of $15, equal to 100.10, a basis of about 5.98%. Date -at a
July 1
1922. Due yearly on July 1 as follows: $500 1925 to 1984, inclusive, and
$1,000 1935 to 1944, inclusive.
PLANT CITY, Hillsborough County, Fla.
-YIELD.
-The average
yield for the 5 issues of 6% general municipal bonds, aggregating $150,000.
awarded to the Hillsboro State Bank of Plant City and Caldwell & Co. of
Nashville, jointly, at 104.04, as stated in V. 115, p. 1238, is about 5.70%
per annum.
POLK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 3
(P. 0. East Grand Forks), Minn.
-BOND SALE.
-The $30.000 school
bonds offered on Sept. 2-V. 115, p. 1124
-have been purchased by Gates,
White & Co. of St. Paul. They are described as follows: Coupon bonds in
$1,000 denominations. Date Sept. 1 1922. Prin. and semi-ann. int.
(F. & A.), payable at the Capital National Bank of St. Paul. Interest
rate 53 %. Due $2,000 yearly on Aug. 1 from 1923 to 1937. inclusive.
PORT DEPOSIT, Cecil County, Md.-BOND SALE.
-The $25,000
5% coupon or registered bonds offered on Sept. 12 (V. 115, D. 1238) were
awarded to Stein Bros. & Boyce of Baltimore at 101.3477. Date Sept. 15
1922. Int. Mar. 15 and Sept. 15. Due Sept. 15 1947, optional Sept. 15
1937.
PORTSMOUTH, Scioto County, Ohio.
-BOND OFFERING.
S.
Chandler, City Auditor, will receive sealed bids until 12 m. Sept. 19
for $60,000 534% coupon hospital impt. bonds. Denom. $500. Int.
Payable J. & D.at the City Treasurer's office. Duo $2.500 yearly on Dec. 1
from 1923 to 1946 incl. Auth. laws of Ohio and Ordinance No. 3127.
Cert. check on a solvent bank for 2% of the amount bid for, payable to the
above official, is required.
PRESHO, Lyman County, So. Dak.-BOND OFFERING.
-R. E.
Miller, City Auditor, will receive sealed bids until Sept. 25 for $14,000
5% light plant bonds. Date Sept. 1 1922. Due Sept. 1 1942.
PULASKI COUNTY ROAD IMPROVEMENT DISTRICT NO. 10
(P. 0. Little Rock), Ark.
-BOND OFFERING DATE CHANGED.
Bids will be received Oct. 16, date changed from Aug. 31-V. 115, p.
788- for the purchase of $1,933,000 5 or 5%% road bonds. A deposit
of $25,000 required.
PUEBLO COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Pueblo),
Colo.
-BONDS DEFEATED.
-At a recent election $10,000 school building
bonds were defeated. These bonds had been sold to J. D. Grigsby &
Co. of Pueblo, subject to being sanctioned at said election. Notice of.
the election and sale was given in V. 115, p. 1125.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.
Until 10 a. m. Sept. 25 bids will be received by Geo. J. Ries, County
Auditor, for $173,768 46 434% bonds. Date Sept. 11922. Int. semi-ann.
A certified check for 5% of amount of issue, payable to the County Treasurer, required.
RANDALL, Morrison County, Minn.
-BONDS VOTED.
-At a special
election held in this village recently the voters authorized the issuance of
$15,000 electric light station bonds oy a count of 97 to 30.
REPUBLICAN SCHOOL TOWNSHIP (P. 0. Kent), Jefferson
County, Ohio.
-BOND OFFERING.
-Laurel C. Ellison, Trustee, will receive sealed bids until 1:30 p. m. Oct. 2 for $4,500 5% land purchase and
school building bonds. Denom.$450. Date Nov. 15 1922. Int. M.& N.
15. Due $450 yearly on Nov. 15 from 1.923 to 1932 incl.
for
5% of the amount bid for, payable to the School Trustee, isCert. check All
required.
bids must include accrued interest.
RHODE ISLAND (State of).
-BOND OFFERING.
-Proposals are
being received until 12 m. Sept. 20 by Richard W. Jennings, General
Treasurer, for $295.000 43 % Charitable Institutions Loan of 1918 coupon
,
6
or registered gold bonds. Denom. $1,000. Date Aug. 1 1918. Prin.
and semi-ann. int. (F. & A.), payable in U. S. gold coin of the present
standard value, fineness and weight. Due Aug. 1 1968. These bonds
are the last installment of a loan of $850,000 authorized by Chapter 1668
of the Public Laws, January session 1918. Delivery is to be made on or
before Oct. 1, upon payment of purchase price and accrued interest from
Aug. 1 1922. The official circular states
bonds are exempt from
taxation in Rhode Island and the income that these is exempt from United
therefrom
States income taxes.
Financial Statement.
Bonded debt of the State, including this issue
$11,527,000
Sinking fund __
_ 2,100,000
Assessed valuafioicOfFAciriii,003,551.875
_________
ai
RICHLAND COUNTY SCHOOL DISTRICT NO.12 (P.O. Sidney),
Mont.
-BONDS NOT SOLD
-OFFERED.
-The
coupon bonds offered on Aug.-BONDS RE -were not sold.$5.000 6%
The Clerk
18-V.115, p.788
Board of School Trustees advises us that the bonds will be re-offered for
sale in about 30 days.
RIO PIEDRAS (Municipality of), Porto Rico.
-BOND SALE.
Watkins & Co. of New York have purchased $275,000 534% coupon municipal improvement bonds. Denom. $1,000. Date July 1 1922. Prin. and
semi-ann. int. (J. & J.) payable at the Chemical National Bank, N. Y. City.
Due on July 1 as follows: $21,000 1925 to 1935 incl. and $22,080 1936 and
1937.
ROCHESTER, N. Y.
-The Traders' National Bank of
-NOTE SALE.
Rochester was awarded on a 3.33% interest basis the $400,000 &months
local improvement notes offered on Sept. 11 (V. 115, p. 1239). Other bidders were:
Interest. Premium.
Salomon Bros. & Hutzler, New York
3.49%
811 00
Schoellkopf, Hutton & Pomeroy, Buffalo
3.55
360
S. N. Bond & Co., New York
3.70V
13 00
F. S. Moseley & Co., New York
3.71
500
Lincoln-Alliance Bank, Rochester
4.00%
400
ROCKAWAY, Morris County, N. J.
-James B.
-BOND OFFERING.
May, Borough Clerk, is receiving bids until 8 1)• m. (daylight saving time)
Sept. 18 for the purchase at not less than par and interest of an issue of
% coupon (with privilege of registration as to principal and interest or
Principal only) temporary water bonds, not to exceed $30.000, no more bonds
to be awarded than will produce a premium of $1.000 over $30,000. Denom. $1,000. Date Oct. 1 1922. Prin. and semi-ann. int. (F. & A.)
Payable at the First National Bank of Rockaway; interest on registered
bonds will be remitted in N.Y. Exchange at request of holder. Due $5,000
yearly on Aug. 1 from
1928 hid. Cert. check on an incorporated
bank or trust company 1923 to of amount of bonds bid for required.
for 2%
-BOND SALE.-Durfee, Niles
ROCKFORD, Mercer County, Oho.
& Co. of Toledo have been awarded $14,000 6% refunding and water
works bonds at a premium of $388 80 (102.77) and accrued interest.
Denom. $500. Date May 1 1922. Int. M.& S. Due in 8 years.
ROYAL OAK,Oakland County, Mich.
-It is reported
-BOND SALE.
that the Royal Oak Savings Bank of Royal Oak has been awarded 866.000
% Paving bonds at a premium of $12930 (100.19).
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO.8(P.O. Royal
Oak) Oakland County, Mich.
-BOND OFFERING.
-John Dower,
District Secretary, will receive bids until 8 p. m. Sept. 19 for $100,000 434%
5%, 5i% and 5% %coupon shcool bonds. Denom. $1,000. Date
Sept. 19 1922. Int, payable semi-ann. at the Royal Oak Savings Bank,
Royal Oak. Bidder to furnish blank bonds with coupons ready for execution. Cert. check for $1,500, payable to the District
rer, is required.
1358
THE CHRONICLE
RURAL SHADE SCHOOL DISTRICT, Navarro County, Texas.
-Recently an issue of $5,000 school building bonds was
BONDS VOTED.
Voted.
-The Rush-BOND SALE.
RUSH COUNTY (P. 0. Rushville), Ind.
ville National Bank of Rushville, has purchased $33,600 5% road bonds at
a premium of $645 12 (101.92). Interest M. & N.
-BOND
SAINT FRANCISVILLE, West Feliciana Parish, La.
-At 11 a. m. Sept. 28, $20,000 6% public improvement
OFFERING.
sale. Bids less than par will not be considered.
bonds will be offered for
Dated Aug. 1 1922. Approving legal opinion of John C. Thomson, of
New York, will be furnished successgul bidder. Certified check for 214%
Is required. J. R. Mathews, Mayor.
-The following
-BIDS.
SACRAMENTO, Sacramento County, Calif.
is a complete list of the bids received on Sept. 1 for the $900,000 516%
River filtration bonds:
tax-free coupon Sacramento
Anglo-London-Paris Co.: Kissel, Kinnicutt & Co.: Eldredge&Co_*$1,007,388
Anglo-California Trust Co., R. H. Moulton & Co., and Bank of
1.003,103
Italy
National City Co., E. H. Rollins & Sons, Cyrus Peirce & Co.,
994,230
Co., and Stephens & Co
Mercantile Securities
California National Bank, Estabrook & Co., Stacy & Braun.
992,700
and Blyth, Witter & Co
987,035
Harris Trust & Savings Bank
976.963
Guaranty Co. of New York
that this bid had been the successful one was given in V. 115,
* Notice
P. 1239.
-BONDS
-BIDS REJECTED
SALEM. Columbiana County, Ohio.
TO BE READVERTISED.-Due to an error in legislation, all bids for
the $41.307 debt extension bonds which were offered for sale on Sept.
-were rejected. The bonds will be readvertised later.
12-V. 115, p. 898
-BOND SALE.SALT LAKE CITY, Salt Lake County, Utah.
Boettcher, Porter & Co. of Denver and the Palmer Bond & Mortgage Co.
of Salt Lake City have jointly purchased 351.800 6% lighting district bonds.
Denom. $1,000, $3500 and 3100. Date Jan. 271922. Prin. and annual int.
payable at the City Treasurer's office.
-BONDS REGISTERED.
SAN JUAN, Hidalgo County, Texas.
On Sept. 6 the State Comptroller of Texas registered $25,000 6% serial
water works bonds.
-BOND SALE.
SAN SEBASTIAN (Municipality of), Porto Rico.
The $120,000 6% coupon improvement bonds offered on June 24-V. 115,
by Manuel Argues° of New York at 105.62.
-were purchased
P. 2395
Date Jan. 1 1922. Due yearly on July 1 as follows: $5,000. 1924 to
1927 incl.; $6,000, 1928 to 1932 incl., and $7,000, 1933 to 1942 incl. Bonds
maturing on or after July 1 1932 will be subject to redemption at the
option of municipality on said date or any interest payment date thereafter.
-BOND SALE.
SAN FRANCISCO (City and County of), Calif.
-V.
On Aug. 28 the $84,000 33.% library bonds, offered on that date
-were sold to the Guaranty Co. of New York for $76.070 40.
115, p. 1013
equal to 90.56, a basis of about 4.35%. Denom. $1,000 and $500.
Date 1904. Int. J. St J. Due $14,000 yearly from June 30 1935 to
June 30 1940 incl. (Average life, about 15 5-12 years.)
-BOND SALE.
SCOTT TOWNSHIP, Sandusky County, Ohio.
Ryan, Bowman & Co. of Toledo, have purchased $20,000 5 % road impt.
bonds for $20,100 (100.50), and accrued int. Denom. $1,000. Date July
1 1922. Int. M. & S. Due 1931.
-During August the city issued
-BOND SALE.
SEATTLE, Wash.
at par the following 6% bonds:
Due.
Date.
Purpose.
Amount.
Dist. No.
Aug. 14 1922 Aug. 14 1932
$10,424 99 Paving
3470
7,313 07 Water mains Aug. 15 1922 Aug. 15 1932
3483
Aug. 28 1922 Aug. 28 1932
1,919 47 Walks
3467
19,243 51 Water mains Aug. 28 1922 Aug. 28 1932
3469
All the above bonds are subject to call yearly.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 96 (P. 0. Antioch),
-The United States Bond Co. of Denver. has purNebr.-BOND SALE.
chased $23,000 6% school building bonds.
SHERIDAN COUNTY SCHOOL DISTRICT NO.39(P.O. Sheridan),
-The $6,000 6% coupon school bonds offered on
Wyo.-BOND SALE.
Aug. 10-V. 115, p. 571-were purchased by the State of Wyoming at a
premium of $55, equal to 100.91.
-BONDS REGISTERED -On
SLATON, Lubbock County, Tex.
Aug. 30 the State Comptroller of Texas registered $25,000 6% serial city
hall bonds.
-The $100,-BOND SALE.
SNOW HILL, Greene County, No. Caro.
e
000 6% street bonds offered on Sept. 12--V. 115, p. 1239-werTO purchased
100.61.
by W. L. Slayton & Co. of Toledo, at premium of $611, equal
BRIDGE DISTRICT (P. 0.
SOUTH LAKE SPECIAL ROAD AND Co. of Toledo, have purchased
SALE.-Prudden &
-BOND
Tavares), Fla.
the $250,000 6% coupon road and bridge bonds offered on Sept. 2-V. 115.
-at par and accrued interest. Date July 1 1922. Due on July 1
p. 1126
75.000 1932 and 1942, and $100,000 1952.
as follows:
-During August
-BOND SALE.
SPOKANE,Spokane County, Wash.
this city sold $64,000 6% sewer bods. Date Aug. 15 1922.
SPOKANE COUNTY SCHOOL DISTRICT NO. 185, Wash.
-The sale of the $3,000 534% school
BOND SALE NOT COMPLETED.
-was not completed.
bonds to the State of Washington-V. 115, p. 678
The County Treasurer has the following to say concerning the matter:
the above issue was rejected
"The transcript of the proceeoings in($3,000) would make the debt by
of
the State of Washington as the issue
5% of the assessed valuation while, the transfer of funds
the district over
was being made."
-BOND SALE.
-The
STARK COUNTY (P. 0. Canton), Ohio.
offered for
$131,000 534% 6%-year (aver.) road impt. bonds which were Co. of Cinhave been sold to N. S. Hill &
sale on July 31 (V. 115, p. 340)
cinnati at 103.16,a basis of about 4.40%. Date Aug. 101922. Due yearly
on Aug. 10 as follows: $15,000 from 1924 to 1928 incl. and $14,000 from
1929 to 1932 incl. Prin. and semi-ann. int.(F.& A.) payable at the County
Treasury.
-Our
-BOND SALE.
STARR COUNTY (P. 0. Riogrande), Tex.
Western representative adivses us that 8150,000 road bonds have been sold
to an Austin bond house.
STUART INDEPENDENT SCHOOL DISTRICT, Cameron County,
-At the election held
-BONDS VOTED. -were voted. on Aug. 22 the $40,000 school
Tex.
-V. 115. p. 899
bldg. bonds
-BOND SALE.
-Earl
STEUBEN COUNTY (P. 0. Angola), Ind.
Tuttle. County Treasurer, will receive bids until 10 a. m. Sept. 25 for
following 5% highway improvement bonds:
the
*$92,000 N. L. Smith et al. Clear Lake, Freemont, Jamestown and Millgrove Townships bonds. Denom. $575. Date Sept. 4 1922.
Due $2,300 each six months from May 15 1923 to Nov. 15 1942
inclusive.
13,700 Lynn Collins et al. Jamestown Township bonds. Denom.
$685. Date Sept. 23 1922- Due $685 each six months from
May 15 1923 to Nov. 15 1932 inclusive.
9,800 Harry L. Taylor. Fremont Township bonds. Denom. $490.
Date Sept. 23 1922. Due $490 each six months from May 15
1923 to Nov. 15 1932 inclusive.
Int. May 15 and Nov. In
on Aug. 15-V. 115, 13. 678.
* These bonds were scheduled to be sold
DISTRICT NO, 29,
-BOND
STEVENS COUNTY SCHOOL$1,400 school building Wash. offered
bonds,
-On July 15 an issue of Washington at par for 5 Us. Denom.
SALE.
sold to the State of
on that date, was
annually (Sept. 1). A bid of par for
$200. Date Sept. 1 1922. Int.
Barrow.
53js was also received from Mrs. M.
Vt.-BOND OFFERING.-Geo. L.
SWANTON, Franklin County, propo3als until 7:30 p. ni.i(standard
Loisdelle, Town Treasurer, is receiving
purchase of $30,000 434% coupon refunding bonds.
time) Sept. 25 for the
-aim. int. (A. & 0.), payable at the Old
Date Oct. 11922. Prin. and semi $2,000 yearly on Oct. 1 from 1927 to
Colony Trust Co. of Boston. Duo
supervision of the Old Colony
1941, incl. Bonds will be engraved under the that the legality of this issue
Trust Co., Boston, which will further certify & Perkins of Boston. All
has been approved by Ropes Gray, Boyden
[VOL. 115.
legal papers incident to this issue will be filed with the Old Colony Trust Co.,
where they may be inspected.
-An election
TALMAGE, Otoe County, Nebr.-BOND ELECTION.
will be held on Oct. 3 to vote on the question of laming $6,000 transmission
line bonds.
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 1 (P. 0. Amite),
-BOND OFFERING.-Sealecl bids will be received until 12 m. Nov. 6
La.
by the Parish Superintendent of Schools for $100.000 5% school bonds..
Denom. $1,000. Date Nov. 1 1922. Due serially for 20 years. Bids
for less than par will not be considered.
TEAGUE INDEPENDENT SCHOOL DISTRICT (P. 0. Teague)'
-The State Comp-BONDS REGISTERED.
Freestqne County, Texas.
troller of Texas registered $20,000 514% serial school bonds on Sept.5.
-Pro-BOND OFFERING.
TEMPLETON, Worcester County, Mass.
posals for the purchase of $90.000 coupon high school bonds, to bear int.
at the rate named in successful bid, will be received until 4 p. m. (daylight
saving time) Sept. 18 by Wm. P. Hawley, Town Treasurer, P. 0. BaldwinDenom. $1,000. Date Oct. 1 1922. Prin. and semi-ann. int.
ville
(A. & 0.), payable at the Old Colony Trust Co. of Boston. Due yearly on
Oct. 1 as follow: $5,000, 1923 to 1932, incl., and $4,000, 1933 to 1942. incl.
The Bonds will be engraved under the supervision of the Old Colony Trust
Co. of Boston. which will further certify that the legality of this issue has
All legal
been approved by Ropes, Gray. Boyden & Perkins of hoston
pipers incident to this issue will be filed with the Old Colony Trust Co.,
be inspected.
where they may
-BONDS REGISTERED.-Tne following bonds
TEXAS (State of).
have been registered with the State Comptroller:
Int.Rate. Due. Date Reg.
Place.
Amount.
5-20 yrs. Aug. 30
5%
$1,000 Cass Co. Common S. D. No. 52
5-20 yrs. Aug. 30
6%
4,0)0 Johnson Co. Common S. D. No. 1
Aug. 30
serial
5%
S. D. No.87
1,401 Fills Co. Common
,
5% 10-20 3TS. Sept. 1 •
1,500 Sherman Co. Common S. D. No. 12
Sept. 1
2') years
5%
Jourdanton Ind. Sch. Dirt
2 000
6% 10-40 yrs. Sept. 2
3,000 Donley Co. Common S. D. No. 6
6% 10-20 yrs. Sept. 2
0 ,
3,00 Pr nidin Co. Common S. D. No. 13
6% 5-10 years Sept. 5
1,500 Hill Co. Corn. S. D. No. 58
5% 5-20 years Sept. 5
3,000 Williamson Co. Corn. S. D. No.35
Sept. 6
20 years
6%
2,000 Hamilton Co. Corn. S. D. No.46
5% 5-20 years Sept. 8
S. D. No. 46
1,000 Fayette Co. Corn.
Sept. 9
5% 20 years
1,800 Wise Co. Cora. S. D. No. 96
-The $300.000 5%
-BOND SALE.
TOLEDO, Lucas County, Ohio.
which
6 1-6-year (average) coupon or registered park and boulevard bondsSidney
were offered for sale on Sept. 5 (V. 115, D. 789), have been sold to 102.93.
Higbie & Co., of Detroit, at
Spitzer & Co., of Toledo, and Keane,
a basis of about 4.45%. Date Sept. 1 1922. Due yearly on Nov. 1 as
follows: 827,000 from 1023 to 1932, inclusive, and $30,000 in 1933. The
bonds are now being offered to investors at prices to yield from 4% to
4.20%, according to maturity.
-On Oct. 12 an
-BOND ELECTION.
TULIA, Swisher County, Tex.
election will he held to vote on issuing $50,030 sewer, $50.000 water and
$25,000 light bonds.
TULSA SCHOOL DISTRICT NO. 22 (P. 0. Tulsa), Tulsa County,
-The $275.000 5% coupon serial school bonds
-BOND SALE.
Okla.
-were purchased by Harris, Forbes
offered on Aug. 29-V. 115, p. 899
20 1922.
& Co. of New York at 101.143. Denom. $1,000. Date May & Metals
nemi-ann. (Jan. 15 and July 15) at the Mechanics
Int. payable
National Bank, N. Y. City. Due serially on May 20 from 1927 to 1942.
TYKEE SCHOOL. DISTRICT NO. 63 (P. 0. Pcc atone), Idaho.
-An issue of $16,000 school bonds was recently sold to the
BOND SALE.
State of Idaho.
UMATILLA COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
-The District Clerk will
-BOND OFFERING.
(P. 0. Pendleton), Ore.
receive sealed bids until 3 p. an. to-day (Sept. 16) for $50.000 53.(% school
bonds. Denom.$1,000. Date Oct. 11922. Int. A.& 0. Certified check
for 5% required.
-BOND OFFERVANDERBURGH COUNTY (P.O. Evansville), Ind.
-Walter Smith, County Treasurer, will receive sealed bids until 10
ING.
a. m. Oct. 2 for the following 434% road bonds:
$16,800 Wm. Kleinlalecht et al., North Peerless Road Perry Township
bonds.
•
12.000 John Litzelman et al., Hogue Road Perry Township bonds. 15
The bonds bear int. from Oct. 2 1922. Due each 6 months from May
1924 to Nov..15 1933, incl.
-On Sent.
VENANGO, Perkins County, Neb.-BOND ELECTION.
29 an election will be held to vote on issuing $24,000 funding bonds. W.
Clerk.
A. Wostenberger. Village
-On Sept.
-BOND SALE.
WAKEFIELD, Middlesex County, Mass.
14 R. M. Grant & Co. of Boston, bidding 100.83, a basis of about 3 3i%
were awarded the following 5 issues of 4% coupon bonds (free of tax in
Massachusetts):
$100,000 school bonds, dated May 1 1922, and maturing $5,000 yearly
on May 1 from 1923 to 1942 incl. Int. M. & N.
45,000 light plant bonds, dated Oct. 1 1922 and maturing yearly on
Oct. 1 as follows: $3,000, 1923 to 1927 incl.; and $2,000,1928
to 1942 incl. Int. A. & 0.
13,000 sewer bonds, dated Oct. 1 1922 and maturing $1,000 yearly on
Oct. 1 from 1923 to 1935 incl. Int. A. & 0.
12,500 water bonds, dated Oct. 1 1922 and maturing $1.500 Oct. 1
1923 and $1,000 yearly on Oct. 1 from 1924 to 1934 incl. Int.
A. & 0.
9,000 water main bonds, dated Oct. 1 1922 and maturing yearly on
Oct. 1 as follows: $2,000, 1923 to 1926 inclusive, and $1,000,
1927. Int. A. & 0.
Denom, $1.000 and $500. Prin. and semi-ann. Int. payable at the
First National Bank of Boston.
-BOND
WALLA WALLA COUNTY (P. 0. Walla Walla), Wash.
-The sale of the $90,000 6% Donohue
SALE NOT CONSUMMATED.
-was not
-V. 115. p. 572
Road bonds to John E. Price & Co. of Seattle
consummated.
T.
-BOND OFFERING.-Geo. for
WARREN, Trumbull County, Ohio.
17
Hecklinger, City Auditor, will receive sealed bids until 12 m. Oct. Oct.
Date
$60,000 534% coupon water works bonds. Denom. $1,000.
1924 to 1943,
20 1922. Int. semi-ann. Due $3,000 yearly on Oct. 20 from
office. Auth.,
incl. Prin. and int. payable at the County Treasurer's for $500, pay3939, Gen. Code and ordinance No. 1372. Cert. check accrued int.
Sec.
able to the City Treasurer, is required. All bids must include
Financial Statement.
$41,374,860
Assessed valuation (real estate)
21,155,490
Assessed valuation (personal property)
62,530,350
Total assessed valuation, 1922
1,394,850
General bonded debt
1,130,350
Special assessment debt
2,525,200
rrotal debt
46,000
Fund
Cash balance and investments in Sinking
987,500
Water works debt
30,000
Population, 1922
-The
-BOND SALE.
WARRICK COUNTY (P. 0. Boonville), Ind.
bonds, which were offered
following 5 issues of 414% Boon Township road
-have been sold to the City
26-V. 115, pp. 340 and 464
for sale on July
National Bank of Boonville:
Denom. $250.
$25,000 Wm.J. Mitchem et al., bonds.
Denom. $350.
14,000 Chas. J. Houghland et al., bonds.
14,000 Carter Road bonds. Date July 26 1922.
Date July 151922.
6,000 J. C. Bettinger bonds. Denom.$300. July 15 1922.
3,600 Sam Roth bonds. Denom.$180. Date
Due serially beginning May 15 1923.
that $57,500 bonds
This corrects the report given in V. 115, p. 789,
wen)sold to the above bank.
-BOND OFFERING.
COUNTY (P. 0. Waseca), Minn.
WASECA
County Auditor, until 2 p. in.
Bids will be received by Theodore Peterson, ditch bonds. Date Sept. 1
19 for $75,000 534% public drainage the Wells-Dickey Trust Co.,
Sept.
1922. Prin. and semi-ann. int. payable at1 from 1928 to 1942 incl. .A
Minneapol's. Due $5,000 yearly on Sept.
cert. check for $15,000. payable to the County Treasurer, is required.
-SUIT FILED.
WASHINGTON COUNTY (P. 0. Weiser), Ida.
Our Western representative advises us that on Sept. 4 1019 the Hanchett
SEPT. 16 1922.]
THE CHRONICLE
Bond Co. of Chicago, purchased $300.000 road bonds and now, he says.
newspaper report that a suit has been filed by the county to recover $36,000
from the Hanchett Bond Co., alleged to be discount below par for these
bonds, which is contrary to the law.
WATERTOWN, Codington County, So. Dak.-BOND
The $225,000 5% municipal bonds offered on Sept. 4-V. 115. p. 789were sold at public auction to Bolger, Mosser & WiHaman of Chicago as
44s, at a premium of $1,040, equal to 100.46, a basis of about 4.72% •
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The temporary loan of $100,000, dated Sept. 12 1922 and maturing
March 16 1923, offered on Sept. 11-V. 115, p 1240
-was awarded to
the First National Bank of Boston on a 3.38% discount basis.
WAWARSING (Town), Ulster County, N. Y.
-BOND SALE.
On June 26 an issue of $10,500 5% bridge bonds, dated July 1 1922 and
maturing serially beginning Feb. 15 1923, was awarded to Sherwood &
Merrifield of New York, for $10,585, eoual to 100.809. Denom. 1 for
$500 and 10 for $1,000. Interest annually on Feb. 15.
-Chester Young, Town Supervisor will sell at
BOND OFFERING.
a public auction to be held at the office of the Town Clerk in Ellenville
at 1:30 p. m. Sept. 18 an issue of $10,200 5% registered highway bonds.
Denom. 1 for 13200 and 10 for $1,000. Date Sept. 18 1922. Interest
annually on March 1. Due $200 March 1 1924 and $1,000 yearly on
March 1 from 1925 to 1934 incl. Bonds are not to be sold at less than par.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-BONDS REJECTED.
The $100,000 53 % bonds which we reported in V. 115, p. 1014, as having
been sold to Weil, Roth & Co., were declined by that company, due to the
fact that bond attorneys could not see their way to approve the bonds.
WELLS SCHOOL DISTRICT (P. 0. Wells), Elko County, Nev.-On Aug. 11 Benwell. Phillips & Co. of Denver, were
BOND SALE.
,
awarded $10,000 6% school-building bonds at 100.585. Denom. $1,000.
Date July 1 1922. Intorest annually (July). Due yearly from 1927 to
1936. inclusive.
WEST ORANGE SCHOOL DISTRICT (P. 0. West Orange), Essex
County, N. J.
-BOND SALE.
-Award of the three issues of 4H% coupon
(with privilege of registration) bonds offered on Sept. 11 (V. 115, p. 1126)
was made to the First National Bank of West Orange as follows:
$432,000 ($446.000 offered) bonds, Series A, for $446,144 54, equal to
103.274,a basis of about 4.26%. Due yearly on Aug. 1 as follows:
$9,000, 1924 to 1930, inclusive: $11.000, 1931, and $12,000, 1932
to 1960, inclusive, and $10.000, 1961.
110,000 ($112,000 offered) bonds, Series B, for $112,671 90, equal to
102.429, a basis of about 4.28%. Due $4,000 yearly on Aug. 1
from 1924 to 1950, inclusive, and $2,000, 1951.
17,000 bonds, Series C,for $17,154 13. equal to 100.906, a basis of about
4.38%. Due yearly on Aug. 1 as follows: $2,000, 1924 to 1926,
inclusive, and $1,000, 1927 to 1937, inclusive.
Denom. $1,000. Date Aug. 1 1922. Principal and semi-annual interest
(F. & A.), payable at the First National Bank of West Orange.
The following bids were received:
---$446,000 Issue- -$112,000 Issue- -$17,000 Issue
Bid on. Amount. Bid on. Amount. Bid on. Amount.
First Nat'l Bank of
West Orange-3432,000 5446,144 54 $110,000 $112,671 90 $17,000 517,154 13
1tobt. Ross & Co__ 434,000 446,581 60 110,000 112,382 60 17,000 17,105 91
Barr Bros. and Remick,HodgesCo. 435,000 446,183 32 110,000 112,004 00 17,000 17,050 40
H.L. Allen & Co_
Outwater & Wells 436,000 446,887 00 111,000 112,957 20 17,000 17,075 20
Chase Secur. Co_
B.J.VanIngen&Co.1436,C00 446,882 20 110,000 112,010 00 17,000 17,075 2
J. G. White & Co_ f
SW.Straus& Co_ 437,000 446,478 53 111,000 112,582 86 17,000 17,014 96
Harrii,Forhes&Co. 438,000 446,063 58 111,000 112,314 24 17,000 17,019 38
Lampert, Barker &
Jennings
439,000 446,006 44 111,000 112,110 00 17,000 17,003 40
J. S. Rippel & Co_ 443,000 446,545 00 112,000 112,661 00 17,000 17,017 00
WHATCOM COUNTY SCHOOL DISTRICT NO. 309, Wash.
-ADDITIONAL DATA.
-The $15,000 funding bonds, reported sold as 53's in
V. 115, p. 464
-were purchased by Ferris dr Hardgrove. The price paid
NEW LOANS
1359
was 101.07. The bonds are described as follows: Denom. $1,000. Date
June 15 1922. Int. annually (June 15). Due serially in from 5 to 14 years.
WILMINGTON, Clinton County, Ohio.
-BOND SALE.
-Harry
Metzger, City Auditor, will receive sealed bids until 12 m. Sept. 30 for
$19,000 53 % special assessment Xenia Ave. impt. bonds. Denom. $1,000.
Date July 1 1922. Int. semi-ann. Due serially in 9 years from date.
Auth., Sec. 3939, Gen. Code. Cert. check for 5% of the amount bid for.
payable to the City Treasurer, is required. All bids must include accrued
Interest.
BOND OFFERING.
-Harry A.Metzger,City Auditor, will receive sealed
nroposals until 12 m. Sept. 30 for the following 5%% bonds:
$11,000 special assessment North South St.impt. bonds. Auth., Sec.3939,
Gen Code. Date July 1 1922. Int. semi-ann. Due serially for
9 years.
19,000 special assessment Xenia Ave. impt. bonds. Auth., Sec. 3939,
Gen. Code. Date July 1 1919. Int. semi-ann. Due serially for
9 years.
18,000 refunding bonds. Auth., Sec. 3916, Gen. Code. Date May 1
1922. Int. M.& S. Due $2,000 yearly on Sept. 1 from 1923 to 1931, incl.
Denom.$1,000. Cert. check for 5%, of the amount of the bonds bid for,
payable to the City Treasurer, required. Purchaser to pay accrued int.
WINNSBORO, Franklin Parish, La.
-BOND SALE.
-Caldwell &
Co. of Nashville have purchased the $80,000 5% 30-year serial water
works and sewerage bonds offered on Sept. 7-V. 115, p. 900
-as 53s
at par and accrued in
Date July 1 1922. Int. J. & J.
Denom. $500.
WISE COUNTY (P.0. Decatur), Tex.
-BONDS REGISTERED.-The
State Comptroller of Texas, registered $150,000 5%% serial road district
No. 2 bonds on Sept. 7. .
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.
On Sept. 5 the Provident Savings Bank & Trust Co. of Cincinnati was
awarded 530,000 5%% road impt. bonds for $30,414 (101.38). Denom.
51,000. Date Sept. 11922. Int. M.& S. Due from 1923 to 1927 incl.
CANADA, its Provinces and Munic;pal;ties.
ALBERTA (Province of).
-DEBENTURE OFFERING.
-The Provincial Treasurer is calling for tenders, to be received up to Sept. 21, for the
purchase of $3,000,000 5% or 5%% 20
-year refunding debentures, according
to the Toronto "Globe."
BAWLF,Alta.
-DEBENTURE SALE.
-A block of $1,0006% 13
-installment sidewalk debentures has been sold.
BOWMANVILLE, Ont.-DEBENTURE SALE.
-A. E. Ames & Co., of
Toronto, purchased $6,500 6% high-school debentures at 98 during August.
Date July 10 1922. Due serially on July 10 from 1923 to 1942, inclusive.
CHATEAUGUAY BASIN, Que.-DEBENTURE SALE.
-On July 1
510.000 6% school building bonds were awarded to McLeod, Young,
Weir & Co. at 96.25. Denom. $500. Date July 1 1922. Int. J. & J.
Due 1942.
COLLINGWOOD, Ont.-DEBENTURES VOTED.
-The ratepayers
recently voted favorably on a by-law to issue $25,000 water-works extension
debentures, it is reported.
DARTMOUTH, N. S.
-DEBENTURE SALE.
-The block of $50,000
5%% 20-year coupon water and sewer extension debentures offered on
Sept. 5-V. 115, p. 1015
-was awarded to the Eastern Securities Corp.
of Halifax at 99.58. Deno/it. $1,000. Date July 3 1922. Int. Jan.
2 and July 2. Due July 3 1942. The following tenders were received:
H. M. Bradford & Co., Hal_ _99.125 J. C. Macintosh & Co., Hal_ _98.146
OH.Burgess & Co., Toronto_98.12 Eastern Securities Co., Hal_ _ _99.58
McKay & McKay, Toronto_ _ 97.00 Nova Scotia Tr. Co., Hallfax_99.07
Dominion Secur. Co., Mont_ _97.371 W. F. Mahon & Co., Halifax_99.159
Johnston & Ward, Halifax_ _ _99.31
DENZIL, Sask.-DEBENTURES AUTHORIZED.
-The village has
been given authority to issue $2,000 debentures, according to reports.
DUNNVILLE, Ont.-DEBENTURE SALE.
-An issue of $95,000 614%
-year installment debentures is reported as
20
to Aemilius Jarvis & Co.,
of Toronto, at 103.14, which costs the townsold
approximately 5.65%•
NEW LOANS
NEW LOANS
$100,000
We specialize in
City of Philadelphia
3s
32s
/
1
48
41 48
/
41 2s
/
City of Hartford, Connecticut
Biddle & Henry
Sealed proposals will be received by the City
Treasurer at his office in the City of Hartford until
Wednesday, Sept. 27, 1922, at one o'clock P. M.
Standard Time, for the purchase of the whole or
any part of the above named bonds, amounting to
One Hundred Thousand Dollars ($100,000.00)
with interest at four per cent.(4%) per annum, to
be dated June 1 1922 and maturing $25,00100
annually, June 1 1938-1941. Principal and Interest payable in gold coin of the United States of
America.
For further information and conditions governing proposals and sale, address
CHAS. II. SLOCUM, City Treasurer.
104 South Fifth Street
Philadelphia
-3ALLARD & COMPANY
Private Wire to New YorA
Call Canal 8437
Member! New York Stock Exchange
iS
51/
45
52s
/
1
HARTFORD
MUNICIPAL BONDS
Underwriting and distributing entire issues et
Olti, County. School District and Road District
Bonds of Texas. Dealers' inquiries and offering,
solicited.
Circulars on request.
HAROLD G. WISE
HOUSTON
COMPANY
TEXAS
Established 1915
United States and Canadian
$500,000
Additional Water Supply Bonds
of the
:Connecticut Securitief:
Lafourche Basin Levee District
5% BONDS
Sealed bids will be received by the Lafourche
Basin Levee District, up to noon on
FRIDAY, OCTOBER 6. 1922
at its office in Donaldsonville, La., for the sale of
Five Hundred Thousand Dollars ($500,000.00),
5% bonds of said district, authorized under the
provisions of Act No. 70 of 1922.
The said bonds to be serial bonds, and a portion
of an issue of Seven Hundred Fifty Thousand
Dollars ($750,000.00) bonds, which said district
is authorized to issue under the provisions of the
above mentioned Act, of which one-fifteenth of
entire issue shall be due and payable thirty-three
years after their date and one-fifteenth of whole
issue shall be due and payable in each succeeding
year.
Said bonds to be dated October 15, 1922, and
the interest thereon to be evidenced by coupons
attached, payable semi-annually, at the office of
the State Treasurer. Bonds to be of denominations of not less than One Hundred Dollars
($100.00).
All bids to be accompanied by a certified check
for Five Thousand Dollars ($5,000.00)•
The right is reserved to reject any and all bids.
J. E. WELDON, President.
C. C. WEBER, Secretary.
•11111111MA
IllinoisTrust&SavingsBank
La Salle at Jackson
Capital and Surplus
-
-
Chicago
$15,000,000
Bonch
vo tW AN'DGORDoiv
f )
WADDELL
Ground iuor Sinver Liutiding
89 Liberty Street
New York
Telephone Cortlandt 3183
Pays Interest on Time
Has on hand at a times a variety of exDeposits, Current and Reserve
eellent securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust. Business.
Corporation Bonds.
T1TE CHRONICLE
1360
-DEBENTURE SALE.ALBERTA SCHOOL DISTRICTS, Alta.
On Aug. 25 the Debenture Branch of the Department of Education made
awards of the following 9 blocks of debentures, which were offered on that
date together with four other issues for which no tenders were received:
Amount of Issue.
Village$20,000
-year 8s
Trochu Valley S. D. No. 1742(P. 0. Trochu) 20
2,000
-year 73s
New Mannville S. D. No. 1547 (P. 0. Mannville) 10
Town and Rural10,000
-year 8s
(Town) S. D. No. 1578(P. 0. Killam) 15
Killam
1,500
-year 8s
Lebanon (Rural) S. D. No. 1544 (P. 0. Thelma) 15
Rural2,250
-year 8s
Kyte S. D. No. 4118 (P. 0. Delburne) 12
500
-year 8s
Graham S. D. No. 2945(P.O. Big Prairie) 10
1,500
-year 8s
Earnest Park S. D. No. 4092(P. 0. Brightview) 10
2,000
-year 8s
Lambert S. D. No. 3932(P. 0. Brain .rd) 10
-year 8s
Verdant Valley S. D. No. 2293 (P. 0. Mecheche) 5
The following is a list of the bids received, the successful tender in each
case being in fullface figures:
New
(Ira- Ernest Mann- Verdant Lam- LeboTrochu KUValley. lam. Kyle. ham. Park. MM. Valley. bert. non.
BiddersCan. Landed &
____ 100.35
Nat. Inv. Co_ ____
Ewing,Harvie&
100
100
Bury
Hunt & Watt,
High River_
W.L.McKinnon
Co., Toronto 106.25 104.19 102.68 ____ 102.16 100.22
Clifton C. Cross
102
99.10
102
& Co
W.J.Rolfe&Sons
(for Gairdner,
Clarke& Co.) 104.971
C. H.Burgess &
Co., Toronto_105.73 104.63 102.62 102.23 102.22 100.72 ____.102.22
Matthews, Mil102.50
ler & Co
W. Ross Alger
104.51 102.05 ____ 102.05 100.12
Corp., Ltd..
Wilkin, Hunt,
Kilburn, Ltd_105.86 104.76 103.23 ____ 102.17 100.07
The sale of this block has already been reported (V. 115, p. 1241).
-The Debenture Branch of the Department
DEBENTURE OFFERING.
of Education is offering fourteen issues of school debentures issues amounting
to $32,_700, issued at 8%. Tenders for each issue will be received by J. T.
Ross, Deputy Minister of Education, until 4 p. m. Sept. 20.
Amount of Issue.
Rural$2,000
-year &s
Antelope Cut S. D. No. 4076 P. 0. Gros Ventre) 15
2,800
-year 8s
Britain S. D. No. 3765 (P. 0. ritain) 15
3,000
-year 8s
Dubuc R. C. P. S. D. No. 4116(P. 0. Vegreville) 15
2,000
-year 8s
D. No. 4095 (P. 0. Vermilion) 15
Indian Lake S.
6,000
-year 8s
Surprise S. D. No. 2142 (P. 0. Craigmyle) 15
2,000
-year 8s
Yule S. D. No. 4096 (P. 0. Standard) 15
1,000
-year Se
3941 (P. 0. Eagle Butte) 10
Eagle Butte S. D. No.
1,900
Clymont S. D. No. 3435 (P.O. Clymont) 10-year 8s
2,200
Delayed S. D. No. 3764 (P. 0. Manyberries)10-year 8s
1,000
-year 8s
(P. 0. Hilda) 19
Gravelburg S. D. No. 4090
1,300
-year 8s
Gros Ventre S. D. No. 783 (P. 0. Gros Ventre) 10
5,000
Jenny Lind Cons. S. D. No. 72 (P. 0. Brooks) 19-3rear 88
2,000
-year 8s
Retlaw Cons. S. D. No. 4 P. 0. Retlaw) 10
500
-year 8s
Carolside S. D. No. 3995 (P. 0. Carolside) 3
The above debentures are issued on the serial plan, payable in equal
annual installments of principal plus interest. Purchasers are to pay
accrued interest.
-DurEAST FLAMBORO TOWNSHIP, Ont.-DEBENTURE SALE.
,
ing August $6,000 W 4% school debentures were sold to A. E. Ames & Co.,
of Toronto, at 97. Date Aug. 15 1922. Due Aug. 15 1952.
[vol.. 115.
-Tenders will be
-BOND OFFERING.
ONTARIO (Province of).
received until 12 m. Sept. 19 by P. Smith, Provincial Treasurer, for the
-year bonds. Denom.
purchase of $10,000,000 5% coupon or registered 20
$1,000. Date Sept. 15 1922. Principal and semi-annual interest(M.& S.
15) payable in Canadian gold coin at the Provincial Treasurer's office, or at
the Bank of Montreal, in Montreal, at holder's option. Due Sept. 15 1942.
Marked check for $100,000 required. Payment for bonds and delivery
or
thereof to be made at the office of the Treasurer of Ontario. Toronto, on be
before Sept. 25, less the amount of the deposit. Interim debentures will
Issued on payment of the money, to be exchanged for definitive bonds on
completion by the engravers.
-The city on Sept. 14 offered for
QUEBEC, Que.-BONDS OFFERED.
sale $495,000 coupon bonds, to bear 5% for 10 years or 5% for 20 years.
Denom. $1,000, $500 and $100. Date Oct. 11922. Principal and semiannual interest (A. & 0). payable at the Bank of Montreal, in Quebec,
Montreal or Toronto, at option of holder.
-It is reported
RIDGEDALE, Sask.-DEBENTURES AUTHORIZED.
that the Local Government Board has authorized the village to Issue $3,075
debentures.
-The $2,SASKATCHEWAN (Province of).
-DEBENTURE SALE.
600,000 debenture issues offered on Sept. 12 (V. 115, 13. 1241) was awarded
Read & Co., of New York, and the Dominion Securtties Corp., of
to Dillon,
-year debentures, which is on a basis of about
Toronto, at 97.652 for 5% 20
5.19%. Date Sept. 15 1922. Due Sept. 15 1942. We are advised by
Co. that as the bonds were purchased at a discount and the
Dillon, Read &
sum of $2,600,000 had to be realized by the Province, the actual amount
of bonds issued was $2,638,000. An offering to investors is being made at
993 ,to yield 5.05%, as advertised on a previous page of this issue.
4
The following is a complete list of the bids received by the Province on
5%
6% bonds maturing in both 15 and 20 years:
,
5% and 53
20 Yrs. 15 Yrs. 20 Yrs. 15 Yrs.
102.039
Dominion Securities Corporation_ --197.652 97.379 102.81
Dillon, Read & Co
102.17
103.17
97.638
97.45
National City Co., Limited
Wood, Gundy & Co
97.441
97.511 101.811 101.611
Edward Brown & Co
Miller & Co
101.83
97.335
97.195 102.15
A. E. Ames & Co
Guaranty Trust Co
& Co
Aemilius Jarvis
R. C. Matthews & Co
101.23
101.88
97.09
97.09
Halsey, Stuart & Co
Wells, Dickey & Co
Cyrus Peirce & Co
100.01
100.22
, 96.64
96.547
McLeod, Young, Weir & Co
Blair & Co
99.53
97.77
96.18
96.68
R. A. Daly & Co
Spencer. Tr isk & Co
Macneill, Graham & Co
96.07
McDonagh, Somers & Co
C. H. Burgess & Co
Gairdner, Clarke & Co
94.922 100.448 100.52
I 94.328
Seattle National Bank
Carstens & Earls
& co
StacyA.
W
99.57
96.67
94.57
93.67
Mackenzie
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURES
Post," is a
-The following, according to the "Financial
AUTHORIZED.
list of authorizations granted by the Local Government Board from Aug. 19
to Aug. 26:
Glen Murray, $3,700; Stelcam, $1,300; Grenfel P. P., $6,500; Wellan,
$2,000; Crooked River, $1,500; Bond City, $3.650; Crooked Lake. $1.000;
Redwood, $2,200.
-It is reported that
SHERBROOKE, Que.-DEBENTURE SALE.
-installment school debentures have been sold to the
$100,000 534% 30
Co. at 98.39, a basis of about 5.64%.
National City
-On Oct. 1, it is
-DEBENTURE ELECTION.
EDMONTON, Alta.
-On Sept. 2 the
ST. JEANNE D'ARC, Que.-DEBENTURE SALE.
reported, an election is to be held for the purpose of voting on a proposition
-erection debentures.
National City Co., Ltd_.. of Montreal, was awarded $100,000 53i To_school
to issue $325,000 power-plant and $14,000 market
M. & S.
debentures at 98.39. Denom. $500. Date Sept. 1 1922. Int.
-All bids received for a block of
GUELPH, Ont.-BIDS REJECTED.
Due $3,000 yearly for 20 years and $4.000 yearly for 10 years.
-year bonds offered on Sept. 1 were rejected.
$365.000 5% 20
TECK TOWNSHIP, Ont.-DEBENTURES OFFERED LOCALLY.
-A block of $47,000
township is offering,
-DEBENTURE SALE.
MEDICINE HAT, Alta.
The "Financial Post" of Toronto, states that the
-installment debentures. Denom. $500,
debentures was sold to A. E. Ames & Co., of Toronto, at 96.18 during locally, at par $60,000 6% 15
6%
one payable each year.
August. Date Nov. 14 1921. Due Nov. 14 1951.
each bond being divided into 15 equal pieces,
-An issue of $50,000
MIDDLESEX COUNTY (P. 0. London), Ont.-DEBENTURE
Que.-DEBENTURE SALE.
THREE RIVERS,
-Tenders are being received until 2 p. m. Sept. 20 by T. E. 6% school building debentures was awarded to Aemilius Jarvis & Co. of
OFFERING.
coupon 20
-year installment Montreal at 102.933 on Sept. 5. Denom. 100 for $100 and 80 for $500.
Robson, County Treasurer, for $80,000 5
road debentures. Int. A. & 0. Bonds to be paid for at London about Date March 11922. Int. M. & S. Due March 1 1932.
Oct. 1; expenses of delivery not to be borne by the county.
OFTORONTO TOWNSHIP (P. 0. Dixie), Ont.-DEBENTURES sale
NEPEAN TOWNSHIP, Ont.-DEBENTURES AlUTHORZED.-On
-On Sept. 13 J. R. Kennedy, Township Clerk, offered for
Aug. 17, it is stated, the Council passed a by-law providing for the issuance FERED.
-year school debentures.
% 30
-year and $50,000
$18,000 53i% 20
of $90,000 school debentures.
FINANCIAL
FINANCIAL
liquibation
The First National Bank of Walnut Greek,
located at Walnut Creek, in the State of California. is closing its affairs. All note holders
and creditors of the Association are therefore
hereby notified to present the notes and other
claims for payment.
Dated August 8th, 1922.
B. G. ENSIGN,
Presilent.
When Purchasing
Bonds
Find out first If they are
fundamentally sound. For one
dollar we will send you an up
to date unbiased opinion on
the security of any bond issue.
Investment Registry of America, Ia.
ESTABLISHED 1910.
High Grade Investment Securities
Commercial Paper
Bankers cAcceptances
Hibernia Securities Co.,
Inc.
Hibernia Bank Building
New Orleans
44 Pine St.
New York
Candler Bldg,
Atlanta, Ga.
608 Chestnut Street,
Philadelphip
S. A. TRU FANT
INVESTMENT SECURITIES
713 Common
Street
Member et New Orleans Stock Exen.,..v.
NEW ORLEANS, LA.
NOTICE OF LIQUIDATION
Mexico.
The First National Bank, Taos, New State of
located at Taos, Taos County, in the All note
New Mexico, is closing its affairs.
are
holders and other creditors of the association and
therefore hereby notified to present the notes
for payment.
other claims
A. GUSDORP. President.
Dated July 20. 1922.
DO YOU KNOW
That the most efficient
mon in their respective
fields use and consult du
Financial Chronicle Classified Department?
Keep this Department in
mind for use when the oc•
casion arises.
@FedFRASER